Vault-13

ISHARES TR HYG

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

1,009 institutional holders +89 vs Q3 2025
280,836,316280.8m shares reported held*
$22.7bnreported value*
106 new 364 added 319 reduced 71 sold out net sold ≈ $486.9m (-6.0m 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 ($29.7m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $80.76. Options: 32 managers hold calls ($12.7bn notional), 79 hold puts ($43.3bn).

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

05001k1.5kQ3 22: 788Q4 22: 899Q1 23: 843Q2 23: 867Q3 23: 858Q4 23: 933Q1 24: 914Q2 24: 901Q3 24: 900Q4 24: 988Q1 25: 935Q2 25: 931Q3 25: 920Q4 25: 1,0091,009Q3 22Q2 23Q1 24Q4 24Q4 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
Q3 2025920
Q4 20251,009

Buyers vs sellers

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

Bought or addedCut or sold out
5000500Q1 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 25Q3 25: 449 bought or addedQ3 25: 389 cut or sold outQ4 25: 470 bought or addedQ4 25: 390 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 2024418433
Q2 2024411428
Q3 2024424402
Q4 2024456380
Q1 2025426440
Q2 2025410462
Q3 2025449389
Q4 2025470390

Calls vs puts

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

CallsPuts
$0$20bn$40bn$60bnQ1 25 calls: $8.4bnQ1 25 puts: $38.6bnQ1 25P/C 4.60Q2 25 calls: $6.3bnQ2 25 puts: $37.1bnQ2 25P/C 5.87Q3 25 calls: $14.5bnQ3 25 puts: $54.3bnQ3 25P/C 3.75Q4 25 calls: $12.7bnQ4 25 puts: $43.3bnQ4 25P/C 3.40
Numbers
QuarterCallsPutsP/C
Q1 2025$8.4bn$38.6bn4.60
Q2 2025$6.3bn$37.1bn5.87
Q3 2025$14.5bn$54.3bn3.75
Q4 2025$12.7bn$43.3bn3.40

Biggest buyers

HSBC HOLDINGS PLC Added +7,043,122+7.0m
ONTARIO TEACHERS PENSION PLAN BOARD Added +5,950,000+6.0m
NORTHWESTERN MUTUAL INVESTMENT MANAGEMENT COMPANY, LLC New +5,845,000+5.8m
Caisse de depot et placement du Quebec New +5,059,724+5.1m
BlackRock, Inc. Added +2,916,436+2.9m
CITADEL ADVISORS LLC New +2,126,497+2.1m
UBS Group AG Added +1,897,185+1.9m
Liberty Mutual Group Asset Management Inc. Added +1,613,598+1.6m
MORGAN STANLEY Added +1,411,358+1.4m
Pictet Asset Management Holding SA New +1,136,000+1.1m

Biggest sellers

JPMORGAN CHASE & CO Reduced -13,383,637-13.4m
BANK OF AMERICA CORP /DE/ Reduced -7,401,888-7.4m
BARCLAYS PLC Reduced -5,132,598-5.1m
Nuveen, LLC Reduced -3,038,320-3.0m
GOLDMAN SACHS GROUP INC Reduced -3,035,310-3.0m
ALLSTATE CORP Reduced -2,498,517-2.5m
BNP PARIBAS FINANCIAL MARKETS Reduced -2,468,274-2.5m
TD Asset Management Inc Reduced -2,312,978-2.3m
OSAIC HOLDINGS, INC. Reduced -2,171,473-2.2m
JANE STREET GROUP, LLC Reduced -1,573,909-1.6m

Biggest calls

CTC LLC Reduced $4.3bn192.6k shares
GOLDMAN SACHS GROUP INC Added $2.0bn24.5m shares
JANE STREET GROUP, LLC Reduced $1.3bn15.7m shares
CITADEL ADVISORS LLC Added $1.2bn15.3m shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $957.7m11.9m shares
WELLS FARGO & COMPANY/MN Added $609.5m7.6m shares
PICTON MAHONEY ASSET MANAGEMENT New $604.7m7.5m shares
UBS Group AG Reduced $293.2m3.6m shares
Centiva Capital, LP Reduced $215.9m2.7m shares
CITIGROUP INC Reduced $213.7m2.6m shares

