ProShares Short 20+ Year Treasury ETF
TBF
28 hedge funds and large institutions have $10.6M invested in ProShares Short 20+ Year Treasury ETF in 2025 Q3 according to their latest regulatory filings, with 4 funds opening new positions, 3 increasing their positions, 7 reducing their positions, and 11 closing their positions.
14.1% less ownership
Funds ownership: 29.82% → 15.72% (-14%)
24% less funds holding
Funds holding: 37 → 28 (-9)
57% less capital invested
Capital invested by funds: $24.5M → $10.6M (-$13.9M)
57% less repeat investments, than reductions
Existing positions increased: 3 | Existing positions reduced: 7
64% less first-time investments, than exits
New positions opened: 4 | Existing positions closed: 11
64% less call options, than puts
Call options by funds: $308K | Put options by funds: $852K
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
VCM
Virtue Capital Management
Brentwood,
Tennessee
|
+$855K |
| 2 |
ASN
Advisory Services Network
Atlanta,
Georgia
|
+$489K |
| 3 |
SKK
Shepherd Kaplan Krochuk
Boston,
Massachusetts
|
+$418K |
| 4 |
Citadel Advisors
Miami,
Florida
|
+$207K |
| 5 |
PFA
Pettinga Financial Advisors
Evansville,
Indiana
|
+$123K |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Jane Street
New York
|
-$4.44M |
| 2 |
Susquehanna International Group
Bala Cynwyd,
Pennsylvania
|
-$2.24M |
| 3 |
BIP
Bouvel Investment Partners
Phoenixville,
Pennsylvania
|
-$1.96M |
| 4 |
LPL Financial
San Diego,
California
|
-$1.57M |
| 5 |
FSA
Financial Sense Advisors
San Diego,
California
|
-$1.15M |
TBF Hedge Fund Activity: Q3 2025 in Review
28 of the 7,641 institutional investors tracked by Wall St. Rank reported a position in ProShares Short 20+ Year Treasury ETF (TBF) for Q3 2025, worth a combined $10.6M — down 57% from $24.5M a quarter earlier.
Sellers outnumbered buyers: 11 funds closed out of TBF and 4 opened new positions — a net loss of 7 holders — while 7 trimmed existing stakes and 3 added.
The largest buyer was Virtue Capital Management, opening a new position worth an estimated $855K. The largest seller was Jane Street, exiting entirely with an estimated $4.44M sold.
- 28 institutional investors held ProShares Short 20+ Year Treasury ETF (TBF) as of Q3 2025, down from 37 in Q2 2025.
- Funds reported $10.6M of ProShares Short 20+ Year Treasury ETF stock for Q3 2025, down 57% quarter-over-quarter.
- 4 funds opened new ProShares Short 20+ Year Treasury ETF positions in Q3 2025 and 11 closed out, a net change of -7 holders.
- The largest ProShares Short 20+ Year Treasury ETF buyer in Q3 2025 was Virtue Capital Management, an estimated $855K added.
- The largest ProShares Short 20+ Year Treasury ETF seller in Q3 2025 was Jane Street, an estimated $4.44M sold.
Based on aggregated 13F filings for Q3 2025.