iShares 20+ Year Treasury Bond

TLT • NASDAQ

iShares 20+ Year Treasury Bond is an exchange-traded fund on NASDAQ. As of Q3 2025, 1,061 institutional investors hold shares in this ETF, with total holdings valued at $38.1B. BANK OF AMERICA CORP /DE/ is the largest holder with a position valued at $8.8B.

Overview

Overview of institutional ownership in TLT as of Q3 2025

All Institutions

Institutions: 1,061
Value Held: $38.1B
Shares Held: 426.3M
Avg Position: $35.9M
Median Position: $1.1M

Hedge Funds

Hedge Funds: 33
Value Held: $482.5M
Shares Held: 5.4M
Avg Position: $14.6M
Median Position: $3.4M

Biggest Investors

Institutions with the largest positions in TLT as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
BANK OF AMERICA CORP /DE/ Institution	Brian T. Moynihan CEO	$8.8B 0.66% of portfolio	98.7M shares	≤ Q2 2013 Held for 12y 5m+	$1.33T
N NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Institution	-	$3.7B 2.49% of portfolio	41.7M shares	≤ Q2 2013 Held for 12y 5m+	$149.83B
R Rafferty Asset Management, LLC Institution	Douglas Michael Yones CEO	$3.3B 10.58% of portfolio	36.5M shares	≤ Q2 2013 Held for 12y 5m+	$30.8B
CITIGROUP INC Institution	Jane Fraser CEO	$2.1B 1.45% of portfolio	23.4M shares	≤ Q2 2013 Held for 12y 5m+	$144.32B
B BlackRock, Inc. Institution	-	$2.0B 0.03% of portfolio	21.9M shares	Q2 2014 Held for 11y 5m	$5.67T
BANK OF MONTREAL /CAN/ Institution	Darryl White CEO	$1.6B 0.69% of portfolio	18.1M shares	≤ Q2 2013 Held for 12y 5m+	$235.55B
UBS Group AG Institution	Sergio P. Ermotti CEO	$1.3B 0.26% of portfolio	15.1M shares	Q4 2014 Held for 10y 11m	$511.54B
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$1.3B 0.08% of portfolio	14.6M shares	≤ Q2 2013 Held for 12y 5m+	$1.65T
J JANE STREET GROUP, LLC Institution	-	$1.0B 1.24% of portfolio	11.7M shares	Q1 2014 Held for 11y 8m	$84.1B
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	-	$818.3M 1.21% of portfolio	9.2M shares	≤ Q2 2013 Held for 12y 5m+	$67.9B

Net Capital Flow

Institutional buying and selling activity for TLT in Q3 2025

Net Flow: +$2.3B
Buyers: 451
Sellers: 517
Total Bought: +$6.3B
Total Sold: −$4.0B
Avg Position: $35.0M

Biggest Buyers

Institution	Net Bought	Current Position
BANK OF AMERICA CORP /DE/ Institution	+$3.4B +37.6M shares	$8.8B 98.7M shares
BARCLAYS PLC Institution	+$360.5M +4.0M shares	$566.4M 6.3M shares
J JANE STREET GROUP, LLC Institution	+$347.5M +3.9M shares	$1.0B 11.7M shares
UBS Group AG Institution	+$339.7M +3.8M shares	$1.3B 15.1M shares
B BlackRock, Inc. Institution	+$309.1M +3.5M shares	$2.0B 21.9M shares
BANK OF MONTREAL /CAN/ Institution	+$170.7M +1.9M shares	$1.6B 18.1M shares
MORGAN STANLEY RIA/Wealth	+$167.2M +1.9M shares	$1.3B 14.6M shares
GENWORTH FINANCIAL WEALTH MANAGEMENT, INC Long Only Manager	+$126.2M +1.4M shares	$145.5M 1.6M shares
C CIBC World Markets Inc. Institution	+$108.0M +1.2M shares	$133.2M 1.5M shares
N NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Institution	+$106.9M +1.2M shares	$3.7B 41.7M shares

Biggest Sellers

Institution	Net Sold	Current Position
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	−$879.3M −9.8M shares	$818.3M 9.2M shares
FMR LLC Institution	−$465.9M −5.2M shares	$1.0M 11.3K shares
R Rafferty Asset Management, LLC Institution	−$278.0M −3.1M shares	$3.3B 36.5M shares
JPMORGAN CHASE & CO Institution	−$258.8M −2.9M shares	$448.1M 5.0M shares
C CI INVESTMENTS INC. Institution	−$200.8M −2.2M shares	$16.2M 181.5K shares
O OLD MISSION CAPITAL LLC Institution	−$139.2M −1.6M shares	$102.4M 1.1M shares
S SIMPLEX TRADING, LLC Institution	−$128.7M −1.5M shares	Sold Off 0 shares
H HSBC HOLDINGS PLC Institution	−$125.3M −1.4M shares	$116.4M 1.3M shares
CITIGROUP INC Institution	−$99.8M −1.1M shares	$2.1B 23.4M shares
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	−$98.0M −1.1M shares	$1.5M 16.8K shares

