Vault-13

PROSHARES TR UPRO

ULTRPRO S&P500 · ETP · CUSIP 74347X864

145 institutional holders +16 vs Q3 2025
3,579,6753.6m shares reported held*
$369.6mreported value*
28 new 28 added 49 reduced 18 sold out net sold ≈ $256.1m (-2.0m 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 ≈ $103.24. Options: 4 managers hold calls ($229.1m notional), 5 hold puts ($316.2m).

Trends to Q4 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: 129Q4 25: 145145Q3 22Q2 23Q1 24Q4 24Q4 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
Q4 2025145

Buyers vs sellers

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

Bought or addedCut or sold out
1000100Q1 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 25Q3 25: 64 bought or addedQ3 25: 53 cut or sold outQ4 25: 56 bought or addedQ4 25: 67 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 20245048
Q2 20243848
Q3 20245344
Q4 20244758
Q1 20254155
Q2 20257333
Q3 20256453
Q4 20255667

Calls vs puts

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

CallsPuts
$0$100m$200m$300m$400mQ1 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 1.19Q4 25 calls: $229.1mQ4 25 puts: $316.2mQ4 25P/C 1.38
Numbers
QuarterCallsPutsP/C
Q1 2025$159.2m$101.6m0.64
Q2 2025$210.9m$134.8m0.64
Q3 2025$266.9m$317.5m1.19
Q4 2025$229.1m$316.2m1.38

Biggest buyers

BXM Wealth LLC New +201,623+201.6k
Robinson Value Management, Ltd. New +146,158+146.2k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added +59,639+59.6k
Spectrum Financial Alliance Ltd LLC Added +34,447+34.4k
Jump Financial, LLC New +30,559+30.6k
Corient Private Wealth LP Added +21,395+21.4k
Headlands Technologies LLC Added +16,236+16.2k
Revere Asset Management, Inc Added +15,655+15.7k
FLOW TRADERS U.S. LLC Added +14,871+14.9k
HRT FINANCIAL LP New +13,716+13.7k

Biggest sellers

POTOMAC FUND MANAGEMENT INC /ADV Sold out -2,095,597-2.1m
ASSETMARK, INC Reduced -207,546-207.5k
Howard Capital Management, LLC Reduced -164,487-164.5k
UBS Group AG Reduced -39,629-39.6k
JPMORGAN CHASE & CO Reduced -23,427-23.4k
Quadrature Capital Ltd Sold out -18,674-18.7k
Tower Research Capital LLC (TRC) Reduced -16,369-16.4k
AXXCESS WEALTH MANAGEMENT, LLC Reduced -9,424-9.4k
SURIENCE PRIVATE WEALTH LLC Sold out -8,096-8.1k
WMG Financial Advisors, LLC Sold out -7,266-7.3k

Biggest calls

JANE STREET GROUP, LLC Reduced $88.7m766.1k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $68.9m594.9k shares
CITADEL ADVISORS LLC Reduced $67.6m584.1k shares
Squarepoint Ops LLC Unchanged $3.9m33.9k shares

