Vault-13

ISHARES TR MUB

NATIONAL MUN ETF · ETP · CUSIP 464288414

1,635 institutional holders -3 vs Q4 2025
353,623,191353.6m shares reported held*
$37.6bnreported value*
100 new 793 added 506 reduced 92 sold out net bought ≈ $1.4bn (+13.4m 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 ($226.1m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $106.27. Options: 4 managers hold calls ($131.1m notional), 6 hold puts ($300.0m).

Trends to Q1 2026

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: 1,638Q1 26: 1,6351,635Q3 22Q3 23Q3 24Q3 25Q1 26
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
Q1 20261,635

Buyers vs sellers

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

Bought or addedCut or sold out
1k01kQ2 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 25Q4 25: 877 bought or addedQ4 25: 543 cut or sold outQ1 26: 893 bought or addedQ1 26: 598 cut or sold outQ1 26
Numbers
QuarterBought or addedCut or sold out
Q2 2024726550
Q3 2024748495
Q4 2024758542
Q1 2025692727
Q2 2025699751
Q3 2025775669
Q4 2025877543
Q1 2026893598

Calls vs puts

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

CallsPuts
$0$200m$400m$600mQ2 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 1.07Q1 26 calls: $131.1mQ1 26 puts: $300.0mQ1 26P/C 2.29
Numbers
QuarterCallsPutsP/C
Q2 2025$593.2m$225.6m0.38
Q3 2025$525.8m$346.5m0.66
Q4 2025$266.1m$283.6m1.07
Q1 2026$131.1m$300.0m2.29

Biggest buyers

UBS Group AG Added +5,177,341+5.2m
BANK OF AMERICA CORP /DE/ Added +4,763,839+4.8m
ENVESTNET ASSET MANAGEMENT INC Added +2,522,106+2.5m
PARK AVENUE SECURITIES LLC New +1,079,334+1.1m
Fisher Asset Management, LLC Added +882,344+882.3k
Creative Planning Added +812,109+812.1k
MERCER GLOBAL ADVISORS INC /ADV Added +808,430+808.4k
GOLDMAN SACHS GROUP INC Added +790,134+790.1k
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Added +730,720+730.7k
JONES FINANCIAL COMPANIES LLLP Added +681,226+681.2k

Biggest sellers

TIAA TRUST, NATIONAL ASSOCIATION Reduced -5,461,311-5.5m
LMR Partners LLP Sold out -1,495,000-1.5m
ALLSTATE CORP Reduced -1,282,885-1.3m
Corient Private Wealth LP Reduced -831,396-831.4k
Envestnet Portfolio Solutions, Inc. Reduced -578,013-578.0k
AMERIPRISE FINANCIAL INC Reduced -546,987-547.0k
Wealthfront Advisers LLC Reduced -457,491-457.5k
Choate Investment Advisors Reduced -447,758-447.8k
Nuveen, LLC Sold out -440,594-440.6k
HSBC HOLDINGS PLC Reduced -402,826-402.8k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $73.1m688.6k shares
JANE STREET GROUP, LLC Added $36.8m347.1k shares
CITADEL ADVISORS LLC Added $20.7m195.3k shares
Walleye Trading LLC New $435.2k4.1k shares

