iShares Short-Term National Muni Bond

SUB • ARCA

iShares Short-Term National Muni Bond is an exchange-traded fund on ARCA. As of Q3 2025, 817 institutional investors hold shares in this ETF, with total holdings valued at $8.2B. MERCER GLOBAL ADVISORS INC /ADV is the largest holder with a position valued at $829.3M.

Overview

Overview of institutional ownership in SUB as of Q3 2025

All Institutions

Institutions: 817
Value Held: $8.2B
Shares Held: 76.4M
Avg Position: $10.0M
Median Position: $990.2K

Hedge Funds

Hedge Funds: 9
Value Held: $89.9M
Shares Held: 842.0K
Avg Position: $10.0M
Median Position: $8.0M

Biggest Investors

Institutions with the largest positions in SUB as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
MERCER GLOBAL ADVISORS INC /ADV RIA/Wealth	Charles David Welling CEO	$829.3M 1.39% of portfolio	7.8M shares	Q1 2020 Held for 5y 8m	$59.9B
BANK OF AMERICA CORP /DE/ Institution	Brian T. Moynihan CEO	$804.0M 0.06% of portfolio	7.5M shares	≤ Q2 2013 Held for 12y 5m+	$1.33T
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$693.2M 0.04% of portfolio	6.5M shares	≤ Q2 2013 Held for 12y 5m+	$1.65T
Bank of New York Mellon Corp Institution	Robin Vince CEO	$567.0M 0.10% of portfolio	5.3M shares	≤ Q2 2013 Held for 12y 5m+	$556.34B
S SEI INVESTMENTS CO Institution	-	$294.1M 0.32% of portfolio	2.8M shares	Q4 2014 Held for 10y 11m	$93.0B
Creative Planning RIA/Wealth	Peter Alex Mallouk CEO	$294.0M 0.22% of portfolio	2.8M shares	Q2 2020 Held for 5y 5m	$130.86B
T TIAA TRUST, NATIONAL ASSOCIATION Institution	-	$152.6M 0.37% of portfolio	1.4M shares	Q3 2023 Held for 2y 2m	$41.2B
N NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Institution	-	$141.3M 0.09% of portfolio	1.3M shares	Q4 2019 Held for 5y 11m	$149.83B
FRANKLIN RESOURCES INC Institution	Gregory E. Johnson CEO	$134.1M 0.03% of portfolio	1.3M shares	Q2 2020 Held for 5y 5m	$395.36B
CITIGROUP INC Institution	Jane Fraser CEO	$132.7M 0.09% of portfolio	1.2M shares	Q3 2016 Held for 9y 2m	$144.32B

Net Capital Flow

Institutional buying and selling activity for SUB in Q3 2025

Traded: −$425.2M
Buyers: 423
Sellers: 306
Total Bought: +$547.1M
Total Sold: −$972.3M
Avg Position: $9.3M

Biggest Buyers

Institution	Net Bought	Current Position
MERCER GLOBAL ADVISORS INC /ADV RIA/Wealth	+$92.6M +867.5K shares	$829.3M 7.8M shares
NISA INVESTMENT ADVISORS L L C Long Only Manager	+$47.2M +442.1K shares	$68.6M 642.7K shares
BANK OF AMERICA CORP /DE/ Institution	+$32.3M +302.2K shares	$804.0M 7.5M shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	+$19.6M +183.6K shares	$19.6M 183.6K shares
N NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Institution	+$17.9M +167.9K shares	$141.3M 1.3M shares
GOLDMAN SACHS GROUP INC Institution	+$17.3M +162.1K shares	$45.8M 428.7K shares
B BANK OF HAWAII Institution	+$16.1M +151.0K shares	$17.3M 162.4K shares
BIP Wealth, LLC RIA/Wealth	+$14.1M +132.1K shares	$18.3M 171.1K shares
MORGAN STANLEY RIA/Wealth	+$13.0M +121.4K shares	$693.2M 6.5M shares
Creative Planning RIA/Wealth	+$12.5M +117.1K shares	$294.0M 2.8M shares

Biggest Sellers

Institution	Net Sold	Current Position
ENVESTNET ASSET MANAGEMENT INC Long Only Manager	−$516.2M −4.8M shares	$71.5M 669.4K shares
T TIAA TRUST, NATIONAL ASSOCIATION Institution	−$211.8M −2.0M shares	$152.6M 1.4M shares
Miracle Mile Advisors, LLC RIA/Wealth	−$40.5M −379.5K shares	$20.3M 190.2K shares
CAPTRUST FINANCIAL ADVISORS RIA/Wealth	−$20.7M −193.6K shares	$130.8M 1.2M shares
RAYMOND JAMES FINANCIAL INC RIA/Wealth	−$16.5M −154.4K shares	$54.9M 513.8K shares
Waterway Wealth Management, LLC RIA/Wealth	−$13.0M −121.9K shares	$11.5M 108.1K shares
A Atlantic Trust Group, LLC Institution	−$12.0M −112.2K shares	$23.6M 221.0K shares
Heartwood Wealth Advisors LLC RIA/Wealth	−$8.5M −79.4K shares	$2.0M 18.5K shares
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	−$8.3M −78.0K shares	$44.4M 415.8K shares
BAILARD, INC. RIA/Wealth	−$6.8M −63.5K shares	$13.1M 122.3K shares

