Parallax Volatility Advisers, L.P.

San Francisco, CA · CIK 1521001 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2012 · limited partnership

Assets managed$6.0bn
Staff51 · 19 in investment roles
Main clients (by assets)Private funds 100%
Private funds1 (1 hedge) · $6.0bn gross assets
Websiteparallaxfund.com
Form ADV · 2026-03-19SEC adviser record

Legal entityPARALLAX VOLATILITY ADVISERS, L.P. (US)

Kindhedge funds, futures
Others nearbySan Francisco, CA, Seattle, WA, Las Vegas, NV, Jackson, WY

As an employer

Offices in1 country
Private fundshedge 1

Where they work

people there (dot area)number not reportedmain officeHover or tap a dot. Australian and UK companies are placed at their business or registered address, with their staff across the whole country.

Offices

From Form ADV: the main office and the other offices where it does advisory work (at most the 25 largest), with the people doing investment work at each. “About” is worked out: the firm's investment staff less its other offices. Each city links to the other managers there.

City	Country	People
San Francisco, CA (main office)United States	United States	about 13
Seattle, WAUnited States	United States	4
Jackson, WYUnited States	United States	1
Las Vegas, NVUnited States	United States	1

US visa salary filings

Filings FY2024–20254
Median salary offered$170,000
Middle half$145,000 – $190,000
Job titles3

Job title	Filings	Median	Range
Sr. Risk AnalystSan Francisco, CA	2	$140,000	$130,000 – $185,000
Quantitative AnalystSan Francisco, CA	1	$190,000
Quantitative TraderSan Francisco, CA	1	$190,000

Source: US Department of Labor, Labor Condition Application disclosure data (certified, full-time, yearly equivalent). These are the salaries the employer committed to pay the visa roles it filed for, at least the prevailing wage for the job and place; they are not the pay of all its staff. Filed by: Parallax Volatility Advisers, LP.

Map: places from GeoNames (CC BY 4.0), outlines from Natural Earth.

