Vault-13

ISHARES TR LQD

IBOXX INV CP ETF · ETP · CUSIP 464287242 · ISIN US4642872422

1,060 institutional holders +13 vs Q1 2025
270,821,880270.8m shares reported held*
$29.3bnreported value*
89 new 361 added 420 reduced 83 sold out net bought ≈ $1.1bn (+13.9m 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 ($47.9m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $108.36. Options: 14 managers hold calls ($1.6bn notional), 31 hold puts ($4.8bn).

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

05001k1.5kQ3 22: 995Q4 22: 1,029Q1 23: 1,020Q2 23: 1,019Q3 23: 1,039Q4 23: 1,109Q1 24: 1,059Q2 24: 1,016Q3 24: 1,054Q4 24: 1,092Q1 25: 1,047Q2 25: 1,0601,060Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 2022995
Q4 20221,029
Q1 20231,020
Q2 20231,019
Q3 20231,039
Q4 20231,109
Q1 20241,059
Q2 20241,016
Q3 20241,054
Q4 20241,092
Q1 20251,047
Q2 20251,060

Buyers vs sellers

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

Bought or addedCut or sold out
1k01kQ3 23: 500 bought or addedQ3 23: 472 cut or sold outQ4 23: 534 bought or addedQ4 23: 480 cut or sold outQ4 23Q1 24: 468 bought or addedQ1 24: 572 cut or sold outQ2 24: 428 bought or addedQ2 24: 551 cut or sold outQ2 24Q3 24: 523 bought or addedQ3 24: 427 cut or sold outQ4 24: 453 bought or addedQ4 24: 501 cut or sold outQ4 24Q1 25: 451 bought or addedQ1 25: 504 cut or sold outQ2 25: 450 bought or addedQ2 25: 503 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 2023500472
Q4 2023534480
Q1 2024468572
Q2 2024428551
Q3 2024523427
Q4 2024453501
Q1 2025451504
Q2 2025450503

Calls vs puts

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

CallsPuts
$0$2bn$4bn$6bnQ3 24 calls: $4.3bnQ3 24 puts: $4.1bnQ3 24P/C 0.95Q4 24 calls: $3.8bnQ4 24 puts: $2.8bnQ4 24P/C 0.73Q1 25 calls: $2.5bnQ1 25 puts: $5.0bnQ1 25P/C 2.02Q2 25 calls: $1.6bnQ2 25 puts: $4.8bnQ2 25P/C 2.96
Numbers
QuarterCallsPutsP/C
Q3 2024$4.3bn$4.1bn0.95
Q4 2024$3.8bn$2.8bn0.73
Q1 2025$2.5bn$5.0bn2.02
Q2 2025$1.6bn$4.8bn2.96

Biggest buyers

MORGAN STANLEY Added +6,694,538+6.7m
Gallagher Fiduciary Advisors, LLC Added +4,001,616+4.0m
SUMITOMO MITSUI FINANCIAL GROUP, INC. Added +3,676,952+3.7m
APG Asset Management US Inc. Added +3,423,000+3.4m
Verition Fund Management LLC Added +3,122,564+3.1m
CANADA PENSION PLAN INVESTMENT BOARD New +2,800,000+2.8m
Nuveen, LLC Added +2,400,000+2.4m
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added +2,197,299+2.2m
Migdal Insurance & Financial Holdings Ltd. Added +1,965,000+2.0m
HSBC HOLDINGS PLC Added +1,277,689+1.3m

Biggest sellers

NYL Investors LLC Reduced -6,954,436-7.0m
GOLDMAN SACHS GROUP INC Reduced -3,983,361-4.0m
FMR LLC Reduced -2,368,187-2.4m
AMERIPRISE FINANCIAL INC Reduced -2,326,478-2.3m
D. E. Shaw & Co., Inc. Sold out -1,381,100-1.4m
NORTHWESTERN MUTUAL INVESTMENT MANAGEMENT COMPANY, LLC Reduced -1,298,326-1.3m
Bank of New York Mellon Corp Reduced -1,033,318-1.0m
NORTHERN TRUST CORP Reduced -1,020,286-1.0m
Allianz Investment Management U.S. LLC Reduced -853,250-853.2k
JANE STREET GROUP, LLC Reduced -822,417-822.4k

