First Trust California Municipal High income ETF
FCAL
80 hedge funds and large institutions have $219M invested in First Trust California Municipal High income ETF in 2025 Q2 according to their latest regulatory filings, with 11 funds opening new positions, 31 increasing their positions, 21 reducing their positions, and 6 closing their positions.
83% more first-time investments, than exits
New positions opened: 11 | Existing positions closed: 6
48% more repeat investments, than reductions
Existing positions increased: 31 | Existing positions reduced: 21
7% more funds holding
Funds holding: 75 → 80 (+5)
4% more capital invested
Capital invested by funds: $211M → $219M (+$8.02M)
2.33% less ownership
Funds ownership: 79.15% → 76.81% (-2.3%)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
LPL Financial
San Diego,
California
|
+$3.38M |
| 2 |
Jane Street
New York
|
+$2.7M |
| 3 |
OMC
Old Mission Capital
Chicago,
Illinois
|
+$1.6M |
| 4 |
EC
Elequin Capital
New York
|
+$1.58M |
| 5 |
GC
Guggenheim Capital
Chicago,
Illinois
|
+$1.01M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Royal Bank of Canada
Toronto,
Ontario, Canada
|
-$2.59M |
| 2 |
GS
GTS Securities
Miami,
Florida
|
-$1.37M |
| 3 |
MMA
Miracle Mile Advisors
Los Angeles,
California
|
-$1.32M |
| 4 |
NIWA
New Insight Wealth Advisors
San Ramon,
California
|
-$722K |
| 5 |
Osaic Holdings
Scottsdale,
Arizona
|
-$614K |
FCAL Hedge Fund Activity: Q2 2025 in Review
80 of the 7,613 institutional investors tracked by Wall St. Rank reported a position in First Trust California Municipal High income ETF (FCAL) for Q2 2025, worth a combined $219M — up 3.8% from $211M a quarter earlier.
Buyers outnumbered sellers: 11 funds opened new FCAL positions and 6 closed out — a net gain of 5 holders — while 31 added to existing stakes and 21 trimmed.
The largest buyer was LPL Financial, adding an estimated $3.38M. The largest seller was Royal Bank of Canada, cutting an estimated $2.59M.
- 80 institutional investors held First Trust California Municipal High income ETF (FCAL) as of Q2 2025, up from 75 in Q1 2025.
- Funds reported $219M of First Trust California Municipal High income ETF stock for Q2 2025, up 3.8% quarter-over-quarter.
- 11 funds opened new First Trust California Municipal High income ETF positions in Q2 2025 and 6 closed out, a net change of +5 holders.
- The largest First Trust California Municipal High income ETF buyer in Q2 2025 was LPL Financial, an estimated $3.38M added.
- The largest First Trust California Municipal High income ETF seller in Q2 2025 was Royal Bank of Canada, an estimated $2.59M sold.
Based on aggregated 13F filings for Q2 2025.