AKUNA SECURITIES LLC

What the Positions Actually Represent

• Long equity positions: Result from delta hedging market-making inventory. When Akuna sells a call on AAPL, it buys AAPL shares to flatten delta—those shares appear as 'holdings' in the 13F.
• ETF concentrations: SPY, QQQ, and other liquid ETFs appear because they are the most efficient hedging vehicles for broad-market options flow.
• Single-stock names: Technologies and high-volume stocks (NVDA, TSLA, AMD) are overrepresented because those are the names with the most liquid options markets—not because Akuna is making directional bets.

How Researchers Should Use This Filing

Filter Akuna's 13F for positions that persist across multiple quarters with relatively stable share counts (not explained by options flow). Those are the closest thing to genuine conviction in their book. Positions that churn significantly quarter-to-quarter are almost certainly hedging artifacts.