FMHI First Trust Municipal High Income ETF

ETF

ETF quote, holdings, sector allocation, technicals, and options analytics. Fibonacci levels

Market data may be delayed, incomplete, or inaccurate. Not a recommendation to buy, sell, or hold any security. Verify quotes with your broker before trading. See Terms §17.

FMHI — —
Key stats
About

First Trust Municipal High Income ETF (FMHI) ETF

No description available.

Exchange
XNAS
Inception
2017-11-01
Has Options
No
Fund profile
holdings as of Oct 20, 2026issuer datathrough Jul 2026flows, SEC filings
Municipal Bond High Yield Muni#5 of 25 by assets First Trust US Actively managed
Expense ratio
0.70%
prospectus, filed Nov 28, 2025
Assets
$1.0B
issuer-reported, Oct 20, 2026
Trailing yield
4.63%
paid monthly
Average daily volume
$17M
30 sessions
Holdings
767
top 10 are 5.7%
Listed
Nov 1, 2017
Nasdaq
Net asset value
$45.45
issuer, Oct 20, 2026
30-day SEC yield
4.82%
issuer, Sep 30, 2026
Closure risk, 12 months
0.3%
low · model
FrenzyCap ETF score
55
how it is built
Cost3
Liquidity74
Scale74
Diversification100

Moves with. Long Treasuries (27% of its variance, beta 0.21); US large-cap stocks (6% of its variance, beta 0.06); Gold (3% of its variance, beta 0.02). These factors explain 38% of its daily moves over the last year.

Stated objective. The First Trust Municipal High Income ETFs (the Fund ) primary investment objective is to provide federally tax-exempt income, and its secondary objective is long-term capital appreciation. (from the fund's prospectus)

All 767 holdingsFlow historyOverlap toolAll High Yield Muni ETFs

Fund flows
through Jul 2026SEC filings
Jul 2026
+$19M
latest reported month
Latest 3 months
+$53M
+5.3% of assets
Latest 12 months
+$230M
+23.1% of assets
Aug 2025: +$2.3M+$2.3MSep 2025: +$28MSepOct 2025: +$41M+$41MNov 2025: +$22MNovDec 2025: +$9.6MJan 2026: +$29MJanFeb 2026: +$27MMar 2026: +$7.2MMarApr 2026: +$12MMay 2026: +$22MMayJun 2026: +$12MJul 2026: +$19MJul
View as a table
Net flows of FMHI by month, Aug 2025 to Jul 2026
MonthNet flow
Jul 2026+$19M
Jun 2026+$12M
May 2026+$22M
Apr 2026+$12M
Mar 2026+$7.2M
Feb 2026+$27M
Jan 2026+$29M
Dec 2025+$9.6M
Nov 2025+$22M
Oct 2025+$41M
Sep 2025+$28M
Aug 2025+$2.3M

Net creations and redemptions from the fund's SEC filings, which become public about 60 days after each quarter. Every month since 84 months ago

Similar funds
FundOverlapFeeAssets1Y
HYDVanEck High Yield Muni ETF—0.32%$4.4B−4.5%compare
HYMBState Street SPDR Nuveen ICE High Yield Municipal Bond ETF—0.35%$3.8B−6.5%compare
HIMUiShares High Yield Muni Active ETF—0.39%$2.6B−6.2%compare
BMOPBNY Mellon Municipal Opportunities ETF—0.54%$1.8B—compare
SHYMiShares Short Duration High Yield Muni Active ETF—0.40%$904M−3.0%compare

The largest other funds in the High Yield Muni category.

Under the hood
fiscal year to Jul 31, 2025SEC census
Authorized participants
6 active
of 24 with agreements; top 3 did 83%
Created · redeemed
$241M · $102M
over the fiscal year
Redemptions in kind
0%
creations 0% in kind
Creation unit
50,000
shares
Securities lending
authorized, none lent

From the fund's annual census filing with the SEC. In-kind redemptions are what let an ETF shed appreciated securities without realising gains.

