iShares National Muni Bond

MUB • ARCA

iShares National Muni Bond is an exchange-traded fund on ARCA. As of Q3 2025, 1,504 institutional investors hold shares in this ETF, with total holdings valued at $34.2B. BANK OF AMERICA CORP /DE/ is the largest holder with a position valued at $3.6B.

Overview

Overview of institutional ownership in MUB as of Q3 2025

All Institutions

Institutions: 1,504
Value Held: $34.2B
Shares Held: 320.8M
Avg Position: $22.7M
Median Position: $1.3M

Hedge Funds

Hedge Funds: 21
Value Held: $167.0M
Shares Held: 1.6M
Avg Position: $8.0M
Median Position: $2.4M

Biggest Investors

Institutions with the largest positions in MUB as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
BANK OF AMERICA CORP /DE/ Institution	Brian T. Moynihan CEO	$3.6B 0.27% of portfolio	33.6M shares	≤ Q2 2013 Held for 12y 5m+	$1.33T
FMR LLC Institution	-	$2.4B 0.12% of portfolio	22.2M shares	≤ Q2 2013 Held for 12y 5m+	$1.92T
Betterment LLC RIA/Wealth	Sarah Kirshbaum Levy CEO	$1.8B 3.91% of portfolio	17.3M shares	Q4 2014 Held for 10y 11m	$47.3B
ENVESTNET ASSET MANAGEMENT INC Long Only Manager	Christopher Russell Todd CEO	$1.5B 0.44% of portfolio	14.3M shares	≤ Q2 2013 Held for 12y 5m+	$341.99B
Creative Planning RIA/Wealth	Peter Alex Mallouk CEO	$1.4B 1.07% of portfolio	13.2M shares	≤ Q2 2013 Held for 12y 5m+	$130.86B
L LPL Financial LLC Institution	-	$1.1B 0.33% of portfolio	10.5M shares	≤ Q2 2013 Held for 12y 5m+	$340.07B
WELLS FARGO & COMPANY/MN Institution	Charles W. Scharf CEO	$1.1B 0.22% of portfolio	10.0M shares	≤ Q2 2013 Held for 12y 5m+	$488.61B
F Fisher Asset Management, LLC Institution	-	$1.0B 0.37% of portfolio	9.7M shares	Q3 2015 Held for 10y 2m	$276.29B
N NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Institution	-	$862.8M 0.58% of portfolio	8.1M shares	≤ Q2 2013 Held for 12y 5m+	$149.83B
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$861.6M 0.05% of portfolio	8.1M shares	≤ Q2 2013 Held for 12y 5m+	$1.65T

Net Capital Flow

Institutional buying and selling activity for MUB in Q3 2025

Net Flow: −$1.0B
Buyers: 675
Sellers: 651
Total Bought: +$2.1B
Total Sold: −$3.1B
Avg Position: $22.4M

Biggest Buyers

Institution	Net Bought	Current Position
FMR LLC Institution	+$418.6M +3.9M shares	$2.4B 22.2M shares
BANK OF AMERICA CORP /DE/ Institution	+$215.8M +2.0M shares	$3.6B 33.6M shares
MERCER GLOBAL ADVISORS INC /ADV RIA/Wealth	+$134.3M +1.3M shares	$799.9M 7.5M shares
Cetera Investment Advisers RIA/Wealth	+$105.4M +989.8K shares	$278.0M 2.6M shares
Creative Planning RIA/Wealth	+$90.6M +851.2K shares	$1.4B 13.2M shares
F Fisher Asset Management, LLC Institution	+$86.3M +810.8K shares	$1.0B 9.7M shares
N NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Institution	+$75.7M +710.7K shares	$862.8M 8.1M shares
AMERIPRISE FINANCIAL INC Institution	+$45.5M +427.3K shares	$207.6M 2.0M shares
J JANE STREET GROUP, LLC Institution	+$38.5M +361.2K shares	$95.7M 898.4K shares
PRUDENTIAL FINANCIAL INC Institution	+$31.2M +293.3K shares	$45.2M 424.4K shares

