Vault-13

ISHARES TR MUB

NATIONAL MUN ETF · ETP · CUSIP 464288414

1,638 institutional holders +94 vs Q3 2025
336,218,443336.2m shares reported held*
$36.0bnreported value*
100 new 777 added 452 reduced 91 sold out net bought ≈ $998.1m (+9.4m 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 ($157.2m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $107.19. Options: 6 managers hold calls ($266.1m notional), 5 hold puts ($283.6m).

Trends to Q4 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: 1,544Q4 25: 1,6381,638Q3 22Q2 23Q1 24Q4 24Q4 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
Q4 20251,638

Buyers vs sellers

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

Bought or addedCut or sold out
1k01kQ1 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 25Q3 25: 775 bought or addedQ3 25: 669 cut or sold outQ4 25: 877 bought or addedQ4 25: 543 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 2024704556
Q2 2024726550
Q3 2024748495
Q4 2024758542
Q1 2025692727
Q2 2025699751
Q3 2025775669
Q4 2025877543

Calls vs puts

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

CallsPuts
$0$200m$400m$600mQ1 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 0.66Q4 25 calls: $266.1mQ4 25 puts: $283.6mQ4 25P/C 1.07
Numbers
QuarterCallsPutsP/C
Q1 2025$99.1m$467.3m4.71
Q2 2025$593.2m$225.6m0.38
Q3 2025$525.8m$346.5m0.66
Q4 2025$266.1m$283.6m1.07

Biggest buyers

BANK OF AMERICA CORP /DE/ Added +3,779,406+3.8m
ALLSTATE CORP Added +1,912,851+1.9m
Betterment LLC Added +1,646,689+1.6m
LMR Partners LLP Added +1,195,000+1.2m
MERCER GLOBAL ADVISORS INC /ADV Added +1,037,682+1.0m
Fisher Asset Management, LLC Added +988,044+988.0k
Corient Private Wealth LP Added +907,102+907.1k
HSBC HOLDINGS PLC Added +752,313+752.3k
LPL Financial LLC Added +632,378+632.4k
SEI INVESTMENTS CO Added +576,228+576.2k

Biggest sellers

JPMORGAN CHASE & CO Reduced -4,461,521-4.5m
WELLINGTON MANAGEMENT GROUP LLP Sold out -3,636,000-3.6m
PARK AVENUE SECURITIES LLC Sold out -1,011,015-1.0m
RAYMOND JAMES FINANCIAL INC Reduced -502,220-502.2k
Wealthspire Advisors, LLC Reduced -363,494-363.5k
JANE STREET GROUP, LLC Reduced -346,697-346.7k
Sanctuary Advisors, LLC Reduced -297,604-297.6k
Garde Capital, Inc. Sold out -295,890-295.9k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced -278,523-278.5k
Jump Financial, LLC Sold out -250,000-250.0k

Biggest calls

BARCLAYS PLC Unchanged $91.0m850.0k shares
GOLDMAN SACHS GROUP INC Reduced $69.6m650.0k shares
JANE STREET GROUP, LLC Reduced $37.1m346.3k shares
LMR Partners LLP New $36.8m343.2k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $26.5m247.7k shares
CITADEL ADVISORS LLC Reduced $5.1m47.3k shares

