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Direxion Daily Small Cap Bear 3x ETF
TZA

32 hedge funds and large institutions have $49.6M invested in Direxion Daily Small Cap Bear 3x ETF in 2025 Q1 according to their latest regulatory filings, with 7 funds opening new positions, 8 increasing their positions, 10 reducing their positions, and 6 closing their positions.

New
Increased
Maintained
Reduced
Closed

152% more call options, than puts

Call options by funds: $49.8M | Put options by funds: $19.8M

17% more first-time investments, than exits

New positions opened: 7 | Existing positions closed: 6

0% more funds holding

Funds holding: 32 → 32 (0)

0.38% less ownership

Funds ownership: 2.13% → 1.76% (-0.38%)

6% less capital invested

Capital invested by funds: $52.7M → $49.6M (-$3.02M)

20% less repeat investments, than reductions

Existing positions increased: 8 | Existing positions reduced: 10

100% less funds holding in top 10

Funds holding in top 10: 1 → 0 (-1)

Holders
32
Holders Change
–
Holders Change %
0%
% of All Funds
0.43%
Holding in Top 10
–
Holding in Top 10 Change
-1
Holding in Top 10 Change %
-100%
% of All Funds
–
New
7
Increased
8
Reduced
10
Closed
6
Calls
$49.8M
Puts
$19.8M
Net Calls
+$30M
Net Calls Change
-$5.81M

Top Buyers

Rank Fund Capital Flow
1
Jane Street
Jane Street
New York
+$5.98M
2
TSS
Two Sigma Securities
New York
+$3.59M
3
CL
Choreo LLC
Illinois
+$3.1M
4
Group One Trading
Group One Trading
Illinois
+$2.08M
5
FTUS
Flow Traders U.S.
New York
+$1.1M

Top Sellers

Rank Fund Capital Flow
1
VF
Virtu Financial
New York
-$16.2M
2
Susquehanna International Group
Susquehanna International Group
Pennsylvania
-$8.39M
3
IMC Chicago
IMC Chicago
Illinois
-$4.29M
4
Citadel Advisors
Citadel Advisors
Florida
-$3.22M
5
UBS Group
UBS Group
Switzerland
-$457K
Name Holding Trade Value Shares
Change 		Change in
Stake
CSB
26
City State Bank
Iowa
$7.66K – – –
Bank of Montreal
27
Bank of Montreal
Ontario, Canada
$5.48K – – –
LRWM
28
Lord & Richards Wealth Management
Colorado
$1.92K +$1.52K +11 New
AF
29
Allworth Financial
California
$950 – – –
CA
30
CoreCap Advisors
Michigan
$886 – – –
S
31
SignatureFD
Georgia
$255 – – –
CA
32
Continuum Advisory
Idaho
$85 – – –
NA
33
NewEdge Advisors
Louisiana
$34 – – –
Wells Fargo
34
Wells Fargo
California
$24 – – –
Osaic Holdings
35
Osaic Holdings
Arizona
$17 – – –
Citadel Advisors
36
Citadel Advisors
Florida
– -$3.22M -23,255 Closed
HF
37
HRT Financial
New York
– -$439K -3,385 Closed
Tudor Investment Corp
38
Tudor Investment Corp
Connecticut
– -$262K -2,022 Closed
HW
39
Hamilton Wealth
California
– -$260K -2,008 Closed
MWM
40
Mission Wealth Management
California
– -$130K -1,001 Closed
Fidelity Investments
41
Fidelity Investments
Massachusetts
– -$104 -1 Closed
1
2

TZA Hedge Fund Activity: Q1 2025 in Review

32 of the 7,461 institutional investors tracked by Wall St. Rank reported a position in Direxion Daily Small Cap Bear 3x ETF (TZA) for Q1 2025, worth a combined $49.6M — down 5.7% from $52.7M a quarter earlier.

Buyers outnumbered sellers: 7 funds opened new TZA positions and 6 closed out — a net gain of 1 holder — while 8 added to existing stakes and 10 trimmed.

The largest buyer was Jane Street, adding an estimated $5.98M. The largest seller was Virtu Financial, cutting an estimated $16.2M.

  • 32 institutional investors held Direxion Daily Small Cap Bear 3x ETF (TZA) as of Q1 2025, unchanged from Q4 2024.
  • Funds reported $49.6M of Direxion Daily Small Cap Bear 3x ETF stock for Q1 2025, down 5.7% quarter-over-quarter.
  • 7 funds opened new Direxion Daily Small Cap Bear 3x ETF positions in Q1 2025 and 6 closed out, a net change of +1 holder.
  • The largest Direxion Daily Small Cap Bear 3x ETF buyer in Q1 2025 was Jane Street, an estimated $5.98M added.
  • The largest Direxion Daily Small Cap Bear 3x ETF seller in Q1 2025 was Virtu Financial, an estimated $16.2M sold.

Based on aggregated 13F filings for Q1 2025.