Vault-13

DIREXION SHS ETF TR TNA

DLY SMCAP BULL3X · ETP · CUSIP 25459W847

85 institutional holders -17 vs Q3 2025
2,098,4052.1m shares reported held*
$95.5mreported value*
14 new 20 added 30 reduced 30 sold out net sold ≈ $116.2m (-2.6m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Implied quarter-end price ≈ $45.53. Options: 6 managers hold calls ($299.3m notional), 6 hold puts ($260.0m).

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

050100150Q3 22: 45Q4 22: 53Q1 23: 51Q2 23: 62Q3 23: 53Q4 23: 85Q1 24: 82Q2 24: 82Q3 24: 102Q4 24: 105Q1 25: 83Q2 25: 91Q3 25: 102Q4 25: 8585Q3 22Q2 23Q1 24Q4 24Q4 25
Numbers
QuarterHolders
Q3 202245
Q4 202253
Q1 202351
Q2 202362
Q3 202353
Q4 202385
Q1 202482
Q2 202482
Q3 2024102
Q4 2024105
Q1 202583
Q2 202591
Q3 2025102
Q4 202585

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
1000100Q1 24: 48 bought or addedQ1 24: 49 cut or sold outQ2 24: 41 bought or addedQ2 24: 47 cut or sold outQ2 24Q3 24: 57 bought or addedQ3 24: 46 cut or sold outQ4 24: 52 bought or addedQ4 24: 55 cut or sold outQ4 24Q1 25: 37 bought or addedQ1 25: 61 cut or sold outQ2 25: 56 bought or addedQ2 25: 42 cut or sold outQ2 25Q3 25: 49 bought or addedQ3 25: 53 cut or sold outQ4 25: 34 bought or addedQ4 25: 60 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 20244849
Q2 20244147
Q3 20245746
Q4 20245255
Q1 20253761
Q2 20255642
Q3 20254953
Q4 20253460

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$100m$200m$300m$400mQ1 25 calls: $203.1mQ1 25 puts: $143.5mQ1 25P/C 0.71Q2 25 calls: $305.9mQ2 25 puts: $179.5mQ2 25P/C 0.59Q3 25 calls: $341.2mQ3 25 puts: $252.4mQ3 25P/C 0.74Q4 25 calls: $299.3mQ4 25 puts: $260.0mQ4 25P/C 0.87
Numbers
QuarterCallsPutsP/C
Q1 2025$203.1m$143.5m0.71
Q2 2025$305.9m$179.5m0.59
Q3 2025$341.2m$252.4m0.74
Q4 2025$299.3m$260.0m0.87

Biggest buyers

Quadrature Capital Ltd New +481,318+481.3k
Tidal Investments LLC New +154,248+154.2k
CITADEL ADVISORS LLC Added +77,875+77.9k
GROUP ONE TRADING LLC Added +58,267+58.3k
Spire Wealth Management Added +51,500+51.5k
JPMORGAN CHASE & CO Added +41,231+41.2k
HRT FINANCIAL LP Added +31,514+31.5k
RBF Capital, LLC New +30,000+30.0k
Sassicaia Capital Advisers LLC New +25,000+25.0k
SBI Securities Co., Ltd. Added +17,772+17.8k

