First Trust New York Municipal High Income ETF (NYSEARCA:FMNY) Sees Significant Growth in Short Interest
by Doug Wharley · The Cerbat GemFirst Trust New York Municipal High Income ETF (NYSEARCA:FMNY – Get Free Report) was the target of a significant increase in short interest during the month of May. As of May 15th, there was short interest totaling 29,905 shares, an increase of 286.0% from the April 30th total of 7,748 shares. Based on an average daily volume of 10,342 shares, the days-to-cover ratio is presently 2.9 days. Approximately 2.1% of the company’s shares are short sold.
First Trust New York Municipal High Income ETF Price Performance
Shares of FMNY opened at $26.70 on Friday. The firm has a fifty day moving average price of $26.63 and a 200-day moving average price of $26.76. First Trust New York Municipal High Income ETF has a 12-month low of $25.53 and a 12-month high of $27.22.
Institutional Investors Weigh In On First Trust New York Municipal High Income ETF
A number of hedge funds have recently made changes to their positions in FMNY. Cetera Investment Advisers grew its position in First Trust New York Municipal High Income ETF by 94.4% during the first quarter. Cetera Investment Advisers now owns 27,693 shares of the company’s stock valued at $732,000 after buying an additional 13,451 shares during the period. Flynn Zito Capital Management LLC acquired a new stake in First Trust New York Municipal High Income ETF in the 1st quarter valued at about $4,036,000. Platform Technology Partners boosted its stake in shares of First Trust New York Municipal High Income ETF by 33.0% in the 1st quarter. Platform Technology Partners now owns 14,942 shares of the company’s stock valued at $395,000 after buying an additional 3,710 shares during the period. Patriot Financial Group Insurance Agency LLC purchased a new stake in shares of First Trust New York Municipal High Income ETF during the first quarter worth approximately $204,000. Finally, Kestra Advisory Services LLC acquired a new stake in First Trust New York Municipal High Income ETF in the fourth quarter valued at approximately $181,000.
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.