First Trust Managed Municipal ETF
308 hedge funds and large institutions have $1.5B invested in First Trust Managed Municipal ETF in 2025 Q4 according to their latest regulatory filings, with 46 funds opening new positions, 108 increasing their positions, 118 reducing their positions, and 19 closing their positions.
200% more funds holding in top 10
Funds holding in top 10: 1 → 3 (+2)
142% more first-time investments, than exits
New positions opened: 46 | Existing positions closed: 19
9% more funds holding
Funds holding: 283 → 308 (+25)
2.15% more ownership
Funds ownership: 75.37% → 77.52% (+2.1%)
5% more capital invested
Capital invested by funds: $1.43B → $1.5B (+$69.4M)
8% less repeat investments, than reductions
Existing positions increased: 108 | Existing positions reduced: 118
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
TFP
TrueWealth Financial Partners
Bellevue,
Washington
|
+$12.7M |
| 2 |
LPL Financial
San Diego,
California
|
+$9.28M |
| 3 |
Jane Street
New York
|
+$7.84M |
| 4 |
HAG
HighPoint Advisor Group
Downers Grove,
Illinois
|
+$7.68M |
| 5 |
MMA
Miracle Mile Advisors
Los Angeles,
California
|
+$4.75M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
FPAS
Focus Partners Advisor Solutions
Saint Louis,
Missouri
|
-$6.58M |
| 2 |
Wells Fargo
San Francisco,
California
|
-$5.93M |
| 3 |
Royal Bank of Canada
Toronto,
Ontario, Canada
|
-$5.03M |
| 4 |
RWB
RMR Wealth Builders
Montclair,
New Jersey
|
-$3.4M |
| 5 |
Osaic Holdings
Scottsdale,
Arizona
|
-$2.96M |
FMB Hedge Fund Activity: Q4 2025 in Review
308 of the 8,284 institutional investors tracked by Wall St. Rank reported a position in First Trust Managed Municipal ETF (FMB) for Q4 2025, worth a combined $1.5B — up 4.8% from $1.43B a quarter earlier.
Buyers outnumbered sellers: 46 funds opened new FMB positions and 19 closed out — a net gain of 27 holders — while 108 added to existing stakes and 118 trimmed.
The largest buyer was TrueWealth Financial Partners, opening a new position worth an estimated $12.7M. The largest seller was Focus Partners Advisor Solutions, exiting entirely with an estimated $6.58M sold.
- 308 institutional investors held First Trust Managed Municipal ETF (FMB) as of Q4 2025, up from 283 in Q3 2025.
- Funds reported $1.5B of First Trust Managed Municipal ETF stock for Q4 2025, up 4.8% quarter-over-quarter.
- 46 funds opened new First Trust Managed Municipal ETF positions in Q4 2025 and 19 closed out, a net change of +27 holders.
- The largest First Trust Managed Municipal ETF buyer in Q4 2025 was TrueWealth Financial Partners, an estimated $12.7M added.
- The largest First Trust Managed Municipal ETF seller in Q4 2025 was Focus Partners Advisor Solutions, an estimated $6.58M sold.
Based on aggregated 13F filings for Q4 2025.