Vault-13

ISHARES TR TLH

10-20 YR TRS ETF · ETP · CUSIP 464288653

527 institutional holders +44 vs Q4 2024
90,997,24191.0m shares reported held*
$9.4bnreported value*
103 new 244 added 134 reduced 52 sold out net bought ≈ $3.3bn (+24.8m 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 ($6.4m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $103.72. Options: 2 managers hold calls ($7.7m notional), 2 hold puts ($2.5m).

Trends to Q1 2025

Institutional holders

Managers reporting a position, each quarter

0200400600Q3 22: 309Q4 22: 353Q1 23: 374Q2 23: 398Q3 23: 348Q4 23: 421Q1 24: 408Q2 24: 442Q3 24: 481Q4 24: 483Q1 25: 527527Q3 22Q1 23Q3 23Q1 24Q3 24Q1 25
Numbers
QuarterHolders
Q3 2022309
Q4 2022353
Q1 2023374
Q2 2023398
Q3 2023348
Q4 2023421
Q1 2024408
Q2 2024442
Q3 2024481
Q4 2024483
Q1 2025527

Buyers vs sellers

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

Bought or addedCut or sold out
4000400Q2 23: 259 bought or addedQ2 23: 143 cut or sold outQ3 23: 131 bought or addedQ3 23: 274 cut or sold outQ3 23Q4 23: 249 bought or addedQ4 23: 166 cut or sold outQ1 24: 239 bought or addedQ1 24: 181 cut or sold outQ1 24Q2 24: 243 bought or addedQ2 24: 200 cut or sold outQ3 24: 283 bought or addedQ3 24: 190 cut or sold outQ3 24Q4 24: 234 bought or addedQ4 24: 232 cut or sold outQ1 25: 347 bought or addedQ1 25: 186 cut or sold outQ1 25
Numbers
QuarterBought or addedCut or sold out
Q2 2023259143
Q3 2023131274
Q4 2023249166
Q1 2024239181
Q2 2024243200
Q3 2024283190
Q4 2024234232
Q1 2025347186

Calls vs puts

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

CallsPuts
$0$2m$4m$6m$8mQ2 24 calls: $2.8mQ2 24 puts: $1.9mQ2 24P/C 0.66Q3 24 calls: $3.2mQ3 24 puts: $1.8mQ3 24P/C 0.57Q4 24 calls: $5.0mQ4 24 puts: $3.6mQ4 24P/C 0.72Q1 25 calls: $7.7mQ1 25 puts: $2.5mQ1 25P/C 0.32
Numbers
QuarterCallsPutsP/C
Q2 2024$2.8m$1.9m0.66
Q3 2024$3.2m$1.8m0.57
Q4 2024$5.0m$3.6m0.72
Q1 2025$7.7m$2.5m0.32

Biggest buyers

ENVESTNET ASSET MANAGEMENT INC Added +11,000,335+11.0m
LPL Financial LLC Added +3,151,863+3.2m
BlackRock, Inc. Added +2,719,857+2.7m
CWM, LLC Added +1,172,866+1.2m
Envestnet Portfolio Solutions, Inc. Added +1,167,427+1.2m
Itau Unibanco Holding S.A. New +1,092,068+1.1m
PARK AVENUE SECURITIES LLC Added +854,645+854.6k
RiverFront Investment Group, LLC Added +838,083+838.1k
MORGAN STANLEY Added +728,548+728.5k
Janney Montgomery Scott LLC Added +704,616+704.6k

Biggest sellers

Demars Financial Group, LLC Sold out -7,045,441-7.0m
WELLS FARGO & COMPANY/MN Reduced -748,152-748.2k
JANE STREET GROUP, LLC Sold out -538,648-538.6k
CAPTRUST FINANCIAL ADVISORS Reduced -308,347-308.3k
Smith Anglin Financial, LLC Reduced -307,318-307.3k
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC Reduced -149,821-149.8k
EASTERN BANK Reduced -149,640-149.6k
NICOLET ADVISORY SERVICES, LLC Reduced -144,543-144.5k
OSAIC HOLDINGS, INC. Reduced -133,756-133.8k
BRIDGE GENERATIONS WEALTH MANAGEMENT LLC Reduced -117,823-117.8k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $7.3m70.8k shares
CITADEL ADVISORS LLC Added $332.0k3.2k shares

Biggest puts

CITADEL ADVISORS LLC Reduced $1.3m12.8k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $1.1m10.9k 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.

