Direxion Daily Small Cap Bear 3x ETF
TZA
34 hedge funds and large institutions have $24.8M invested in Direxion Daily Small Cap Bear 3x ETF in 2025 Q2 according to their latest regulatory filings, with 12 funds opening new positions, 11 increasing their positions, 6 reducing their positions, and 10 closing their positions.
83% more repeat investments, than reductions
Existing positions increased: 11 | Existing positions reduced: 6
20% more first-time investments, than exits
New positions opened: 12 | Existing positions closed: 10
6% more funds holding
Funds holding: 32 → 34 (+2)
0.85% less ownership
Funds ownership: 1.76% → 0.91% (-0.85%)
13% less call options, than puts
Call options by funds: $28.4M | Put options by funds: $32.8M
50% less capital invested
Capital invested by funds: $49.6M → $24.8M (-$24.9M)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
ST
Smithfield Trust
Pittsburgh,
Pennsylvania
|
+$7.76M |
| 2 |
JF
Jump Financial
Chicago,
Illinois
|
+$1.71M |
| 3 |
CL
Choreo LLC
Rockford,
Illinois
|
+$1.44M |
| 4 |
VF
Virtu Financial
New York
|
+$946K |
| 5 |
Qube Research & Technologies (QRT)
London,
United Kingdom
|
+$936K |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Jane Street
New York
|
-$12.4M |
| 2 |
Susquehanna International Group
Bala Cynwyd,
Pennsylvania
|
-$8.93M |
| 3 |
TSS
Two Sigma Securities
New York
|
-$5.36M |
| 4 |
QC
Quadrature Capital
London,
United Kingdom
|
-$1.17M |
| 5 |
Group One Trading
Chicago,
Illinois
|
-$1.13M |
TZA Hedge Fund Activity: Q2 2025 in Review
34 of the 7,595 institutional investors tracked by Wall St. Rank reported a position in Direxion Daily Small Cap Bear 3x ETF (TZA) for Q2 2025, worth a combined $24.8M — down 50% from $49.6M a quarter earlier.
Buyers outnumbered sellers: 12 funds opened new TZA positions and 10 closed out — a net gain of 2 holders — while 11 added to existing stakes and 6 trimmed.
The largest buyer was Smithfield Trust, opening a new position worth an estimated $7.76M. The largest seller was Jane Street, exiting entirely with an estimated $12.4M sold.
- 34 institutional investors held Direxion Daily Small Cap Bear 3x ETF (TZA) as of Q2 2025, up from 32 in Q1 2025.
- Funds reported $24.8M of Direxion Daily Small Cap Bear 3x ETF stock for Q2 2025, down 50% quarter-over-quarter.
- 12 funds opened new Direxion Daily Small Cap Bear 3x ETF positions in Q2 2025 and 10 closed out, a net change of +2 holders.
- The largest Direxion Daily Small Cap Bear 3x ETF buyer in Q2 2025 was Smithfield Trust, an estimated $7.76M added.
- The largest Direxion Daily Small Cap Bear 3x ETF seller in Q2 2025 was Jane Street, an estimated $12.4M sold.
Based on aggregated 13F filings for Q2 2025.