First Trust Municipal High Income

FMHI • NASDAQ

First Trust Municipal High Income is an exchange-traded fund on NASDAQ. As of Q3 2025, 157 institutional investors hold shares in this ETF, with total holdings valued at $554.6M. WEALTH ENHANCEMENT ADVISORY SERVICES, LLC is the largest holder with a position valued at $73.8M.

Overview

Overview of institutional ownership in FMHI as of Q3 2025

All Institutions

Institutions: 157
Value Held: $554.6M
Shares Held: 11.7M
Avg Position: $3.5M
Median Position: $729.9K

Hedge Funds

Hedge Funds: 3
Value Held: $2.0M
Shares Held: 42.1K
Avg Position: $666.1K
Median Position: $295.5K

Biggest Investors

Institutions with the largest positions in FMHI as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC RIA/Wealth	James Loren Cahn Chairman	$73.8M 0.11% of portfolio	1.6M shares	Q2 2023 Held for 2y 5m	$65.5B
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$57.2M 0.00% of portfolio	1.2M shares	Q4 2022 Held for 2y 11m	$1.65T
L LPL Financial LLC Institution	-	$49.3M 0.01% of portfolio	1.0M shares	Q4 2022 Held for 2y 11m	$340.07B
WELLS FARGO & COMPANY/MN Institution	Charles W. Scharf CEO	$47.1M 0.01% of portfolio	991.2K shares	Q4 2022 Held for 2y 11m	$488.50B
Meeder Advisory Services, Inc. Long Only Manager	Robert Sherman (Jr) Meeder President	$21.4M 0.99% of portfolio	449.7K shares	Q2 2024 Held for 1y 5m	$2.2B
CITIGROUP INC Institution	Jane Fraser CEO	$20.2M 0.01% of portfolio	424.4K shares	Q4 2022 Held for 2y 11m	$144.32B
BANK OF AMERICA CORP /DE/ Institution	Brian T. Moynihan CEO	$17.3M 0.00% of portfolio	364.0K shares	Q4 2022 Held for 2y 11m	$1.33T
UBS Group AG Institution	Sergio P. Ermotti CEO	$14.0M 0.00% of portfolio	294.1K shares	Q4 2022 Held for 2y 11m	$511.54B
Principle Wealth Partners LLC RIA/Wealth	Robert Santino Paolucci CEO	$13.7M 0.84% of portfolio	287.3K shares	Q4 2023 Held for 1y 11m	$1.6B
Cetera Investment Advisers RIA/Wealth	Joseph Daniel Neary CEO	$11.6M 0.01% of portfolio	244.8K shares	Q4 2022 Held for 2y 11m	$85.4B

Net Capital Flow

Institutional buying and selling activity for FMHI in Q3 2025

Traded: +$38.9M
Buyers: 89
Sellers: 63
Total Bought: +$73.2M
Total Sold: −$34.2M
Avg Position: $3.2M

Biggest Buyers

Institution	Net Bought	Current Position
WELLS FARGO & COMPANY/MN Institution	+$7.7M +162.3K shares	$47.1M 991.2K shares
L LPL Financial LLC Institution	+$5.7M +120.7K shares	$49.3M 1.0M shares
MML INVESTORS SERVICES, LLC RIA/Wealth	+$4.8M +-121.0 shares	$4.8M 101.5K shares
GREAT VALLEY ADVISOR GROUP, INC. RIA/Wealth	+$4.4M +92.4K shares	$5.4M 114.7K shares
ASHTON THOMAS SECURITIES, LLC RIA/Wealth	+$4.4M +92.4K shares	$6.7M 140.8K shares
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC RIA/Wealth	+$4.0M +84.3K shares	$73.8M 1.6M shares
Summit Financial, LLC RIA/Wealth	+$3.5M +73.2K shares	$3.5M 73.2K shares
MORGAN STANLEY RIA/Wealth	+$3.0M +62.4K shares	$57.2M 1.2M shares
Sequoia Financial Advisors, LLC RIA/Wealth	+$2.9M +60.3K shares	$2.9M 60.3K shares
Meeder Advisory Services, Inc. Long Only Manager	+$2.6M +53.7K shares	$21.4M 449.7K shares

Biggest Sellers

Institution	Net Sold	Current Position
Wright Fund Managment, LLC Long Only Manager	−$4.4M −92.2K shares	$5.5M 116.3K shares
J JANE STREET GROUP, LLC Institution	−$4.1M −85.4K shares	$2.2M 45.6K shares
UBS Group AG Institution	−$3.8M −79.7K shares	$14.0M 294.1K shares
A Atlas Private Wealth Advisors RIA/Wealth	−$3.5M −73.9K shares	$3.0M 63.1K shares
Goss Wealth Management LLC RIA/Wealth	−$2.5M −53.1K shares	$10.4M 218.2K shares
Visionary Wealth Advisors RIA/Wealth	−$1.5M −30.6K shares	$1.3M 26.4K shares
Financial Advocates Investment Management RIA/Wealth	−$1.4M −30.4K shares	Sold Off 0 shares
BANK OF AMERICA CORP /DE/ Institution	−$1.4M −28.8K shares	$17.3M 364.0K shares
SRS Capital Advisors, Inc. RIA/Wealth	−$1.3M −28.4K shares	Sold Off 0 shares
Kestra Advisory Services, LLC RIA/Wealth	−$701.4K −14.8K shares	$902.3K 19.0K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited FMHI in Q3 2025

