Who owns Direxion Daily Small Cap Bear 3X Shares (TZA)
Which tracked institutional funds hold TZA, how they are positioned, and who is buying versus exiting — from SEC Form 13F-HR filings. See TZA company fundamentals →
Ownership as of the 2026-Q2 13F filings (latest filed 2026-08-14). 13F is disclosed up to 45 days after quarter-end, so the most recent quarter fills in over the following weeks.
How the tape is positioned
6 tracked funds added or opened TZA while 14 trimmed or exited it between 2026-Q1 and 2026-Q2 — the tape is split. When large holders disagree on a name, the funds moving first are sometimes ahead of the story.
A prompt to read the filings, not a verdict. 13F is a quarter-end snapshot disclosed up to 45 days late; a fund adds or exits for mandate, benchmark, and timing reasons that have nothing to do with a view on the stock. This is a starting question, not a signal to trade.
Conviction spread
TZA’s largest tracked holder by dollar value, CITADEL ADVISORS LLC, sizes it at 0.0% of its own reported 13F book, while the median holder sizes it at 0.0% of theirs — a 0.0pp conviction gap — its largest holder concentrates the name more heavily than the typical one.
Book-share is each fund’s reported value in TZA divided by its whole reported 13F book, so it is comparable across funds of different sizes and is unaffected by stock splits. A higher share means a fund has committed more of its book to the name — a starting question about conviction, not a verdict or a signal to trade.
Institutional & insider positioning
Between 2026-Q1 and 2026-Q2, across 41 tracked filers holding TZA, 29 increased or opened the position and 21 reduced or closed it; over the same quarter, there were no open-market insider Form 4s.
This fuses two public signals for the same quarter — how tracked institutions changed their positions and whether insiders bought or sold in the open market. It describes what was filed; it is a starting question, not a verdict or a signal to trade.
New buyers & exits
Funds opening or closing a position in TZA between the 2026-Q1 and 2026-Q2 13F filings, and the largest changes among funds holding it in both. New buyers and exits are counted on fund presence (split-invariant); adds and trims are measured on reported value.
New buyers 2
- BRC Group Holdings, Inc.$2M
- Belvedere Trading LLC$569K
Full exits 7
- CITADEL ADVISORS LLC$8M
- FLOW TRADERS U.S. LLC$4M
- Jump Financial, LLC$3M
- TWO SIGMA SECURITIES, LLC$1M
- HRT FINANCIAL LP$1M
- JPMORGAN CHASE & CO$989K
Largest adds
- MORGAN STANLEY$3M
- SUSQUEHANNA INTERNATIONAL GROUP, LLP$1M
- Timothy G. Youngquist 2020 Irrevocable Trust$1M
- Headlands Technologies LLC$430K
Largest trims
- UBS Group AG$3M
- JANE STREET GROUP, LLC$2M
- GROUP ONE TRADING LLC$1M
- XTX Topco Ltd$1M
- CHOREO, LLC$1M
- GOLDMAN SACHS GROUP INC$538K
Institutional holders
One row per tracked fund, largest reported value first. “% of value” is the fund’s share of this security’s tracked institutional value — not of shares outstanding. Rows marked stale are from an earlier filing than the security’s latest quarter — that fund is absent from the newest snapshot (position exited, or reported under a different name).
