INVESTMENT MANAGERS SER TR I

Susquehanna International Group dominates at roughly $23 million — about 75% of the disclosed book — with Renaissance Technologies ($5.1M) and IMC-Chicago ($958K) rounding out the top. All three are market-makers or quant shops that hold leveraged-ETF shares for hedging, arbitrage, or short-horizon positioning, not because of a thesis on an underlying company.

For readers, TSLQ's 13F profile should be read as fund-structure plumbing, not insider-style conviction: the holders are providing liquidity and managing exposure to Tesla's price, and the concentration in Susquehanna reflects market-making activity rather than a directional bet by an institution.