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ProShares Trust UltraShort Lehman 20+ Year Treasury
TBT

58 hedge funds and large institutions have $74.8M invested in ProShares Trust UltraShort Lehman 20+ Year Treasury in 2025 Q2 according to their latest regulatory filings, with 12 funds opening new positions, 10 increasing their positions, 18 reducing their positions, and 14 closing their positions.

New
Increased
Maintained
Reduced
Closed

50% more call options, than puts

Call options by funds: $38.7M | Put options by funds: $25.8M

5% less funds holding

Funds holding: 61 → 58 (-3)

14% less first-time investments, than exits

New positions opened: 12 | Existing positions closed: 14

20.07% less ownership

Funds ownership: 46.32% → 26.25% (-20%)

38% less capital invested

Capital invested by funds: $121M → $74.8M (-$45.8M)

44% less repeat investments, than reductions

Existing positions increased: 10 | Existing positions reduced: 18

Holders
58
Holders Change
-3
Holders Change %
-4.92%
% of All Funds
0.76%
Holding in Top 10
–
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
–
New
12
Increased
10
Reduced
18
Closed
14
Calls
$38.7M
Puts
$25.8M
Net Calls
+$12.9M
Net Calls Change
+$5.68M

Top Buyers

Rank Fund Capital Flow
1
CM
CastleKnight Management
New York
+$3.62M
2
JFG
Jefferies Financial Group
New York
+$2.37M
3
MAM
Milestone Asset Management
Pennsylvania
+$1.62M
4
Group One Trading
Group One Trading
Illinois
+$951K
5
TI
Tidal Investments
Wisconsin
+$874K

Top Sellers

Rank Fund Capital Flow
1
Goldman Sachs
Goldman Sachs
New York
-$35.1M
2
Jane Street
Jane Street
New York
-$7.59M
3
UBS Group
UBS Group
Switzerland
-$4.71M
4
Renaissance Technologies
Renaissance Technologies
New York
-$3.73M
5
QC
Quadrature Capital
United Kingdom
-$3.21M
Name Holding Trade Value Shares
Change 		Change in
Stake
GC
26
Gruss & Co
Florida
$351K – – –
CICI
27
Capital Investment Counsel Inc
North Carolina
$302K – – –
AI
28
Auour Investments
Massachusetts
$267K +$16.3K +451 +6%
WAM
29
Weinberger Asset Management
California
$259K – – –
EL
30
Essex LLC
Illinois
$233K – – –
GCM
31
Gables Capital Management
Florida
$178K – – –
EWA
32
EP Wealth Advisors
California
$163K -$29.9K -825 -15%
Morgan Stanley
33
Morgan Stanley
New York
$136K -$14.9K -410 -10%
OIA
34
Optimum Investment Advisors
Illinois
$77.2K – – –
Bank of America
35
Bank of America
North Carolina
$52.8K -$181 -5 -0.3%
Raymond James Financial
36
Raymond James Financial
Florida
$50.4K +$52.1K +1,437 New
Bank of Montreal
37
Bank of Montreal
Ontario, Canada
$31.9K – – –
Barclays
38
Barclays
United Kingdom
$24.6K -$10.9K -300 -30%
SPIA
39
Steward Partners Investment Advisory
New York
$17.2K +$17.8K +491 New
BNP Paribas Financial Markets
40
BNP Paribas Financial Markets
France
$16.8K +$17.3K +478 New
Qube Research & Technologies (QRT)
41
Qube Research & Technologies (QRT)
United Kingdom
$11.9K +$5.91K +163 +93%
Simplex Trading
42
Simplex Trading
Illinois
$9K -$556K -15,347 -98%
William Blair & Company
43
William Blair & Company
Illinois
$5.26K – – –
AA
44
Ancora Advisors
Ohio
$4.81K – – –
OWP
45
ORG Wealth Partners
Texas
$4.41K – – –
TCOT
46
Trust Company of Toledo
Ohio
$2.81K +$2.9K +80 New
AIC
47
Archer Investment Corporation
Indiana
$2.63K – – –
TIM
48
Tortoise Investment Management
New York
$2.17K – – –
ACA
49
Aptus Capital Advisors
Alabama
$1.79K -$18.1K -500 -91%
GWM
50
Geneos Wealth Management
Colorado
$1.75K -$906 -25 -33%
1
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3

TBT Hedge Fund Activity: Q2 2025 in Review

58 of the 7,596 institutional investors tracked by Wall St. Rank reported a position in ProShares Trust UltraShort Lehman 20+ Year Treasury (TBT) for Q2 2025, worth a combined $74.8M — down 38% from $121M a quarter earlier.

Sellers outnumbered buyers: 14 funds closed out of TBT and 12 opened new positions — a net loss of 2 holders — while 18 trimmed existing stakes and 10 added.

The largest buyer was CastleKnight Management, adding an estimated $3.62M. The largest seller was Goldman Sachs, cutting an estimated $35.1M.

  • 58 institutional investors held ProShares Trust UltraShort Lehman 20+ Year Treasury (TBT) as of Q2 2025, down from 61 in Q1 2025.
  • Funds reported $74.8M of ProShares Trust UltraShort Lehman 20+ Year Treasury stock for Q2 2025, down 38% quarter-over-quarter.
  • 12 funds opened new ProShares Trust UltraShort Lehman 20+ Year Treasury positions in Q2 2025 and 14 closed out, a net change of -2 holders.
  • The largest ProShares Trust UltraShort Lehman 20+ Year Treasury buyer in Q2 2025 was CastleKnight Management, an estimated $3.62M added.
  • The largest ProShares Trust UltraShort Lehman 20+ Year Treasury seller in Q2 2025 was Goldman Sachs, an estimated $35.1M sold.

Based on aggregated 13F filings for Q2 2025.