Vault-13

DIREXION SHS ETF TR SPXL

DRX S&P500BULL · ETP · CUSIP 25459W862

138 institutional holders +4 vs Q1 2025
8,403,5868.4m shares reported held*
$1.5bnreported value*
30 new 50 added 33 reduced 27 sold out net bought ≈ $713.7m (+4.1m 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 ($2.7m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $173.65. Options: 5 managers hold calls ($426.1m notional), 4 hold puts ($319.3m).

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

050100150Q3 22: 87Q4 22: 96Q1 23: 94Q2 23: 99Q3 23: 105Q4 23: 112Q1 24: 115Q2 24: 121Q3 24: 134Q4 24: 145Q1 25: 134Q2 25: 138138Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 202287
Q4 202296
Q1 202394
Q2 202399
Q3 2023105
Q4 2023112
Q1 2024115
Q2 2024121
Q3 2024134
Q4 2024145
Q1 2025134
Q2 2025138

Buyers vs sellers

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

Bought or addedCut or sold out
1000100Q3 23: 51 bought or addedQ3 23: 44 cut or sold outQ4 23: 51 bought or addedQ4 23: 54 cut or sold outQ4 23Q1 24: 49 bought or addedQ1 24: 48 cut or sold outQ2 24: 58 bought or addedQ2 24: 45 cut or sold outQ2 24Q3 24: 76 bought or addedQ3 24: 47 cut or sold outQ4 24: 66 bought or addedQ4 24: 69 cut or sold outQ4 24Q1 25: 59 bought or addedQ1 25: 72 cut or sold outQ2 25: 80 bought or addedQ2 25: 60 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 20235144
Q4 20235154
Q1 20244948
Q2 20245845
Q3 20247647
Q4 20246669
Q1 20255972
Q2 20258060

Calls vs puts

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

CallsPuts
$0$200m$400m$600mQ3 24 calls: $268.1mQ3 24 puts: $165.3mQ3 24P/C 0.62Q4 24 calls: $281.2mQ4 24 puts: $218.9mQ4 24P/C 0.78Q1 25 calls: $277.2mQ1 25 puts: $217.9mQ1 25P/C 0.79Q2 25 calls: $426.1mQ2 25 puts: $319.3mQ2 25P/C 0.75
Numbers
QuarterCallsPutsP/C
Q3 2024$268.1m$165.3m0.62
Q4 2024$281.2m$218.9m0.78
Q1 2025$277.2m$217.9m0.79
Q2 2025$426.1m$319.3m0.75

Biggest buyers

Howard Capital Management, LLC New +1,683,668+1.7m
POTOMAC FUND MANAGEMENT INC /ADV New +1,679,167+1.7m
CITADEL ADVISORS LLC Added +374,758+374.8k
Wealthstar Advisors, LLC Added +185,713+185.7k
Insight Wealth Partners, LLC Added +89,717+89.7k
GTS SECURITIES LLC Added +83,719+83.7k
Gainplan LLC New +80,191+80.2k
PPSC Investment Service Corp Added +64,970+65.0k
IMC-Chicago, LLC New +44,845+44.8k
GROUP ONE TRADING LLC Added +41,942+41.9k

Biggest sellers

HOLLENCREST CAPITAL MANAGEMENT Reduced -195,134-195.1k
Quadrature Capital Ltd Reduced -81,848-81.8k
GOLDMAN SACHS GROUP INC Reduced -68,400-68.4k
JANE STREET GROUP, LLC Sold out -32,318-32.3k
Jump Financial, LLC Sold out -27,779-27.8k
UBS Group AG Reduced -20,542-20.5k
Smithfield Trust Co Sold out -15,900-15.9k
Qube Research & Technologies Ltd Sold out -13,348-13.3k
TWO SIGMA SECURITIES, LLC Sold out -7,345-7.3k
EverSource Wealth Advisors, LLC Reduced -6,729-6.7k

Biggest calls

CITADEL ADVISORS LLC Reduced $256.5m1.5m shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $157.3m906.7k shares
JANE STREET GROUP, LLC Added $10.6m60.9k shares
Squarepoint Ops LLC Reduced $937.1k5.4k shares
HAP Trading, LLC Added $775.9k22.9k shares

Biggest puts

CITADEL ADVISORS LLC Reduced $134.6m775.4k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $108.6m625.7k shares
JANE STREET GROUP, LLC Added $75.3m433.7k shares
Clear Harbor Asset Management, LLC New $954.4k5.5k 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, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 PPSC Investment Service Corp 42.89% of their portfolio TOKYO, M0 2,649,6882.6m $459.8m $459.8m 42.89% Added +65.0k +64,970
2 Howard Capital Management, LLC 4.39% of their portfolio Alpharetta, GA 1,683,6681.7m $293.1m $293.1m 4.39% New
3 POTOMAC FUND MANAGEMENT INC /ADV 16.65% of their portfolio BETHESDA, MD 1,679,1671.7m $291.4m $291.4m 16.65% New
4 Wealthstar Advisors, LLC 31.47% of their portfolio Plano, TX 481,825481.8k $83.6m $83.6m 31.47% Added +185.7k +185,713
5 CITADEL ADVISORS LLC 0.06% of their portfolio MIAMI, FL 396,701396.7k $68.8m $68.8m 0.06% Added +374.8k +374,758
6 SBI Securities Co., Ltd. 0.75% of their portfolio TOKYO, M0 149,968150.0k $26.0m $26.0m 0.75% Added +1.8k +1,793
7 GTS SECURITIES LLC 0.93% of their portfolio NEW YORK, NY 120,092120.1k $20.9m $20.9m 0.93% Added +83.7k +83,719
8 Insight Wealth Partners, LLC 11.13% of their portfolio Plano, TX 115,614115.6k $20.1m $20.1m 11.13% Added +89.7k +89,717
9 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.02% of their portfolio BALA CYNWYD, PA 87,47587.5k $15.2m $15.2m 0.02% Added +12.7k +12,695
10 Gainplan LLC 6.32% of their portfolio BLOOMFIELD HILLS, MI 80,19180.2k $13.9m $13.9m 6.32% New
11 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 57,26857.3k $9.9m $9.9m 0.00% Reduced -68.4k -68,400
12 GROUP ONE TRADING LLC 0.26% of their portfolio CHICAGO, IL 45,49245.5k $7.9m $7.9m 0.26% Added +41.9k +41,942
13 IMC-Chicago, LLC 0.19% of their portfolio CHICAGO, IL 44,84544.8k $7.8m $7.8m 0.19% New
14 Tower Research Capital LLC (TRC) 0.21% of their portfolio NEW YORK, NY 44,84144.8k $7.8m $7.8m 0.21% Added +4.1k +4,130
15 Traynor Capital Management, Inc. 0.54% of their portfolio MALVERN, PA 43,93943.9k $7.6m $7.6m 0.54% Added +933 +933
16 Spire Wealth Management 0.24% of their portfolio MCLEAN, VA 39,06439.1k $6.8m $6.8m 0.24% Added +11.8k +11,816
17 Virtu Financial LLC 0.33% of their portfolio New York, NY 37,46937.5k $6.5m $6.5m 0.33% Added +17.6k +17,622
18 Optiver Holding B.V. 0.17% of their portfolio AMSTERDAM, P7 36,10536.1k $6.3m $6.3m 0.17% Added +35.7k +35,745
19 Westwood Wealth Management 1.98% of their portfolio Los Angeles, CA 34,02534.0k $5.9m $5.9m 1.98% Added +1.1k +1,150
20 Members Advisory Group LLC 2.22% of their portfolio WILLIAMSVILLE, NY 34,02134.0k $5.9m $5.9m 2.22% Added +952 +952
21 Corient Private Wealth LP 0.01% of their portfolio MIAMI, FL 31,40031.4k $5.4m $5.4m 0.01% Added +24.2k +24,210
22 SMITH CHAS P & ASSOCIATES PA CPAS 0.25% of their portfolio LAKELAND, FL 26,05626.1k $4.5m $4.5m 0.25% Reduced -785 -785
23 FLOW TRADERS U.S. LLC 0.15% of their portfolio NEW YORK, NY 23,39423.4k $4.1m $4.1m 0.15% Reduced -6.4k -6,379
24 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 22,65922.7k $3.9m $3.9m 0.00% Added +22.7k +22,659
25 Empowered Funds, LLC 0.04% of their portfolio NEWTOWN SQUARE, PA 19,19919.2k $3.3m $3.3m 0.04% Added +15.1k +15,133
26 Blue Sky Capital Consultants Group, Inc. 1.57% of their portfolio Poway, CA 17,61117.6k $3.1m $3.1m 1.57% Reduced -397 -397
27 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 17,47017.5k $3.0m $3.0m 0.00% Added +4.0k +3,984
28 Modern Wealth Management, LLC 0.07% of their portfolio KANSAS CITY, MO 17,14017.1k $3.0m $3.0m 0.07% New
29 J. Safra Sarasin Holding AG 0.05% of their portfolio BASEL, V8 16,80016.8k $2.9m $2.9m 0.05% New
30 Blueprint Investment Partners LLC 0.50% of their portfolio GREENSBORO, NC 16,27916.3k $2.8m $2.8m 0.50% New
31 Quadrature Capital Ltd 0.05% of their portfolio LONDON, X0 15,91215.9k $2.8m $2.8m 0.05% Reduced -81.8k -81,848
32 Blueprint Financial Advisors LLC 0.87% of their portfolio GREENSBOTO, NC 15,69015.7k $2.7m $2.7m 0.87% New
33 BXM Wealth LLC 3.17% of their portfolio Englewood, CO 15,37215.4k $2.7m $2.7m 3.17% Added +1.7k +1,732
34 Revere Asset Management, Inc 1.18% of their portfolio DALLAS, TX 14,05714.1k $2.4m $2.4m 1.18% Reduced -10 -10
35 Millennium Capital Advisors, LLC 1.56% of their portfolio LITTLE ROCK, AR 13,48913.5k $2.3m $2.3m 1.56% Added +776 +776
36 Ashton Thomas Private Wealth, LLC 0.08% of their portfolio SCOTTSDALE, AZ 12,84712.8k $2.2m $2.2m 0.08% New
37 Charter Oak Capital Management, LLC 0.18% of their portfolio PORTSMOUTH, NH 12,46112.5k $2.2m $2.2m 0.18% Reduced -266 -266
38 HRT FINANCIAL LP 0.01% of their portfolio NEW YORK, NY 10,34810.3k $1.8m $1.8m 0.01% New
39 SIMPLEX TRADING, LLC 0.05% of their portfolio CHICAGO, IL 10,27710.3k $1.8m $1.8m 0.05% New
40 Lido Advisors, LLC 0.01% of their portfolio Los Angeles, CA 8,3698.4k $1.5m $1.5m 0.01% Added +341 +341
41 Mariner, LLC 0.00% of their portfolio Overland Park, KS 7,9487.9k $1.4m $1.4m 0.00% Added +1.9k +1,928
42 TrueMark Investments, LLC 0.29% of their portfolio CHICAGO, IL 7,7837.8k $1.4m $1.4m 0.29% New
43 CreativeOne Wealth, LLC 0.04% of their portfolio OVERLAND PARK, KS 7,7647.8k $1.3m $1.3m 0.04% Reduced -117 -117
44 Orion Porfolio Solutions, LLC 0.01% of their portfolio OMAHA, NE 6,5826.6k $1.1m $1.1m 0.01% New
45 THURSTON, SPRINGER, MILLER, HERD & TITAK, INC. 0.15% of their portfolio INDIANAPOLIS, IN 6,4786.5k $1.1m $1.1m 0.15% Added +3.1k +3,055
46 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 6,4276.4k $1.1m $1.1m 0.00% Added +2.2k +2,182
47 Significant Wealth Partners LLC 0.54% of their portfolio CARY, IL 6,3516.4k $1.1m $1.1m 0.54% Added +1.3k +1,266
48 Wallace Advisory Group, LLC 0.63% of their portfolio LAFAYETTE, CA 6,1806.2k $867.6k $867.6k 0.63% Added +496 +496
49 LifeGuide Financial Advisors, LLC 0.39% of their portfolio MECHANICSBURG, PA 6,1546.2k $1.1m $1.1m 0.39% Reduced -819 -819
50 Stone House Investment Management, LLC 0.19% of their portfolio TUNKHANNOCK, PA 6,1116.1k $1.1m $1.1m 0.19% Reduced -453 -453
51 Encompass More Asset Management 0.24% of their portfolio Danville, CA 5,9906.0k $1.0m $1.0m 0.24% New
52 Covestor Ltd 0.59% of their portfolio LONDON, X0 5,7535.8k $998.0k $998.0k 0.59% Added +917 +917
53 Kelly Financial Services LLC 0.29% of their portfolio BRAINTREE, MA 5,6355.6k $977.9k $977.9k 0.29% Reduced -112 -112
54 Discipline Wealth Solutions, LLC 0.37% of their portfolio GREENVILLE, SC 5,5295.5k $959.5k $959.5k 0.37% New
55 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 5,5265.5k $991.4k $991.4k 0.00% New
56 Vontobel Holding Ltd. 0.00% of their portfolio ZURICH, V8 5,5155.5k $957.0k $957.0k 0.00% Reduced -48 -48
57 CITIZENS FINANCIAL GROUP INC/RI 0.01% of their portfolio PROVIDENCE, RI 5,1855.2k $902.7k $902.7k 0.01% Reduced -76 -76
58 CPR Investments Inc. 0.64% of their portfolio Rochester, MI 4,7804.8k $829.5k $829.5k 0.64% New
59 PMV Capital Advisers, LLC 1.76% of their portfolio DALLAS, TX 4,5424.5k $788.2k $788.2k 1.76% Reduced -2.2k -2,159
60 FOUNDERS FINANCIAL SECURITIES LLC 0.06% of their portfolio TOWSON, MD 4,3694.4k $758.2k $758.2k 0.06% New
61 Millington Financial Advisors, LLC 0.39% of their portfolio NAPERVILLE, IL 4,1084.1k $764.7k $764.7k 0.39% Added +187 +187
62 HARBOUR INVESTMENTS, INC. 0.02% of their portfolio MADISON, WI 4,1024.1k $711.9k $711.9k 0.02% Unchanged
63 EP Wealth Advisors, LLC 0.00% of their portfolio TORRANCE, CA 3,9854.0k $691.5k $691.5k 0.00% Added +341 +341
64 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 3,8993.9k $676.5k $676.5k 0.00% Reduced -6.2k -6,150
65 Mittelman Wealth Management 0.54% of their portfolio ANDOVER, MA 3,6533.7k $633.9k $633.9k 0.54% New
66 Virtus Wealth Solutions LLC 0.12% of their portfolio CRANFORD, NJ 3,4783.5k $603.6k $603.6k 0.12% Added +12 +12
67 Summit Financial Strategies, Inc. 0.05% of their portfolio Columbus, OH 3,0883.1k $535.9k $535.9k 0.05% Reduced -154 -154
68 EverSource Wealth Advisors, LLC 0.02% of their portfolio BIRMINGHAM, AL 3,0323.0k $526.1k $526.1k 0.02% Reduced -6.7k -6,729
69 Beacon Pointe Advisors, LLC 0.01% of their portfolio NEWPORT BEACH, CA 2,9653.0k $514.5k $514.5k 0.01% Added +11 +11
70 CIBC Private Wealth Group LLC 0.00% of their portfolio ATLANTA, GA 2,8132.8k $488.1k $488.1k 0.00% Unchanged
71 Cerity Partners LLC 0.00% of their portfolio NEW YORK, NY 2,7952.8k $485.0k $485.0k 0.00% Added +751 +751
72 KINGSWOOD WEALTH ADVISORS, LLC 0.04% of their portfolio SAN DIEGO, CA 2,7602.8k $478.9k $478.9k 0.04% New
73 Stratos Wealth Advisors, LLC 0.03% of their portfolio BEACHWOOD, OH 2,7542.8k $478.0k $478.0k 0.03% Reduced -695 -695
74 UBS Group AG 0.00% of their portfolio ZURICH, V8 2,6882.7k $466.4k $466.4k 0.00% Reduced -20.5k -20,542
