First Trust New York Municipal High Income ETF (NYSEARCA:FMNY) Sees Large Decline in Short Interest

First Trust New York Municipal High Income ETF (NYSEARCA:FMNY) saw a large decrease in short interest during the month of May. As of May 29th, there was short interest totaling 18,485 shares, a decrease of 38.2% from the May 14th total of 29,905 shares. Based on an average daily volume of 7,596 shares, the days-to-cover ratio is currently 2.4 days. Approximately 1.3% of the company’s stock are sold short.

First Trust New York Municipal High Income ETF Stock Performance

Shares of FMNY traded up $0.01 during mid-day trading on Wednesday, hitting $26.81. 187 shares of the company’s stock were exchanged, compared to its average volume of 8,696. The firm has a fifty day moving average of $26.70 and a two-hundred day moving average of $26.76. First Trust New York Municipal High Income ETF has a twelve month low of $25.61 and a twelve month high of $27.22.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of FMNY. Kestra Advisory Services LLC acquired a new position in shares of First Trust New York Municipal High Income ETF during the 4th quarter worth $181,000. Patriot Financial Group Insurance Agency LLC acquired a new position in First Trust New York Municipal High Income ETF in the 1st quarter valued at $204,000. LPL Financial LLC acquired a new position in First Trust New York Municipal High Income ETF in the 4th quarter valued at $265,000. Goldman Sachs Group Inc. acquired a new position in First Trust New York Municipal High Income ETF in the 4th quarter valued at $330,000. Finally, Cetera Investment Advisers acquired a new position in First Trust New York Municipal High Income ETF in the 4th quarter valued at $380,000.

About First Trust New York Municipal High Income ETF

The First Trust New York High Income Municipal ETF (FMNY) is an exchange-traded fund that mostly invests in investment grade fixed income. The fund is an actively managed fund that targets fixed income of any duration and credit quality. Issues selected provide interest income that is exempt from federal, New York State and City taxes. FMNY was launched on May 12, 2021 and is managed by First Trust.