Holders, Q1 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 ENVESTNET ASSET MANAGEMENT INC 0.48% of their portfolio Berwyn, PA 14,346,41414.3m $1.5bn $1.5bn 0.48% Added +11.0m +11,000,335
2 BANK OF AMERICA CORP /DE/ 0.09% of their portfolio CHARLOTTE, NC 9,653,4779.7m $1.0bn $1.0bn 0.09% Added +540.7k +540,665
3 Forum Financial Management, LP 13.14% of their portfolio LOMBARD, IL 7,653,0727.7m $794.0m $794.0m 13.14% Added +134.7k +134,743
4 LPL Financial LLC 0.22% of their portfolio FORT MILL, SC 5,362,1985.4m $556.3m $556.3m 0.22% Added +3.2m +3,151,863
5 WELLS FARGO & COMPANY/MN 0.08% of their portfolio SAN FRANCISCO, CA 3,292,0363.3m $341.5m $341.5m 0.08% Reduced -748.2k -748,152
6 AMERIPRISE FINANCIAL INC 0.08% of their portfolio MINNEAPOLIS, MN 3,012,0973.0m $312.7m $312.7m 0.08% Added +60.6k +60,645
7 MORGAN STANLEY 0.02% of their portfolio NEW YORK, NY 2,804,1182.8m $290.9m $290.9m 0.02% Added +728.5k +728,548
8 BlackRock, Inc. 0.01% of their portfolio New York, NY 2,793,6492.8m $289.8m $289.8m 0.01% Added +2.7m +2,719,857
9 JPMORGAN CHASE & CO 0.02% of their portfolio NEW YORK, NY 2,385,8732.4m $247.6m $247.6m 0.02% Added +647.0k +646,950
10 Envestnet Portfolio Solutions, Inc. 0.83% of their portfolio BERWYN, PA 2,089,4642.1m $216.8m $216.8m 0.83% Added +1.2m +1,167,427
11 ASSETMARK, INC 0.52% of their portfolio CONCORD, CA 1,812,0941.8m $188.0m $188.0m 0.52% Added +104.1k +104,098
12 Richard Bernstein Advisors LLC 4.44% of their portfolio NEW YORK, NY 1,767,2201.8m $183.3m $183.3m 4.44% Added +105.0k +105,005
13 CWM, LLC 0.57% of their portfolio OMAHA, NE 1,382,6951.4m $143.5m $143.5m 0.57% Added +1.2m +1,172,866
14 Cetera Investment Advisers 0.27% of their portfolio SCHAUMBURG, IL 1,318,8981.3m $136.8m $136.8m 0.27% Added +653.7k +653,725
15 RiverFront Investment Group, LLC 2.92% of their portfolio RICHMOND, VA 1,265,2151.3m $131.3m $131.3m 2.92% Added +838.1k +838,083
16 TRUIST FINANCIAL CORP 0.20% of their portfolio CHARLOTTE, NC 1,218,8171.2m $126.5m $126.5m 0.20% Added +100.7k +100,723
17 Janney Montgomery Scott LLC 0.35% of their portfolio PHILADELPHIA, PA 1,175,8471.2m $122.0m $122.0m 0.35% Added +704.6k +704,616
18 STIFEL FINANCIAL CORP 0.13% of their portfolio ST. LOUIS, MO 1,153,7341.2m $119.7m $119.7m 0.13% Added +698.8k +698,767
19 Itau Unibanco Holding S.A. 4.38% of their portfolio SAO PAULO, D5 1,092,0681.1m $113.3m $113.3m 4.38% New
20 PARK AVENUE SECURITIES LLC 1.35% of their portfolio NEW YORK, NY 1,059,3551.1m $109.9m $109.9m 1.35% Added +854.6k +854,645
21 MML INVESTORS SERVICES, LLC 0.33% of their portfolio SPRINGFIELD, MA 968,860968.9k $100.5m $100.5m 0.33% Added +590.6k +590,614
22 RAYMOND JAMES FINANCIAL INC 0.03% of their portfolio ST. PETERSBURG, FL 888,734888.7k $92.2m $92.2m 0.03% Added +245.2k +245,236
23 Destination Wealth Management 2.55% of their portfolio Walnut Creek, CA 779,335779.3k $80.9m $80.9m 2.55% Added +54.5k +54,522
24 FIRST CITIZENS BANK & TRUST CO 1.92% of their portfolio RALEIGH, NC 728,979729.0k $75.6m $75.6m 1.92% Added +19.0k +19,012
