Vault-13

PROSHARES TR UPRO

ULTRPRO S&P500 · ETP · CUSIP 74347X864

117 institutional holders +19 vs Q1 2025
6,356,0456.4m shares reported held*
$582.3mreported value*
30 new 43 added 19 reduced 14 sold out net bought ≈ $448.2m (+4.9m 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 ≈ $91.61. Options: 5 managers hold calls ($210.9m notional), 4 hold puts ($134.8m).

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

050100150Q3 22: 65Q4 22: 89Q1 23: 86Q2 23: 90Q3 23: 96Q4 23: 102Q1 24: 101Q2 24: 104Q3 24: 113Q4 24: 117Q1 25: 98Q2 25: 117117Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 202265
Q4 202289
Q1 202386
Q2 202390
Q3 202396
Q4 2023102
Q1 2024101
Q2 2024104
Q3 2024113
Q4 2024117
Q1 202598
Q2 2025117

Buyers vs sellers

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

Bought or addedCut or sold out
1000100Q3 23: 42 bought or addedQ3 23: 38 cut or sold outQ4 23: 44 bought or addedQ4 23: 40 cut or sold outQ4 23Q1 24: 50 bought or addedQ1 24: 48 cut or sold outQ2 24: 38 bought or addedQ2 24: 48 cut or sold outQ2 24Q3 24: 53 bought or addedQ3 24: 44 cut or sold outQ4 24: 47 bought or addedQ4 24: 58 cut or sold outQ4 24Q1 25: 41 bought or addedQ1 25: 55 cut or sold outQ2 25: 73 bought or addedQ2 25: 33 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 20234238
Q4 20234440
Q1 20245048
Q2 20243848
Q3 20245344
Q4 20244758
Q1 20254155
Q2 20257333

Calls vs puts

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

CallsPuts
$0$100m$200m$300mQ3 24 calls: $172.8mQ3 24 puts: $116.1mQ3 24P/C 0.67Q4 24 calls: $204.7mQ4 24 puts: $139.8mQ4 24P/C 0.68Q1 25 calls: $159.2mQ1 25 puts: $101.6mQ1 25P/C 0.64Q2 25 calls: $210.9mQ2 25 puts: $134.8mQ2 25P/C 0.64
Numbers
QuarterCallsPutsP/C
Q3 2024$172.8m$116.1m0.67
Q4 2024$204.7m$139.8m0.68
Q1 2025$159.2m$101.6m0.64
Q2 2025$210.9m$134.8m0.64

Biggest buyers

POTOMAC FUND MANAGEMENT INC /ADV New +3,186,032+3.2m
Howard Capital Management, LLC New +1,190,076+1.2m
CITADEL ADVISORS LLC Added +325,886+325.9k
Revere Asset Management, Inc New +181,481+181.5k
Ridgepath Capital Management LLC Added +176,559+176.6k
AXXCESS WEALTH MANAGEMENT, LLC Added +176,559+176.6k
Quadrature Capital Ltd New +71,070+71.1k
Spectrum Financial Alliance Ltd LLC Added +54,541+54.5k
GTS SECURITIES LLC Added +40,497+40.5k
Prosperity Wealth Management, Inc. New +36,839+36.8k

Biggest sellers

JANE STREET GROUP, LLC Sold out -245,787-245.8k
IMC-Chicago, LLC Sold out -210,116-210.1k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced -113,185-113.2k
FLOW TRADERS U.S. LLC Sold out -50,252-50.3k
SIMPLEX TRADING, LLC Reduced -28,961-29.0k
MORGAN STANLEY Reduced -24,524-24.5k
Safe Harbor Fiduciary, LLC Reduced -21,761-21.8k
Qube Research & Technologies Ltd Sold out -18,392-18.4k
EverSource Wealth Advisors, LLC Reduced -14,479-14.5k
XTX Topco Ltd Sold out -10,837-10.8k

Biggest calls

CITADEL ADVISORS LLC Reduced $94.8m1.0m shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $72.7m795.3k shares
JANE STREET GROUP, LLC Added $40.2m439.9k shares
Squarepoint Ops LLC Unchanged $3.1m33.9k shares
HAP Trading, LLC New $131.5k10.2k shares