Biggest calls

MILLENNIUM MANAGEMENT LLC Added $457.1m4.2m shares
CITADEL ADVISORS LLC Reduced $323.3m2.9m shares
UBS Group AG Added $301.4m2.7m shares
JANE STREET GROUP, LLC Added $297.1m2.7m shares
GOLDMAN SACHS GROUP INC Reduced $131.5m1.2m shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $41.6m379.8k shares
BARCLAYS PLC Reduced $32.9m300.0k shares
Jain Global LLC Reduced $16.4m150.0k shares
WELLS FARGO & COMPANY/MN Reduced $13.6m124.4k shares
Walleye Capital LLC Reduced $10.2m92.8k shares

Biggest puts

GOLDMAN SACHS GROUP INC Added $1.6bn14.3m shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $611.3m5.6m shares
CITADEL ADVISORS LLC Added $610.3m5.6m shares
JANE STREET GROUP, LLC Added $374.9m3.4m shares
BARCLAYS PLC Added $249.9m2.3m shares
BRIGADE CAPITAL MANAGEMENT, LP Added $219.2m2.0m shares
MILLENNIUM MANAGEMENT LLC Added $162.8m1.5m shares
BANK OF AMERICA CORP /DE/ Reduced $161.8m1.5m shares
Walleye Capital LLC Added $148.6m1.4m shares
UBS Group AG Added $148.1m1.4m 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
BlackRock Portfolio Management LLC 13G · institution +1.9 pts · filed 2026-10-27 8.2% +1.9 pts 22.8m≈ $2.5bn 2026-10-27

