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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
NC
101
North Capital
Utah
$164K +$157K +3,688 New
TRCT
102
Tower Research Capital (TRC)
New York
$138K -$2.12M -49,887 -94%
WTC
103
WhitTier Trust Company
Nevada
$111K – – –
JEST
104
JTC Employer Solutions Trustee
Jersey
$111K – – –
AIM
105
Arcadia Investment Management
Michigan
$97.5K – – –
JP Morgan Chase
106
JP Morgan Chase
New York
$92.7K +$10.3K +243 +13%
William Blair & Company
107
William Blair & Company
Illinois
$88.4K +$21.3K +500 +34%
HT
108
Headlands Technologies
Illinois
$58.6K -$1.86M -43,637 -97%
BNP Paribas Financial Markets
109
BNP Paribas Financial Markets
France
$58.5K -$2.16M -50,698 -97%
NA
110
NewEdge Advisors
Louisiana
$48.4K -$723K -16,985 -94%
GSWM
111
Golden State Wealth Management
California
$32.9K – – –
SS
112
SBI Securities
Japan
$28.7K +$3.83K +90 +16%
Bank of Montreal
113
Bank of Montreal
Ontario, Canada
$26.9K – – –
SSB
114
Sandy Spring Bank
Maryland
$22.3K +$21.3K +500 New
LWA
115
Lowe Wealth Advisors
Maryland
$20.1K – – –
SCM
116
Sterling Capital Management
North Carolina
$18.8K +$7.28K +171 +68%
FDCDDQ
117
Federation des caisses Desjardins du Quebec
Quebec, Canada
$18.7K – – –
Qube Research & Technologies (QRT)
118
Qube Research & Technologies (QRT)
United Kingdom
$17.7K +$16.9K +398 New
AF
119
Allworth Financial
California
$16.5K +$85 +2 +0.5%
SC
120
Solstein Capital
California
$11.3K +$9.71K +228 +912%
N
121
Natixis
France
$10.1K – – –
CFD
122
Creative Financial Designs
Indiana
$7.75K -$230K -5,407 -97%
GWM
123
Geneos Wealth Management
Colorado
$7.17K +$4.38K +103 +178%
MCM
124
MAI Capital Management
Ohio
$5.57K – – –
FMP
125
Financial Management Professionals
Texas
$5.57K +$1.06K +25 +25%
3 4
5
6 7

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.