# Element Squared LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 2086643. Source: https://holderbook.com/funds/2086643-element-squared-llc/

- Reported value: $201.0M
- Positions: 49
- Weight of the ten largest: 62.0%
- Filed: 2026-07-28

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| INNOVATOR ETFS TRUST | [NMAR](https://holderbook.com/stocks/NMAR/) | $41.7M | 1,293,733 | 20.7% | 2 |
| INVESCO EXCHANGE TRADED FD T | [RSP](https://holderbook.com/stocks/RSP/) | $27.9M | 131,270 | 13.9% | 5 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $19.0M | 25,435 | 9.4% | 4 |
| INVESCO QQQ TR | [QQQ](https://holderbook.com/stocks/QQQ/) | $9.1M | 12,405 | 4.5% | 3 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $7.2M | 35,946 | 3.6% | 5 |
| INNOVATOR ETFS TRUST | [NOCT](https://holderbook.com/stocks/NOCT/) | $6.6M | 105,583 | 3.3% | 3 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $3.8M | 10,706 | 1.9% | 2 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $3.2M | 8,590 | 1.6% | 1 |
| AMPHENOL CORP | [APH](https://holderbook.com/stocks/APH/) | $3.1M | 17,636 | 1.5% | 5 |
| INNOVATOR ETFS TRUST | [NJUN](https://holderbook.com/stocks/NJUN/) | $3.1M | 92,876 | 1.5% | 1 |
| ARISTA NETWORKS INC | [ANET](https://holderbook.com/stocks/ANET/) | $2.9M | 16,919 | 1.4% | 1 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $2.9M | 5,990 | 1.4% | 5 |
| INCYTE CORP | [INCY](https://holderbook.com/stocks/INCY/) | $2.8M | 24,786 | 1.4% | 2 |
| INTERACTIVE BROKERS GROUP IN | [IBKR](https://holderbook.com/stocks/IBKR/) | $2.8M | 32,278 | 1.4% | 2 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $2.7M | 9,296 | 1.3% | 5 |
| EXPEDIA GROUP INC | [EXPE](https://holderbook.com/stocks/EXPE/) | $2.6M | 10,199 | 1.3% | 2 |
| AMERICAN EXPRESS CO | [AXP](https://holderbook.com/stocks/AXP/) | $2.6M | 7,648 | 1.3% | 2 |
| EVERCORE INC | [EVR](https://holderbook.com/stocks/EVR/) | $2.6M | 7,566 | 1.3% | 2 |
| MARSH & MCLENNAN COS INC | [MRSH](https://holderbook.com/stocks/MRSH/) | $2.6M | 15,375 | 1.3% | 1 |
| NEUROCRINE BIOSCIENCES INC | [NBIX](https://holderbook.com/stocks/NBIX/) | $2.6M | 15,167 | 1.3% | 1 |
| INNOVATOR ETFS TRUST | [NNOV](https://holderbook.com/stocks/NNOV/) | $2.5M | 81,081 | 1.3% | 5 |
| FERGUSON ENTERPRISES INC | [FERG](https://holderbook.com/stocks/FERG/) | $2.5M | 10,742 | 1.3% | 1 |
| SERVICENOW INC | [NOW](https://holderbook.com/stocks/NOW/) | $2.5M | 25,359 | 1.3% | 1 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $2.5M | 6,663 | 1.3% | 1 |
| LEGENCE CORP | [LGN](https://holderbook.com/stocks/LGN/) | $2.5M | 28,832 | 1.2% | 1 |
| GILEAD SCIENCES INC | [GILD](https://holderbook.com/stocks/GILD/) | $2.4M | 19,358 | 1.2% | 1 |
| VANGUARD INDEX FDS | [VUG](https://holderbook.com/stocks/VUG/) | $2.4M | 27,611 | 1.2% | 5 |
| UNITED THERAPEUTICS CORP DEL | [UTHR](https://holderbook.com/stocks/UTHR/) | $2.4M | 4,349 | 1.2% | 3 |
| REALTY INCOME CORP | [O](https://holderbook.com/stocks/O/) | $2.3M | 37,542 | 1.2% | 2 |
| VANECK ETF TRUST | [MOAT](https://holderbook.com/stocks/MOAT/) | $2.3M | 21,775 | 1.1% | 5 |
| APPLIED MATLS INC | [AMAT](https://holderbook.com/stocks/AMAT/) | $2.2M | 3,028 | 1.1% | 2 |
| FIRST SOLAR INC | [FSLR](https://holderbook.com/stocks/FSLR/) | $2.2M | 9,234 | 1.1% | 2 |
| REGENERON PHARMACEUTICALS | [REGN](https://holderbook.com/stocks/REGN/) | $1.9M | 3,083 | 1.0% | 2 |
| INNOVATOR ETFS TRUST | [PMAY](https://holderbook.com/stocks/PMAY/) | $1.9M | 45,945 | 0.9% | 5 |
| INNOVATOR ETFS TRUST | [PJAN](https://holderbook.com/stocks/PJAN/) | $1.9M | 37,821 | 0.9% | 5 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $1.8M | 1,480 | 0.9% | 2 |
| UNITED AIRLS HLDGS INC | [UAL](https://holderbook.com/stocks/UAL/) | $1.5M | 10,803 | 0.7% | 1 |
| INNOVATOR ETFS TRUST | [NMAY](https://holderbook.com/stocks/NMAY/) | $1.5M | 49,518 | 0.7% | 1 |
| COPT DEFENSE PROPERTIES | [CDP](https://holderbook.com/stocks/CDP/) | $1.4M | 37,872 | 0.7% | 1 |
| MASTEC INC | [MTZ](https://holderbook.com/stocks/MTZ/) | $1.3M | 3,150 | 0.7% | 1 |
| SUPER GROUP SGHC LIMITED | [SGHC](https://holderbook.com/stocks/SGHC/) | $1.2M | 91,693 | 0.6% | 1 |
| INNOVATOR ETFS TRUST | [NFEB](https://holderbook.com/stocks/NFEB/) | $1.2M | 39,658 | 0.6% | 2 |
| VERTIV HOLDINGS CO | [VRT](https://holderbook.com/stocks/VRT/) | $1.2M | 3,585 | 0.6% | 1 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $1.2M | 2,064 | 0.6% | 5 |
| CELESTICA INC | [CLS](https://holderbook.com/stocks/CLS/) | $1.2M | 3,184 | 0.6% | 2 |
| ZEVRA THERAPEUTICS INC | [ZVRA](https://holderbook.com/stocks/ZVRA/) | $664.5K | 46,336 | 0.3% | 1 |
| LAM RESEARCH CORP | [LRCX](https://holderbook.com/stocks/LRCX/) | $478.5K | 1,104 | 0.2% | 3 |
| INNOVATOR ETFS TRUST | [NJAN](https://holderbook.com/stocks/NJAN/) | $243.8K | 4,131 | 0.1% | 5 |
| 3M CO | [MMM](https://holderbook.com/stocks/MMM/) | $206.4K | 1,275 | 0.1% | 1 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +15.2% | +14.8% | +0.4% | 100% |
| Q1 2026 | -4.6% | -4.6% | +0.0% | 100% |
| Q4 2025 | +0.5% | +2.4% | -1.8% | 98% |
| Q3 2025 | +5.2% | +7.8% | -2.6% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $201.0M | 49 |
| Q1 2026 | $177.3M | 42 |
| Q4 2025 | $184.3M | 49 |
| Q3 2025 | $175.4M | 60 |
| Q2 2025 | $160.4M | 55 |