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Meiji Yasuda Life Insurance Co 62.36% of their portfolio TOKYO, M0 19,120,36819.1m $2.1bn $2.1bn 62.36% Unchanged
2 BANK OF AMERICA CORP /DE/ 0.16% of their portfolio CHARLOTTE, NC 18,069,38618.1m $2.0bn $2.0bn 0.16% Reduced -404.1k -404,071
3 MORGAN STANLEY 0.12% of their portfolio NEW YORK, NY 16,290,76716.3m $1.8bn $1.8bn 0.12% Added +6.7m +6,694,538
4 BlackRock, Inc. 0.03% of their portfolio New York, NY 14,305,12314.3m $1.6bn $1.6bn 0.03% Reduced -379.4k -379,412
5 Japan Science & Technology Agency 24.03% of their portfolio TOKYO, M0 13,806,45013.8m $1.5bn $1.5bn 24.03% Unchanged
6 Financial Engines Advisors L.L.C. 2.33% of their portfolio SANTA CLARA, CA 10,653,14610.7m $1.2bn $1.2bn 2.33% Reduced -19.9k -19,907
7 Wealthfront Advisers LLC 2.61% of their portfolio Palo Alto, CA 9,254,1169.3m $1.0bn $1.0bn 2.61% Reduced -485.2k -485,202
8 Nuveen, LLC 0.27% of their portfolio CHARLOTTE, NC 8,872,1578.9m $972.5m $972.5m 0.27% Added +2.4m +2,400,000
9 Allianz Investment Management U.S. LLC 37.32% of their portfolio Minneapolis, MN 7,862,2057.9m $861.8m $861.8m 37.32% Reduced -853.2k -853,250
10 SONA ASSET MANAGEMENT (US) LLC 21.40% of their portfolio NEW YORK, NY 5,774,0925.8m $632.9m $632.9m 21.40% Reduced -268.2k -268,186
11 WELLS FARGO & COMPANY/MN 0.12% of their portfolio SAN FRANCISCO, CA 5,092,2955.1m $558.2m $558.2m 0.12% Added +896.7k +896,732
12 UBS Group AG 0.12% of their portfolio ZURICH, V8 5,027,3825.0m $551.1m $551.1m 0.12% Added +435.0k +434,969
13 ENVESTNET ASSET MANAGEMENT INC 0.16% of their portfolio Berwyn, PA 4,908,9204.9m $538.0m $538.0m 0.16% Added +289.3k +289,254
14 AMERIPRISE FINANCIAL INC 0.12% of their portfolio MINNEAPOLIS, MN 4,533,3974.5m $496.8m $496.8m 0.12% Reduced -2.3m -2,326,478
15 APG Asset Management US Inc. 3.62% of their portfolio New York, NY 4,428,0004.4m $484.2m $484.2m 3.62% Added +3.4m +3,423,000
16 SUMITOMO MITSUI FINANCIAL GROUP, INC. 7.91% of their portfolio TOKYO, M0 4,423,9744.4m $484.9m $484.9m 7.91% Added +3.7m +3,676,952
17 Gallagher Fiduciary Advisors, LLC 0.76% of their portfolio ROLLING MEADOWS, IL 4,423,1924.4m $19.7m $19.7m 0.76% Added +4.0m +4,001,616
18 National Mutual Insurance Federation of Agricultural Cooperatives 3.58% of their portfolio TOKYO, JAPAN, M0 4,040,4004.0m $442.9m $442.9m 3.58% Unchanged
19 Migdal Insurance & Financial Holdings Ltd. 2.56% of their portfolio Petach Tikva, L3 3,930,0003.9m $430.8m $430.8m 2.56% Added +2.0m +1,965,000
20 GOLDMAN SACHS GROUP INC 0.07% of their portfolio NEW YORK, NY 3,782,2523.8m $414.6m $414.6m 0.07% Reduced -4.0m -3,983,361
21 LPL Financial LLC 0.12% of their portfolio FORT MILL, SC 3,331,7513.3m $365.2m $365.2m 0.12% Reduced -83.0k -83,045
22 Mitsubishi UFJ Asset Management Co., Ltd. 0.29% of their portfolio TOKYO, M0 3,275,5753.3m $359.0m $359.0m 0.29% Added +545.8k +545,770
23 Verition Fund Management LLC 1.98% of their portfolio GREENWICH, CT 3,133,0003.1m $343.4m $343.4m 1.98% Added +3.1m +3,122,564
24 Fisher Asset Management, LLC 0.13% of their portfolio PLANO, TX 3,062,2703.1m $335.7m $335.7m 0.13% Reduced -202.0k -201,981
25 CANADA PENSION PLAN INVESTMENT BOARD 0.26% of their portfolio TORONTO ONTARIO, A6 2,800,0002.8m $306.9m $306.9m 0.26% New
26 Empower Annuity Insurance Co 100.00% of their portfolio GREENWOOD VILLAGE, CO 2,456,8502.5m $269.3m $269.3m 100.00% Unchanged
27 ROYAL BANK OF CANADA 0.02% of their portfolio TORONTO, A6 2,301,5062.3m $252.3m $252.3m 0.02% Added +833.1k +833,052
28 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.37% of their portfolio BALA CYNWYD, PA 2,227,5782.2m $244.2m $244.2m 0.37% Added +2.2m +2,197,299
29 STATE OF MICHIGAN RETIREMENT SYSTEM 1.23% of their portfolio EAST LANSING, MI 2,172,4002.2m $238.1m $238.1m 1.23% Unchanged
30 NORTHWESTERN MUTUAL INVESTMENT MANAGEMENT COMPANY, LLC 3.62% of their portfolio MILWAUKEE, WI 2,144,7742.1m $235.1m $235.1m 3.62% Reduced -1.3m -1,298,326
31 BARCLAYS PLC 0.09% of their portfolio LONDON, X0 2,119,4502.1m $232.3m $232.3m 0.09% Added +1.2m +1,154,332
32 NORTHERN TRUST CORP 0.03% of their portfolio CHICAGO, IL 2,097,5922.1m $229.9m $229.9m 0.03% Reduced -1.0m -1,020,286
33 ASSETMARK, INC 0.53% of their portfolio CONCORD, CA 2,041,4872.0m $223.8m $223.8m 0.53% Added +1.5k +1,457
34 JPMORGAN CHASE & CO 0.01% of their portfolio NEW YORK, NY 1,852,5691.9m $203.1m $203.1m 0.01% Added +839.8k +839,768
35 PRUDENTIAL FINANCIAL INC 0.23% of their portfolio NEWARK, NJ 1,659,4261.7m $181.9m $181.9m 0.23% Reduced -23.5k -23,531
36 MUTUAL OF AMERICA CAPITAL MANAGEMENT LLC 1.86% of their portfolio New York, NY 1,578,1401.6m $173.0m $173.0m 1.86% Unchanged
37 HSBC HOLDINGS PLC 0.11% of their portfolio LONDON, X0 1,574,5291.6m $172.5m $172.5m 0.11% Added +1.3m +1,277,689
38 Money Design Co.,Ltd. 7.98% of their portfolio TOKYO, M0 1,558,8541.6m $170.9m $170.9m 7.98% Added +89.5k +89,453
39 Members Trust Co 5.63% of their portfolio TAMPA, FL 1,491,4221.5m $163.5m $163.5m 5.63% Reduced -55.3k -55,286
40 PRINCIPAL FINANCIAL GROUP INC 0.07% of their portfolio DES MOINES, IA 1,285,0001.3m $140.8m $140.8m 0.07% Added +465.0k +465,000
41 PNC Financial Services Group, Inc. 0.09% of their portfolio Pittsburgh, PA 1,238,4161.2m $135.7m $135.7m 0.09% Reduced -7.3k -7,329
42 SCHRODER INVESTMENT MANAGEMENT GROUP 0.11% of their portfolio London, X0 1,204,7831.2m $132.1m $132.1m 0.11% Reduced -484.5k -484,521
43 BNP PARIBAS 4.26% of their portfolio NEW YORK, NY 1,196,8541.2m $131.2m $131.2m 4.26% Added +967.0k +967,036
44 HUNTINGTON NATIONAL BANK 0.75% of their portfolio COLUMBUS, OH 1,043,7501.0m $114.4m $114.4m 0.75% Added +28.4k +28,404
45 FMR LLC 0.01% of their portfolio BOSTON, MA 1,040,6341.0m $114.1m $114.1m 0.01% Reduced -2.4m -2,368,187
46 Bridgewater Associates, LP 0.46% of their portfolio Westport, CT 1,035,3001.0m $113.5m $113.5m 0.46% Added +11.2k +11,200
47 RAYMOND JAMES FINANCIAL INC 0.04% of their portfolio ST. PETERSBURG, FL 942,827942.8k $103.3m $103.3m 0.04% Reduced -34.1k -34,106
48 MetLife Investment Management, LLC 0.61% of their portfolio Whippany, NJ 941,560941.6k $103.2m $103.2m 0.61% Reduced -11.7k -11,700
49 PRUDENTIAL PLC 0.62% of their portfolio LONDON, X0 925,429925.4k $101.4m $101.4m 0.62% Added +341.7k +341,737
