Parallax Volatility Advisers, L.P. Q4 2025 Filing

Filed February 17, 2026

Portfolio Value

$50.7B

Holdings

820

Report Date

Q4 2025

Filing Type

13F-HR

All Holdings (820 positions)

#	Stock	Shares	Value	% Portfolio	Type
1	SPYSPDR S&P 500 ETF TR	15,882,873	$10.8B	21.36%	Put
2	NDQINVESCO QQQ TR	6,884,900	$4.2B	8.34%	Put
3	IWMISHARES TR	6,660,866	$1.6B	3.23%	Put
4	TSLATESLA INC	3,606,811	$1.6B	3.20%	Put
5	XLFSELECT SECTOR SPDR TR	28,951,601	$1.6B	3.13%	Put
6	NVDANVIDIA CORPORATION	6,865,700	$1.3B	2.52%	Put
7	METAMETA PLATFORMS INC	1,800,500	$1.2B	2.34%	Put
8	GQ9SPDR GOLD TR	2,817,677	$1.1B	2.20%	Put
9	GOOGLALPHABET INC	2,476,000	$774.0M	1.53%	Put
10	AAPLAPPLE INC	2,843,300	$772.0M	1.52%	Put
11	AVGOBROADCOM INC	1,825,118	$630.0M	1.24%	Put
12	AXPAMERICAN EXPRESS CO	1,568,283	$579.0M	1.14%	Put
13	SMHVANECK ETF TRUST	1,579,100	$567.0M	1.12%	Put
14	AMZNAMAZON COM INC	2,173,016	$501.0M	0.99%	Put
15	MSFTMICROSOFT CORP	1,002,400	$483.0M	0.95%	Put
16	SLVISHARES SILVER TR	7,056,829	$453.0M	0.89%	Put
17	ORCLORACLE CORP	2,313,589	$450.0M	0.89%	Put
18	BABOEING CO	1,772,900	$384.0M	0.76%	Put
19	TSMTAIWAN SEMICONDUCTOR MFG LTD	1,182,552	$358.0M	0.71%	Put
20	EEMISHARES TR	6,158,800	$336.0M	0.66%	Put
21	BABAALIBABA GROUP HLDG LTD	2,247,270	$328.0M	0.65%	Put
22	EFAISHARES TR	3,415,500	$327.0M	0.64%	Put
23	VVISA INC	918,000	$321.0M	0.63%	Put
24	JPMJPMORGAN CHASE & CO.	987,475	$317.0M	0.63%	Put
25	CVNACARVANA CO	740,200	$312.0M	0.62%	Put
26	GOOGALPHABET INC	976,300	$305.0M	0.60%	Put
27	BRK/BBERKSHIRE HATHAWAY INC DEL	602,350	$301.0M	0.59%	Put
28	MIGASTRATEGY INC	1,969,935	$298.0M	0.59%	Put
29	TRVCCITIGROUP INC	2,565,593	$298.0M	0.59%	Put
30	BACBANK AMERICA CORP	5,173,125	$282.0M	0.56%	Put
31	XLESELECT SECTOR SPDR TR	6,262,589	$278.0M	0.55%	Put
32	NFLXNETFLIX INC	2,934,574	$273.0M	0.54%	Put
33	COINCOINBASE GLOBAL INC	1,199,433	$269.0M	0.53%	Put
34	UBERUBER TECHNOLOGIES INC	3,049,404	$247.0M	0.49%	Put
35	IBITISHARES BITCOIN TRUST ETF	4,920,757	$242.0M	0.48%	Put
36	APOAPOLLO GLOBAL MGMT INC	1,636,300	$236.0M	0.47%	Put
37	CRWVCOREWEAVE INC	3,300,608	$235.0M	0.46%	Put
38	MUMICRON TECHNOLOGY INC	801,795	$228.0M	0.45%	Put
39	AMDADVANCED MICRO DEVICES INC	1,057,101	$226.0M	0.45%	Put
40	AALAMERICAN AIRLS GROUP INC	14,612,014	$223.0M	0.44%	Put
41	HOODROBINHOOD MKTS INC	1,923,398	$216.0M	0.43%	Put
42	HYGISHARES TR	2,596,695	$208.0M	0.41%	Put
43	UNHUNITEDHEALTH GROUP INC	605,900	$199.0M	0.39%	Put
44	SNOWSNOWFLAKE INC	884,773	$193.0M	0.38%	Put
45	DWDMORGAN STANLEY	1,001,497	$176.0M	0.35%	Put
46	VSTVISTRA CORP	1,079,021	$173.0M	0.34%	Put
47	GEVGE VERNOVA INC	264,228	$171.0M	0.34%	Put
48	WFCWELLS FARGO CO NEW	1,812,877	$167.0M	0.33%	Put
