Vault-13

ISHARES TR TLH

10-20 YR TRS ETF · ETP · CUSIP 464288653

572 institutional holders +24 vs Q2 2025
120,031,801120.0m shares reported held*
$12.4bnreported value*
64 new 310 added 145 reduced 40 sold out net bought ≈ $1.3bn (+12.3m 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 ($13.0m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $102.97. Options: 3 managers hold calls ($7.7m notional), 2 hold puts ($3.3m).

Trends to Q3 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: 548Q3 25: 572572Q3 22Q2 23Q1 24Q4 24Q3 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
Q3 2025572

Buyers vs sellers

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

Bought or addedCut or sold out
4000400Q4 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 25Q2 25: 352 bought or addedQ2 25: 196 cut or sold outQ3 25: 374 bought or addedQ3 25: 185 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q4 2023249166
Q1 2024239181
Q2 2024243200
Q3 2024283190
Q4 2024234232
Q1 2025347186
Q2 2025352196
Q3 2025374185

Calls vs puts

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

CallsPuts
$0$2m$4m$6m$8mQ4 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 0.25Q3 25 calls: $7.7mQ3 25 puts: $3.3mQ3 25P/C 0.43
Numbers
QuarterCallsPutsP/C
Q4 2024$5.0m$3.6m0.72
Q1 2025$7.7m$2.5m0.32
Q2 2025$6.0m$1.5m0.25
Q3 2025$7.7m$3.3m0.43

Biggest buyers

ENVESTNET ASSET MANAGEMENT INC Added +5,622,960+5.6m
JPMORGAN CHASE & CO Added +3,993,570+4.0m
LPL Financial LLC Added +2,273,823+2.3m
Cetera Investment Advisers Added +675,451+675.5k
Sanctuary Advisors, LLC Added +619,232+619.2k
HAMILTON CAPITAL PARTNERS, LLC New +600,751+600.8k
MORGAN STANLEY Added +529,084+529.1k
PARK AVENUE SECURITIES LLC Added +476,349+476.3k
NewEdge Advisors, LLC Added +402,154+402.2k
MML INVESTORS SERVICES, LLC Added +395,341+395.3k

