iShares National Muni Bond ETF
1,501 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, 589 increasing their positions, 609 reducing their positions, and 115 closing their positions.
4% more first-time investments, than exits
New positions opened: 120 | Existing positions closed: 115
0.47% less ownership
Funds ownership: 89.55% → 89.07% (-0.47%)
2% less capital invested
Capital invested by funds: $36.2B → $35.3B (-$899M)
3% less repeat investments, than reductions
Existing positions increased: 589 | Existing positions reduced: 609
2% less funds holding
Funds holding: 1,525 → 1,501 (-24)
3% less funds holding in top 10
Funds holding in top 10: 122 → 118 (-4)
79% less call options, than puts
Call options by funds: $99.1M | Put options by funds: $467M
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
D.E. Shaw & Co
New York
|
+$196M |
| 2 |
AC
Allstate Corporation
Northbrook,
Illinois
|
+$153M |
| 3 |
Susquehanna International Group
Bala Cynwyd,
Pennsylvania
|
+$104M |
| 4 |
Charles Schwab
San Francisco,
California
|
+$85.3M |
| 5 |
Raymond James Financial
St Petersburg,
Florida
|
+$67.4M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Bank of America
Charlotte,
North Carolina
|
-$217M |
| 2 |
Jane Street
New York
|
-$201M |
| 3 |
PAS
Park Avenue Securities
New York
|
-$110M |
| 4 |
Osaic Holdings
Scottsdale,
Arizona
|
-$96.9M |
| 5 |
Envestnet Asset Management
Chicago,
Illinois
|
-$94.9M |
MUB Hedge Fund Activity: Q1 2025 in Review
1,501 of the 7,472 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 2.5% from $36.2B a quarter earlier.
Buyers outnumbered sellers: 120 funds opened new MUB positions and 115 closed out — a net gain of 5 holders — while 589 added to existing stakes and 609 trimmed.
The largest buyer was D.E. Shaw & Co, adding an estimated $196M. The largest seller was Bank of America, cutting an estimated $217M.
- 1,501 institutional investors held iShares National Muni Bond ETF (MUB) as of Q1 2025, down from 1,525 in Q4 2024.
- Funds reported $35.3B of iShares National Muni Bond ETF stock for Q1 2025, down 2.5% 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.