Vault-13

ISHARES TR CMF

CALIF MUN BD ETF · ETP · CUSIP 464288356

319 institutional holders +9 vs Q1 2025
48,926,80248.9m shares reported held*
$2.7bnreported value*
31 new 116 added 114 reduced 25 sold out net sold ≈ $211.4m (-3.8m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($218.6k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $55.73.

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

0200400Q3 22: 194Q4 22: 209Q1 23: 206Q2 23: 206Q3 23: 220Q4 23: 249Q1 24: 256Q2 24: 252Q3 24: 274Q4 24: 304Q1 25: 310Q2 25: 319319Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 2022194
Q4 2022209
Q1 2023206
Q2 2023206
Q3 2023220
Q4 2023249
Q1 2024256
Q2 2024252
Q3 2024274
Q4 2024304
Q1 2025310
Q2 2025319

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
2000200Q3 23: 117 bought or addedQ3 23: 71 cut or sold outQ4 23: 119 bought or addedQ4 23: 98 cut or sold outQ4 23Q1 24: 144 bought or addedQ1 24: 82 cut or sold outQ2 24: 128 bought or addedQ2 24: 88 cut or sold outQ2 24Q3 24: 153 bought or addedQ3 24: 75 cut or sold outQ4 24: 175 bought or addedQ4 24: 79 cut or sold outQ4 24Q1 25: 142 bought or addedQ1 25: 129 cut or sold outQ2 25: 147 bought or addedQ2 25: 139 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 202311771
Q4 202311998
Q1 202414482
Q2 202412888
Q3 202415375
Q4 202417579
Q1 2025142129
Q2 2025147139

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$100k$200k$300kQ3 24 calls: $290.6kQ3 24 puts: $261.8kQ3 24P/C 0.90Q4 24 calls: $0Q4 24 puts: $0Q4 24P/C —Q1 25 calls: $0Q1 25 puts: $0Q1 25P/C —Q2 25 calls: $0Q2 25 puts: $0Q2 25P/C —
Numbers
QuarterCallsPutsP/C
Q3 2024$290.6k$261.8k0.90
Q4 2024$0$0—
Q1 2025$0$0—
Q2 2025$0$0—

Biggest buyers

JANE STREET GROUP, LLC Added +760,870+760.9k
ROYAL BANK OF CANADA Added +374,391+374.4k
Facet Wealth, Inc. Added +247,805+247.8k
BAILARD, INC. Added +192,697+192.7k
TIAA TRUST, NATIONAL ASSOCIATION Added +175,539+175.5k
Atlas Legacy Advisors, LLC Added +166,711+166.7k
GTS SECURITIES LLC New +160,618+160.6k
Rinkey Investments Added +156,087+156.1k
CAPTRUST FINANCIAL ADVISORS Added +137,264+137.3k
RENAISSANCE TECHNOLOGIES LLC Added +132,200+132.2k

Biggest sellers

CHARLES SCHWAB INVESTMENT MANAGEMENT INC Reduced -2,543,050-2.5m
FMR LLC Reduced -2,429,846-2.4m
Raub Brock Capital Management LP Sold out -412,617-412.6k
Wealthfront Advisers LLC Reduced -303,682-303.7k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced -228,127-228.1k
UBS Group AG Reduced -143,789-143.8k
SYON CAPITAL LLC Reduced -140,364-140.4k
Brio Consultants, LLC Reduced -139,692-139.7k
BANK OF AMERICA CORP /DE/ Reduced -121,116-121.1k
BANK OF MONTREAL /CAN/ Reduced -99,701-99.7k

