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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 12/1/2020
First Trust has contractually agreed to waive management fees of 0.15% of average daily net assets until November 30, 2021.
Closing NAV1 | $54.19 |
Closing Market Price2 | $54.21 |
Bid/Ask Midpoint | $54.18 |
Bid/Ask Discount | 0.02% |
30-Day Median Bid/Ask Spread3 | 0.19% |
Total Net Assets | $140,881,280 |
Outstanding Shares | 2,600,002 |
Daily Volume | 85,365 |
Average 30-Day Daily Volume | 20,694 |
Closing Market Price 52-Week High/Low | $54.94 / $46.36 |
Closing NAV 52-Week High/Low | $54.89 / $46.39 |
Number of Holdings (excluding cash) | 216 |
Holding |
Percent |
BUCKEYE OH TOBACCO SETTLEMENT 5%, due 06/01/2055 |
2.88% |
ILLINOIS ST 5%, due 11/01/2029 |
1.68% |
TSASC INC NY 5%, due 06/01/2045 |
1.55% |
BERKS CNTY PA MUNI AUTH UNIV REV 5%, due 10/01/2039 |
1.34% |
PUERTO RICO SALES TAX FING CORP 4.50%, due 07/01/2034 |
1.23% |
HARBOR POINT CT INFRASTRUCTURE IMPT DIST 5%, due 04/01/2039 |
1.20% |
POLK CNTY FL INDL DEV AUTH 5.875%, due 01/01/2033 |
1.14% |
STHRN OH PORT EXEMPT FAC REVENUE 7%, due 12/01/2042 |
1.14% |
FLORIDA DEV FIN CORP SURFACE TRANS FAC 7.375%, due 01/01/2049 |
1.03% |
OREGON ST FACS AUTH REVENUE 5%, due 10/01/2040 |
1.03% |
*Â Excluding cash.Â
Holdings are subject to change.
State |
Percent |
Colorado |
12.99% |
Ohio |
7.98% |
New York |
7.77% |
Florida |
7.51% |
Illinois |
6.87% |
Arizona |
5.19% |
Texas |
4.61% |
Pennsylvania |
4.05% |
Indiana |
3.64% |
California |
3.39% |
Past performance is not indicative of future results.
Net Weighted Average Effective Duration (Includes Short Positions)11 | 6.60 Years |
Weighted Average Effective Duration (Long Positions)11 | 7.03 Years |
Net Weighted Average Modified Duration12 | 5.41 Years |
Net Weighted Average Maturity | 15.33 Years |
Weighted Average Price | $109.96 |
Weighted Average Coupon | 4.77% |
Short Position - US Treasury Futures | -4.31% |
Years |
Percent |
1 - 1.99 Years |
1.25% |
2 - 2.99 Years |
0.66% |
3 - 3.99 Years |
0.94% |
4 - 4.99 Years |
2.93% |
5 - 5.99 Years |
1.71% |
6 - 6.99 Years |
4.56% |
7 - 7.99 Years |
3.74% |
8 - 8.99 Years |
6.94% |
9 - 9.99 Years |
7.17% |
10 - 14.99 Years |
15.56% |
15 - 19.99 Years |
33.90% |
20 - 24.99 Years |
7.98% |
25 - 29.99 Years |
7.86% |
30 Years & Over |
4.05% |
Cash |
0.75% |
|
2020 |
Q1 2021 |
Q2 2021 |
Q3 2021 |
Days Traded at Premium |
142 |
2 |
--- |
--- |
Days Traded at Discount |
111 |
8 |
--- |
--- |
Cash
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0.75%
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AAA
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0.85%
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AA
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4.98%
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A
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11.74%
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BBB
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18.23%
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BB
|
19.25%
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B
|
2.88%
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CCC
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1.54%
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NR
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38.87%
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SP-2/MIG1
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0.91%
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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.
EDUCATION
|
11.62%
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IDB
|
10.75%
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GO-LTD
|
8.61%
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SPECIAL ASSESSMENT
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7.88%
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CCRC
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7.82%
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HIGHER ED
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6.72%
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TOBACCO
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6.39%
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DEDICATED TAX
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6.14%
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TAX INCREMENT
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5.31%
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GO-UNLTD
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5.28%
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Standard Deviation |
Alpha |
Beta |
Sharpe Ratio |
Correlation |
FMHI |
7.73% |
-1.12 |
1.71 |
0.52 |
0.88 |
Bloomberg Barclays Municipal Bond Index |
4.01% |
--- |
1.00 |
0.74 |
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 Barclays 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 Barclays Municipal Bond High Yield Index; and 50% of the Bloomberg Barclays 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 Barclays 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 Barclays 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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