Vault-13

VS TRUST

2X LONG VIX FUTU · CUSIP 92891H606

25 institutional holders +5 vs Q4 2025
2,376,5802.4m shares reported held*
$20.5mreported value*
12 new 4 added 7 reduced 5 sold out net sold ≈ $6.9m (-786.7k 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 ≈ $8.62. Options: 10 managers hold calls ($78.1m notional), 7 hold puts ($55.6m).

Trends to Q1 2026

Institutional holders

Managers reporting a position, each quarter

0102030Q1 24: 1Q2 24: 1Q3 24: 0Q4 24: 1Q1 25: 24Q2 25: 18Q3 25: 26Q4 25: 20Q1 26: 2525Q1 24Q3 24Q1 25Q3 25Q1 26
Numbers
QuarterHolders
Q1 20241
Q2 20241
Q3 20240
Q4 20241
Q1 202524
Q2 202518
Q3 202526
Q4 202520
Q1 202625

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q2 24: 0 bought or addedQ2 24: 1 cut or sold outQ3 24: 0 bought or addedQ3 24: 1 cut or sold outQ3 24Q4 24: 1 bought or addedQ4 24: 0 cut or sold outQ1 25: 23 bought or addedQ1 25: 1 cut or sold outQ1 25Q2 25: 14 bought or addedQ2 25: 15 cut or sold outQ3 25: 21 bought or addedQ3 25: 8 cut or sold outQ3 25Q4 25: 13 bought or addedQ4 25: 15 cut or sold outQ1 26: 16 bought or addedQ1 26: 12 cut or sold outQ1 26
Numbers
QuarterBought or addedCut or sold out
Q2 202401
Q3 202401
Q4 202410
Q1 2025231
Q2 20251415
Q3 2025218
Q4 20251315
Q1 20261612

Calls vs puts

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

CallsPuts
$0$25m$50m$75m$100mQ2 25 calls: $85.9mQ2 25 puts: $95.5mQ2 25P/C 1.11Q3 25 calls: $50.2mQ3 25 puts: $37.4mQ3 25P/C 0.74Q4 25 calls: $38.5mQ4 25 puts: $28.2mQ4 25P/C 0.73Q1 26 calls: $78.1mQ1 26 puts: $55.6mQ1 26P/C 0.71
Numbers
QuarterCallsPutsP/C
Q2 2025$85.9m$95.5m1.11
Q3 2025$50.2m$37.4m0.74
Q4 2025$38.5m$28.2m0.73
Q1 2026$78.1m$55.6m0.71

Biggest buyers

Hamilton Wealth, LLC New +437,072+437.1k
GROUP ONE TRADING LLC New +295,525+295.5k
JANE STREET GROUP, LLC New +221,180+221.2k
FLOW TRADERS U.S. LLC New +205,345+205.3k
Brookstone Capital Management New +161,520+161.5k
MORGAN STANLEY Added +159,546+159.5k
CLOUGH CAPITAL PARTNERS L P New +71,900+71.9k
XTX Topco Ltd New +49,010+49.0k
Capital Asset Advisory Services LLC New +30,207+30.2k
UBS Group AG Added +29,699+29.7k

