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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
Osaic Holdings
51
Osaic Holdings
Arizona
$93.6M +$29.8M +287,103 +47%
EWA
52
EP Wealth Advisors
California
$88.3M -$10.9M -104,372 -11%
BL
53
Balentine LLC
Georgia
$86.6M -$3.35M -32,176 -4%
Corient Private Wealth
54
Corient Private Wealth
Florida
$85.3M +$15.2M +145,831 +22%
Stifel Financial
55
Stifel Financial
Missouri
$81.7M +$15M +144,475 +23%
KIM
56
Kestra Investment Management
Texas
$81.4M +$43.6M +419,810 +118%
Wealth Enhancement Advisory Services
57
Wealth Enhancement Advisory Services
Minnesota
$79.4M +$2.53M +24,333 +3%
CCWA
58
CLA (CliftonLarsonAllen) Wealth Advisors
Minnesota
$72.9M -$10.9M -104,610 -13%
BCI
59
Brinker Capital Investments
Pennsylvania
$71.9M +$12.7M +121,711 +21%
Rockefeller Capital Management
60
Rockefeller Capital Management
New York
$70.3M +$18.9M +181,343 +37%
SW
61
SoFi Wealth
California
$68.8M +$3.84M +36,942 +6%
AGA
62
Arkos Global Advisors
Texas
$68.1M -$7.4M -71,221 -10%
FMWA
63
Forvis Mazars Wealth Advisors
Missouri
$67.7M +$705K +6,777 +1%
OIA
64
OneDigital Investment Advisors
Kansas
$67.6M -$2.47M -23,729 -4%
BPA
65
Beacon Pointe Advisors
California
$65M -$2.92M -28,114 -4%
State of Wisconsin Investment Board
66
State of Wisconsin Investment Board
Wisconsin
$63.5M
AWM
67
Angeles Wealth Management
California
$60.7M +$37.9M +364,509 +168%
Financial Engines Advisors
68
Financial Engines Advisors
California
$60.6M +$578K +5,557 +1%
Renaissance Technologies
69
Renaissance Technologies
New York
$59.6M +$31.8M +306,100 +116%
Franklin Resources
70
Franklin Resources
California
$59.4M -$1.02M -9,771 -2%
PCIA
71
Prime Capital Investment Advisors
Kansas
$58.9M -$7.64M -73,449 -12%
CCM
72
Coldstream Capital Management
Washington
$58.7M -$2.57M -24,737 -4%
UCFA
73
United Capital Financial Advisors
Texas
$58.4M -$6.38M -61,413 -10%
Bessemer Group
74
Bessemer Group
New Jersey
$56.8M +$1.58M +15,226 +3%
Jane Street
75
Jane Street
New York
$56.1M +$19.7M +189,748 +55%

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.