First Trust New York Municipal High Income ETF (FMNY) Stock Analysis
For informational purposes only. Not financial advice. Analysis by Sedat ANAK, Founder & Editor-in-Chief | AI-powered analysis. Data sourced from SEC filings and institutional-grade financial providers. Editorially reviewed. Not financial advice.
First Trust New York Municipal High Income ETF (FMNY) trades at $26.26. First Trust New York Municipal High Income ETF (FMNY) aims to provide current income exempt from federal and New York income taxes… Market cap: $38.1M, Sector: Financial services.
Price as of Aug 21, 2026 · Last analyzed: Mar 17, 2026Analyst Coverage for FMNY: FMNY does not currently have published analyst price targets in our coverage universe. This is common for smaller-cap names with limited Wall Street coverage. In the absence of analyst consensus, our AI model evaluates FMNY against Financial Services peers across nine fundamental dimensions and assigns an underweight signal based on the underlying data.
Not enough scored data yet to form a council read on FMNY.
How is this calculated? →First Trust New York Municipal High Income ETF (FMNY) Financial Services Profile
First Trust New York Municipal High Income ETF (FMNY) focuses on delivering tax-exempt income through municipal debt securities, primarily in New York. With a beta of 0.98 and a market cap of $38.1M, the fund caters to income-seeking investors in the financial services sector.
What Is the Investment Thesis for FMNY?
FMNY presents a focused investment opportunity for income-seeking investors, particularly those in New York, due to its emphasis on tax-exempt municipal bonds. The fund's primary value driver is its ability to generate current income that is exempt from federal, state, and city taxes. With a beta of 0.98, FMNY exhibits market correlation. Growth catalysts include increased demand for tax-advantaged investments in a rising tax environment and potential infrastructure development in New York, which could lead to new municipal bond issuances. However, potential risks include interest rate hikes, which could decrease the value of the bond portfolio, and credit downgrades of New York municipalities, which could impact the fund's income and capital appreciation. The fund's success depends on maintaining a diversified portfolio of high-quality municipal bonds and effectively managing interest rate and credit risks.
Based on FMP financials and quantitative analysis
FMNY Key Highlights
The fund's primary objective is to provide current income exempt from federal and New York income taxes.
- The fund invests at least 80% of its net assets in municipal debt securities.
- The fund's secondary objective is long-term capital appreciation.
- The fund is designed to offer tax-advantaged income for investors, especially those in New York.
- The fund's beta is 0.98, indicating market correlation.
Who Are FMNY's Competitors?
FMNY is benchmarked below against 8 industry peers on price, market cap, and our AI MoonshotScore.
| Company | Price | Change | Market Cap | AI Score |
|---|---|---|---|---|
| BRKW Roundhill Investments - BRKB WeeklyPay ETF | $38.40 | -0.64% | $14.6M | 44 |
| CCEF Calamos CEF Income & Arbitrage ETF | $29.90 | -0.38% | $34.1M | 46 |
| EWK iShares MSCI Belgium ETF | $27.32 | -0.03% | $166M | 47 |
| MFLX First Trust Flexible Municipal High Income ETF | $16.89 | -0.27% | $19.9M | 47 |
| MVPL Miller Value Partners Leverage ETF | $43.77 | -1.57% | $25.6M | 44 |
| ICTVX ICON Utilities and Income Fund Investor | $11.25 | +0.09% | $53.6M | 55 |
| JMM Nuveen Multi-Market Income Fund | $5.76 | -0.51% | $54.5M | 56 |
| PGZ Principal Real Estate Income Fund | $10.01 | -0.60% | $67.0M | 56 |
AI Score by Stock Expert AI · Price data: FMP / Yahoo Finance
What Are FMNY's Key Strengths?
Tax-exempt income generation.
- Diversified portfolio of New York municipal bonds.
- ETF structure providing liquidity and transparency.
- Focus on a specific geographic market (New York).
What Are FMNY's Weaknesses?
Sensitivity to interest rate changes.
- Concentration in New York municipal bonds.
- Reliance on the creditworthiness of New York municipalities.
- Limited capital appreciation potential.
What Could Drive FMNY Stock Higher?
Potential infrastructure projects in New York leading to new municipal bond issuances.
- Increased demand for tax-exempt investments in a rising tax environment.
- Strategic partnerships with financial advisors to expand distribution.
What Are the Key Risks for FMNY?
Rising interest rates decreasing the value of the bond portfolio.
- Credit downgrades of New York municipalities impacting income and capital appreciation.
- Changes in tax laws reducing the attractiveness of tax-exempt investments.
