PROSHARES ULTRASHORT 20 YEAR TREASURY (TBT): Hedge Fund Ownership & Smart Money Signals (Q4 2025)

PROSHARES ULTRASHORT 20 YEAR TREASURY (TBT)

63 + Investors. Track Smart Money conviction in TBT. See who's accumulating, reducing, or initiating positions.

Smart Money Signals — TBT

Based on 55 hedge funds · latest filing: 2025 Q4 · updated quarterly

📈

Buying streak — 1 quarter in a row

last 6Q

For 1 consecutive quarter, more hedge funds added TBT than sold it. That's a consistent pattern of professional buying — not a one-time trade. When institutions keep buying quarter after quarter, it usually means they see a multi-year opportunity, not just a short-term momentum flip.

🔻

Below peak — only 69% of 3.0Y high

69% of all-time peak

Only 55 funds hold TBT today versus a peak of 80 funds at 2023 Q1 — just 69% of the maximum. Low institutional ownership can mean the stock is out of favor, but it also means there's a large pool of potential buyers if sentiment turns.

📉

Outflows — 26% fewer funds vs a year ago

fund count last 6Q

19 fewer hedge funds hold TBT compared to a year ago (-26% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.

🟡

Slight buying edge — 52% buying

28 buying26 selling

Last quarter: 28 funds bought or added vs 26 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.

📈

More new buyers each quarter (+7 vs last Q)

new funds entering per quarter

Funds opening a new TBT position: 6 → 15 → 6 → 13. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.

🔒

65% of holders stayed for 2+ years

■ 65% conviction (2yr+) ■ 15% medium ■ 20% new

36 out of 55 hedge funds have held TBT for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.

➡️

Steady discovery — ~13 new funds/quarter

24 → 6 → 15 → 6 → 13 new funds/Q

New funds entering each quarter: 6 → 15 → 6 → 13. Consistent flow of new institutional buyers without clear acceleration or slowdown.

🏛️

Deep conviction — 73% of holders stayed 2+ years

■ 73% veterans ■ 6% 1-2yr ■ 21% new

Of 63 current holders: 46 (73%) have held for over 2 years without selling. These are not momentum buyers — they have lived through drawdowns and stayed. A large veteran base acts as a stabilizing force during selloffs.

📋

Smaller funds dominant — 3% AUM from top-100

3% from top-100 AUM funds

6 of 55 holders rank in the top 100 by AUM, but together hold only 3% of total institutional value. The stock is held primarily by smaller and mid-sized funds.

1.9

out of 10

Low Exit Risk

Exit risk score 1.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.

Methodology note: these Smart Money cards use consecutive 13F disclosure snapshots, not trade-by-trade execution data. "Buying", "selling", "new holders", and "trimmed" refer to quarter-over-quarter changes in reported holders, aggregate shares, or disclosed position values between filings. They are useful for ownership regime analysis and crowding, but they do not imply exact trade timing on the filing date.

Metric	All 13F Filers (2025 Q4)	Prior (2025 Q3)	Change
Funds Holding	63	60	5.0%
13F Shares	4M	4M	-3.43%
Total Value	$135M	$135M	0.18%
New Positions	13	6	+7
Increased Positions	22	19	+3
Closed Positions	11	16	-5
Reduced Positions	28	21	+7
Total Calls	5	5	-
Total Puts	4	4	-
PUT/CALL Ratio	0.8	0.8	Neutral

Metric

All 13F Filers (2025 Q4)

Prior (2025 Q3)

Change

Funds Holding

5.0%

13F Shares

-3.43%

Total Value

$135M

0.18%

New Positions

Increased Positions

Closed Positions

-5

Reduced Positions

Total Calls

Total Puts

PUT/CALL Ratio

0.8

Neutral

Institutional Holders (2026 Q1)

63 + investors

Explore institutional interest and hedge fund ownership dynamics. Analyze portfolio weights, new positions, and conviction trends in TBT. Verified SEC 13F-HR filings.