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Wealthfront Advisers LLC 1.24% of their portfolio Palo Alto, CA 8,648,1978.6m $482.1m $482.1m 1.24% Reduced -303.7k -303,682
2 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.07% of their portfolio SAN FRANCISCO, CA 7,717,4587.7m $430.2m $430.2m 0.07% Reduced -2.5m -2,543,050
3 FMR LLC 0.01% of their portfolio BOSTON, MA 2,396,7252.4m $133.6m $133.6m 0.01% Reduced -2.4m -2,429,846
4 JANE STREET GROUP, LLC 0.16% of their portfolio NEW YORK, NY 1,792,6391.8m $99.9m $99.9m 0.16% Added +760.9k +760,870
5 MORGAN STANLEY 0.01% of their portfolio NEW YORK, NY 1,776,8761.8m $99.0m $99.0m 0.01% Reduced -47.3k -47,302
6 BAILARD, INC. 1.75% of their portfolio Foster City, CA 1,344,8311.3m $75.0m $75.0m 1.75% Added +192.7k +192,697
7 Facet Wealth, Inc. 1.61% of their portfolio WEST PALM BEACH, FL 1,278,7131.3m $70.9m $70.9m 1.61% Added +247.8k +247,805
8 SYON CAPITAL LLC 4.45% of their portfolio SAN FRANCISCO, CA 1,205,9091.2m $67.2m $67.2m 4.45% Reduced -140.4k -140,364
9 EP Wealth Advisors, LLC 0.44% of their portfolio TORRANCE, CA 1,195,0111.2m $66.6m $66.6m 0.44% Reduced -79.5k -79,480
10 BANK OF AMERICA CORP /DE/ 0.01% of their portfolio CHARLOTTE, NC 1,172,1061.2m $65.3m $65.3m 0.01% Reduced -121.1k -121,116
11 LPL Financial LLC 0.02% of their portfolio FORT MILL, SC 843,495843.5k $47.0m $47.0m 0.02% Added +42.7k +42,734
12 Mariner, LLC 0.07% of their portfolio Overland Park, KS 826,709826.7k $46.1m $46.1m 0.07% Reduced -22.7k -22,685
13 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 809,560809.6k $45.1m $45.1m 0.00% Added +374.4k +374,391
14 TIAA TRUST, NATIONAL ASSOCIATION 0.11% of their portfolio CHARLOTTE, NC 732,028732.0k $40.8m $40.8m 0.11% Added +175.5k +175,539
15 UBS Group AG 0.01% of their portfolio ZURICH, V8 577,630577.6k $32.2m $32.2m 0.01% Reduced -143.8k -143,789
16 FIRST FOUNDATION ADVISORS 1.08% of their portfolio Irvine, CA 521,518521.5k $29.1m $29.1m 1.08% Reduced -5.9k -5,944
17 ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio Berwyn, PA 519,514519.5k $29.0m $29.0m 0.01% Added +50.3k +50,276
18 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 519,217519.2k $28.9m $28.9m 0.00% Added +26.7k +26,680
19 WELLS FARGO & COMPANY/MN 0.01% of their portfolio SAN FRANCISCO, CA 469,502469.5k $26.2m $26.2m 0.01% Added +17.5k +17,545
20 ASSETMARK, INC 0.05% of their portfolio CONCORD, CA 387,350387.4k $21.6m $21.6m 0.05% Added +28.4k +28,374
21 Opes Wealth Management LLC 3.83% of their portfolio MENLO PARK, CA 387,164387.2k $21.6m $21.6m 3.83% Added +23.8k +23,802
22 MERCER GLOBAL ADVISORS INC /ADV 0.05% of their portfolio DENVER, CO 382,533382.5k $21.3m $21.3m 0.05% Added +73.4k +73,371
23 RWA WEALTH PARTNERS, LLC 0.24% of their portfolio BOSTON, MA 344,078344.1k $19.2m $19.2m 0.24% Reduced -6.6k -6,609
24 CAPTRUST FINANCIAL ADVISORS 0.04% of their portfolio RALEIGH, NC 342,904342.9k $19.1m $19.1m 0.04% Added +137.3k +137,264
