Capula Management’s iShares 20+ Year Treasury Bond ETF TLT Stock Holding History

Capula Management’s Portfolio TLT Stock Details TLT Fund Activity

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2026 Q1	–	Sell	-200,000	Closed	-$17.4M	–	1212
2025 Q4	$17.4M	Buy	200,000 +100,000	+100%	+$8.94M	0.09%	88
2025 Q3	$8.94M	Buy	100,000 +75,000	+300%	+$6.56M	0.04%	114
2025 Q2	$2.21M	Buy	+25,000	New	+$2.18M	0.02%	127
2024 Q4	–	Sell	-200,000	Closed	-$19.6M	–	596
2024 Q3	$19.6M	Sell	200,000 -2,400,000	-92%	-$231M	0.2%	27
2024 Q2	$239M	Buy	2,600,000 +2,200,000	+550%	+$200M	1.96%	10
2024 Q1	$37.8M	Buy	400,000 +200,000	+100%	+$18.9M	0.9%	12
2023 Q4	$19.8M	Buy	+200,000	New	+$18.1M	0.79%	16
2020 Q3	–	Sell	-127,600	Closed	-$20.9M	–	296
2020 Q2	$20.9M	Buy	+127,600	New	+$21M	0.74%	25
2020 Q1	–	Sell	-40,000	Closed	-$5.42M	–	446
2019 Q4	$5.42M	Buy	+40,000	New	+$5.57M	0.12%	170

Other funds holding TLT

Bank of America Charlotte, North Carolina $1.37T AUM 24.88% 1-Year Est. Return

Northwestern Mutual Wealth Management Milwaukee, Wisconsin $162B AUM 16.35% 1-Year Est. Return

BlackRock New York $5.72T AUM 30.48% 1-Year Est. Return

Rafferty Asset Management New York $24.6B AUM 47.06% 1-Year Est. Return

Bank of Montreal Toronto, Ontario, Canada $269B AUM 31.4% 1-Year Est. Return

UBS Group Zurich, Switzerland $666B AUM 30.12% 1-Year Est. Return

Citigroup New York $235B AUM 32.99% 1-Year Est. Return

Morgan Stanley New York $1.66T AUM 25.57% 1-Year Est. Return

Susquehanna International Group Bala Cynwyd, Pennsylvania $893B AUM 36.07% 1-Year Est. Return

LPL Financial San Diego, California $377B AUM 19.32% 1-Year Est. Return

Capula Management's TLT Position: Q4 2025 in Review

Capula Management sold out of iShares 20+ Year Treasury Bond ETF (TLT) in Q4 2025, closing a stake of 6,181 shares — an estimated $553K sold.

Capula Management first reported a position in TLT in Q3 2022 and held it in 6 quarters. The position peaked at $456M in Q4 2024. 1,145 funds tracked by Wall St. Rank hold TLT as of Q4 2025.

Capula Management reported no remaining iShares 20+ Year Treasury Bond ETF position as of Q4 2025 after selling out during the quarter.
Capula Management sold 6,181 iShares 20+ Year Treasury Bond ETF shares in Q4 2025, an estimated $553K.
Capula Management first reported a position in iShares 20+ Year Treasury Bond ETF in Q3 2022 and held it in 6 quarters.
Capula Management's iShares 20+ Year Treasury Bond ETF position peaked at $456M in Q4 2024.
1,145 funds tracked by Wall St. Rank held iShares 20+ Year Treasury Bond ETF as of Q4 2025.

Based on Capula Management's 13F filing for Q4 2025, filed 13 Feb 2026.