Vault-13

ISHARES TR TLH

10-20 YR TRS ETF · ETP · CUSIP 464288653

548 institutional holders +21 vs Q1 2025
108,534,406108.5m shares reported held*
$11.0bnreported value*
69 new 283 added 145 reduced 51 sold out net bought ≈ $1.8bn (+17.6m 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 ($7.3m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $101.59. Options: 3 managers hold calls ($6.0m notional), 3 hold puts ($1.5m).

Trends to Q2 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: 527Q2 25: 548548Q3 22Q2 23Q1 24Q4 24Q2 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
Q2 2025548

Buyers vs sellers

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

Bought or addedCut or sold out
4000400Q3 23: 131 bought or addedQ3 23: 274 cut or sold outQ4 23: 249 bought or addedQ4 23: 166 cut or sold outQ4 23Q1 24: 239 bought or addedQ1 24: 181 cut or sold outQ2 24: 243 bought or addedQ2 24: 200 cut or sold outQ2 24Q3 24: 283 bought or addedQ3 24: 190 cut or sold outQ4 24: 234 bought or addedQ4 24: 232 cut or sold outQ4 24Q1 25: 347 bought or addedQ1 25: 186 cut or sold outQ2 25: 352 bought or addedQ2 25: 196 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 2023131274
Q4 2023249166
Q1 2024239181
Q2 2024243200
Q3 2024283190
Q4 2024234232
Q1 2025347186
Q2 2025352196

Calls vs puts

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

CallsPuts
$0$2m$4m$6m$8mQ3 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 0.32Q2 25 calls: $6.0mQ2 25 puts: $1.5mQ2 25P/C 0.25
Numbers
QuarterCallsPutsP/C
Q3 2024$3.2m$1.8m0.57
Q4 2024$5.0m$3.6m0.72
Q1 2025$7.7m$2.5m0.32
Q2 2025$6.0m$1.5m0.25

Biggest buyers

ENVESTNET ASSET MANAGEMENT INC Added +4,871,085+4.9m
LPL Financial LLC Added +1,729,553+1.7m
BlackRock, Inc. Added +1,041,803+1.0m
STIFEL FINANCIAL CORP Added +1,034,502+1.0m
BENJAMIN EDWARDS INC Added +819,189+819.2k
Cerity Partners OCIO LLC New +764,694+764.7k
ROYAL BANK OF CANADA Added +763,894+763.9k
MORGAN STANLEY Added +676,570+676.6k
JPMORGAN CHASE & CO Added +645,045+645.0k
US BANCORP \DE\ Added +396,519+396.5k

