ISHARES TR TLT
20 YR TR BD ETF · ETP · CUSIP 464287432 · ISIN US4642874329
* 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 ($96.5m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $89.50. Options: 83 managers hold calls ($13.2bn notional), 66 hold puts ($14.1bn).
Trends to Q3 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 738 |
| Q4 2022 | 781 |
| Q1 2023 | 814 |
| Q2 2023 | 878 |
| Q3 2023 | 937 |
| Q4 2023 | 1,113 |
| Q1 2024 | 1,125 |
| Q2 2024 | 1,116 |
| Q3 2024 | 1,194 |
| Q4 2024 | 1,231 |
| Q1 2025 | 1,193 |
| Q2 2025 | 1,115 |
| Q3 2025 | 1,105 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q4 2023 | 675 | 411 |
| Q1 2024 | 581 | 562 |
| Q2 2024 | 612 | 515 |
| Q3 2024 | 673 | 491 |
| Q4 2024 | 586 | 638 |
| Q1 2025 | 592 | 643 |
| Q2 2025 | 522 | 647 |
| Q3 2025 | 539 | 540 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q4 2024 | $15.0bn | $13.4bn | 0.89 |
| Q1 2025 | $15.9bn | $11.8bn | 0.74 |
| Q2 2025 | $14.6bn | $13.2bn | 0.91 |
| Q3 2025 | $13.2bn | $14.1bn | 1.07 |
Biggest buyers
| BANK OF AMERICA CORP /DE/ | Added | +37.6m |
| BARCLAYS PLC | Added | +4.0m |
| JANE STREET GROUP, LLC | Added | +3.9m |
| UBS Group AG | Added | +3.8m |
| BlackRock, Inc. | Added | +3.5m |
| JPMORGAN CHASE & CO | Added | +2.1m |
| BANK OF MONTREAL /CAN/ | Added | +1.9m |
| MORGAN STANLEY | Added | +1.9m |
| ASSETMARK, INC | Added | +1.4m |
| CIBC WORLD MARKET INC. | Added | +1.2m |
Biggest sellers
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | -9.8m |
| FMR LLC | Reduced | -5.2m |
| Rafferty Asset Management, LLC | Reduced | -3.1m |
| ROYAL BANK OF CANADA | Reduced | -2.3m |
| CI INVESTMENTS INC. | Reduced | -2.2m |
| OLD MISSION CAPITAL LLC | Reduced | -1.6m |
| SIMPLEX TRADING, LLC | Sold out | -1.5m |
| HSBC HOLDINGS PLC | Reduced | -1.4m |
| Rockefeller Capital Management L.P. | Reduced | -1.3m |
| CITIGROUP INC | Reduced | -1.1m |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $2.7bn29.7m shares |
| JANE STREET GROUP, LLC | Reduced | $2.3bn26.2m shares |
| BANK OF AMERICA CORP /DE/ | Reduced | $1.2bn13.2m shares |
| BARCLAYS PLC | Added | $1.1bn12.1m shares |
| CITADEL ADVISORS LLC | Reduced | $1.1bn12.1m shares |
| GOLDMAN SACHS GROUP INC | Added | $851.5m9.5m shares |
| UBS Group AG | Added | $585.9m6.6m shares |
| WOLVERINE TRADING, LLC | Reduced | $342.6m3.8m shares |
| MILLENNIUM MANAGEMENT LLC | Added | $323.0m3.6m shares |
| Nishkama Capital, LLC | New | $312.8m3.5m shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $3.4bn37.6m shares |
| CITADEL ADVISORS LLC | Added | $1.6bn18.0m shares |
| GOLDMAN SACHS GROUP INC | Added | $1.6bn17.6m shares |
| BANK OF AMERICA CORP /DE/ | Reduced | $1.2bn13.2m shares |
| JANE STREET GROUP, LLC | Reduced | $1.1bn12.1m shares |
| BARCLAYS PLC | Added | $879.8m9.8m shares |
| PEAK6 LLC | Reduced | $541.7m6.1m shares |
| BNP PARIBAS FINANCIAL MARKETS | Added | $400.4m44.8k shares |
| Greenhaven Road Investment Management, L.P. | New | $369.7m4.2m shares |
| UBS Group AG | Reduced | $295.1m3.3m 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.
