Vault-13

TIDAL TR II

DEF DLY TGT 2X L · CUSIP 88636J253

43 institutional holders +2 vs Q1 2025
2,592,9772.6m shares reported held*
$105.2mreported value*
11 new 9 added 12 reduced 11 sold out net bought ≈ $25.0m (+619.4k shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Implied quarter-end price ≈ $40.58. Options: 5 managers hold calls ($179.9m notional), 6 hold puts ($131.3m).

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

0204060Q3 24: 16Q4 24: 37Q1 25: 41Q2 25: 4343Q3 24Q4 24Q1 25Q2 25
Numbers
QuarterHolders
Q3 202416
Q4 202437
Q1 202541
Q2 202543

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
40040Q4 24: 29 bought or addedQ4 24: 9 cut or sold outQ4 24Q1 25: 30 bought or addedQ1 25: 17 cut or sold outQ1 25Q2 25: 20 bought or addedQ2 25: 23 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q4 2024299
Q1 20253017
Q2 20252023

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$50m$100m$150m$200mQ3 24 calls: $7.1mQ3 24 puts: $6.9mQ3 24P/C 0.96Q4 24 calls: $98.8mQ4 24 puts: $125.2mQ4 24P/C 1.27Q1 25 calls: $85.1mQ1 25 puts: $73.0mQ1 25P/C 0.86Q2 25 calls: $179.9mQ2 25 puts: $131.3mQ2 25P/C 0.73
Numbers
QuarterCallsPutsP/C
Q3 2024$7.1m$6.9m0.96
Q4 2024$98.8m$125.2m1.27
Q1 2025$85.1m$73.0m0.86
Q2 2025$179.9m$131.3m0.73

Biggest buyers

UBS Group AG Added +470,263+470.3k
GOLDMAN SACHS GROUP INC New +400,000+400.0k
BNP PARIBAS FINANCIAL MARKETS New +315,300+315.3k
CITADEL ADVISORS LLC Added +93,772+93.8k
VESTOR CAPITAL, LLC Added +62,577+62.6k
RENAISSANCE TECHNOLOGIES LLC New +49,900+49.9k
Sterling Investment Advisors, Ltd. New +7,816+7.8k
Twelve Points Wealth Management LLC New +7,808+7.8k
TRU INDEPENDENCE ASSET MANAGEMENT 2, LLC New +6,000+6.0k
HighTower Advisors, LLC New +5,606+5.6k