25 Orin Green Financial, LLC 8.07% of their portfolio SAN DIEGO, CA 342,121342.1k $19.1m $19.1m 8.07% Reduced -23.9k -23,889
26 Manhattan West Asset Management, LLC 4.36% of their portfolio Los Angeles, CA 337,861337.9k $18.8m $18.8m 4.36% Added +1.4k +1,430
27 SEI INVESTMENTS CO 0.02% of their portfolio OAKS, PA 274,376274.4k $15.3m $15.3m 0.02% Added +29.5k +29,539
28 Slow Capital, Inc. 1.82% of their portfolio GREENBRAE, CA 265,937265.9k $14.8m $14.8m 1.82% Reduced -63.0k -62,962
29 Affinity Capital Advisors, LLC 2.36% of their portfolio BERKELEY, CA 246,258246.3k $13.7m $13.7m 2.36% Added +97.9k +97,933
30 Rinkey Investments 4.09% of their portfolio San Diego, CA 244,258244.3k $13.6m $13.6m 4.09% Added +156.1k +156,087
31 West Wealth Group, LLC 3.32% of their portfolio Irvine, CA 240,111240.1k $13.4m $13.4m 3.32% Added +34.0k +33,975
32 Envestnet Portfolio Solutions, Inc. 0.05% of their portfolio BERWYN, PA 239,443239.4k $13.3m $13.3m 0.05% Added +34.7k +34,700
33 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 235,015235.0k $13.1m $13.1m 0.00% Added +47.8k +47,847
34 BlackRock, Inc. 0.00% of their portfolio New York, NY 228,353228.4k $12.7m $12.7m 0.00% Reduced -26.0k -25,957
35 MYECFO, LLC 6.32% of their portfolio La Jolla, CA 227,283227.3k $12.9m $12.9m 6.32% Reduced -1.6k -1,550
36 Cerity Partners LLC 0.02% of their portfolio NEW YORK, NY 226,840226.8k $12.6m $12.6m 0.02% Reduced -9.3k -9,340
37 Cetera Investment Advisers 0.02% of their portfolio SCHAUMBURG, IL 219,757219.8k $12.2m $12.2m 0.02% Reduced -13.2k -13,204
38 ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio NASHVILLE, TN 219,598219.6k $12.2m $12.2m 0.00% Added +23.1k +23,100
39 Atlas Legacy Advisors, LLC 2.50% of their portfolio LOS ANGELES, CA 203,783203.8k $11.4m $11.4m 2.50% Added +166.7k +166,711
40 Betterment LLC 0.02% of their portfolio NEW YORK, NY 200,986201.0k $11.2m $11.2m 0.02% Added +5.9k +5,920
41 Creative Planning 0.01% of their portfolio OVERLAND PARK, KS 200,340200.3k $11.2m $11.2m 0.01% Reduced -42.4k -42,373
42 Brio Consultants, LLC 1.62% of their portfolio SAN FRANCISCO, CA 199,252199.3k $11.1m $11.1m 1.62% Reduced -139.7k -139,692
43 Pure Financial Advisors, LLC 0.19% of their portfolio SAN DIEGO, CA 192,104192.1k $10.7m $10.7m 0.19% Reduced -5.1k -5,091
44 Navalign, LLC 2.69% of their portfolio ENCINO, CA 174,885174.9k $9.7m $9.7m 2.69% Reduced -22.7k -22,728
45 Financial Connections Group, Inc. 3.83% of their portfolio CORTE MADERA, CA 166,442166.4k $9.3m $9.3m 3.83% Reduced -25.3k -25,266
46 Focus Partners Wealth 0.02% of their portfolio ST LOUIS, MO 163,725163.7k $9.1m $9.1m 0.02% Added +9.5k +9,538
47 OSAIC HOLDINGS, INC. 0.02% of their portfolio SCOTTSDALE, AZ 161,632161.6k $9.0m $9.0m 0.02% Reduced -41.9k -41,948
48 GTS SECURITIES LLC 0.40% of their portfolio NEW YORK, NY 160,618160.6k $9.0m $9.0m 0.40% New
49 RENAISSANCE TECHNOLOGIES LLC 0.01% of their portfolio NEW YORK, NY 151,300151.3k $8.4m $8.4m 0.01% Added +132.2k +132,200
