MFLX ETF — First Trust Flexible Municipal High Income ETF

First Trust Flexible Municipal High Income ETF (MFLX)

Updated October 16, 2026.

MFLX is an ETF. its distribution rate is 4.62%, its trailing-12-month yield is 4.83%, its expense ratio is 0.49%. Dividend Vision Distribution Safety Score™ is 78/100 (Generally safe). Total return is 16.9% over the past 10 years, 299.4 points behind SPY at 316.3%.

First Trust Flexible Municipal High Income ETF is an exchange-traded fund that invests at least 80% of its assets in municipal debt securities whose interest is exempt from regular federal income taxes. The fund distributes income monthly at a current high distribution rate, with an expense ratio of 0.49%. It may appeal to income-focused investors seeking federally tax-exempt fixed income in a fund structure.

MFLX performance versus SPY

Price and return data through 2026-10-16.

Total return is 16.9% over the past 10 years, 299.4 points behind SPY at 316.3%. Over the past year its total return — price change plus distributions reinvested — is -1.5%. Its deepest 1-year drawdown was 8.8%.

MFLX key facts

Distribution Safety Score™

78 · Generally safe

Safety-Adjusted Yield

3.60%

Issuer

First Trust

Asset type

ETF

Asset class

Fixed Income

Inception date

09/27/2016

Expense ratio

0.49%

Distribution rate

4.62%

Distribution frequency

Monthly

Trailing yield

4.83%

Last close

$16.11 (as of 2026-10-16)

AUM

$19,909,752

Average volume

1595.0

Dividend

$0.062

Ex-dividend date

09/24/2026

Payment date

09/30/2026

Beta

1.14

How Dividend Vision calculates yield and returns

Distribution rate (4.62%) uses calculation basis unavailable. Issuer rates can use a different denominator and date, including ex-date NAV. Trailing-12-month yield (4.83%) is the sum of split-adjusted cash distributions with ex-dates in the last 12 months, divided by the published price. It lags a recent raise or cut. Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.

Yield and safety methodology · Distribution rate methodology · Distribution Safety Score methodology

Sources and review

Primary sources: First Trust or company page; prices and distributions from Dividend Vision, derived from vendor EOD data.

Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.

MFLX risks and drawbacks

Total return has trailed SPY over the available window. The deepest 1-year drawdown on record here is 8.8%.

Who may consider MFLX — and who may not

MFLX may suit someone looking for moderate current income with a quality tilt. It is a weaker fit for investors hunting double-digit covered-call yields; investors whose main goal is matching SPY total return. This is educational context, not a recommendation to buy or sell.

More on MFLX

• All tickers starting with M

Tagged: Fixed Income.

Frequently asked questions

More securities from First Trust.