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 ($117.3m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $86.76. Options: 82 managers hold calls ($18.2bn notional), 62 hold puts ($14.5bn).
Trends to Q1 2026
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 |
| Q1 2026 | 1,103 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| 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 |
| Q1 2026 | 536 | 571 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q2 2025 | $14.6bn | $13.2bn | 0.91 |
| Q3 2025 | $13.2bn | $14.1bn | 1.07 |
| Q4 2025 | $15.4bn | $12.9bn | 0.84 |
| Q1 2026 | $18.2bn | $14.5bn | 0.80 |
Biggest buyers
| BANK OF MONTREAL /CAN/ | Added | +4.9m |
| Brevan Howard Capital Management LP | Added | +2.6m |
| BlackRock, Inc. | Added | +2.2m |
| BNP PARIBAS FINANCIAL MARKETS | Added | +1.6m |
| GOLDMAN SACHS GROUP INC | Added | +1.3m |
| NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO | Added | +1.2m |
| CITADEL ADVISORS LLC | New | +1.2m |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | +1.2m |
| STIFEL FINANCIAL CORP | Added | +884.8k |
| ENVESTNET ASSET MANAGEMENT INC | Added | +772.6k |
Biggest sellers
| BANK OF AMERICA CORP /DE/ | Reduced | -24.5m |
| CITIGROUP INC | Reduced | -9.9m |
| JANE STREET GROUP, LLC | Reduced | -9.1m |
| MORGAN STANLEY | Reduced | -8.0m |
| Rafferty Asset Management, LLC | Reduced | -7.4m |
| JPMORGAN CHASE & CO | Reduced | -5.5m |
| BARCLAYS PLC | Reduced | -4.3m |
| Nan Shan Life Insurance Co., Ltd. | Sold out | -4.0m |
| Pureheart Capital Pte Ltd. | Sold out | -3.4m |
| HSBC HOLDINGS PLC | Reduced | -2.4m |
Biggest calls
| JANE STREET GROUP, LLC | Added | $4.9bn56.9m shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $3.2bn36.8m shares |
| CITADEL ADVISORS LLC | Reduced | $2.5bn29.4m shares |
| BARCLAYS PLC | Reduced | $895.2m10.3m shares |
| SONA ASSET MANAGEMENT (US) LLC | Added | $709.2m8.2m shares |
| Pureheart Capital Pte Ltd. | New | $459.5m5.3m shares |
| MOORE CAPITAL MANAGEMENT, LP | Added | $433.4m5.0m shares |
| Jain Global LLC | Reduced | $358.7m4.1m shares |
| Waratah Capital Advisors Ltd. | New | $348.2m4.0m shares |
| MASTERS CAPITAL MANAGEMENT LLC | New | $346.8m4.0m shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $2.9bn34.0m shares |
| GOLDMAN SACHS GROUP INC | Added | $2.2bn25.7m shares |
| JANE STREET GROUP, LLC | Added | $2.0bn23.2m shares |
| CITADEL ADVISORS LLC | Added | $1.6bn18.7m shares |
| BARCLAYS PLC | Added | $1.1bn13.0m shares |
| BANK OF MONTREAL /CAN/ | Added | $953.4m11.0m shares |
| PEAK6 LLC | Reduced | $490.1m5.7m shares |
| UBS Group AG | Added | $344.7m4.0m shares |
| Jain Global LLC | Added | $290.8m3.4m shares |
| CITIGROUP INC | Reduced | $225.4m2.6m 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, Q1 2026
| Manager | Shares | Change |
|---|---|---|
