VOLATILITY SHS TR ETHU
2X ETHER ETF NEW · ETP · CUSIP 92864M798
51
institutional holders
+19 vs Q2 2025
1.7m
shares reported held*
$214.3mreported value*
29 new
9 added
7 reduced
9 sold out
net bought ≈ $141.7m (+1.1m 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 ≈ $129.86. Options: 5 managers hold calls ($289.4m notional), 8 hold puts ($253.7m).
Trends to Q3 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q1 2025 | 2 |
| Q2 2025 | 32 |
| Q3 2025 | 51 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Bought or addedCut or sold out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q2 2025 | 30 | 2 |
| Q3 2025 | 38 | 16 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
CallsPuts
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q4 2024 | $0 | $0 | — |
| Q1 2025 | $36.7k | $0 | 0.00 |
| Q2 2025 | $79.9m | $44.2m | 0.55 |
| Q3 2025 | $289.4m | $253.7m | 0.88 |
Biggest buyers
| CloudAlpha Capital Management Limited/Hong Kong | New | +490.3k |
| JANE STREET GROUP, LLC | Added | +458.2k |
| Yong Rong (HK) Asset Management Ltd | New | +280.0k |
| THAMES CAPITAL MANAGEMENT LLC | New | +125.6k |
| CITADEL ADVISORS LLC | New | +19.4k |
| RENAISSANCE TECHNOLOGIES LLC | New | +14.8k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | +14.3k |
| INDEPENDENT FINANCIAL GROUP, LLC | Added | +13.9k |
| KEYWISE CAPITAL MANAGEMENT (HK) Ltd | New | +12.3k |
| FNY Investment Advisers, LLC | New | +6.5k |
Biggest sellers
| Virtu Financial LLC | Sold out | -171.3k |
| Jump Financial, LLC | Sold out | -90.0k |
| Legacy Wealth Managment, LLC/ID | Reduced | -77.3k |
| FLOW TRADERS U.S. LLC | Sold out | -36.6k |
| Gainplan LLC | Sold out | -7.5k |
| Tower Research Capital LLC (TRC) | Sold out | -2.6k |
| UBS Group AG | Reduced | -2.4k |
| GROUP ONE TRADING LLC | Sold out | -2.3k |
| CIBC Private Wealth Group LLC | Sold out | -1.0k |
| DRW Securities, LLC | Reduced | -813 |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $147.9m1.1m shares |
| CITADEL ADVISORS LLC | Added | $74.5m574.0k shares |
| JANE STREET GROUP, LLC | Added | $40.2m309.6k shares |
| WOLVERINE TRADING, LLC | Added | $23.8m180.2k shares |
| Belvedere Trading LLC | Added | $3.0m52.6k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $127.6m982.8k shares |
| CITADEL ADVISORS LLC | Added | $73.9m568.8k shares |
| JANE STREET GROUP, LLC | Added | $33.0m254.2k shares |
| WOLVERINE TRADING, LLC | Added | $16.5m125.0k shares |
| MYDA Advisors LLC | New | $1.9m15.0k shares |
| Ionic Capital Management LLC | Unchanged | $493.5k3.8k shares |
| Belvedere Trading LLC | Added | $259.7k2.0k shares |
| HighTower Advisors, LLC | New | $10.7k1.0k 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, Q3 2025
| Manager | Shares | Change |
|---|---|---|
| JANE STREET GROUP, LLC 0.08% of their portfolio | 511.6k $66.4m | Added +458.2k |
| CloudAlpha Capital Management Limited/Hong Kong 5.72% of their portfolio | 490.3k $63.7m | New |
| Yong Rong (HK) Asset Management Ltd 7.64% of their portfolio | 280.0k $36.4m | New |
| THAMES CAPITAL MANAGEMENT LLC 2.35% of their portfolio | 125.6k $16.3m | New |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.01% of their portfolio | 35.5k $4.6m | Added +14.3k |
| Legacy Wealth Managment, LLC/ID 1.38% of their portfolio | 23.4k $3.0m | Reduced -77.3k |
| Pilgrim Partners Asia Pte Ltd 1.16% of their portfolio | 20.0k $2.6m | First filing |
