Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

Proshares Tr (TBT)

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

Current Price
-- USD
Analyst Target
-- (0 analysts)
Upside
0.00%
Net Flow Q/Q
↓ -5
Streak
1Q ▼
Buyers last Q
46%

Smart Money Signals — TBT

Based on 50 hedge funds · latest filing: 2026 Q1 · updated quarterly

📉

Selling streak — 1 quarter in a row

last 6Q
For 1 consecutive quarter, more hedge funds reduced or closed their TBT positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🔻

Below peak — only 63% of 3.0Y high

63% of all-time peak
Only 50 funds hold TBT today versus a peak of 79 funds at 2023 Q2 — just 63% 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 — 21% fewer funds vs a year ago

fund count last 6Q
13 fewer hedge funds hold TBT compared to a year ago (-21% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠

More sellers than buyers — 46% buying

23 buying27 selling
Last quarter: 27 funds reduced or exited vs 23 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
➡️

Steady new buyers — ~11 new funds per quarter

new funds entering per quarter
Funds opening this position for the first time: 15 → 6 → 13 → 11. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒

64% of holders stayed for 2+ years

■ 64% conviction (2yr+) ■ 20% medium ■ 16% new
32 out of 50 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.
📈

Growing discovery — still being found

6 → 15 → 6 → 13 → 11 new funds/Q
New funds entering each quarter: 15 → 6 → 13 → 11. A growing number of institutions are discovering TBT each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️

Veteran-anchored — 73% veterans vs 14% newcomers

■ 73% veterans ■ 12% 1-2yr ■ 14% new
Entry-cohort mix of 56 holders: 41 (73%) are 2+ year veterans, 7 entered 1–2 years ago, and 8 (14%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆

Elite ownership — 41% AUM from top-100 funds

41% from top-100 AUM funds
9 of 50 holders are among the 100 largest funds by AUM, controlling 41% of total institutional value in TBT. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
1.8
out of 10
Low Exit Risk
Exit risk score 1.8/10 — 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.

Institutional Sentiment Summary — TBT

In 2026 Q1, 23 hedge funds were net buyers of TBT (11 opened a new position, 12 added to an existing one), while 27 reduced or exited (11 trimmed, 16 sold completely) — a 46% buyer ratio, indicating roughly balanced activity. 41% of total institutional value in TBT is held by top-100 AUM funds, reflecting elite-tier ownership quality. Net fund flow last quarter: -5 funds (more exits than new entries). Total institutional holders: 50.

Hedge Fund Ownership: TBT

How many hedge funds hold TBT — quarterly history vs. share price
Quarterly hedge fund ownership of TBT vs. share price

Market Analysis: TBT

Analyst Price Targets

Avg. Price Target
--

Analyst Recommendations

Stock Performance

Real-time

Company Profile: TBT

-- --

Institutional ownership data sourced from SEC EDGAR Form 13F-HR filings.

Is It Too Late to Buy Proshares Tr (TBT) Based on Hedge Fund 13F Filings?

Signal Freshness measures how much TBT has moved relative to its sector benchmark (SPY) since the 2026 Q1 13F filing. A stock that has barely outrun its sector is still a relatively fresh entry point — the fund's thesis has not yet been priced in by the broader market.

Since Quarter End March 31, 2026 · 80d ago
TBT
nan%
SPY
+13.9%

TBT outperformed SPY by nan% since March 31, 2026.

Since 13F Filing Date May 15, 2026 · 35d ago
TBT
nan%
SPY
+0.2%

Since the filing became public, TBT outperformed SPY by nan% .

Interpretation: The stock is tracking its sector benchmark closely. The signal remains fresh and the entry point is still near the fund's implied reference. Learn more →

Smart Money Signal ?
Limited Smart Money Interest

No strong consensus or elite conviction detected among institutional holders.

