ProShares Trust UltraShort Lehman 20+ Year Treasury

TBT • ARCA

ProShares Trust UltraShort Lehman 20+ Year Treasury is an exchange-traded fund on ARCA. As of Q3 2025, 51 institutional investors hold shares in this ETF, with total holdings valued at $68.5M. SUSQUEHANNA INTERNATIONAL GROUP, LLP is the largest holder with a position valued at $21.0M.

Overview

Overview of institutional ownership in TBT as of Q3 2025

All Institutions

Institutions: 51
Value Held: $68.5M
Shares Held: 2.0M
Avg Position: $1.3M
Median Position: $133.8K

Hedge Funds

Hedge Funds: 5
Value Held: $28.3M
Shares Held: 838.9K
Avg Position: $5.7M
Median Position: $3.1M

Biggest Investors

Institutions with the largest positions in TBT as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	-	$21.0M 0.03% of portfolio	621.9K shares	≤ Q2 2013 Held for 12y 5m+	$67.9B
C CastleKnight Management LP Hedge Fund•Event Driven	Aaron Michael Weitman CIO	$17.2M 0.92% of portfolio	508.2K shares	Q4 2021 Held for 3y 11m	$1.9B
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	Peter Fitzhugh Brown CEO	$7.3M 0.01% of portfolio	214.9K shares	Q2 2023 Held for 2y 5m	$75.8B
FIRST NATIONAL CORP /MA/ /ADV RIA/Wealth	Michael Scott Hebert COO	$5.6M 1.06% of portfolio	165.4K shares	Q3 2024 Held for 1y 2m	$527.5M
Hudson Bay Capital Management LP Hedge Fund•Multi-Strategy	Sander Ross Gerber CEO	$3.1M 0.02% of portfolio	90.7K shares	Q3 2025 Held for 2 months	$14.7B
J JANE STREET GROUP, LLC Institution	-	$1.9M 0.00% of portfolio	57.4K shares	Q1 2014 Held for 11y 8m	$84.1B
S SIMPLEX TRADING, LLC Institution	-	$1.9M 0.05% of portfolio	55.4K shares	Q1 2023 Held for 2y 8m	$4.1B
Camarda Wealth Advisory Group, LLLP RIA/Wealth	Jeffrey Michael Franklin Camarda CEO	$1.4M 0.58% of portfolio	42.8K shares	Q4 2024 Held for 11 months	$249.2M
Toroso Investments, LLC ETF Provider	Guillermo Trias CEO	$1.1M 0.00% of portfolio	33.7K shares	Q2 2025 Held for 5 months	$23.2B
C CAMELOT TECHNOLOGY ADVISORS, INC. Institution	-	$1.1M 0.91% of portfolio	33.3K shares	Q4 2023 Held for 1y 11m	$124.3M

Net Capital Flow

Institutional buying and selling activity for TBT in Q3 2025

Traded: −$3.8M
Buyers: 16
Sellers: 23
Total Bought: +$11.8M
Total Sold: −$15.6M
Avg Position: $1.1M

Biggest Buyers

Institution	Net Bought	Current Position
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	+$4.1M +120.6K shares	$7.3M 214.9K shares
Hudson Bay Capital Management LP Hedge Fund•Multi-Strategy	+$3.1M +90.7K shares	$3.1M 90.7K shares
S SIMPLEX TRADING, LLC Institution	+$1.9M +55.2K shares	$1.9M 55.4K shares
C CastleKnight Management LP Hedge Fund•Event Driven	+$1.8M +53.6K shares	$17.2M 508.2K shares
Q Quadrature Capital Ltd Institution	+$326.7K +9.7K shares	$326.7K 9.7K shares
Toroso Investments, LLC ETF Provider	+$322.2K +9.5K shares	$1.1M 33.7K shares
G Glen Eagle Advisors, LLC RIA/Wealth	+$147.8K +4.4K shares	$147.8K 4.4K shares
Verity Asset Management, Inc. RIA/Wealth	+$92.8K +2.7K shares	$1.1M 31.4K shares
C CAMELOT TECHNOLOGY ADVISORS, INC. Institution	+$35.7K +1.1K shares	$1.1M 33.3K shares
Auour Investments LLC RIA/Wealth	+$29.4K +870.0 shares	$286.6K 8.5K shares

Biggest Sellers

Institution	Net Sold	Current Position
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	−$3.1M −88.5K shares	Sold Off 0 shares
LEUCADIA NATIONAL CORP Institution	−$2.3M −65.5K shares	Sold Off 0 shares
MILESTONE ASSET MANAGEMENT, LLC RIA/Wealth	−$1.6M −44.8K shares	Sold Off 0 shares
GOLDMAN SACHS GROUP INC Institution	−$1.5M −43.8K shares	Sold Off 0 shares
J JANE STREET GROUP, LLC Institution	−$1.4M −41.6K shares	$1.9M 57.4K shares
O OLD MISSION CAPITAL LLC Institution	−$918.4K −26.2K shares	Sold Off 0 shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	−$896.7K −26.5K shares	$21.0M 621.9K shares
P Proficio Capital Partners LLC Family Office	−$837.1K −23.9K shares	Sold Off 0 shares
G GROUP ONE TRADING, L.P. Institution	−$632.1K −18.7K shares	$254.2K 7.5K shares
IMC-Chicago, LLC RIA/Wealth	−$489.8K −14.0K shares	Sold Off 0 shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited TBT in Q3 2025