Biggest puts

CITADEL ADVISORS LLC Added $83.3m910.5k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $33.2m362.7k shares
JANE STREET GROUP, LLC Added $18.2m199.3k shares
Lido Advisors, LLC New $146.3k1.6k 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 POTOMAC FUND MANAGEMENT INC /ADV 16.65% of their portfolio BETHESDA, MD 3,186,0323.2m $291.3m $291.3m 16.65% New
2 Howard Capital Management, LLC 1.63% of their portfolio Alpharetta, GA 1,190,0761.2m $109.1m $109.1m 1.63% New
3 CITADEL ADVISORS LLC 0.03% of their portfolio MIAMI, FL 347,277347.3k $31.8m $31.8m 0.03% Added +325.9k +325,886
4 Ridgepath Capital Management LLC 7.70% of their portfolio Knoxville, TN 183,341183.3k $16.8m $16.8m 7.70% Added +176.6k +176,559
5 AXXCESS WEALTH MANAGEMENT, LLC 0.40% of their portfolio CARLSBAD, CA 182,914182.9k $16.7m $16.7m 0.40% Added +176.6k +176,559
6 Revere Asset Management, Inc 8.05% of their portfolio DALLAS, TX 181,481181.5k $16.6m $16.6m 8.05% New
7 UBS Group AG 0.00% of their portfolio ZURICH, V8 89,69989.7k $8.2m $8.2m 0.00% Added +12.7k +12,711
8 Spectrum Financial Alliance Ltd LLC 2.22% of their portfolio NICHOLASVILLE, KY 83,95884.0k $8.2m $8.2m 2.22% Added +54.5k +54,541
9 Quadrature Capital Ltd 0.11% of their portfolio LONDON, X0 71,07071.1k $6.5m $6.5m 0.11% New
10 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.01% of their portfolio BALA CYNWYD, PA 50,41850.4k $4.6m $4.6m 0.01% Reduced -113.2k -113,185
11 Main Street Group, LTD 1.45% of their portfolio GLEN ALLEN, VA 48,82948.8k $4.5m $4.5m 1.45% Added +4.6k +4,621
12 GTS SECURITIES LLC 0.20% of their portfolio NEW YORK, NY 47,81447.8k $4.4m $4.4m 0.20% Added +40.5k +40,497
13 Prosperity Wealth Management, Inc. 1.25% of their portfolio San Ramon, CA 36,83936.8k $3.4m $3.4m 1.25% New
14 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 36,49436.5k $3.3m $3.3m 0.00% Added +4.6k +4,612
15 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 32,11732.1k $2.9m $2.9m 0.00% Added +31.8k +31,756
16 Millington Financial Advisors, LLC 1.41% of their portfolio NAPERVILLE, IL 28,48128.5k $2.8m $2.8m 1.41% Added +1.1k +1,139
17 INDEPENDENT FINANCIAL GROUP, LLC 0.07% of their portfolio SAN DIEGO, CA 28,05728.1k $2.6m $2.6m 0.07% Reduced -186 -186
18 TOTH FINANCIAL ADVISORY CORP 0.29% of their portfolio LEESBURG, VA 27,26727.3k $2.5m $2.5m 0.29% Added +7.8k +7,815
19 Tower Research Capital LLC (TRC) 0.07% of their portfolio NEW YORK, NY 27,15327.2k $2.5m $2.5m 0.07% Reduced -4.4k -4,416
20 Ashton Thomas Private Wealth, LLC 0.08% of their portfolio SCOTTSDALE, AZ 26,18426.2k $2.4m $2.4m 0.08% Added +20.1k +20,093
21 Corient Private Wealth LP 0.00% of their portfolio MIAMI, FL 24,90724.9k $2.3m $2.3m 0.00% Added +5.9k +5,912
22 Uniting Wealth Partners, LLC 0.74% of their portfolio DENVER, CO 21,00021.0k $1.9m $1.9m 0.74% Added +15.0k +15,000
