iShares National Muni Bond ETF
1,538 hedge funds and large institutions have $34.3B invested in iShares National Muni Bond ETF in 2025 Q3 according to their latest regulatory filings, with 119 funds opening new positions, 668 increasing their positions, 572 reducing their positions, and 93 closing their positions.
52% more call options, than puts
Call options by funds: $526M | Put options by funds: $347M
28% more first-time investments, than exits
New positions opened: 119 | Existing positions closed: 93
17% more repeat investments, than reductions
Existing positions increased: 668 | Existing positions reduced: 572
0% less funds holding
Funds holding: 1,539 → 1,538 (-1)
0% less capital invested
Capital invested by funds: $34.4B → $34.3B (-$152M)
3.38% less ownership
Funds ownership: 89.15% → 85.77% (-3.4%)
11% less funds holding in top 10
Funds holding in top 10: 108 → 96 (-12)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Fidelity Investments
Boston,
Massachusetts
|
+$411M |
| 2 |
Wellington Management Group
Boston,
Massachusetts
|
+$381M |
| 3 |
Bank of America
Charlotte,
North Carolina
|
+$212M |
| 4 |
Mercer Global Advisors
Denver,
Colorado
|
+$132M |
| 5 |
Cetera Investment Advisers
Schaumburg,
Illinois
|
+$104M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Envestnet Asset Management
Chicago,
Illinois
|
-$636M |
| 2 |
Envestnet Portfolio Solutions
Chicago,
Illinois
|
-$337M |
| 3 |
FCBT
First Citizens Bank & Trust
Raleigh,
North Carolina
|
-$264M |
| 4 |
US Bancorp
Minneapolis,
Minnesota
|
-$214M |
| 5 |
AC
Allstate Corporation
Northbrook,
Illinois
|
-$203M |
MUB Hedge Fund Activity: Q3 2025 in Review
1,538 of the 7,638 institutional investors tracked by Wall St. Rank reported a position in iShares National Muni Bond ETF (MUB) for Q3 2025, worth a combined $34.3B — down 0.44% from $34.4B a quarter earlier.
Buyers outnumbered sellers: 119 funds opened new MUB positions and 93 closed out — a net gain of 26 holders — while 668 added to existing stakes and 572 trimmed.
The largest buyer was Fidelity Investments, adding an estimated $411M. The largest seller was Envestnet Asset Management, cutting an estimated $636M.
- 1,538 institutional investors held iShares National Muni Bond ETF (MUB) as of Q3 2025, down from 1,539 in Q2 2025.
- Funds reported $34.3B of iShares National Muni Bond ETF stock for Q3 2025, down 0.44% quarter-over-quarter.
- 119 funds opened new iShares National Muni Bond ETF positions in Q3 2025 and 93 closed out, a net change of +26 holders.
- The largest iShares National Muni Bond ETF buyer in Q3 2025 was Fidelity Investments, an estimated $411M added.
- The largest iShares National Muni Bond ETF seller in Q3 2025 was Envestnet Asset Management, an estimated $636M sold.
Based on aggregated 13F filings for Q3 2025.