Vault-13

PROSHARES TR UPRO

ULTRPRO S&P500 · ETP · CUSIP 74347X864

129 institutional holders +12 vs Q2 2025
5,057,2135.1m shares reported held*
$563.8mreported value*
26 new 38 added 42 reduced 11 sold out net sold ≈ $144.7m (-1.3m 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 ≈ $111.48. Options: 5 managers hold calls ($266.9m notional), 5 hold puts ($317.5m).

Trends to Q3 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: 117Q3 25: 129129Q3 22Q2 23Q1 24Q4 24Q3 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
Q3 2025129

Buyers vs sellers

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

Bought or addedCut or sold out
1000100Q4 23: 44 bought or addedQ4 23: 40 cut or sold outQ1 24: 50 bought or addedQ1 24: 48 cut or sold outQ1 24Q2 24: 38 bought or addedQ2 24: 48 cut or sold outQ3 24: 53 bought or addedQ3 24: 44 cut or sold outQ3 24Q4 24: 47 bought or addedQ4 24: 58 cut or sold outQ1 25: 41 bought or addedQ1 25: 55 cut or sold outQ1 25Q2 25: 73 bought or addedQ2 25: 33 cut or sold outQ3 25: 64 bought or addedQ3 25: 53 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q4 20234440
Q1 20245048
Q2 20243848
Q3 20245344
Q4 20244758
Q1 20254155
Q2 20257333
Q3 20256453

Calls vs puts

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

CallsPuts
$0$100m$200m$300m$400mQ4 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 0.64Q3 25 calls: $266.9mQ3 25 puts: $317.5mQ3 25P/C 1.19
Numbers
QuarterCallsPutsP/C
Q4 2024$204.7m$139.8m0.68
Q1 2025$159.2m$101.6m0.64
Q2 2025$210.9m$134.8m0.64
Q3 2025$266.9m$317.5m1.19

Biggest buyers

ASSETMARK, INC Added +207,546+207.5k
DIVERSIFIED TRUST CO New +50,000+50.0k
Ridgepath Capital Management LLC Added +24,606+24.6k
AXXCESS WEALTH MANAGEMENT, LLC Added +24,606+24.6k
Encompass More Asset Management Added +21,686+21.7k
RENAISSANCE TECHNOLOGIES LLC New +18,300+18.3k
Tower Research Capital LLC (TRC) Added +16,460+16.5k
EverSource Wealth Advisors, LLC Added +13,288+13.3k
JPMORGAN CHASE & CO Added +10,693+10.7k
SURIENCE PRIVATE WEALTH LLC New +8,096+8.1k

Biggest sellers

POTOMAC FUND MANAGEMENT INC /ADV Reduced -1,090,435-1.1m
CITADEL ADVISORS LLC Reduced -345,045-345.0k
Quadrature Capital Ltd Reduced -52,396-52.4k
GTS SECURITIES LLC Sold out -47,814-47.8k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced -43,716-43.7k
UBS Group AG Reduced -41,030-41.0k
Ashton Thomas Private Wealth, LLC Reduced -21,238-21.2k
GROUP ONE TRADING LLC Sold out -19,502-19.5k
Prosperity Wealth Management, Inc. Reduced -13,058-13.1k
Marshall Financial Group, LLC Sold out -11,717-11.7k

Biggest calls

CITADEL ADVISORS LLC Reduced $91.0m816.3k shares
JANE STREET GROUP, LLC Added $87.7m786.5k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $84.3m755.8k shares
Squarepoint Ops LLC Unchanged $3.8m33.9k shares
HAP Trading, LLC First filing $208.2k6.5k shares