Biggest sellers

BANK OF AMERICA CORP /DE/ Reduced -1,854,642-1.9m
WELLS FARGO & COMPANY/MN Reduced -1,023,773-1.0m
Itau Unibanco Holding S.A. Reduced -649,622-649.6k
Richard Bernstein Advisors LLC Reduced -633,417-633.4k
FIRST CITIZENS BANK & TRUST CO Reduced -621,424-621.4k
ROYAL BANK OF CANADA Reduced -527,415-527.4k
Vestmark Advisory Solutions, Inc. Reduced -242,326-242.3k
HighTower Advisors, LLC Reduced -237,589-237.6k
BENJAMIN EDWARDS INC Reduced -229,455-229.5k
Envestnet Portfolio Solutions, Inc. Reduced -217,691-217.7k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $5.5m53.8k shares
CITADEL ADVISORS LLC Reduced $1.7m16.4k shares
JANE STREET GROUP, LLC New $442.9k4.3k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $2.4m23.7k shares
CITADEL ADVISORS LLC Added $823.9k8.0k 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, Q3 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 ENVESTNET ASSET MANAGEMENT INC 0.74% of their portfolio Berwyn, PA 24,840,45924.8m $2.6bn $2.6bn 0.74% Added +5.6m +5,622,960
2 LPL Financial LLC 0.28% of their portfolio FORT MILL, SC 9,365,5749.4m $964.6m $964.6m 0.28% Added +2.3m +2,273,823
3 Forum Financial Management, LP 11.29% of their portfolio LOMBARD, IL 8,011,2398.0m $825.1m $825.1m 11.29% Added +128.9k +128,948
4 BANK OF AMERICA CORP /DE/ 0.06% of their portfolio CHARLOTTE, NC 7,942,4637.9m $818.0m $818.0m 0.06% Reduced -1.9m -1,854,642
5 JPMORGAN CHASE & CO 0.02% of their portfolio NEW YORK, NY 7,024,4887.0m $723.5m $723.5m 0.02% Added +4.0m +3,993,570
6 MORGAN STANLEY 0.03% of their portfolio NEW YORK, NY 4,009,7724.0m $413.0m $413.0m 0.03% Added +529.1k +529,084
7 BlackRock, Inc. 0.01% of their portfolio New York, NY 3,994,1904.0m $411.4m $411.4m 0.01% Added +158.7k +158,738
8 AMERIPRISE FINANCIAL INC 0.07% of their portfolio MINNEAPOLIS, MN 2,946,4972.9m $298.3m $298.3m 0.07% Reduced -69.6k -69,624
9 WELLS FARGO & COMPANY/MN 0.05% of their portfolio SAN FRANCISCO, CA 2,463,1932.5m $253.7m $253.7m 0.05% Reduced -1.0m -1,023,773
10 Cetera Investment Advisers 0.28% of their portfolio SCHAUMBURG, IL 2,370,4642.4m $244.1m $244.1m 0.28% Added +675.5k +675,451
11 Envestnet Portfolio Solutions, Inc. 0.85% of their portfolio BERWYN, PA 2,233,1412.2m $230.0m $230.0m 0.85% Reduced -217.7k -217,691
12 ASSETMARK, INC 0.45% of their portfolio CONCORD, CA 2,023,2302.0m $208.4m $208.4m 0.45% Added +138.0k +137,990
13 STIFEL FINANCIAL CORP 0.19% of their portfolio ST. LOUIS, MO 1,986,4832.0m $204.6m $204.6m 0.19% Reduced -201.8k -201,753
14 PARK AVENUE SECURITIES LLC 1.53% of their portfolio NEW YORK, NY 1,901,7991.9m $195.9m $195.9m 1.53% Added +476.3k +476,349
15 CWM, LLC 0.54% of their portfolio OMAHA, NE 1,739,1311.7m $179.1m $179.1m 0.54% Added +51.4k +51,394
16 MML INVESTORS SERVICES, LLC 0.45% of their portfolio SPRINGFIELD, MA 1,654,0001.7m $170.3m $170.3m 0.45% Added +395.3k +395,341
17 Janney Montgomery Scott LLC 0.38% of their portfolio PHILADELPHIA, PA 1,543,5761.5m $159.0m $159.0m 0.38% Added +199.8k +199,808
18 Sanctuary Advisors, LLC 0.41% of their portfolio INDIANAPOLIS, IN 1,318,8961.3m $136.3m $136.3m 0.41% Added +619.2k +619,232
19 RiverFront Investment Group, LLC 2.35% of their portfolio RICHMOND, VA 1,297,4691.3m $133.6m $133.6m 2.35% Added +25.7k +25,699
