Vault-13

DIREXION SHS ETF TR SPXL

DRX S&P500BULL · ETP · CUSIP 25459W862

156 institutional holders +9 vs Q3 2025
5,293,6965.3m shares reported held*
$1.2bnreported value*
19 new 42 added 55 reduced 17 sold out net sold ≈ $354.2m (-1.6m 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 ($3.6m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $219.58. Options: 5 managers hold calls ($486.0m notional), 3 hold puts ($353.1m).

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

0100200Q3 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: 147Q4 25: 156156Q3 22Q2 23Q1 24Q4 24Q4 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
Q4 2025156

Buyers vs sellers

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

Bought or addedCut or sold out
1000100Q1 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 25Q3 25: 70 bought or addedQ3 25: 75 cut or sold outQ4 25: 61 bought or addedQ4 25: 72 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 20244948
Q2 20245845
Q3 20247647
Q4 20246669
Q1 20255972
Q2 20258060
Q3 20257075
Q4 20256172

Calls vs puts

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

CallsPuts
$0$200m$400m$600mQ1 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 1.06Q4 25 calls: $486.0mQ4 25 puts: $353.1mQ4 25P/C 0.73
Numbers
QuarterCallsPutsP/C
Q1 2025$277.2m$217.9m0.79
Q2 2025$426.1m$319.3m0.75
Q3 2025$436.6m$463.0m1.06
Q4 2025$486.0m$353.1m0.73

Biggest buyers

Corient Private Wealth LP Added +26,364+26.4k
CITADEL ADVISORS LLC New +25,566+25.6k
BXM Wealth LLC New +24,267+24.3k
RENAISSANCE TECHNOLOGIES LLC New +22,300+22.3k
Virtu Financial LLC Added +20,544+20.5k
IMC-Chicago, LLC Added +20,153+20.2k
Finward Bancorp New +17,600+17.6k
HRT FINANCIAL LP New +16,884+16.9k
October Effect Ltd New +9,589+9.6k
Jump Financial, LLC Added +6,043+6.0k

Biggest sellers

POTOMAC FUND MANAGEMENT INC /ADV Sold out -1,105,270-1.1m
Wealthstar Advisors, LLC Reduced -161,829-161.8k
Howard Capital Management, LLC Reduced -153,714-153.7k
Quadrature Capital Ltd Sold out -61,207-61.2k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced -49,157-49.2k
PPSC Investment Service Corp Reduced -33,727-33.7k
Optiver Holding B.V. Reduced -32,031-32.0k
Members Advisory Group LLC Reduced -31,504-31.5k
Westwood Wealth Management Sold out -27,625-27.6k
FLOW TRADERS U.S. LLC Reduced -23,318-23.3k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $217.3m984.9k shares
CITADEL ADVISORS LLC Reduced $177.2m803.1k shares
JANE STREET GROUP, LLC Added $89.5m405.8k shares
Walleye Trading LLC New $992.7k4.5k shares
Squarepoint Ops LLC Reduced $992.7k4.5k shares

