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 ($156.5m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $87.24. Options: 72 managers hold calls ($15.4bn notional), 67 hold puts ($12.9bn).
Trends to Q4 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 |
| Q4 2025 | 1,157 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| 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 |
| Q4 2025 | 540 | 537 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q1 2025 | $15.9bn | $11.8bn | 0.74 |
| Q2 2025 | $14.6bn | $13.2bn | 0.91 |
| Q3 2025 | $13.2bn | $14.1bn | 1.07 |
| Q4 2025 | $15.4bn | $12.9bn | 0.84 |
Biggest buyers
| BANK OF AMERICA CORP /DE/ | Added | +10.3m |
| MORGAN STANLEY | Added | +4.6m |
| Pureheart Capital Pte Ltd. | New | +3.4m |
| BlackRock, Inc. | Added | +3.1m |
| BARCLAYS PLC | Added | +1.9m |
| TORONTO DOMINION BANK | Added | +1.7m |
| HSBC HOLDINGS PLC | Added | +1.5m |
| NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO | Added | +1.4m |
| CITIGROUP INC | Added | +1.3m |
| Jump Financial, LLC | Added | +1.2m |
Biggest sellers
| BANK OF MONTREAL /CAN/ | Reduced | -7.3m |
| Rafferty Asset Management, LLC | Reduced | -6.1m |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | -4.8m |
| ENVESTNET ASSET MANAGEMENT INC | Reduced | -2.7m |
| CIBC WORLD MARKET INC. | Reduced | -1.3m |
| GOLDMAN SACHS GROUP INC | Reduced | -1.1m |
| JPMORGAN CHASE & CO | Reduced | -1.0m |
| OLD MISSION CAPITAL LLC | Reduced | -927.8k |
| JANE STREET GROUP, LLC | Reduced | -888.2k |
| PRUDENTIAL PLC | Reduced | -850.1k |
Biggest calls
| JANE STREET GROUP, LLC | Added | $3.6bn41.7m shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $3.5bn40.1m shares |
| CITADEL ADVISORS LLC | Added | $2.7bn30.6m shares |
| GOLDMAN SACHS GROUP INC | Added | $1.5bn17.6m shares |
| BARCLAYS PLC | Reduced | $964.7m11.1m shares |
| Jain Global LLC | Added | $507.9m5.8m shares |
| PEAK6 LLC | Added | $371.4m4.3m shares |
| MOORE CAPITAL MANAGEMENT, LP | Added | $283.3m3.2m shares |
| UBS Group AG | Reduced | $230.5m2.6m shares |
| Balyasny Asset Management L.P. | Added | $146.2m1.7m shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $3.2bn36.9m shares |
| GOLDMAN SACHS GROUP INC | Added | $1.8bn20.3m shares |
| JANE STREET GROUP, LLC | Added | $1.4bn15.8m shares |
| CITADEL ADVISORS LLC | Reduced | $1.2bn13.3m shares |
| BARCLAYS PLC | Reduced | $796.2m9.1m shares |
| PEAK6 LLC | Added | $693.8m8.0m shares |
| Greenhaven Road Investment Management, L.P. | Unchanged | $363.2m4.2m shares |
| UBS Group AG | Reduced | $283.0m3.2m shares |
| BANK OF MONTREAL /CAN/ | Added | $274.6m3.2m shares |
| CITIGROUP INC | Added | $232.2m2.7m 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, Q4 2025
| Manager | Shares | Change |
|---|---|---|
| BANK OF AMERICA CORP /DE/ 0.69% of their portfolio | 109.1m $9.5bn | Added +10.3m |
| NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 2.38% of their portfolio | 43.1m $3.8bn | Added +1.4m |
| Rafferty Asset Management, LLC 9.15% of their portfolio | 30.4m $2.6bn | Reduced -6.1m |
| BlackRock, Inc. 0.04% of their portfolio | 24.9m $2.2bn | Added +3.1m |
| CITIGROUP INC 1.47% of their portfolio | 24.7m $2.2bn | Added +1.3m |
| MORGAN STANLEY 0.10% of their portfolio | 19.2m $1.7bn | Added +4.6m |
| UBS Group AG 0.28% of their portfolio | 16.1m $1.4bn | Added +960.0k |
| BANK OF MONTREAL /CAN/ 0.39% of their portfolio | 10.8m $941.4m | Reduced -7.3m |
| JANE STREET GROUP, LLC 1.11% of their portfolio | 10.8m $938.4m | Reduced -888.2k |
| JPMORGAN CHASE & CO 0.05% of their portfolio | 9.0m $784.2m | Reduced -1.0m |
| BARCLAYS PLC 0.29% of their portfolio | 8.2m $717.0m | Added +1.9m |
| LPL Financial LLC 0.11% of their portfolio | 4.7m $410.4m | Reduced -106.0k |
| WELLS FARGO & COMPANY/MN 0.08% of their portfolio | 4.5m $388.3m | Reduced -134.4k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.53% of their portfolio | 4.4m $382.5m | Reduced -4.8m |
| Nan Shan Life Insurance Co., Ltd. 10.72% of their portfolio | 4.0m $348.4m | Unchanged |
| ENVESTNET ASSET MANAGEMENT INC 0.10% of their portfolio | 3.9m $341.5m | Reduced -2.7m |
| MACKENZIE FINANCIAL CORP 0.37% of their portfolio | 3.5m $310.7m | Reduced -84.3k |
| Pureheart Capital Pte Ltd. 69.13% of their portfolio | 3.4m $292.7m | New |
| Harvest Portfolios Group Inc. 4.73% of their portfolio | 3.1m $271.9m | Reduced -415.4k |
| ALLIANCEBERNSTEIN L.P. 0.08% of their portfolio | 2.8m $248.3m | Added +182.6k |
| HANTZ FINANCIAL SERVICES, INC. 3.65% of their portfolio | 2.8m $248.1m | Added +158.4k |
| HSBC HOLDINGS PLC 0.07% of their portfolio | 2.8m $243.6m | Added +1.5m |
| AMERIPRISE FINANCIAL INC 0.05% of their portfolio | 2.5m $222.1m | Reduced -328.0k |
| Mirae Asset Global Investments Co., Ltd. 0.60% of their portfolio | 2.5m $218.0m | Reduced -192.9k |
| RAYMOND JAMES FINANCIAL INC 0.06% of their portfolio | 2.4m $205.1m | Reduced -186.5k |
| ROYAL BANK OF CANADA 0.03% of their portfolio | 2.2m $191.2m | Reduced -495.3k |
| VANTAGEPOINT INVESTMENT ADVISERS LLC 1.44% of their portfolio | 2.1m $179.1m | Reduced -5.9k |
| TORONTO DOMINION BANK 0.27% of their portfolio | 1.8m $153.6m | Added +1.7m |
| Bramshill Investments, LLC 8.15% of their portfolio | 1.7m $144.1m | Added +46.7k |
| Janney Montgomery Scott LLC 0.29% of their portfolio | 1.5m $128.2m | Added +3.4k |
| ASSETMARK, INC 0.25% of their portfolio | 1.4m $124.7m | Reduced -197.7k |
| STIFEL FINANCIAL CORP 0.11% of their portfolio | 1.4m $123.5m | Reduced -191.3k |
| GOLDMAN SACHS GROUP INC 0.02% of their portfolio | 1.4m $118.2m | Reduced -1.1m |
| Rockefeller Capital Management L.P. 0.21% of their portfolio | 1.3m $115.2m | Reduced -34.9k |
| TRUIST FINANCIAL CORP 0.15% of their portfolio | 1.3m $114.4m | Reduced -22.9k |
| Hamilton Capital Partners Inc. 4.20% of their portfolio | 1.3m $114.3m | Added +51.6k |
| Jump Financial, LLC 1.27% of their portfolio | 1.2m $100.8m | Added +1.2m |
| AIA Group Ltd 1.39% of their portfolio | 1.1m $92.9m | Reduced -167.3k |
| STATE STREET CORP 0.00% of their portfolio | 1.0m $88.7m | New |
| MILLENNIUM MANAGEMENT LLC 0.06% of their portfolio | 1.0m $88.6m | Added +99.0k |
| Quadrature Capital Ltd 0.89% of their portfolio | 1.0m $87.5m | New |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.07% of their portfolio | 1.0m $87.2m | Added +296.0k |
| Cambridge Investment Research Advisors, Inc. 0.23% of their portfolio | 983.5k $85.7m | Added +219.7k |
| COMMONWEALTH EQUITY SERVICES, LLC 0.11% of their portfolio | 929.3k $81.0m | Reduced -617.6k |
| Cetera Investment Advisers 0.09% of their portfolio | 927.0k $80.8m | Added +39.2k |
| US BANCORP \DE\ 0.09% of their portfolio | 921.4k $80.3m | Added +12.3k |
| WestEnd Advisors, LLC 1.81% of their portfolio | 891.0k $77.7m | Reduced -32.3k |
| Ally Financial Inc. 9.29% of their portfolio | 873.0k $76.1m | Unchanged |
| OSAIC HOLDINGS, INC. 0.11% of their portfolio | 852.6k $74.3m | Reduced -325.1k |
| GTS SECURITIES LLC 2.40% of their portfolio | 807.5k $70.4m | New |
| NATIONAL BANK OF CANADA /FI/ 0.07% of their portfolio | 788.4k $68.7m | Added +596.3k |
| BNP PARIBAS FINANCIAL MARKETS 0.04% of their portfolio | 763.6k $66.6m | Reduced -9.3k |
| Tidal Investments LLC 0.28% of their portfolio | 753.8k $65.7m | Added +691.3k |
| Disciplina Capital Management LLC 7.48% of their portfolio | 749.9k $65.4m | Added +3.2k |
| TD PRIVATE CLIENT WEALTH LLC 1.30% of their portfolio | 700.5k $61.1m | Added +67.1k |
| Marex Group Ltd 0.62% of their portfolio | 656.7k $57.2m | Added +309.3k |
| HighTower Advisors, LLC 0.06% of their portfolio | 627.0k $54.6m | Reduced -128.0k |
| Cadence Wealth Management LLC 24.19% of their portfolio | 575.0k $50.1m | Added +76.8k |
| VICTORY CAPITAL MANAGEMENT INC 0.03% of their portfolio | 557.2k $48.6m | Reduced -387.3k |
| Concurrent Investment Advisors, LLC 0.53% of their portfolio | 536.1k $46.7m | Added +33.2k |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.07% of their portfolio | 529.9k $46.2m | Reduced -177.7k |
| AlTi Global, Inc. 0.97% of their portfolio | 520.7k $45.4m | Reduced -22.4k |
| ALKEON CAPITAL MANAGEMENT LLC 0.19% of their portfolio | 511.0k $44.5m | New |
| Townsend & Associates, Inc 4.01% of their portfolio | 509.2k $45.0m | Added +7.3k |
| MEEDER ASSET MANAGEMENT INC 2.39% of their portfolio | 508.5k $44.3m | Unchanged |
| Rock Creek Group LLC 4.96% of their portfolio | 507.3k $44.2m | Added +50.2k |
| IHT Wealth Management, LLC 1.05% of their portfolio | 495.4k $43.2m | Reduced -6.7k |
| Envestnet Portfolio Solutions, Inc. 0.15% of their portfolio | 494.0k $43.1m | Added +24.7k |
