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Invesco Taxable Municipal Bond ETF
BAB

197 hedge funds and large institutions have $677M invested in Invesco Taxable Municipal Bond ETF in 2025 Q4 according to their latest regulatory filings, with 30 funds opening new positions, 62 increasing their positions, 67 reducing their positions, and 12 closing their positions.

New
Increased
Maintained
Reduced
Closed

150% more first-time investments, than exits

New positions opened: 30 | Existing positions closed: 12

20% more capital invested

Capital invested by funds: $564M → $677M (+$113M)

9% more funds holding

Funds holding: 180 → 197 (+17)

5.03% more ownership

Funds ownership: 61.01% → 66.05% (+5%)

7% less repeat investments, than reductions

Existing positions increased: 62 | Existing positions reduced: 67

20% less funds holding in top 10

Funds holding in top 10: 5 → 4 (-1)

Holders
197
Holders Change
+17
Holders Change %
+9.44%
% of All Funds
2.4%
Holding in Top 10
4
Holding in Top 10 Change
-1
Holding in Top 10 Change %
-20%
% of All Funds
0.05%
New
30
Increased
62
Reduced
67
Closed
12
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

1
AAS
Annex Advisory Services
Wisconsin
+$83.8M
2
Morgan Stanley
Morgan Stanley
New York
+$7.52M
3
Ameriprise
Ameriprise
Minnesota
+$3.98M
4
Corient Private Wealth
Corient Private Wealth
Florida
+$3.48M
5
AWM
AE Wealth Management
Kansas
+$2.33M

Top Sellers

1
HFA
Hershey Financial Advisers
Pennsylvania
-$3.53M
2
PNC Financial Services Group
PNC Financial Services Group
Pennsylvania
-$1.33M
3
Bank of America
Bank of America
North Carolina
-$1.11M
4
MOS
MGO One Seven
Ohio
-$755K
5
UBS Group
UBS Group
Switzerland
-$519K
Name Holding Trade Value Shares
Change 		Change in
Stake
AAS
1
Annex Advisory Services
Wisconsin
$83.4M +$83.8M +3,065,649 New
Raymond James Financial
2
Raymond James Financial
Florida
$43.6M +$1.81M +66,162 +4%
HighTower Advisors
3
HighTower Advisors
Illinois
$41.1M +$1.89M +68,974 +5%
State of Wisconsin Investment Board
4
State of Wisconsin Investment Board
Wisconsin
$35.9M – – –
Ameriprise
5
Ameriprise
Minnesota
$33.3M +$3.98M +145,650 +13%
Bank of America
6
Bank of America
North Carolina
$29.7M -$1.11M -40,563 -4%
Morgan Stanley
7
Morgan Stanley
New York
$23.9M +$7.52M +275,113 +46%
Bank of Montreal
8
Bank of Montreal
Ontario, Canada
$23.8M +$1.18M +43,125 +5%
KWM
9
Kingsview Wealth Management
Oregon
$20.6M +$1.25M +45,701 +6%
Wells Fargo
10
Wells Fargo
California
$18.8M +$1.84M +67,332 +11%
PNC Financial Services Group
11
PNC Financial Services Group
Pennsylvania
$18.1M -$1.33M -48,721 -7%
GAM
12
Gould Asset Management
California
$17.8M +$1.02M +37,422 +6%
SMFG
13
Sumitomo Mitsui Financial Group
Japan
$17.2M -$256K -9,377 -1%
Envestnet Asset Management
14
Envestnet Asset Management
Illinois
$14.1M +$755K +27,616 +6%
UBS Group
15
UBS Group
Switzerland
$13.4M -$519K -18,969 -4%
CI
16
Conning Inc
Connecticut
$13.3M – – –
LPL Financial
17
LPL Financial
California
$12.5M +$1.14M +41,552 +10%
TIM
18
Tortoise Investment Management
New York
$11.3M +$615K +22,481 +6%
Bank of New York Mellon
19
Bank of New York Mellon
New York
$9.96M -$91.9K -3,361 -0.9%
Northwestern Mutual Wealth Management
20
Northwestern Mutual Wealth Management
Wisconsin
$8.56M +$683K +24,954 +9%
MWM
21
Maltin Wealth Management
New Jersey
$7.63M +$730K +26,706 +11%
GC
22
Guggenheim Capital
Illinois
$7.25M +$343K +12,536 +5%
NW
23
NewEdge Wealth
Pennsylvania
$6.65M +$567K +20,723 +9%
Invesco
24
Invesco
Georgia
$5.94M -$131K -4,793 -2%
KeyBank National Association
25
KeyBank National Association
Ohio
$5.63M -$223K -8,153 -4%
1
2 3 4 5

BAB Hedge Fund Activity: Q4 2025 in Review

197 of the 8,223 institutional investors tracked by Wall St. Rank reported a position in Invesco Taxable Municipal Bond ETF (BAB) for Q4 2025, worth a combined $677M — up 20% from $564M a quarter earlier.

Buyers outnumbered sellers: 30 funds opened new BAB positions and 12 closed out — a net gain of 18 holders — while 62 added to existing stakes and 67 trimmed.

The largest buyer was Annex Advisory Services, opening a new position worth an estimated $83.8M. The largest seller was Hershey Financial Advisers, exiting entirely with an estimated $3.53M sold.

  • 197 institutional investors held Invesco Taxable Municipal Bond ETF (BAB) as of Q4 2025, up from 180 in Q3 2025.
  • Funds reported $677M of Invesco Taxable Municipal Bond ETF stock for Q4 2025, up 20% quarter-over-quarter.
  • 30 funds opened new Invesco Taxable Municipal Bond ETF positions in Q4 2025 and 12 closed out, a net change of +18 holders.
  • The largest Invesco Taxable Municipal Bond ETF buyer in Q4 2025 was Annex Advisory Services, an estimated $83.8M added.
  • The largest Invesco Taxable Municipal Bond ETF seller in Q4 2025 was Hershey Financial Advisers, an estimated $3.53M sold.

Based on aggregated 13F filings for Q4 2025.