Vault-13

DIREXION SHS ETF TR TZA

DAILY SM CP BEAR · ETP · CUSIP 25460E232

39 institutional holders +5 vs Q4 2025
5,813,6955.8m shares reported held*
$40.9mreported value*
13 new 11 added 7 reduced 8 sold out net bought ≈ $12.1m (+1.7m 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 ≈ $7.04. Options: 3 managers hold calls ($18.3m notional), 7 hold puts ($16.1m).

Trends to Q1 2026

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: 34Q1 26: 3939Q3 22Q3 23Q3 24Q3 25Q1 26
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
Q1 202639

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q2 24: 16 bought or addedQ2 24: 27 cut or sold outQ3 24: 22 bought or addedQ3 24: 18 cut or sold outQ3 24Q4 24: 16 bought or addedQ4 24: 21 cut or sold outQ1 25: 17 bought or addedQ1 25: 16 cut or sold outQ1 25Q2 25: 23 bought or addedQ2 25: 17 cut or sold outQ3 25: 25 bought or addedQ3 25: 14 cut or sold outQ3 25Q4 25: 19 bought or addedQ4 25: 20 cut or sold outQ1 26: 24 bought or addedQ1 26: 15 cut or sold outQ1 26
Numbers
QuarterBought or addedCut or sold out
Q2 20241627
Q3 20242218
Q4 20241621
Q1 20251716
Q2 20252317
Q3 20252514
Q4 20251920
Q1 20262415

Calls vs puts

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

CallsPuts
$0$10m$20m$30m$40mQ2 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 0.52Q1 26 calls: $18.3mQ1 26 puts: $16.1mQ1 26P/C 0.88
Numbers
QuarterCallsPutsP/C
Q2 2025$28.4m$37.3m1.31
Q3 2025$21.0m$28.3m1.35
Q4 2025$19.2m$9.9m0.52
Q1 2026$18.3m$16.1m0.88

Biggest buyers

CITADEL ADVISORS LLC Added +737,769+737.8k
UBS Group AG Added +501,523+501.5k
JANE STREET GROUP, LLC Added +447,676+447.7k
FLOW TRADERS U.S. LLC Added +437,099+437.1k
CHOREO, LLC Added +246,413+246.4k
GROUP ONE TRADING LLC Added +237,933+237.9k
Squarepoint Ops LLC New +231,290+231.3k
XTX Topco Ltd New +224,019+224.0k
HRT FINANCIAL LP New +143,450+143.4k
Bank of New York Mellon Corp New +100,002+100.0k

Biggest sellers

Jump Financial, LLC Reduced -817,098-817.1k
Virtu Financial LLC Sold out -533,377-533.4k
TWO SIGMA SECURITIES, LLC Reduced -321,599-321.6k
Qube Research & Technologies Ltd Sold out -204,330-204.3k
GTS SECURITIES LLC Sold out -35,816-35.8k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced -35,372-35.4k
Tower Research Capital LLC (TRC) Reduced -33,115-33.1k
Vontobel Holding Ltd. Sold out -26,145-26.1k
DRW Securities, LLC Reduced -16,880-16.9k
Timothy G. Youngquist 2020 Irrevocable Trust Reduced -16,565-16.6k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $11.3m1.6m shares
CITADEL ADVISORS LLC Reduced $4.3m618.8k shares
JANE STREET GROUP, LLC Added $2.7m380.4k shares

