Direxion Daily Small Cap Bear 3x

TZA • XNYS

Direxion Daily Small Cap Bear 3x is a publicly traded company on XNYS. As of Q3 2025, 39 institutional investors hold shares in this company, with total holdings valued at $16.3M. TWO SIGMA SECURITIES, LLC is the largest holder with a position valued at $3.3M.

Overview

Overview of institutional ownership in TZA as of Q3 2025

All Institutions

Institutions: 39
Value Held: $16.3M
Shares Held: 1.9M
Avg Position: $418.7K
Median Position: $162.2K

Hedge Funds

Hedge Funds: 2
Value Held: $3.8M
Shares Held: 389.6K
Avg Position: $1.9M
Median Position: $1.9M

Biggest Investors

Institutions with the largest positions in TZA as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
T TWO SIGMA SECURITIES, LLC Institution	-	$3.3M 0.49% of portfolio	0.00% 400.0K shares	Q1 2015 Held for 10y 8m	$675.6M
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	Kenneth Cordele Griffin CEO	$3.0M 0.00% of portfolio	0.00% 360.6K shares	Q2 2023 Held for 2y 5m	$122.08B
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	-	$1.4M 0.00% of portfolio	0.00% 175.3K shares	Q4 2022 Held for 2y 11m	$67.9B
IMC-Chicago, LLC RIA/Wealth	Donald Louis Michael CEO	$1.3M 0.02% of portfolio	0.00% 162.5K shares	Q4 2022 Held for 2y 11m	$5.6B
G GROUP ONE TRADING, L.P. Institution	-	$1.3M 0.04% of portfolio	0.00% 154.0K shares	Q4 2024 Held for 11 months	$3.3B
BTG Pactual Asset Management US LLC Hedge Fund•Multi-Strategy	John Joseph Fath Managing Partner	$882.2K 0.10% of portfolio	0.00% 29.0K shares	Q3 2025 Held for 2 months	$840.7M
Bank of New York Mellon Corp Institution	Robin Vince CEO	$821.0K 0.00% of portfolio	0.00% 100.0K shares	Q3 2025 Held for 2 months	$556.34B
R RSM US WEALTH MANAGEMENT LLC RIA/Wealth	Lawrence Kenneth Miles CEO	$642.2K 0.01% of portfolio	0.00% 78.2K shares	Q1 2024 Held for 1y 8m	$7.7B
W WOLVERINE TRADING, LLC Institution	-	$574.9K 0.01% of portfolio	0.00% 69.7K shares	Q3 2024 Held for 1y 2m	$4.9B
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$423.6K 0.00% of portfolio	0.00% 51.6K shares	Q4 2022 Held for 2y 11m	$1.65T

Net Capital Flow

Institutional buying and selling activity for TZA in Q3 2025

Traded: +$5.2M
Buyers: 26
Sellers: 10
Total Bought: +$11.7M
Total Sold: −$6.5M
Avg Position: $347.5K

Biggest Buyers

Institution	Net Bought	Current Position
T TWO SIGMA SECURITIES, LLC Institution	+$3.3M +400.0K shares	$3.3M 400.0K shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	+$3.0M +360.6K shares	$3.0M 360.6K shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	+$1.2M +144.1K shares	$1.4M 175.3K shares
BTG Pactual Asset Management US LLC Hedge Fund•Multi-Strategy	+$882.2K +29.0K shares	$882.2K 29.0K shares
Bank of New York Mellon Corp Institution	+$821.0K +100.0K shares	$821.0K 100.0K shares
G GROUP ONE TRADING, L.P. Institution	+$605.3K +73.7K shares	$1.3M 154.0K shares
W WOLVERINE TRADING, LLC Institution	+$574.9K +69.7K shares	$574.9K 69.7K shares
IMC-Chicago, LLC RIA/Wealth	+$453.3K +55.2K shares	$1.3M 162.5K shares
G GTS SECURITIES LLC Institution	+$163.1K +19.8K shares	$163.1K 19.8K shares
Pinnacle Family Advisors, LLC Family Office	+$151.6K +18.5K shares	$151.6K 18.5K shares

Biggest Sellers

Institution	Net Sold	Current Position
R RSM US WEALTH MANAGEMENT LLC RIA/Wealth	−$2.6M −314.5K shares	$642.2K 78.2K shares
J Jump Financial, LLC Institution	−$1.4M −170.4K shares	$203.3K 24.8K shares
Q Qube Research & Technologies Ltd Institution	−$731.2K −61.7K shares	Sold Off 0 shares
Hamilton Wealth, LLC RIA/Wealth	−$493.8K −41.6K shares	Sold Off 0 shares
B Belvedere Trading LLC Institution	−$341.2K −28.8K shares	Sold Off 0 shares
T Tower Research Capital LLC Institution	−$323.6K −39.4K shares	$249.0K 30.3K shares
D DRW Securities, LLC Institution	−$268.2K −22.6K shares	Sold Off 0 shares
C CI Private Wealth, LLC RIA/Wealth	−$164.2K −20.0K shares	$205.3K 25.0K shares
VERUS CAPITAL PARTNERS, LLC RIA/Wealth	−$118.6K −10.0K shares	Sold Off 0 shares
Federation des caisses Desjardins du Quebec Fund of Funds	−$76.4K −9.3K shares	$94.4K 11.5K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited TZA in Q3 2025

