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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
TF
176
Tenon Financial
New Jersey
$720K – – –
IWA
177
Invera Wealth Advisors
Oregon
$719K +$727K +12,783 New
FMTC
178
Farmers & Merchants Trust Company
California
$715K – – –
IW
179
Instrumental Wealth
Florida
$698K +$62K +1,091 +9%
TF
180
TME Financial
California
$697K -$48.7K -856 -6%
TLFA
181
True Link Financial Advisors
California
$684K +$40.4K +710 +6%
FPAS
182
Focus Partners Advisor Solutions
Missouri
$675K +$681K +11,989 New
WRPWM
183
Werba Rubin Papier Wealth Management
California
$665K -$615K -10,824 -48%
TIAM2
184
Tru Independence Asset Management 2
Oregon
$664K -$70.9K -1,247 -10%
BCM
185
Boltwood Capital Management
California
$658K -$185K -3,260 -22%
APP
186
Avantax Planning Partners
Iowa
$648K -$5.4K -95 -0.8%
IAG
187
Investment Advisory Group
Massachusetts
$642K – – –
SVWG
188
Shared Vision Wealth Group
United States
$639K +$114 +2 +0%
MCM
189
Mattern Capital Management
Colorado
$628K -$66.8K -1,175 -10%
SA
190
Sovran Advisors
California
$620K +$234K +4,122 +58%
CC
191
Climber Capital
Switzerland
$614K +$720K +12,660 New
VWA
192
VERITY Wealth Advisors
United States
$614K – – –
AIM
193
Aspen Investment Management
Michigan
$612K – – –
NBWM
194
North Berkeley Wealth Management
California
$592K +$192K +3,375 +47%
TWA
195
Trace Wealth Advisors
California
$588K – – –
FNBSF
196
First National Bank Sioux Falls
South Dakota
$563K -$12.6K -222 -2%
CSIC
197
Clifford Swan Investment Counsel
California
$521K +$128K +2,250 +32%
FAIM
198
Financial Advocates Investment Management
Washington
$517K -$17.2K -303 -3%
OMC
199
Old Mission Capital
Illinois
$515K +$520K +9,150 New
SFA
200
Sequoia Financial Advisors
Ohio
$511K +$398 +7 +0.1%
6 7
8
9 10

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.