Biggest puts

CITADEL ADVISORS LLC Reduced $143.1m648.7k shares
JANE STREET GROUP, LLC Reduced $111.3m504.6k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $98.7m447.3k 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 PPSC Investment Service Corp 42.00% of their portfolio TOKYO, M0 2,550,5452.6m $562.7m $562.7m 42.00% Reduced -33.7k -33,727
2 Howard Capital Management, LLC 4.14% of their portfolio Alpharetta, GA 1,451,0081.5m $320.1m $320.1m 4.14% Reduced -153.7k -153,714
3 Wealthstar Advisors, LLC 20.25% of their portfolio Plano, TX 168,594168.6k $37.2m $37.2m 20.25% Reduced -161.8k -161,829
4 SBI Securities Co., Ltd. 0.78% of their portfolio TOKYO, M0 137,827137.8k $30.4m $30.4m 0.78% Reduced -6.1k -6,051
5 Insight Wealth Partners, LLC 9.10% of their portfolio Plano, TX 99,15899.2k $21.9m $21.9m 9.10% Reduced -2.3k -2,259
6 Virtu Financial LLC 0.48% of their portfolio New York, NY 55,95756.0k $12.3m $12.3m 0.48% Added +20.5k +20,544
7 Corient Private Wealth LP 0.01% of their portfolio MIAMI, FL 53,43453.4k $11.8m $11.8m 0.01% Added +26.4k +26,364
8 Traynor Capital Management, Inc. 0.57% of their portfolio MALVERN, PA 46,87246.9k $10.3m $10.3m 0.57% Added +1.1k +1,148
9 Spire Wealth Management 0.25% of their portfolio MCLEAN, VA 33,47433.5k $7.4m $7.4m 0.25% Added +846 +846
10 IMC-Chicago, LLC 0.12% of their portfolio CHICAGO, IL 30,73230.7k $6.8m $6.8m 0.12% Added +20.2k +20,153
11 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 25,66825.7k $5.7m $5.7m 0.00% Unchanged
12 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 25,56625.6k $5.6m $5.6m 0.00% New
13 SMITH CHAS P & ASSOCIATES PA CPAS 0.29% of their portfolio LAKELAND, FL 25,27725.3k $5.6m $5.6m 0.29% Reduced -506 -506
14 BXM Wealth LLC 0.00% of their portfolio Englewood, CO 24,26724.3k $110 $110 0.00% New
15 RENAISSANCE TECHNOLOGIES LLC 0.01% of their portfolio NEW YORK, NY 22,30022.3k $4.9m $4.9m 0.01% New
16 GTS SECURITIES LLC 0.17% of their portfolio NEW YORK, NY 22,29122.3k $4.9m $4.9m 0.17% Reduced -4.1k -4,058
17 FLOW TRADERS U.S. LLC 0.14% of their portfolio NEW YORK, NY 20,06020.1k $4.4m $4.4m 0.14% Reduced -23.3k -23,318
18 J. Safra Sarasin Holding AG 0.07% of their portfolio BASEL, V8 20,00020.0k $4.4m $4.4m 0.07% Added +1.5k +1,520
19 Timothy G. Youngquist 2020 Irrevocable Trust 3.71% of their portfolio FORT MYERS, FL 19,63419.6k $4.3m $4.3m 3.71% First filing
20 Jump Financial, LLC 0.05% of their portfolio Chicago, IL 18,99819.0k $4.2m $4.2m 0.05% Added +6.0k +6,043
21 Finward Bancorp 3.01% of their portfolio Munster, IN 17,60017.6k $3.9m $3.9m 3.01% New
22 Modern Wealth Management, LLC 0.07% of their portfolio KANSAS CITY, MO 17,15817.2k $3.8m $3.8m 0.07% Unchanged
23 Blue Sky Capital Consultants Group, Inc. 1.65% of their portfolio Poway, CA 17,14217.1k $3.8m $3.8m 1.65% Reduced -241 -241
24 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 17,09117.1k $3.8m $3.8m 0.00% Reduced -17.3k -17,339