Biggest puts

CITADEL ADVISORS LLC Reduced $178.5m1.5m shares
JANE STREET GROUP, LLC Added $74.5m644.0k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $62.5m539.9k shares
Beacon Pointe Advisors, LLC Unchanged $659.8k5.7k shares
Lido Advisors, LLC Unchanged $34.7k300 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, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Howard Capital Management, LLC 1.54% of their portfolio Alpharetta, GA 1,025,5891.0m $118.7m $118.7m 1.54% Reduced -164.5k -164,487
2 Turner Capital Investments, LLC 41.89% of their portfolio AUSTIN, TX 525,554525.6k $37.0m $37.0m 41.89% First filing
3 Ridgepath Capital Management LLC 10.65% of their portfolio Knoxville, TN 207,947207.9k $23.2m $23.2m 10.65% Unchanged
4 BXM Wealth LLC 2.55% of their portfolio Englewood, CO 201,623201.6k $3.3m $3.3m 2.55% New
5 AXXCESS WEALTH MANAGEMENT, LLC 0.41% of their portfolio CARLSBAD, CA 198,096198.1k $22.9m $22.9m 0.41% Reduced -9.4k -9,424
6 Revere Asset Management, Inc 8.04% of their portfolio DALLAS, TX 197,317197.3k $22.8m $22.8m 8.04% Added +15.7k +15,655
7 Robinson Value Management, Ltd. 9.15% of their portfolio SAN ANTONIO, TX 146,158146.2k $16.9m $16.9m 9.15% New
8 Spectrum Financial Alliance Ltd LLC 2.87% of their portfolio NICHOLASVILLE, KY 125,596125.6k $14.5m $14.5m 2.87% Added +34.4k +34,447
9 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.01% of their portfolio BALA CYNWYD, PA 66,34166.3k $7.7m $7.7m 0.01% Added +59.6k +59,639
10 Main Street Group, LTD 2.01% of their portfolio GLEN ALLEN, VA 50,36150.4k $5.8m $5.8m 2.01% Reduced -468 -468
11 DIVERSIFIED TRUST CO 0.11% of their portfolio MEMPHIS, TN 50,00050.0k $5.8m $5.8m 0.11% Unchanged
12 Corient Private Wealth LP 0.00% of their portfolio MIAMI, FL 40,20540.2k $4.7m $4.7m 0.00% Added +21.4k +21,395
13 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 37,60637.6k $4.4m $4.4m 0.00% Added +3.7k +3,694
14 Jump Financial, LLC 0.04% of their portfolio Chicago, IL 30,55930.6k $3.5m $3.5m 0.04% New
15 Tower Research Capital LLC (TRC) 0.08% of their portfolio NEW YORK, NY 27,24427.2k $3.2m $3.2m 0.08% Reduced -16.4k -16,369
16 Encompass More Asset Management 0.58% of their portfolio Danville, CA 27,20827.2k $3.1m $3.1m 0.58% Reduced -5.9k -5,853
17 Millington Financial Advisors, LLC 1.36% of their portfolio NAPERVILLE, IL 25,92025.9k $3.1m $3.1m 1.36% Reduced -1.4k -1,447
18 INDEPENDENT FINANCIAL GROUP, LLC 0.06% of their portfolio SAN DIEGO, CA 23,88323.9k $2.8m $2.8m 0.06% Reduced -3.0k -3,049
19 Prosperity Wealth Management, Inc. 0.92% of their portfolio San Ramon, CA 23,80723.8k $2.8m $2.8m 0.92% Added +26 +26
20 Headlands Technologies LLC 0.21% of their portfolio CHICAGO, IL 22,08722.1k $2.6m $2.6m 0.21% Added +16.2k +16,236
21 Uniting Wealth Partners, LLC 0.75% of their portfolio DENVER, CO 21,00021.0k $2.4m $2.4m 0.75% Unchanged
22 Safe Harbor Fiduciary, LLC 2.03% of their portfolio PENSACOLA, FL 19,83619.8k $2.3m $2.3m 2.03% First filing
