Vault-13

DIREXION SHS ETF TR SPXL

DRX S&P500BULL · ETP · CUSIP 25459W862

147 institutional holders +9 vs Q2 2025
6,850,7896.9m shares reported held*
$1.5bnreported value*
31 new 39 added 56 reduced 19 sold out net sold ≈ $328.2m (-1.5m 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 ($3.3m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $211.84. Options: 5 managers hold calls ($436.6m notional), 4 hold puts ($463.0m).

Trends to Q3 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: 138Q3 25: 147147Q3 22Q2 23Q1 24Q4 24Q3 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
Q3 2025147

Buyers vs sellers

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

Bought or addedCut or sold out
1000100Q4 23: 51 bought or addedQ4 23: 54 cut or sold outQ1 24: 49 bought or addedQ1 24: 48 cut or sold outQ1 24Q2 24: 58 bought or addedQ2 24: 45 cut or sold outQ3 24: 76 bought or addedQ3 24: 47 cut or sold outQ3 24Q4 24: 66 bought or addedQ4 24: 69 cut or sold outQ1 25: 59 bought or addedQ1 25: 72 cut or sold outQ1 25Q2 25: 80 bought or addedQ2 25: 60 cut or sold outQ3 25: 70 bought or addedQ3 25: 75 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q4 20235154
Q1 20244948
Q2 20245845
Q3 20247647
Q4 20246669
Q1 20255972
Q2 20258060
Q3 20257075

Calls vs puts

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

CallsPuts
$0$200m$400m$600mQ4 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 0.75Q3 25 calls: $436.6mQ3 25 puts: $463.0mQ3 25P/C 1.06
Numbers
QuarterCallsPutsP/C
Q4 2024$281.2m$218.9m0.78
Q1 2025$277.2m$217.9m0.79
Q2 2025$426.1m$319.3m0.75
Q3 2025$436.6m$463.0m1.06

Biggest buyers

Quadrature Capital Ltd Added +45,295+45.3k
FLOW TRADERS U.S. LLC Added +19,984+20.0k
Jump Financial, LLC New +12,955+13.0k
Headlands Technologies LLC New +12,679+12.7k
Optiver Holding B.V. Added +12,606+12.6k
JPMORGAN CHASE & CO Added +11,771+11.8k
Encompass More Asset Management Added +11,371+11.4k
UBS Group AG Added +10,628+10.6k
JANE STREET GROUP, LLC New +9,793+9.8k
Squarepoint Ops LLC New +8,323+8.3k

Biggest sellers

POTOMAC FUND MANAGEMENT INC /ADV Reduced -573,897-573.9k
CITADEL ADVISORS LLC Sold out -396,701-396.7k
Wealthstar Advisors, LLC Reduced -151,402-151.4k
GTS SECURITIES LLC Reduced -93,743-93.7k
Howard Capital Management, LLC Reduced -78,946-78.9k
Gainplan LLC Reduced -75,441-75.4k
PPSC Investment Service Corp Reduced -65,416-65.4k
Tower Research Capital LLC (TRC) Reduced -39,471-39.5k
IMC-Chicago, LLC Reduced -34,266-34.3k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced -32,237-32.2k

Biggest calls

CITADEL ADVISORS LLC Reduced $237.0m1.1m shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $161.7m762.9k shares
JANE STREET GROUP, LLC Added $35.6m168.1k shares
HAP Trading, LLC First filing $1.2m16.7k shares
Squarepoint Ops LLC Unchanged $1.1m5.4k shares