Biggest puts

CTC LLC Reduced $6.6bn288.1k shares
GOLDMAN SACHS GROUP INC Reduced $4.8bn59.1m shares
BARCLAYS PLC Added $4.1bn50.5m shares
CITADEL ADVISORS LLC Added $3.1bn38.4m shares
JANE STREET GROUP, LLC Added $2.5bn30.5m shares
CITIGROUP INC Reduced $2.4bn29.8m shares
Allianz Asset Management GmbH Added $2.3bn28.2m shares
WELLS FARGO & COMPANY/MN Added $1.8bn22.5m shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $1.4bn17.5m shares
ADAPT Investment Managers SA Added $1.3bn16.0m 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, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BlackRock, Inc. 0.03% of their portfolio New York, NY 23,455,26123.5m $1.9bn $1.9bn 0.03% Added +2.9m +2,916,436
2 MORGAN STANLEY 0.09% of their portfolio NEW YORK, NY 18,215,32318.2m $1.5bn $1.5bn 0.09% Added +1.4m +1,411,358
3 Clark Capital Management Group, Inc. 8.52% of their portfolio PHILADELPHIA, PA 17,193,83417.2m $1.4bn $1.4bn 8.52% Reduced -115.7k -115,682
4 BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp 5.21% of their portfolio VICTORIA, A1 12,224,61812.2m $985.7m $985.7m 5.21% Added +1.0m +1,004,000
5 BANK OF AMERICA CORP /DE/ 0.07% of their portfolio CHARLOTTE, NC 11,124,52611.1m $897.0m $897.0m 0.07% Reduced -7.4m -7,401,888
6 ONTARIO TEACHERS PENSION PLAN BOARD 19.81% of their portfolio Toronto, A6 11,050,00011.1m $891.0m $891.0m 19.81% Added +6.0m +5,950,000
7 Japan Science & Technology Agency 15.39% of their portfolio TOKYO, M0 10,390,62610.4m $837.8m $837.8m 15.39% Unchanged
8 Nuveen, LLC 0.20% of their portfolio CHARLOTTE, NC 9,254,9579.3m $746.2m $746.2m 0.20% Reduced -3.0m -3,038,320
9 ROYAL BANK OF CANADA 0.10% of their portfolio TORONTO, A6 7,354,3167.4m $593.0m $593.0m 0.10% Added +1.1m +1,121,981
10 HSBC HOLDINGS PLC 0.17% of their portfolio LONDON, X0 7,262,4127.3m $585.8m $585.8m 0.17% Added +7.0m +7,043,122
11 ASSETMARK, INC 1.15% of their portfolio CONCORD, CA 7,005,4557.0m $564.8m $564.8m 1.15% Reduced -307.3k -307,276
12 NORTHWESTERN MUTUAL INVESTMENT MANAGEMENT COMPANY, LLC 5.50% of their portfolio MILWAUKEE, WI 5,845,0005.8m $471.3m $471.3m 5.50% New
13 WELLS FARGO & COMPANY/MN 0.09% of their portfolio SAN FRANCISCO, CA 5,682,7905.7m $458.2m $458.2m 0.09% Added +790.6k +790,617
14 APG Asset Management US Inc. 3.56% of their portfolio New York, NY 5,632,4365.6m $454.1m $454.1m 3.56% Added +997.9k +997,936
15 BARCLAYS PLC 0.17% of their portfolio LONDON, X0 5,247,9565.2m $423.1m $423.1m 0.17% Reduced -5.1m -5,132,598
16 Caisse de depot et placement du Quebec 0.69% of their portfolio Montreal, A8 5,059,7245.1m $408.0m $408.0m 0.69% New
17 ENVESTNET ASSET MANAGEMENT INC 0.12% of their portfolio Berwyn, PA 5,029,8945.0m $405.6m $405.6m 0.12% Reduced -92.1k -92,124
18 BNP PARIBAS 10.68% of their portfolio NEW YORK, NY 4,628,4504.6m $373.2m $373.2m 10.68% Reduced -91.7k -91,686
19 UBS Group AG 0.07% of their portfolio ZURICH, V8 4,419,8324.4m $356.4m $356.4m 0.07% Added +1.9m +1,897,185
20 GOLDMAN SACHS GROUP INC 0.04% of their portfolio NEW YORK, NY 3,841,3223.8m $309.7m $309.7m 0.04% Reduced -3.0m -3,035,310
21 Elliott Investment Management L.P. 2.10% of their portfolio WEST PALM BEACH, FL 3,800,0003.8m $306.4m $306.4m 2.10% Unchanged