23 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 19,38319.4k $2.2m $2.2m 0.00% Reduced -23.4k -23,427
24 Lido Advisors, LLC 0.01% of their portfolio Los Angeles, CA 18,71318.7k $2.1m $2.1m 0.01% Unchanged
25 FLOW TRADERS U.S. LLC 0.07% of their portfolio NEW YORK, NY 18,51218.5k $2.1m $2.1m 0.07% Added +14.9k +14,871
26 DeDora Capital, Inc. 0.50% of their portfolio Napa, CA 18,28018.3k $2.1m $2.1m 0.50% Unchanged
27 EverSource Wealth Advisors, LLC 0.07% of their portfolio BIRMINGHAM, AL 15,58615.6k $1.8m $1.8m 0.07% Reduced -7.0k -7,027
28 Ascentis Independent Advisors 0.27% of their portfolio DALLAS, TX 14,22214.2k $1.6m $1.6m 0.27% Reduced -256 -256
29 TOTH FINANCIAL ADVISORY CORP 0.18% of their portfolio LEESBURG, VA 14,11514.1k $1.6m $1.6m 0.18% Reduced -2.0k -1,976
30 HRT FINANCIAL LP 0.01% of their portfolio NEW YORK, NY 13,71613.7k $1.6m $1.6m 0.01% New
31 RENAISSANCE TECHNOLOGIES LLC 0.00% of their portfolio NEW YORK, NY 13,60013.6k $1.6m $1.6m 0.00% Reduced -4.7k -4,700
32 Ellis Investment Partners, LLC 0.20% of their portfolio Berwyn, PA 10,02110.0k $1.2m $1.2m 0.20% Reduced -136 -136
33 Howard Capital Management Group, LLC 0.07% of their portfolio Los Angeles, CA 10,00010.0k $1.2m $1.2m 0.07% New
34 World Investment Advisors 0.02% of their portfolio LINCROFT, NJ 9,1799.2k $1.1m $1.1m 0.02% Added +274 +274
35 UBS Group AG 0.00% of their portfolio ZURICH, V8 9,0409.0k $1.0m $1.0m 0.00% Reduced -39.6k -39,629
36 Mariner, LLC 0.00% of their portfolio Overland Park, KS 8,7158.7k $1.0m $1.0m 0.00% Reduced -3.9k -3,873
37 Beacon Pointe Advisors, LLC 0.01% of their portfolio NEWPORT BEACH, CA 8,5808.6k $993.2k $993.2k 0.01% Unchanged
38 Westmount Partners, LLC 0.24% of their portfolio LOS ANGELES, CA 8,3778.4k $969.7k $969.7k 0.24% Added +56 +56
39 FORTRESS PRIVATE LEDGER, LLC 0.31% of their portfolio RALEIGH, NC 8,0538.1k $932.2k $932.2k 0.31% Added +2.3k +2,299
40 Bryn Mawr Trust Advisors, LLC 0.04% of their portfolio PHILADELPHIA, PA 7,9297.9k $917.9k $917.9k 0.04% Unchanged
41 Timonier Family Office, LTD. 0.29% of their portfolio WINSTON SALEM, NC 7,8687.9k $910.8k $910.8k 0.29% Reduced -295 -295
42 Sound Income Strategies, LLC 0.04% of their portfolio FT LAUDERDALE, FL 7,2667.3k $872.9k $872.9k 0.04% New
43 KWMG, LLC 0.07% of their portfolio OVERLAND PARK, KS 6,8276.8k $790.3k $790.3k 0.07% Added +11 +11
44 Qube Research & Technologies Ltd 0.00% of their portfolio LONDON, X0 6,7936.8k $786.4k $786.4k 0.00% Added +3.0k +2,952
45 Erickson Financial Group, LLC 0.48% of their portfolio ALLENTOWN, PA 6,7416.7k $780.3k $780.3k 0.48% Reduced -1.4k -1,406
46 FOUNDERS FINANCIAL SECURITIES LLC 0.05% of their portfolio TOWSON, MD 6,6086.6k $764.9k $764.9k 0.05% Reduced -1.3k -1,280
47 Sollinda Capital Management LLC 0.18% of their portfolio HICKORY, NC 6,1976.2k $717.4k $717.4k 0.18% Reduced -6.2k -6,235
