Vault-13

PROSHARES TR TBT

PSHS ULTSH 20YRS · ETP · CUSIP 74347B201

53 institutional holders +0 vs Q3 2025
2,070,6482.1m shares reported held*
$72.3mreported value*
11 new 13 added 12 reduced 9 sold out net bought ≈ $4.7m (+135.6k shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Implied quarter-end price ≈ $34.94. Options: 8 managers hold calls ($43.4m notional), 4 hold puts ($23.8m).

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

050100150Q3 22: 108Q4 22: 102Q1 23: 87Q2 23: 86Q3 23: 82Q4 23: 84Q1 24: 68Q2 24: 60Q3 24: 60Q4 24: 76Q1 25: 63Q2 25: 61Q3 25: 53Q4 25: 5353Q3 22Q2 23Q1 24Q4 24Q4 25
Numbers
QuarterHolders
Q3 2022108
Q4 2022102
Q1 202387
Q2 202386
Q3 202382
Q4 202384
Q1 202468
Q2 202460
Q3 202460
Q4 202476
Q1 202563
Q2 202561
Q3 202553
Q4 202553

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
50050Q1 24: 16 bought or addedQ1 24: 48 cut or sold outQ2 24: 11 bought or addedQ2 24: 25 cut or sold outQ2 24Q3 24: 18 bought or addedQ3 24: 25 cut or sold outQ4 24: 33 bought or addedQ4 24: 17 cut or sold outQ4 24Q1 25: 21 bought or addedQ1 25: 27 cut or sold outQ2 25: 23 bought or addedQ2 25: 32 cut or sold outQ2 25Q3 25: 16 bought or addedQ3 25: 22 cut or sold outQ4 25: 24 bought or addedQ4 25: 21 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 20241648
Q2 20241125
Q3 20241825
Q4 20243317
Q1 20252127
Q2 20252332
Q3 20251622
Q4 20252421

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$20m$40m$60mQ1 25 calls: $42.4mQ1 25 puts: $31.4mQ1 25P/C 0.74Q2 25 calls: $47.8mQ2 25 puts: $25.8mQ2 25P/C 0.54Q3 25 calls: $48.9mQ3 25 puts: $25.8mQ3 25P/C 0.53Q4 25 calls: $43.4mQ4 25 puts: $23.8mQ4 25P/C 0.55
Numbers
QuarterCallsPutsP/C
Q1 2025$42.4m$31.4m0.74
Q2 2025$47.8m$25.8m0.54
Q3 2025$48.9m$25.8m0.53
Q4 2025$43.4m$23.8m0.55

Biggest buyers

CastleKnight Management LP Added +96,700+96.7k
UBS Group AG Added +88,291+88.3k
HRT FINANCIAL LP New +80,159+80.2k
Quadrature Capital Ltd Added +78,316+78.3k
Empowered Funds, LLC New +61,845+61.8k
Client First Investment Management LLC New +27,030+27.0k
CITADEL ADVISORS LLC New +25,192+25.2k
GOLDMAN SACHS GROUP INC New +24,492+24.5k
BNP PARIBAS FINANCIAL MARKETS Added +23,680+23.7k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added +14,050+14.1k

