Vault-13

VOLATILITY SHS TR ETHU

2X ETHER ETF NEW · ETP · CUSIP 92864M798

39 institutional holders -12 vs Q3 2025
1,166,5711.2m shares reported held*
$63.8mreported value*
11 new 9 added 6 reduced 24 sold out net sold ≈ $25.9m (-474.2k 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 ≈ $54.73. Options: 6 managers hold calls ($116.2m notional), 5 hold puts ($75.3m).

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

0204060Q1 25: 2Q2 25: 32Q3 25: 51Q4 25: 3939Q1 25Q2 25Q3 25Q4 25
Numbers
QuarterHolders
Q1 20252
Q2 202532
Q3 202551
Q4 202539

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q2 25: 30 bought or addedQ2 25: 2 cut or sold outQ2 25Q3 25: 38 bought or addedQ3 25: 16 cut or sold outQ3 25Q4 25: 20 bought or addedQ4 25: 30 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q2 2025302
Q3 20253816
Q4 20252030

Calls vs puts

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

CallsPuts
$0$100m$200m$300mQ1 25 calls: $36.7kQ1 25 puts: $0Q1 25P/C 0.00Q2 25 calls: $79.9mQ2 25 puts: $44.2mQ2 25P/C 0.55Q3 25 calls: $289.4mQ3 25 puts: $253.7mQ3 25P/C 0.88Q4 25 calls: $116.2mQ4 25 puts: $75.3mQ4 25P/C 0.65
Numbers
QuarterCallsPutsP/C
Q1 2025$36.7k$00.00
Q2 2025$79.9m$44.2m0.55
Q3 2025$289.4m$253.7m0.88
Q4 2025$116.2m$75.3m0.65

Biggest buyers

DRW Securities, LLC Added +399,265+399.3k
FLOW TRADERS U.S. LLC New +90,435+90.4k
Virtu Financial LLC New +48,563+48.6k
IMC-Chicago, LLC New +47,122+47.1k
Jump Financial, LLC New +41,988+42.0k
Headlands Technologies LLC New +36,819+36.8k
SLT Holdings LLC Added +31,680+31.7k
Foundations Investment Advisors, LLC Added +31,680+31.7k
CITADEL ADVISORS LLC Added +4,332+4.3k
Lauer Wealth, LLC Added +4,250+4.2k

