Vault-13

PROSHARES TR SH

SHORT S&P 500 NE · ETP · CUSIP 74349Y753

121 institutional holders -15 vs Q1 2025
5,874,0395.9m shares reported held*
$233.1mreported value*
27 new 33 added 39 reduced 44 sold out net sold ≈ $154.9m (-3.9m 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 ≈ $39.68. Options: 5 managers hold calls ($22.0m notional), 3 hold puts ($40.1m).

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

050100150Q3 24: 2Q4 24: 119Q1 25: 136Q2 25: 121121Q3 24Q4 24Q1 25Q2 25
Numbers
QuarterHolders
Q3 20242
Q4 2024119
Q1 2025136
Q2 2025121

Buyers vs sellers

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

Bought or addedCut or sold out
2000200Q4 24: 112 bought or addedQ4 24: 2 cut or sold outQ4 24Q1 25: 84 bought or addedQ1 25: 52 cut or sold outQ1 25Q2 25: 60 bought or addedQ2 25: 83 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q4 20241122
Q1 20258452
Q2 20256083

Calls vs puts

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

CallsPuts
$0$20m$40m$60mQ3 24 calls: $0Q3 24 puts: $0Q3 24P/C —Q4 24 calls: $10.8mQ4 24 puts: $2.4mQ4 24P/C 0.22Q1 25 calls: $23.0mQ1 25 puts: $3.7mQ1 25P/C 0.16Q2 25 calls: $22.0mQ2 25 puts: $40.1mQ2 25P/C 1.82
Numbers
QuarterCallsPutsP/C
Q3 2024$0$0—
Q4 2024$10.8m$2.4m0.22
Q1 2025$23.0m$3.7m0.16
Q2 2025$22.0m$40.1m1.82

Biggest buyers

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added +231,218+231.2k
Rothschild Capital Partners, LLC Added +193,374+193.4k
STERLING INVESTMENT MANAGEMENT, LLC New +100,587+100.6k
Hilton Capital Management, LLC New +86,960+87.0k
GUARDIAN WEALTH ADVISORS, LLC / NC New +72,058+72.1k
AFG FIDUCIARY SERVICES LIMITED PARTNERSHIP New +68,420+68.4k
Commonwealth Financial Services, LLC New +57,642+57.6k
Lattice Capital Management, LLC New +55,000+55.0k
MORGAN STANLEY Added +51,187+51.2k
AXXCESS WEALTH MANAGEMENT, LLC Added +49,099+49.1k

Biggest sellers

Stack Financial Management, Inc Sold out -1,248,568-1.2m
SYKON CAPITAL LLC Sold out -500,494-500.5k
Revere Asset Management, Inc Sold out -406,795-406.8k
Mirador Capital Partners LP Sold out -371,316-371.3k
Stratos Wealth Advisors, LLC Reduced -307,653-307.7k
Robinson Value Management, Ltd. Sold out -238,521-238.5k
Quadrature Capital Ltd Sold out -182,000-182.0k
STABLEFORD CAPITAL II LLC Sold out -181,794-181.8k
AVANTAX ADVISORY SERVICES, INC. Sold out -171,617-171.6k
UBS Group AG Reduced -165,332-165.3k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $13.6m342.0k shares
CITADEL ADVISORS LLC Reduced $5.0m127.2k shares
JANE STREET GROUP, LLC Reduced $3.0m74.6k shares
WOLVERINE TRADING, LLC Reduced $398.7k10.0k shares
BANK OF AMERICA CORP /DE/ Unchanged $11.9k300 shares

