Vault-13

DIREXION SHS ETF TR TZA

DAILY SM CP BEAR · ETP · CUSIP 25460E232

43 institutional holders +4 vs Q1 2026
5,877,4475.9m shares reported held*
$22.3mreported value*
18 new 11 added 7 reduced 14 sold out net bought ≈ $241.6k (+63.8k 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 ≈ $3.79. Options: 3 managers hold calls ($8.5m notional), 5 hold puts ($11.1m).

Trends to Q2 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: 39Q2 26: 4343Q3 22Q3 23Q3 24Q3 25Q2 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
Q2 202643

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q3 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 25Q1 26: 24 bought or addedQ1 26: 15 cut or sold outQ2 26: 29 bought or addedQ2 26: 21 cut or sold outQ2 26
Numbers
QuarterBought or addedCut or sold out
Q3 20242218
Q4 20241621
Q1 20251716
Q2 20252317
Q3 20252514
Q4 20251920
Q1 20262415
Q2 20262921

Calls vs puts

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

CallsPuts
$0$10m$20m$30mQ3 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 0.88Q2 26 calls: $8.5mQ2 26 puts: $11.1mQ2 26P/C 1.31
Numbers
QuarterCallsPutsP/C
Q3 2025$21.0m$28.3m1.35
Q4 2025$19.2m$9.9m0.52
Q1 2026$18.3m$16.1m0.88
Q2 2026$8.5m$11.1m1.31

Biggest buyers

MORGAN STANLEY Added +850,300+850.3k
BRC Group Holdings, Inc. New +500,000+500.0k
Timothy G. Youngquist 2020 Irrevocable Trust Added +497,534+497.5k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added +479,890+479.9k
Headlands Technologies LLC Added +165,530+165.5k
Belvedere Trading LLC New +150,167+150.2k
RAFFLES ASSOCIATES LP New +150,000+150.0k
Squarepoint Ops LLC Added +125,213+125.2k
Qube Research & Technologies Ltd New +112,750+112.8k
Bank of New York Mellon Corp Added +100,000+100.0k

Biggest sellers

CITADEL ADVISORS LLC Sold out -1,200,834-1.2m
FLOW TRADERS U.S. LLC Reduced -479,690-479.7k
Jump Financial, LLC Sold out -379,434-379.4k
UBS Group AG Reduced -297,970-298.0k
XTX Topco Ltd Reduced -196,191-196.2k
GROUP ONE TRADING LLC Reduced -177,527-177.5k
TWO SIGMA SECURITIES, LLC Sold out -157,444-157.4k
HRT FINANCIAL LP Sold out -143,450-143.4k
JPMORGAN CHASE & CO Sold out -126,125-126.1k
CITIGROUP INC Sold out -83,282-83.3k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $5.3m1.4m shares
JANE STREET GROUP, LLC Added $2.5m657.3k shares
CITADEL ADVISORS LLC Reduced $721.2k190.3k shares

