Vault-13

PROSHARES TR II

ULTRA VIX SHORT · CUSIP 74347Y755

43 institutional holders +1 vs Q1 2025
4,235,3014.2m shares reported held*
$79.2mreported value*
15 new 12 added 9 reduced 14 sold out net bought ≈ $9.2m (+491.8k 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 ≈ $18.71. Options: 9 managers hold calls ($84.2m notional), 10 hold puts ($166.5m).

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

0204060Q2 24: 34Q3 24: 35Q4 24: 42Q1 25: 42Q2 25: 4343Q2 24Q3 24Q4 24Q1 25Q2 25
Numbers
QuarterHolders
Q2 202434
Q3 202435
Q4 202442
Q1 202542
Q2 202543

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q3 24: 20 bought or addedQ3 24: 16 cut or sold outQ3 24Q4 24: 24 bought or addedQ4 24: 17 cut or sold outQ4 24Q1 25: 21 bought or addedQ1 25: 25 cut or sold outQ1 25Q2 25: 27 bought or addedQ2 25: 23 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 20242016
Q4 20242417
Q1 20252125
Q2 20252723

Calls vs puts

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

CallsPuts
$0$100m$200m$300mQ3 24 calls: $243.7mQ3 24 puts: $170.5mQ3 24P/C 0.70Q4 24 calls: $203.6mQ4 24 puts: $125.6mQ4 24P/C 0.62Q1 25 calls: $150.8mQ1 25 puts: $139.8mQ1 25P/C 0.93Q2 25 calls: $84.2mQ2 25 puts: $166.5mQ2 25P/C 1.98
Numbers
QuarterCallsPutsP/C
Q3 2024$243.7m$170.5m0.70
Q4 2024$203.6m$125.6m0.62
Q1 2025$150.8m$139.8m0.93
Q2 2025$84.2m$166.5m1.98

Biggest buyers

GROUP ONE TRADING LLC New +838,972+839.0k
MORGAN STANLEY Added +759,119+759.1k
SG Americas Securities, LLC Added +385,370+385.4k
TWO SIGMA INVESTMENTS, LP Added +142,199+142.2k
JPMORGAN CHASE & CO Added +136,220+136.2k
BANK OF AMERICA CORP /DE/ Added +124,450+124.5k
UBS Group AG Added +118,894+118.9k
Guardian Partners Inc. New +100,000+100.0k
RAFFLES ASSOCIATES LP New +50,000+50.0k
Integrated Advisors Network LLC New +39,300+39.3k

