It should be both.
It needs to be castable on the entire party before a jump, too.
Ideally it wouldn't need to because as soon as any creature in range is falling from a hight that could potentially harm them the reaction option should pop up.
Ideally.
Having it as a free action outside of combat so that when you enter combat by jumping at your enemies from a great hight your bonus action isn't depleted would also be acceptable.