No one currently above 5% in the filings since 19 Dec 2024.
Fell to 5% or below in the last year: BlackRock Portfolio Management LLC (5.0%, 2026-10-27)
Holders, Q3 2025
| Manager | Shares | Change |
|---|---|---|
| BANK OF AMERICA CORP /DE/ 0.66% of their portfolio | 98.7m $8.8bn | Added +37.6m |
| NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 2.49% of their portfolio | 41.7m $3.7bn | Added +1.2m |
| Rafferty Asset Management, LLC 10.59% of their portfolio | 36.5m $3.3bn | Reduced -3.1m |
| CITIGROUP INC 1.44% of their portfolio | 23.4m $2.1bn | Reduced -1.1m |
| BlackRock, Inc. 0.03% of their portfolio | 21.9m $2.0bn | Added +3.5m |
| BANK OF MONTREAL /CAN/ 0.69% of their portfolio | 18.1m $1.6bn | Added +1.9m |
| UBS Group AG 0.26% of their portfolio | 15.1m $1.3bn | Added +3.8m |
| MORGAN STANLEY 0.08% of their portfolio | 14.6m $1.3bn | Added +1.9m |
| JANE STREET GROUP, LLC 1.22% of their portfolio | 11.7m $1.0bn | Added +3.9m |
| JPMORGAN CHASE & CO 0.03% of their portfolio | 10.0m $896.2m | Added +2.1m |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 1.20% of their portfolio | 9.2m $818.3m | Reduced -9.8m |
| ENVESTNET ASSET MANAGEMENT INC 0.17% of their portfolio | 6.7m $595.0m | Added +527.8k |
| BARCLAYS PLC 0.21% of their portfolio | 6.3m $566.4m | Added +4.0m |
| LPL Financial LLC 0.13% of their portfolio | 4.8m $430.3m | Added +103.9k |
| WELLS FARGO & COMPANY/MN 0.08% of their portfolio | 4.6m $410.2m | Added +421.4k |
| Nan Shan Life Insurance Co., Ltd. 7.59% of their portfolio | 4.0m $357.3m | Unchanged |
| MACKENZIE FINANCIAL CORP 0.39% of their portfolio | 3.6m $324.2m | Reduced -56.3k |
| Harvest Portfolios Group Inc. 5.83% of their portfolio | 3.5m $316.0m | Added +33.1k |
| AMERIPRISE FINANCIAL INC 0.06% of their portfolio | 2.9m $257.3m | Reduced -259.8k |
| Mirae Asset Global Investments Co., Ltd. 0.76% of their portfolio | 2.7m $240.8m | Added +38.6k |
| ROYAL BANK OF CANADA 0.04% of their portfolio | 2.7m $240.3m | Reduced -2.3m |
| HANTZ FINANCIAL SERVICES, INC. 3.64% of their portfolio | 2.7m $240.2m | Added +18.2k |
| ALLIANCEBERNSTEIN L.P. 0.08% of their portfolio | 2.7m $238.2m | Reduced -148.9k |
| RAYMOND JAMES FINANCIAL INC 0.07% of their portfolio | 2.5m $227.0m | Added +154.7k |
| GOLDMAN SACHS GROUP INC 0.03% of their portfolio | 2.4m $215.0m | Reduced -505.3k |
| VANTAGEPOINT INVESTMENT ADVISERS LLC 1.50% of their portfolio | 2.1m $184.1m | Reduced -34.0k |
| ASSETMARK, INC 0.31% of their portfolio | 1.6m $145.5m | Added +1.4m |
| STIFEL FINANCIAL CORP 0.13% of their portfolio | 1.6m $143.7m | Reduced -160.2k |
| Bramshill Investments, LLC 9.81% of their portfolio | 1.6m $143.6m | Added +20.9k |
| COMMONWEALTH EQUITY SERVICES, LLC 0.18% of their portfolio | 1.5m $138.3m | Reduced -87.6k |
| CIBC WORLD MARKET INC. 0.28% of their portfolio | 1.5m $133.2m | Added +1.2m |
| Janney Montgomery Scott LLC 0.31% of their portfolio | 1.5m $131.1m | Added +319.5k |
