Vault-13

ISHARES TR HYG

IBOXX HI YD ETF · ETP · CUSIP 464288513 · ISIN US4642885135

931 institutional holders -4 vs Q1 2025
279,309,721279.3m shares reported held*
$21.6bnreported value*
93 new 317 added 362 reduced 100 sold out net bought ≈ $1.7bn (+32.4m 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 ($22.5m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $77.43. Options: 37 managers hold calls ($6.3bn notional), 97 hold puts ($37.1bn).

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

05001kQ3 22: 788Q4 22: 899Q1 23: 843Q2 23: 867Q3 23: 858Q4 23: 933Q1 24: 914Q2 24: 901Q3 24: 900Q4 24: 988Q1 25: 935Q2 25: 931931Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 2022788
Q4 2022899
Q1 2023843
Q2 2023867
Q3 2023858
Q4 2023933
Q1 2024914
Q2 2024901
Q3 2024900
Q4 2024988
Q1 2025935
Q2 2025931

Buyers vs sellers

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

Bought or addedCut or sold out
5000500Q3 23: 352 bought or addedQ3 23: 430 cut or sold outQ4 23: 430 bought or addedQ4 23: 412 cut or sold outQ4 23Q1 24: 418 bought or addedQ1 24: 433 cut or sold outQ2 24: 411 bought or addedQ2 24: 428 cut or sold outQ2 24Q3 24: 424 bought or addedQ3 24: 402 cut or sold outQ4 24: 456 bought or addedQ4 24: 380 cut or sold outQ4 24Q1 25: 426 bought or addedQ1 25: 440 cut or sold outQ2 25: 410 bought or addedQ2 25: 462 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 2023352430
Q4 2023430412
Q1 2024418433
Q2 2024411428
Q3 2024424402
Q4 2024456380
Q1 2025426440
Q2 2025410462

Calls vs puts

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

CallsPuts
$0$10bn$20bn$30bn$40bnQ3 24 calls: $7.8bnQ3 24 puts: $25.2bnQ3 24P/C 3.21Q4 24 calls: $7.4bnQ4 24 puts: $22.7bnQ4 24P/C 3.07Q1 25 calls: $8.4bnQ1 25 puts: $38.6bnQ1 25P/C 4.60Q2 25 calls: $6.3bnQ2 25 puts: $37.1bnQ2 25P/C 5.87
Numbers
QuarterCallsPutsP/C
Q3 2024$7.8bn$25.2bn3.21
Q4 2024$7.4bn$22.7bn3.07
Q1 2025$8.4bn$38.6bn4.60
Q2 2025$6.3bn$37.1bn5.87

Biggest buyers

Proficio Capital Partners LLC Added +11,532,830+11.5m
ROYAL BANK OF CANADA Added +7,955,296+8.0m
JPMORGAN CHASE & CO Added +7,358,059+7.4m
BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Added +6,151,100+6.2m
BNP PARIBAS FINANCIAL MARKETS Added +5,308,958+5.3m
Elliott Investment Management L.P. New +3,800,000+3.8m
ONTARIO TEACHERS PENSION PLAN BOARD New +3,700,000+3.7m
TD Asset Management Inc Added +3,553,347+3.6m
BNP PARIBAS Added +3,390,278+3.4m
Liberty Mutual Group Asset Management Inc. New +2,943,489+2.9m

Biggest sellers

GOLDMAN SACHS GROUP INC Reduced -8,462,769-8.5m
Clark Capital Management Group, Inc. Reduced -7,051,408-7.1m
JANE STREET GROUP, LLC Reduced -4,134,774-4.1m
HSBC HOLDINGS PLC Reduced -3,192,910-3.2m
MORGAN STANLEY Reduced -3,065,774-3.1m
WELLS FARGO & COMPANY/MN Reduced -2,655,330-2.7m
NYL Investors LLC Sold out -2,502,988-2.5m
UBS Group AG Reduced -1,948,537-1.9m
D. E. Shaw & Co., Inc. Sold out -1,920,000-1.9m
BARCLAYS PLC Reduced -1,518,559-1.5m

Biggest calls

GOLDMAN SACHS GROUP INC Reduced $1.1bn14.1m shares
BANK OF AMERICA CORP /DE/ Reduced $1.1bn13.4m shares
UBS Group AG Added $805.4m10.0m shares
JANE STREET GROUP, LLC Reduced $611.0m7.6m shares
CITADEL ADVISORS LLC Reduced $569.9m7.1m shares
BARCLAYS PLC Added $501.3m6.2m shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $327.3m4.1m shares
MILLENNIUM MANAGEMENT LLC Reduced $254.7m3.2m shares
NOMURA HOLDINGS INC Reduced $177.4m2.2m shares
Brevan Howard Capital Management LP New $166.3m2.1m shares

Biggest puts

GOLDMAN SACHS GROUP INC Added $6.2bn77.1m shares
UBS Group AG Reduced $2.9bn36.1m shares
CITADEL ADVISORS LLC Reduced $2.7bn33.4m shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $2.4bn29.9m shares
CITIGROUP INC Reduced $2.1bn26.4m shares
BARCLAYS PLC Reduced $1.6bn20.2m shares
WELLS FARGO & COMPANY/MN Added $1.5bn18.3m shares
FARALLON CAPITAL MANAGEMENT, L.L.C. Not comparable $1.5bn18.0m shares
BANK OF AMERICA CORP /DE/ Reduced $1.2bn15.1m shares
JANE STREET GROUP, LLC Reduced $995.5m12.3m 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.

HolderStakeChangeShares Last filed
BlackRock Portfolio Management LLC 13G · institution -4.7 pts · filed 2026-10-27 8.5% -4.7 pts 18.4m≈ $1.5bn 2026-10-27

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BlackRock, Inc. 0.04% of their portfolio New York, NY 22,722,29822.7m $1.8bn $1.8bn 0.04% Added +1.9m +1,873,735
2 MORGAN STANLEY 0.10% of their portfolio NEW YORK, NY 18,712,27018.7m $1.5bn $1.5bn 0.10% Reduced -3.1m -3,065,774
3 Clark Capital Management Group, Inc. 9.59% of their portfolio PHILADELPHIA, PA 17,143,00017.1m $1.4bn $1.4bn 9.59% Reduced -7.1m -7,051,408
4 ROYAL BANK OF CANADA 0.10% of their portfolio TORONTO, A6 12,735,18012.7m $1.0bn $1.0bn 0.10% Added +8.0m +7,955,296
5 BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp 5.88% of their portfolio VICTORIA, A1 12,528,21812.5m $1.0bn $1.0bn 5.88% Added +6.2m +6,151,100
6 BANK OF AMERICA CORP /DE/ 0.08% of their portfolio CHARLOTTE, NC 12,165,98512.2m $981.2m $981.2m 0.08% Added +296.5k +296,510
7 Proficio Capital Partners LLC 0.75% of their portfolio NEWTON, MA 11,539,29511.5m $12.0m $12.0m 0.75% Added +11.5m +11,532,830
8 Japan Science & Technology Agency 13.30% of their portfolio TOKYO, M0 10,390,62610.4m $838.0m $838.0m 13.30% Unchanged
9 JPMORGAN CHASE & CO 0.06% of their portfolio NEW YORK, NY 10,234,86810.2m $825.4m $825.4m 0.06% Added +7.4m +7,358,059
10 BNP PARIBAS FINANCIAL MARKETS 0.63% of their portfolio PARIS, I0 10,055,47210.1m $811.0m $811.0m 0.63% Added +5.3m +5,308,958
11 CITIGROUP INC 0.34% of their portfolio NEW YORK, NY 6,041,7626.0m $487.3m $487.3m 0.34% Added +2.0m +1,967,416
12 ASSETMARK, INC 1.15% of their portfolio CONCORD, CA 6,021,8306.0m $485.7m $485.7m 1.15% Reduced -1.3m -1,319,440
13 APG Asset Management US Inc. 3.24% of their portfolio New York, NY 5,408,5005.4m $433.6m $433.6m 3.24% Added +723.0k +723,000
14 Nuveen, LLC 0.12% of their portfolio CHARLOTTE, NC 5,232,8835.2m $421.8m $421.8m 0.12% Added +734.3k +734,278
15 ENVESTNET ASSET MANAGEMENT INC 0.11% of their portfolio Berwyn, PA 4,897,7434.9m $394.1m $394.1m 0.11% Reduced -479.8k -479,833
16 BNP PARIBAS 11.87% of their portfolio NEW YORK, NY 4,535,2424.5m $365.8m $365.8m 11.87% Added +3.4m +3,390,278
17 WELLS FARGO & COMPANY/MN 0.08% of their portfolio SAN FRANCISCO, CA 4,458,1914.5m $359.6m $359.6m 0.08% Reduced -2.7m -2,655,330
18 TD Asset Management Inc 0.28% of their portfolio Toronto, A6 4,020,9804.0m $324.3m $324.3m 0.28% Added +3.6m +3,553,347
19 Elliott Investment Management L.P. 2.52% of their portfolio WEST PALM BEACH, FL 3,800,0003.8m $306.5m $306.5m 2.52% New
20 ONTARIO TEACHERS PENSION PLAN BOARD 6.16% of their portfolio Toronto, A6 3,700,0003.7m $298.4m $298.4m 6.16% New
21 GOLDMAN SACHS GROUP INC 0.04% of their portfolio NEW YORK, NY 3,400,4843.4m $274.2m $274.2m 0.04% Reduced -8.5m -8,462,769
22 Counterpoint Mutual Funds LLC 23.83% of their portfolio San Diego, CA 3,338,8453.3m $269.3m $269.3m 23.83% Added +2.9m +2,889,282
23 Liberty Mutual Group Asset Management Inc. 51.54% of their portfolio Boston, MA 2,943,4892.9m $237.4m $237.4m 51.54% New
24 State of Tennessee, Department of Treasury 0.79% of their portfolio NASHVILLE, TN 2,755,2452.8m $222.2m $222.2m 0.79% Reduced -259.6k -259,623