Biggest puts

BARCLAYS PLC Unchanged $144.6m1.4m shares
GOLDMAN SACHS GROUP INC Added $101.8m950.0k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $18.6m173.7k shares
JANE STREET GROUP, LLC Added $14.4m134.1k shares
CITADEL ADVISORS LLC Reduced $4.3m40.2k 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, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BANK OF AMERICA CORP /DE/ 0.29% of their portfolio CHARLOTTE, NC 37,349,82137.3m $4.0bn $4.0bn 0.29% Added +3.8m +3,779,406
2 FMR LLC 0.12% of their portfolio BOSTON, MA 22,297,88422.3m $2.4bn $2.4bn 0.12% Added +132.5k +132,458
3 Betterment LLC 3.88% of their portfolio NEW YORK, NY 18,990,21819.0m $2.0bn $2.0bn 3.88% Added +1.6m +1,646,689
4 ENVESTNET ASSET MANAGEMENT INC 0.45% of their portfolio Berwyn, PA 14,182,54514.2m $1.5bn $1.5bn 0.45% Reduced -95.6k -95,564
5 Creative Planning 1.04% of their portfolio OVERLAND PARK, KS 13,555,36913.6m $1.5bn $1.5bn 1.04% Added +364.2k +364,157
6 LPL Financial LLC 0.33% of their portfolio FORT MILL, SC 11,099,30911.1m $1.2bn $1.2bn 0.33% Added +632.4k +632,378
7 Fisher Asset Management, LLC 0.39% of their portfolio PLANO, TX 10,713,81710.7m $1.1bn $1.1bn 0.39% Added +988.0k +988,044
8 WELLS FARGO & COMPANY/MN 0.21% of their portfolio SAN FRANCISCO, CA 9,936,4469.9m $1.1bn $1.1bn 0.21% Reduced -51.0k -51,034
9 MORGAN STANLEY 0.05% of their portfolio NEW YORK, NY 8,576,9618.6m $918.7m $918.7m 0.05% Added +486.1k +486,129
10 MERCER GLOBAL ADVISORS INC /ADV 1.40% of their portfolio DENVER, CO 8,549,2448.5m $915.7m $915.7m 1.40% Added +1.0m +1,037,682
11 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.57% of their portfolio MILWAUKEE, WI 8,431,1138.4m $903.1m $903.1m 0.57% Added +328.5k +328,494
12 PNC Financial Services Group, Inc. 0.43% of their portfolio Pittsburgh, PA 7,336,1587.3m $785.8m $785.8m 0.43% Added +78.5k +78,489
13 Bank of New York Mellon Corp 0.13% of their portfolio NEW YORK, NY 7,089,3657.1m $759.3m $759.3m 0.13% Added +191.9k +191,862
14 TIAA TRUST, NATIONAL ASSOCIATION 1.47% of their portfolio CHARLOTTE, NC 5,733,9415.7m $614.2m $614.2m 1.47% Added +204.7k +204,696
15 SEI INVESTMENTS CO 0.56% of their portfolio OAKS, PA 5,268,2675.3m $564.3m $564.3m 0.56% Added +576.2k +576,228
16 US BANCORP \DE\ 0.66% of their portfolio MINNEAPOLIS, MN 5,229,5215.2m $560.1m $560.1m 0.66% Reduced -66.0k -66,020
17 Wealthfront Advisers LLC 1.17% of their portfolio Palo Alto, CA 4,900,2554.9m $524.9m $524.9m 1.17% Reduced -138.8k -138,765
18 JPMORGAN CHASE & CO 0.03% of their portfolio NEW YORK, NY 4,691,8734.7m $502.5m $502.5m 0.03% Reduced -4.5m -4,461,521
19 ASSETMARK, INC 0.67% of their portfolio CONCORD, CA 3,067,3923.1m $328.5m $328.5m 0.67% Added +164.1k +164,057
20 ALLSTATE CORP 4.41% of their portfolio NORTHBROOK, IL 3,016,4093.0m $323.1m $323.1m 4.41% Added +1.9m +1,912,851
21 COMMONWEALTH EQUITY SERVICES, LLC 0.41% of their portfolio WALTHAM, MA 2,861,7482.9m $306.5m $306.5m 0.41% Added +13.3k +13,256
22 Cetera Investment Advisers 0.33% of their portfolio SCHAUMBURG, IL 2,794,5642.8m $299.3m $299.3m 0.33% Added +183.7k +183,706
23 Orgel Wealth Management, LLC 6.18% of their portfolio ALTOONA, WI 2,615,9192.6m $280.2m $280.2m 6.18% Added +46.7k +46,681
