Vault-13

ISHARES TR MUB

NATIONAL MUN ETF · ETP · CUSIP 464288414

1,548 institutional holders +40 vs Q1 2025
331,982,275332.0m shares reported held*
$34.7bnreported value*
136 new 563 added 650 reduced 101 sold out net sold ≈ $195.9m (-1.9m 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 ($88.6m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $104.61. Options: 9 managers hold calls ($593.2m notional), 7 hold puts ($225.6m).

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

01k2kQ3 22: 1,137Q4 22: 1,213Q1 23: 1,213Q2 23: 1,224Q3 23: 1,229Q4 23: 1,381Q1 24: 1,377Q2 24: 1,354Q3 24: 1,404Q4 24: 1,534Q1 25: 1,508Q2 25: 1,5481,548Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 20221,137
Q4 20221,213
Q1 20231,213
Q2 20231,224
Q3 20231,229
Q4 20231,381
Q1 20241,377
Q2 20241,354
Q3 20241,404
Q4 20241,534
Q1 20251,508
Q2 20251,548

Buyers vs sellers

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

Bought or addedCut or sold out
1k01kQ3 23: 614 bought or addedQ3 23: 514 cut or sold outQ4 23: 637 bought or addedQ4 23: 599 cut or sold outQ4 23Q1 24: 704 bought or addedQ1 24: 556 cut or sold outQ2 24: 726 bought or addedQ2 24: 550 cut or sold outQ2 24Q3 24: 748 bought or addedQ3 24: 495 cut or sold outQ4 24: 758 bought or addedQ4 24: 542 cut or sold outQ4 24Q1 25: 692 bought or addedQ1 25: 727 cut or sold outQ2 25: 699 bought or addedQ2 25: 751 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 2023614514
Q4 2023637599
Q1 2024704556
Q2 2024726550
Q3 2024748495
Q4 2024758542
Q1 2025692727
Q2 2025699751

Calls vs puts

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

CallsPuts
$0$200m$400m$600mQ3 24 calls: $55.0mQ3 24 puts: $46.3mQ3 24P/C 0.84Q4 24 calls: $74.3mQ4 24 puts: $144.4mQ4 24P/C 1.94Q1 25 calls: $99.1mQ1 25 puts: $467.3mQ1 25P/C 4.71Q2 25 calls: $593.2mQ2 25 puts: $225.6mQ2 25P/C 0.38
Numbers
QuarterCallsPutsP/C
Q3 2024$55.0m$46.3m0.84
Q4 2024$74.3m$144.4m1.94
Q1 2025$99.1m$467.3m4.71
Q2 2025$593.2m$225.6m0.38

Biggest buyers

FMR LLC Added +5,306,388+5.3m
ROYAL BANK OF CANADA Added +2,752,098+2.8m
BANK OF AMERICA CORP /DE/ Added +2,701,582+2.7m
Fisher Asset Management, LLC Added +2,679,139+2.7m
US BANCORP \DE\ Added +1,877,664+1.9m
LMR Partners LLP Added +1,694,400+1.7m
PARK AVENUE SECURITIES LLC New +1,113,045+1.1m
ENVESTNET ASSET MANAGEMENT INC Added +890,804+890.8k
Rockefeller Capital Management L.P. Added +854,333+854.3k
LPL Financial LLC Added +638,545+638.5k

Biggest sellers

CHARLES SCHWAB INVESTMENT MANAGEMENT INC Reduced -9,144,588-9.1m
JPMORGAN CHASE & CO Reduced -5,187,446-5.2m
D. E. Shaw & Co., Inc. Reduced -3,001,500-3.0m
Wealthfront Advisers LLC Reduced -1,316,517-1.3m
Bank of New York Mellon Corp Reduced -1,121,484-1.1m
SEI INVESTMENTS CO Reduced -991,645-991.6k
Orgel Wealth Management, LLC Reduced -845,600-845.6k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced -831,866-831.9k
Creative Planning Reduced -781,159-781.2k
Ellevest, Inc. Reduced -722,543-722.5k