Biggest sellers

JANE STREET GROUP, LLC Sold out -1,814,783-1.8m
Sollinda Capital Management LLC Sold out -436,625-436.6k
ELEVATUS WELATH MANAGEMENT Sold out -198,275-198.3k
UBS Group AG Reduced -197,755-197.8k
AXXCESS WEALTH MANAGEMENT, LLC Sold out -128,722-128.7k
GTS SECURITIES LLC Sold out -111,415-111.4k
Jump Financial, LLC Sold out -106,837-106.8k
SIMPLEX TRADING, LLC Sold out -70,877-70.9k
FLOW TRADERS U.S. LLC Sold out -66,505-66.5k
Virtu Financial LLC Sold out -51,518-51.5k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $188.8m4.1m shares
JANE STREET GROUP, LLC Added $67.1m1.5m shares
CITADEL ADVISORS LLC Reduced $41.3m905.9k shares
Squarepoint Ops LLC Reduced $1.7m37.3k shares
Vontobel Holding Ltd. Unchanged $300.6k6.6k shares
INTEGRITY ALLIANCE, LLC. Added $182.2k4.0k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $144.5m3.2m shares
JANE STREET GROUP, LLC Added $82.9m1.8m shares
CITADEL ADVISORS LLC Added $30.4m668.0k shares
Verition Fund Management LLC New $1.3m29.0k shares
Squarepoint Ops LLC Unchanged $623.9k13.7k shares
Astra Wealth Partners LLC Added $255.0k5.6k shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Quadrature Capital Ltd 0.22% of their portfolio LONDON, X0 481,318481.3k $21.9m $21.9m 0.22% New
2 Tidal Investments LLC 0.03% of their portfolio Milwaukee, WI 154,248154.2k $7.0m $7.0m 0.03% New
3 Ridgepath Capital Management LLC 2.67% of their portfolio Knoxville, TN 128,722128.7k $5.8m $5.8m 2.67% Unchanged
4 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.01% of their portfolio BALA CYNWYD, PA 105,887105.9k $4.8m $4.8m 0.01% Reduced -6.5k -6,479
5 UBS Group AG 0.00% of their portfolio ZURICH, V8 100,556100.6k $4.6m $4.6m 0.00% Reduced -197.8k -197,755
6 Timothy G. Youngquist 2020 Irrevocable Trust 3.47% of their portfolio FORT MYERS, FL 89,07989.1k $4.1m $4.1m 3.47% First filing
7 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 85,68885.7k $3.9m $3.9m 0.00% Added +77.9k +77,875
8 ICON ADVISERS INC/CO 0.84% of their portfolio GREENWOOD VILLAGE, CO 85,55085.5k $3.9m $3.9m 0.84% Reduced -6.0k -6,000
9 Encompass More Asset Management 0.58% of their portfolio Danville, CA 68,89268.9k $3.1m $3.1m 0.58% Reduced -15.9k -15,872
10 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 63,76963.8k $2.9m $2.9m 0.00% Added +41.2k +41,231
11 GROUP ONE TRADING LLC 0.08% of their portfolio CHICAGO, IL 61,55661.6k $2.8m $2.8m 0.08% Added +58.3k +58,267
12 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 58,90058.9k $2.7m $2.7m 0.00% Reduced -8.9k -8,941
13 Spire Wealth Management 0.08% of their portfolio MCLEAN, VA 53,49253.5k $2.4m $2.4m 0.08% Added +51.5k +51,500
14 Physician Wealth Advisors, Inc. 0.27% of their portfolio MIDVALE, UT 42,58142.6k $1.9m $1.9m 0.27% Unchanged
15 HRT FINANCIAL LP 0.01% of their portfolio NEW YORK, NY 37,65537.7k $1.7m $1.7m 0.01% Added +31.5k +31,514
16 RBF Capital, LLC 0.03% of their portfolio RENO, NV 30,00030.0k $1.4m $1.4m 0.03% New
17 SBI Securities Co., Ltd. 0.03% of their portfolio TOKYO, M0 29,26829.3k $1.3m $1.3m 0.03% Added +17.8k +17,772
18 Viewpoint Capital Management LLC 0.51% of their portfolio SEATTLE, WA 25,80025.8k $1.2m $1.2m 0.51% Unchanged
19 Sassicaia Capital Advisers LLC 2.49% of their portfolio JERICHO, NY 25,00025.0k $1.1m $1.1m 2.49% New
20 Orion Porfolio Solutions, LLC 0.01% of their portfolio OMAHA, NE 21,87621.9k $996.2k $996.2k 0.01% Reduced -719 -719
21 Blue Sky Capital Consultants Group, Inc. 0.37% of their portfolio Poway, CA 18,39918.4k $837.9k $837.9k 0.37% Reduced -1.3k -1,296
