Cboe Global Markets

CBOE • BATS

Cboe Global Markets is a financial - data & stock exchanges company in the financial services sector on BATS, led by Edward T. Tilly, with a market cap of $26.5B. As of Q3 2025, 85% of shares are held by 854 institutional investors, with VANGUARD GROUP INC as the largest holder at 12.27%.

Chairman and Chief Executive OfficerEdward T. Tilly

Market Cap$26.5B

Financial - Data & Stock Exchanges

Financial Services

Employees1.6K

Websitecboe.com

Country

United States of America

Overview

Overview of institutional ownership in CBOE as of Q3 2025 with a market cap of $25.7B

All Institutions

Institutions: 854
Value Held: $21.9B
Shares Held: 89.5M
Avg Position: $25.7M
Median Position: $1.0M

Hedge Funds

Hedge Funds: 52
Value Held: $1.3B
Shares Held: 5.3M
Avg Position: $24.9M
Median Position: $3.3M

Ownership Breakdown

Institutional (non-HF)

80.42%

$20.6B

Hedge Funds

5.04%

$1.3B

Retail & Other

14.54%

$3.7B

Based on market cap of $25.7B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in CBOE as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
VANGUARD GROUP INC Institution	Salim Ramji CEO	$3.1B 0.05% of portfolio	12.27% 12.8M shares	≤ Q2 2013 Held for 12y 5m+	$6.69T
B BlackRock, Inc. Institution	-	$2.5B 0.04% of portfolio	9.57% 10.0M shares	≤ Q2 2013 Held for 12y 5m+	$5.67T
ALLIANCEBERNSTEIN L.P. Long Only Manager	Seth Perry Bernstein CEO	$1.7B 0.52% of portfolio	6.48% 6.8M shares	≤ Q2 2013 Held for 12y 5m+	$317.45B
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$1.2B 0.04% of portfolio	4.78% 5.0M shares	≤ Q2 2013 Held for 12y 5m+	$2.88T
FMR LLC Institution	-	$1.2B 0.06% of portfolio	4.56% 4.8M shares	Q1 2016 Held for 9y 8m	$1.92T
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$717.0M 0.05% of portfolio	2.79% 2.9M shares	≤ Q2 2013 Held for 12y 5m+	$1.57T
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$621.9M 0.04% of portfolio	2.42% 2.5M shares	≤ Q2 2013 Held for 12y 5m+	$1.65T
T T. Rowe Price Investment Management, Inc. Insurance Manager	John Edward Robison President	$583.8M 0.36% of portfolio	2.28% 2.4M shares	Q3 2022 Held for 3y 2m	$161.58B
Invesco Ltd. ETF Provider	Brian Christopher Hartigan CEO	$447.9M 0.07% of portfolio	1.75% 1.8M shares	≤ Q2 2013 Held for 12y 5m+	$633.08B
FIRST TRUST ADVISORS LP ETF Provider	James Allen Bowen CEO	$356.0M 0.27% of portfolio	1.39% 1.5M shares	Q4 2015 Held for 9y 11m	$134.11B

Net Capital Flow

Institutional buying and selling activity for CBOE in Q3 2025

Traded: −$126.6M
Buyers: 423
Sellers: 344
Total Bought: +$2.1B
Total Sold: −$2.2B
Avg Position: $24.3M

Biggest Buyers

Institution	Net Bought	Current Position
FMR LLC Institution	+$448.0M +1.8M shares	$1.2B 4.8M shares
FIRST TRUST ADVISORS LP ETF Provider	+$243.1M +991.2K shares	$356.0M 1.5M shares
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$171.1M +697.6K shares	$183.9M 749.7K shares
Marshall Wace LLP Institution	+$107.1M +436.5K shares	$107.1M 436.5K shares
MORGAN STANLEY RIA/Wealth	+$102.1M +416.4K shares	$621.9M 2.5M shares
GOLDMAN SACHS GROUP INC Institution	+$88.4M +360.4K shares	$201.0M 819.5K shares
V VIRGINIA RETIREMENT SYSTEMS ET AL Institution	+$70.9M +289.2K shares	$79.2M 323.0K shares
$DEUTSCHE BANK AG\ logo$ DEUTSCHE BANK AG\ Institution	+$60.8M +247.9K shares	$254.2M 1.0M shares
F Freestone Grove Partners LP Hedge Fund•Multi-Strategy	+$56.6M +230.9K shares	$67.0M 273.0K shares
M MANUFACTURERES LIFE INSURANCE CO Institution	+$52.3M +213.2K shares	$69.4M 283.0K shares

