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ProShares Trust UltraShort Lehman 20+ Year Treasury
TBT

61 hedge funds and large institutions have $121M invested in ProShares Trust UltraShort Lehman 20+ Year Treasury in 2025 Q1 according to their latest regulatory filings, with 4 funds opening new positions, 17 increasing their positions, 12 reducing their positions, and 16 closing their positions.

New
Increased
Maintained
Reduced
Closed

42% more repeat investments, than reductions

Existing positions increased: 17 | Existing positions reduced: 12

23% more call options, than puts

Call options by funds: $38.6M | Put options by funds: $31.4M

16% more capital invested

Capital invested by funds: $104M → $121M (+$16.4M)

12.32% more ownership

Funds ownership: 34.01% → 46.32% (+12%)

18% less funds holding

Funds holding: 74 → 61 (-13)

75% less first-time investments, than exits

New positions opened: 4 | Existing positions closed: 16

100% less funds holding in top 10

Funds holding in top 10: 1 → 0 (-1)

Holders
61
Holders Change
-13
Holders Change %
-17.57%
% of All Funds
0.82%
Holding in Top 10
–
Holding in Top 10 Change
-1
Holding in Top 10 Change %
-100%
% of All Funds
–
New
4
Increased
17
Reduced
12
Closed
16
Calls
$38.6M
Puts
$31.4M
Net Calls
+$7.2M
Net Calls Change
-$7.61M

Top Buyers

Rank Fund Capital Flow
1
Goldman Sachs
Goldman Sachs
New York
+$32.6M
2
Renaissance Technologies
Renaissance Technologies
New York
+$4.75M
3
QC
Quadrature Capital
United Kingdom
+$3.38M
4
Citadel Advisors
Citadel Advisors
Florida
+$2.74M
5
CM
CastleKnight Management
New York
+$2.58M

Top Sellers

Rank Fund Capital Flow
1
CM
Cercano Management
Washington
-$4.98M
2
JFG
Jefferies Financial Group
New York
-$4.37M
3
CFIM
Client First Investment Management
Wisconsin
-$3.21M
4
Simplex Trading
Simplex Trading
Illinois
-$2.76M
5
Jane Street
Jane Street
New York
-$2.4M
Name Holding Trade Value Shares
Change 		Change in
Stake
AIC
51
Archer Investment Corporation
Indiana
$2.52K – – –
GWM
52
Geneos Wealth Management
Colorado
$2.52K +$1.77K +50 +200%
TIM
53
Tortoise Investment Management
New York
$2.09K – – –
SWM
54
Spire Wealth Management
Virginia
$1.97K – – –
NSIM
55
North Star Investment Management
Illinois
$909 – – –
CA
56
CoreCap Advisors
Michigan
$746 – – –
AssetMark Inc
57
AssetMark Inc
California
$740 – – –
FFA
58
Farther Finance Advisors
California
$231 – – –
HNB
59
Huntington National Bank
Ohio
$50 – – –
Fidelity Investments
60
Fidelity Investments
Massachusetts
$37 – – –
N
61
Natixis
France
$34 – – –
CM
62
Cercano Management
Washington
– -$4.98M -135,916 Closed
JFG
63
Jefferies Financial Group
New York
– -$4.37M -119,258 Closed
CFIM
64
Client First Investment Management
Wisconsin
– -$3.21M -87,644 Closed
Hudson Bay Capital Management
65
Hudson Bay Capital Management
Connecticut
– -$2.3M -62,732 Closed
JSSH
66
J. Safra Sarasin Holding
– -$2.22M -60,677 Closed
GS
67
GTS Securities
New York
– -$730K -19,942 Closed
FWSM
68
First Wilshire Securities Management
California
– -$501K -13,680 Closed
Squarepoint
69
Squarepoint
New York
– -$453K -12,378 Closed
HT
70
Headlands Technologies
Illinois
– -$148K -4,040 Closed
RFG
71
REAP Financial Group
Texas
– -$44.3K -1,211 Closed
Parallax Volatility Advisers
72
Parallax Volatility Advisers
California
– -$29.1K -794 Closed
Citigroup
73
Citigroup
New York
– -$3.66K -100 Closed
OC
74
Oarsman Capital
Wisconsin
– -$1.94K -53 Closed
RCA
75
Runnymede Capital Advisors
Ohio
– -$1.25K -34 Closed
1 2
3
4

TBT Hedge Fund Activity: Q1 2025 in Review

61 of the 7,459 institutional investors tracked by Wall St. Rank reported a position in ProShares Trust UltraShort Lehman 20+ Year Treasury (TBT) for Q1 2025, worth a combined $121M — up 16% from $104M a quarter earlier.

Sellers outnumbered buyers: 16 funds closed out of TBT and 4 opened new positions — a net loss of 12 holders — while 12 trimmed existing stakes and 17 added.

The largest buyer was Goldman Sachs, adding an estimated $32.6M. The largest seller was Cercano Management, exiting entirely with an estimated $4.98M sold.

  • 61 institutional investors held ProShares Trust UltraShort Lehman 20+ Year Treasury (TBT) as of Q1 2025, down from 74 in Q4 2024.
  • Funds reported $121M of ProShares Trust UltraShort Lehman 20+ Year Treasury stock for Q1 2025, up 16% quarter-over-quarter.
  • 4 funds opened new ProShares Trust UltraShort Lehman 20+ Year Treasury positions in Q1 2025 and 16 closed out, a net change of -12 holders.
  • The largest ProShares Trust UltraShort Lehman 20+ Year Treasury buyer in Q1 2025 was Goldman Sachs, an estimated $32.6M added.
  • The largest ProShares Trust UltraShort Lehman 20+ Year Treasury seller in Q1 2025 was Cercano Management, an estimated $4.98M sold.

Based on aggregated 13F filings for Q1 2025.