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iShares California Muni Bond ETF
CMF

307 hedge funds and large institutions have $2.96B invested in iShares California Muni Bond ETF in 2025 Q1 according to their latest regulatory filings, with 31 funds opening new positions, 112 increasing their positions, 109 reducing their positions, and 19 closing their positions.

New
Increased
Maintained
Reduced
Closed

63% more first-time investments, than exits

New positions opened: 31 | Existing positions closed: 19

25% more funds holding in top 10

Funds holding in top 10: 16 → 20 (+4)

2% more funds holding

Funds holding: 300 → 307 (+7)

3% more repeat investments, than reductions

Existing positions increased: 112 | Existing positions reduced: 109

1% more capital invested

Capital invested by funds: $2.93B → $2.96B (+$33.6M)

1.94% less ownership

Funds ownership: 80.61% → 78.66% (-1.9%)

Holders
307
Holders Change
+7
Holders Change %
+2.33%
% of All Funds
4.12%
Holding in Top 10
20
Holding in Top 10 Change
+4
Holding in Top 10 Change %
+25%
% of All Funds
0.27%
New
31
Increased
112
Reduced
109
Closed
19
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
Wealthfront Advisers
Wealthfront Advisers
California
+$121M
2
SC
Syon Capital
California
+$76.5M
3
Jane Street
Jane Street
New York
+$58.6M
4
OGF
Orin Green Financial
California
+$20.8M
5
Susquehanna International Group
Susquehanna International Group
Pennsylvania
+$14M

Top Sellers

Rank Fund Capital Flow
1
Charles Schwab
Charles Schwab
California
-$41.7M
2
Fidelity Investments
Fidelity Investments
Massachusetts
-$40.2M
3
Northwestern Mutual Wealth Management
Northwestern Mutual Wealth Management
Wisconsin
-$35.3M
4
APM
a16z Perennial Management
California
-$23.9M
5
Bank of America
Bank of America
North Carolina
-$22.8M
Name Holding Trade Value Shares
Change 		Change in
Stake
NL
101
NDWM LLC
California
$2.45M +$1.77M +31,076 +249%
RIG
102
RiverFront Investment Group
Virginia
$2.43M +$1.18M +20,723 +92%
VBFG
103
Vishria Bird Financial Group
Tennessee
$2.39M – – –
WN
104
Williams & Novak
California
$2.38M -$184K -3,245 -7%
WIM
105
Westside Investment Management
California
$2.35M -$77.1K -1,357 -3%
AC
106
Apella Capital
Connecticut
$2.34M +$311K +5,470 +15%
OSAM
107
O'Shaughnessy Asset Management
Connecticut
$2.13M +$387K +6,817 +22%
OCM
108
One Capital Management
California
$2.11M – – –
Citadel Advisors
109
Citadel Advisors
Florida
$2.09M +$1.49M +26,235 +240%
ALA
110
Atlas Legacy Advisors
California
$2.09M -$49.9K -878 -2%
IWC
111
Integrated Wealth Concepts
Massachusetts
$2.08M -$566K -9,966 -21%
UB
112
Umpqua Bank
Oregon
$2.05M +$12.8K +225 +0.6%
W
113
WealthCollab
Washington
$2M +$84.5K +1,486 +4%
ECM
114
Evergreen Capital Management
Washington
$1.92M – – –
EWM
115
Empirical Wealth Management
Washington
$1.91M +$484K +8,510 +33%
MCM
116
MAI Capital Management
Ohio
$1.84M -$716K -12,604 -28%
LI
117
LifeWealth Investments
Florida
$1.78M +$898K +15,806 +100%
Jones Financial Companies
118
Jones Financial Companies
Missouri
$1.77M +$758K +13,345 +74%
Rockefeller Capital Management
119
Rockefeller Capital Management
New York
$1.76M +$608K +10,693 +52%
MWM
120
McNaughton Wealth Management
California
$1.72M +$370K +6,511 +27%
ME
121
McIlrath & Eck
Washington
$1.72M -$89.2K -1,570 -5%
WS
122
Wedbush Securities
California
$1.69M – – –
Stifel Financial
123
Stifel Financial
Missouri
$1.69M +$255K +4,491 +18%
JBA
124
Johnson Bixby & Associates
Washington
$1.67M – – –
FCIM
125
Fairview Capital Investment Management
California
$1.65M – – –
3 4
5
6 7

CMF Hedge Fund Activity: Q1 2025 in Review

307 of the 7,458 institutional investors tracked by Wall St. Rank reported a position in iShares California Muni Bond ETF (CMF) for Q1 2025, worth a combined $2.96B — up 1.1% from $2.93B a quarter earlier.

Buyers outnumbered sellers: 31 funds opened new CMF positions and 19 closed out — a net gain of 12 holders — while 112 added to existing stakes and 109 trimmed.

The largest buyer was Wealthfront Advisers, adding an estimated $121M. The largest seller was Charles Schwab, cutting an estimated $41.7M.

  • 307 institutional investors held iShares California Muni Bond ETF (CMF) as of Q1 2025, up from 300 in Q4 2024.
  • Funds reported $2.96B of iShares California Muni Bond ETF stock for Q1 2025, up 1.1% quarter-over-quarter.
  • 31 funds opened new iShares California Muni Bond ETF positions in Q1 2025 and 19 closed out, a net change of +12 holders.
  • The largest iShares California Muni Bond ETF buyer in Q1 2025 was Wealthfront Advisers, an estimated $121M added.
  • The largest iShares California Muni Bond ETF seller in Q1 2025 was Charles Schwab, an estimated $41.7M sold.

Based on aggregated 13F filings for Q1 2025.