75 Net Worth Advisory Group 0.10% of their portfolio SANDY, UT 2,5912.6k $449.6k $449.6k 0.10% Added +299 +299
76 Ellis Investment Partners, LLC 0.08% of their portfolio Berwyn, PA 2,3822.4k $413.3k $413.3k 0.08% Added +284 +284
77 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 2,3432.3k $406.6k $406.6k 0.00% Unchanged
78 Larson Financial Group LLC 0.02% of their portfolio ST LOUIS, MO 2,3412.3k $406.2k $406.2k 0.02% Added +2.0k +1,955
79 NewEdge Advisors, LLC 0.00% of their portfolio NEW ORLEANS, LA 2,3282.3k $403.9k $403.9k 0.00% Reduced -3.2k -3,217
80 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 2,2502.2k $390.4k $390.4k 0.00% Added +50 +50
81 Navigation Wealth Management, Inc. 0.56% of their portfolio FORT COLLINS, CO 2,1952.2k $380.9k $380.9k 0.56% Reduced -29 -29
82 MERCER GLOBAL ADVISORS INC /ADV 0.00% of their portfolio DENVER, CO 2,1372.1k $370.9k $370.9k 0.00% Added +25 +25
83 Edgestream Partners, L.P. 0.01% of their portfolio Princeton, NJ 2,1002.1k $364.4k $364.4k 0.01% New
84 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 2,0722.1k $359.7k $359.7k 0.00% Reduced -85 -85
85 Clear Harbor Asset Management, LLC 0.03% of their portfolio Stamford, CT 2,0002.0k $347.1k $347.1k 0.03% Unchanged
86 Stratos Wealth Partners, LTD. 0.00% of their portfolio BEACHWOOD, OH 1,6541.7k $287.2k $287.2k 0.00% Reduced -395 -395
87 Summit Financial, LLC 0.01% of their portfolio PARSIPPANY, NJ 1,6411.6k $285.8k $285.8k 0.01% Added +72 +72
88 Park Capital Management, LLC / WI 0.26% of their portfolio Madison, WI 1,6001.6k $277.6k $277.6k 0.26% Reduced -890 -890
89 Private Advisor Group, LLC 0.00% of their portfolio MORRISTOWN, NJ 1,5021.5k $260.6k $260.6k 0.00% Added +2 +2
90 Triton Wealth Management, PLLC 0.11% of their portfolio SUN CITY, AZ 1,4401.4k $268.4k $268.4k 0.11% First filing
91 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 1,4121.4k $245.0k $245.0k 0.00% Reduced -1.9k -1,921
92 Wealthspire Advisors, LLC 0.00% of their portfolio NEW YORK, NY 1,4041.4k $243.6k $243.6k 0.00% New
93 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 1,3261.3k $230.1k $230.1k 0.00% New
94 RAELIPSKIE PARTNERSHIP 0.10% of their portfolio WATERLOO, A6 1,3001.3k $225.6k $225.6k 0.10% Unchanged
95 AE Wealth Management LLC 0.00% of their portfolio TOPEKA, KS 1,2991.3k $225.4k $225.4k 0.00% Added +292 +292
96 IFP Advisors, Inc 0.01% of their portfolio TAMPA, FL 1,2751.3k $221.3k $221.3k 0.01% Added +645 +645
97 Wealth Watch Advisors, INC 0.13% of their portfolio ENGLEWOOD, CO 1,2691.3k $220.2k $220.2k 0.13% New
98 Brookstone Capital Management 0.00% of their portfolio WHEATON, IL 1,2321.2k $213.8k $213.8k 0.00% Reduced -484 -484
99 CRA Financial Services, LLC 0.03% of their portfolio NORTHFIELD, NJ 1,2311.2k $213.6k $213.6k 0.03% New
100 FINANCIAL MANAGEMENT NETWORK INC 0.04% of their portfolio MISSION VIEJO, CA 1,2251.2k $219.8k $219.8k 0.04% New