Biggest calls

Centiva Capital, LP Added $292.5m2.8m shares
JANE STREET GROUP, LLC Added $147.1m1.4m shares
LMR Partners LLP New $52.2m500.0k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $36.6m350.3k shares
CITADEL ADVISORS LLC Added $36.1m345.8k shares
WOLVERINE TRADING, LLC Added $17.9m171.4k shares
WELLS FARGO & COMPANY/MN New $10.4m100.0k shares
Parallax Volatility Advisers, L.P. New $292.5k2.8k shares
HAP Trading, LLC New $5.1k50.4k shares

Biggest puts

BANK OF AMERICA CORP /DE/ New $104.5m1.0m shares
JANE STREET GROUP, LLC Added $53.8m514.6k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $42.5m406.7k shares
WOLVERINE TRADING, LLC Added $21.8m208.6k shares
CITADEL ADVISORS LLC Reduced $3.0m28.4k shares
Parallax Volatility Advisers, L.P. New $125.4k1.2k shares
HAP Trading, LLC New $14.9k200.7k 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.

Major shareholders (over 5%)

Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.

HolderStakeChangeShares Last filed
FMR LLC 13G · institution new · filed 2025-11-05 6.0% new 22.2m≈ $2.4bn 2025-11-05

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BANK OF AMERICA CORP /DE/ 0.27% of their portfolio CHARLOTTE, NC 31,544,25031.5m $3.3bn $3.3bn 0.27% Added +2.7m +2,701,582
2 ENVESTNET ASSET MANAGEMENT INC 0.62% of their portfolio Berwyn, PA 20,357,17320.4m $2.1bn $2.1bn 0.62% Added +890.8k +890,804
3 Betterment LLC 4.13% of their portfolio NEW YORK, NY 18,584,23318.6m $1.9bn $1.9bn 4.13% Added +175.5k +175,531
4 FMR LLC 0.11% of their portfolio BOSTON, MA 18,234,42618.2m $1.9bn $1.9bn 0.11% Added +5.3m +5,306,388
5 Creative Planning 1.10% of their portfolio OVERLAND PARK, KS 12,339,98812.3m $1.3bn $1.3bn 1.10% Reduced -781.2k -781,159
6 LPL Financial LLC 0.37% of their portfolio FORT MILL, SC 10,574,67510.6m $1.1bn $1.1bn 0.37% Added +638.5k +638,545
7 WELLS FARGO & COMPANY/MN 0.23% of their portfolio SAN FRANCISCO, CA 9,817,9119.8m $1.0bn $1.0bn 0.23% Reduced -250.0k -250,023
8 Fisher Asset Management, LLC 0.37% of their portfolio PLANO, TX 8,914,9358.9m $931.4m $931.4m 0.37% Added +2.7m +2,679,139
9 MORGAN STANLEY 0.06% of their portfolio NEW YORK, NY 8,494,1908.5m $887.5m $887.5m 0.06% Reduced -360.9k -360,934
10 PNC Financial Services Group, Inc. 0.51% of their portfolio Pittsburgh, PA 7,528,1277.5m $786.5m $786.5m 0.51% Added +369.8k +369,771
11 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.56% of their portfolio MILWAUKEE, WI 7,391,9537.4m $772.3m $772.3m 0.56% Reduced -196.1k -196,136
12 US BANCORP \DE\ 0.97% of their portfolio MINNEAPOLIS, MN 7,341,9147.3m $767.1m $767.1m 0.97% Added +1.9m +1,877,664
13 Bank of New York Mellon Corp 0.14% of their portfolio NEW YORK, NY 7,263,2957.3m $758.9m $758.9m 0.14% Reduced -1.1m -1,121,484
