ProShares Trust UltraShort Lehman 20+ Year Treasury
TBT
52 hedge funds and large institutions have $72.3M invested in ProShares Trust UltraShort Lehman 20+ Year Treasury in 2025 Q4 according to their latest regulatory filings, with 13 funds opening new positions, 13 increasing their positions, 12 reducing their positions, and 9 closing their positions.
64% more call options, than puts
Call options by funds: $39.2M | Put options by funds: $23.8M
44% more first-time investments, than exits
New positions opened: 13 | Existing positions closed: 9
1.84% more ownership
Funds ownership: 26.04% → 27.88% (+1.8%)
8% more repeat investments, than reductions
Existing positions increased: 13 | Existing positions reduced: 12
0% more funds holding
Funds holding: 52 → 52 (0)
29% less capital invested
Capital invested by funds: $102M → $72.3M (-$30.1M)
100% less funds holding in top 10
Funds holding in top 10: 1 → 0 (-1)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
CM
CastleKnight Management
New York
|
+$3.25M |
| 2 |
UBS Group
Zurich,
Switzerland
|
+$2.97M |
| 3 |
HF
HRT Financial
New York
|
+$2.69M |
| 4 |
QC
Quadrature Capital
London,
United Kingdom
|
+$2.63M |
| 5 |
EF
Empowered Funds
Havertown,
Pennsylvania
|
+$2.08M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Renaissance Technologies
New York
|
-$5.72M |
| 2 |
Hudson Bay Capital Management
Stamford,
Connecticut
|
-$3.06M |
| 3 |
VCM
Virtue Capital Management
Brentwood,
Tennessee
|
-$1.23M |
| 4 |
NCM
Northwest Capital Management
Lake Oswego,
Oregon
|
-$790K |
| 5 |
Carson Wealth (CWM LLC)
Omaha,
Nebraska
|
-$674K |
| Name | Holding | Trade Value |
Shares Change |
Change in Stake |
|
|---|---|---|---|---|---|
51
Morgan Stanley
New York
| $93 | -$12.7K | -377 | -99% |
|
|
HNB
52
Huntington National Bank
Columbus,
Ohio
| $51 | – | – | – |
|
|
N
53
Natixis
Paris,
France
| $35 | – | – | – |
|
|
54
Hudson Bay Capital Management
Stamford,
Connecticut
| – | -$3.06M | -90,714 | Closed |
|
|
NCM
55
Northwest Capital Management
Lake Oswego,
Oregon
| – | -$790K | -23,396 | Closed |
|
|
GC
56
Gruss & Co
West Palm Beach,
Florida
| – | -$338K | -10,000 | Closed |
|
|
GEA
57
Glen Eagle Advisors
Kingston,
New Jersey
| – | -$148K | -4,375 | Closed |
|
58
Barclays
London,
United Kingdom
| – | -$23.6K | -700 | Closed |
|
|
GLF
59
Groupe la Francaise
Paris,
France
| – | -$5.72K | -200 | Closed |
|
60
William Blair & Company
Chicago,
Illinois
| – | -$5.07K | -150 | Closed |
|
|
AIC
61
Archer Investment Corporation
Carmel,
Indiana
| – | -$2.53K | -75 | Closed |
|
|
TIM
62
Tortoise Investment Management
White Plains,
New York
| – | -$2.09K | -62 | Closed |
|
TBT Hedge Fund Activity: Q4 2025 in Review
52 of the 8,223 institutional investors tracked by Wall St. Rank reported a position in ProShares Trust UltraShort Lehman 20+ Year Treasury (TBT) for Q4 2025, worth a combined $72.3M — down 29% from $102M a quarter earlier.
Buyers outnumbered sellers: 13 funds opened new TBT positions and 9 closed out — a net gain of 4 holders — while 13 added to existing stakes and 12 trimmed.
The largest buyer was CastleKnight Management, adding an estimated $3.25M. The largest seller was Renaissance Technologies, cutting an estimated $5.72M.
- 52 institutional investors held ProShares Trust UltraShort Lehman 20+ Year Treasury (TBT) as of Q4 2025, unchanged from Q3 2025.
- Funds reported $72.3M of ProShares Trust UltraShort Lehman 20+ Year Treasury stock for Q4 2025, down 29% quarter-over-quarter.
- 13 funds opened new ProShares Trust UltraShort Lehman 20+ Year Treasury positions in Q4 2025 and 9 closed out, a net change of +4 holders.
- The largest ProShares Trust UltraShort Lehman 20+ Year Treasury buyer in Q4 2025 was CastleKnight Management, an estimated $3.25M added.
- The largest ProShares Trust UltraShort Lehman 20+ Year Treasury seller in Q4 2025 was Renaissance Technologies, an estimated $5.72M sold.
Based on aggregated 13F filings for Q4 2025.