Vault-13

ISHARES TR CMF

CALIF MUN BD ETF · ETP · CUSIP 464288356

336 institutional holders +21 vs Q3 2025
47,125,83647.1m shares reported held*
$2.7bnreported value*
30 new 157 added 72 reduced 21 sold out net bought ≈ $180.8m (+3.1m 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 ($315.2k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $57.47. Options: 0 managers hold calls (— notional), 1 hold puts ($1.0m).

Trends to Q4 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: 319Q3 25: 315Q4 25: 336336Q3 22Q2 23Q1 24Q4 24Q4 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
Q3 2025315
Q4 2025336

Buyers vs sellers

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

Bought or addedCut or sold out
2000200Q1 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 25Q3 25: 162 bought or addedQ3 25: 120 cut or sold outQ4 25: 187 bought or addedQ4 25: 93 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 202414482
Q2 202412888
Q3 202415375
Q4 202417579
Q1 2025142129
Q2 2025147139
Q3 2025162120
Q4 202518793

Calls vs puts

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

CallsPuts
$0$500k$1m$1.5mQ1 25 calls: $0Q1 25 puts: $0Q1 25P/C —Q2 25 calls: $0Q2 25 puts: $0Q2 25P/C —Q3 25 calls: $0Q3 25 puts: $0Q3 25P/C —Q4 25 calls: $0Q4 25 puts: $1.0mQ4 25P/C —
Numbers
QuarterCallsPutsP/C
Q1 2025$0$0—
Q2 2025$0$0—
Q3 2025$0$0—
Q4 2025$0$1.0m—

Biggest buyers

Wealthfront Advisers LLC Added +1,151,376+1.2m
CHARLES SCHWAB INVESTMENT MANAGEMENT INC Added +703,735+703.7k
BANK OF AMERICA CORP /DE/ Added +292,879+292.9k
AXXCESS WEALTH MANAGEMENT, LLC New +195,887+195.9k
JANE STREET GROUP, LLC Added +134,325+134.3k
Farther Finance Advisors, LLC Added +112,846+112.8k
Facet Wealth, Inc. Added +105,068+105.1k
GUGGENHEIM CAPITAL LLC Added +103,048+103.0k
WELLS FARGO & COMPANY/MN Added +102,495+102.5k
LPL Financial LLC Added +99,072+99.1k

Biggest sellers

JPMORGAN CHASE & CO Reduced -440,918-440.9k
RENAISSANCE TECHNOLOGIES LLC Reduced -195,300-195.3k
Garde Capital, Inc. Sold out -119,008-119.0k
FMR LLC Reduced -106,473-106.5k
Strive Asset Management, LLC Sold out -100,564-100.6k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Sold out -60,613-60.6k
Rinkey Investments Reduced -56,199-56.2k
Sanctuary Advisors, LLC Reduced -45,243-45.2k
CITADEL ADVISORS LLC Reduced -42,456-42.5k
ENVESTNET ASSET MANAGEMENT INC Reduced -40,514-40.5k