Biggest sellers

CloudAlpha Capital Management Limited/Hong Kong Sold out -490,300-490.3k
Yong Rong (HK) Asset Management Ltd Sold out -280,000-280.0k
JANE STREET GROUP, LLC Reduced -189,952-190.0k
THAMES CAPITAL MANAGEMENT LLC Sold out -125,556-125.6k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Sold out -35,454-35.5k
Pilgrim Partners Asia Pte Ltd Sold out -20,000-20.0k
RENAISSANCE TECHNOLOGIES LLC Sold out -14,850-14.8k
INDEPENDENT FINANCIAL GROUP, LLC Reduced -11,479-11.5k
Sassicaia Capital Advisers LLC Sold out -9,000-9.0k
HighTower Advisors, LLC Sold out -8,510-8.5k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $57.8m1.1m shares
CITADEL ADVISORS LLC Added $34.0m622.5k shares
JANE STREET GROUP, LLC Added $19.6m359.0k shares
LMR Partners LLP New $4.4m80.0k shares
Belvedere Trading LLC Reduced $313.6k38.6k shares
Legacy Wealth Managment, LLC/ID New $21.9k400 shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $34.3m627.3k shares
CITADEL ADVISORS LLC Reduced $29.5m538.7k shares
JANE STREET GROUP, LLC Reduced $11.3m207.1k shares
Ionic Capital Management LLC Unchanged $207.9k3.8k shares
Belvedere Trading LLC Reduced $274100 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, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 DRW Securities, LLC 1.68% of their portfolio CHICAGO, IL 403,742403.7k $22.1m $22.1m 1.68% Added +399.3k +399,265
2 JANE STREET GROUP, LLC 0.02% of their portfolio NEW YORK, NY 321,607321.6k $17.6m $17.6m 0.02% Reduced -190.0k -189,952
3 FLOW TRADERS U.S. LLC 0.16% of their portfolio NEW YORK, NY 90,43590.4k $4.9m $4.9m 0.16% New
4 Virtu Financial LLC 0.10% of their portfolio New York, NY 48,56348.6k $2.7m $2.7m 0.10% New
5 IMC-Chicago, LLC 0.05% of their portfolio CHICAGO, IL 47,12247.1k $2.6m $2.6m 0.05% New
6 Jump Financial, LLC 0.03% of their portfolio Chicago, IL 41,98842.0k $2.3m $2.3m 0.03% New
7 Headlands Technologies LLC 0.17% of their portfolio CHICAGO, IL 36,81936.8k $2.0m $2.0m 0.17% New
8 Foundations Investment Advisors, LLC 0.03% of their portfolio PHOENIX, AZ 35,25035.2k $1.9m $1.9m 0.03% Added +31.7k +31,680
9 SLT Holdings LLC 1.29% of their portfolio SCOTTSDALE, AZ 35,25035.2k $1.9m $1.9m 1.29% Added +31.7k +31,680
10 Legacy Wealth Managment, LLC/ID 0.66% of their portfolio BOISE, ID 25,26225.3k $1.4m $1.4m 0.66% Added +1.8k +1,842
11 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 23,74923.7k $1.3m $1.3m 0.00% Added +4.3k +4,332
12 KEYWISE CAPITAL MANAGEMENT (HK) Ltd 0.05% of their portfolio HONG KONG, K3 12,30012.3k $672.8k $672.8k 0.05% Unchanged
13 Lauer Wealth, LLC 0.31% of their portfolio VALPARAISO, IN 6,9707.0k $413.1k $413.1k 0.31% Added +4.2k +4,250
14 INDEPENDENT FINANCIAL GROUP, LLC 0.01% of their portfolio SAN DIEGO, CA 6,1596.2k $336.9k $336.9k 0.01% Reduced -11.5k -11,479
15 Thompson David Blair 0.16% of their portfolio CHARLOTTE, NC 5,2695.3k $288.2k $288.2k 0.16% First filing
16 MGO ONE SEVEN LLC 0.00% of their portfolio Beachwood, OH 4,2404.2k $231.9k $231.9k 0.00% New
17 Silverleafe Capital Partners, LLC 0.06% of their portfolio GERMANTOWN, TN 3,9333.9k $215.1k $215.1k 0.06% Unchanged
18 TWO SIGMA SECURITIES, LLC 0.03% of their portfolio NEW YORK, NY 3,9163.9k $214.2k $214.2k 0.03% New
19 PURSUE WEALTH PARTNERS LLC 0.10% of their portfolio ALAMO, CA 3,6663.7k $201.0k $201.0k 0.10% New
20 Richard W. Paul & Associates, LLC 0.06% of their portfolio NOVI, MI 3,0913.1k $169.1k $169.1k 0.06% Unchanged
21 MCGUIRE CAPITAL ADVISORS INC 0.08% of their portfolio BETHANY, OK 2,1802.2k $119.2k $119.2k 0.08% First filing
22 Parallel Advisors, LLC 0.00% of their portfolio SAN FRANCISCO, CA 1,3701.4k $74.9k $74.9k 0.00% Added +396 +396
23 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 711711 $38.9k $38.9k 0.00% Unchanged
24 IFP Advisors, Inc 0.00% of their portfolio TAMPA, FL 643643 $35.2k $35.2k 0.00% Reduced -600 -600
25 Clearstead Advisors, LLC 0.00% of their portfolio CLEVELAND, OH 475475 $26.0k $26.0k 0.00% Reduced -12 -12
26 Farther Finance Advisors, LLC 0.00% of their portfolio SAN FRANCISCO, CA 444444 $24.3k $24.3k 0.00% Added +228 +228
27 SUMMIT SECURITIES GROUP LLC 0.00% of their portfolio NEW YORK, NY 400400 $21.9k $21.9k 0.00% Reduced -600 -600
28 Kilter Group LLC 0.01% of their portfolio RHINEBECK, NY 400400 $21.9k $21.9k 0.01% Added +300 +300
29 Belvedere Trading LLC 0.00% of their portfolio CHICAGO, IL 393393 $21.5k $21.5k 0.00% New
30 Morse Asset Management, Inc 0.00% of their portfolio DARIEN, CT 100100 $5.5k $5.5k 0.00% New
31 Ankerstar Wealth, LLC 0.00% of their portfolio LEANDER, TX 4444 $2.4k $2.4k 0.00% First filing
32 Larson Financial Group LLC 0.00% of their portfolio ST LOUIS, MO 2020 $1.1k $1.1k 0.00% Unchanged
33 Federation des caisses Desjardins du Quebec 0.00% of their portfolio LEVIS, A8 2020 $1.1k $1.1k 0.00% Unchanged
34 Tower Research Capital LLC (TRC) 0.00% of their portfolio NEW YORK, NY 1616 $875 $875 0.00% New
35 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 77 $383 $383 0.00% Unchanged
36 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 66 $330 $330 0.00% Reduced -6 -6
37 Ionic Capital Management LLC 0.00% of their portfolio NEW YORK, NY 44 $219 $219 0.00% Unchanged
38 CWM, LLC 0.00% of their portfolio OMAHA, NE 44 $0 $0 0.00% Unchanged
39 BFSG, LLC 0.00% of their portfolio IRVINE, CA 33 $165 $165 0.00% Unchanged