50 COMMONWEALTH EQUITY SERVICES, LLC 0.01% of their portfolio WALTHAM, MA 151,129151.1k $8.4m $8.4m 0.01% Reduced -8.6k -8,624
51 Certus Wealth Management, LLC 5.10% of their portfolio SAN CARLOS, CA 142,019142.0k $7.9m $7.9m 5.10% Reduced -1 -1
52 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 130,977131.0k $7.3m $7.3m 0.00% Reduced -49.5k -49,544
53 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 124,879124.9k $7.0m $7.0m 0.00% Reduced -99.7k -99,701
54 CWM, LLC 0.02% of their portfolio OMAHA, NE 123,259123.3k $6.9m $6.9m 0.02% Added +17.1k +17,070
55 GUGGENHEIM CAPITAL LLC 0.05% of their portfolio CHICAGO, IL 121,282121.3k $6.8m $6.8m 0.05% Added +48.0k +48,038
56 KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC 0.02% of their portfolio LOS ANGELES, CA 121,015121.0k $6.8m $6.8m 0.02% Reduced -655 -655
57 Garde Capital, Inc. 0.36% of their portfolio SEATTLE, WA 119,008119.0k $6.6m $6.6m 0.36% Reduced -3.3k -3,331
58 NewEdge Advisors, LLC 0.03% of their portfolio NEW ORLEANS, LA 116,458116.5k $6.5m $6.5m 0.03% Reduced -8.3k -8,306
59 Composition Wealth, LLC 0.11% of their portfolio LOS ANGELES, CA 116,441116.4k $6.5m $6.5m 0.11% Reduced -3.4k -3,394
60 OneDigital Investment Advisors LLC 0.07% of their portfolio OVERLAND PARK, KS 111,548111.5k $6.2m $6.2m 0.07% Reduced -54.5k -54,511
61 Beacon Pointe Advisors, LLC 0.06% of their portfolio NEWPORT BEACH, CA 111,153111.2k $6.2m $6.2m 0.06% Added +5.9k +5,856
62 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 100,882100.9k $5.6m $5.6m 0.00% Added +94.7k +94,664
63 Strive Asset Management, LLC 3.37% of their portfolio DALLAS, TX 100,564100.6k $5.6m $5.6m 3.37% Unchanged
64 NDWM LLC 3.94% of their portfolio LA JOLLA, CA 96,46496.5k $5.4m $5.4m 3.94% Added +52.9k +52,893
65 FIRST AMERICAN TRUST, FSB 0.43% of their portfolio SANTA ANA, CA 95,60195.6k $5.3m $5.3m 0.43% Added +7.0k +7,009
66 Client First Capital LLC 2.42% of their portfolio SAN DIEGO, CA 92,57892.6k $5.2m $5.2m 2.42% Unchanged
67 Sand Hill Global Advisors, LLC 0.18% of their portfolio Palo Alto, CA 89,31589.3k $5.0m $5.0m 0.18% New
68 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 87,91987.9k $4.9m $4.9m 0.00% Reduced -32.0k -31,978
69 EHRLICH FINANCIAL GROUP 3.13% of their portfolio LAGUNA NIGUEL, CA 86,68086.7k $4.8m $4.8m 3.13% Reduced -1.3k -1,283
70 CLIFTONLARSONALLEN WEALTH ADVISORS, LLC 0.08% of their portfolio MINNEAPOLIS, MN 85,54485.5k $4.8m $4.8m 0.08% Added +17.5k +17,467
71 MML INVESTORS SERVICES, LLC 0.01% of their portfolio SPRINGFIELD, MA 84,95585.0k $4.7m $4.7m 0.01% Added +20.1k +20,098
72 AVANTAX ADVISORY SERVICES, INC. 0.02% of their portfolio DALLAS, TX 80,43880.4k $4.5m $4.5m 0.02% Added +20.4k +20,383
73 MISSION WEALTH MANAGEMENT, LP 0.10% of their portfolio Santa Barbara, CA 80,39380.4k $4.5m $4.5m 0.10% Reduced -18.7k -18,716
74 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 80,35080.3k $4.5m $4.5m 0.00% Reduced -35.8k -35,770
