iShares National Muni Bond ETF
1,540 hedge funds and large institutions have $34.4B invested in iShares National Muni Bond ETF in 2025 Q2 according to their latest regulatory filings, with 156 funds opening new positions, 563 increasing their positions, 648 reducing their positions, and 99 closing their positions.
163% more call options, than puts
Call options by funds: $593M | Put options by funds: $226M
58% more first-time investments, than exits
New positions opened: 156 | Existing positions closed: 99
3% more funds holding
Funds holding: 1,502 → 1,540 (+38)
0.19% less ownership
Funds ownership: 89.1% → 88.91% (-0.19%)
8% less funds holding in top 10
Funds holding in top 10: 118 → 108 (-10)
13% less capital inflows, than outflows
Capital inflows: $3.27B | Capital outflows: $3.76B
13% less repeat investments, than reductions
Existing positions increased: 563 | Existing positions reduced: 648
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Fidelity Investments
Boston,
Massachusetts
|
+$552M |
| 2 |
Bank of America
Charlotte,
North Carolina
|
+$281M |
| 3 |
Fisher Asset Management
Camas,
Washington
|
+$279M |
| 4 |
US Bancorp
Minneapolis,
Minnesota
|
+$195M |
| 5 |
LMR Partners
London,
United Kingdom
|
+$176M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Charles Schwab
San Francisco,
California
|
-$951M |
| 2 |
JP Morgan Chase
New York
|
-$539M |
| 3 |
D.E. Shaw & Co
New York
|
-$312M |
| 4 |
Wealthfront Advisers
Palo Alto,
California
|
-$137M |
| 5 |
Bank of New York Mellon
New York
|
-$117M |
MUB Hedge Fund Activity: Q2 2025 in Review
1,540 of the 7,621 institutional investors tracked by Wall St. Rank reported a position in iShares National Muni Bond ETF (MUB) for Q2 2025, worth a combined $34.4B — down 2.6% from $35.4B a quarter earlier.
Buyers outnumbered sellers: 156 funds opened new MUB positions and 99 closed out — a net gain of 57 holders — while 563 added to existing stakes and 648 trimmed.
The largest buyer was Fidelity Investments, adding an estimated $552M. The largest seller was Charles Schwab, cutting an estimated $951M.
- 1,540 institutional investors held iShares National Muni Bond ETF (MUB) as of Q2 2025, up from 1,502 in Q1 2025.
- Funds reported $34.4B of iShares National Muni Bond ETF stock for Q2 2025, down 2.6% quarter-over-quarter.
- 156 funds opened new iShares National Muni Bond ETF positions in Q2 2025 and 99 closed out, a net change of +57 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.