48 Discipline Wealth Solutions, LLC 0.13% of their portfolio GREENVILLE, SC 6,1746.2k $714.7k $714.7k 0.13% Reduced -919 -919
49 American Financial Advisors, LLC 0.09% of their portfolio Marietta, GA 5,9576.0k $689.6k $689.6k 0.09% Reduced -85 -85
50 FLPUTNAM INVESTMENT MANAGEMENT CO 0.01% of their portfolio PORTLAND, ME 5,8035.8k $671.8k $671.8k 0.01% Reduced -296 -296
51 CPR Investments Inc. 0.44% of their portfolio Rochester, MI 5,7235.7k $662.5k $662.5k 0.44% Reduced -1.2k -1,182
52 Dedeker Financial LLC 0.53% of their portfolio ST. LOUIS PARK, MN 5,1575.2k $597.1k $597.1k 0.53% First filing
53 Edgestream Partners, L.P. 0.02% of their portfolio Princeton, NJ 5,1205.1k $592.7k $592.7k 0.02% New
54 StoneX Group Inc. 0.03% of their portfolio NEW YORK, NY 5,0675.1k $586.6k $586.6k 0.03% Added +1.9k +1,876
55 Hickory Point Bank & Trust 0.42% of their portfolio DECATUR, IL 5,0455.0k $584.0k $584.0k 0.42% Unchanged
56 Quantinno Capital Management LP 0.00% of their portfolio NEW YORK, NY 4,9184.9k $569.3k $569.3k 0.00% Unchanged
57 AKUNA SECURITIES LLC 0.22% of their portfolio CHICAGO, IL 4,8094.8k $556.7k $556.7k 0.22% New
58 INSIGNEO ADVISORY SERVICES, LLC 0.04% of their portfolio MIAMI, FL 4,7194.7k $546.3k $546.3k 0.04% Reduced -42 -42
59 SYM FINANCIAL Corp 0.06% of their portfolio WINONA LAKE, IN 4,6934.7k $543.3k $543.3k 0.06% Reduced -97 -97
60 MERCER GLOBAL ADVISORS INC /ADV 0.00% of their portfolio DENVER, CO 4,5774.6k $529.8k $529.8k 0.00% Added +624 +624
61 Calamos Wealth Management LLC 0.02% of their portfolio NAPERVILLE, IL 4,5624.6k $528.1k $528.1k 0.02% Added +1.4k +1,397
62 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 4,5154.5k $522.7k $522.7k 0.00% New
63 XTX Topco Ltd 0.01% of their portfolio LONDON, X0 4,4684.5k $517.2k $517.2k 0.01% New
64 Mittelman Wealth Management 0.33% of their portfolio ANDOVER, MA 4,3454.3k $503.0k $503.0k 0.33% Unchanged
65 Koshinski Asset Management, Inc. 0.03% of their portfolio DECATUR, IL 4,3174.3k $499.7k $499.7k 0.03% Reduced -1.5k -1,524
66 T3 Companies, LLC 0.63% of their portfolio NEW YORK, NY 4,2684.3k $494.1k $494.1k 0.63% First filing
67 Wealth Alliance Advisory Group, LLC 0.08% of their portfolio Wichita, KS 4,2424.2k $491.1k $491.1k 0.08% Unchanged
68 Silverleafe Capital Partners, LLC 0.14% of their portfolio GERMANTOWN, TN 4,1784.2k $483.6k $483.6k 0.14% Reduced -2.0k -1,988
69 Stonebridge Financial Group, LLC 0.04% of their portfolio Wormleysburg, PA 4,0004.0k $463.0k $463.0k 0.04% New
70 CHOREO, LLC 0.01% of their portfolio ROCKFORD, IL 3,7353.7k $443.6k $443.6k 0.01% Unchanged
71 CreativeOne Wealth, LLC 0.01% of their portfolio OVERLAND PARK, KS 3,6543.7k $423.0k $423.0k 0.01% Reduced -217 -217
72 Larson Financial Group LLC 0.01% of their portfolio ST LOUIS, MO 3,6333.6k $420.5k $420.5k 0.01% Reduced -86 -86
73 Ashton Thomas Private Wealth, LLC 0.01% of their portfolio SCOTTSDALE, AZ 3,5573.6k $411.8k $411.8k 0.01% Reduced -1.4k -1,389
