Cavalier Investments, LLC

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Cavalier Investments, LLC reported 60 stock positions worth $388.2 million. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 24.7% of the portfolio, followed by Invesco QQQ Trust Series 1 (QQQ, 15.3%) and United States Oil Fund (USO, 4.0%). Compared with Q4 2025, it opened 19 new positions, sold out of 19, added to 17 and reduced 22. The biggest buy was Invesco QQQ Trust Series 1 (QQQ, shares +259%) and the biggest sale an exit from General Electric (GE).

Most Recent 13F
Q2 2026
Location
ALPHARETTA, GA
CIK
0001655543
Portfolio Value
$388.2M (Q1 2026)
SEC Filing
0001655543-26-000003 ↗ filed May 15, 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 Q4 2025 Q1 2026: $388.2M $388.2M Q1 2026 Q2 2026: $271.7M Q2 2026

Holdings 60 stocks · $388.2M
SPY SS SPDR S&P 500 ETF Trust-US 24.74% 147,679 $96.0M Add +108.4%
QQQ Invesco QQQ Trust Series 1 15.33% 103,144 $59.5M Add +259.0%
USO United States Oil Fund LP 3.99% 121,831 $15.5M New
KLAC KLA Corp. 3.68% 9,704 $14.3M New
SMH Vaneck Semiconductor ETF 3.02% 30,595 $11.7M Reduce -16.7%
TLT iShares 20+ Year Treasury BD 2.90% 129,941 $11.3M Add +20.7%
GLD SPDR Gold Shares 2.78% 25,125 $10.8M Add +14.8%
XLC SS Comm Select Sector SPDR 2.73% 95,558 $10.6M Reduce -23.9%
LRCX Lam Research Corp. 2.36% 42,878 $9.2M Reduce -5.7%
IGLD FT Vest Gold Strategy Target 2.13% 323,655 $8.3M Add +37.5%
HWM Howmet Aerospace Inc. 2.08% 34,998 $8.1M Add +25.7%
VTV Vanguard Mrngstr Val ETF-Aui 2.03% 40,239 $7.9M New
RTX RTX Corp. 2.02% 40,650 $7.8M New
NVDA Nvidia Corp. 1.95% 43,411 $7.6M Reduce -32.1%
WDC Western Digital Corp. 1.58% 22,610 $6.1M Reduce -72.4%
IAK iShares U.S. Insurance ETF 1.52% 45,960 $5.9M New
XLB SS Materials Select Sector 1.49% 115,632 $5.8M New
VGK Vanguard Ftse Europe ETF 1.38% 65,057 $5.4M Reduce -8.1%
SLV iShares Silver Trust 1.37% 78,272 $5.3M Add +560.8%
PJP Invesco Pharmaceuticals ETF 1.23% 45,960 $4.8M New
EWO iShares MSCI Austria ETF 1.14% 125,000 $4.4M Add +150.0%
SVOL Simplify Volatility Premium 1.03% 260,455 $4.0M New
EPU iShares MSCI Peru and Global 0.96% 46,080 $3.7M New
XLU St Sr Utl SL SE SPDR ETF-Usd 0.94% 79,646 $3.7M New
T AT&T Inc. 0.91% 121,470 $3.5M Reduce -8.2%
XAR SS SPDR S&P Aerospace Def 0.90% 13,804 $3.5M No change
SOXX iShares Semiconductor ETF 0.90% 10,637 $3.5M New
PLTR Palantir Technologies Inc. Class A 0.88% 23,310 $3.4M Reduce -6.8%
MSTR Strategy Inc. 0.84% 26,167 $3.3M Add +20.5%
ALB Albemarle Corp. 0.84% 18,160 $3.3M New
AAPL Apple Inc. 0.80% 12,245 $3.1M Add +260.3%
CBOE Cboe Global Markets Inc. 0.68% 9,444 $2.7M Reduce -7.9%
USOI UBS AG Etr CR Oil Shar Cov 0.68% 46,000 $2.7M Add +8.9%
IESC Ies Holdings Inc. 0.68% 5,560 $2.6M Reduce -6.8%
GDX Vaneck Gold Miners ETF 0.67% 28,312 $2.6M Reduce -39.0%
JPM JPMorgan Chase & Co. 0.63% 8,249 $2.4M Reduce -77.5%
XLP SS Consumer Staples Sel Sect 0.58% 27,366 $2.2M New
ARGT Global X MSCI Argentina ETF 0.55% 22,761 $2.1M Reduce -8.2%
ECH iShares MSCI Chile ETF 0.47% 45,960 $1.8M New
EPOL iShares MSCI Poland ETF 0.47% 50,044 $1.8M Reduce -8.2%
SPMD SS SPDR P S&P 400 Midcap ETF 0.45% 29,539 $1.7M Reduce -6.6%
NEM Newmont Corp. 0.42% 14,915 $1.6M Reduce -77.0%
FCX Freeport-McMoran Inc. 0.35% 23,440 $1.4M New
IGF iShares Global Infrastructur 0.34% 19,796 $1.3M New
EWY iShares MSCI South Korea ETF 0.34% 10,741 $1.3M New
AROC Archrock Inc. 0.29% 31,932 $1.1M Reduce -8.1%
LLY Eli Lilly & Co. 0.23% 966 $888K No change
IWM iShares Russell 2000 ETF 0.22% 3,385 $839K Reduce -65.6%
META Meta Platforms Inc. Class A 0.20% 1,342 $768K Reduce -6.0%
XLV SS Health Care Select Sector 0.18% 4,673 $685K New
COLO Global X MSCI Colombia ETF 0.16% 15,962 $631K Reduce -8.1%
IBIT iShares Bitcoin Trust ETF 0.16% 16,190 $622K Reduce -77.6%
GOOY Yieldmax Googl Option Income 0.15% 46,166 $586K Add +22.2%
APLY Yieldmax Aapl Option Income 0.12% 41,123 $484K Add +22.1%
NVDY Yieldmax Nvda Option Inc. ETF 0.11% 32,819 $426K Add +21.9%
AMZY Yieldmax Amazn Option Income 0.10% 35,107 $387K Add +22.2%
MSFO Yieldmax MSFT Option Is ETF 0.09% 31,657 $366K Add +22.4%
FBY Yieldmax Meta Option Yield 0.09% 33,265 $336K Add +22.1%
XLF SS Financial Select Sector 0.07% 5,465 $270K Reduce -96.4%
XME SS SPDR S&P Metals Mining 0.06% 2,334 $252K New