Biggest puts

CITADEL ADVISORS LLC Added $6.6m942.4k shares
IMC-Chicago, LLC Reduced $2.8m393.4k shares
JANE STREET GROUP, LLC Added $2.5m361.9k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $2.4m340.4k shares
HRT FINANCIAL LP New $1.2m174.9k shares
GROUP ONE TRADING LLC Added $438.0k62.4k shares
Astra Wealth Partners LLC Added $114.4k16.3k 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, Q1 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 CITADEL ADVISORS LLC 0.01% of their portfolio MIAMI, FL 1,200,8341.2m $8.4m $8.4m 0.01% Added +737.8k +737,769
2 JANE STREET GROUP, LLC 0.01% of their portfolio NEW YORK, NY 739,994740.0k $5.2m $5.2m 0.01% Added +447.7k +447,676
3 FLOW TRADERS U.S. LLC 0.12% of their portfolio NEW YORK, NY 531,072531.1k $3.7m $3.7m 0.12% Added +437.1k +437,099
4 UBS Group AG 0.00% of their portfolio ZURICH, V8 503,272503.3k $3.5m $3.5m 0.00% Added +501.5k +501,523
5 Jump Financial, LLC 0.04% of their portfolio Chicago, IL 379,434379.4k $2.7m $2.7m 0.04% Reduced -817.1k -817,098
6 CHOREO, LLC 0.03% of their portfolio ROCKFORD, IL 324,419324.4k $2.3m $2.3m 0.03% Added +246.4k +246,413
7 GROUP ONE TRADING LLC 0.06% of their portfolio CHICAGO, IL 253,630253.6k $1.8m $1.8m 0.06% Added +237.9k +237,933
8 Squarepoint Ops LLC 0.00% of their portfolio NEW YORK, NY 231,290231.3k $1.6m $1.6m 0.00% New
9 XTX Topco Ltd 0.03% of their portfolio LONDON, X0 224,019224.0k $1.6m $1.6m 0.03% New
10 Timothy G. Youngquist 2020 Irrevocable Trust 0.75% of their portfolio FORT MYERS, FL 218,072218.1k $1.5m $1.5m 0.75% Reduced -16.6k -16,565
11 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 188,598188.6k $1.3m $1.3m 0.00% Reduced -35.4k -35,372
12 TWO SIGMA SECURITIES, LLC 0.13% of their portfolio NEW YORK, NY 157,444157.4k $1.1m $1.1m 0.13% Reduced -321.6k -321,599
13 HRT FINANCIAL LP 0.00% of their portfolio NEW YORK, NY 143,450143.4k $1.0m $1.0m 0.00% New
14 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 126,125126.1k $988.8k $988.8k 0.00% Added +95.0k +95,030
15 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 100,002100.0k $702.0k $702.0k 0.00% New
16 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 90,86690.9k $637.9k $637.9k 0.00% New
17 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 83,28283.3k $584.6k $584.6k 0.00% Added +83.3k +83,277
18 Headlands Technologies LLC 0.05% of their portfolio CHICAGO, IL 61,18661.2k $429.5k $429.5k 0.05% New
19 DRW Securities, LLC 0.02% of their portfolio CHICAGO, IL 48,61548.6k $341.3k $341.3k 0.02% Reduced -16.9k -16,880
20 StoneX Group Inc. 0.02% of their portfolio NEW YORK, NY 47,62447.6k $335.0k $335.0k 0.02% New
21 SBI Securities Co., Ltd. 0.01% of their portfolio TOKYO, M0 34,13234.1k $239.6k $239.6k 0.01% Added +7.4k +7,432
22 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 24,60324.6k $172.7k $172.7k 0.00% Added +14.6k +14,601
23 Scientech Research LLC 0.12% of their portfolio JERSEY CITY, NJ 21,20921.2k $148.9k $148.9k 0.12% New
24 BOURGEON CAPITAL MANAGEMENT LLC 0.02% of their portfolio Darien, CT 20,00020.0k $140.4k $140.4k 0.02% New
25 IPG Investment Advisors LLC 0.02% of their portfolio SAN DIEGO, CA 15,00015.0k $105.3k $105.3k 0.02% Unchanged
26 Tidal Investments LLC 0.00% of their portfolio Milwaukee, WI 13,40013.4k $94.1k $94.1k 0.00% New
27 Cerity Partners LLC 0.00% of their portfolio NEW YORK, NY 10,00010.0k $70.2k $70.2k 0.00% New
28 Federation des caisses Desjardins du Quebec 0.00% of their portfolio LEVIS, A8 10,00010.0k $70.3k $70.3k 0.00% Unchanged
29 HIGHLINE WEALTH PARTNERS LLC 0.01% of their portfolio SHERMAN OAKS, CA 3,7003.7k $26.0k $26.0k 0.01% Added +1.0k +1,000
30 MAI Capital Management 0.00% of their portfolio INDEPENDENCE, OH 3,3323.3k $23.4k $23.4k 0.00% Reduced -125 -125
31 Tower Research Capital LLC (TRC) 0.00% of their portfolio NEW YORK, NY 3,3283.3k $23.4k $23.4k 0.00% Reduced -33.1k -33,115
32 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 800800 $5.6k $5.6k 0.00% New
33 City State Bank 0.00% of their portfolio NORWALK, IA 500500 $3.5k $3.5k 0.00% Unchanged
34 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 322322 $2.3k $2.3k 0.00% Unchanged
35 Allworth Financial LP 0.00% of their portfolio FOLSOM, CA 5858 $411 $411 0.00% New
36 CoreCap Advisors, LLC 0.00% of their portfolio SOUTHFIELD, MI 5454 $379 $379 0.00% Unchanged
37 SIGNATUREFD, LLC 0.00% of their portfolio ATLANTA, GA 2525 $176 $176 0.00% Unchanged
38 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 22 $12 $12 0.00% Unchanged
39 NewEdge Advisors, LLC 0.00% of their portfolio NEW ORLEANS, LA 22 $14 $14 0.00% Unchanged