Direxion Daily Small Cap Bear 3x Shares (TZA)

• Market cap: $403M

Fund manager confidence

Based on 2024 Q2 SEC filings by fund managers ($100M+ AUM)

196% more call options, than puts

Call options by funds: $37.8M | Put options by funds: $12.7M

7% less funds holding

Funds holding: 41 [Q1] → 38 (-3) [Q2]

11.85% less ownership

Funds ownership: 20.82% [Q1] → 8.98% (-11.85%) [Q2]

20% less first-time investments, than exits

New positions opened: 12 | Existing positions closed: 15

62% less repeat investments, than reductions

Existing positions increased: 5 | Existing positions reduced: 13

66% less capital invested

Capital invested by funds: $91.7M [Q1] → $31.2M (-$60.5M) [Q2]