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ProShares Short S&P500
SH

136 hedge funds and large institutions have $441M invested in ProShares Short S&P500 in 2025 Q1 according to their latest regulatory filings, with 45 funds opening new positions, 42 increasing their positions, 26 reducing their positions, and 27 closing their positions.

New
Increased
Maintained
Reduced
Closed

520% more call options, than puts

Call options by funds: $23M | Put options by funds: $3.71M

71% more capital invested

Capital invested by funds: $259M → $441M (+$183M)

67% more first-time investments, than exits

New positions opened: 45 | Existing positions closed: 27

62% more repeat investments, than reductions

Existing positions increased: 42 | Existing positions reduced: 26

33% more funds holding in top 10

Funds holding in top 10: 6 → 8 (+2)

12% more funds holding

Funds holding: 121 → 136 (+15)

6.76% more ownership

Funds ownership: 30.38% → 37.13% (+6.8%)

Holders
136
Holders Change
+15
Holders Change %
+12.4%
% of All Funds
1.82%
Holding in Top 10
8
Holding in Top 10 Change
+2
Holding in Top 10 Change %
+33.33%
% of All Funds
0.11%
New
45
Increased
42
Reduced
26
Closed
27
Calls
$23M
Puts
$3.71M
Net Calls
+$19.3M
Net Calls Change
+$10.9M

Top Buyers

1
SFM
Stack Financial Management
Montana
+$53.2M
2
SC
Sykon Capital
New York
+$21.3M
3
RAM
Revere Asset Management
Texas
+$17.3M
4
UBS Group
UBS Group
Switzerland
+$17.1M
5
RCP
Rothschild Capital Partners
New York
+$10.4M

Top Sellers

1
RAG
RIA Advisory Group
Iowa
-$16.3M
2
Morgan Stanley
Morgan Stanley
New York
-$6.81M
3
WAM
Wakefield Asset Management
Colorado
-$5.66M
4
Susquehanna International Group
Susquehanna International Group
Pennsylvania
-$5.62M
5
AFS
AFG Fiduciary Services
Massachusetts
-$4.43M
Name Holding Trade Value Shares
Change 		Change in
Stake
KA
26
Kovack Advisors
Florida
$4.21M +$3.56M +83,725 +776%
Jane Street
27
Jane Street
New York
$4.19M +$3.17M +74,482 +379%
VWM
28
Vigilare Wealth Management
Arizona
$4.01M -$417K -9,783 -10%
BCM
29
Brasada Capital Management
Texas
$3.64M +$3.1M +72,800 New
OPOWM
30
One Plus One Wealth Management
Florida
$3.59M -$1.06M -24,979 -24%
Renaissance Technologies
31
Renaissance Technologies
New York
$3.42M +$3.27M +76,800 New
WAM
32
Wakefield Asset Management
Colorado
$3.35M -$5.66M -132,947 -64%
CWP
33
Capital Wealth Planning
Florida
$3.23M -$1.32M -31,055 -30%
JF
34
Jump Financial
Illinois
$2.89M +$2.76M +64,779 New
FSA
35
Financial Sense Advisors
California
$2.8M +$2.68M +62,894 New
BPA
36
Beacon Pointe Advisors
California
$2.68M -$526K -12,355 -17%
Mariner
37
Mariner
Kansas
$2.67M +$2.55M +60,000 New
CCFM
38
Clear Creek Financial Management
Washington
$2.64M +$18.4K +433 +0.7%
CIBC World Market
39
CIBC World Market
Ontario, Canada
$2.53M -$137K -3,209 -5%
AI
40
AXS Investments
New York
$2.45M – – –
VAM
41
Verity Asset Management
North Carolina
$2.28M -$54K -1,269 -2%
CAM
42
Cresset Asset Management
Illinois
$2.23M – – –
STA
43
Summit Trail Advisors
New York
$1.99M +$1.9M +44,700 New
Wealth Enhancement Advisory Services
44
Wealth Enhancement Advisory Services
Minnesota
$1.92M +$714K +16,781 +64%
HIS
45
Harvest Investment Services
Illinois
$1.92M +$1.83M +43,000 New
WS
46
Wedbush Securities
California
$1.61M -$45.8K -1,075 -3%
USCWA
47
U.S. Capital Wealth Advisors
Texas
$1.61M -$894K -21,000 -37%
CFG
48
Citizens Financial Group
Rhode Island
$1.46M +$1.38M +32,521 New
Cambridge Investment Research Advisors
49
Cambridge Investment Research Advisors
Iowa
$1.44M +$143K +3,365 +12%
OC
50
Oppenheimer & Co
New York
$1.29M +$189K +4,437 +18%
1
2
3 4 5

SH Hedge Fund Activity: Q1 2025 in Review

136 of the 7,457 institutional investors tracked by Wall St. Rank reported a position in ProShares Short S&P500 (SH) for Q1 2025, worth a combined $441M — up 71% from $259M a quarter earlier.

Buyers outnumbered sellers: 45 funds opened new SH positions and 27 closed out — a net gain of 18 holders — while 42 added to existing stakes and 26 trimmed.

The largest buyer was Stack Financial Management, opening a new position worth an estimated $53.2M. The largest seller was RIA Advisory Group, exiting entirely with an estimated $16.3M sold.

  • 136 institutional investors held ProShares Short S&P500 (SH) as of Q1 2025, up from 121 in Q4 2024.
  • Funds reported $441M of ProShares Short S&P500 stock for Q1 2025, up 71% quarter-over-quarter.
  • 45 funds opened new ProShares Short S&P500 positions in Q1 2025 and 27 closed out, a net change of +18 holders.
  • The largest ProShares Short S&P500 buyer in Q1 2025 was Stack Financial Management, an estimated $53.2M added.
  • The largest ProShares Short S&P500 seller in Q1 2025 was RIA Advisory Group, an estimated $16.3M sold.

Based on aggregated 13F filings for Q1 2025.