| CITADEL ADVISORS LLC 0.00% of their portfolio | 19.4k $2.5m | New |
| INDEPENDENT FINANCIAL GROUP, LLC 0.05% of their portfolio | 17.6k $2.3m | Added +13.9k |
| WOLVERINE TRADING, LLC 0.04% of their portfolio | 16.8k $2.2m | Added +3.1k |
| RENAISSANCE TECHNOLOGIES LLC 0.00% of their portfolio | 14.8k $1.9m | New |
| KEYWISE CAPITAL MANAGEMENT (HK) Ltd 0.13% of their portfolio | 12.3k $1.6m | New |
| Sassicaia Capital Advisers LLC 0.52% of their portfolio | 9.0k $1.2m | Added +4.0k |
| HighTower Advisors, LLC 0.00% of their portfolio | 8.5k $1.1m | Added +81 |
| FNY Investment Advisers, LLC 0.27% of their portfolio | 6.5k $844.0k | New |
| KINGSWOOD WEALTH ADVISORS, LLC 0.04% of their portfolio | 5.3k $689.6k | New |
| SIMPLEX TRADING, LLC 0.01% of their portfolio | 5.2k $671.0k | Added +4.4k |
| DRW Securities, LLC 0.03% of their portfolio | 4.5k $583.5k | Reduced -813 |
| Silverleafe Capital Partners, LLC 0.16% of their portfolio | 3.9k $510.7k | Unchanged |
| PEAPACK GLADSTONE FINANCIAL CORP 0.01% of their portfolio | 3.9k $507.0k | New |
| Foundations Investment Advisors, LLC 0.01% of their portfolio | 3.6k $463.6k | New |
| SLT Holdings LLC 0.30% of their portfolio | 3.6k $463.6k | New |
| Richard W. Paul & Associates, LLC 0.14% of their portfolio | 3.1k $401.4k | Added +104 |
| PRELUDE CAPITAL MANAGEMENT, LLC 0.03% of their portfolio | 3.0k $389.6k | New |
| Beaumont Financial Advisors, LLC 0.03% of their portfolio | 2.9k $376.3k | New |
| Lauer Wealth, LLC 0.23% of their portfolio | 2.7k $314.0k | New |
| UBS Group AG 0.00% of their portfolio | 2.5k $330.8k | Reduced -2.4k |
| MERCER GLOBAL ADVISORS INC /ADV 0.00% of their portfolio | 2.0k $254.5k | New |
| Avidian Wealth Enterprises, LLC 0.01% of their portfolio | 1.9k $246.5k | New |
| Plancorp, LLC 0.01% of their portfolio | 1.9k $243.5k | New |
| Sanctuary Advisors, LLC 0.00% of their portfolio | 1.9k $241.0k | New |
| NewEdge Advisors, LLC 0.00% of their portfolio | 1.8k $230.5k | New |
| IFP Advisors, Inc 0.00% of their portfolio | 1.2k $161.4k | New |
| SUMMIT SECURITIES GROUP LLC 0.04% of their portfolio | 1.0k $129.9k | New |
| Parallel Advisors, LLC 0.00% of their portfolio | 974 $126.5k | Reduced -276 |
| OSAIC HOLDINGS, INC. 0.00% of their portfolio | 711 $101.6k | Added +124 |
| Clearstead Advisors, LLC 0.00% of their portfolio | 487 $63.2k | Unchanged |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 220 $29.0k | Reduced -660 |
| Farther Finance Advisors, LLC 0.00% of their portfolio | 216 $28.0k | New |
| ORG Partners LLC 0.00% of their portfolio | 113 $14.7k | New |
| Kilter Group LLC 0.01% of their portfolio | 100 $13.0k | Reduced -100 |
| SIGNATUREFD, LLC 0.00% of their portfolio | 50 $6.5k | New |
| West Oak Capital, LLC 0.00% of their portfolio | 20 $26 | New |
| Larson Financial Group LLC 0.00% of their portfolio | 20 $2.6k | New |
| Federation des caisses Desjardins du Quebec 0.00% of their portfolio | 20 $2.6k | Reduced -24 |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 12 $1.6k | New |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 7 $909 | Unchanged |
| Wealthspire Advisors, LLC 0.00% of their portfolio | 7 $910 | New |
| Ionic Capital Management LLC 0.00% of their portfolio | 4 $519 | New |
| CWM, LLC 0.00% of their portfolio | 4 $1.0k | Unchanged |
| BFSG, LLC 0.00% of their portfolio | 3 $390 | Unchanged |