Vault-13

PIMCO ETF TR ZROZ

25YR+ ZERO U S · ETP · CUSIP 72201R882

131 institutional holders -3 vs Q2 2025
11,732,13211.7m shares reported held*
$797.1mreported value*
20 new 49 added 43 reduced 20 sold out net bought ≈ $65.4m (+962.8k 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. Holder counts are more reliable. Implied quarter-end price ≈ $67.94. Options: 4 managers hold calls ($11.6m notional), 7 hold puts ($12.9m).

Trends to Q3 2025

Institutional holders

Managers reporting a position, each quarter

050100150Q3 22: 79Q4 22: 101Q1 23: 105Q2 23: 113Q3 23: 113Q4 23: 121Q1 24: 107Q2 24: 120Q3 24: 134Q4 24: 142Q1 25: 145Q2 25: 134Q3 25: 131131Q3 22Q2 23Q1 24Q4 24Q3 25
Numbers
QuarterHolders
Q3 202279
Q4 2022101
Q1 2023105
Q2 2023113
Q3 2023113
Q4 2023121
Q1 2024107
Q2 2024120
Q3 2024134
Q4 2024142
Q1 2025145
Q2 2025134
Q3 2025131

Buyers vs sellers

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

Bought or addedCut or sold out
1000100Q4 23: 73 bought or addedQ4 23: 50 cut or sold outQ1 24: 51 bought or addedQ1 24: 63 cut or sold outQ1 24Q2 24: 71 bought or addedQ2 24: 42 cut or sold outQ3 24: 75 bought or addedQ3 24: 56 cut or sold outQ3 24Q4 24: 69 bought or addedQ4 24: 74 cut or sold outQ1 25: 74 bought or addedQ1 25: 87 cut or sold outQ1 25Q2 25: 80 bought or addedQ2 25: 70 cut or sold outQ3 25: 69 bought or addedQ3 25: 63 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q4 20237350
Q1 20245163
Q2 20247142
Q3 20247556
Q4 20246974
Q1 20257487
Q2 20258070
Q3 20256963

Calls vs puts

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

CallsPuts
$0$5m$10m$15mQ4 24 calls: $8.1mQ4 24 puts: $9.9mQ4 24P/C 1.22Q1 25 calls: $10.4mQ1 25 puts: $9.8mQ1 25P/C 0.94Q2 25 calls: $12.2mQ2 25 puts: $11.5mQ2 25P/C 0.95Q3 25 calls: $11.6mQ3 25 puts: $12.9mQ3 25P/C 1.11
Numbers
QuarterCallsPutsP/C
Q4 2024$8.1m$9.9m1.22
Q1 2025$10.4m$9.8m0.94
Q2 2025$12.2m$11.5m0.95
Q3 2025$11.6m$12.9m1.11

Biggest buyers

Annex Advisory Services, LLC New +738,738+738.7k
BANK OF AMERICA CORP /DE/ Added +118,636+118.6k
Centurion Wealth Management LLC New +100,717+100.7k
MILLENNIUM MANAGEMENT LLC New +100,000+100.0k
Paragon Advisors, LLC Added +89,701+89.7k
GOLDMAN SACHS GROUP INC Added +88,601+88.6k
Tower Research Capital LLC (TRC) Added +69,205+69.2k
Nearwater Capital Markets, Ltd New +62,700+62.7k
OPPENHEIMER & CO INC Added +58,402+58.4k
D.A. DAVIDSON & CO. New +56,099+56.1k