14 MERCER GLOBAL ADVISORS INC /ADV 1.47% of their portfolio DENVER, CO 6,250,1716.3m $653.0m $653.0m 1.47% Reduced -551.1k -551,096
15 Wealthfront Advisers LLC 1.45% of their portfolio Palo Alto, CA 5,395,8855.4m $563.8m $563.8m 1.45% Reduced -1.3m -1,316,517
16 TIAA TRUST, NATIONAL ASSOCIATION 1.43% of their portfolio CHARLOTTE, NC 5,265,1345.3m $550.1m $550.1m 1.43% Added +190.9k +190,861
17 ROYAL BANK OF CANADA 0.05% of their portfolio TORONTO, A6 5,047,0025.0m $527.3m $527.3m 0.05% Added +2.8m +2,752,098
18 Envestnet Portfolio Solutions, Inc. 1.87% of their portfolio BERWYN, PA 4,877,2404.9m $509.6m $509.6m 1.87% Added +555.7k +555,736
19 SEI INVESTMENTS CO 0.55% of their portfolio OAKS, PA 4,542,4764.5m $474.6m $474.6m 0.55% Reduced -991.6k -991,645
20 JPMORGAN CHASE & CO 0.03% of their portfolio NEW YORK, NY 4,335,2114.3m $452.9m $452.9m 0.03% Reduced -5.2m -5,187,446
21 COMMONWEALTH EQUITY SERVICES, LLC 0.42% of their portfolio WALTHAM, MA 3,059,2683.1m $319.6m $319.6m 0.42% Reduced -51.7k -51,676
22 ALLSTATE CORP 22.94% of their portfolio NORTHBROOK, IL 3,047,6493.0m $318.4m $318.4m 22.94% Added +29.7k +29,685
23 FIRST CITIZENS BANK & TRUST CO 5.28% of their portfolio RALEIGH, NC 2,792,2382.8m $291.7m $291.7m 5.28% Added +68.2k +68,205
24 ASSETMARK, INC 0.69% of their portfolio CONCORD, CA 2,782,2992.8m $290.7m $290.7m 0.69% Added +25.8k +25,848
25 Orgel Wealth Management, LLC 6.41% of their portfolio ALTOONA, WI 2,545,2552.5m $265.9m $265.9m 6.41% Reduced -845.6k -845,600
26 UBS Group AG 0.06% of their portfolio ZURICH, V8 2,525,8912.5m $263.9m $263.9m 0.06% Reduced -44.3k -44,314
27 RWA WEALTH PARTNERS, LLC 3.17% of their portfolio BOSTON, MA 2,423,6802.4m $253.2m $253.2m 3.17% Reduced -259.6k -259,566
28 RAYMOND JAMES FINANCIAL INC 0.08% of their portfolio ST. PETERSBURG, FL 2,228,4052.2m $232.8m $232.8m 0.08% Added +484.8k +484,767
29 JONES FINANCIAL COMPANIES LLLP 0.16% of their portfolio DES PERES, MO 1,962,7162.0m $204.8m $204.8m 0.16% Added +451.8k +451,766
30 MML INVESTORS SERVICES, LLC 0.59% of their portfolio SPRINGFIELD, MA 1,957,6092.0m $204.5m $204.5m 0.59% Added +137.7k +137,671
31 Mariner, LLC 0.29% of their portfolio Overland Park, KS 1,897,1801.9m $198.2m $198.2m 0.29% Reduced -90.4k -90,393
32 LMR Partners LLP 2.89% of their portfolio LONDON, X0 1,774,4001.8m $185.4m $185.4m 2.89% Added +1.7m +1,694,400
33 HighTower Advisors, LLC 0.23% of their portfolio CHICAGO, IL 1,729,9991.7m $180.8m $180.8m 0.23% Added +138.4k +138,391
34 Sequoia Financial Advisors, LLC 1.20% of their portfolio Akron, OH 1,674,8731.7m $175.0m $175.0m 1.20% Added +97.7k +97,711
35 Cetera Investment Advisers 0.29% of their portfolio SCHAUMBURG, IL 1,621,0811.6m $169.4m $169.4m 0.29% Added +13.0k +12,990
36 AMERIPRISE FINANCIAL INC 0.04% of their portfolio MINNEAPOLIS, MN 1,524,4531.5m $159.2m $159.2m 0.04% Reduced -15.1k -15,112
37 CAPTRUST FINANCIAL ADVISORS 0.32% of their portfolio RALEIGH, NC 1,358,3421.4m $141.9m $141.9m 0.32% Added +142.0k +142,028
38 Rockefeller Capital Management L.P. 0.16% of their portfolio NEW YORK, NY 1,345,9801.3m $140.6m $140.6m 0.16% Added +854.3k +854,333
39 Choate Investment Advisors 2.96% of their portfolio BOSTON, MA 1,304,9951.3m $136.3m $136.3m 2.96% Added +10.7k +10,692
40 CITIGROUP INC 0.09% of their portfolio NEW YORK, NY 1,258,7211.3m $131.5m $131.5m 0.09% Added +100.7k +100,708
41 SIGNATUREFD, LLC 2.22% of their portfolio ATLANTA, GA 1,246,7131.2m $130.3m $130.3m 2.22% Added +28.4k +28,414
42 Wealthspire Advisors, LLC 0.71% of their portfolio NEW YORK, NY 1,213,5901.2m $126.8m $126.8m 0.71% Added +179.3k +179,310
43 GOLDMAN SACHS GROUP INC 0.02% of their portfolio NEW YORK, NY 1,180,6941.2m $123.4m $123.4m 0.02% Reduced -18.7k -18,708
44 One Capital Management, LLC 4.21% of their portfolio WESTLAKE VILLAGE, CA 1,165,0611.2m $121.7m $121.7m 4.21% Reduced -109.4k -109,441
45 Facet Wealth, Inc. 2.64% of their portfolio WEST PALM BEACH, FL 1,119,4851.1m $116.3m $116.3m 2.64% Added +243.7k +243,683
46 PARK AVENUE SECURITIES LLC 1.07% of their portfolio NEW YORK, NY 1,113,0451.1m $116.3m $116.3m 1.07% New
47 OXFORD FINANCIAL GROUP, LTD. LLC 5.88% of their portfolio INDIANAPOLIS, IN 946,873946.9k $98.9m $98.9m 5.88% Reduced -11.7k -11,744
48 AVANTAX ADVISORY SERVICES, INC. 0.54% of their portfolio DALLAS, TX 943,092943.1k $98.5m $98.5m 0.54% Reduced -136.4k -136,421
49 Cerity Partners LLC 0.17% of their portfolio NEW YORK, NY 923,726923.7k $96.4m $96.4m 0.17% Added +176.0k +176,005
50 TRUIST FINANCIAL CORP 0.14% of their portfolio CHARLOTTE, NC 902,647902.6k $94.3m $94.3m 0.14% Reduced -12.5k -12,467
51 Focus Partners Wealth 0.20% of their portfolio ST LOUIS, MO 900,993901.0k $94.1m $94.1m 0.20% Added +104.0k +104,047
52 OSAIC HOLDINGS, INC. 0.17% of their portfolio SCOTTSDALE, AZ 894,488894.5k $93.6m $93.6m 0.17% Added +287.1k +287,103
53 EP Wealth Advisors, LLC 0.58% of their portfolio TORRANCE, CA 844,683844.7k $88.3m $88.3m 0.58% Reduced -104.4k -104,372
54 Balentine LLC 3.37% of their portfolio ATLANTA, GA 829,150829.1k $86.6m $86.6m 3.37% Reduced -32.2k -32,176
55 Corient Private Wealth LP 0.11% of their portfolio MIAMI, FL 816,850816.9k $85.3m $85.3m 0.11% Added +145.8k +145,831
56 STIFEL FINANCIAL CORP 0.08% of their portfolio ST. LOUIS, MO 782,433782.4k $81.7m $81.7m 0.08% Added +144.5k +144,475
57 Kestra Investment Management, LLC 1.25% of their portfolio AUSTIN, TX 776,187776.2k $81.4m $81.4m 1.25% Added +63.4k +63,433