22 Counterpoint Mutual Funds LLC 21.67% of their portfolio San Diego, CA 3,627,2573.6m $292.5m $292.5m 21.67% Added +161.1k +161,089
23 BNP PARIBAS FINANCIAL MARKETS 0.18% of their portfolio PARIS, I0 3,560,1643.6m $287.1m $287.1m 0.18% Reduced -2.5m -2,468,274
24 Ocean Park Asset Management, LLC 12.62% of their portfolio SANTA MONICA, CA 3,333,7913.3m $268.8m $268.8m 12.62% Reduced -47.7k -47,700
25 TD Asset Management Inc 0.20% of their portfolio Toronto, A6 3,067,6553.1m $247.3m $247.3m 0.20% Reduced -2.3m -2,312,978
26 CITIGROUP INC 0.16% of their portfolio NEW YORK, NY 2,981,1913.0m $240.4m $240.4m 0.16% Reduced -1.0m -1,037,868
27 LPL Financial LLC 0.06% of their portfolio FORT MILL, SC 2,907,1452.9m $234.4m $234.4m 0.06% Added +385.4k +385,428
28 STIFEL FINANCIAL CORP 0.20% of their portfolio ST. LOUIS, MO 2,719,8802.7m $219.3m $219.3m 0.20% Added +410.0k +410,023
29 Liberty Mutual Group Asset Management Inc. 20.19% of their portfolio Boston, MA 2,631,3492.6m $212.2m $212.2m 20.19% Added +1.6m +1,613,598
30 CITADEL ADVISORS LLC 0.12% of their portfolio MIAMI, FL 2,126,4972.1m $171.5m $171.5m 0.12% New
31 Man Group plc 0.31% of their portfolio LONDON, X0 2,032,5132.0m $163.9m $163.9m 0.31% Added +7.4k +7,404
32 Endurance Services Ltd 28.55% of their portfolio PURCHASE, NY 2,000,8002.0m $161.3m $161.3m 28.55% Added +21.8k +21,800
33 MACKENZIE FINANCIAL CORP 0.17% of their portfolio TORONTO ONTARIO, A6 1,768,2101.8m $142.4m $142.4m 0.17% Reduced -18.4k -18,400
34 JPMORGAN CHASE & CO 0.01% of their portfolio NEW YORK, NY 1,698,9251.7m $137.0m $137.0m 0.01% Reduced -13.4m -13,383,637
35 AMERIPRISE FINANCIAL INC 0.03% of their portfolio MINNEAPOLIS, MN 1,631,4321.6m $131.5m $131.5m 0.03% Reduced -187.2k -187,227
36 HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.21% of their portfolio TORONTO, A6 1,535,1221.5m $123.8m $123.8m 0.21% Reduced -750.0k -749,978
37 Elo Mutual Pension Insurance Co 1.73% of their portfolio ESPOO, H9 1,400,0001.4m $112.9m $112.9m 1.73% Unchanged
38 PartnerRe Asset Management CORP 80.81% of their portfolio STAMFORD, CT 1,397,7451.4m $112.7m $112.7m 80.81% First filing
39 Verition Fund Management LLC 0.59% of their portfolio GREENWICH, CT 1,353,6351.4m $109.1m $109.1m 0.59% Added +978.1k +978,135
40 iA Global Asset Management Inc. 1.34% of their portfolio QUEBEC, A8 1,300,1251.3m $104.8m $104.8m 1.34% Added +186.7k +186,734
41 Nan Shan Life Insurance Co., Ltd. 3.19% of their portfolio Taipei City, F5 1,284,6521.3m $103.6m $103.6m 3.19% Unchanged
42 ALLIANCEBERNSTEIN L.P. 0.03% of their portfolio NASHVILLE, TN 1,236,8101.2m $99.7m $99.7m 0.03% Added +958.5k +958,520
43 State of Tennessee, Department of Treasury 0.31% of their portfolio NASHVILLE, TN 1,198,8671.2m $97.3m $97.3m 0.31% Reduced -1.1m -1,099,696
44 Pictet Asset Management Holding SA 0.09% of their portfolio CAROUGE, V8 1,136,0001.1m $91.6m $91.6m 0.09% New
45 Cetera Investment Advisers 0.10% of their portfolio SCHAUMBURG, IL 1,098,3121.1m $88.6m $88.6m 0.10% Added +86.1k +86,142
46 PRUDENTIAL FINANCIAL INC 0.09% of their portfolio NEWARK, NJ 895,515895.5k $72.2m $72.2m 0.09% Reduced -29.5k -29,492
47 Thrivent Financial for Lutherans 0.12% of their portfolio Minneapolis, MN 858,237858.2k $69.2m $69.2m 0.12% Added +6.0k +6,008