Biggest Sellers

Institution	Net Sold	Current Position
ALLIANCEBERNSTEIN L.P. Long Only Manager	−$754.6M −3.1M shares	$1.7B 6.8M shares
T T. Rowe Price Investment Management, Inc. Insurance Manager	−$174.7M −712.4K shares	$583.8M 2.4M shares
TWO SIGMA ADVISERS, LLC Hedge Fund•Multi-Strategy	−$115.4M −470.4K shares	$35.2M 143.6K shares
M Man Group plc Institution	−$94.2M −384.1K shares	$39.9M 162.7K shares
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	−$77.5M −315.9K shares	$329.4M 1.3M shares
B BlackRock, Inc. Institution	−$67.6M −275.5K shares	$2.5B 10.0M shares
D D. E. Shaw & Co., Inc. Institution	−$63.9M −260.8K shares	$15.2M 62.1K shares
UBS GLOBAL ASSET MANAGEMENT AMERICAS INC Long Only Manager	−$59.9M −244.2K shares	$242.4M 988.5K shares
ARROWSTREET CAPITAL LIMITED PARTNERSHIP Hedge Fund•Quant	−$57.7M −235.3K shares	$21.9M 89.3K shares
R Robeco Institutional Asset Management B.V. Institution	−$44.4M −180.9K shares	$107.4M 438.1K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited CBOE in Q3 2025

New Positions: 53
New Value: $54.1M
Exited Positions: 47
Exited Value: $85.6M

New Positions

Institution	Position Value
FFG Partners, LLC RIA/Wealth	$15.1M 61.6K shares
L Longbow Finance SA Institution	$14.0M 57.2K shares
B Blue Zone Wealth Advisors, LLC RIA/Wealth	$6.3M 25.5K shares
IMC-Chicago, LLC RIA/Wealth	$4.8M 19.5K shares
Goodman Advisory Group, LLC RIA/Wealth	$4.5M 18.5K shares
CWA Asset Management Group, LLC RIA/Wealth	$1.8M 7.4K shares
R RETIREMENT GUYS FORMULA LLC Institution	$1.1M 4.5K shares
Investment Research Partners LLC Hedge Fund•Multi-Strategy	$637.6K 2.7K shares
Polar Securities Inc. Hedge Fund•Multi-Strategy	$625.1K 2.5K shares
JOHNSON INVESTMENT COUNSEL INC RIA/Wealth	$513.1K 2.1K shares

Exited Positions

Institution	Previous Position
A AXA Institution	$23.6M 101.1K shares
A ADAGE CAPITAL PARTNERS GP LLC Institution	$9.1M 38.9K shares
A AMF Pensionsforsakring AB Institution	$6.2M 26.4K shares
MANNING & NAPIER ADVISORS LLC RIA/Wealth	$5.6M 23.9K shares
ExodusPoint Capital Management, LP Hedge Fund•Multi-Strategy	$5.4M 23.2K shares
Sone Capital Management, LLC Hedge Fund•Multi-Strategy	$4.6M 19.7K shares
J. Safra Sarasin Holding AG Fund of Funds	$4.3M 18.7K shares
SummitTX Capital, L.P. Hedge Fund•Multi-Strategy	$3.0M 12.8K shares
W. E. Donoghue & Co., LLC Long Only Manager	$2.8M 12.1K shares
CAPITAL FUND MANAGEMENT S.A. Hedge Fund•Quant Macro	$2.7M 11.6K shares

Options Activity

Institutions with the largest Call and Put options positions in CBOE as of Q3 2025

Call Positions: 23
Call Value: $239.5M
Put Positions: 21
Put Value: $190.5M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$87.1M 3.6K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$52.6M 2.1K contracts
J JANE STREET GROUP, LLC Institution	$25.7M 1.0K contracts
W WOLVERINE TRADING, LLC Institution	$16.4M 667.0 contracts
BOOTHBAY FUND MANAGEMENT, LLC Fund of Funds	$9.9M 404.0 contracts
T Twin Tree Management, LP Hedge Fund•Vol Arbitrage	$8.5M 346.0 contracts
D D. E. Shaw & Co., Inc. Institution	$7.3M 300.0 contracts
D Delta Accumulation, LLC Hedge Fund•Vol Arbitrage	$6.3M 306.0 contracts
Verition Fund Management LLC Hedge Fund•Multi-Strategy	$5.5M 226.0 contracts
Oribel Capital Management, LP Hedge Fund•Long/Short	$4.1M 169.0 contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$72.5M 3.0K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$48.7M 2.0K contracts
LEUCADIA NATIONAL CORP Institution	$12.3M 500.0 contracts
T Twin Tree Management, LP Hedge Fund•Vol Arbitrage	$9.1M 373.0 contracts
W WOLVERINE TRADING, LLC Institution	$8.4M 341.0 contracts
Verition Fund Management LLC Hedge Fund•Multi-Strategy	$8.3M 339.0 contracts
D Delta Accumulation, LLC Hedge Fund•Vol Arbitrage	$6.3M 306.0 contracts
CAPITAL FUND MANAGEMENT S.A. Hedge Fund•Quant Macro	$5.7M 233.0 contracts
Walleye Trading LLC RIA/Wealth	$5.1M 206.0 contracts
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	$3.8M 155.0 contracts

Most Committed Institutions

Institutions with CBOE as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
Caldwell Investment Management Ltd. RIA/Wealth	Natasha Lee Smith CCO	21.68% $29.0M	0.11% 118.0K shares	Q4 2021 Held for 3y 11m	$134.0M
O OPTIONS SOLUTIONS, LLC Hedge Fund•Sector	Michael David Rapelyea CEO	14.26% $18.9M	0.07% 76.9K shares	Q4 2021 Held for 3y 11m	$132.3M
G Gillson Capital LP Hedge Fund•Long/Short	Daniel Bartlett Johnson Founder	4.39% $50.7M	0.20% 206.8K shares	Q4 2024 Held for 11 months	$1.2B
FFG Partners, LLC RIA/Wealth	Gabriel Ethan Levy COO	4.10% $15.1M	0.06% 61.6K shares	Q3 2025 Held for 2 months	$368.9M
G Gouws Capital LLC RIA/Wealth	Fanie (Nmi) Gouws Managing Partner	3.99% $7.3M	0.03% 29.6K shares	Q1 2022 Held for 3y 8m	$181.9M
Eukles Asset Management RIA/Wealth	Brian Lawrence Lysaght CEO	3.08% $7.9M	0.03% 32.2K shares	Q4 2018 Held for 6y 11m	$256.8M
O O'Brien Greene & Co. Inc RIA/Wealth	Mark Bennett Obrien Chairman	2.89% $9.0M	0.04% 36.8K shares	Q3 2024 Held for 1y 2m	$312.3M
TOBAM Long Only Manager	Christophe Eugéne Jean Lemarié CEO	2.77% $7.5M	0.03% 30.8K shares	Q2 2017 Held for 8y 5m	$272.0M
McGuire Investment Group, LLC RIA/Wealth	Dennis Patrick Mcguire Managing Partner	2.65% $23.4M	0.09% 95.3K shares	Q3 2018 Held for 7y 2m	$882.6M
A Aull & Monroe Investment Management Corp RIA/Wealth	Jamie Lynn Thuss President	2.36% $4.6M	0.02% 18.8K shares	≤ Q2 2013 Held for 12y 5m+	$195.3M

Hedge Fund Spotlight

Discover hedge funds investing in CBOE

STEVENS CAPITAL MANAGEMENT LP

Hedge Fund • Multi-Strategy

Portfolio ManagerMatthew Tewksbury

Portfolio Value: $702.9M
Positions: 237
Last Reported: Q3 2025

Sector Allocation

Position in Cboe Global Markets

Market Value: $764.9K
Shares Held: 3.1K
Portfolio Weight: 0.11%
Owned Since: 2024-Q2

Top Holding	Sector	Market Value	Weight
1 Nvidia NVDA	Semiconductors Technology	$56.5M	8.03%
2 Robinhood Markets, Inc. HOOD	Software - Infrastructure Technology	$41.2M	5.86%
3 Palantir Technologies Inc. PLTR	Software - Infrastructure Technology	$28.0M	3.99%