First Trust Municipal High Income ETF
FMHI
170 hedge funds and large institutions have $577M invested in First Trust Municipal High Income ETF in 2025 Q1 according to their latest regulatory filings, with 10 funds opening new positions, 71 increasing their positions, 61 reducing their positions, and 13 closing their positions.
16% more repeat investments, than reductions
Existing positions increased: 71 | Existing positions reduced: 61
6% more capital invested
Capital invested by funds: $545M → $577M (+$31.3M)
1.62% more ownership
Funds ownership: 72.86% → 74.48% (+1.6%)
3% less funds holding
Funds holding: 176 → 170 (-6)
23% less first-time investments, than exits
New positions opened: 10 | Existing positions closed: 13
100% less funds holding in top 10
Funds holding in top 10: 1 → 0 (-1)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
OPAM
Ocean Park Asset Management
Santa Monica,
California
|
+$10.1M |
| 2 |
Morgan Stanley
New York
|
+$9.94M |
| 3 |
Wealth Enhancement Advisory Services
Plymouth,
Minnesota
|
+$7.35M |
| 4 |
Rockefeller Capital Management
New York
|
+$5.35M |
| 5 |
Wells Fargo
San Francisco,
California
|
+$3.5M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Raymond James Financial
St Petersburg,
Florida
|
-$5.97M |
| 2 |
RA
RFG Advisory
Birmingham,
Alabama
|
-$2.64M |
| 3 |
Jane Street
New York
|
-$1.5M |
| 4 |
PWP
Principle Wealth Partners
Madison,
Connecticut
|
-$1.18M |
| 5 |
PSCM
Per Stirling Capital Management
Austin,
Texas
|
-$1.17M |
FMHI Hedge Fund Activity: Q1 2025 in Review
170 of the 7,458 institutional investors tracked by Wall St. Rank reported a position in First Trust Municipal High Income ETF (FMHI) for Q1 2025, worth a combined $577M — up 5.7% from $545M a quarter earlier.
Sellers outnumbered buyers: 13 funds closed out of FMHI and 10 opened new positions — a net loss of 3 holders — while 61 trimmed existing stakes and 71 added.
The largest buyer was Ocean Park Asset Management, opening a new position worth an estimated $10.1M. The largest seller was Raymond James Financial, cutting an estimated $5.97M.
- 170 institutional investors held First Trust Municipal High Income ETF (FMHI) as of Q1 2025, down from 176 in Q4 2024.
- Funds reported $577M of First Trust Municipal High Income ETF stock for Q1 2025, up 5.7% quarter-over-quarter.
- 10 funds opened new First Trust Municipal High Income ETF positions in Q1 2025 and 13 closed out, a net change of -3 holders.
- The largest First Trust Municipal High Income ETF buyer in Q1 2025 was Ocean Park Asset Management, an estimated $10.1M added.
- The largest First Trust Municipal High Income ETF seller in Q1 2025 was Raymond James Financial, an estimated $5.97M sold.
Based on aggregated 13F filings for Q1 2025.