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First Trust California Municipal High income ETF
FCAL

75 hedge funds and large institutions have $211M invested in First Trust California Municipal High income ETF in 2025 Q1 according to their latest regulatory filings, with 12 funds opening new positions, 28 increasing their positions, 20 reducing their positions, and 5 closing their positions.

New
Increased
Maintained
Reduced
Closed

140% more first-time investments, than exits

New positions opened: 12 | Existing positions closed: 5

40% more repeat investments, than reductions

Existing positions increased: 28 | Existing positions reduced: 20

9% more funds holding

Funds holding: 69 → 75 (+6)

1.43% more ownership

Funds ownership: 77.72% → 79.15% (+1.4%)

2% less capital invested

Capital invested by funds: $215M → $211M (-$3.41M)

100% less funds holding in top 10

Funds holding in top 10: 1 → 0 (-1)

Holders
75
Holders Change
+6
Holders Change %
+8.7%
% of All Funds
1.01%
Holding in Top 10
–
Holding in Top 10 Change
-1
Holding in Top 10 Change %
-100%
% of All Funds
–
New
12
Increased
28
Reduced
20
Closed
5
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
MMA
Miracle Mile Advisors
California
+$4.43M
2
CBB
Citizens Business Bank
California
+$1.35M
3
GC
Guggenheim Capital
Illinois
+$1.34M
4
CC
Climber Capital
Switzerland
+$721K
5
GS
GTS Securities
New York
+$683K

Top Sellers

Rank Fund Capital Flow
1
Morgan Stanley
Morgan Stanley
New York
-$3.55M
2
LPL Financial
LPL Financial
California
-$2.12M
3
OMC
Old Mission Capital
Illinois
-$2.07M
4
FTUS
Flow Traders U.S.
New York
-$1.22M
5
Jane Street
Jane Street
New York
-$437K
Name Holding Trade Value Shares
Change 		Change in
Stake
MF
26
Manchester Financial
California
$1.03M – – –
EW
27
Entruity Wealth
California
$1.02M -$29.6K -600 -3%
Cambridge Investment Research Advisors
28
Cambridge Investment Research Advisors
Iowa
$955K -$80.4K -1,632 -8%
T
29
Tidemark
California
$786K +$18.2K +370 +2%
Commonwealth Equity Services
30
Commonwealth Equity Services
Massachusetts
$754K -$200K -4,060 -21%
BZWA
31
Blue Zone Wealth Advisors
California
$718K – – –
TPWA
32
Twin Peaks Wealth Advisors
California
$717K -$248K -5,038 -25%
FTUS
33
Flow Traders U.S.
New York
$695K -$1.22M -24,665 -63%
MOS
34
MGO One Seven
Ohio
$693K +$33.5K +680 +5%
CC
35
Climber Capital
Switzerland
$621K +$721K +14,635 New
Susquehanna International Group
36
Susquehanna International Group
Pennsylvania
$616K +$626K +12,692 New
CF
37
Centaurus Financial
California
$582K -$33.5K -680 -5%
EH
38
Equitable Holdings
New York
$539K +$201K +4,078 +58%
CSIC
39
Clifford Swan Investment Counsel
California
$530K +$539K +10,925 New
TWM
40
TriaGen Wealth Management
California
$480K -$51.5K -1,044 -10%
WSWA
41
Warren Street Wealth Advisors
California
$452K +$99 +2 +0%
ARC
42
Advisor Resource Council
Texas
$448K +$455K +9,234 New
TC
43
TownSquare Capital
Utah
$440K +$99 +2 +0%
TW
44
Towerpoint Wealth
California
$399K – – –
KWA
45
Kingswood Wealth Advisors
California
$351K – – –
PIA
46
Perennial Investment Advisors
California
$330K +$246 +5 +0.1%
Wealth Enhancement Advisory Services
47
Wealth Enhancement Advisory Services
Minnesota
$323K -$10.6K -216 -3%
AAS
48
Avantax Advisory Services
Texas
$314K -$592 -12 -0.2%
AWS
49
Atria Wealth Solutions
New York
$302K +$307K +6,222 New
EWA
50
EP Wealth Advisors
California
$299K – – –
1
2
3 4

FCAL Hedge Fund Activity: Q1 2025 in Review

75 of the 7,458 institutional investors tracked by Wall St. Rank reported a position in First Trust California Municipal High income ETF (FCAL) for Q1 2025, worth a combined $211M — down 1.6% from $215M a quarter earlier.

Buyers outnumbered sellers: 12 funds opened new FCAL positions and 5 closed out — a net gain of 7 holders — while 28 added to existing stakes and 20 trimmed.

The largest buyer was Miracle Mile Advisors, adding an estimated $4.43M. The largest seller was Morgan Stanley, cutting an estimated $3.55M.

  • 75 institutional investors held First Trust California Municipal High income ETF (FCAL) as of Q1 2025, up from 69 in Q4 2024.
  • Funds reported $211M of First Trust California Municipal High income ETF stock for Q1 2025, down 1.6% quarter-over-quarter.
  • 12 funds opened new First Trust California Municipal High income ETF positions in Q1 2025 and 5 closed out, a net change of +7 holders.
  • The largest First Trust California Municipal High income ETF buyer in Q1 2025 was Miracle Mile Advisors, an estimated $4.43M added.
  • The largest First Trust California Municipal High income ETF seller in Q1 2025 was Morgan Stanley, an estimated $3.55M sold.

Based on aggregated 13F filings for Q1 2025.