New Positions: 1
New Value: $5.7K
Exited Positions: 13
Exited Value: $11.3M

New Positions

Institution	Position Value
Groupe la Francaise Fund of Funds	$5.7K 200.0 shares

Exited Positions

Institution	Previous Position
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$3.1M 88.5K shares
LEUCADIA NATIONAL CORP Institution	$2.3M 65.5K shares
MILESTONE ASSET MANAGEMENT, LLC RIA/Wealth	$1.6M 44.8K shares
GOLDMAN SACHS GROUP INC Institution	$1.5M 43.8K shares
O OLD MISSION CAPITAL LLC Institution	$918.4K 26.2K shares
P Proficio Capital Partners LLC Family Office	$837.1K 23.9K shares
IMC-Chicago, LLC RIA/Wealth	$489.8K 14.0K shares
G GTS SECURITIES LLC Institution	$441.8K 12.6K shares
RAYMOND JAMES FINANCIAL INC RIA/Wealth	$50.4K 1.4K shares
Steward Partners Investment Advisory, LLC RIA/Wealth	$17.2K 491.0 shares

Options Activity

Institutions with the largest Call and Put options positions in TBT as of Q3 2025

Call Positions: 5
Call Value: $41.0M
Put Positions: 4
Put Value: $25.5M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$21.8M 6.5K contracts
J JANE STREET GROUP, LLC Institution	$12.5M 3.7K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$3.3M 988.0 contracts
S SIG BROKERAGE, LP Institution	$1.7M 500.0 contracts
C CastleKnight Management LP Hedge Fund•Event Driven	$1.7M 500.0 contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$17.2M 5.1K contracts
J JANE STREET GROUP, LLC Institution	$4.6M 1.4K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$1.9M 561.0 contracts
S SIG BROKERAGE, LP Institution	$1.7M 500.0 contracts

Most Committed Institutions

Institutions with TBT as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
FIRST NATIONAL CORP /MA/ /ADV RIA/Wealth	Michael Scott Hebert COO	1.06% $5.6M	165.4K shares	Q3 2024 Held for 1y 2m	$527.5M
C CastleKnight Management LP Hedge Fund•Event Driven	Aaron Michael Weitman CIO	0.92% $17.2M	508.2K shares	Q4 2021 Held for 3y 11m	$1.9B
C CAMELOT TECHNOLOGY ADVISORS, INC. Institution	-	0.91% $1.1M	33.3K shares	Q4 2023 Held for 1y 11m	$124.3M
G GRUSS & CO INC Institution	-	0.89% $337.8K	10.0K shares	Q4 2020 Held for 4y 11m	$38.0M
Northwest Capital Management Inc RIA/Wealth	George Burton White President	0.84% $790.3K	23.4K shares	Q4 2024 Held for 11 months	$94.6M
Camarda Wealth Advisory Group, LLLP RIA/Wealth	Jeffrey Michael Franklin Camarda CEO	0.58% $1.4M	42.8K shares	Q4 2024 Held for 11 months	$249.2M
Verity Asset Management, Inc. RIA/Wealth	Sean Jennings Mcgill President	0.35% $1.1M	31.4K shares	Q3 2022 Held for 3y 2m	$304.9M
Auour Investments LLC RIA/Wealth	Robert Zlatko Kuftinec Managing Partner	0.09% $286.6K	8.5K shares	Q1 2024 Held for 1y 8m	$302.0M
Weinberger Asset Management, Inc RIA/Wealth	Alexander Brian Weinberger President	0.09% $249.6K	7.4K shares	Q2 2022 Held for 3y 5m	$276.3M
GABLES CAPITAL MANAGEMENT INC. Hedge Fund•Long/Short	Judith Cohen Neiwirth President	0.07% $171.2K	5.1K shares	Q1 2018 Held for 7y 8m	$233.4M

Hedge Fund Spotlight

Discover hedge funds investing in TBT

CastleKnight Management LP

Hedge Fund • Event Driven

Portfolio ManagerAaron Michael Weitman

Portfolio Value: $1.9B
Positions: 365
Last Reported: Q3 2025

Sector Allocation

Position in ProShares Trust UltraShort Lehman 20+ Year Treasury

Market Value: $17.2M
Shares Held: 508.2K
Portfolio Weight: 0.92%
Owned Since: 2021-Q4

Top Holding	Sector	Market Value	Weight
1 Marvell Technology, Inc. MRVL	Semiconductors Technology	$57.3M	3.08%
2 Micron Technology MU	Semiconductors Technology	$48.0M	2.58%
3 Modine Manufacturing MOD	Auto - Parts Consumer Cyclical	$46.3M	2.49%