20 Bank of New York Mellon Corp 0.02% of their portfolio NEW YORK, NY 1,175,6411.2m $121.1m $121.1m 0.02% Added +240.5k +240,521
21 Richard Bernstein Advisors LLC 3.17% of their portfolio NEW YORK, NY 1,074,0471.1m $111.0m $111.0m 3.17% Reduced -633.4k -633,417
22 US BANCORP \DE\ 0.13% of their portfolio MINNEAPOLIS, MN 1,066,4441.1m $109.8m $109.8m 0.13% Added +68.3k +68,309
23 TRUIST FINANCIAL CORP 0.15% of their portfolio CHARLOTTE, NC 1,039,5481.0m $107.1m $107.1m 0.15% Added +24.3k +24,318
24 NewEdge Advisors, LLC 0.45% of their portfolio NEW ORLEANS, LA 963,262963.3k $99.2m $99.2m 0.45% Added +402.2k +402,154
25 BENJAMIN EDWARDS INC 1.09% of their portfolio Clayton, MO 934,346934.3k $96.2m $96.2m 1.09% Reduced -229.5k -229,455
26 RAYMOND JAMES FINANCIAL INC 0.03% of their portfolio ST. PETERSBURG, FL 877,232877.2k $90.3m $90.3m 0.03% Reduced -25.9k -25,910
27 Destination Wealth Management 2.30% of their portfolio Walnut Creek, CA 810,187810.2k $83.4m $83.4m 2.30% Added +19.0k +18,959
28 UBS Group AG 0.01% of their portfolio ZURICH, V8 692,366692.4k $71.3m $71.3m 0.01% Added +125.9k +125,862
29 ROYAL BANK OF CANADA 0.01% of their portfolio TORONTO, A6 692,163692.2k $71.3m $71.3m 0.01% Reduced -527.4k -527,415
30 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.05% of their portfolio MILWAUKEE, WI 661,120661.1k $68.1m $68.1m 0.05% Added +87.0k +87,040
31 Cerity Partners OCIO LLC 3.42% of their portfolio New York, NY 650,860650.9k $67.0m $67.0m 3.42% Reduced -113.8k -113,834
32 UNITED CAPITAL FINANCIAL ADVISORS, LLC 0.45% of their portfolio IRVING, TX 606,428606.4k $62.5m $62.5m 0.45% Added +93.3k +93,332
33 HAMILTON CAPITAL PARTNERS, LLC 23.74% of their portfolio ATLANTA, GA 600,751600.8k $61.9m $61.9m 23.74% New
34 Foundations Investment Advisors, LLC 0.85% of their portfolio PHOENIX, AZ 565,829565.8k $58.3m $58.3m 0.85% Added +62.4k +62,427
35 Dynasty Wealth Management, LLC 0.65% of their portfolio ST. PETERSBURG, FL 473,409473.4k $48.8m $48.8m 0.65% Added +203.0k +203,021
36 COMMONWEALTH EQUITY SERVICES, LLC 0.06% of their portfolio WALTHAM, MA 461,351461.4k $47.5m $47.5m 0.06% Added +85.5k +85,511
37 JB Capital LLC 2.04% of their portfolio WETHERSFIELD, CT 459,459459.5k $47.3m $47.3m 2.04% Added +137.8k +137,753
38 OSAIC HOLDINGS, INC. 0.06% of their portfolio SCOTTSDALE, AZ 442,187442.2k $45.3m $45.3m 0.06% Added +95.2k +95,239
39 SAGESPRING WEALTH PARTNERS, LLC 0.79% of their portfolio FRANKLIN, TN 394,347394.3k $40.6m $40.6m 0.79% Added +36.4k +36,446
40 MAI Capital Management 0.24% of their portfolio INDEPENDENCE, OH 366,732366.7k $37.8m $37.8m 0.24% Added +49.6k +49,637
41 CONFLUENCE INVESTMENT MANAGEMENT LLC 0.53% of their portfolio ST. LOUIS, MO 363,054363.1k $37.4m $37.4m 0.53% Reduced -199.1k -199,102
42 Cambridge Investment Research Advisors, Inc. 0.09% of their portfolio FAIRFIELD, IA 323,423323.4k $33.3m $33.3m 0.09% Added +14.2k +14,185
43 Steward Partners Investment Advisory, LLC 0.19% of their portfolio STAMFORD, CT 321,827321.8k $33.1m $33.1m 0.19% Added +41.3k +41,333
44 Thrivent Financial for Lutherans 0.06% of their portfolio Minneapolis, MN 318,293318.3k $32.8m $32.8m 0.06% Added +195.6k +195,568
45 CASTLEARK MANAGEMENT LLC 0.75% of their portfolio CHICAGO, IL 258,432258.4k $26.6m $26.6m 0.75% Unchanged
46 Watchman Group, Inc. 6.29% of their portfolio PLANO, TX 252,485252.5k $26.0m $26.0m 6.29% Added +8.9k +8,907
