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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
AIA
151
Ally Invest Advisors
North Carolina
$21.4M +$512K +4,922 +2%
VAS
152
Vestmark Advisory Solutions
Massachusetts
$21M -$5.07M -48,787 -19%
JF
153
Jump Financial
Illinois
$20.9M +$20.8M +200,000 New
FPCP
154
Fort Point Capital Partners
California
$20.8M -$7.87M -75,672 -28%
Kovitz Investment Group Partners
155
Kovitz Investment Group Partners
Illinois
$20.6M +$11.9M +114,900 +140%
MFG
156
Merit Financial Group
Georgia
$20.5M +$7.63M +73,431 +60%
Manulife (Manufacturers Life Insurance)
157
Manulife (Manufacturers Life Insurance)
Ontario, Canada
$20.5M -$4.16M -40,013 -17%
PWM
158
Perigon Wealth Management
California
$20.5M -$2.93M -28,201 -13%
D.E. Shaw & Co
159
D.E. Shaw & Co
New York
$20.4M -$312M -3,001,500 -94%
UW
160
Unique Wealth
Florida
$20.3M -$223K -2,144 -1%
OWA
161
One Wealth Advisors
California
$20.2M +$5.16M +49,591 +34%
ANTB
162
AMG National Trust Bank
Colorado
$20.2M +$601K +5,784 +3%
AG
163
AlTi Global
New York
$19.5M +$4.92M +47,328 +34%
CSWG
164
Cardinal Strategic Wealth Guidance
Kentucky
$19.4M -$2.2M -21,134 -10%
RFA
165
RTD Financial Advisors
Pennsylvania
$19.2M -$1.67M -16,055 -8%
CAAS
166
Capital Asset Advisory Services
Michigan
$18.8M +$994K +9,557 +6%
Janney Montgomery Scott
167
Janney Montgomery Scott
Pennsylvania
$18.5M +$4.85M +46,627 +36%
MBFW
168
Morton Brown Family Wealth
Pennsylvania
$18.5M -$3.6M -34,582 -16%
SCM
169
SCS Capital Management
Massachusetts
$18.4M -$1M -9,626 -5%
VC
170
Vicus Capital
Pennsylvania
$18.4M -$3.17M -30,532 -15%
SPIA
171
Steward Partners Investment Advisory
New York
$18.4M -$2.11M -20,276 -10%
AC
172
Apella Capital
Connecticut
$18.3M -$3.94M -37,915 -18%
FCAM
173
First Citizens Asset Management
North Carolina
$18.1M +$66.4K +639 +0.4%
N
174
Nuveen
North Carolina
$18.1M +$16.9M +162,553 +1,512%
Verition Fund Management
175
Verition Fund Management
Connecticut
$18.1M +$18M +173,000 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.