22 Parkshore Wealth Management, Inc. 0.30% of their portfolio Granite Bay, CA 17,77617.8k $809.5k $809.5k 0.30% Reduced -446 -446
23 FOUNDERS FINANCIAL SECURITIES LLC 0.05% of their portfolio TOWSON, MD 17,09817.1k $778.6k $778.6k 0.05% Reduced -2.5k -2,484
24 Retirement Planning Co of New England, Inc. 0.29% of their portfolio Warwick, RI 16,07716.1k $732.2k $732.2k 0.29% Reduced -336 -336
25 Ellis Investment Partners, LLC 0.12% of their portfolio Berwyn, PA 15,63315.6k $712.0k $712.0k 0.12% Added +205 +205
26 Discipline Wealth Solutions, LLC 0.13% of their portfolio GREENVILLE, SC 15,59215.6k $710.0k $710.0k 0.13% Reduced -2.0k -1,993
27 Baker Avenue Asset Management, LP 0.02% of their portfolio SAN FRANCISCO, CA 15,00015.0k $683.1k $683.1k 0.02% Added +6.0k +6,000
28 CPR Investments Inc. 0.44% of their portfolio Rochester, MI 14,39414.4k $655.5k $655.5k 0.44% Reduced -2.8k -2,754
29 KINGSWOOD WEALTH ADVISORS, LLC 0.03% of their portfolio SAN DIEGO, CA 13,84413.8k $630.5k $630.5k 0.03% Reduced -80 -80
30 OLD MISSION CAPITAL LLC 0.02% of their portfolio CHICAGO, IL 13,32613.3k $606.9k $606.9k 0.02% Unchanged
31 DRW Securities, LLC 0.04% of their portfolio CHICAGO, IL 12,14212.1k $552.9k $552.9k 0.04% Reduced -6.0k -6,023
32 Significant Wealth Partners LLC 0.58% of their portfolio CARY, IL 11,38911.4k $518.7k $518.7k 0.58% Reduced -13.3k -13,349
33 HIMENSION CAPITAL (SINGAPORE) PTE. LTD. 0.03% of their portfolio SINGAPORE, U0 11,19011.2k $509.6k $509.6k 0.03% New
34 Capital Investment Counsel, Inc 0.05% of their portfolio RALEIGH, NC 10,12010.1k $460.9k $460.9k 0.05% Reduced -700 -700
35 Family Office Research LLC 0.20% of their portfolio Bethesda, MD 10,02210.0k $477.5k $477.5k 0.20% Added +6 +6
36 JOURNEY STRATEGIC WEALTH LLC 0.01% of their portfolio SUMMIT, NJ 10,00010.0k $455.4k $455.4k 0.01% New
37 PRIMORIS WEALTH ADVISORS, LLC 0.27% of their portfolio North Palm Beach, FL 10,00010.0k $455.4k $455.4k 0.27% Added +5.5k +5,500
38 Federation des caisses Desjardins du Quebec 0.00% of their portfolio LEVIS, A8 8,1008.1k $368.9k $368.9k 0.00% Added +7.9k +7,900
39 Summit Financial, LLC 0.01% of their portfolio PARSIPPANY, NJ 7,5147.5k $342.2k $342.2k 0.01% Reduced -779 -779
40 Meridian Wealth Management, LLC 0.01% of their portfolio LEXINGTON, KY 7,5007.5k $341.6k $341.6k 0.01% New
41 Modern Wealth Management, LLC 0.01% of their portfolio KANSAS CITY, MO 6,9867.0k $318.1k $318.1k 0.01% Unchanged
42 Ashton Thomas Private Wealth, LLC 0.01% of their portfolio SCOTTSDALE, AZ 6,1836.2k $281.6k $281.6k 0.01% Reduced -1.9k -1,947
43 AE Wealth Management LLC 0.00% of their portfolio TOPEKA, KS 6,1136.1k $278.4k $278.4k 0.00% Added +6.0k +6,010
44 CROSSPOINT FINANCIAL, LLC 0.65% of their portfolio TUSTIN, CA 6,0196.0k $274.1k $274.1k 0.65% Added +601 +601
45 McGuire Investment Group, LLC 0.03% of their portfolio WAKEFIELD, RI 5,7755.8k $263.0k $263.0k 0.03% Unchanged
46 Integras Partners LLC 0.18% of their portfolio Alpharetta, GA 4,9555.0k $225.6k $225.6k 0.18% Added +2 +2
47 NewEdge Advisors, LLC 0.00% of their portfolio NEW ORLEANS, LA 4,7874.8k $218.0k $218.0k 0.00% Reduced -3.0k -2,950
48 Verdence Capital Advisors LLC 0.01% of their portfolio HUNT VALLEY, MD 4,7404.7k $215.9k $215.9k 0.01% Unchanged
49 Private Capital Management, LLC 0.02% of their portfolio NAPLES, FL 4,7004.7k $214.0k $214.0k 0.02% Reduced -300 -300
50 Foundations Investment Advisors, LLC 0.00% of their portfolio PHOENIX, AZ 4,5504.5k $207.2k $207.2k 0.00% Reduced -11.1k -11,137
51 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 4,5054.5k $205.2k $205.2k 0.00% Added +3.0k +2,953
