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iShares National Muni Bond ETF

1,498 hedge funds and large institutions have $35.3B invested in iShares National Muni Bond ETF in 2025 Q1 according to their latest regulatory filings, with 120 funds opening new positions, 587 increasing their positions, 608 reducing their positions, and 115 closing their positions.

New
Increased
Maintained
Reduced
Closed

4% more first-time investments, than exits

New positions opened: 120 | Existing positions closed: 115

0.44% less ownership

Funds ownership: 89.52%89.08% (-0.44%)

3% less repeat investments, than reductions

Existing positions increased: 587 | Existing positions reduced: 608

2% less funds holding

Funds holding: 1,5231,498 (-25)

3% less funds holding in top 10

Funds holding in top 10: 121117 (-4)

5% less capital invested

Capital invested by funds: $37.3B → $35.3B (-$1.91B)

79% less call options, than puts

Call options by funds: $99.1M | Put options by funds: $467M

Holders
1,498
Holders Change
-25
Holders Change %
-1.64%
% of All Funds
20.08%
Holding in Top 10
117
Holding in Top 10 Change
-4
Holding in Top 10 Change %
-3.31%
% of All Funds
1.57%
New
120
Increased
587
Reduced
608
Closed
115
Calls
$99.1M
Puts
$467M
Net Calls
-$368M
Net Calls Change
-$298M
Name Holding Trade Value Shares
Change
Change in
Stake
Bank of America
1
Bank of America
North Carolina
$3.04B -$217M -2,038,521 -7%
Envestnet Asset Management
2
Envestnet Asset Management
Illinois
$2.05B -$94.9M -892,216 -4%
Betterment LLC
3
Betterment LLC
New York
$1.94B +$16M +150,443 +0.8%
Creative Planning
4
Creative Planning
Kansas
$1.38B -$11M -103,617 -0.8%
Fidelity Investments
5
Fidelity Investments
Massachusetts
$1.36B -$80.2M -754,334 -6%
Wells Fargo
6
Wells Fargo
California
$1.06B -$57.2M -538,212 -5%
LPL Financial
7
LPL Financial
California
$1.05B +$31.9M +299,520 +3%
JP Morgan Chase
8
JP Morgan Chase
New York
$1B -$62M -583,305 -6%
Charles Schwab
9
Charles Schwab
California
$970M +$85.3M +802,170 +10%
Morgan Stanley
10
Morgan Stanley
New York
$934M -$21.9M -206,244 -2%
Bank of New York Mellon
11
Bank of New York Mellon
New York
$884M -$67.6M -635,250 -7%
Northwestern Mutual Wealth Management
12
Northwestern Mutual Wealth Management
Wisconsin
$800M +$58.6M +550,570 +8%
PNC Financial Services Group
13
PNC Financial Services Group
Pennsylvania
$755M -$19.1M -180,038 -2%
Mercer Global Advisors
14
Mercer Global Advisors
Colorado
$717M +$38.9M +365,786 +6%
Wealthfront Advisers
15
Wealthfront Advisers
California
$708M -$91.9M -864,177 -11%
Fisher Asset Management
16
Fisher Asset Management
Washington
$658M +$52.1M +490,142 +9%
SEI Investments
17
SEI Investments
Pennsylvania
$584M +$1.17M +10,993 +0.2%
US Bancorp
18
US Bancorp
Minnesota
$576M -$11.6M -109,188 -2%
TIAA Trust, National Association
19
TIAA Trust, National Association
North Carolina
$535M +$20.4M +191,598 +4%
Envestnet Portfolio Solutions
20
Envestnet Portfolio Solutions
Illinois
$456M -$54.3M -510,840 -11%
OWM
21
Orgel Wealth Management
Wisconsin
$358M +$2.58M +24,226 +0.7%
D.E. Shaw & Co
22
D.E. Shaw & Co
New York
$337M +$196M +1,839,800 +136%
Commonwealth Equity Services
23
Commonwealth Equity Services
Massachusetts
$328M +$19.1M +179,318 +6%
AC
24
Allstate Corporation
Illinois
$318M +$153M +1,439,584 +91%
AssetMark Inc
25
AssetMark Inc
California
$291M +$17.2M +161,292 +6%

MUB Hedge Fund Activity: Q1 2025 in Review

1,498 of the 7,459 institutional investors tracked by Wall St. Rank reported a position in iShares National Muni Bond ETF (MUB) for Q1 2025, worth a combined $35.3B — down 5.1% from $37.3B a quarter earlier.

Buyers outnumbered sellers: 120 funds opened new MUB positions and 115 closed out — a net gain of 5 holders — while 587 added to existing stakes and 608 trimmed.

The largest buyer was D.E. Shaw & Co, adding an estimated $196M. The largest seller was Bank of America, cutting an estimated $217M.

  • 1,498 institutional investors held iShares National Muni Bond ETF (MUB) as of Q1 2025, down from 1,523 in Q4 2024.
  • Funds reported $35.3B of iShares National Muni Bond ETF stock for Q1 2025, down 5.1% quarter-over-quarter.
  • 120 funds opened new iShares National Muni Bond ETF positions in Q1 2025 and 115 closed out, a net change of +5 holders.
  • The largest iShares National Muni Bond ETF buyer in Q1 2025 was D.E. Shaw & Co, an estimated $196M added.
  • The largest iShares National Muni Bond ETF seller in Q1 2025 was Bank of America, an estimated $217M sold.

Based on aggregated 13F filings for Q1 2025.