Cavalier Investments, LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Cavalier Investments, LLC reported 60 stock positions worth $321.6 million. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 15.0% of the portfolio, followed by General Electric (GE, 5.8%) and Invesco QQQ Trust Series 1 (QQQ, 5.5%). Compared with Q3 2025, it opened 8 new positions, sold out of 13, added to 32 and reduced 14. The biggest buy was SS SPDR S&P 500 ETF Trust-US (SPY, shares +91%) and the biggest sale iShares Russell 2000 ETF (IWM, shares −84%).

Most Recent 13F
Q2 2026
Location
ALPHARETTA, GA
CIK
0001655543
Portfolio Value
$321.6M (Q4 2025)
SEC Filing
0001655543-26-000001 ↗ filed Feb 13, 2026

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $274.0M Q1 2024 Q2 2024: $324.9M Q2 2024 Q3 2024: $326.0M Q3 2024 Q4 2024: $299.3M Q4 2024 Q1 2025: $294.3M Q1 2025 Q2 2025: $330.0M Q2 2025 Q3 2025: $248.1M Q3 2025 Q4 2025: $321.6M $321.6M Q4 2025 Q1 2026: $388.2M Q1 2026 Q2 2026: $271.7M Q2 2026

Holdings 60 stocks · $321.6M
SPY SS SPDR S&P 500 ETF Trust-US 15.02% 70,859 $48.3M Add +90.7%
GE General Electric filed as GE AEROSPACE 5.81% 60,674 $18.7M Add +122.8%
QQQ Invesco QQQ Trust Series 1 5.49% 28,733 $17.7M Add +50.8%
XLC SS Comm Select Sector SPDR 4.59% 125,490 $14.8M Reduce -23.1%
WDC Western Digital Corp. 4.39% 81,980 $14.1M New
SMH Vaneck Semiconductor ETF 4.11% 36,732 $13.2M Reduce -24.1%
NVDA Nvidia Corp. 3.71% 63,979 $11.9M New
JPM JPMorgan Chase & Co. 3.67% 36,648 $11.8M Add +3.1%
RDDT Reddit Inc. Class A 3.66% 51,230 $11.8M New
VFH Vanguard Financials ETF 3.04% 73,154 $9.8M Add +3.2%
TLT iShares 20+ Year Treasury BD 2.92% 107,636 $9.4M Add +30.3%
MSFT Microsoft Corp. 2.88% 19,160 $9.3M Reduce -30.8%
GLD SPDR Gold Shares 2.70% 21,880 $8.7M Add +1221.3%
XNTK SS SPDR Nyse Tech ETF 2.66% 30,754 $8.5M Add +178.3%
XLF SS Financial Select Sector 2.57% 151,059 $8.3M Add +3.2%
LRCX Lam Research Corp. 2.42% 45,459 $7.8M New
TSLA Tesla Inc. 2.25% 16,082 $7.2M Reduce -55.7%
NEM Newmont Corp. 2.01% 64,699 $6.5M New
VGK Vanguard Ftse Europe ETF 1.84% 70,814 $5.9M Add +3.2%
IGLD FT Vest Gold Strategy Target 1.83% 235,347 $5.9M No change
HWM Howmet Aerospace Inc. 1.77% 27,841 $5.7M Add +3.1%
PLTR Palantir Technologies Inc. Class A 1.38% 25,010 $4.4M Reduce -47.8%
GDX Vaneck Gold Miners ETF 1.24% 46,441 $4.0M Add +21.7%
KCE SS SPDR S&P Cap MKTS ETF 1.23% 26,328 $3.9M No change
SPYG SS SPDR P S&P 500 Growth ETF 1.19% 35,780 $3.8M Reduce -7.6%
IBIT iShares Bitcoin Trust ETF 1.11% 72,190 $3.6M Add +47.3%
XAR SS SPDR S&P Aerospace Def 1.04% 13,804 $3.3M No change
MSTR Strategy Inc. 1.03% 21,712 $3.3M Add +86.7%
T AT&T Inc. 1.02% 132,277 $3.3M Add +3.2%
XLK SS Technology Select Sector 0.92% 20,492 $3.0M Add +3.1%
CBOE Cboe Global Markets Inc. 0.80% 10,252 $2.6M Add +3.1%
IWM iShares Russell 2000 ETF 0.75% 9,834 $2.4M Reduce -83.6%
IESC Ies Holdings Inc. filed as IES HLDGS INC 0.72% 5,964 $2.3M Add +2.6%
ARGT Global X MSCI Argentina ETF 0.70% 24,781 $2.3M Add +3.2%
XLY SS Consumer Disc Select Sect 0.69% 18,613 $2.2M Reduce -7.6%
USOI UBS AG Etr CR Oil Shar Cov 0.62% 42,254 $2.0M New
EPOL iShares MSCI Poland ETF 0.60% 54,488 $1.9M Add +3.2%
SPMD SS SPDR P S&P 400 Midcap ETF 0.57% 31,639 $1.8M Reduce -12.3%
EWO iShares MSCI Austria ETF 0.55% 50,000 $1.8M No change
VST Vistra Corp. 0.41% 8,257 $1.3M Add +66.9%
BMI Badger Meter Inc. 0.37% 6,837 $1.2M Reduce -50.5%
LLY Eli Lilly & Co. 0.32% 966 $1.0M No change
META Meta Platforms Inc. Class A 0.29% 1,427 $942K Reduce -91.3%
AAPL Apple Inc. 0.29% 3,399 $924K Add +2.3%
AROC Archrock Inc. 0.28% 34,760 $904K Add +3.2%
AMZN Amazon.com Inc. 0.27% 3,798 $877K Add +3.1%
IONQ Ionq Inc. 0.26% 18,420 $827K New
SLV iShares Silver Trust 0.24% 11,846 $763K No change
CEG Constellation Energy 0.22% 2,017 $713K Reduce -83.1%
COLO Global X MSCI Colombia ETF 0.19% 17,376 $619K Add +3.2%
RGTI Rigetti Computing Inc. 0.18% 26,787 $593K Add +3.1%
GOOY Yieldmax Googl Option Income 0.17% 37,788 $552K Add +21.6%
NVO Novo-Nordisk A/S-Spons ADR 0.16% 10,049 $511K Reduce -75.8%
APLY Yieldmax Aapl Option Income 0.14% 33,688 $449K Add +21.7%
BSX Boston Scientific Corp. 0.13% 4,528 $432K Reduce -94.0%
MSFO Yieldmax MSFT Option Is ETF 0.12% 25,875 $400K Add +21.7%
NVDY Yieldmax Nvda Option Inc. ETF 0.12% 26,918 $393K Add +21.7%
AMZY Yieldmax Amazn Option Income 0.12% 28,735 $382K Add +21.6%
FBY Yieldmax Meta Option Yield 0.11% 27,247 $344K Add +21.6%
NRG NRG Energy Inc. 0.09% 1,767 $281K New

