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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
LFG
151
Larson Financial Group
Missouri
$133K -$49.7K -1,027 -27%
FMII
152
Farmers & Merchants Investments Inc
Nebraska
$105K – – –
TLA
153
Tanglewood Legacy Advisors
Texas
$100K – – –
FFA
154
Farther Finance Advisors
California
$93.5K -$3.82K -79 -4%
SC
155
Stephens Consulting
Michigan
$87.2K -$3.05K -63 -3%
CAL
156
Capital Analysts LLC
Pennsylvania
$70K +$69.8K +1,443 +12,025%
DSC
157
Duncker Streett & Co
Missouri
$66.5K – – –
MCM
158
MAI Capital Management
Ohio
$62.1K – – –
CAM
159
Creekmur Asset Management
Illinois
$52.9K – – –
CFD
160
Creative Financial Designs
Indiana
$41.5K – – –
RIL
161
Rothschild Investment LLC
Illinois
$29.9K – – –
FIM
162
FWL Investment Management
Texas
$26.1K -$30.2K -625 -53%
CPG
163
Cornerstone Planning Group
New Jersey
$15.1K -$5.76K -119 -27%
MAS
164
MPWM Advisory Solutions
Georgia
$13.2K – – –
PS
165
Principal Securities
Iowa
$11.3K – – –
GSWM
166
Golden State Wealth Management
California
$10.8K – – –
NS
167
NBC Securities
Alabama
$6K +$7.01K +145 New
TCM
168
TD Capital Management
Tennessee
$634 – – –
CIBC Private Wealth Group
169
CIBC Private Wealth Group
Georgia
$139 – – –
OSAM
170
O'Shaughnessy Asset Management
Connecticut
$48 +$48 +1 New
Citadel Advisors
171
Citadel Advisors
Florida
– -$1.16M -23,946 Closed
Susquehanna International Group
172
Susquehanna International Group
Pennsylvania
– -$1.13M -23,420 Closed
FTUS
173
Flow Traders U.S.
New York
– -$1.08M -22,455 Closed
IAA
174
Independent Advisor Alliance
North Carolina
– -$578K -11,961 Closed
BEI
175
Benjamin Edwards Inc
Missouri
– -$400K -8,285 Closed
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.