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iShares National Muni Bond ETF

1,536 hedge funds and large institutions have $34.5B invested in iShares National Muni Bond ETF in 2025 Q2 according to their latest regulatory filings, with 156 funds opening new positions, 561 increasing their positions, 646 reducing their positions, and 100 closing their positions.

New
Increased
Maintained
Reduced
Closed

163% more call options, than puts

Call options by funds: $593M | Put options by funds: $226M

56% more first-time investments, than exits

New positions opened: 156 | Existing positions closed: 100

3% more funds holding

Funds holding: 1,4981,536 (+38)

0.1% more ownership

Funds ownership: 89.08%89.18% (+0.1%)

3% less capital invested

Capital invested by funds: $35.3B → $34.5B (-$893M)

9% less funds holding in top 10

Funds holding in top 10: 117106 (-11)

13% less repeat investments, than reductions

Existing positions increased: 561 | Existing positions reduced: 646

Holders
1,536
Holders Change
+38
Holders Change %
+2.54%
% of All Funds
20.22%
Holding in Top 10
106
Holding in Top 10 Change
-11
Holding in Top 10 Change %
-9.4%
% of All Funds
1.4%
New
156
Increased
561
Reduced
646
Closed
100
Calls
$593M
Puts
$226M
Net Calls
+$368M
Net Calls Change
+$736M
Name Holding Trade Value Shares
Change
Change in
Stake
AL
326
ADE LLC
Maryland
$6.99M -$801K -7,704 -10%
RFG
327
RFP Financial Group
Georgia
$6.97M +$69.6K +669 +1%
BOPW
328
Brandywine Oak Private Wealth
Pennsylvania
$6.94M -$4.4M -42,319 -39%
PIMG
329
Patriot Investment Management Group
Tennessee
$6.87M +$614K +5,901 +10%
W
330
WealthCollab
Washington
$6.84M +$687K +6,607 +11%
AIM
331
Acropolis Investment Management
Missouri
$6.8M -$602K -5,787 -8%
SA
332
Skyline Advisors
Washington
$6.79M -$5.42M -52,128 -45%
LPT
333
Legacy Private Trust
Wisconsin
$6.75M +$2.01M +19,368 +43%
BCWM
334
Bartlett & Co Wealth Management
Ohio
$6.74M -$34.2K -329 -0.5%
MHC
335
May Hill Capital
Massachusetts
$6.72M -$532K -5,116 -7%
HCC
336
Hirtle Callaghan & Co
Pennsylvania
$6.71M
B
337
Bailard
California
$6.68M +$997K +9,591 +18%
FA
338
Fedenia Advisers
Wisconsin
$6.64M -$515K -4,952 -7%
FFS
339
Founders Financial Securities
Maryland
$6.61M -$4.88M -46,917 -43%
BEI
340
Benjamin Edwards Inc
Missouri
$6.57M +$3.29M +31,628 +101%
EPM
341
Elm Partners Management
Pennsylvania
$6.56M -$203K -1,955 -3%
FFN
342
Focus Financial Network
Minnesota
$6.52M -$2.11M -20,262 -25%
SC
343
Savant Capital
Illinois
$6.49M -$1.1M -10,618 -15%
WL
344
WIT LLC
District of Columbia
$6.48M -$24.7M -237,986 -79%
Brown Advisory
345
Brown Advisory
Maryland
$6.47M -$246K -2,365 -4%
Lazard Asset Management
346
Lazard Asset Management
New York
$6.39M
ATPW
347
Ashton Thomas Private Wealth
Arizona
$6.38M -$736K -7,082 -10%
SHIM
348
Stone House Investment Management
Pennsylvania
$6.38M +$1.65M +15,902 +35%
HFA
349
High Falls Advisors
New York
$6.16M -$1.88M -18,089 -23%
SLWA
350
San Luis Wealth Advisors
California
$6.11M +$6.08M +58,505 New

MUB Hedge Fund Activity: Q2 2025 in Review

1,536 of the 7,595 institutional investors tracked by Wall St. Rank reported a position in iShares National Muni Bond ETF (MUB) for Q2 2025, worth a combined $34.5B — down 2.5% from $35.3B a quarter earlier.

Buyers outnumbered sellers: 156 funds opened new MUB positions and 100 closed out — a net gain of 56 holders — while 561 added to existing stakes and 646 trimmed.

The largest buyer was Fidelity Investments, adding an estimated $552M. The largest seller was Charles Schwab, cutting an estimated $951M.

  • 1,536 institutional investors held iShares National Muni Bond ETF (MUB) as of Q2 2025, up from 1,498 in Q1 2025.
  • Funds reported $34.5B of iShares National Muni Bond ETF stock for Q2 2025, down 2.5% quarter-over-quarter.
  • 156 funds opened new iShares National Muni Bond ETF positions in Q2 2025 and 100 closed out, a net change of +56 holders.
  • The largest iShares National Muni Bond ETF buyer in Q2 2025 was Fidelity Investments, an estimated $552M added.
  • The largest iShares National Muni Bond ETF seller in Q2 2025 was Charles Schwab, an estimated $951M sold.

Based on aggregated 13F filings for Q2 2025.