Options reported separately and not counted above: SPY puts ($383.5M), QQQ calls ($309.7M), SPY calls ($238.7M), QQQ puts ($217.3M), SMH calls ($97.2M), IWM calls ($73.8M), JPM puts ($32.2M), GE puts ($30.8M), NVDA puts ($28.0M), LRCX puts ($25.7M), GE calls ($23.1M), LRCX calls ($18.0M), and 15 more.

Portfolio Sells Q3 2025 → Q4 2025
IWM iShares Russell 2000 ETF Reduce -83.6% 0.75% −4.47
META Meta Platforms Inc. Class A Reduce -91.3% 0.29% −4.35
BSX Boston Scientific Corp. Reduce -94.0% 0.13% −2.98
XLC SS Comm Select Sector SPDR Reduce -23.1% 4.59% −2.53
MSFT Microsoft Corp. Reduce -30.8% 2.88% −2.48
TSLA Tesla Inc. Reduce -55.7% 2.25% −2.37
SMH Vaneck Semiconductor ETF Reduce -24.1% 4.11% −1.56
PLTR Palantir Technologies Inc. Class A Reduce -47.8% 1.38% −1.34
VRSK Verisk Analytics Inc. Sold out 0.00% −1.17
VRTX Vertex Pharmaceuticals Inc. Sold out 0.00% −1.12
CPRT Copart Inc. Sold out 0.00% −0.89
ZETA Zeta Global Holdings Corp. Class A Sold out 0.00% −0.84
CEG Constellation Energy Reduce -83.1% 0.22% −0.73
FTDR Frontdoor Inc. Sold out 0.00% −0.71
NVO Novo-Nordisk A/S-Spons ADR Reduce -75.8% 0.16% −0.65
TDG Transdigm Group Inc. Sold out 0.00% −0.60
BMI Badger Meter Inc. Reduce -50.5% 0.37% −0.53
VS TRUST Sold out 0.00% −0.49
SPYG SS SPDR P S&P 500 Growth ETF Reduce -7.6% 1.19% −0.44
AMP Ameriprise Financial Inc. Sold out 0.00% −0.39
TYL Tyler Technologies Inc. Sold out 0.00% −0.34
BKNG Booking Holdings Inc. Sold out 0.00% −0.30
ECL Ecolab Inc. Sold out 0.00% −0.30
XLY SS Consumer Disc Select Sect Reduce -7.6% 0.69% −0.28
SPMD SS SPDR P S&P 400 Midcap ETF Reduce -12.3% 0.57% −0.26
WINA Winmark Corp. Sold out 0.00% −0.26
VRT Vertiv Holdings Co. Class A Sold out 0.00% −0.09

