Vault-13

ISHARES TR TLH

10-20 YR TRS ETF · ETP · CUSIP 464288653

650 institutional holders +78 vs Q3 2025
116,295,553116.3m shares reported held*
$11.8bnreported value*
86 new 245 added 226 reduced 49 sold out net sold ≈ $456.3m (-4.5m 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 ($7.7m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $101.67. Options: 3 managers hold calls ($12.1m notional), 3 hold puts ($6.1m).

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

0250500750Q3 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: 572Q4 25: 650650Q3 22Q2 23Q1 24Q4 24Q4 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
Q4 2025650

Buyers vs sellers

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

Bought or addedCut or sold out
4000400Q1 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 25Q3 25: 374 bought or addedQ3 25: 185 cut or sold outQ4 25: 331 bought or addedQ4 25: 275 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 2024239181
Q2 2024243200
Q3 2024283190
Q4 2024234232
Q1 2025347186
Q2 2025352196
Q3 2025374185
Q4 2025331275

Calls vs puts

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

CallsPuts
$0$5m$10m$15mQ1 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 0.43Q4 25 calls: $12.1mQ4 25 puts: $6.1mQ4 25P/C 0.50
Numbers
QuarterCallsPutsP/C
Q1 2025$7.7m$2.5m0.32
Q2 2025$6.0m$1.5m0.25
Q3 2025$7.7m$3.3m0.43
Q4 2025$12.1m$6.1m0.50

Biggest buyers

Dynasty Wealth Management, LLC Added +754,998+755.0k
Quotient Wealth Partners, LLC Added +622,650+622.6k
Forum Financial Management, LP Added +488,995+489.0k
RS CRUM INC. New +314,906+314.9k
AMERIPRISE FINANCIAL INC Added +257,351+257.4k
Commonwealth Financial Services, LLC New +208,870+208.9k
MML INVESTORS SERVICES, LLC Added +196,452+196.5k
Summit Asset Management, LLC New +161,453+161.5k
HAMILTON CAPITAL PARTNERS, LLC Added +149,254+149.3k
GOLDMAN SACHS GROUP INC Added +145,938+145.9k