Biggest puts

CITADEL ADVISORS LLC Added $18.1m456.5k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $14.2m358.6k shares
JANE STREET GROUP, LLC Added $7.8m195.4k 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, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 623,109623.1k $24.7m $24.7m 0.00% Added +51.2k +51,187
2 UBS Group AG 0.01% of their portfolio ZURICH, V8 612,418612.4k $24.3m $24.3m 0.01% Reduced -165.3k -165,332
3 Rothschild Capital Partners, LLC 4.56% of their portfolio NEW YORK, NY 437,736437.7k $17.4m $17.4m 4.56% Added +193.4k +193,374
4 Focus Partners Wealth 0.03% of their portfolio ST LOUIS, MO 392,342392.3k $15.6m $15.6m 0.03% Reduced -2.8k -2,787
5 FIRST NATIONAL CORP /MA/ /ADV 2.48% of their portfolio ROCKLAND, MA 309,613309.6k $12.3m $12.3m 2.48% Reduced -103.7k -103,726
6 AXXCESS WEALTH MANAGEMENT, LLC 0.24% of their portfolio CARLSBAD, CA 248,200248.2k $9.8m $9.8m 0.24% Added +49.1k +49,099
7 Arete Wealth Advisors, LLC 0.69% of their portfolio CHICAGO, IL 245,630245.6k $9.7m $9.7m 0.69% Reduced -13.5k -13,525
8 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.01% of their portfolio BALA CYNWYD, PA 243,951244.0k $9.7m $9.7m 0.01% Added +231.2k +231,218
9 CPR Investments Inc. 6.02% of their portfolio Rochester, MI 195,389195.4k $7.8m $7.8m 6.02% Added +6.3k +6,259
10 JANE STREET GROUP, LLC 0.01% of their portfolio NEW YORK, NY 139,240139.2k $5.5m $5.5m 0.01% Added +45.1k +45,105
11 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 132,109132.1k $5.2m $5.2m 0.00% Reduced -5.3k -5,295
12 Squarepoint Ops LLC 0.01% of their portfolio NEW YORK, NY 113,523113.5k $4.5m $4.5m 0.01% Reduced -81.4k -81,355
13 STERLING INVESTMENT MANAGEMENT, LLC 2.64% of their portfolio TUCSON, AZ 100,587100.6k $4.0m $4.0m 2.64% New
14 B. Riley Wealth Advisors, Inc. 0.18% of their portfolio MEMPHIS, TN 93,08193.1k $3.7m $3.7m 0.18% Reduced -11.6k -11,607
15 Tidal Investments LLC 0.02% of their portfolio Milwaukee, WI 91,44591.4k $3.6m $3.6m 0.02% Reduced -61.8k -61,770
16 CIBC WORLD MARKET INC. 0.01% of their portfolio TORONTO, A6 87,37987.4k $3.5m $3.5m 0.01% Added +30.7k +30,700
17 Hilton Capital Management, LLC 0.28% of their portfolio Garden City, NY 86,96087.0k $3.5m $3.5m 0.28% New
18 ONE PLUS ONE WEALTH MANAGEMENT, LLC 1.73% of their portfolio JUPITER, FL 79,98280.0k $3.2m $3.2m 1.73% Reduced -586 -586
19 Wakefield Asset Management LLLP 0.86% of their portfolio Englewood, CO 77,72477.7k $3.1m $3.1m 0.86% Added +2.6k +2,628
20 BRASADA CAPITAL MANAGEMENT, LP 0.49% of their portfolio HOUSTON, TX 72,80072.8k $2.9m $2.9m 0.49% Unchanged
21 GUARDIAN WEALTH ADVISORS, LLC / NC 0.20% of their portfolio RALEIGH, NC 72,05872.1k $2.9m $2.9m 0.20% New
22 Stratos Wealth Advisors, LLC 0.15% of their portfolio BEACHWOOD, OH 71,57971.6k $2.8m $2.8m 0.15% Reduced -307.7k -307,653
23 AFG FIDUCIARY SERVICES LIMITED PARTNERSHIP 1.75% of their portfolio HINGHAM, MA 68,42068.4k $2.7m $2.7m 1.75% New