24 UBS Group AG 0.05% of their portfolio ZURICH, V8 2,445,6522.4m $262.0m $262.0m 0.05% Reduced -21.3k -21,282
25 RWA WEALTH PARTNERS, LLC 2.77% of their portfolio BOSTON, MA 2,366,9712.4m $253.5m $253.5m 2.77% Reduced -28.4k -28,440
26 JONES FINANCIAL COMPANIES LLLP 0.15% of their portfolio DES PERES, MO 2,272,6102.3m $243.4m $243.4m 0.15% Added +201.2k +201,241
27 AMERIPRISE FINANCIAL INC 0.05% of their portfolio MINNEAPOLIS, MN 2,222,2772.2m $238.0m $238.0m 0.05% Added +270.6k +270,561
28 Mariner, LLC 0.26% of their portfolio Overland Park, KS 2,048,9322.0m $219.5m $219.5m 0.26% Added +170.9k +170,903
29 MML INVESTORS SERVICES, LLC 0.53% of their portfolio SPRINGFIELD, MA 2,028,7012.0m $217.3m $217.3m 0.53% Added +294.5k +294,517
30 RAYMOND JAMES FINANCIAL INC 0.06% of their portfolio ST. PETERSBURG, FL 1,789,3291.8m $191.7m $191.7m 0.06% Reduced -502.2k -502,220
31 Sequoia Financial Advisors, LLC 1.06% of their portfolio Akron, OH 1,766,3911.8m $189.2m $189.2m 1.06% Added +61.6k +61,611
32 Envestnet Portfolio Solutions, Inc. 0.66% of their portfolio BERWYN, PA 1,753,3611.8m $187.8m $187.8m 0.66% Added +95.0k +94,954
33 HighTower Advisors, LLC 0.21% of their portfolio CHICAGO, IL 1,752,4301.8m $187.7m $187.7m 0.21% Reduced -2.0k -2,026
34 Corient Private Wealth LP 0.12% of their portfolio MIAMI, FL 1,695,9501.7m $181.7m $181.7m 0.12% Added +907.1k +907,102
35 Facet Wealth, Inc. 3.00% of their portfolio WEST PALM BEACH, FL 1,570,6651.6m $169.3m $169.3m 3.00% Added +290.5k +290,546
36 One Capital Management, LLC 4.85% of their portfolio WESTLAKE VILLAGE, CA 1,499,8281.5m $160.6m $160.6m 4.85% Added +126.5k +126,480
37 LMR Partners LLP 1.54% of their portfolio LONDON, X0 1,495,0001.5m $160.1m $160.1m 1.54% Added +1.2m +1,195,000
38 GOLDMAN SACHS GROUP INC 0.02% of their portfolio NEW YORK, NY 1,323,9921.3m $141.8m $141.8m 0.02% Reduced -51.1k -51,101
39 ROYAL BANK OF CANADA 0.02% of their portfolio TORONTO, A6 1,287,9271.3m $137.9m $137.9m 0.02% Added +170.8k +170,759
40 CAPTRUST FINANCIAL ADVISORS 0.25% of their portfolio RALEIGH, NC 1,217,6561.2m $130.4m $130.4m 0.25% Added +13.6k +13,646
41 Focus Partners Wealth 0.15% of their portfolio ST LOUIS, MO 1,198,8031.2m $128.1m $128.1m 0.15% Added +159.1k +159,091
42 CITIGROUP INC 0.09% of their portfolio NEW YORK, NY 1,173,9071.2m $125.7m $125.7m 0.09% Reduced -101.5k -101,537
43 Choate Investment Advisors 2.45% of their portfolio BOSTON, MA 1,165,5131.2m $124.8m $124.8m 2.45% Reduced -57.0k -56,965
44 SIGNATUREFD, LLC 1.90% of their portfolio ATLANTA, GA 1,163,5321.2m $124.6m $124.6m 1.90% Reduced -12.2k -12,249
45 Cerity Partners LLC 0.16% of their portfolio NEW YORK, NY 999,229999.2k $107.0m $107.0m 0.16% Added +131.4k +131,404
46 TRUIST FINANCIAL CORP 0.14% of their portfolio CHARLOTTE, NC 954,626954.6k $102.2m $102.2m 0.14% Added +63.9k +63,937
47 OSAIC HOLDINGS, INC. 0.13% of their portfolio SCOTTSDALE, AZ 845,747845.7k $90.6m $90.6m 0.13% Reduced -170.3k -170,291
48 OXFORD FINANCIAL GROUP, LTD. LLC 4.92% of their portfolio INDIANAPOLIS, IN 836,123836.1k $89.6m $89.6m 4.92% Reduced -29.2k -29,162
49 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.12% of their portfolio PLYMOUTH, MN 821,289821.3k $88.2m $88.2m 0.12% Added +30.1k +30,066