23 GROUP ONE TRADING LLC 0.06% of their portfolio CHICAGO, IL 19,50219.5k $1.8m $1.8m 0.06% New
24 DeDora Capital, Inc. 0.44% of their portfolio Napa, CA 18,28018.3k $1.7m $1.7m 0.44% Unchanged
25 Lido Advisors, LLC 0.01% of their portfolio Los Angeles, CA 17,67717.7k $1.6m $1.6m 0.01% Added +799 +799
26 Sollinda Capital Management LLC 0.36% of their portfolio HICKORY, NC 15,00615.0k $1.4m $1.4m 0.36% Added +1.3k +1,266
27 Ascentis Independent Advisors 0.25% of their portfolio DALLAS, TX 14,67614.7k $1.3m $1.3m 0.25% Reduced -272 -272
28 Marshall Financial Group, LLC 0.21% of their portfolio Hunt Valley, MD 11,71711.7k $1.1m $1.1m 0.21% New
29 Encompass More Asset Management 0.24% of their portfolio Danville, CA 11,37511.4k $1.0m $1.0m 0.24% New
30 HRT FINANCIAL LP 0.01% of their portfolio NEW YORK, NY 10,30710.3k $942.0k $942.0k 0.01% New
31 Ellis Investment Partners, LLC 0.18% of their portfolio Berwyn, PA 10,20510.2k $933.2k $933.2k 0.18% Added +498 +498
32 EverSource Wealth Advisors, LLC 0.04% of their portfolio BIRMINGHAM, AL 9,3259.3k $852.7k $852.7k 0.04% Reduced -14.5k -14,479
33 World Investment Advisors 0.02% of their portfolio LINCROFT, NJ 9,2319.2k $845.4k $845.4k 0.02% Added +2.7k +2,677
34 Discipline Wealth Solutions, LLC 0.32% of their portfolio GREENVILLE, SC 9,1119.1k $833.1k $833.1k 0.32% New
35 Mariner, LLC 0.00% of their portfolio Overland Park, KS 9,0669.1k $829.0k $829.0k 0.00% Reduced -5.5k -5,536
36 Beacon Pointe Advisors, LLC 0.01% of their portfolio NEWPORT BEACH, CA 8,9989.0k $822.8k $822.8k 0.01% Unchanged
37 Erickson Financial Group, LLC 0.56% of their portfolio ALLENTOWN, PA 8,9989.0k $822.8k $822.8k 0.56% Added +814 +814
38 Fort Point Capital Partners LLC 0.08% of their portfolio San Francisco, CA 8,7508.8k $802.1k $802.1k 0.08% Reduced -120 -120
39 FOUNDERS FINANCIAL SECURITIES LLC 0.06% of their portfolio TOWSON, MD 8,2808.3k $757.1k $757.1k 0.06% New
40 Timonier Family Office, LTD. 0.28% of their portfolio WINSTON SALEM, NC 8,2548.3k $756.6k $756.6k 0.28% Reduced -40 -40
41 Westmount Partners, LLC 0.21% of their portfolio LOS ANGELES, CA 8,2268.2k $752.2k $752.2k 0.21% Added +268 +268
42 CPR Investments Inc. 0.58% of their portfolio Rochester, MI 8,2188.2k $751.5k $751.5k 0.58% New
43 KWMG, LLC 0.07% of their portfolio OVERLAND PARK, KS 8,0428.0k $735.3k $735.3k 0.07% Added +2.5k +2,524
44 Bryn Mawr Trust Advisors, LLC 0.04% of their portfolio PHILADELPHIA, PA 7,9297.9k $725.0k $725.0k 0.04% Unchanged
45 WMG Financial Advisors, LLC 0.25% of their portfolio Knoxville, TN 7,2667.3k $664.4k $664.4k 0.25% Unchanged
46 FORTRESS PRIVATE LEDGER, LLC 0.27% of their portfolio RALEIGH, NC 6,6186.6k $605.1k $605.1k 0.27% Added +1.8k +1,811
47 StoneX Group Inc. 0.03% of their portfolio NEW YORK, NY 6,4976.5k $594.5k $594.5k 0.03% Added +1.3k +1,345
