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.
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)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Goldman Sachs
New York
|
+$32.6M |
| 2 |
Renaissance Technologies
New York
|
+$4.75M |
| 3 |
QC
Quadrature Capital
London,
United Kingdom
|
+$3.38M |
| 4 |
Citadel Advisors
Miami,
Florida
|
+$2.74M |
| 5 |
CM
CastleKnight Management
New York
|
+$2.58M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
CM
Cercano Management
Bellevue,
Washington
|
-$4.98M |
| 2 |
JFG
Jefferies Financial Group
New York
|
-$4.37M |
| 3 |
CFIM
Client First Investment Management
West Bend,
Wisconsin
|
-$3.21M |
| 4 |
Simplex Trading
Chicago,
Illinois
|
-$2.76M |
| 5 |
Jane Street
New York
|
-$2.4M |
| Name | Holding | Trade Value |
Shares Change |
Change in Stake |
|
|---|---|---|---|---|---|
|
CAS
76
Coppell Advisory Solutions
Coppell,
Texas
| – | -$797 | -22 | Closed |
|
77
BNP Paribas Financial Markets
Paris,
France
| – | -$110 | -3 | Closed |
|
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.