Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

Direxion Shares ETF Trust (SPXS)

31 + Investors. Track Smart Money conviction in SPXS. See who's accumulating, reducing, or initiating positions.

Current Price
-- USD
Analyst Target
-- (0 analysts)
Upside
0.00%
Net Flow Q/Q
↓ -3
Streak
3Q ▼
Buyers last Q
47%

Smart Money Signals — SPXS

Based on 31 hedge funds · latest filing: 2026 Q1 · updated quarterly

📉

Selling streak — 3 quarters in a row

last 6Q
For 3 consecutive quarters, more hedge funds reduced or closed their SPXS positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🔻

Below peak — only 60% of 3.0Y high

60% of all-time peak
Only 31 funds hold SPXS today versus a peak of 52 funds at 2023 Q3 — just 60% of the maximum. Low institutional ownership can mean the stock is out of favor, but it also means there's a large pool of potential buyers if sentiment turns.
📉

Outflows — 38% fewer funds vs a year ago

fund count last 6Q
19 fewer hedge funds hold SPXS compared to a year ago (-38% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠

More sellers than buyers — 47% buying

22 buying25 selling
Last quarter: 25 funds reduced or exited vs 22 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
➡️

Steady new buyers — ~14 new funds per quarter

new funds entering per quarter
Funds opening this position for the first time: 16 → 16 → 13 → 14. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒

55% of holders stayed for 2+ years

■ 55% conviction (2yr+) ■ 10% medium ■ 35% new
17 out of 31 hedge funds have held SPXS for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.
💰

Value +89% but shares only +63% — price-driven

Value
+88%
Shares
+62%
Last quarter: the total dollar value of institutional holdings rose +89%, but actual share count only changed +63%. The gap is explained by the stock's price rising — not new buying. Strong value growth with weak share growth means the rally is price momentum, not fresh institutional demand.
📊

Peak discovery — momentum slowing

18 → 16 → 16 → 13 → 14 new funds/Q
New funds entering each quarter: 16 → 16 → 13 → 14. SPXS is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🏛️

Veteran-anchored — 65% veterans vs 27% newcomers

■ 65% veterans ■ 8% 1-2yr ■ 27% new
Entry-cohort mix of 37 holders: 24 (65%) are 2+ year veterans, 3 entered 1–2 years ago, and 10 (27%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
📋

Smaller funds dominant — 11% AUM from top-100

11% from top-100 AUM funds
7 of 29 holders rank in the top 100 by AUM, but together hold only 11% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
2.0
out of 10
Low Exit Risk
Exit risk score 2.0/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.

Methodology note: these Smart Money cards use consecutive 13F disclosure snapshots, not trade-by-trade execution data. "Buying", "selling", "new holders", and "trimmed" refer to quarter-over-quarter changes in reported holders, aggregate shares, or disclosed position values between filings. They are useful for ownership regime analysis and crowding, but they do not imply exact trade timing on the filing date.

Institutional Sentiment Summary — SPXS

In 2026 Q1, 22 hedge funds were net buyers of SPXS (14 opened a new position, 8 added to an existing one), while 25 reduced or exited (8 trimmed, 17 sold completely) — a 47% buyer ratio, indicating roughly balanced activity. This extends a 3-quarter selling streak, suggesting sustained institutional caution. Net fund flow last quarter: -3 funds (more exits than new entries). Total institutional holders: 31.

Hedge Fund Ownership: SPXS

How many hedge funds hold SPXS — quarterly history vs. share price
Quarterly hedge fund ownership of SPXS vs. share price

Market Analysis: SPXS

Analyst Price Targets

Avg. Price Target
--

Analyst Recommendations

Stock Performance

Real-time

Company Profile: SPXS

-- --

Institutional ownership data sourced from SEC EDGAR Form 13F-HR filings.

Is It Too Late to Buy Direxion Shares ETF Trust (SPXS) Based on Hedge Fund 13F Filings?

Signal Freshness measures how much SPXS has moved relative to its sector benchmark (SPY) since the 2026 Q1 13F filing. A stock that has barely outrun its sector is still a relatively fresh entry point — the fund's thesis has not yet been priced in by the broader market.

Since Quarter End March 31, 2026 · 79d ago
SPXS
-34.1%
SPY
+13.9%

SPXS outperformed SPY by -48.0% since March 31, 2026.

Since 13F Filing Date May 15, 2026 · 34d ago
SPXS
-3.7%
SPY
+0.2%

Since the filing became public, SPXS outperformed SPY by -3.9% .

Interpretation: The stock is tracking its sector benchmark closely. The signal remains fresh and the entry point is still near the fund's implied reference. Learn more →

Smart Money Signal ?
Limited Smart Money Interest

No strong consensus or elite conviction detected among institutional holders.

3 top-rated funds 2 high-conviction
Consensus
2.6
/ 10
breadth
×
Elite
2.2
/ 10
conviction
Hedge Fund Positioning: SPXS
31 + Investors

Track Smart Money conviction in SPXS. See who's accumulating, reducing, or initiating positions.