Biggest calls

None

Biggest puts

SFE Investment Counsel New $1.0m4.0k shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.08% of their portfolio SAN FRANCISCO, CA 8,440,0298.4m $485.0m $485.0m 0.08% Added +703.7k +703,735
2 Wealthfront Advisers LLC 0.66% of their portfolio Palo Alto, CA 5,109,7315.1m $293.6m $293.6m 0.66% Added +1.2m +1,151,376
3 BANK OF AMERICA CORP /DE/ 0.01% of their portfolio CHARLOTTE, NC 1,933,6491.9m $111.1m $111.1m 0.01% Added +292.9k +292,879
4 FMR LLC 0.01% of their portfolio BOSTON, MA 1,906,4261.9m $109.5m $109.5m 0.01% Reduced -106.5k -106,473
5 MORGAN STANLEY 0.01% of their portfolio NEW YORK, NY 1,790,5891.8m $102.9m $102.9m 0.01% Added +20.9k +20,936
6 Facet Wealth, Inc. 1.53% of their portfolio WEST PALM BEACH, FL 1,497,8571.5m $86.6m $86.6m 1.53% Added +105.1k +105,068
7 BAILARD, INC. 1.83% of their portfolio Foster City, CA 1,439,1251.4m $82.7m $82.7m 1.83% Added +4.4k +4,372
8 EP Wealth Advisors, LLC 0.35% of their portfolio TORRANCE, CA 1,170,9811.2m $67.3m $67.3m 0.35% First filing
9 SYON CAPITAL LLC 3.29% of their portfolio SAN FRANCISCO, CA 1,147,7631.1m $66.0m $66.0m 3.29% Reduced -3.6k -3,571
10 LPL Financial LLC 0.02% of their portfolio FORT MILL, SC 989,482989.5k $56.9m $56.9m 0.02% Added +99.1k +99,072
11 Mariner, LLC 0.06% of their portfolio Overland Park, KS 905,924905.9k $52.1m $52.1m 0.06% Added +29.2k +29,250
12 TIAA TRUST, NATIONAL ASSOCIATION 0.09% of their portfolio CHARLOTTE, NC 681,191681.2k $39.1m $39.1m 0.09% Reduced -18.4k -18,380
13 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 652,464652.5k $37.5m $37.5m 0.00% Reduced -440.9k -440,918
14 WELLS FARGO & COMPANY/MN 0.01% of their portfolio SAN FRANCISCO, CA 608,644608.6k $35.0m $35.0m 0.01% Added +102.5k +102,495
15 MERCER GLOBAL ADVISORS INC /ADV 0.05% of their portfolio DENVER, CO 549,343549.3k $31.6m $31.6m 0.05% Added +52.1k +52,070
16 ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio Berwyn, PA 542,590542.6k $31.2m $31.2m 0.01% Reduced -40.5k -40,514
17 UBS Group AG 0.01% of their portfolio ZURICH, V8 536,879536.9k $30.8m $30.8m 0.01% Added +3.6k +3,612
18 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 450,421450.4k $25.9m $25.9m 0.00% Added +29.2k +29,171
19 Opes Wealth Management LLC 4.28% of their portfolio MENLO PARK, CA 438,978439.0k $25.2m $25.2m 4.28% Added +20.7k +20,715
20 Cetera Investment Advisers 0.02% of their portfolio SCHAUMBURG, IL 378,057378.1k $21.7m $21.7m 0.02% Added +60.3k +60,318
21 ASSETMARK, INC 0.04% of their portfolio CONCORD, CA 372,882372.9k $21.4m $21.4m 0.04% Added +10.6k +10,581
22 FIRST FOUNDATION ADVISORS 0.80% of their portfolio Irvine, CA 367,283367.3k $21.1m $21.1m 0.80% Added +20.4k +20,356
23 Manhattan West Asset Management, LLC 4.27% of their portfolio Los Angeles, CA 363,294363.3k $20.9m $20.9m 4.27% Added +12.3k +12,321
24 Steward Partners Investment Advisory, LLC 0.11% of their portfolio STAMFORD, CT 361,333361.3k $20.8m $20.8m 0.11% Reduced -12.6k -12,563
