Vault-13

DIREXION SHS ETF TR TZA

DAILY SM CP BEAR · ETP · CUSIP 25460E232

34 institutional holders -6 vs Q3 2025
4,093,9114.1m shares reported held*
$30.7mreported value*
9 new 10 added 6 reduced 14 sold out net bought ≈ $14.8m (+2.0m 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 ≈ $7.51. Options: 4 managers hold calls ($19.2m notional), 6 hold puts ($9.9m).

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

0204060Q3 22: 38Q4 22: 29Q1 23: 38Q2 23: 48Q3 23: 43Q4 23: 36Q1 24: 42Q2 24: 39Q3 24: 40Q4 24: 35Q1 25: 36Q2 25: 38Q3 25: 40Q4 25: 3434Q3 22Q2 23Q1 24Q4 24Q4 25
Numbers
QuarterHolders
Q3 202238
Q4 202229
Q1 202338
Q2 202348
Q3 202343
Q4 202336
Q1 202442
Q2 202439
Q3 202440
Q4 202435
Q1 202536
Q2 202538
Q3 202540
Q4 202534

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q1 24: 29 bought or addedQ1 24: 17 cut or sold outQ2 24: 16 bought or addedQ2 24: 27 cut or sold outQ2 24Q3 24: 22 bought or addedQ3 24: 18 cut or sold outQ4 24: 16 bought or addedQ4 24: 21 cut or sold outQ4 24Q1 25: 17 bought or addedQ1 25: 16 cut or sold outQ2 25: 23 bought or addedQ2 25: 17 cut or sold outQ2 25Q3 25: 25 bought or addedQ3 25: 14 cut or sold outQ4 25: 19 bought or addedQ4 25: 20 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 20242917
Q2 20241627
Q3 20242218
Q4 20241621
Q1 20251716
Q2 20252317
Q3 20252514
Q4 20251920

Calls vs puts

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

CallsPuts
$0$20m$40m$60mQ1 25 calls: $49.8mQ1 25 puts: $26.7mQ1 25P/C 0.54Q2 25 calls: $28.4mQ2 25 puts: $37.3mQ2 25P/C 1.31Q3 25 calls: $21.0mQ3 25 puts: $28.3mQ3 25P/C 1.35Q4 25 calls: $19.2mQ4 25 puts: $9.9mQ4 25P/C 0.52
Numbers
QuarterCallsPutsP/C
Q1 2025$49.8m$26.7m0.54
Q2 2025$28.4m$37.3m1.31
Q3 2025$21.0m$28.3m1.35
Q4 2025$19.2m$9.9m0.52

Biggest buyers

Jump Financial, LLC Added +1,171,768+1.2m
Virtu Financial LLC Added +499,052+499.1k
JANE STREET GROUP, LLC New +292,318+292.3k
Qube Research & Technologies Ltd New +204,330+204.3k
CITADEL ADVISORS LLC Added +102,438+102.4k
FLOW TRADERS U.S. LLC New +93,973+94.0k
TWO SIGMA SECURITIES, LLC Added +79,017+79.0k
DRW Securities, LLC New +65,495+65.5k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added +48,694+48.7k
GTS SECURITIES LLC Added +15,993+16.0k

