Vault-13

PROSHARES TR TBF

SHRT 20+YR TRE · ETP · CUSIP 74347X849

38 institutional holders +7 vs Q4 2025
922,485922.5k shares reported held*
$25.1mreported value*
11 new 7 added 6 reduced 5 sold out net bought ≈ $6.7m (+277.6k 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 ≈ $27.19. Options: 1 managers hold calls ($714.8k notional), 1 hold puts ($1.2m).

Trends to Q1 2026

Institutional holders

Managers reporting a position, each quarter

050100Q3 22: 94Q4 22: 85Q1 23: 72Q2 23: 66Q3 23: 64Q4 23: 56Q1 24: 53Q2 24: 49Q3 24: 38Q4 24: 45Q1 25: 36Q2 25: 39Q3 25: 29Q4 25: 31Q1 26: 3838Q3 22Q3 23Q3 24Q3 25Q1 26
Numbers
QuarterHolders
Q3 202294
Q4 202285
Q1 202372
Q2 202366
Q3 202364
Q4 202356
Q1 202453
Q2 202449
Q3 202438
Q4 202445
Q1 202536
Q2 202539
Q3 202529
Q4 202531
Q1 202638

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q2 24: 16 bought or addedQ2 24: 23 cut or sold outQ3 24: 9 bought or addedQ3 24: 18 cut or sold outQ3 24Q4 24: 18 bought or addedQ4 24: 11 cut or sold outQ1 25: 12 bought or addedQ1 25: 19 cut or sold outQ1 25Q2 25: 19 bought or addedQ2 25: 10 cut or sold outQ3 25: 7 bought or addedQ3 25: 18 cut or sold outQ3 25Q4 25: 11 bought or addedQ4 25: 12 cut or sold outQ1 26: 18 bought or addedQ1 26: 11 cut or sold outQ1 26
Numbers
QuarterBought or addedCut or sold out
Q2 20241623
Q3 2024918
Q4 20241811
Q1 20251219
Q2 20251910
Q3 2025718
Q4 20251112
Q1 20261811

Calls vs puts

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

CallsPuts
$0$500k$1m$1.5mQ2 25 calls: $261.0kQ2 25 puts: $403.6kQ2 25P/C 1.55Q3 25 calls: $308.4kQ3 25 puts: $851.5kQ3 25P/C 2.76Q4 25 calls: $530.6kQ4 25 puts: $0Q4 25P/C 0.00Q1 26 calls: $714.8kQ1 26 puts: $1.2mQ1 26P/C 1.71
Numbers
QuarterCallsPutsP/C
Q2 2025$261.0k$403.6k1.55
Q3 2025$308.4k$851.5k2.76
Q4 2025$530.6k$00.00
Q1 2026$714.8k$1.2m1.71

Biggest buyers

Advisors Preferred, LLC New +102,425+102.4k
HOURGLASS CAPITAL, LLC New +53,100+53.1k
Advisory Services Network, LLC Added +29,838+29.8k
CAMELOT TECHNOLOGY ADVISORS, INC. New +20,782+20.8k
LPL Financial LLC Added +16,744+16.7k
INDEPENDENT FINANCIAL GROUP, LLC New +15,000+15.0k
Foundations Investment Advisors, LLC New +11,982+12.0k
Walser Wealth Management Company, A Ltd Liability Co New +11,627+11.6k
GTS SECURITIES LLC New +10,403+10.4k
Pettinga Financial Advisors LLC Added +9,900+9.9k

Biggest sellers

JANE STREET GROUP, LLC Reduced -26,293-26.3k
Kestra Advisory Services, LLC Sold out -2,995-3.0k
SIMPLEX TRADING, LLC Sold out -2,810-2.8k
SHEPHERD KAPLAN KROCHUK, LLC Reduced -1,374-1.4k
Virtue Capital Management, LLC Reduced -750-750
BARCLAYS PLC Sold out -200-200
Farringdon Capital, Ltd. Reduced -48-48
TCTC Holdings, LLC Sold out -12-12
Tower Research Capital LLC (TRC) Sold out -3-3
AE Wealth Management LLC Reduced -1-1