FILTER:All New Added To Reduced No Change | Overweight >5% | SHOW: Active managers + show index funds

Top 13 institutional holders of TBT — 2025 Q4 · Source: SEC Form 13F
#	Investor	% of Portfolio	Shares	Mkt Value
1	CAMELOT TECHNOLOGY ADVISORS, INC.	0.59%	23,083	$811K
2	Verity Asset Management, Inc.	0.37%	24,966	$877K
3	Auour Investments LLC	0.13%	11,565	$406K
4	GABLES CAPITAL MANAGEMENT INC.	0.07%	5,018	$176K
5	Essex LLC	0.05%	7,796	$274K
6	Capital Investment Counsel, Inc	0.04%	8,600	$302K
7	Merkkuri Wealth Advisors LLC	0.01%	560	$20K
8	Vermillion Wealth Management, Inc.	0.01%	535	$19K
9	Ascentis Wealth Management, LLC	0.00%	126	$4K
10	TRUST CO OF TOLEDO NA /OH/	0.00%	80	$3K
11	North Star Investment Management Corp.	0.00%	27	—
12	CoreCap Advisors, LLC	0.00%	23	—
13	Farther Finance Advisors, LLC	0.00%	3	—

Investor	Ownership History	% of Portfolio	Prev %	Rank	Conviction	Avg Buy Price	13F Score™ 3Y / 7Y	Sell Timing	Shares	Mkt Value	Change	Change %	Source	Quarter	Filed

Frequently Asked Questions — PROSHARES ULTRASHORT 20 YEAR TREASURY (TBT)

What does the Smart Money Trend signal show for TBT?

Buying streak — 1 quarter in a row: For 1 consecutive quarter, more hedge funds added TBT than sold it. That's a consistent pattern of professional buying — not a one-time trade. When institutions keep buying quarter after quarter, it usually means they see a multi-year opportunity, not just a short-term momentum flip.

What is the institutional breadth score for TBT?

Slight buying edge — 52% buying: Last quarter: 28 funds bought or added vs 26 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.

What is the fund quality score for TBT holders?

Smaller funds dominant — 3% AUM from top-100: 6 of 55 holders rank in the top 100 by AUM, but together hold only 3% of total institutional value. The stock is held primarily by smaller and mid-sized funds.

How long have hedge funds held TBT?

65% of holders stayed for 2+ years: 36 out of 55 hedge funds have held TBT for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.

Where does this institutional ownership data come from?

All holdings data is sourced from SEC Form 13F filings, which institutional investment managers with over $100 million in assets are required to submit quarterly. Data is parsed directly from SEC EDGAR.

Market Cap	--
Enterprise Value	--
Trailing P/E	--
Forward P/E	--
PEG Ratio (5yr expected)	--
Price/Sales (ttm)	--
Price/Book (mrq)	--
Enterprise Value/Revenue	--
Enterprise Value/EBITDA	--
Beta (5Y Monthly)	--
Short Ratio (Days to Cover)	--
Short % of Float	--

Profit Margin	--
Return on Assets (ttm)	--
Return on Equity (ttm)	--

Revenue (ttm)	--
Net Income Avi to Common (ttm)	--
Diluted EPS (ttm)	--
Total Cash (mrq)	--
Total Debt/Equity (mrq)	--
Levered Free Cash Flow (ttm)	--

PROSHARES ULTRASHORT 20 YEAR TREASURY (TBT)

Smart Money Signals — TBT

Buying streak — 1 quarter in a row

Below peak — only 69% of 3.0Y high

Outflows — 26% fewer funds vs a year ago

Slight buying edge — 52% buying

More new buyers each quarter (+7 vs last Q)

65% of holders stayed for 2+ years

Steady discovery — ~13 new funds/quarter

Deep conviction — 73% of holders stayed 2+ years

Smaller funds dominant — 3% AUM from top-100

Hedge Fund Ownership: TBT

Market Analysis: TBT

Analyst Price Targets

Analyst Recommendations

Stock Performance

Company Profile: TBT

Hedge Fund Positioning: TBT

Statistics: TBT

Valuation Measures Data as of: --

Financial Highlights

Institutional Holders (2026 Q1)

Frequently Asked Questions — PROSHARES ULTRASHORT 20 YEAR TREASURY (TBT)

Welcome to 13Foresight!