Two Sigma quadrupled its bullish SPY call position in Q2 2026

As seen on the 24/7 Wall St. homepage on August 14, 2026.

Bullish options Overdeck/Siegel Two 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.

581.1K332.4K83.8K

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.

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One of the biggest quant funds turned aggressively bullish on the S&P 500: Two Sigma's call exposure on the SPDR S&P 500 ETF jumped to 546,800 shares as of June 30, disclosed in its 13F filed with the SEC on August 14. Western Digital led its long equity book at roughly 1.1% of holdings, followed by Nvidia and Apple. Keep an eye on whether that bullish bet holds next quarter.

The firm's models saw enough in the market environment through the end of June to justify a concentrated bullish position in large-cap U.S. stocks.

That ordering shows where the firm's systematic strategies were finding the strongest signals outside index-level derivatives.

The filing captures holdings as of June 30 and was submitted to the SEC on August 14.

Mentioned: SPY