Biggest sellers

JANE STREET GROUP, LLC Reduced -299,189-299.2k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced -224,359-224.4k
SIMPLEX TRADING, LLC Sold out -60,117-60.1k
Scientech Research LLC Reduced -38,076-38.1k
Optiver Holding B.V. Reduced -32,058-32.1k
MORGAN STANLEY Reduced -31,174-31.2k
ACORN FINANCIAL ADVISORY SERVICES INC /ADV Reduced -27,978-28.0k
IMC-Chicago, LLC Sold out -19,093-19.1k
GROUP ONE TRADING LLC Sold out -18,847-18.8k
OLD MISSION CAPITAL LLC Sold out -17,397-17.4k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $107.9m2.7m shares
JANE STREET GROUP, LLC Reduced $44.9m1.1m shares
CITADEL ADVISORS LLC Reduced $26.2m649.2k shares
Belvedere Trading LLC Reduced $508.5k12.6k shares
Centiva Capital, LP Reduced $383.4k9.5k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $46.9m1.2m shares
JANE STREET GROUP, LLC Reduced $38.2m947.5k shares
CITADEL ADVISORS LLC Added $35.9m888.4k shares
LMR Partners LLP Reduced $10.0m248.4k shares
Ionic Capital Management LLC Reduced $213.9k5.3k shares
Belvedere Trading LLC Reduced $20.2k500 shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 UBS Group AG 0.01% of their portfolio ZURICH, V8 1,077,4631.1m $43.5m $43.5m 0.01% Added +470.3k +470,263
2 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 400,000400.0k $16.1m $16.1m 0.00% New
3 BNP PARIBAS FINANCIAL MARKETS 0.01% of their portfolio PARIS, I0 315,300315.3k $12.7m $12.7m 0.01% New
4 CITIGROUP INC 0.01% of their portfolio NEW YORK, NY 193,701193.7k $7.8m $7.8m 0.01% Unchanged
5 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 114,633114.6k $4.6m $4.6m 0.00% Added +93.8k +93,772
6 VESTOR CAPITAL, LLC 0.25% of their portfolio CHICAGO, IL 66,12166.1k $3.3m $3.3m 0.25% Added +62.6k +62,577
7 Optiver Holding B.V. 0.06% of their portfolio AMSTERDAM, P7 52,93252.9k $2.1m $2.1m 0.06% Reduced -32.1k -32,058
8 ACORN FINANCIAL ADVISORY SERVICES INC /ADV 0.33% of their portfolio Reston, VA 50,55950.6k $2.0m $2.0m 0.33% Reduced -28.0k -27,978
9 RENAISSANCE TECHNOLOGIES LLC 0.00% of their portfolio NEW YORK, NY 49,90049.9k $2.0m $2.0m 0.00% New
10 Mariner, LLC 0.00% of their portfolio Overland Park, KS 38,18138.2k $1.5m $1.5m 0.00% Added +885 +885
11 HUB Investment Partners, LLC 0.05% of their portfolio AUSTIN, TX 35,08135.1k $1.4m $1.4m 0.05% Reduced -10.0k -10,000
12 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 33,76333.8k $1.4m $1.4m 0.00% Reduced -224.4k -224,359
13 SAGESPRING WEALTH PARTNERS, LLC 0.02% of their portfolio FRANKLIN, TN 20,03920.0k $808.8k $808.8k 0.02% Added +64 +64
14 Copperleaf Capital, LLC 0.36% of their portfolio CONCORD, NC 17,50017.5k $706.3k $706.3k 0.36% Unchanged
15 Scientech Research LLC 0.17% of their portfolio JERSEY CITY, NJ 16,87016.9k $680.9k $680.9k 0.17% Reduced -38.1k -38,076
16 DIVERSIFY WEALTH MANAGEMENT, LLC 0.03% of their portfolio SANDY, UT 15,00015.0k $525.0k $525.0k 0.03% Unchanged
17 Clarity Capital Partners LLC 0.19% of their portfolio Newport Beach, CA 12,86212.9k $519.1k $519.1k 0.19% Added +4.5k +4,492
18 Tactive Advisors, LLC 0.15% of their portfolio Jacksonville, FL 11,59011.6k $467.8k $467.8k 0.15% First filing
19 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 10,94310.9k $441.7k $441.7k 0.00% Reduced -31.2k -31,174
20 1248 Management, LLC 0.14% of their portfolio Kansas City, MO 9,1329.1k $368.6k $368.6k 0.14% Added +131 +131
21 Sterling Investment Advisors, Ltd. 0.07% of their portfolio BERWYN, PA 7,8167.8k $315.5k $315.5k 0.07% New
22 Twelve Points Wealth Management LLC 0.08% of their portfolio CONCORD, MA 7,8087.8k $315.1k $315.1k 0.08% New
23 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 6,7486.7k $272.3k $272.3k 0.00% Reduced -299.2k -299,189
24 TRU INDEPENDENCE ASSET MANAGEMENT 2, LLC 0.17% of their portfolio PORTLAND, OR 6,0006.0k $242.2k $242.2k 0.17% New
25 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 5,6065.6k $226.3k $226.3k 0.00% New
26 PFG Investments, LLC 0.01% of their portfolio WOODBURY, NY 5,0005.0k $201.8k $201.8k 0.01% New
27 Belvedere Trading LLC 0.01% of their portfolio CHICAGO, IL 3,1753.2k $128.1k $128.1k 0.01% Reduced -2.5k -2,505
28 Park Square Financial Group, LLC 0.06% of their portfolio ROSWELL, GA 2,0502.0k $82.7k $82.7k 0.06% Unchanged
29 MassMutual Private Wealth & Trust, FSB 0.00% of their portfolio Windsor, CT 1,5301.5k $61.8k $61.8k 0.00% Unchanged
30 Beaird Harris Wealth Management, LLC 0.00% of their portfolio DALLAS, TX 1,0931.1k $44.1k $44.1k 0.00% Unchanged
31 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 1,0061.0k $40.6k $40.6k 0.00% Reduced -111 -111
32 Activest Wealth Management 0.01% of their portfolio AVENTURA, FL 943943 $38.1k $38.1k 0.01% Unchanged
33 Spire Wealth Management 0.00% of their portfolio MCLEAN, VA 920920 $37.1k $37.1k 0.00% New
34 Aptus Capital Advisors, LLC 0.00% of their portfolio FAIRHOPE, AL 557557 $22.5k $22.5k 0.00% New
35 Farther Finance Advisors, LLC 0.00% of their portfolio SAN FRANCISCO, CA 450450 $18.2k $18.2k 0.00% Added +200 +200
36 Global Retirement Partners, LLC 0.00% of their portfolio San Rafael, CA 245245 $9.9k $9.9k 0.00% First filing
37 Parallel Advisors, LLC 0.00% of their portfolio SAN FRANCISCO, CA 200200 $8.1k $8.1k 0.00% Added +45 +45
38 Larson Financial Group LLC 0.00% of their portfolio ST LOUIS, MO 101101 $4.1k $4.1k 0.00% Unchanged
39 SIGNATUREFD, LLC 0.00% of their portfolio ATLANTA, GA 100100 $4.0k $4.0k 0.00% New
40 IFP Advisors, Inc 0.00% of their portfolio TAMPA, FL 3838 $1.5k $1.5k 0.00% Reduced -1.6k -1,618
41 Headlands Technologies LLC 0.00% of their portfolio CHICAGO, IL 1818 $726 $726 0.00% Reduced -220 -220
42 Tower Research Capital LLC (TRC) 0.00% of their portfolio NEW YORK, NY 33 $121 $121 0.00% Reduced -503 -503
43 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged