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First Trust Managed Municipal ETF
FMB

302 hedge funds and large institutions have $1.55B invested in First Trust Managed Municipal ETF in 2025 Q1 according to their latest regulatory filings, with 25 funds opening new positions, 116 increasing their positions, 128 reducing their positions, and 27 closing their positions.

New
Increased
Maintained
Reduced
Closed

1.7% more ownership

Funds ownership: 76.14% → 77.85% (+1.7%)

7% less first-time investments, than exits

New positions opened: 25 | Existing positions closed: 27

9% less repeat investments, than reductions

Existing positions increased: 116 | Existing positions reduced: 128

2% less funds holding

Funds holding: 308 → 302 (-6)

33% less funds holding in top 10

Funds holding in top 10: 3 → 2 (-1)

43% less capital invested

Capital invested by funds: $2.75B → $1.55B (-$1.19B)

Holders
302
Holders Change
-6
Holders Change %
-1.95%
% of All Funds
4.05%
Holding in Top 10
2
Holding in Top 10 Change
-1
Holding in Top 10 Change %
-33.33%
% of All Funds
0.03%
New
25
Increased
116
Reduced
128
Closed
27
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
Creative Planning
Creative Planning
Kansas
+$19.5M
2
Wells Fargo
Wells Fargo
California
+$14.3M
3
Osaic Holdings
Osaic Holdings
Arizona
+$10.6M
4
Jane Street
Jane Street
New York
+$9.32M
5
NA
NewEdge Advisors
Louisiana
+$7.28M

Top Sellers

Rank Fund Capital Flow
1
IAA
Independent Advisor Alliance
North Carolina
-$14.8M
2
Morgan Stanley
Morgan Stanley
New York
-$8.19M
3
RA
RFG Advisory
Alabama
-$7.92M
4
OMC
Old Mission Capital
Illinois
-$3.21M
5
SFA
Sequoia Financial Advisors
Ohio
-$3.01M
Name Holding Trade Value Shares
Change 		Change in
Stake
EH
76
Equitable Holdings
New York
$2.9M -$31.9K -625 -1%
BCP
77
Blackhawk Capital Partners
Wisconsin
$2.86M +$210K +4,115 +8%
SPA
78
Sentinel Pension Advisors
Massachusetts
$2.81M +$282K +5,533 +11%
WA
79
Waverly Advisors
Alabama
$2.77M +$2.8M +54,920 New
HW
80
Hedeker Wealth
Illinois
$2.74M +$50.1K +982 +2%
SCM
81
Sebold Capital Management
Illinois
$2.72M +$91K +1,785 +3%
GWA
82
GGM Wealth Advisors
Maryland
$2.72M +$996K +19,537 +56%
GSWM
83
Golden State Wealth Management
California
$2.72M -$812K -15,925 -23%
RCAG
84
Rehmann Capital Advisory Group
Michigan
$2.62M +$2.86K +56 +0.1%
Renaissance Technologies
85
Renaissance Technologies
New York
$2.61M +$2.01M +39,400 +320%
SW
86
SteelPeak Wealth
California
$2.61M +$2.64M +51,678 New
MLRA
87
Main Line Retirement Advisors
Montana
$2.53M +$16.8K +330 +0.7%
LPT
88
Legacy Private Trust
Wisconsin
$2.52M -$2.77M -54,269 -52%
CCA
89
Clearwater Capital Advisors
Illinois
$2.48M +$1.27K +25 +0.1%
DADC
90
D.A. Davidson & Co
Montana
$2.47M -$135K -2,640 -5%
WWM
91
Western Wealth Management
Colorado
$2.47M -$105K -2,052 -4%
HWM
92
HFG Wealth Management
Texas
$2.45M +$8.82K +173 +0.4%
WIP
93
WealthCare Investment Partners
Rhode Island
$2.44M +$36.3K +712 +1%
NW
94
Naviter Wealth
Arkansas
$2.4M +$282K +5,532 +13%
WFS
95
Weitzel Financial Services
Iowa
$2.4M -$32K -628 -1%
PVI
96
Pine Valley Investments
New Jersey
$2.35M +$48.2K +945 +2%
SPIA
97
Steward Partners Investment Advisory
New York
$2.22M +$264K +5,171 +13%
WAG
98
Wiser Advisor Group
Arizona
$2.18M -$718K -14,072 -25%
KFGK
99
Keystone Financial Group (Kentucky)
Kentucky
$2.17M +$320K +6,266 +17%
HCA
100
Heck Capital Advisors
Wisconsin
$2.16M +$95.1K +1,864 +5%
2 3
4
5 6

FMB Hedge Fund Activity: Q1 2025 in Review

302 of the 7,458 institutional investors tracked by Wall St. Rank reported a position in First Trust Managed Municipal ETF (FMB) for Q1 2025, worth a combined $1.55B — down 43% from $2.75B a quarter earlier.

Sellers outnumbered buyers: 27 funds closed out of FMB and 25 opened new positions — a net loss of 2 holders — while 128 trimmed existing stakes and 116 added.

The largest buyer was Creative Planning, adding an estimated $19.5M. The largest seller was Independent Advisor Alliance, exiting entirely with an estimated $14.8M sold.

  • 302 institutional investors held First Trust Managed Municipal ETF (FMB) as of Q1 2025, down from 308 in Q4 2024.
  • Funds reported $1.55B of First Trust Managed Municipal ETF stock for Q1 2025, down 43% quarter-over-quarter.
  • 25 funds opened new First Trust Managed Municipal ETF positions in Q1 2025 and 27 closed out, a net change of -2 holders.
  • The largest First Trust Managed Municipal ETF buyer in Q1 2025 was Creative Planning, an estimated $19.5M added.
  • The largest First Trust Managed Municipal ETF seller in Q1 2025 was Independent Advisor Alliance, an estimated $14.8M sold.

Based on aggregated 13F filings for Q1 2025.