iShares National Muni Bond ETF
1,633 hedge funds and large institutions have $36.1B invested in iShares National Muni Bond ETF in 2025 Q4 according to their latest regulatory filings, with 222 funds opening new positions, 776 increasing their positions, 449 reducing their positions, and 92 closing their positions.
141% more first-time investments, than exits
New positions opened: 222 | Existing positions closed: 92
73% more repeat investments, than reductions
Existing positions increased: 776 | Existing positions reduced: 449
6% more funds holding
Funds holding: 1,539 → 1,633 (+94)
5% more funds holding in top 10
Funds holding in top 10: 96 → 101 (+5)
5% more capital invested
Capital invested by funds: $34.3B → $36.1B (+$1.78B)
0.99% more ownership
Funds ownership: 85.77% → 86.76% (+0.99%)
6% less call options, than puts
Call options by funds: $266M | Put options by funds: $284M
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Bank of America
Charlotte,
North Carolina
|
+$405M |
| 2 |
AC
Allstate Corporation
Northbrook,
Illinois
|
+$205M |
| 3 |
Betterment LLC
New York
|
+$176M |
| 4 |
LP
LMR Partners
London,
United Kingdom
|
+$128M |
| 5 |
Mercer Global Advisors
Denver,
Colorado
|
+$111M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Wellington Management Group
Boston,
Massachusetts
|
-$387M |
| 2 |
PAS
Park Avenue Securities
New York
|
-$108M |
| 3 |
Raymond James Financial
St Petersburg,
Florida
|
-$53.8M |
| 4 |
WANY
Wealthspire Advisors (New York)
New York
|
-$38.9M |
| 5 |
Jane Street
New York
|
-$37.1M |
MUB Hedge Fund Activity: Q4 2025 in Review
1,633 of the 8,284 institutional investors tracked by Wall St. Rank reported a position in iShares National Muni Bond ETF (MUB) for Q4 2025, worth a combined $36.1B — up 5.2% from $34.3B a quarter earlier.
Buyers outnumbered sellers: 222 funds opened new MUB positions and 92 closed out — a net gain of 130 holders — while 776 added to existing stakes and 449 trimmed.
The largest buyer was Bank of America, adding an estimated $405M. The largest seller was Wellington Management Group, exiting entirely with an estimated $387M sold.
- 1,633 institutional investors held iShares National Muni Bond ETF (MUB) as of Q4 2025, up from 1,539 in Q3 2025.
- Funds reported $36.1B of iShares National Muni Bond ETF stock for Q4 2025, up 5.2% quarter-over-quarter.
- 222 funds opened new iShares National Muni Bond ETF positions in Q4 2025 and 92 closed out, a net change of +130 holders.
- The largest iShares National Muni Bond ETF buyer in Q4 2025 was Bank of America, an estimated $405M added.
- The largest iShares National Muni Bond ETF seller in Q4 2025 was Wellington Management Group, an estimated $387M sold.
Based on aggregated 13F filings for Q4 2025.