Biggest Sellers

Institution	Net Sold	Current Position
ENVESTNET ASSET MANAGEMENT INC Long Only Manager	−$647.4M −6.1M shares	$1.5B 14.3M shares
Envestnet Portfolio Solutions, Inc. Long Only Manager	−$342.8M −3.2M shares	$176.6M 1.7M shares
F FIRST CITIZENS BANK & TRUST CO Institution	−$268.9M −2.5M shares	$28.5M 267.3K shares
$US BANCORP \DE\ logo$ US BANCORP \DE\ Institution	−$217.9M −2.0M shares	$563.9M 5.3M shares
ALLSTATE CORP Institution	−$207.0M −1.9M shares	$117.5M 1.1M shares
L LMR Partners LLP Institution	−$157.0M −1.5M shares	$31.9M 300.0K shares
R ROYAL BANK OF CANADA Institution	−$149.8M −1.4M shares	$119.0M 1.1M shares
Betterment LLC RIA/Wealth	−$132.1M −1.2M shares	$1.8B 17.3M shares
MORGAN STANLEY RIA/Wealth	−$43.0M −403.4K shares	$861.6M 8.1M shares
Bank of New York Mellon Corp Institution	−$39.0M −365.8K shares	$734.5M 6.9M shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited MUB in Q3 2025

New Positions: 43
New Value: $449.5M
Exited Positions: 93
Exited Value: $164.2M

New Positions

Institution	Position Value
WELLINGTON MANAGEMENT CO LLP Long Only Manager	$387.2M 3.6M shares
P Police & Firemen's Retirement System of New Jersey Institution	$22.6M 211.8K shares
FIRST CITIZENS INVESTOR SERVICES, INC. RIA/Wealth	$9.3M 87.8K shares
R READYSTATE ASSET MANAGEMENT LP Hedge Fund•Multi-Strategy	$6.0M 56.2K shares
FIRST COMMONWEALTH FINANCIAL CORP /PA/ Institution	$4.3M 40.1K shares
SEVEN MILE ADVISORY RIA/Wealth	$3.3M 31.4K shares
V von Borstel & Associates, Inc. RIA/Wealth	$3.1M 29.0K shares
Investment Research Partners LLC Hedge Fund•Multi-Strategy	$3.0M 27.6K shares
Mach-1 Financial Group, Inc. RIA/Wealth	$1.6M 14.8K shares
Integrity Advisory Solutions, LLC RIA/Wealth	$1.6M 14.8K shares

Exited Positions

Institution	Previous Position
Polar Securities Inc. Hedge Fund•Multi-Strategy	$26.1M 250.0K shares
Verition Fund Management LLC Hedge Fund•Multi-Strategy	$18.1M 173.0K shares
Lebenthal Global Advisors, LLC RIA/Wealth	$17.3M 166.0K shares
SRS Capital Advisors, Inc. RIA/Wealth	$17.0M 144.0K shares
Parkside Investments, LLC RIA/Wealth	$12.1M 115.7K shares
G GROUP ONE TRADING, L.P. Institution	$9.0M 86.2K shares
A ADE, LLC Institution	$7.0M 66.9K shares
IMC-Chicago, LLC RIA/Wealth	$6.1M 58.4K shares
S SIMPLEX TRADING, LLC Institution	$5.9M 56.4K shares
C COUNTRY TRUST BANK Institution	$4.5M 43.2K shares

Options Activity

Institutions with the largest Call and Put options positions in MUB as of Q3 2025