47 CreativeOne Wealth, LLC 0.62% of their portfolio OVERLAND PARK, KS 247,248247.2k $25.5m $25.5m 0.62% Added +8.6k +8,610
48 Icon Wealth Advisors, LLC 1.72% of their portfolio HOUSTON, TX 246,350246.3k $25.4m $25.4m 1.72% Added +75.1k +75,143
49 Johnson Bixby & Associates, LLC 2.94% of their portfolio VANCOUVER, WA 222,823222.8k $22.9m $22.9m 2.94% Added +5.1k +5,120
50 IHT Wealth Management, LLC 0.57% of their portfolio Chicago, IL 218,052218.1k $22.5m $22.5m 0.57% Added +5.9k +5,933
51 GenTrust, LLC 1.02% of their portfolio MIAMI, FL 217,855217.9k $22.4m $22.4m 1.02% Added +4.0k +4,013
52 Atria Investments, Inc 0.25% of their portfolio Charlotte, NC 209,694209.7k $21.6m $21.6m 0.25% Added +18.9k +18,898
53 Vestmark Advisory Solutions, Inc. 0.40% of their portfolio Wakefield, MA 202,255202.3k $20.8m $20.8m 0.40% Reduced -242.3k -242,326
54 Kelly Financial Services LLC 5.21% of their portfolio BRAINTREE, MA 195,420195.4k $20.1m $20.1m 5.21% Added +22.0k +21,951
55 Modern Wealth Management, LLC 0.38% of their portfolio KANSAS CITY, MO 188,901188.9k $19.5m $19.5m 0.38% Reduced -27.2k -27,222
56 HighTower Advisors, LLC 0.02% of their portfolio CHICAGO, IL 181,456181.5k $18.7m $18.7m 0.02% Reduced -237.6k -237,589
57 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.03% of their portfolio PLYMOUTH, MN 177,521177.5k $18.3m $18.3m 0.03% Added +4.9k +4,925
58 SteelPeak Wealth, LLC 0.60% of their portfolio WOODLAND HILLS, CA 174,751174.8k $18.0m $18.0m 0.60% Added +22.6k +22,604
59 Stone House Investment Management, LLC 2.94% of their portfolio TUNKHANNOCK, PA 169,677169.7k $17.5m $17.5m 2.94% Added +45.9k +45,865
60 High Falls Advisors, Inc 3.59% of their portfolio ROCHESTER, NY 169,221169.2k $17.4m $17.4m 3.59% Added +31.7k +31,723
61 Equitable Holdings, Inc. 0.12% of their portfolio NEW YORK, NY 163,224163.2k $16.8m $16.8m 0.12% Added +41.0k +41,050
62 Savvy Advisors, Inc. 0.77% of their portfolio NEW YORK, NY 161,879161.9k $16.7m $16.7m 0.77% Added +56.1k +56,128
63 Goelzer Investment Management, Inc. 0.88% of their portfolio CARMEL, IN 161,097161.1k $16.6m $16.6m 0.88% Added +2.1k +2,066
64 Sharkey, Howes & Javer 2.10% of their portfolio DENVER, CO 158,977159.0k $16.4m $16.4m 2.10% Added +19.3k +19,255
65 Orion Porfolio Solutions, LLC 0.13% of their portfolio OMAHA, NE 157,260157.3k $16.2m $16.2m 0.13% Added +30.1k +30,051
66 Harvest Portfolios Group Inc. 0.29% of their portfolio Oakville, A6 150,164150.2k $15.5m $15.5m 0.29% Reduced -6.7k -6,715
67 Financial Engines Advisors L.L.C. 0.03% of their portfolio SANTA CLARA, CA 149,318149.3k $15.4m $15.4m 0.03% Reduced -4.9k -4,919
68 Affinity Capital Advisors, LLC 2.29% of their portfolio BERKELEY, CA 144,582144.6k $14.9m $14.9m 2.29% Added +36.2k +36,195
69 Trek Financial, LLC 0.88% of their portfolio Scottsdale, AZ 143,038143.0k $14.7m $14.7m 0.88% Reduced -26.5k -26,542
70 JONES FINANCIAL COMPANIES LLLP 0.01% of their portfolio DES PERES, MO 143,001143.0k $14.7m $14.7m 0.01% Added +54.5k +54,477
71 Keel Point, LLC 0.90% of their portfolio HUNTSVILLE, AL 142,277142.3k $14.7m $14.7m 0.90% Added +77 +77
72 Triad Wealth Partners, LLC 1.66% of their portfolio LAWRENCE, KS 124,995125.0k $12.9m $12.9m 1.66% Added +21.3k +21,258
73 MGO ONE SEVEN LLC 0.30% of their portfolio Beachwood, OH 124,526124.5k $12.8m $12.8m 0.30% Added +84.3k +84,335
