Capital Markets Trading UK LLP

Reported holdings as of Q2 2026, from 31 quarterly filings.

This filer last reported in Q2 2026; the most recent quarter on file across all filers is Q3 2026. Firms that restructure stop filing under one CIK and start under another, so a successor entity may hold these positions now under a similar name.

CIK

1719165

Reported value

$10.4B

Positions

351

Top 10 weight

41.1%

Filed

2026-08-13

Days after quarter end

Holdings

Download these holdings as CSV

Security	Ticker	Value	Shares	Weight	Weight change	Held	Change
MICRON TECHNOLOGY INC PUT	MU	$1.0B	options only	9.62%	+6.33pp	25q	OPTIONS
ISHARES INC CALL	TUR	$547.0M	options only	5.24%	-0.71pp	16q	OPTIONS
ISHARES INC PUT	TUR	$501.8M	options only	4.81%	-0.78pp	17q	OPTIONS
INTEL CORP PUT	INTC	$490.5M	options only	4.70%	+2.11pp	31q	OPTIONS
ADVANCED MICRO DEVICES INC PUT	AMD	$375.3M	options only	3.60%	+1.62pp	31q	OPTIONS
MICROSOFT CORP PUT	MSFT	$347.3M	options only	3.33%	-1.93pp	31q	OPTIONS
MICROSOFT CORP CALL	MSFT	$337.8M	options only	3.24%	-0.66pp	31q	OPTIONS
INTEL CORP CALL	INTC	$247.9M	options only	2.38%	+1.01pp	31q	OPTIONS
NVIDIA CORPORATION CALL	NVDA	$222.3M	options only	2.13%	-0.18pp	18q	OPTIONS
TAIWAN SEMICONDUCTOR MANUFAC PUT	TSM	$210.3M	options only	2.02%	-0.40pp	5q	OPTIONS
NVIDIA CORPORATION PUT	NVDA	$181.1M	options only	1.74%	-0.97pp	18q	OPTIONS
CATERPILLAR INC CALL	CAT	$174.8M	options only	1.68%	+0.36pp	13q	OPTIONS
TESLA INC PUT	TSLA	$172.0M	options only	1.65%	-1.03pp	31q	OPTIONS
MICRON TECHNOLOGY INC CALL	MU	$168.5M	options only	1.62%	+0.51pp	31q	OPTIONS
MARVELL TECHNOLOGY INC PUT	MRVL	$163.8M	options only	1.57%	+1.01pp	14q	OPTIONS
BROADCOM INC PUT	AVGO	$151.0M	options only	1.45%	-0.82pp	30q	OPTIONS
ADVANCED MICRO DEVICES INC CALL	AMD	$143.3M	options only	1.37%	-0.22pp	31q	OPTIONS
AMAZON COM INC CALL	AMZN	$140.3M	options only	1.34%	-0.19pp	12q	OPTIONS
META PLATFORMS INC PUT	META	$127.4M	options only	1.22%	+0.04pp	15q	OPTIONS
META PLATFORMS INC CALL	META	$112.3M	options only	1.08%	+0.13pp	31q	OPTIONS
ISHARES TR CALL	IWM	$109.9M	options only	1.05%	+0.61pp	17q	OPTIONS
TESLA INC CALL	TSLA	$107.4M	options only	1.03%	-1.51pp	31q	OPTIONS
BOEING CO CALL	BA	$106.3M	options only	1.02%	+0.39pp	26q	OPTIONS
ALPHABET INC CALL	GOOG	$106.1M	options only	1.02%	-0.36pp	16q	OPTIONS
TAIWAN SEMICONDUCTOR MANUFAC CALL	TSM	$105.1M	options only	1.01%	-0.10pp	5q	OPTIONS
VANECK ETF TRUST PUT	SMH	$103.1M	options only	0.99%	-1.07pp	31q	OPTIONS
ISHARES TR PUT	IWM	$101.4M	options only	0.97%	+0.38pp	16q	OPTIONS
SPDR GOLD TR PUT	GLD	$101.2M	options only	0.97%	+0.04pp	2q	OPTIONS
CATERPILLAR INC PUT	CAT	$96.9M	options only	0.93%	-0.17pp	13q	OPTIONS
AMAZON COM INC PUT	AMZN	$94.5M	options only	0.91%	-0.66pp	31q	OPTIONS
KLA CORP PUT	KLAC	$90.8M	options only	0.87%	+0.81pp	3q	OPTIONS
QUALCOMM INC PUT	QCOM	$77.8M	options only	0.75%	+0.59pp	31q	OPTIONS
PETROLEO BRASILEIRO S A CALL	PBR	$76.5M	options only	0.73%	+0.06pp	8q	OPTIONS
SPDR GOLD TR CALL	GLD	$67.9M	options only	0.65%	-0.11pp	2q	OPTIONS
BOEING CO PUT	BA	$64.4M	options only	0.62%	-0.18pp	24q	OPTIONS
ALPHABET INC PUT	GOOG	$63.4M	options only	0.61%	-0.34pp	16q	OPTIONS
ARM HOLDINGS PLC PUT	ARM	$62.4M	options only	0.60%	+0.34pp	12q	OPTIONS
FREEPORT-MCMORAN INC CALL	FCX	$58.6M	options only	0.56%	-0.21pp	31q	OPTIONS
DELTA AIR LINES INC CALL	DAL	$55.7M	options only	0.53%	+0.42pp	31q	OPTIONS
INVESCO QQQ TR PUT	QQQ	$51.5M	options only	0.49%	+0.09pp	2q	OPTIONS
BROADCOM INC CALL	AVGO	$50.5M	options only	0.48%	-0.67pp	25q	OPTIONS
