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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 | Bank of New York Mellon Corp |
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 |
Total Expense Ratio* | 0.65% |
* As of 3/1/2024
Closing NAV1 | $52.07 |
Closing Market Price2 | $52.07 |
Bid/Ask Midpoint | $52.06 |
Bid/Ask Discount | 0.02% |
30-Day Median Bid/Ask Spread3 | 0.02% |
Total Net Assets | $2,043,623,165 |
Outstanding Shares | 39,250,002 |
Daily Volume | 188,123 |
Average 30-Day Daily Volume | 164,156 |
Closing Market Price 52-Week High/Low | $52.08 / $48.08 |
Closing NAV 52-Week High/Low | $52.08 / $48.17 |
Number of Holdings (excluding cash) | 1321 |
Holding |
Percent |
MEADE CNTY KY INDL BLDG REVENUE Variable rate, due 08/01/2061 |
0.80% |
MAIN STREET NATURAL GAS INC GA Variable rate, due 09/01/2052 |
0.73% |
NEW YORK CITY NY TRANSITIONAL FIN AUTH REV 4%, due 11/01/2037 |
0.51% |
BLACK BELT ENERGY GAS DIST AL Variable rate, due 10/01/2052 |
0.50% |
MET TRANSPRTN AUTH NY REVENUE Variable rate, due 11/01/2032 |
0.49% |
TEXAS ST MUNI GAS ACQUISITION & SPLY CORP IV Variable rate, due 01/01/2054 |
0.48% |
ENERGY S E AL A COOPERATIVE DIST Variable rate, due 11/01/2053 |
0.47% |
ATLANTA GA ARPT PASSENGER FAC CHG REV 4%, due 07/01/2037 |
0.45% |
NEW YORK ST DORM AUTH SALES TAX 5%, due 03/15/2038 |
0.42% |
PUERTO RICO SALES TAX FING CORP 4.50%, due 07/01/2034 |
0.41% |
*Â Excluding cash.Â
Holdings are subject to change.
State |
Percent |
Texas |
10.71% |
Florida |
7.35% |
California |
7.13% |
Colorado |
6.82% |
New York |
6.65% |
Pennsylvania |
6.38% |
Illinois |
4.57% |
Alabama |
3.98% |
Georgia |
3.90% |
Ohio |
2.97% |
Among 265 funds in the Muni National Interm category. This fund was rated 3 stars/265 funds (3 years), 3 stars/244 funds (5 years), 5 stars/180 funds (10 years) based on risk adjusted returns.
Weighted Average Effective Duration11 | 6.13 Years |
Weighted Average Modified Duration12 | 5.25 Years |
Weighted Average Maturity | 12.69 Years |
Weighted Average Price | $103.34 |
Weighted Average Coupon | 4.73% |
Weighted Average Yield-to-Worst13 | 3.85% |
Portfolio information statistics exclude cash and other assets and liabilities.
Years |
Percent |
Cash |
-0.48% |
0 - 0.99 Years |
4.77% |
1 - 1.99 Years |
1.93% |
2 - 2.99 Years |
3.59% |
3 - 3.99 Years |
2.90% |
4 - 4.99 Years |
2.90% |
5 - 5.99 Years |
3.80% |
6 - 6.99 Years |
3.82% |
7 - 7.99 Years |
3.26% |
8 - 8.99 Years |
3.73% |
9 - 9.99 Years |
4.27% |
10 - 14.99 Years |
27.02% |
15 - 19.99 Years |
25.50% |
20 - 24.99 Years |
8.67% |
25 - 29.99 Years |
3.74% |
30 Years & Over |
0.58% |
Credit Quality |
Percent |
Cash |
-0.48% |
AAA |
9.00% |
AA |
36.81% |
A |
29.75% |
BBB |
11.49% |
BB |
2.77% |
B |
0.34% |
Short Rated only |
0.11% |
NR |
10.21% |
The credit quality information presented reflects the ratings assigned by one or more nationally recognized statistical rating organizations (NRSROs), including S&P Global Ratings, 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 rating is 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.
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2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Days Traded at Premium |
86 |
32 |
27 |
36 |
Days Traded at Discount |
164 |
29 |
36 |
28 |
HOSPITAL
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11.89%
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INSURED
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9.73%
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AIRPORT
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9.48%
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GO-UNLTD
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9.32%
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GAS
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7.03%
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DEDICATED TAX
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6.85%
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COP
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5.23%
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UTILITY
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5.01%
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IDB
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4.51%
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SPECIAL ASSESSMENT
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4.32%
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Standard Deviation |
Alpha |
Beta |
Sharpe Ratio |
Correlation |
FMB |
6.62% |
-0.71 |
0.91 |
-0.60 |
0.98 |
Bloomberg Revenue 10 Year (8-12) Index |
7.06% |
--- |
1.00 |
-0.50 |
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 Municipal Bond Index - The Index is a rules-based, market-value-weighted index engineered for the long-term tax-exempt bond market. Bloomberg Revenue 10 Year (8-12) Index - The Index is a subset of the Bloomberg 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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