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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
SFM
1
Stack Financial Management
Montana
$55.6M +$53.2M +1,248,568 New
UBS Group
2
UBS Group
Switzerland
$34.7M +$17.1M +402,501 +107%
Morgan Stanley
3
Morgan Stanley
New York
$25.5M -$6.81M -159,923 -22%
SC
4
Sykon Capital
New York
$22.3M +$21.3M +500,494 New
FNC
5
First National Corp
Massachusetts
$18.4M -$3.4M -79,916 -16%
RAM
6
Revere Asset Management
Texas
$18.1M +$17.3M +406,795 New
Focus Partners Wealth
7
Focus Partners Wealth
Massachusetts
$17.6M +$339K +7,952 +2%
SWA
8
Stratos Wealth Advisors
Ohio
$16.9M +$7.79M +182,938 +93%
MCP
9
Mirador Capital Partners
California
$16.5M +$7.3M +171,418 +86%
AWA
10
Arete Wealth Advisors
Illinois
$11.5M +$1.43M +33,638 +15%
RCP
11
Rothschild Capital Partners
New York
$10.9M +$10.4M +244,362 New
RVM
12
Robinson Value Management
Texas
$10.6M +$10.2M +238,521 New
VCM
13
Virtue Capital Management
Tennessee
$9.16M +$7.26M +170,470 +489%
AWM
14
Axxcess Wealth Management
California
$8.87M +$178K +4,180 +2%
Squarepoint
15
Squarepoint
New York
$8.68M +$5.89M +138,244 +244%
SCI
16
Stableford Capital II
Arizona
$8.5M +$4.61M +108,369 +148%
CI
17
CPR Investments
Michigan
$8.43M +$663K +15,564 +9%
QC
18
Quadrature Capital
United Kingdom
$8.11M +$7.75M +182,000 New
AAS
19
Avantax Advisory Services
Texas
$7.65M +$7.31M +171,617 New
TI
20
Tidal Investments
Wisconsin
$6.83M +$313K +7,346 +5%
KWM
21
Kaydan Wealth Management
Michigan
$6.78M +$6.48M +152,228 New
LPL Financial
22
LPL Financial
California
$6.12M +$232K +5,449 +4%
ASN
23
Advisory Services Network
Georgia
$4.9M +$4.68M +109,991 New
HighTower Advisors
24
HighTower Advisors
Illinois
$4.66M +$4.45M +104,503 New
Citadel Advisors
25
Citadel Advisors
Florida
$4.25M +$510K +11,979 +14%
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.