Israel Englander

Millennium Management’s second-quarter 13F shows a portfolio built on scale and liquidity, with Israel Englander’s flagship fund parking capital in broad-based ETFs rather than making concentrated single-stock bets. The top ten holdings are dominated by three vehicles: the iShares Ethereum Trust (ETHA), the Invesco QQQ Trust, and the SPDR S&P 500 ETF. Notably, ETHA appears four times in the top ten, with combined positions exceeding $28.8 billion, or roughly 10.7% of the fund’s $276.3 billion equity portfolio. This is a striking allocation for a multi-strategy hedge fund, signaling a deliberate, high-conviction wager on Ethereum’s spot price appreciation through a regulated, low-cost wrapper. The remaining top slots are split between QQQ and SPY, each appearing twice and three times respectively. Together, these index products account for nearly $16.8 billion, or about 6.1% of the portfolio. The only single-stock name in the top ten is Micron Technology (MU), with a $3.26 billion position representing 1.18% of assets. That is a modest bet relative to the ETF stack, but it stands out as the sole corporate equity among the fund’s largest holdings. The absence of other mega-cap tech names like Apple, Microsoft, or Nvidia from the top ten suggests Millennium is not chasing momentum in individual AI or semiconductor leaders, aside from Micron’s memory-chip exposure. This structure diverges from many peer hedge funds, which often show larger single-stock concentrations in their 13F filings. Millennium’s top ten is unusually ETF-heavy, reflecting a strategy that prioritizes tradability and risk management over alpha generation in the public equity book. The ETHA positions, in particular, are a differentiator: few multi-strategy funds hold such a large, explicit crypto-linked asset in their top holdings. The fund’s use of multiple ETHA tranches, each with slightly different values, points to layered entry points or separate internal desks accumulating the same vehicle. Overall, the filing paints a picture of a fund using liquid index products as a core holding, with a targeted, outsized bet on Ethereum and a single cyclical semiconductor name as the only direct equity exposure in its largest positions.