48 American Financial Advisors, LLC 0.08% of their portfolio Marietta, GA 6,0426.0k $552.5k $552.5k 0.08% Unchanged
49 Silverleafe Capital Partners, LLC 0.19% of their portfolio GERMANTOWN, TN 5,8475.8k $534.6k $534.6k 0.19% Added +2.7k +2,688
50 Koshinski Asset Management, Inc. 0.04% of their portfolio DECATUR, IL 5,5255.5k $505.3k $505.3k 0.04% Added +2.8k +2,760
51 CreativeOne Wealth, LLC 0.01% of their portfolio OVERLAND PARK, KS 5,3665.4k $490.7k $490.7k 0.01% Added +995 +995
52 FLPUTNAM INVESTMENT MANAGEMENT CO 0.01% of their portfolio PORTLAND, ME 5,3525.4k $489.4k $489.4k 0.01% Unchanged
53 Wealth Alliance Advisory Group, LLC 0.09% of their portfolio Wichita, KS 5,2875.3k $483.4k $483.4k 0.09% Reduced -2.3k -2,252
54 SYM FINANCIAL Corp 0.05% of their portfolio WINONA LAKE, IN 5,1365.1k $469.6k $469.6k 0.05% New
55 Hickory Point Bank & Trust 0.37% of their portfolio DECATUR, IL 5,0205.0k $459.0k $459.0k 0.37% Added +70 +70
56 INSIGNEO ADVISORY SERVICES, LLC 0.04% of their portfolio MIAMI, FL 4,7614.8k $435.3k $435.3k 0.04% Added +42 +42
57 Vontobel Holding Ltd. 0.00% of their portfolio ZURICH, V8 4,5004.5k $411.5k $411.5k 0.00% New
58 Mittelman Wealth Management 0.34% of their portfolio ANDOVER, MA 4,3454.3k $397.3k $397.3k 0.34% New
59 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 4,3294.3k $395.9k $395.9k 0.00% Reduced -24.5k -24,524
60 Triton Wealth Management, PLLC 0.18% of their portfolio SUN CITY, AZ 4,2444.2k $416.8k $416.8k 0.18% First filing
61 BlackRock, Inc. 0.00% of their portfolio New York, NY 4,2374.2k $387.4k $387.4k 0.00% Unchanged
62 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 3,7793.8k $346.0k $346.0k 0.00% Added +109 +109
63 CHOREO, LLC 0.00% of their portfolio ROCKFORD, IL 3,7203.7k $341.0k $341.0k 0.00% Added +8 +8
64 Larson Financial Group LLC 0.01% of their portfolio ST LOUIS, MO 3,7173.7k $339.9k $339.9k 0.01% Added +1 +1
65 PRECEDENT WEALTH PARTNERS, LLC 0.07% of their portfolio HOUSTON, TX 3,2643.3k $298.5k $298.5k 0.07% New
66 Calamos Wealth Management LLC 0.01% of their portfolio NAPERVILLE, IL 3,1653.2k $289.4k $289.4k 0.01% Unchanged
67 J.W. COLE ADVISORS, INC. 0.01% of their portfolio TAMPA, FL 3,0863.1k $282.2k $282.2k 0.01% Added +9 +9
68 GR FINANCIAL GROUP, LLC 0.07% of their portfolio TUCSON, AZ 3,0593.1k $279.7k $279.7k 0.07% New
69 MERCER GLOBAL ADVISORS INC /ADV 0.00% of their portfolio DENVER, CO 3,0273.0k $276.8k $276.8k 0.00% Reduced -4.2k -4,195
70 Mayflower Financial Advisors, LLC 0.04% of their portfolio BOSTON, MA 2,9673.0k $271.3k $271.3k 0.04% New
71 ASSETMARK, INC 0.00% of their portfolio CONCORD, CA 2,9432.9k $269.1k $269.1k 0.00% New
72 Nicholas Hoffman & Company, LLC. 0.01% of their portfolio ATLANTA, GA 2,8772.9k $263.1k $263.1k 0.01% Not comparable
73 Headlands Technologies LLC 0.03% of their portfolio CHICAGO, IL 2,8472.8k $260.3k $260.3k 0.03% Reduced -111 -111