Biggest sellers

HCEP Management Ltd Reduced -450,701-450.7k
IMC-Chicago, LLC Sold out -399,448-399.4k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced -302,104-302.1k
JANE STREET GROUP, LLC Sold out -288,933-288.9k
Jump Financial, LLC Sold out -183,225-183.2k
AI-Squared Management Ltd Sold out -141,800-141.8k
CITADEL ADVISORS LLC Sold out -135,778-135.8k
BNP PARIBAS FINANCIAL MARKETS Reduced -106,496-106.5k
NATIONAL BANK OF CANADA /FI/ Sold out -83,600-83.6k
FLOW TRADERS U.S. LLC Sold out -49,649-49.6k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $55.2m2.9m shares
CITADEL ADVISORS LLC Reduced $17.7m942.2k shares
JANE STREET GROUP, LLC Reduced $11.0m586.7k shares
HORIZON KINETICS ASSET MANAGEMENT LLC Added $237.5k2.5k shares
Belvedere Trading LLC Reduced $54.8k15.3k shares
Brooklands Fund Management Ltd Reduced $37.5k2.0k shares
HAP Trading, LLC Reduced $17.2k11.0k shares
Kaizen Financial Strategies New $5.4k13.6k shares
Creative Planning New $1971.0k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $69.5m3.7m shares
GROUP ONE TRADING LLC Added $34.8m1.9m shares
JANE STREET GROUP, LLC Added $22.0m1.2m shares
IMC-Chicago, LLC Added $20.8m1.1m shares
CITADEL ADVISORS LLC Added $17.1m910.6k shares
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND Added $1.9m100.0k shares
HRT FINANCIAL LP New $316.0k16.9k shares
HAP Trading, LLC Reduced $66.8k42.3k shares
Belvedere Trading LLC Reduced $45.0k2.4k shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 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 GROUP ONE TRADING LLC 0.52% of their portfolio CHICAGO, IL 838,972839.0k $15.7m $15.7m 0.52% New
2 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 826,321826.3k $15.5m $15.5m 0.00% Added +759.1k +759,119
3 SG Americas Securities, LLC 0.05% of their portfolio NEW YORK, NY 600,539600.5k $11.3m $11.3m 0.05% Added +385.4k +385,370
4 TWO SIGMA INVESTMENTS, LP 0.01% of their portfolio NEW YORK, NY 350,135350.1k $6.6m $6.6m 0.01% Added +142.2k +142,199
5 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 300,544300.5k $5.6m $5.6m 0.00% Reduced -39.6k -39,621
6 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 266,251266.3k $5.0m $5.0m 0.00% Added +124.5k +124,450
7 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 202,753202.8k $3.8m $3.8m 0.00% Added +136.2k +136,220
8 HCEP Management Ltd 1.98% of their portfolio HONG KONG, K3 131,309131.3k $2.5m $2.5m 1.98% Reduced -450.7k -450,701
9 UBS Group AG 0.00% of their portfolio ZURICH, V8 118,915118.9k $2.2m $2.2m 0.00% Added +118.9k +118,894
10 Diametric Capital, LP 1.07% of their portfolio BOSTON, MA 106,469106.5k $2.0m $2.0m 1.07% Reduced -5.9k -5,914
11 Guardian Partners Inc. 0.15% of their portfolio TORONTO, Z4 100,000100.0k $1.7m $1.7m 0.15% New
12 PRELUDE CAPITAL MANAGEMENT, LLC 0.10% of their portfolio NEW YORK, NY 56,14456.1k $1.1m $1.1m 0.10% Added +9.1k +9,140
13 RAFFLES ASSOCIATES LP 0.98% of their portfolio NEW YORK, NY 50,00050.0k $937.5k $937.5k 0.98% New
14 D. E. Shaw & Co., Inc. 0.00% of their portfolio New York, NY 45,69045.7k $856.2k $856.2k 0.00% Reduced -33.1k -33,054
15 Integrated Advisors Network LLC 0.03% of their portfolio DALLAS, TX 39,30039.3k $736.9k $736.9k 0.03% New
16 HRT FINANCIAL LP 0.00% of their portfolio NEW YORK, NY 32,62532.6k $611.0k $611.0k 0.00% New
17 Hamilton Wealth, LLC 0.11% of their portfolio LOS ANGELES, CA 27,34227.3k $512.7k $512.7k 0.11% New
18 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 24,07724.1k $451.4k $451.4k 0.00% Added +15.0k +15,000
19 Lighthouse Investment Partners, LLC 0.02% of their portfolio Palm Beach Gardens, FL 20,00020.0k $375.0k $375.0k 0.02% New
20 StoneX Group Inc. 0.02% of their portfolio NEW YORK, NY 19,07419.1k $357.6k $357.6k 0.02% New
21 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 17,82717.8k $334.3k $334.3k 0.00% Reduced -302.1k -302,104
22 FNY Investment Advisers, LLC 0.12% of their portfolio NEW YORK, NY 15,50015.5k $290.0k $290.0k 0.12% Added +3.5k +3,500
23 NewEdge Advisors, LLC 0.00% of their portfolio NEW ORLEANS, LA 12,61612.6k $236.6k $236.6k 0.00% New
24 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 12,08212.1k $222.9k $222.9k 0.00% New
25 TWO SIGMA SECURITIES, LLC 0.03% of their portfolio NEW YORK, NY 11,76411.8k $220.6k $220.6k 0.03% New
26 SJS Investment Consulting Inc. 0.01% of their portfolio SYLVANIA, OH 2,6552.7k $49.8k $49.8k 0.01% Added +374 +374
27 Kiker Wealth Management, LLC 0.02% of their portfolio JASPER, GA 2,0002.0k $37.5k $37.5k 0.02% New
28 Belvedere Trading LLC 0.00% of their portfolio CHICAGO, IL 1,3511.4k $25.3k $25.3k 0.00% Reduced -40.7k -40,733
29 HARBOUR INVESTMENTS, INC. 0.00% of their portfolio MADISON, WI 900900 $16.9k $16.9k 0.00% Added +353 +353
30 Sterling Capital Management LLC 0.00% of their portfolio CHARLOTTE, NC 772772 $14.5k $14.5k 0.00% Added +720 +720
31 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 560560 $10.5k $10.5k 0.00% Reduced -106.5k -106,496
32 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 283283 $5.3k $5.3k 0.00% Unchanged
33 LANARK FINANCIAL, INC. 0.00% of their portfolio BIRMINGHAM, AL 200200 $3.0k $3.0k 0.00% New
34 EQUITEC PROPRIETARY MARKETS, LLC 0.01% of their portfolio CHICAGO, IL 100100 $1.9k $1.9k 0.01% Unchanged
35 Tower Research Capital LLC (TRC) 0.00% of their portfolio NEW YORK, NY 8686 $1.6k $1.6k 0.00% Reduced -22.9k -22,946
36 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 6060 $2.0k $2.0k 0.00% New
37 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 4545 $843 $843 0.00% Unchanged
38 Blue Trust, Inc. 0.00% of their portfolio BRENTWOOD, TN 1919 $356 $356 0.00% Unchanged
39 MAI Capital Management 0.00% of their portfolio INDEPENDENCE, OH 88 $150 $150 0.00% Unchanged
40 Federation des caisses Desjardins du Quebec 0.00% of their portfolio LEVIS, A8 66 $113 $113 0.00% Unchanged
41 SBI Securities Co., Ltd. 0.00% of their portfolio TOKYO, M0 44 $75 $75 0.00% Reduced -13 -13
42 TOTAL INVESTMENT MANAGEMENT INC 0.00% of their portfolio SCOTTSDALE, AZ 33 $56 $56 0.00% New
43 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged