Direxion Daily Small Cap Bear 3x ETF
30 hedge funds and large institutions have $29M invested in Direxion Daily Small Cap Bear 3x ETF in 2025 Q4 according to their latest regulatory filings, with 8 funds opening new positions, 11 increasing their positions, 5 reducing their positions, and 14 closing their positions.
195% more call options, than puts
Call options by funds: $19.2M | Put options by funds: $6.49M
120% more repeat investments, than reductions
Existing positions increased: 11 | Existing positions reduced: 5
74% more capital invested
Capital invested by funds: $16.6M → $29M (+$12.4M)
0.5% more ownership
Funds ownership: 0.49% → 0.99% (+0.5%)
21% less funds holding
Funds holding: 38 → 30 (-8)
43% less first-time investments, than exits
New positions opened: 8 | Existing positions closed: 14
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
JF
Jump Financial
Chicago,
Illinois
|
+$9.05M |
| 2 |
VF
Virtu Financial
New York
|
+$3.86M |
| 3 |
Jane Street
New York
|
+$2.26M |
| 4 |
Qube Research & Technologies (QRT)
London,
United Kingdom
|
+$1.58M |
| 5 |
Citadel Advisors
Miami,
Florida
|
+$791K |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
IMC Chicago
Chicago,
Illinois
|
-$1.33M |
| 2 |
Group One Trading
Chicago,
Illinois
|
-$1.07M |
| 3 |
BPAMU
BTG Pactual Asset Management US
New York
|
-$882K |
| 4 |
Bank of New York Mellon
New York
|
-$821K |
| 5 |
Morgan Stanley
New York
|
-$321K |
TZA Hedge Fund Activity: Q4 2025 in Review
30 of the 8,223 institutional investors tracked by Wall St. Rank reported a position in Direxion Daily Small Cap Bear 3x ETF (TZA) for Q4 2025, worth a combined $29M — up 74% from $16.6M a quarter earlier.
Sellers outnumbered buyers: 14 funds closed out of TZA and 8 opened new positions — a net loss of 6 holders — while 5 trimmed existing stakes and 11 added.
The largest buyer was Jump Financial, adding an estimated $9.05M. The largest seller was IMC Chicago, exiting entirely with an estimated $1.33M sold.
- 30 institutional investors held Direxion Daily Small Cap Bear 3x ETF (TZA) as of Q4 2025, down from 38 in Q3 2025.
- Funds reported $29M of Direxion Daily Small Cap Bear 3x ETF stock for Q4 2025, up 74% quarter-over-quarter.
- 8 funds opened new Direxion Daily Small Cap Bear 3x ETF positions in Q4 2025 and 14 closed out, a net change of -6 holders.
- The largest Direxion Daily Small Cap Bear 3x ETF buyer in Q4 2025 was Jump Financial, an estimated $9.05M added.
- The largest Direxion Daily Small Cap Bear 3x ETF seller in Q4 2025 was IMC Chicago, an estimated $1.33M sold.
Based on aggregated 13F filings for Q4 2025.