| Fund | Shares | Reported value | % of value | Quarter |
|---|---|---|---|---|
| MORGAN STANLEY added | 874,903 | $3M | 6.0% | 2026-Q2 |
| JANE STREET GROUP, LLC added | 773,111 | $3M | 5.3% | 2026-Q2 |
| Timothy G. Youngquist 2020 Irrevocable Trust added | 715,606 | $3M | 4.9% | 2026-Q2 |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP added | 668,488 | $3M | 4.6% | 2026-Q2 |
| BRC Group Holdings, Inc. new | 500,000 | $2M | 3.4% | 2026-Q2 |
| Squarepoint Ops LLC added | 356,503 | $1M | 2.5% | 2026-Q2 |
| CHOREO, LLC | 324,419 | $1M | 2.2% | 2026-Q2 |
| Headlands Technologies LLC added | 226,716 | $859K | 1.6% | 2026-Q2 |
| UBS Group AG trimmed | 205,302 | $778K | 1.4% | 2026-Q2 |
| Bank of New York Mellon Corp added | 200,002 | $758K | 1.4% | 2026-Q2 |
| Belvedere Trading LLC added | 150,167 | $569K | 1.0% | 2026-Q2 |
| Qube Research & Technologies Ltd trimmed | 112,750 | $427K | 0.8% | 2026-Q2 |
| GROUP ONE TRADING LLC trimmed | 76,103 | $288K | 0.5% | 2026-Q2 |
| RAFFLES ASSOCIATES LP new | 75,000 | $284K | 0.5% | 2026-Q2 |
| StoneX Group Inc. added | 53,000 | $201K | 0.4% | 2026-Q2 |
| Integrated Wealth Concepts LLC new | 52,894 | $200K | 0.4% | 2026-Q2 |
| BOURGEON CAPITAL MANAGEMENT LLC added | 52,000 | $197K | 0.4% | 2026-Q2 |
| Optiver Holding B.V. new | 29,169 | $111K | 0.2% | 2026-Q2 |
| XTX Topco Ltd trimmed | 27,828 | $105K | 0.2% | 2026-Q2 |
| GOLDMAN SACHS GROUP INC trimmed | 26,474 | $100K | 0.2% | 2026-Q2 |
| J. Safra Sarasin Holding AG new | 24,638 | $93K | 0.2% | 2026-Q2 |
| SBI Securities Co., Ltd. trimmed | 24,522 | $93K | 0.2% | 2026-Q2 |
| ROYAL BANK OF CANADA added | 22,621 | $86K | 0.2% | 2026-Q2 |
| EverSource Wealth Advisors, LLC trimmed | 19,998 | $76K | 0.1% | 2026-Q2 |
| Tower Research Capital LLC (TRC) added | 18,801 | $71K | 0.1% | 2026-Q2 |
| Significant Wealth Partners LLC new | 16,976 | $64K | 0.1% | 2026-Q2 |
| IPG Investment Advisors LLC | 15,000 | $57K | 0.1% | 2026-Q2 |
| Vontobel Holding Ltd. trimmed | 12,304 | $47K | 0.1% | 2026-Q2 |
| Carrera Capital Advisors new | 10,117 | $38K | 0.1% | 2026-Q2 |
| Mariner, LLC new | 10,090 | $38K | 0.1% | 2026-Q2 |
| Cerity Partners LLC | 10,000 | $38K | 0.1% | 2026-Q2 |
| Ashton Thomas Private Wealth, LLC new | 9,628 | $36K | 0.1% | 2026-Q2 |
| Global Trust Asset Management, LLC added | 5,000 | $19K | 0.0% | 2026-Q2 |
| City State Bank | 500 | $2K | 0.0% | 2026-Q2 |
| BANK OF MONTREAL /CAN/ | 322 | $1K | 0.0% | 2026-Q2 |
| CoreCap Advisors, LLC | 54 | $205 | 0.0% | 2026-Q2 |
| TORONTO DOMINION BANK added | 34 | $130 | 0.0% | 2026-Q2 |
| SIGNATUREFD, LLC trimmed | 15 | $57 | 0.0% | 2026-Q2 |
| Continuum Advisory, LLC | 5 | $19 | 0.0% | 2026-Q2 |
| WELLS FARGO & COMPANY/MN added | 3 | $13 | 0.0% | 2026-Q2 |
| NewEdge Advisors, LLC | 2 | $8 | 0.0% | 2026-Q2 |
| CITADEL ADVISORS LLC added | 1,200,834 | $8M | 15.3% | 2026-Q1 stale (1 quarter behind) |
| FLOW TRADERS U.S. LLC added | 531,072 | $4M | 6.8% | 2026-Q1 stale (1 quarter behind) |
| Jump Financial, LLC trimmed | 379,434 | $3M | 4.8% | 2026-Q1 stale (1 quarter behind) |
| TWO SIGMA SECURITIES, LLC trimmed | 157,444 | $1M | 2.0% | 2026-Q1 stale (1 quarter behind) |
| HRT FINANCIAL LP added | 143,450 | $1M | 1.8% | 2026-Q1 stale (1 quarter behind) |
| JPMORGAN CHASE & CO added | 126,125 | $989K | 1.8% | 2026-Q1 stale (1 quarter behind) |
| CITIGROUP INC added | 83,282 | $585K | 1.1% | 2026-Q1 stale (1 quarter behind) |
| DRW Securities, LLC trimmed | 48,615 | $341K | 0.6% | 2026-Q1 stale (1 quarter behind) |
| Scientech Research LLC new | 21,209 | $149K | 0.3% | 2026-Q1 stale (1 quarter behind) |
