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Bullish optionsOverdeck/SiegelTwo Sigma Investments LLC
Bullish on
SPYSTATE STR SPDR S&P 500 ETF T
Bullish options position — not ownership
Underlying shares
547K
Option value
$408M
% of portfolio
—

As of Jun 30, 2026 · disclosed Aug 14, 2026 · ~45 days stale — may not reflect current positions.

Two Sigma's Q2 book, disclosed as of June 30, shows the quant's bullish call exposure on the S&P 500 ETF more than four times larger than a quarter earlier. Western Digital sits atop the long side at roughly 1.1% of the portfolio, ahead of Nvidia and Apple.

Bearish optionsHoward MarksOaktree Capital
Bearish on
SPYSTATE STREET CORP
Bearish options position — not ownership
Underlying shares
1.4M
Option value
$1.0B
% of portfolio
—

As of Jun 30, 2026 · disclosed Aug 14, 2026 · ~45 days stale — may not reflect current positions.

Howard Marks' Oaktree ended June with the S&P 500 ETF as its largest disclosed position at 14% of the portfolio, ahead of QQQ. The same filing shows new stakes in Uber, Alibaba and Cloudflare alongside full exits from Coinbase, Block and Strategy, a clean rotation out of crypto-levered names.

THE SENTIMENT DESK

An 18-year-old's $25k settlement sparked Reddit's personalfinance community to do the math on compound growth: $17k invested in an S&P 500 index fund today becomes $1.25 million by retirement age, assuming historical 10% returns. The consensus is unanimous: skip the temptation to spend and let time do the work.

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