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.
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
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
Pittsburgh,
Pennsylvania
|
+$1.62M |
| 4 |
Group One Trading
Chicago,
Illinois
|
+$951K |
| 5 |
TI
Tidal Investments
Milwaukee,
Wisconsin
|
+$874K |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Goldman Sachs
New York
|
-$35.1M |
| 2 |
Jane Street
New York
|
-$7.59M |
| 3 |
UBS Group
Zurich,
Switzerland
|
-$4.71M |
| 4 |
Renaissance Technologies
New York
|
-$3.73M |
| 5 |
QC
Quadrature Capital
London,
United Kingdom
|
-$3.21M |
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.