Parallax Volatility Advisers, L.P.

Q4 2025 Holdings

Filed 2026-02-17 | 1605 holdings | $50.7B | 13F-HR | View on SEC ↗ · Holdings Table ↗

Issuer	Class	CUSIP	Value ↑	Shares	% Portfolio
Advanced Micro Devices Inc(AMD)Put	COM	007903107	$161.0M	751,800	0.3%
Take-Two Interactive Softwar(TTWO)Put	COM	874054109	$161.6M	631,100	0.3%
Ishares TR(EEM)Put	MSCI EMG MKT ETF	464287234	$162.5M	2,970,000	0.3%
Berkshire Hathaway Inc del(BRK/B)Call	CL B NEW	084670702	$163.5M	325,200	0.3%
Unitedhealth Group Inc(UNH)Put	COM	91324P102	$163.8M	496,300	0.3%
JPMorgan Chase & Co.(JPM)Put	COM	46625H100	$164.3M	510,000	0.3%
Select Sector Spdr TR(XLE)Put	STATE STREET ENE	81369Y506	$168.8M	3,776,100	0.3%
Micron Technology Inc(MU)Put	COM	595112103	$172.2M	603,200	0.3%
Ishares TR(EEM)Call	MSCI EMG MKT ETF	464287234	$174.5M	3,188,800	0.3%
American Express Co(AXP)Put	COM	025816109	$175.2M	473,500	0.3%
Alphabet Inc(GOOG)Put	CAP STK CL C	02079K107	$178.6M	569,300	0.4%
Uber Technologies Inc(UBER)Put	COM	90353T100	$179.9M	2,201,400	0.4%
Netflix Inc(NFLX)Put	COM	64110L106	$181.8M	1,939,200	0.4%
Apple Inc(AAPL)Call	COM	037833100	$184.9M	680,300	0.4%
American Airls Group Inc(AAL)Put	COM	02376R102	$191.1M	12,466,200	0.4%
Ishares TR(HYG)Put	IBOXX HI YD ETF	464288513	$192.3M	2,384,800	0.4%
Ishares Silver TR(SLV)Put	ISHARES	46428Q109	$195.6M	3,035,600	0.4%
Alibaba Group Hldg LTD(BABA)Put	SPONSORED ADS	01609W102	$196.6M	1,341,000	0.4%
Strategy Inc(MSTR)Put	CL A NEW	594972408	$210.7M	1,386,900	0.4%
Apollo Global Mgmt Inc(APO)Call	COM	03769M106	$211.9M	1,463,500	0.4%
Microsoft Corp(MSFT)Call	COM	594918104	$221.8M	458,700	0.4%
Ishares TR(EFA)Put	MSCI EAFE ETF	464287465	$223.5M	2,327,600	0.4%
Coinbase Global Inc(COIN)Put	COM CL A	19260Q107	$229.3M	1,014,100	0.5%
Amazon COM Inc(AMZN)Put	COM	023135106	$236.2M	1,023,200	0.5%
Carvana Co(CVNA)Call	CL A	146869102	$237.3M	562,400	0.5%
Ishares Silver TR(SLV)Call	ISHARES	46428Q109	$258.4M	4,010,900	0.5%
Vaneck ETF Trust(SMH)Call	SEMICONDUCTR ETF	92189F676	$258.8M	718,700	0.5%
Microsoft Corp(MSFT)Put	COM	594918104	$262.9M	543,700	0.5%
Amazon COM Inc(AMZN)Call	COM	023135106	$265.4M	1,149,800	0.5%
American Express Co(AXP)	COM	025816109	$271.5M	733,883	0.5%
Visa Inc(V)Call	COM CL A	92826C839	$279.4M	796,800	0.6%
Ishares TR(IWM)Call	RUSSELL 2000 ETF	464287655	$288.3M	1,171,000	0.6%
Alphabet Inc(GOOGL)Call	CAP STK CL A	02079K305	$289.8M	925,900	0.6%
Boeing Co(BA)Put	COM	097023105	$298.5M	1,374,600	0.6%
Oracle Corp(ORCL)Put	COM	68389X105	$302.0M	1,549,500	0.6%
Taiwan Semiconductor MFG LTD(TSM)Put	SPONSORED ADS	874039100	$303.3M	998,000	0.6%
Vaneck ETF Trust(SMH)Put	SEMICONDUCTR ETF	92189F676	$309.9M	860,400	0.6%
Tesla Inc(TSLA)Call	COM	88160R101	$350.5M	779,300	0.7%
Spdr Gold TR(GLD)Call	GOLD SHS	78463V107	$465.8M	1,175,300	0.9%
Alphabet Inc(GOOGL)Put	CAP STK CL A	02079K305	$485.2M	1,550,100	1.0%
Broadcom Inc(AVGO)Put	COM	11135F101	$489.8M	1,415,200	1.0%
Nvidia Corporation(NVDA)Call	COM	67066G104	$500.5M	2,683,800	1.0%
Spdr Gold TR(GLD)Put	GOLD SHS	78463V107	$517.2M	1,305,000	1.0%
Meta Platforms Inc(META)Put	CL A	30303M102	$575.0M	871,100	1.1%
Apple Inc(AAPL)Put	COM	037833100	$588.0M	2,163,000	1.2%
Meta Platforms Inc(META)Call	CL A	30303M102	$613.5M	929,400	1.2%
Select Sector Spdr TR(XLF)Put	STATE STREET FIN	81369Y605	$621.7M	11,350,400	1.2%
Nvidia Corporation(NVDA)Put	COM	67066G104	$779.9M	4,181,900	1.5%
Select Sector Spdr TR(XLF)Call	STATE STREET FIN	81369Y605	$964.0M	17,601,200	1.9%
Tesla Inc(TSLA)Put	COM	88160R101	$1.1B	2,505,900	2.2%

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