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Direxion Daily Gold Miners Index Bear 2X ETF
DUST

25 hedge funds and large institutions have $32.7M invested in Direxion Daily Gold Miners Index Bear 2X ETF in 2025 Q4 according to their latest regulatory filings, with 14 funds opening new positions, 6 increasing their positions, 5 reducing their positions, and 4 closing their positions.

New
Increased
Maintained
Reduced
Closed

250% more first-time investments, than exits

New positions opened: 14 | Existing positions closed: 4

88% more capital invested

Capital invested by funds: $17.3M → $32.7M (+$15.3M)

67% more funds holding

Funds holding: 15 → 25 (+10)

20% more repeat investments, than reductions

Existing positions increased: 6 | Existing positions reduced: 5

3% less call options, than puts

Call options by funds: $6.26M | Put options by funds: $6.47M

Holders
25
Holders Change
+10
Holders Change %
+66.67%
% of All Funds
0.3%
Holding in Top 10
–
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
–
New
14
Increased
6
Reduced
5
Closed
4
Calls
$6.26M
Puts
$6.47M
Net Calls
-$207K
Net Calls Change
-$324K

Top Buyers

1
BNP Paribas Financial Markets
BNP Paribas Financial Markets
France
+$7.71M
2
Jane Street
Jane Street
New York
+$7.58M
3
VF
Virtu Financial
New York
+$5.92M
4
JF
Jump Financial
Illinois
+$5.81M
5
RA
Raffles Associates
New York
+$1.93M

Top Sellers

1
LG
Lane Generational
Massachusetts
-$3.85M
2
Citadel Advisors
Citadel Advisors
Florida
-$2.43M
3
OMC
Old Mission Capital
Illinois
-$513K
4
Qube Research & Technologies (QRT)
Qube Research & Technologies (QRT)
United Kingdom
-$498K
5
HT
Headlands Technologies
Illinois
-$340K
Name Holding Trade Value Shares
Change 		Change in
Stake
Jane Street
1
Jane Street
New York
$8.46M +$7.58M +78,594 +224%
BNP Paribas Financial Markets
2
BNP Paribas Financial Markets
France
$5.95M +$7.71M +80,000 New
VF
3
Virtu Financial
New York
$4.57M +$5.92M +61,380 New
JF
4
Jump Financial
Illinois
$4.48M +$5.81M +60,254 New
Citadel Advisors
5
Citadel Advisors
Florida
$1.97M -$2.43M -25,243 -49%
RA
6
Raffles Associates
New York
$1.49M +$1.93M +20,000 New
TSS
7
Two Sigma Securities
New York
$1.39M +$1.48M +15,323 +454%
Susquehanna International Group
8
Susquehanna International Group
Pennsylvania
$1.12M +$1.01M +10,493 +233%
HT
9
Headlands Technologies
Illinois
$502K -$340K -3,529 -34%
HW
10
Hamilton Wealth
California
$461K +$598K +6,200 New
SG
11
StoneX Group
New York
$405K +$525K +5,448 New
IMC Chicago
12
IMC Chicago
Illinois
$397K +$515K +5,341 New
GS
13
GTS Securities
New York
$354K +$459K +4,762 New
XT
14
XTX Topco
Cayman Islands
$340K +$440K +4,568 New
UBS Group
15
UBS Group
Switzerland
$232K +$192K +1,996 +179%
OMC
16
Old Mission Capital
Illinois
$215K -$513K -5,324 -65%
RBC
17
Romano Brothers & Co
Illinois
$112K +$145K +1,500 New
Optiver Holding
18
Optiver Holding
Netherlands
$110K +$143K +1,479 New
SS
19
SBI Securities
Japan
$62.3K +$48.5K +503 +150%
DT
20
DV Trading
Illinois
$37.2K +$48.2K +500 New
SJIM
21
St. Johns Investment Management
Florida
$28.5K +$17.2K +178 +87%
1M
22
1248 Management
Missouri
$4.46K +$5.78K +60 New
OP
23
ORG Partners
Indiana
$3.65K -$4.24K -44 -47%
TRCT
24
Tower Research Capital (TRC)
New York
$1.89K +$2.41K +25 New
Morgan Stanley
25
Morgan Stanley
New York
$91 -$4.82K -50 -98%
1
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DUST Hedge Fund Activity: Q4 2025 in Review

25 of the 8,223 institutional investors tracked by Wall St. Rank reported a position in Direxion Daily Gold Miners Index Bear 2X ETF (DUST) for Q4 2025, worth a combined $32.7M — up 88% from $17.3M a quarter earlier.

Buyers outnumbered sellers: 14 funds opened new DUST positions and 4 closed out — a net gain of 10 holders — while 6 added to existing stakes and 5 trimmed.

The largest buyer was BNP Paribas Financial Markets, opening a new position worth an estimated $7.71M. The largest seller was Lane Generational, exiting entirely with an estimated $3.85M sold.

  • 25 institutional investors held Direxion Daily Gold Miners Index Bear 2X ETF (DUST) as of Q4 2025, up from 15 in Q3 2025.
  • Funds reported $32.7M of Direxion Daily Gold Miners Index Bear 2X ETF stock for Q4 2025, up 88% quarter-over-quarter.
  • 14 funds opened new Direxion Daily Gold Miners Index Bear 2X ETF positions in Q4 2025 and 4 closed out, a net change of +10 holders.
  • The largest Direxion Daily Gold Miners Index Bear 2X ETF buyer in Q4 2025 was BNP Paribas Financial Markets, an estimated $7.71M added.
  • The largest Direxion Daily Gold Miners Index Bear 2X ETF seller in Q4 2025 was Lane Generational, an estimated $3.85M sold.

Based on aggregated 13F filings for Q4 2025.