A side-by-side comparison of First Trust Municipal High Income ETF (FMHI) and Invesco BulletShares (R) 2027 Municipal Bond ETF (BSMR) to help Canadian investors make an informed decision.
1-Year Performance
Normalised to 100 at the start — shows relative return over the trailing 12 months.
Head-to-Head Comparison
| Metric | FMHI | BSMR |
|---|---|---|
| YTD Return | -2.46% | +0.14%✓ |
| 1-Day Change | -0.49% | -0.08%✓ |
| 1-Week Change | +0.71%✓ | +0.21% |
| 1-Month Change | +4.17%✓ | +0.97% |
| Current Price | $46.58 | $23.54 |
| AUM | $1.12B✓ | $374M |
| MER (Expense Ratio) | 0.73% | 0.18%✓ |
| Dividend Yield | 4.44%✓ | 2.64% |
| Distribution Frequency | — | — |
| Inception Date | 2017-11-01 | 2019-09-25 |
| Holdings Count | 1 | 10 |
| MorningStar Rating | — | — |
| Category | US Municipal Bonds | US Municipal Bonds |
| Beta | 0.98 | 0.42 |
| 52-Week High | $47.88 | $23.57 |
| 52-Week Low | $44.17 | $23.01 |
| 50-Day MA | $45.82 | $23.43 |
| 200-Day MA | $47.50 | $23.60 |
✓ marks the better value for return/yield/AUM metrics. Lower ✓ for MER.
Annualised Returns
| Period | FMHI | BSMR |
|---|---|---|
| YTD | -2.46% | +0.14%✓ |
| 1 Year | +1.91% | +2.53%✓ |
| 3 Year | +5.64%✓ | +3.57% |
| 5 Year | +0.43% | +0.61%✓ |
| 10 Year | +0.00% | +0.00% |
| 1Y Volatility | 6.78% | 2.11% |
| Sharpe Ratio (3Y) | 0.23 | -0.15 |
Past performance is not a guarantee of future results.
Top 10 Holdings
| 1 | TNM23 | TNM23 | 3.25% |
| 1 | WASHINGTON D C MET AREA TRAN AUTH GROSS REV 5% | 2.46% | |
| 2 | GEORGIA ST 5% | 2.28% | |
| 3 | CUYAHOGA CNTY OHIO HOSP REV 5% | 2.06% | |
| 4 | MASSACHUSETTS ST DEV FIN AGY REV 5% | 1.97% | |
| 5 | ILLINOIS ST 5% | 1.87% | |
| 6 | HUDSON YDS INFRASTRUCTURE CORP N Y SECOND INDENTURE REV 5% | 1.89% | |
| 7 | NEW YORK N Y CITY TRANSITIONAL FIN AUTH REV 5% | 1.51% | |
| 8 | CALIFORNIA ST 3% | 1.51% | |
| 9 | MT PLEASANT S C WTR & SWR REV 4% | 1.47% | |
| 10 | MASSACHUSETTS ST 5% | 1.27% |
Sector Weights
| Sector | FMHI | BSMR |
|---|---|---|
| Basic Materials | 0.00% | 0.00% |
| Communication Services | 0.00% | 0.00% |
| Consumer Cyclicals | 0.00% | 0.00% |
| Consumer Defensive | 0.00% | 0.00% |
| Energy | 0.00% | 0.00% |
| Financial Services | 0.00% | 0.00% |
| Healthcare | 0.00% | 0.00% |
| Industrials | 0.00% | 0.00% |
| Real Estate | 0.00% | 0.00% |
| Technology | 0.00% | 0.00% |
| Utilities | 0.00% | 0.00% |
About FMHI
Under normal market conditions, the fund seeks to achieve its investment objectives by investing at least 80% of its net assets (including investment borrowings) in municipal debt securities that pay interest that is exempt from regular federal income taxes. Municipal securities are generally issued by or on behalf of states, territories or possessions of the U.S. and the District of Columbia and their political subdivisions, agencies, authorities and other instrumentalities.
About BSMR
The fund generally will invest at least 80% of its total assets in securities that comprise the underlying index. The underlying index seeks to measure the performance of a portfolio of U.S. dollar-denominated investment-grade municipal bonds with maturities or, in some cases, "effective maturities," in the year 2027 (collectively, "2027 Bonds").
Which ETF is Right for You?
Both FMHI and BSMR are listed on Canadian exchanges and accessible through most Canadian brokerages including Questrade, Wealthsimple Trade, TD Direct, and Interactive Brokers.
Based on the available data, FMHI scores higher across our tracked metrics including YTD performance, dividend yield, and AUM — though both ETFs warrant individual research before investing.
- Consider your account type (TFSA, RRSP, non-registered) as it can affect dividend taxation.
- Compare management expense ratios (MER) directly on each provider's website.
- Look at average daily trading volume to assess liquidity.
- Review the fund's underlying index and holdings to ensure the exposure matches your goals.
This is not financial advice. Always do your own research or consult a licensed financial advisor before investing.
Frequently Asked Questions
What is the difference between FMHI and BSMR?
FMHI (First Trust Municipal High Income ETF) and BSMR (Invesco BulletShares (R) 2027 Municipal Bond ETF) are both Canadian-listed ETFs. Key differences include their AUM ($1.12B vs $374M), dividend yield (4.44% vs 2.64%), and year-to-date performance (-2.46% vs +0.14%).
Is FMHI better than BSMR?
There is no single "better" ETF — it depends on your investment goals. If you prioritise dividends, compare both yields and choose based on your income needs. Always review the fund's prospectus and consider your tax situation.
Can I buy FMHI and BSMR on Wealthsimple?
Most Canadian-listed ETFs are available on Wealthsimple Trade commission-free. Both FMHI and BSMR should be accessible. Check Wealthsimple's supported tickers list to confirm availability.
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