Biggest puts

CITADEL ADVISORS LLC Added $199.8m1.8m shares
JANE STREET GROUP, LLC Added $60.2m539.6k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $56.8m509.7k shares
Beacon Pointe Advisors, LLC New $635.5k5.7k shares
Lido Advisors, LLC Reduced $33.4k300 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, Q3 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 POTOMAC FUND MANAGEMENT INC /ADV 9.89% of their portfolio BETHESDA, MD 2,095,5972.1m $233.6m $233.6m 9.89% Reduced -1.1m -1,090,435
2 Howard Capital Management, LLC 1.75% of their portfolio Alpharetta, GA 1,190,0761.2m $132.7m $132.7m 1.75% Unchanged
3 ASSETMARK, INC 0.05% of their portfolio CONCORD, CA 210,489210.5k $23.5m $23.5m 0.05% Added +207.5k +207,546
4 Ridgepath Capital Management LLC 9.89% of their portfolio Knoxville, TN 207,947207.9k $23.2m $23.2m 9.89% Added +24.6k +24,606
5 AXXCESS WEALTH MANAGEMENT, LLC 0.49% of their portfolio CARLSBAD, CA 207,520207.5k $23.1m $23.1m 0.49% Added +24.6k +24,606
6 Revere Asset Management, Inc 7.65% of their portfolio DALLAS, TX 181,662181.7k $20.3m $20.3m 7.65% Added +181 +181
7 Spectrum Financial Alliance Ltd LLC 2.49% of their portfolio NICHOLASVILLE, KY 91,14991.1k $10.2m $10.2m 2.49% Added +7.2k +7,191
8 Main Street Group, LTD 1.66% of their portfolio GLEN ALLEN, VA 50,82950.8k $5.7m $5.7m 1.66% Added +2.0k +2,000
9 DIVERSIFIED TRUST CO 0.11% of their portfolio MEMPHIS, TN 50,00050.0k $5.6m $5.6m 0.11% New
10 UBS Group AG 0.00% of their portfolio ZURICH, V8 48,66948.7k $5.4m $5.4m 0.00% Reduced -41.0k -41,030
11 Tower Research Capital LLC (TRC) 0.13% of their portfolio NEW YORK, NY 43,61343.6k $4.9m $4.9m 0.13% Added +16.5k +16,460
12 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 42,81042.8k $4.8m $4.8m 0.00% Added +10.7k +10,693
13 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 33,91233.9k $3.8m $3.8m 0.00% Reduced -2.6k -2,582
14 Encompass More Asset Management 0.71% of their portfolio Danville, CA 33,06133.1k $3.7m $3.7m 0.71% Added +21.7k +21,686
15 Millington Financial Advisors, LLC 1.45% of their portfolio NAPERVILLE, IL 27,36727.4k $3.0m $3.0m 1.45% Reduced -1.1k -1,114
16 INDEPENDENT FINANCIAL GROUP, LLC 0.07% of their portfolio SAN DIEGO, CA 26,93226.9k $3.0m $3.0m 0.07% Reduced -1.1k -1,125
17 Prosperity Wealth Management, Inc. 0.90% of their portfolio San Ramon, CA 23,78123.8k $2.7m $2.7m 0.90% Reduced -13.1k -13,058
18 EverSource Wealth Advisors, LLC 0.10% of their portfolio BIRMINGHAM, AL 22,61322.6k $2.5m $2.5m 0.10% Added +13.3k +13,288
19 Uniting Wealth Partners, LLC 0.55% of their portfolio DENVER, CO 21,00021.0k $2.3m $2.3m 0.55% Unchanged
20 Corient Private Wealth LP 0.00% of their portfolio MIAMI, FL 18,81018.8k $2.1m $2.1m 0.00% Reduced -6.1k -6,097
21 Lido Advisors, LLC 0.01% of their portfolio Los Angeles, CA 18,71318.7k $2.1m $2.1m 0.01% Added +1.0k +1,036
22 Quadrature Capital Ltd 0.02% of their portfolio LONDON, X0 18,67418.7k $2.1m $2.1m 0.02% Reduced -52.4k -52,396
