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First Trust Managed Municipal ETF
FMB

296 hedge funds and large institutions have $1.52B invested in First Trust Managed Municipal ETF in 2026 Q1 according to their latest regulatory filings, with 20 funds opening new positions, 142 increasing their positions, 91 reducing their positions, and 21 closing their positions.

New
Increased
Maintained
Reduced
Closed

56% more repeat investments, than reductions

Existing positions increased: 142 | Existing positions reduced: 91

1% more capital invested

Capital invested by funds: $1.5B → $1.52B (+$22.5M)

0.44% more ownership

Funds ownership: 77.49% → 77.93% (+0.44%)

5% less first-time investments, than exits

New positions opened: 20 | Existing positions closed: 21

3% less funds holding

Funds holding: 306 → 296 (-10)

67% less funds holding in top 10

Funds holding in top 10: 3 → 1 (-2)

Holders
296
Holders Change
-10
Holders Change %
-3.27%
% of All Funds
3.64%
Holding in Top 10
1
Holding in Top 10 Change
-2
Holding in Top 10 Change %
-66.67%
% of All Funds
0.01%
New
20
Increased
142
Reduced
91
Closed
21
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
Morgan Stanley
Morgan Stanley
New York
+$20.3M
2
IAA
Independent Advisor Alliance
North Carolina
+$12M
3
Bank of America
Bank of America
North Carolina
+$11.4M
4
OIA
OneDigital Investment Advisors
Kansas
+$8.52M
5
FPAS
Focus Partners Advisor Solutions
Missouri
+$6.96M

Top Sellers

Rank Fund Capital Flow
1
MMA
Miracle Mile Advisors
California
-$46.7M
2
TFP
TrueWealth Financial Partners
Washington
-$12.7M
3
Jane Street
Jane Street
New York
-$5.56M
4
FFG
Frisch Financial Group
New York
-$3.92M
5
Royal Bank of Canada
Royal Bank of Canada
Ontario, Canada
-$2.27M
Name Holding Trade Value Shares
Change 		Change in
Stake
AFG
76
Arkansas Financial Group
Arkansas
$3.25M -$70.9K -1,380 -2%
WA
77
Waverly Advisors
Alabama
$3.22M +$846K +16,467 +35%
HW
78
Hedeker Wealth
Illinois
$3.17M +$2.08M +40,531 +183%
Citadel Advisors
79
Citadel Advisors
Florida
$3.11M +$995K +19,355 +46%
WIP
80
WealthCare Investment Partners
Rhode Island
$2.96M +$103K +1,998 +4%
CFG
81
Capital Financial Group
Colorado
$2.86M +$29.3K +570 +1%
PFS
82
Prospera Financial Services
Texas
$2.84M +$104K +2,028 +4%
CCA
83
Clearwater Capital Advisors
Illinois
$2.77M -$32K -623 -1%
IWA
84
Inspirion Wealth Advisors
Illinois
$2.63M -$232K -4,520 -8%
PVI
85
Pine Valley Investments
New Jersey
$2.62M +$155K +3,011 +6%
AFG
86
ABLE Financial Group
Arizona
$2.6M +$59.9K +1,165 +2%
SPA
87
Sentinel Pension Advisors
Massachusetts
$2.59M -$149K -2,906 -5%
Baird Financial Group
88
Baird Financial Group
Wisconsin
$2.48M +$465K +9,055 +23%
HI
89
Harbour Investments
Wisconsin
$2.34M +$900K +17,502 +61%
GSWM
90
Golden State Wealth Management
California
$2.28M -$330K -6,418 -13%
AL
91
ARWA LLC
Texas
$2.23M +$1.57M +30,487 +234%
WWM
92
Western Wealth Management
Colorado
$2.23M +$202K +3,925 +10%
LSC
93
Logan Stone Capital
Illinois
$2.18M +$2.22M +43,106 New
HCA
94
Heck Capital Advisors
Wisconsin
$2.16M +$306K +5,953 +16%
HWM
95
HFG Wealth Management
Texas
$2.08M +$295K +5,742 +16%
Creative Planning
96
Creative Planning
Kansas
$2.03M -$74.9K -1,458 -4%
PS
97
Principal Securities
Iowa
$1.93M +$62.7K +1,219 +3%
DADC
98
D.A. Davidson & Co
Montana
$1.92M +$142K +2,771 +8%
MYIA
99
Mount Yale Investment Advisors
Colorado
$1.92M +$375K +7,302 +24%
VAS
100
Vestmark Advisory Solutions
Massachusetts
$1.92M +$375K +7,302 +24%
2 3
4
5 6

FMB Hedge Fund Activity: Q1 2026 in Review

296 of the 8,126 institutional investors tracked by Wall St. Rank reported a position in First Trust Managed Municipal ETF (FMB) for Q1 2026, worth a combined $1.52B — up 1.5% from $1.5B a quarter earlier.

Sellers outnumbered buyers: 21 funds closed out of FMB and 20 opened new positions — a net loss of 1 holder — while 91 trimmed existing stakes and 142 added.

The largest buyer was Morgan Stanley, adding an estimated $20.3M. The largest seller was Miracle Mile Advisors, cutting an estimated $46.7M.

  • 296 institutional investors held First Trust Managed Municipal ETF (FMB) as of Q1 2026, down from 306 in Q4 2025.
  • Funds reported $1.52B of First Trust Managed Municipal ETF stock for Q1 2026, up 1.5% quarter-over-quarter.
  • 20 funds opened new First Trust Managed Municipal ETF positions in Q1 2026 and 21 closed out, a net change of -1 holder.
  • The largest First Trust Managed Municipal ETF buyer in Q1 2026 was Morgan Stanley, an estimated $20.3M added.
  • The largest First Trust Managed Municipal ETF seller in Q1 2026 was Miracle Mile Advisors, an estimated $46.7M sold.

Based on aggregated 13F filings for Q1 2026.