Vault-13

PROSHARES TR TBT

PSHS ULTSH 20YRS · ETP · CUSIP 74347B201

59 institutional holders +8 vs Q1 2026
2,489,3732.5m shares reported held*
$87.2mreported value*
18 new 16 added 6 reduced 10 sold out net bought ≈ $14.6m (+416.9k 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 ≈ $35.04. Options: 5 managers hold calls ($33.8m notional), 3 hold puts ($14.5m).

Trends to Q2 2026

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: 53Q1 26: 51Q2 26: 5959Q3 22Q3 23Q3 24Q3 25Q2 26
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
Q1 202651
Q2 202659

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q3 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 25Q1 26: 23 bought or addedQ1 26: 23 cut or sold outQ2 26: 34 bought or addedQ2 26: 16 cut or sold outQ2 26
Numbers
QuarterBought or addedCut or sold out
Q3 20241825
Q4 20243317
Q1 20252127
Q2 20252332
Q3 20251622
Q4 20252421
Q1 20262323
Q2 20263416

Calls vs puts

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

CallsPuts
$0$20m$40m$60mQ3 25 calls: $48.9mQ3 25 puts: $25.8mQ3 25P/C 0.53Q4 25 calls: $43.4mQ4 25 puts: $23.8mQ4 25P/C 0.55Q1 26 calls: $32.6mQ1 26 puts: $15.9mQ1 26P/C 0.49Q2 26 calls: $33.8mQ2 26 puts: $14.5mQ2 26P/C 0.43
Numbers
QuarterCallsPutsP/C
Q3 2025$48.9m$25.8m0.53
Q4 2025$43.4m$23.8m0.55
Q1 2026$32.6m$15.9m0.49
Q2 2026$33.8m$14.5m0.43

Biggest buyers

Proficio Capital Partners LLC New +343,893+343.9k
Empowered Funds, LLC New +81,472+81.5k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added +45,141+45.1k
SIMPLEX TRADING, LLC New +38,527+38.5k
Camarda Financial Advisors, LLC New +38,181+38.2k
WealthPlan Investment Management, LLC New +30,000+30.0k
Jefferies Financial Group Inc. Added +27,262+27.3k
CastleKnight Management LP Added +22,100+22.1k
PRELUDE CAPITAL MANAGEMENT, LLC New +17,280+17.3k
ROYAL BANK OF CANADA Added +16,284+16.3k

Biggest sellers

Mariner, LLC Reduced -95,302-95.3k
JANE STREET GROUP, LLC Reduced -56,013-56.0k
CITADEL ADVISORS LLC Reduced -38,039-38.0k
RENAISSANCE TECHNOLOGIES LLC Reduced -37,000-37.0k
Quadrature Capital Ltd Sold out -23,921-23.9k
Virtue Capital Management, LLC Reduced -16,483-16.5k
IMC-Chicago, LLC Sold out -12,536-12.5k
TWO SIGMA SECURITIES, LLC Sold out -11,807-11.8k
Synergy Asset Management, LLC Sold out -8,575-8.6k
Bison Wealth, LLC Sold out -6,487-6.5k