Portfolio Buys Q3 2025 → Q4 2025
SPY SS SPDR S&P 500 ETF Trust-US Add +90.7% 15.02% +5.33
WDC Western Digital Corp. New 4.39% +4.39
NVDA Nvidia Corp. New 3.71% +3.71
RDDT Reddit Inc. Class A New 3.66% +3.66
GE General Electric Add +122.8% 5.81% +2.88
GLD SPDR Gold Shares Add +1221.3% 2.70% +2.46
LRCX Lam Research Corp. New 2.42% +2.42
NEM Newmont Corp. New 2.01% +2.01
XNTK SS SPDR Nyse Tech ETF Add +178.3% 2.66% +1.44
QQQ Invesco QQQ Trust Series 1 Add +50.8% 5.49% +1.43
HWM Howmet Aerospace Inc. Add +3.1% 1.77% +1.26
USOI UBS AG Etr CR Oil Shar Cov New 0.62% +0.62
IESC Ies Holdings Inc. Add +2.6% 0.72% +0.35
IONQ Ionq Inc. New 0.26% +0.26
VFH Vanguard Financials ETF Add +3.2% 3.04% +0.23
ARGT Global X MSCI Argentina ETF Add +3.2% 0.70% +0.22
CBOE Cboe Global Markets Inc. Add +3.1% 0.80% +0.18
JPM JPMorgan Chase & Co. Add +3.1% 3.67% +0.15
T AT&T Inc. Add +3.2% 1.02% +0.13
RGTI Rigetti Computing Inc. Add +3.1% 0.18% +0.10
VST Vistra Corp. Add +66.9% 0.41% +0.09
NRG NRG Energy Inc. New 0.09% +0.09
AAPL Apple Inc. Add +2.3% 0.29% +0.06
GDX Vaneck Gold Miners ETF Add +21.7% 1.24% +0.06
XLK SS Technology Select Sector Add +3.1% 0.92% +0.01
AMZN Amazon.com Inc. Add +3.1% 0.27% +0.01
GOOY Yieldmax Googl Option Income Add +21.6% 0.17% −0.01
COLO Global X MSCI Colombia ETF Add +3.2% 0.19% −0.01
APLY Yieldmax Aapl Option Income Add +21.7% 0.14% −0.01
AMZY Yieldmax Amazn Option Income Add +21.6% 0.12% −0.02
AROC Archrock Inc. Add +3.2% 0.28% −0.02
MSFO Yieldmax MSFT Option Is ETF Add +21.7% 0.12% −0.03
NVDY Yieldmax Nvda Option Inc. ETF Add +21.7% 0.12% −0.03
EPOL iShares MSCI Poland ETF Add +3.2% 0.60% −0.03
FBY Yieldmax Meta Option Yield Add +21.6% 0.11% −0.04
TLT iShares 20+ Year Treasury BD Add +30.3% 2.92% −0.06
XLF SS Financial Select Sector Add +3.2% 2.57% −0.13
IBIT iShares Bitcoin Trust ETF Add +47.3% 1.11% −0.17
VGK Vanguard Ftse Europe ETF Add +3.2% 1.84% −0.27
MSTR Strategy Inc. Add +86.7% 1.03% −0.48