Entry and Exit Activity

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

New Positions: 45
New Value: $52.8M
Exited Positions: 114
Exited Value: $412.0M

New Positions

Institution	Position Value
WJ Interests, LLC RIA/Wealth	$14.4M 160.6K shares
PREVAIL INNOVATIVE WEALTH ADVISORS, LLC RIA/Wealth	$6.8M 76.6K shares
P Perseverance Asset Management International Institution	$5.3M 59.1K shares
Graham Capital Management, L.P. Hedge Fund•Multi-Strategy	$3.4M 38.0K shares
WJ Financial Advisors LLC RIA/Wealth	$3.3M 36.5K shares
SIMS INVESTMENT MANAGEMENT, LLC RIA/Wealth	$3.0M 33.3K shares
E Exit Wealth Advisors, LLC. RIA/Wealth	$1.6M 18.1K shares
B Blue Capital, Inc. RIA/Wealth	$1.6M 17.6K shares
V Vise Technologies, Inc. Institution	$1.2M 13.2K shares
B Blueprint Financial Advisors LLC RIA/Wealth	$1.1M 12.2K shares

Exited Positions

Institution	Previous Position
S SIMPLEX TRADING, LLC Institution	$128.7M 1.5M shares
UBS GLOBAL ASSET MANAGEMENT AMERICAS INC Long Only Manager	$52.0M 589.0K shares
F FLOW TRADERS U.S. LLC Institution	$24.9M 281.7K shares
STATE STREET CORP Institution	$24.3M 275.8K shares
Kingstone Capital Partners Texas, LLC RIA/Wealth	$24.1M 272.8K shares
P PEAK6 LLC Institution	$17.3M 196.0K shares
H HRT FINANCIAL LLC Institution	$16.0M 181.4K shares
ExodusPoint Capital Management, LP Hedge Fund•Multi-Strategy	$13.5M 153.1K shares
ADAPT WEALTH ADVISORS, LLC RIA/Wealth	$10.9M 123.1K shares
T Timelo Investment Management Inc. Institution	$8.4M 95.0K shares

Options Activity

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

Call Positions: 97
Call Value: $13.0B
Put Positions: 77
Put Value: $13.4B

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$2.7B 296.6K contracts
J JANE STREET GROUP, LLC Institution	$2.3B 262.0K contracts
BANK OF AMERICA CORP /DE/ Institution	$1.2B 131.8K contracts
BARCLAYS PLC Institution	$1.1B 121.2K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$1.1B 121.0K contracts
GOLDMAN SACHS GROUP INC Institution	$851.5M 95.3K contracts
UBS Group AG Institution	$585.9M 65.6K contracts
W WOLVERINE TRADING, LLC Institution	$342.6M 38.2K contracts
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	$323.0M 36.1K contracts
Nishkama Capital, LLC Hedge Fund•Sector	$312.8M 35.0K contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$3.4B 376.4K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$1.6B 180.3K contracts
GOLDMAN SACHS GROUP INC Institution	$1.6B 175.8K contracts
BANK OF AMERICA CORP /DE/ Institution	$1.2B 132.2K contracts
J JANE STREET GROUP, LLC Institution	$1.1B 120.7K contracts
BARCLAYS PLC Institution	$879.8M 98.5K contracts
Greenhaven Road Investment Management, L.P. Hedge Fund•Value	$369.7M 41.7K contracts
UBS Group AG Institution	$295.1M 33.0K contracts
P PEAK6 LLC Institution	$270.8M 30.3K contracts
SONA ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	$266.3M 29.8K contracts

Most Committed Institutions

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

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
R RD Finance Ltd Institution	-	34.78% $31.1M	347.5K shares	Q1 2025 Held for 8 months	$89.3M
Cadence Wealth Management LLC RIA/Wealth	Thomas Garth Shiffer Managing Partner	23.50% $44.5M	498.2K shares	Q1 2021 Held for 4y 8m	$189.4M
TCM Advisors, LLC RIA/Wealth	Morris Gordon Nutt Managing Partner	13.32% $14.2M	159.3K shares	Q4 2021 Held for 3y 11m	$106.9M
R Rafferty Asset Management, LLC Institution	Douglas Michael Yones CEO	10.58% $3.3B	36.5M shares	≤ Q2 2013 Held for 12y 5m+	$30.8B
I INSIGHT 2811, INC. RIA/Wealth	Jeffrey Richardson Keen President	10.37% $23.3M	260.3K shares	Q1 2019 Held for 6y 8m	$224.4M
Bramshill Investments, LLC Hedge Fund•Multi-Strategy	Stephen Christopher Selver CEO	9.81% $143.6M	1.6M shares	Q2 2023 Held for 2y 5m	$1.5B
Ally Financial Inc. Institution	Michael G. Rhodes CEO	9.64% $78.0M	873.0K shares	Q2 2022 Held for 3y 5m	$809.2M
Persium Advisors, LLC RIA/Wealth	Stephen Lyle Griner CEO	8.45% $11.3M	125.9K shares	Q4 2024 Held for 11 months	$133.2M
CULTIVAR CAPITAL, INC. RIA/Wealth	Thomas Earl Muir President	8.44% $12.6M	141.5K shares	Q4 2023 Held for 1y 11m	$149.9M
Disciplina Capital Management LLC Fund of Funds	Scott Allen Hayes President	8.34% $66.7M	746.7K shares	Q4 2018 Held for 6y 11m	$799.8M