$2.7bn reported value +19.0% vs Q1 2026

648positions

29.6%in top 10

181 new 207 added 178 reduced 145 sold out vs Q1 2026

Options: 418 call positions ($19.1bn notional), 436 put positions ($37.0bn notional) – listed below, not included above.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	NVIDIA CORPORATION COM NVDA	NVDA	1,157,378	$231.6m8.58%	8.58%	Added +1.1m	+1,105,204 2118.3%
2	NEXTERA ENERGY INC UNIT 02/15/2029 NEE 7.375 02.15.29	NEE 7.375 02.15.29	2,360,663	$207.2m7.67%	7.67%	Added +350.1k	+350,142 17.4%
3	INTEL CORP COM INTC	INTC	459,534	$64.2m2.38%	2.38%	Added +236.7k	+236,687 106.2%
4	APPLIED MATLS INC COM AMAT	AMAT	76,903	$55.6m2.06%	2.06%	New
5	AMAZON COM INC COM AMZN	AMZN	209,819	$50.0m1.85%	1.85%	New
6	MICRON TECHNOLOGY INC COM MU	MU	38,116	$44.0m1.63%	1.63%	Reduced -32.8k	-32,833 -46.3%
7	GOLDMAN SACHS GROUP INC COM GS	GS	41,730	$42.2m1.56%	1.56%	Added +8.4k	+8,371 25.1%
8	WALMART INC COM WMT	WMT	325,915	$36.9m1.37%	1.37%	Added +325.9k	+325,909 5431816.7%
9	ALIBABA GROUP HLDG LTD SPONSORED ADS BABA	BABA	357,219	$34.3m1.27%	1.27%	Reduced -65.3k	-65,325 -15.5%
10	EXXON MOBIL CORP COM XOM	XOM	247,293	$33.8m1.25%	1.25%	Added +232.8k	+232,782 1604.2%
11	CITIGROUP INC COM NEW C	C	220,662	$30.9m1.14%	1.14%	Added +32.7k	+32,735 17.4%
12	NETFLIX INC COM NFLX	NFLX	426,514	$30.5m1.13%	1.13%	Added +50.8k	+50,823 13.5%
13	LAM RESEARCH CORP COM NEW LRCX	LRCX	70,231	$30.4m1.13%	1.13%	Added +62.6k	+62,557 815.2%
14	CHEFS WHSE INC NOTE 2.375%12/1 · principal CHEF 2.375 12.15.28 · principal	CHEF 2.375 12.15.28	13,483,000	$30.1m1.12%	1.12%	Reduced -2.0m	-2,000,000 -12.9%
15	CISCO SYS INC COM CSCO	CSCO	234,359	$27.5m1.02%	1.02%	New
16	CHEVRON CORP NEW COM CVX	CVX	164,149	$27.2m1.01%	1.01%	Added +1.2k	+1,174 0.7%
17	ALPHABET INC CAP STK CL A GOOGL	GOOGL	75,153	$26.9m0.99%	0.99%	Reduced -39.4k	-39,449 -34.4%
18	ISHARES TR ISHARES SEMICDTR SOXX	SOXX	39,929	$25.6m0.95%	0.95%	Added +26.9k	+26,941 207.4%
19	SILVERCORP METALS INC NOTE 4.750%12/1 · principal SVMCN 4.75 12.15.29 · principal	SVMCN 4.75 12.15.29	9,800,000	$23.8m0.88%	0.88%	Added +4.8m	+4,800,000 96.0%
20	SEMTECH CORP NOTE 1.625%11/0 · principal SMTC 1.625 11.01.27 · principal	SMTC 1.625 11.01.27	5,500,000	$23.7m0.88%	0.88%	Unchanged
21	TAKE-TWO INTERACTIVE SOFTWAR COM TTWO	TTWO	94,871	$23.7m0.88%	0.88%	Added +32.4k	+32,410 51.9%
22	META PLATFORMS INC CL A META	META	41,691	$23.5m0.87%	0.87%	New
23	DELL TECHNOLOGIES INC CL C DELL	DELL	51,200	$22.1m0.82%	0.82%	New
24	THE CIGNA GROUP COM CI	CI	78,726	$21.7m0.80%	0.80%	Added +64.9k	+64,924 470.4%
25	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	43,216	$21.6m0.80%	0.80%	Added +9.9k	+9,905 29.7%
