Raffles Associates’s ProShares UltraShort S&P500 SDS Stock Holding History

Raffles Associates’s Portfolio SDS Stock Details SDS Fund Activity

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2025 Q4	–	Sell	-10,000	Closed	-$723K	–	58
2025 Q3	$723K	Sell	10,000 -15,000	-60%	-$1.18M	0.67%	33
2025 Q2	$2.08M	Buy	25,000 +5,200	+26%	+$517K	2.17%	14
2025 Q1	$2.12M	Sell	19,800 -16,200	-45%	-$1.6M	2.59%	12
2024 Q4	$3.54M	Sell	36,000 -10,000	-22%	-$989K	3.81%	7
2024 Q3	$4.74M	Buy	46,000 +5,000	+12%	+$563K	4.87%	7
2024 Q2	$4.72M	Buy	41,000 +5,000	+14%	+$629K	5.32%	6
2024 Q1	$4.47M	Buy	+36,000	New	+$4.97M	5.19%	7
2018 Q1	–	Sell	-500	Closed	-$513K	–	44
2017 Q4	$513K	Sell	500 -1,000	-67%	-$1.09M	0.54%	34
2017 Q3	$1.75M	Hold	1,500	–	–	1.6%	18
2017 Q2	$1.9M	Hold	1,500	–	–	1.78%	19
2017 Q1	$2.02M	Buy	1,500 +500	+50%	+$698K	1.9%	16
2016 Q4	$1.51M	Buy	+1,000	New	+$1.6M	1.25%	23

Other funds holding SDS

Goldman Sachs New York $871B AUM 31.28% 1-Year Est. Return

IMC Chicago Chicago, Illinois $278B AUM 44.93% 1-Year Est. Return

Quadrature Capital London, United Kingdom $8.4B AUM 63.34% 1-Year Est. Return

Susquehanna International Group Bala Cynwyd, Pennsylvania $893B AUM 36.07% 1-Year Est. Return

AIG

Abbington Investment Group Westport, Connecticut $157M AUM 35.92% 1-Year Est. Return

GFG

Genesis Financial Group Paramus, New Jersey $158M AUM

FTUS

Flow Traders U.S. New York $3.16B AUM 19.52% 1-Year Est. Return

AXS Investments Port Chester, New York $248M AUM 15.95% 1-Year Est. Return

Southport Management Wilson, Wyoming $28.6M AUM 41.61% 1-Year Est. Return

Squarepoint New York $85.1B AUM 20.93% 1-Year Est. Return

Raffles Associates's SDS Position: Q4 2025 in Review

Raffles Associates sold out of ProShares UltraShort S&P500 (SDS) in Q4 2025, closing a stake of 10,000 shares — an estimated $723K sold.

Raffles Associates first reported a position in SDS in Q4 2016 and held it in 12 quarters. The position peaked at $4.74M in Q3 2024. 44 funds tracked by Wall St. Rank hold SDS as of Q4 2025.

Raffles Associates reported no remaining ProShares UltraShort S&P500 position as of Q4 2025 after selling out during the quarter.
Raffles Associates sold 10,000 ProShares UltraShort S&P500 shares in Q4 2025, an estimated $723K.
Raffles Associates first reported a position in ProShares UltraShort S&P500 in Q4 2016 and held it in 12 quarters.
Raffles Associates's ProShares UltraShort S&P500 position peaked at $4.74M in Q3 2024.
44 funds tracked by Wall St. Rank held ProShares UltraShort S&P500 as of Q4 2025.

Based on Raffles Associates's 13F filing for Q4 2025, filed 17 Feb 2026.