Citadel's Q2 13F shows the fund massively increased bullish bets on market ETFs (SPY, NDQ) and built huge, complex options positions in semiconductor stocks like Micron (MU), AMD, and the SMH ETF.

In its Q2 2026 13F filing, Citadel Advisors LLC reported a portfolio valued at $875.10 billion, revealing significant shifts in its holdings, particularly through the use of options. The fund substantially increased its bullish bets on major market indices. The most notable change was a 77% increase in its SPDR S&P 500 ETF (SPY) call option position, which grew by over $18 billion to a total value of $35.66 billion. Similarly, call options on the Invesco QQQ Trust (NDQ) were increased by 64% to $23.49 billion, and a direct stake in the iShares Core S&P 500 ETF (IVV) was boosted by 335% to $13.24 billion.

A major theme of the quarter was a massive build-up of exposure to the semiconductor and data storage industries. Citadel dramatically increased both put and call positions on several key players. The firm's put option position on Micron Technology (MU) surged to $22.25 billion, while its call position also grew to $16.34 billion. Large increases were also seen in options on the VanEck Semiconductor ETF (SMH), SanDisk Corp (SNDK), Advanced Micro Devices (AMD), and Taiwan Semiconductor Manufacturing (TSM). For instance, put options on SMH increased by 284% to $11.57 billion, and put options on SanDisk grew by 109% to $11.72 billion.

Other significant changes include increased options exposure to other major tech companies like Microsoft (MSFT) and Alphabet (GOOGL). In contrast, Citadel reduced its exposure to precious metals, cutting its call and put positions in the SPDR Gold Trust (GQ9) by 39% and 34%, respectively. The firm also established a new position, acquiring $1.42 billion in call options on Space Exploration Technologies Corp (SPCX).

Position changes