Options reported separately and not counted above: QQQ calls ($750.3M), QQQ puts ($721.5M), SPY puts ($539.8M), SPY calls ($390.2M), SMH calls ($98.8M), SMH puts ($91.1M), GLD puts ($60.2M), NVDA puts ($57.6M), IWM calls ($49.6M), JPM calls ($44.1M), XLE calls ($30.6M), WDC calls ($30.3M), and 40 more.

Portfolio Sells Q4 2025 → Q1 2026
GE General Electric Sold out 0.00% −5.81
RDDT Reddit Inc. Class A Sold out 0.00% −3.66
JPM JPMorgan Chase & Co. Reduce -77.5% 0.63% −3.05
VFH Vanguard Financials ETF Sold out 0.00% −3.04
MSFT Microsoft Corp. Sold out 0.00% −2.88
WDC Western Digital Corp. Reduce -72.4% 1.58% −2.82
XNTK SS SPDR Nyse Tech ETF Sold out 0.00% −2.66
XLF SS Financial Select Sector Reduce -96.4% 0.07% −2.50
TSLA Tesla Inc. Sold out 0.00% −2.25
XLC SS Comm Select Sector SPDR Reduce -23.9% 2.73% −1.86
NVDA Nvidia Corp. Reduce -32.1% 1.95% −1.76
NEM Newmont Corp. Reduce -77.0% 0.42% −1.59
KCE SS SPDR S&P Cap MKTS ETF Sold out 0.00% −1.23
SPYG SS SPDR P S&P 500 Growth ETF Sold out 0.00% −1.19
SMH Vaneck Semiconductor ETF Reduce -16.7% 3.02% −1.09
IBIT iShares Bitcoin Trust ETF Reduce -77.6% 0.16% −0.95
XLK SS Technology Select Sector Sold out 0.00% −0.92
XLY SS Consumer Disc Select Sect Sold out 0.00% −0.69
GDX Vaneck Gold Miners ETF Reduce -39.0% 0.67% −0.57
IWM iShares Russell 2000 ETF Reduce -65.6% 0.22% −0.54
PLTR Palantir Technologies Inc. Class A Reduce -6.8% 0.88% −0.50
VGK Vanguard Ftse Europe ETF Reduce -8.1% 1.38% −0.46
VST Vistra Corp. Sold out 0.00% −0.41
BMI Badger Meter Inc. Sold out 0.00% −0.37
AMZN Amazon.com Inc. Sold out 0.00% −0.27
IONQ Ionq Inc. Sold out 0.00% −0.26
CEG Constellation Energy Sold out 0.00% −0.22
RGTI Rigetti Computing Inc. Sold out 0.00% −0.18
NVO Novo-Nordisk A/S-Spons ADR Sold out 0.00% −0.16
ARGT Global X MSCI Argentina ETF Reduce -8.2% 0.55% −0.16
BSX Boston Scientific Corp. Sold out 0.00% −0.13
EPOL iShares MSCI Poland ETF Reduce -8.2% 0.47% −0.13
SPMD SS SPDR P S&P 400 Midcap ETF Reduce -6.6% 0.45% −0.12
CBOE Cboe Global Markets Inc. Reduce -7.9% 0.68% −0.12
T AT&T Inc. Reduce -8.2% 0.91% −0.11