26	BLACKSTONE MORTGAGE TRUST IN NOTE 5.500% 3/1 · principal BXMT 5.5 03.15.27 · principal	BXMT 5.5 03.15.27	20,950,000	$20.8m0.77%	0.77%	Unchanged
27	ISHARES TR SP SMCP600VL ETF IJS	IJS	150,002	$20.5m0.76%	0.76%	Added +100.0k	+100,000 200.0%
28	APPLE INC COM AAPL	AAPL	70,306	$20.3m0.75%	0.75%	Reduced -239.3k	-239,310 -77.3%
29	NOVANTA INC UNIT 11/01/2028 NOVT 6.5 11.01.28	NOVT 6.5 11.01.28	298,876	$20.1m0.75%	0.75%	Added +151.2k	+151,211 102.4%
30	BLACKSTONE INC COM BX	BX	169,007	$19.9m0.74%	0.74%	Added +91.0k	+90,951 116.5%
31	JPMORGAN CHASE & CO COM JPM	JPM	60,554	$19.8m0.73%	0.73%	Added +2.5k	+2,526 4.3%
32	BOEING CO COM BA	BA	87,345	$18.9m0.70%	0.70%	Added +4.5k	+4,458 5.4%
33	WEC ENERGY GROUP INC NOTE 4.375% 6/0 · principal WEC 4.375 06.01.29 · principal	WEC 4.375 06.01.29	15,000,000	$18.6m0.69%	0.69%	New
34	FREEPORT-MCMORAN INC CL B FCX	FCX	295,411	$18.6m0.69%	0.69%	Added +295.4k	+295,410 29541000.0%
35	ON SEMICONDUCTOR CORP NOTE 5/0 · principal ON 0 05.01.27 · principal	ON 0 05.01.27	10,000,000	$18.2m0.67%	0.67%	Unchanged
36	DATADOG INC CL A COM DDOG	DDOG	69,356	$18.1m0.67%	0.67%	Reduced -28.7k	-28,701 -29.3%
37	MASTERCARD INCORPORATED CL A MA	MA	34,909	$17.9m0.66%	0.66%	Added +34.9k	+34,905 872625.0%
38	CROWDSTRIKE HLDGS INC CL A CRWD	CRWD	22,875	$17.5m0.65%	0.65%	Added +20.9k	+20,860 1035.2%
39	ISHARES TR 20 YR TR BD ETF TLT	TLT	199,806	$17.3m0.64%	0.64%	Added +86.9k	+86,875 76.9%
40	STARBUCKS CORP COM SBUX	SBUX	162,699	$16.6m0.62%	0.62%	Added +148.2k	+148,213 1023.1%
41	CVS HEALTH CORP COM CVS	CVS	156,666	$16.2m0.60%	0.60%	Added +44.7k	+44,653 39.9%
42	MICROSOFT CORP COM MSFT	MSFT	41,786	$15.6m0.58%	0.58%	Added +25.7k	+25,749 160.6%
43	SELECT SECTOR SPDR TR INDL XLI	XLI	83,163	$15.4m0.57%	0.57%	Added +83.2k	+83,162 8316200.0%
44	BARRICK MNG CORP COM SHS B	B	418,885	$15.4m0.57%	0.57%	Added +160.6k	+160,581 62.2%
45	WILLIAMS COS INC COM WMB	WMB	204,737	$15.2m0.56%	0.56%	Added +204.7k	+204,735 10236750.0%
46	TEXAS INSTRS INC COM TXN	TXN	50,809	$15.1m0.56%	0.56%	Added +29.2k	+29,232 135.5%
47	SANDISK CORP COM SNDK	SNDK	6,649	$15.1m0.56%	0.56%	Added +3.2k	+3,181 91.7%
48	SNOWFLAKE INC CL A SNOW	SNOW	59,367	$15.1m0.56%	0.56%	Reduced -41.4k	-41,437 -41.1%
49	MERCK & CO INC COM MRK	MRK	116,081	$14.9m0.55%	0.55%	Reduced -1.6k	-1,623 -1.4%
50	OCCIDENTAL PETE CORP COM OXY	OXY	305,254	$14.8m0.55%	0.55%	Reduced -16.3k	-16,340 -5.1%
51	TARGET CORP COM TGT	TGT	109,008	$14.2m0.53%	0.53%	Added +84.6k	+84,557 345.8%
52	FEDEX CORP COM FDX	FDX	44,050	$13.8m0.51%	0.51%	Reduced -6.3k	-6,287 -12.5%
53	ORACLE CORP COM ORCL	ORCL	94,032	$13.8m0.51%	0.51%	New
