Investors’ renewed appetite for muni bonds munis comes after last year’s Detroit bankruptcy, the largest U.S. municipal bankruptcy, Puerto Rico’s financial woes and a spate of municipal bankruptcies in California caused by crushing public pension obligations. [Investors Return to High-Yield Muni ETFs]

Johnathan N. Wilhelm, Senior Vice President and Tom Futrell, CFA, Senior Vice President at First Trust, serve as senior portfolio managers of FMB, according to the statement.

First Trust has had success with actively managed ETFs, including the First Trust North American Energy Infrastructure Fund (NYSEArca: EMLP), which has accumulated over $651 million in assets in less than two years of trading. The First Trust Senior Loan ETF (NasdaqGM: FTSL) has brought in $180.8 million in just over a year on the market.

ETF Trends editorial team contributed to this post.