iShares Short-Term National Muni Bond ETF
865 hedge funds and large institutions have $8.72B invested in iShares Short-Term National Muni Bond ETF in 2025 Q4 according to their latest regulatory filings, with 94 funds opening new positions, 392 increasing their positions, 248 reducing their positions, and 47 closing their positions.
100% more first-time investments, than exits
New positions opened: 94 | Existing positions closed: 47
58% more repeat investments, than reductions
Existing positions increased: 392 | Existing positions reduced: 248
17% more funds holding in top 10
Funds holding in top 10: 24 → 28 (+4)
6% more capital invested
Capital invested by funds: $8.24B → $8.72B (+$476M)
4% more funds holding
Funds holding: 834 → 865 (+31)
3.43% more ownership
Funds ownership: 80.8% → 84.22% (+3.4%)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
AC
Allstate Corporation
Northbrook,
Illinois
|
+$160M |
| 2 |
Bank of America
Charlotte,
North Carolina
|
+$84.9M |
| 3 |
Mercer Global Advisors
Denver,
Colorado
|
+$77.1M |
| 4 |
Citigroup
New York
|
+$16M |
| 5 |
FNBOO
First National Bank of Omaha
Omaha,
Nebraska
|
+$13.3M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Morgan Stanley
New York
|
-$87.2M |
| 2 |
Renaissance Technologies
New York
|
-$44.4M |
| 3 |
Susquehanna International Group
Bala Cynwyd,
Pennsylvania
|
-$19.6M |
| 4 |
Bank of New York Mellon
New York
|
-$17.4M |
| 5 |
TIAA Trust, National Association
Charlotte,
North Carolina
|
-$15.1M |
SUB Hedge Fund Activity: Q4 2025 in Review
865 of the 8,266 institutional investors tracked by Wall St. Rank reported a position in iShares Short-Term National Muni Bond ETF (SUB) for Q4 2025, worth a combined $8.72B — up 5.8% from $8.24B a quarter earlier.
Buyers outnumbered sellers: 94 funds opened new SUB positions and 47 closed out — a net gain of 47 holders — while 392 added to existing stakes and 248 trimmed.
The largest buyer was Allstate Corporation, adding an estimated $160M. The largest seller was Morgan Stanley, cutting an estimated $87.2M.
- 865 institutional investors held iShares Short-Term National Muni Bond ETF (SUB) as of Q4 2025, up from 834 in Q3 2025.
- Funds reported $8.72B of iShares Short-Term National Muni Bond ETF stock for Q4 2025, up 5.8% quarter-over-quarter.
- 94 funds opened new iShares Short-Term National Muni Bond ETF positions in Q4 2025 and 47 closed out, a net change of +47 holders.
- The largest iShares Short-Term National Muni Bond ETF buyer in Q4 2025 was Allstate Corporation, an estimated $160M added.
- The largest iShares Short-Term National Muni Bond ETF seller in Q4 2025 was Morgan Stanley, an estimated $87.2M sold.
Based on aggregated 13F filings for Q4 2025.