Parallax Volatility Advisers, L.P.

Q2 2025 Holdings

Filed 2025-08-14 | 1527 holdings | $44.4B | 13F-HR | View on SEC ↗ · Holdings Table ↗

Issuer	Class	CUSIP	Value ↓	Shares	% Portfolio
Spdr S&P 500 ETF TR(SPY)Put	TR UNIT	78462F103	$8.4B	13,575,700	18.9%
Invesco QQQ TR(QQQ)Put	UNIT SER 1	46090E103	$3.4B	6,187,700	7.7%
Invesco QQQ TR(QQQ)Call	UNIT SER 1	46090E103	$1.3B	2,337,400	2.9%
Ishares TR(IWM)Put	RUSSELL 2000 ETF	464287655	$1.1B	5,150,700	2.5%
Spdr S&P 500 ETF TR(SPY)Call	TR UNIT	78462F103	$1.1B	1,727,600	2.4%
Nvidia Corporation(NVDA)Put	COM	67066G104	$877.9M	5,556,600	2.0%
Meta Platforms Inc(META)Call	CL A	30303M102	$870.8M	1,179,800	2.0%
Tesla Inc(TSLA)Put	COM	88160R101	$580.1M	1,826,200	1.3%
Meta Platforms Inc(META)Put	CL A	30303M102	$561.2M	760,300	1.3%
Select Sector Spdr TR(XLF)Call	FINANCIAL	81369Y605	$443.2M	8,463,700	1.0%
Microstrategy Inc(MSTR)Put	CL A NEW	594972408	$439.2M	1,086,500	1.0%
Ishares TR(HYG)Put	IBOXX HI YD ETF	464288513	$432.9M	5,367,100	1.0%
Nvidia Corporation(NVDA)Call	COM	67066G104	$394.2M	2,495,400	0.9%
Select Sector Spdr TR(XLF)Put	FINANCIAL	81369Y605	$393.6M	7,516,000	0.9%
Tesla Inc(TSLA)Call	COM	88160R101	$393.1M	1,237,400	0.9%
Ishares TR(IWM)Call	RUSSELL 2000 ETF	464287655	$376.1M	1,743,100	0.8%
Broadcom Inc(AVGO)Put	COM	11135F101	$365.7M	1,326,700	0.8%
Taiwan Semiconductor MFG LTD(TSM)Put	SPONSORED ADS	874039100	$363.9M	1,606,900	0.8%
Ishares TR(EEM)Put	MSCI EMG MKT ETF	464287234	$348.2M	7,218,500	0.8%
Coinbase Global Inc(COIN)Put	COM CL A	19260Q107	$338.5M	965,800	0.8%
Apple Inc(AAPL)Put	COM	037833100	$297.3M	1,448,900	0.7%
Boeing Co(BA)Put	COM	097023105	$277.3M	1,323,200	0.6%
Netflix Inc(NFLX)Put	COM	64110L106	$272.6M	203,600	0.6%
Vaneck ETF Trust(SMH)Put	SEMICONDUCTR ETF	92189F676	$260.9M	935,400	0.6%
American Express Co(AXP)Call	COM	025816109	$232.8M	729,900	0.5%
Netflix Inc(NFLX)Call	COM	64110L106	$223.9M	167,200	0.5%
Microsoft Corp(MSFT)Put	COM	594918104	$222.7M	447,800	0.5%
Apple Inc(AAPL)Call	COM	037833100	$214.4M	1,044,900	0.5%
Carvana Co(CVNA)Call	CL A	146869102	$207.2M	614,900	0.5%
JPMorgan Chase & Co.(JPM)Put	COM	46625H100	$207.0M	713,900	0.5%
Microsoft Corp(MSFT)Call	COM	594918104	$194.0M	390,100	0.4%
Nvidia Corporation(NVDA)	COM	67066G104	$193.6M	1,237,449	0.4%
Spdr Gold TR(GLD)Put	GOLD SHS	78463V107	$186.7M	612,500	0.4%
Spdr Gold TR(GLD)Call	GOLD SHS	78463V107	$186.1M	610,400	0.4%
Alphabet Inc(GOOGL)Call	CAP STK CL A	02079K305	$185.0M	1,049,500	0.4%
Visa Inc(V)Call	COM CL A	92826C839	$182.2M	513,100	0.4%
Citigroup Inc(C)Put	COM NEW	172967424	$178.3M	2,094,300	0.4%
Apollo Global Mgmt Inc(APO)Call	COM	03769M106	$170.9M	1,204,400	0.4%
Spdr Series Trust(KRE)Put	S&P REGL BKG	78464A698	$164.2M	2,765,500	0.4%
Bank America Corp(BAC)Put	COM	060505104	$160.6M	3,394,500	0.4%
United Airls Hldgs Inc(UAL)Put	COM	910047109	$160.1M	2,010,600	0.4%
Broadcom Inc(AVGO)Call	COM	11135F101	$158.0M	573,300	0.4%
Royal Caribbean Group(RCL)Put	COM	V7780T103	$157.4M	502,700	0.4%
Amazon COM Inc(AMZN)Put	COM	023135106	$150.2M	684,700	0.3%
Ishares TR(TLT)Call	20 YR TR BD ETF	464287432	$149.9M	1,698,100	0.3%
Advanced Micro Devices Inc(AMD)Put	COM	007903107	$149.4M	1,052,800	0.3%
Spotify Technology S A(SPOT)Put	SHS	L8681T102	$149.2M	194,400	0.3%
Berkshire Hathaway Inc del(BRK/B)Call	CL B NEW	084670702	$148.8M	306,400	0.3%
Ishares TR(EEM)Call	MSCI EMG MKT ETF	464287234	$142.8M	2,959,900	0.3%
Wells Fargo Co New(WFC)Put	COM	949746101	$139.4M	1,739,500	0.3%

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