Vault-13

PROSHARES TR

ULTRASHRT S&P500 · CUSIP 74347G416

50 institutional holders -12 vs Q1 2025
2,706,3122.7m shares reported held*
$45.0mreported value*
12 new 12 added 8 reduced 25 sold out net sold ≈ $28.0m (-1.7m 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 ≈ $16.62. Options: 3 managers hold calls ($22.4m notional), 4 hold puts ($21.0m).

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

050100Q3 22: 90Q4 22: 86Q1 23: 91Q2 23: 71Q3 23: 78Q4 23: 75Q1 24: 61Q2 24: 60Q3 24: 66Q4 24: 65Q1 25: 62Q2 25: 5050Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 202290
Q4 202286
Q1 202391
Q2 202371
Q3 202378
Q4 202375
Q1 202461
Q2 202460
Q3 202466
Q4 202465
Q1 202562
Q2 202550

Buyers vs sellers

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

Bought or addedCut or sold out
50050Q3 23: 37 bought or addedQ3 23: 34 cut or sold outQ4 23: 41 bought or addedQ4 23: 40 cut or sold outQ4 23Q1 24: 31 bought or addedQ1 24: 40 cut or sold outQ2 24: 22 bought or addedQ2 24: 32 cut or sold outQ2 24Q3 24: 37 bought or addedQ3 24: 22 cut or sold outQ4 24: 33 bought or addedQ4 24: 36 cut or sold outQ4 24Q1 25: 37 bought or addedQ1 25: 40 cut or sold outQ2 25: 24 bought or addedQ2 25: 33 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 20233734
Q4 20234140
Q1 20243140
Q2 20242232
Q3 20243722
Q4 20243336
Q1 20253740
Q2 20252433

Calls vs puts

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

CallsPuts
$0$10m$20m$30mQ3 24 calls: $5.4mQ3 24 puts: $5.2mQ3 24P/C 0.96Q4 24 calls: $6.1mQ4 24 puts: $8.0mQ4 24P/C 1.31Q1 25 calls: $22.7mQ1 25 puts: $13.6mQ1 25P/C 0.60Q2 25 calls: $22.4mQ2 25 puts: $21.0mQ2 25P/C 0.94
Numbers
QuarterCallsPutsP/C
Q3 2024$5.4m$5.2m0.96
Q4 2024$6.1m$8.0m1.31
Q1 2025$22.7m$13.6m0.60
Q2 2025$22.4m$21.0m0.94

Biggest buyers

Thomas J. Herzfeld Advisors, Inc. Added +364,897+364.9k
Bedell Frazier Investment Counselling, LLC New +316,489+316.5k
IMC-Chicago, LLC New +213,766+213.8k
GROUP ONE TRADING LLC New +99,479+99.5k
UBS Group AG Added +96,363+96.4k
SUSQUEHANNA INTERNATIONAL GROUP, LLP New +77,815+77.8k
JANE STREET GROUP, LLC Added +76,230+76.2k
GABELLI & Co INVESTMENT ADVISERS, INC. New +27,700+27.7k
Tower Research Capital LLC (TRC) Added +26,075+26.1k
RAFFLES ASSOCIATES LP Added +26,000+26.0k

Biggest sellers

Integrated Advisors Network LLC Reduced -1,550,377-1.6m
Quadrature Capital Ltd Sold out -382,400-382.4k
CITADEL ADVISORS LLC Sold out -259,889-259.9k
Andrew Hill Investment Advisors, Inc. Sold out -172,337-172.3k
JUNCTURE WEALTH STRATEGIES, LLC Sold out -148,061-148.1k
B. Riley Wealth Advisors, Inc. Sold out -139,021-139.0k
Tidal Investments LLC Sold out -130,874-130.9k
Jump Financial, LLC Reduced -99,111-99.1k
Squarepoint Ops LLC Reduced -74,552-74.6k
TWO SIGMA SECURITIES, LLC Sold out -26,816-26.8k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $11.8m706.6k shares
CITADEL ADVISORS LLC Added $7.2m430.4k shares
JANE STREET GROUP, LLC Reduced $3.5m210.3k shares

