On Thursday, First Trust Advisors L.P., a leading ETF provider and asset manager, announced the launch of a new actively managed ETF, the First Trust New York Municipal High Income ETF (NYSE Arca: FMNY). The fund seeks to provide income exempt from regular federal, New York State, and New York City income taxes, with long-term capital appreciation as a secondary objective. The fund will seek to achieve its investment objectives by investing primarily in municipal debt securities issued by the state of New York.