Call Positions: 11
Call Value: $525.8M
Put Positions: 9
Put Value: $346.5M

Call Positions

Institution	Position Value
J JANE STREET GROUP, LLC Institution	$129.9M 12.2K contracts
Centiva Capital, LP Hedge Fund•Multi-Strategy	$128.7M 12.1K contracts
GOLDMAN SACHS GROUP INC Institution	$90.5M 8.5K contracts
BARCLAYS PLC Institution	$90.5M 8.5K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$43.7M 4.1K contracts
W WOLVERINE TRADING, LLC Institution	$24.6M 2.3K contracts
ROBINSON CAPITAL MANAGEMENT, LLC Long Only Manager	$11.7M 1.1K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$6.3M 589.0 contracts
WELLS FARGO & COMPANY/MN Institution	- - contracts
P Parallax Volatility Advisers, LLC Hedge Fund•Vol Arbitrage	- - contracts

Put Positions

Institution	Position Value
BARCLAYS PLC Institution	$143.8M 13.5K contracts
GOLDMAN SACHS GROUP INC Institution	$69.2M 6.5K contracts
L LMR Partners LLP Institution	$53.2M 5.0K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$29.4M 2.8K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$25.9M 2.4K contracts
J JANE STREET GROUP, LLC Institution	$13.0M 1.2K contracts
W WOLVERINE TRADING, LLC Institution	$12.0M 1.1K contracts
BANK OF AMERICA CORP /DE/ Institution	- - contracts
P Parallax Volatility Advisers, LLC Hedge Fund•Vol Arbitrage	- - contracts

Most Committed Institutions

Institutions with MUB as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
STAGE HARBOR FINANCIAL, LLC RIA/Wealth	Irfan Bhabhrawala Owner	12.12% $16.2M	152.0K shares	Q4 2023 Held for 1y 11m	$133.6M
VERUS WEALTH MANAGEMENT, LLC RIA/Wealth	Mark David Albers Founder	11.48% $12.3M	115.5K shares	Q4 2024 Held for 11 months	$107.1M
Bear Mountain Capital, Inc. Fund of Funds	Joey Leslie Day CEO	8.98% $26.8M	249.3K shares	Q4 2023 Held for 1y 11m	$298.6M
P PRAIRIEVIEW WEALTH PARTNERS, LLC Fund of Funds	Timothy Allen Regan CEO	8.56% $9.1M	85.6K shares	Q2 2025 Held for 5 months	$106.4M
A Archetype Wealth Partners, LLC RIA/Wealth	William Joseph Lahr President	7.29% $51.9M	487.7K shares	Q3 2022 Held for 3y 2m	$712.3M
ESG Planning RIA/Wealth	James Robert Rukstalis President	6.65% $14.0M	131.1K shares	Q1 2022 Held for 3y 8m	$210.0M
Orgel Wealth Management, LLC RIA/Wealth	Mark Alan Orgel Chairman	6.58% $273.6M	2.6M shares	Q4 2017 Held for 7y 11m	$4.2B
A Ackerman Capital Advisors, LLC RIA/Wealth	David Brouwer Ackerman Member	6.39% $30.5M	286.7K shares	Q4 2022 Held for 2y 11m	$477.7M
Cardinal Strategic Wealth Guidance RIA/Wealth	Adrianne Sanders Yamaki Managing Partner	6.04% $22.2M	208.9K shares	Q1 2020 Held for 5y 8m	$368.1M
B BCO Wealth Management LLC RIA/Wealth	John Milo Overstreet Managing Partner	6.01% $9.1M	85.2K shares	Q4 2024 Held for 11 months	$151.1M

Hedge Fund Spotlight

Discover hedge funds investing in MUB

CAPSTONE INVESTMENT ADVISORS, LLC

Hedge Fund • Multi-Strategy

Portfolio ManagerPaul Matthew Britton

Portfolio Value: $9.4B
Positions: 1,012
Last Reported: Q3 2025

Sector Allocation

Position in iShares National Muni Bond

Market Value: $11.5M
Shares Held: 107.6K
Portfolio Weight: 0.12%
Owned Since: 2025-Q3

Top Holding	Sector	Market Value	Weight
1 Nvidia NVDA	Semiconductors Technology	$1.3B	13.35%
2 Microsoft MSFT	Software - Infrastructure Technology	$1.1B	11.84%
3 Amazon AMZN	Specialty Retail Consumer Cyclical	$1.0B	11.12%