50 HSBC HOLDINGS PLC 0.02% of their portfolio LONDON, X0 791,738791.7k $84.8m $84.8m 0.02% Added +752.3k +752,313
51 EP Wealth Advisors, LLC 0.44% of their portfolio TORRANCE, CA 784,953785.0k $84.1m $84.1m 0.44% First filing
52 Orion Porfolio Solutions, LLC 0.61% of their portfolio OMAHA, NE 778,177778.2k $83.4m $83.4m 0.61% Added +77.6k +77,597
53 OneDigital Investment Advisors LLC 0.81% of their portfolio OVERLAND PARK, KS 773,469773.5k $82.8m $82.8m 0.81% Added +26.1k +26,063
54 Balentine LLC 2.88% of their portfolio ATLANTA, GA 708,272708.3k $75.9m $75.9m 2.88% Reduced -88.5k -88,474
55 ANGELES WEALTH MANAGEMENT, LLC 4.15% of their portfolio SANTA MONICA, CA 702,947702.9k $75.3m $75.3m 4.15% Added +36.4k +36,449
56 CWM, LLC 0.20% of their portfolio OMAHA, NE 687,924687.9k $73.7m $73.7m 0.20% Added +47.8k +47,823
57 BESSEMER GROUP INC 0.11% of their portfolio WOODBRIDGE, NJ 687,254687.3k $73.6m $73.6m 0.11% Added +134.7k +134,713
58 Rockefeller Capital Management L.P. 0.13% of their portfolio NEW YORK, NY 649,211649.2k $69.5m $69.5m 0.13% Added +18.6k +18,614
59 Prime Capital Investment Advisors, LLC 0.84% of their portfolio OVERLAND PARK, KS 644,467644.5k $69.0m $69.0m 0.84% Added +57.3k +57,329
60 Beacon Pointe Advisors, LLC 0.48% of their portfolio NEWPORT BEACH, CA 633,779633.8k $67.9m $67.9m 0.48% Added +46.8k +46,833
61 SOFI WEALTH, LLC 3.37% of their portfolio SAN FRANCISCO, CA 631,789631.8k $67.7m $67.7m 3.37% Added +54.0k +54,010
62 Forvis Mazars Wealth Advisors, LLC 1.28% of their portfolio Springfield, MO 630,882630.9k $67.6m $67.6m 1.28% Reduced -1.8k -1,845
63 STIFEL FINANCIAL CORP 0.06% of their portfolio ST. LOUIS, MO 618,998619.0k $66.3m $66.3m 0.06% Added +15.0k +14,954
64 Wealthspire Advisors, LLC 0.52% of their portfolio NEW YORK, NY 609,110609.1k $65.2m $65.2m 0.52% Reduced -363.5k -363,494
65 STATE OF WISCONSIN INVESTMENT BOARD 0.15% of their portfolio MADISON, WI 607,800607.8k $65.1m $65.1m 0.15% Unchanged
66 Financial Engines Advisors L.L.C. 0.12% of their portfolio SANTA CLARA, CA 599,668599.7k $64.2m $64.2m 0.12% Added +6.1k +6,061
67 UNITED CAPITAL FINANCIAL ADVISORS, LLC 0.38% of their portfolio IRVING, TX 587,593587.6k $62.9m $62.9m 0.38% Added +19.6k +19,643
68 CLIFTONLARSONALLEN WEALTH ADVISORS, LLC 0.94% of their portfolio MINNEAPOLIS, MN 582,008582.0k $62.3m $62.3m 0.94% Reduced -22.1k -22,107
69 BANK OF MONTREAL /CAN/ 0.03% of their portfolio TORONTO, A6 572,680572.7k $61.3m $61.3m 0.03% Added +88.9k +88,936
70 JANE STREET GROUP, LLC 0.07% of their portfolio NEW YORK, NY 551,732551.7k $59.1m $59.1m 0.07% Reduced -346.7k -346,697
71 COLDSTREAM CAPITAL MANAGEMENT INC 0.75% of their portfolio BELLEVUE, WA 544,186544.2k $58.3m $58.3m 0.75% Added +7.5k +7,516
72 Crestwood Advisors Group, LLC 0.96% of their portfolio BOSTON, MA 535,338535.3k $57.3m $57.3m 0.96% Added +44.4k +44,439
73 Wealthcare Advisory Partners LLC 1.12% of their portfolio WEST CHESTER, PA 533,437533.4k $57.1m $57.1m 1.12% Added +66.5k +66,538
74 Parcion Private Wealth LLC 3.31% of their portfolio BELLEVUE, WA 507,509507.5k $54.4m $54.4m 3.31% Added +10.4k +10,413
