Cavalier Investments, LLC holds a focused book of 42 stocks worth $388.2M as of Q1 2026 (disclosed May 15, 2026, a ~45-day 13F lag). This quarter they opened UNITED STATES OIL FUND LP and trimmed VANECK SEMICONDUCTOR ETF. Their largest long position is SS SPDR S&P 500 ETF TRUST-US at 25% of the equity book. They also disclosed $1.7B in put options (a bearish bet) and $1.7B in call options (bullish), shown separately below and excluded from the equity book.
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Use Arkolith to show Cavalier Investments, LLC's latest holdings, largest changes, and filing provenance.
Top-heavy: focused book
Share of the disclosed book in its largest positions. A higher top-5 share means a more concentrated, higher-conviction portfolio.
13% mapped to company sectors
Direct operating-company sectors from our SIC-based security master. ETF/fund and unclassified holdings stay visible separately; this is not ETF look-through exposure.
Estimated $ traded · quarter-end prices, no cost basis
Bars show each stock's share of the portfolio. Click a row for its position history.
| # | Security | Value | Shares | % Port | Last move | History |
|---|---|---|---|---|---|---|
| 1 | State STR SPDR S&P 500 ETF T TR UNIT | $96.0M | 147.7K | 24.7% | ▲+108% Added · +77K sh | |
| 2 | Invesco QQQ TR UNIT SER 1 | $59.5M | 103.1K | 15.3% | ▲+259% Added · +74K sh | |
| 3 | United STS Oil FD LP UNITS | $15.5M | 121.8K | 4.0% | ▲New New position | |
| 4 | Kla Corp COM NEW | $14.3M | 9.7K | 3.7% | ▲New New position | |
| 5 | Vaneck ETF Trust SEMICONDUCTR ETF | $11.7M | 30.6K | 3.0% | ▼−17% Reduced · −6K sh | |
| 6 | Ishares 20 PLS Year Treasury BND ETF 20 YR TR BD ETF | $11.3M | 129.9K | 2.9% | ▲+21% Added · +22K sh | |
| 7 | SPDR Gold TR GOLD SHS | $10.8M | 25.1K | 2.8% | ▲+15% Added · +3K sh | |
| 8 | Select Sector SPDR TR STATE STREET COM | $10.6M | 95.6K | 2.7% | ▼−24% Reduced · −30K sh | |
| 9 | Lam Research Corp COM NEW | $9.2M | 42.9K | 2.4% | ▼−5.7% Reduced · −3K sh | |
| 10 | FT Vest Gold STRT TRGT Incm ETF FT VEST GOLD | $8.3M | 323.7K | 2.1% | ▲+38% Added · +88K sh | |
| 11 | Howmet Aerospace Ord COM | $8.1M | 35.0K | 2.1% | ▲+26% Added · +7K sh | |
| 12 | Vanguard Value ETF VALUE ETF | $7.9M | 40.2K | 2.0% | ▲New New position | |
| 13 | RTX Corporation COM | $7.8M | 40.6K | 2.0% | ▲New New position | |
| 14 | Nvidia Corporation COM | $7.6M | 43.4K | 2.0% | ▼−32% Reduced · −21K sh | |
| 15 | Western Digital Corp COM | $6.1M | 22.6K | 1.6% | ▼−72% Reduced · −59K sh | |
| 16 | Ishares TR U.S. INSRNCE ETF | $5.9M | 46.0K | 1.5% | ▲New New position | |
| 17 | Select Sector SPDR TR STATE STREET MAT | $5.8M | 115.6K | 1.5% | ▲New New position | |
| 18 | Vanguard FTSE Europe ETF FTSE EUROPE ETF | $5.4M | 65.1K | 1.4% | ▼−8.1% Reduced · −6K sh | |
| 19 | Ishares Silver TR ISHARES | $5.3M | 78.3K | 1.4% | ▲+561% Added · +66K sh | |
| 20 | Invesco Exchange Traded FD T PHARMACEUTICALS | $4.8M | 46.0K | 1.2% | ▲New New position | |
| 21 | iShares MSCI Austria ETF MSCI AUSTRIA ETF | $4.4M | 125.0K | 1.1% | ▲+150% Added · +75K sh | |
| 22 | Simplify Volatility Premium ETF VOLATILITY PREM | $4.0M | 260.5K | 1.0% | ▲New New position | |