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $714.8k29.5k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP New $1.2m50.4k 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, Q1 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Coral Wealth Management, LLC 6.69% of their portfolio MIAMI, FL 138,033138.0k $6.0m $6.0m 6.69% First filing
2 Sepio Capital, LP 0.16% of their portfolio Salt Lake City, UT 124,300124.3k $3.0m $3.0m 0.16% Unchanged
3 Advisors Preferred, LLC 0.37% of their portfolio ROCKVILLE, MD 102,425102.4k $2.5m $2.5m 0.37% New
4 Stratos Wealth Partners, LTD. 0.03% of their portfolio BEACHWOOD, OH 96,40096.4k $2.3m $2.3m 0.03% Added +2.5k +2,535
5 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 62,86462.9k $1.5m $1.5m 0.00% Added +16.7k +16,744
6 Advisory Services Network, LLC 0.02% of their portfolio ATLANTA, GA 53,98854.0k $1.3m $1.3m 0.02% Added +29.8k +29,838
7 HOURGLASS CAPITAL, LLC 0.27% of their portfolio HOUSTON, TX 53,10053.1k $1.3m $1.3m 0.27% New
8 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 24,28024.3k $588.3k $588.3k 0.00% Reduced -26.3k -26,293
9 SHEPHERD KAPLAN KROCHUK, LLC 0.44% of their portfolio Boston, MA 21,80721.8k $528.4k $528.4k 0.44% Reduced -1.4k -1,374
10 Pettinga Financial Advisors LLC 0.10% of their portfolio EVANSVILLE, IN 21,80021.8k $528.2k $528.2k 0.10% Added +9.9k +9,900
11 Geneos Wealth Management Inc. 0.01% of their portfolio ENGLEWOOD, CO 21,00021.0k $508.8k $508.8k 0.01% Unchanged
12 CAMELOT TECHNOLOGY ADVISORS, INC. 0.37% of their portfolio SAN FRANCISCO, CA 20,78220.8k $503.6k $503.6k 0.37% New
13 Worth Asset Management, LLC 0.15% of their portfolio DALLAS, TX 16,81116.8k $407.3k $407.3k 0.15% Added +7.3k +7,282
14 Focus Partners Wealth 0.00% of their portfolio ST LOUIS, MO 16,79416.8k $406.9k $406.9k 0.00% Added +1 +1
15 Farringdon Capital, Ltd. 0.09% of their portfolio LONDON, X0 16,57316.6k $401.6k $401.6k 0.09% Reduced -48 -48
16 INDEPENDENT FINANCIAL GROUP, LLC 0.01% of their portfolio SAN DIEGO, CA 15,00015.0k $363.4k $363.4k 0.01% New
17 Foundations Investment Advisors, LLC 0.00% of their portfolio PHOENIX, AZ 11,98212.0k $290.3k $290.3k 0.00% New
18 CAPTRUST FINANCIAL ADVISORS 0.00% of their portfolio RALEIGH, NC 11,75011.8k $284.7k $284.7k 0.00% Unchanged
19 Walser Wealth Management Company, A Ltd Liability Co 0.13% of their portfolio TAMPA, FL 11,62711.6k $281.7k $281.7k 0.13% New
20 Virtue Capital Management, LLC 0.05% of their portfolio BRENTWOOD, TN 10,54010.5k $349.3k $349.3k 0.05% Reduced -750 -750
21 GTS SECURITIES LLC 0.01% of their portfolio NEW YORK, NY 10,40310.4k $252.1k $252.1k 0.01% New
22 Private Wealth Partners, LLC 0.02% of their portfolio MILL VALLEY, CA 10,00010.0k $242.3k $242.3k 0.02% Unchanged
23 Horrell Capital Management, Inc. 0.11% of their portfolio LITTLE ROCK, AR 10,00010.0k $242.3k $242.3k 0.11% Unchanged
24 HRT FINANCIAL LP 0.00% of their portfolio NEW YORK, NY 9,5239.5k $230.0k $230.0k 0.00% New
25 Mariner, LLC 0.00% of their portfolio Overland Park, KS 8,3258.3k $201.7k $201.7k 0.00% Unchanged
26 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 6,6136.6k $160.0k $160.0k 0.00% New
27 PITTENGER & ANDERSON INC 0.00% of their portfolio LINCOLN, NE 4,4004.4k $106.6k $106.6k 0.00% Unchanged
28 Cullen/Frost Bankers, Inc. 0.00% of their portfolio San Antonio, TX 4,0004.0k $96.9k $96.9k 0.00% Added +1.0k +1,000
29 UBS Group AG 0.00% of their portfolio ZURICH, V8 3,0953.1k $75.0k $75.0k 0.00% New
30 BLAIR WILLIAM & CO/IL 0.00% of their portfolio CHICAGO, IL 2,3502.4k $56.9k $56.9k 0.00% Unchanged
31 Ancora Advisors LLC 0.00% of their portfolio Cleveland, OH 1,1021.1k $26.7k $26.7k 0.00% Unchanged
32 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 310310 $7.5k $7.5k 0.00% Unchanged
33 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 200200 $4.8k $4.8k 0.00% New
34 Qube Research & Technologies Ltd 0.00% of their portfolio LONDON, X0 165165 $4.0k $4.0k 0.00% Unchanged
35 AE Wealth Management LLC 0.00% of their portfolio TOPEKA, KS 129129 $3.1k $3.1k 0.00% Reduced -1 -1
36 CoreCap Advisors, LLC 0.00% of their portfolio SOUTHFIELD, MI 1313 $315 $315 0.00% Unchanged
37 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 11 $38 $38 0.00% Reduced -1 -1
38 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 00 $1 $1 0.00% Unchanged