Betting big on small stocks Both Druckenmiller and Englander added exposure to the iShares Russell 2000 ETF (NYSEMKT: IWM). It tracks the Russell 2000 index, which is the most commonly used index for small-cap stocks. Druckenmiller bought 31,579 call options on the ETF, which had a total value of $664 million as of the end of the first quarter. That makes the ETF his largest position, representing 15% of his portfolio. Englander, meanwhile, pared back on puts while adding a substantial number of calls and shares of the ETF itself. https://finance.yahoo.com/news/billionaires-selling-nvidia-buying-undervalued-082500110.html