Biggest puts

CITADEL ADVISORS LLC Added $10.6m638.8k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $6.8m405.7k shares
JANE STREET GROUP, LLC Added $3.2m192.5k shares
Squarepoint Ops LLC Unchanged $421.2k25.3k 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 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Thomas J. Herzfeld Advisors, Inc. 2.45% of their portfolio MIAMI BEACH, FL 412,904412.9k $6.9m $6.9m 2.45% Added +364.9k +364,897
2 Jump Financial, LLC 0.07% of their portfolio Chicago, IL 363,803363.8k $6.1m $6.1m 0.07% Reduced -99.1k -99,111
3 Bedell Frazier Investment Counselling, LLC 1.33% of their portfolio Walnut Creek, CA 316,489316.5k $5.3m $5.3m 1.33% New
4 IMC-Chicago, LLC 0.09% of their portfolio CHICAGO, IL 213,766213.8k $3.6m $3.6m 0.09% New
5 RAFFLES ASSOCIATES LP 2.17% of their portfolio NEW YORK, NY 125,000125.0k $2.1m $2.1m 2.17% Added +26.0k +26,000
6 UBS Group AG 0.00% of their portfolio ZURICH, V8 113,285113.3k $1.9m $1.9m 0.00% Added +96.4k +96,363
7 AXS Investments LLC 0.76% of their portfolio PORT CHESTER, NY 110,600110.6k $1.8m $1.8m 0.76% Unchanged
8 Squarepoint Ops LLC 0.00% of their portfolio NEW YORK, NY 110,039110.0k $1.8m $1.8m 0.00% Reduced -74.6k -74,552
9 GROUP ONE TRADING LLC 0.05% of their portfolio CHICAGO, IL 99,47999.5k $1.7m $1.7m 0.05% New
10 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 97,73097.7k $1.6m $1.6m 0.00% Added +76.2k +76,230
11 Beaumont Financial Advisors, LLC 0.11% of their portfolio NEEDHAM, MA 91,67591.7k $1.5m $1.5m 0.11% Added +7 +7
12 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 77,81577.8k $1.3m $1.3m 0.00% New
13 Diversify Advisory Services, LLC 0.05% of their portfolio SANDY, UT 76,24076.2k $1.2m $1.2m 0.05% Added +14.6k +14,594
14 SOUTHPORT MANAGEMENT, L.L.C. 4.88% of their portfolio Wilson, WY 60,00060.0k $999.0k $999.0k 4.88% Unchanged
15 Integrated Advisors Network LLC 0.04% of their portfolio DALLAS, TX 58,41558.4k $972.6k $972.6k 0.04% Reduced -1.6m -1,550,377
16 Tower Research Capital LLC (TRC) 0.02% of their portfolio NEW YORK, NY 42,68342.7k $710.7k $710.7k 0.02% Added +26.1k +26,075
17 Private Harbour Investment Management & Counsel, LLC 0.70% of their portfolio SAGAMORE HILLS, OH 40,88540.9k $680.7k $680.7k 0.70% Reduced -409 -409
18 SIMPLEX TRADING, LLC 0.01% of their portfolio CHICAGO, IL 29,17629.2k $485.0k $485.0k 0.01% Added +22.7k +22,716
19 GABELLI & Co INVESTMENT ADVISERS, INC. 0.07% of their portfolio Rye, NY 27,70027.7k $461.2k $461.2k 0.07% New
20 CITIZENS FINANCIAL GROUP INC/RI 0.01% of their portfolio PROVIDENCE, RI 27,10627.1k $456.0k $456.0k 0.01% Added +2.1k +2,125
21 DOLIVER ADVISORS, LP 0.12% of their portfolio HOUSTON, TX 25,93225.9k $431.8k $431.8k 0.12% New
22 INDEPENDENT FINANCIAL GROUP, LLC 0.01% of their portfolio SAN DIEGO, CA 25,10825.1k $418.0k $418.0k 0.01% Reduced -1.8k -1,834