48 RAYMOND JAMES FINANCIAL INC 0.02% of their portfolio ST. PETERSBURG, FL 804,165804.2k $64.8m $64.8m 0.02% Added +30.6k +30,551
49 US BANCORP \DE\ 0.08% of their portfolio MINNEAPOLIS, MN 799,630799.6k $64.5m $64.5m 0.08% Reduced -93.0k -92,979
50 National Philanthropic Trust 0.59% of their portfolio Jenkintown, PA 743,623743.6k $60.0m $60.0m 0.59% Added +60.8k +60,771
51 NEUBERGER BERMAN GROUP LLC 0.04% of their portfolio NEW YORK, NY 743,515743.5k $59.9m $59.9m 0.04% Reduced -68.2k -68,244
52 Jump Financial, LLC 0.73% of their portfolio Chicago, IL 720,900720.9k $58.1m $58.1m 0.73% Added +702.3k +702,275
53 MILLENNIUM MANAGEMENT LLC 0.04% of their portfolio NEW YORK, NY 718,820718.8k $58.0m $58.0m 0.04% Added +106.8k +106,793
54 SUMITOMO MITSUI FINANCIAL GROUP, INC. 1.01% of their portfolio TOKYO, M0 710,528710.5k $57.3m $57.3m 1.01% Added +25.3k +25,272
55 Aristotle Pacific Capital, LLC 23.26% of their portfolio NEWPORT BEACH, CA 703,456703.5k $56.7m $56.7m 23.26% Added +366.6k +366,588
56 Bain Capital Credit, LP 14.05% of their portfolio Boston, MA 666,033666.0k $53.7m $53.7m 14.05% Added +412.0k +411,991
57 MML INVESTORS SERVICES, LLC 0.12% of their portfolio SPRINGFIELD, MA 630,269630.3k $50.8m $50.8m 0.12% Added +65.6k +65,637
58 WINTON GROUP Ltd 1.73% of their portfolio LONDON, X0 620,000620.0k $50.0m $50.0m 1.73% Reduced -673.7k -673,660
59 ALLSTATE CORP 0.64% of their portfolio NORTHBROOK, IL 584,732584.7k $47.1m $47.1m 0.64% Reduced -2.5m -2,498,517
60 Squarepoint Ops LLC 0.08% of their portfolio NEW YORK, NY 504,717504.7k $40.7m $40.7m 0.08% New
61 Pure Financial Advisors, LLC 0.60% of their portfolio SAN DIEGO, CA 504,692504.7k $40.7m $40.7m 0.60% Added +31.0k +31,013
62 BANK OF MONTREAL /CAN/ 0.02% of their portfolio TORONTO, A6 490,964491.0k $39.6m $39.6m 0.02% Added +131.6k +131,578
63 Bank Julius Baer & Co. Ltd, Zurich 0.11% of their portfolio ZURICH, V8 487,127487.1k $39.3m $39.3m 0.11% Reduced -30.3k -30,306
64 HRT FINANCIAL LP 0.15% of their portfolio NEW YORK, NY 469,339469.3k $37.8m $37.8m 0.15% New
65 SCHRODER INVESTMENT MANAGEMENT GROUP 0.03% of their portfolio London, X0 446,843446.8k $36.1m $36.1m 0.03% Reduced -897.9k -897,928
66 HUNTINGTON NATIONAL BANK 0.21% of their portfolio COLUMBUS, OH 442,687442.7k $35.7m $35.7m 0.21% Added +24.7k +24,746
67 Towercrest Capital Management 5.63% of their portfolio NEWTOWN, PA 442,486442.5k $35.7m $35.7m 5.63% Added +89.0k +88,971
68 TORONTO DOMINION BANK 0.06% of their portfolio TORONTO, ONTARIO, A6 439,539439.5k $35.4m $35.4m 0.06% Reduced -39.0k -38,961
69 OSAIC HOLDINGS, INC. 0.05% of their portfolio SCOTTSDALE, AZ 438,201438.2k $35.3m $35.3m 0.05% Reduced -2.2m -2,171,473
70 Cullen/Frost Bankers, Inc. 0.37% of their portfolio San Antonio, TX 420,126420.1k $33.9m $33.9m 0.37% Added +246.9k +246,871
71 CBIZ Investment Advisory Services, LLC 1.25% of their portfolio INDEPENDENCE, OH 409,718409.7k $33.0m $33.0m 1.25% Added +23.6k +23,564
72 Allianz Asset Management GmbH 0.04% of their portfolio MUNICH, 2M 409,190409.2k $33.0m $33.0m 0.04% Reduced -236.0k -236,000
73 PEAK6 LLC 0.44% of their portfolio AUSTIN, TX 400,004400.0k $32.3m $32.3m 0.44% New