Biggest puts

CITADEL ADVISORS LLC Added $209.4m988.4k shares
JANE STREET GROUP, LLC Added $133.3m628.9k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $116.7m550.5k shares
Clear Harbor Asset Management, LLC Added $3.6m17.0k 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, Q3 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 PPSC Investment Service Corp 43.43% of their portfolio TOKYO, M0 2,584,2722.6m $547.6m $547.6m 43.43% Reduced -65.4k -65,416
2 Howard Capital Management, LLC 4.49% of their portfolio Alpharetta, GA 1,604,7221.6m $340.0m $340.0m 4.49% Reduced -78.9k -78,946
3 POTOMAC FUND MANAGEMENT INC /ADV 9.92% of their portfolio BETHESDA, MD 1,105,2701.1m $234.2m $234.2m 9.92% Reduced -573.9k -573,897
4 Wealthstar Advisors, LLC 27.62% of their portfolio Plano, TX 330,423330.4k $70.0m $70.0m 27.62% Reduced -151.4k -151,402
5 SBI Securities Co., Ltd. 0.78% of their portfolio TOKYO, M0 143,878143.9k $30.5m $30.5m 0.78% Reduced -6.1k -6,090
6 Insight Wealth Partners, LLC 9.50% of their portfolio Plano, TX 101,417101.4k $21.5m $21.5m 9.50% Reduced -14.2k -14,197
7 Quadrature Capital Ltd 0.15% of their portfolio LONDON, X0 61,20761.2k $13.0m $13.0m 0.15% Added +45.3k +45,295
8 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.02% of their portfolio BALA CYNWYD, PA 55,23855.2k $11.7m $11.7m 0.02% Reduced -32.2k -32,237
9 Optiver Holding B.V. 0.17% of their portfolio AMSTERDAM, P7 48,71148.7k $10.3m $10.3m 0.17% Added +12.6k +12,606
10 Traynor Capital Management, Inc. 0.56% of their portfolio MALVERN, PA 45,72445.7k $9.7m $9.7m 0.56% Added +1.8k +1,785
11 FLOW TRADERS U.S. LLC 0.37% of their portfolio NEW YORK, NY 43,37843.4k $9.2m $9.2m 0.37% Added +20.0k +19,984
12 Virtu Financial LLC 0.42% of their portfolio New York, NY 35,41335.4k $7.5m $7.5m 0.42% Reduced -2.1k -2,056
13 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 34,43034.4k $7.3m $7.3m 0.00% Added +11.8k +11,771
14 Members Advisory Group LLC 2.48% of their portfolio WILLIAMSVILLE, NY 33,07933.1k $7.0m $7.0m 2.48% Reduced -942 -942
15 Spire Wealth Management 0.24% of their portfolio MCLEAN, VA 32,62832.6k $6.9m $6.9m 0.24% Reduced -6.4k -6,436
16 Westwood Wealth Management 2.15% of their portfolio Los Angeles, CA 27,62527.6k $5.9m $5.9m 2.15% Reduced -6.4k -6,400
17 Corient Private Wealth LP 0.01% of their portfolio MIAMI, FL 27,07027.1k $5.7m $5.7m 0.01% Reduced -4.3k -4,330
18 GTS SECURITIES LLC 0.21% of their portfolio NEW YORK, NY 26,34926.3k $5.6m $5.6m 0.21% Reduced -93.7k -93,743
19 SMITH CHAS P & ASSOCIATES PA CPAS 0.47% of their portfolio LAKELAND, FL 25,78325.8k $5.5m $5.5m 0.47% Reduced -273 -273
20 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 25,66825.7k $5.4m $5.4m 0.00% Reduced -31.6k -31,600
21 GROUP ONE TRADING LLC 0.13% of their portfolio CHICAGO, IL 21,21821.2k $4.5m $4.5m 0.13% Reduced -24.3k -24,274