58 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.13% of their portfolio PLYMOUTH, MN 761,845761.8k $79.4m $79.4m 0.13% Added +24.3k +24,333
59 CLIFTONLARSONALLEN WEALTH ADVISORS, LLC 1.22% of their portfolio MINNEAPOLIS, MN 697,556697.6k $72.9m $72.9m 1.22% Reduced -104.6k -104,610
60 Orion Porfolio Solutions, LLC 0.61% of their portfolio OMAHA, NE 688,042688.0k $71.9m $71.9m 0.61% Added +121.7k +121,711
61 SOFI WEALTH, LLC 4.20% of their portfolio SAN FRANCISCO, CA 658,127658.1k $68.8m $68.8m 4.20% Added +36.9k +36,942
62 Arkos Global Advisors 9.45% of their portfolio HOUSTON, TX 651,570651.6k $68.1m $68.1m 9.45% Reduced -71.2k -71,221
63 Forvis Mazars Wealth Advisors, LLC 1.46% of their portfolio Springfield, MO 647,797647.8k $67.7m $67.7m 1.46% Added +6.8k +6,777
64 OneDigital Investment Advisors LLC 0.75% of their portfolio OVERLAND PARK, KS 647,233647.2k $67.6m $67.6m 0.75% Reduced -23.7k -23,729
65 Beacon Pointe Advisors, LLC 0.68% of their portfolio NEWPORT BEACH, CA 622,460622.5k $65.0m $65.0m 0.68% Reduced -28.1k -28,114
66 STATE OF WISCONSIN INVESTMENT BOARD 0.16% of their portfolio MADISON, WI 607,800607.8k $63.5m $63.5m 0.16% Unchanged
67 ANGELES WEALTH MANAGEMENT, LLC 4.16% of their portfolio SANTA MONICA, CA 581,118581.1k $60.7m $60.7m 4.16% Added +364.5k +364,509
68 Financial Engines Advisors L.L.C. 0.12% of their portfolio SANTA CLARA, CA 579,963580.0k $60.6m $60.6m 0.12% Added +5.6k +5,557
69 RENAISSANCE TECHNOLOGIES LLC 0.08% of their portfolio NEW YORK, NY 570,300570.3k $59.6m $59.6m 0.08% Added +306.1k +306,100
70 FRANKLIN RESOURCES INC 0.02% of their portfolio San Mateo, CA 568,806568.8k $59.4m $59.4m 0.02% Reduced -9.8k -9,771
71 Prime Capital Investment Advisors, LLC 0.78% of their portfolio OVERLAND PARK, KS 563,950564.0k $58.9m $58.9m 0.78% Reduced -73.4k -73,449
72 COLDSTREAM CAPITAL MANAGEMENT INC 0.96% of their portfolio BELLEVUE, WA 562,126562.1k $58.7m $58.7m 0.96% Reduced -24.7k -24,737
73 UNITED CAPITAL FINANCIAL ADVISORS, LLC 0.47% of their portfolio IRVING, TX 558,968559.0k $58.4m $58.4m 0.47% Reduced -61.4k -61,413
74 BESSEMER GROUP INC 0.09% of their portfolio WOODBRIDGE, NJ 544,110544.1k $56.8m $56.8m 0.09% Added +15.2k +15,226
75 JANE STREET GROUP, LLC 0.09% of their portfolio NEW YORK, NY 537,214537.2k $56.1m $56.1m 0.09% Added +189.7k +189,748
76 CWM, LLC 0.19% of their portfolio OMAHA, NE 516,651516.7k $54.0m $54.0m 0.19% Added +8.5k +8,522
77 MANNING & NAPIER ADVISORS LLC 0.63% of their portfolio Fairport, NY 505,849505.8k $52.9m $52.9m 0.63% Added +4.5k +4,467
78 Farther Finance Advisors, LLC 1.06% of their portfolio SAN FRANCISCO, CA 504,444504.4k $52.7m $52.7m 1.06% Added +63.1k +63,093