| Tidal Investments LLC new | 13,400 | $94K | 0.2% | 2026-Q1 stale (1 quarter behind) |
| Federation des caisses Desjardins du Quebec | 10,000 | $70K | 0.1% | 2026-Q1 stale (1 quarter behind) |
| HIGHLINE WEALTH PARTNERS LLC added | 3,700 | $26K | 0.0% | 2026-Q1 stale (1 quarter behind) |
| MAI Capital Management trimmed | 3,332 | $23K | 0.0% | 2026-Q1 stale (1 quarter behind) |
| BARCLAYS PLC new | 800 | $6K | 0.0% | 2026-Q1 stale (1 quarter behind) |
| Allworth Financial LP | 58 | $411 | 0.0% | 2026-Q1 stale (1 quarter behind) |
| Virtu Financial LLC added | 533,377 | $4M | 7.3% | 2025-Q4 stale (2 quarters behind) |
| GTS SECURITIES LLC added | 35,816 | $269K | 0.5% | 2025-Q4 stale (2 quarters behind) |
| TUDOR INVESTMENT CORP ET AL trimmed | 13,359 | $100K | 0.2% | 2025-Q4 stale (2 quarters behind) |
| SageView Advisory Group, LLC new | 64 | $481 | 0.0% | 2025-Q4 stale (2 quarters behind) |
| PNC Financial Services Group, Inc. new | 1 | $8 | 0.0% | 2025-Q4 stale (2 quarters behind) |
| BTG Pactual Asset Management US LLC new | 29,000 | $882K | 1.6% | 2025-Q3 stale (3 quarters behind) |
| WOLVERINE TRADING, LLC new | 69,683 | $575K | 1.0% | 2025-Q3 stale (3 quarters behind) |
| Corient Private Wealth LLC trimmed | 25,000 | $205K | 0.4% | 2025-Q3 stale (3 quarters behind) |
| Pinnacle Family Advisors, LLC trimmed | 18,467 | $152K | 0.3% | 2025-Q3 stale (3 quarters behind) |
| HOWARD FINANCIAL SERVICES, LTD. new | 15,000 | $123K | 0.2% | 2025-Q3 stale (3 quarters behind) |
| Advisory Resource Group added | 10,238 | $84K | 0.2% | 2025-Q3 stale (3 quarters behind) |
| OPTIMUM INVESTMENT ADVISORS | 2,200 | $18K | 0.0% | 2025-Q3 stale (3 quarters behind) |
| OSAIC HOLDINGS, INC. added | 746 | $6K | 0.0% | 2025-Q3 stale (3 quarters behind) |
| Global Retirement Partners, LLC | 9 | $74 | 0.0% | 2025-Q3 stale (3 quarters behind) |
| Smithfield Trust Co new | 506,780 | $6M | 10.9% | 2025-Q2 stale (4 quarters behind) |
| IMC-Chicago, LLC trimmed | 107,249 | $1M | 2.3% | 2025-Q2 stale (4 quarters behind) |
| Hamilton Wealth, LLC added | 41,638 | $494K | 0.9% | 2025-Q2 stale (4 quarters behind) |
| VERUS CAPITAL PARTNERS, LLC new | 10,000 | $119K | 0.2% | 2025-Q2 stale (4 quarters behind) |
| CONCOURSE FINANCIAL GROUP SECURITIES, INC. | 0 | — | 0.0% | 2025-Q2 stale (4 quarters behind) |
Ownership over time
Tracked institutional holder count and total shares held by filing quarter (independent scales). The curated-era tail and any mid-ingest latest quarter are handled honestly — a partial quarter is not drawn as a collapse.
Reading this table
Funds hold the same stock for different reasons — an index fund “holds” almost everything, an active manager sizes a name to a mandate and a benchmark, and each fund entered at its own price and time. Because 13F is filed up to 45 days after quarter-end, every row is a backward-looking snapshot; a manager may have traded since. Share-class siblings (a company’s A and C shares) are rolled up to one line so a dual-class name is never double-counted. Compare like-for-like. A large holder is not an endorsement, and a fund exiting is not a warning — this is a starting question, not a verdict.
About 13F filings
A Form 13F is a quarterly disclosure that institutional investment managers with over $100 million in US-listed equities must file with the SEC. In plain English: it is a snapshot of the long stock positions a fund held at the end of a quarter. It covers long US-listed equities only — not short positions, options, cash, or private holdings — and the funds shown are the large sample we track, not the complete 13F universe.