Biggest calls

CITADEL ADVISORS LLC Added $15.4m440.7k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $14.0m399.8k shares
IMC-Chicago, LLC Reduced $2.2m64.0k shares
JANE STREET GROUP, LLC Added $1.9m55.7k shares
GROUP ONE TRADING LLC Reduced $202.7k5.8k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $6.5m187.1k shares
CITADEL ADVISORS LLC Added $6.3m179.9k shares
JANE STREET GROUP, LLC Added $1.7m49.1k 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, Q2 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 CastleKnight Management LP 0.90% of their portfolio New York, NY 706,549706.5k $24.7m $24.7m 0.90% Added +22.1k +22,100
2 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.02% of their portfolio BALA CYNWYD, PA 685,023685.0k $23.9m $23.9m 0.02% Added +45.1k +45,141
3 Proficio Capital Partners LLC 0.43% of their portfolio NEWTON, MA 343,893343.9k $12.0m $12.0m 0.43% New
4 Empowered Funds, LLC 0.01% of their portfolio NEWTOWN SQUARE, PA 81,47281.5k $2.8m $2.8m 0.01% New
5 Jefferies Financial Group Inc. 0.03% of their portfolio NEW YORK, NY 80,08380.1k $2.8m $2.8m 0.03% Added +27.3k +27,262
6 J. Safra Sarasin Holding AG 0.04% of their portfolio BASEL, V8 79,29279.3k $2.8m $2.8m 0.04% Unchanged
7 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 72,52072.5k $2.5m $2.5m 0.00% Reduced -38.0k -38,039
8 SIMPLEX TRADING, LLC 0.04% of their portfolio CHICAGO, IL 38,52738.5k $1.3m $1.3m 0.04% New
9 Camarda Financial Advisors, LLC 0.40% of their portfolio FLEMING ISLAND, FL 38,18138.2k $1.3m $1.3m 0.40% New
10 WealthPlan Investment Management, LLC 0.05% of their portfolio OMAHA, NE 30,00030.0k $1.0m $1.0m 0.05% New
11 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 27,49327.5k $961.0k $961.0k 0.00% Added +16.3k +16,284
12 RENAISSANCE TECHNOLOGIES LLC 0.00% of their portfolio NEW YORK, NY 27,40027.4k $957.4k $957.4k 0.00% Reduced -37.0k -37,000
13 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 27,29227.3k $953.6k $953.6k 0.00% Added +2.8k +2,800
14 Verity Asset Management, Inc. 0.35% of their portfolio DURHAM, NC 26,28526.3k $918.4k $918.4k 0.35% Added +1.3k +1,319
15 CAMELOT TECHNOLOGY ADVISORS, INC. 0.54% of their portfolio SAN FRANCISCO, CA 22,84722.8k $798.3k $798.3k 0.54% Reduced -236 -236
16 Virtue Capital Management, LLC 0.10% of their portfolio BRENTWOOD, TN 21,01921.0k $734.4k $734.4k 0.10% Reduced -16.5k -16,483
17 Mariner, LLC 0.00% of their portfolio Overland Park, KS 18,66318.7k $652.1k $652.1k 0.00% Reduced -95.3k -95,302
18 PRELUDE CAPITAL MANAGEMENT, LLC 0.04% of their portfolio NEW YORK, NY 17,28017.3k $603.8k $603.8k 0.04% New
19 Tidal Investments LLC 0.00% of their portfolio Milwaukee, WI 14,66014.7k $512.2k $512.2k 0.00% New
20 GROUP ONE TRADING LLC 0.01% of their portfolio CHICAGO, IL 14,19614.2k $496.0k $496.0k 0.01% Added +6.0k +5,965
21 GTS SECURITIES LLC 0.01% of their portfolio NEW YORK, NY 14,09114.1k $492.3k $492.3k 0.01% New
22 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 13,82913.8k $483.2k $483.2k 0.00% Reduced -56.0k -56,013
23 Auour Investments LLC 0.13% of their portfolio WOBURN, MA 13,00113.0k $454.3k $454.3k 0.13% Added +1.4k +1,436
24 Cerity Partners LLC 0.00% of their portfolio NEW YORK, NY 11,21311.2k $391.8k $391.8k 0.00% Added +69 +69
25 Capital Investment Counsel, Inc 0.03% of their portfolio RALEIGH, NC 8,6008.6k $300.5k $300.5k 0.03% Unchanged