ETF Profile
holdings as of 2026-10-20
Holdings
767
AUM
$1.0B
Provider
First Trust
Inception
2017-11-01
Exchange
XNAS
Data As Of
2026-10-20
Expense Ratio
0.70%
Dividend Yield
4.63%
Distribution
Monthly
Recent distributions
Ex-Date Pay Date Amount Type
2026-10-21 2026-10-30 $0.1790 CD
2026-09-24 2026-09-30 $0.1790 CD
2026-08-21 2026-08-31 $0.1780 CD
2026-07-21 2026-07-31 $0.1770 CD
2026-06-25 2026-06-30 $0.1770 CD
2026-05-21 2026-05-29 $0.1760 CD
Asset Allocation
Top Holdings
top 50 of 767 holdings
Symbol Name Weight % Asset Class Country
— NEW YORK CITY NY MUNI WTR FIN AUTH Variable rate, due 06/15/2041 0.87% Municipal Bond —
— LOUISVILLE & JEFFERSON CNTY KY REGL ARPT AUTH Variable rate, due 01/01/2029 0.81% Municipal Bond —
— ATLANTA GA ARPT REVENUE 5.50%, due 07/01/2051 0.55% Municipal Bond —
— CHICAGO IL O'HARE INTL ARPT REV 5.50%, due 01/01/2051 0.55% Municipal Bond US
— PUERTO RICO SALES TAX FING CORP 4.329%, due 07/01/2040 0.55% Municipal Bond US
— PENNSYLVANIA ST ECON DEV FING AUTH 5.25%, due 06/30/2053 0.51% Municipal Bond —
— MOBILE AL INDL DEV BRD POLL CONTROL Variable rate, due 06/01/2034 0.50% Municipal Bond —
— PUERTO RICO CMWLTH AQUEDUCT & SWR AUTH 4%, due 07/01/2047 0.46% Municipal Bond —
— MOBILE CNTY AL INDL DEV AUTH SOL WST DISP 5%, due 06/01/2054 0.45% Municipal Bond US
— SAINT LOUIS CNTY MO INDL DEV AUTH 5%, due 09/01/2048 0.41% Municipal Bond —
— EFFINGHAM CNTY GA INDL DEV AUTH Variable rate, due 02/01/2038 0.40% Municipal Bond —
— SPRING VLY ID CMNTY INFRASTRUCTURE DIST 1 6.25%, due 09/01/2053 0.39% Municipal Bond —
— ARKANSAS DEV FIN AUTH ENVIRONMENTAL REV 5.45%, due 09/01/2052 0.38% Municipal Bond —
— PUB FIN AUTH WI TAX INCREMENT REV 5%, due 06/01/2041 0.38% Municipal Bond —
— PUERTO RICO CMWLTH 4%, due 07/01/2041 0.38% Municipal Bond —
— COLORADO INTERNATIONAL CENTER CO MET DIST 14 5.375%, due 12/01/2051 0.37% Municipal Bond —
— COLUMBUS OH REGL ARPT AUTH REV 5.50%, due 01/01/2050 0.37% Municipal Bond —
— MAIN STREET NATURAL GAS INC GA Variable rate, due 09/01/2053 0.37% Municipal Bond US
— HARRIS CNTY TX CULTURAL EDU FACS FIN CORP Variable rate, due 07/01/2056 0.36% Municipal Bond —
— MARYLAND ST HLTH & HGR EDUCTNL FACS AUTH 5.25%, due 07/01/2050 0.36% Municipal Bond —
— MEADE CNTY KY INDL BLDG REVENUE Variable rate, due 08/01/2061 0.36% Municipal Bond —
— CHARLOTTE CNTY FL INDL DEV AUTH 4%, due 10/01/2051 0.35% Municipal Bond —
— NEW HAMPSHIRE ST HLTH & EDU FACS AUTH 5.50%, due 08/01/2050 0.35% Municipal Bond —
— FIELDS ESTATES PUBLIC INFRASTRCTURE DIST UT 6.125%, due 03/01/2055 0.33% Municipal Bond —
— AEROTROPOLIS REGL TRANPRTN AUTH CO 5.50%, due 12/01/2044 0.32% Municipal Bond —
— MARICOPA CNTY INDL DEV AUTH 4%, due 10/15/2047 0.32% Municipal Bond —
— NEW YORK ST TRANSPRTN DEV CORP 5.25%, due 08/01/2031 0.32% Municipal Bond —
