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iShares 20+ Year Treasury Bond ETF
TLT

1,179 hedge funds and large institutions have $41.8B invested in iShares 20+ Year Treasury Bond ETF in 2025 Q1 according to their latest regulatory filings, with 174 funds opening new positions, 432 increasing their positions, 456 reducing their positions, and 181 closing their positions.

New
Increased
Maintained
Reduced
Closed

35% more call options, than puts

Call options by funds: $15.9B | Put options by funds: $11.8B

22% more funds holding in top 10

Funds holding in top 10: 106 → 129 (+23)

13% more capital invested

Capital invested by funds: $37.1B → $41.8B (+$4.68B)

8.85% more ownership

Funds ownership: 70.98% → 79.83% (+8.8%)

4% less first-time investments, than exits

New positions opened: 174 | Existing positions closed: 181

5% less repeat investments, than reductions

Existing positions increased: 432 | Existing positions reduced: 456

3% less funds holding

Funds holding: 1,218 → 1,179 (-39)

Holders
1,179
Holders Change
-39
Holders Change %
-3.2%
% of All Funds
15.81%
Holding in Top 10
129
Holding in Top 10 Change
+23
Holding in Top 10 Change %
+21.7%
% of All Funds
1.73%
New
174
Increased
432
Reduced
456
Closed
181
Calls
$15.9B
Puts
$11.8B
Net Calls
+$4.1B
Net Calls Change
+$2.47B

Top Buyers

Rank Fund Capital Flow
1
Citigroup
Citigroup
New York
+$2.19B
2
Susquehanna International Group
Susquehanna International Group
Pennsylvania
+$1.61B
3
Bank of America
Bank of America
North Carolina
+$1.21B
4
Barclays
Barclays
United Kingdom
+$419M
5
Simplex Trading
Simplex Trading
Illinois
+$272M

Top Sellers

Rank Fund Capital Flow
1
Envestnet Asset Management
Envestnet Asset Management
Illinois
-$791M
2
CM
Capula Management
Cayman Islands
-$449M
3
Jane Street
Jane Street
New York
-$184M
4
Morgan Stanley
Morgan Stanley
New York
-$160M
5
LPL Financial
LPL Financial
California
-$148M
Name Holding Trade Value Shares
Change 		Change in
Stake
ML
451
McAdam LLC
Pennsylvania
$2.7M +$630K +7,080 +31%
LFAS
452
Level Four Advisory Services
Texas
$2.7M -$25.5K -286 -1%
CBA
453
Coastal Bridge Advisors
Connecticut
$2.69M +$2.63M +29,584 New
HWMC
454
Heritage Wealth Management (California)
California
$2.69M -$164K -1,847 -6%
TCM
455
Triumph Capital Management
Colorado
$2.68M +$1.7M +19,136 +186%
TFIPS
456
Towarzystwo Funduszy Inwestycyjnych PZU SA
$2.67M +$2.61M +29,300 New
PFWA
457
Paces Ferry Wealth Advisors
Georgia
$2.64M +$276K +3,096 +12%
UWS
458
Unique Wealth Strategies
Illinois
$2.64M -$20.4K -229 -0.8%
SCM
459
Sheridan Capital Management
California
$2.62M -$241K -2,709 -9%
PCIA
460
Prime Capital Investment Advisors
Kansas
$2.57M +$109K +1,221 +5%
VCP
461
Verus Capital Partners
Arizona
$2.56M -$875K -9,827 -26%
SWMG
462
Signature Wealth Management Group
Georgia
$2.56M +$57.4K +645 +2%
SWTS
463
Stonehaven Wealth & Tax Solutions
Wisconsin
$2.54M +$1M +11,257 +68%
CIM
464
Confluence Investment Management
Missouri
$2.52M +$2.46M +27,667 New
MA
465
MONECO Advisors
Connecticut
$2.52M -$2.04M -22,945 -45%
BDAM
466
Blue Door Asset Management
Connecticut
$2.5M +$2.45M +27,500 New
HWA
467
Heritage Wealth Architects
Minnesota
$2.5M +$2.44M +27,462 New
IAS
468
Insigneo Advisory Services
Florida
$2.48M +$316K +3,549 +15%
AFP
469
Ausdal Financial Partners
Iowa
$2.47M -$20.9M -235,196 -90%
TIAM2
470
Tru Independence Asset Management 2
Oregon
$2.46M +$1.75M +19,649 +266%
CCFM
471
Clear Creek Financial Management
Washington
$2.44M -$839K -9,424 -26%
BA
472
Ballew Advisors
Mississippi
$2.44M +$175K +1,962 +8%
GAM
473
Gotham Asset Management
New York
$2.43M -$187K -2,097 -7%
TCA
474
Transcend Capital Advisors
New Jersey
$2.42M -$342K -3,840 -13%
APW
475
Austin Private Wealth
Texas
$2.42M -$10M -112,371 -81%
17 18
19
20 21

TLT Hedge Fund Activity: Q1 2025 in Review

1,179 of the 7,458 institutional investors tracked by Wall St. Rank reported a position in iShares 20+ Year Treasury Bond ETF (TLT) for Q1 2025, worth a combined $41.8B — up 13% from $37.1B a quarter earlier.

Sellers outnumbered buyers: 181 funds closed out of TLT and 174 opened new positions — a net loss of 7 holders — while 456 trimmed existing stakes and 432 added.

The largest buyer was Citigroup, adding an estimated $2.19B. The largest seller was Envestnet Asset Management, cutting an estimated $791M.

  • 1,179 institutional investors held iShares 20+ Year Treasury Bond ETF (TLT) as of Q1 2025, down from 1,218 in Q4 2024.
  • Funds reported $41.8B of iShares 20+ Year Treasury Bond ETF stock for Q1 2025, up 13% quarter-over-quarter.
  • 174 funds opened new iShares 20+ Year Treasury Bond ETF positions in Q1 2025 and 181 closed out, a net change of -7 holders.
  • The largest iShares 20+ Year Treasury Bond ETF buyer in Q1 2025 was Citigroup, an estimated $2.19B added.
  • The largest iShares 20+ Year Treasury Bond ETF seller in Q1 2025 was Envestnet Asset Management, an estimated $791M sold.

Based on aggregated 13F filings for Q1 2025.