Direxion Daily S&P 500 Bear 3x ETF
SPXS
51 hedge funds and large institutions have $20.8M invested in Direxion Daily S&P 500 Bear 3x ETF in 2025 Q2 according to their latest regulatory filings, with 19 funds opening new positions, 14 increasing their positions, 9 reducing their positions, and 13 closing their positions.
56% more repeat investments, than reductions
Existing positions increased: 14 | Existing positions reduced: 9
46% more first-time investments, than exits
New positions opened: 19 | Existing positions closed: 13
13% more funds holding
Funds holding: 45 → 51 (+6)
0.78% less ownership
Funds ownership: 1.27% → 0.5% (-0.78%)
61% less capital invested
Capital invested by funds: $53.1M → $20.8M (-$32.4M)
76% less call options, than puts
Call options by funds: $5.64M | Put options by funds: $23.5M
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
IMC Chicago
Chicago,
Illinois
|
+$4.01M |
| 2 |
BRF
B. Riley Financial
Los Angeles,
California
|
+$3.7M |
| 3 |
JF
Jump Financial
Chicago,
Illinois
|
+$2.02M |
| 4 |
HW
Hamilton Wealth
Encino,
California
|
+$557K |
| 5 |
S
SignatureFD
Atlanta,
Georgia
|
+$457K |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Jane Street
New York
|
-$9.84M |
| 2 |
Citadel Advisors
Miami,
Florida
|
-$6.84M |
| 3 |
QC
Quadrature Capital
London,
United Kingdom
|
-$6.82M |
| 4 |
Susquehanna International Group
Bala Cynwyd,
Pennsylvania
|
-$4.44M |
| 5 |
Squarepoint
New York
|
-$1.74M |
SPXS Hedge Fund Activity: Q2 2025 in Review
51 of the 7,596 institutional investors tracked by Wall St. Rank reported a position in Direxion Daily S&P 500 Bear 3x ETF (SPXS) for Q2 2025, worth a combined $20.8M — down 61% from $53.1M a quarter earlier.
Buyers outnumbered sellers: 19 funds opened new SPXS positions and 13 closed out — a net gain of 6 holders — while 14 added to existing stakes and 9 trimmed.
The largest buyer was IMC Chicago, opening a new position worth an estimated $4.01M. The largest seller was Jane Street, cutting an estimated $9.84M.
- 51 institutional investors held Direxion Daily S&P 500 Bear 3x ETF (SPXS) as of Q2 2025, up from 45 in Q1 2025.
- Funds reported $20.8M of Direxion Daily S&P 500 Bear 3x ETF stock for Q2 2025, down 61% quarter-over-quarter.
- 19 funds opened new Direxion Daily S&P 500 Bear 3x ETF positions in Q2 2025 and 13 closed out, a net change of +6 holders.
- The largest Direxion Daily S&P 500 Bear 3x ETF buyer in Q2 2025 was IMC Chicago, an estimated $4.01M added.
- The largest Direxion Daily S&P 500 Bear 3x ETF seller in Q2 2025 was Jane Street, an estimated $9.84M sold.
Based on aggregated 13F filings for Q2 2025.