| 23 | Ishares TR MSCI PERU AND GL | $3.7M | 46.1K | 1.0% | ▲New New position | |
| 24 | Select Sector SPDR TR STATE STREET UTI | $3.7M | 79.6K | 0.9% | ▲New New position | |
| 25 | ATT COM | $3.5M | 121.5K | 0.9% | ▼−8.2% Reduced · −11K sh | |
| 26 | SPDR S&P Aerospace STATE STREET SPD | $3.5M | 13.8K | 0.9% | —Held | |
| 27 | Ishares Semiconductor ETF ISHARES SEMICDTR | $3.5M | 10.6K | 0.9% | ▲New New position | |
| 28 | Palantir Technologies Inc CL A | $3.4M | 23.3K | 0.9% | ▼−6.8% Reduced · −2K sh | |
| 29 | Microstrategy CL A Ord CL A NEW | $3.3M | 26.2K | 0.8% | ▲+21% Added · +4K sh | |
| 30 | Albemarle Corp COM | $3.3M | 18.2K | 0.8% | ▲New New position | |
| 31 | Apple, Inc. COM | $3.1M | 12.2K | 0.8% | ▲+260% Added · +9K sh | |
| 32 | Cboe Global Markets Ord COM | $2.7M | 9.4K | 0.7% | ▼−7.9% Reduced · −808 sh | |
| 33 | UBS AG Etracs CD Ol CR CL Etn ETRACS CRUDE OIL | $2.7M | 46.0K | 0.7% | ▲+8.9% Added · +4K sh | |
| 34 | IESC COM | $2.6M | 5.6K | 0.7% | ▼−6.8% Reduced · −404 sh | |
| 35 | Vaneck Gold Miners ETF GOLD MINERS ETF | $2.6M | 28.3K | 0.7% | ▼−39% Reduced · −18K sh | |
| 36 | JPMorgan Chase & Co COM | $2.4M | 8.2K | 0.6% | ▼−77% Reduced · −28K sh | |
| 37 | Select Sector SPDR TR STATE STREET CON | $2.2M | 27.4K | 0.6% | ▲New New position | |
| 38 | Global X MSCI Argentina ETF GB MSCI AR ETF | $2.1M | 22.8K | 0.5% | ▼−8.2% Reduced · −2K sh | |
| 39 | Ishares Inc MSCI CHILE ETF | $1.8M | 46.0K | 0.5% | ▲New New position | |
| 40 | iShares MSCI Poland ETF MSCI POLAND ETF | $1.8M | 50.0K | 0.5% | ▼−8.2% Reduced · −4K sh | |
| 41 | SPDR Portfolio S&P 400 Mid Cap ETF STATE STREET SPD | $1.7M | 29.5K | 0.5% | ▼−6.6% Reduced · −2K sh | |
| 42 | Newmont Corporation COM | $1.6M | 14.9K | 0.4% | ▼−77% Reduced · −50K sh | |
| 43 | Freeport McMoran Inc CL B | $1.4M | 23.4K | 0.4% | ▲New New position | |
| 44 | iShares Global Infrastructure ETF GLB INFRASTR ETF | $1.3M | 19.8K | 0.3% | ▲New New position | |
| 45 | Ishares Inc MSCI STH KOR ETF | $1.3M | 10.7K | 0.3% | ▲New New position | |
| 46 | AROC COM | $1.1M | 31.9K | 0.3% | ▼−8.1% Reduced · −3K sh | |
| 47 | Eli Lilly Ord COM | $888K | 966 | 0.2% | —Held | |
| 48 | Ishares TR RUSSELL 2000 ETF | $839K | 3.4K | 0.2% | ▼−66% Reduced · −6K sh | |
| 49 | Facebook Inc CL A | $768K | 1.3K | 0.2% | ▼−6.0% Reduced · −85 sh | |
| 50 | Select Sector SPDR TR STATE STREET HEA | $685K | 4.7K | 0.2% | ▲Added Added · +5K sh |
Put / call positions from the 13F — totals include every disclosed option leg
| Type | Underlying | Notional value | Underlying shares |
|---|---|---|---|
| CALL · bullish | INVESCO QQQ TR | $750.3M | 1.3M |
| PUT · bearish | INVESCO QQQ TR | $721.5M | 1.3M |
| PUT · bearish | SS SPDR S&P 500 ETF TRUST-USSPY | $539.8M | 830K |
| CALL · bullish | SS SPDR S&P 500 ETF TRUST-USSPY | $390.2M | 600K |
| CALL · bullish | VANECK SEMICONDUCTOR ETFSMH | $98.8M | 258K |
| PUT · bearish | VANECK SEMICONDUCTOR ETFSMH | $91.1M | 238K |
| CALL · bullish | SELECT SECTOR SPDR TR | $88.2M | 1.3M |
| PUT · bearish | SPDR GOLD TR | $60.2M | 140K |
| PUT · bearish | NVIDIA CORPORATION | $57.6M | 330K |
| CALL · bullish | ISHARES RUSSELL 2000 ETFIWM | $49.6M | 200K |
| CALL · bullish | JPMORGAN CHASE & COJPM | $44.1M | 150K |
| PUT · bearish | SS HEALTH CARE SELECT SECTORXLV | $33.2M | 275K |
| CALL · bullish | WESTERN DIGITAL CORP | $30.3M | 112K |
| PUT · bearish | JPMORGAN CHASE & COJPM | $29.4M | 100K |
| CALL · bullish | SPDR GOLD TR | $26.2M | 61K |
| PUT · bearish | UNITED STATES OIL FUND LPUSO | $19.3M | 152K |
| CALL · bullish | ROCKET LAB CORP | $19.3M | 300K |
| PUT · bearish | ISHARES BITCOIN TRUST ETF | $19.2M | 500K |
| CALL · bullish | TESLA INC | $18.6M | 50K |
| PUT · bearish | TESLA INC | $18.6M | 50K |
| PUT · bearish | WESTERN DIGITAL CORP | $16.8M | 62K |
| CALL · bullish | ISHARES SILVER TRUSTSLV | $16.7M | 245K |
| CALL · bullish | ISHARES MSCI SOUTH KOREA ETFEWY | $15.4M | 125K |
| PUT · bearish | KLA CORP | $14.7M | 10K |
| CALL · bullish | ISHARES BITCOIN TRUST ETF | $13.4M | 350K |
13F filers disclose option positions at the market value of the underlying the contracts reference, not the premium paid. A put is a bearish bet (it gains if the stock falls); a call is bullish. “Underlying shares” is the share count the contracts control, not a share holding. These legs are excluded from the equity book, weighting, concentration and sector figures above. Showing the largest 25 of 46 option legs.
As-of date vs the date the SEC received each filing
| Quarter | As of | Filed | Positions | Value | Form |
|---|---|---|---|---|---|
| Q1 2026 | Mar 31, 2026 | May 15, 2026 | 112 | $3.7B | 13F-HR |
| Q4 2025 | Dec 31, 2025 | Feb 13, 2026 | 87 | $1.9B | 13F-HR |
| Q3 2025 | Sep 30, 2025 | Nov 14, 2025 | 107 | $1.2B | 13F-HR |
| Q2 2025 | Jun 30, 2025 | Jul 30, 2025 | 71 | $330.0M | 13F-HR |
| Q1 2025 | Mar 31, 2025 | Apr 24, 2025 | 75 | $294.3M | 13F-HR |
| Q4 2024 | Dec 31, 2024 | Feb 4, 2025 | 74 | $299.3M | 13F-HR |
| Q3 2024 | Sep 30, 2024 | Oct 24, 2024 | 84 | $326.0M | 13F-HR |
| Q2 2024 | Jun 30, 2024 | Aug 2, 2024 | 79 | $324.9M | 13F-HR |
| Q1 2024 | Mar 31, 2024 | Apr 26, 2024 | 81 | $274.0M | 13F-HR |
| Q4 2023 | Dec 31, 2023 | Feb 13, 2024 | 90 | $271.6M | 13F-HR |
| Q3 2023 | Sep 30, 2023 | Oct 23, 2023 | 93 | $255.5M | 13F-HR |
| Q2 2023 | Jun 30, 2023 | Aug 11, 2023 | 94 | $274.7M | 13F-HR |
| Q1 2023 | Mar 31, 2023 | May 10, 2023 | 62 | $244.6M | 13F-HR |
| Q4 2022 | Dec 31, 2022 | Feb 10, 2023 | 98 | $278.6M | 13F-HR |
| Q3 2022 | Sep 30, 2022 | Nov 10, 2022 | 95 | $276.8M | 13F-HR |
| Q2 2022 | Jun 30, 2022 | Aug 4, 2022 | 97 | $286.0M | 13F-HR |
| Q1 2022 | Mar 31, 2022 | May 4, 2022 | 100 | $382.5M | 13F-HR |
| Q4 2021 | Dec 31, 2021 | Feb 2, 2022 | 112 | $385.1M | 13F-HR |
| Q3 2021 | Sep 30, 2021 | Nov 2, 2021 | 98 | $316.7M | 13F-HR |
| Q2 2021 | Jun 30, 2021 | Aug 11, 2021 | 94 | $277.3M | 13F-HR |
| Q1 2021 | Mar 31, 2021 | May 13, 2021 | 103 | $229.9M | 13F-HR |
| Q4 2020 | Dec 31, 2020 | Feb 12, 2021 | 98 | $218.8M | 13F-HR |
| Q3 2020 | Sep 30, 2020 | Nov 12, 2020 | 68 | $147.1M | 13F-HR |
| Q2 2020 | Jun 30, 2020 | Aug 10, 2020 | 69 | $173.1M | 13F-HR |
Holdings from SEC EDGAR 13F-HR filings, updated quarterly ~45 days after quarter-end. Public domain. The book and weighting are long equity only; disclosed put/call options are listed separately and excluded from those totals. The performance line is a simulation of the disclosed long book, not an audited return.