54	PALANTIR TECHNOLOGIES INC CL A PLTR	PLTR	116,581	$13.6m0.50%	0.50%	New
55	WELLS FARGO CO NEW COM WFC	WFC	162,737	$13.4m0.50%	0.50%	Added +123.7k	+123,742 317.3%
56	AMERICAN EXPRESS CO COM AXP	AXP	39,111	$13.2m0.49%	0.49%	Added +39.1k	+39,109 1955450.0%
57	STRATEGY INC NOTE 12/0 · principal MSTR 0 12.01.29 · principal	MSTR 0 12.01.29	15,250,000	$13.1m0.49%	0.49%	Added +3.8m	+3,750,000 32.6%
58	SALESFORCE INC COM CRM	CRM	82,675	$13.0m0.48%	0.48%	Added +54.2k	+54,246 190.8%
59	KRANESHARES TRUST CSI CHI INTERNET KWEB	KWEB	527,817	$12.9m0.48%	0.48%	Added +506.0k	+506,047 2324.5%
60	ALPHABET INC CAP STK CL C GOOG	GOOG	36,384	$12.9m0.48%	0.48%	Reduced -3.2k	-3,207 -8.1%
61	GUARDANT HEALTH INC NOTE 11/1 · principal GH 0 11.15.27 · principal	GH 0 11.15.27	10,000,000	$12.4m0.46%	0.46%	Unchanged
62	PROCTER AND GAMBLE CO COM PG	PG	84,484	$12.4m0.46%	0.46%	Added +84.5k	+84,473 767936.4%
63	TERADYNE INC COM TER	TER	24,720	$12.0m0.44%	0.44%	Reduced -1.3k	-1,311 -5.0%
64	SUPER MICRO COMPUTER INC COM NEW SMCI	SMCI	403,449	$11.8m0.44%	0.44%	Added +134.8k	+134,833 50.2%
65	ISHARES BITCOIN TRUST ETF SHS BEN INT IBIT	IBIT	347,896	$11.6m0.43%	0.43%	New
66	ELI LILLY & CO COM LLY	LLY	9,217	$11.1m0.41%	0.41%	Added +5.8k	+5,789 168.9%
67	NEBIUS GROUP N.V. SHS CLASS A NBIS	NBIS	39,881	$11.0m0.41%	0.41%	New
68	SEA LTD NOTE 0.250% 9/1 · principal SEALTD 0.25 09.15.26 · principal	SEALTD 0.25 09.15.26	11,000,000	$10.9m0.40%	0.40%	Unchanged
69	UBER TECHNOLOGIES INC COM UBER	UBER	150,001	$10.8m0.40%	0.40%	Reduced -102.7k	-102,682 -40.6%
70	ALTRIA GROUP INC COM MO	MO	147,927	$10.6m0.39%	0.39%	Added +110.1k	+110,133 291.4%
71	NIKE INC CL B NKE	NKE	246,636	$10.1m0.38%	0.38%	Reduced -124.5k	-124,525 -33.5%
72	WEN ACQUISITION CORP COM CL A WENN	WENN	940,587	$9.7m0.36%	0.36%	Added +111.7k	+111,690 13.5%
73	DEVON ENERGY CORP NEW COM DVN	DVN	231,221	$9.6m0.35%	0.35%	Reduced -127.4k	-127,384 -35.5%
74	SUPER MICRO COMPUTER INC NOTE 3.500% 3/0 · principal SMCI 3.5 03.01.29 · principal	SMCI 3.5 03.01.29	10,000,000	$9.2m0.34%	0.34%	Unchanged
75	CSLM DIGITA ASSET ACQ CORP I USD CL A ORD SHS KOYN	KOYN	906,148	$9.2m0.34%	0.34%	Added +77.5k	+77,521 9.4%
76	UNITED AIRLS HLDGS INC COM UAL	UAL	67,030	$9.1m0.34%	0.34%	Added +49.6k	+49,572 283.9%
77	ROKU INC COM CL A ROKU	ROKU	65,660	$9.1m0.34%	0.34%	Reduced -6.1k	-6,121 -8.5%
78	PEABODY ENGR CORP NOTE 3.250% 3/0 · principal BTU 3.25 03.01.28 · principal	BTU 3.25 03.01.28	6,500,000	$8.7m0.32%	0.32%	Unchanged
79	CELESTICA INC COM CLS	CLS	23,643	$8.6m0.32%	0.32%	Added +22.0k	+22,045 1379.5%
80	SPDR SERIES TRUST S&P METALS MNG XME	XME	80,187	$8.6m0.32%	0.32%	Added +19.2k	+19,198 31.5%
81	EQUINOX GOLD CORP NOTE 4.750%10/1 · principal EQXCN 4.75 10.15.28 · principal	EQXCN 4.75 10.15.28	5,000,000	$8.4m0.31%	0.31%	Unchanged
82	MONGODB INC CL A MDB	MDB	24,671	$8.3m0.31%	0.31%	Reduced -4.7k	-4,689 -16.0%
83	INVESCO EXCHANGE TRADED FD T S&P500 EQL WGT RSP	RSP	38,765	$8.2m0.31%	0.31%	New
84	AFFIRM HLDGS INC NOTE 11/1 · principal AFRM 0 11.15.26 · principal	AFRM 0 11.15.26	8,000,000	$7.9m0.29%	0.29%	Unchanged
85	SPDR SER TR S&P OILGAS EXP XOP	XOP	50,628	$7.8m0.29%	0.29%	Added +24.4k	+24,413 93.1%
86	MESHFLOW ACQUISITION CORP USD CL A ORD SHS MESH	MESH	776,439	$7.8m0.29%	0.29%	Added +13.0k	+13,036 1.7%
87	MORGAN STANLEY COM NEW MS	MS	37,093	$7.8m0.29%	0.29%	Added +37.1k	+37,089 927225.0%
88	ARES MANAGEMENT CORPORATION CL A COM STK ARES	ARES	68,797	$7.7m0.28%	0.28%	Added +27.7k	+27,699 67.4%
89	FORTUNA MNG CORP NOTE 3.750% 6/3 · principal FVICN 3.75 06.30.29 · principal	FVICN 3.75 06.30.29	5,000,000	$7.6m0.28%	0.28%	Unchanged
90	PURECYCLE TECHNOLOGIES INC NOTE 7.250% 8/1 · principal PCT 7.25 08.15.30 · principal	PCT 7.25 08.15.30	7,000,000	$7.5m0.28%	0.28%	Unchanged
91	RANGE RES CORP COM RRC	RRC	200,708	$7.5m0.28%	0.28%	New
92	FORD MTR CO COM F	F	530,327	$7.4m0.27%	0.27%	Reduced -233.1k	-233,073 -30.5%
93	HSBC HLDGS PLC SPON ADR NEW HSBC	HSBC	77,340	$7.4m0.27%	0.27%	Added +64.7k	+64,698 511.8%
94	ISHARES TR MSCI USA MMENTM MTUM	MTUM	21,020	$7.2m0.27%	0.27%	New
95	VALERO ENERGY CORP COM VLO	VLO	27,597	$7.2m0.27%	0.27%	Reduced -16.9k	-16,884 -38.0%
96	UNION PAC CORP COM UNP	UNP	26,407	$7.2m0.27%	0.27%	Added +17.7k	+17,743 204.8%
97	IREN LIMITED ORDINARY SHARES IREN	IREN	155,170	$7.1m0.26%	0.26%	Added +147.6k	+147,642 1961.2%
98	ISHARES TR EXPANDED TECH IGV	IGV	76,921	$7.0m0.26%	0.26%	Reduced -18.6k	-18,615 -19.5%
99	CONSTELLATION ENERGY CORP COM CEG	CEG	27,614	$6.9m0.25%	0.25%	Added +10.8k	+10,784 64.1%
100	BLACKBERRY LTD COM BB	BB	537,658	$6.8m0.25%	0.25%	Added +468.5k	+468,544 677.9%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
ORACLE CORP ORCL 6.5 01.15.29 D	ORCL 6.5 01.15.29 D	1,042,038	$46.9m1.0m shares
COINBASE GLOBAL INC COIN 0.5 06.01.26	COIN 0.5 06.01.26	35,000,000	$34.8m35.0m shares
ISHARES INC EWZ	EWZ	532,801	$20.5m532.8k shares
QUANTA SVCS INC PWR	PWR	21,736	$13.2m21.7k shares
ASML HOLDING N V ASML	ASML	8,030	$10.6m8.0k shares
ARISTA NETWORKS INC ANET	ANET	86,338	$10.6m86.3k shares
MARVELL TECHNOLOGY INC MRVL	MRVL	104,246	$10.3m104.2k shares
PALO ALTO NETWORKS INC PANW	PANW	60,488	$9.7m60.5k shares
INTERNATIONAL BUSINESS MACHS IBM	IBM	31,535	$7.6m31.5k shares
WEC ENERGY GROUP INC WEC	WEC	63,824	$7.2m63.8k shares
CRACKER BARREL OLD CTRY STOR CBRL 0.625 06.15.26	CBRL 0.625 06.15.26	7,000,000	$6.9m7.0m shares
