PA

ProShare Advisors LLC

ContrarianSector-focused

Total reported value

$67.5B

Reporting period: 2026-03-31 · Number of holdings: 1865

ProShare Advisors LLC disclosed 1865 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $67.5B and a quarterly turnover rate of 53.0%.

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Personality snowflake

Concentration
36.92
Portfolio Stability
52.97
Momentum/Contrarian
0
Sector conviction
79.58
Diversification
100
Sizing Uniformity
0

Recent moves

  • Trim NVDA

    -20.1%　-$1.0B

  • Trim MSFT

    -18.3%　-$1.1B

  • Trim AAPL

    -19.0%　-$755.4M

  • Trim AMZN

    -18.1%　-$484.5M

  • Add WMT

    +247.4%　$769.2M

  • Trim AVGO

    -19.7%　-$411.9M

Holdings Map

New buyAddUnchangedTrim

Institutional Game-State Analysis

Core Intent

ProShare is executing a deliberate capital rotation, cutting exposure to the market's largest momentum-driven tech names (MSFT, NVDA, AAPL, AMZN, META, AVGO) and initiating a massive 29% weight in a new factor ETF (IQMM) alongside a defensive add to WMT. They are not rebalancing; they are shifting the portfolio's alpha source from single-stock growth to a factor-based core, betting the regime is turning.

Macro & Fundamentals

The macro cycle bet embedded in these flows is that the AI-led dominance of secular growth is fatigued and that value, low volatility, or quality factors (as proxied by IQMM) will regain pricing power as the expansion matures. This positions against the consensus thesis that mega-cap tech earnings momentum and multiple expansion remain self-reinforcing, leaving ProShare vulnerable to a momentum squeeze if growth names re-accelerate.

Blind Spots / Risks

The 29% allocation to IQMM is a single-point-of-vulnerability that, combined with near-zero position-sizing discipline across the other 1,864 holdings, turns a diversified facade into a leveraged bet on one factor core. A sharp reversal in the value/growth trade or a liquidity shock to that ETF could trigger forced unwinding, exposing the fund's reflexive positioning to severe multiple compression.

The above is AI-generated from public regulatory filings and summarizes historical data only. It is not investment advice.

