MUNI vs BILS overlap
108 institutions report holding both MUNI and BILS.
MUNIBILS
Pick 2 to 4 ETFs.
We don’t have holdings for BILS. Most funds that aren’t in the SEC’s N-PORT data are unit trusts, grantor trusts or very new funds. The institutions tab may still have them.
108
institutions report holding both, of 621 holding any
MUNI59.1% of its 13F dollars, 24.1% of its 448 holders
BILS62.3% of its 13F dollars, 38.4% of its 281 holders
Largest institutions holding both
| Firm | MUNI | BILS |
|---|---|---|
| LPL Financial LLC | $131.6M | $361.0M |
| Bank of America Corp. | $217.7M | $129.0M |
| Morgan Stanley | $196.2M | $44.1M |
| Wells Fargo & Company | $148.1M | $59.9M |
| Ameriprise Financial Inc. | $2.9M | $110.1M |
| Envestnet Asset Management Inc. | $47.2M | $42.8M |
| Raymond James Financial Inc. | $49.2M | $35.8M |
| Osaic Holdings, Inc. | $21.7M | $62.0M |
| UBS Group AG | $40.1M | $36.1M |
| Cetera Investment Advisers | $44.9M | $27.6M |
| JPMorgan Chase & Co | $59.1M | $4.1M |
| Commonwealth Equity Services, LLC | $18.8M | $34.4M |
| Integrated Wealth Concepts LLC | $10.4M | $40.3M |
| NewEdge Advisors, LLC | $31.3M | $18.4M |
| Truist Financial Corp. | $13.5M | $33.4M |
This compares who owns the funds, not what the funds hold. From SEC Form 13F, for managers with $100M+ in US securities.
Who owns them: MUNI institutional holders, BILS institutional holders.
Frequently asked questions
Do institutions hold both MUNI and BILS?
108 Form 13F filers report positions in both, out of 621 that report either one.
How is overlap by weight worked out?
For each holding the two funds share, take the smaller of the two weights, then add those up. Identical portfolios score 100%.