25 OSAIC HOLDINGS, INC. 0.37% of their portfolio SCOTTSDALE, AZ 2,650,2022.7m $209.8m $209.8m 0.37% Added +2.2m +2,183,183
26 UBS Group AG 0.04% of their portfolio ZURICH, V8 2,591,3132.6m $209.0m $209.0m 0.04% Reduced -1.9m -1,948,537
27 Ocean Park Asset Management, LLC 6.56% of their portfolio SANTA MONICA, CA 2,344,5892.3m $185.0m $185.0m 6.56% Unchanged
28 JANE STREET GROUP, LLC 0.30% of their portfolio NEW YORK, NY 2,279,4352.3m $183.8m $183.8m 0.30% Reduced -4.1m -4,134,774
29 Man Group plc 0.38% of their portfolio LONDON, X0 2,159,3212.2m $174.1m $174.1m 0.38% Added +482.1k +482,137
30 LPL Financial LLC 0.06% of their portfolio FORT MILL, SC 2,150,9852.2m $173.5m $173.5m 0.06% Added +207.8k +207,802
31 STIFEL FINANCIAL CORP 0.17% of their portfolio ST. LOUIS, MO 2,138,3052.1m $172.5m $172.5m 0.17% Reduced -8.6k -8,641
32 Endurance Services Ltd 27.79% of their portfolio PURCHASE, NY 1,979,0002.0m $159.6m $159.6m 27.79% Unchanged
33 Balyasny Asset Management L.P. 0.36% of their portfolio Chicago, IL 1,948,6681.9m $157.2m $157.2m 0.36% New
34 MACKENZIE FINANCIAL CORP 0.18% of their portfolio TORONTO ONTARIO, A6 1,750,2201.8m $141.2m $141.2m 0.18% Reduced -238.8k -238,844
35 BARCLAYS PLC 0.05% of their portfolio LONDON, X0 1,542,1611.5m $124.4m $124.4m 0.05% Reduced -1.5m -1,518,559
36 AMERIPRISE FINANCIAL INC 0.03% of their portfolio MINNEAPOLIS, MN 1,536,0851.5m $123.8m $123.8m 0.03% Reduced -295.7k -295,749
37 Brevan Howard Capital Management LP 1.29% of their portfolio ST. HELIER, Y9 1,455,0001.5m $117.3m $117.3m 1.29% Added +1.4m +1,405,895
38 Nan Shan Life Insurance Co., Ltd. 2.30% of their portfolio Taipei City, F5 1,284,6521.3m $103.6m $103.6m 2.30% Unchanged
39 BlueCrest Capital Management Ltd 11.41% of their portfolio ST HELIER, Y9 1,274,8001.3m $102.8m $102.8m 11.41% Added +1.2m +1,210,000
40 iA Global Asset Management Inc. 1.33% of their portfolio QUEBEC, A8 1,099,8901.1m $88.7m $88.7m 1.33% Reduced -4.7k -4,728
41 Verition Fund Management LLC 0.46% of their portfolio GREENWICH, CT 993,486993.5k $80.1m $80.1m 0.46% Added +882.3k +882,286
42 READYSTATE ASSET MANAGEMENT LP 3.24% of their portfolio CHICAGO, IL 967,815967.8k $78.1m $78.1m 3.24% Reduced -17.3k -17,289
43 RENAISSANCE TECHNOLOGIES LLC 0.10% of their portfolio NEW YORK, NY 920,000920.0k $74.2m $74.2m 0.10% Added +712.5k +712,500
44 NEUBERGER BERMAN GROUP LLC 0.06% of their portfolio NEW YORK, NY 909,663909.7k $73.4m $73.4m 0.06% Added +511.1k +511,124
45 US BANCORP \DE\ 0.09% of their portfolio MINNEAPOLIS, MN 885,962886.0k $71.5m $71.5m 0.09% Reduced -13.7k -13,708
46 Cetera Investment Advisers 0.11% of their portfolio SCHAUMBURG, IL 842,862842.9k $68.0m $68.0m 0.11% Reduced -60.9k -60,904
47 Allianz Asset Management GmbH 0.09% of their portfolio MUNICH, 2M 825,540825.5k $66.6m $66.6m 0.09% Added +333.1k +333,140
48 PRUDENTIAL FINANCIAL INC 0.08% of their portfolio NEWARK, NJ 810,902810.9k $65.4m $65.4m 0.08% Reduced -146.6k -146,559
49 Thrivent Financial for Lutherans 0.14% of their portfolio Minneapolis, MN 784,325784.3k $63.3m $63.3m 0.14% Reduced -64.0k -64,001
50 Pictet Asset Management Holding SA 0.06% of their portfolio CAROUGE, V8 754,800754.8k $60.6m $60.6m 0.06% New
51 RAYMOND JAMES FINANCIAL INC 0.02% of their portfolio ST. PETERSBURG, FL 740,064740.1k $59.7m $59.7m 0.02% Reduced -170.3k -170,281
52 HSBC HOLDINGS PLC 0.03% of their portfolio LONDON, X0 674,955675.0k $54.4m $54.4m 0.03% Reduced -3.2m -3,192,910
53 National Philanthropic Trust 0.73% of their portfolio Jenkintown, PA 674,045674.0k $54.4m $54.4m 0.73% Added +17.9k +17,872
54 MILLENNIUM MANAGEMENT LLC 0.05% of their portfolio NEW YORK, NY 662,900662.9k $53.5m $53.5m 0.05% Reduced -172.3k -172,319
55 SUMITOMO MITSUI FINANCIAL GROUP, INC. 0.86% of their portfolio TOKYO, M0 651,552651.6k $52.5m $52.5m 0.86% Reduced -522 -522
56 CI INVESTMENTS INC. 0.19% of their portfolio TORONTO, Z4 611,189611.2k $49.3m $49.3m 0.19% Reduced -127.8k -127,800
57 MML INVESTORS SERVICES, LLC 0.12% of their portfolio SPRINGFIELD, MA 530,369530.4k $42.8m $42.8m 0.12% Reduced -25.7k -25,692
58 BANK OF MONTREAL /CAN/ 0.02% of their portfolio TORONTO, A6 529,921529.9k $42.7m $42.7m 0.02% Added +53.7k +53,666
59 TOEWS CORP /ADV 5.97% of their portfolio NORTHFIELD, NJ 508,300508.3k $41.0m $41.0m 5.97% New
60 Aristotle Pacific Capital, LLC 19.52% of their portfolio NEWPORT BEACH, CA 504,698504.7k $40.7m $40.7m 19.52% Reduced -72.4k -72,440
61 Bank Julius Baer & Co. Ltd, Zurich 0.12% of their portfolio ZURICH, V8 497,590497.6k $40.1m $40.1m 0.12% Reduced -62.2k -62,237
62 Quadrature Capital Ltd 0.68% of their portfolio LONDON, X0 489,749489.7k $39.5m $39.5m 0.68% New
63 TUDOR INVESTMENT CORP ET AL 0.30% of their portfolio STAMFORD, CT 484,800484.8k $39.1m $39.1m 0.30% Added +445.2k +445,209
64 BANK OF NOVA SCOTIA 0.08% of their portfolio TORONTO, A6 460,380460.4k $37.1m $37.1m 0.08% Added +444.3k +444,345
65 Pure Financial Advisors, LLC 0.63% of their portfolio SAN DIEGO, CA 442,791442.8k $35.7m $35.7m 0.63% Added +11.2k +11,181
66 SG Americas Securities, LLC 0.15% of their portfolio NEW YORK, NY 430,874430.9k $34.8m $34.8m 0.15% Added +405.8k +405,753
67 1832 Asset Management L.P. 0.06% of their portfolio TORONTO, A6 406,840406.8k $32.8m $32.8m 0.06% Reduced -291.4k -291,432
68 HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.07% of their portfolio TORONTO, A6 404,818404.8k $32.6m $32.6m 0.07% Reduced -1.0m -1,020,200
69 HUNTINGTON NATIONAL BANK 0.21% of their portfolio COLUMBUS, OH 399,135399.1k $32.2m $32.2m 0.21% Added +12.0k +11,962
70 MACQUARIE GROUP LTD 0.04% of their portfolio Sydney, NSW 2000, C3 391,857391.9k $31.6m $31.6m 0.04% Reduced -2.4k -2,359
71 Edgestream Partners, L.P. 0.85% of their portfolio Princeton, NJ 379,697379.7k $30.6m $30.6m 0.85% Added +229.4k +229,431
72 CBIZ Investment Advisory Services, LLC 1.29% of their portfolio INDEPENDENCE, OH 362,220362.2k $29.2m $29.2m 1.29% Added +18.4k +18,367
73 Howard Capital Management, LLC 0.42% of their portfolio Alpharetta, GA 351,395351.4k $28.3m $28.3m 0.42% Added +3.7k +3,653
74 VIEWPOINT INVESTMENT PARTNERS CORP 15.29% of their portfolio CALGARY, A0 346,600346.6k $28.0m $28.0m 15.29% Reduced -78.8k -78,800
75 Hikari Tsushin, Inc. 1.95% of their portfolio TOKYO, M0 343,165343.2k $27.7m $27.7m 1.95% Unchanged
