In its most recent SEC filing, First Citizens Bank & Trust Co. disclosed a 90.4% reduction in its position in the iShares National Muni Bond ETF, selling 2,524,900 shares and retaining 267,338 shares at quarter end. The remaining stake represented approximately $28.47 million, or 0.07% of MUB’s total assets, making it the 25th largest holding in the bank’s investment portfolio.

Despite First Citizens’ exit, institutional investors continue to dominate MUB, holding 90.19% of outstanding shares. Several smaller firms initiated or added to positions in the second and third quarters, including Hollencrest Capital Management ($26,000), Total Investment Management Inc. ($33,000), Inlight Wealth Management LLC ($37,000), Harbor Asset Planning Inc. ($43,000) and Evolution Wealth Management Inc. ($44,000). This steady interest underscores muni bonds’ appeal for tax-efficient income strategies.

MUB oversees $41.8 billion in assets under management and charges an annual expense ratio of 0.05%. Over the trailing 12 months, the fund generated a total return of 1.5% and distributes a dividend yield of 3.1%. Its highly diversified portfolio spans 6,163 investment-grade municipal bonds, with roughly 61% of holdings rated AA and the balance split between AAA and A ratings, limiting single-issuer concentration risks.

Launched more than 18 years ago, the ETF seeks to replicate the performance of the S&P National AMT-Free Municipal Bond Index by investing in a representative sample of its constituents. The fund offers investors broad exposure to U.S. municipal issuers while providing federally tax-exempt income and maintaining high credit quality and liquidity.