22 J. Safra Sarasin Holding AG 0.06% of their portfolio BASEL, V8 18,48018.5k $3.9m $3.9m 0.06% Added +1.7k +1,680
23 Empowered Funds, LLC 0.04% of their portfolio NEWTOWN SQUARE, PA 17,38917.4k $3.7m $3.7m 0.04% Reduced -1.8k -1,810
24 Blue Sky Capital Consultants Group, Inc. 1.62% of their portfolio Poway, CA 17,38317.4k $3.7m $3.7m 1.62% Reduced -228 -228
25 Encompass More Asset Management 0.71% of their portfolio Danville, CA 17,36117.4k $3.7m $3.7m 0.71% Added +11.4k +11,371
26 Modern Wealth Management, LLC 0.07% of their portfolio KANSAS CITY, MO 17,15817.2k $3.6m $3.6m 0.07% Added +18 +18
27 Blueprint Investment Partners LLC 0.49% of their portfolio GREENSBORO, NC 16,36916.4k $3.5m $3.5m 0.49% Added +90 +90
28 Blueprint Financial Advisors LLC 0.72% of their portfolio GREENSBOTO, NC 15,76715.8k $3.3m $3.3m 0.72% Added +77 +77
29 Revere Asset Management, Inc 1.12% of their portfolio DALLAS, TX 14,05714.1k $3.0m $3.0m 1.12% Unchanged
30 UBS Group AG 0.00% of their portfolio ZURICH, V8 13,31613.3k $2.8m $2.8m 0.00% Added +10.6k +10,628
31 Jump Financial, LLC 0.03% of their portfolio Chicago, IL 12,95513.0k $2.7m $2.7m 0.03% New
32 Headlands Technologies LLC 0.21% of their portfolio CHICAGO, IL 12,67912.7k $2.7m $2.7m 0.21% New
33 Charter Oak Capital Management, LLC 0.20% of their portfolio PORTSMOUTH, NH 12,32712.3k $2.6m $2.6m 0.20% Reduced -134 -134
34 IMC-Chicago, LLC 0.04% of their portfolio CHICAGO, IL 10,57910.6k $2.2m $2.2m 0.04% Reduced -34.3k -34,266
35 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 9,7939.8k $2.1m $2.1m 0.00% New
36 Lido Advisors, LLC 0.01% of their portfolio Los Angeles, CA 8,3498.3k $1.8m $1.8m 0.01% Reduced -20 -20
37 Squarepoint Ops LLC 0.00% of their portfolio NEW YORK, NY 8,3238.3k $1.8m $1.8m 0.00% New
38 CreativeOne Wealth, LLC 0.04% of their portfolio OVERLAND PARK, KS 8,2128.2k $1.7m $1.7m 0.04% Added +448 +448
39 Significant Wealth Partners LLC 0.74% of their portfolio CARY, IL 7,1757.2k $1.5m $1.5m 0.74% Added +824 +824
40 Mariner, LLC 0.00% of their portfolio Overland Park, KS 6,8186.8k $1.4m $1.4m 0.00% Reduced -1.1k -1,130
41 Discipline Wealth Solutions, LLC 0.36% of their portfolio GREENVILLE, SC 6,5276.5k $1.4m $1.4m 0.36% Added +998 +998
42 Wallace Advisory Group, LLC 0.90% of their portfolio LAFAYETTE, CA 6,4726.5k $1.1m $1.1m 0.90% Added +292 +292
43 Orion Porfolio Solutions, LLC 0.01% of their portfolio OMAHA, NE 6,3416.3k $1.3m $1.3m 0.01% Reduced -241 -241
44 LifeGuide Financial Advisors, LLC 0.39% of their portfolio MECHANICSBURG, PA 6,1796.2k $1.1m $1.1m 0.39% Added +25 +25
45 Stone House Investment Management, LLC 0.22% of their portfolio TUNKHANNOCK, PA 6,1116.1k $1.3m $1.3m 0.22% Unchanged
46 TrueMark Investments, LLC 0.22% of their portfolio CHICAGO, IL 6,0706.1k $1.3m $1.3m 0.22% Reduced -1.7k -1,713
47 CITIZENS FINANCIAL GROUP INC/RI 0.02% of their portfolio PROVIDENCE, RI 5,3955.4k $1.1m $1.1m 0.02% Added +210 +210