— RED BARN MET DIST CO 5.50%, due 12/01/2055 0.32% Municipal Bond —
— TULSA OK MUNI ARPT TRUST TTEES 6.25%, due 12/01/2040 0.32% Municipal Bond —
— BLACK BELT ENERGY GAS DIST AL 5.50%, due 04/01/2036 0.31% Municipal Bond US
— MISSION TX ECON DEV CORP REVENUE Variable rate, due 08/01/2046 0.31% Municipal Bond US
— ARKANSAS ST DEV FIN AUTH CHRT SCH REV 5%, due 07/01/2036 0.30% Municipal Bond US
— BLACK BELT ENERGY GAS DIST AL 5%, due 06/01/2036 0.30% Municipal Bond —
— BLACK BELT ENERGY GAS DIST AL 5%, due 12/01/2034 0.30% Municipal Bond US
— BUCKEYE OH TOBACCO SETTLEMENT FING AUTH 5%, due 06/01/2055 0.30% Municipal Bond US
— BURKE CNTY GA DEV AUTH POLL CTRL REV Variable rate, due 11/01/2052 0.30% Municipal Bond —
— DELAWARE ST HLTH FACS AUTH REV 5%, due 06/01/2048 0.30% Municipal Bond —
— IOWA ST FIN AUTH MIDWSTRN DISASTER AREA REV 4.75%, due 08/01/2042 0.30% Municipal Bond —
— MARYLAND ST HLTH & HGR EDUCTNL FACS AUTH 5.25%, due 07/01/2052 0.30% Municipal Bond —
— MARYLAND ST HLTH & HGR EDUCTNL FACS AUTH 6.25%, due 01/01/2051 0.30% Municipal Bond US
— CLACKAMAS CNTY OR HOSP FAC AUTH 5.375%, due 11/15/2055 0.29% Municipal Bond —
— KANSAS CITY MO INDL DEV AUTH 6%, due 01/01/2048 0.29% Municipal Bond —
— MET WASHINGTON DC ARPTS AUTH 5.25%, due 10/01/2049 0.29% Municipal Bond —
— MISSOURI ST HLTH & EDUCTNL FACS AUTH 5.25%, due 02/01/2048 0.29% Municipal Bond —
— NORTH CAROLINA ST MED CARE COMMN 4%, due 03/01/2041 0.29% Municipal Bond —
— NORTH CAROLINA ST MED CARE COMMN 5.25%, due 12/01/2054 0.29% Municipal Bond —
— OHIO ST HSG FIN AGY MF HSG REV 6.30%, due 01/01/2045 0.29% Municipal Bond —
— PUERTO RICO CMWLTH 4%, due 07/01/2035 0.29% Municipal Bond —
— SCHAUMBURG COOK & DUPAGE CNTYS IL CTFS PARTN 6.125%, due 12/30/2038 0.29% Municipal Bond —
— UTAH ST CHRT SCH FIN AUTH 5.625%, due 06/15/2042 0.29% Municipal Bond —
Non-Equity Breakdown
First Trust Municipal High Income ETF · NPORT-P period 2026-07-31 (filed 2026-09-22)
Net assets: $994M · 732 total positions · equity 0.00% · non-equity 98.82%
Non-equity holdings — 732 positions, 98.82% of NAV
Category Weight Value Positions
Municipal 98.82% $982.6M 732
Chart
Seasonality
'21'22'23'24'25'26Avg
Jan1.68%-3.18%2.98%0.65%0.26%0.09%0.41%
Feb-1.17%-1.56%-2.98%-0.29%0.58%1.02%-0.73%
Mar1.02%-4.60%0.95%0.23%-2.06%-1.97%-1.07%
Apr1.05%-4.41%-0.04%-1.29%-2.37%0.59%-1.08%
May0.91%0.63%-0.09%0.38%-0.81%0.23%0.21%
Jun0.89%-3.45%1.05%1.24%0.60%0.58%0.15%
Jul0.81%2.89%-0.30%1.14%-1.38%-1.97%0.20%
Aug-0.42%-2.54%-0.92%-0.12%-0.41%-0.77%-0.86%
Sep-1.27%-4.72%-2.64%0.73%2.91%-4.40%-1.57%
Oct-0.57%-2.56%-1.67%-1.76%1.08%1.53%*-0.66%
Nov1.10%4.27%4.98%1.26%0.05%--2.33%
Dec0.05%-0.86%2.16%-1.87%0.03%---0.10%
Total4.10%-18.73%3.24%0.23%-1.62%-5.10%-2.98%
Technical Indicators

Quick-reference for reading the values below. Indicators combine to confirm a view — no single one is a trade signal on its own.

Trend Indicators
  • SMA 20 / 50 / 200 — price above = uptrend, below = downtrend. SMA 50 crossing SMA 200 is the golden/death cross.
  • EMA 12 / 26 — faster-reacting averages; 12 above 26 is short-term bullish.
  • MACD — bullish when MACD > signal (green badge), bearish when below. Divergence from price often precedes reversals.
  • ADX (14) — trend strength regardless of direction. <20 range, 20–25 weak trend, 25–50 trend, >50 strong trend.
  • +DI / −DI — +DI > −DI favors bulls; the reverse favors bears. Read alongside ADX.
Momentum Oscillators
  • RSI (14) — <30 oversold, >70 overbought. 40–60 is neutral; trending names can stay extreme.
  • Stochastic %K / %D — <20 oversold, >80 overbought. %K crossing %D is an early momentum signal.
  • Williams %R — inverted scale: <−80 oversold, >−20 overbought.

Oscillators work best in range-bound markets; in strong trends they give premature reversal signals.

Volume & Volatility
  • Bollinger Bands — price at upper band = overbought, lower = oversold. Narrow bands (squeeze) often precede expansion.
  • OBV — cumulative volume; rising OBV confirms uptrend, falling OBV confirms downtrend. Divergence from price is a warning.
  • Vol SMA 20 / Vol ROC — today's volume vs. 20-day average. Positive ROC with price move = conviction.
  • ATR / True Range — average daily $ move; sizing and stop-loss reference.
  • HV 20 / 30 / 60 — realized (historical) volatility. Compare to IV on the options cards: IV > HV = rich premium.

Confluence matters: trend + momentum + volume agreeing carries far more weight than any single indicator. For how these feed the spread scanner score, see the algorithm docs →

Trend Indicators

SMA 20: $45.01
SMA 50: $46.12
SMA 200: $47.61
Current: $45.66
EMA 12: $45.30
EMA 26: $45.45
MACD: -0.1490 | Signal: 0.1654
BEARISH
ADX (14): 38.60
TREND
+DI: 23.66
−DI: 26.38

Momentum Oscillators

RSI (14): 54.77
NEUTRAL
Stoch %K: 90.03
Stoch %D: 89.64
Williams %R: -1.13

Volume & Volatility

BB Upper: $45.73
BB Lower: $44.30
NEUTRAL
OBV: -1,104,857
Vol SMA 20: 463,704
Vol ROC: -87.90%
ATR: $0.33
True Range: $0.30
HV 20: 8.3%
HV 30: 8.0%
HV 60: 6.4%

Data Summary

Data Points: 500
Last Updated:
Date Range: 2024-10-23T00:00:00 – 2026-10-21T00:00:00
AI Analysis

Click Frenzy-Pro™ for an AI analysis of this ticker.

Analysis includes technical indicators, news sentiment, risk assessment, and specific price levels to watch.

News
All FMHI news →
Showing 1–10 of 11
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FMHI Options Activity & IV Rank

Loading options activity...
Spread Scanner GPU
Full Algorithm Docs ↗

Each spread is ranked by a composite score built in three stages. Full documentation →

Stage 1 — Base Score (GPU scanner)

score = P(profit) × (credit / spread_width)
P(profit) from short leg delta (1 − |delta|), penalised above 85%. Credit uses mid-price to handle illiquid chains fairly.

Stage 2 — Skew Adjustment (±25% cap)

RR and BF (30-delta) from the persisted per-symbol skew snapshot — wing strikes picked by real greeks.delta, not a moneyness proxy. Put skew boosts bull puts, penalises bear calls. High butterfly boosts iron condors. Calendars are skew-neutral.

Stage 3 — Technical Overlay (±50% cap, 5 groups)
Group 1 · Directional Bias (±0.25)
  • RSI <40 bullish / >60 bearish
  • MACD crossover + histogram trend
  • Price vs SMA 50 & SMA 200
Group 2 · Momentum (±0.10)
  • Stochastic %K <20 / >80
  • Williams %R <−80 / >−20
Group 3 · Volatility (up to −0.25 / +0.15)
  • Blended ATR + straddle expected-move penalty
  • Bollinger Band signal (+ counter-trend penalty)
  • BB width — vol contraction boost for ICs
Group 4 · IV Regime (±0.15)
  • IV rank ≥ 75 → strong boost for credit spreads
  • IV rank < 25 → penalty (selling cheap vol)
Group 5 · Liquidity (penalty up to −0.10)
  • Min open interest across all legs
  • OI < 100 → −0.10 · OI < 500 → −0.05

score = base_score × skew_multiplier × tech_multiplier
Both multipliers are shown per spread. Beta is informational only — ATR already captures realized vol. Full algorithm documentation →

Enter a ticker to scan for optimal spread opportunities.

Evaluates all bull put, bear call, iron condor, and calendar spread combinations using GPU-accelerated analysis.

Skew (Wing IV − ATM IV)
DTE:
Wing Δ:
Metric:
Wing vs ATM
IV(put wing) − IV(ATM), in vol points

How much the OTM put trades above (or below) the at-the-money strike. Measures the height of the put-side tail relative to ATM — i.e. how expensive crash insurance is on this name.

  • Positive (typical) — wing IV > ATM IV. Standard equity put skew: portfolios bid up crash protection, so OTM puts trade richer than ATM.
  • Near zero or negative (unusual) — wing IV ≤ ATM IV. Flat or inverted put side. Common when there's no fear demand, in tightly mean-reverting names, or right after an earnings catalyst clears.
  • Percentile vs own 3-yr history: high = wings rich (good time to sell wing premium); low = wings cheap (good time to buy protection).
  • Not directional — high or low wings don't predict up or down moves. It's a price tag on tail insurance, not a forecast.
Risk Reversal
IV(call wing) − IV(put wing), equal delta on each side

Which side of the smile is the market paying up for? Measures the tilt of the surface — call skew vs put skew at matched deltas.

  • Negative (typical) — puts richer than calls. Standard equity behavior: hedging demand makes puts carry a premium. Most large-caps sit in the −1 to −5 vol-point range.
  • Strongly negative (< −5 pts) — heavy downside hedging, elevated fear, or an upcoming catalyst (earnings, FDA, macro event). Worth flagging.
  • Positive — calls richer than puts. Unusual for equities; signals bullish momentum, short-squeeze positioning, or takeover/M&A speculation.
  • Near zero — symmetric surface. Market sees roughly equal up/down risk. Rare for large-caps; more common in commodities and FX.
Reading them together

Wing-vs-ATM tells you how expensive the tails are. Risk Reversal tells you which side is favored. Combined:

  • High wing percentile + deeply negative RR → strong put bid; stress or major event priced in. Owning protection costs a premium; selling put premium is dangerous.
  • Low wing percentile + near-zero RR → complacency; insurance cheap and balanced. Good environment to add cheap downside hedges.
  • Positive RR + elevated wings → call-side fear-of-missing-out; common in squeeze setups. Upside calls expensive, downside puts not bid.
14 DTE / 10d —
— pts EXTREME
ATM — / Wing —
30 DTE / 10d —
— pts EXTREME
ATM — / Wing —

Percentile is the rank of today's reading within ~3 years of this symbol's own history. High percentile = wings are rich relative to history; not a directional signal. Skew is read off the chain in real time, not from CBOE SKEW.

Volatility Surface

Enter a ticker to render the implied volatility surface.

Volatility Smile

Enter a ticker to render the implied volatility smile.