25 Blueprint Investment Partners LLC 0.40% of their portfolio GREENSBORO, NC 17,00917.0k $3.8m $3.8m 0.40% Added +640 +640
26 HRT FINANCIAL LP 0.01% of their portfolio NEW YORK, NY 16,88416.9k $3.7m $3.7m 0.01% New
27 Optiver Holding B.V. 0.07% of their portfolio AMSTERDAM, P7 16,68016.7k $3.7m $3.7m 0.07% Reduced -32.0k -32,031
28 Blueprint Financial Advisors LLC 0.55% of their portfolio GREENSBOTO, NC 16,40616.4k $3.6m $3.6m 0.55% Added +639 +639
29 Encompass More Asset Management 0.58% of their portfolio Danville, CA 14,25914.3k $3.1m $3.1m 0.58% Reduced -3.1k -3,102
30 Empowered Funds, LLC 0.05% of their portfolio NEWTOWN SQUARE, PA 14,11014.1k $3.1m $3.1m 0.05% Reduced -3.3k -3,279
31 Revere Asset Management, Inc 1.09% of their portfolio DALLAS, TX 14,05714.1k $3.1m $3.1m 1.09% Unchanged
32 Charter Oak Capital Management, LLC 0.21% of their portfolio PORTSMOUTH, NH 12,30112.3k $2.7m $2.7m 0.21% Reduced -26 -26
33 Discipline Wealth Solutions, LLC 0.45% of their portfolio GREENVILLE, SC 11,12611.1k $2.5m $2.5m 0.45% Added +4.6k +4,599
34 October Effect Ltd 2.33% of their portfolio VIRGINIA BEACH, VA 9,5899.6k $2.1m $2.1m 2.33% New
35 Headlands Technologies LLC 0.17% of their portfolio CHICAGO, IL 8,9719.0k $2.0m $2.0m 0.17% Reduced -3.7k -3,708
36 CreativeOne Wealth, LLC 0.05% of their portfolio OVERLAND PARK, KS 8,7008.7k $1.9m $1.9m 0.05% Added +488 +488
37 Lido Advisors, LLC 0.01% of their portfolio Los Angeles, CA 8,4778.5k $1.8m $1.8m 0.01% Added +128 +128
38 EverSource Wealth Advisors, LLC 0.06% of their portfolio BIRMINGHAM, AL 7,0277.0k $1.6m $1.6m 0.06% Added +4.0k +3,995
39 Mariner, LLC 0.00% of their portfolio Overland Park, KS 6,9446.9k $1.5m $1.5m 0.00% Added +126 +126
40 Orion Porfolio Solutions, LLC 0.01% of their portfolio OMAHA, NE 6,4966.5k $1.4m $1.4m 0.01% Added +155 +155
41 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 6,0816.1k $1.3m $1.3m 0.00% Reduced -49.2k -49,157
42 Stone House Investment Management, LLC 0.19% of their portfolio TUNKHANNOCK, PA 5,5755.6k $1.2m $1.2m 0.19% Reduced -536 -536
43 Covestor Ltd 0.62% of their portfolio LONDON, X0 5,3895.4k $1.2m $1.2m 0.62% Added +60 +60
44 CITIZENS FINANCIAL GROUP INC/RI 0.02% of their portfolio PROVIDENCE, RI 5,2675.3k $1.2m $1.2m 0.02% Reduced -128 -128
45 Kelly Financial Services LLC 0.29% of their portfolio BRAINTREE, MA 5,2095.2k $1.1m $1.1m 0.29% Reduced -54 -54
46 Q3 Asset Management 0.24% of their portfolio BIRMINGHAM, MI 4,8174.8k $1.1m $1.1m 0.24% New
47 PMV Capital Advisers, LLC 1.90% of their portfolio DALLAS, TX 4,7324.7k $1.0m $1.0m 1.90% Added +294 +294
48 Qube Research & Technologies Ltd 0.00% of their portfolio LONDON, X0 4,6204.6k $1.0m $1.0m 0.00% Added +1.1k +1,120
49 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 4,4414.4k $979.6k $979.6k 0.00% Added +638 +638