50 Cetera Investment Advisers 0.17% of their portfolio SCHAUMBURG, IL 917,684917.7k $100.6m $100.6m 0.17% Added +89.2k +89,185
51 STIFEL FINANCIAL CORP 0.10% of their portfolio ST. LOUIS, MO 915,075915.1k $100.3m $100.3m 0.10% Reduced -159.5k -159,469
52 MML INVESTORS SERVICES, LLC 0.28% of their portfolio SPRINGFIELD, MA 898,630898.6k $98.5m $98.5m 0.28% Added +54.1k +54,101
53 Allspring Global Investments Holdings, LLC 0.16% of their portfolio CHARLOTTE, NC 892,850892.9k $97.9m $97.9m 0.16% Added +95.3k +95,262
54 SG Americas Securities, LLC 0.41% of their portfolio NEW YORK, NY 859,213859.2k $94.2m $94.2m 0.41% Added +857.1k +857,069
55 NYL Investors LLC 25.38% of their portfolio NEW YORK, NY 839,925839.9k $92.1m $92.1m 25.38% Reduced -7.0m -6,954,436
56 Man Group plc 0.19% of their portfolio LONDON, X0 807,256807.3k $88.5m $88.5m 0.19% Added +69.9k +69,947
57 Valmark Advisers, Inc. 1.23% of their portfolio AKRON, OH 804,299804.3k $88.2m $88.2m 1.23% Added +16.9k +16,899
58 Hudson Bay Capital Management LP 0.56% of their portfolio STAMFORD, CT 780,000780.0k $85.5m $85.5m 0.56% New
59 Mirae Asset Global Investments Co., Ltd. 0.29% of their portfolio SEOUL, M5 753,238753.2k $82.6m $82.6m 0.29% Reduced -260.3k -260,283
60 iA Global Asset Management Inc. 1.09% of their portfolio QUEBEC, A8 661,200661.2k $72.5m $72.5m 1.09% Unchanged
61 COUNTRY TRUST BANK 1.62% of their portfolio Bloomington, IL 660,323660.3k $72.4m $72.4m 1.62% Unchanged
62 OSAIC HOLDINGS, INC. 0.12% of their portfolio SCOTTSDALE, AZ 635,584635.6k $69.5m $69.5m 0.12% Added +201.1k +201,078
63 TRUIST FINANCIAL CORP 0.10% of their portfolio CHARLOTTE, NC 627,280627.3k $68.8m $68.8m 0.10% Added +261.3k +261,296
64 GDS Wealth Management 4.98% of their portfolio FLOWER MOUND, TX 622,867622.9k $68.3m $68.3m 4.98% Reduced -35.4k -35,407
65 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.05% of their portfolio MILWAUKEE, WI 597,456597.5k $65.5m $65.5m 0.05% Reduced -191.4k -191,409
66 Point72 Europe (London) LLP 3.08% of their portfolio LONDON, X0 545,000545.0k $59.7m $59.7m 3.08% New
67 State of New Jersey Common Pension Fund D 0.22% of their portfolio TRENTON, NJ 510,991511.0k $56.0m $56.0m 0.22% Unchanged
68 Creative Planning 0.04% of their portfolio OVERLAND PARK, KS 469,568469.6k $51.5m $51.5m 0.04% Reduced -881 -881
69 Mitsubishi UFJ Trust & Banking Corp 0.11% of their portfolio TOKYO, M0 443,905443.9k $48.7m $48.7m 0.11% Added +234.5k +234,470
70 SIH Partners, LLLP 4.36% of their portfolio Wilmington, DE 419,386419.4k $46.0m $46.0m 4.36% New
71 JANUS HENDERSON GROUP PLC 0.02% of their portfolio LONDON, X0 391,902391.9k $43.0m $43.0m 0.02% Added +5.8k +5,834
72 PARK AVENUE SECURITIES LLC 0.39% of their portfolio NEW YORK, NY 390,168390.2k $42.8m $42.8m 0.39% New
73 Rockefeller Capital Management L.P. 0.05% of their portfolio NEW YORK, NY 388,372388.4k $46.2m $46.2m 0.05% Added +222.4k +222,367
74 O'SHAUGHNESSY ASSET MANAGEMENT, LLC 0.29% of their portfolio Stamford, CT 385,977386.0k $42.3m $42.3m 0.29% Added +51.7k +51,719
75 HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.08% of their portfolio TORONTO, A6 350,825350.8k $38.5m $38.5m 0.08% Unchanged