Top 10 holdings by weight

Full holdings list this quarter

#TickerIssuerAsset SubclassWeightWeight ChangeShares Change4Q Trend
1IQMMProshares Genius Mny Mkt ETFETF-Other29.19%+29.19%NEW
2NVDANvidia CORPStock-Tech4.48%-2.67%-20.06%
3AAPLApple INCStock-Tech3.47%-2.00%-19.00%
4MSFTMicrosoft CORPStock-Tech2.59%-2.35%-18.35%
5AMZNAmazon.com INCStock-Consumer Disc2.03%-1.24%-18.14%
6AVGOBroadcom INCStock-Tech1.55%-1.03%-19.74%
7WMTWalmart INCStock-Consumer Staples1.54%+1.07%+247.43%
8GOOGLAlphabet Inc-cl AStock-Comm Services1.50%-0.91%-18.85%
9TSLATesla INCStock-Consumer Disc1.49%-0.90%-10.07%
10METAMeta Platforms Inc-class AStock-Comm Services1.42%-0.98%-18.53%
11GOOGAlphabet Inc-cl CStock-Comm Services1.35%-0.81%-18.43%
12COSTCostco Wholesale CORPStock-Consumer Staples0.93%-0.24%-18.45%
13MUMicron Technology INCStock-Tech0.87%—-19.04%
14NFLXNetflix INCStock-Comm Services0.85%-0.37%-18.97%
15LINLinde plcStock-Materials0.76%—-11.53%
16AMDAdvanced Micro DevicesStock-Tech0.76%-0.42%-18.97%
17PLTRPalantir Technologies Inc-aStock-Tech0.72%-0.56%-18.25%
18PEPPepsico INCStock-Consumer Staples0.71%—-9.98%
19CSCOCisco Systems INCStock-Tech0.68%-0.30%-17.83%
20AMATApplied Materials INCStock-Tech0.63%—-19.65%
21LRCXLam Research CORPStock-Tech0.62%—-20.11%
22INTCIntel CORPStock-Tech0.50%—-15.18%
23XOMExxon Mobil CORPStock-Energy0.49%+0.02%-13.54%
24AMGNAmgen INCStock-Healthcare0.47%—-16.53%
25CATCaterpillar INCStock-Industrials0.46%—-14.15%
26TMUST-mobile US INCStock-Comm Services0.46%-0.20%-19.67%
27JNJJohnson & JohnsonStock-Healthcare0.45%—-11.05%
28KLACKla CORPStock-Tech0.45%—-19.75%
29CVXChevron CORPStock-Energy0.44%+0.03%-6.44%
30TXNTexas Instruments INCStock-Tech0.41%—-19.19%
31GILDGilead Sciences INCStock-Healthcare0.37%—-18.31%
32ADPAutomatic Data ProcessingStock-Tech0.37%-0.21%-3.78%
33FASTFastenal CoStock-Industrials0.37%—-6.89%
34ADIAnalog Devices INCStock-Tech0.37%—-19.63%
35CTASCintas CORPStock-Industrials0.35%-0.15%-7.18%
36MCDMcdonald's CORPStock-Consumer Disc0.35%—+0.13%
37ISRGIntuitive Surgical INCStock-Healthcare0.34%-0.28%-18.38%
38PGProcter & Gamble Co/theStock-Consumer Staples0.34%—-0.00%
39HONHoneywell International INCStock-Industrials0.34%—-16.97%
40KOCoca-cola Co/theStock-Consumer Staples0.34%—-2.74%
41ABBVAbbvie INCStock-Healthcare0.33%—+0.59%
42QCOMQualcomm INCStock-Tech0.32%-0.31%-18.93%
43NEENextera Energy INCStock-Utilities0.31%—-0.77%
44IBMIntl Business Machines CORPStock-Tech0.31%-0.16%-4.42%
45CBChubb LimitedStock-Financials0.30%—-3.99%
46ROPRoper Technologies INCStock-Tech0.30%—+11.32%
47TGTTarget CORPStock-Consumer Disc0.29%—-8.15%
48SHWSherwin-williams Co/theStock-Materials0.29%—-3.31%
49JPMJpmorgan Chase & CoStock-Financials0.29%—-4.71%
50APDAir Products & Chemicals INCStock-Materials0.29%—-0.80%
1–50 of 1,865

Holding changes this quarter

ProShare Advisors LLC's most significant position changes for 2026-03-31: New buy: Proshares Genius Mny Mkt ETF (IQMM); Sold out: Amcor plc (AMCR); New buy: Amcor plc (AMCR); Sold out: Astrazeneca Plc-spons Adr (AZNN); Trim: Nvidia CORP (NVDA) — shares -20.06%.