52 Kaizen Financial Strategies 0.09% of their portfolio CAMPBELL, CA 4,4254.4k $201.5k $201.5k 0.09% New
53 1248 Management, LLC 0.07% of their portfolio Kansas City, MO 2,9002.9k $132.1k $132.1k 0.07% Unchanged
54 INTEGRITY ALLIANCE, LLC. 0.00% of their portfolio Urbandale, IA 2,6212.6k $119.4k $119.4k 0.00% Reduced -618 -618
55 IFP Advisors, Inc 0.00% of their portfolio TAMPA, FL 2,5142.5k $114.5k $114.5k 0.00% Reduced -3.5k -3,460
56 Kestra Advisory Services, LLC 0.00% of their portfolio AUSTIN, TX 2,3372.3k $106.4k $106.4k 0.00% New
57 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 2,0002.0k $91.1k $91.1k 0.00% New
58 Bernard Wealth Management Corp. 0.03% of their portfolio ROYAL OAK, MI 1,8911.9k $86.1k $86.1k 0.03% Added +1 +1
59 THURSTON, SPRINGER, MILLER, HERD & TITAK, INC. 0.03% of their portfolio INDIANAPOLIS, IN 1,7721.8k $80.7k $80.7k 0.03% Added +1.5k +1,472
60 Safe Harbor Fiduciary, LLC 0.07% of their portfolio PENSACOLA, FL 1,6771.7k $76.4k $76.4k 0.07% First filing
61 Covestor Ltd 0.03% of their portfolio LONDON, X0 1,4371.4k $65.0k $65.0k 0.03% Reduced -818 -818
62 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 1,2891.3k $58.7k $58.7k 0.00% Reduced -879 -879
63 Vontobel Holding Ltd. 0.00% of their portfolio ZURICH, V8 1,2001.2k $54.6k $54.6k 0.00% Unchanged
64 Tower Research Capital LLC (TRC) 0.00% of their portfolio NEW YORK, NY 1,1411.1k $52.0k $52.0k 0.00% Reduced -25.3k -25,305
65 BlackRock, Inc. 0.00% of their portfolio New York, NY 994994 $45.2k $45.2k 0.00% Unchanged
66 CWM, LLC 0.00% of their portfolio OMAHA, NE 898898 $41.0k $41.0k 0.00% Added +20 +20
67 Parallel Advisors, LLC 0.00% of their portfolio SAN FRANCISCO, CA 755755 $34.4k $34.4k 0.00% Added +450 +450
68 TUCKER ASSET MANAGEMENT LLC 0.01% of their portfolio LITTLETON, CO 681681 $31.0k $31.0k 0.01% New
69 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 621621 $28.3k $28.3k 0.00% Reduced -6.9k -6,912
70 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 593593 $27.0k $27.0k 0.00% Added +582 +582
71 Farther Finance Advisors, LLC 0.00% of their portfolio SAN FRANCISCO, CA 487487 $22.2k $22.2k 0.00% Reduced -248 -248
72 FIFTH THIRD BANCORP 0.00% of their portfolio CINCINNATI, OH 400400 $18.2k $18.2k 0.00% Reduced -28 -28
73 HOLLENCREST CAPITAL MANAGEMENT 0.00% of their portfolio NEWPORT BEACH, CA 400400 $18.2k $18.2k 0.00% Unchanged
74 CONSULTIVA WEALTH MANAGEMENT, CORP. 0.04% of their portfolio SAN JUAN, PR 300300 $13.7k $13.7k 0.04% Unchanged
75 Estate Planners Group, LLC 0.00% of their portfolio YARDLEY, PA 200200 $9.1k $9.1k 0.00% First filing
76 Copia Wealth Management 0.01% of their portfolio BEND, OR 184184 $8.4k $8.4k 0.01% Reduced -1.2k -1,232
77 DV Trading LLC 0.00% of their portfolio CHICAGO, IL 100100 $4.6k $4.6k 0.00% First filing
78 EverSource Wealth Advisors, LLC 0.00% of their portfolio BIRMINGHAM, AL 8484 $3.8k $3.8k 0.00% Unchanged
79 Boreal Capital Management LLC 0.00% of their portfolio MIAMI, FL 8080 $3.6k $3.6k 0.00% New
80 CoreCap Advisors, LLC 0.00% of their portfolio SOUTHFIELD, MI 6262 $2.8k $2.8k 0.00% Unchanged
81 Larson Financial Group LLC 0.00% of their portfolio ST LOUIS, MO 4040 $1.8k $1.8k 0.00% New
82 Signature Resources Capital Management, LLC 0.00% of their portfolio NEWPORT BEACH, CA 2121 $956 $956 0.00% Unchanged
83 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 2020 $1.0k $1.0k 0.00% New
84 Parkside Financial Bank & Trust 0.00% of their portfolio SAINT LOUIS, MO 1313 $601 $601 0.00% Unchanged
85 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 22 $88 $88 0.00% Unchanged