74 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 2,7242.7k $249.1k $249.1k 0.00% New
75 Essex Financial Services, Inc. 0.02% of their portfolio ESSEX, CT 2,6972.7k $246.7k $246.7k 0.02% New
76 HC Advisors, LLC 0.17% of their portfolio SANDY SPRINGS, GA 2,6812.7k $245.2k $245.2k 0.17% New
77 LexAurum Advisors, LLC 0.04% of their portfolio OVERLAND PARK, KS 2,4752.5k $226.3k $226.3k 0.04% New
78 Farther Finance Advisors, LLC 0.00% of their portfolio SAN FRANCISCO, CA 2,0332.0k $185.9k $185.9k 0.00% Added +1.7k +1,746
79 Provident Wealth Management, LLC 0.06% of their portfolio BRENTWOOD, TN 2,0002.0k $182.9k $182.9k 0.06% Unchanged
80 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 1,9421.9k $177.6k $177.6k 0.00% Unchanged
81 SIMPLEX TRADING, LLC 0.00% of their portfolio CHICAGO, IL 1,5991.6k $146.0k $146.0k 0.00% Reduced -29.0k -28,961
82 CIBC Private Wealth Group LLC 0.00% of their portfolio ATLANTA, GA 1,5501.6k $141.8k $141.8k 0.00% Added +85 +85
83 BLAIR WILLIAM & CO/IL 0.00% of their portfolio CHICAGO, IL 1,5221.5k $139.2k $139.2k 0.00% Unchanged
84 SBI Securities Co., Ltd. 0.00% of their portfolio TOKYO, M0 1,4601.5k $133.5k $133.5k 0.00% Added +186 +186
85 HANTZ FINANCIAL SERVICES, INC. 0.00% of their portfolio SOUTHFIELD, MI 1,2221.2k $112.0k $112.0k 0.00% Added +3 +3
86 Spire Wealth Management 0.00% of their portfolio MCLEAN, VA 1,1011.1k $100.7k $100.7k 0.00% New
87 NewEdge Advisors, LLC 0.00% of their portfolio NEW ORLEANS, LA 984984 $90.0k $90.0k 0.00% Unchanged
88 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 983983 $89.9k $89.9k 0.00% New
89 Physician Wealth Advisors, Inc. 0.01% of their portfolio MIDVALE, UT 846846 $77.3k $77.3k 0.01% Added +424 +424
90 Rise Advisors, LLC 0.03% of their portfolio ROCHESTER, NY 720720 $65.8k $65.8k 0.03% Added +2 +2
91 Legacy Investment Solutions, LLC 0.03% of their portfolio BOISE, ID 700700 $64.0k $64.0k 0.03% First filing
92 Legacy Wealth Managment, LLC/ID 0.03% of their portfolio BOISE, ID 700700 $64.0k $64.0k 0.03% New
93 Parallel Advisors, LLC 0.00% of their portfolio SAN FRANCISCO, CA 629629 $57.5k $57.5k 0.00% Added +2 +2
94 Allworth Financial LP 0.00% of their portfolio FOLSOM, CA 627627 $57.3k $57.3k 0.00% Added +308 +308
95 MARK SHEPTOFF FINANCIAL PLANNING, LLC 0.02% of their portfolio GLASTONBURY, CT 452452 $41.4k $41.4k 0.02% Unchanged
96 Safe Harbor Fiduciary, LLC 0.04% of their portfolio PENSACOLA, FL 423423 $38.7k $38.7k 0.04% Reduced -21.8k -21,761
97 SIGNATUREFD, LLC 0.00% of their portfolio ATLANTA, GA 414414 $37.9k $37.9k 0.00% Reduced -1.0k -1,039
98 Glass Jacobson Investment Advisors llc 0.01% of their portfolio OWINGS MILLS, MD 336336 $30.7k $30.7k 0.01% Unchanged
99 DAGCO, INC. 0.01% of their portfolio WESTLAKE, OH 251251 $22.9k $22.9k 0.01% Added +40 +40
100 Bellwether Advisors, LLC 0.00% of their portfolio LINCOLN, NE 250250 $22.9k $22.9k 0.00% New