Biggest sellers

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced -1,452,186-1.5m
FirstWave Capital Management LLC Sold out -881,126-881.1k
GAM Holding AG Reduced -65,000-65.0k
TWO SIGMA SECURITIES, LLC Reduced -61,241-61.2k
StoneX Group Inc. Sold out -22,795-22.8k
Mach-1 Financial Group, LLC Reduced -15,387-15.4k
Ankerstar Wealth, LLC Sold out -4,190-4.2k
Mariner, LLC Reduced -2,731-2.7k
CITIGROUP INC Reduced -2,200-2.2k
BARCLAYS PLC Reduced -2,089-2.1k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $30.7m3.5m shares
JANE STREET GROUP, LLC Added $11.9m1.4m shares
GROUP ONE TRADING LLC Added $8.5m976.7k shares
IMC-Chicago, LLC Added $8.2m950.9k shares
CITADEL ADVISORS LLC Added $7.4m853.4k shares
Capelight Capital Asset Management LP New $5.9m680.0k shares
SIMPLEX TRADING, LLC Reduced $4.5m412.8k shares
GatePass Capital, LLC New $692.8k80.0k shares
MILLENNIUM MANAGEMENT LLC New $216.5k25.0k shares
Caitlin John, LLC New $156.7k18.1k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $29.5m3.4m shares
IMC-Chicago, LLC Added $8.8m1.0m shares
JANE STREET GROUP, LLC Added $5.8m669.4k shares
HRT FINANCIAL LP Added $4.0m466.1k shares
CITADEL ADVISORS LLC Added $2.8m328.1k shares
GROUP ONE TRADING LLC Added $2.7m308.8k shares
SIMPLEX TRADING, LLC Reduced $2.0m194.2k 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, Q1 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Hamilton Wealth, LLC 0.74% of their portfolio LOS ANGELES, CA 437,072437.1k $3.8m $3.8m 0.74% New
2 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 394,853394.9k $3.4m $3.4m 0.00% Added +159.5k +159,546
3 GROUP ONE TRADING LLC 0.08% of their portfolio CHICAGO, IL 295,525295.5k $2.6m $2.6m 0.08% New
4 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 269,842269.8k $2.3m $2.3m 0.00% Reduced -1.5m -1,452,186
5 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 221,180221.2k $1.9m $1.9m 0.00% New
6 FLOW TRADERS U.S. LLC 0.06% of their portfolio NEW YORK, NY 205,345205.3k $1.8m $1.8m 0.06% New
7 Brookstone Capital Management 0.02% of their portfolio WHEATON, IL 161,520161.5k $1.4m $1.4m 0.02% New
8 CLOUGH CAPITAL PARTNERS L P 0.06% of their portfolio Boston, MA 71,90071.9k $622.7k $622.7k 0.06% New
9 Mach-1 Financial Group, LLC 0.19% of their portfolio Rogers, AR 63,77563.8k $552.3k $552.3k 0.19% Reduced -15.4k -15,387
10 XTX Topco Ltd 0.01% of their portfolio LONDON, X0 49,01049.0k $424.4k $424.4k 0.01% New
11 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 31,38131.4k $271.8k $271.8k 0.00% Reduced -2.1k -2,089
12 Capital Asset Advisory Services LLC 0.01% of their portfolio Williamston, MI 30,20730.2k $174.9k $174.9k 0.01% New
13 UBS Group AG 0.00% of their portfolio ZURICH, V8 29,70029.7k $257.2k $257.2k 0.00% Added +29.7k +29,699
14 INDEPENDENT FINANCIAL GROUP, LLC 0.00% of their portfolio SAN DIEGO, CA 25,00025.0k $216.5k $216.5k 0.00% New
15 TWO SIGMA SECURITIES, LLC 0.02% of their portfolio NEW YORK, NY 20,86420.9k $180.7k $180.7k 0.02% Reduced -61.2k -61,241
16 Jump Financial, LLC 0.00% of their portfolio Chicago, IL 18,44118.4k $159.7k $159.7k 0.00% New
17 GAM Holding AG 0.01% of their portfolio Zurich, V8 15,00015.0k $129.9k $129.9k 0.01% Reduced -65.0k -65,000
18 Caitlin John, LLC 0.07% of their portfolio BRIGHTON, MI 13,70013.7k $118.6k $118.6k 0.07% Added +11.0k +11,016
19 Mariner, LLC 0.00% of their portfolio Overland Park, KS 12,26912.3k $106.2k $106.2k 0.00% Reduced -2.7k -2,731
20 SIMPLEX TRADING, LLC 0.00% of their portfolio CHICAGO, IL 4,8494.8k $42.0k $42.0k 0.00% New
21 Blue Trust, Inc. 0.00% of their portfolio BRENTWOOD, TN 2,1502.1k $18.6k $18.6k 0.00% Unchanged
22 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 1,6431.6k $17.6k $17.6k 0.00% Added +1.6k +1,614
23 CoreCap Advisors, LLC 0.00% of their portfolio SOUTHFIELD, MI 806806 $7.0k $7.0k 0.00% New
24 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 448448 $3.9k $3.9k 0.00% Reduced -2.2k -2,200
25 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 100100 $866 $866 0.00% Unchanged