First Trust Municipal High Income ETF
FMHI
178 hedge funds and large institutions have $651M invested in First Trust Municipal High Income ETF in 2025 Q4 according to their latest regulatory filings, with 24 funds opening new positions, 81 increasing their positions, 50 reducing their positions, and 8 closing their positions.
273% more capital inflows, than outflows
Capital inflows: $82M | Capital outflows: $22M
200% more first-time investments, than exits
New positions opened: 24 | Existing positions closed: 8
62% more repeat investments, than reductions
Existing positions increased: 81 | Existing positions reduced: 50
7% more funds holding
Funds holding: 166 → 178 (+12)
1.16% less ownership
Funds ownership: 75.81% → 74.65% (-1.2%)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Bank of America
Charlotte,
North Carolina
|
+$13.5M |
| 2 |
Wells Fargo
San Francisco,
California
|
+$7.41M |
| 3 |
LPL Financial
San Diego,
California
|
+$6.21M |
| 4 |
Morgan Stanley
New York
|
+$5.62M |
| 5 |
Raymond James Financial
St Petersburg,
Florida
|
+$4.44M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
GVAG
Great Valley Advisor Group
Wilmington,
Delaware
|
-$4.39M |
| 2 |
PWP
Principle Wealth Partners
Madison,
Connecticut
|
-$2.74M |
| 3 |
Jane Street
New York
|
-$2.17M |
| 4 |
VWA
Visionary Wealth Advisors
O'fallon,
Illinois
|
-$1.25M |
| 5 |
Royal Bank of Canada
Toronto,
Ontario, Canada
|
-$1.23M |
FMHI Hedge Fund Activity: Q4 2025 in Review
178 of the 8,287 institutional investors tracked by Wall St. Rank reported a position in First Trust Municipal High Income ETF (FMHI) for Q4 2025, worth a combined $651M — up 11% from $589M a quarter earlier.
Buyers outnumbered sellers: 24 funds opened new FMHI positions and 8 closed out — a net gain of 16 holders — while 81 added to existing stakes and 50 trimmed.
The largest buyer was Bank of America, adding an estimated $13.5M. The largest seller was Great Valley Advisor Group, cutting an estimated $4.39M.
- 178 institutional investors held First Trust Municipal High Income ETF (FMHI) as of Q4 2025, up from 166 in Q3 2025.
- Funds reported $651M of First Trust Municipal High Income ETF stock for Q4 2025, up 11% quarter-over-quarter.
- 24 funds opened new First Trust Municipal High Income ETF positions in Q4 2025 and 8 closed out, a net change of +16 holders.
- The largest First Trust Municipal High Income ETF buyer in Q4 2025 was Bank of America, an estimated $13.5M added.
- The largest First Trust Municipal High Income ETF seller in Q4 2025 was Great Valley Advisor Group, an estimated $4.39M sold.
Based on aggregated 13F filings for Q4 2025.