25 Bank of New York Mellon Corp 0.01% of their portfolio NEW YORK, NY 666,200666.2k $69.1m $69.1m 0.01% Added +477.1k +477,141
26 UBS Group AG 0.01% of their portfolio ZURICH, V8 628,931628.9k $65.3m $65.3m 0.01% Reduced -68.9k -68,904
27 US BANCORP \DE\ 0.08% of their portfolio MINNEAPOLIS, MN 601,616601.6k $62.4m $62.4m 0.08% Added +113.4k +113,385
28 Sanctuary Advisors, LLC 0.41% of their portfolio INDIANAPOLIS, IN 564,223564.2k $58.5m $58.5m 0.41% Added +318.9k +318,894
29 ROYAL BANK OF CANADA 0.01% of their portfolio TORONTO, A6 455,684455.7k $47.3m $47.3m 0.01% Added +147.6k +147,641
30 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.03% of their portfolio MILWAUKEE, WI 410,414410.4k $42.6m $42.6m 0.03% Added +9.6k +9,632
31 GOLDMAN SACHS GROUP INC 0.01% of their portfolio NEW YORK, NY 407,854407.9k $42.3m $42.3m 0.01% Added +39.7k +39,722
32 UNITED CAPITAL FINANCIAL ADVISORS, LLC 0.33% of their portfolio IRVING, TX 372,257372.3k $38.6m $38.6m 0.33% Added +369.9k +369,854
33 Foundations Investment Advisors, LLC 0.68% of their portfolio PHOENIX, AZ 354,097354.1k $36.7m $36.7m 0.68% Added +303.4k +303,405
34 BENJAMIN EDWARDS INC 0.50% of their portfolio Clayton, MO 344,612344.6k $35.8m $35.8m 0.50% Added +342.1k +342,062
35 NewEdge Advisors, LLC 0.20% of their portfolio NEW ORLEANS, LA 324,680324.7k $33.7m $33.7m 0.20% Added +204.7k +204,748
36 FIL Ltd 0.03% of their portfolio HAMILTON, D0 323,986324.0k $33.6m $33.6m 0.03% New
37 COMMONWEALTH EQUITY SERVICES, LLC 0.05% of their portfolio WALTHAM, MA 322,557322.6k $33.5m $33.5m 0.05% Added +65.4k +65,387
38 MAI Capital Management 0.25% of their portfolio INDEPENDENCE, OH 312,180312.2k $32.4m $32.4m 0.25% Added +8.2k +8,170
39 Vestmark Advisory Solutions, Inc. 0.83% of their portfolio Wakefield, MA 308,914308.9k $32.0m $32.0m 0.83% Added +13.3k +13,296
40 Smith Anglin Financial, LLC 3.35% of their portfolio DALLAS, TX 305,103305.1k $31.7m $31.7m 3.35% Reduced -307.3k -307,318
41 Cambridge Investment Research Advisors, Inc. 0.10% of their portfolio FAIRFIELD, IA 295,077295.1k $30.6m $30.6m 0.10% Added +62.1k +62,076
42 Dynasty Wealth Management, LLC 0.46% of their portfolio ST. PETERSBURG, FL 268,736268.7k $27.9m $27.9m 0.46% Reduced -2.0k -1,986
43 Steward Partners Investment Advisory, LLC 0.23% of their portfolio STAMFORD, CT 249,321249.3k $25.9m $25.9m 0.23% Added +42.0k +41,988
44 GenTrust, LLC 1.20% of their portfolio MIAMI, FL 241,232241.2k $25.0m $25.0m 1.20% Added +14.7k +14,705
45 CONFLUENCE INVESTMENT MANAGEMENT LLC 0.36% of their portfolio ST. LOUIS, MO 240,590240.6k $25.0m $25.0m 0.36% Added +163.7k +163,684
46 HENGEHOLD CAPITAL MANAGEMENT LLC 2.22% of their portfolio CINCINNATI, OH 225,182225.2k $23.4m $23.4m 2.22% Added +34.5k +34,533
47 JB Capital LLC 1.28% of their portfolio WETHERSFIELD, CT 223,502223.5k $23.2m $23.2m 1.28% New
48 CASTLEARK MANAGEMENT LLC 0.78% of their portfolio CHICAGO, IL 215,592215.6k $22.4m $22.4m 0.78% Unchanged
49 Johnson Bixby & Associates, LLC 3.33% of their portfolio VANCOUVER, WA 214,782214.8k $22.3m $22.3m 3.33% Reduced -4.5k -4,542