New Positions: 12
New Value: $18.2M
Exited Positions: 16
Exited Value: $6.5M

New Positions

Institution	Position Value
MML INVESTORS SERVICES, LLC RIA/Wealth	$4.8M 101.5K shares
Summit Financial, LLC RIA/Wealth	$3.5M 73.2K shares
Sequoia Financial Advisors, LLC RIA/Wealth	$2.9M 60.3K shares
FIRST HORIZON NATIONAL CORP RIA/Wealth	$2.4M 49.5K shares
V Vise Technologies, Inc. Institution	$2.2M 47.3K shares
Mount Yale Investment Advisors, LLC RIA/Wealth	$1.3M 28.3K shares
O OneAscent Financial Services LLC RIA/Wealth	$614.6K 12.9K shares
Jacobi Capital Management LLC RIA/Wealth	$255.7K 5.4K shares
Landmark Wealth Management, LLC RIA/Wealth	$245.0K 5.2K shares
A AMERIFLEX GROUP, INC. Institution	$15.1K 318.0 shares

Exited Positions

Institution	Previous Position
Financial Advocates Investment Management RIA/Wealth	$1.4M 30.4K shares
SRS Capital Advisors, Inc. RIA/Wealth	$1.3M 28.4K shares
O OLD MISSION CAPITAL LLC Institution	$682.7K 14.6K shares
A ATRIA INVESTMENTS LLC Institution	$660.1K 14.1K shares
Belpointe Asset Management LLC RIA/Wealth	$600.1K 12.9K shares
T TRUSTMARK NATIONAL BANK TRUST DEPARTMENT Institution	$377.9K 8.1K shares
Per Stirling Capital Management, LLC. RIA/Wealth	$370.4K 7.9K shares
Armis Advisers, LLC RIA/Wealth	$331.2K 7.1K shares
INVICTUS PRIVATE WEALTH, LLC RIA/Wealth	$218.0K 4.7K shares
SeaCrest Wealth Management, LLC RIA/Wealth	$212.9K 4.6K shares

Options Activity

Institutions with the largest Call and Put options positions in FMHI as of Q3 2025

Call Positions: 0
Call Value: -
Put Positions: 0
Put Value: -

Call Positions

Institution	Position Value
No call positions found

Put Positions

Institution	Position Value
No put positions found

Most Committed Institutions

Institutions with FMHI as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
EnRich Financial Partners LLC RIA/Wealth	Elaine Beckett Rich Owner	2.37% $8.3M	175.0K shares	Q4 2023 Held for 1y 11m	$351.4M
M Manhattan West Asset Management, LLC RIA/Wealth	Lorenzo Daniel Esparza Managing Partner	2.16% $10.2M	214.6K shares	Q1 2023 Held for 2y 8m	$472.3M
Financial Partners Group, Inc RIA/Wealth	James Curtis Claiborne President	1.18% $9.4M	198.3K shares	Q4 2022 Held for 2y 11m	$797.9M
AJ Advisors, LLC RIA/Wealth	John Province Stauffer Member	1.09% $2.7M	56.1K shares	Q2 2025 Held for 5 months	$244.3M
Meeder Advisory Services, Inc. Long Only Manager	Robert Sherman (Jr) Meeder President	0.99% $21.4M	449.7K shares	Q2 2024 Held for 1y 5m	$2.2B
ASHTON THOMAS SECURITIES, LLC RIA/Wealth	Terrence Patrick Britt President	0.94% $6.7M	140.8K shares	Q2 2024 Held for 1y 5m	$708.2M
BKA Wealth Consulting, Inc. RIA/Wealth	Eric Charles Boyce Managing Partner	0.93% $1.1M	23.6K shares	Q4 2024 Held for 11 months	$121.3M
Stewardship Advisors, LLC RIA/Wealth	Wilbur Lee Shertzer Managing Partner	0.87% $3.7M	76.8K shares	Q1 2024 Held for 1y 8m	$418.2M
Principle Wealth Partners LLC RIA/Wealth	Robert Santino Paolucci CEO	0.84% $13.7M	287.3K shares	Q4 2023 Held for 1y 11m	$1.6B
S ShoreHaven Wealth Partners, LLC RIA/Wealth	Michael Lawrence Durso CEO	0.83% $2.2M	45.5K shares	Q2 2022 Held for 3y 5m	$261.1M

Hedge Fund Spotlight

Discover hedge funds investing in FMHI

ELEQUIN CAPITAL LP

Hedge Fund • Multi-Strategy

Portfolio ManagerPeter German Gutierrez

Portfolio Value: $864.9M
Positions: 104
Last Reported: Q3 2025

Sector Allocation

Position in First Trust Municipal High Income

Market Value: $1.5M
Shares Held: 30.8K
Portfolio Weight: 0.17%
Owned Since: 2025-Q2

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2 Microsoft MSFT	Software - Infrastructure Technology	$77.7M	8.98%
3 Taiwan Semiconductor Manufacturing Company TSM	Semiconductors Technology	$56.6M	6.54%