Short Interest in First Trust New York Municipal High Income ETF (NYSEARCA:FMNY) Increases By 286.0%

First Trust New York Municipal High Income ETF (NYSEARCA:FMNY) was the recipient of a large increase in short interest in 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 currently 2.9 days. Currently, 2.1% of the company’s stock are sold short.

First Trust New York Municipal High Income ETF Price Performance

FMNY stock traded up $0.08 during mid-day trading on Friday, hitting $26.74. 1,071 shares of the company were exchanged, compared to its average volume of 9,516. The firm has a fifty day simple moving average of $26.64 and a 200 day simple moving average of $26.76. First Trust New York Municipal High Income ETF has a twelve month low of $25.53 and a twelve month high of $27.22.

Hedge Funds Weigh In On First Trust New York Municipal High Income ETF

Several institutional investors have recently made changes to their positions in the stock. Magnus Financial Group LLC boosted its stake in First Trust New York Municipal High Income ETF by 2.9% during the 4th quarter. Magnus Financial Group LLC now owns 329,205 shares of the company’s stock valued at $8,788,000 after purchasing an additional 9,156 shares during the period. Hennion & Walsh Asset Management Inc. increased its position in First Trust New York Municipal High Income ETF by 44.6% in the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 155,121 shares of the company’s stock valued at $4,141,000 after acquiring an additional 47,844 shares during the period. Flynn Zito Capital Management LLC acquired a new stake in First Trust New York Municipal High Income ETF in the first quarter worth about $4,036,000. Flow Traders U.S. LLC bought a new position in First Trust New York Municipal High Income ETF during the 3rd quarter valued at $1,420,000. Finally, Jane Street Group LLC boosted its stake in First Trust New York Municipal High Income ETF by 236.5% during the second quarter. Jane Street Group LLC now owns 49,379 shares of the company’s stock valued at $1,282,000 after buying an additional 34,704 shares in the last quarter.

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.