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iShares California Muni Bond ETF
CMF

318 hedge funds and large institutions have $2.7B invested in iShares California Muni Bond ETF in 2025 Q2 according to their latest regulatory filings, with 37 funds opening new positions, 115 increasing their positions, 115 reducing their positions, and 23 closing their positions.

New
Increased
Maintained
Reduced
Closed

61% more first-time investments, than exits

New positions opened: 37 | Existing positions closed: 23

4% more funds holding

Funds holding: 307 → 318 (+11)

0% more repeat investments, than reductions

Existing positions increased: 115 | Existing positions reduced: 115

3.25% less ownership

Funds ownership: 78.66% → 75.42% (-3.2%)

9% less capital invested

Capital invested by funds: $2.96B → $2.7B (-$260M)

20% less funds holding in top 10

Funds holding in top 10: 20 → 16 (-4)

Holders
318
Holders Change
+11
Holders Change %
+3.58%
% of All Funds
4.19%
Holding in Top 10
16
Holding in Top 10 Change
-4
Holding in Top 10 Change %
-20%
% of All Funds
0.21%
New
37
Increased
115
Reduced
115
Closed
23
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
Jane Street
Jane Street
New York
+$42.2M
2
FWI
Facet Wealth Inc
Maryland
+$13.8M
3
B
Bailard
California
+$10.7M
4
TIAA Trust, National Association
TIAA Trust, National Association
North Carolina
+$9.75M
5
ALA
Atlas Legacy Advisors
California
+$9.26M

Top Sellers

Rank Fund Capital Flow
1
Charles Schwab
Charles Schwab
California
-$141M
2
Fidelity Investments
Fidelity Investments
Massachusetts
-$135M
3
RBCM
Raub Brock Capital Management
California
-$23.2M
4
Wealthfront Advisers
Wealthfront Advisers
California
-$16.9M
5
Susquehanna International Group
Susquehanna International Group
Pennsylvania
-$12.7M
Name Holding Trade Value Shares
Change 		Change in
Stake
SPIA
126
Steward Partners Investment Advisory
New York
$1.58M +$1.28M +23,004 +425%
FF
127
Foronjy Financial
California
$1.57M +$1.56M +28,077 New
RPCA
128
Running Point Capital Advisors
California
$1.55M +$58.3K +1,050 +4%
MCM
129
MAI Capital Management
Ohio
$1.53M -$285K -5,128 -16%
Empower Advisory Group
130
Empower Advisory Group
Colorado
$1.53M +$107K +1,932 +8%
PA
131
Parallel Advisors
California
$1.51M -$3.3M -59,481 -69%
CF
132
Conquis Financial
California
$1.51M +$451K +8,125 +43%
TW
133
Towerpoint Wealth
California
$1.5M -$6.16K -111 -0.4%
KAS
134
Kestra Advisory Services
Texas
$1.47M +$421K +7,579 +40%
CAG
135
Curtis Advisory Group
California
$1.47M +$344K +6,192 +31%
DAS
136
Dynamic Advisor Solutions
Arizona
$1.44M -$161K -2,898 -10%
SI
137
SimpliFi Inc
California
$1.44M +$64.8K +1,168 +5%
MWM
138
McNaughton Wealth Management
California
$1.42M -$283K -5,094 -17%
QCM
139
Quantinno Capital Management
New York
$1.39M +$1.39M +24,961 New
FFG
140
Fiduciary Financial Group
California
$1.39M +$501K +9,022 +57%
EWM
141
Empirical Wealth Management
Washington
$1.35M -$538K -9,691 -29%
IA
142
IFC Advisors
California
$1.35M +$52.2K +941 +4%
HWA
143
HCR Wealth Advisors
California
$1.34M +$13.4K +241 +1%
CAM
144
Clark Asset Management
New Hampshire
$1.31M -$149K -2,675 -10%
ACP
145
Argyle Capital Partners
California
$1.27M -$29.6K -533 -2%
WAP
146
Wealthcare Advisory Partners
Pennsylvania
$1.27M +$151K +2,718 +14%
GKWIM
147
Gerber Kawasaki Wealth & Investment Management
California
$1.26M +$140K +2,528 +13%
MAWA
148
Moss Adams Wealth Advisors
Washington
$1.24M – – –
IC
149
IEQ Capital
California
$1.22M +$3.5K +63 +0.3%
HSBC Holdings
150
HSBC Holdings
United Kingdom
$1.22M -$168K -3,030 -12%
4 5
6
7 8

CMF Hedge Fund Activity: Q2 2025 in Review

318 of the 7,595 institutional investors tracked by Wall St. Rank reported a position in iShares California Muni Bond ETF (CMF) for Q2 2025, worth a combined $2.7B — down 8.8% from $2.96B a quarter earlier.

Buyers outnumbered sellers: 37 funds opened new CMF positions and 23 closed out — a net gain of 14 holders — while 115 added to existing stakes and 115 trimmed.

The largest buyer was Jane Street, adding an estimated $42.2M. The largest seller was Charles Schwab, cutting an estimated $141M.

  • 318 institutional investors held iShares California Muni Bond ETF (CMF) as of Q2 2025, up from 307 in Q1 2025.
  • Funds reported $2.7B of iShares California Muni Bond ETF stock for Q2 2025, down 8.8% quarter-over-quarter.
  • 37 funds opened new iShares California Muni Bond ETF positions in Q2 2025 and 23 closed out, a net change of +14 holders.
  • The largest iShares California Muni Bond ETF buyer in Q2 2025 was Jane Street, an estimated $42.2M added.
  • The largest iShares California Muni Bond ETF seller in Q2 2025 was Charles Schwab, an estimated $141M sold.

Based on aggregated 13F filings for Q2 2025.