23 RENAISSANCE TECHNOLOGIES LLC 0.00% of their portfolio NEW YORK, NY 18,30018.3k $2.0m $2.0m 0.00% New
24 DeDora Capital, Inc. 0.49% of their portfolio Napa, CA 18,28018.3k $2.0m $2.0m 0.49% Unchanged
25 TOTH FINANCIAL ADVISORY CORP 0.19% of their portfolio LEESBURG, VA 16,09116.1k $1.8m $1.8m 0.19% Reduced -11.2k -11,176
26 Ascentis Independent Advisors 0.27% of their portfolio DALLAS, TX 14,47814.5k $1.6m $1.6m 0.27% Reduced -198 -198
27 Mariner, LLC 0.00% of their portfolio Overland Park, KS 12,58812.6k $1.4m $1.4m 0.00% Added +3.5k +3,522
28 Sollinda Capital Management LLC 0.38% of their portfolio HICKORY, NC 12,43212.4k $1.4m $1.4m 0.38% Reduced -2.6k -2,574
29 Ellis Investment Partners, LLC 0.20% of their portfolio Berwyn, PA 10,15710.2k $1.1m $1.1m 0.20% Reduced -48 -48
30 World Investment Advisors 0.02% of their portfolio LINCROFT, NJ 8,9058.9k $992.8k $992.8k 0.02% Reduced -326 -326
31 Beacon Pointe Advisors, LLC 0.01% of their portfolio NEWPORT BEACH, CA 8,5808.6k $956.6k $956.6k 0.01% Reduced -418 -418
32 Westmount Partners, LLC 0.24% of their portfolio LOS ANGELES, CA 8,3218.3k $937.7k $937.7k 0.24% Added +95 +95
33 Timonier Family Office, LTD. 0.30% of their portfolio WINSTON SALEM, NC 8,1638.2k $910.1k $910.1k 0.30% Reduced -91 -91
34 Erickson Financial Group, LLC 0.57% of their portfolio ALLENTOWN, PA 8,1478.1k $908.3k $908.3k 0.57% Reduced -851 -851
35 SURIENCE PRIVATE WEALTH LLC 0.85% of their portfolio YAKIMA, WA 8,0968.1k $902.6k $902.6k 0.85% New
36 Bryn Mawr Trust Advisors, LLC 0.04% of their portfolio PHILADELPHIA, PA 7,9297.9k $884.0k $884.0k 0.04% Unchanged
37 FOUNDERS FINANCIAL SECURITIES LLC 0.06% of their portfolio TOWSON, MD 7,8887.9k $879.4k $879.4k 0.06% Reduced -392 -392
38 WMG Financial Advisors, LLC 0.27% of their portfolio Knoxville, TN 7,2667.3k $810.1k $810.1k 0.27% Unchanged
39 Discipline Wealth Solutions, LLC 0.21% of their portfolio GREENVILLE, SC 7,0937.1k $790.7k $790.7k 0.21% Reduced -2.0k -2,018
40 CPR Investments Inc. 0.53% of their portfolio Rochester, MI 6,9056.9k $769.8k $769.8k 0.53% Reduced -1.3k -1,313
41 KWMG, LLC 0.07% of their portfolio OVERLAND PARK, KS 6,8166.8k $759.9k $759.9k 0.07% Reduced -1.2k -1,226
42 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 6,7026.7k $747.2k $747.2k 0.00% Reduced -43.7k -43,716
43 Vontobel Holding Ltd. 0.00% of their portfolio ZURICH, V8 6,5006.5k $724.7k $724.7k 0.00% Added +2.0k +2,000
44 Silverleafe Capital Partners, LLC 0.21% of their portfolio GERMANTOWN, TN 6,1666.2k $687.4k $687.4k 0.21% Added +319 +319
45 FLPUTNAM INVESTMENT MANAGEMENT CO 0.01% of their portfolio PORTLAND, ME 6,0996.1k $680.0k $680.0k 0.01% Added +747 +747
46 American Financial Advisors, LLC 0.09% of their portfolio Marietta, GA 6,0426.0k $673.7k $673.7k 0.09% Unchanged
47 Headlands Technologies LLC 0.05% of their portfolio CHICAGO, IL 5,8515.9k $652.3k $652.3k 0.05% Added +3.0k +3,004