74 CI INVESTMENTS INC. 0.14% of their portfolio TORONTO, Z4 398,595398.6k $32.1m $32.1m 0.14% Added +27.4k +27,425
75 Deseret Mutual Benefit Administrators 13.68% of their portfolio SALT LAKE CITY, UT 397,793397.8k $32.1m $32.1m 13.68% Added +13.6k +13,627
76 TRUIST FINANCIAL CORP 0.04% of their portfolio CHARLOTTE, NC 379,922379.9k $30.6m $30.6m 0.04% Added +6.8k +6,796
77 Howard Capital Management, LLC 0.39% of their portfolio Alpharetta, GA 369,061369.1k $29.8m $29.8m 0.39% Added +13.4k +13,374
78 1832 Asset Management L.P. 0.04% of their portfolio TORONTO, A6 354,301354.3k $28.6m $28.6m 0.04% Reduced -699 -699
79 Hikari Tsushin, Inc. 1.80% of their portfolio TOKYO, M0 343,165343.2k $27.7m $27.7m 1.80% Unchanged
80 VIEWPOINT INVESTMENT PARTNERS CORP 12.99% of their portfolio CALGARY, A0 338,500338.5k $27.3m $27.3m 12.99% Reduced -8.1k -8,100
81 BlueCrest Capital Management Ltd 1.04% of their portfolio ST HELIER, Y9 332,728332.7k $26.8m $26.8m 1.04% New
82 Stairway Partners, LLC 1.35% of their portfolio MINNEAPOLIS, MN 324,455324.5k $26.2m $26.2m 1.35% Reduced -290 -290
83 Williams Jones Wealth Management, LLC. 0.29% of their portfolio NEW YORK, NY 321,855321.9k $26.0m $26.0m 0.29% Added +28.2k +28,155
84 Allianz SE 0.31% of their portfolio Munich, 2M 300,000300.0k $24.2m $24.2m 0.31% New
85 Kestra Advisory Services, LLC 0.10% of their portfolio AUSTIN, TX 291,215291.2k $23.5m $23.5m 0.10% Added +58.0k +57,961
86 Alliance Wealth Management Group 5.13% of their portfolio FLEMINGTON, NJ 289,524289.5k $23.3m $23.3m 5.13% Added +72.9k +72,897
87 KWMG, LLC 2.00% of their portfolio OVERLAND PARK, KS 287,322287.3k $23.2m $23.2m 2.00% Added +9.0k +8,978
88 Focus Partners Wealth 0.03% of their portfolio ST LOUIS, MO 286,525286.5k $23.1m $23.1m 0.03% Reduced -6.2k -6,181
89 Cambridge Investment Research Advisors, Inc. 0.06% of their portfolio FAIRFIELD, IA 277,216277.2k $22.4m $22.4m 0.06% Added +24.4k +24,442
90 Trust Co 2.09% of their portfolio MANHATTAN, KS 276,077276.1k $22.3m $22.3m 2.09% Reduced -1.3k -1,345
91 Summit Financial Consulting LLC 15.70% of their portfolio STERLING HEIGHTS, MI 268,191268.2k $21.6m $21.6m 15.70% Added +21.2k +21,239
92 Mirae Asset Global Investments Co., Ltd. 0.06% of their portfolio SEOUL, M5 267,978268.0k $21.6m $21.6m 0.06% Added +98.9k +98,923
93 Alphadyne Asset Management LP 2.15% of their portfolio NEW YORK, NY 266,833266.8k $21.5m $21.5m 2.15% New
94 NOMURA ASSET MANAGEMENT INTERNATIONAL INC. 0.03% of their portfolio PHILADELPHIA, PA 256,901256.9k $20.7m $20.7m 0.03% First filing
95 TOEWS CORP /ADV 3.00% of their portfolio NORTHFIELD, NJ 256,000256.0k $20.6m $20.6m 3.00% Added +109.0k +109,000
96 CAPSTONE INVESTMENT ADVISORS, LLC 0.16% of their portfolio NEW YORK, NY 251,370251.4k $20.3m $20.3m 0.16% Added +34.0k +33,969
97 Ensign Peak Advisors, Inc 0.04% of their portfolio SALT LAKE CITY, UT 248,016248.0k $20.0m $20.0m 0.04% New
98 PRINCIPAL SECURITIES, INC. 0.31% of their portfolio DES MOINES, IA 246,907246.9k $19.9m $19.9m 0.31% Reduced -45.8k -45,822
99 Twele Capital Management, Inc. 3.54% of their portfolio MINNETONKA, MN 245,743245.7k $19.8m $19.8m 3.54% Added +1.4k +1,372
100 Isabella Capital Management LLP 18.90% of their portfolio LONDON, X0 235,000235.0k $18.9m $18.9m 18.90% First filing