ProShares Trust UltraShort Lehman 20+ Year Treasury
TBT
52 hedge funds and large institutions have $102M invested in ProShares Trust UltraShort Lehman 20+ Year Treasury in 2025 Q3 according to their latest regulatory filings, with 7 funds opening new positions, 10 increasing their positions, 9 reducing their positions, and 12 closing their positions.
59% more call options, than puts
Call options by funds: $41M | Put options by funds: $25.8M
37% more capital invested
Capital invested by funds: $74.8M → $102M (+$27.6M)
11% more repeat investments, than reductions
Existing positions increased: 10 | Existing positions reduced: 9
0.21% less ownership
Funds ownership: 26.25% → 26.04% (-0.21%)
10% less funds holding
Funds holding: 58 → 52 (-6)
42% less first-time investments, than exits
New positions opened: 7 | Existing positions closed: 12
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Renaissance Technologies
New York
|
+$4.29M |
| 2 |
Hudson Bay Capital Management
Stamford,
Connecticut
|
+$3.22M |
| 3 |
HT
HAP Trading
New York
|
+$3.2M |
| 4 |
Simplex Trading
Chicago,
Illinois
|
+$1.96M |
| 5 |
CM
CastleKnight Management
New York
|
+$1.91M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Citadel Advisors
Miami,
Florida
|
-$3.15M |
| 2 |
JFG
Jefferies Financial Group
New York
|
-$2.3M |
| 3 |
MAM
Milestone Asset Management
Pittsburgh,
Pennsylvania
|
-$1.57M |
| 4 |
Goldman Sachs
New York
|
-$1.54M |
| 5 |
Jane Street
New York
|
-$1.48M |
TBT Hedge Fund Activity: Q3 2025 in Review
52 of the 7,619 institutional investors tracked by Wall St. Rank reported a position in ProShares Trust UltraShort Lehman 20+ Year Treasury (TBT) for Q3 2025, worth a combined $102M — up 37% from $74.8M a quarter earlier.
Sellers outnumbered buyers: 12 funds closed out of TBT and 7 opened new positions — a net loss of 5 holders — while 9 trimmed existing stakes and 10 added.
The largest buyer was Renaissance Technologies, adding an estimated $4.29M. The largest seller was Citadel Advisors, exiting entirely with an estimated $3.15M sold.
- 52 institutional investors held ProShares Trust UltraShort Lehman 20+ Year Treasury (TBT) as of Q3 2025, down from 58 in Q2 2025.
- Funds reported $102M of ProShares Trust UltraShort Lehman 20+ Year Treasury stock for Q3 2025, up 37% quarter-over-quarter.
- 7 funds opened new ProShares Trust UltraShort Lehman 20+ Year Treasury positions in Q3 2025 and 12 closed out, a net change of -5 holders.
- The largest ProShares Trust UltraShort Lehman 20+ Year Treasury buyer in Q3 2025 was Renaissance Technologies, an estimated $4.29M added.
- The largest ProShares Trust UltraShort Lehman 20+ Year Treasury seller in Q3 2025 was Citadel Advisors, an estimated $3.15M sold.
Based on aggregated 13F filings for Q3 2025.