First Trust California Municipal High income ETF
FCAL
73 hedge funds and large institutions have $128M invested in First Trust California Municipal High income ETF in 2025 Q3 according to their latest regulatory filings, with 7 funds opening new positions, 28 increasing their positions, 30 reducing their positions, and 10 closing their positions.
7% less repeat investments, than reductions
Existing positions increased: 28 | Existing positions reduced: 30
9% less funds holding
Funds holding: 80 → 73 (-7)
9.21% less ownership
Funds ownership: 77.46% → 68.26% (-9.2%)
30% less first-time investments, than exits
New positions opened: 7 | Existing positions closed: 10
42% less capital invested
Capital invested by funds: $219M → $128M (-$91M)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
LPL Financial
San Diego,
California
|
+$3.01M |
| 2 |
WAS
WESPAC Advisors SoCal
Pasadena,
California
|
+$734K |
| 3 |
Koshinski Asset Management
Decatur,
Illinois
|
+$536K |
| 4 |
Osaic Holdings
Scottsdale,
Arizona
|
+$535K |
| 5 |
GSWM
Golden State Wealth Management
Santa Ana,
California
|
+$479K |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
MMA
Miracle Mile Advisors
Los Angeles,
California
|
-$87.3M |
| 2 |
Jane Street
New York
|
-$3.48M |
| 3 |
OMC
Old Mission Capital
Chicago,
Illinois
|
-$1.6M |
| 4 |
EC
Elequin Capital
New York
|
-$1.58M |
| 5 |
MF
Manchester Financial
Westlake Village,
California
|
-$932K |
FCAL Hedge Fund Activity: Q3 2025 in Review
73 of the 7,638 institutional investors tracked by Wall St. Rank reported a position in First Trust California Municipal High income ETF (FCAL) for Q3 2025, worth a combined $128M — down 42% from $219M a quarter earlier.
Sellers outnumbered buyers: 10 funds closed out of FCAL and 7 opened new positions — a net loss of 3 holders — while 30 trimmed existing stakes and 28 added.
The largest buyer was LPL Financial, adding an estimated $3.01M. The largest seller was Miracle Mile Advisors, cutting an estimated $87.3M.
- 73 institutional investors held First Trust California Municipal High income ETF (FCAL) as of Q3 2025, down from 80 in Q2 2025.
- Funds reported $128M of First Trust California Municipal High income ETF stock for Q3 2025, down 42% quarter-over-quarter.
- 7 funds opened new First Trust California Municipal High income ETF positions in Q3 2025 and 10 closed out, a net change of -3 holders.
- The largest First Trust California Municipal High income ETF buyer in Q3 2025 was LPL Financial, an estimated $3.01M added.
- The largest First Trust California Municipal High income ETF seller in Q3 2025 was Miracle Mile Advisors, an estimated $87.3M sold.
Based on aggregated 13F filings for Q3 2025.