US Treasury 3 Month Bill ETF

TBIL • NASDAQ

US Treasury 3 Month Bill ETF is an exchange-traded fund on NASDAQ. As of Q3 2025, 249 institutional investors hold shares in this ETF, with total holdings valued at $2.5B. LPL Financial LLC is the largest holder with a position valued at $479.1M.

Overview

Overview of institutional ownership in TBIL as of Q3 2025

All Institutions

Institutions: 249
Value Held: $2.5B
Shares Held: 49.7M
Avg Position: $10.0M
Median Position: $1.4M

Hedge Funds

Hedge Funds: 5
Value Held: $5.4M
Shares Held: 108.6K
Avg Position: $1.1M
Median Position: $971.9K

Biggest Investors

Institutions with the largest positions in TBIL as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
L LPL Financial LLC Institution	-	$479.1M 0.14% of portfolio	9.6M shares	Q4 2022 Held for 2y 11m	$340.07B
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$439.0M 0.03% of portfolio	8.8M shares	Q2 2023 Held for 2y 5m	$1.65T
RAYMOND JAMES FINANCIAL INC RIA/Wealth	Steven Robert Marcus CEO	$112.0M 0.04% of portfolio	2.2M shares	Q4 2024 Held for 11 months	$310.43B
S STIFEL FINANCIAL CORP Long Only Manager	Adam Vartan Topalian CIO	$101.1M 0.09% of portfolio	2.0M shares	Q1 2023 Held for 2y 8m	$109.37B
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC RIA/Wealth	James Loren Cahn Chairman	$86.9M 0.13% of portfolio	1.7M shares	Q4 2023 Held for 1y 11m	$65.5B
WELLS FARGO & COMPANY/MN Institution	Charles W. Scharf CEO	$72.0M 0.01% of portfolio	1.4M shares	Q3 2023 Held for 2y 2m	$488.50B
O OBERMEYER ASSET MANAGEMENT CO RIA/Wealth	Walter Raymond Obermeyer Chairman	$57.1M 2.68% of portfolio	1.1M shares	Q1 2024 Held for 1y 8m	$2.1B
JOURNEY STRATEGIC WEALTH LLC RIA/Wealth	Penny Alexandra Phillips Founder	$54.9M 1.55% of portfolio	1.1M shares	Q3 2025 Held for 2 months	$3.5B
T TOTAL INVESTMENT MANAGEMENT INC Institution	-	$50.3M 6.54% of portfolio	1.0M shares	Q2 2025 Held for 5 months	$769.3M
B BENJAMIN EDWARDS INC Institution	-	$47.8M 0.54% of portfolio	955.7K shares	Q3 2024 Held for 1y 2m	$8.8B

Net Capital Flow

Institutional buying and selling activity for TBIL in Q3 2025

Traded: +$146.1M
Buyers: 141
Sellers: 115
Total Bought: +$340.8M
Total Sold: −$194.7M
Avg Position: $9.1M

Biggest Buyers

Institution	Net Bought	Current Position
JOURNEY STRATEGIC WEALTH LLC RIA/Wealth	+$54.9M +1.1M shares	$54.9M 1.1M shares
MML INVESTORS SERVICES, LLC RIA/Wealth	+$38.1M +-241.3K shares	$38.1M 762.7K shares
S STIFEL FINANCIAL CORP Long Only Manager	+$21.0M +419.6K shares	$101.1M 2.0M shares
WELLS FARGO & COMPANY/MN Institution	+$17.1M +341.4K shares	$72.0M 1.4M shares
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC RIA/Wealth	+$16.0M +320.3K shares	$86.9M 1.7M shares
S SCOTIA CAPITAL INC. Institution	+$15.9M +318.7K shares	$26.0M 520.8K shares
RAYMOND JAMES FINANCIAL INC RIA/Wealth	+$11.3M +226.8K shares	$112.0M 2.2M shares
T Tower Research Capital LLC Institution	+$10.9M +217.1K shares	$10.9M 217.1K shares
MORGAN STANLEY RIA/Wealth	+$9.5M +190.8K shares	$439.0M 8.8M shares
O OBERMEYER ASSET MANAGEMENT CO RIA/Wealth	+$8.7M +173.2K shares	$57.1M 1.1M shares

Biggest Sellers

Institution	Net Sold	Current Position
M Moloney Securities Asset Management, LLC RIA/Wealth	−$33.9M −677.2K shares	$17.3M 345.3K shares
L LPL Financial LLC Institution	−$20.6M −412.8K shares	$479.1M 9.6M shares
F/M Investments LLC ETF Provider	−$12.2M −243.9K shares	$38.9M 777.6K shares
Wealthcare Advisory Partners LLC RIA/Wealth	−$11.4M −227.1K shares	$4.9M 97.6K shares
HighTower Advisors, LLC RIA/Wealth	−$10.1M −202.5K shares	$3.3M 66.2K shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	−$8.0M −160.7K shares	Sold Off 0 shares
Kestra Advisory Services, LLC RIA/Wealth	−$6.6M −132.6K shares	$11.6M 231.4K shares
Stratos Wealth Partners, LTD. RIA/Wealth	−$6.4M −127.6K shares	$6.7M 134.0K shares
RETIREMENT CAPITAL STRATEGIES RIA/Wealth	−$5.6M −111.6K shares	$5.3M 105.5K shares
DENVER WEALTH MANAGEMENT, INC. RIA/Wealth	−$4.4M −88.2K shares	$3.7M 74.0K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited TBIL in Q3 2025

New Positions: 25
New Value: $117.6M
Exited Positions: 23
Exited Value: $28.7M

New Positions

Institution	Position Value
JOURNEY STRATEGIC WEALTH LLC RIA/Wealth	$54.9M 1.1M shares
MML INVESTORS SERVICES, LLC RIA/Wealth	$38.1M 762.7K shares
Proactive Wealth Strategies LLC RIA/Wealth	$6.6M 132.3K shares
Beacon Pointe Advisors, LLC RIA/Wealth	$3.5M 69.6K shares
AQR CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	$2.7M 53.9K shares
M MATAURO, LLC RIA/Wealth	$2.6M 51.2K shares
KW WEALTH MANAGEMENT LLC RIA/Wealth	$1.2M 24.0K shares
Investment Research Partners LLC Hedge Fund•Multi-Strategy	$1.2M 23.6K shares
Accredited Investors Inc. RIA/Wealth	$1.1M 22.5K shares
Moors & Cabot, Inc. RIA/Wealth	$1.1M 21.6K shares

Exited Positions

Institution	Previous Position
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$8.0M 160.7K shares
Baird Financial Group, Inc. Private Equity	$4.4M 88.0K shares
G GTS SECURITIES LLC Institution	$3.1M 61.6K shares
J JANE STREET GROUP, LLC Institution	$1.9M 38.2K shares
Stegent Equity Advisors, Inc. RIA/Wealth	$1.8M 36.5K shares
Financial Advocates Investment Management RIA/Wealth	$1.7M 33.0K shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	$1.6M 32.1K shares
P PITCAIRN CO Institution	$1.3M 25.5K shares
BlueChip Wealth Advisors LLC RIA/Wealth	$1.1M 22.0K shares
Eqis Capital Management, Inc. RIA/Wealth	$863.9K 17.3K shares

Options Activity

Institutions with the largest Call and Put options positions in TBIL as of Q3 2025

Call Positions: 0
Call Value: -
Put Positions: 0
Put Value: -

Call Positions

Institution	Position Value
No call positions found

Put Positions

Institution	Position Value
No put positions found

Most Committed Institutions

Institutions with TBIL as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
VanWeelden Wealth Management, LLC RIA/Wealth	John Douglas Vanweelden President	18.25% $14.0M	280.4K shares	Q3 2025 Held for 2 months	$76.8M
G Generation Capital Management LLC Institution	-	9.12% $12.6M	251.9K shares	Q4 2024 Held for 11 months	$138.1M
Family Office Research LLC RIA/Wealth	Emily Ann Freund Managing Partner	7.57% $17.2M	344.8K shares	Q4 2024 Held for 11 months	$227.7M
Coign Capital Advisors LLC RIA/Wealth	Adam Gayle Lefler Managing Partner	6.72% $10.9M	218.3K shares	Q4 2024 Held for 11 months	$162.5M
T TOTAL INVESTMENT MANAGEMENT INC Institution	-	6.54% $50.3M	1.0M shares	Q2 2025 Held for 5 months	$769.3M
VISION FINANCIAL MARKETS LLC RIA/Wealth	Robert Stagg Winston Managing Partner	4.98% $5.8M	116.7K shares	Q4 2024 Held for 11 months	$117.1M
Strait & Sound Wealth Management LLC RIA/Wealth	Todd Alan Sixt CEO	4.56% $11.9M	237.6K shares	Q4 2023 Held for 1y 11m	$260.6M
Sterling Group Wealth Management, LLC RIA/Wealth	Charles Hunt Salembier Managing Partner	4.48% $9.1M	181.1K shares	Q2 2025 Held for 5 months	$201.9M
Pinnacle Wealth Management Group, Inc. RIA/Wealth	Adam Michael Mark President	4.26% $8.2M	164.7K shares	Q3 2024 Held for 1y 2m	$193.3M
Heritage Wealth Architects, Inc. RIA/Wealth	Stephen Jeffrey Coplon President	3.39% $5.5M	109.4K shares	Q2 2025 Held for 5 months	$161.2M

Hedge Fund Spotlight

Discover hedge funds investing in TBIL

Quantinno Capital Management LP

Hedge Fund • Market Neutral

Portfolio ManagerHoon Nmn Kim

Portfolio Value: $36.6B
Positions: 2,911
Last Reported: Q3 2025

Sector Allocation

Position in US Treasury 3 Month Bill ETF

Market Value: $250.7K
Shares Held: 5.0K
Portfolio Weight: 0.00%
Owned Since: 2025-Q3

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