Biggest sellers

Mirae Asset Global Investments Co., Ltd. Reduced -182,239-182.2k
IHT Wealth Management, LLC Sold out -91,661-91.7k
ROYAL BANK OF CANADA Reduced -83,523-83.5k
CITADEL ADVISORS LLC Reduced -74,358-74.4k
GTS SECURITIES LLC Reduced -62,709-62.7k
Capitolis Liquid Global Markets LLC Sold out -38,200-38.2k
Timber Creek Capital Management LLC Reduced -37,677-37.7k
Cassaday & Co Wealth Management LLC Sold out -37,270-37.3k
OKABENA INVESTMENT SERVICES INC Sold out -31,977-32.0k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced -30,577-30.6k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $7.8m114.7k shares
CITADEL ADVISORS LLC New $1.7m24.5k shares
WOLVERINE TRADING, LLC Added $1.6m23.1k shares
JANE STREET GROUP, LLC New $591.3k8.7k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $6.6m97.0k shares
CITADEL ADVISORS LLC Reduced $4.0m59.4k shares
IMC-Chicago, LLC Reduced $1.0m14.8k shares
WOLVERINE TRADING, LLC Added $746.3k10.9k shares
JANE STREET GROUP, LLC New $285.4k4.2k shares
SIMPLEX TRADING, LLC Reduced $198.0k3.1k shares
GROUP ONE TRADING LLC Unchanged $6.8k100 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 Mirae Asset Global Investments Co., Ltd. 0.54% of their portfolio SEOUL, M5 2,541,5282.5m $172.7m $172.7m 0.54% Reduced -182.2k -182,239
2 BANK OF AMERICA CORP /DE/ 0.01% of their portfolio CHARLOTTE, NC 1,153,3511.2m $78.4m $78.4m 0.01% Added +118.6k +118,636
3 LPL Financial LLC 0.02% of their portfolio FORT MILL, SC 796,951797.0k $54.2m $54.2m 0.02% Reduced -16.0k -15,982
4 Annex Advisory Services, LLC 1.07% of their portfolio BROOKFIELD, WI 738,738738.7k $50.2m $50.2m 1.07% New
5 RWA WEALTH PARTNERS, LLC 0.46% of their portfolio BOSTON, MA 598,288598.3k $40.7m $40.7m 0.46% Unchanged
6 ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio Berwyn, PA 481,648481.6k $32.7m $32.7m 0.01% Added +8.1k +8,105
7 RiverFront Investment Group, LLC 0.56% of their portfolio RICHMOND, VA 471,938471.9k $32.1m $32.1m 0.56% Added +38.0k +38,039
8 CPC Advisors, LLC 2.53% of their portfolio Atlanta, GA 352,554352.6k $24.0m $24.0m 2.53% Added +54.9k +54,929
9 GenWealth Group, Inc. 4.13% of their portfolio Maplewood, NJ 325,993326.0k $22.2m $22.2m 4.13% Added +30.6k +30,649
10 Krilogy Financial LLC 0.63% of their portfolio ST. LOUIS, MO 247,670247.7k $16.7m $16.7m 0.63% Added +53.8k +53,806
11 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 243,398243.4k $16.5m $16.5m 0.00% Reduced -5.0k -4,991
12 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 201,458201.5k $13.7m $13.7m 0.00% Reduced -11.0k -10,968
13 JANE STREET GROUP, LLC 0.01% of their portfolio NEW YORK, NY 149,734149.7k $10.2m $10.2m 0.01% Reduced -2.6k -2,574
14 Paragon Advisors, LLC 2.53% of their portfolio COLLEGE STATION, TX 144,310144.3k $9.8m $9.8m 2.53% Added +89.7k +89,701
15 COMMONWEALTH EQUITY SERVICES, LLC 0.01% of their portfolio WALTHAM, MA 141,664141.7k $9.6m $9.6m 0.01% Reduced -759 -759
16 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 138,669138.7k $9.4m $9.4m 0.00% Added +88.6k +88,601
17 CREATIVE FINANCIAL DESIGNS INC /ADV 0.56% of their portfolio KOKOMO, IN 123,342123.3k $8.4m $8.4m 0.56% Added +2.8k +2,787