74 Rockefeller Capital Management L.P. 0.02% of their portfolio NEW YORK, NY 123,320123.3k $12.7m $12.7m 0.02% Reduced -115.5k -115,516
75 Strategic Blueprint, LLC 0.53% of their portfolio ATLANTA, GA 118,730118.7k $12.2m $12.2m 0.53% Added +10.1k +10,117
76 C2P Capital Advisory Group, LLC d.b.a. Prosperity Capital Advisors 0.69% of their portfolio Westlake, OH 115,536115.5k $11.9m $11.9m 0.69% Added +13.5k +13,468
77 Stokes Family Office, LLC 1.10% of their portfolio NEW ORLEANS, LA 112,831112.8k $11.6m $11.6m 1.10% Added +2.8k +2,778
78 Tidemark, LLC 3.34% of their portfolio SAN DIEGO, CA 111,370111.4k $11.5m $11.5m 3.34% Added +18.8k +18,814
79 INTEGRITY ALLIANCE, LLC. 0.50% of their portfolio Urbandale, IA 102,980103.0k $10.6m $10.6m 0.50% Added +12.6k +12,646
80 ONE Advisory Partners, LLC 3.22% of their portfolio OVERLAND PARK, KS 101,063101.1k $10.5m $10.5m 3.22% Added +12.6k +12,550
81 Capital Analysts, LLC 0.30% of their portfolio FORT WASHINGTON, PA 100,481100.5k $10.3m $10.3m 0.30% Added +21.0k +21,022
82 ARVEST INVESTMENTS, INC. 1.40% of their portfolio LOWELL, AR 94,94894.9k $9.8m $9.8m 1.40% Added +3.8k +3,752
83 NATIONAL BANK OF CANADA /FI/ 0.01% of their portfolio MONTREAL, A8 93,81693.8k $9.7m $9.7m 0.01% Added +92.9k +92,874
84 Blue Trust, Inc. 0.11% of their portfolio BRENTWOOD, TN 92,02392.0k $9.5m $9.5m 0.11% Reduced -3.4k -3,360
85 OneDigital Investment Advisors LLC 0.10% of their portfolio OVERLAND PARK, KS 91,81291.8k $9.5m $9.5m 0.10% Reduced -3.1k -3,134
86 WEALTH ALLIANCE, LLC 0.97% of their portfolio MELLVILLE, NY 91,64391.6k $9.4m $9.4m 0.97% Added +28.9k +28,859
87 Avantax Planning Partners, Inc. 0.27% of their portfolio DUBUQUE, IA 91,63691.6k $9.4m $9.4m 0.27% Reduced -3.2k -3,194
88 FLOW TRADERS U.S. LLC 0.38% of their portfolio NEW YORK, NY 91,14691.1k $9.4m $9.4m 0.38% Added +15.7k +15,688
89 &PARTNERS 0.06% of their portfolio NASHVILLE, TN 91,01491.0k $9.4m $9.4m 0.06% Added +20.3k +20,268
90 Invst, LLC 1.05% of their portfolio INDIANAPOLIS, IN 89,25589.3k $9.2m $9.2m 1.05% Added +17.9k +17,879
91 Migdal Insurance & Financial Holdings Ltd. 0.10% of their portfolio Petach Tikva, L3 87,35687.4k $9.0m $9.0m 0.10% Reduced -84.8k -84,826
92 Regal Investment Advisors LLC 0.58% of their portfolio KENTWOOD, MI 86,46086.5k $8.9m $8.9m 0.58% Added +13.6k +13,560
93 Hughes Financial Services, LLC 1.36% of their portfolio HERNDON, VA 82,63482.6k $8.5m $8.5m 1.36% Added +2.9k +2,931
94 Systelligence, LLC 1.61% of their portfolio BLOOMINGTON, MN 82,61382.6k $8.5m $8.5m 1.61% Added +5.6k +5,645
95 Farther Finance Advisors, LLC 0.13% of their portfolio SAN FRANCISCO, CA 80,55080.5k $8.3m $8.3m 0.13% Added +14.3k +14,321
96 Net Worth Advisory Group 2.38% of their portfolio SANDY, UT 79,90079.9k $8.2m $8.2m 2.38% Reduced -1.8k -1,752
97 LIBERTY WEALTH MANAGEMENT LLC 1.16% of their portfolio OAKLAND, CA 79,80079.8k $8.2m $8.2m 1.16% Added +4.7k +4,663
98 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 79,63779.6k $8.2m $8.2m 0.00% Added +76.8k +76,778
99 Evergreen Private Wealth LLC 3.21% of their portfolio GREENWOOD VILLAGE, CO 76,95277.0k $7.9m $7.9m 3.21% Reduced -760 -760
100 Private Advisor Group, LLC 0.04% of their portfolio MORRISTOWN, NJ 76,55776.6k $7.9m $7.9m 0.04% Reduced -2.3k -2,290