PETROLEO BRASILEIRO S A PUT	PBR	$50.5M	options only	0.48%	-0.11pp	30q	OPTIONS
FREEPORT-MCMORAN INC PUT	FCX	$49.1M	options only	0.47%	+0.03pp	31q	OPTIONS
KRANESHARES TRUST CALL	KWEB	$49.0M	options only	0.47%	-0.16pp	4q	OPTIONS
VALE S A PUT	VALE	$47.6M	options only	0.46%	-0.07pp	25q	OPTIONS
VANECK ETF TRUST CALL	SMH	$46.6M	options only	0.45%	-0.24pp	31q	OPTIONS
ROUNDHILL ETF TRUST PUT	COIW	$46.0M	options only	0.44%	-	new	OPTIONS
MARVELL TECHNOLOGY INC CALL	MRVL	$45.3M	options only	0.43%	+0.07pp	14q	OPTIONS
CHEVRON CORPORATION CALL	CVX	$42.6M	options only	0.41%	-0.20pp	31q	OPTIONS
ELI LILLY & CO CALL	LLY	$42.5M	options only	0.41%	+0.08pp	4q	OPTIONS
EXXON MOBIL CORP PUT	XOMXXXX	$41.2M	options only	0.40%	-0.03pp	31q	OPTIONS
VALE S A CALL	VALE	$39.2M	options only	0.38%	-0.11pp	25q	OPTIONS
AIRBNB INC CALL	ABNB	$38.4M	options only	0.37%	-0.11pp	22q	OPTIONS
SHOPIFY INC PUT	SHOP	$37.8M	options only	0.36%	-0.12pp	14q	OPTIONS
CROWDSTRIKE HLDGS INC CALL	CRWD	$37.5M	options only	0.36%	+0.12pp	13q	OPTIONS
PALANTIR TECHNOLOGIES INC PUT	PLTR	$37.3M	options only	0.36%	-0.61pp	23q	OPTIONS
UNITED AIRLS HLDGS INC CALL	UAL	$37.0M	options only	0.35%	+0.13pp	31q	OPTIONS
DELTA AIR LINES INC PUT	DAL	$36.7M	options only	0.35%	+0.18pp	31q	OPTIONS
PALANTIR TECHNOLOGIES INC CALL	PLTR	$36.6M	options only	0.35%	-0.45pp	23q	OPTIONS
PFIZER INC CALL	PFE	$34.4M	options only	0.33%	-0.04pp	13q	OPTIONS
PDD HOLDINGS INC CALL	PDD	$32.8M	options only	0.31%	-0.19pp	18q	OPTIONS
SNOWFLAKE INC CALL	SNOW	$31.3M	options only	0.30%	+0.06pp	18q	OPTIONS
SHOPIFY INC CALL	SHOP	$31.1M	options only	0.30%	-0.24pp	13q	OPTIONS
EXXON MOBIL CORP CALL	XOMXXXX	$30.9M	options only	0.30%	-0.21pp	31q	OPTIONS
KRANESHARES TRUST PUT	KWEB	$30.5M	options only	0.29%	-0.10pp	4q	OPTIONS
UNITED AIRLS HLDGS INC PUT	UAL	$29.8M	options only	0.29%	-0.04pp	31q	OPTIONS
NEWMONT CORP PUT	NEM	$29.7M	options only	0.28%	+0.05pp	31q	OPTIONS
CROWDSTRIKE HLDGS INC PUT	CRWD	$28.9M	options only	0.28%	+0.01pp	13q	OPTIONS
QUALCOMM INC CALL	QCOM	$28.7M	options only	0.28%	+0.11pp	31q	OPTIONS
FORD MTR CO CALL	F	$28.3M	options only	0.27%	+0.15pp	31q	OPTIONS
ELI LILLY & CO PUT	LLY	$28.2M	options only	0.27%	-0.10pp	4q	OPTIONS
FORD MTR CO PUT	F	$27.2M	options only	0.26%	-0.05pp	31q	OPTIONS
UNITEDHEALTH GROUP INC CALL	UNH	$26.9M	options only	0.26%	-0.04pp	5q	OPTIONS
AMERICAN AIRLINES GROUP INC CALL	AAL	$25.8M	options only	0.25%	+0.11pp	31q	OPTIONS
INVESCO QQQ TR CALL	QQQ	$25.8M	options only	0.25%	-	new	OPTIONS
NEWMONT CORP CALL	NEM	$25.6M	options only	0.25%	-0.10pp	31q	OPTIONS
BANK OF AMER CORP CALL	BACPRB	$25.4M	options only	0.24%	+0.15pp	31q	OPTIONS
CARNIVAL CORP LTD PUT	CCL	$25.3M	options only	0.24%	-	new	OPTIONS
RIVIAN AUTOMOTIVE INC PUT	RIVN	$25.3M	options only	0.24%	+0.04pp	7q	OPTIONS
BLOCK INC PUT	XYZ	$25.1M	options only	0.24%	-0.06pp	31q	OPTIONS
SANDISK CORP PUT	SNDK	$25.0M	options only	0.24%	-	new	OPTIONS
TARGET CORP CALL	TGT	$24.7M	options only	0.24%	-0.12pp	15q	OPTIONS
PALO ALTO NETWORKS INC PUT	PANW	$24.6M	options only	0.24%	+0.03pp	12q	OPTIONS
NIO INC PUT	NIO	$24.5M	options only	0.23%	-0.68pp	25q	OPTIONS
CARNIVAL CORP LTD CALL	CCL	$23.9M	options only	0.23%	-	new	OPTIONS
UNITEDHEALTH GROUP INC PUT	UNH	$23.5M	options only	0.23%	-0.12pp	5q	OPTIONS
AMERICAN AIRLINES GROUP INC PUT	AAL	$23.4M	options only	0.22%	-0.01pp	31q	OPTIONS
CISCO SYS INC CALL	CSCO	$23.4M	options only	0.22%	+0.09pp	26q	OPTIONS
TEVA PHARMACEUTICAL INDS LTD CALL	TEVA	$23.1M	options only	0.22%	-0.05pp	25q	OPTIONS
