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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
EC
151
Elequin Capital
New York
$163K +$163K +3,500 New
PTC
152
Private Trust Company
Ohio
$155K -$87.9K -1,881 -36%
HFS
153
Hughes Financial Services
Virginia
$113K -$4.39M -94,090 -97%
FMII
154
Farmers & Merchants Investments Inc
Nebraska
$103K – – –
SC
155
Stephens Consulting
Michigan
$85.2K – – –
CAL
156
Capital Analysts LLC
Pennsylvania
$68K – – –
DSC
157
Duncker Streett & Co
Missouri
$65K – – –
MCM
158
MAI Capital Management
Ohio
$60.6K – – –
CAM
159
Creekmur Asset Management
Illinois
$51.7K – – –
CA
160
CoreCap Advisors
Michigan
$51.5K +$51.5K +1,103 New
FFA
161
Farther Finance Advisors
California
$46.5K -$44.4K -950 -49%
CFD
162
Creative Financial Designs
Indiana
$40.5K – – –
RIL
163
Rothschild Investment LLC
Illinois
$29.2K – – –
LFG
164
Larson Financial Group
Missouri
$27.4K -$102K -2,189 -79%
EWM
165
Evolution Wealth Management
Florida
$27.2K +$27.2K +582 New
CPG
166
Cornerstone Planning Group
New Jersey
$15.4K +$187 +4 +1%
MAS
167
MPWM Advisory Solutions
Georgia
$12.9K – – –
GSWM
168
Golden State Wealth Management
California
$10.5K – – –
PS
169
Principal Securities
Iowa
$8.78K -$2.15K -46 -20%
RF
170
Rossby Financial
Florida
$6.07K +$6.07K +130 New
NS
171
NBC Securities
Alabama
$6K – – –
Northwestern Mutual Wealth Management
172
Northwestern Mutual Wealth Management
Wisconsin
$5.23K +$5.23K +112 New
Jones Financial Companies
173
Jones Financial Companies
Missouri
$3.73K +$3.74K +80 New
TAM
174
Tucker Asset Management
Colorado
$701 +$701 +15 New
CIBC Private Wealth Group
175
CIBC Private Wealth Group
Georgia
$140 – – –
4 5 6
7
8

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.