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First Trust Exchange-Traded Fund III - First Trust Municipal High Income ETF is an exchange traded fund launched and managed by First Trust Advisors LP. The fund invests in fixed income markets of the United States. It invests in tax exempt high yield municipal debt securities issued by or on behalf of states, territories or possessions of the United States and the District of Columbia and their political subdivisions, agencies, authorities and other instrumentalities. The fund benchmarks the performance of its fixed income portfolios against the Bloomberg Municipal Bond Index and a blended index comprising 50% of the Bloomberg High Yield 10-Year Municipal Index and 50% of the Bloomberg Revenue 10-Year Municipal Index. First Trust Exchange-Traded Fund III - First Trust Municipal High Income ETF was formed on November 1, 2017 and is domiciled in the United States.