| IFP Advisors, Inc 0.94% of their portfolio | 480.7k $41.9m | Added +354.9k |
| WS MANAGEMENT LLLP 5.52% of their portfolio | 473.5k $41.3m | Added +76.0k |
| New Harbor Financial Group, LLC 6.94% of their portfolio | 434.4k $37.9m | Added +20.1k |
| Bell Investment Advisors, Inc 5.93% of their portfolio | 430.6k $37.5m | Added +15.4k |
| Kestra Advisory Services, LLC 0.15% of their portfolio | 413.1k $36.0m | Added +5.1k |
| Bank of New York Mellon Corp 0.01% of their portfolio | 410.2k $35.8m | Added +132.1k |
| Krilogy Financial LLC 1.14% of their portfolio | 378.6k $33.4m | Added +24.3k |
| Summit Financial, LLC 0.48% of their portfolio | 371.5k $32.4m | Reduced -82.8k |
| OneDigital Investment Advisors LLC 0.30% of their portfolio | 352.6k $30.7m | Added +25.6k |
| Horizon Investments, LLC 0.37% of their portfolio | 337.0k $29.4m | Added +259.8k |
| MML INVESTORS SERVICES, LLC 0.07% of their portfolio | 335.6k $29.3m | Reduced -48.7k |
| Optiver Holding B.V. 0.53% of their portfolio | 333.8k $29.1m | Reduced -102.7k |
| U.S. Capital Wealth Advisors, LLC 0.75% of their portfolio | 331.6k $28.9m | Reduced -2.3k |
| PNC Financial Services Group, Inc. 0.02% of their portfolio | 327.9k $28.6m | Reduced -17.9k |
| Insight Wealth Strategies, LLC 3.21% of their portfolio | 320.9k $28.0m | Added +6.8k |
| Nationwide Fund Advisors 1.19% of their portfolio | 318.4k $27.8m | Reduced -675.5k |
| BANCO BILBAO VIZCAYA ARGENTARIA, S.A. 0.19% of their portfolio | 311.8k $27.2m | Added +22.5k |
| Third View Private Wealth, LLC 3.64% of their portfolio | 310.4k $27.1m | First filing |
| SBI Securities Co., Ltd. 0.69% of their portfolio | 309.1k $26.9m | Reduced -1.3k |
| SUMITOMO MITSUI FINANCIAL GROUP, INC. 0.46% of their portfolio | 300.1k $26.2m | Reduced -24.4k |
| Trilogy Capital Inc. 1.16% of their portfolio | 298.5k $26.0m | Added +65.5k |
| HIMENSION CAPITAL (SINGAPORE) PTE. LTD. 1.59% of their portfolio | 295.0k $25.7m | Unchanged |
| Capitolis Liquid Global Markets LLC 0.15% of their portfolio | 292.9k $25.5m | Unchanged |
| OLD NATIONAL BANCORP /IN/ 0.42% of their portfolio | 292.2k $25.5m | Reduced -10.0k |
| AFFINITY WEALTH MANAGEMENT LLC 3.59% of their portfolio | 289.9k $25.3m | Added +7.3k |
| Farther Finance Advisors, LLC 0.27% of their portfolio | 289.0k $25.2m | Added +46.5k |
| KESTRA PRIVATE WEALTH SERVICES, LLC 0.31% of their portfolio | 288.9k $25.2m | Added +38.0k |
| JOURNEY STRATEGIC WEALTH LLC 0.64% of their portfolio | 278.7k $24.3m | Reduced -1.4k |
| JONES FINANCIAL COMPANIES LLLP 0.01% of their portfolio | 274.4k $23.9m | Added +22.4k |
| PEAK6 LLC 0.32% of their portfolio | 272.7k $23.8m | New |
| Vestmark Advisory Solutions, Inc. 0.32% of their portfolio | 271.9k $23.7m | Added +100.8k |
| Verition Fund Management LLC 0.13% of their portfolio | 271.7k $23.7m | Added +207.3k |