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The SEC filing reveals more than numbers. It exposes a fund manager’s reckoning with an ETF designed to “follow trends” while charging a 0.65% fee-a cost justified by promises of algorithmic wisdom. PTNQ’s strategy, as described, is mechanical simplicity: when markets scream, buy treasuries; when they roar, chase NASDAQ-100 giants; when they murmur, split the difference. A system built for those who distrust their own judgment. Yet ODonnell, steward of other people’s capital, chose to abandon 77% of its position. Was this prudence or panic? The document remains silent.

Of X-Square’s $320.15 million AUM, 3.56% now rests on Lemonade’s table-a figure that whispers of calculated gamble and existential tremor. Is this an omen of salvation or the first sigh in a requiem of capitalistic hubris?

According to the SEC’s grim confession, dated November 10, 2025, Granite’s market vampires sold their slices of Wingstop-at a time when the stock hovered around $238.18, a 28% free-fall over the past year. Too bad they didn’t get out earlier when it was trading at $330, a peak that now looks more like a mirage-a sugar high in a desert of decline. And, oh, what a revelation: these institutional predators still eye near a 0.07% stake amidst a sea of more attractive, more stable fish-like Microsoft, Alphabet, and the rest of the usual suspects soaking up the market’s blood, or their own red ink.

During the third quarter of 2025, Chung Wu reached into its velvet-lined pocket and pulled out a wad of crisp digits, using them to purchase no fewer than 99,516 shares of a most peculiar concoction called the NEOS Nasdaq-100 High Income ETF, otherwise known by its ticker, QQQI. The transaction, valued at approximately $5.39 million, was not just a purchase-it was a declaration. A flag planted in fertile, yet slightly sticky, financial soil.

The sale, complete and utter, left no trace of CyberArk in JAG’s portfolio. One might imagine the fund’s managers huddled in their glass-walled sanctum, their faces illuminated not by the glow of screens, but by the flickering candle of introspection. Had they glimpsed the future in the stock’s ascent-a 73.96% surge over twelve months-or had they merely been swept along by the tide of a market that elevates the clever and damns the cautious? The question lingered, as heavy as the silence between gunshots in a duel.