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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
Bank of America
1
Bank of America
North Carolina
$3.3B +$281M +2,701,582 +9%
Envestnet Asset Management
2
Envestnet Asset Management
Illinois
$2.13B +$92.6M +890,804 +5%
Betterment LLC
3
Betterment LLC
New York
$1.94B +$18.2M +175,531 +1%
Fidelity Investments
4
Fidelity Investments
Massachusetts
$1.91B +$552M +5,306,388 +41%
Creative Planning
5
Creative Planning
Kansas
$1.29B -$81.2M -781,159 -6%
LPL Financial
6
LPL Financial
California
$1.1B +$66.4M +638,545 +6%
Wells Fargo
7
Wells Fargo
California
$1.03B -$26M -250,023 -2%
Fisher Asset Management
8
Fisher Asset Management
Washington
$931M +$279M +2,679,139 +43%
Morgan Stanley
9
Morgan Stanley
New York
$887M -$37.5M -360,934 -4%
PNC Financial Services Group
10
PNC Financial Services Group
Pennsylvania
$787M +$38.4M +369,771 +5%
Northwestern Mutual Wealth Management
11
Northwestern Mutual Wealth Management
Wisconsin
$772M -$20.4M -196,136 -3%
US Bancorp
12
US Bancorp
Minnesota
$767M +$195M +1,877,664 +34%
Bank of New York Mellon
13
Bank of New York Mellon
New York
$759M -$117M -1,121,484 -13%
Mercer Global Advisors
14
Mercer Global Advisors
Colorado
$653M -$57.3M -551,096 -8%
Wealthfront Advisers
15
Wealthfront Advisers
California
$564M -$137M -1,316,517 -20%
TIAA Trust, National Association
16
TIAA Trust, National Association
North Carolina
$550M +$19.8M +190,861 +4%
Envestnet Portfolio Solutions
17
Envestnet Portfolio Solutions
Illinois
$510M +$57.8M +555,736 +13%
SEI Investments
18
SEI Investments
Pennsylvania
$475M -$103M -991,645 -18%
JP Morgan Chase
19
JP Morgan Chase
New York
$453M -$539M -5,187,446 -54%
Commonwealth Equity Services
20
Commonwealth Equity Services
Massachusetts
$320M -$5.37M -51,676 -2%
AC
21
Allstate Corporation
Illinois
$318M +$3.09M +29,685 +1%
FCBT
22
First Citizens Bank & Trust
North Carolina
$292M +$7.09M +68,205 +3%
AssetMark Inc
23
AssetMark Inc
California
$291M +$2.69M +25,848 +0.9%
OWM
24
Orgel Wealth Management
Wisconsin
$266M -$87.9M -845,600 -25%
UBS Group
25
UBS Group
Switzerland
$264M -$4.61M -44,314 -2%

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.