Biggest sellers

Itau Unibanco Holding S.A. Reduced -428,608-428.6k
GOLDMAN SACHS GROUP INC Reduced -404,995-405.0k
FIL Ltd Sold out -323,986-324.0k
HENGEHOLD CAPITAL MANAGEMENT LLC Reduced -221,619-221.6k
TRUIST FINANCIAL CORP Reduced -203,587-203.6k
SYON CAPITAL LLC Sold out -150,274-150.3k
TD Waterhouse Canada Inc. Reduced -123,576-123.6k
Atria Wealth Solutions, Inc. Reduced -92,795-92.8k
FIRST CITIZENS BANK & TRUST CO Reduced -92,478-92.5k
Octavia Wealth Advisors, LLC Sold out -78,532-78.5k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $3.1m30.5k shares
CITADEL ADVISORS LLC Added $2.6m25.6k shares
WOLVERINE TRADING, LLC New $312.5k3.1k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $843.3k8.3k shares
WOLVERINE TRADING, LLC New $433.5k4.3k shares
CITADEL ADVISORS LLC Reduced $213.4k2.1k 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, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 ENVESTNET ASSET MANAGEMENT INC 0.57% of their portfolio Berwyn, PA 19,217,49919.2m $2.0bn $2.0bn 0.57% Added +4.9m +4,871,085
2 BANK OF AMERICA CORP /DE/ 0.08% of their portfolio CHARLOTTE, NC 9,797,1059.8m $995.4m $995.4m 0.08% Added +143.6k +143,628
3 Forum Financial Management, LP 12.18% of their portfolio LOMBARD, IL 7,882,2917.9m $800.8m $800.8m 12.18% Added +229.2k +229,219
4 LPL Financial LLC 0.24% of their portfolio FORT MILL, SC 7,091,7517.1m $720.5m $720.5m 0.24% Added +1.7m +1,729,553
5 BlackRock, Inc. 0.01% of their portfolio New York, NY 3,835,4523.8m $389.7m $389.7m 0.01% Added +1.0m +1,041,803
6 WELLS FARGO & COMPANY/MN 0.08% of their portfolio SAN FRANCISCO, CA 3,486,9663.5m $354.3m $354.3m 0.08% Added +194.9k +194,930
7 MORGAN STANLEY 0.02% of their portfolio NEW YORK, NY 3,480,6883.5m $353.6m $353.6m 0.02% Added +676.6k +676,570
8 JPMORGAN CHASE & CO 0.02% of their portfolio NEW YORK, NY 3,030,9183.0m $307.9m $307.9m 0.02% Added +645.0k +645,045
9 AMERIPRISE FINANCIAL INC 0.08% of their portfolio MINNEAPOLIS, MN 3,016,1213.0m $306.2m $306.2m 0.08% Added +4.0k +4,024
10 Envestnet Portfolio Solutions, Inc. 0.92% of their portfolio BERWYN, PA 2,450,8322.5m $249.0m $249.0m 0.92% Added +361.4k +361,368
11 STIFEL FINANCIAL CORP 0.22% of their portfolio ST. LOUIS, MO 2,188,2362.2m $222.3m $222.3m 0.22% Added +1.0m +1,034,502
12 ASSETMARK, INC 0.45% of their portfolio CONCORD, CA 1,885,2401.9m $191.5m $191.5m 0.45% Added +73.1k +73,146
13 Richard Bernstein Advisors LLC 4.28% of their portfolio NEW YORK, NY 1,707,4641.7m $173.5m $173.5m 4.28% Reduced -59.8k -59,756
14 Cetera Investment Advisers 0.29% of their portfolio SCHAUMBURG, IL 1,695,0131.7m $172.2m $172.2m 0.29% Added +376.1k +376,115
15 CWM, LLC 0.60% of their portfolio OMAHA, NE 1,687,7371.7m $171.5m $171.5m 0.60% Added +305.0k +305,042
16 PARK AVENUE SECURITIES LLC 1.33% of their portfolio NEW YORK, NY 1,425,4501.4m $144.8m $144.8m 1.33% Added +366.1k +366,095
17 Janney Montgomery Scott LLC 0.36% of their portfolio PHILADELPHIA, PA 1,343,7681.3m $136.5m $136.5m 0.36% Added +167.9k +167,921
18 RiverFront Investment Group, LLC 2.52% of their portfolio RICHMOND, VA 1,271,7701.3m $129.2m $129.2m 2.52% Added +6.6k +6,555
19 MML INVESTORS SERVICES, LLC 0.37% of their portfolio SPRINGFIELD, MA 1,258,6591.3m $127.9m $127.9m 0.37% Added +289.8k +289,799
