ProShares Ultra S&P500
211 hedge funds and large institutions have $520M invested in ProShares Ultra S&P500 in 2025 Q1 according to their latest regulatory filings, with 27 funds opening new positions, 57 increasing their positions, 68 reducing their positions, and 48 closing their positions.
55% more call options, than puts
Call options by funds: $83.2M | Put options by funds: $53.6M
6.67% less ownership
Funds ownership: 17.52% → 10.84% (-6.7%)
12% less funds holding
Funds holding: 239 → 211 (-28)
16% less repeat investments, than reductions
Existing positions increased: 57 | Existing positions reduced: 68
23% less funds holding in top 10
Funds holding in top 10: 13 → 10 (-3)
44% less first-time investments, than exits
New positions opened: 27 | Existing positions closed: 48
45% less capital invested
Capital invested by funds: $953M → $520M (-$432M)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Goldman Sachs
New York
|
+$46.3M |
| 2 |
MFGM
Marshall Financial Group (Maryland)
Hunt Valley,
Maryland
|
+$15.1M |
| 3 |
Susquehanna International Group
Bala Cynwyd,
Pennsylvania
|
+$13.2M |
| 4 |
NIA
NBZ Investment Advisors
Knoxville,
Tennessee
|
+$13M |
| 5 |
HCA
Harbor Capital Advisors
Chicago,
Illinois
|
+$8.75M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
HCM
Howard Capital Management
Roswell,
Georgia
|
-$172M |
| 2 |
CI
CacheTech Inc
Logan,
Utah
|
-$49.9M |
| 3 |
AWM
Adams Wealth Management
Logan,
Utah
|
-$49.5M |
| 4 |
AssetMark Inc
Concord,
California
|
-$41.9M |
| 5 |
CFIM
Client First Investment Management
West Bend,
Wisconsin
|
-$35.9M |
SSO Hedge Fund Activity: Q1 2025 in Review
211 of the 7,472 institutional investors tracked by Wall St. Rank reported a position in ProShares Ultra S&P500 (SSO) for Q1 2025, worth a combined $520M — down 45% from $953M a quarter earlier.
Sellers outnumbered buyers: 48 funds closed out of SSO and 27 opened new positions — a net loss of 21 holders — while 68 trimmed existing stakes and 57 added.
The largest buyer was Goldman Sachs, opening a new position worth an estimated $46.3M. The largest seller was Howard Capital Management, exiting entirely with an estimated $172M sold.
- 211 institutional investors held ProShares Ultra S&P500 (SSO) as of Q1 2025, down from 239 in Q4 2024.
- Funds reported $520M of ProShares Ultra S&P500 stock for Q1 2025, down 45% quarter-over-quarter.
- 27 funds opened new ProShares Ultra S&P500 positions in Q1 2025 and 48 closed out, a net change of -21 holders.
- The largest ProShares Ultra S&P500 buyer in Q1 2025 was Goldman Sachs, an estimated $46.3M added.
- The largest ProShares Ultra S&P500 seller in Q1 2025 was Howard Capital Management, an estimated $172M sold.
Based on aggregated 13F filings for Q1 2025.