| Rockefeller Capital Management L.P. 0.24% of their portfolio | 1.4m $121.2m | Reduced -1.3m |
| TRUIST FINANCIAL CORP 0.16% of their portfolio | 1.3m $119.4m | Added +60.5k |
| HSBC HOLDINGS PLC 0.07% of their portfolio | 1.3m $116.4m | Reduced -1.4m |
| Hamilton Capital Partners Inc. 4.66% of their portfolio | 1.3m $112.6m | Reduced -52.9k |
| AIA Group Ltd 1.95% of their portfolio | 1.2m $110.2m | Reduced -693.6k |
| OSAIC HOLDINGS, INC. 0.14% of their portfolio | 1.2m $103.6m | Reduced -68.7k |
| OLD MISSION CAPITAL LLC 3.66% of their portfolio | 1.1m $102.4m | Reduced -1.6m |
| PRUDENTIAL PLC 0.69% of their portfolio | 1.0m $93.5m | Added +535.9k |
| Nationwide Fund Advisors 4.90% of their portfolio | 993.9k $88.8m | Reduced -15.8k |
| MARSHALL WACE, LLP 0.10% of their portfolio | 975.0k $87.1m | Added +286.4k |
| VICTORY CAPITAL MANAGEMENT INC 0.05% of their portfolio | 944.5k $84.4m | Added +119.8k |
| WestEnd Advisors, LLC 1.93% of their portfolio | 923.3k $82.5m | Added +134.8k |
| MILLENNIUM MANAGEMENT LLC 0.06% of their portfolio | 917.0k $82.0m | Added +388.4k |
| US BANCORP \DE\ 0.10% of their portfolio | 909.1k $81.3m | Reduced -39.7k |
| Cetera Investment Advisers 0.09% of their portfolio | 887.8k $79.3m | Added +276.3k |
| Ally Financial Inc. 9.63% of their portfolio | 873.0k $78.0m | Unchanged |
| Dynasty Wealth Management, LLC 1.02% of their portfolio | 855.9k $76.5m | Reduced -197.2k |
| BNP PARIBAS FINANCIAL MARKETS 0.05% of their portfolio | 773.0k $69.1m | Reduced -450.3k |
| Cambridge Investment Research Advisors, Inc. 0.19% of their portfolio | 763.8k $68.3m | Added +37.5k |
| HighTower Advisors, LLC 0.08% of their portfolio | 755.0k $67.5m | Reduced -59.3k |
| Disciplina Capital Management LLC 8.12% of their portfolio | 746.7k $66.7m | Added +15.0k |
| Quotient Wealth Partners, LLC 1.81% of their portfolio | 737.6k $65.9m | Added +60.6k |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.10% of their portfolio | 707.6k $63.2m | Reduced -90.3k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.05% of their portfolio | 704.1k $62.9m | Reduced -104.4k |
| TD PRIVATE CLIENT WEALTH LLC 1.27% of their portfolio | 633.4k $56.6m | Added +73.8k |
| MOORE CAPITAL MANAGEMENT, LP 0.98% of their portfolio | 553.9k $49.5m | Added +106.9k |
| AlTi Global, Inc. 1.14% of their portfolio | 543.0k $48.5m | Reduced -168.5k |
| MEEDER ASSET MANAGEMENT INC 2.59% of their portfolio | 508.5k $45.4m | New |
| Concurrent Investment Advisors, LLC 0.78% of their portfolio | 502.9k $44.9m | Reduced -21.0k |
| IHT Wealth Management, LLC 1.14% of their portfolio | 502.0k $44.9m | Added +30.0k |
| Townsend & Associates, Inc 4.34% of their portfolio | 501.9k $45.8m | Added +20.2k |
| Cadence Wealth Management LLC 23.32% of their portfolio | 498.2k $44.5m | Added +19.7k |
| Sanctuary Advisors, LLC 0.13% of their portfolio | 482.6k $43.6m | Added +262.5k |
| Envestnet Portfolio Solutions, Inc. 0.15% of their portfolio | 469.3k $41.9m | Reduced -24.7k |
