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.
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
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
MAS
Meeder Advisory Services
Dublin,
Ohio
|
+$13.1M |
| 2 |
Wealth Enhancement Advisory Services
Plymouth,
Minnesota
|
+$7.72M |
| 3 |
Jane Street
New York
|
+$5.5M |
| 4 |
FTUS
Flow Traders U.S.
New York
|
+$3.97M |
| 5 |
AA
AJ Advisors
Nashville,
Tennessee
|
+$2.76M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Bank of America
Charlotte,
North Carolina
|
-$15M |
| 2 |
Morgan Stanley
New York
|
-$7.06M |
| 3 |
HighTower Advisors
Chicago,
Illinois
|
-$4.54M |
| 4 |
HFS
Hughes Financial Services
Herndon,
Virginia
|
-$4.39M |
| 5 |
FPGK
Financial Partners Group (Kansas)
Overland Park,
Kansas
|
-$3.23M |
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.