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ProShares Short S&P500
SH

123 hedge funds and large institutions have $234M invested in ProShares Short S&P500 in 2025 Q2 according to their latest regulatory filings, with 32 funds opening new positions, 33 increasing their positions, 39 reducing their positions, and 43 closing their positions.

New
Increased
Maintained
Reduced
Closed

10% less funds holding

Funds holding: 136 → 123 (-13)

15% less repeat investments, than reductions

Existing positions increased: 33 | Existing positions reduced: 39

18.88% less ownership

Funds ownership: 37.13% → 18.25% (-19%)

26% less first-time investments, than exits

New positions opened: 32 | Existing positions closed: 43

45% less call options, than puts

Call options by funds: $22M | Put options by funds: $40.1M

47% less capital invested

Capital invested by funds: $441M → $234M (-$207M)

63% less funds holding in top 10

Funds holding in top 10: 8 → 3 (-5)

Holders
123
Holders Change
-13
Holders Change %
-9.56%
% of All Funds
1.62%
Holding in Top 10
3
Holding in Top 10 Change
-5
Holding in Top 10 Change %
-62.5%
% of All Funds
0.04%
New
32
Increased
33
Reduced
39
Closed
43
Calls
$22M
Puts
$40.1M
Net Calls
-$18.1M
Net Calls Change
-$37.4M

Top Buyers

Rank Fund Capital Flow
1
Susquehanna International Group
Susquehanna International Group
Pennsylvania
+$10M
2
RCP
Rothschild Capital Partners
New York
+$8.37M
3
SIM
Sterling Investment Management
Arizona
+$4.35M
4
HCM
Hilton Capital Management
New York
+$3.76M
5
GWANC
Guardian Wealth Advisors (North Carolina)
North Carolina
+$3.12M

Top Sellers

Rank Fund Capital Flow
1
SFM
Stack Financial Management
Montana
-$55.6M
2
SC
Sykon Capital
New York
-$22.3M
3
RAM
Revere Asset Management
Texas
-$18.1M
4
MCP
Mirador Capital Partners
California
-$16.5M
5
SWA
Stratos Wealth Advisors
Ohio
-$13.3M
Name Holding Trade Value Shares
Change 		Change in
Stake
CCFM
26
Clear Creek Financial Management
Washington
$2.24M -$123K -2,849 -5%
AI
27
AXS Investments
New York
$2.18M – – –
LCM
28
Lattice Capital Management
Washington
$2.18M +$2.38M +55,000 New
VAM
29
Verity Asset Management
North Carolina
$2.1M +$73.2K +1,691 +3%
HIS
30
Harvest Investment Services
Illinois
$1.92M +$229K +5,292 +12%
WS
31
Wedbush Securities
California
$1.54M +$112K +2,586 +7%
PSCM
32
Per Stirling Capital Management
Texas
$1.49M +$963K +22,240 +144%
OC
33
Oppenheimer & Co
New York
$1.45M +$326K +7,519 +26%
BPA
34
Beacon Pointe Advisors
California
$1.4M -$1.08M -24,927 -41%
HF
35
HRT Financial
New York
$1.29M +$1.4M +32,445 New
Envestnet Asset Management
36
Envestnet Asset Management
Illinois
$1.24M +$1.36M +31,312 New
Cambridge Investment Research Advisors
37
Cambridge Investment Research Advisors
Iowa
$1.22M -$66.6K -1,539 -5%
OP
38
ORG Partners
Indiana
$1.13M +$1.23M +28,310 New
USCWA
39
U.S. Capital Wealth Advisors
Texas
$1.07M -$395K -9,125 -25%
JSSH
40
J. Safra Sarasin Holding
$999K +$866K +19,991 +385%
TRCT
41
Tower Research Capital (TRC)
New York
$973K +$927K +21,421 +690%
CFG
42
Citizens Financial Group
Rhode Island
$926K -$408K -9,424 -29%
DAS
43
Dynamic Advisor Solutions
Arizona
$916K +$575K +13,270 +135%
VCM
44
Virtue Capital Management
Tennessee
$910K -$7.9M -182,411 -89%
SWP
45
Stratos Wealth Partners
Ohio
$904K +$987K +22,794 New
SMAM
46
Sugar Maple Asset Management
Wisconsin
$847K +$924K +21,337 New
IAN
47
Integrated Advisors Network
Texas
$730K +$91.3K +2,109 +13%
GLLW
48
Graves Light Lenhart Wealth
Virginia
$686K +$5.2K +120 +0.7%
NHC
49
Nicholas Hoffman & Company
Georgia
$664K – – –
PI
50
PFG Investments
New York
$655K +$715K +16,507 New
1
2
3 4 5

SH Hedge Fund Activity: Q2 2025 in Review

123 of the 7,595 institutional investors tracked by Wall St. Rank reported a position in ProShares Short S&P500 (SH) for Q2 2025, worth a combined $234M — down 47% from $441M a quarter earlier.

Sellers outnumbered buyers: 43 funds closed out of SH and 32 opened new positions — a net loss of 11 holders — while 39 trimmed existing stakes and 33 added.

The largest buyer was Susquehanna International Group, adding an estimated $10M. The largest seller was Stack Financial Management, exiting entirely with an estimated $55.6M sold.

  • 123 institutional investors held ProShares Short S&P500 (SH) as of Q2 2025, down from 136 in Q1 2025.
  • Funds reported $234M of ProShares Short S&P500 stock for Q2 2025, down 47% quarter-over-quarter.
  • 32 funds opened new ProShares Short S&P500 positions in Q2 2025 and 43 closed out, a net change of -11 holders.
  • The largest ProShares Short S&P500 buyer in Q2 2025 was Susquehanna International Group, an estimated $10M added.
  • The largest ProShares Short S&P500 seller in Q2 2025 was Stack Financial Management, an estimated $55.6M sold.

Based on aggregated 13F filings for Q2 2025.