Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

Direxion Shares ETF Trust (TZA)

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

Current Price
-- USD
Analyst Target
-- (0 analysts)
Upside
0.00%
Net Flow Q/Q
↑ +2
Streak
1Q ▲
Buyers last Q
60%

Smart Money Signals — TZA

Based on 37 hedge funds · latest filing: 2026 Q1 · updated quarterly

📈

Buying streak — 1 quarter in a row

last 6Q
For 1 consecutive quarter, more hedge funds added TZA than sold it. That's a consistent pattern of professional buying — not a one-time trade. When institutions keep buying quarter after quarter, it usually means they see a multi-year opportunity, not just a short-term momentum flip.
📊

High ownership — 84% of 3.0Y peak

84% of all-time peak
37 funds currently hold this stock — 84% of the 3.0-year high of 44 funds (reached 2023 Q2). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📉

Outflows — 5% fewer funds vs a year ago

fund count last 6Q
2 fewer hedge funds hold TZA compared to a year ago (-5% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟢

More buyers than sellers — 60% buying

25 buying17 selling
Last quarter: 25 funds were net buyers (12 opened a brand new position + 13 added to an existing one). Only 17 were sellers (7 trimmed + 10 sold completely). A clear majority buying is a strong confirmation signal.
➡️

Steady new buyers — ~12 new funds per quarter

new funds entering per quarter
Funds opening this position for the first time: 11 → 11 → 8 → 12. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒

68% of holders stayed for 2+ years

■ 68% conviction (2yr+) ■ 19% medium ■ 14% new
25 out of 37 hedge funds have held TZA 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.
💎

Buying through price weakness — shares +34%, value +18%

Value
+18%
Shares
+33%
Last quarter: funds added +34% more shares while total portfolio value only changed +18%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️

Steady discovery — ~12 new funds/quarter

11 → 11 → 11 → 8 → 12 new funds/Q
New funds entering each quarter: 11 → 11 → 8 → 12. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️

Veteran-anchored — 74% veterans vs 16% newcomers

■ 74% veterans ■ 9% 1-2yr ■ 16% new
Entry-cohort mix of 43 holders: 32 (74%) are 2+ year veterans, 4 entered 1–2 years ago, and 7 (16%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆

Elite ownership — 59% AUM from top-100 funds

59% from top-100 AUM funds
11 of 36 holders are among the 100 largest funds by AUM, controlling 59% of total institutional value in TZA. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
2.5
out of 10
Low Exit Risk
Exit risk score 2.5/10 — 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 — TZA

In 2026 Q1, 25 hedge funds were net buyers of TZA (12 opened a new position, 13 added to an existing one), while 17 reduced or exited (7 trimmed, 10 sold completely) — a 60% buyer ratio, indicating clear institutional accumulation. 59% of total institutional value in TZA is held by top-100 AUM funds, reflecting elite-tier ownership quality. Net fund flow last quarter: +2 funds (more new holders than closures). Total institutional holders: 37.

Hedge Fund Ownership: TZA

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

Market Analysis: TZA

Analyst Price Targets

Avg. Price Target
--

Analyst Recommendations

Stock Performance

Real-time

Company Profile: TZA

-- --

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

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

Signal Freshness measures how much TZA 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 · 84d ago
TZA
-44.1%
SPY
+14.9%

TZA outperformed SPY by -59.0% since March 31, 2026.

Since 13F Filing Date May 15, 2026 · 39d ago
TZA
-20.9%
SPY
+1.1%

Since the filing became public, TZA outperformed SPY by -22.0% .

