Teramo Advisors, LLC

Naples, FL · CIK 1904821 · 13F filing filed 2026-07-23

SEC-registered investment adviser since 2017 · limited liability company

$409.8m reported value +10.7% vs Q1 2026

3positions

100.0%in top 10

0 new 1 added 1 reduced 0 sold out vs Q1 2026

Options: 0 call positions (— notional), 1 put positions ($119.5m notional) – listed below, not included above.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	ISHARES TR CORE S&P500 ETF IVV	IVV	360,000	$269.6m65.80%	65.80%	Added +65.0k	+65,000 22.0%
2	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	185,000	$138.2m33.72%	33.72%	Reduced -85.0k	-85,000 -31.5%
3	ETF SER SOLUTIONS CLEARSHS ULTRA OPER	OPER	20,000	$2.0m0.49%	0.49%	Unchanged

Underlying	Ticker	Type	Shares controlled	Notional	Change
SPDR S&P 500 ETF TR SPY · Put	SPY	Put	160,000	$119.5m160.0k shares	Unchanged