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.
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)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
MMA
Miracle Mile Advisors
Los Angeles,
California
|
+$4.43M |
| 2 |
CBB
Citizens Business Bank
Ontario,
California
|
+$1.35M |
| 3 |
GC
Guggenheim Capital
Chicago,
Illinois
|
+$1.34M |
| 4 |
CC
Climber Capital
Nyon,
Switzerland
|
+$721K |
| 5 |
GS
GTS Securities
New York
|
+$683K |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Morgan Stanley
New York
|
-$3.55M |
| 2 |
LPL Financial
San Diego,
California
|
-$2.12M |
| 3 |
OMC
Old Mission Capital
Chicago,
Illinois
|
-$2.07M |
| 4 |
FTUS
Flow Traders U.S.
New York
|
-$1.22M |
| 5 |
Jane Street
New York
|
-$437K |
| Name | Holding | Trade Value |
Shares Change |
Change in Stake |
|
|---|---|---|---|---|---|
|
OMC
76
Old Mission Capital
Chicago,
Illinois
| – | -$2.07M | -41,897 | Closed |
|
|
HF
77
HRT Financial
New York
| – | -$376K | -7,621 | Closed |
|
|
CW
78
CreativeOne Wealth
Overland Park,
Kansas
| – | -$281K | -5,686 | Closed |
|
79
Northwestern Mutual Wealth Management
Milwaukee,
Wisconsin
| – | -$29.3K | -593 | Closed |
|
|
TRCT
80
Tower Research Capital (TRC)
New York
| – | -$2.81K | -57 | Closed |
|
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.