According to Yahoo Finance, as of the end of the first quarter, the largest position disclosed by Israel Englander, founder of hedge fund Millennium Management, was put options on the iShares Russell 2000 ETF (IWM). However, the article’s analysis suggests that this may not signal Englander’s bearish outlook on small-cap stocks, but rather a strategy by the firm to hedge its substantial long positions. The ETF has risen nearly 19% this year, and small-cap stocks are experiencing their best first half of the year in decades, with earnings expectations also soaring.