Biggest sellers

IMC-Chicago, LLC Sold out -162,459-162.5k
GROUP ONE TRADING LLC Reduced -138,283-138.3k
Bank of New York Mellon Corp Sold out -100,003-100.0k
MORGAN STANLEY Reduced -41,598-41.6k
XTX Topco Ltd Sold out -30,128-30.1k
BTG Pactual Asset Management US LLC Sold out -29,000-29.0k
Corient Private Wealth LP Sold out -25,000-25.0k
StoneX Group Inc. Sold out -23,614-23.6k
EverSource Wealth Advisors, LLC Sold out -21,009-21.0k
Pinnacle Family Advisors, LLC Sold out -18,467-18.5k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $10.0m1.3m shares
CITADEL ADVISORS LLC Added $7.7m1.0m shares
JANE STREET GROUP, LLC Reduced $1.3m173.9k shares
Squarepoint Ops LLC Unchanged $201.3k26.8k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $3.2m430.3k shares
IMC-Chicago, LLC Added $3.1m418.0k shares
CITADEL ADVISORS LLC Reduced $2.1m281.1k shares
JANE STREET GROUP, LLC Reduced $1.0m139.4k shares
GROUP ONE TRADING LLC Reduced $282.4k37.6k shares
Astra Wealth Partners LLC Reduced $102.1k13.6k 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 Jump Financial, LLC 0.11% of their portfolio Chicago, IL 1,196,5321.2m $9.0m $9.0m 0.11% Added +1.2m +1,171,768
2 Virtu Financial LLC 0.16% of their portfolio New York, NY 533,377533.4k $4.0m $4.0m 0.16% Added +499.1k +499,052
3 TWO SIGMA SECURITIES, LLC 0.49% of their portfolio NEW YORK, NY 479,043479.0k $3.6m $3.6m 0.49% Added +79.0k +79,017
4 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 463,065463.1k $3.5m $3.5m 0.00% Added +102.4k +102,438
5 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 292,318292.3k $2.2m $2.2m 0.00% New
6 Timothy G. Youngquist 2020 Irrevocable Trust 1.51% of their portfolio FORT MYERS, FL 234,637234.6k $1.8m $1.8m 1.51% First filing
7 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 223,970224.0k $1.7m $1.7m 0.00% Added +48.7k +48,694
8 Qube Research & Technologies Ltd 0.00% of their portfolio LONDON, X0 204,330204.3k $1.5m $1.5m 0.00% New
9 FLOW TRADERS U.S. LLC 0.02% of their portfolio NEW YORK, NY 93,97394.0k $706.0k $706.0k 0.02% New
10 CHOREO, LLC 0.01% of their portfolio ROCKFORD, IL 78,00678.0k $576.0k $576.0k 0.01% Reduced -210 -210
11 DRW Securities, LLC 0.04% of their portfolio CHICAGO, IL 65,49565.5k $491.9k $491.9k 0.04% New
12 Tower Research Capital LLC (TRC) 0.01% of their portfolio NEW YORK, NY 36,44336.4k $273.7k $273.7k 0.01% Added +6.1k +6,114
13 GTS SECURITIES LLC 0.01% of their portfolio NEW YORK, NY 35,81635.8k $269.2k $269.2k 0.01% Added +16.0k +15,993
14 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 31,09531.1k $233.5k $233.5k 0.00% Reduced -8.4k -8,421
15 SBI Securities Co., Ltd. 0.01% of their portfolio TOKYO, M0 26,70026.7k $200.5k $200.5k 0.01% Reduced -1.8k -1,757
16 Vontobel Holding Ltd. 0.00% of their portfolio ZURICH, V8 26,14526.1k $196.3k $196.3k 0.00% Added +3.9k +3,850
17 GROUP ONE TRADING LLC 0.00% of their portfolio CHICAGO, IL 15,69715.7k $117.9k $117.9k 0.00% Reduced -138.3k -138,283
18 IPG Investment Advisors LLC 0.02% of their portfolio SAN DIEGO, CA 15,00015.0k $112.7k $112.7k 0.02% Unchanged
19 TUDOR INVESTMENT CORP ET AL 0.00% of their portfolio STAMFORD, CT 13,35913.4k $100.3k $100.3k 0.00% New
20 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 10,00210.0k $75.1k $75.1k 0.00% Reduced -41.6k -41,598
21 Federation des caisses Desjardins du Quebec 0.00% of their portfolio LEVIS, A8 10,00010.0k $75.2k $75.2k 0.00% Reduced -1.5k -1,500
22 MAI Capital Management 0.00% of their portfolio INDEPENDENCE, OH 3,4573.5k $26.0k $26.0k 0.00% Added +125 +125
23 HIGHLINE WEALTH PARTNERS LLC 0.01% of their portfolio SHERMAN OAKS, CA 2,7002.7k $20.3k $20.3k 0.01% Unchanged
24 UBS Group AG 0.00% of their portfolio ZURICH, V8 1,7491.7k $13.1k $13.1k 0.00% Unchanged
25 City State Bank 0.00% of their portfolio NORWALK, IA 500500 $3.8k $3.8k 0.00% Added +200 +200
26 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 322322 $2.4k $2.4k 0.00% Unchanged
27 SageView Advisory Group, LLC 0.00% of their portfolio Newport Beach, CA 6464 $481 $481 0.00% New
28 CoreCap Advisors, LLC 0.00% of their portfolio SOUTHFIELD, MI 5454 $406 $406 0.00% Unchanged
29 TORONTO DOMINION BANK 0.00% of their portfolio TORONTO, ONTARIO, A6 2727 $205 $205 0.00% New
30 SIGNATUREFD, LLC 0.00% of their portfolio ATLANTA, GA 2525 $188 $188 0.00% Unchanged
31 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 55 $38 $38 0.00% New
32 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 22 $18 $18 0.00% Unchanged
33 NewEdge Advisors, LLC 0.00% of their portfolio NEW ORLEANS, LA 22 $15 $15 0.00% Unchanged
34 PNC Financial Services Group, Inc. 0.00% of their portfolio Pittsburgh, PA 11 $8 $8 0.00% New