iShares 20+ Year Treasury Bond ETF
1,155 hedge funds and large institutions have $38.3B invested in iShares 20+ Year Treasury Bond ETF in 2025 Q4 according to their latest regulatory filings, with 201 funds opening new positions, 432 increasing their positions, 410 reducing their positions, and 122 closing their positions.
65% more first-time investments, than exits
New positions opened: 201 | Existing positions closed: 122
20% more call options, than puts
Call options by funds: $15.2B | Put options by funds: $12.6B
13% more funds holding in top 10
Funds holding in top 10: 80 → 90 (+10)
5% more funds holding
Funds holding: 1,099 → 1,155 (+56)
5% more repeat investments, than reductions
Existing positions increased: 432 | Existing positions reduced: 410
0.13% more ownership
Funds ownership: 79.83% → 79.96% (+0.13%)
0% less capital invested
Capital invested by funds: $38.4B → $38.3B (-$122M)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Bank of America
Charlotte,
North Carolina
|
+$924M |
| 2 |
Morgan Stanley
New York
|
+$409M |
| 3 |
JP Morgan Chase
New York
|
+$356M |
| 4 |
PC
Pureheart Capital
Singapore,
|
+$300M |
| 5 |
BlackRock
New York
|
+$275M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Bank of Montreal
Toronto,
Ontario, Canada
|
-$653M |
| 2 |
Rafferty Asset Management
New York
|
-$547M |
| 3 |
Susquehanna International Group
Bala Cynwyd,
Pennsylvania
|
-$426M |
| 4 |
Envestnet Asset Management
Chicago,
Illinois
|
-$245M |
| 5 |
CIBC World Market
Toronto,
Ontario, Canada
|
-$117M |
TLT Hedge Fund Activity: Q4 2025 in Review
1,155 of the 8,284 institutional investors tracked by Wall St. Rank reported a position in iShares 20+ Year Treasury Bond ETF (TLT) for Q4 2025, worth a combined $38.3B — down 0.32% from $38.4B a quarter earlier.
Buyers outnumbered sellers: 201 funds opened new TLT positions and 122 closed out — a net gain of 79 holders — while 432 added to existing stakes and 410 trimmed.
The largest buyer was Bank of America, adding an estimated $924M. The largest seller was Bank of Montreal, cutting an estimated $653M.
- 1,155 institutional investors held iShares 20+ Year Treasury Bond ETF (TLT) as of Q4 2025, up from 1,099 in Q3 2025.
- Funds reported $38.3B of iShares 20+ Year Treasury Bond ETF stock for Q4 2025, down 0.32% quarter-over-quarter.
- 201 funds opened new iShares 20+ Year Treasury Bond ETF positions in Q4 2025 and 122 closed out, a net change of +79 holders.
- The largest iShares 20+ Year Treasury Bond ETF buyer in Q4 2025 was Bank of America, an estimated $924M added.
- The largest iShares 20+ Year Treasury Bond ETF seller in Q4 2025 was Bank of Montreal, an estimated $653M sold.
Based on aggregated 13F filings for Q4 2025.