First Trust Flexible Municipal High Income ETF (MFLX) belongs to the Municipal Bonds category. Below you'll find alternative ETFs from the same category, ranked by key criteria, plus funds that investors commonly compare with MFLX. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.
Cheapest Alternatives to MFLX
MFLX charges 0.88% annually. There are 140 ETFs in the Municipal Bonds category with lower expense ratios, going as low as 0.03%.
| Symbol | Name | Expense Ratio | AUM | Inception | |
|---|---|---|---|---|---|
| Schwab Municipal Bond ETF | 0.03% | 3.93B | Oct 2022 | MFLX vs SCMB | |
| Vanguard Tax-Exempt Bond ETF | 0.03% | 48.80B | Aug 2015 | MFLX vs VTEB | |
| Fidelity Systematic Municipal Bond Index ETF | 0.05% | 183.09M | Jul 2019 | MFLX vs FMUN | |
| Northern Trust Tax-Exempt Bond ETF | 0.05% | 60.01M | Aug 2025 | MFLX vs TAXT | |
| Northern Trust Intermediate Tax-Exempt Bond ETF | 0.05% | 169.01M | Aug 2025 | MFLX vs TAXI |
Best Risk-Adjusted Alternatives to MFLX
MFLX has a PortfoliosLab risk / return rank of 75. There are 28 ETFs in the Municipal Bonds category with higher risk-adjusted ranks, going as high as 97.
| Symbol | Name | Risk / Return Rank | AUM | Inception | |
|---|---|---|---|---|---|
| State Street My2026 Municipal Bond ETF | 97 | 8.74M | Sep 2024 | MFLX vs MYMF | |
| State Street My2027 Municipal Bond ETF | 97 | 8.63M | Sep 2024 | MFLX vs MYMG | |
| Allspring Ultra Short Municipal ETF | 96 | 30.06M | Jul 2025 | MFLX vs AUSM | |
| Goldman Sachs Ultra Short Municipal Income ETF | 96 | 54.13M | Jul 2024 | MFLX vs GUMI | |
| iShares Short Maturity Municipal Bond ETF | 96 | 1.36B | Mar 2015 | MFLX vs MEAR |
Top Performing MFLX Alternatives (YTD)
MFLX is at 2.04% YTD. There are 7 ETFs in the Municipal Bonds category with higher YTD returns, going as high as 2.90%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| X-Square Municipal Income Tax Free ETF | 2.90% | 4.54M | May 2023 | MFLX vs ZTAX | |
| Overlay Shares Municipal Bond ETF | 2.46% | 30.60M | Sep 2019 | MFLX vs OVM | |
| NYLI MacKay Muni Allocation ETF | 2.45% | 28.01M | Dec 2025 | MFLX vs MMMA | |
| Xtrackers Municipal Infrastructure Revenue Bond ET... | 2.42% | 142.95M | Jun 2013 | MFLX vs RVNU | |
| T. Rowe Price High Income Municipal ETF | 2.17% | 26.19M | Nov 2025 | MFLX vs THYM |
Lowest Volatility Alternatives to MFLX
MFLX has 4.08% 1-year volatility. There are 123 ETFs in the Municipal Bonds category with lower 1-year volatility, going as low as 0.54%.
| Symbol | Name | Volatility 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| F/m Ultrashort Tax-Free Municipal ETF | 0.54% | 34.95M | Sep 2025 | MFLX vs ZMUN | |
| State Street My2026 Municipal Bond ETF | 0.65% | 8.74M | Sep 2024 | MFLX vs MYMF | |
| iShares Short-Term California Muni Active ETF | 0.72% | 445.30M | Oct 2007 | MFLX vs CALI | |
| Allspring Ultra Short Municipal ETF | 0.76% | 30.06M | Jul 2025 | MFLX vs AUSM | |
| State Street My2027 Municipal Bond ETF | 0.82% | 8.63M | Sep 2024 | MFLX vs MYMG |
Lowest Drawdown Alternatives to MFLX
MFLX has a 1-year max drawdown of -3.11%. There are 92 ETFs in the Municipal Bonds category with shallower 1-year drawdowns, going as shallow as -0.23%.
| Symbol | Name | Max Drawdown 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| First Trust Ultra Short Duration Municipal ETF | -0.23% | 246.47M | Nov 2018 | MFLX vs FUMB | |
| Invesco BulletShares 2026 Municipal Bond ETF | -0.30% | 270.83M | Sep 2019 | MFLX vs BSMQ | |
| Goldman Sachs Ultra Short Municipal Income ETF | -0.36% | 54.13M | Jul 2024 | MFLX vs GUMI | |
| State Street My2027 Municipal Bond ETF | -0.36% | 8.63M | Sep 2024 | MFLX vs MYMG | |
| iShares iBonds Dec 2026 Term Muni Bond ETF | -0.38% | 576.01M | Apr 2019 | MFLX vs IBMO |
Other ETFs from First Trust
The 10 most viewed First Trust ETFs shown here include CIBR, GRID, AIRR and span 16 categories. AUM among these funds goes as high as $25B.
Often Compared With MFLX
Investors most often compare MFLX with SUB, PGR, VSDM. These 20 comparison targets span 2 categories, based on PortfoliosLab usage data.
Compare MFLX with Any Fund or Stock
Compare MFLX with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.
Pair MFLX with funds that move differently
First Trust Flexible Municipal High Income ETF alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to MFLX.
Explore MFLX Diversifiers