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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
Mercer Global Advisors
1
Mercer Global Advisors
Colorado
$829M +$92.6M +867,508 +13%
Bank of America
2
Bank of America
North Carolina
$804M +$32.3M +302,175 +4%
Morgan Stanley
3
Morgan Stanley
New York
$693M +$13M +121,432 +2%
Bank of New York Mellon
4
Bank of New York Mellon
New York
$567M +$12M +112,381 +2%
SEI Investments
5
SEI Investments
Pennsylvania
$294M +$6.5M +60,899 +2%
Creative Planning
6
Creative Planning
Kansas
$294M +$12.5M +117,059 +4%
TIAA Trust, National Association
7
TIAA Trust, National Association
North Carolina
$153M -$212M -1,983,222 -58%
Northwestern Mutual Wealth Management
8
Northwestern Mutual Wealth Management
Wisconsin
$141M +$17.9M +167,859 +15%
Franklin Resources
9
Franklin Resources
California
$134M +$1.23M +11,548 +0.9%
Citigroup
10
Citigroup
New York
$133M -$3.69M -34,554 -3%
CAPTRUST Financial Advisors
11
CAPTRUST Financial Advisors
North Carolina
$131M -$20.7M -193,618 -14%
UBS Group
12
UBS Group
Switzerland
$119M -$1.73M -16,159 -1%
Ameriprise
13
Ameriprise
Minnesota
$109M +$3.19M +29,842 +3%
LPL Financial
14
LPL Financial
California
$99.1M -$4.49M -42,035 -4%
Mariner
15
Mariner
Kansas
$89.5M +$2.06M +19,315 +2%
Envestnet Asset Management
16
Envestnet Asset Management
Illinois
$71.5M -$516M -4,834,581 -88%
Nisa Investment Advisors
17
Nisa Investment Advisors
Missouri
$68.6M +$47.2M +442,145 +221%
SL
18
Salomon & Ludwin
Virginia
$67.8M +$3.92M +36,668 +6%
JP Morgan Chase
19
JP Morgan Chase
New York
$67.8M +$742K +6,950 +1%
Bank of Montreal
20
Bank of Montreal
Ontario, Canada
$65.1M -$385K -3,602 -0.6%
Commonwealth Equity Services
21
Commonwealth Equity Services
Massachusetts
$65.1M -$6.33M -59,283 -9%
AF
22
Allworth Financial
California
$63.1M +$678K +6,354 +1%
US Bancorp
23
US Bancorp
Minnesota
$57.5M -$596K -5,578 -1%
Royal Bank of Canada
24
Royal Bank of Canada
Ontario, Canada
$55.7M -$77.2K -723 -0.1%
Focus Partners Wealth
25
Focus Partners Wealth
Massachusetts
$55.1M -$290K -2,720 -0.5%
1
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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.