Vault-13

ISHARES TR MUB

NATIONAL MUN ETF · ETP · CUSIP 464288414

1,544 institutional holders -4 vs Q2 2025
325,850,623325.9m shares reported held*
$34.7bnreported value*
104 new 671 added 575 reduced 94 sold out net sold ≈ $445.5m (-4.0m 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 ($90.6m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $106.58. Options: 8 managers hold calls ($525.8m notional), 7 hold puts ($346.5m).

Trends to Q3 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: 1,548Q3 25: 1,5441,544Q3 22Q2 23Q1 24Q4 24Q3 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
Q3 20251,544

Buyers vs sellers

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

Bought or addedCut or sold out
1k01kQ4 23: 637 bought or addedQ4 23: 599 cut or sold outQ1 24: 704 bought or addedQ1 24: 556 cut or sold outQ1 24Q2 24: 726 bought or addedQ2 24: 550 cut or sold outQ3 24: 748 bought or addedQ3 24: 495 cut or sold outQ3 24Q4 24: 758 bought or addedQ4 24: 542 cut or sold outQ1 25: 692 bought or addedQ1 25: 727 cut or sold outQ1 25Q2 25: 699 bought or addedQ2 25: 751 cut or sold outQ3 25: 775 bought or addedQ3 25: 669 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q4 2023637599
Q1 2024704556
Q2 2024726550
Q3 2024748495
Q4 2024758542
Q1 2025692727
Q2 2025699751
Q3 2025775669

Calls vs puts

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

CallsPuts
$0$200m$400m$600mQ4 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 0.38Q3 25 calls: $525.8mQ3 25 puts: $346.5mQ3 25P/C 0.66
Numbers
QuarterCallsPutsP/C
Q4 2024$74.3m$144.4m1.94
Q1 2025$99.1m$467.3m4.71
Q2 2025$593.2m$225.6m0.38
Q3 2025$525.8m$346.5m0.66

Biggest buyers

JPMORGAN CHASE & CO Added +4,818,183+4.8m
FMR LLC Added +3,931,000+3.9m
WELLINGTON MANAGEMENT GROUP LLP New +3,636,000+3.6m
BANK OF AMERICA CORP /DE/ Added +2,026,165+2.0m
MERCER GLOBAL ADVISORS INC /ADV Added +1,261,391+1.3m
Cetera Investment Advisers Added +989,777+989.8k
Creative Planning Added +851,224+851.2k
Fisher Asset Management, LLC Added +810,838+810.8k
NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Added +710,666+710.7k
AMERIPRISE FINANCIAL INC Added +427,263+427.3k

Biggest sellers

ENVESTNET ASSET MANAGEMENT INC Reduced -6,079,064-6.1m
ROYAL BANK OF CANADA Reduced -3,929,834-3.9m
Envestnet Portfolio Solutions, Inc. Reduced -3,218,833-3.2m
FIRST CITIZENS BANK & TRUST CO Reduced -2,524,900-2.5m
US BANCORP \DE\ Reduced -2,046,373-2.0m
ALLSTATE CORP Reduced -1,944,091-1.9m
LMR Partners LLP Reduced -1,474,400-1.5m
Betterment LLC Reduced -1,240,704-1.2m
Rockefeller Capital Management L.P. Reduced -715,383-715.4k
MORGAN STANLEY Reduced -403,358-403.4k

Biggest calls

JANE STREET GROUP, LLC Reduced $129.9m1.2m shares
Centiva Capital, LP Reduced $128.7m1.2m shares
BARCLAYS PLC New $90.5m850.0k shares
GOLDMAN SACHS GROUP INC New $90.5m850.0k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $43.7m410.0k shares
WOLVERINE TRADING, LLC Added $24.6m231.5k shares
ROBINSON CAPITAL MANAGEMENT, LLC New $11.7m109.4k shares
CITADEL ADVISORS LLC Reduced $6.3m58.9k shares

