Vault-13

ISHARES TR TLH

10-20 YR TRS ETF · ETP · CUSIP 464288653

635 institutional holders -15 vs Q4 2025
115,236,291115.2m shares reported held*
$11.6bnreported value*
67 new 269 added 224 reduced 83 sold out net sold ≈ $71.1m (-702.0k 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 ($7.6m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $100.72. Options: 3 managers hold calls ($18.8m notional), 3 hold puts ($4.7m).

Trends to Q1 2026

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: 650Q1 26: 635635Q3 22Q3 23Q3 24Q3 25Q1 26
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
Q1 2026635

Buyers vs sellers

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

Bought or addedCut or sold out
4000400Q2 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 25Q4 25: 331 bought or addedQ4 25: 275 cut or sold outQ1 26: 336 bought or addedQ1 26: 307 cut or sold outQ1 26
Numbers
QuarterBought or addedCut or sold out
Q2 2024243200
Q3 2024283190
Q4 2024234232
Q1 2025347186
Q2 2025352196
Q3 2025374185
Q4 2025331275
Q1 2026336307

Calls vs puts

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

CallsPuts
$0$5m$10m$15m$20mQ2 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 0.50Q1 26 calls: $18.8mQ1 26 puts: $4.7mQ1 26P/C 0.25
Numbers
QuarterCallsPutsP/C
Q2 2025$6.0m$1.5m0.25
Q3 2025$7.7m$3.3m0.43
Q4 2025$12.1m$6.1m0.50
Q1 2026$18.8m$4.7m0.25

Biggest buyers

FIRST CITIZENS BANK & TRUST CO Added +934,764+934.8k
BlackRock, Inc. Added +800,845+800.8k
Envestnet Portfolio Solutions, Inc. Added +734,336+734.3k
Dynasty Wealth Management, LLC Added +606,584+606.6k
BANK OF AMERICA CORP /DE/ Added +549,821+549.8k
Forum Financial Management, LP Added +435,140+435.1k
OpenArc Corporate Advisory, LLC Added +342,013+342.0k
Estate Counselors, LLC Added +147,654+147.7k
Janney Montgomery Scott LLC Added +131,350+131.3k
JPMORGAN CHASE & CO Added +128,898+128.9k