- Competition from other income-focused ETFs.
What Are the Growth Opportunities for FMNY?
- Increased Demand for Tax-Exempt Income: With potential increases in federal and state tax rates, the demand for tax-exempt investments like municipal bonds is expected to rise. FMNY, focusing on New York municipal bonds, is well-positioned to attract investors seeking to minimize their tax liabilities. The market for tax-exempt income is estimated to grow as tax rates increase, potentially driving inflows into FMNY. This growth is ongoing.
- Infrastructure Development in New York: New York's ongoing and planned infrastructure projects require substantial funding, often through municipal bond issuances. FMNY can capitalize on this by investing in these new bonds, increasing its portfolio size and income generation. The infrastructure market in New York is substantial, with billions of dollars allocated to transportation, energy, and water projects. This represents an ongoing opportunity for FMNY.
- Expansion of Municipal Bond Market: The overall municipal bond market is expected to grow as state and local governments seek funding for various projects. FMNY can benefit from this expansion by diversifying its portfolio and increasing its assets under management. The municipal bond market is projected to grow, driven by infrastructure needs and economic development initiatives. This expansion provides FMNY with ongoing opportunities to increase its investment options.
- Strategic Partnerships with Financial Advisors: FMNY can partner with financial advisors to promote its ETF to their clients, particularly those in high-tax brackets. By educating advisors about the benefits of tax-exempt income, FMNY can increase its distribution and reach a wider audience. The financial advisor channel represents a significant opportunity for FMNY to expand its investor base. This is an ongoing effort.
- Innovative Product Development: FMNY can explore the development of new ETFs that focus on specific sectors within the New York municipal bond market, such as education or healthcare. This can attract investors with specific interests and further differentiate FMNY from its competitors. The ETF market is constantly evolving, and innovation is key to attracting new investors and retaining existing ones. This represents an ongoing opportunity for FMNY to enhance its product offerings.
What Are FMNY's Competitive Advantages?
- Tax-Exempt Income: Offers a unique value proposition by providing income exempt from federal and New York income taxes.
- ETF Structure: Provides diversification and liquidity benefits compared to individual bond holdings.
- Focus on New York: Specializes in the New York municipal bond market, offering expertise and local knowledge.
- Established Track Record: Has a history of managing municipal bond portfolios and delivering tax-exempt income.
What Does FMNY Do?
The First Trust New York Municipal High Income ETF (FMNY) was created with the primary objective of providing investors with current income that is exempt from both regular federal income taxes and New York state and city income taxes. Its secondary objective is to achieve long-term capital appreciation. The fund operates by investing at least 80% of its net assets, including investment borrowings, in municipal debt securities. These securities pay interest that is exempt from regular federal income taxes and New York State and New York City income taxes, collectively referred to as 'Municipal Securities.' FMNY's investment strategy focuses on identifying and acquiring a diversified portfolio of these municipal bonds. The fund's managers actively assess market conditions and adjust the portfolio to optimize income generation while managing risk. The ETF structure allows investors to gain exposure to a broad range of municipal bonds through a single investment vehicle, offering diversification and potentially lower transaction costs compared to directly purchasing individual bonds. By concentrating on New York municipal bonds, FMNY aims to provide a tax-advantaged income stream for investors residing in New York, as well as those seeking exposure to the New York municipal bond market. The fund's performance is closely tied to the creditworthiness of the municipalities issuing the bonds and the overall interest rate environment.
What Products and Services Does FMNY Offer?
- Invests in municipal debt securities that pay interest exempt from federal and New York income taxes.
- Seeks to provide current income that is exempt from regular federal income taxes and New York income taxes.
- Aims for long-term capital appreciation as a secondary objective.
- Manages a diversified portfolio of New York municipal bonds.
- Offers investors exposure to the New York municipal bond market through an ETF structure.
- Actively assesses market conditions to optimize income generation and manage risk.
How Does FMNY Make Money?
- Generates income by investing in municipal bonds.
- Distributes tax-exempt income to ETF shareholders.
- Manages the portfolio to balance income generation and risk.
- Attracts investors seeking tax-advantaged income.
What Industry Does FMNY Operate In?
The asset management industry is characterized by intense competition and evolving regulatory landscapes. Income-focused ETFs like FMNY operate within the broader fixed-income market, which is influenced by interest rates, credit spreads, and economic growth. The municipal bond market, in particular, is sensitive to state and local government finances and infrastructure spending. Competitors such as BRKW and CCEF offer alternative income strategies, while EWK, MFLX, and MVPL focus on different geographic or asset class exposures. FMNY's focus on New York municipal bonds differentiates it within this competitive landscape.
