In its 13F for Q2 2026 (holdings as of June 30, 2026, filed July 23, 2026), Teramo Advisors, LLC reported 3 stock positions worth $409.8 million. Its top holding was iShares Core S&P 500 ETF (IVV) at 65.8% of the portfolio, followed by SS SPDR S&P 500 ETF Trust-US (SPY, 33.7%) and Clearshares Ultra-Short Matu (OPER, 0.5%). Compared with Q1 2026, it added to 1 and reduced 1. The biggest buy was iShares Core S&P 500 ETF (IVV, shares +22%) and the biggest sale SS SPDR S&P 500 ETF Trust-US (SPY, shares −31%).