74 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 3,4993.5k $405.1k $405.1k 0.00% Reduced -352 -352
75 DV Trading LLC 0.03% of their portfolio CHICAGO, IL 3,4863.5k $384.8k $384.8k 0.03% First filing
76 GR FINANCIAL GROUP, LLC 0.08% of their portfolio TUCSON, AZ 3,2583.3k $377.2k $377.2k 0.08% Added +722 +722
77 Farther Finance Advisors, LLC 0.00% of their portfolio SAN FRANCISCO, CA 3,1933.2k $369.7k $369.7k 0.00% Added +141 +141
78 J.W. COLE ADVISORS, INC. 0.01% of their portfolio TAMPA, FL 3,1083.1k $359.8k $359.8k 0.01% Added +9 +9
79 Brookstone Capital Management 0.00% of their portfolio WHEATON, IL 3,0723.1k $355.6k $355.6k 0.00% New
80 OPTIMA CAPITAL LLC 0.15% of their portfolio PORTLAND, OR 3,0543.1k $353.5k $353.5k 0.15% New
81 Badgley Phelps Wealth Managers, LLC 0.01% of their portfolio SEATTLE, WA 3,0003.0k $347.3k $347.3k 0.01% New
82 ASSETMARK, INC 0.00% of their portfolio CONCORD, CA 2,9432.9k $340.7k $340.7k 0.00% Reduced -207.5k -207,546
83 Nicholas Hoffman & Company, LLC. 0.01% of their portfolio ATLANTA, GA 2,8772.9k $333.0k $333.0k 0.01% Unchanged
84 Mayflower Financial Advisors, LLC 0.04% of their portfolio BOSTON, MA 2,8242.8k $326.9k $326.9k 0.04% Reduced -66 -66
85 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 2,8232.8k $326.8k $326.8k 0.00% Added +1.3k +1,341
86 Essex Financial Services, Inc. 0.02% of their portfolio ESSEX, CT 2,7102.7k $313.7k $313.7k 0.02% Added +11 +11
87 Daviman Financial, LLC 0.18% of their portfolio FISHERS, IN 2,5842.6k $299.1k $299.1k 0.18% First filing
88 Summit Trail Advisors, LLC 0.01% of their portfolio NEW YORK, NY 2,5182.5k $291.5k $291.5k 0.01% Unchanged
89 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 2,4102.4k $279.0k $279.0k 0.00% New
90 Visionary Horizons, LLC 0.14% of their portfolio Knoxville, TN 2,2752.3k $263.4k $263.4k 0.14% Unchanged
91 Cadent Capital Advisors, LLC 0.07% of their portfolio TULSA, OK 2,2262.2k $257.7k $257.7k 0.07% New
92 HOWLAND CAPITAL MANAGEMENT LLC 0.01% of their portfolio BOSTON, MA 2,1742.2k $251.7k $251.7k 0.01% Unchanged
93 Meramec Financial Planners, LLC 0.09% of their portfolio SAINT LOUIS, MO 2,0572.1k $243.7k $243.7k 0.09% First filing
94 Spire Wealth Management 0.01% of their portfolio MCLEAN, VA 2,0072.0k $232.3k $232.3k 0.01% Reduced -198 -198
95 Mill Creek Capital Advisors, LLC 0.00% of their portfolio Conshohocken, PA 2,0012.0k $231.7k $231.7k 0.00% Unchanged
96 BlackRock, Inc. 0.00% of their portfolio New York, NY 2,0002.0k $231.5k $231.5k 0.00% Reduced -1.0k -1,000
97 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 1,9301.9k $223.5k $223.5k 0.00% New
98 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 1,9151.9k $221.7k $221.7k 0.00% Reduced -48 -48
99 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 1,9001.9k $219.9k $219.9k 0.00% Unchanged
100 CAPTRUST FINANCIAL ADVISORS 0.00% of their portfolio RALEIGH, NC 1,8621.9k $215.5k $215.5k 0.00% Added +25 +25