Entry and Exit Activity

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

New Positions: 23
New Value: $18.4M
Exited Positions: 57
Exited Value: $25.9M

New Positions

Institution	Position Value
Investment Research Partners LLC Hedge Fund•Multi-Strategy	$8.9M 83.7K shares
P Pineridge Advisors LLC Institution	$2.5M 23.0K shares
SMITHBRIDGE ASSET MANAGEMENT INC/DE RIA/Wealth	$1.5M 14.1K shares
V Vise Technologies, Inc. Institution	$529.0K 5.0K shares
Uniting Wealth Partners, LLC RIA/Wealth	$500.3K 4.7K shares
Biltmore Family Office, LLC Family Office	$499.7K 4.7K shares
ENDEAVOR PRIVATE WEALTH, INC. RIA/Wealth	$465.5K 4.4K shares
B BTIM Corp. Institution	$457.1K 4.3K shares
ALLIANCEBERNSTEIN L.P. Long Only Manager	$439.9K 4.1K shares
F Full Sail Capital, LLC Institution	$438.9K 4.1K shares

Exited Positions

Institution	Previous Position
O OLD MISSION CAPITAL LLC Institution	$3.4M 32.3K shares
Horiko Capital Management LLC Hedge Fund•Long/Short	$3.4M 32.0K shares
Toroso Investments, LLC ETF Provider	$3.3M 31.6K shares
Skyline Advisors, Inc. RIA/Wealth	$1.9M 17.5K shares
W WEBSTER BANK, N. A. Institution	$1.3M 11.8K shares
B BNP PARIBAS ARBITRAGE, SA Institution	$930.3K 8.7K shares
L2 Asset Management, LLC Hedge Fund•Long/Short	$905.7K 8.5K shares
Fedenia Advisers LLC RIA/Wealth	$682.3K 6.4K shares
T Tyche Wealth Partners LLC Institution	$646.2K 6.1K shares
Forefront Analytics, LLC RIA/Wealth	$523.8K 4.9K shares

Options Activity

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

Call Positions: 0
Call Value: -
Put Positions: 0
Put Value: -

Call Positions

Institution	Position Value
No call positions found

Put Positions

Institution	Position Value
No put positions found

Most Committed Institutions

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

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
Heritage Investment Group, Inc. RIA/Wealth	Jr. Frederick Maclean President	8.43% $52.7M	493.2K shares	Q2 2022 Held for 3y 5m	$624.5M
S Salomon & Ludwin, LLC Institution	-	6.13% $67.8M	635.9K shares	Q4 2022 Held for 2y 11m	$1.1B
SENTINEL WEALTH MANAGEMENT, INC. RIA/Wealth	James Mark Joseph President	4.28% $4.9M	46.2K shares	Q2 2025 Held for 5 months	$115.1M
L Life Planning Partners, Inc RIA/Wealth	Carolyn Sue Mcclanahan President	4.23% $5.7M	53.1K shares	Q4 2023 Held for 1y 11m	$134.3M
BROWN WEALTH MANAGEMENT, LLC RIA/Wealth	Timothy Balfour Brown Member	4.06% $14.4M	135.0K shares	Q2 2023 Held for 2y 5m	$355.1M
A AUA CAPITAL MANAGEMENT, LLC Institution	-	4.04% $7.2M	67.4K shares	Q4 2020 Held for 4y 11m	$178.2M
Investment Research Partners LLC Hedge Fund•Multi-Strategy	Martin Anthony Wildy Founder	4.01% $8.9M	83.7K shares	Q3 2025 Held for 2 months	$222.3M
Willow Creek Wealth Management Inc. RIA/Wealth	Steven Michael Schmitt Managing Partner	3.73% $45.1M	421.9K shares	Q4 2022 Held for 2y 11m	$1.2B
D DURANTE & WATERS, LLC Institution	-	3.66% $5.0M	46.6K shares	Q4 2023 Held for 1y 11m	$136.0M
K2 Financial Inc. RIA/Wealth	Kevin Takumi Kurimoto President	3.12% $3.9M	36.4K shares	Q4 2024 Held for 11 months	$124.5M

Hedge Fund Spotlight

Discover hedge funds investing in SUB

ELEQUIN CAPITAL LP

Hedge Fund • Multi-Strategy

Portfolio ManagerPeter German Gutierrez

Portfolio Value: $864.9M
Positions: 104
Last Reported: Q3 2025

Sector Allocation

Position in iShares Short-Term National Muni Bond

Market Value: $4.4M
Shares Held: 40.8K
Portfolio Weight: 0.50%
Owned Since: 2024-Q2

Top Holding	Sector	Market Value	Weight
1 Tesla, Inc. TSLA	Auto - Manufacturers Consumer Cyclical	$204.2M	23.62%
2 Microsoft MSFT	Software - Infrastructure Technology	$77.7M	8.98%
3 Taiwan Semiconductor Manufacturing Company TSM	Semiconductors Technology	$56.6M	6.54%