IV Rank (7 DTE)
IV Rank (30 DTE)
Straddle Price (30 DTE)
Beta Analysis

Risk Metrics

Beta: 0.1009
Alpha: -6.56%
Correlation: 0.3050
R-Squared: 9.3%
Stock Volatility: 4.2%
Market Volatility: 12.8%

Analysis Details

Benchmark: SPY
Data Points: 251
Period: 252 trading days
Interpretation:
Low volatility - stock moves less than market
Beta & Alpha Over Time

FMHI Institutional Ownership (13F)

Latest filings — 2026-09-30

Institutional managers with $100M+ AUM file Form 13F-HR quarterly, due 45 days after quarter end. Holdings are reported gross at quarter-end market value — they are a snapshot, not a real-time position.

  • Shares — long equity positions in this name, aggregated across share classes.
  • Calls / Puts — notional value of long call / put exposure where this ticker is the underlying.
  • % of Float — holder's reported shares divided by the latest diluted shares outstanding. Sums above 100% indicate large custodian / prime broker positions where the same shares are reported by multiple filers.
  • Custodian badge — filers with more than 5,000 holdings are typically broker-dealers / custodians reporting customer-held shares, not active managers.

Each filer is counted once at its latest 13F-HR filing. New filings are ingested on a weekly cadence.

198 filers16,277,137 shares$777.51M value
# Filer Shares Value % of Total % of Float Period
1 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 2,597,642 $115.80M 14.89% — 2026-09-30
2 Morgan Stanley Custodian 1,407,555 $68.25M 8.78% — 2026-06-30
3 Wells Fargo & Company Custodian 1,179,422 $57.19M 7.36% — 2026-06-30
4 LPL Financial LLC Custodian 1,164,558 $56.47M 7.26% — 2026-06-30
5 Bank of America Corp Custodian 798,191 $38.70M 4.98% — 2026-06-30
6 Meeder Advisory Services, Inc. 572,777 $27.77M 3.57% — 2026-06-30
7 Cetera Investment Advisers Custodian 401,181 $19.45M 2.50% — 2026-06-30
8 Vise Technologies, Inc. 398,018 $19.30M 2.48% — 2026-06-30
9 UBS Group AG Custodian 376,746 $18.27M 2.35% — 2026-06-30
10 Financial Partners Group, Inc 355,392 $17.23M 2.22% — 2026-06-30
11 Citigroup Inc. Custodian 345,764 $16.77M 2.16% — 2026-06-30
12 SlateStone Wealth, LLC 339,168 $16.45M 2.12% — 2026-06-30
13 Raymond James Financial, Inc. Custodian 306,655 $14.87M 1.91% — 2026-06-30
14 NewEdge Advisors, LLC 296,778 $14.39M 1.85% — 2026-06-30
15 Manhattan West Asset Management, LLC 269,771 $13.08M 1.68% — 2026-06-30
16 OSAIC HOLDINGS, INC. Custodian 250,956 $12.17M 1.57% — 2026-06-30
17 JPMorgan Chase & Co Custodian 223,575 $10.85M 1.40% — 2026-06-30
18 Principle Wealth Partners LLC 222,961 $10.81M 1.39% — 2026-06-30
19 Royal Bank of Canada Custodian 213,508 $10.35M 1.33% — 2026-06-30
20 Cambridge Investment Research Advisors, Inc. 190,300 $9.23M 1.19% — 2026-06-30
21 EnRich Financial Partners LLC 187,384 $9.09M 1.17% — 2026-06-30
22 Jane Street Group, LLC Custodian 183,026 $8.87M 1.14% — 2026-06-30
23 Rockefeller Capital Management L.P. Custodian 144,709 $7.02M 0.90% — 2026-06-30
24 HighTower Advisors, LLC 136,772 $6.63M 0.85% — 2026-06-30
25 MML INVESTORS SERVICES, LLC 118,821 $5.76M 0.74% — 2026-06-30
# Filer Notional Value % of Total Period
# Filer Notional Value % of Total Period
Constituent Performance

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Constituents
Symbol Name Weight % Price 1 Day 1 Week 1 Month