Biggest puts

Centiva Capital, LP New $84.9m800.0k shares
JANE STREET GROUP, LLC Added $54.7m515.4k shares
LMR Partners LLP New $54.0m508.6k shares
DV Trading LLC New $53.1m500.0k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $35.8m336.9k shares
CITADEL ADVISORS LLC Added $17.5m165.2k 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, Q1 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BANK OF AMERICA CORP /DE/ 0.33% of their portfolio CHARLOTTE, NC 42,113,66042.1m $4.5bn $4.5bn 0.33% Added +4.8m +4,763,839
2 FMR LLC 0.12% of their portfolio BOSTON, MA 21,943,71021.9m $2.3bn $2.3bn 0.12% Reduced -354.2k -354,174
3 Betterment LLC 3.94% of their portfolio NEW YORK, NY 19,583,73219.6m $2.1bn $2.1bn 3.94% Added +593.5k +593,514
4 ENVESTNET ASSET MANAGEMENT INC 0.47% of their portfolio Berwyn, PA 16,704,65116.7m $1.8bn $1.8bn 0.47% Added +2.5m +2,522,106
5 Creative Planning 1.03% of their portfolio OVERLAND PARK, KS 14,367,47814.4m $1.5bn $1.5bn 1.03% Added +812.1k +812,109
6 LPL Financial LLC 0.33% of their portfolio FORT MILL, SC 11,762,38411.8m $1.2bn $1.2bn 0.33% Added +663.1k +663,075
7 Fisher Asset Management, LLC 0.42% of their portfolio PLANO, TX 11,596,16111.6m $1.2bn $1.2bn 0.42% Added +882.3k +882,344
8 WELLS FARGO & COMPANY/MN 0.21% of their portfolio SAN FRANCISCO, CA 10,008,48810.0m $1.1bn $1.1bn 0.21% Added +72.0k +72,042
9 MERCER GLOBAL ADVISORS INC /ADV 1.47% of their portfolio DENVER, CO 9,357,6749.4m $993.3m $993.3m 1.47% Added +808.4k +808,430
10 MORGAN STANLEY 0.06% of their portfolio NEW YORK, NY 9,214,3179.2m $978.1m $978.1m 0.06% Added +637.4k +637,356
11 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.58% of their portfolio MILWAUKEE, WI 8,903,3598.9m $945.1m $945.1m 0.58% Added +472.2k +472,246
12 UBS Group AG 0.14% of their portfolio ZURICH, V8 7,622,9937.6m $809.2m $809.2m 0.14% Added +5.2m +5,177,341
13 Bank of New York Mellon Corp 0.14% of their portfolio NEW YORK, NY 7,303,6307.3m $775.3m $775.3m 0.14% Added +214.3k +214,265
14 PNC Financial Services Group, Inc. 0.44% of their portfolio Pittsburgh, PA 7,185,2727.2m $762.7m $762.7m 0.44% Reduced -150.9k -150,886
15 TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERVICES, LLC 2.32% of their portfolio CHARLOTTE, NC 5,687,2685.7m $603.7m $603.7m 2.32% First filing
16 SEI INVESTMENTS CO 0.52% of their portfolio OAKS, PA 5,274,6955.3m $559.9m $559.9m 0.52% Added +6.4k +6,428
17 US BANCORP \DE\ 0.67% of their portfolio MINNEAPOLIS, MN 5,232,5515.2m $555.4m $555.4m 0.67% Added +3.0k +3,030
18 JPMORGAN CHASE & CO 0.03% of their portfolio NEW YORK, NY 4,709,5554.7m $499.0m $499.0m 0.03% Added +17.7k +17,682
19 Wealthfront Advisers LLC 1.04% of their portfolio Palo Alto, CA 4,442,7644.4m $471.6m $471.6m 1.04% Reduced -457.5k -457,491
20 Cetera Investment Advisers 0.36% of their portfolio SCHAUMBURG, IL 3,210,9363.2m $340.8m $340.8m 0.36% Added +416.4k +416,372
21 ASSETMARK, INC 0.69% of their portfolio CONCORD, CA 3,196,8893.2m $339.3m $339.3m 0.69% Added +129.5k +129,497
22 JONES FINANCIAL COMPANIES LLLP 0.15% of their portfolio DES PERES, MO 2,953,8363.0m $312.3m $312.3m 0.15% Added +681.2k +681,226
23 COMMONWEALTH EQUITY SERVICES, LLC 0.42% of their portfolio WALTHAM, MA 2,823,5522.8m $299.7m $299.7m 0.42% Reduced -38.2k -38,196