50 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 4,4364.4k $978.7k $978.7k 0.00% Reduced -472 -472
51 Millington Financial Advisors, LLC 0.41% of their portfolio NAPERVILLE, IL 4,1084.1k $927.6k $927.6k 0.41% Reduced -5 -5
52 HARBOUR INVESTMENTS, INC. 0.02% of their portfolio MADISON, WI 4,1024.1k $905.0k $905.0k 0.02% Unchanged
53 EP Wealth Advisors, LLC 0.00% of their portfolio TORRANCE, CA 3,9614.0k $873.9k $873.9k 0.00% First filing
54 Massar Capital Management, LP 0.17% of their portfolio STAMFORD, CT 3,8993.9k $860.2k $860.2k 0.17% New
55 Tower Research Capital LLC (TRC) 0.02% of their portfolio NEW YORK, NY 3,6593.7k $807.2k $807.2k 0.02% Reduced -1.7k -1,711
56 CPR Investments Inc. 0.54% of their portfolio Rochester, MI 3,6213.6k $798.8k $798.8k 0.54% Reduced -881 -881
57 FERGUSON WELLMAN CAPITAL MANAGEMENT, INC 0.01% of their portfolio PORTLAND, OR 3,6003.6k $794.2k $794.2k 0.01% Unchanged
58 FOUNDERS FINANCIAL SECURITIES LLC 0.05% of their portfolio TOWSON, MD 3,5283.5k $778.3k $778.3k 0.05% Reduced -623 -623
59 Cerity Partners LLC 0.00% of their portfolio NEW YORK, NY 3,3953.4k $748.9k $748.9k 0.00% Added +2.1k +2,105
60 Belvedere Trading LLC 0.14% of their portfolio CHICAGO, IL 3,3673.4k $742.8k $742.8k 0.14% New
61 AE Wealth Management LLC 0.00% of their portfolio TOPEKA, KS 3,1983.2k $705.5k $705.5k 0.00% Added +1.9k +1,885
62 Mittelman Wealth Management 0.45% of their portfolio ANDOVER, MA 3,1223.1k $688.7k $688.7k 0.45% Unchanged
63 Edgestream Partners, L.P. 0.02% of their portfolio Princeton, NJ 3,0343.0k $669.3k $669.3k 0.02% Added +2.0k +2,050
64 Wealth Management Nebraska 0.07% of their portfolio Norfolk, NE 2,9563.0k $652.1k $652.1k 0.07% Added +1.9k +1,942
65 Significant Wealth Partners LLC 0.70% of their portfolio CARY, IL 2,8542.9k $629.7k $629.7k 0.70% Reduced -4.3k -4,321
66 Stratos Wealth Advisors, LLC 0.03% of their portfolio BEACHWOOD, OH 2,7972.8k $617.2k $617.2k 0.03% Added +8 +8
67 KINGSWOOD WEALTH ADVISORS, LLC 0.03% of their portfolio SAN DIEGO, CA 2,7952.8k $616.6k $616.6k 0.03% Unchanged
68 Larson Financial Group LLC 0.02% of their portfolio ST LOUIS, MO 2,7872.8k $614.8k $614.8k 0.02% Reduced -354 -354
69 Xcelsior Advisor Partners LLC 0.30% of their portfolio Scottsdale, AZ 2,7502.8k $606.7k $606.7k 0.30% First filing
70 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 2,7332.7k $602.9k $602.9k 0.00% Reduced -60 -60
71 Net Worth Advisory Group 0.12% of their portfolio SANDY, UT 2,7302.7k $602.2k $602.2k 0.12% Added +293 +293
72 Wallace Advisory Group, LLC 0.59% of their portfolio LAFAYETTE, CA 2,5642.6k $565.6k $565.6k 0.59% Reduced -3.9k -3,908
73 Alternative Investment Advisors, LLC. 0.24% of their portfolio Maitland, FL 2,5452.5k $561.9k $561.9k 0.24% Added +1.2k +1,197
74 MERCER GLOBAL ADVISORS INC /ADV 0.00% of their portfolio DENVER, CO 2,4312.4k $536.3k $536.3k 0.00% Reduced -311 -311
75 Gainplan LLC 0.19% of their portfolio BLOOMFIELD HILLS, MI 2,2502.2k $496.4k $496.4k 0.19% Reduced -2.5k -2,500
76 Ellis Investment Partners, LLC 0.08% of their portfolio Berwyn, PA 2,2082.2k $487.3k $487.3k 0.08% Reduced -179 -179
77 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 2,2002.2k $485.3k $485.3k 0.00% Unchanged
78 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 2,1152.1k $466.7k $466.7k 0.00% Added +18 +18
79 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 2,1032.1k $463.9k $463.9k 0.00% Added +611 +611
80 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 2,0382.0k $449.6k $449.6k 0.00% Reduced -596 -596
81 Clear Harbor Asset Management, LLC 0.03% of their portfolio Stamford, CT 2,0002.0k $441.2k $441.2k 0.03% Unchanged
82 CWM, LLC 0.00% of their portfolio OMAHA, NE 1,9612.0k $433.0k $433.0k 0.00% Added +436 +436
83 Summit Financial, LLC 0.01% of their portfolio PARSIPPANY, NJ 1,9011.9k $419.3k $419.3k 0.01% Reduced -84 -84
84 TWO SIGMA SECURITIES, LLC 0.06% of their portfolio NEW YORK, NY 1,8471.8k $407.5k $407.5k 0.06% Reduced -728 -728
85 Flavin Financial Services, Inc. 0.26% of their portfolio MELBOURNE, FL 1,7321.7k $382.1k $382.1k 0.26% Added +264 +264
86 XTX Topco Ltd 0.01% of their portfolio LONDON, X0 1,7011.7k $375.3k $375.3k 0.01% Added +343 +343
87 Iron Gate Global Advisors LLC 0.04% of their portfolio NSL, UT 1,6861.7k $371.9k $371.9k 0.04% Reduced -61 -61
88 Trinity Legacy Partners, LLC 0.08% of their portfolio HOUSTON, TX 1,6711.7k $368.6k $368.6k 0.08% Added +590 +590
89 Summit Financial Strategies, Inc. 0.03% of their portfolio Columbus, OH 1,6521.7k $364.4k $364.4k 0.03% Reduced -948 -948
90 Betterment LLC 0.00% of their portfolio NEW YORK, NY 1,6221.6k $358.0k $358.0k 0.00% Added +57 +57
91 Stratos Wealth Partners, LTD. 0.00% of their portfolio BEACHWOOD, OH 1,6111.6k $355.5k $355.5k 0.00% Added +1 +1
92 Members Advisory Group LLC 0.13% of their portfolio WILLIAMSVILLE, NY 1,5751.6k $347.5k $347.5k 0.13% Reduced -31.5k -31,504
93 Private Advisor Group, LLC 0.00% of their portfolio MORRISTOWN, NJ 1,4541.5k $320.8k $320.8k 0.00% Added +1 +1
94 CAPTRUST FINANCIAL ADVISORS 0.00% of their portfolio RALEIGH, NC 1,4491.4k $319.7k $319.7k 0.00% Reduced -228 -228
95 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 1,4411.4k $317.9k $317.9k 0.00% Added +2 +2
96 New Perspectives, Inc 0.11% of their portfolio TOUGALOO, MS 1,4251.4k $314.4k $314.4k 0.11% Added +475 +475
97 Wealthspire Advisors, LLC 0.00% of their portfolio NEW YORK, NY 1,4001.4k $308.9k $308.9k 0.00% Reduced -4 -4
98 IFP Advisors, Inc 0.01% of their portfolio TAMPA, FL 1,3991.4k $308.6k $308.6k 0.01% Reduced -75 -75
99 LifeGuide Financial Advisors, LLC 0.10% of their portfolio MECHANICSBURG, PA 1,3561.4k $300.5k $300.5k 0.10% Reduced -4.8k -4,823
100 UBS Group AG 0.00% of their portfolio ZURICH, V8 1,3301.3k $293.4k $293.4k 0.00% Reduced -12.0k -11,986