48 Tower Research Capital LLC (TRC) 0.03% of their portfolio NEW YORK, NY 5,3705.4k $1.1m $1.1m 0.03% Reduced -39.5k -39,471
49 Covestor Ltd 0.62% of their portfolio LONDON, X0 5,3295.3k $1.1m $1.1m 0.62% Reduced -424 -424
50 Kelly Financial Services LLC 0.29% of their portfolio BRAINTREE, MA 5,2635.3k $1.1m $1.1m 0.29% Reduced -372 -372
51 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 4,9084.9k $1.0m $1.0m 0.00% Reduced -1.5k -1,519
52 Gainplan LLC 0.43% of their portfolio BLOOMFIELD HILLS, MI 4,7504.8k $1.0m $1.0m 0.43% Reduced -75.4k -75,441
53 CPR Investments Inc. 0.66% of their portfolio Rochester, MI 4,5024.5k $954.1k $954.1k 0.66% Reduced -278 -278
54 PMV Capital Advisers, LLC 1.83% of their portfolio DALLAS, TX 4,4384.4k $940.4k $940.4k 1.83% Reduced -104 -104
55 FOUNDERS FINANCIAL SECURITIES LLC 0.06% of their portfolio TOWSON, MD 4,1514.2k $879.6k $879.6k 0.06% Reduced -218 -218
56 Millington Financial Advisors, LLC 0.41% of their portfolio NAPERVILLE, IL 4,1134.1k $853.8k $853.8k 0.41% Added +5 +5
57 HARBOUR INVESTMENTS, INC. 0.02% of their portfolio MADISON, WI 4,1024.1k $869.3k $869.3k 0.02% Unchanged
58 Millennium Capital Advisors, LLC 0.52% of their portfolio LITTLE ROCK, AR 4,0894.1k $866.6k $866.6k 0.52% Reduced -9.4k -9,400
59 LM Advisors LLC 0.12% of their portfolio SAN DIEGO, CA 4,0604.1k $860.0k $860.0k 0.12% New
60 QTR Family Wealth, LLC 0.39% of their portfolio LAKE MARY, FL 3,8863.9k $823.4k $823.4k 0.39% New
61 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 3,8033.8k $805.9k $805.9k 0.00% Reduced -96 -96
62 FERGUSON WELLMAN CAPITAL MANAGEMENT, INC 0.01% of their portfolio PORTLAND, OR 3,6003.6k $762.8k $762.8k 0.01% New
63 Qube Research & Technologies Ltd 0.00% of their portfolio LONDON, X0 3,5003.5k $741.6k $741.6k 0.00% New
64 Larson Financial Group LLC 0.02% of their portfolio ST LOUIS, MO 3,1413.1k $665.5k $665.5k 0.02% Added +800 +800
65 Mittelman Wealth Management 0.43% of their portfolio ANDOVER, MA 3,1223.1k $661.6k $661.6k 0.43% Reduced -531 -531
66 EverSource Wealth Advisors, LLC 0.03% of their portfolio BIRMINGHAM, AL 3,0323.0k $642.5k $642.5k 0.03% Unchanged
67 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 2,9402.9k $630.4k $630.4k 0.00% Reduced -2.6k -2,586
68 KINGSWOOD WEALTH ADVISORS, LLC 0.04% of their portfolio SAN DIEGO, CA 2,7952.8k $592.3k $592.3k 0.04% Added +35 +35
69 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 2,7932.8k $591.8k $591.8k 0.00% Added +450 +450
70 Stratos Wealth Advisors, LLC 0.03% of their portfolio BEACHWOOD, OH 2,7892.8k $591.1k $591.1k 0.03% Added +35 +35
71 MERCER GLOBAL ADVISORS INC /ADV 0.00% of their portfolio DENVER, CO 2,7422.7k $581.1k $581.1k 0.00% Added +605 +605
72 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 2,6342.6k $558.2k $558.2k 0.00% New
73 Summit Financial Strategies, Inc. 0.05% of their portfolio Columbus, OH 2,6002.6k $550.9k $550.9k 0.05% Reduced -488 -488
