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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
Carson Wealth (CWM LLC)
76
Carson Wealth (CWM LLC)
Nebraska
$54M +$886K +8,522 +2%
MNA
77
Manning & Napier Advisors
New York
$52.9M +$464K +4,467 +0.9%
FFA
78
Farther Finance Advisors
California
$52.7M +$6.56M +63,093 +14%
WPC
79
Wedmont Private Capital
Pennsylvania
$51.8M +$15.3M +146,718 +42%
CAG
80
Crestwood Advisors Group
Massachusetts
$48.5M -$24.1M -231,664 -33%
Bank of Montreal
81
Bank of Montreal
Ontario, Canada
$47.6M -$1.85M -17,764 -4%
AllianceBernstein
82
AllianceBernstein
Tennessee
$45.2M -$656K -6,306 -1%
WAP
83
Wealthcare Advisory Partners
Pennsylvania
$43.8M -$14.1M -135,149 -24%
Nisa Investment Advisors
84
Nisa Investment Advisors
Missouri
$42.5M +$8.7M +83,685 +26%
EH
85
Equitable Holdings
New York
$42.4M +$4.41M +42,408 +12%
AG
86
Ascent Group
Virginia
$41.9M -$199K -1,915 -0.5%
FG
87
Foster Group
Iowa
$41.7M -$18.1M -174,286 -30%
NYLIM
88
New York Life Investment Management
New York
$40.6M +$17M +163,178 +72%
JWA
89
JFS Wealth Advisors
Pennsylvania
$40M -$12.1M -116,418 -23%
Comerica Bank
90
Comerica Bank
Texas
$39.9M -$723K -6,950 -2%
AF
91
Allworth Financial
California
$39.6M +$4.44M +42,719 +13%
FSC
92
Full Sail Capital
Oklahoma
$38.1M +$5.32M +51,167 +16%
AWM
93
AE Wealth Management
Kansas
$37.3M +$862K +8,289 +2%
RIA
94
Retirement Investment Advisors
Oklahoma
$37M +$3.78M +36,353 +11%
MMA
95
Miracle Mile Advisors
California
$36.8M +$33.6M +323,106 +1,116%
Baird Financial Group
96
Baird Financial Group
Wisconsin
$36.6M +$2.76M +26,552 +8%
HSBC Holdings
97
HSBC Holdings
United Kingdom
$36.2M +$627K +6,026 +2%
SA
98
Sanctuary Advisors
Indiana
$35.9M +$1.4M +13,477 +4%
LFS
99
Lutz Financial Services
Nebraska
$35.9M +$5.07M +48,721 +16%
AL
100
Aspiriant LLC
California
$35.6M +$17.5M +168,023 +97%

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.