20 ROYAL BANK OF CANADA 0.01% of their portfolio TORONTO, A6 1,219,5781.2m $123.9m $123.9m 0.01% Added +763.9k +763,894
21 BENJAMIN EDWARDS INC 1.51% of their portfolio Clayton, MO 1,163,8011.2m $118.2m $118.2m 1.51% Added +819.2k +819,189
22 TRUIST FINANCIAL CORP 0.15% of their portfolio CHARLOTTE, NC 1,015,2301.0m $103.1m $103.1m 0.15% Reduced -203.6k -203,587
23 US BANCORP \DE\ 0.13% of their portfolio MINNEAPOLIS, MN 998,135998.1k $101.4m $101.4m 0.13% Added +396.5k +396,519
24 Bank of New York Mellon Corp 0.02% of their portfolio NEW YORK, NY 935,120935.1k $95.0m $95.0m 0.02% Added +268.9k +268,920
25 RAYMOND JAMES FINANCIAL INC 0.03% of their portfolio ST. PETERSBURG, FL 903,142903.1k $91.8m $91.8m 0.03% Added +14.4k +14,408
26 Destination Wealth Management 2.36% of their portfolio Walnut Creek, CA 791,228791.2k $80.4m $80.4m 2.36% Added +11.9k +11,893
27 Cerity Partners OCIO LLC 4.31% of their portfolio New York, NY 764,694764.7k $77.7m $77.7m 4.31% New
28 Sanctuary Advisors, LLC 0.44% of their portfolio INDIANAPOLIS, IN 699,664699.7k $71.1m $71.1m 0.44% Added +135.4k +135,441
29 Itau Unibanco Holding S.A. 2.56% of their portfolio SAO PAULO, D5 663,460663.5k $67.4m $67.4m 2.56% Reduced -428.6k -428,608
30 FIRST CITIZENS BANK & TRUST CO 1.17% of their portfolio RALEIGH, NC 636,501636.5k $64.7m $64.7m 1.17% Reduced -92.5k -92,478
31 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.04% of their portfolio MILWAUKEE, WI 574,080574.1k $58.3m $58.3m 0.04% Added +163.7k +163,666
32 UBS Group AG 0.01% of their portfolio ZURICH, V8 566,504566.5k $57.6m $57.6m 0.01% Reduced -62.4k -62,427
33 CONFLUENCE INVESTMENT MANAGEMENT LLC 0.81% of their portfolio ST. LOUIS, MO 562,156562.2k $57.1m $57.1m 0.81% Added +321.6k +321,566
34 NewEdge Advisors, LLC 0.29% of their portfolio NEW ORLEANS, LA 561,108561.1k $57.0m $57.0m 0.29% Added +236.4k +236,428
35 UNITED CAPITAL FINANCIAL ADVISORS, LLC 0.42% of their portfolio IRVING, TX 513,096513.1k $52.1m $52.1m 0.42% Added +140.8k +140,839
36 Foundations Investment Advisors, LLC 0.81% of their portfolio PHOENIX, AZ 503,402503.4k $51.1m $51.1m 0.81% Added +149.3k +149,305
37 Vestmark Advisory Solutions, Inc. 0.65% of their portfolio Wakefield, MA 444,581444.6k $45.2m $45.2m 0.65% Added +135.7k +135,667
38 HighTower Advisors, LLC 0.05% of their portfolio CHICAGO, IL 419,045419.0k $42.6m $42.6m 0.05% Added +295.2k +295,211
39 Smith Anglin Financial, LLC 3.71% of their portfolio DALLAS, TX 403,125403.1k $41.0m $41.0m 3.71% Added +98.0k +98,022
40 COMMONWEALTH EQUITY SERVICES, LLC 0.05% of their portfolio WALTHAM, MA 375,840375.8k $38.2m $38.2m 0.05% Added +53.3k +53,283
41 SAGESPRING WEALTH PARTNERS, LLC 0.78% of their portfolio FRANKLIN, TN 357,901357.9k $36.4m $36.4m 0.78% Added +159.4k +159,439
42 OSAIC HOLDINGS, INC. 0.06% of their portfolio SCOTTSDALE, AZ 346,948346.9k $35.5m $35.5m 0.06% Added +192.7k +192,662
43 JB Capital LLC 1.58% of their portfolio WETHERSFIELD, CT 321,706321.7k $32.7m $32.7m 1.58% Added +98.2k +98,204
44 MAI Capital Management 0.22% of their portfolio INDEPENDENCE, OH 317,095317.1k $32.2m $32.2m 0.22% Added +4.9k +4,915
45 Cambridge Investment Research Advisors, Inc. 0.10% of their portfolio FAIRFIELD, IA 309,238309.2k $31.4m $31.4m 0.10% Added +14.2k +14,161
46 Steward Partners Investment Advisory, LLC 0.22% of their portfolio STAMFORD, CT 280,494280.5k $28.5m $28.5m 0.22% Added +31.2k +31,173