Biggest sellers

RENAISSANCE TECHNOLOGIES LLC Reduced -170,200-170.2k
Hudson Bay Capital Management LP Sold out -90,714-90.7k
Virtue Capital Management, LLC Reduced -36,551-36.6k
Northwest Capital Management Inc Sold out -23,396-23.4k
CWM, LLC Reduced -20,077-20.1k
JANE STREET GROUP, LLC Reduced -17,903-17.9k
SIMPLEX TRADING, LLC Reduced -17,616-17.6k
CAMELOT TECHNOLOGY ADVISORS, INC. Reduced -10,437-10.4k
Gruss & Co., LLC Sold out -10,000-10.0k
JPMORGAN CHASE & CO Reduced -7,660-7.7k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $20.7m591.8k shares
JANE STREET GROUP, LLC Reduced $9.8m281.6k shares
CastleKnight Management LP Added $3.5m100.0k shares
CITADEL ADVISORS LLC Reduced $3.4m98.1k shares
IMC-Chicago, LLC Reduced $2.4m68.8k shares
SIG BROKERAGE, LP Unchanged $1.7m50.0k shares
GROUP ONE TRADING LLC Reduced $1.7m48.5k shares
JPMORGAN CHASE & CO Reduced $87.3k2.5k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $14.8m422.5k shares
JANE STREET GROUP, LLC Reduced $4.6m132.9k shares
CITADEL ADVISORS LLC Added $2.7m76.4k shares
SIG BROKERAGE, LP Unchanged $1.7m50.0k shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.03% of their portfolio BALA CYNWYD, PA 635,935635.9k $22.2m $22.2m 0.03% Added +14.1k +14,050
2 CastleKnight Management LP 1.20% of their portfolio New York, NY 604,949604.9k $21.1m $21.1m 1.20% Added +96.7k +96,700
3 UBS Group AG 0.00% of their portfolio ZURICH, V8 92,13192.1k $3.2m $3.2m 0.00% Added +88.3k +88,291
4 Quadrature Capital Ltd 0.03% of their portfolio LONDON, X0 87,97688.0k $3.1m $3.1m 0.03% Added +78.3k +78,316
5 HRT FINANCIAL LP 0.01% of their portfolio NEW YORK, NY 80,15980.2k $2.8m $2.8m 0.01% New
6 Empowered Funds, LLC 0.04% of their portfolio NEWTOWN SQUARE, PA 61,84561.8k $2.2m $2.2m 0.04% New
7 RENAISSANCE TECHNOLOGIES LLC 0.00% of their portfolio NEW YORK, NY 44,70044.7k $1.6m $1.6m 0.00% Reduced -170.2k -170,200
8 Camarda Financial Advisors, LLC 0.57% of their portfolio FLEMING ISLAND, FL 42,63942.6k $1.5m $1.5m 0.57% Reduced -127 -127
9 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 39,50239.5k $1.4m $1.4m 0.00% Reduced -17.9k -17,903
10 SIMPLEX TRADING, LLC 0.04% of their portfolio CHICAGO, IL 37,80937.8k $1.3m $1.3m 0.04% Reduced -17.6k -17,616
11 Verity Asset Management, Inc. 0.55% of their portfolio DURHAM, NC 36,59236.6k $1.3m $1.3m 0.55% Added +5.2k +5,190
12 Tidal Investments LLC 0.00% of their portfolio Milwaukee, WI 33,56133.6k $1.2m $1.2m 0.00% Reduced -105 -105
13 EFG International AG 0.02% of their portfolio Zurich, V8 30,00030.0k $1.0m $1.0m 0.02% First filing
14 Client First Investment Management LLC 0.50% of their portfolio West Bend, WI 27,03027.0k $944.4k $944.4k 0.50% New
15 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 25,19225.2k $880.2k $880.2k 0.00% New
16 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 24,49224.5k $855.7k $855.7k 0.00% New
17 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 23,77723.8k $830.8k $830.8k 0.00% Added +23.7k +23,680
18 CAMELOT TECHNOLOGY ADVISORS, INC. 0.60% of their portfolio SAN FRANCISCO, CA 22,89622.9k $800.0k $800.0k 0.60% Reduced -10.4k -10,437
19 Verition Fund Management LLC 0.00% of their portfolio GREENWICH, CT 20,00020.0k $698.8k $698.8k 0.00% Unchanged
20 Virtue Capital Management, LLC 0.08% of their portfolio BRENTWOOD, TN 15,62315.6k $545.4k $545.4k 0.08% Reduced -36.6k -36,551
