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 ($152.4m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $86.36. Options: 83 managers hold calls ($37.6bn notional), 72 hold puts ($18.7bn).
Trends to Q2 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 |
| Q2 2026 | 1,047 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| 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 |
| Q2 2026 | 513 | 562 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2025 | $13.2bn | $14.1bn | 1.07 |
| Q4 2025 | $15.4bn | $12.9bn | 0.84 |
| Q1 2026 | $18.2bn | $14.5bn | 0.80 |
| Q2 2026 | $37.6bn | $18.7bn | 0.50 |
Biggest buyers
| JANE STREET GROUP, LLC | Added | +6.4m |
| JPMORGAN CHASE & CO | Added | +3.6m |
| BARCLAYS PLC | Added | +3.3m |
| NORTHWESTERN MUTUAL INVESTMENT MANAGEMENT COMPANY, LLC | New | +2.9m |
| BlackRock, Inc. | Added | +2.5m |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | +1.5m |
| MILLENNIUM MANAGEMENT LLC | Added | +1.4m |
| CITIGROUP INC | Added | +1.3m |
| SIMPLEX TRADING, LLC | Added | +1.3m |
| Squarepoint Ops LLC | Added | +1.2m |
Biggest sellers
| BANK OF AMERICA CORP /DE/ | Reduced | -16.2m |
| Rafferty Asset Management, LLC | Reduced | -5.8m |
| NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO | Reduced | -5.4m |
| UBS Group AG | Reduced | -3.9m |
| Brevan Howard Capital Management LP | Reduced | -2.4m |
| GOLDMAN SACHS GROUP INC | Reduced | -1.5m |
| ASSETMARK, INC | Reduced | -1.2m |
| AMERIPRISE FINANCIAL INC | Reduced | -1.1m |
| BNP PARIBAS FINANCIAL MARKETS | Reduced | -1.0m |
| GenWealth Group, Inc. | Sold out | -577.8k |
Biggest calls
| Mirae Asset Global Investments Co., Ltd. | New | $15.2bn176.4m shares |
| JANE STREET GROUP, LLC | Added | $5.5bn63.2m shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $4.1bn47.1m shares |
| CITADEL ADVISORS LLC | Added | $2.9bn33.1m shares |
| BARCLAYS PLC | Added | $1.1bn13.0m shares |
| MOORE CAPITAL MANAGEMENT, LP | Added | $864.2m10.0m shares |
| GOLDMAN SACHS GROUP INC | Added | $736.7m8.5m shares |
| SONA ASSET MANAGEMENT (US) LLC | Reduced | $670.7m7.8m shares |
| ExodusPoint Capital Management, LP | Added | $623.3m7.2m shares |
| TUDOR INVESTMENT CORP ET AL | Added | $579.2m6.7m shares |
Biggest puts
| JANE STREET GROUP, LLC | Added | $3.0bn35.1m shares |
| CITADEL ADVISORS LLC | Added | $2.7bn31.4m shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $2.7bn31.1m shares |
| BANK OF MONTREAL /CAN/ | Added | $1.2bn14.3m shares |
| GOLDMAN SACHS GROUP INC | Reduced | $1.2bn13.8m shares |
| PEAK6 LLC | Added | $892.5m10.3m shares |
| MOORE CAPITAL MANAGEMENT, LP | Added | $554.8m6.4m shares |
| MILLENNIUM MANAGEMENT LLC | Added | $544.1m6.3m shares |
| BARCLAYS PLC | Reduced | $532.3m6.2m shares |
| Brevan Howard Capital Management LP | New | $461.1m5.3m 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, Q2 2026
| Manager | Shares | Change |
|---|---|---|