KLA CORP CALL	KLAC	$22.6M	options only	0.22%	+0.21pp	3q	OPTIONS
TARGET CORP PUT	TGT	$22.2M	options only	0.21%	-0.13pp	15q	OPTIONS
LULULEMON ATHLETICA INC PUT	LULU	$21.8M	options only	0.21%	-0.23pp	8q	OPTIONS
CHEVRON CORPORATION PUT	CVX	$21.2M	options only	0.20%	+0.14pp	31q	OPTIONS
CISCO SYS INC PUT	CSCO	$21.1M	options only	0.20%	+0.03pp	3q	OPTIONS
BLOCK INC CALL	XYZ	$20.4M	options only	0.20%	-0.02pp	31q	OPTIONS
AIRBNB INC PUT	ABNB	$20.1M	options only	0.19%	-0.17pp	23q	OPTIONS
SNOWFLAKE INC PUT	SNOW	$19.9M	options only	0.19%	+0.01pp	10q	OPTIONS
CITIGROUP INC PUT	CPRR	$19.8M	options only	0.19%	-0.01pp	31q	OPTIONS
DELL TECHNOLOGIES INC CALL	DELL	$19.6M	options only	0.19%	+0.15pp	4q	OPTIONS
PAYPAL HLDGS INC CALL	PYPL	$17.6M	options only	0.17%	+0.05pp	12q	OPTIONS
APPLIED MATLS INC PUT	AMAT	$17.4M	options only	0.17%	+0.07pp	18q	OPTIONS
SALESFORCE INC CALL	CRM	$17.2M	options only	0.16%	-0.05pp	13q	OPTIONS
HOME DEPOT INC CALL	HD	$16.6M	options only	0.16%	+0.06pp	10q	OPTIONS
INTERNATIONAL BUSINESS MACHS PUT	IBM	$16.6M	options only	0.16%	flat	13q	OPTIONS
ASML HLDG NV PUT	ASML	$15.9M	options only	0.15%	+0.10pp	4q	OPTIONS
APPLE INC PUT	AAPL	$15.9M	options only	0.15%	-0.20pp	31q	OPTIONS
NU HLDGS LTD CALL	NU	$15.7M	options only	0.15%	+0.10pp	6q	OPTIONS
WELLS FARGO & CO PUT	WFC	$15.7M	options only	0.15%	-0.03pp	31q	OPTIONS
PDD HOLDINGS INC PUT	PDD	$15.4M	options only	0.15%	-0.38pp	18q	OPTIONS
INTERNATIONAL BUSINESS MACHS CALL	IBM	$15.1M	options only	0.14%	-0.07pp	15q	OPTIONS
TEVA PHARMACEUTICAL INDS LTD PUT	TEVA	$14.7M	options only	0.14%	-0.15pp	25q	OPTIONS
NETFLIX INC CALL	NFLX	$14.6M	options only	0.14%	+0.12pp	31q	OPTIONS
WALMART INC CALL	WMT	$14.4M	options only	0.14%	-0.15pp	15q	OPTIONS
WALMART INC PUT	WMT	$14.3M	options only	0.14%	-0.01pp	14q	OPTIONS
VISA INC PUT	V	$14.3M	options only	0.14%	-0.06pp	23q	OPTIONS
BANK OF AMER CORP PUT	BACPRB	$14.0M	options only	0.13%	flat	31q	OPTIONS
PALO ALTO NETWORKS INC CALL	PANW	$13.9M	options only	0.13%	+0.06pp	12q	OPTIONS
RIVIAN AUTOMOTIVE INC CALL	RIVN	$13.5M	options only	0.13%	+0.07pp	4q	OPTIONS
APPLE INC CALL	AAPL	$13.5M	options only	0.13%	-0.34pp	31q	OPTIONS
UBER TECHNOLOGIES INC CALL	UBER	$13.0M	options only	0.12%	+0.06pp	15q	OPTIONS
NETFLIX INC PUT	NFLX	$12.9M	options only	0.12%	+0.10pp	31q	OPTIONS
PFIZER INC PUT	PFE	$12.8M	options only	0.12%	-0.06pp	13q	OPTIONS
MODERNA INC PUT	MRNA	$12.7M	options only	0.12%	-	new	OPTIONS
NIKE INC PUT	NKE	$12.5M	options only	0.12%	-0.13pp	10q	OPTIONS
GOLDMAN SACHS GROUP INC CALL	GS	$12.5M	options only	0.12%	-0.09pp	2q	OPTIONS
VANECK ETF TRUST	SMH	$12.5M	19,000	0.12%	+0.09pp	8q	+201.3%+$8.3M
JD.COM INC CALL	JD	$12.3M	options only	0.12%	-0.16pp	26q	OPTIONS
APPLIED MATLS INC CALL	AMAT	$11.9M	options only	0.11%	+0.10pp	2q	OPTIONS
LAM RESEARCH CORP CALL	LRCX	$11.9M	options only	0.11%	+0.07pp	4q	OPTIONS
SERVICENOW INC PUT	NOW	$11.9M	options only	0.11%	-	new	OPTIONS
MORGAN STANLEY CALL	MS	$11.9M	options only	0.11%	+0.11pp	31q	OPTIONS
JD.COM INC PUT	JD	$11.4M	options only	0.11%	-0.14pp	26q	OPTIONS
GOLDMAN SACHS GROUP INC PUT	GS	$11.3M	options only	0.11%	-0.24pp	2q	OPTIONS
ADOBE INC PUT	ADBE	$11.0M	options only	0.11%	+0.02pp	18q	OPTIONS
FREEPORT-MCMORAN INC	FCX	$11.0M	175,180	0.11%	+0.04pp	13q	+99.4%+$5.5M
GE VERNOVA INC CALL	GEV	$10.8M	options only	0.10%	+0.04pp	2q	OPTIONS
GE VERNOVA INC PUT	GEV	$10.7M	options only	0.10%	+0.03pp	3q	OPTIONS
UBER TECHNOLOGIES INC PUT	UBER	$10.5M	options only	0.10%	-0.06pp	15q	OPTIONS
ORACLE CORP PUT	ORCLPRD	$10.3M	options only	0.10%	+0.06pp	31q	OPTIONS
