ProShares UltraShort S&P500
SDS
44 hedge funds and large institutions have $43.6M invested in ProShares UltraShort S&P500 in 2025 Q4 according to their latest regulatory filings, with 21 funds opening new positions, 5 increasing their positions, 12 reducing their positions, and 30 closing their positions.
8.83% more ownership
Funds ownership: 3.16% → 11.99% (+8.8%)
21% less funds holding
Funds holding: 56 → 44 (-12)
30% less first-time investments, than exits
New positions opened: 21 | Existing positions closed: 30
38% less call options, than puts
Call options by funds: $45.1M | Put options by funds: $73.1M
41% less capital invested
Capital invested by funds: $74.5M → $43.6M (-$30.9M)
50% less funds holding in top 10
Funds holding in top 10: 2 → 1 (-1)
58% less repeat investments, than reductions
Existing positions increased: 5 | Existing positions reduced: 12
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Goldman Sachs
New York
|
+$7.06M |
| 2 |
QC
Quadrature Capital
London,
United Kingdom
|
+$5.72M |
| 3 |
IMC Chicago
Chicago,
Illinois
|
+$4.95M |
| 4 |
Susquehanna International Group
Bala Cynwyd,
Pennsylvania
|
+$4.1M |
| 5 |
AIG
Abbington Investment Group
Westport,
Connecticut
|
+$3.62M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
SCM
Sollinda Capital Management
Miami,
Florida
|
-$19.1M |
| 2 |
RCM
Ridgepath Capital Management
Knoxville,
Tennessee
|
-$8.73M |
| 3 |
CCP
Clough Capital Partners
Boston,
Massachusetts
|
-$6.89M |
| 4 |
JF
Jump Financial
Chicago,
Illinois
|
-$6.88M |
| 5 |
AWM
Axxcess Wealth Management
Carlsbad,
California
|
-$4.32M |
SDS Hedge Fund Activity: Q4 2025 in Review
44 of the 8,267 institutional investors tracked by Wall St. Rank reported a position in ProShares UltraShort S&P500 (SDS) for Q4 2025, worth a combined $43.6M — down 41% from $74.5M a quarter earlier.
Sellers outnumbered buyers: 30 funds closed out of SDS and 21 opened new positions — a net loss of 9 holders — while 12 trimmed existing stakes and 5 added.
The largest buyer was Goldman Sachs, opening a new position worth an estimated $7.06M. The largest seller was Sollinda Capital Management, exiting entirely with an estimated $19.1M sold.
- 44 institutional investors held ProShares UltraShort S&P500 (SDS) as of Q4 2025, down from 56 in Q3 2025.
- Funds reported $43.6M of ProShares UltraShort S&P500 stock for Q4 2025, down 41% quarter-over-quarter.
- 21 funds opened new ProShares UltraShort S&P500 positions in Q4 2025 and 30 closed out, a net change of -9 holders.
- The largest ProShares UltraShort S&P500 buyer in Q4 2025 was Goldman Sachs, an estimated $7.06M added.
- The largest ProShares UltraShort S&P500 seller in Q4 2025 was Sollinda Capital Management, an estimated $19.1M sold.
Based on aggregated 13F filings for Q4 2025.