ProShares Short S&P500
114 hedge funds and large institutions have $286M invested in ProShares Short S&P500 in 2025 Q4 according to their latest regulatory filings, with 31 funds opening new positions, 34 increasing their positions, 25 reducing their positions, and 35 closing their positions.
36% more repeat investments, than reductions
Existing positions increased: 34 | Existing positions reduced: 25
4% more capital invested
Capital invested by funds: $274M → $286M (+$12M)
7% less funds holding
Funds holding: 122 → 114 (-8)
11% less first-time investments, than exits
New positions opened: 31 | Existing positions closed: 35
33% less funds holding in top 10
Funds holding in top 10: 6 → 4 (-2)
48% less call options, than puts
Call options by funds: $29.3M | Put options by funds: $56.5M
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
SFM
Stack Financial Management
Whitefish,
Montana
|
+$91.8M |
| 2 |
SWA
Stratos Wealth Advisors
Beachwood,
Ohio
|
+$18M |
| 3 |
Citadel Advisors
Miami,
Florida
|
+$13.8M |
| 4 |
AWA
Arete Wealth Advisors
Chicago,
Illinois
|
+$10.4M |
| 5 |
CCG
Chatham Capital Group
Savannah,
Georgia
|
+$5.85M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
UBS Group
Zurich,
Switzerland
|
-$39.6M |
| 2 |
Morgan Stanley
New York
|
-$15.5M |
| 3 |
ACM
Arlington Capital Management
Arlington Heights,
Illinois
|
-$12.3M |
| 4 |
MCP
Mirador Capital Partners
Pleasanton,
California
|
-$9.29M |
| 5 |
Jane Street
New York
|
-$8.28M |
SH Hedge Fund Activity: Q4 2025 in Review
114 of the 8,267 institutional investors tracked by Wall St. Rank reported a position in ProShares Short S&P500 (SH) for Q4 2025, worth a combined $286M — up 4.4% from $274M a quarter earlier.
Sellers outnumbered buyers: 35 funds closed out of SH and 31 opened new positions — a net loss of 4 holders — while 25 trimmed existing stakes and 34 added.
The largest buyer was Stack Financial Management, opening a new position worth an estimated $91.8M. The largest seller was UBS Group, cutting an estimated $39.6M.
- 114 institutional investors held ProShares Short S&P500 (SH) as of Q4 2025, down from 122 in Q3 2025.
- Funds reported $286M of ProShares Short S&P500 stock for Q4 2025, up 4.4% quarter-over-quarter.
- 31 funds opened new ProShares Short S&P500 positions in Q4 2025 and 35 closed out, a net change of -4 holders.
- The largest ProShares Short S&P500 buyer in Q4 2025 was Stack Financial Management, an estimated $91.8M added.
- The largest ProShares Short S&P500 seller in Q4 2025 was UBS Group, an estimated $39.6M sold.
Based on aggregated 13F filings for Q4 2025.