47 Dynasty Wealth Management, LLC 0.47% of their portfolio ST. PETERSBURG, FL 270,388270.4k $27.5m $27.5m 0.47% Added +1.7k +1,652
48 CASTLEARK MANAGEMENT LLC 0.79% of their portfolio CHICAGO, IL 258,432258.4k $26.3m $26.3m 0.79% Added +42.8k +42,840
49 Watchman Group, Inc. 6.45% of their portfolio PLANO, TX 243,578243.6k $24.7m $24.7m 6.45% New
50 Rockefeller Capital Management L.P. 0.03% of their portfolio NEW YORK, NY 238,836238.8k $24.3m $24.3m 0.03% Added +115.6k +115,561
51 CreativeOne Wealth, LLC 0.64% of their portfolio OVERLAND PARK, KS 238,638238.6k $24.2m $24.2m 0.64% Added +26.2k +26,210
52 Johnson Bixby & Associates, LLC 3.04% of their portfolio VANCOUVER, WA 217,703217.7k $22.1m $22.1m 3.04% Added +2.9k +2,921
53 Modern Wealth Management, LLC 0.54% of their portfolio KANSAS CITY, MO 216,123216.1k $22.0m $22.0m 0.54% Added +133.5k +133,455
54 GenTrust, LLC 1.02% of their portfolio MIAMI, FL 213,842213.8k $21.7m $21.7m 1.02% Reduced -27.4k -27,390
55 IHT Wealth Management, LLC 0.59% of their portfolio Chicago, IL 212,119212.1k $21.6m $21.6m 0.59% Added +32.2k +32,188
56 Atria Investments, Inc 0.23% of their portfolio Charlotte, NC 190,796190.8k $19.4m $19.4m 0.23% Added +30.2k +30,166
57 Kelly Financial Services LLC 5.19% of their portfolio BRAINTREE, MA 173,469173.5k $17.6m $17.6m 5.19% Added +58.7k +58,694
58 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.03% of their portfolio PLYMOUTH, MN 172,596172.6k $17.3m $17.3m 0.03% Reduced -1.8k -1,826
59 Migdal Insurance & Financial Holdings Ltd. 0.10% of their portfolio Petach Tikva, L3 172,182172.2k $17.5m $17.5m 0.10% Added +90.7k +90,715
60 Icon Wealth Advisors, LLC 1.24% of their portfolio HOUSTON, TX 171,207171.2k $17.4m $17.4m 1.24% Added +43.1k +43,146
61 Trek Financial, LLC 1.15% of their portfolio Scottsdale, AZ 169,580169.6k $17.2m $17.2m 1.15% Added +37.7k +37,731
62 Goelzer Investment Management, Inc. 0.89% of their portfolio CARMEL, IN 159,031159.0k $16.2m $16.2m 0.89% Added +1.8k +1,835
63 Harvest Portfolios Group Inc. 0.37% of their portfolio Oakville, A6 156,879156.9k $15.9m $15.9m 0.37% Reduced -8.5k -8,457
64 Financial Engines Advisors L.L.C. 0.03% of their portfolio SANTA CLARA, CA 154,237154.2k $15.7m $15.7m 0.03% Added +4.1k +4,122
65 SteelPeak Wealth, LLC 0.60% of their portfolio WOODLAND HILLS, CA 152,147152.1k $15.5m $15.5m 0.60% Added +47.0k +47,040
66 AVANTAX ADVISORY SERVICES, INC. 0.08% of their portfolio DALLAS, TX 145,531145.5k $14.8m $14.8m 0.08% Added +41.7k +41,684
67 Keel Point, LLC 0.96% of their portfolio HUNTSVILLE, AL 142,200142.2k $14.4m $14.4m 0.96% Added +23 +23
68 Sharkey, Howes & Javer 1.90% of their portfolio DENVER, CO 139,722139.7k $14.2m $14.2m 1.90% Added +41.2k +41,193
69 High Falls Advisors, Inc 3.09% of their portfolio ROCHESTER, NY 137,498137.5k $14.0m $14.0m 3.09% Added +36.3k +36,342
70 Orion Porfolio Solutions, LLC 0.11% of their portfolio OMAHA, NE 127,209127.2k $12.9m $12.9m 0.11% Added +63.2k +63,180
71 Stone House Investment Management, LLC 2.31% of their portfolio TUNKHANNOCK, PA 123,812123.8k $12.6m $12.6m 2.31% Added +35.6k +35,567
72 Thrivent Financial for Lutherans 0.03% of their portfolio Minneapolis, MN 122,725122.7k $12.5m $12.5m 0.03% Reduced -27.3k -27,298
73 Equitable Holdings, Inc. 0.10% of their portfolio NEW YORK, NY 122,174122.2k $12.4m $12.4m 0.10% Added +42.9k +42,897