18 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.01% of their portfolio PLYMOUTH, MN 114,195114.2k $7.7m $7.7m 0.01% Added +10.1k +10,069
19 Mid-American Wealth Advisory Group, Inc. 3.24% of their portfolio KANSAS CITY, MO 106,621106.6k $7.2m $7.2m 3.24% Reduced -17.3k -17,329
20 Cyndeo Wealth Partners, LLC 0.39% of their portfolio ST. PETERSBURG, FL 104,102104.1k $7.1m $7.1m 0.39% Added +714 +714
21 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 101,762101.8k $6.9m $6.9m 0.00% Added +13.5k +13,488
22 Centurion Wealth Management LLC 1.56% of their portfolio Mclean, VA 100,717100.7k $6.8m $6.8m 1.56% New
23 MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio NEW YORK, NY 100,000100.0k $6.8m $6.8m 0.01% New
24 Tower Research Capital LLC (TRC) 0.17% of their portfolio NEW YORK, NY 93,10093.1k $6.3m $6.3m 0.17% Added +69.2k +69,205
25 JONES FINANCIAL COMPANIES LLLP 0.00% of their portfolio DES PERES, MO 87,81787.8k $5.9m $5.9m 0.00% Added +1.3k +1,257
26 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 87,48987.5k $5.9m $5.9m 0.00% Reduced -83.5k -83,523
27 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 85,57385.6k $5.8m $5.8m 0.00% Reduced -16.2k -16,241
28 Steward Partners Investment Advisory, LLC 0.03% of their portfolio STAMFORD, CT 83,90883.9k $5.7m $5.7m 0.03% Added +3.3k +3,252
29 OSAIC HOLDINGS, INC. 0.01% of their portfolio SCOTTSDALE, AZ 73,97274.0k $5.0m $5.0m 0.01% Added +45.5k +45,516
30 CONSILIO WEALTH ADVISORS, LLC 1.58% of their portfolio BELLEVUE, WA 70,92470.9k $4.8m $4.8m 1.58% Added +371 +371
31 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 70,07870.1k $4.8m $4.8m 0.00% Reduced -102 -102
32 Cambridge Investment Research Advisors, Inc. 0.01% of their portfolio FAIRFIELD, IA 68,54268.5k $4.7m $4.7m 0.01% Added +1.8k +1,839
33 OPPENHEIMER & CO INC 0.06% of their portfolio NEW YORK, NY 67,33067.3k $4.6m $4.6m 0.06% Added +58.4k +58,402
34 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 65,18565.2k $4.4m $4.4m 0.00% Reduced -14.0k -14,001
35 Nearwater Capital Markets, Ltd 0.06% of their portfolio NEW YORK, NY 62,70062.7k $4.3m $4.3m 0.06% New
36 Arlington Capital Management, Inc. 2.70% of their portfolio ARLINGTON HEIGHTS, IL 62,12662.1k $4.2m $4.2m 2.70% Added +393 +393
37 Marex Group Ltd 0.05% of their portfolio London, X0 58,75758.8k $4.0m $4.0m 0.05% Unchanged
38 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 56,57156.6k $3.8m $3.8m 0.00% Reduced -74.4k -74,358
39 D.A. DAVIDSON & CO. 0.02% of their portfolio GREAT FALLS, MT 56,09956.1k $3.8m $3.8m 0.02% New
40 &PARTNERS 0.02% of their portfolio NASHVILLE, TN 49,71649.7k $3.4m $3.4m 0.02% Added +6.6k +6,626
41 Valtinson Bruner Financial Planning LLC 0.96% of their portfolio NEW BRIGHTON, MN 47,48547.5k $3.2m $3.2m 0.96% Reduced -2.3k -2,263
42 Carrera Capital Advisors 0.56% of their portfolio TROY, MI 45,57445.6k $3.1m $3.1m 0.56% Reduced -29.9k -29,898
43 Janney Montgomery Scott LLC 0.01% of their portfolio PHILADELPHIA, PA 45,04845.0k $3.1m $3.1m 0.01% Reduced -21.3k -21,259
44 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 41,90041.9k $2.8m $2.8m 0.00% New
45 Rockefeller Capital Management L.P. 0.01% of their portfolio NEW YORK, NY 41,54941.5k $2.8m $2.8m 0.01% Reduced -29.8k -29,823