23 Headlands Technologies LLC 0.04% of their portfolio CHICAGO, IL 19,52019.5k $325.0k $325.0k 0.04% New
24 CAPTRUST FINANCIAL ADVISORS 0.00% of their portfolio RALEIGH, NC 19,28619.3k $321.1k $321.1k 0.00% Unchanged
25 Adams Wealth Management 0.06% of their portfolio LOGAN, UT 17,55717.6k $292.3k $292.3k 0.06% Unchanged
26 CacheTech Inc. 0.05% of their portfolio LOGAN, UT 17,55717.6k $292.3k $292.3k 0.05% Unchanged
27 ADELL HARRIMAN & CARPENTER INC 0.02% of their portfolio HOUSTON, TX 15,00015.0k $249.8k $249.8k 0.02% Added +1.9k +1,940
28 RHS Financial, LLC 0.13% of their portfolio SAN FRANCISCO, CA 13,68013.7k $227.8k $227.8k 0.13% New
29 Edgestream Partners, L.P. 0.01% of their portfolio Princeton, NJ 12,12312.1k $201.8k $201.8k 0.01% New
30 PINNACLE ASSOCIATES LTD 0.00% of their portfolio NEW YORK, NY 10,35010.3k $172.3k $172.3k 0.00% New
31 Laird Norton Wetherby Wealth Management, LLC 0.01% of their portfolio Seattle, WA 10,00010.0k $166.5k $166.5k 0.01% First filing
32 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 9,0879.1k $151.3k $151.3k 0.00% Added +835 +835
33 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 8,1358.1k $135.5k $135.5k 0.00% Reduced -7.9k -7,869
34 BLAIR WILLIAM & CO/IL 0.00% of their portfolio CHICAGO, IL 2,5002.5k $41.6k $41.6k 0.00% Unchanged
35 Parallel Advisors, LLC 0.00% of their portfolio SAN FRANCISCO, CA 2,2142.2k $36.9k $36.9k 0.00% Reduced -4.5k -4,509
36 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 1,3281.3k $22.0k $22.0k 0.00% Added +1.3k +1,318
37 SIMA Wealth Partners, LLC 0.01% of their portfolio NORTH CHESTERFIELD, VA 800800 $13.3k $13.3k 0.01% Unchanged
38 Sterling Capital Management LLC 0.00% of their portfolio CHARLOTTE, NC 414414 $6.9k $6.9k 0.00% Reduced -51 -51
39 WFA Asset Management Corp 0.00% of their portfolio WHITEFISH BAY, WI 316316 $7.3k $7.3k 0.00% Unchanged
40 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 270270 $4.5k $4.5k 0.00% New
41 MACQUARIE GROUP LTD 0.00% of their portfolio Sydney, NSW 2000, C3 100100 $1.7k $1.7k 0.00% Unchanged
42 TCTC Holdings, LLC 0.00% of their portfolio DALLAS, TX 7575 $1.2k $1.2k 0.00% Unchanged
43 Hurley Capital, LLC 0.00% of their portfolio NEW YORK, NY 5454 $899 $899 0.00% Unchanged
44 Cherry Tree Wealth Management, LLC 0.00% of their portfolio MINNETONKA, MN 5050 $833 $833 0.00% Unchanged
45 Federation des caisses Desjardins du Quebec 0.00% of their portfolio LEVIS, A8 5050 $832 $832 0.00% Unchanged
46 Cape Investment Advisory, Inc. 0.00% of their portfolio MCDONOUGH, GA 77 $117 $117 0.00% Unchanged
47 Beacon Capital Management, LLC 0.00% of their portfolio FRANKLIN, TN 66 $103 $103 0.00% Unchanged
48 Farther Finance Advisors, LLC 0.00% of their portfolio SAN FRANCISCO, CA 22 $33 $33 0.00% New
49 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 11 $12 $12 0.00% Unchanged
50 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged