Parallax Volatility Advisers, L.P.
Institutional investor · Portfolio as of Q4 2025
Top Holdings1,605 positions
State Street SPDR S&P 500 ETF | 13M | $8.9B | 17.5% | — | — | — | Decreased — |
Invesco QQQ Trust Series I | 3.8M | $2.3B | 4.6% | — | — | — | Decreased — |
Invesco QQQ Trust Series I | 3.1M | $1.9B | 3.8% | — | — | — | Decreased — |
State Street SPDR S&P 500 ETF | 2.7M | $1.9B | 3.7% | — | — | — | Increased — |
iShares Russell 2000 ETF | 4.9M | $1.2B | 2.4% | — | — | — | Decreased — |
Tesla, Inc. | 2.5M | $1.1B | 2.2% | — | — | — | Increased — |
SELECT SECTOR SPDR TR | 17.6M | $964M | 1.9% | — | — | — | Increased — |
NVIDIA Corporation | 4.2M | $779.9M | 1.5% | — | — | — | Decreased — |
SELECT SECTOR SPDR TR | 11.4M | $621.7M | 1.2% | — | — | — | Increased — |
Meta Platforms Inc | 929,400 | $613.5M | 1.2% | — | — | — | Decreased — |
Apple Inc. | 2.2M | $588M | 1.2% | — | — | — | Increased — |
Meta Platforms Inc | 871,100 | $575M | 1.1% | — | — | — | Increased — |
SPDR GOLD TR | 1.3M | $517.2M | 1.0% | — | — | — | Decreased — |
NVIDIA Corporation | 2.7M | $500.5M | 1.0% | — | — | — | Increased — |
Broadcom Inc. | 1.4M | $489.8M | 1.0% | — | — | — | Decreased — |
Alphabet Inc. | 1.6M | $485.2M | 1.0% | — | — | — | Increased — |
SPDR GOLD TR | 1.2M | $465.8M | 0.9% | — | — | — | Decreased — |
Tesla, Inc. | 779,300 | $350.5M | 0.7% | — | — | — | Increased — |
VANECK ETF TRUST | 860,400 | $309.9M | 0.6% | — | — | — | Decreased — |
Taiwan Semiconductor Manufacturing Co., Ltd. | 998,000 | $303.3M | 0.6% | — | — | — | Decreased — |
Parallax Volatility Advisers, L.P. manages $50.7B across 1605 positions as of Q4 2025. Top holdings: SPY puts (17.5%), QQQ puts (4.6%), QQQ calls (3.8%). Fund DNA: Diversified Scout. HoldingsIntel Score: 1.5/5.0.
Active quarter - 200 new positions, 183 exits, 155 increased. No standout high-conviction moves this quarter. Portfolio: $50.7B across 1605 positions.
Top holdings by portfolio weight
Portfolio allocation by GICS sector
Behavioral investing profile
Position Outcomes
Best and worst performing positions by estimated return
Top Winners
Top Losers
Cost basis estimates based on full filing history using quarter-end prices. Actual transaction prices are not disclosed in 13F filings.
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Data sourced from SEC EDGAR 13F filings. Not financial advice. Full disclaimer
Verify source filings on SEC EDGAR