Who Are FMNY's Key Customers?
- Individual investors seeking tax-exempt income.
- Financial advisors looking for tax-efficient investment options for their clients.
- Institutions seeking exposure to the New York municipal bond market.
- High-net-worth individuals looking to minimize their tax liabilities.
FMNY Valuation & Market Position
With a $38.1M market cap, First Trust New York Municipal High Income ETF sits in the micro-cap segment of the market.
Key Financial Metrics
Return on equity for First Trust New York Municipal High Income ETF stands at 0.0%, a gauge of how efficiently it converts shareholder capital into profit. Return on assets is 0.0%, showing how much profit it generates from its asset base. FMNY trades at a trailing price-to-earnings ratio of 0.00, below the Financial Services sector average of ~18x. Its free cash flow yield is 0.0%, a gauge of the cash the business throws off relative to its market value. A current ratio of 0.00 means current liabilities exceed short-term assets, a liquidity point worth watching. Its earnings yield is 0.0%, the inverse of the P/E and a quick read on earnings relative to price.
FMNY Financials
Bull Case vs Bear Case
Bull Case
- Tax-exempt income generation.
- Diversified portfolio of New York municipal bonds.
- ETF structure providing liquidity and transparency.
- Focus on a specific geographic market (New York).
Bear Case
- Sensitivity to interest rate changes.
- Concentration in New York municipal bonds.
- Reliance on the creditworthiness of New York municipalities.
- Limited capital appreciation potential.
AI-generated arguments based on insider flow, news sentiment and technicals — not financial advice · August 2026
FMNY Latest News
No recent news available for FMNY.
FMNY Analyst Consensus
Consensus Rating
Aggregated Buy/Hold/Sell recommendations from Benzinga, Yahoo Finance, and Finnhub for FMNY.
Price Targets
Wall Street price target analysis for FMNY.
FMNY MoonshotScore
What does this score mean?
The MoonshotScore rates FMNY 0-100 on quantitative fundamentals — growth, financial health, valuation, momentum, and risk.
FMNY Financial Services Stock FAQ
What does First Trust New York Municipal High Income ETF do?
First Trust New York Municipal High Income ETF (FMNY) is designed to provide investors with current income that is exempt from both regular federal income taxes and New York state and city income taxes. The fund achieves this by investing at least 80% of its net assets in municipal debt securities that pay interest exempt from these taxes.
What are the main risks for FMNY?
The primary risks for FMNY include interest rate risk, credit risk, and concentration risk. Rising interest rates can decrease the value of the fund's bond portfolio, potentially leading to capital losses. Credit risk arises from the possibility that New York municipalities may face financial difficulties and be unable to make timely payments on their bonds.
What are the key factors to evaluate for FMNY?
Evaluate FMNY on fundamentals, analyst consensus, and risk factors. FMNY presents a focused investment opportunity for income-seeking investors, particularly those in New York, due to its emphasis on tax-exempt municipal bonds. Not financial advice.
How frequently does FMNY data refresh on this page?
FMNY's price was last updated on Aug 21, 2026 and refreshes on page view during U.S. market hours — it is not a real-time exchange feed. Fundamentals update after quarterly filings; the MoonshotScore recalculates nightly; news aggregates continuously.
What has driven FMNY's recent stock price performance?
First Trust New York Municipal High Income ETF (FMNY) moves on earnings results, analyst revisions, sector rotation, and market sentiment. Notable catalyst: Tax-exempt income generation. See the News tab for the latest drivers. Past performance does not predict future results.
Should investors consider FMNY overvalued or undervalued right now?
First Trust New York Municipal High Income ETF (FMNY) has no trailing P/E available here, so lean on price-to-sales and cash flow in the Financials tab. Compare P/E, P/S, and EV/EBITDA against sector peers for a full view.
How do I research FMNY before investing?
Before investing in First Trust New York Municipal High Income ETF (FMNY), research these four areas: (1) the company's revenue model and competitive position (see Company Overview), (2) financial health through revenue growth, margins, and cash flow (see MoonshotScore), (3) analyst consensus ratings and price targets (see Analyst tab), and (4) specific risk factors that could impact the stock (see Risk Factors section).
Why might investors consider adding FMNY to a portfolio?
Key strength of First Trust New York Municipal High Income ETF (FMNY): Tax-exempt income generation. Weigh rewards against risks and diversify. Not financial advice.
Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.
Official Resources
Data provided for informational purposes only.
- AI analysis is pending, which may provide further insights into the company's performance and prospects.
- The information provided is based on available data and may be subject to change.