Biggest sellers

JPMORGAN CHASE & CO Reduced -3,060,237-3.1m
ENVESTNET ASSET MANAGEMENT INC Reduced -1,258,604-1.3m
WELLS FARGO & COMPANY/MN Reduced -769,682-769.7k
Sanctuary Advisors, LLC Reduced -620,507-620.5k
BANK OF AMERICA CORP /DE/ Reduced -408,729-408.7k
STIFEL FINANCIAL CORP Reduced -395,060-395.1k
US BANCORP \DE\ Reduced -332,907-332.9k
BENJAMIN EDWARDS INC Reduced -321,781-321.8k
GenTrust, LLC Reduced -215,285-215.3k
BlackRock, Inc. Reduced -188,814-188.8k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $10.7m105.7k shares
CITADEL ADVISORS LLC Reduced $884.5k8.7k shares
JANE STREET GROUP, LLC Added $508.4k5.0k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $4.0m39.7k shares
CITADEL ADVISORS LLC Added $1.6m15.8k shares
JANE STREET GROUP, LLC New $457.5k4.5k 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, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 ENVESTNET ASSET MANAGEMENT INC 0.71% of their portfolio Berwyn, PA 23,581,85523.6m $2.4bn $2.4bn 0.71% Reduced -1.3m -1,258,604
2 LPL Financial LLC 0.26% of their portfolio FORT MILL, SC 9,244,9979.2m $939.9m $939.9m 0.26% Reduced -120.6k -120,577
3 Forum Financial Management, LP 11.24% of their portfolio LOMBARD, IL 8,500,2348.5m $864.2m $864.2m 11.24% Added +489.0k +488,995
4 BANK OF AMERICA CORP /DE/ 0.06% of their portfolio CHARLOTTE, NC 7,533,7347.5m $766.0m $766.0m 0.06% Reduced -408.7k -408,729
5 MORGAN STANLEY 0.02% of their portfolio NEW YORK, NY 4,018,4224.0m $408.6m $408.6m 0.02% Added +8.7k +8,650
6 JPMORGAN CHASE & CO 0.03% of their portfolio NEW YORK, NY 3,964,2514.0m $403.0m $403.0m 0.03% Reduced -3.1m -3,060,237
7 BlackRock, Inc. 0.01% of their portfolio New York, NY 3,805,3763.8m $386.9m $386.9m 0.01% Reduced -188.8k -188,814
8 AMERIPRISE FINANCIAL INC 0.07% of their portfolio MINNEAPOLIS, MN 3,203,8483.2m $325.7m $325.7m 0.07% Added +257.4k +257,351
9 Cetera Investment Advisers 0.28% of their portfolio SCHAUMBURG, IL 2,479,8262.5m $252.1m $252.1m 0.28% Added +109.4k +109,362
10 Envestnet Portfolio Solutions, Inc. 0.81% of their portfolio BERWYN, PA 2,274,0922.3m $231.2m $231.2m 0.81% Added +41.0k +40,951
11 ASSETMARK, INC 0.44% of their portfolio CONCORD, CA 2,142,9352.1m $217.9m $217.9m 0.44% Added +119.7k +119,705
12 MML INVESTORS SERVICES, LLC 0.46% of their portfolio SPRINGFIELD, MA 1,850,4521.9m $188.1m $188.1m 0.46% Added +196.5k +196,452
13 PARK AVENUE SECURITIES LLC 1.57% of their portfolio NEW YORK, NY 1,827,4751.8m $185.8m $185.8m 1.57% Reduced -74.3k -74,324
14 WELLS FARGO & COMPANY/MN 0.03% of their portfolio SAN FRANCISCO, CA 1,693,5111.7m $172.2m $172.2m 0.03% Reduced -769.7k -769,682
15 CWM, LLC 0.44% of their portfolio OMAHA, NE 1,591,4871.6m $161.8m $161.8m 0.44% Reduced -147.6k -147,644
16 STIFEL FINANCIAL CORP 0.15% of their portfolio ST. LOUIS, MO 1,591,4231.6m $161.8m $161.8m 0.15% Reduced -395.1k -395,060
17 Janney Montgomery Scott LLC 0.32% of their portfolio PHILADELPHIA, PA 1,360,3971.4m $138.3m $138.3m 0.32% Reduced -183.2k -183,179
18 RiverFront Investment Group, LLC 2.19% of their portfolio RICHMOND, VA 1,304,9011.3m $132.7m $132.7m 2.19% Added +7.4k +7,432
19 Dynasty Wealth Management, LLC 1.23% of their portfolio ST. PETERSBURG, FL 1,228,4071.2m $124.9m $124.9m 1.23% Added +755.0k +754,998
