Direxion Daily Small Cap Bear 3x ETF
TZA
38 hedge funds and large institutions have $16.6M invested in Direxion Daily Small Cap Bear 3x ETF in 2025 Q3 according to their latest regulatory filings, with 11 funds opening new positions, 12 increasing their positions, 7 reducing their positions, and 7 closing their positions.
71% more repeat investments, than reductions
Existing positions increased: 12 | Existing positions reduced: 7
57% more first-time investments, than exits
New positions opened: 11 | Existing positions closed: 7
12% more funds holding
Funds holding: 34 → 38 (+4)
0.42% less ownership
Funds ownership: 0.91% → 0.49% (-0.42%)
15% less call options, than puts
Call options by funds: $21M | Put options by funds: $24.7M
33% less capital invested
Capital invested by funds: $24.8M → $16.6M (-$8.15M)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
TSS
Two Sigma Securities
New York
|
+$3.95M |
| 2 |
Citadel Advisors
Miami,
Florida
|
+$3.56M |
| 3 |
Susquehanna International Group
Bala Cynwyd,
Pennsylvania
|
+$1.42M |
| 4 |
Bank of New York Mellon
New York
|
+$987K |
| 5 |
Group One Trading
Chicago,
Illinois
|
+$728K |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
ST
Smithfield Trust
Pittsburgh,
Pennsylvania
|
-$6.01M |
| 2 |
CL
Choreo LLC
Rockford,
Illinois
|
-$3.11M |
| 3 |
JF
Jump Financial
Chicago,
Illinois
|
-$1.68M |
| 4 |
FTUS
Flow Traders U.S.
New York
|
-$1.61M |
| 5 |
VF
Virtu Financial
New York
|
-$992K |
TZA Hedge Fund Activity: Q3 2025 in Review
38 of the 7,620 institutional investors tracked by Wall St. Rank reported a position in Direxion Daily Small Cap Bear 3x ETF (TZA) for Q3 2025, worth a combined $16.6M — down 33% from $24.8M a quarter earlier.
Buyers outnumbered sellers: 11 funds opened new TZA positions and 7 closed out — a net gain of 4 holders — while 12 added to existing stakes and 7 trimmed.
The largest buyer was Two Sigma Securities, opening a new position worth an estimated $3.95M. The largest seller was Smithfield Trust, exiting entirely with an estimated $6.01M sold.
- 38 institutional investors held Direxion Daily Small Cap Bear 3x ETF (TZA) as of Q3 2025, up from 34 in Q2 2025.
- Funds reported $16.6M of Direxion Daily Small Cap Bear 3x ETF stock for Q3 2025, down 33% quarter-over-quarter.
- 11 funds opened new Direxion Daily Small Cap Bear 3x ETF positions in Q3 2025 and 7 closed out, a net change of +4 holders.
- The largest Direxion Daily Small Cap Bear 3x ETF buyer in Q3 2025 was Two Sigma Securities, an estimated $3.95M added.
- The largest Direxion Daily Small Cap Bear 3x ETF seller in Q3 2025 was Smithfield Trust, an estimated $6.01M sold.
Based on aggregated 13F filings for Q3 2025.