48 Koshinski Asset Management, Inc. 0.04% of their portfolio DECATUR, IL 5,8415.8k $651.2k $651.2k 0.04% Added +316 +316
49 FORTRESS PRIVATE LEDGER, LLC 0.23% of their portfolio RALEIGH, NC 5,7545.8k $641.5k $641.5k 0.23% Reduced -864 -864
50 LM Advisors LLC 0.08% of their portfolio SAN DIEGO, CA 5,2505.2k $585.0k $585.0k 0.08% New
51 Hickory Point Bank & Trust 0.42% of their portfolio DECATUR, IL 5,0455.0k $562.5k $562.5k 0.42% Added +25 +25
52 Ashton Thomas Private Wealth, LLC 0.01% of their portfolio SCOTTSDALE, AZ 4,9464.9k $551.4k $551.4k 0.01% Reduced -21.2k -21,238
53 Quantinno Capital Management LP 0.00% of their portfolio NEW YORK, NY 4,9184.9k $548.3k $548.3k 0.00% New
54 SYM FINANCIAL Corp 0.06% of their portfolio WINONA LAKE, IN 4,7904.8k $534.0k $534.0k 0.06% Reduced -346 -346
55 INSIGNEO ADVISORY SERVICES, LLC 0.04% of their portfolio MIAMI, FL 4,7614.8k $530.8k $530.8k 0.04% Unchanged
56 TWO SIGMA SECURITIES, LLC 0.07% of their portfolio NEW YORK, NY 4,4084.4k $491.4k $491.4k 0.07% New
57 Mittelman Wealth Management 0.32% of their portfolio ANDOVER, MA 4,3454.3k $484.4k $484.4k 0.32% Unchanged
58 Wealth Alliance Advisory Group, LLC 0.09% of their portfolio Wichita, KS 4,2424.2k $472.9k $472.9k 0.09% Reduced -1.0k -1,045
59 MERCER GLOBAL ADVISORS INC /ADV 0.00% of their portfolio DENVER, CO 3,9534.0k $440.7k $440.7k 0.00% Added +926 +926
60 CreativeOne Wealth, LLC 0.01% of their portfolio OVERLAND PARK, KS 3,8713.9k $431.6k $431.6k 0.01% Reduced -1.5k -1,495
61 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 3,8513.9k $429.0k $429.0k 0.00% Added +72 +72
62 Qube Research & Technologies Ltd 0.00% of their portfolio LONDON, X0 3,8413.8k $428.2k $428.2k 0.00% New
63 CHOREO, LLC 0.01% of their portfolio ROCKFORD, IL 3,7353.7k $416.4k $416.4k 0.01% Added +15 +15
64 Larson Financial Group LLC 0.01% of their portfolio ST LOUIS, MO 3,7193.7k $414.7k $414.7k 0.01% Added +2 +2
65 FLOW TRADERS U.S. LLC 0.02% of their portfolio NEW YORK, NY 3,6413.6k $406.0k $406.0k 0.02% New
66 StoneX Group Inc. 0.02% of their portfolio NEW YORK, NY 3,1913.2k $355.8k $355.8k 0.02% Reduced -3.3k -3,306
67 Calamos Wealth Management LLC 0.01% of their portfolio NAPERVILLE, IL 3,1653.2k $352.9k $352.9k 0.01% Unchanged
68 Triton Wealth Management, PLLC 0.14% of their portfolio SUN CITY, AZ 3,1573.2k $376.2k $376.2k 0.14% Reduced -1.1k -1,087
69 J.W. COLE ADVISORS, INC. 0.01% of their portfolio TAMPA, FL 3,0993.1k $345.5k $345.5k 0.01% Added +13 +13
70 Farther Finance Advisors, LLC 0.01% of their portfolio SAN FRANCISCO, CA 3,0523.1k $340.3k $340.3k 0.01% Added +1.0k +1,019
71 BlackRock, Inc. 0.00% of their portfolio New York, NY 3,0003.0k $334.5k $334.5k 0.00% Reduced -1.2k -1,237
72 Mayflower Financial Advisors, LLC 0.04% of their portfolio BOSTON, MA 2,8902.9k $322.3k $322.3k 0.04% Reduced -77 -77
73 Nicholas Hoffman & Company, LLC. 0.01% of their portfolio ATLANTA, GA 2,8772.9k $320.8k $320.8k 0.01% Unchanged