24 Capital Wealth Planning, LLC 0.02% of their portfolio NAPLES, FL 66,75166.8k $2.6m $2.6m 0.02% Reduced -5.8k -5,805
25 Commonwealth Financial Services, LLC 0.44% of their portfolio VIENNA, WV 57,64257.6k $2.3m $2.3m 0.44% New
26 Clear Creek Financial Management, LLC 0.21% of their portfolio SILVERDALE, WA 56,39456.4k $2.2m $2.2m 0.21% Reduced -2.8k -2,849
27 Lattice Capital Management, LLC 2.40% of their portfolio KIRKLAND, WA 55,00055.0k $2.2m $2.2m 2.40% New
28 AXS Investments LLC 0.90% of their portfolio PORT CHESTER, NY 55,00055.0k $2.2m $2.2m 0.90% Unchanged
29 Verity Asset Management, Inc. 1.00% of their portfolio DURHAM, NC 52,94752.9k $2.1m $2.1m 1.00% Added +1.7k +1,691
30 Harvest Investment Services, LLC 0.43% of their portfolio Oakbrook Terrace, IL 48,29248.3k $1.9m $1.9m 0.43% Added +5.3k +5,292
31 WEDBUSH SECURITIES INC 0.05% of their portfolio PASADENA, CA 38,83638.8k $1.5m $1.5m 0.05% Added +2.6k +2,586
32 Per Stirling Capital Management, LLC. 0.20% of their portfolio AUSTIN, TX 37,64637.6k $1.5m $1.5m 0.20% Added +22.2k +22,240
33 OPPENHEIMER & CO INC 0.02% of their portfolio NEW YORK, NY 36,48736.5k $1.4m $1.4m 0.02% Added +7.5k +7,519
34 Beacon Pointe Advisors, LLC 0.01% of their portfolio NEWPORT BEACH, CA 35,20435.2k $1.4m $1.4m 0.01% Reduced -24.9k -24,927
35 HRT FINANCIAL LP 0.01% of their portfolio NEW YORK, NY 32,44532.4k $1.3m $1.3m 0.01% New
36 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 31,31231.3k $1.2m $1.2m 0.00% New
37 Cambridge Investment Research Advisors, Inc. 0.00% of their portfolio FAIRFIELD, IA 30,66430.7k $1.2m $1.2m 0.00% Reduced -1.5k -1,539
38 ORG Partners LLC 0.24% of their portfolio ROANOKE, IN 28,31028.3k $1.1m $1.1m 0.24% New
39 U.S. Capital Wealth Advisors, LLC 0.03% of their portfolio AUSTIN, TX 27,05027.1k $1.1m $1.1m 0.03% Reduced -9.1k -9,125
40 J. Safra Sarasin Holding AG 0.02% of their portfolio BASEL, V8 25,18125.2k $999.2k $999.2k 0.02% Added +20.0k +19,991
41 Tower Research Capital LLC (TRC) 0.03% of their portfolio NEW YORK, NY 24,52524.5k $973.2k $973.2k 0.03% Added +21.4k +21,421
42 CITIZENS FINANCIAL GROUP INC/RI 0.01% of their portfolio PROVIDENCE, RI 23,09723.1k $926.2k $926.2k 0.01% Reduced -9.4k -9,424
43 Dynamic Advisor Solutions LLC 0.03% of their portfolio PHOENIX, AZ 23,08323.1k $915.9k $915.9k 0.03% Added +13.3k +13,270
44 Stratos Wealth Partners, LTD. 0.01% of their portfolio BEACHWOOD, OH 22,79422.8k $904.5k $904.5k 0.01% New
45 Sugar Maple Asset Management, LLC 0.66% of their portfolio SISTER BAY, WI 21,33721.3k $846.7k $846.7k 0.66% New
46 Integrated Advisors Network LLC 0.03% of their portfolio DALLAS, TX 18,39518.4k $729.9k $729.9k 0.03% Added +2.1k +2,109
47 Graves Light Lenhart Wealth, Inc. 0.08% of their portfolio HARRISONBURG, VA 17,28217.3k $685.7k $685.7k 0.08% Added +120 +120
48 Nicholas Hoffman & Company, LLC. 0.02% of their portfolio ATLANTA, GA 16,72216.7k $663.5k $663.5k 0.02% Unchanged
