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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

Rank Fund Capital Flow
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

Rank Fund Capital Flow
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
Comerica Bank
76
Comerica Bank
Texas
$388K +$23.2K +546 +7%
PAG
77
Private Advisor Group
New Jersey
$363K +$347K +8,153 New
LWM
78
Lionsbridge Wealth Management
Florida
$361K +$345K +8,094 New
TC
79
TownSquare Capital
Utah
$352K +$5.96K +140 +2%
EP
80
Elkhorn Partners
Nebraska
$348K – – –
SC
81
Sepio Capital
Utah
$334K +$21.3K +500 +7%
RWP
82
Ridgecrest Wealth Partners
California
$323K +$78.8K +1,850 +34%
WQ
83
Wealth Quarterback
New Jersey
$322K +$307K +7,215 New
FIA
84
Foundations Investment Advisors
Arizona
$316K +$81.5K +1,915 +37%
OA
85
Oxbow Advisors
Texas
$314K – – –
SSIM
86
Sheets Smith Investment Management
Texas
$297K +$283K +6,657 New
SC
87
Saybrook Capital
North Carolina
$290K – – –
DAS
88
Diversify Advisory Services
Utah
$258K +$247K +5,806 New
FLPIM
89
F.L. Putnam Investment Management
Massachusetts
$255K +$244K +5,720 New
ADBIC
90
A.D. Beadell Investment Counsel
Wisconsin
$245K +$234K +5,500 New
CIBC Private Wealth Group
91
CIBC Private Wealth Group
Georgia
$238K +$203K +4,765 New
SI
92
Seeds Investor
New York
$235K +$225K +5,274 New
HWA
93
HCR Wealth Advisors
California
$232K -$63.9K -1,500 -22%
FBT
94
First Bankers Trust
Kentucky
$232K -$163K -3,840 -42%
JSSH
95
J. Safra Sarasin Holding
$231K -$1.1M -25,894 -83%
CW
96
CreativeOne Wealth
Kansas
$224K -$265K -6,217 -55%
IP
97
Intellectus Partners
California
$222K +$212K +4,972 New
GAA
98
Global Assets Advisory
Florida
$219K +$207K +4,864 New
PNC Financial Services Group
99
PNC Financial Services Group
Pennsylvania
$201K -$6.39K -150 -3%
ACM
100
Avalon Capital Management
California
$201K +$192K +4,500 New
2 3
4
5 6

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.