Biggest puts

CITADEL ADVISORS LLC Added $7.2m1.9m shares
IMC-Chicago, LLC Reduced $1.4m381.8k shares
JANE STREET GROUP, LLC Reduced $1.3m346.3k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $742.5k195.9k shares
GROUP ONE TRADING LLC Added $383.5k101.2k 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 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 874,903874.9k $3.3m $3.3m 0.00% Added +850.3k +850,300
2 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 773,111773.1k $2.9m $2.9m 0.00% Added +33.1k +33,117
3 Timothy G. Youngquist 2020 Irrevocable Trust 0.54% of their portfolio FORT MYERS, FL 715,606715.6k $2.7m $2.7m 0.54% Added +497.5k +497,534
4 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 668,488668.5k $2.5m $2.5m 0.00% Added +479.9k +479,890
5 BRC Group Holdings, Inc. 0.44% of their portfolio LOS ANGELES, CA 500,000500.0k $1.9m $1.9m 0.44% New
6 Squarepoint Ops LLC 0.00% of their portfolio NEW YORK, NY 356,503356.5k $1.4m $1.4m 0.00% Added +125.2k +125,213
7 CHOREO, LLC 0.01% of their portfolio ROCKFORD, IL 324,419324.4k $1.2m $1.2m 0.01% Unchanged
8 Headlands Technologies LLC 0.09% of their portfolio CHICAGO, IL 226,716226.7k $859.3k $859.3k 0.09% Added +165.5k +165,530
9 UBS Group AG 0.00% of their portfolio ZURICH, V8 205,302205.3k $778.1k $778.1k 0.00% Reduced -298.0k -297,970
10 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 200,002200.0k $758.0k $758.0k 0.00% Added +100.0k +100,000
11 Belvedere Trading LLC 0.05% of their portfolio CHICAGO, IL 150,167150.2k $569.1k $569.1k 0.05% New
12 RAFFLES ASSOCIATES LP 0.25% of their portfolio NEW YORK, NY 150,000150.0k $568.5k $568.5k 0.25% New
13 Qube Research & Technologies Ltd 0.00% of their portfolio LONDON, X0 112,750112.8k $427.3k $427.3k 0.00% New
14 GROUP ONE TRADING LLC 0.01% of their portfolio CHICAGO, IL 76,10376.1k $288.4k $288.4k 0.01% Reduced -177.5k -177,527
15 StoneX Group Inc. 0.01% of their portfolio NEW YORK, NY 53,00053.0k $201.0k $201.0k 0.01% Added +5.4k +5,376
16 Integrated Wealth Concepts LLC 0.00% of their portfolio WALTHAM, MA 52,89452.9k $200.5k $200.5k 0.00% New
17 BOURGEON CAPITAL MANAGEMENT LLC 0.03% of their portfolio Darien, CT 52,00052.0k $197.1k $197.1k 0.03% Added +32.0k +32,000
18 FLOW TRADERS U.S. LLC 0.01% of their portfolio NEW YORK, NY 51,38251.4k $195.0k $195.0k 0.01% Reduced -479.7k -479,690
19 SG Americas Securities, LLC 0.00% of their portfolio NEW YORK, NY 50,00050.0k $190.0k $190.0k 0.00% New
20 Optiver Holding B.V. 0.00% of their portfolio AMSTERDAM, P7 29,16929.2k $110.6k $110.6k 0.00% New
21 XTX Topco Ltd 0.00% of their portfolio LONDON, X0 27,82827.8k $105.5k $105.5k 0.00% Reduced -196.2k -196,191
22 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 26,47426.5k $100.3k $100.3k 0.00% Reduced -64.4k -64,392
23 J. Safra Sarasin Holding AG 0.00% of their portfolio BASEL, V8 24,63824.6k $93.4k $93.4k 0.00% New
24 SBI Securities Co., Ltd. 0.00% of their portfolio TOKYO, M0 24,52224.5k $92.9k $92.9k 0.00% Reduced -9.6k -9,610
25 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 22,62122.6k $86.0k $86.0k 0.00% New
26 EverSource Wealth Advisors, LLC 0.00% of their portfolio BIRMINGHAM, AL 19,99820.0k $75.8k $75.8k 0.00% New
27 Tower Research Capital LLC (TRC) 0.00% of their portfolio NEW YORK, NY 18,80118.8k $71.3k $71.3k 0.00% Added +15.5k +15,473
28 Significant Wealth Partners LLC 0.07% of their portfolio CARY, IL 16,97617.0k $64.3k $64.3k 0.07% New
29 IPG Investment Advisors LLC 0.01% of their portfolio SAN DIEGO, CA 15,00015.0k $56.9k $56.9k 0.01% Unchanged
30 Vontobel Holding Ltd. 0.00% of their portfolio ZURICH, V8 12,30412.3k $46.8k $46.8k 0.00% New
31 Carrera Capital Advisors 0.01% of their portfolio TROY, MI 10,11710.1k $38.3k $38.3k 0.01% New
32 Mariner, LLC 0.00% of their portfolio Overland Park, KS 10,09010.1k $38.2k $38.2k 0.00% New
33 Cerity Partners LLC 0.00% of their portfolio NEW YORK, NY 10,00010.0k $37.9k $37.9k 0.00% Unchanged
34 Ashton Thomas Private Wealth, LLC 0.00% of their portfolio SCOTTSDALE, AZ 9,6289.6k $36.5k $36.5k 0.00% New
35 Global Trust Asset Management, LLC 0.01% of their portfolio PALM BEACH GARDENS, FL 5,0005.0k $18.9k $18.9k 0.01% New
36 City State Bank 0.00% of their portfolio NORWALK, IA 500500 $1.9k $1.9k 0.00% Unchanged
37 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 322322 $1.2k $1.2k 0.00% Unchanged
38 CoreCap Advisors, LLC 0.00% of their portfolio SOUTHFIELD, MI 5454 $205 $205 0.00% Unchanged
39 TORONTO DOMINION BANK 0.00% of their portfolio TORONTO, ONTARIO, A6 3434 $130 $130 0.00% New
40 SIGNATUREFD, LLC 0.00% of their portfolio ATLANTA, GA 1515 $57 $57 0.00% Reduced -10 -10
41 Continuum Advisory, LLC 0.00% of their portfolio EAGLE, ID 55 $19 $19 0.00% New
42 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 33 $13 $13 0.00% Added +1 +1
43 NewEdge Advisors, LLC 0.00% of their portfolio NEW ORLEANS, LA 22 $8 $8 0.00% Unchanged