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First Trust Municipal High Income ETF
FMHI

166 hedge funds and large institutions have $589M invested in First Trust Municipal High Income ETF in 2025 Q3 according to their latest regulatory filings, with 12 funds opening new positions, 77 increasing their positions, 56 reducing their positions, and 16 closing their positions.

New
Increased
Maintained
Reduced
Closed

38% more repeat investments, than reductions

Existing positions increased: 77 | Existing positions reduced: 56

5% more capital invested

Capital invested by funds: $561M → $589M (+$28.2M)

1.51% more ownership

Funds ownership: 74.3% → 75.81% (+1.5%)

5% less funds holding

Funds holding: 175 → 166 (-9)

25% less first-time investments, than exits

New positions opened: 12 | Existing positions closed: 16

Holders
166
Holders Change
-9
Holders Change %
-5.14%
% of All Funds
2.18%
Holding in Top 10
–
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
–
New
12
Increased
77
Reduced
56
Closed
16
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
Wells Fargo
Wells Fargo
California
+$7.57M
2
LPL Financial
LPL Financial
California
+$5.63M
3
GVAG
Great Valley Advisor Group
Delaware
+$4.31M
4
ATS
Ashton Thomas Securities
New York
+$4.31M
5
Wealth Enhancement Advisory Services
Wealth Enhancement Advisory Services
Minnesota
+$3.93M

Top Sellers

Rank Fund Capital Flow
1
OPAM
Ocean Park Asset Management
California
-$4.3M
2
Jane Street
Jane Street
New York
-$3.98M
3
FTUS
Flow Traders U.S.
New York
-$3.97M
4
UBS Group
UBS Group
Switzerland
-$3.72M
5
APWA
Atlas Private Wealth Advisors
New Jersey
-$3.45M
Name Holding Trade Value Shares
Change 		Change in
Stake
MML Investors Services
26
MML Investors Services
Massachusetts
$4.82M -$5.64K -121 -0.1%
CWP
27
Cyndeo Wealth Partners
Florida
$4.42M -$104K -2,232 -2%
Cambridge Investment Research Advisors
28
Cambridge Investment Research Advisors
Iowa
$3.99M +$522K +11,198 +15%
PAG
29
Private Advisor Group
New Jersey
$3.91M +$392K +8,407 +11%
EH
30
Equitable Holdings
New York
$3.82M +$109K +2,344 +3%
CWM
31
Cornerstone Wealth Management
Missouri
$3.81M -$142K -3,042 -4%
CA
32
Crumly & Associates
Illinois
$3.77M +$881K +18,881 +31%
SA
33
Stewardship Advisors
Pennsylvania
$3.65M +$204K +4,365 +6%
MW
34
MBL Wealth
North Carolina
$3.5M +$50.4K +1,080 +1%
SF
35
Summit Financial
New Jersey
$3.48M +$3.41M +73,191 New
Envestnet Asset Management
36
Envestnet Asset Management
Illinois
$3.38M +$17.7K +379 +0.5%
Commonwealth Equity Services
37
Commonwealth Equity Services
Massachusetts
$3.2M -$168K -3,595 -5%
APWA
38
Atlas Private Wealth Advisors
New Jersey
$3M -$3.45M -73,868 -54%
SI
39
Stephens Inc
Arkansas
$2.88M -$368K -7,880 -12%
SFA
40
Sequoia Financial Advisors
Ohio
$2.86M +$2.81M +60,301 New
PGF
41
Plan Group Financial
Oklahoma
$2.85M +$1.28M +27,336 +83%
Truist Financial
42
Truist Financial
North Carolina
$2.74M +$719K +15,413 +37%
AA
43
AJ Advisors
Tennessee
$2.67M -$140K -2,996 -5%
EE
44
EWG Elevate
California
$2.36M +$170K +3,638 +8%
FHC
45
First Horizon Corporation
Tennessee
$2.35M +$2.31M +49,500 New
IWC
46
Integrated Wealth Concepts
Massachusetts
$2.34M +$1.1M +23,584 +92%
VT
47
Vise Technologies
New York
$2.24M -$814K -17,448 -27%
DWP
48
Daymark Wealth Partners
Ohio
$2.18M -$75.6K -1,620 -3%
Jane Street
49
Jane Street
New York
$2.17M -$3.98M -85,413 -65%
SWP
50
ShoreHaven Wealth Partners
New Jersey
$2.16M +$916K +19,644 +76%
1
2
3 4 5

FMHI Hedge Fund Activity: Q3 2025 in Review

166 of the 7,619 institutional investors tracked by Wall St. Rank reported a position in First Trust Municipal High Income ETF (FMHI) for Q3 2025, worth a combined $589M — up 5% from $561M a quarter earlier.

Sellers outnumbered buyers: 16 funds closed out of FMHI and 12 opened new positions — a net loss of 4 holders — while 56 trimmed existing stakes and 77 added.

The largest buyer was Wells Fargo, adding an estimated $7.57M. The largest seller was Ocean Park Asset Management, cutting an estimated $4.3M.

  • 166 institutional investors held First Trust Municipal High Income ETF (FMHI) as of Q3 2025, down from 175 in Q2 2025.
  • Funds reported $589M of First Trust Municipal High Income ETF stock for Q3 2025, up 5% quarter-over-quarter.
  • 12 funds opened new First Trust Municipal High Income ETF positions in Q3 2025 and 16 closed out, a net change of -4 holders.
  • The largest First Trust Municipal High Income ETF buyer in Q3 2025 was Wells Fargo, an estimated $7.57M added.
  • The largest First Trust Municipal High Income ETF seller in Q3 2025 was Ocean Park Asset Management, an estimated $4.3M sold.

Based on aggregated 13F filings for Q3 2025.