46 AE Wealth Management LLC 0.02% of their portfolio TOPEKA, KS 38,80338.8k $2.6m $2.6m 0.02% Added +596 +596
47 Mariner, LLC 0.00% of their portfolio Overland Park, KS 37,14037.1k $2.5m $2.5m 0.00% Added +18.6k +18,587
48 OneDigital Investment Advisors LLC 0.02% of their portfolio OVERLAND PARK, KS 34,55234.6k $2.3m $2.3m 0.02% Reduced -7.5k -7,500
49 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 33,86433.9k $2.3m $2.3m 0.00% Added +15.0k +15,039
50 Authentikos Wealth Advisory, LLC 1.52% of their portfolio MORGAN HILL, CA 33,76833.8k $2.3m $2.3m 1.52% Added +330 +330
51 BlackRock, Inc. 0.00% of their portfolio New York, NY 32,85132.9k $2.2m $2.2m 0.00% Added +3.2k +3,231
52 Legacy Private Trust Co. 0.13% of their portfolio NEENAH, WI 31,77831.8k $2.2m $2.2m 0.13% Reduced -4.4k -4,375
53 Cetera Investment Advisers 0.00% of their portfolio SCHAUMBURG, IL 31,04731.0k $2.1m $2.1m 0.00% Reduced -59 -59
54 SHEPHERD KAPLAN KROCHUK, LLC 1.67% of their portfolio Boston, MA 29,98430.0k $2.0m $2.0m 1.67% Reduced -17.8k -17,830
55 UBS Group AG 0.00% of their portfolio ZURICH, V8 29,47529.5k $2.0m $2.0m 0.00% Added +1.0k +1,048
56 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 27,01927.0k $1.8m $1.8m 0.00% Reduced -30.6k -30,577
57 WEDBUSH SECURITIES INC 0.06% of their portfolio PASADENA, CA 26,29726.3k $1.8m $1.8m 0.06% Reduced -1.1k -1,119
58 Provident Wealth Management, LLC 0.53% of their portfolio BRENTWOOD, TN 25,65825.7k $1.7m $1.7m 0.53% Added +259 +259
59 Prospera Financial Services Inc 0.03% of their portfolio Dallas, TX 24,63924.6k $1.7m $1.7m 0.03% Added +1.4k +1,424
60 Sanctuary Advisors, LLC 0.01% of their portfolio INDIANAPOLIS, IN 24,30624.3k $1.7m $1.7m 0.01% Added +12.7k +12,736
61 TRUIST FINANCIAL CORP 0.00% of their portfolio CHARLOTTE, NC 22,55822.6k $1.5m $1.5m 0.00% Reduced -249 -249
62 Financial Advocates Investment Management 0.86% of their portfolio OLYMPIA, WA 22,49922.5k $1.5m $1.5m 0.86% New
63 SIMPLEX TRADING, LLC 0.03% of their portfolio CHICAGO, IL 22,10522.1k $1.5m $1.5m 0.03% Added +15.4k +15,434
64 Goodman Advisory Group, LLC 0.34% of their portfolio NEEDHAM, MA 20,33120.3k $1.4m $1.4m 0.34% Reduced -5.3k -5,350
65 Williams & Novak, LLC 1.03% of their portfolio WESTLAKE VILLAGE, CA 19,61519.6k $1.3m $1.3m 1.03% New
66 Tidal Investments LLC 0.01% of their portfolio Milwaukee, WI 18,41718.4k $1.2m $1.2m 0.01% New
67 GTS SECURITIES LLC 0.03% of their portfolio NEW YORK, NY 12,44412.4k $845.7k $845.7k 0.03% Reduced -62.7k -62,709
68 FLP Wealth Management, LLC 2.38% of their portfolio BENTONVILLE, AR 12,42912.4k $844.7k $844.7k 2.38% Added +3.7k +3,689
69 Advisory Services Network, LLC 0.01% of their portfolio ATLANTA, GA 10,06710.1k $684.1k $684.1k 0.01% Reduced -57 -57
70 Integrated Wealth Concepts LLC 0.01% of their portfolio WALTHAM, MA 9,96810.0k $677.4k $677.4k 0.01% Added +2.5k +2,537
71 ALLIUM FINANCIAL ADVISORS, LLC 0.50% of their portfolio LAKE OSWEGO, OR 8,8838.9k $603.7k $603.7k 0.50% Unchanged
72 Elevated Capital Advisors, LLC 0.15% of their portfolio SANDY, UT 8,7778.8k $596.5k $596.5k 0.15% Reduced -509 -509
73 Ballew Advisors, Inc 0.34% of their portfolio Jackson, MS 8,7048.7k $604.1k $604.1k 0.34% New
74 Delos Wealth Advisors, LLC 0.40% of their portfolio DALLAS, TX 8,6988.7k $591.1k $591.1k 0.40% Added +7.1k +7,062
75 BLAIR WILLIAM & CO/IL 0.00% of their portfolio CHICAGO, IL 8,5038.5k $577.8k $577.8k 0.00% Reduced -2.0k -2,024
76 BCWM, LLC 0.16% of their portfolio OVERLAND PARK, KS 8,0158.0k $544.7k $544.7k 0.16% Added +302 +302
77 Patriot Financial Group Insurance Agency, LLC 0.07% of their portfolio Westborough, MA 7,5177.5k $510.9k $510.9k 0.07% New
78 Foundations Investment Advisors, LLC 0.01% of their portfolio PHOENIX, AZ 7,1227.1k $484.0k $484.0k 0.01% Reduced -2.6k -2,600
79 PRIVATE TRUST CO NA 0.04% of their portfolio CLEVELAND, OH 6,9076.9k $469.4k $469.4k 0.04% Reduced -495 -495
80 TWO SIGMA SECURITIES, LLC 0.07% of their portfolio NEW YORK, NY 6,7236.7k $456.9k $456.9k 0.07% Reduced -265 -265
81 Colonial River Investments, LLC 0.17% of their portfolio MIDLOTHIAN, VA 6,7176.7k $456.5k $456.5k 0.17% Reduced -2.5k -2,481
82 AXXCESS WEALTH MANAGEMENT, LLC 0.01% of their portfolio CARLSBAD, CA 6,7056.7k $455.7k $455.7k 0.01% Reduced -2.3k -2,304
83 Mutual Advisors, LLC 0.01% of their portfolio OMAHA, NE 6,5616.6k $460.5k $460.5k 0.01% Reduced -11.8k -11,830
84 Formidable Asset Management, LLC 0.07% of their portfolio CINCINNATI, OH 6,4556.5k $432.9k $432.9k 0.07% Added +493 +493
85 North Ridge Wealth Advisors, Inc. 0.25% of their portfolio BEAVERTON, OR 6,4446.4k $438.0k $438.0k 0.25% Added +2.3k +2,282
86 Simplicity Wealth,LLC 0.03% of their portfolio SUMMIT, NJ 6,3626.4k $432.4k $432.4k 0.03% New
87 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 6,2596.3k $425.4k $425.4k 0.00% Reduced -15.3k -15,313
88 Great Lakes Retirement, Inc. 0.04% of their portfolio SANDUSKY, OH 5,2055.2k $353.8k $353.8k 0.04% Reduced -327 -327
89 Concurrent Investment Advisors, LLC 0.01% of their portfolio Tampa, FL 5,1835.2k $352.2k $352.2k 0.01% Added +266 +266
90 INTEGRITY ALLIANCE, LLC. 0.02% of their portfolio Urbandale, IA 4,8784.9k $331.5k $331.5k 0.02% Added +27 +27
91 Visionary Wealth Advisors 0.01% of their portfolio O'FALLON, IL 4,6944.7k $319.0k $319.0k 0.01% Added +1.4k +1,429
92 Federation des caisses Desjardins du Quebec 0.00% of their portfolio LEVIS, A8 4,1494.1k $282.0k $282.0k 0.00% Unchanged
93 BYRNE FINANCIAL FREEDOM, LLC 0.14% of their portfolio FRANKLIN, MA 4,0854.1k $277.6k $277.6k 0.14% New
94 AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio Greenwich, CT 3,8143.8k $259.2k $259.2k 0.00% Unchanged
95 CWM, LLC 0.00% of their portfolio OMAHA, NE 3,7923.8k $258.0k $258.0k 0.00% Reduced -1.1k -1,050
96 Timber Creek Capital Management LLC 0.06% of their portfolio BOSTON, MA 3,6853.7k $250.4k $250.4k 0.06% Reduced -37.7k -37,677
97 NorthCoast Asset Management LLC 0.00% of their portfolio STAMFORD, CT 3,5003.5k $237.9k $237.9k 0.00% Unchanged
98 Private Advisor Group, LLC 0.00% of their portfolio MORRISTOWN, NJ 3,4983.5k $237.7k $237.7k 0.00% Added +117 +117
99 Sowell Financial Services LLC 0.01% of their portfolio NORTH LITTLE ROCK, AR 3,2903.3k $223.6k $223.6k 0.01% Added +16 +16
100 Lloyd Advisory Services, LLC. 0.10% of their portfolio SUWANEE, GA 3,1943.2k $217.2k $217.2k 0.10% Reduced -188 -188