CREDO TECHNOLOGY GROUP HOLDI CRDO	CRDO	73,390	$6.9m73.4k shares
VERTIV HOLDINGS CO VRT	VRT	24,215	$6.1m24.2k shares
DELTA AIR LINES INC DEL DAL	DAL	83,166	$5.8m83.2k shares
FUTU HLDGS LTD FUTU	FUTU	40,179	$5.5m40.2k shares
VINE HILL CAP INVTS CORP II VHCPU	VHCPU	513,083	$5.1m513.1k shares
THE TRADE DESK INC TTD	TTD	224,006	$5.1m224.0k shares
SPDR GOLD TR GLD	GLD	11,373	$4.9m11.4k shares
FIFTH ERA ACQUISITION CORP I FERA	FERA	400,300	$4.1m400.3k shares
T-MOBILE US INC TMUS	TMUS	19,369	$4.1m19.4k shares
VOYA FINANCIAL INC VOYA	VOYA	49,107	$3.7m49.1k shares
CORNING INC GLW	GLW	26,565	$3.6m26.6k shares
ETSY INC ETSY 0.25 06.15.28	ETSY 0.25 06.15.28	4,000,000	$3.6m4.0m shares
ANTERO RESOURCES CORP AR	AR	96,702	$3.6m96.7k shares
APPLIED OPTOELECTRONICS INC AAOI	AAOI	38,271	$3.2m38.3k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
SPDR S&P 500 ETF TR SPY · Put	SPY	Put	26,122,000	$19.5bn26.1m shares	Added
INVESCO QQQ TR QQQ · Call	QQQ	Call	8,297,700	$6.1bn8.3m shares	Added
SPDR S&P 500 ETF TR SPY · Call	SPY	Call	4,551,000	$3.4bn4.6m shares	Added
INVESCO QQQ TR QQQ · Put	QQQ	Put	4,092,300	$3.0bn4.1m shares	Reduced
ISHARES TR IWM · Put	IWM	Put	5,055,600	$1.5bn5.1m shares	Added
SPDR GOLD TR GLD · Call	GLD	Call	2,209,000	$813.8m2.2m shares	Added
SELECT SECTOR SPDR TR XLF · Put	XLF	Put	12,850,500	$688.9m12.9m shares	Reduced
NVIDIA CORPORATION NVDA · Put	NVDA	Put	3,006,100	$601.5m3.0m shares	Added
VANECK ETF TRUST SMH · Call	SMH	Call	866,300	$568.2m866.3k shares	Reduced
VANECK ETF TRUST SMH · Put	SMH	Put	852,700	$559.3m852.7k shares	Added
SELECT SECTOR SPDR TR XLF · Call	XLF	Call	10,047,600	$538.7m10.0m shares	Reduced
ISHARES TR IWM · Call	IWM	Call	1,559,700	$468.6m1.6m shares	Reduced
MICRON TECHNOLOGY INC MU · Put	MU	Put	338,300	$390.5m338.3k shares	Reduced
ADVANCED MICRO DEVICES INC AMD · Put	AMD	Put	600,600	$348.9m600.6k shares	Reduced
ISHARES TR EFA · Put	EFA	Put	2,975,500	$309.1m3.0m shares	Added
TESLA INC TSLA · Call	TSLA	Call	682,000	$286.8m682.0k shares	Added
SPDR GOLD TR GLD · Put	GLD	Put	691,500	$254.7m691.5k shares	Reduced
TESLA INC TSLA · Put	TSLA	Put	595,900	$250.6m595.9k shares	Reduced
NVIDIA CORPORATION NVDA · Call	NVDA	Call	1,179,700	$236.0m1.2m shares	Reduced
ISHARES TR TLT · Call	TLT	Call	2,616,100	$226.1m2.6m shares	Added
SELECT SECTOR SPDR TR XLE · Put	XLE	Put	4,205,800	$223.4m4.2m shares	Reduced
ISHARES TR HYG · Call	HYG	Call	2,753,700	$220.2m2.8m shares	Added
ISHARES TR EEM · Put	EEM	Put	3,206,400	$219.3m3.2m shares	Added
ALPHABET INC GOOGL · Put	GOOGL	Put	575,800	$205.8m575.8k shares	Reduced
AMAZON COM INC AMZN · Put	AMZN	Put	820,800	$195.6m820.8k shares	Reduced