First Trust California Municipal High income ETF
FCAL
78 hedge funds and large institutions have $138M invested in First Trust California Municipal High income ETF in 2025 Q4 according to their latest regulatory filings, with 8 funds opening new positions, 35 increasing their positions, 26 reducing their positions, and 3 closing their positions.
167% more first-time investments, than exits
New positions opened: 8 | Existing positions closed: 3
35% more repeat investments, than reductions
Existing positions increased: 35 | Existing positions reduced: 26
8% more capital invested
Capital invested by funds: $128M → $138M (+$10.2M)
7% more funds holding
Funds holding: 73 → 78 (+5)
4.91% more ownership
Funds ownership: 68.26% → 73.17% (+4.9%)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
NA
NewEdge Advisors
New Orleans,
Louisiana
|
+$15.1M |
| 2 |
Jane Street
New York
|
+$2.76M |
| 3 |
Rockefeller Capital Management
New York
|
+$2.31M |
| 4 |
LPL Financial
San Diego,
California
|
+$1.1M |
| 5 |
CW
Channel Wealth
Santa Barbara,
California
|
+$610K |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
CBB
Citizens Business Bank
Ontario,
California
|
-$6.07M |
| 2 |
SEP
Southland Equity Partners
Wildwood,
Missouri
|
-$522K |
| 3 |
Susquehanna International Group
Bala Cynwyd,
Pennsylvania
|
-$387K |
| 4 |
FF
Foronjy Financial
Santa Barbara,
California
|
-$320K |
| 5 |
Envestnet Portfolio Solutions
Chicago,
Illinois
|
-$269K |
FCAL Hedge Fund Activity: Q4 2025 in Review
78 of the 8,267 institutional investors tracked by Wall St. Rank reported a position in First Trust California Municipal High income ETF (FCAL) for Q4 2025, worth a combined $138M — up 8% from $128M a quarter earlier.
Buyers outnumbered sellers: 8 funds opened new FCAL positions and 3 closed out — a net gain of 5 holders — while 35 added to existing stakes and 26 trimmed.
The largest buyer was NewEdge Advisors, adding an estimated $15.1M. The largest seller was Citizens Business Bank, exiting entirely with an estimated $6.07M sold.
- 78 institutional investors held First Trust California Municipal High income ETF (FCAL) as of Q4 2025, up from 73 in Q3 2025.
- Funds reported $138M of First Trust California Municipal High income ETF stock for Q4 2025, up 8% quarter-over-quarter.
- 8 funds opened new First Trust California Municipal High income ETF positions in Q4 2025 and 3 closed out, a net change of +5 holders.
- The largest First Trust California Municipal High income ETF buyer in Q4 2025 was NewEdge Advisors, an estimated $15.1M added.
- The largest First Trust California Municipal High income ETF seller in Q4 2025 was Citizens Business Bank, an estimated $6.07M sold.
Based on aggregated 13F filings for Q4 2025.