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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
FFA
51
Farther Finance Advisors
California
$294K – – –
GIM
52
Guild Investment Management
California
$291K – – –
GSWM
53
Golden State Wealth Management
California
$281K +$73K +1,481 +34%
SPIA
54
Steward Partners Investment Advisory
New York
$261K – – –
Envestnet Asset Management
55
Envestnet Asset Management
Illinois
$253K -$34.9K -708 -12%
PAG
56
Private Advisor Group
New Jersey
$249K +$1.63K +33 +0.6%
ACP
57
Argyle Capital Partners
California
$245K – – –
FA
58
Flagstar Advisors
New York
$235K +$1.73K +35 +0.7%
IF
59
Integrity Financial
Wyoming
$230K +$234K +4,742 New
SWM
60
SeaCrest Wealth Management
New York
$221K +$224K +4,546 New
CL
61
CLG LLC
California
$211K +$214K +4,348 New
CWS
62
Cypress Wealth Services
California
$208K +$1.63K +33 +0.8%
Envestnet Portfolio Solutions
63
Envestnet Portfolio Solutions
Illinois
$200K +$204K +4,130 New
RF
64
Rossby Financial
Florida
$145K +$148K +3,000 New
CCM
65
Chilton Capital Management
Texas
$136K -$60.4K -1,225 -30%
AIP
66
Ameritas Investment Partners
Nebraska
$132K – – –
AG
67
AmeriFlex Group
Nevada
$74.9K – – –
HI
68
Harbour Investments
Wisconsin
$71.3K +$148 +3 +0.2%
AF
69
Allworth Financial
California
$66.4K – – –
AAP
70
Arax Advisory Partners
Colorado
$58.2K +$59.2K +1,200 New
LFG
71
Larson Financial Group
Missouri
$43.7K – – –
PTC
72
Private Trust Company
Ohio
$16.1K – – –
DF
73
Dunhill Financial
United Kingdom
$13.6K +$148 +3 +1%
KGP
74
Keystone Global Partners
Colorado
$49 +$49 +1 New
Wells Fargo
75
Wells Fargo
California
$39 -$8.68K -176 -99%
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.