75 O'SHAUGHNESSY ASSET MANAGEMENT, LLC 0.30% of their portfolio Stamford, CT 503,080503.1k $53.9m $53.9m 0.30% Added +126.7k +126,682
76 Avantax Planning Partners, Inc. 1.51% of their portfolio DUBUQUE, IA 502,707502.7k $53.8m $53.8m 1.51% Added +43.9k +43,895
77 MANNING & NAPIER ADVISORS LLC 0.70% of their portfolio Fairport, NY 500,483500.5k $53.6m $53.6m 0.70% Added +17.1k +17,116
78 Foster Group, Inc. 1.59% of their portfolio WEST DES MOINES, IA 491,509491.5k $52.6m $52.6m 1.59% Added +49.6k +49,650
79 Farther Finance Advisors, LLC 0.55% of their portfolio SAN FRANCISCO, CA 476,523476.5k $51.0m $51.0m 0.55% Added +22.5k +22,475
80 Kestra Investment Management, LLC 1.24% of their portfolio AUSTIN, TX 473,402473.4k $50.7m $50.7m 1.24% Added +32.7k +32,677
81 ALLIANCEBERNSTEIN L.P. 0.02% of their portfolio NASHVILLE, TN 469,688469.7k $50.3m $50.3m 0.02% Reduced -2.1k -2,147
82 Arkos Global Advisors 6.42% of their portfolio HOUSTON, TX 467,492467.5k $50.1m $50.1m 6.42% Reduced -20.2k -20,194
83 Wedmont Private Capital 1.74% of their portfolio WEST CHESTER, PA 465,572465.6k $50.1m $50.1m 1.74% Reduced -31.7k -31,676
84 FRANKLIN RESOURCES INC 0.01% of their portfolio San Mateo, CA 458,587458.6k $49.1m $49.1m 0.01% Reduced -117.4k -117,443
85 Equitable Holdings, Inc. 0.33% of their portfolio NEW YORK, NY 451,925451.9k $48.4m $48.4m 0.33% Added +27.4k +27,396
86 AE Wealth Management LLC 0.28% of their portfolio TOPEKA, KS 449,804449.8k $48.2m $48.2m 0.28% Added +52.1k +52,137
87 Dynasty Wealth Management, LLC 0.47% of their portfolio ST. PETERSBURG, FL 445,174445.2k $47.7m $47.7m 0.47% Added +67.3k +67,269
88 Nuveen, LLC 0.01% of their portfolio CHARLOTTE, NC 440,594440.6k $47.2m $47.2m 0.01% Added +392.7k +392,681
89 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.01% of their portfolio NEW YORK, NY 438,491438.5k $47.0m $47.0m 0.01% New
90 Allworth Financial LP 0.19% of their portfolio FOLSOM, CA 424,154424.2k $45.4m $45.4m 0.19% Added +31.3k +31,344
91 Retirement Investment Advisors, Inc. 3.65% of their portfolio OKLAHOMA CITY, OK 422,852422.9k $45.3m $45.3m 3.65% Added +30.8k +30,817
92 COMERICA BANK 0.17% of their portfolio DALLAS, TX 407,499407.5k $43.6m $43.6m 0.17% Added +8.2k +8,216
93 Ascent Group, LLC 1.48% of their portfolio VIRGINIA BEACH, VA 403,461403.5k $43.2m $43.2m 1.48% Added +29.5k +29,458
94 JFS WEALTH ADVISORS, LLC 2.30% of their portfolio HERMITAGE, PA 381,852381.9k $40.9m $40.9m 2.30% Added +6.2k +6,175
95 HRT FINANCIAL LP 0.16% of their portfolio NEW YORK, NY 361,847361.8k $38.8m $38.8m 0.16% Added +243.2k +243,168
96 Thrivent Financial for Lutherans 0.07% of their portfolio Minneapolis, MN 360,674360.7k $38.6m $38.6m 0.07% Added +7.5k +7,464
97 Cardinal Point Capital Management ULC 2.50% of their portfolio TORONTO, A6 356,448356.4k $38.2m $38.2m 2.50% Added +7.0k +6,978
98 Lutz Financial Services LLC 2.56% of their portfolio OMAHA, NE 351,298351.3k $37.6m $37.6m 2.56% Added +12.4k +12,434
99 CAHABA WEALTH MANAGEMENT, INC. 2.62% of their portfolio Atlanta, GA 350,964351.0k $37.6m $37.6m 2.62% Added +11.6k +11,597
100 Cambridge Investment Research Advisors, Inc. 0.10% of their portfolio FAIRFIELD, IA 342,236342.2k $36.7m $36.7m 0.10% Added +31.4k +31,355