First Trust Exchange-Traded Fund III - First Trust Managed Municipal ETF is an exchange traded fund launched and managed by First Trust Advisors LP. The fund invests in the fixed income markets of the United States. It invests in municipal 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 which are exempt from regular federal income taxes. The fund invests in investment grade securities of varying maturities which are rated in one of the four highest credit quality categories by at least one nationally recognized statistical rating organization rating. It employs fundamental analysis with bottom up and top down securities picking approach to create its portfolio. The fund seeks to benchmark the performance of its portfolio against the Bloomberg Revenue 10 Year (8-12) Index and the Bloomberg Municipal Bond Index. First Trust Exchange-Traded Fund III - First Trust Managed Municipal ETF was formed on May 13, 2014 and is domiciled in the United States.