| BANK OF AMERICA CORP /DE/ 0.54% of their portfolio | 84.6m $7.3bn | Reduced -24.5m |
| NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 2.37% of their portfolio | 44.4m $3.8bn | Added +1.2m |
| BlackRock, Inc. 0.04% of their portfolio | 27.2m $2.4bn | Added +2.2m |
| Rafferty Asset Management, LLC 8.11% of their portfolio | 23.0m $2.0bn | Reduced -7.4m |
| BANK OF MONTREAL /CAN/ 0.56% of their portfolio | 15.7m $1.4bn | Added +4.9m |
| UBS Group AG 0.23% of their portfolio | 15.1m $1.3bn | Reduced -947.1k |
| CITIGROUP INC 0.82% of their portfolio | 14.8m $1.3bn | Reduced -9.9m |
| MORGAN STANLEY 0.06% of their portfolio | 11.2m $967.8m | Reduced -8.0m |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.62% of their portfolio | 5.6m $482.8m | Added +1.2m |
| LPL Financial LLC 0.12% of their portfolio | 5.2m $450.9m | Added +492.8k |
| WELLS FARGO & COMPANY/MN 0.08% of their portfolio | 4.8m $413.2m | Added +311.5k |
| ENVESTNET ASSET MANAGEMENT INC 0.11% of their portfolio | 4.7m $406.6m | Added +772.6k |
| BARCLAYS PLC 0.12% of their portfolio | 3.9m $337.1m | Reduced -4.3m |
| JPMORGAN CHASE & CO 0.02% of their portfolio | 3.5m $302.7m | Reduced -5.5m |
| MACKENZIE FINANCIAL CORP 0.33% of their portfolio | 3.2m $277.2m | Reduced -345.0k |
| ALLIANCEBERNSTEIN L.P. 0.09% of their portfolio | 3.0m $263.3m | Added +172.2k |
| AMERIPRISE FINANCIAL INC 0.06% of their portfolio | 2.9m $258.2m | Added +357.3k |
| RAYMOND JAMES FINANCIAL INC 0.07% of their portfolio | 2.8m $239.6m | Added +410.3k |
| Brevan Howard Capital Management LP 2.38% of their portfolio | 2.8m $238.4m | Added +2.6m |
| Harvest Portfolios Group Inc. 3.93% of their portfolio | 2.7m $237.9m | Reduced -375.7k |
| GOLDMAN SACHS GROUP INC 0.03% of their portfolio | 2.6m $229.6m | Added +1.3m |
| BNP PARIBAS FINANCIAL MARKETS 0.14% of their portfolio | 2.4m $205.8m | Added +1.6m |
| STIFEL FINANCIAL CORP 0.18% of their portfolio | 2.3m $199.5m | Added +884.8k |
| HANTZ FINANCIAL SERVICES, INC. 2.79% of their portfolio | 2.1m $182.9m | Reduced -736.3k |
| Mirae Asset Global Investments Co., Ltd. 0.51% of their portfolio | 2.1m $179.0m | Reduced -436.5k |
| VANTAGEPOINT INVESTMENT ADVISERS LLC 1.50% of their portfolio | 2.0m $176.8m | Reduced -15.2k |
| ROYAL BANK OF CANADA 0.03% of their portfolio | 1.8m $159.1m | Reduced -358.0k |
| JANE STREET GROUP, LLC 0.15% of their portfolio | 1.6m $143.0m | Reduced -9.1m |
| Janney Montgomery Scott LLC 0.30% of their portfolio | 1.4m $122.5m | Reduced -56.7k |
| TRUIST FINANCIAL CORP 0.16% of their portfolio | 1.4m $118.8m | Added +57.3k |
| ASSETMARK, INC 0.24% of their portfolio | 1.3m $116.5m | Reduced -87.1k |
| Rockefeller Capital Management L.P. 0.19% of their portfolio | 1.3m $108.6m | Reduced -68.6k |
| Hamilton Capital Partners Inc. 3.49% of their portfolio | 1.2m $103.9m | Reduced -112.5k |
| CITADEL ADVISORS LLC 0.07% of their portfolio | 1.2m $102.5m | New |