| BANK OF AMERICA CORP /DE/ 0.38% of their portfolio | 68.4m $5.9bn | Reduced -16.2m |
| NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 1.80% of their portfolio | 39.0m $3.4bn | Reduced -5.4m |
| BlackRock, Inc. 0.04% of their portfolio | 29.7m $2.6bn | Added +2.5m |
| Rafferty Asset Management, LLC 3.39% of their portfolio | 17.3m $1.5bn | Reduced -5.8m |
| BANK OF MONTREAL /CAN/ 0.52% of their portfolio | 16.4m $1.4bn | Added +765.0k |
| CITIGROUP INC 0.65% of their portfolio | 16.2m $1.4bn | Added +1.3m |
| MORGAN STANLEY 0.06% of their portfolio | 12.3m $1.1bn | Added +1.1m |
| UBS Group AG 0.15% of their portfolio | 11.2m $966.9m | Reduced -3.9m |
| JANE STREET GROUP, LLC 0.45% of their portfolio | 8.1m $699.7m | Added +6.4m |
| BARCLAYS PLC 0.20% of their portfolio | 7.2m $618.1m | Added +3.3m |
| JPMORGAN CHASE & CO 0.04% of their portfolio | 7.1m $618.4m | Added +3.6m |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.54% of their portfolio | 7.0m $607.5m | Added +1.5m |
| LPL Financial LLC 0.11% of their portfolio | 5.7m $495.3m | Added +529.1k |
| ENVESTNET ASSET MANAGEMENT INC 0.11% of their portfolio | 5.6m $479.7m | Added +860.2k |
| WELLS FARGO & COMPANY/MN 0.07% of their portfolio | 4.6m $399.4m | Reduced -145.2k |
| RAYMOND JAMES FINANCIAL INC 0.09% of their portfolio | 3.7m $324.0m | Added +986.1k |
| ALLIANCEBERNSTEIN L.P. 0.09% of their portfolio | 3.2m $273.4m | Added +133.3k |
| NORTHWESTERN MUTUAL INVESTMENT MANAGEMENT COMPANY, LLC 2.95% of their portfolio | 2.9m $251.8m | New |
| MACKENZIE FINANCIAL CORP 0.25% of their portfolio | 2.9m $251.8m | Reduced -284.6k |
| Harvest Portfolios Group Inc. 3.05% of their portfolio | 2.5m $216.4m | Reduced -240.6k |
| STIFEL FINANCIAL CORP 0.17% of their portfolio | 2.3m $201.4m | Added +29.3k |
| ROYAL BANK OF CANADA 0.03% of their portfolio | 2.3m $200.8m | Added +487.4k |
| HANTZ FINANCIAL SERVICES, INC. 2.68% of their portfolio | 2.3m $198.0m | Added +180.9k |
| Janney Montgomery Scott LLC 0.36% of their portfolio | 2.2m $187.4m | Added +755.4k |
| VANTAGEPOINT INVESTMENT ADVISERS LLC 1.32% of their portfolio | 2.0m $176.2m | Unchanged |
| TRUIST FINANCIAL CORP 0.21% of their portfolio | 2.0m $176.2m | Added +669.0k |
| SIMPLEX TRADING, LLC 4.19% of their portfolio | 1.9m $160.8m | Added +1.3m |
| AMERIPRISE FINANCIAL INC 0.03% of their portfolio | 1.8m $160.0m | Reduced -1.1m |
| MILLENNIUM MANAGEMENT LLC 0.11% of their portfolio | 1.8m $156.2m | Added +1.4m |
| WestEnd Advisors, LLC 3.33% of their portfolio | 1.7m $149.3m | Added +783.9k |
| Mirae Asset Global Investments Co., Ltd. 0.27% of their portfolio | 1.7m $143.3m | Reduced -406.5k |
| CITADEL ADVISORS LLC 0.07% of their portfolio | 1.5m $130.1m | Added +322.9k |
| BNP PARIBAS FINANCIAL MARKETS 0.06% of their portfolio | 1.3m $115.6m | Reduced -1.0m |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.04% of their portfolio | 1.3m $51.4m | Added +769.6k |