Biggest sellers

Richard Bernstein Advisors LLC Reduced -1,049,310-1.0m
LPL Financial LLC Reduced -1,035,977-1.0m
AMERIPRISE FINANCIAL INC Reduced -809,791-809.8k
ENVESTNET ASSET MANAGEMENT INC Reduced -640,985-641.0k
MML INVESTORS SERVICES, LLC Reduced -486,125-486.1k
HAMILTON CAPITAL PARTNERS, LLC Reduced -409,354-409.4k
Cetera Investment Advisers Reduced -373,574-373.6k
MORGAN STANLEY Reduced -246,728-246.7k
US BANCORP \DE\ Reduced -242,096-242.1k
GOLDMAN SACHS GROUP INC Reduced -193,082-193.1k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $11.9m118.4k shares
CITADEL ADVISORS LLC Added $4.2m42.0k shares
JANE STREET GROUP, LLC Added $2.7m26.7k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $3.4m33.3k shares
JANE STREET GROUP, LLC Added $966.9k9.6k shares
CITADEL ADVISORS LLC Reduced $423.0k4.2k 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 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 ENVESTNET ASSET MANAGEMENT INC 0.62% of their portfolio Berwyn, PA 22,940,87022.9m $2.3bn $2.3bn 0.62% Reduced -641.0k -640,985
2 Forum Financial Management, LP 12.73% of their portfolio LOMBARD, IL 8,935,3748.9m $900.0m $900.0m 12.73% Added +435.1k +435,140
3 LPL Financial LLC 0.22% of their portfolio FORT MILL, SC 8,209,0208.2m $826.8m $826.8m 0.22% Reduced -1.0m -1,035,977
4 BANK OF AMERICA CORP /DE/ 0.06% of their portfolio CHARLOTTE, NC 8,083,5558.1m $814.2m $814.2m 0.06% Added +549.8k +549,821
5 BlackRock, Inc. 0.01% of their portfolio New York, NY 4,606,2214.6m $463.9m $463.9m 0.01% Added +800.8k +800,845
6 JPMORGAN CHASE & CO 0.03% of their portfolio NEW YORK, NY 4,093,1494.1m $411.9m $411.9m 0.03% Added +128.9k +128,898
7 MORGAN STANLEY 0.02% of their portfolio NEW YORK, NY 3,771,6943.8m $379.9m $379.9m 0.02% Reduced -246.7k -246,728
8 Envestnet Portfolio Solutions, Inc. 1.68% of their portfolio BERWYN, PA 3,008,4283.0m $303.0m $303.0m 1.68% Added +734.3k +734,336
9 AMERIPRISE FINANCIAL INC 0.06% of their portfolio MINNEAPOLIS, MN 2,394,0572.4m $243.3m $243.3m 0.06% Reduced -809.8k -809,791
10 ASSETMARK, INC 0.47% of their portfolio CONCORD, CA 2,270,6082.3m $228.7m $228.7m 0.47% Added +127.7k +127,673
11 Cetera Investment Advisers 0.23% of their portfolio SCHAUMBURG, IL 2,106,2522.1m $212.1m $212.1m 0.23% Reduced -373.6k -373,574
12 Dynasty Wealth Management, LLC 1.61% of their portfolio ST. PETERSBURG, FL 1,834,9911.8m $184.8m $184.8m 1.61% Added +606.6k +606,584
13 WELLS FARGO & COMPANY/MN 0.03% of their portfolio SAN FRANCISCO, CA 1,724,2581.7m $173.7m $173.7m 0.03% Added +30.7k +30,747
14 PARK AVENUE SECURITIES LLC 1.35% of their portfolio NEW YORK, NY 1,718,4131.7m $173.1m $173.1m 1.35% Reduced -109.1k -109,062
15 CWM, LLC 0.41% of their portfolio OMAHA, NE 1,558,7131.6m $157.0m $157.0m 0.41% Reduced -32.8k -32,774
16 Janney Montgomery Scott LLC 0.37% of their portfolio PHILADELPHIA, PA 1,491,7471.5m $150.2m $150.2m 0.37% Added +131.3k +131,350
17 STIFEL FINANCIAL CORP 0.14% of their portfolio ST. LOUIS, MO 1,467,2931.5m $147.8m $147.8m 0.14% Reduced -124.1k -124,130
18 MML INVESTORS SERVICES, LLC 0.38% of their portfolio SPRINGFIELD, MA 1,364,3271.4m $137.4m $137.4m 0.38% Reduced -486.1k -486,125
19 RiverFront Investment Group, LLC 2.06% of their portfolio RICHMOND, VA 1,321,3931.3m $133.1m $133.1m 2.06% Added +16.5k +16,492
20 Bank of New York Mellon Corp 0.02% of their portfolio NEW YORK, NY 1,296,7941.3m $130.6m $130.6m 0.02% Added +106.5k +106,495
21 TRUIST FINANCIAL CORP 0.15% of their portfolio CHARLOTTE, NC 1,085,1841.1m $109.3m $109.3m 0.15% Added +59.6k +59,597
22 FIRST CITIZENS BANK & TRUST CO 2.00% of their portfolio RALEIGH, NC 942,313942.3k $94.9m $94.9m 2.00% Added +934.8k +934,764
23 NewEdge Advisors, LLC 0.34% of their portfolio NEW ORLEANS, LA 924,211924.2k $93.1m $93.1m 0.34% Reduced -53.0k -52,991
24 RAYMOND JAMES FINANCIAL INC 0.03% of their portfolio ST. PETERSBURG, FL 903,192903.2k $91.0m $91.0m 0.03% Added +62.6k +62,620
25 Destination Wealth Management 2.26% of their portfolio Walnut Creek, CA 862,821862.8k $86.9m $86.9m 2.26% Added +69.1k +69,095
26 ROYAL BANK OF CANADA 0.01% of their portfolio TORONTO, A6 767,255767.3k $77.3m $77.3m 0.01% Reduced -69.3k -69,268
27 Sanctuary Advisors, LLC 0.37% of their portfolio INDIANAPOLIS, IN 681,690681.7k $68.7m $68.7m 0.37% Reduced -16.7k -16,699
28 Quotient Wealth Partners, LLC 1.77% of their portfolio DALLAS, TX 667,619667.6k $67.2m $67.2m 1.77% Added +24.3k +24,337
29 UBS Group AG 0.01% of their portfolio ZURICH, V8 636,564636.6k $64.1m $64.1m 0.01% Added +41.8k +41,808
30 UNITED CAPITAL FINANCIAL ADVISORS, LLC 0.36% of their portfolio IRVING, TX 574,363574.4k $57.8m $57.8m 0.36% Reduced -8.0k -7,970
31 Cerity Partners OCIO LLC 3.36% of their portfolio New York, NY 555,322555.3k $55.9m $55.9m 3.36% Reduced -161.8k -161,783
32 SAGESPRING WEALTH PARTNERS, LLC 0.96% of their portfolio FRANKLIN, TN 522,773522.8k $52.7m $52.7m 0.96% Added +116.6k +116,612
33 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.03% of their portfolio MILWAUKEE, WI 521,187521.2k $52.5m $52.5m 0.03% Reduced -173.5k -173,454
34 BENJAMIN EDWARDS INC 0.51% of their portfolio Clayton, MO 506,333506.3k $51.0m $51.0m 0.51% Reduced -106.2k -106,232
35 JB Capital LLC 2.02% of their portfolio WETHERSFIELD, CT 497,532497.5k $50.1m $50.1m 2.02% Added +18.9k +18,882
36 US BANCORP \DE\ 0.06% of their portfolio MINNEAPOLIS, MN 491,441491.4k $49.5m $49.5m 0.06% Reduced -242.1k -242,096
37 OpenArc Corporate Advisory, LLC 0.69% of their portfolio ATLANTA, GA 478,358478.4k $48.2m $48.2m 0.69% Added +342.0k +342,013
38 Foundations Investment Advisors, LLC 0.56% of their portfolio PHOENIX, AZ 451,692451.7k $45.5m $45.5m 0.56% Reduced -66.7k -66,715
39 MAI Capital Management 0.23% of their portfolio INDEPENDENCE, OH 403,265403.3k $40.6m $40.6m 0.23% Added +25.4k +25,372
40 OSAIC HOLDINGS, INC. 0.05% of their portfolio SCOTTSDALE, AZ 369,574369.6k $37.3m $37.3m 0.05% Added +37.2k +37,243
41 HAMILTON CAPITAL PARTNERS, LLC 10.71% of their portfolio ATLANTA, GA 340,651340.7k $34.3m $34.3m 10.71% Reduced -409.4k -409,354
42 COMMONWEALTH EQUITY SERVICES, LLC 0.04% of their portfolio WALTHAM, MA 313,418313.4k $31.6m $31.6m 0.04% Reduced -70.4k -70,399
43 Thrivent Financial for Lutherans 0.06% of their portfolio Minneapolis, MN 296,737296.7k $29.9m $29.9m 0.06% Reduced -9.5k -9,545
44 RS CRUM INC. 5.65% of their portfolio Newport Beach, CA 290,136290.1k $29.2m $29.2m 5.65% Reduced -24.8k -24,770
45 Steward Partners Investment Advisory, LLC 0.15% of their portfolio STAMFORD, CT 285,588285.6k $28.8m $28.8m 0.15% Reduced -22.4k -22,449
46 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.06% of their portfolio PLYMOUTH, MN 285,278285.3k $28.7m $28.7m 0.06% Added +93.1k +93,068
47 Cambridge Investment Research Advisors, Inc. 0.07% of their portfolio FAIRFIELD, IA 278,322278.3k $28.0m $28.0m 0.07% Added +12.5k +12,546
48 Watchman Group, Inc. 6.61% of their portfolio PLANO, TX 271,037271.0k $27.3m $27.3m 6.61% Added +12.1k +12,134
49 Estate Counselors, LLC 2.38% of their portfolio Thiensville, WI 265,219265.2k $26.7m $26.7m 2.38% Added +147.7k +147,654
50 CASTLEARK MANAGEMENT LLC 0.86% of their portfolio CHICAGO, IL 258,432258.4k $26.0m $26.0m 0.86% Unchanged
51 Modern Wealth Management, LLC 0.40% of their portfolio KANSAS CITY, MO 229,825229.8k $23.0m $23.0m 0.40% Added +19.0k +18,980
52 IHT Wealth Management, LLC 0.52% of their portfolio Chicago, IL 218,841218.8k $22.0m $22.0m 0.52% Reduced -21.9k -21,884
53 CONFLUENCE INVESTMENT MANAGEMENT LLC 0.32% of their portfolio ST. LOUIS, MO 205,868205.9k $20.7m $20.7m 0.32% Reduced -36.6k -36,638
54 Icon Wealth Advisors, LLC 1.31% of their portfolio HOUSTON, TX 202,864202.9k $20.2m $20.2m 1.31% Reduced -49.1k -49,052
55 Savvy Advisors, Inc. 0.55% of their portfolio NEW YORK, NY 202,570202.6k $20.4m $20.4m 0.55% Reduced -58.4k -58,367
56 Pinnacle Financial Partners, Inc. 0.15% of their portfolio ATLANTA, GA 200,496200.5k $20.2m $20.2m 0.15% Added +68.3k +68,308
57 CreativeOne Wealth, LLC 0.46% of their portfolio OVERLAND PARK, KS 198,794198.8k $20.0m $20.0m 0.46% Added +2.9k +2,899
58 Atria Investments, Inc 0.21% of their portfolio Charlotte, NC 186,094186.1k $18.7m $18.7m 0.21% Reduced -20.7k -20,680
59 Stone House Investment Management, LLC 3.28% of their portfolio TUNKHANNOCK, PA 181,522181.5k $18.3m $18.3m 3.28% Added +7.5k +7,506
60 Rockefeller Capital Management L.P. 0.03% of their portfolio NEW YORK, NY 176,965177.0k $17.8m $17.8m 0.03% Added +13.1k +13,058
61 Goelzer Investment Management, Inc. 0.86% of their portfolio CARMEL, IN 175,727175.7k $17.7m $17.7m 0.86% Added +5.0k +5,018
62 HighTower Advisors, LLC 0.02% of their portfolio CHICAGO, IL 175,570175.6k $17.7m $17.7m 0.02% Reduced -40.8k -40,818
63 Summit Asset Management, LLC 2.43% of their portfolio MEMPHIS, TN 173,713173.7k $17.5m $17.5m 2.43% Added +12.3k +12,260
64 MGO ONE SEVEN LLC 0.35% of their portfolio Beachwood, OH 170,532170.5k $17.2m $17.2m 0.35% Added +6.6k +6,555
65 JONES FINANCIAL COMPANIES LLLP 0.01% of their portfolio DES PERES, MO 165,251165.3k $16.4m $16.4m 0.01% Added +7.7k +7,650
66 Commonwealth Financial Services, LLC 2.60% of their portfolio VIENNA, WV 163,337163.3k $16.5m $16.5m 2.60% Reduced -45.5k -45,533
67 Affinity Capital Advisors, LLC 2.27% of their portfolio BERKELEY, CA 161,026161.0k $16.2m $16.2m 2.27% Added +3.8k +3,847
68 SteelPeak Wealth, LLC 0.51% of their portfolio WOODLAND HILLS, CA 160,719160.7k $16.2m $16.2m 0.51% Added +9.0k +8,977
69 Triad Wealth Partners, LLC 1.19% of their portfolio LAWRENCE, KS 148,453148.5k $15.0m $15.0m 1.19% Added +37.4k +37,444
70 Keel Point, LLC 0.96% of their portfolio HUNTSVILLE, AL 142,427142.4k $14.3m $14.3m 0.96% Added +50 +50
71 INTEGRITY ALLIANCE, LLC. 0.55% of their portfolio Urbandale, IA 142,351142.4k $14.3m $14.3m 0.55% Added +10.4k +10,365
72 Trek Financial, LLC 0.76% of their portfolio Scottsdale, AZ 141,525141.5k $14.3m $14.3m 0.76% Added +12.5k +12,540
73 Sharkey, Howes & Javer 1.91% of their portfolio DENVER, CO 141,128141.1k $14.2m $14.2m 1.91% Reduced -5.5k -5,453
74 McKinley Carter Wealth Services, Inc. 0.76% of their portfolio WHEELING, WV 131,421131.4k $13.2m $13.2m 0.76% Added +103.5k +103,450
75 Johnson Bixby & Associates, LLC 1.60% of their portfolio VANCOUVER, WA 128,344128.3k $12.9m $12.9m 1.60% Reduced -103.3k -103,304
76 Orion Porfolio Solutions, LLC 0.11% of their portfolio OMAHA, NE 127,460127.5k $12.8m $12.8m 0.11% Reduced -39.5k -39,507
77 Cascade Financial Partners, LLC 1.31% of their portfolio SAN DIEGO, CA 126,045126.0k $12.7m $12.7m 1.31% New
78 Equitable Holdings, Inc. 0.08% of their portfolio NEW YORK, NY 124,991125.0k $12.7m $12.7m 0.08% Reduced -39.0k -39,021
79 Capital Analysts, LLC 0.33% of their portfolio FORT WASHINGTON, PA 124,852124.9k $12.6m $12.6m 0.33% Reduced -15.4k -15,400
80 &PARTNERS 0.06% of their portfolio NASHVILLE, TN 123,564123.6k $12.5m $12.5m 0.06% Added +23.0k +23,001
81 Kelly Financial Services LLC 2.97% of their portfolio BRAINTREE, MA 122,456122.5k $12.3m $12.3m 2.97% Reduced -4.5k -4,488
82 ARVEST INVESTMENTS, INC. 1.64% of their portfolio LOWELL, AR 119,499119.5k $12.0m $12.0m 1.64% Added +24.9k +24,911
83 NorthCoast Asset Management LLC 0.28% of their portfolio STAMFORD, CT 118,662118.7k $12.0m $12.0m 0.28% Added +19.8k +19,771
84 C2P Capital Advisory Group, LLC d.b.a. Prosperity Capital Advisors 0.66% of their portfolio Westlake, OH 114,241114.2k $11.5m $11.5m 0.66% Added +11.3k +11,275
85 Harvest Portfolios Group Inc. 0.19% of their portfolio Oakville, A6 112,088112.1k $11.3m $11.3m 0.19% Reduced -15.3k -15,350
86 Concurrent Investment Advisors, LLC 0.12% of their portfolio Tampa, FL 106,967107.0k $10.8m $10.8m 0.12% Added +43.4k +43,444
87 Avantax Planning Partners, Inc. 0.29% of their portfolio DUBUQUE, IA 105,266105.3k $10.6m $10.6m 0.29% Added +14.2k +14,184
88 Gateway Wealth Partners, LLC 0.41% of their portfolio APPLETON, WI 104,261104.3k $10.5m $10.5m 0.41% Added +73.5k +73,531
89 Integrated Wealth Concepts LLC 0.08% of their portfolio WALTHAM, MA 97,31897.3k $9.8m $9.8m 0.08% Added +23.5k +23,504
90 Hughes Financial Services, LLC 1.47% of their portfolio HERNDON, VA 95,10995.1k $9.6m $9.6m 1.47% Added +2.4k +2,412
91 Farther Finance Advisors, LLC 0.09% of their portfolio SAN FRANCISCO, CA 94,52694.5k $9.5m $9.5m 0.09% Reduced -17.6k -17,573
92 Vise Technologies, Inc. 0.18% of their portfolio NEW YORK, NY 91,79891.8k $9.3m $9.3m 0.18% Unchanged
93 Arrow Financial Corp 0.91% of their portfolio Glens Falls, NY 90,26490.3k $9.1m $9.1m 0.91% Added +47.1k +47,086
94 Keystone Financial Services 2.66% of their portfolio LOVELAND, CO 89,84589.8k $9.0m $9.0m 2.66% Added +3.5k +3,521
95 Teucrium Investment Advisors, LLC 6.99% of their portfolio BURLINGTON, VT 89,79589.8k $9.0m $9.0m 6.99% New
96 PAX Financial Group, LLC 1.54% of their portfolio SAN ANTONIO, TX 89,76389.8k $9.0m $9.0m 1.54% Added +3.7k +3,693
97 Net Worth Advisory Group 1.85% of their portfolio SANDY, UT 88,65788.7k $8.9m $8.9m 1.85% Added +2.0k +2,000
98 LIBERTY WEALTH MANAGEMENT LLC 1.11% of their portfolio OAKLAND, CA 87,81587.8k $8.8m $8.8m 1.11% Added +11.3k +11,260
99 Stokes Family Office, LLC 0.91% of their portfolio NEW ORLEANS, LA 87,41687.4k $8.8m $8.8m 0.91% Reduced -12.0k -11,985
100 Migdal Insurance & Financial Holdings Ltd. 0.08% of their portfolio Petach Tikva, L3 86,49686.5k $8.7m $8.7m 0.08% Reduced -2.6k -2,598