NOKIA CORP CALL	NOK	$10.2M	options only	0.10%	-	new	OPTIONS
BARRICK MNG CORP PUT	B	$10.1M	options only	0.10%	+0.03pp	5q	OPTIONS
ASTERA LABS INC PUT	ALAB	$9.4M	options only	0.09%	-	new	OPTIONS
FUTU HLDGS LTD PUT	FUTU	$9.0M	options only	0.09%	-0.08pp	14q	OPTIONS
MASTERCARD INCORPORATED CALL	MA	$8.8M	options only	0.08%	+0.07pp	23q	OPTIONS
BARRICK MNG CORP CALL	B	$8.7M	options only	0.08%	+0.02pp	5q	OPTIONS
SEAGATE TECHNOLOGY HLDNGS PL PUT	STX	$8.7M	options only	0.08%	+0.04pp	2q	OPTIONS
NIKE INC CALL	NKE	$8.7M	options only	0.08%	-0.10pp	10q	OPTIONS
DELL TECHNOLOGIES INC PUT	DELL	$8.6M	options only	0.08%	+0.06pp	6q	OPTIONS
NORWEGIAN CRUISE LINE HLDGS CALL	NCLH	$8.4M	options only	0.08%	-0.10pp	20q	OPTIONS
UNITED PARCEL SVCS INC CALL	UPS	$8.3M	options only	0.08%	-0.04pp	2q	OPTIONS
LULULEMON ATHLETICA INC CALL	LULU	$7.9M	options only	0.08%	-0.04pp	8q	OPTIONS
ISHARES INC	EWZ	$7.8M	226,855	0.08%	-0.10pp	8q	-38.5%-$4.9M
SELECT SECTOR SPDR TR PUT	XLU	$7.5M	options only	0.07%	-0.01pp	6q	OPTIONS
HOME DEPOT INC PUT	HD	$7.4M	options only	0.07%	-0.07pp	9q	OPTIONS
NIO INC CALL	NIO	$7.4M	options only	0.07%	-0.15pp	25q	OPTIONS
AMERICAN EXPRESS CO CALL	AXP	$7.2M	options only	0.07%	+0.06pp	14q	OPTIONS
SALESFORCE INC PUT	CRM	$6.8M	options only	0.07%	-0.09pp	14q	OPTIONS
SPACE EXPLORATION TECHN CORP PUT	SPCX	$6.7M	options only	0.06%	-	new	OPTIONS
ASTERA LABS INC CALL	ALAB	$6.7M	options only	0.06%	-	new	OPTIONS
CLOUDFLARE INC CALL	NET	$6.6M	options only	0.06%	+0.04pp	10q	OPTIONS
CITIGROUP INC CALL	CPRR	$6.6M	options only	0.06%	flat	31q	OPTIONS
NOVO-NORDISK A S PUT	NVO	$6.6M	options only	0.06%	+0.03pp	4q	OPTIONS
JPMORGAN CHASE & CO PUT	JPM	$6.3M	options only	0.06%	+0.03pp	31q	OPTIONS
SOFI TECHNOLOGIES INC CALL	SOFI	$6.1M	options only	0.06%	flat	17q	OPTIONS
AFFIRM HLDGS INC CALL	AFRM	$6.1M	options only	0.06%	+0.01pp	6q	OPTIONS
SERVICENOW INC CALL	NOW	$6.0M	options only	0.06%	-	new	OPTIONS
ANALOG DEVICES INC CALL	ADI	$5.6M	options only	0.05%	-0.03pp	2q	OPTIONS
AMERICAN EXPRESS CO PUT	AXP	$5.4M	options only	0.05%	-0.02pp	14q	OPTIONS
NOVO-NORDISK A S CALL	NVO	$5.4M	options only	0.05%	+0.01pp	4q	OPTIONS
SOFI TECHNOLOGIES INC PUT	SOFI	$5.4M	options only	0.05%	-0.03pp	14q	OPTIONS
GENERAL MTRS CO CALL	GM	$5.3M	options only	0.05%	-0.03pp	31q	OPTIONS
NVIDIA CORPORATION	NVDA	$5.3M	26,302	0.05%	+0.04pp	2q	+729.2%+$4.6M
MICROSOFT CORP	MSFT	$5.2M	13,997	0.05%	+0.01pp	14q	+82.5%+$2.4M
VERIZON COMMUNICATIONS INC CALL	VZ	$5.1M	options only	0.05%	-0.03pp	25q	OPTIONS
CVS HEALTH CORP PUT	CVS	$5.0M	options only	0.05%	+0.03pp	3q	OPTIONS
AFFIRM HLDGS INC PUT	AFRM	$5.0M	options only	0.05%	+0.01pp	6q	OPTIONS
ADOBE INC CALL	ADBE	$4.9M	options only	0.05%	-0.13pp	16q	OPTIONS
NIO INC	NIO	$4.9M	962,077	0.05%	+0.03pp	13q	+476.2%+$4.0M
ARM HOLDINGS PLC CALL	ARM	$4.8M	options only	0.05%	-0.08pp	12q	OPTIONS
ORACLE CORP CALL	ORCLPRD	$4.8M	options only	0.05%	+0.01pp	5q	OPTIONS
VISA INC CALL	V	$4.6M	options only	0.04%	-0.02pp	23q	OPTIONS
LAM RESEARCH CORP PUT	LRCX	$4.3M	options only	0.04%	+0.03pp	2q	OPTIONS
CONSTELLATION ENERGY CORP PUT	CEG	$4.3M	options only	0.04%	-	new	OPTIONS
SPDR GOLD TR	GLD	$4.2M	11,441	0.04%	+0.01pp	3q	+134.8%+$2.4M
PAYPAL HLDGS INC PUT	PYPL	$4.2M	options only	0.04%	-0.09pp	12q	OPTIONS
QUALCOMM INC	QCOM	$4.2M	22,505	0.04%	+0.04pp	4q	+771.6%+$3.7M
CVS HEALTH CORP CALL	CVS	$4.1M	options only	0.04%	flat	3q	OPTIONS
AST SPACEMOBILE INC PUT	ASTS	$4.1M	options only	0.04%	-0.09pp	4q	OPTIONS
VISTRA CORP PUT	VST	$4.1M	options only	0.04%	-	new	OPTIONS