50 CreativeOne Wealth, LLC 0.66% of their portfolio OVERLAND PARK, KS 212,428212.4k $22.0m $22.0m 0.66% Added +192.9k +192,892
51 SAGESPRING WEALTH PARTNERS, LLC 0.52% of their portfolio FRANKLIN, TN 198,462198.5k $20.6m $20.6m 0.52% Reduced -12.2k -12,224
52 Atria Wealth Solutions, Inc. 0.24% of their portfolio NEW YORK, NY 195,019195.0k $20.2m $20.2m 0.24% Added +109.4k +109,373
53 IHT Wealth Management, LLC 0.58% of their portfolio Chicago, IL 179,931179.9k $18.7m $18.7m 0.58% Added +116.4k +116,428
54 TD Waterhouse Canada Inc. 0.15% of their portfolio TORONTO, A6 176,854176.9k $18.3m $18.3m 0.15% Added +14.8k +14,799
55 NorthCoast Asset Management LLC 0.09% of their portfolio STAMFORD, CT 175,479175.5k $18.2m $18.2m 0.09% Added +73.8k +73,752
56 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.03% of their portfolio PLYMOUTH, MN 174,422174.4k $18.1m $18.1m 0.03% Reduced -149.8k -149,821
57 Harvest Portfolios Group Inc. 0.51% of their portfolio Oakville, A6 165,336165.3k $17.2m $17.2m 0.51% Added +27.9k +27,912
58 Atria Investments, Inc 0.21% of their portfolio Charlotte, NC 160,630160.6k $16.7m $16.7m 0.21% Added +106.4k +106,378
59 Goelzer Investment Management, Inc. 0.94% of their portfolio CARMEL, IN 157,196157.2k $16.3m $16.3m 0.94% Added +5.4k +5,387
60 OSAIC HOLDINGS, INC. 0.04% of their portfolio SCOTTSDALE, AZ 154,286154.3k $16.0m $16.0m 0.04% Reduced -133.8k -133,756
61 SYON CAPITAL LLC 1.27% of their portfolio SAN FRANCISCO, CA 150,274150.3k $15.6m $15.6m 1.27% Added +133.4k +133,447
62 Financial Engines Advisors L.L.C. 0.03% of their portfolio SANTA CLARA, CA 150,115150.1k $15.6m $15.6m 0.03% Reduced -19.9k -19,947
63 Thrivent Financial for Lutherans 0.03% of their portfolio Minneapolis, MN 150,023150.0k $15.5m $15.5m 0.03% Reduced -3.7k -3,747
64 Keel Point, LLC 1.15% of their portfolio HUNTSVILLE, AL 142,177142.2k $14.8m $14.8m 1.15% Added +13 +13
65 Trek Financial, LLC 0.99% of their portfolio Scottsdale, AZ 131,849131.8k $13.7m $13.7m 0.99% Added +59.3k +59,346
66 Icon Wealth Advisors, LLC 1.09% of their portfolio HOUSTON, TX 128,061128.1k $13.3m $13.3m 1.09% Added +87.3k +87,303
67 HighTower Advisors, LLC 0.02% of their portfolio CHICAGO, IL 123,834123.8k $12.8m $12.8m 0.02% Reduced -53.4k -53,432
68 Rockefeller Capital Management L.P. 0.03% of their portfolio NEW YORK, NY 123,275123.3k $12.8m $12.8m 0.03% Reduced -57.9k -57,921
69 FLOW TRADERS U.S. LLC 0.53% of their portfolio NEW YORK, NY 121,010121.0k $12.6m $12.6m 0.53% New
70 Kelly Financial Services LLC 4.14% of their portfolio BRAINTREE, MA 114,775114.8k $11.9m $11.9m 4.14% Added +103.7k +103,733
71 DAYMARK WEALTH PARTNERS, LLC 0.51% of their portfolio CINCINNATI, OH 113,768113.8k $11.8m $11.8m 0.51% Reduced -12.8k -12,837
72 Mariner, LLC 0.02% of their portfolio Overland Park, KS 110,250110.2k $11.4m $11.4m 0.02% Added +16.3k +16,300
73 SteelPeak Wealth, LLC 0.46% of their portfolio WOODLAND HILLS, CA 105,107105.1k $10.9m $10.9m 0.46% New
74 AVANTAX ADVISORY SERVICES, INC. 0.07% of their portfolio DALLAS, TX 103,847103.8k $10.8m $10.8m 0.07% Added +86.7k +86,682
75 High Falls Advisors, Inc 2.46% of their portfolio ROCHESTER, NY 101,156101.2k $10.5m $10.5m 2.46% Added +87.8k +87,760
76 Sharkey, Howes & Javer 1.46% of their portfolio DENVER, CO 98,52998.5k $10.2m $10.2m 1.46% New
77 Affinity Capital Advisors, LLC 1.93% of their portfolio BERKELEY, CA 97,74597.7k $9.7m $9.7m 1.93% Added +13.5k +13,530
78 CAPTRUST FINANCIAL ADVISORS 0.03% of their portfolio RALEIGH, NC 96,47396.5k $10.0m $10.0m 0.03% Reduced -308.3k -308,347
79 BRIDGE GENERATIONS WEALTH MANAGEMENT LLC 6.02% of their portfolio South Miami, FL 92,37592.4k $9.6m $9.6m 6.02% Reduced -117.8k -117,823
80 Farther Finance Advisors, LLC 0.25% of their portfolio SAN FRANCISCO, CA 92,33592.3k $9.6m $9.6m 0.25% Added +63.5k +63,478
81 First Heartland Consultants, Inc. 0.99% of their portfolio LAKE ST. LOUIS, MO 92,12392.1k $9.6m $9.6m 0.99% New
82 ARVEST INVESTMENTS, INC. 1.50% of their portfolio LOWELL, AR 91,77991.8k $9.5m $9.5m 1.50% Added +2.1k +2,056
83 Stone House Investment Management, LLC 1.86% of their portfolio TUNKHANNOCK, PA 88,24588.2k $9.2m $9.2m 1.86% Added +76.0k +76,032
84 Blue Oak Capital, LLC 4.90% of their portfolio MENLO PARK, CA 85,58185.6k $8.9m $8.9m 4.90% Reduced -2.9k -2,904
85 Avantax Planning Partners, Inc. 0.31% of their portfolio DUBUQUE, IA 84,09284.1k $8.7m $8.7m 0.31% Added +45.1k +45,103
86 Orion Portfolio Solutions, LLC 0.04% of their portfolio Omaha, NE 83,55483.6k $8.6m $8.6m 0.04% Added +64.0k +64,029
87 Modern Wealth Management, LLC 0.27% of their portfolio KANSAS CITY, MO 82,66882.7k $8.6m $8.6m 0.27% Added +23.5k +23,481
88 Net Worth Advisory Group 2.70% of their portfolio SANDY, UT 82,64182.6k $8.6m $8.6m 2.70% Added +1.2k +1,199
89 Migdal Insurance & Financial Holdings Ltd. 0.12% of their portfolio Petach Tikva, L3 81,46781.5k $8.5m $8.5m 0.12% Added +21.1k +21,139
90 Equitable Holdings, Inc. 0.08% of their portfolio NEW YORK, NY 79,27779.3k $8.2m $8.2m 0.08% Added +65.8k +65,844
91 Octavia Wealth Advisors, LLC 0.99% of their portfolio CINCINNATI, OH 78,53278.5k $8.1m $8.1m 0.99% New
92 Prasad Wealth Partners, LLC 2.63% of their portfolio INDEPENDENCE, OH 77,70377.7k $8.1m $8.1m 2.63% New
93 Systelligence, LLC 1.91% of their portfolio BLOOMINGTON, MN 76,78776.8k $8.0m $8.0m 1.91% Reduced -14.3k -14,292
94 Savvy Advisors, Inc. 0.80% of their portfolio NEW YORK, NY 76,49876.5k $7.9m $7.9m 0.80% Added +58.5k +58,469
95 C2P Capital Advisory Group, LLC d.b.a. Prosperity Capital Advisors 0.63% of their portfolio Westlake, OH 76,33676.3k $7.9m $7.9m 0.63% New
96 Private Advisor Group, LLC 0.05% of their portfolio MORRISTOWN, NJ 76,18876.2k $7.9m $7.9m 0.05% Reduced -63.4k -63,414
97 Stokes Family Office, LLC 0.87% of their portfolio NEW ORLEANS, LA 74,96375.0k $7.8m $7.8m 0.87% New
98 Arrow Financial Corp 0.84% of their portfolio Glens Falls, NY 72,07372.1k $7.5m $7.5m 0.84% Reduced -9.4k -9,394
99 Blue Trust, Inc. 0.10% of their portfolio BRENTWOOD, TN 71,77871.8k $7.4m $7.4m 0.10% Added +69.7k +69,679
100 Hughes Financial Services, LLC 1.44% of their portfolio HERNDON, VA 70,80170.8k $7.4m $7.4m 1.44% Added +2.3k +2,349