MILLENNIUM MANAGEMENT LLC

Millennium Management's 13F long book grew to $240.3B in Q1 2026 from $237.8B, though as a multi-strategy hedge fund its 13F captures only long equity and option positions — not the short and derivative exposure that defines its actual risk. The disclosed book is ETF-heavy at the top: iShares Russell 2000 (5.45%), iShares Core S&P 500 (3.53%), Nvidia (3.02%), and Invesco QQQ (2.55%). The quarter's flows rotated from large-cap beta into small-caps and energy — IWM (+$1.5B), Tesla (+$871M), the XLE energy ETF (+$758M), and Exxon (+$692M) were built, while QQQ (-$1.8B), SPY (-$1.5B), and IVV (-$1.4B) were cut.