Direxion Daily S&P 500 Bear 3x ETF
SPXS
30 hedge funds and large institutions have $27.8M invested in Direxion Daily S&P 500 Bear 3x ETF in 2025 Q4 according to their latest regulatory filings, with 12 funds opening new positions, 7 increasing their positions, 7 reducing their positions, and 21 closing their positions.
178% more call options, than puts
Call options by funds: $74.7M | Put options by funds: $26.8M
7.49% more ownership
Funds ownership: 0% → 7.49% (+7.5%)
0% more repeat investments, than reductions
Existing positions increased: 7 | Existing positions reduced: 7
21% less capital inflows, than outflows
Capital inflows: $18.3M | Capital outflows: $23.3M
25% less funds holding
Funds holding: 40 → 30 (-10)
43% less first-time investments, than exits
New positions opened: 12 | Existing positions closed: 21
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
IMC Chicago
Chicago,
Illinois
|
+$9.25M |
| 2 |
Flow Traders U.S.
New York
|
+$1.52M |
| 3 |
Quadrature Capital
London,
United Kingdom
|
+$1.1M |
| 4 |
Massar Capital Management
Stamford,
Connecticut
|
+$843K |
| 5 |
Belvedere Trading
Chicago,
Illinois
|
+$838K |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Citadel Advisors
Miami,
Florida
|
-$9.5M |
| 2 |
Jane Street
New York
|
-$5.36M |
| 3 |
SignatureFD
Atlanta,
Georgia
|
-$2.28M |
| 4 |
Lazari Capital Management
Woodland Hills,
California
|
-$894K |
| 5 |
Virtu Financial
New York
|
-$748K |
SPXS Hedge Fund Activity: Q4 2025 in Review
30 of the 8,307 institutional investors tracked by Wall St. Rank reported a position in Direxion Daily S&P 500 Bear 3x ETF (SPXS) for Q4 2025, worth a combined $27.8M — down 22% from $35.7M a quarter earlier.
Sellers outnumbered buyers: 21 funds closed out of SPXS and 12 opened new positions — a net loss of 9 holders — while 7 trimmed existing stakes and 7 added.
The largest buyer was IMC Chicago, opening a new position worth an estimated $9.25M. The largest seller was Citadel Advisors, exiting entirely with an estimated $9.5M sold.
- 30 institutional investors held Direxion Daily S&P 500 Bear 3x ETF (SPXS) as of Q4 2025, down from 40 in Q3 2025.
- Funds reported $27.8M of Direxion Daily S&P 500 Bear 3x ETF stock for Q4 2025, down 22% quarter-over-quarter.
- 12 funds opened new Direxion Daily S&P 500 Bear 3x ETF positions in Q4 2025 and 21 closed out, a net change of -9 holders.
- The largest Direxion Daily S&P 500 Bear 3x ETF buyer in Q4 2025 was IMC Chicago, an estimated $9.25M added.
- The largest Direxion Daily S&P 500 Bear 3x ETF seller in Q4 2025 was Citadel Advisors, an estimated $9.5M sold.
Based on aggregated 13F filings for Q4 2025.