| Squarepoint Ops LLC 0.21% of their portfolio | 1.2m $107.5m | Added +1.2m |
| Hamilton Capital Partners Inc. 3.02% of their portfolio | 1.2m $103.9m | Added +3.9k |
| LANDSCAPE CAPITAL MANAGEMENT, L.L.C. 6.63% of their portfolio | 1.2m $102.2m | New |
| Rockefeller Capital Management L.P. 0.15% of their portfolio | 1.1m $97.7m | Reduced -122.9k |
| GOLDMAN SACHS GROUP INC 0.01% of their portfolio | 1.1m $95.5m | Reduced -1.5m |
| HSBC HOLDINGS PLC 0.04% of their portfolio | 1.1m $92.8m | Added +696.2k |
| HighTower Advisors, LLC 0.09% of their portfolio | 1.1m $90.9m | Added +243.8k |
| TORONTO DOMINION BANK 0.14% of their portfolio | 993.6k $85.9m | Added +513.4k |
| US BANCORP \DE\ 0.09% of their portfolio | 988.2k $85.4m | Added +36.7k |
| PEAK6 LLC 2.01% of their portfolio | 957.8k $82.8m | Added +466.6k |
| OSAIC HOLDINGS, INC. 0.10% of their portfolio | 946.8k $81.9m | Added +116.3k |
| Cetera Investment Advisers 0.07% of their portfolio | 916.7k $79.2m | Reduced -65.9k |
| Karpus Management, Inc. 2.20% of their portfolio | 883.0k $76.3m | Added +609.5k |
| Ally Financial Inc. 9.73% of their portfolio | 873.0k $75.4m | Unchanged |
| AIA Group Ltd 0.94% of their portfolio | 867.6k $75.0m | Reduced -144.7k |
| COMMONWEALTH EQUITY SERVICES, LLC 0.09% of their portfolio | 864.8k $74.7m | Added +15.4k |
| Disciplina Capital Management LLC 7.49% of their portfolio | 838.5k $72.5m | Added +43.0k |
| TD PRIVATE CLIENT WEALTH LLC 1.29% of their portfolio | 813.6k $70.3m | Added +75.2k |
| OLD MISSION CAPITAL LLC 1.76% of their portfolio | 798.3k $69.0m | Added +305.2k |
| VICTORY CAPITAL MANAGEMENT INC 0.04% of their portfolio | 787.9k $68.1m | Added +330.1k |
| STATE STREET CORP 0.00% of their portfolio | 739.6k $63.9m | Added +188.2k |
| Envestnet Portfolio Solutions, Inc. 0.28% of their portfolio | 685.6k $59.3m | Added +662.2k |
| FIRST CITIZENS BANK & TRUST CO 0.87% of their portfolio | 676.0k $58.4m | Added +669.4k |
| Cassaday & Co Wealth Management LLC 1.09% of their portfolio | 671.8k $58.1m | Added +642.2k |
| Quadrature Capital Ltd 0.47% of their portfolio | 636.3k $55.0m | New |
| Cambridge Investment Research Advisors, Inc. 0.06% of their portfolio | 632.8k $54.7m | Reduced -319.3k |
| Concurrent Investment Advisors, LLC 0.41% of their portfolio | 561.8k $48.6m | Added +113.6k |
| MOORE CAPITAL MANAGEMENT, LP 1.09% of their portfolio | 555.0k $48.0m | Added +480.0k |
| AlTi Global, Inc. 0.99% of their portfolio | 553.6k $47.9m | Reduced -11.4k |
| New Harbor Financial Group, LLC 7.44% of their portfolio | 541.1k $46.8m | Added +59.5k |
| Townsend & Associates, Inc 3.86% of their portfolio | 539.6k $45.3m | Added +13.8k |
| IHT Wealth Management, LLC 0.93% of their portfolio | 496.3k $42.9m | Reduced -225.9k |
| Rock Creek Group LLC 4.32% of their portfolio | 496.1k $42.9m | Reduced -16.8k |