20 Bank of New York Mellon Corp 0.02% of their portfolio NEW YORK, NY 1,190,2991.2m $121.0m $121.0m 0.02% Added +14.7k +14,658
21 Richard Bernstein Advisors LLC 3.14% of their portfolio NEW YORK, NY 1,050,7111.1m $106.8m $106.8m 3.14% Reduced -23.3k -23,336
22 TRUIST FINANCIAL CORP 0.14% of their portfolio CHARLOTTE, NC 1,025,5871.0m $104.3m $104.3m 0.14% Reduced -14.0k -13,961
23 NewEdge Advisors, LLC 0.36% of their portfolio NEW ORLEANS, LA 977,202977.2k $99.4m $99.4m 0.36% Added +13.9k +13,940
24 RAYMOND JAMES FINANCIAL INC 0.03% of their portfolio ST. PETERSBURG, FL 840,572840.6k $85.5m $85.5m 0.03% Reduced -36.7k -36,660
25 ROYAL BANK OF CANADA 0.01% of their portfolio TORONTO, A6 836,523836.5k $85.0m $85.0m 0.01% Added +144.4k +144,360
26 Destination Wealth Management 2.11% of their portfolio Walnut Creek, CA 793,726793.7k $80.7m $80.7m 2.11% Reduced -16.5k -16,461
27 HAMILTON CAPITAL PARTNERS, LLC 25.33% of their portfolio ATLANTA, GA 750,005750.0k $76.3m $76.3m 25.33% Added +149.3k +149,254
28 US BANCORP \DE\ 0.09% of their portfolio MINNEAPOLIS, MN 733,537733.5k $74.6m $74.6m 0.09% Reduced -332.9k -332,907
29 Cerity Partners OCIO LLC 4.03% of their portfolio New York, NY 717,105717.1k $72.9m $72.9m 4.03% Added +66.2k +66,245
30 Sanctuary Advisors, LLC 0.39% of their portfolio INDIANAPOLIS, IN 698,389698.4k $71.0m $71.0m 0.39% Reduced -620.5k -620,507
31 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.04% of their portfolio MILWAUKEE, WI 694,641694.6k $70.6m $70.6m 0.04% Added +33.5k +33,521
32 Quotient Wealth Partners, LLC 1.74% of their portfolio DALLAS, TX 643,282643.3k $65.4m $65.4m 1.74% Added +622.6k +622,650
33 BENJAMIN EDWARDS INC 0.69% of their portfolio Clayton, MO 612,565612.6k $62.3m $62.3m 0.69% Reduced -321.8k -321,781
34 UBS Group AG 0.01% of their portfolio ZURICH, V8 594,756594.8k $60.5m $60.5m 0.01% Reduced -97.6k -97,610
35 UNITED CAPITAL FINANCIAL ADVISORS, LLC 0.36% of their portfolio IRVING, TX 582,333582.3k $59.2m $59.2m 0.36% Reduced -24.1k -24,095
36 Foundations Investment Advisors, LLC 0.69% of their portfolio PHOENIX, AZ 518,407518.4k $52.7m $52.7m 0.69% Reduced -47.4k -47,422
37 JB Capital LLC 1.99% of their portfolio WETHERSFIELD, CT 478,650478.6k $48.7m $48.7m 1.99% Added +19.2k +19,191
38 SAGESPRING WEALTH PARTNERS, LLC 0.75% of their portfolio FRANKLIN, TN 406,161406.2k $41.3m $41.3m 0.75% Added +11.8k +11,814
39 COMMONWEALTH EQUITY SERVICES, LLC 0.05% of their portfolio WALTHAM, MA 383,817383.8k $39.0m $39.0m 0.05% Reduced -77.5k -77,534
40 MAI Capital Management 0.22% of their portfolio INDEPENDENCE, OH 377,893377.9k $38.4m $38.4m 0.22% Added +11.2k +11,161
41 OSAIC HOLDINGS, INC. 0.05% of their portfolio SCOTTSDALE, AZ 332,331332.3k $33.8m $33.8m 0.05% Reduced -109.9k -109,856
42 RS CRUM INC. 6.40% of their portfolio Newport Beach, CA 314,906314.9k $32.0m $32.0m 6.40% New
43 Steward Partners Investment Advisory, LLC 0.17% of their portfolio STAMFORD, CT 308,037308.0k $31.3m $31.3m 0.17% Reduced -13.8k -13,790
44 Thrivent Financial for Lutherans 0.06% of their portfolio Minneapolis, MN 306,282306.3k $31.2m $31.2m 0.06% Reduced -12.0k -12,011
45 Cambridge Investment Research Advisors, Inc. 0.07% of their portfolio FAIRFIELD, IA 265,776265.8k $27.0m $27.0m 0.07% Reduced -57.6k -57,647
46 Savvy Advisors, Inc. 0.86% of their portfolio NEW YORK, NY 260,937260.9k $26.5m $26.5m 0.86% Added +99.1k +99,058