| Rock Creek Group LLC 4.30% of their portfolio | 457.2k $40.9m | Added +36.6k |
| Summit Financial, LLC 0.62% of their portfolio | 454.3k $40.6m | Reduced -43.8k |
| Optiver Holding B.V. 0.63% of their portfolio | 436.4k $39.0m | Reduced -180.8k |
| Bell Investment Advisors, Inc 6.06% of their portfolio | 415.1k $37.1m | Added +28.2k |
| New Harbor Financial Group, LLC 7.51% of their portfolio | 414.3k $37.0m | Added +89.1k |
| Kestra Advisory Services, LLC 0.17% of their portfolio | 408.0k $36.5m | Added +47.9k |
| WS MANAGEMENT LLLP 5.45% of their portfolio | 397.5k $35.5m | Unchanged |
| MML INVESTORS SERVICES, LLC 0.09% of their portfolio | 384.4k $34.4m | Reduced -66.8k |
| Krilogy Financial LLC 1.18% of their portfolio | 354.3k $31.5m | Added +69.5k |
| RD Finance Ltd 33.26% of their portfolio | 347.5k $31.1m | Added +124.2k |
| Marex Group Ltd 0.38% of their portfolio | 347.4k $31.0m | Added +24.0k |
| PNC Financial Services Group, Inc. 0.02% of their portfolio | 345.8k $30.9m | Added +5.8k |
| Royal Fund Management, LLC 3.72% of their portfolio | 345.6k $30.9m | Added +123.3k |
| U.S. Capital Wealth Advisors, LLC 0.80% of their portfolio | 333.9k $29.8m | Reduced -151.2k |
| OneDigital Investment Advisors LLC 0.30% of their portfolio | 327.1k $29.2m | Added +25.1k |
| SUMITOMO MITSUI FINANCIAL GROUP, INC. 0.51% of their portfolio | 324.5k $29.0m | Reduced -33.9k |
| Insight Wealth Strategies, LLC 3.31% of their portfolio | 314.2k $28.1m | Added +10.4k |
| SBI Securities Co., Ltd. 0.71% of their portfolio | 310.4k $27.7m | Added +42.2k |
| OLD NATIONAL BANCORP /IN/ 0.46% of their portfolio | 302.1k $27.0m | Added +293.5k |
| HIMENSION CAPITAL (SINGAPORE) PTE. LTD. 1.62% of their portfolio | 295.0k $26.4m | Reduced -287.1k |
| Capitolis Liquid Global Markets LLC 0.21% of their portfolio | 292.9k $26.2m | Reduced -63.0k |
| BANCO BILBAO VIZCAYA ARGENTARIA, S.A. 0.20% of their portfolio | 289.3k $25.8m | Reduced -116.3k |
| AFFINITY WEALTH MANAGEMENT LLC 3.70% of their portfolio | 282.5k $25.3m | Added +454 |
| Maxi Investments CY Ltd 5.22% of their portfolio | 280.9k $25.1m | Unchanged |
| JOURNEY STRATEGIC WEALTH LLC 0.71% of their portfolio | 280.1k $25.0m | Added +20.0k |
| Bank of New York Mellon Corp 0.00% of their portfolio | 278.2k $24.9m | Reduced -96.8k |
| Northwest Bancshares, Inc. 4.09% of their portfolio | 275.7k $24.6m | Unchanged |
| GM Advisory Group, LLC 1.00% of their portfolio | 263.6k $23.6m | Reduced -17.8k |
| TUDOR INVESTMENT CORP ET AL 0.15% of their portfolio | 263.1k $23.5m | Added +127.7k |
| Parallax Volatility Advisers, L.P. 0.69% of their portfolio | 262.2k $23.4m | Reduced -195.5k |
| INSIGHT 2811, INC. 10.37% of their portfolio | 260.3k $23.3m | Added +6.1k |
| Mariner, LLC 0.03% of their portfolio | 256.8k $22.9m | Added +16.6k |
| GOULD ASSET MANAGEMENT LLC /CA/ 4.24% of their portfolio | 255.4k $22.8m | Reduced -20.8k |
| JONES FINANCIAL COMPANIES LLLP 0.02% of their portfolio | 252.0k $22.4m | Added +85.1k |