ProShares Trust - ProShares UltraShort S&P500
US ˙ ARCA

SecuritySDS / ProShares Trust - ProShares UltraShort S&P500
InstitutionCitadel Advisors Llc
ManagerKen Griffin
Citadel Advisors Llc ownership in SDS / ProShares Trust - ProShares UltraShort S&P500

Citadel Advisors Llc has a history of taking positions in derivatives of the underlying security (SDS) in the form of stock options. The firm currently holds call options representing 34,680 of underlying shares valued at $2,609,670 USD and put options representing 231,820 of underlying shares valued at $17,444,455 USD .

Note: prior versions of this page mistakenly stated that the share values represented the number of options, not the number of underlying shares. For more information on the data backing these reports, please see the SEC document Frequently Asked Questions About Form 13F.

Institutional Put/Call Ratios
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In addition to reporting standard equity and debt issues, institutions with more than 100MM assets under management must also disclose their put and call option holdings. Since put options generally indicate negative sentiment, and call options indicate positive sentiment, we can get a sense of the overall institutional sentiment by plotting the ratio of puts to calls. The chart to the right plots the historical put/call ratio for this instrument.

Using Put/Call Ratio as an indicator of investor sentiment overcomes one of the key deficiencies of using total institutional ownership, which is that a significant amount of assets under management are invested passively to track indices. Passively-managed funds do not typically buy options, so the put/call ratio indicator more closely tracks the sentiment of actively-managed funds.

SDS / ProShares Trust - ProShares UltraShort S&P500 Historical Put/Call Ratio
Disclosed Call Options
File
Date		 Effective
Date		Form Security Class ID Opt Avg Share
Price		 Shares ΔShares
(%)		 Value
(x1000)		 ΔValue
(%)		 Prior Allocation
(%)		 Allocation
(%)		 ΔAllocation
(%)		 Cost Basis
(x1000)		 Profit
(x1000)		 Return
(%)
2026-05-15 2026-03-31 13F PROSHARES TR ULTRASHRT S&P500 Call 34,680 -62.87 2,610 -59.21 n/a n/a n/a
2026-02-17 2025-12-31 13F PROSHARES TR ULTRASHRT S&P500 Call 93,400 6,397 n/a n/a n/a
Disclosed Put Options
File
Date		 Effective
Date		Form Security Class ID Opt Avg Share Price Shares ΔShares
(%)		 Value
(x1000)		 ΔValue
(%)		 Prior Allocation
(%)		 Allocation
(%)		 ΔAllocation
(%)		 Cost Basis
(x1000)		 Profit
(x1000)		 Return
(%)
2026-05-15 2026-03-31 13F PROSHARES TR ULTRASHRT S&P500 Put 231,820 -38.82 17,444 -32.78 n/a n/a n/a
2026-02-17 2025-12-31 13F PROSHARES TR ULTRASHRT S&P500 Put 378,920 25,952 n/a n/a n/a
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.