FMHI – Fund Analysis – First Trust Municipal High Income ETF | Morningstar

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Will FMHI outperform in the future?

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Process Pillar

The Process Pillar is our assessment of how sensible, clearly defined, and repeatable FMHI’s performance objective and investment process is for both security selection and portfolio construction.
People Pillar

The People Pillar is our evaluation of the FMHI management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.
Parent Pillar

The Parent Pillar is our rating of FMHI’s parent organization’s priorities and whether they’re in line with investors’ interests.

An active high-yield muni ETF looking for an edge.

Associate Analyst Rafael Ramirez

Rafael Ramirez

Associate Analyst

Summary

First Trust Municipal High Income ETF’s research capabilities are sufficient, but the team’s willingness to take more risks than most high-yield muni Morningstar Category peers doesn’t always pay off.

by Rafael Ramirez

Rated on Apr 27, 2026 Published on Apr 27, 2026

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