47 Watchman Group, Inc. 6.28% of their portfolio PLANO, TX 258,903258.9k $26.3m $26.3m 6.28% Added +6.4k +6,418
48 CASTLEARK MANAGEMENT LLC 0.77% of their portfolio CHICAGO, IL 258,432258.4k $26.3m $26.3m 0.77% Unchanged
49 Icon Wealth Advisors, LLC 1.71% of their portfolio HOUSTON, TX 251,916251.9k $25.6m $25.6m 1.71% Added +5.6k +5,566
50 CONFLUENCE INVESTMENT MANAGEMENT LLC 0.37% of their portfolio ST. LOUIS, MO 242,506242.5k $24.7m $24.7m 0.37% Reduced -120.5k -120,548
51 IHT Wealth Management, LLC 0.60% of their portfolio Chicago, IL 240,725240.7k $24.5m $24.5m 0.60% Added +22.7k +22,673
52 Johnson Bixby & Associates, LLC 2.92% of their portfolio VANCOUVER, WA 231,648231.6k $23.6m $23.6m 2.92% Added +8.8k +8,825
53 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 225,575225.6k $22.9m $22.9m 0.00% Added +145.9k +145,938
54 HighTower Advisors, LLC 0.02% of their portfolio CHICAGO, IL 216,388216.4k $22.0m $22.0m 0.02% Added +34.9k +34,932
55 Modern Wealth Management, LLC 0.39% of their portfolio KANSAS CITY, MO 210,845210.8k $21.4m $21.4m 0.39% Added +21.9k +21,944
56 Commonwealth Financial Services, LLC 3.50% of their portfolio VIENNA, WV 208,870208.9k $21.2m $21.2m 3.50% New
57 Atria Investments, Inc 0.24% of their portfolio Charlotte, NC 206,774206.8k $21.0m $21.0m 0.24% Reduced -2.9k -2,920
58 CreativeOne Wealth, LLC 0.48% of their portfolio OVERLAND PARK, KS 195,895195.9k $19.9m $19.9m 0.48% Reduced -51.4k -51,353
59 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.03% of their portfolio PLYMOUTH, MN 192,210192.2k $19.6m $19.6m 0.03% Added +14.7k +14,689
60 Stone House Investment Management, LLC 2.75% of their portfolio TUNKHANNOCK, PA 174,016174.0k $17.7m $17.7m 2.75% Added +4.3k +4,339
61 High Falls Advisors, Inc 3.55% of their portfolio ROCHESTER, NY 172,268172.3k $17.5m $17.5m 3.55% Added +3.0k +3,047
62 Goelzer Investment Management, Inc. 0.81% of their portfolio CARMEL, IN 170,709170.7k $17.4m $17.4m 0.81% Added +9.6k +9,612
63 Orion Porfolio Solutions, LLC 0.12% of their portfolio OMAHA, NE 166,967167.0k $17.0m $17.0m 0.12% Added +9.7k +9,707
64 Equitable Holdings, Inc. 0.11% of their portfolio NEW YORK, NY 164,012164.0k $16.7m $16.7m 0.11% Added +788 +788
65 MGO ONE SEVEN LLC 0.34% of their portfolio Beachwood, OH 163,977164.0k $16.7m $16.7m 0.34% Added +39.5k +39,451
66 Rockefeller Capital Management L.P. 0.03% of their portfolio NEW YORK, NY 163,907163.9k $16.7m $16.7m 0.03% Added +40.6k +40,587
67 Summit Asset Management, LLC 2.32% of their portfolio MEMPHIS, TN 161,453161.5k $16.4m $16.4m 2.32% New
68 JONES FINANCIAL COMPANIES LLLP 0.01% of their portfolio DES PERES, MO 157,601157.6k $16.0m $16.0m 0.01% Added +14.6k +14,600
69 Affinity Capital Advisors, LLC 2.21% of their portfolio BERKELEY, CA 157,179157.2k $16.0m $16.0m 2.21% Added +12.6k +12,597
70 SteelPeak Wealth, LLC 0.51% of their portfolio WOODLAND HILLS, CA 151,742151.7k $15.4m $15.4m 0.51% Reduced -23.0k -23,009
71 Sharkey, Howes & Javer 1.89% of their portfolio DENVER, CO 146,581146.6k $14.9m $14.9m 1.89% Reduced -12.4k -12,396
72 Keel Point, LLC 0.87% of their portfolio HUNTSVILLE, AL 142,377142.4k $14.5m $14.5m 0.87% Added +100 +100
73 Capital Analysts, LLC 0.39% of their portfolio FORT WASHINGTON, PA 140,252140.3k $14.3m $14.3m 0.39% Added +39.8k +39,771
74 MLG Wealth Management DBA Pine Grove Financial Group 1.68% of their portfolio WOODBURY, MN 136,578136.6k $13.9m $13.9m 1.68% First filing
75 OpenArc Corporate Advisory, LLC 0.23% of their portfolio ATLANTA, GA 136,345136.3k $13.9m $13.9m 0.23% First filing
76 Pinnacle Financial Partners, Inc. 0.10% of their portfolio ATLANTA, GA 132,188132.2k $13.4m $13.4m 0.10% First filing
77 INTEGRITY ALLIANCE, LLC. 0.49% of their portfolio Urbandale, IA 131,986132.0k $13.4m $13.4m 0.49% Added +29.0k +29,006
78 Trek Financial, LLC 0.76% of their portfolio Scottsdale, AZ 128,985129.0k $13.1m $13.1m 0.76% Reduced -14.1k -14,053
79 Harvest Portfolios Group Inc. 0.23% of their portfolio Oakville, A6 127,438127.4k $13.0m $13.0m 0.23% Reduced -22.7k -22,726
80 Kelly Financial Services LLC 3.23% of their portfolio BRAINTREE, MA 126,944126.9k $12.9m $12.9m 3.23% Reduced -68.5k -68,476
81 Estate Counselors, LLC 1.00% of their portfolio Thiensville, WI 117,565117.6k $12.0m $12.0m 1.00% New
82 Farther Finance Advisors, LLC 0.12% of their portfolio SAN FRANCISCO, CA 112,099112.1k $11.4m $11.4m 0.12% Added +31.5k +31,549
83 Triad Wealth Partners, LLC 1.07% of their portfolio LAWRENCE, KS 111,009111.0k $11.3m $11.3m 1.07% Reduced -14.0k -13,986
84 C2P Capital Advisory Group, LLC d.b.a. Prosperity Capital Advisors 0.63% of their portfolio Westlake, OH 102,966103.0k $10.5m $10.5m 0.63% Reduced -12.6k -12,570
85 Financial Engines Advisors L.L.C. 0.02% of their portfolio SANTA CLARA, CA 102,439102.4k $10.4m $10.4m 0.02% Reduced -46.9k -46,879
86 &PARTNERS 0.05% of their portfolio NASHVILLE, TN 100,563100.6k $10.2m $10.2m 0.05% Added +9.5k +9,549
87 Stokes Family Office, LLC 0.92% of their portfolio NEW ORLEANS, LA 99,40199.4k $10.1m $10.1m 0.92% Reduced -13.4k -13,430
88 NorthCoast Asset Management LLC 0.22% of their portfolio STAMFORD, CT 98,89198.9k $10.1m $10.1m 0.22% Added +40.8k +40,788
89 Regal Investment Advisors LLC 0.58% of their portfolio KENTWOOD, MI 95,18095.2k $9.7m $9.7m 0.58% Added +8.7k +8,720
90 ARVEST INVESTMENTS, INC. 1.35% of their portfolio LOWELL, AR 94,58894.6k $9.6m $9.6m 1.35% Reduced -360 -360
91 Hughes Financial Services, LLC 1.48% of their portfolio HERNDON, VA 92,69792.7k $9.4m $9.4m 1.48% Added +10.1k +10,063
92 OneDigital Investment Advisors LLC 0.09% of their portfolio OVERLAND PARK, KS 91,89991.9k $9.3m $9.3m 0.09% Added +87 +87
93 Vise Technologies, Inc. 0.18% of their portfolio NEW YORK, NY 91,79891.8k $9.3m $9.3m 0.18% Added +29.5k +29,476
94 Global Retirement Partners, LLC 0.16% of their portfolio San Rafael, CA 91,17891.2k $9.3m $9.3m 0.16% Added +44.8k +44,768
95 Avantax Planning Partners, Inc. 0.26% of their portfolio DUBUQUE, IA 91,08291.1k $9.3m $9.3m 0.26% Reduced -554 -554
96 Migdal Insurance & Financial Holdings Ltd. 0.08% of their portfolio Petach Tikva, L3 89,09489.1k $9.1m $9.1m 0.08% Added +1.7k +1,738
97 WEALTH ALLIANCE, LLC 0.88% of their portfolio MELLVILLE, NY 88,87388.9k $9.0m $9.0m 0.88% Reduced -2.8k -2,770
98 Invst, LLC 0.96% of their portfolio INDIANAPOLIS, IN 87,01687.0k $8.8m $8.8m 0.96% Reduced -2.2k -2,239
99 World Investment Advisors 0.14% of their portfolio LINCROFT, NJ 86,70186.7k $8.8m $8.8m 0.14% Added +60.9k +60,885
100 Net Worth Advisory Group 1.78% of their portfolio SANDY, UT 86,65786.7k $8.8m $8.8m 1.78% Added +6.8k +6,757