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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
NFSG
176
Newbridge Financial Services Group
Florida
$8 – – –
ARG
177
Advisory Resource Group
Oklahoma
– -$2.36M -49,365 Closed
PGFC
178
Peapack-Gladstone Financial Corp
New Jersey
– -$1.81M -37,784 Closed
PPWM
179
Perissos Private Wealth Management
Oklahoma
– -$1.65M -34,483 Closed
NL
180
NWAM LLC
Washington
– -$1.18M -24,777 Closed
SIM
181
Synergy Investment Management
Florida
– -$662K -13,844 Closed
AF
182
Allworth Financial
California
– -$614K -13,257 Closed
1WM
183
1900 Wealth Management
Texas
– -$593K -12,405 Closed
Brown Advisory
184
Brown Advisory
Maryland
– -$392K -8,199 Closed
BlackRock
185
BlackRock
New York
– -$382K -8,000 Closed
LIG
186
Lokken Investment Group
Delaware
– -$270K -5,648 Closed
CCFM
187
Clear Creek Financial Management
Washington
– -$245K -5,123 Closed
SG
188
StoneX Group
New York
– -$237K -4,966 Closed
TLA
189
Tanglewood Legacy Advisors
Texas
– -$100K -2,100 Closed
FIM
190
FWL Investment Management
Texas
– -$26.1K -546 Closed
TCM
191
TD Capital Management
Tennessee
– -$634 -13 Closed
OSAM
192
O'Shaughnessy Asset Management
Connecticut
– -$48 -1 Closed
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.