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ProShares Trust UltraShort Lehman 20+ Year Treasury
TBT

52 hedge funds and large institutions have $102M invested in ProShares Trust UltraShort Lehman 20+ Year Treasury in 2025 Q3 according to their latest regulatory filings, with 7 funds opening new positions, 10 increasing their positions, 9 reducing their positions, and 12 closing their positions.

New
Increased
Maintained
Reduced
Closed

59% more call options, than puts

Call options by funds: $41M | Put options by funds: $25.8M

37% more capital invested

Capital invested by funds: $74.8M → $102M (+$27.6M)

11% more repeat investments, than reductions

Existing positions increased: 10 | Existing positions reduced: 9

0.21% less ownership

Funds ownership: 26.25% → 26.04% (-0.21%)

10% less funds holding

Funds holding: 58 → 52 (-6)

42% less first-time investments, than exits

New positions opened: 7 | Existing positions closed: 12

Holders
52
Holders Change
-6
Holders Change %
-10.34%
% of All Funds
0.68%
Holding in Top 10
1
Holding in Top 10 Change
+1
Holding in Top 10 Change %
% of All Funds
0.01%
New
7
Increased
10
Reduced
9
Closed
12
Calls
$41M
Puts
$25.8M
Net Calls
+$15.3M
Net Calls Change
+$2.38M

Top Buyers

Rank Fund Capital Flow
1
Renaissance Technologies
Renaissance Technologies
New York
+$4.29M
2
Hudson Bay Capital Management
Hudson Bay Capital Management
Connecticut
+$3.22M
3
HT
HAP Trading
New York
+$3.2M
4
Simplex Trading
Simplex Trading
Illinois
+$1.96M
5
CM
CastleKnight Management
New York
+$1.91M

Top Sellers

Rank Fund Capital Flow
1
Citadel Advisors
Citadel Advisors
Florida
-$3.15M
2
JFG
Jefferies Financial Group
New York
-$2.3M
3
MAM
Milestone Asset Management
Pennsylvania
-$1.57M
4
Goldman Sachs
Goldman Sachs
New York
-$1.54M
5
Jane Street
Jane Street
New York
-$1.48M
Name Holding Trade Value Shares
Change 		Change in
Stake
GEA
26
Glen Eagle Advisors
New Jersey
$148K +$156K +4,375 New
JP Morgan Chase
27
JP Morgan Chase
New York
$134K -$344K -9,671 -71%
UBS Group
28
UBS Group
Switzerland
$130K -$505K -14,207 -79%
OIA
29
Optimum Investment Advisors
Illinois
$74.3K – – –
Bank of America
30
Bank of America
North Carolina
$50.9K – – –
Bank of Montreal
31
Bank of Montreal
Ontario, Canada
$30.7K – – –
Barclays
32
Barclays
United Kingdom
$23.6K – – –
Morgan Stanley
33
Morgan Stanley
New York
$12.8K -$124K -3,486 -90%
Qube Research & Technologies (QRT)
34
Qube Research & Technologies (QRT)
United Kingdom
$9.8K -$1.71K -48 -14%
BBHC
35
Brown Brothers Harriman & Co
New York
$8.65K +$9.1K +256 New
GLF
36
Groupe la Francaise
France
$5.72K +$7.11K +200 New
William Blair & Company
37
William Blair & Company
Illinois
$5.07K – – –
US Bancorp
38
US Bancorp
Minnesota
$5.07K +$5.33K +150 New
AA
39
Ancora Advisors
Ohio
$4.63K – – –
OWP
40
ORG Wealth Partners
Texas
$4.26K – – –
BNP Paribas Financial Markets
41
BNP Paribas Financial Markets
France
$3.28K -$13.5K -381 -80%
TCOT
42
Trust Company of Toledo
Ohio
$2.7K – – –
AIC
43
Archer Investment Corporation
Indiana
$2.53K – – –
TIM
44
Tortoise Investment Management
New York
$2.09K – – –
ACA
45
Aptus Capital Advisors
Alabama
$1.72K – – –
GWM
46
Geneos Wealth Management
Colorado
$1.69K – – –
NSIM
47
North Star Investment Management
Illinois
$912 – – –
CA
48
CoreCap Advisors
Michigan
$767 – – –
AssetMark Inc
49
AssetMark Inc
California
$743 – – –
FFA
50
Farther Finance Advisors
California
$405 – – –
1
2
3

TBT Hedge Fund Activity: Q3 2025 in Review

52 of the 7,619 institutional investors tracked by Wall St. Rank reported a position in ProShares Trust UltraShort Lehman 20+ Year Treasury (TBT) for Q3 2025, worth a combined $102M — up 37% from $74.8M a quarter earlier.

Sellers outnumbered buyers: 12 funds closed out of TBT and 7 opened new positions — a net loss of 5 holders — while 9 trimmed existing stakes and 10 added.

The largest buyer was Renaissance Technologies, adding an estimated $4.29M. The largest seller was Citadel Advisors, exiting entirely with an estimated $3.15M sold.

  • 52 institutional investors held ProShares Trust UltraShort Lehman 20+ Year Treasury (TBT) as of Q3 2025, down from 58 in Q2 2025.
  • Funds reported $102M of ProShares Trust UltraShort Lehman 20+ Year Treasury stock for Q3 2025, up 37% quarter-over-quarter.
  • 7 funds opened new ProShares Trust UltraShort Lehman 20+ Year Treasury positions in Q3 2025 and 12 closed out, a net change of -5 holders.
  • The largest ProShares Trust UltraShort Lehman 20+ Year Treasury buyer in Q3 2025 was Renaissance Technologies, an estimated $4.29M added.
  • The largest ProShares Trust UltraShort Lehman 20+ Year Treasury seller in Q3 2025 was Citadel Advisors, an estimated $3.15M sold.

Based on aggregated 13F filings for Q3 2025.