Biggest puts

BARCLAYS PLC New $143.8m1.4m shares
GOLDMAN SACHS GROUP INC New $69.2m650.0k shares
LMR Partners LLP New $53.2m500.0k shares
CITADEL ADVISORS LLC Added $29.4m275.7k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $25.9m243.3k shares
JANE STREET GROUP, LLC Reduced $13.0m122.1k shares
WOLVERINE TRADING, LLC Reduced $12.0m112.9k 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, Q3 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BANK OF AMERICA CORP /DE/ 0.27% of their portfolio CHARLOTTE, NC 33,570,41533.6m $3.6bn $3.6bn 0.27% Added +2.0m +2,026,165
2 FMR LLC 0.12% of their portfolio BOSTON, MA 22,165,42622.2m $2.4bn $2.4bn 0.12% Added +3.9m +3,931,000
3 Betterment LLC 3.65% of their portfolio NEW YORK, NY 17,343,52917.3m $1.8bn $1.8bn 3.65% Reduced -1.2m -1,240,704
4 ENVESTNET ASSET MANAGEMENT INC 0.44% of their portfolio Berwyn, PA 14,278,10914.3m $1.5bn $1.5bn 0.44% Reduced -6.1m -6,079,064
5 Creative Planning 1.07% of their portfolio OVERLAND PARK, KS 13,191,21213.2m $1.4bn $1.4bn 1.07% Added +851.2k +851,224
6 LPL Financial LLC 0.33% of their portfolio FORT MILL, SC 10,466,93110.5m $1.1bn $1.1bn 0.33% Reduced -107.7k -107,744
7 WELLS FARGO & COMPANY/MN 0.22% of their portfolio SAN FRANCISCO, CA 9,987,48010.0m $1.1bn $1.1bn 0.22% Added +169.6k +169,569
8 Fisher Asset Management, LLC 0.37% of their portfolio PLANO, TX 9,725,7739.7m $1.0bn $1.0bn 0.37% Added +810.8k +810,838
9 JPMORGAN CHASE & CO 0.03% of their portfolio NEW YORK, NY 9,153,3949.2m $974.7m $974.7m 0.03% Added +4.8m +4,818,183
10 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.58% of their portfolio MILWAUKEE, WI 8,102,6198.1m $862.8m $862.8m 0.58% Added +710.7k +710,666
11 MORGAN STANLEY 0.05% of their portfolio NEW YORK, NY 8,090,8328.1m $861.6m $861.6m 0.05% Reduced -403.4k -403,358
12 MERCER GLOBAL ADVISORS INC /ADV 1.34% of their portfolio DENVER, CO 7,511,5627.5m $799.9m $799.9m 1.34% Added +1.3m +1,261,391
13 PNC Financial Services Group, Inc. 0.47% of their portfolio Pittsburgh, PA 7,257,6697.3m $772.9m $772.9m 0.47% Reduced -270.5k -270,458
14 Bank of New York Mellon Corp 0.13% of their portfolio NEW YORK, NY 6,897,5036.9m $734.5m $734.5m 0.13% Reduced -365.8k -365,792
15 TIAA TRUST, NATIONAL ASSOCIATION 1.43% of their portfolio CHARLOTTE, NC 5,529,2455.5m $588.8m $588.8m 1.43% Added +264.1k +264,111
16 US BANCORP \DE\ 0.67% of their portfolio MINNEAPOLIS, MN 5,295,5415.3m $563.9m $563.9m 0.67% Reduced -2.0m -2,046,373
17 Wealthfront Advisers LLC 1.26% of their portfolio Palo Alto, CA 5,039,0205.0m $536.6m $536.6m 1.26% Reduced -356.9k -356,865
18 SEI INVESTMENTS CO 0.54% of their portfolio OAKS, PA 4,692,0394.7m $499.7m $499.7m 0.54% Added +149.6k +149,563
19 WELLINGTON MANAGEMENT GROUP LLP 0.07% of their portfolio Boston, MA 3,636,0003.6m $387.2m $387.2m 0.07% New
20 ASSETMARK, INC 0.66% of their portfolio CONCORD, CA 2,903,3352.9m $309.2m $309.2m 0.66% Added +121.0k +121,036
21 COMMONWEALTH EQUITY SERVICES, LLC 0.39% of their portfolio WALTHAM, MA 2,848,4922.8m $303.3m $303.3m 0.39% Reduced -210.8k -210,776
22 Cetera Investment Advisers 0.32% of their portfolio SCHAUMBURG, IL 2,610,8582.6m $278.0m $278.0m 0.32% Added +989.8k +989,777
