iShares Short-Term National Muni Bond ETF
836 hedge funds and large institutions have $8.25B invested in iShares Short-Term National Muni Bond ETF in 2025 Q3 according to their latest regulatory filings, with 54 funds opening new positions, 372 increasing their positions, 263 reducing their positions, and 55 closing their positions.
41% more repeat investments, than reductions
Existing positions increased: 372 | Existing positions reduced: 263
2% less first-time investments, than exits
New positions opened: 54 | Existing positions closed: 55
2% less funds holding
Funds holding: 852 → 836 (-16)
7.09% less ownership
Funds ownership: 87.89% → 80.8% (-7.1%)
8% less funds holding in top 10
Funds holding in top 10: 26 → 24 (-2)
47% less capital inflows, than outflows
Capital inflows: $564M | Capital outflows: $1.05B
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Mercer Global Advisors
Denver,
Colorado
|
+$92.6M |
| 2 |
Nisa Investment Advisors
St. Louis,
Missouri
|
+$47.2M |
| 3 |
Bank of America
Charlotte,
North Carolina
|
+$32.3M |
| 4 |
Susquehanna International Group
Bala Cynwyd,
Pennsylvania
|
+$19.6M |
| 5 |
Northwestern Mutual Wealth Management
Milwaukee,
Wisconsin
|
+$17.9M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Envestnet Asset Management
Chicago,
Illinois
|
-$516M |
| 2 |
TIAA Trust, National Association
Charlotte,
North Carolina
|
-$212M |
| 3 |
Grimes & Company
Westborough,
Massachusetts
|
-$57.9M |
| 4 |
Miracle Mile Advisors
Los Angeles,
California
|
-$40.5M |
| 5 |
CAPTRUST Financial Advisors
Raleigh,
North Carolina
|
-$20.7M |
SUB Hedge Fund Activity: Q3 2025 in Review
836 of the 7,657 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 $8.25B — down 5.7% from $8.74B a quarter earlier.
Sellers outnumbered buyers: 55 funds closed out of SUB and 54 opened new positions — a net loss of 1 holder — while 263 trimmed existing stakes and 372 added.
The largest buyer was Mercer Global Advisors, adding an estimated $92.6M. The largest seller was Envestnet Asset Management, cutting an estimated $516M.
- 836 institutional investors held iShares Short-Term National Muni Bond ETF (SUB) as of Q3 2025, down from 852 in Q2 2025.
- Funds reported $8.25B 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.