ProShares UltraShort S&P500
SDS
47 hedge funds and large institutions have $45M invested in ProShares UltraShort S&P500 in 2025 Q2 according to their latest regulatory filings, with 12 funds opening new positions, 12 increasing their positions, 8 reducing their positions, and 26 closing their positions.
50% more repeat investments, than reductions
Existing positions increased: 12 | Existing positions reduced: 8
7% more call options, than puts
Call options by funds: $22.4M | Put options by funds: $21M
0% more funds holding in top 10
Funds holding in top 10: 2 → 2 (0)
13.77% less ownership
Funds ownership: 24.59% → 10.82% (-14%)
23% less funds holding
Funds holding: 61 → 47 (-14)
54% less first-time investments, than exits
New positions opened: 12 | Existing positions closed: 26
56% less capital invested
Capital invested by funds: $102M → $45M (-$57.3M)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
TJHA
Thomas J. Herzfeld Advisors
Miami Beach,
Florida
|
+$7.25M |
| 2 |
BFIC
Bedell Frazier Investment Counselling
Walnut Creek,
California
|
+$6.29M |
| 3 |
IMC Chicago
Chicago,
Illinois
|
+$4.25M |
| 4 |
Group One Trading
Chicago,
Illinois
|
+$1.98M |
| 5 |
UBS Group
Zurich,
Switzerland
|
+$1.91M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
IAN
Integrated Advisors Network
Dallas,
Texas
|
-$30.8M |
| 2 |
VCM
Virtue Capital Management
Brentwood,
Tennessee
|
-$8.37M |
| 3 |
QC
Quadrature Capital
London,
United Kingdom
|
-$8.21M |
| 4 |
Citadel Advisors
Miami,
Florida
|
-$5.16M |
| 5 |
AHIA
Andrew Hill Investment Advisors
Naples,
Florida
|
-$3.7M |
SDS Hedge Fund Activity: Q2 2025 in Review
47 of the 7,613 institutional investors tracked by Wall St. Rank reported a position in ProShares UltraShort S&P500 (SDS) for Q2 2025, worth a combined $45M — down 56% from $102M a quarter earlier.
Sellers outnumbered buyers: 26 funds closed out of SDS and 12 opened new positions — a net loss of 14 holders — while 8 trimmed existing stakes and 12 added.
The largest buyer was Thomas J. Herzfeld Advisors, adding an estimated $7.25M. The largest seller was Integrated Advisors Network, cutting an estimated $30.8M.
- 47 institutional investors held ProShares UltraShort S&P500 (SDS) as of Q2 2025, down from 61 in Q1 2025.
- Funds reported $45M of ProShares UltraShort S&P500 stock for Q2 2025, down 56% quarter-over-quarter.
- 12 funds opened new ProShares UltraShort S&P500 positions in Q2 2025 and 26 closed out, a net change of -14 holders.
- The largest ProShares UltraShort S&P500 buyer in Q2 2025 was Thomas J. Herzfeld Advisors, an estimated $7.25M added.
- The largest ProShares UltraShort S&P500 seller in Q2 2025 was Integrated Advisors Network, an estimated $30.8M sold.
Based on aggregated 13F filings for Q2 2025.