The share of 'Investment Funds', representing retail investors, in U.S. Treasury demand has significantly increased from 2011 to 2026. In 2011, these funds accounted for 17% of the demand for 2-, 3-, and 5-year U.S. Treasuries, and 25% for 7-, 10-, and 30-year Treasuries. By 2026, their share has surged to 75% and 70% in these respective categories, according to data from the Treasury Borrowing Advisory Committee (TBAC). This shift highlights a growing influence of retail investors in the U.S. Treasury market over the past 15 years.