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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
SWIG
51
Strategic Wealth Investment Group
Kentucky
$1.02K +$1.05K +29 New
NSIM
52
North Star Investment Management
Illinois
$947 – – –
CA
53
CoreCap Advisors
Michigan
$783 – – –
AssetMark Inc
54
AssetMark Inc
California
$772 – – –
FFA
55
Farther Finance Advisors
California
$421 +$181 +5 +71%
TRCT
56
Tower Research Capital (TRC)
New York
$316 -$4.57K -126 -93%
HNB
57
Huntington National Bank
Ohio
$51 – – –
N
58
Natixis
France
$35 – – –
FFA
59
Frazier Financial Advisors
Ohio
$13 – – –
QC
60
Quadrature Capital
United Kingdom
– -$3.21M -95,435 Closed
EF
61
Empowered Funds
Pennsylvania
– -$1.29M -38,234 Closed
TSS
62
Two Sigma Securities
New York
– -$1.28M -37,939 Closed
Royal Bank of Canada
63
Royal Bank of Canada
Ontario, Canada
– -$697K -20,704 Closed
ATPW
64
Ashton Thomas Private Wealth
Arizona
– -$622K -18,349 Closed
BAM
65
Brave Asset Management
New Jersey
– -$558K -16,585 Closed
PCM
66
Prelude Capital Management
New York
– -$511K -15,190 Closed
Wolverine Trading
67
Wolverine Trading
Illinois
– -$454K -13,264 Closed
FIA
68
Foundations Investment Advisors
Arizona
– -$317K -9,407 Closed
VWM
69
Vermillion Wealth Management
Minnesota
– -$18K -535 Closed
MCM
70
Manchester Capital Management
Vermont
– -$10.8K -320 Closed
Osaic Holdings
71
Osaic Holdings
Arizona
– -$5.05K -150 Closed
SWM
72
Spire Wealth Management
Virginia
– -$1.97K -58 Closed
Fidelity Investments
73
Fidelity Investments
Massachusetts
– -$37 -1 Closed
1 2
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.