META Meta Platforms Inc. Class A Reduce -6.0% 0.20% −0.10
NRG NRG Energy Inc. Sold out 0.00% −0.09
LRCX Lam Research Corp. Reduce -5.7% 2.36% −0.06
IESC Ies Holdings Inc. Reduce -6.8% 0.68% −0.04
COLO Global X MSCI Colombia ETF Reduce -8.1% 0.16% −0.03
AROC Archrock Inc. Reduce -8.1% 0.29% +0.01

Portfolio Buys Q4 2025 → Q1 2026
QQQ Invesco QQQ Trust Series 1 Add +259.0% 15.33% +9.85
SPY SS SPDR S&P 500 ETF Trust-US Add +108.4% 24.74% +9.72
USO United States Oil Fund LP New 3.99% +3.99
KLAC KLA Corp. New 3.68% +3.68
VTV Vanguard Mrngstr Val ETF-Aui New 2.03% +2.03
RTX RTX Corp. New 2.02% +2.02
IAK iShares U.S. Insurance ETF New 1.52% +1.52
XLB SS Materials Select Sector New 1.49% +1.49
PJP Invesco Pharmaceuticals ETF New 1.23% +1.23
SLV iShares Silver Trust Add +560.8% 1.37% +1.14
SVOL Simplify Volatility Premium New 1.03% +1.03
EPU iShares MSCI Peru and Global New 0.96% +0.96
XLU St Sr Utl SL SE SPDR ETF-Usd New 0.94% +0.94
SOXX iShares Semiconductor ETF New 0.90% +0.90
ALB Albemarle Corp. New 0.84% +0.84
EWO iShares MSCI Austria ETF Add +150.0% 1.14% +0.59
XLP SS Consumer Staples Sel Sect New 0.58% +0.58
AAPL Apple Inc. Add +260.3% 0.80% +0.51
ECH iShares MSCI Chile ETF New 0.47% +0.47
FCX Freeport-McMoran Inc. New 0.35% +0.35
IGF iShares Global Infrastructur New 0.34% +0.34
EWY iShares MSCI South Korea ETF New 0.34% +0.34
HWM Howmet Aerospace Inc. Add +25.7% 2.08% +0.30
IGLD FT Vest Gold Strategy Target Add +37.5% 2.13% +0.30
XLV SS Health Care Select Sector New 0.18% +0.18
GLD SPDR Gold Shares Add +14.8% 2.78% +0.09
XME SS SPDR S&P Metals Mining New 0.06% +0.06
USOI UBS AG Etr CR Oil Shar Cov Add +8.9% 0.68% +0.06
NVDY Yieldmax Nvda Option Inc. ETF Add +21.9% 0.11% −0.01
APLY Yieldmax Aapl Option Income Add +22.1% 0.12% −0.02
TLT iShares 20+ Year Treasury BD Add +20.7% 2.90% −0.02
AMZY Yieldmax Amazn Option Income Add +22.2% 0.10% −0.02
FBY Yieldmax Meta Option Yield Add +22.1% 0.09% −0.02
GOOY Yieldmax Googl Option Income Add +22.2% 0.15% −0.02
MSFO Yieldmax MSFT Option Is ETF Add +22.4% 0.09% −0.03
MSTR Strategy Inc. Add +20.5% 0.84% −0.18

Options Activity Q4 2025 → Q1 2026
QQQ Invesco QQQ Trust Series 1 call Add +157.8% 1,300,000 $750.3M
QQQ Invesco QQQ Trust Series 1 put Add +253.4% 1,250,000 $721.5M
SPY SS SPDR S&P 500 ETF Trust-US put Add +47.6% 830,000 $539.8M
SPY SS SPDR S&P 500 ETF Trust-US call Add +71.4% 600,000 $390.2M
SMH Vaneck Semiconductor ETF call Reduce -4.6% 257,700 $98.8M
SMH Vaneck Semiconductor ETF put New 237,700 $91.1M
GLD SPDR Gold Shares put New 140,000 $60.2M
NVDA Nvidia Corp. put Add +120.0% 330,000 $57.6M
IWM iShares Russell 2000 ETF call Reduce -33.3% 200,000 $49.6M
JPM JPMorgan Chase & Co. call New 150,000 $44.1M
GE General Electric put Sold out 100,000 $30.8Mbefore exit
XLE SS Energy Select Sector call New 500,000 $30.6M
WDC Western Digital Corp. call New 112,100 $30.3M
GLD SPDR Gold Shares call New 61,000 $26.2M
GE General Electric call Sold out 75,000 $23.1Mbefore exit
XLC SS Comm Select Sector SPDR put New 200,000 $22.2M
USO United States Oil Fund LP put New 151,500 $19.3M
RKLB Rocket Lab Corp. call New 300,000 $19.3M
IBIT iShares Bitcoin Trust ETF put Add +594.4% 500,000 $19.2M
TSLA Tesla Inc. put New 50,000 $18.6M
TSLA Tesla Inc. call Add +66.7% 50,000 $18.6M
XLP SS Consumer Staples Sel Sect call New 210,000 $17.2M
XLV SS Health Care Select Sector call Sold out 110,000 $17.0Mbefore exit
WDC Western Digital Corp. put Reduce -22.4% 62,100 $16.8M
SLV iShares Silver Trust call New 245,000 $16.7M
XLI SS Industrial Select Sector call New 100,000 $16.2M
EWY iShares MSCI South Korea ETF call New 125,000 $15.4M
XLB SS Materials Select Sector call New 300,000 $15.0M
KLAC KLA Corp. put New 10,000 $14.7M
IBIT iShares Bitcoin Trust ETF call Add +143.1% 350,000 $13.4M
USO United States Oil Fund LP call New 96,500 $12.3M
VST Vistra Corp. call Sold out 75,000 $12.1Mbefore exit
MSFT Microsoft Corp. put Sold out 25,000 $12.1Mbefore exit
XLC SS Comm Select Sector SPDR call Sold out 100,000 $11.8Mbefore exit
RDDT Reddit Inc. Class A put Sold out 50,000 $11.5Mbefore exit
XLV SS Health Care Select Sector put New 75,000 $11.0M
LRCX Lam Research Corp. call Reduce -52.4% 50,000 $10.7M
AVAV Aerovironment Inc. call New 55,000 $10.1M
BSX Boston Scientific Corp. call Sold out 103,100 $9.8Mbefore exit
XLU St Sr Utl SL SE SPDR ETF-Usd call New 200,000 $9.2M
BMY Bristol-Myers Squibb Co. call New 150,000 $9.1M
NVDA Nvidia Corp. call New 50,000 $8.7M
IONQ Ionq Inc. call Add +50.0% 300,000 $8.6M
LRCX Lam Research Corp. put Reduce -73.3% 40,000 $8.5M
PLTR Palantir Technologies Inc. Class A call New 50,000 $7.3M
XME SS SPDR S&P Metals Mining call New 60,000 $6.5M
RTX RTX Corp. put New 30,000 $5.8M
RGTI Rigetti Computing Inc. call New 400,000 $5.6M
PAVE Global X US Infrastructure call New 100,000 $5.1M
HWM Howmet Aerospace Inc. put New 20,000 $4.6M

Showing the first 50 of 60.

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