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Investment Objective/Strategy - The primary investment objective of the Fund will be to generate current income that is exempt from regular federal income taxes and its secondary objective will be long term capital appreciation. Under normal market conditions, the Fund will seek to achieve its investment objectives by investing at least 80% of its net assets (including investment borrowings) in municipal debt securities that pay interest that is exempt from regular federal income taxes.
There can be no assurance that the Fund's investment objectives will be achieved.
Ticker | FMB |
Fund Type | Tax-Free Fixed Income |
Investment Advisor | First Trust Advisors L.P. |
Investor Servicing Agent | Brown Brothers Harriman |
CUSIP | 33739N108 |
ISIN | US33739N1081 |
Intraday NAV | FMBIV |
Fiscal Year-End | 10/31 |
Exchange | Nasdaq |
Inception | 5/13/2014 |
Inception Price | $50.00 |
Inception NAV | $50.00 |
Gross Expense Ratio* | 0.65% |
Net Expense Ratio* | 0.50% |
* As of 3/1/2021
First Trust has contractually agreed to waive management fees of 0.15% of average daily net assets until March 1, 2022.
Closing NAV1 | $56.74 |
Closing Market Price2 | $56.79 |
Bid/Ask Midpoint | $56.78 |
Bid/Ask Premium | 0.07% |
30-Day Median Bid/Ask Spread3 | 0.05% |
Total Net Assets | $2,031,144,476 |
Outstanding Shares | 35,800,002 |
Daily Volume | 227,894 |
Average 30-Day Daily Volume | 180,128 |
Closing Market Price 52-Week High/Low | $57.38 / $52.51 |
Closing NAV 52-Week High/Low | $57.38 / $52.50 |
Number of Holdings (excluding cash) | 1360 |
Holding |
Percent |
BUCKEYE OH TOBACCO SETTLEMENT 5%, due 06/01/2055 |
0.87% |
KENTUCKY ST PUBLIC ENERGY AUTH Variable rate, due 02/01/2050 |
0.71% |
COLORADO ST HLTH FACS AUTH HOSP REV 4%, due 01/01/2040 |
0.58% |
ATLANTA GA ARPT PASSENGER FAC CHG REV 4%, due 07/01/2038 |
0.51% |
NEW YORK NY Variable rate, due 10/01/2046 |
0.51% |
PUERTO RICO SALES TAX FING CORP 4.50%, due 07/01/2034 |
0.49% |
MICHIGAN ST FIN AUTH REVENUE 5%, due 11/15/2041 |
0.46% |
WILSONVILLE AL INDL DEV BRD SOL WST DISP Variable rate, due 12/01/2030 |
0.44% |
GTR ORLANDO FL AVIATION AUTH ARPT FACS 5%, due 10/01/2042 |
0.43% |
TSASC INC NY 5%, due 06/01/2045 |
0.43% |
*Â Excluding cash.Â
Holdings are subject to change.
State |
Percent |
California |
9.00% |
Colorado |
8.27% |
Florida |
8.12% |
Texas |
8.08% |
Pennsylvania |
6.61% |
New York |
6.06% |
Ohio |
4.23% |
Connecticut |
3.56% |
Georgia |
3.48% |
Alabama |
3.39% |
Past performance is not indicative of future results.
Among 249 funds in the Muni National Interm category. This fund was rated 4 stars/249 funds (3 years), 5 stars/224 funds (5 years) based on risk adjusted returns.
Net Weighted Average Effective Duration (Includes Short Positions)12 | 5.36 Years |
Weighted Average Effective Duration (Long Positions)12 | 5.85 Years |
Net Weighted Average Modified Duration13 | 4.83 Years |
Net Weighted Average Maturity | 13.64 Years |
Weighted Average Price | $115.59 |
Weighted Average Coupon | 4.56% |
Short Position - US Treasury Futures | -4.71% |
Portfolio information statistics exclude cash and other assets and liabilities.
Years |
Percent |
0 - 0.99 Years |
2.41% |
1 - 1.99 Years |
0.80% |
2 - 2.99 Years |
0.90% |
3 - 3.99 Years |
2.47% |
4 - 4.99 Years |
2.67% |
5 - 5.99 Years |
3.27% |
6 - 6.99 Years |
3.17% |
7 - 7.99 Years |
2.48% |
8 - 8.99 Years |
3.98% |
9 - 9.99 Years |
4.53% |
10 - 14.99 Years |
30.15% |
15 - 19.99 Years |
22.64% |
20 - 24.99 Years |
11.50% |
25 - 29.99 Years |
5.62% |
30 Years & Over |
2.42% |
Cash |
0.99% |
|
2020 |
Q1 2021 |
Q2 2021 |
Q3 2021 |
Days Traded at Premium |
215 |
43 |
6 |
--- |
Days Traded at Discount |
38 |
18 |
1 |
--- |
Cash
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0.99%
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AAA
|
7.04%
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AA
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37.18%
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A
|
30.01%
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BBB
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10.01%
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BB
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2.79%
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B
|
0.68%
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CCC
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0.44%
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Short Rated only
|
0.68%
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NR
|
10.18%
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The credit quality information presented reflects the ratings assigned by one or more nationally recognized statistical rating organizations (NRSROs), including Standard & Poor's Ratings Group, a division of the McGraw Hill Companies, Inc., Moody's Investors Service, Inc., Fitch Ratings or a comparably rated NRSRO. For situations in which a security is rated by more than one NRSRO and ratings are not equivalent, the highest ratings are used. Sub-investment grade ratings are those rated BB+/Ba1 or lower. Investment grade ratings are those rated BBB-/Baa3 or higher. The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change.
HOSPITAL
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13.60%
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INSURED
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10.18%
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GO-UNLTD
|
10.12%
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WATER & SEWER
|
6.73%
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HIGHER ED
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5.00%
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COP
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4.97%
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GAS
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4.85%
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DEDICATED TAX
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4.55%
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EDUCATION
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4.41%
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GO-LTD
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4.33%
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Standard Deviation |
Alpha |
Beta |
Sharpe Ratio |
Correlation |
FMB |
5.24% |
-1.19 |
1.26 |
0.65 |
0.97 |
Bloomberg Barclays Revenue 10 Year (8-12) Index |
4.06% |
--- |
1.00 |
0.90 |
1.00 |
Standard Deviation is a measure of price variability (risk). Alpha is an indication of how much an investment outperforms or underperforms
on a risk-adjusted basis relative to its benchmark.Beta is a measure of price variability relative to the market. Sharpe Ratio is a measure
of excess reward per unit of volatility. Correlation is a measure of the similarity of performance.
Bloomberg Barclays Revenue 10 Year (8-12) Index - The Index is a subset of the Bloomberg Barclays Municipal Bond Index that measures the performance of investment-grade revenue bond issues with remaining maturities of 8 to 12 years.
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The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA, the Internal Revenue Code or any other regulatory framework. Financial professionals are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their clients.
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