49	QCOMQUALCOMM INC	984,900	$167.0M	0.33%	Put
50	TTWOTAKE-TWO INTERACTIVE SOFTWAR	643,547	$163.0M	0.32%	Put
51	PLTRPALANTIR TECHNOLOGIES INC	919,108	$162.0M	0.32%	Put
52	GSGOLDMAN SACHS GROUP INC	183,676	$160.0M	0.32%	Put
53	ABNBAIRBNB INC	1,183,102	$160.0M	0.32%	Put
54	XOMEXXON MOBIL CORP	1,323,900	$158.0M	0.31%	Put
55	ARMARM HOLDINGS PLC	1,450,770	$157.0M	0.31%	Put
56	DALDELTA AIR LINES INC DEL	2,209,283	$153.0M	0.30%	Put
57	UALUNITED AIRLS HLDGS INC	1,362,392	$151.0M	0.30%	Put
58	RCLROYAL CARIBBEAN GROUP	543,800	$151.0M	0.30%	Put
59	VRTVERTIV HOLDINGS CO	938,650	$150.0M	0.30%	Put
60	PDDPDD HOLDINGS INC	1,324,404	$149.0M	0.29%	Put
61	NETCLOUDFLARE INC	766,397	$149.0M	0.29%	Put
62	WMTWALMART INC	1,324,921	$146.0M	0.29%	Put
63	INTCINTEL CORP	3,850,500	$141.0M	0.28%	Put
64	GEGE AEROSPACE	450,216	$137.0M	0.27%	Put
65	XLISELECT SECTOR SPDR TR	878,382	$135.0M	0.27%	Put
66	LVLNSPDR SERIES TRUST	2,071,001	$133.0M	0.26%	Put
67	IBMINTERNATIONAL BUSINESS MACHS	428,988	$125.0M	0.25%	Put
68	TLTISHARES TR	1,388,531	$119.0M	0.23%	Put
69	GDXVANECK ETF TRUST	1,372,290	$116.0M	0.23%	Put
70	SPOTSPOTIFY TECHNOLOGY S A	199,700	$115.0M	0.23%	Put
71	DDOGDATADOG INC	851,214	$114.0M	0.22%	Put
72	KWEBKRANESHARES TRUST	3,380,549	$113.0M	0.22%	Put
73	BKNGBOOKING HOLDINGS INC	20,400	$109.0M	0.21%	Put
74	CSCOCISCO SYS INC	1,441,162	$109.0M	0.21%	Put
75	XYZBLOCK INC	1,667,900	$108.0M	0.21%	Put
76	XLUSELECT SECTOR SPDR TR	2,559,783	$107.0M	0.21%	Put
77	CCLCARNIVAL CORP	3,371,900	$102.0M	0.20%	Put
78	CMGCHIPOTLE MEXICAN GRILL INC	2,806,539	$102.0M	0.20%	Put
79	FCXFREEPORT-MCMORAN INC	1,989,600	$100.0M	0.20%	Put
80	PANWPALO ALTO NETWORKS INC	543,163	$98.0M	0.19%	Put
81	WULFTERAWULF INC	8,649,151	$98.0M	0.19%	Put
82	SOFISOFI TECHNOLOGIES INC	3,748,200	$97.0M	0.19%	Put
83	AFRMAFFIRM HLDGS INC	1,241,871	$91.0M	0.18%	Put
84	HDHOME DEPOT INC	263,158	$90.0M	0.18%	Put
85	EATBRINKER INTL INC	639,492	$90.0M	0.18%	Put
86	CVXCHEVRON CORP NEW	577,422	$86.0M	0.17%	Put
87	PYPLPAYPAL HLDGS INC	1,468,004	$85.0M	0.17%	Put
88	TPRTAPESTRY INC	667,600	$84.0M	0.17%	Put
89	IRENIREN LIMITED	2,225,000	$83.0M	0.16%	Put
90	SHOPSHOPIFY INC	510,121	$81.0M	0.16%	Put
91	NUNU HLDGS LTD	4,918,700	$81.0M	0.16%	Put
92	MDBMONGODB INC	184,950	$76.0M	0.15%	Put
93	CRWDCROWDSTRIKE HLDGS INC	164,059	$75.0M	0.15%	Put
94	OXYOCCIDENTAL PETE CORP	1,805,149	$73.0M	0.14%	Put
95	MPMP MATERIALS CORP	1,450,700	$72.0M	0.14%	Put
96	CEGCONSTELLATION ENERGY CORP	209,376	$72.0M	0.14%	Put
97	SLBSLB LIMITED	1,875,527	$71.0M	0.14%	Put
98	NEMNEWMONT CORP	714,991	$70.0M	0.14%	Put
99	AMATAPPLIED MATLS INC	278,600	$70.0M	0.14%	Put
100	GMGENERAL MTRS CO	871,857	$70.0M	0.14%	Put

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