25 Envestnet Portfolio Solutions, Inc. 0.07% of their portfolio BERWYN, PA 359,418359.4k $20.7m $20.7m 0.07% Added +89.7k +89,679
26 CAPTRUST FINANCIAL ADVISORS 0.04% of their portfolio RALEIGH, NC 351,386351.4k $20.2m $20.2m 0.04% Added +47.9k +47,939
27 Focus Partners Wealth 0.02% of their portfolio ST LOUIS, MO 343,954344.0k $19.8m $19.8m 0.02% Added +72.4k +72,417
28 ALLIANCEBERNSTEIN L.P. 0.01% of their portfolio NASHVILLE, TN 338,177338.2k $19.4m $19.4m 0.01% Added +62.2k +62,228
29 RWA WEALTH PARTNERS, LLC 0.20% of their portfolio BOSTON, MA 312,497312.5k $18.0m $18.0m 0.20% Reduced -2.9k -2,898
30 Orin Green Financial, LLC 7.06% of their portfolio SAN DIEGO, CA 307,027307.0k $17.6m $17.6m 7.06% Reduced -17.9k -17,894
31 SEI INVESTMENTS CO 0.02% of their portfolio OAKS, PA 306,723306.7k $17.6m $17.6m 0.02% Added +12.6k +12,589
32 GUGGENHEIM CAPITAL LLC 0.12% of their portfolio CHICAGO, IL 292,659292.7k $16.8m $16.8m 0.12% Added +103.0k +103,048
33 Slow Capital, Inc. 1.93% of their portfolio GREENBRAE, CA 281,447281.4k $16.2m $16.2m 1.93% Added +49.4k +49,357
34 West Wealth Group, LLC 3.26% of their portfolio Irvine, CA 273,799273.8k $15.7m $15.7m 3.26% Added +45.8k +45,821
35 Affinity Capital Advisors, LLC 2.14% of their portfolio BERKELEY, CA 269,594269.6k $15.5m $15.5m 2.14% Added +14.2k +14,208
36 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 259,093259.1k $14.9m $14.9m 0.00% Added +9.8k +9,791
37 Cerity Partners LLC 0.02% of their portfolio NEW YORK, NY 251,278251.3k $14.4m $14.4m 0.02% Added +17.4k +17,414
38 MYECFO, LLC 6.13% of their portfolio La Jolla, CA 251,202251.2k $14.4m $14.4m 6.13% Added +18.2k +18,210
39 BlackRock, Inc. 0.00% of their portfolio New York, NY 237,587237.6k $13.7m $13.7m 0.00% Added +2.9k +2,884
40 Betterment LLC 0.03% of their portfolio NEW YORK, NY 231,306231.3k $13.3m $13.3m 0.03% Added +13.9k +13,911
41 Creative Planning 0.01% of their portfolio OVERLAND PARK, KS 219,807219.8k $12.6m $12.6m 0.01% Added +6.5k +6,482
42 Atlas Legacy Advisors, LLC 2.15% of their portfolio LOS ANGELES, CA 213,047213.0k $12.2m $12.2m 2.15% Added +12.3k +12,345
43 Brio Consultants, LLC 1.48% of their portfolio SAN FRANCISCO, CA 198,177198.2k $11.4m $11.4m 1.48% Added +11.3k +11,286
44 AXXCESS WEALTH MANAGEMENT, LLC 0.20% of their portfolio CARLSBAD, CA 195,887195.9k $11.3m $11.3m 0.20% New
45 Rinkey Investments 2.83% of their portfolio San Diego, CA 193,681193.7k $11.1m $11.1m 2.83% Reduced -56.2k -56,199
46 Pure Financial Advisors, LLC 0.16% of their portfolio SAN DIEGO, CA 189,269189.3k $10.9m $10.9m 0.16% Reduced -615 -615
47 Navalign, LLC 2.64% of their portfolio ENCINO, CA 187,112187.1k $10.8m $10.8m 2.64% Added +1.4k +1,350
48 CLIFTONLARSONALLEN WEALTH ADVISORS, LLC 0.14% of their portfolio MINNEAPOLIS, MN 165,517165.5k $9.5m $9.5m 0.14% Added +18.3k +18,285
49 RiverFront Investment Group, LLC 0.15% of their portfolio RICHMOND, VA 158,992159.0k $9.1m $9.1m 0.15% Added +68.1k +68,054