| Bell Investment Advisors, Inc 5.96% of their portfolio | 469.2k $40.5m | Added +43.0k |
| ALKEON CAPITAL MANAGEMENT LLC 0.15% of their portfolio | 463.0k $40.0m | Reduced -48.0k |
| Granite Bay Wealth Management, LLC 3.57% of their portfolio | 448.0k $38.7m | Added +237.6k |
| IFP Advisors, Inc 0.70% of their portfolio | 446.7k $38.6m | Reduced -109.4k |
| Krilogy Financial LLC 1.12% of their portfolio | 437.1k $37.8m | Added +27.8k |
| Bank of New York Mellon Corp 0.01% of their portfolio | 409.9k $35.4m | Reduced -34.8k |
| JONES FINANCIAL COMPANIES LLLP 0.01% of their portfolio | 405.7k $35.4m | Added +44.8k |
| WS MANAGEMENT LLLP 4.07% of their portfolio | 400.0k $34.6m | Reduced -212.3k |
| MARSHALL WACE, LLP 0.03% of their portfolio | 379.0k $32.8m | New |
| Schonfeld Strategic Advisors LLC 0.17% of their portfolio | 372.1k $32.2m | New |
| NATIONAL BANK OF CANADA /FI/ 0.03% of their portfolio | 368.9k $31.9m | Reduced -362.6k |
| BANCO BILBAO VIZCAYA ARGENTARIA, S.A. 0.19% of their portfolio | 352.4k $30.4m | Added +22.0k |
| Marex Group Ltd 0.23% of their portfolio | 352.4k $30.5m | Reduced -105.0k |
| MML INVESTORS SERVICES, LLC 0.06% of their portfolio | 343.1k $29.6m | Added +82.9k |
| Third View Private Wealth, LLC 3.65% of their portfolio | 342.7k $29.6m | Added +473 |
| Willis Johnson & Associates, Inc. 1.61% of their portfolio | 334.3k $28.9m | Added +15.8k |
| Vestmark Advisory Solutions, Inc. 0.27% of their portfolio | 333.9k $28.9m | Added +19.5k |
| Verition Fund Management LLC 0.20% of their portfolio | 330.7k $28.6m | Added +255.4k |
| Brevan Howard Capital Management LP 0.39% of their portfolio | 323.8k $28.0m | Reduced -2.4m |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.03% of their portfolio | 317.3k $27.4m | Added +62.3k |
| Insight Wealth Strategies, LLC 2.65% of their portfolio | 317.0k $27.1m | Added +287.9k |
| MEEDER ASSET MANAGEMENT INC 1.38% of their portfolio | 313.3k $27.1m | Reduced -71.1k |
| Trilogy Capital Inc. 1.02% of their portfolio | 303.9k $26.3m | Reduced -88.7k |
| PNC Financial Services Group, Inc. 0.01% of their portfolio | 295.7k $25.6m | Reduced -22.0k |
| Dakota Wealth Management 0.49% of their portfolio | 293.5k $25.4m | Added +57.0k |
| Farther Finance Advisors, LLC 0.20% of their portfolio | 293.4k $25.4m | Reduced -10.6k |
| SUMITOMO MITSUI FINANCIAL GROUP, INC. 0.48% of their portfolio | 292.4k $25.3m | Reduced -3.2k |
| Merit Financial Group, LLC 0.16% of their portfolio | 289.5k $25.0m | Added +145.0k |
| Cadence Wealth Management LLC 11.16% of their portfolio | 288.4k $24.9m | Reduced -263.4k |
| Simplicity Wealth,LLC 0.84% of their portfolio | 287.2k $24.8m | Added +4.2k |
| SBI Securities Co., Ltd. 0.55% of their portfolio | 280.9k $24.3m | Reduced -14.2k |
| GOULD ASSET MANAGEMENT LLC /CA/ 3.76% of their portfolio | 276.4k $23.9m | Added +14.1k |
| INSIGHT 2811, INC. 9.48% of their portfolio | 270.8k $23.4m | Reduced -330 |