21 IMC-Chicago, LLC 0.01% of their portfolio CHICAGO, IL 11,16711.2k $390.2k $390.2k 0.01% New
22 Cerity Partners LLC 0.00% of their portfolio NEW YORK, NY 11,09011.1k $387.5k $387.5k 0.00% Added +98 +98
23 Auour Investments LLC 0.11% of their portfolio WOBURN, MA 9,4589.5k $330.5k $330.5k 0.11% Added +974 +974
24 Capital Investment Counsel, Inc 0.04% of their portfolio RALEIGH, NC 8,6008.6k $300.5k $300.5k 0.04% Unchanged
25 Essex LLC 0.05% of their portfolio DEER PARK, IL 7,7967.8k $272.4k $272.4k 0.05% Added +1.2k +1,156
26 Weinberger Asset Management, Inc 0.09% of their portfolio LOS ANGELES, CA 7,3907.4k $258.2k $258.2k 0.09% Unchanged
27 TWO SIGMA SECURITIES, LLC 0.03% of their portfolio NEW YORK, NY 6,1146.1k $213.6k $213.6k 0.03% New
28 ZWJ INVESTMENT COUNSEL INC 0.01% of their portfolio Atlanta, GA 5,7355.7k $200.4k $200.4k 0.01% New
29 GABLES CAPITAL MANAGEMENT INC. 0.07% of their portfolio MIAMI, FL 5,0185.0k $175.3k $175.3k 0.07% Reduced -50 -50
30 CWM, LLC 0.00% of their portfolio OMAHA, NE 3,3193.3k $116.0k $116.0k 0.00% Reduced -20.1k -20,077
31 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 1,5061.5k $52.6k $52.6k 0.00% Unchanged
32 GROUP ONE TRADING LLC 0.00% of their portfolio CHICAGO, IL 1,3071.3k $45.7k $45.7k 0.00% Reduced -6.2k -6,218
33 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 1,1501.1k $40.2k $40.2k 0.00% Added +240 +240
34 Qube Research & Technologies Ltd 0.00% of their portfolio LONDON, X0 988988 $34.5k $34.5k 0.00% Added +698 +698
35 FNY Investment Advisers, LLC 0.01% of their portfolio NEW YORK, NY 800800 $27.0k $27.0k 0.01% New
36 SHP Wealth Management 0.00% of their portfolio PLYMOUTH, MA 567567 $19.8k $19.8k 0.00% First filing
37 Vermillion Wealth Management, Inc. 0.01% of their portfolio ROSEMOUNT, MN 535535 $18.7k $18.7k 0.01% New
38 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 262262 $9.2k $9.2k 0.00% Reduced -7.7k -7,660
39 BROWN BROTHERS HARRIMAN & CO 0.00% of their portfolio NEW YORK, NY 256256 $8.9k $8.9k 0.00% Unchanged
40 US BANCORP \DE\ 0.00% of their portfolio MINNEAPOLIS, MN 150150 $5.2k $5.2k 0.00% Unchanged
41 Ancora Advisors LLC 0.00% of their portfolio Cleveland, OH 137137 $4.8k $4.8k 0.00% Unchanged
42 Aptus Capital Advisors, LLC 0.00% of their portfolio FAIRHOPE, AL 132132 $4.6k $4.6k 0.00% Added +81 +81
43 Ascentis Wealth Management, LLC 0.00% of their portfolio DALLAS, TX 126126 $4.4k $4.4k 0.00% Unchanged
44 TRUST CO OF TOLEDO NA /OH/ 0.00% of their portfolio HOLLAND, OH 8080 $2.8k $2.8k 0.00% Unchanged
45 Geneos Wealth Management Inc. 0.00% of their portfolio ENGLEWOOD, CO 5050 $1.7k $1.7k 0.00% Unchanged
46 North Star Investment Management Corp. 0.00% of their portfolio CHICAGO, IL 2727 $943 $943 0.00% Unchanged
47 CoreCap Advisors, LLC 0.00% of their portfolio SOUTHFIELD, MI 2323 $800 $800 0.00% Added +1 +1
48 ASSETMARK, INC 0.00% of their portfolio CONCORD, CA 2222 $769 $769 0.00% Unchanged
49 Tower Research Capital LLC (TRC) 0.00% of their portfolio NEW YORK, NY 2020 $699 $699 0.00% New
50 Farther Finance Advisors, LLC 0.00% of their portfolio SAN FRANCISCO, CA 1212 $419 $419 0.00% Unchanged
51 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 22 $93 $93 0.00% Reduced -377 -377
52 HUNTINGTON NATIONAL BANK 0.00% of their portfolio COLUMBUS, OH 11 $35 $35 0.00% Unchanged
53 NATIXIS 0.00% of their portfolio PARIS, I0 11 $35 $35 0.00% Unchanged