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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.

New
Increased
Maintained
Reduced
Closed

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)

Holders
170
Holders Change
-6
Holders Change %
-3.41%
% of All Funds
2.28%
Holding in Top 10
–
Holding in Top 10 Change
-1
Holding in Top 10 Change %
-100%
% of All Funds
–
New
10
Increased
71
Reduced
61
Closed
13
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
OPAM
Ocean Park Asset Management
California
+$10.1M
2
Morgan Stanley
Morgan Stanley
New York
+$9.94M
3
Wealth Enhancement Advisory Services
Wealth Enhancement Advisory Services
Minnesota
+$7.35M
4
Rockefeller Capital Management
Rockefeller Capital Management
New York
+$5.35M
5
Wells Fargo
Wells Fargo
California
+$3.5M

Top Sellers

Rank Fund Capital Flow
1
Raymond James Financial
Raymond James Financial
Florida
-$5.97M
2
RA
RFG Advisory
Alabama
-$2.64M
3
Jane Street
Jane Street
New York
-$1.5M
4
PWP
Principle Wealth Partners
Connecticut
-$1.18M
5
PSCM
Per Stirling Capital Management
Texas
-$1.17M
Name Holding Trade Value Shares
Change 		Change in
Stake
CPIG
126
Chicago Partners Investment Group
Illinois
$329K +$6.82K +141 +2%
SCA
127
Snowden Capital Advisors
New York
$327K -$41.9K -867 -11%
AAS
128
Ameritas Advisory Services
Nebraska
$323K -$3.82K -79 -1%
AWG
129
Altus Wealth Group
Colorado
$321K +$27K +559 +9%
LFAS
130
Level Four Advisory Services
Texas
$319K +$91.5K +1,891 +40%
CG
131
CFO4Life Group
Texas
$297K – – –
PSCM
132
Per Stirling Capital Management
Texas
$288K -$1.17M -24,220 -80%
AWM
133
AE Wealth Management
Kansas
$287K +$152K +3,135 +109%
XWM
134
Xcel Wealth Management
Florida
$287K – – –
Baird Financial Group
135
Baird Financial Group
Wisconsin
$284K +$7.25K +150 +3%
LIG
136
Lokken Investment Group
Delaware
$270K -$30.2K -624 -10%
WA
137
Waddell & Associates
Tennessee
$266K – – –
OC
138
Oppenheimer & Co
New York
$264K -$26.6K -550 -9%
AWS
139
Atria Wealth Solutions
New York
$262K -$353K -7,290 -57%
FPWM
140
FSB Premier Wealth Management
Iowa
$257K – – –
LWMNY
141
Landmark Wealth Management (New York)
New York
$256K +$21.1K +437 +9%
PTC
142
Private Trust Company
Ohio
$249K +$13.1K +271 +5%
CCFM
143
Clear Creek Financial Management
Washington
$245K -$9.91K -205 -4%
WIM
144
Westside Investment Management
California
$239K – – –
SG
145
StoneX Group
New York
$237K +$240K +4,966 New
SWM
146
SeaCrest Wealth Management
New York
$218K – – –
SWP
147
Stratos Wealth Partners
Ohio
$211K -$1.84K -38 -0.9%
IWS
148
Insight Wealth Strategies
California
$210K -$37.8K -781 -15%
KFI
149
Key Financial Inc
Pennsylvania
$209K – – –
PA
150
Pineridge Advisors
Missouri
$182K +$1.84K +38 +1%
4 5
6
7 8

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.