PMIO vs. MFLX ETF Comparison

Comparison of PGIM Municipal Income Opportunities ETF (PMIO) to First Trust Flexible Municipal High Income ETF (MFLX)

PMIO

PGIM Municipal Income Opportunities ETF

PMIO Description

Under normal circumstances, the fund invests at least 80% of its investable assets in municipal obligations whose income is exempt from federal income taxes. For purposes of this policy, such municipal obligations include zero coupon bonds, variable rate demand obligations, short term municipal notes, tax-exempt commercial paper, municipal lease obligations etc.

Grade (RS Rating)

Last Trade

$51.05

Average Daily Volume

251

Number of Holdings ^*

* may have additional holdings in another (foreign) market

MFLX

First Trust Flexible Municipal High Income ETF

MFLX Description

MFLX seeks to provide current income through an actively managed portfolio of US municipal debt securities whose interests are exempted from federal income taxes. The fund spans a wide range of municipal bonds, including lease obligations, general obligation bonds, revenue bonds, notes, cash equivalents, private activity bonds, as well as pre-refunded and escrowed to maturity bonds. The fund is diversified to invest in municipal bonds of any maturity and credit quality. In addition, the fund may invest, without limitation, in municipal securities that pay interest and generate income subject to federal and state alternative minimum tax. Prior to April 14, 2022, the fund traded as the First Trust Municipal CEF Income Opportunity ETF (Ticker: MCEF). Unlike MCEFs fund-of-CEFs (closed-end funds) structure, MFLX invests in US municipal bonds directly. Although, the fund may still invest in municipal CEFs for up to 10% of its net assets.

Grade (RS Rating)

Last Trade

$17.23

Average Daily Volume

2,668

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	PMIO	MFLX
30 Days	0.48%	-0.06%
60 Days	0.21%	-1.29%
90 Days	0.72%	0.11%
12 Months		9.11%

0 Overlapping Holdings

	Symbol	Grade	Weight in PMIO	Weight in MFLX	Overlap

PMIO Overweight 2 Positions Relative to MFLX

	Symbol	Grade	Weight
	VTEB	B	3.67%
	MUB	B	3.22%

PMIO Underweight 16 Positions Relative to MFLX

Symbol	Grade	Weight
NEA	C	-1.1%
NVG	D	-0.8%
BLE	D	-0.75%
MMU	C	-0.73%
BFK	D	-0.63%
NZF	C	-0.55%
VGM	D	-0.52%
NAD	C	-0.51%
IQI	D	-0.49%
MYI	D	-0.48%
EVN	D	-0.36%
MQT	D	-0.31%
MQY	D	-0.25%
BYM	D	-0.24%
VKQ	D	-0.24%
MHD	C	-0.22%

PMIO: Top Represented Industries & Keywords

Industries:

Keywords: Bond ETF Exchange Traded Fund Alternative Minimum Tax Bond Market Bond Market Indices Municipal Bond Revenue Bond Stock Fund

MFLX: Top Represented Industries & Keywords

Industries: Asset Management