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 0 high-conviction
Consensus
2.6
/ 10
breadth
×
Elite
0.1
/ 10
conviction
Hedge Fund Positioning: TZA
37 + Investors

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

Metric All 13F Filers (2026 Q1) Prior (2025 Q4) Change
Funds Holding 37 35 5.71%
13F Shares 10M 7M 33.9%
Total Value $65M $55M 18.37%
New Positions 12 8 +4
Increased Positions 13 10 +3
Closed Positions 10 16 -6
Reduced Positions 5 8 -3
Total Calls 3 4 -25.0%
Total Puts 4 4 -
PUT/CALL Ratio 1.33 1.0 Bearish

Statistics: TZA

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Valuation Measures Data as of: --

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PEG Ratio (5yr expected) --
Price/Sales (ttm) --
Price/Book (mrq) --
Enterprise Value/Revenue --
Enterprise Value/EBITDA --
Beta (5Y Monthly) --
Short Ratio (Days to Cover) --
Short % of Float --

Financial Highlights

Profitability
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Income Statement & Cash Flow
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Net Income Avi to Common (ttm) --
Diluted EPS (ttm) --
Total Cash (mrq) --
Total Debt/Equity (mrq) --
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Institutional Holders (2026 Q1)

37 + investors

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

QUARTER:
Top 25 TZA holders by conviction (% of portfolio weight) — 2026 Q1 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 Two Sigma Securities, LLC 0.13% 157,444 $1.1M
2 Scientech Research LLC 0.12% 21,209 $149K
3 Astra Wealth Partners LLC 0.07% 16,300 $114K
4 Headlands Technologies LLC 0.05% 61,186 $430K
5 Jump Financial, LLC 0.04% 379,434 $2.7M
6 Choreo, LLC 0.03% 324,419 $2.3M
7 XTX Topco Ltd 0.03% 224,019 $1.6M
8 Bourgeon Capital Management LLC 0.02% 20,000 $140K
9 IPG Investment Advisors LLC 0.02% 15,000 $105K
10 StoneX Group Inc. 0.02% 47,624 $335K
11 Highline Wealth Partners LLC 0.01% 3,700 $26K
12 SBI Securities Co., Ltd. 0.01% 34,132 $240K
13 DRW Securities, LLC 0.00% 48,615 $341K
14 Group One Trading LLC 0.00% 253,630 $1.8M
15 Hrt Financial LP 0.00% 143,450 $1.0M
16 Squarepoint Ops LLC 0.00% 231,290 $1.6M
17 Citadel Advisors LLC 0.00% 1,200,834 $8.4M
18 Susquehanna International Group, LLP 0.00% 1,611,100 $11.3M
19 Citadel Advisors LLC 0.00% 942,400 $6.6M
20 City State Bank 0.00% 500 $4K
21 Citadel Advisors LLC 0.00% 618,800 $4.3M
22 Jane Street Group, LLC 0.00% 739,994 $5.2M
23 Tower Research Capital LLC (TRC) 0.00% 3,328 $23K
24 UBS Group AG 0.00% 503,272 $3.5M
25 Jane Street Group, LLC 0.00% 380,400 $2.7M
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 (TZA)

What does the Smart Money Trend signal show for TZA?

Buying streak — 1 quarter in a row: For 1 consecutive quarter, more hedge funds added TZA than sold it. That's a consistent pattern of professional buying — not a one-time trade. When institutions keep buying quarter after quarter, it usually means they see a multi-year opportunity, not just a short-term momentum flip.

What is the institutional breadth score for TZA?

More buyers than sellers — 60% buying: Last quarter: 25 funds were net buyers (12 opened a brand new position + 13 added to an existing one). Only 17 were sellers (7 trimmed + 10 sold completely). A clear majority buying is a strong confirmation signal.

What is the fund quality score for TZA holders?

Elite ownership — 59% AUM from top-100 funds: 11 of 36 holders are among the 100 largest funds by AUM, controlling 59% of total institutional value in TZA. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.

How long have hedge funds held TZA?

68% of holders stayed for 2+ years: 25 out of 37 hedge funds have held TZA 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 (TZA) following the 2026 Q1 hedge fund 13F filings?

As of today, TZA has moved -20.9% since the 2026 Q1 13F filing date (May 15, 2026), compared to +1.1% for the SPY sector ETF — an outperformance of -22.0%. Since the quarter end (March 31, 2026), TZA has gained -44.1% vs +14.9% 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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