50 Wedmont Private Capital 0.32% of their portfolio WEST CHESTER, PA 157,426157.4k $9.1m $9.1m 0.32% Added +14.2k +14,202
51 Financial Connections Group, Inc. 3.11% of their portfolio CORTE MADERA, CA 157,352157.4k $9.0m $9.0m 3.11% Reduced -1.4k -1,427
52 OSAIC HOLDINGS, INC. 0.01% of their portfolio SCOTTSDALE, AZ 156,163156.2k $9.0m $9.0m 0.01% Reduced -7.7k -7,655
53 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 153,294153.3k $8.8m $8.8m 0.00% Added +43.2k +43,249
54 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 152,709152.7k $8.8m $8.8m 0.00% Added +15.2k +15,172
55 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.01% of their portfolio MILWAUKEE, WI 141,313141.3k $8.1m $8.1m 0.01% Added +20.4k +20,352
56 JANE STREET GROUP, LLC 0.01% of their portfolio NEW YORK, NY 140,940140.9k $8.1m $8.1m 0.01% Added +134.3k +134,325
57 Farther Finance Advisors, LLC 0.08% of their portfolio SAN FRANCISCO, CA 131,601131.6k $7.6m $7.6m 0.08% Added +112.8k +112,846
58 CWM, LLC 0.02% of their portfolio OMAHA, NE 129,031129.0k $7.4m $7.4m 0.02% Added +968 +968
59 COMMONWEALTH EQUITY SERVICES, LLC 0.01% of their portfolio WALTHAM, MA 124,553124.6k $7.2m $7.2m 0.01% Added +8.4k +8,354
60 JONES FINANCIAL COMPANIES LLLP 0.00% of their portfolio DES PERES, MO 123,280123.3k $7.1m $7.1m 0.00% Added +35.5k +35,515
61 OneDigital Investment Advisors LLC 0.07% of their portfolio OVERLAND PARK, KS 123,145123.1k $7.1m $7.1m 0.07% Added +6.7k +6,694
62 Sanctuary Advisors, LLC 0.04% of their portfolio INDIANAPOLIS, IN 121,131121.1k $7.0m $7.0m 0.04% Reduced -45.2k -45,243
63 Beacon Pointe Advisors, LLC 0.05% of their portfolio NEWPORT BEACH, CA 115,794115.8k $6.7m $6.7m 0.05% Added +37.8k +37,792
64 FIRST AMERICAN TRUST, FSB 0.45% of their portfolio SANTA ANA, CA 114,259114.3k $6.6m $6.6m 0.45% Added +11.2k +11,246
65 RENAISSANCE TECHNOLOGIES LLC 0.01% of their portfolio NEW YORK, NY 112,600112.6k $6.5m $6.5m 0.01% Reduced -195.3k -195,300
66 MML INVESTORS SERVICES, LLC 0.01% of their portfolio SPRINGFIELD, MA 103,391103.4k $5.9m $5.9m 0.01% Added +5.4k +5,407
67 THRYVE WEALTH MANAGEMENT LLC 2.88% of their portfolio IRVING, TX 101,461101.5k $5.8m $5.8m 2.88% First filing
68 KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC 0.02% of their portfolio LOS ANGELES, CA 97,60197.6k $5.6m $5.6m 0.02% Reduced -10.5k -10,480
69 Ducere Wealth Management LLC 2.17% of their portfolio NEWPORT BEACH, CA 97,47197.5k $5.6m $5.6m 2.17% First filing
70 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 96,38096.4k $5.5m $5.5m 0.00% Unchanged
71 US BANCORP \DE\ 0.01% of their portfolio MINNEAPOLIS, MN 95,90195.9k $5.5m $5.5m 0.01% Added +19.0k +19,042
72 Client First Capital LLC 2.27% of their portfolio SAN DIEGO, CA 92,57892.6k $5.3m $5.3m 2.27% Unchanged
73 SILVER OAK WEALTH ADVISORS SERVICES, LLC 3.43% of their portfolio LOS ANGELES, CA 92,45792.5k $5.3m $5.3m 3.43% Added +528 +528
74 Fullerton Advisors, LLC 5.02% of their portfolio DANVILLE, CA 87,49187.5k $5.0m $5.0m 5.02% First filing