Position changes disclosed by ProShare Advisors LLC for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#TickerIssuerWeight ChangeShares ChangeAction
1WMTWalmart INC+1.1%+247.43%Add
2CVXChevron CORP0%-6.44%Trim
3XOMExxon Mobil CORP0%-13.54%Trim
4TRI4EURThomson Reuters CORP-0.1%-18.40%Trim
5WDAYWorkday Inc-class A-0.1%-18.44%Trim
6ADSKAutodesk INC-0.1%-17.92%Trim
7MELIMercadolibre INC-0.1%-18.37%Trim
8SNPSSynopsys INC-0.1%-15.51%Trim
9CMCSAComcast Corp-class A-0.1%-19.73%Trim
10CDNSCadence Design Sys INC-0.1%-17.30%Trim
11LLYEli Lilly & Co-0.1%-18.74%Trim
12SPGIS&p Global INC-0.1%-5.50%Trim
13VRTXVertex Pharmaceuticals INC-0.1%-18.27%Trim
14PANWPalo Alto Networks INC-0.1%-4.36%Trim
15CAHCardinal Health INC-0.1%-19.74%Trim
16CEGConstellation Energy-0.1%-7.04%Trim
17CHRWC.h. Robinson Worldwide INC-0.1%-25.95%Trim
18EXPDExpeditors Intl Wash INC-0.1%-23.78%Trim
19DASHDoordash INC - A-0.2%-18.11%Trim
20CTASCintas CORP-0.2%-7.18%Trim
21CRWDCrowdstrike Holdings INC - A-0.2%-18.10%Trim
22IBMIntl Business Machines CORP-0.2%-4.42%Trim
23ALBAlbemarle CORP-0.2%-46.31%Trim
24TMUST-mobile US INC-0.2%-19.67%Trim
25ADPAutomatic Data Processing-0.2%-3.78%Trim
26ADBEAdobe INC-0.2%-20.37%Trim
27COSTCostco Wholesale CORP-0.2%-18.45%Trim
28BKNGBooking Holdings INC-0.3%-18.87%Trim
29SHOPShopify INC - Class A-0.3%-18.15%Trim
30ISRGIntuitive Surgical INC-0.3%-18.38%Trim
31CSCOCisco Systems INC-0.3%-17.83%Trim
32QCOMQualcomm INC-0.3%-18.93%Trim
33INTUIntuit INC-0.3%-17.93%Trim
34NFLXNetflix INC-0.4%-18.97%Trim
35APPApplovin Corp-class A-0.4%-18.32%Trim
36AMDAdvanced Micro Devices-0.4%-18.97%Trim
37PLTRPalantir Technologies Inc-a-0.6%-18.25%Trim
38GOOGAlphabet Inc-cl C-0.8%-18.43%Trim
39TSLATesla INC-0.9%-10.07%Trim
40GOOGLAlphabet Inc-cl A-0.9%-18.85%Trim
41METAMeta Platforms Inc-class A-1%-18.53%Trim
42AVGOBroadcom INC-1%-19.74%Trim
43AMZNAmazon.com INC-1.2%-18.14%Trim
44AAPLApple INC-2%-19.00%Trim
45MSFTMicrosoft CORP-2.4%-18.35%Trim
46NVDANvidia CORP-2.7%-20.06%Trim
47IQMMProshares Genius Mny Mkt ETF—NEWNew buy
48AMCRAmcor plc—EXITSold out
49AMCRAmcor plc—NEWNew buy
50AZNNAstrazeneca Plc-spons Adr—EXITSold out

FAQ

What is ProShare Advisors LLC and what type of investor is it?
ProShare Advisors LLC is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $67.5B, spread across 1865 disclosed positions.
What are ProShare Advisors LLC's largest equity positions?
Based on the latest 13F filing, ProShare Advisors LLC's top holdings by market value are: 1. Proshares Genius Mny Mkt ETF (IQMM) — $19.7B (29.2%) 2. Nvidia CORP (NVDA) — $3.0B (4.5%) 3. Apple INC (AAPL) — $2.3B (3.5%) 4. Microsoft CORP (MSFT) — $1.8B (2.6%) 5. Amazon.com INC (AMZN) — $1.4B (2.0%)
What changes did ProShare Advisors LLC make in its most recent portfolio filing?
In the latest reported quarter, ProShare Advisors LLC made 50 notable position adjustments: 2 new positions were initiated, 1 existing holdings were added to, 45 positions were partially reduced, and 2 were completely exited. The largest of these moves: New buy: Proshares Genius Mny Mkt ETF (IQMM); Sold out: Amcor plc (AMCR); New buy: Amcor plc (AMCR); Sold out: Astrazeneca Plc-spons Adr (AZNN); Trim: Nvidia CORP (NVDA) — shares -20.06%
What sectors does ProShare Advisors LLC focus on?
ProShare Advisors LLC is concentrated in the following sectors based on its current disclosed equity portfolio: • Information Technology: 46.2% • Communication Services: 13.5% • Consumer Discretionary: 12.6% • Consumer Staples: 9.0% • Health Care: 7.6% • Financials: 4.7%

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