2 top-rated funds 0 high-conviction
Consensus
2.1
/ 10
breadth
×
Elite
0.5
/ 10
conviction
Hedge Fund Positioning: TBT
50 + Investors

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

Metric All 13F Filers (2026 Q1) Prior (2025 Q4) Change
Funds Holding 50 55 -9.09%
13F Shares 3M 4M -12.96%
Total Value $118M $135M -12.7%
New Positions 11 13 -2
Increased Positions 9 13 -4
Closed Positions 16 11 +5
Reduced Positions 12 13 -1
Total Calls 3 5 -40.0%
Total Puts 3 4 -25.0%
PUT/CALL Ratio 1.0 0.8 Neutral

Statistics: TBT

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Enterprise Value/EBITDA --
Beta (5Y Monthly) --
Short Ratio (Days to Cover) --
Short % of Float --

Financial Highlights

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Institutional Holders (2026 Q1)

50 + investors

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

QUARTER:
Top 25 TBT holders by conviction (% of portfolio weight) — 2026 Q1 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 Camelot Technology Advisors, INC. 0.59% 23,083 $811K
2 CastleKnight Management LP 0.40% 684,449 $24.1M
3 Verity Asset Management, Inc. 0.37% 24,966 $877K
4 Virtue Capital Management, LLC 0.20% 37,502 $1.3M
5 Auour Investments LLC 0.13% 11,565 $406K
6 Weinberger Asset Management, Inc 0.10% 7,390 $260K
7 Gables Capital Management INC. 0.07% 5,018 $176K
8 Essex LLC 0.05% 7,796 $274K
9 Two Sigma Securities, LLC 0.05% 11,807 $415K
10 J. Safra Sarasin Holding AG 0.05% 79,292 $2.8M
11 Hourglass Capital, LLC 0.04% 5,700 $200K
12 Capital Investment Counsel, Inc 0.04% 8,600 $302K
13 Synergy Asset Management, LLC 0.03% 8,575 $301K
14 Bison Wealth, LLC 0.02% 6,487 $236K
15 Merkkuri Wealth Advisors LLC 0.01% 560 $20K
16 Jefferies Financial Group Inc. 0.01% 52,821 $1.9M
17 Quadrature Capital Ltd 0.01% 23,921 $841K
18 Vermillion Wealth Management, Inc. 0.01% 535 $19K
19 Mariner, LLC 0.00% 113,965 $4.0M
20 Renaissance Technologies LLC 0.00% 64,400 $2.3M
21 Susquehanna International Group, LLP 0.00% 643,200 $22.6M
22 Susquehanna International Group, LLP 0.00% 639,882 $22.5M
23 SHP Wealth Management 0.00% 567 $20K
24 Smartleaf Asset Management LLC 0.00% 993 $35K
25 Susquehanna International Group, LLP 0.00% 258,500 $9.1M
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 Tr (TBT)

What does the Smart Money Trend signal show for TBT?

Selling streak — 1 quarter in a row: For 1 consecutive quarter, more hedge funds reduced or closed their TBT positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.

What is the institutional breadth score for TBT?

More sellers than buyers — 46% buying: Last quarter: 27 funds reduced or exited vs 23 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.

What is the fund quality score for TBT holders?

Elite ownership — 41% AUM from top-100 funds: 9 of 50 holders are among the 100 largest funds by AUM, controlling 41% of total institutional value in TBT. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.

How long have hedge funds held TBT?

64% of holders stayed for 2+ years: 32 out of 50 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.

Is it too late to buy Proshares Tr (TBT) following the 2026 Q1 hedge fund 13F filings?

As of today, TBT has moved nan% since the 2026 Q1 13F filing date (May 15, 2026), compared to +0.2% for the SPY sector ETF — an outperformance of nan%. Since the quarter end (March 31, 2026), TBT has gained nan% vs +13.9% for SPY. The stock is tracking its sector benchmark closely. The signal remains fresh and the entry point is still near the fund's implied reference.

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.

Disclaimer: The information on this page is for informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Institutional holdings data is sourced from SEC Form 13F filings and reflects positions as of the filing date. Past performance of any fund or portfolio is not indicative of future results. 13Foresight is not a registered investment adviser. Always conduct your own due diligence before making investment decisions.

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