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iShares Short-Term National Muni Bond ETF
SUB

831 hedge funds and large institutions have $8.22B invested in iShares Short-Term National Muni Bond ETF in 2025 Q3 according to their latest regulatory filings, with 54 funds opening new positions, 371 increasing their positions, 260 reducing their positions, and 55 closing their positions.

New
Increased
Maintained
Reduced
Closed

43% more repeat investments, than reductions

Existing positions increased: 371 | Existing positions reduced: 260

2% less first-time investments, than exits

New positions opened: 54 | Existing positions closed: 55

2% less funds holding

Funds holding: 847 → 831 (-16)

4% less funds holding in top 10

Funds holding in top 10: 25 → 24 (-1)

6% less capital invested

Capital invested by funds: $8.72B → $8.22B (-$496M)

7.09% less ownership

Funds ownership: 87.67% → 80.58% (-7.1%)

Holders
831
Holders Change
-16
Holders Change %
-1.89%
% of All Funds
10.91%
Holding in Top 10
24
Holding in Top 10 Change
-1
Holding in Top 10 Change %
-4%
% of All Funds
0.32%
New
54
Increased
371
Reduced
260
Closed
55
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

1
Mercer Global Advisors
Mercer Global Advisors
Colorado
+$92.6M
2
Nisa Investment Advisors
Nisa Investment Advisors
Missouri
+$47.2M
3
Bank of America
Bank of America
North Carolina
+$32.3M
4
Susquehanna International Group
Susquehanna International Group
Pennsylvania
+$19.6M
5
Northwestern Mutual Wealth Management
Northwestern Mutual Wealth Management
Wisconsin
+$17.9M

Top Sellers

1
Envestnet Asset Management
Envestnet Asset Management
Illinois
-$516M
2
TIAA Trust, National Association
TIAA Trust, National Association
North Carolina
-$212M
3
GC
Grimes & Company
Massachusetts
-$57.9M
4
MMA
Miracle Mile Advisors
California
-$40.5M
5
CAPTRUST Financial Advisors
CAPTRUST Financial Advisors
North Carolina
-$20.7M
Name Holding Trade Value Shares
Change 		Change in
Stake
Raymond James Financial
26
Raymond James Financial
Florida
$54.9M -$16.5M -154,404 -23%
HIG
27
Heritage Investment Group
Florida
$52.7M +$717K +6,718 +1%
HighTower Advisors
28
HighTower Advisors
Illinois
$50.9M -$5.24M -49,101 -9%
CAG
29
Crestwood Advisors Group
Massachusetts
$49.3M +$6.86M +64,271 +16%
Goldman Sachs
30
Goldman Sachs
New York
$45.8M +$17.3M +162,061 +61%
Cerity Partners
31
Cerity Partners
New York
$45.6M +$1.66M +15,590 +4%
WCWM
32
Willow Creek Wealth Management
California
$45.1M +$4.34M +40,670 +11%
WL
33
WIT LLC
District of Columbia
$44.7M – – –
Renaissance Technologies
34
Renaissance Technologies
New York
$44.4M -$8.33M -78,000 -16%
TI
35
Truepoint Inc
Ohio
$44.1M +$3.29M +30,812 +8%
AC
36
Apella Capital
Connecticut
$42.5M +$6.99M +65,447 +20%
ONB
37
Old National Bancorp
Indiana
$38.7M +$5.61M +52,583 +17%
Wells Fargo
38
Wells Fargo
California
$38.7M -$2.57M -24,024 -6%
BPA
39
Beacon Pointe Advisors
California
$36.5M +$4.57M +42,797 +14%
Stifel Financial
40
Stifel Financial
Missouri
$34.9M -$2M -18,710 -5%
BCI
41
Brinker Capital Investments
Pennsylvania
$34.3M +$2.07M +19,388 +6%
DCM
42
DGS Capital Management
New Jersey
$33.3M +$835K +7,822 +3%
WJA
43
Willis Johnson & Associates
Texas
$30.5M +$804K +7,529 +3%
Osaic Holdings
44
Osaic Holdings
Arizona
$29.8M -$85.4K -800 -0.3%
Rockefeller Capital Management
45
Rockefeller Capital Management
New York
$29.1M +$242K +2,266 +0.8%
RWB
46
RMR Wealth Builders
New Jersey
$29M +$1.74M +16,269 +6%
CFG
47
Citizens Financial Group
Rhode Island
$28.1M -$117K -1,091 -0.4%
RWM
48
Ritholtz Wealth Management
New York
$27.7M +$509K +4,770 +2%
Cetera Investment Advisers
49
Cetera Investment Advisers
Illinois
$26.8M +$4.01M +37,558 +18%
CWM
50
Cahaba Wealth Management
Georgia
$26.3M +$1.13M +10,543 +4%
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SUB Hedge Fund Activity: Q3 2025 in Review

831 of the 7,619 institutional investors tracked by Wall St. Rank reported a position in iShares Short-Term National Muni Bond ETF (SUB) for Q3 2025, worth a combined $8.22B — down 5.7% from $8.72B a quarter earlier.

Sellers outnumbered buyers: 55 funds closed out of SUB and 54 opened new positions — a net loss of 1 holder — while 260 trimmed existing stakes and 371 added.

The largest buyer was Mercer Global Advisors, adding an estimated $92.6M. The largest seller was Envestnet Asset Management, cutting an estimated $516M.

  • 831 institutional investors held iShares Short-Term National Muni Bond ETF (SUB) as of Q3 2025, down from 847 in Q2 2025.
  • Funds reported $8.22B of iShares Short-Term National Muni Bond ETF stock for Q3 2025, down 5.7% quarter-over-quarter.
  • 54 funds opened new iShares Short-Term National Muni Bond ETF positions in Q3 2025 and 55 closed out, a net change of -1 holder.
  • The largest iShares Short-Term National Muni Bond ETF buyer in Q3 2025 was Mercer Global Advisors, an estimated $92.6M added.
  • The largest iShares Short-Term National Muni Bond ETF seller in Q3 2025 was Envestnet Asset Management, an estimated $516M sold.

Based on aggregated 13F filings for Q3 2025.