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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
US Bancorp
126
US Bancorp
Minnesota
$5.44K – – –
KA
127
Kozak & Associates
Colorado
$5.18K +$43 +1 +0.9%
Osaic Holdings
128
Osaic Holdings
Arizona
$4.81K +$1.57K +37 +52%
CMP
129
Coston McIsaac & Partners
Maine
$4K – – –
SC
130
Swan Capital
Florida
$2.49K – – –
Northwestern Mutual Wealth Management
131
Northwestern Mutual Wealth Management
Wisconsin
$1.11K +$1.06K +25 New
FGAM
132
Financial Gravity Asset Management
Texas
$579 +$553 +13 New
RA
133
Rise Advisors
New York
$317 – – –
TC
134
Truvestments Capital
Florida
$45 +$43 +1 New
HNB
135
Huntington National Bank
Ohio
$20 – – –
RAG
136
RIA Advisory Group
Iowa
– -$16.3M -385,619 Closed
AFS
137
AFG Fiduciary Services
Massachusetts
– -$4.43M -105,467 Closed
LWM
138
Laidlaw Wealth Management
New York
– -$2.42M -57,175 Closed
WWM
139
Whalen Wealth Management
Nevada
– -$2.27M -53,680 Closed
HSBC Holdings
140
HSBC Holdings
United Kingdom
– -$1.91M -45,000 Closed
SIM
141
Sterling Investment Management
Arizona
– -$1.81M -42,746 Closed
PAM
142
PVG Asset Management
Colorado
– -$1.05M -24,859 Closed
AA
143
Alpha Advisors
Virginia
– -$1.03M -24,393 Closed
FTUS
144
Flow Traders U.S.
New York
– -$595K -14,045 Closed
Envestnet Asset Management
145
Envestnet Asset Management
Illinois
– -$594K -14,016 Closed
GS
146
GTS Securities
New York
– -$554K -13,066 Closed
ACP
147
Aveo Capital Partners
Colorado
– -$395K -9,326 Closed
AAMA
148
Advanced Asset Management Advisors
Ohio
– -$360K -8,500 Closed
BBHC
149
Brown Brothers Harriman & Co
New York
– -$318K -7,500 Closed
ACP
150
Aviance Capital Partners
Florida
– -$281K -6,625 Closed
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.