| AIA Group Ltd 1.28% of their portfolio | 1.0m $87.8m | Reduced -53.0k |
| Cetera Investment Advisers 0.09% of their portfolio | 982.6k $85.2m | Added +55.6k |
| Cambridge Investment Research Advisors, Inc. 0.21% of their portfolio | 952.0k $82.5m | Reduced -31.5k |
| US BANCORP \DE\ 0.10% of their portfolio | 951.5k $82.5m | Added +30.1k |
| WestEnd Advisors, LLC 1.97% of their portfolio | 943.4k $81.8m | Added +52.4k |
| Ally Financial Inc. 9.42% of their portfolio | 873.0k $75.7m | Unchanged |
| COMMONWEALTH EQUITY SERVICES, LLC 0.10% of their portfolio | 849.4k $73.6m | Reduced -80.0k |
| OSAIC HOLDINGS, INC. 0.11% of their portfolio | 830.5k $72.0m | Reduced -22.1k |
| HighTower Advisors, LLC 0.07% of their portfolio | 808.6k $70.1m | Added +181.6k |
| Disciplina Capital Management LLC 7.31% of their portfolio | 795.5k $69.0m | Added +45.6k |
| TD PRIVATE CLIENT WEALTH LLC 1.33% of their portfolio | 738.4k $64.0m | Added +37.9k |
| NATIONAL BANK OF CANADA /FI/ 0.06% of their portfolio | 731.5k $63.4m | Reduced -56.9k |
| IHT Wealth Management, LLC 1.47% of their portfolio | 722.2k $62.6m | Added +226.9k |
| WS MANAGEMENT LLLP 6.94% of their portfolio | 612.3k $53.1m | Added +138.8k |
| SIMPLEX TRADING, LLC 1.63% of their portfolio | 608.0k $52.7m | New |
| GenWealth Group, Inc. 8.57% of their portfolio | 577.8k $50.1m | New |
| AlTi Global, Inc. 1.06% of their portfolio | 565.0k $48.9m | Added +44.3k |
| AE Wealth Management LLC 0.26% of their portfolio | 558.9k $48.4m | Added +330.7k |
| IFP Advisors, Inc 1.00% of their portfolio | 556.1k $48.2m | Added +75.4k |
| Cadence Wealth Management LLC 19.96% of their portfolio | 551.8k $47.8m | Reduced -23.2k |
| STATE STREET CORP 0.00% of their portfolio | 551.4k $47.8m | Reduced -466.0k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.04% of their portfolio | 542.4k $47.0m | Reduced -457.8k |
| Townsend & Associates, Inc 3.93% of their portfolio | 525.8k $45.6m | Added +16.6k |
| Rock Creek Group LLC 4.50% of their portfolio | 513.0k $44.5m | Added +5.6k |
| ALKEON CAPITAL MANAGEMENT LLC 0.20% of their portfolio | 511.0k $44.3m | Unchanged |
| OLD MISSION CAPITAL LLC 1.01% of their portfolio | 493.1k $42.7m | Added +274.8k |
| PEAK6 LLC 1.23% of their portfolio | 491.2k $42.6m | Added +218.5k |
| New Harbor Financial Group, LLC 7.58% of their portfolio | 481.6k $41.7m | Added +47.2k |
| TORONTO DOMINION BANK 0.08% of their portfolio | 480.2k $41.6m | Reduced -1.3m |
| Ocean Park Asset Management, LLC 2.30% of their portfolio | 459.6k $39.8m | Added +328.2k |
| VICTORY CAPITAL MANAGEMENT INC 0.03% of their portfolio | 457.8k $39.7m | Reduced -99.4k |
| Marex Group Ltd 0.41% of their portfolio | 457.4k $39.6m | Reduced -199.3k |
| Concurrent Investment Advisors, LLC 0.42% of their portfolio | 448.2k $38.9m | Reduced -87.9k |
