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First Trust Municipal High Income ETF
FMHI

175 hedge funds and large institutions have $561M invested in First Trust Municipal High Income ETF in 2025 Q2 according to their latest regulatory filings, with 22 funds opening new positions, 55 increasing their positions, 72 reducing their positions, and 16 closing their positions.

New
Increased
Maintained
Reduced
Closed

38% more first-time investments, than exits

New positions opened: 22 | Existing positions closed: 16

3% more funds holding

Funds holding: 170 → 175 (+5)

0.18% less ownership

Funds ownership: 74.48% → 74.3% (-0.18%)

3% less capital invested

Capital invested by funds: $577M → $561M (-$16M)

24% less repeat investments, than reductions

Existing positions increased: 55 | Existing positions reduced: 72

Holders
175
Holders Change
+5
Holders Change %
+2.94%
% of All Funds
2.3%
Holding in Top 10
–
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
–
New
22
Increased
55
Reduced
72
Closed
16
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
MAS
Meeder Advisory Services
Ohio
+$13.1M
2
Wealth Enhancement Advisory Services
Wealth Enhancement Advisory Services
Minnesota
+$7.72M
3
Jane Street
Jane Street
New York
+$5.5M
4
FTUS
Flow Traders U.S.
New York
+$3.97M
5
AA
AJ Advisors
Tennessee
+$2.76M

Top Sellers

Rank Fund Capital Flow
1
Bank of America
Bank of America
North Carolina
-$15M
2
Morgan Stanley
Morgan Stanley
New York
-$7.06M
3
HighTower Advisors
HighTower Advisors
Illinois
-$4.54M
4
HFS
Hughes Financial Services
Virginia
-$4.39M
5
FPGK
Financial Partners Group (Kansas)
Kansas
-$3.23M
Name Holding Trade Value Shares
Change 		Change in
Stake
HighTower Advisors
26
HighTower Advisors
Illinois
$4.41M -$4.54M -97,209 -51%
JP Morgan Chase
27
JP Morgan Chase
New York
$4.33M -$2.52M -53,911 -37%
FTUS
28
Flow Traders U.S.
New York
$3.97M +$3.97M +84,922 New
CWM
29
Cornerstone Wealth Management
Missouri
$3.88M +$405K +8,670 +12%
EH
30
Equitable Holdings
New York
$3.64M +$1.24M +26,478 +51%
PAG
31
Private Advisor Group
New Jersey
$3.45M -$452K -9,668 -12%
Cambridge Investment Research Advisors
32
Cambridge Investment Research Advisors
Iowa
$3.4M -$2.87M -61,385 -46%
MW
33
MBL Wealth
North Carolina
$3.39M +$30.1K +645 +0.9%
SA
34
Stewardship Advisors
Pennsylvania
$3.38M -$69.6K -1,491 -2%
Commonwealth Equity Services
35
Commonwealth Equity Services
Massachusetts
$3.31M -$129K -2,766 -4%
Envestnet Asset Management
36
Envestnet Asset Management
Illinois
$3.31M +$72.9K +1,561 +2%
SI
37
Stephens Inc
Arkansas
$3.2M – – –
VT
38
Vise Technologies
New York
$3.02M +$3.02M +64,700 New
CA
39
Crumly & Associates
Illinois
$2.83M -$1.71M -36,542 -38%
AA
40
AJ Advisors
Tennessee
$2.76M +$2.76M +59,098 New
AAS
41
Avantax Advisory Services
Texas
$2.72M +$459K +9,829 +20%
VWA
42
Visionary Wealth Advisors
Illinois
$2.66M -$202K -4,334 -7%
MWG
43
Martin Worley Group
Utah
$2.54M +$603K +12,916 +31%
FHA
44
First Horizon Advisors
Tennessee
$2.31M – – –
PTP
45
Platform Technology Partners
New York
$2.31M -$463K -9,922 -17%
ATS
46
Ashton Thomas Securities
New York
$2.26M +$1.32M +28,201 +140%
DWP
47
Daymark Wealth Partners
Ohio
$2.22M +$2.22M +47,587 New
RT
48
Rockland Trust
Massachusetts
$2.22M -$278K -5,944 -11%
GA
49
GSG Advisors
New Jersey
$2.19M -$224K -4,785 -9%
EE
50
EWG Elevate
California
$2.15M +$2.15M +46,001 New
1
2
3 4 5

FMHI Hedge Fund Activity: Q2 2025 in Review

175 of the 7,595 institutional investors tracked by Wall St. Rank reported a position in First Trust Municipal High Income ETF (FMHI) for Q2 2025, worth a combined $561M — down 2.8% from $577M a quarter earlier.

Buyers outnumbered sellers: 22 funds opened new FMHI positions and 16 closed out — a net gain of 6 holders — while 55 added to existing stakes and 72 trimmed.

The largest buyer was Meeder Advisory Services, adding an estimated $13.1M. The largest seller was Bank of America, cutting an estimated $15M.

  • 175 institutional investors held First Trust Municipal High Income ETF (FMHI) as of Q2 2025, up from 170 in Q1 2025.
  • Funds reported $561M of First Trust Municipal High Income ETF stock for Q2 2025, down 2.8% quarter-over-quarter.
  • 22 funds opened new First Trust Municipal High Income ETF positions in Q2 2025 and 16 closed out, a net change of +6 holders.
  • The largest First Trust Municipal High Income ETF buyer in Q2 2025 was Meeder Advisory Services, an estimated $13.1M added.
  • The largest First Trust Municipal High Income ETF seller in Q2 2025 was Bank of America, an estimated $15M sold.

Based on aggregated 13F filings for Q2 2025.