49 PFG Investments, LLC 0.04% of their portfolio WOODBURY, NY 16,50716.5k $655.0k $655.0k 0.04% New
50 Discipline Wealth Solutions, LLC 0.25% of their portfolio GREENVILLE, SC 16,45016.4k $652.7k $652.7k 0.25% Reduced -1.7k -1,673
51 Quantinno Capital Management LP 0.00% of their portfolio NEW YORK, NY 15,00015.0k $595.2k $595.2k 0.00% New
52 RiverTree Advisors, LLC 0.40% of their portfolio WINTER PARK, FL 14,92914.9k $592.4k $592.4k 0.40% New
53 M&T Bank Corp 0.00% of their portfolio BUFFALO, NY 13,66813.7k $542.3k $542.3k 0.00% Added +4.8k +4,808
54 Mirae Asset Global Investments Co., Ltd. 0.00% of their portfolio SEOUL, M5 13,50013.5k $535.7k $535.7k 0.00% Reduced -5.0k -5,000
55 Kovack Advisors, Inc. 0.05% of their portfolio FT. LAUDERDALE, FL 13,17113.2k $522.6k $522.6k 0.05% Reduced -81.3k -81,350
56 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 12,50012.5k $496.0k $496.0k 0.00% Unchanged
57 Aviance Capital Partners, LLC 0.06% of their portfolio NAPLES, FL 12,25012.2k $486.1k $486.1k 0.06% New
58 SUMITOMO MITSUI FINANCIAL GROUP, INC. 0.01% of their portfolio TOKYO, M0 12,00012.0k $476.2k $476.2k 0.01% Unchanged
59 RW Investment Management LLC 0.05% of their portfolio Eagle, ID 11,56511.6k $458.9k $458.9k 0.05% Unchanged
60 Belpointe Asset Management LLC 0.02% of their portfolio RENO, NV 11,29211.3k $448.1k $448.1k 0.02% Reduced -516 -516
61 Capasso Planning Partners LLC 0.24% of their portfolio CHARLESTON, SC 10,78010.8k $427.8k $427.8k 0.24% New
62 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 10,10610.1k $396.7k $396.7k 0.00% Reduced -33.1k -33,056
63 Farringdon Capital, Ltd. 0.13% of their portfolio LONDON, X0 10,07410.1k $399.7k $399.7k 0.13% Added +1.1k +1,105
64 MGO ONE SEVEN LLC 0.01% of their portfolio Beachwood, OH 9,98710.0k $396.3k $396.3k 0.01% Reduced -169 -169
65 Litman Gregory Wealth Management LLC 0.03% of their portfolio LARKSPUR, CA 9,3759.4k $372.0k $372.0k 0.03% Unchanged
66 Fox Hill Wealth Management 0.18% of their portfolio DEDHAM, MA 9,0549.1k $359.3k $359.3k 0.18% Reduced -10 -10
67 COMERICA BANK 0.00% of their portfolio DALLAS, TX 8,7548.8k $347.4k $347.4k 0.00% Added +45 +45
68 Advanced Asset Management Advisors Inc 0.09% of their portfolio DUBLIN, OH 8,5008.5k $337.3k $337.3k 0.09% New
69 DRW Securities, LLC 0.02% of their portfolio CHICAGO, IL 8,2248.2k $326.3k $326.3k 0.02% New
70 Arkadios Wealth Advisors 0.01% of their portfolio ATLANTA, GA 8,1188.1k $322.1k $322.1k 0.01% New
71 Town & Country Bank & Trust CO dba First Bankers Trust CO 0.12% of their portfolio Louisville, KY 8,0858.1k $320.8k $320.8k 0.12% Added +2.9k +2,885
72 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 8,0498.0k $319.4k $319.4k 0.00% Added +7.4k +7,445
73 Foundations Investment Advisors, LLC 0.00% of their portfolio PHOENIX, AZ 7,9608.0k $315.8k $315.8k 0.00% Added +870 +870