74 Stokes Family Office, LLC 1.17% of their portfolio NEW ORLEANS, LA 110,053110.1k $11.2m $11.2m 1.17% Added +35.1k +35,090
75 NorthCoast Asset Management LLC 0.05% of their portfolio STAMFORD, CT 109,910109.9k $11.2m $11.2m 0.05% Reduced -65.6k -65,569
76 Strategic Blueprint, LLC 0.54% of their portfolio ATLANTA, GA 108,613108.6k $11.0m $11.0m 0.54% Added +38.2k +38,163
77 Affinity Capital Advisors, LLC 1.89% of their portfolio BERKELEY, CA 108,387108.4k $11.0m $11.0m 1.89% Added +10.6k +10,642
78 Savvy Advisors, Inc. 0.72% of their portfolio NEW YORK, NY 105,751105.8k $10.7m $10.7m 0.72% Added +29.3k +29,253
79 Triad Wealth Partners, LLC 2.13% of their portfolio LAWRENCE, KS 103,737103.7k $10.5m $10.5m 2.13% Added +43.1k +43,108
80 Atria Wealth Solutions, Inc. 0.23% of their portfolio NEW YORK, NY 102,224102.2k $10.4m $10.4m 0.23% Reduced -92.8k -92,795
81 C2P Capital Advisory Group, LLC d.b.a. Prosperity Capital Advisors 0.68% of their portfolio Westlake, OH 102,068102.1k $10.4m $10.4m 0.68% Added +25.7k +25,732
82 Blue Trust, Inc. 0.11% of their portfolio BRENTWOOD, TN 95,38395.4k $9.7m $9.7m 0.11% Added +23.6k +23,605
83 OneDigital Investment Advisors LLC 0.11% of their portfolio OVERLAND PARK, KS 94,94694.9k $9.6m $9.6m 0.11% Added +31.7k +31,697
84 Avantax Planning Partners, Inc. 0.31% of their portfolio DUBUQUE, IA 94,83094.8k $9.6m $9.6m 0.31% Added +10.7k +10,738
85 Tidemark, LLC 3.03% of their portfolio SAN DIEGO, CA 92,55692.6k $9.4m $9.4m 3.03% Added +40.5k +40,513
86 ARVEST INVESTMENTS, INC. 1.39% of their portfolio LOWELL, AR 91,19691.2k $9.3m $9.3m 1.39% Reduced -583 -583
87 Mariner, LLC 0.01% of their portfolio Overland Park, KS 90,57190.6k $9.2m $9.2m 0.01% Reduced -19.7k -19,679
88 INTEGRITY ALLIANCE, LLC. 0.50% of their portfolio Urbandale, IA 90,33490.3k $9.2m $9.2m 0.50% New
89 JONES FINANCIAL COMPANIES LLLP 0.01% of their portfolio DES PERES, MO 88,52488.5k $8.9m $8.9m 0.01% Added +33.4k +33,359
90 ONE Advisory Partners, LLC 2.95% of their portfolio OVERLAND PARK, KS 88,51388.5k $8.8m $8.8m 2.95% Added +20.3k +20,330
91 Simplicity Wealth,LLC 0.37% of their portfolio SUMMIT, NJ 88,01488.0k $8.9m $8.9m 0.37% Added +54.8k +54,754
92 BRIDGE GENERATIONS WEALTH MANAGEMENT LLC 5.42% of their portfolio South Miami, FL 87,89887.9k $8.9m $8.9m 5.42% Reduced -4.5k -4,477
93 DAYMARK WEALTH PARTNERS, LLC 0.32% of their portfolio CINCINNATI, OH 81,90281.9k $8.3m $8.3m 0.32% Reduced -31.9k -31,866
94 Net Worth Advisory Group 1.84% of their portfolio SANDY, UT 81,65281.7k $8.3m $8.3m 1.84% Reduced -989 -989
95 Hughes Financial Services, LLC 1.39% of their portfolio HERNDON, VA 79,70379.7k $8.1m $8.1m 1.39% Added +8.9k +8,902
96 Blue Oak Capital, LLC 4.25% of their portfolio MENLO PARK, CA 79,61179.6k $8.1m $8.1m 4.25% Reduced -6.0k -5,970
97 Capital Analysts, LLC 0.27% of their portfolio FORT WASHINGTON, PA 79,45979.5k $8.1m $8.1m 0.27% Added +49.3k +49,328
98 Private Advisor Group, LLC 0.04% of their portfolio MORRISTOWN, NJ 78,84778.8k $8.0m $8.0m 0.04% Added +2.7k +2,659
99 Evergreen Private Wealth LLC 3.31% of their portfolio GREENWOOD VILLAGE, CO 77,71277.7k $7.9m $7.9m 3.31% Added +7.3k +7,313
100 Systelligence, LLC 1.45% of their portfolio BLOOMINGTON, MN 76,96877.0k $7.8m $7.8m 1.45% Added +181 +181