75 SILVER OAK WEALTH ADVISORS SERVICES, LLC 3.19% of their portfolio LOS ANGELES, CA 79,54579.5k $4.4m $4.4m 3.19% Added +55.4k +55,410
76 Traveka Wealth, LLC 2.23% of their portfolio LOS ALTOS, CA 75,36675.4k $4.2m $4.2m 2.23% Reduced -2.7k -2,749
77 CHOREO, LLC 0.06% of their portfolio ROCKFORD, IL 75,16575.2k $4.2m $4.2m 0.06% Reduced -24.5k -24,470
78 Omega Financial Group, LLC 1.51% of their portfolio Santa Barbara, CA 74,94974.9k $4.2m $4.2m 1.51% Added +1 +1
79 Prime Capital Investment Advisors, LLC 0.05% of their portfolio OVERLAND PARK, KS 73,41773.4k $4.1m $4.1m 0.05% Reduced -10.6k -10,581
80 BANK OF STOCKTON 1.21% of their portfolio STOCKTON, CA 72,85172.9k $4.1m $4.1m 1.21% Reduced -3.9k -3,924
81 Freestone Capital Holdings, LLC 0.14% of their portfolio Seattle, WA 71,48271.5k $4.0m $4.0m 0.14% Added +2.6k +2,604
82 Valmark Advisers, Inc. 0.05% of their portfolio AKRON, OH 70,65970.7k $3.9m $3.9m 0.05% Added +81 +81
83 Rockefeller Capital Management L.P. 0.00% of their portfolio NEW YORK, NY 67,97668.0k $3.8m $3.8m 0.00% Added +36.8k +36,768
84 Compound Planning, Inc. 0.14% of their portfolio NEW YORK, NY 67,18867.2k $3.7m $3.7m 0.14% Added +11.5k +11,460
85 US BANCORP \DE\ 0.00% of their portfolio MINNEAPOLIS, MN 66,80766.8k $3.7m $3.7m 0.00% Added +7.2k +7,184
86 Elmwood Wealth Management, Inc. 1.46% of their portfolio BERKELEY, CA 66,17566.2k $3.7m $3.7m 1.46% Added +1.0k +1,010
87 Summit Trail Advisors, LLC 0.06% of their portfolio NEW YORK, NY 65,71865.7k $3.7m $3.7m 0.06% New
88 RiverFront Investment Group, LLC 0.07% of their portfolio RICHMOND, VA 64,73864.7k $3.6m $3.6m 0.07% Added +21.6k +21,556
89 Stonehage Fleming Financial Services Holdings Ltd 0.10% of their portfolio ST. HELIER, Y9 64,52164.5k $3.6m $3.6m 0.10% Unchanged
90 Westfuller Advisors, LLC 2.05% of their portfolio New York, NY 64,46364.5k $3.6m $3.6m 2.05% Added +10 +10
91 JONES FINANCIAL COMPANIES LLLP 0.00% of their portfolio DES PERES, MO 64,08264.1k $3.6m $3.6m 0.00% Added +32.6k +32,585
92 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 62,83562.8k $3.5m $3.5m 0.00% Added +8.3k +8,342
93 Columbia Bank 1.03% of their portfolio Lake Oswego, OR 61,05161.1k $3.4m $3.4m 1.03% Added +24.6k +24,600
94 LODESTAR PRIVATE ASSET MANAGEMENT LLC 0.39% of their portfolio ALAMO, CA 60,57960.6k $3.4m $3.4m 0.39% Reduced -3.9k -3,882
95 SteelPeak Wealth, LLC 0.13% of their portfolio WOODLAND HILLS, CA 59,86559.9k $3.3m $3.3m 0.13% Added +4.4k +4,410
96 Warren Street Wealth Advisors, LLC 1.05% of their portfolio IRVINE, CA 56,59356.6k $3.2m $3.2m 1.05% Added +455 +455
97 WHITTIER TRUST CO 0.04% of their portfolio SOUTH PASADENA, CA 55,19755.2k $3.1m $3.1m 0.04% Added +2.5k +2,468
98 Apella Capital, LLC 0.08% of their portfolio WEST HARTFORD, CT 54,94554.9k $3.1m $3.1m 0.08% Added +12.4k +12,370
99 COMERICA BANK 0.01% of their portfolio DALLAS, TX 54,60154.6k $3.0m $3.0m 0.01% Added +33.3k +33,333
100 One Capital Management, LLC 0.10% of their portfolio WESTLAKE VILLAGE, CA 53,17253.2k $3.0m $3.0m 0.10% Added +15.7k +15,652