79 Wedmont Private Capital 2.21% of their portfolio WEST CHESTER, PA 496,553496.6k $51.8m $51.8m 2.21% Added +146.7k +146,718
80 Crestwood Advisors Group, LLC 0.87% of their portfolio BOSTON, MA 463,776463.8k $48.5m $48.5m 0.87% Reduced -231.7k -231,664
81 BANK OF MONTREAL /CAN/ 0.02% of their portfolio TORONTO, A6 455,925455.9k $47.6m $47.6m 0.02% Reduced -17.8k -17,764
82 ALLIANCEBERNSTEIN L.P. 0.01% of their portfolio NASHVILLE, TN 432,884432.9k $45.2m $45.2m 0.01% Reduced -6.3k -6,306
83 Wealthcare Advisory Partners LLC 1.00% of their portfolio WEST CHESTER, PA 418,829418.8k $43.8m $43.8m 1.00% Reduced -135.1k -135,149
84 NISA INVESTMENT ADVISORS, LLC 0.19% of their portfolio ST. LOUIS, MO 407,115407.1k $42.5m $42.5m 0.19% Added +83.7k +83,685
85 Equitable Holdings, Inc. 0.35% of their portfolio NEW YORK, NY 406,057406.1k $42.4m $42.4m 0.35% Added +42.4k +42,408
86 Ascent Group, LLC 1.63% of their portfolio VIRGINIA BEACH, VA 401,160401.2k $41.9m $41.9m 1.63% Reduced -1.9k -1,915
87 Foster Group, Inc. 1.43% of their portfolio WEST DES MOINES, IA 398,900398.9k $41.7m $41.7m 1.43% Reduced -174.3k -174,286
88 New York Life Investment Management LLC 0.38% of their portfolio New York, NY 388,999389.0k $40.6m $40.6m 0.38% Added +163.2k +163,178
89 JFS WEALTH ADVISORS, LLC 2.55% of their portfolio HERMITAGE, PA 383,282383.3k $40.0m $40.0m 2.55% Reduced -116.4k -116,418
90 COMERICA BANK 0.15% of their portfolio DALLAS, TX 381,745381.7k $39.9m $39.9m 0.15% Reduced -7.0k -6,950
91 Allworth Financial LP 0.19% of their portfolio FOLSOM, CA 379,414379.4k $39.6m $39.6m 0.19% Added +42.7k +42,719
92 Full Sail Capital, LLC 2.20% of their portfolio OKLAHOMA CITY, OK 364,637364.6k $38.1m $38.1m 2.20% Added +51.2k +51,167
93 AE Wealth Management LLC 0.27% of their portfolio TOPEKA, KS 356,712356.7k $37.3m $37.3m 0.27% Added +8.3k +8,289
94 Retirement Investment Advisors, Inc. 3.33% of their portfolio OKLAHOMA CITY, OK 354,160354.2k $37.0m $37.0m 3.33% Added +36.4k +36,353
95 Composition Wealth, LLC 0.62% of their portfolio LOS ANGELES, CA 352,070352.1k $36.8m $36.8m 0.62% Added +323.1k +323,106
96 Baird Financial Group, Inc. 0.06% of their portfolio MILWAUKEE, WI 350,578350.6k $36.6m $36.6m 0.06% Added +26.6k +26,552
97 HSBC HOLDINGS PLC 0.02% of their portfolio LONDON, X0 346,711346.7k $36.2m $36.2m 0.02% Added +6.0k +6,026
98 Sanctuary Advisors, LLC 0.22% of their portfolio INDIANAPOLIS, IN 344,027344.0k $35.9m $35.9m 0.22% Added +13.5k +13,477
99 Lutz Financial Services LLC 2.79% of their portfolio OMAHA, NE 344,020344.0k $35.9m $35.9m 2.79% Added +48.7k +48,721
100 ASPIRIANT, LLC 1.13% of their portfolio San Francisco, CA 340,459340.5k $35.6m $35.6m 1.13% Added +168.0k +168,023