74 Essex Financial Services, Inc. 0.02% of their portfolio ESSEX, CT 2,6992.7k $300.9k $300.9k 0.02% Added +2 +2
75 GR FINANCIAL GROUP, LLC 0.07% of their portfolio TUCSON, AZ 2,5362.5k $282.8k $282.8k 0.07% Reduced -523 -523
76 Summit Trail Advisors, LLC 0.00% of their portfolio NEW YORK, NY 2,5182.5k $280.7k $280.7k 0.00% New
77 LexAurum Advisors, LLC 0.04% of their portfolio OVERLAND PARK, KS 2,4992.5k $278.6k $278.6k 0.04% Added +24 +24
78 Innova Wealth Partners 0.14% of their portfolio NEWTOWN, PA 2,3122.3k $257.8k $257.8k 0.14% New
79 Visionary Horizons, LLC 0.14% of their portfolio Knoxville, TN 2,2752.3k $253.6k $253.6k 0.14% New
80 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 2,2322.2k $248.8k $248.8k 0.00% Reduced -345.0k -345,045
81 Spire Wealth Management 0.01% of their portfolio MCLEAN, VA 2,2052.2k $245.8k $245.8k 0.01% Added +1.1k +1,104
82 HOWLAND CAPITAL MANAGEMENT LLC 0.01% of their portfolio BOSTON, MA 2,1742.2k $242.4k $242.4k 0.01% New
83 Mill Creek Capital Advisors, LLC 0.00% of their portfolio Conshohocken, PA 2,0012.0k $223.1k $223.1k 0.00% New
84 Provident Wealth Management, LLC 0.07% of their portfolio BRENTWOOD, TN 2,0002.0k $223.0k $223.0k 0.07% Unchanged
85 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 1,9632.0k $218.9k $218.9k 0.00% Added +21 +21
86 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 1,9001.9k $211.8k $211.8k 0.00% New
87 DRW Securities, LLC 0.01% of their portfolio CHICAGO, IL 1,8651.9k $208.5k $208.5k 0.01% New
88 CAPTRUST FINANCIAL ADVISORS 0.00% of their portfolio RALEIGH, NC 1,8371.8k $204.8k $204.8k 0.00% New
89 Segment Wealth Management, LLC 0.01% of their portfolio HOUSTON, TX 1,8251.8k $203.5k $203.5k 0.01% New
90 Stratos Wealth Partners, LTD. 0.00% of their portfolio BEACHWOOD, OH 1,8071.8k $201.5k $201.5k 0.00% New
91 Financial Insights, Inc. 0.07% of their portfolio TACOMA, WA 1,7941.8k $200.0k $200.0k 0.07% New
92 CIBC Private Wealth Group LLC 0.00% of their portfolio ATLANTA, GA 1,5511.6k $172.9k $172.9k 0.00% Added +1 +1
93 BLAIR WILLIAM & CO/IL 0.00% of their portfolio CHICAGO, IL 1,5221.5k $169.7k $169.7k 0.00% Unchanged
94 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 1,4821.5k $165.2k $165.2k 0.00% Added +499 +499
95 HANTZ FINANCIAL SERVICES, INC. 0.00% of their portfolio SOUTHFIELD, MI 1,2281.2k $137.0k $137.0k 0.00% Added +6 +6
96 Physician Wealth Advisors, Inc. 0.01% of their portfolio MIDVALE, UT 944944 $105.2k $105.2k 0.01% Added +98 +98
97 Legacy Wealth Managment, LLC/ID 0.04% of their portfolio BOISE, ID 828828 $92.3k $92.3k 0.04% Added +128 +128
98 Rise Advisors, LLC 0.03% of their portfolio ROCHESTER, NY 723723 $80.6k $80.6k 0.03% Added +3 +3
99 SBI Securities Co., Ltd. 0.00% of their portfolio TOKYO, M0 682682 $76.0k $76.0k 0.00% Reduced -778 -778
100 NewEdge Advisors, LLC 0.00% of their portfolio NEW ORLEANS, LA 680680 $75.8k $75.8k 0.00% Reduced -304 -304