23 Orgel Wealth Management, LLC 6.24% of their portfolio ALTOONA, WI 2,569,2382.6m $273.6m $273.6m 6.24% Added +24.0k +23,983
24 UBS Group AG 0.05% of their portfolio ZURICH, V8 2,466,9342.5m $262.7m $262.7m 0.05% Reduced -59.0k -58,957
25 RWA WEALTH PARTNERS, LLC 2.90% of their portfolio BOSTON, MA 2,395,4112.4m $255.1m $255.1m 2.90% Reduced -28.3k -28,269
26 RAYMOND JAMES FINANCIAL INC 0.08% of their portfolio ST. PETERSBURG, FL 2,291,5492.3m $244.0m $244.0m 0.08% Added +63.1k +63,144
27 JONES FINANCIAL COMPANIES LLLP 0.15% of their portfolio DES PERES, MO 2,071,3692.1m $220.2m $220.2m 0.15% Added +108.7k +108,653
28 AMERIPRISE FINANCIAL INC 0.05% of their portfolio MINNEAPOLIS, MN 1,951,7162.0m $207.6m $207.6m 0.05% Added +427.3k +427,263
29 Mariner, LLC 0.26% of their portfolio Overland Park, KS 1,878,0291.9m $200.0m $200.0m 0.26% Reduced -19.2k -19,151
30 HighTower Advisors, LLC 0.21% of their portfolio CHICAGO, IL 1,754,4561.8m $186.8m $186.8m 0.21% Added +24.5k +24,457
31 MML INVESTORS SERVICES, LLC 0.49% of their portfolio SPRINGFIELD, MA 1,734,1841.7m $184.7m $184.7m 0.49% Reduced -223.4k -223,425
32 Sequoia Financial Advisors, LLC 1.11% of their portfolio Akron, OH 1,704,7801.7m $181.5m $181.5m 1.11% Added +29.9k +29,907
33 Envestnet Portfolio Solutions, Inc. 0.65% of their portfolio BERWYN, PA 1,658,4071.7m $176.6m $176.6m 0.65% Reduced -3.2m -3,218,833
34 GOLDMAN SACHS GROUP INC 0.02% of their portfolio NEW YORK, NY 1,375,0931.4m $146.4m $146.4m 0.02% Added +194.4k +194,399
35 One Capital Management, LLC 4.67% of their portfolio WESTLAKE VILLAGE, CA 1,373,3481.4m $146.2m $146.2m 4.67% Added +208.3k +208,287
36 Facet Wealth, Inc. 2.82% of their portfolio WEST PALM BEACH, FL 1,280,1191.3m $136.3m $136.3m 2.82% Added +160.6k +160,634
37 CITIGROUP INC 0.09% of their portfolio NEW YORK, NY 1,275,4441.3m $135.8m $135.8m 0.09% Added +16.7k +16,723
38 Choate Investment Advisors 2.69% of their portfolio BOSTON, MA 1,222,4781.2m $130.2m $130.2m 2.69% Reduced -82.5k -82,517
39 CAPTRUST FINANCIAL ADVISORS 0.26% of their portfolio RALEIGH, NC 1,204,0101.2m $128.2m $128.2m 0.26% Reduced -154.3k -154,332
40 SIGNATUREFD, LLC 1.97% of their portfolio ATLANTA, GA 1,175,7811.2m $125.2m $125.2m 1.97% Reduced -70.9k -70,932
41 ROYAL BANK OF CANADA 0.02% of their portfolio TORONTO, A6 1,117,1681.1m $119.0m $119.0m 0.02% Reduced -3.9m -3,929,834
42 ALLSTATE CORP 2.68% of their portfolio NORTHBROOK, IL 1,103,5581.1m $117.5m $117.5m 2.68% Reduced -1.9m -1,944,091
43 Focus Partners Wealth 0.18% of their portfolio ST LOUIS, MO 1,039,7121.0m $110.8m $110.8m 0.18% Added +138.7k +138,719
44 OSAIC HOLDINGS, INC. 0.15% of their portfolio SCOTTSDALE, AZ 1,016,0381.0m $107.4m $107.4m 0.15% Added +121.5k +121,550
45 PARK AVENUE SECURITIES LLC 0.84% of their portfolio NEW YORK, NY 1,011,0151.0m $107.7m $107.7m 0.84% Reduced -102.0k -102,030
46 Wealthspire Advisors, LLC 0.54% of their portfolio NEW YORK, NY 972,604972.6k $103.6m $103.6m 0.54% Reduced -241.0k -240,986
47 JANE STREET GROUP, LLC 0.11% of their portfolio NEW YORK, NY 898,429898.4k $95.7m $95.7m 0.11% Added +361.2k +361,215
48 TRUIST FINANCIAL CORP 0.13% of their portfolio CHARLOTTE, NC 890,689890.7k $94.8m $94.8m 0.13% Reduced -12.0k -11,958
49 Cerity Partners LLC 0.15% of their portfolio NEW YORK, NY 867,825867.8k $92.5m $92.5m 0.15% Reduced -55.9k -55,901
50 OXFORD FINANCIAL GROUP, LTD. LLC 5.21% of their portfolio INDIANAPOLIS, IN 865,285865.3k $92.1m $92.1m 5.21% Reduced -81.6k -81,588
51 Balentine LLC 3.13% of their portfolio ATLANTA, GA 796,746796.7k $84.8m $84.8m 3.13% Reduced -32.4k -32,404
52 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.13% of their portfolio PLYMOUTH, MN 791,223791.2k $84.3m $84.3m 0.13% Added +29.4k +29,378
53 Corient Private Wealth LP 0.13% of their portfolio MIAMI, FL 788,848788.8k $84.0m $84.0m 0.13% Reduced -28.0k -28,002
54 OneDigital Investment Advisors LLC 0.82% of their portfolio OVERLAND PARK, KS 747,406747.4k $79.6m $79.6m 0.82% Added +100.2k +100,173
55 Orion Porfolio Solutions, LLC 0.58% of their portfolio OMAHA, NE 700,580700.6k $74.6m $74.6m 0.58% Added +12.5k +12,538
56 ANGELES WEALTH MANAGEMENT, LLC 4.35% of their portfolio SANTA MONICA, CA 666,498666.5k $71.0m $71.0m 4.35% Added +85.4k +85,380
57 CWM, LLC 0.21% of their portfolio OMAHA, NE 640,101640.1k $68.2m $68.2m 0.21% Added +123.5k +123,450
58 Sanctuary Advisors, LLC 0.21% of their portfolio INDIANAPOLIS, IN 637,517637.5k $67.5m $67.5m 0.21% Added +293.5k +293,490
59 Forvis Mazars Wealth Advisors, LLC 1.34% of their portfolio Springfield, MO 632,727632.7k $67.4m $67.4m 1.34% Reduced -15.1k -15,070
60 Rockefeller Capital Management L.P. 0.13% of their portfolio NEW YORK, NY 630,597630.6k $67.2m $67.2m 0.13% Reduced -715.4k -715,383
61 STATE OF WISCONSIN INVESTMENT BOARD 0.15% of their portfolio MADISON, WI 607,800607.8k $64.7m $64.7m 0.15% Unchanged
62 CLIFTONLARSONALLEN WEALTH ADVISORS, LLC 1.02% of their portfolio MINNEAPOLIS, MN 604,115604.1k $64.3m $64.3m 1.02% Reduced -93.4k -93,441
63 STIFEL FINANCIAL CORP 0.06% of their portfolio ST. LOUIS, MO 604,044604.0k $64.3m $64.3m 0.06% Reduced -178.4k -178,389
64 Financial Engines Advisors L.L.C. 0.12% of their portfolio SANTA CLARA, CA 593,607593.6k $63.2m $63.2m 0.12% Added +13.6k +13,644
65 Prime Capital Investment Advisors, LLC 0.79% of their portfolio OVERLAND PARK, KS 587,138587.1k $62.5m $62.5m 0.79% Added +23.2k +23,188
66 Beacon Pointe Advisors, LLC 0.53% of their portfolio NEWPORT BEACH, CA 586,946586.9k $62.5m $62.5m 0.53% Reduced -35.5k -35,514
67 SOFI WEALTH, LLC 3.31% of their portfolio SAN FRANCISCO, CA 577,779577.8k $61.5m $61.5m 3.31% Reduced -80.3k -80,348
68 FRANKLIN RESOURCES INC 0.02% of their portfolio San Mateo, CA 576,030576.0k $61.3m $61.3m 0.02% Added +7.2k +7,224
69 UNITED CAPITAL FINANCIAL ADVISORS, LLC 0.44% of their portfolio IRVING, TX 567,950568.0k $60.5m $60.5m 0.44% Added +9.0k +8,982
70 BESSEMER GROUP INC 0.09% of their portfolio WOODBRIDGE, NJ 552,541552.5k $58.8m $58.8m 0.09% Added +8.4k +8,431
71 COLDSTREAM CAPITAL MANAGEMENT INC 0.77% of their portfolio BELLEVUE, WA 536,670536.7k $57.1m $57.1m 0.77% Reduced -25.5k -25,456
72 NATIXIS ADVISORS, LLC 0.08% of their portfolio Boston, MA 508,604508.6k $54.2m $54.2m 0.08% Added +256.1k +256,124
73 Wedmont Private Capital 1.97% of their portfolio WEST CHESTER, PA 497,248497.2k $53.0m $53.0m 1.97% Added +695 +695
74 Parcion Private Wealth LLC 3.30% of their portfolio BELLEVUE, WA 497,096497.1k $52.9m $52.9m 3.30% Added +284.1k +284,069
75 Crestwood Advisors Group, LLC 0.89% of their portfolio BOSTON, MA 490,899490.9k $52.3m $52.3m 0.89% Added +27.1k +27,123
76 Arkos Global Advisors 6.61% of their portfolio HOUSTON, TX 487,686487.7k $51.9m $51.9m 6.61% Reduced -163.9k -163,884
77 BANK OF MONTREAL /CAN/ 0.02% of their portfolio TORONTO, A6 483,744483.7k $51.5m $51.5m 0.02% Added +27.8k +27,819
78 MANNING & NAPIER ADVISORS LLC 0.66% of their portfolio Fairport, NY 483,367483.4k $51.5m $51.5m 0.66% Reduced -22.5k -22,482
79 ALLIANCEBERNSTEIN L.P. 0.02% of their portfolio NASHVILLE, TN 471,835471.8k $50.2m $50.2m 0.02% Added +39.0k +38,951
80 Wealthcare Advisory Partners LLC 1.04% of their portfolio WEST CHESTER, PA 466,899466.9k $49.7m $49.7m 1.04% Added +48.1k +48,070
81 Avantax Planning Partners, Inc. 1.40% of their portfolio DUBUQUE, IA 458,812458.8k $48.9m $48.9m 1.40% Added +288.7k +288,673
82 Farther Finance Advisors, LLC 0.73% of their portfolio SAN FRANCISCO, CA 454,048454.0k $48.4m $48.4m 0.73% Reduced -50.4k -50,396
83 Foster Group, Inc. 1.48% of their portfolio WEST DES MOINES, IA 441,859441.9k $47.1m $47.1m 1.48% Added +43.0k +42,959
84 Kestra Investment Management, LLC 1.26% of their portfolio AUSTIN, TX 440,725440.7k $46.9m $46.9m 1.26% Reduced -335.5k -335,462
85 Equitable Holdings, Inc. 0.33% of their portfolio NEW YORK, NY 424,529424.5k $45.2m $45.2m 0.33% Added +18.5k +18,472
86 PRUDENTIAL FINANCIAL INC 0.05% of their portfolio NEWARK, NJ 424,360424.4k $45.2m $45.2m 0.05% Added +293.2k +293,250
87 New York Life Investment Management LLC 0.39% of their portfolio New York, NY 411,699411.7k $43.8m $43.8m 0.39% Added +22.7k +22,700
88 COMERICA BANK 0.16% of their portfolio DALLAS, TX 399,283399.3k $42.5m $42.5m 0.16% Added +17.5k +17,538
89 AE Wealth Management LLC 0.27% of their portfolio TOPEKA, KS 397,667397.7k $42.3m $42.3m 0.27% Added +41.0k +40,955
90 Allworth Financial LP 0.19% of their portfolio FOLSOM, CA 392,810392.8k $41.8m $41.8m 0.19% Added +13.4k +13,396
91 Retirement Investment Advisors, Inc. 3.47% of their portfolio OKLAHOMA CITY, OK 392,035392.0k $41.7m $41.7m 3.47% Added +37.9k +37,875
92 Dynasty Wealth Management, LLC 0.54% of their portfolio ST. PETERSBURG, FL 377,905377.9k $40.2m $40.2m 0.54% Added +97.3k +97,312
93 O'SHAUGHNESSY ASSET MANAGEMENT, LLC 0.24% of their portfolio Stamford, CT 376,398376.4k $40.1m $40.1m 0.24% Added +80.8k +80,786
94 JFS WEALTH ADVISORS, LLC 2.34% of their portfolio HERMITAGE, PA 375,677375.7k $40.0m $40.0m 2.34% Reduced -7.6k -7,605
95 Ascent Group, LLC 1.41% of their portfolio VIRGINIA BEACH, VA 374,003374.0k $39.8m $39.8m 1.41% Reduced -27.2k -27,157
96 Full Sail Capital, LLC 2.16% of their portfolio OKLAHOMA CITY, OK 367,109367.1k $39.1m $39.1m 2.16% Added +2.5k +2,472
97 Baird Financial Group, Inc. 0.06% of their portfolio MILWAUKEE, WI 356,037356.0k $37.9m $37.9m 0.06% Added +5.5k +5,459
98 Thrivent Financial for Lutherans 0.07% of their portfolio Minneapolis, MN 353,210353.2k $37.6m $37.6m 0.07% Added +281.4k +281,418
99 Cardinal Point Capital Management ULC 2.62% of their portfolio TORONTO, A6 349,470349.5k $37.4m $37.4m 2.62% Added +28.8k +28,823
100 CAHABA WEALTH MANAGEMENT, INC. 2.62% of their portfolio Atlanta, GA 339,367339.4k $36.1m $36.1m 2.62% Added +24.1k +24,132