iShares 20+ Year Treasury Bond ETF
1,102 hedge funds and large institutions have $35.7B invested in iShares 20+ Year Treasury Bond ETF in 2025 Q2 according to their latest regulatory filings, with 126 funds opening new positions, 405 increasing their positions, 452 reducing their positions, and 191 closing their positions.
12% more call options, than puts
Call options by funds: $14.5B | Put options by funds: $12.9B
7% less funds holding
Funds holding: 1,179 → 1,102 (-77)
7.34% less ownership
Funds ownership: 79.83% → 72.49% (-7.3%)
10% less repeat investments, than reductions
Existing positions increased: 405 | Existing positions reduced: 452
15% less capital invested
Capital invested by funds: $41.8B → $35.7B (-$6.08B)
24% less funds holding in top 10
Funds holding in top 10: 129 → 98 (-31)
34% less first-time investments, than exits
New positions opened: 126 | Existing positions closed: 191
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Bank of Montreal
Toronto,
Ontario, Canada
|
+$418M |
| 2 |
JP Morgan Chase
New York
|
+$317M |
| 3 |
OMC
Old Mission Capital
Chicago,
Illinois
|
+$234M |
| 4 |
Jane Street
New York
|
+$227M |
| 5 |
Northwestern Mutual Wealth Management
Milwaukee,
Wisconsin
|
+$219M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Bank of America
Charlotte,
North Carolina
|
-$2.76B |
| 2 |
Morgan Stanley
New York
|
-$534M |
| 3 |
Barclays
London,
United Kingdom
|
-$305M |
| 4 |
Citigroup
New York
|
-$266M |
| 5 |
Goldman Sachs
New York
|
-$229M |
TLT Hedge Fund Activity: Q2 2025 in Review
1,102 of the 7,595 institutional investors tracked by Wall St. Rank reported a position in iShares 20+ Year Treasury Bond ETF (TLT) for Q2 2025, worth a combined $35.7B — down 15% from $41.8B a quarter earlier.
Sellers outnumbered buyers: 191 funds closed out of TLT and 126 opened new positions — a net loss of 65 holders — while 452 trimmed existing stakes and 405 added.
The largest buyer was Bank of Montreal, adding an estimated $418M. The largest seller was Bank of America, cutting an estimated $2.76B.
- 1,102 institutional investors held iShares 20+ Year Treasury Bond ETF (TLT) as of Q2 2025, down from 1,179 in Q1 2025.
- Funds reported $35.7B of iShares 20+ Year Treasury Bond ETF stock for Q2 2025, down 15% quarter-over-quarter.
- 126 funds opened new iShares 20+ Year Treasury Bond ETF positions in Q2 2025 and 191 closed out, a net change of -65 holders.
- The largest iShares 20+ Year Treasury Bond ETF buyer in Q2 2025 was Bank of Montreal, an estimated $418M added.
- The largest iShares 20+ Year Treasury Bond ETF seller in Q2 2025 was Bank of America, an estimated $2.76B sold.
Based on aggregated 13F filings for Q2 2025.