74 DRW Securities, LLC 0.03% of their portfolio CHICAGO, IL 2,5942.6k $549.4k $549.4k 0.03% New
75 TWO SIGMA SECURITIES, LLC 0.08% of their portfolio NEW YORK, NY 2,5752.6k $545.6k $545.6k 0.08% New
76 Net Worth Advisory Group 0.15% of their portfolio SANDY, UT 2,4372.4k $516.4k $516.4k 0.15% Reduced -154 -154
77 Ellis Investment Partners, LLC 0.09% of their portfolio Berwyn, PA 2,3872.4k $506.0k $506.0k 0.09% Added +5 +5
78 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 2,2002.2k $466.2k $466.2k 0.00% Reduced -50 -50
79 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 2,0972.1k $439.7k $439.7k 0.00% Added +25 +25
80 Clear Harbor Asset Management, LLC 0.03% of their portfolio Stamford, CT 2,0002.0k $423.8k $423.8k 0.03% Unchanged
81 Summit Financial, LLC 0.01% of their portfolio PARSIPPANY, NJ 1,9852.0k $420.6k $420.6k 0.01% Added +344 +344
82 Scientech Research LLC 0.14% of their portfolio JERSEY CITY, NJ 1,9281.9k $408.5k $408.5k 0.14% New
83 Ashton Thomas Private Wealth, LLC 0.01% of their portfolio SCOTTSDALE, AZ 1,7901.8k $379.3k $379.3k 0.01% Reduced -11.1k -11,057
84 Iron Gate Global Advisors LLC 0.04% of their portfolio NSL, UT 1,7471.7k $370.5k $370.5k 0.04% New
85 CAPTRUST FINANCIAL ADVISORS 0.00% of their portfolio RALEIGH, NC 1,6771.7k $355.4k $355.4k 0.00% New
86 Stratos Wealth Partners, LTD. 0.00% of their portfolio BEACHWOOD, OH 1,6101.6k $341.2k $341.2k 0.00% Reduced -44 -44
87 Betterment LLC 0.00% of their portfolio NEW YORK, NY 1,5651.6k $332.0k $332.0k 0.00% New
88 CWM, LLC 0.00% of their portfolio OMAHA, NE 1,5251.5k $323.0k $323.0k 0.00% Added +1.4k +1,447
89 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 1,4921.5k $316.2k $316.2k 0.00% Added +80 +80
90 IFP Advisors, Inc 0.01% of their portfolio TAMPA, FL 1,4741.5k $312.3k $312.3k 0.01% Added +199 +199
91 Flavin Financial Services, Inc. 0.22% of their portfolio MELBOURNE, FL 1,4681.5k $311.1k $311.1k 0.22% New
92 Private Advisor Group, LLC 0.00% of their portfolio MORRISTOWN, NJ 1,4531.5k $307.9k $307.9k 0.00% Reduced -49 -49
93 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 1,4391.4k $304.9k $304.9k 0.00% Added +113 +113
94 Wealthspire Advisors, LLC 0.00% of their portfolio NEW YORK, NY 1,4041.4k $297.5k $297.5k 0.00% Unchanged
95 XTX Topco Ltd 0.01% of their portfolio LONDON, X0 1,3581.4k $287.8k $287.8k 0.01% New
96 Alternative Investment Advisors, LLC. 0.13% of their portfolio Maitland, FL 1,3481.3k $285.7k $285.7k 0.13% New
97 AE Wealth Management LLC 0.00% of their portfolio TOPEKA, KS 1,3131.3k $278.3k $278.3k 0.00% Added +14 +14
98 PayPay Securities Corp 9.96% of their portfolio TOKYO, M0 1,3071.3k $277.0k $277.0k 9.96% Added +560 +560
99 Cerity Partners LLC 0.00% of their portfolio NEW YORK, NY 1,2901.3k $273.4k $273.4k 0.00% Reduced -1.5k -1,505
100 CRA Financial Services, LLC 0.04% of their portfolio NORTHFIELD, NJ 1,2311.2k $260.8k $260.8k 0.04% Unchanged