New Positions: 6
New Value: $1.0M
Exited Positions: 8
Exited Value: $2.0M

New Positions

Institution	Position Value
BTG Pactual Asset Management US LLC Hedge Fund•Multi-Strategy	$882.2K 29.0K shares
HOWARD FINANCIAL SERVICES, LTD. RIA/Wealth	$123.2K 15.0K shares
Global Trust Asset Management, LLC RIA/Wealth	$20.5K 2.5K shares
S SMITHFIELD TRUST CO Institution	- - shares
H HRT FINANCIAL LLC Institution	- - shares
F FLOW TRADERS U.S. LLC Institution	- - shares

Exited Positions

Institution	Previous Position
Q Qube Research & Technologies Ltd Institution	$731.2K 61.7K shares
Hamilton Wealth, LLC RIA/Wealth	$493.8K 41.6K shares
B Belvedere Trading LLC Institution	$341.2K 28.8K shares
D DRW Securities, LLC Institution	$268.2K 22.6K shares
VERUS CAPITAL PARTNERS, LLC RIA/Wealth	$118.6K 10.0K shares
S SMITHFIELD TRUST CO Institution	- 506.8K shares
H HRT FINANCIAL LLC Institution	- 21.7K shares
F FLOW TRADERS U.S. LLC Institution	- 135.6K shares

Options Activity

Institutions with the largest Call and Put options positions in TZA as of Q3 2025

Call Positions: 5
Call Value: $21.0M
Put Positions: 5
Put Value: $24.7M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$12.7M 15.5K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$4.9M 6.0K contracts
J JANE STREET GROUP, LLC Institution	$1.9M 2.4K contracts
W WOLVERINE TRADING, LLC Institution	$1.1M 1.4K contracts
S Squarepoint Ops LLC Hedge Fund•Quant	$220.0K 268.0 contracts

Put Positions

Institution	Position Value
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$18.8M 22.9K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$3.4M 4.2K contracts
J JANE STREET GROUP, LLC Institution	$1.3M 1.6K contracts
W WOLVERINE TRADING, LLC Institution	$1.0M 1.2K contracts
Astra Wealth Partners LLC RIA/Wealth	$147.0K 179.0 contracts

Most Committed Institutions

Institutions with TZA as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
T TWO SIGMA SECURITIES, LLC Institution	-	0.49% $3.3M	0.00% 400.0K shares	Q1 2015 Held for 10y 8m	$675.6M
BTG Pactual Asset Management US LLC Hedge Fund•Multi-Strategy	John Joseph Fath Managing Partner	0.10% $882.2K	0.00% 29.0K shares	Q3 2025 Held for 2 months	$840.7M
Pinnacle Family Advisors, LLC Family Office	Ronald Sean Mccurry President	0.07% $151.6K	0.00% 18.5K shares	Q3 2025 Held for 2 months	$228.8M
G GROUP ONE TRADING, L.P. Institution	-	0.04% $1.3M	0.00% 154.0K shares	Q4 2024 Held for 11 months	$3.3B
IMC-Chicago, LLC RIA/Wealth	Donald Louis Michael CEO	0.02% $1.3M	0.00% 162.5K shares	Q4 2022 Held for 2y 11m	$5.6B
I IPG Investment Advisors LLC RIA/Wealth	Albert Benrey CEO	0.02% $123.2K	0.00% 15.0K shares	Q2 2025 Held for 5 months	$564.6M
Advisory Resource Group RIA/Wealth	Christopher Grant Brown CCO	0.02% $84.1K	0.00% 10.2K shares	Q2 2025 Held for 5 months	$523.1M
HOWARD FINANCIAL SERVICES, LTD. RIA/Wealth	John T Howard Managing Partner	0.02% $123.2K	0.00% 15.0K shares	Q3 2025 Held for 2 months	$817.3M
X XTX Topco Ltd Institution	-	0.01% $247.4K	0.00% 30.1K shares	Q4 2024 Held for 11 months	$1.9B
W WOLVERINE TRADING, LLC Institution	-	0.01% $574.9K	0.00% 69.7K shares	Q3 2024 Held for 1y 2m	$4.9B