75 Compound Planning, Inc. 0.15% of their portfolio NEW YORK, NY 85,43285.4k $4.9m $4.9m 0.15% Added +6.4k +6,438
76 Columbia Bank 1.29% of their portfolio Lake Oswego, OR 80,82680.8k $4.6m $4.6m 1.29% Added +11.1k +11,125
77 NDWM LLC 3.07% of their portfolio LA JOLLA, CA 80,75580.8k $4.6m $4.6m 3.07% Added +1.2k +1,235
78 Freestone Capital Holdings, LLC 0.13% of their portfolio Seattle, WA 77,77177.8k $4.5m $4.5m 0.13% Added +1.9k +1,891
79 Sand Hill Global Advisors, LLC 0.15% of their portfolio Palo Alto, CA 75,30175.3k $4.3m $4.3m 0.15% Reduced -2.2k -2,152
80 CHOREO, LLC 0.05% of their portfolio ROCKFORD, IL 74,96275.0k $4.3m $4.3m 0.05% Reduced -130 -130
81 MISSION WEALTH MANAGEMENT, LP 0.09% of their portfolio Santa Barbara, CA 74,42474.4k $4.3m $4.3m 0.09% Reduced -4.7k -4,669
82 Prime Capital Investment Advisors, LLC 0.05% of their portfolio OVERLAND PARK, KS 73,89873.9k $4.2m $4.2m 0.05% Added +314 +314
83 COMERICA BANK 0.02% of their portfolio DALLAS, TX 70,45470.5k $4.0m $4.0m 0.02% Added +12.6k +12,628
84 EHRLICH FINANCIAL GROUP 2.25% of their portfolio LAGUNA NIGUEL, CA 68,90468.9k $4.0m $4.0m 2.25% Reduced -17.9k -17,897
85 Elmwood Wealth Management, Inc. 1.23% of their portfolio BERKELEY, CA 68,04068.0k $3.9m $3.9m 1.23% Added +2.4k +2,445
86 Omega Financial Group, LLC 1.29% of their portfolio Santa Barbara, CA 67,61667.6k $3.9m $3.9m 1.29% Reduced -3.4k -3,423
87 Summit Trail Advisors, LLC 0.07% of their portfolio NEW YORK, NY 65,71865.7k $3.8m $3.8m 0.07% Unchanged
88 Westfuller Advisors, LLC 1.52% of their portfolio New York, NY 65,42165.4k $3.8m $3.8m 1.52% Added +623 +623
89 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 64,95165.0k $3.7m $3.7m 0.00% Reduced -2.5k -2,504
90 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 64,85564.9k $3.7m $3.7m 0.00% Added +64.6k +64,612
91 Corient Private Wealth LP 0.00% of their portfolio MIAMI, FL 64,33664.3k $3.7m $3.7m 0.00% Added +54.7k +54,730
92 Traveka Wealth, LLC 1.49% of their portfolio LOS ALTOS, CA 63,53363.5k $3.7m $3.7m 1.49% Added +186 +186
93 Apella Capital, LLC 0.07% of their portfolio WEST HARTFORD, CT 62,70362.7k $3.6m $3.6m 0.07% Added +3.0k +3,036
94 Stonehage Fleming Financial Services Holdings Ltd 0.11% of their portfolio ST. HELIER, Y9 62,25862.3k $3.6m $3.6m 0.11% Reduced -38.2k -38,178
95 O'SHAUGHNESSY ASSET MANAGEMENT, LLC 0.02% of their portfolio Stamford, CT 61,90461.9k $3.6m $3.6m 0.02% Added +10.1k +10,142
96 Valmark Advisers, Inc. 0.04% of their portfolio AKRON, OH 56,28756.3k $3.2m $3.2m 0.04% Reduced -20.4k -20,404
97 MAI Capital Management 0.02% of their portfolio INDEPENDENCE, OH 55,60355.6k $3.2m $3.2m 0.02% Added +145 +145
98 Warren Street Wealth Advisors, LLC 0.90% of their portfolio IRVINE, CA 54,43154.4k $3.1m $3.1m 0.90% Reduced -2.8k -2,773
99 One Capital Management, LLC 0.09% of their portfolio WESTLAKE VILLAGE, CA 54,11854.1k $3.1m $3.1m 0.09% Added +2.4k +2,366
100 WHITTIER TRUST CO 0.03% of their portfolio SOUTH PASADENA, CA 53,90753.9k $3.1m $3.1m 0.03% Unchanged