74 TOWNSQUARE CAPITAL LLC 0.03% of their portfolio Lehi, UT 7,6727.7k $304.4k $304.4k 0.03% Reduced -224 -224
75 Sepio Capital, LP 0.02% of their portfolio Salt Lake City, UT 7,5007.5k $297.6k $297.6k 0.02% Unchanged
76 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 7,3947.4k $293.4k $293.4k 0.00% Added +5.3k +5,314
77 Oxbow Advisors, LLC 0.03% of their portfolio Austin, TX 7,0477.0k $279.6k $279.6k 0.03% Unchanged
78 ELKHORN PARTNERS LIMITED PARTNERSHIP 0.20% of their portfolio OMAHA, NE 7,0007.0k $277.8k $277.8k 0.20% Reduced -800 -800
79 MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 6,6806.7k $265.1k $265.1k 0.00% New
80 NewEdge Advisors, LLC 0.00% of their portfolio NEW ORLEANS, LA 6,5626.6k $260.4k $260.4k 0.00% Added +5.5k +5,475
81 Advisory Services Network, LLC 0.00% of their portfolio ATLANTA, GA 6,4006.4k $249.9k $249.9k 0.00% Reduced -103.6k -103,591
82 Jump Financial, LLC 0.00% of their portfolio Chicago, IL 6,3966.4k $253.8k $253.8k 0.00% Reduced -58.4k -58,383
83 LITTLE HOUSE CAPITAL LLC 0.06% of their portfolio BRAINTREE, MA 5,6475.6k $224.1k $224.1k 0.06% Reduced -9.9k -9,865
84 WEST MICHIGAN ADVISORS, LLC 0.06% of their portfolio HOLLAND, MI 5,5115.5k $221.0k $221.0k 0.06% New
85 PNC Financial Services Group, Inc. 0.00% of their portfolio Pittsburgh, PA 5,3095.3k $210.7k $210.7k 0.00% Added +794 +794
86 Alpha Advisors, LLC/VA 0.18% of their portfolio RICHMOND, VA 5,2305.2k $207.5k $207.5k 0.18% New
87 Ancora Advisors LLC 0.00% of their portfolio Cleveland, OH 5,0005.0k $198.4k $198.4k 0.00% New
88 North Capital, Inc. 0.13% of their portfolio SALT LAKE CITY, UT 3,6783.7k $145.9k $145.9k 0.13% Reduced -10 -10
89 ST GERMAIN D J CO INC 0.00% of their portfolio SPRINGFIELD, MA 2,7502.8k $109.1k $109.1k 0.00% New
90 WHITTIER TRUST CO OF NEVADA INC 0.00% of their portfolio RENO, NV 2,5002.5k $99.2k $99.2k 0.00% Unchanged
91 JTC Employer Solutions Trustee Ltd 0.01% of their portfolio ST HELIER, Y9 2,5002.5k $99.0k $99.0k 0.01% Unchanged
92 BLAIR WILLIAM & CO/IL 0.00% of their portfolio CHICAGO, IL 1,9411.9k $77.0k $77.0k 0.00% Reduced -44 -44
93 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 1,9331.9k $76.7k $76.7k 0.00% New
94 Allworth Financial LP 0.00% of their portfolio FOLSOM, CA 1,7731.8k $70.4k $70.4k 0.00% Added +1.4k +1,407
95 OLIVER LAGORE VANVALIN INVESTMENT GROUP 0.03% of their portfolio FLINT, MI 1,7301.7k $77.1k $77.1k 0.03% First filing
96 Farther Finance Advisors, LLC 0.00% of their portfolio SAN FRANCISCO, CA 962962 $38.2k $38.2k 0.00% New
97 SBI Securities Co., Ltd. 0.00% of their portfolio TOKYO, M0 961961 $38.1k $38.1k 0.00% Added +318 +318
98 Transce3nd, LLC 0.02% of their portfolio BUDA, TX 925925 $36.7k $36.7k 0.02% Reduced -9.0k -8,978
99 WFA of San Diego, LLC 0.03% of their portfolio SAN DIEGO, CA 910910 $36.1k $36.1k 0.03% First filing
100 Golden State Wealth Management, LLC 0.00% of their portfolio SANTA ANA, CA 742742 $29.4k $29.4k 0.00% Added +3 +3