24 Orgel Wealth Management, LLC 6.12% of their portfolio ALTOONA, WI 2,677,0932.7m $284.2m $284.2m 6.12% Added +61.2k +61,174
25 RWA WEALTH PARTNERS, LLC 2.71% of their portfolio BOSTON, MA 2,331,5912.3m $247.5m $247.5m 2.71% Reduced -35.4k -35,380
26 RAYMOND JAMES FINANCIAL INC 0.07% of their portfolio ST. PETERSBURG, FL 2,281,8262.3m $242.2m $242.2m 0.07% Added +492.5k +492,497
27 GOLDMAN SACHS GROUP INC 0.03% of their portfolio NEW YORK, NY 2,114,1262.1m $224.4m $224.4m 0.03% Added +790.1k +790,134
28 Mariner, LLC 0.26% of their portfolio Overland Park, KS 2,108,2142.1m $223.8m $223.8m 0.26% Added +59.3k +59,282
29 Sequoia Financial Advisors, LLC 1.18% of their portfolio Akron, OH 1,977,0192.0m $209.9m $209.9m 1.18% Added +210.6k +210,628
30 MML INVESTORS SERVICES, LLC 0.57% of their portfolio SPRINGFIELD, MA 1,947,6931.9m $206.7m $206.7m 0.57% Reduced -81.0k -81,008
31 HighTower Advisors, LLC 0.20% of their portfolio CHICAGO, IL 1,737,2131.7m $184.4m $184.4m 0.20% Reduced -15.2k -15,217
32 ALLSTATE CORP 1.97% of their portfolio NORTHBROOK, IL 1,733,5241.7m $184.0m $184.0m 1.97% Reduced -1.3m -1,282,885
33 AMERIPRISE FINANCIAL INC 0.04% of their portfolio MINNEAPOLIS, MN 1,675,2901.7m $177.9m $177.9m 0.04% Reduced -547.0k -546,987
34 One Capital Management, LLC 4.67% of their portfolio WESTLAKE VILLAGE, CA 1,606,3301.6m $170.5m $170.5m 4.67% Added +106.5k +106,502
35 Facet Wealth, Inc. 2.57% of their portfolio WEST PALM BEACH, FL 1,397,7961.4m $148.4m $148.4m 2.57% Reduced -172.9k -172,869
36 CITIGROUP INC 0.09% of their portfolio NEW YORK, NY 1,298,9291.3m $137.9m $137.9m 0.09% Added +125.0k +125,022
37 CAPTRUST FINANCIAL ADVISORS 0.24% of their portfolio RALEIGH, NC 1,271,7501.3m $135.0m $135.0m 0.24% Added +54.1k +54,094
38 ROYAL BANK OF CANADA 0.03% of their portfolio TORONTO, A6 1,258,3471.3m $133.6m $133.6m 0.03% Reduced -29.6k -29,580
39 Envestnet Portfolio Solutions, Inc. 0.69% of their portfolio BERWYN, PA 1,175,3481.2m $124.8m $124.8m 0.69% Reduced -578.0k -578,013
40 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.03% of their portfolio NEW YORK, NY 1,169,2111.2m $124.1m $124.1m 0.03% Added +730.7k +730,720
41 SIGNATUREFD, LLC 1.83% of their portfolio ATLANTA, GA 1,126,7501.1m $119.6m $119.6m 1.83% Reduced -36.8k -36,782
42 PARK AVENUE SECURITIES LLC 0.90% of their portfolio NEW YORK, NY 1,079,3341.1m $114.6m $114.6m 0.90% New
43 Cerity Partners LLC 0.16% of their portfolio NEW YORK, NY 1,070,2651.1m $113.6m $113.6m 0.16% Added +71.0k +71,036
44 Focus Partners Wealth 0.12% of their portfolio ST LOUIS, MO 1,053,7991.1m $111.9m $111.9m 0.12% Reduced -145.0k -145,004
45 TRUIST FINANCIAL CORP 0.14% of their portfolio CHARLOTTE, NC 980,111980.1k $104.0m $104.0m 0.14% Added +25.5k +25,485
46 OSAIC HOLDINGS, INC. 0.14% of their portfolio SCOTTSDALE, AZ 927,175927.2k $98.4m $98.4m 0.14% Added +81.4k +81,428
47 Kestra Investment Management, LLC 1.68% of their portfolio AUSTIN, TX 916,625916.6k $97.3m $97.3m 1.68% Added +443.2k +443,223
48 JANE STREET GROUP, LLC 0.10% of their portfolio NEW YORK, NY 912,202912.2k $96.8m $96.8m 0.10% Added +360.5k +360,470
49 Corient Private Wealth LP 0.13% of their portfolio MIAMI, FL 864,554864.6k $91.8m $91.8m 0.13% Reduced -831.4k -831,396
50 EP Wealth Advisors, LLC 0.44% of their portfolio TORRANCE, CA 847,619847.6k $90.0m $90.0m 0.44% Added +62.7k +62,666
51 OneDigital Investment Advisors LLC 0.87% of their portfolio OVERLAND PARK, KS 842,713842.7k $89.5m $89.5m 0.87% Added +69.2k +69,244
52 OXFORD FINANCIAL GROUP, LTD. LLC 4.74% of their portfolio INDIANAPOLIS, IN 830,094830.1k $88.1m $88.1m 4.74% Reduced -6.0k -6,029
53 Orion Porfolio Solutions, LLC 0.71% of their portfolio OMAHA, NE 781,060781.1k $82.9m $82.9m 0.71% Added +2.9k +2,883
54 ANGELES WEALTH MANAGEMENT, LLC 4.43% of their portfolio SANTA MONICA, CA 767,535767.5k $81.5m $81.5m 4.43% Added +64.6k +64,588
55 Beacon Pointe Advisors, LLC 0.43% of their portfolio NEWPORT BEACH, CA 756,078756.1k $80.3m $80.3m 0.43% Added +122.3k +122,299
56 CWM, LLC 0.21% of their portfolio OMAHA, NE 751,600751.6k $79.8m $79.8m 0.21% Added +63.7k +63,676
57 Choate Investment Advisors 1.49% of their portfolio BOSTON, MA 717,755717.8k $76.2m $76.2m 1.49% Reduced -447.8k -447,758
58 Rockefeller Capital Management L.P. 0.13% of their portfolio NEW YORK, NY 706,540706.5k $75.0m $75.0m 0.13% Added +57.3k +57,329
59 O'SHAUGHNESSY ASSET MANAGEMENT, LLC 0.35% of their portfolio Stamford, CT 652,281652.3k $69.2m $69.2m 0.35% Added +149.2k +149,201
60 BlackRock, Inc. 0.00% of their portfolio New York, NY 650,618650.6k $69.1m $69.1m 0.00% Added +432.3k +432,320
61 BESSEMER GROUP INC 0.11% of their portfolio WOODBRIDGE, NJ 647,017647.0k $68.7m $68.7m 0.11% Reduced -40.2k -40,237
62 Prime Capital Investment Advisors, LLC 0.79% of their portfolio OVERLAND PARK, KS 645,815645.8k $68.6m $68.6m 0.79% Added +1.3k +1,348
63 STIFEL FINANCIAL CORP 0.06% of their portfolio ST. LOUIS, MO 635,731635.7k $67.5m $67.5m 0.06% Added +16.7k +16,733
64 Forvis Mazars Wealth Advisors, LLC 1.28% of their portfolio Springfield, MO 633,596633.6k $67.3m $67.3m 1.28% Added +2.7k +2,714
65 SOFI WEALTH, LLC 3.18% of their portfolio SAN FRANCISCO, CA 620,897620.9k $65.9m $65.9m 3.18% Reduced -10.9k -10,892
66 UNITED CAPITAL FINANCIAL ADVISORS, LLC 0.40% of their portfolio IRVING, TX 613,660613.7k $65.1m $65.1m 0.40% Added +26.1k +26,067
67 STATE OF WISCONSIN INVESTMENT BOARD 0.15% of their portfolio MADISON, WI 607,800607.8k $64.5m $64.5m 0.15% Unchanged
68 Financial Engines Advisors L.L.C. 0.12% of their portfolio SANTA CLARA, CA 579,572579.6k $61.5m $61.5m 0.12% Reduced -20.1k -20,096
69 Crestwood Advisors Group, LLC 1.01% of their portfolio BOSTON, MA 566,374566.4k $60.1m $60.1m 1.01% Added +31.0k +31,036
70 BANK OF MONTREAL /CAN/ 0.02% of their portfolio TORONTO, A6 559,388559.4k $59.4m $59.4m 0.02% Reduced -13.3k -13,292
71 Foster Group, Inc. 1.71% of their portfolio WEST DES MOINES, IA 542,700542.7k $57.6m $57.6m 1.71% Added +51.2k +51,191
72 FIFTH THIRD BANCORP 0.10% of their portfolio CINCINNATI, OH 537,049537.0k $57.0m $57.0m 0.10% Added +424.6k +424,640
73 CLIFTONLARSONALLEN WEALTH ADVISORS, LLC 0.83% of their portfolio MINNEAPOLIS, MN 535,118535.1k $56.8m $56.8m 0.83% Reduced -46.9k -46,890
74 Farther Finance Advisors, LLC 0.54% of their portfolio SAN FRANCISCO, CA 532,745532.7k $56.6m $56.6m 0.54% Added +56.2k +56,222
75 Dynasty Wealth Management, LLC 0.49% of their portfolio ST. PETERSBURG, FL 526,425526.4k $55.9m $55.9m 0.49% Added +81.3k +81,251
76 Parcion Private Wealth LLC 3.46% of their portfolio BELLEVUE, WA 525,436525.4k $55.8m $55.8m 3.46% Added +17.9k +17,927
77 COLDSTREAM CAPITAL MANAGEMENT INC 0.68% of their portfolio BELLEVUE, WA 522,464522.5k $55.5m $55.5m 0.68% Reduced -21.7k -21,722
78 Wealthcare Advisory Partners LLC 1.08% of their portfolio WEST CHESTER, PA 522,191522.2k $55.4m $55.4m 1.08% Reduced -11.2k -11,246
79 Wealthspire Advisors, LLC 0.43% of their portfolio NEW YORK, NY 512,469512.5k $54.4m $54.4m 0.43% Reduced -96.6k -96,641
80 Avantax Planning Partners, Inc. 1.44% of their portfolio DUBUQUE, IA 495,654495.7k $52.6m $52.6m 1.44% Reduced -7.1k -7,053
81 MANNING & NAPIER ADVISORS LLC 0.74% of their portfolio Fairport, NY 492,741492.7k $52.3m $52.3m 0.74% Reduced -7.7k -7,742
82 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.12% of their portfolio PLYMOUTH, MN 492,231492.2k $52.4m $52.4m 0.12% Reduced -329.1k -329,058
83 FRANKLIN RESOURCES INC 0.01% of their portfolio San Mateo, CA 488,681488.7k $51.9m $51.9m 0.01% Added +30.1k +30,094
84 Wedmont Private Capital 1.63% of their portfolio WEST CHESTER, PA 472,473472.5k $50.4m $50.4m 1.63% Added +6.9k +6,901
85 ALLIANCEBERNSTEIN L.P. 0.02% of their portfolio NASHVILLE, TN 462,015462.0k $49.5m $49.5m 0.02% Reduced -7.7k -7,673
86 Arkos Global Advisors 5.90% of their portfolio HOUSTON, TX 443,046443.0k $47.0m $47.0m 5.90% Reduced -24.4k -24,446
87 CHOREO, LLC 0.57% of their portfolio ROCKFORD, IL 438,228438.2k $46.5m $46.5m 0.57% Added +150.2k +150,175
88 Allworth Financial LP 0.19% of their portfolio FOLSOM, CA 435,863435.9k $46.3m $46.3m 0.19% Added +11.7k +11,709
89 Retirement Investment Advisors, Inc. 3.66% of their portfolio OKLAHOMA CITY, OK 424,104424.1k $45.4m $45.4m 3.66% Added +1.3k +1,252
90 Ascent Group, LLC 1.53% of their portfolio VIRGINIA BEACH, VA 416,280416.3k $44.2m $44.2m 1.53% Added +12.8k +12,819
91 SEEDS INVESTOR LLC 5.96% of their portfolio NEW YORK, NY 409,195409.2k $43.8m $43.8m 5.96% Added +245.3k +245,278
92 NATIXIS ADVISORS, LLC 0.06% of their portfolio Boston, MA 392,889392.9k $41.7m $41.7m 0.06% Added +116.2k +116,166
93 HSBC HOLDINGS PLC 0.02% of their portfolio LONDON, X0 388,912388.9k $41.3m $41.3m 0.02% Reduced -402.8k -402,826
94 Cambridge Investment Research Advisors, Inc. 0.11% of their portfolio FAIRFIELD, IA 388,834388.8k $41.3m $41.3m 0.11% Added +46.6k +46,598
95 JFS WEALTH ADVISORS, LLC 2.29% of their portfolio HERMITAGE, PA 385,993386.0k $41.0m $41.0m 2.29% Added +4.1k +4,141
96 CAHABA WEALTH MANAGEMENT, INC. 2.76% of their portfolio Atlanta, GA 383,426383.4k $40.7m $40.7m 2.76% Added +32.5k +32,462
97 Savvy Advisors, Inc. 1.08% of their portfolio NEW YORK, NY 380,909380.9k $40.4m $40.4m 1.08% Added +108.4k +108,427
98 Thrivent Financial for Lutherans 0.08% of their portfolio Minneapolis, MN 375,769375.8k $39.9m $39.9m 0.08% Added +15.1k +15,095
99 Kestra Advisory Services, LLC 0.15% of their portfolio AUSTIN, TX 373,962374.0k $39.7m $39.7m 0.15% Added +57.0k +57,042
100 Equitable Holdings, Inc. 0.26% of their portfolio NEW YORK, NY 373,948373.9k $40.1m $40.1m 0.26% Reduced -78.0k -77,977