| Bank of New York Mellon Corp 0.01% of their portfolio | 444.7k $38.5m | Added +34.5k |
| MILLENNIUM MANAGEMENT LLC 0.03% of their portfolio | 440.5k $38.2m | Reduced -575.5k |
| Bell Investment Advisors, Inc 5.78% of their portfolio | 426.2k $36.9m | Reduced -4.4k |
| Krilogy Financial LLC 1.14% of their portfolio | 409.3k $35.3m | Added +30.8k |
| Elequin Capital, LP 1.86% of their portfolio | 395.4k $20.3m | New |
| Trilogy Capital Inc. 1.52% of their portfolio | 392.7k $34.0m | Added +94.2k |
| Kestra Advisory Services, LLC 0.13% of their portfolio | 392.2k $34.0m | Reduced -20.9k |
| MEEDER ASSET MANAGEMENT INC 1.91% of their portfolio | 384.3k $33.3m | Reduced -124.2k |
| Trek Financial, LLC 1.74% of their portfolio | 377.6k $32.7m | Added +352.1k |
| HSBC HOLDINGS PLC 0.02% of their portfolio | 376.8k $32.8m | Reduced -2.4m |
| JONES FINANCIAL COMPANIES LLLP 0.01% of their portfolio | 360.9k $30.9m | Added +86.5k |
| Summit Financial, LLC 0.39% of their portfolio | 355.1k $30.8m | Reduced -16.4k |
| PRUDENTIAL PLC 0.23% of their portfolio | 348.2k $30.2m | Added +151.6k |
| Third View Private Wealth, LLC 4.06% of their portfolio | 342.2k $29.7m | Added +31.8k |
| BANCO BILBAO VIZCAYA ARGENTARIA, S.A. 0.20% of their portfolio | 330.4k $28.5m | Added +18.6k |
| Willis Johnson & Associates, Inc. 1.61% of their portfolio | 318.4k $27.6m | Added +50.5k |
| PNC Financial Services Group, Inc. 0.02% of their portfolio | 317.7k $27.5m | Reduced -10.2k |
| DEUTSCHE BANK AG\ 0.01% of their portfolio | 315.0k $27.3m | Added +57.5k |
| Vestmark Advisory Solutions, Inc. 0.30% of their portfolio | 314.4k $27.3m | Added +42.5k |
| Avior Wealth Management, LLC 0.77% of their portfolio | 312.7k $27.1m | Added +309.0k |
| HIMENSION CAPITAL (SINGAPORE) PTE. LTD. 2.06% of their portfolio | 309.5k $26.8m | Added +14.5k |
| Farther Finance Advisors, LLC 0.25% of their portfolio | 304.0k $26.2m | Added +14.9k |
| Mariner, LLC 0.03% of their portfolio | 298.4k $25.9m | Added +71.8k |
| SUMITOMO MITSUI FINANCIAL GROUP, INC. 0.52% of their portfolio | 295.6k $25.6m | Reduced -4.4k |
| TUDOR INVESTMENT CORP ET AL 0.14% of their portfolio | 295.4k $25.6m | Added +171.2k |
| SBI Securities Co., Ltd. 0.70% of their portfolio | 295.1k $25.6m | Reduced -14.1k |
| KESTRA PRIVATE WEALTH SERVICES, LLC 0.31% of their portfolio | 286.2k $24.8m | Reduced -2.7k |
| Simplicity Wealth,LLC 1.39% of their portfolio | 282.9k $24.5m | Added +40.0k |
| JOURNEY STRATEGIC WEALTH LLC 0.60% of their portfolio | 280.6k $24.3m | Added +1.9k |
| Scarborough Advisors, LLC 2.62% of their portfolio | 276.3k $24.0m | New |
| Karpus Management, Inc. 0.74% of their portfolio | 273.4k $23.7m | New |
| INSIGHT 2811, INC. 10.22% of their portfolio | 271.2k $23.5m | Added +14.9k |
| OneDigital Investment Advisors LLC 0.23% of their portfolio | 265.9k $23.1m | Reduced -86.7k |