Direxion Daily Small Cap Bear 3x ETF
TZA
42 hedge funds and large institutions have $22M invested in Direxion Daily Small Cap Bear 3x ETF in 2026 Q2 according to their latest regulatory filings, with 19 funds opening new positions, 10 increasing their positions, 7 reducing their positions, and 14 closing their positions.
43% more repeat investments, than reductions
Existing positions increased: 10 | Existing positions reduced: 7
36% more first-time investments, than exits
New positions opened: 19 | Existing positions closed: 14
14% more funds holding
Funds holding: 37 → 42 (+5)
0.26% less ownership
Funds ownership: 1.32% → 1.05% (-0.26%)
8% less call options, than puts
Call options by funds: $8.5M | Put options by funds: $9.28M
46% less capital invested
Capital invested by funds: $40.9M → $22M (-$18.9M)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Morgan Stanley
New York
|
+$4.11M |
| 2 |
BRF
B. Riley Financial
Los Angeles,
California
|
+$2.42M |
| 3 |
TGY2IT
Timothy G. Youngquist 2020 Irrevocable Trust
Fort Myers,
Florida
|
+$2.4M |
| 4 |
Susquehanna International Group
Bala Cynwyd,
Pennsylvania
|
+$2.32M |
| 5 |
HT
Headlands Technologies
Chicago,
Illinois
|
+$800K |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Citadel Advisors
Miami,
Florida
|
-$5.8M |
| 2 |
JF
Jump Financial
Chicago,
Illinois
|
-$2.66M |
| 3 |
FTUS
Flow Traders U.S.
New York
|
-$2.32M |
| 4 |
UBS Group
Zurich,
Switzerland
|
-$1.44M |
| 5 |
TSS
Two Sigma Securities
New York
|
-$1.11M |
TZA Hedge Fund Activity: Q2 2026 in Review
42 of the 8,305 institutional investors tracked by Wall St. Rank reported a position in Direxion Daily Small Cap Bear 3x ETF (TZA) for Q2 2026, worth a combined $22M — down 46% from $40.9M a quarter earlier.
Buyers outnumbered sellers: 19 funds opened new TZA positions and 14 closed out — a net gain of 5 holders — while 10 added to existing stakes and 7 trimmed.
The largest buyer was Morgan Stanley, adding an estimated $4.11M. The largest seller was Citadel Advisors, exiting entirely with an estimated $5.8M sold.
- 42 institutional investors held Direxion Daily Small Cap Bear 3x ETF (TZA) as of Q2 2026, up from 37 in Q1 2026.
- Funds reported $22M of Direxion Daily Small Cap Bear 3x ETF stock for Q2 2026, down 46% quarter-over-quarter.
- 19 funds opened new Direxion Daily Small Cap Bear 3x ETF positions in Q2 2026 and 14 closed out, a net change of +5 holders.
- The largest Direxion Daily Small Cap Bear 3x ETF buyer in Q2 2026 was Morgan Stanley, an estimated $4.11M added.
- The largest Direxion Daily Small Cap Bear 3x ETF seller in Q2 2026 was Citadel Advisors, an estimated $5.8M sold.
Based on aggregated 13F filings for Q2 2026.