76 USA FINANCIAL FORMULAS 6.51% of their portfolio ADA, MI 347,983348.0k $38.1m $38.1m 6.51% Added +39.8k +39,844
77 HighTower Advisors, LLC 0.05% of their portfolio CHICAGO, IL 339,758339.8k $37.2m $37.2m 0.05% Added +31.0k +30,979
78 MARSHALL WACE, LLP 0.04% of their portfolio LONDON, X0 334,200334.2k $36.6m $36.6m 0.04% Reduced -438.4k -438,400
79 Focus Partners Wealth 0.08% of their portfolio ST LOUIS, MO 331,338331.3k $36.3m $36.3m 0.08% Reduced -9.6k -9,640
80 Envestnet Portfolio Solutions, Inc. 0.13% of their portfolio BERWYN, PA 328,023328.0k $36.0m $36.0m 0.13% Reduced -47.8k -47,776
81 Harel Insurance Investments & Financial Services Ltd. 0.40% of their portfolio Ramat Gan, L3 318,275318.3k $34.9m $34.9m 0.40% Added +1.2k +1,225
82 CITIGROUP INC 0.02% of their portfolio NEW YORK, NY 318,221318.2k $34.9m $34.9m 0.02% Reduced -293.6k -293,565
83 Sigma Planning Corp 1.04% of their portfolio ANN ARBOR, MI 315,901315.9k $34.6m $34.6m 1.04% Reduced -1.8k -1,815
84 Stratos Investment Management, LLC 1.53% of their portfolio BEACHWOOD, OH 304,833304.8k $33.4m $33.4m 1.53% Added +7.7k +7,743
85 MILLENNIUM MANAGEMENT LLC 0.03% of their portfolio NEW YORK, NY 304,782304.8k $33.4m $33.4m 0.03% Added +258.1k +258,130
86 Clark Capital Management Group, Inc. 0.22% of their portfolio PHILADELPHIA, PA 290,853290.9k $31.9m $31.9m 0.22% Added +141.3k +141,340
87 RITHOLTZ WEALTH MANAGEMENT 0.70% of their portfolio NEW YORK, NY 290,638290.6k $31.9m $31.9m 0.70% Added +24.1k +24,111
88 Jefferies Financial Group Inc. 0.51% of their portfolio NEW YORK, NY 280,135280.1k $30.7m $30.7m 0.51% Added +257.0k +256,973
89 Arax Advisory Partners 1.39% of their portfolio NEW YORK, NY 276,008276.0k $30.3m $30.3m 1.39% Added +12.0k +12,021
90 CIBC Private Wealth Group LLC 0.05% of their portfolio ATLANTA, GA 263,397263.4k $28.9m $28.9m 0.05% Added +38.8k +38,758
91 Cheviot Value Management, LLC 3.24% of their portfolio BEVERLY HILLS, CA 258,320258.3k $28.3m $28.3m 3.24% Added +14.7k +14,727
92 Bank of New York Mellon Corp 0.01% of their portfolio NEW YORK, NY 257,560257.6k $28.2m $28.2m 0.01% Reduced -1.0m -1,033,318
93 Constellation Investments, Inc. 1.26% of their portfolio MONTGOMERY, OH 249,317249.3k $27.3m $27.3m 1.26% Unchanged
94 Westshore Wealth, LLC 10.25% of their portfolio NEWPORT BEACH, CA 243,851243.9k $26.7m $26.7m 10.25% Added +9.3k +9,316
95 Joule Financial, LLC 8.64% of their portfolio Lexington, KY 242,784242.8k $26.6m $26.6m 8.64% Added +5.2k +5,167
96 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.04% of their portfolio PLYMOUTH, MN 238,067238.1k $26.0m $26.0m 0.04% Reduced -167 -167
97 BANCO BILBAO VIZCAYA ARGENTARIA, S.A. 0.24% of their portfolio Madrid, U3 237,585237.6k $26.0m $26.0m 0.24% Added +11.4k +11,377
98 Kingsview Wealth Management, LLC 0.44% of their portfolio GRANTS PASS, OR 236,571236.6k $25.9m $25.9m 0.44% Added +7.2k +7,195
99 Equitable Holdings, Inc. 0.21% of their portfolio NEW YORK, NY 236,539236.5k $25.9m $25.9m 0.21% Added +22.6k +22,562
100 American Family Investments, Inc. 1.38% of their portfolio MADISON, WI 230,000230.0k $25.2m $25.2m 1.38% New