76 Centiva Capital, LP 1.81% of their portfolio New York, NY 340,000340.0k $27.4m $27.4m 1.81% Reduced -810.4k -810,400
77 Optiver Holding B.V. 0.74% of their portfolio AMSTERDAM, P7 337,865337.9k $27.2m $27.2m 0.74% New
78 TRUIST FINANCIAL CORP 0.04% of their portfolio CHARLOTTE, NC 337,466337.5k $27.2m $27.2m 0.04% Added +64.9k +64,948
79 ALLSTATE CORP 1.94% of their portfolio NORTHBROOK, IL 333,845333.8k $26.9m $26.9m 1.94% Reduced -193.7k -193,684
80 MARINER INVESTMENT GROUP LLC 9.69% of their portfolio NEW YORK, NY 332,600332.6k $26.8m $26.8m 9.69% Added +171.6k +171,600
81 Towercrest Capital Management 4.78% of their portfolio NEWTOWN, PA 332,071332.1k $26.8m $26.8m 4.78% Reduced -5.5k -5,458
82 Stairway Partners, LLC 1.42% of their portfolio MINNEAPOLIS, MN 311,088311.1k $25.1m $25.1m 1.42% Reduced -526 -526
83 Allianz Investment Management U.S. LLC 1.05% of their portfolio Minneapolis, MN 300,000300.0k $24.2m $24.2m 1.05% Unchanged
84 Strong Tower Advisory Services 4.76% of their portfolio MINNEAPOLIS, MN 299,252299.3k $24.1m $24.1m 4.76% Added +14.4k +14,419
85 Williams Jones Wealth Management, LLC. 0.28% of their portfolio NEW YORK, NY 286,500286.5k $23.1m $23.1m 0.28% Added +6.1k +6,100
86 Rockefeller Capital Management L.P. 0.03% of their portfolio NEW YORK, NY 283,820283.8k $22.9m $22.9m 0.03% Added +145.8k +145,822
87 Focus Partners Wealth 0.05% of their portfolio ST LOUIS, MO 278,264278.3k $22.4m $22.4m 0.05% Reduced -2.1k -2,092
88 PRUDENTIAL PLC 0.13% of their portfolio LONDON, X0 272,475272.5k $22.0m $22.0m 0.13% Reduced -35.7k -35,745
89 KWMG, LLC 2.04% of their portfolio OVERLAND PARK, KS 269,771269.8k $21.8m $21.8m 2.04% Added +5.1k +5,062
90 BLUEFIN CAPITAL MANAGEMENT, LLC 16.79% of their portfolio NEW YORK, NY 269,262269.3k $21.7m $21.7m 16.79% Added +245.6k +245,560
91 PRINCIPAL SECURITIES, INC. 0.40% of their portfolio DES MOINES, IA 261,156261.2k $21.1m $21.1m 0.40% Added +65.6k +65,570
92 Trust Co 2.34% of their portfolio MANHATTAN, KS 257,115257.1k $20.7m $20.7m 2.34% Added +945 +945
93 One William Street Capital Management, L.P. 61.68% of their portfolio New York, NY 250,000250.0k $20.2m $20.2m 61.68% New
94 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.03% of their portfolio BALA CYNWYD, PA 249,717249.7k $20.1m $20.1m 0.03% Reduced -1.1m -1,066,160
95 Kestra Advisory Services, LLC 0.10% of their portfolio AUSTIN, TX 249,274249.3k $20.1m $20.1m 0.10% Reduced -7.0k -7,017
96 CAPSTONE INVESTMENT ADVISORS, LLC 0.17% of their portfolio NEW YORK, NY 249,201249.2k $20.1m $20.1m 0.17% Added +138.1k +138,100
97 III Capital Management 3.62% of their portfolio BOCA RATON, FL 249,000249.0k $20.1m $20.1m 3.62% Reduced -1.1m -1,081,000
98 Twele Capital Management, Inc. 3.90% of their portfolio MINNETONKA, MN 243,867243.9k $19.7m $19.7m 3.90% Reduced -1.1k -1,133
99 POTOMAC FUND MANAGEMENT INC /ADV 1.10% of their portfolio BETHESDA, MD 238,380238.4k $19.2m $19.2m 1.10% New
100 Deseret Mutual Benefit Administrators 8.77% of their portfolio SALT LAKE CITY, UT 232,070232.1k $18.7m $18.7m 8.77% Added +3.4k +3,401