ProShares Trust UltraShort Lehman 20+ Year Treasury
TBT
50 hedge funds and large institutions have $72.8M invested in ProShares Trust UltraShort Lehman 20+ Year Treasury in 2026 Q1 according to their latest regulatory filings, with 11 funds opening new positions, 12 increasing their positions, 10 reducing their positions, and 13 closing their positions.
84% more call options, than puts
Call options by funds: $29.3M | Put options by funds: $15.9M
20% more repeat investments, than reductions
Existing positions increased: 12 | Existing positions reduced: 10
1% more capital invested
Capital invested by funds: $72.3M → $72.8M (+$489K)
0.16% less ownership
Funds ownership: 27.88% → 27.72% (-0.16%)
4% less funds holding
Funds holding: 52 → 50 (-2)
15% less first-time investments, than exits
New positions opened: 11 | Existing positions closed: 13
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Mariner
Overland Park,
Kansas
|
+$3.91M |
| 2 |
Citadel Advisors
Miami,
Florida
|
+$2.93M |
| 3 |
CM
CastleKnight Management
New York
|
+$2.73M |
| 4 |
JSSH
J. Safra Sarasin Holding
|
+$2.72M |
| 5 |
JFG
Jefferies Financial Group
New York
|
+$1.81M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
UBS Group
Zurich,
Switzerland
|
-$3.08M |
| 2 |
HF
HRT Financial
New York
|
-$2.8M |
| 3 |
QC
Quadrature Capital
London,
United Kingdom
|
-$2.2M |
| 4 |
EF
Empowered Funds
Havertown,
Pennsylvania
|
-$2.16M |
| 5 |
CFA
Camarda Financial Advisors
Fleming Island,
Florida
|
-$1.49M |
TBT Hedge Fund Activity: Q1 2026 in Review
50 of the 8,187 institutional investors tracked by Wall St. Rank reported a position in ProShares Trust UltraShort Lehman 20+ Year Treasury (TBT) for Q1 2026, worth a combined $72.8M — up 0.68% from $72.3M a quarter earlier.
Sellers outnumbered buyers: 13 funds closed out of TBT and 11 opened new positions — a net loss of 2 holders — while 10 trimmed existing stakes and 12 added.
The largest buyer was Mariner, opening a new position worth an estimated $3.91M. The largest seller was UBS Group, cutting an estimated $3.08M.
- 50 institutional investors held ProShares Trust UltraShort Lehman 20+ Year Treasury (TBT) as of Q1 2026, down from 52 in Q4 2025.
- Funds reported $72.8M of ProShares Trust UltraShort Lehman 20+ Year Treasury stock for Q1 2026, up 0.68% quarter-over-quarter.
- 11 funds opened new ProShares Trust UltraShort Lehman 20+ Year Treasury positions in Q1 2026 and 13 closed out, a net change of -2 holders.
- The largest ProShares Trust UltraShort Lehman 20+ Year Treasury buyer in Q1 2026 was Mariner, an estimated $3.91M added.
- The largest ProShares Trust UltraShort Lehman 20+ Year Treasury seller in Q1 2026 was UBS Group, an estimated $3.08M sold.
Based on aggregated 13F filings for Q1 2026.