26 Essex LLC 0.04% of their portfolio DEER PARK, IL 7,7967.8k $272.4k $272.4k 0.04% Unchanged
27 BOOTHBAY FUND MANAGEMENT, LLC 0.00% of their portfolio NEW YORK, NY 7,4707.5k $261.0k $261.0k 0.00% New
28 Weinberger Asset Management, Inc 0.09% of their portfolio LOS ANGELES, CA 7,3907.4k $282.1k $282.1k 0.09% Unchanged
29 TUDOR INVESTMENT CORP ET AL 0.00% of their portfolio STAMFORD, CT 6,0366.0k $210.9k $210.9k 0.00% New
30 Compass Wealth Management LLC 0.04% of their portfolio GUILFORD, CT 6,0006.0k $209.6k $209.6k 0.04% New
31 GABLES CAPITAL MANAGEMENT INC. 0.06% of their portfolio MIAMI, FL 5,0185.0k $175.3k $175.3k 0.06% Unchanged
32 Glen Eagle Advisors, LLC 0.02% of their portfolio KINGSTON, NJ 4,3754.4k $152.9k $152.9k 0.02% New
33 EP Wealth Advisors, LLC 0.00% of their portfolio TORRANCE, CA 3,0753.1k $107.4k $107.4k 0.00% New
34 Quarry LP 0.02% of their portfolio NEW YORK, NY 2,8002.8k $97.8k $97.8k 0.02% New
35 Steward Partners Investment Advisory, LLC 0.00% of their portfolio STAMFORD, CT 1,0001.0k $34.9k $34.9k 0.00% New
36 Strategic Investment Solutions, Inc. /IL 0.01% of their portfolio ORLAND PARK, IL 1,0001.0k $34.9k $34.9k 0.01% New
37 Smartleaf Asset Management LLC 0.00% of their portfolio BOSTON, MA 993993 $33.8k $33.8k 0.00% Unchanged
38 Qube Research & Technologies Ltd 0.00% of their portfolio LONDON, X0 712712 $24.9k $24.9k 0.00% Added +6 +6
39 SHP Wealth Management 0.00% of their portfolio PLYMOUTH, MA 567567 $19.8k $19.8k 0.00% Unchanged
40 BROWN BROTHERS HARRIMAN & CO 0.00% of their portfolio NEW YORK, NY 256256 $8.9k $8.9k 0.00% Unchanged
41 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 243243 $8.5k $8.5k 0.00% New
42 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 240240 $8.4k $8.4k 0.00% Unchanged
43 US BANCORP \DE\ 0.00% of their portfolio MINNEAPOLIS, MN 150150 $5.2k $5.2k 0.00% Unchanged
44 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 142142 $4.8k $4.8k 0.00% Added +5 +5
45 Ancora Advisors LLC 0.00% of their portfolio Cleveland, OH 137137 $4.8k $4.8k 0.00% Unchanged
46 Ascentis Wealth Management, LLC 0.00% of their portfolio DALLAS, TX 126126 $4.4k $4.4k 0.00% Unchanged
47 HARBOUR INVESTMENTS, INC. 0.00% of their portfolio MADISON, WI 8282 $2.9k $2.9k 0.00% Added +1 +1
48 Aptus Capital Advisors, LLC 0.00% of their portfolio FAIRHOPE, AL 8282 $2.9k $2.9k 0.00% Added +1 +1
49 TRUST CO OF TOLEDO NA /OH/ 0.00% of their portfolio HOLLAND, OH 8080 $2.8k $2.8k 0.00% Unchanged
50 Geneos Wealth Management Inc. 0.00% of their portfolio ENGLEWOOD, CO 5050 $1.7k $1.7k 0.00% Unchanged
51 Tower Research Capital LLC (TRC) 0.00% of their portfolio NEW YORK, NY 4242 $1.5k $1.5k 0.00% Added +41 +41
52 CoreCap Advisors, LLC 0.00% of their portfolio SOUTHFIELD, MI 3737 $1.3k $1.3k 0.00% Added +14 +14
53 North Star Investment Management Corp. 0.00% of their portfolio CHICAGO, IL 2727 $943 $943 0.00% Unchanged
54 ASSETMARK, INC 0.00% of their portfolio CONCORD, CA 2222 $769 $769 0.00% Unchanged
55 Coppell Advisory Solutions LLC 0.02% of their portfolio COPPELL, TX 1010 $222.1k $222.1k 0.02% New
56 Farther Finance Advisors, LLC 0.00% of their portfolio SAN FRANCISCO, CA 33 $105 $105 0.00% Unchanged
57 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 22 $73 $73 0.00% Added +1 +1
58 HUNTINGTON NATIONAL BANK 0.00% of their portfolio COLUMBUS, OH 11 $35 $35 0.00% Unchanged
59 NATIXIS 0.00% of their portfolio PARIS, I0 11 $35 $35 0.00% Unchanged