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Investment Objective/Strategy - The First Trust Municipal High Income ETF is an actively managed exchange-traded fund. The Fund's primary investment objective will be to seek to provide federally tax-exempt income, and its secondary objective will be long term capital appreciation. Under normal market conditions, the Fund seeks 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 (collectively, "Municipal Securities").
There can be no assurance that the Fund's investment objectives will be achieved.
Ticker | FMHI |
Fund Type | Tax-Free Fixed Income |
Investment Advisor | First Trust Advisors L.P. |
Investor Servicing Agent | Brown Brothers Harriman |
CUSIP | 33739P301 |
ISIN | US33739P3010 |
Intraday NAV | FMHIIV |
Fiscal Year-End | 07/31 |
Exchange | Nasdaq |
Inception | 11/1/2017 |
Inception Price | $50.00 |
Inception NAV | $50.00 |
Gross Expense Ratio* | 0.70% |
Net Expense Ratio* | 0.55% |
* As of 12/1/2021
First Trust has contractually agreed to waive management fees of 0.15% of average daily net assets until November 30, 2022.
Closing NAV1 | $47.24 |
Closing Market Price2 | $47.12 |
Bid/Ask Midpoint | $47.16 |
Bid/Ask Discount | 0.17% |
30-Day Median Bid/Ask Spread3 | 0.18% |
Total Net Assets | $304,673,798 |
Outstanding Shares | 6,450,002 |
Daily Volume | 204,340 |
Average 30-Day Daily Volume | 111,991 |
Closing Market Price 52-Week High/Low | $56.92 / $46.78 |
Closing NAV 52-Week High/Low | $56.81 / $46.77 |
Number of Holdings (excluding cash) | 359 |
Holding |
Percent |
COLORADO ST HLTH FACS AUTH HOSP REV 5%, due 11/01/2044 |
1.34% |
MAIN STREET NATURAL GAS INC GA Variable rate, due 05/01/2052 |
1.16% |
BUCKEYE OH TOBACCO SETTLEMENT FING AUTH 5%, due 06/01/2055 |
1.06% |
TENNESSEE ST ENERGY ACQUISITION CORP Variable rate, due 11/01/2049 |
1.01% |
NORTH CAROLINA ST MED CARE COMMN 5%, due 10/01/2037 |
0.93% |
PUERTO RICO CMWLTH 4%, due 07/01/2033 |
0.92% |
MIAMI-DADE CNTY FL AVIATION REV 5%, due 10/01/2040 |
0.90% |
PUERTO RICO SALES TAX FING CORP 4.329%, due 07/01/2040 |
0.88% |
CHICAGO IL BRD OF EDU 5%, due 12/01/2031 |
0.87% |
OKLAHOMA ST DEV FIN AUTH 7.25%, due 09/01/2051 |
0.86% |
* Excluding cash.
Holdings are subject to change.
State |
Percent |
Florida |
11.83% |
Colorado |
10.05% |
Texas |
6.99% |
California |
5.73% |
Illinois |
5.72% |
New York |
5.38% |
Ohio |
4.42% |
Utah |
3.81% |
Arizona |
3.66% |
Pennsylvania |
3.19% |
Past performance is not indicative of future results.
Weighted Average Effective Duration (Includes Short Positions)11 | 7.74 Years |
Weighted Average Effective Duration (Long Positions)11 | 8.30 Years |
Weighted Average Modified Duration12 | 7.26 Years |
Weighted Average Maturity | 15.61 Years |
Weighted Average Price | $97.97 |
Weighted Average Coupon | 4.57% |
Short Position - US Treasury Futures | -6.32% |
Years |
Percent |
0 - 0.99 Years |
1.62% |
1 - 1.99 Years |
1.95% |
2 - 2.99 Years |
0.60% |
3 - 3.99 Years |
2.49% |
4 - 4.99 Years |
1.38% |
5 - 5.99 Years |
2.44% |
6 - 6.99 Years |
2.23% |
7 - 7.99 Years |
2.98% |
8 - 8.99 Years |
3.45% |
9 - 9.99 Years |
5.16% |
10 - 14.99 Years |
9.74% |
15 - 19.99 Years |
28.55% |
20 - 24.99 Years |
11.97% |
25 - 29.99 Years |
18.13% |
30 Years & Over |
5.53% |
Cash |
1.78% |
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2021 |
Q1 2022 |
Q2 2022 |
Q3 2022 |
Days Traded at Premium |
203 |
37 |
21 |
--- |
Days Traded at Discount |
49 |
25 |
38 |
--- |
Cash
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1.78%
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AAA
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0.65%
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AA
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12.29%
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A
|
12.72%
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BBB
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12.13%
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BB
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12.12%
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B
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2.51%
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CCC
|
0.65%
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NR
|
45.15%
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The credit quality information presented reflects the ratings assigned by one or more nationally recognized statistical rating organizations (NRSROs), including S&P Global Ratings, a subsidiary of S&P Global 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.
IDB
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10.18%
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EDUCATION
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10.07%
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CCRC
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9.90%
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SPECIAL ASSESSMENT
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9.87%
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GO-LTD
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8.34%
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HOSPITAL
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6.42%
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DEDICATED TAX
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6.14%
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GO-UNLTD
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5.47%
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PRE/ETM
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3.86%
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TAX INCREMENT
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3.55%
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Standard Deviation |
Alpha |
Beta |
Sharpe Ratio |
Correlation |
FMHI |
8.84% |
1.07 |
1.58 |
0.11 |
0.89 |
Bloomberg Municipal Bond Index |
5.06% |
--- |
1.00 |
-0.01 |
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.
Blended Benchmark - The Benchmark consists of the following two indexes: 50% of the Bloomberg High Yield 10-Year Municipal Index (8-12 years) which is comprised of bonds with a final maturity between 8 and 12 years that are part of the Bloomberg Municipal Bond High Yield Index; and 50% of the Bloomberg Revenue 10-Year Municipal Index (8-12 years) which is comprised of revenue bonds that have a final maturity between 8 and 12 years that are part of the Bloomberg Municipal Bond Index. The Blended Benchmark returns are calculated by using the monthly return of the two indices during each period shown above. At the beginning of each month the two indices are rebalanced to a 50-50 ratio to account for divergence from that ratio that occurred during the course of each month. The monthly returns are then compounded for each period shown above, giving the performance for the Blended Benchmark for each period shown above. Bloomberg Municipal Bond Index - The Index is a rules-based, market-value-weighted index engineered for the long-term tax-exempt bond market.
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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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