VERIZON COMMUNICATIONS INC PUT	VZ	$4.0M	options only	0.04%	-0.01pp	25q	OPTIONS
KRANESHARES TRUST	KWEB	$4.0M	163,579	0.04%	+0.03pp	3q	+611.2%+$3.4M
AMERICAN INTL GROUP INC CALL	AIG	$4.0M	options only	0.04%	+0.02pp	12q	OPTIONS
CREDO TECHNOLOGY GROUP HOLDI PUT	CRDO	$3.9M	options only	0.04%	+0.02pp	2q	OPTIONS
THE TRADE DESK INC PUT	TTD	$3.9M	options only	0.04%	-0.02pp	3q	OPTIONS
NU HLDGS LTD PUT	NU	$3.9M	options only	0.04%	+0.01pp	4q	OPTIONS
ANALOG DEVICES INC PUT	ADI	$3.8M	options only	0.04%	-	new	OPTIONS
ROBINHOOD MKTS INC PUT	HOOD	$3.5M	options only	0.03%	flat	6q	OPTIONS
INTEL CORP	INTC	$3.5M	25,247	0.03%	-	new	NEW
THE TRADE DESK INC CALL	TTD	$3.5M	options only	0.03%	-0.02pp	3q	OPTIONS
NXP SEMICONDUCTORS N V PUT	NXPI	$3.4M	options only	0.03%	+0.01pp	2q	OPTIONS
JPMORGAN CHASE & CO CALL	JPM	$3.3M	options only	0.03%	+0.02pp	31q	OPTIONS
SUPER MICRO COMPUTER INC PUT	SMCIP	$3.3M	options only	0.03%	+0.02pp	6q	OPTIONS
ISHARES TR	FXI	$3.2M	102,700	0.03%	+0.02pp	6q	+369.0%+$2.6M
STATE STR SPDR S&P 500 ETF T	SPY	$3.2M	4,297	0.03%	-0.12pp	6q	-76.3%-$10.4M
VANECK ETF TRUST	GDX	$3.2M	42,323	0.03%	-0.02pp	5q	+2.3%+$71.7K
NORWEGIAN CRUISE LINE HLDGS PUT	NCLH	$3.1M	options only	0.03%	-0.07pp	20q	OPTIONS
APOLLO GLOBAL MGMT INC PUT	APOS	$3.0M	options only	0.03%	+0.03pp	3q	OPTIONS
APOLLO GLOBAL MGMT INC CALL	APOS	$3.0M	options only	0.03%	+0.01pp	3q	OPTIONS
ISHARES INC	EWY	$3.0M	14,839	0.03%	+0.03pp	2q	+543.8%+$2.5M
SERVICENOW INC	NOW	$3.0M	29,800	0.03%	-	new	NEW
PETROLEO BRASILEIRO S A	PBR	$3.0M	182,804	0.03%	-0.02pp	18q	-6.6%-$208.8K
CHEVRON CORPORATION	CVX	$2.8M	17,005	0.03%	+0.02pp	3q	+367.2%+$2.2M
BLACKSTONE INC CALL	BX	$2.8M	options only	0.03%	+0.01pp	3q	OPTIONS
MORGAN STANLEY PUT	MS	$2.7M	options only	0.03%	-0.01pp	31q	OPTIONS
SPACE EXPLORATION TECHN CORP CALL	SPCX	$2.7M	options only	0.03%	-	new	OPTIONS
NOKIA CORP PUT	NOK	$2.7M	options only	0.03%	-	new	OPTIONS
SELECT SECTOR SPDR TR CALL	XLU	$2.6M	options only	0.02%	-0.05pp	6q	OPTIONS
ZOOM COMMUNICATIONS INC PUT	ZM	$2.6M	options only	0.02%	-0.04pp	6q	OPTIONS
UNITED AIRLS HLDGS INC	UAL	$2.5M	18,748	0.02%	+0.02pp	4q	+166.8%+$1.6M
SPOTIFY TECHNOLOGY S A CALL	SPOT	$2.5M	options only	0.02%	-0.04pp	2q	OPTIONS
LYFT INC CALL	LYFT	$2.5M	options only	0.02%	-	new	OPTIONS
NEBIUS GROUP N.V. CALL	NBIS	$2.5M	options only	0.02%	-	new	OPTIONS
GOLDMAN SACHS GROUP INC	GS	$2.4M	2,421	0.02%	+0.02pp	2q	+514.5%+$2.1M
ORACLE CORP	ORCL	$2.4M	16,598	0.02%	-	new	NEW
BAIDU INC CALL	BIDU	$2.3M	options only	0.02%	+0.01pp	2q	OPTIONS
COREWEAVE INC CALL	CRWV	$2.2M	options only	0.02%	-	new	OPTIONS
MERCK & CO INC PUT	MRK	$2.2M	options only	0.02%	+0.02pp	2q	OPTIONS
BROADCOM INC	AVGO	$2.1M	5,691	0.02%	-	new	NEW
ASML HLDG NV CALL	ASML	$2.0M	options only	0.02%	-	new	OPTIONS
INVESCO QQQ TR	QQQ	$2.0M	2,697	0.02%	-	new	NEW
MORGAN STANLEY	MS	$2.0M	9,361	0.02%	+0.01pp	2q	+69.5%+$802.2K
CONSTELLATION ENERGY CORP CALL	CEG	$1.9M	options only	0.02%	-	new	OPTIONS
MODERNA INC CALL	MRNA	$1.8M	options only	0.02%	-	new	OPTIONS
ZOOM COMMUNICATIONS INC CALL	ZM	$1.8M	options only	0.02%	-0.01pp	6q	OPTIONS
SEA LTD PUT	SE	$1.7M	options only	0.02%	-0.03pp	13q	OPTIONS
NETFLIX INC	NFLX	$1.7M	23,510	0.02%	flat	7q	+135.9%+$967.2K
AMERICAN INTL GROUP INC	AIG	$1.7M	22,443	0.02%	+0.01pp	2q	+98.7%+$831.1K
BLACKSTONE INC PUT	BX	$1.7M	options only	0.02%	-0.03pp	3q	OPTIONS
FORD MTR CO	F	$1.6M	117,146	0.02%	-0.01pp	2q	-25.1%-$544.8K
ROBINHOOD MKTS INC CALL	HOOD	$1.6M	options only	0.02%	-0.01pp	8q	OPTIONS
WESTERN DIGITAL CORP. PUT	WDC	$1.6M	options only	0.02%	-	new	OPTIONS
SYNOPSYS INC CALL	SNPS	$1.6M	options only	0.01%	-	new	OPTIONS
TWILIO INC PUT	TWLO	$1.5M	options only	0.01%	flat	6q	OPTIONS
NEWMONT CORP	NEM	$1.5M	16,308	0.01%	-	new	NEW
REDDIT INC PUT	RDDT	$1.5M	options only	0.01%	flat	2q	OPTIONS
XPENG INC PUT	XPEV	$1.5M	options only	0.01%	flat	5q	OPTIONS
ALIBABA GROUP HLDG LTD CALL	BABA	$1.4M	options only	0.01%	-	new	OPTIONS
CARNIVAL CORP LTD	CCL	$1.4M	48,738	0.01%	-	new	NEW
GENERAL MTRS CO PUT	GM	$1.4M	options only	0.01%	-0.09pp	31q	OPTIONS
SALESFORCE INC	CRM	$1.3M	8,414	0.01%	+0.01pp	4q	+197.3%+$874.7K
HIMS & HERS HEALTH INC PUT	HIMS	$1.3M	options only	0.01%	-	new	OPTIONS
AMERICAN INTL GROUP INC PUT	AIG	$1.3M	options only	0.01%	-0.01pp	25q	OPTIONS
CLOUDFLARE INC PUT	NET	$1.3M	options only	0.01%	-0.01pp	10q	OPTIONS
CEREBRAS SYSTEMS INC PUT	CBRS	$1.2M	options only	0.01%	-	new	OPTIONS
ISHARES TR	SOXX	$1.2M	1,863	0.01%	-	new	NEW
AMERICAN AIRLINES GROUP INC	AAL	$1.2M	65,709	0.01%	flat	3q	-39.5%-$775.8K
SUPER MICRO COMPUTER INC CALL	SMCIP	$1.2M	options only	0.01%	flat	6q	OPTIONS
IREN LIMITED CALL	IREN	$1.1M	options only	0.01%	-	new	OPTIONS
LYFT INC PUT	LYFT	$1.1M	options only	0.01%	-	new	OPTIONS
BANK OF AMER CORP	BAC	$1.1M	19,554	0.01%	-0.01pp	2q	-49.9%-$1.1M
XPENG INC CALL	XPEV	$1.1M	options only	0.01%	-0.06pp	5q	OPTIONS
ASTERA LABS INC	ALAB	$1.0M	2,166	0.01%	-	new	NEW
UBER TECHNOLOGIES INC	UBER	$1.0M	14,492	0.01%	flat	2q	+112.5%+$553.8K
TAKE-TWO INTERACTIVE SOFTWAR CALL	TTWO	$1.0M	options only	0.01%	flat	4q	OPTIONS
CROWDSTRIKE HLDGS INC	CRWD	$991.0K	1,299	0.01%	flat	4q	+3.9%+$37.4K
SPOTIFY TECHNOLOGY S A	SPOT	$991.0K	2,158	0.01%	-	new	NEW
NXP SEMICONDUCTORS N V CALL	NXPI	$984.0K	options only	0.01%	-	new	OPTIONS
REDDIT INC CALL	RDDT	$972.0K	options only	0.01%	-0.01pp	2q	OPTIONS
VALE S A	VALE	$972.0K	64,639	0.01%	-	new	NEW
SEA LTD CALL	SE	$968.0K	options only	0.01%	flat	12q	OPTIONS
MERCK & CO INC CALL	MRK	$951.0K	options only	0.01%	-0.01pp	2q	OPTIONS
RIO TINTO PLC PUT	RIO	$949.0K	options only	0.01%	-	new	OPTIONS
CITIGROUP INC	C	$921.0K	6,578	0.01%	-	new	NEW
ALPHABET INC	GOOGL	$868.0K	2,430	0.01%	flat	3q	+129.5%+$489.7K
LUMENTUM HLDGS INC CALL	LITE	$858.0K	options only	0.01%	-	new	OPTIONS
LUMENTUM HLDGS INC PUT	LITE	$858.0K	options only	0.01%	-	new	OPTIONS
SCHWAB CHARLES CORP CALL	SCHWPRD	$858.0K	options only	0.01%	flat	7q	OPTIONS
OCCIDENTAL PETE CORP CALL	OXY	$850.0K	options only	0.01%	flat	3q	OPTIONS
AST SPACEMOBILE INC CALL	ASTS	$844.0K	options only	0.01%	-0.02pp	4q	OPTIONS
JPMORGAN CHASE & CO	JPM	$839.0K	2,564	0.01%	-	new	NEW
LUMENTUM HLDGS INC	LITE	$823.0K	959	0.01%	-	new	NEW
MASTERCARD INCORPORATED PUT	MA	$822.0K	options only	0.01%	-0.02pp	24q	OPTIONS
UNITED PARCEL SVCS INC PUT	UPS	$806.0K	options only	0.01%	flat	2q	OPTIONS
BOEING CO	BA	$769.0K	3,553	0.01%	flat	12q	-7.1%-$59.1K
APOLLO GLOBAL MGMT INC	APO	$768.0K	6,495	0.01%	-	new	NEW
VERIZON COMMUNICATIONS INC	VZ	$758.0K	17,913	0.01%	-	new	NEW
BLACKSTONE INC	BX	$757.0K	6,433	0.01%	flat	2q	+39.5%+$214.4K
TWILIO INC CALL	TWLO	$743.0K	options only	0.01%	flat	6q	OPTIONS
UNITED STS OIL FD LP PUT	USO	$724.0K	options only	0.01%	-0.01pp	2q	OPTIONS
TARGET CORP	TGT	$719.0K	5,506	0.01%	-	new	NEW
SELECT SECTOR SPDR TR	XLE	$695.0K	13,086	0.01%	-	new	NEW
SPOTIFY TECHNOLOGY S A PUT	SPOT	$689.0K	options only	0.01%	-	new	OPTIONS
AMERICAN EXPRESS CO	AXP	$687.0K	2,030	0.01%	-0.01pp	5q	-61.5%-$1.1M
ISHARES SILVER TR PUT	SLV	$668.0K	options only	0.01%	flat	2q	OPTIONS
APPLE INC	AAPL	$667.0K	2,306	0.01%	-	new	NEW
PFIZER INC	PFE	$659.0K	27,358	0.01%	flat	2q	+38.4%+$182.9K
WALMART INC	WMT	$653.0K	5,767	0.01%	-	new	NEW
GRAB HOLDINGS LIMITED PUT	GRAB	$636.0K	options only	0.01%	flat	5q	OPTIONS
PAYPAL HLDGS INC	PYPL	$599.0K	13,865	0.01%	-0.02pp	3q	-63.6%-$1.0M
PALANTIR TECHNOLOGIES INC	PLTR	$588.0K	5,038	0.01%	-0.02pp	13q	-55.1%-$721.8K
BAIDU INC PUT	BIDU	$583.0K	options only	0.01%	flat	2q	OPTIONS
CISCO SYS INC	CSCO	$571.0K	4,861	0.01%	-	new	NEW
LUCID GROUP INC PUT	LCID	$571.0K	options only	0.01%	flat	3q	OPTIONS
DRAFTKINGS INC NEW PUT	DKNG	$568.0K	options only	0.01%	-	new	OPTIONS
INTERNATIONAL BUSINESS MACHS	IBM	$567.0K	2,017	0.01%	flat	6q	-34.3%-$295.7K
GE VERNOVA INC	GEV	$559.0K	476	0.01%	flat	2q	-45.5%-$466.2K
AMAZON COM INC	AMZN	$555.0K	2,329	0.01%	flat	14q	-22.3%-$159.4K
ISHARES SILVER TR CALL	SLV	$535.0K	options only	0.01%	-	new	OPTIONS
THE TRADE DESK INC	TTD	$534.0K	29,515	0.01%	-	new	NEW
WELLS FARGO & CO	WFC	$528.0K	6,392	0.01%	-0.01pp	2q	-54.0%-$618.9K
CORE SCIENTIFIC INC NEW CALL	CORZZ	$517.0K	options only	0.00%	-	new	OPTIONS
NXP SEMICONDUCTORS N V	NXPI	$509.0K	1,812	0.00%	-	new	NEW
HOME DEPOT INC	HD	$498.0K	1,412	0.00%	flat	4q	HELD
ADOBE INC	ADBE	$497.0K	2,424	0.00%	-0.03pp	2q	-75.1%-$1.5M
SOFI TECHNOLOGIES INC	SOFI	$496.0K	27,684	0.00%	flat	5q	-32.3%-$237.1K
WELLS FARGO & CO CALL	WFC	$496.0K	options only	0.00%	flat	31q	OPTIONS
CADENCE DESIGN SYSTEM INC	CDNS	$492.0K	1,312	0.00%	-	new	NEW
ENPHASE ENERGY INC PUT	ENPH	$492.0K	options only	0.00%	flat	2q	OPTIONS
OCCIDENTAL PETE CORP PUT	OXY	$491.0K	options only	0.00%	-	new	OPTIONS
POET TECHNOLOGIES INC CALL	POET	$463.0K	options only	0.00%	-	new	OPTIONS
LUCID GROUP INC CALL	LCID	$454.0K	options only	0.00%	flat	3q	OPTIONS
SPACE EXPLORATION TECHN CORP	SPCX	$453.0K	2,650	0.00%	-	new	NEW
CONSTELLATION ENERGY CORP	CEG	$438.0K	1,765	0.00%	-	new	NEW
XPENG INC	XPEV	$424.0K	32,045	0.00%	-	new	NEW
NOVO-NORDISK A S	NVO	$416.0K	8,679	0.00%	flat	2q	-29.5%-$174.0K
UNITEDHEALTH GROUP INC	UNH	$407.0K	979	0.00%	flat	2q	-12.3%-$57.0K
BLOCK INC	XYZ	$391.0K	5,149	0.00%	-	new	NEW
AFFIRM HLDGS INC	AFRM	$389.0K	4,767	0.00%	-	new	NEW
SANDISK CORP	SNDK	$380.0K	167	0.00%	-	new	NEW
STMICROELECTRONICS N V PUT	STM	$374.0K	options only	0.00%	-	new	OPTIONS
BARRICK MNG CORP	B	$368.0K	10,010	0.00%	-0.03pp	5q	-85.4%-$2.1M
LI AUTO INC PUT	LI	$364.0K	options only	0.00%	flat	18q	OPTIONS
EXXON MOBIL CORP	XOMXXXX	$355.0K	2,595	0.00%	flat	2q	+5.4%+$18.3K
WESTERN DIGITAL CORP	WDC	$351.0K	550	0.00%	flat	2q	-75.6%-$1.1M
ASML HLDG NV	ASML	$346.0K	174	0.00%	-0.01pp	3q	-79.4%-$1.3M
SYNOPSYS INC PUT	SNPS	$312.0K	options only	0.00%	-	new	OPTIONS
ITAU UNIBANCO HLDG S A PUT	ITUB	$310.0K	options only	0.00%	flat	3q	OPTIONS
LULULEMON ATHLETICA INC	LULU	$293.0K	2,565	0.00%	-0.01pp	3q	-42.8%-$218.9K
GENERAL MTRS CO	GM	$278.0K	3,601	0.00%	flat	3q	-55.0%-$340.2K
REDDIT INC	RDDT	$275.0K	1,586	0.00%	flat	2q	-24.8%-$90.7K
DRAFTKINGS INC NEW CALL	DKNG	$258.0K	options only	0.00%	-	new	OPTIONS
UNITED STS OIL FD LP CALL	USO	$224.0K	options only	0.00%	flat	2q	OPTIONS
IREN LIMITED	IREN	$222.0K	4,860	0.00%	-	new	NEW
SUPER MICRO COMPUTER INC	SMCI	$221.0K	7,520	0.00%	-	new	NEW
AIRBNB INC	ABNB	$220.0K	1,539	0.00%	-0.01pp	4q	-74.8%-$653.6K
NU HLDGS LTD	NU	$217.0K	16,209	0.00%	-0.01pp	2q	-62.9%-$367.4K
ELI LILLY & CO	LLY	$211.0K	176	0.00%	-0.01pp	4q	-76.2%-$673.8K
LAM RESEARCH CORP	LRCX	$208.0K	481	0.00%	-0.01pp	2q	-85.2%-$1.2M
LI AUTO INC	LI	$175.0K	14,879	0.00%	flat	3q	-4.6%-$8.4K
ARCHER AVIATION INC CALL	ACHR	$166.0K	options only	0.00%	flat	2q	OPTIONS
ARCHER AVIATION INC	ACHR	$55.0K	11,713	0.00%	-	new	NEW

By sector

Industry comes from the SIC code on each company's own SEC filings, which is self-reported and sometimes out of date. Derivative exposure is counted with the shares. Securities the SEC assigns no industry - funds, trusts, foreign issues - are shown as not classified rather than dropped.

Sector	Value	Share
Semiconductors & Electronics	$3.9B	36.9%
Software & IT Services	$1.5B	14.5%
Autos & Aerospace	$595.3M	5.7%
Retail & Consumer	$390.4M	3.7%
Industrials	$306.4M	2.9%
Mining & Metals	$283.4M	2.7%
Transport & Logistics	$283.3M	2.7%
Capital Markets	$244.6M	2.3%
Computer Hardware	$210.4M	2.0%
Energy	$197.9M	1.9%
Business Services	$190.8M	1.8%
Biotech & Pharma	$186.6M	1.8%
Other sectors	$433.1M	4.2%
Not classified	$1.8B	16.8%

What the disclosed book did

This is not the fund's return. A 13F shows long US equity positions only, so shorts, bonds, foreign listings, private holdings and cash are all invisible here. What this measures is the quarter's change in value of the positions this manager disclosed, had they been left untouched - the return a reader following the filing would have earned.

Quarter	Book	Market	Difference	Priced
Q2 2026	+13.7%	+14.8%	-1.2%	100%
Q1 2026	+2.9%	-4.6%	+7.5%	100%
Q4 2025	+5.9%	+2.4%	+3.5%	100%
Q3 2025	+24.2%	+7.8%	+16.4%	100%
Q2 2025	+15.5%	+10.5%	+5.1%	100%
Q1 2025	-6.1%	-4.6%	-1.6%	100%
Q4 2024	-2.6%	+2.1%	-4.8%	100%
Q3 2024	+9.2%	+5.4%	+3.8%	100%

Market is SPY over the same two quarter ends, priced the same way as everything else here - the median across every filer reporting it. It is a large-cap US proxy, so a manager holding small caps or biotech will beat or trail it for reasons that are not skill. Prices are quarter-end to quarter-end and say nothing about the path in between, or about trades opened and closed inside a quarter.

Quarter by quarter

Quarter	Value	Positions	New	Added	Trimmed	Exited	Top 10	Days to file
Q2 2026	$10.4B	351	76	24	29	37	41.1%	44
Q1 2026	$8.0B	312	57	20	28	50	36.9%	45
Q4 2025	$13.6B	305	48	41	12	32	31.5%	43
Q3 2025	$6.8B	289	48	33	20	34	35.8%	43
Q2 2025	$5.9B	275	34	21	32	63	38.1%	44
Q1 2025	$5.3B	304	65	16	35	44	36.0%	45
Q4 2024	$6.6B	283	21	40	21	37	41.6%	45
Q3 2024	$7.0B	299	40	28	37	25	38.7%	45
Q2 2024	$6.4B	284	25	30	30	30	39.9%	45
Q1 2024	$6.8B	289	51	31	20	24	42.1%	45
Q4 2023	$8.0B	262	23	27	21	38	45.1%	45
Q3 2023	$7.6B	277	46	26	22	34	46.7%	45
Q2 2023	$6.9B	265	59	17	13	36	49.6%	45
Q1 2023	$6.0B	242	56	11	13	51	50.0%	45
Q4 2022	$4.5B	237	47	8	17	39	44.0%	45
Q3 2022	$4.6B	229	49	15	11	34	54.6%	46
Q2 2022	$4.6B	214	44	11	13	36	48.9%	46
Q1 2022	$7.1B	206	53	9	7	34	54.0%	46
Q4 2021	$7.7B	187	21	17	8	62	62.5%	46
Q3 2021	$7.5B	228	58	11	13	23	58.3%	46
Q2 2021	$6.1B	193	31	14	10	41	54.6%	47
Q1 2021	$6.3B	203	35	13	13	38	66.2%	47
Q4 2020	$8.4B	206	41	6	18	21	75.5%	47
Q3 2020	$6.4B	186	24	17	12	22	69.4%	47
Q2 2020	$3.9B	184	65	14	8	98	57.5%	45
Q1 2020	$4.8B	217	106	10	6	67	48.9%	45
Q4 2019	$2.6B	178	18	7	12	39	43.5%	45
Q3 2019	$2.2B	199	19	15	14	19	38.0%	45
Q2 2019	$2.2B	199	43	18	4	21	31.6%	45
Q1 2019	$1.8B	177	36	9	10	37	31.4%	45
Q4 2018	$1.8B	178	0	0	0	0	30.7%	45

Rows marked UNVERIFIED ID, PLACEHOLDER ID, TICKER AS ID or NON-CUSIP ID carry an identifier that is not a valid CUSIP. They are shown because the filer reported that money, but treat the security named with caution - hover the chip for what is wrong with it, and see the methodology.

Held counts consecutive filings in which this manager reported the position, and can reach further back than the quarters listed above: the tabs begin at Q4 2018 because earlier coverage is too sparse to describe a market, but tenure is counted over every filing we hold, some reaching to 2007. A position sold and later rebought starts again from one.

Weight change is the shift in this position's share of the whole book, in percentage points. It is the more useful column: when money flows into or out of a broad fund, almost every holding is bought or sold at once, so added and trimmed largely track flows. A weight that rose while the book shrank is a decision. Both compare with the previous quarter this filer reported, not the previous calendar quarter.