Options Activity Q3 2025 → Q4 2025
SPY SS SPDR S&P 500 ETF Trust-US put Add +11321.6% 562,400 $383.5M
QQQ Invesco QQQ Trust Series 1 call Add +40236.0% 504,200 $309.7M
SPY SS SPDR S&P 500 ETF Trust-US call New 350,000 $238.7M
QQQ Invesco QQQ Trust Series 1 put Add +768813.0% 353,700 $217.3M
SMH Vaneck Semiconductor ETF call Add +10312.6% 270,000 $97.2M
IWM iShares Russell 2000 ETF call New 300,000 $73.8M
GLD SPDR Gold Shares call Sold out 1,500 $53.3Mbefore exit
NVDA Nvidia Corp. call Sold out 2,500 $46.6Mbefore exit
JPM JPMorgan Chase & Co. put New 100,000 $32.2M
GE General Electric put Add +39900.0% 100,000 $30.8M
META Meta Platforms Inc. Class A put Sold out 400 $29.4Mbefore exit
TSLA Tesla Inc. put Sold out 650 $28.9Mbefore exit
NVDA Nvidia Corp. put Add +29900.0% 150,000 $28.0M
LRCX Lam Research Corp. put New 150,000 $25.7M
XLC SS Comm Select Sector SPDR put Sold out 2,000 $23.7Mbefore exit
GE General Electric call Add +29900.0% 75,000 $23.1M
PLTR Palantir Technologies Inc. Class A call Sold out 1,250 $22.8Mbefore exit
SPYG SS SPDR P S&P 500 Growth ETF call Sold out 2,000 $20.9Mbefore exit
LRCX Lam Research Corp. call New 105,000 $18.0M
PLTR Palantir Technologies Inc. Class A put Add +9900.0% 100,000 $17.8M
XLV SS Health Care Select Sector call New 110,000 $17.0M
SMH Vaneck Semiconductor ETF put Sold out 451 $14.7Mbefore exit
WDC Western Digital Corp. put New 80,000 $13.8M
TSLA Tesla Inc. call Add +1614.3% 30,000 $13.5M
VST Vistra Corp. call New 75,000 $12.1M
MSFT Microsoft Corp. put New 25,000 $12.1M
XLC SS Comm Select Sector SPDR call Add +3900.0% 100,000 $11.8M
RDDT Reddit Inc. Class A put New 50,000 $11.5M
XLF SS Financial Select Sector call Sold out 2,000 $10.8Mbefore exit
BSX Boston Scientific Corp. call Add +20520.0% 103,100 $9.8M
BSX Boston Scientific Corp. put Sold out 1,000 $9.8Mbefore exit
IONQ Ionq Inc. call New 200,000 $9.0M
GLD SPDR Gold Shares put Sold out 250 $8.9Mbefore exit
NEM Newmont Corp. call Sold out 1,000 $8.4Mbefore exit
AVGO Broadcom Inc. put Sold out 250 $8.2Mbefore exit
AVGO Broadcom Inc. call Sold out 250 $8.2Mbefore exit
TLT iShares 20+ Year Treasury BD call Sold out 800 $7.1Mbefore exit
IBIT iShares Bitcoin Trust ETF call Add +29287.8% 144,000 $7.1M
NEM Newmont Corp. put Sold out 500 $4.2Mbefore exit
NVO Novo-Nordisk A/S-Spons ADR call New 75,000 $3.8M
IBIT iShares Bitcoin Trust ETF put Add +14593.9% 72,000 $3.6M
CEG Constellation Energy call Sold out 100 $3.3Mbefore exit
CEG Constellation Energy put Sold out 100 $3.3Mbefore exit
MSTR Strategy Inc. put Add +19441.3% 21,300 $3.2M
MSTR Strategy Inc. call Add +1804.8% 2,000 $304K

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 40$271.7MXLK, NVDA, SPY, VWO, XLV
Q1 2026 60$388.2MSPY, QQQ, USO, KLAC, SMH
Q4 2025 60$321.6MSPY, GE, QQQ, XLC, WDC
Q3 2025 65$248.1MSPY, XLC, SMH, MSFT, IWM
Q2 2025 71$330.0MHWM, META, AMZN, MSFT, QQQ
Q1 2025 75$294.3MQQQ, HWM, AMZN, SMH, META
Q4 2024 74$299.3MQQQ, AMZN, XLC, BSX, SPY
Q3 2024 84$326.0MLLY, IWM, QQQ, AMZN, SPY
Q2 2024 79$324.9MSMH, XLK, NVDA, QQQ, SMCI
Q1 2024 81$274.0MSMH, QQQ, XLK, NVDA, SPY