Metric All 13F Filers (2026 Q1) Prior (2025 Q4) Change
Funds Holding 31 34 -8.82%
13F Shares 6M 4M 62.61%
Total Value $244M $129M 88.54%
New Positions 14 13 +1
Increased Positions 6 7 -1
Closed Positions 17 20 -3
Reduced Positions 7 10 -3
Total Calls 4 5 -20.0%
Total Puts 4 4 -
PUT/CALL Ratio 1.0 0.8 Neutral

Statistics: SPXS

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Valuation Measures Data as of: --

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PEG Ratio (5yr expected) --
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Enterprise Value/EBITDA --
Beta (5Y Monthly) --
Short Ratio (Days to Cover) --
Short % of Float --

Financial Highlights

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Institutional Holders (2026 Q1)

31 + investors

Explore institutional interest and hedge fund ownership dynamics. Analyze portfolio weights, new positions, and conviction trends in SPXS. Verified SEC 13F-HR filings.

QUARTER:
Top 25 SPXS holders by conviction (% of portfolio weight) — 2026 Q1 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 Revere Asset Management, Inc 4.83% 232,731 $9.4M
2 Gainplan LLC 1.68% 55,500 $2.2M
3 PayPay Securities Corp 1.58% 1,413 $45K
4 Hamilton Wealth, LLC 1.36% 471,924 $19.1M
5 Lazari Capital Management, INC. 0.27% 19,300 $781K
6 Kiker Wealth Management, LLC 0.12% 6,000 $243K
7 Game Plan Financial Advisors, LLC 0.09% 4,750 $192K
8 XTX Topco Ltd 0.04% 54,253 $2.2M
9 SBI Securities Co., Ltd. 0.03% 30,766 $1.2M
10 Guardian Partners Inc. 0.02% 5,001 $203K
11 IMC-Chicago, LLC 0.02% 1,069,475 $43.3M
12 Susquehanna International Group, LLP 0.01% 2,316,900 $93.8M
13 Group One Trading LLC 0.00% 53,644 $2.2M
14 Westend Capital Management, LLC 0.00% 313 $13K
15 Susquehanna International Group, LLP 0.00% 754,600 $30.6M
16 Citadel Advisors LLC 0.00% 281,670 $11.4M
17 Orion Porfolio Solutions, LLC 0.00% 5,000 $202K
18 Citadel Advisors LLC 0.00% 203,700 $8.2M
19 Simplex Trading, LLC 0.00% 46,469 $1.9M
20 Jane Street Group, LLC 0.00% 108,190 $4.4M
21 Susquehanna International Group, LLP 0.00% 122,517 $5.0M
22 HighTower Advisors, LLC 0.00% 10,789 $437K
23 Belvedere Trading LLC 0.00% 9,129 $370K
24 Belvedere Trading LLC 0.00% 8,900 $360K
25 Jane Street Group, LLC 0.00% 42,850 $1.7M
Investor Ownership
History 		% of Portfolio Prev % Rank Conviction Avg Buy Price 13F Score™ 3Y / 7Y Sell Timing Shares Mkt Value Change Change % Source Quarter Filed

Frequently Asked Questions — Direxion Shares ETF Trust (SPXS)

What does the Smart Money Trend signal show for SPXS?

Selling streak — 3 quarters in a row: For 3 consecutive quarters, more hedge funds reduced or closed their SPXS positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.

What is the institutional breadth score for SPXS?

More sellers than buyers — 47% buying: Last quarter: 25 funds reduced or exited vs 22 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.

What is the fund quality score for SPXS holders?

Smaller funds dominant — 11% AUM from top-100: 7 of 29 holders rank in the top 100 by AUM, but together hold only 11% of total institutional value. The stock is held primarily by smaller and mid-sized funds.

How long have hedge funds held SPXS?

55% of holders stayed for 2+ years: 17 out of 31 hedge funds have held SPXS for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.

Is it too late to buy Direxion Shares ETF Trust (SPXS) following the 2026 Q1 hedge fund 13F filings?

As of today, SPXS has moved -3.7% since the 2026 Q1 13F filing date (May 15, 2026), compared to +0.2% for the SPY sector ETF — an outperformance of -3.9%. Since the quarter end (March 31, 2026), SPXS has gained -34.1% vs +13.9% for SPY. The stock is tracking its sector benchmark closely. The signal remains fresh and the entry point is still near the fund's implied reference.

Where does this institutional ownership data come from?

All holdings data is sourced from SEC Form 13F filings, which institutional investment managers with over $100 million in assets are required to submit quarterly. Data is parsed directly from SEC EDGAR.

Disclaimer: The information on this page is for informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Institutional holdings data is sourced from SEC Form 13F filings and reflects positions as of the filing date. Past performance of any fund or portfolio is not indicative of future results. 13Foresight is not a registered investment adviser. Always conduct your own due diligence before making investment decisions.

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