Direxion Daily S&P 500 Bear 1X ETF
SPDN
60 hedge funds and large institutions have $124M invested in Direxion Daily S&P 500 Bear 1X ETF in 2025 Q1 according to their latest regulatory filings, with 30 funds opening new positions, 15 increasing their positions, 10 reducing their positions, and 12 closing their positions.
150% more first-time investments, than exits
New positions opened: 30 | Existing positions closed: 12
100% more funds holding in top 10
Funds holding in top 10: 3 → 6 (+3)
59% more capital invested
Capital invested by funds: $77.8M → $124M (+$46.1M)
50% more repeat investments, than reductions
Existing positions increased: 15 | Existing positions reduced: 10
40% more funds holding
Funds holding: 43 → 60 (+17)
6% more ownership
Funds ownership: 56.68% → 62.67% (+6%)
96% less call options, than puts
Call options by funds: $88K | Put options by funds: $2.25M
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Envestnet Asset Management
Chicago,
Illinois
|
+$12.9M |
| 2 |
TI
TTP Investments
San Jose,
California
|
+$12.7M |
| 3 |
LCWP
Legacy Capital Wealth Partners
Little Rock,
Arkansas
|
+$11.3M |
| 4 |
LG
Leuthold Group
Minneapolis,
Minnesota
|
+$5.14M |
| 5 |
MWM
Moulton Wealth Management
Spokane,
Washington
|
+$5.03M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
AA
Armis Advisers
Atlanta,
Georgia
|
-$13.1M |
| 2 |
KWM
Kaydan Wealth Management
Fenton,
Michigan
|
-$10.6M |
| 3 |
JP Morgan Chase
New York
|
-$1.44M |
| 4 |
OP
ORG Partners
Roanoke,
Indiana
|
-$1.42M |
| 5 |
HF
HRT Financial
New York
|
-$1.37M |
SPDN Hedge Fund Activity: Q1 2025 in Review
60 of the 7,458 institutional investors tracked by Wall St. Rank reported a position in Direxion Daily S&P 500 Bear 1X ETF (SPDN) for Q1 2025, worth a combined $124M — up 59% from $77.8M a quarter earlier.
Buyers outnumbered sellers: 30 funds opened new SPDN positions and 12 closed out — a net gain of 18 holders — while 15 added to existing stakes and 10 trimmed.
The largest buyer was Envestnet Asset Management, adding an estimated $12.9M. The largest seller was Armis Advisers, exiting entirely with an estimated $13.1M sold.
- 60 institutional investors held Direxion Daily S&P 500 Bear 1X ETF (SPDN) as of Q1 2025, up from 43 in Q4 2024.
- Funds reported $124M of Direxion Daily S&P 500 Bear 1X ETF stock for Q1 2025, up 59% quarter-over-quarter.
- 30 funds opened new Direxion Daily S&P 500 Bear 1X ETF positions in Q1 2025 and 12 closed out, a net change of +18 holders.
- The largest Direxion Daily S&P 500 Bear 1X ETF buyer in Q1 2025 was Envestnet Asset Management, an estimated $12.9M added.
- The largest Direxion Daily S&P 500 Bear 1X ETF seller in Q1 2025 was Armis Advisers, an estimated $13.1M sold.
Based on aggregated 13F filings for Q1 2025.