Cubist Systematic Strategies, LLC

Reported holdings as of Q3 2025, from 28 quarterly filings.

This filer last reported in Q3 2025; the most recent quarter on file across all filers is Q3 2026. Firms that restructure stop filing under one CIK and start under another, so a successor entity may hold these positions now under a similar name.

CIK

1603465

Reported value

$21.0B

Positions

2,020

Top 10 weight

9.6%

Filed

2025-11-14

Days after quarter end

Holdings

Download these holdings as CSV

Security	Ticker	Value	Shares	Weight	Weight change	Held	Change
SPDR GOLD TR CALL+PUT	GLD	$306.4M	68,007	1.46%	+0.59pp	7q	HELD
ORACLE CORP CALL+PUT	ORCL	$263.4M	options only	1.25%	+0.59pp	28q	OPTIONS
VANECK ETF TRUST CALL+PUT	GDX	$250.2M	options only	1.19%	+0.72pp	7q	OPTIONS
PALANTIR TECHNOLOGIES INC CALL+PUT	PLTR	$212.2M	options only	1.01%	+0.22pp	20q	OPTIONS
UNITEDHEALTH GROUP INC CALL+PUT	UNH	$198.2M	options only	0.94%	+0.45pp	28q	OPTIONS
ROBINHOOD MKTS INC CALL+PUT	HOOD	$182.6M	options only	0.87%	+0.32pp	14q	OPTIONS
NVIDIA CORPORATION CALL+PUT	NVDA	$163.8M	98,197	0.78%	+0.21pp	28q	HELD
AMAZON COM INC CALL+PUT	AMZN	$148.7M	164,121	0.71%	+0.12pp	28q	HELD
SELECT SECTOR SPDR TR CALL+PUT	XLE	$143.7M	options only	0.68%	+0.28pp	7q	OPTIONS
NEBIUS GROUP N.V. CALL+PUT	NBIS	$142.9M	options only	0.68%	+0.40pp	2q	OPTIONS
META PLATFORMS INC CALL+PUT	META	$137.8M	41,024	0.66%	+0.08pp	28q	HELD
ISHARES TR CALL+PUT	TLT	$128.8M	22,319	0.61%	-0.06pp	7q	HELD
ALIBABA GROUP HLDG LTD CALL+PUT	BABA	$128.1M	options only	0.61%	-0.06pp	17q	OPTIONS
NETFLIX INC CALL+PUT	NFLX	$124.6M	options only	0.59%	-0.25pp	28q	OPTIONS
WALMART INC CALL+PUT	WMT	$123.2M	429,701	0.59%	-0.22pp	28q	-52.2%-$134.8M
BROADCOM INC CALL+PUT	AVGO	$122.7M	30,392	0.58%	+0.16pp	28q	HELD
ADVANCED MICRO DEVICES INC CALL+PUT	AMD	$114.7M	203,429	0.55%	+0.20pp	28q	HELD
MICRON TECHNOLOGY INC CALL+PUT	MU	$113.5M	50,447	0.54%	+0.25pp	28q	HELD
TESLA INC CALL+PUT	TSLA	$113.4M	options only	0.54%	+0.10pp	24q	OPTIONS
MONGODB INC CALL+PUT	MDB	$113.3M	options only	0.54%	-0.03pp	27q	OPTIONS
PDD HOLDINGS INC CALL+PUT	PDD	$111.9M	options only	0.53%	+0.20pp	21q	OPTIONS
BOSTON SCIENTIFIC CORP CALL+PUT	BSX	$111.5M	903,124	0.53%	+0.24pp	28q	+99.8%+$55.7M
CLOUDFLARE INC CALL+PUT	NET	$108.9M	options only	0.52%	+0.17pp	23q	OPTIONS
ALPHABET INC CALL+PUT	GOOGL	$108.0M	162,669	0.51%	+0.19pp	28q	+84.3%+$49.4M
CREDO TECHNOLOGY GROUP HOLDI CALL+PUT	CRDO	$106.4M	163,388	0.51%	+0.38pp	10q	+1486.4%+$99.7M
SUPER MICRO COMPUTER INC CALL+PUT	SMCI	$106.0M	options only	0.51%	+0.03pp	4q	OPTIONS
SHOPIFY INC CALL+PUT	SHOP	$105.1M	options only	0.50%	+0.18pp	28q	OPTIONS
SELECT SECTOR SPDR TR CALL+PUT	XLK	$104.6M	7,246	0.50%	-0.10pp	7q	HELD
ROBLOX CORP CALL+PUT	RBLX	$103.2M	282	0.49%	-0.01pp	19q	-99.9%-$106.9B
SELECT SECTOR SPDR TR CALL+PUT	XLI	$102.6M	options only	0.49%	+0.08pp	7q	OPTIONS
ARM HOLDINGS PLC CALL+PUT	ARM	$101.7M	options only	0.48%	flat	7q	OPTIONS
GOLDMAN SACHS GROUP INC CALL+PUT	GS	$98.7M	options only	0.47%	+0.15pp	28q	OPTIONS
AXON ENTERPRISE INC CALL+PUT	AXON	$98.6M	options only	0.47%	+0.03pp	26q	OPTIONS
BOEING CO CALL+PUT	BA	$97.6M	options only	0.47%	+0.12pp	28q	OPTIONS
NIKE INC CALL+PUT	NKE	$97.1M	8,100	0.46%	+0.05pp	27q	HELD
ISHARES SILVER TR CALL+PUT	SLV	$94.7M	275,277	0.45%	+0.15pp	7q	HELD
COINBASE GLOBAL INC CALL+PUT	COIN	$94.7M	options only	0.45%	+0.29pp	10q	OPTIONS
CROWDSTRIKE HLDGS INC CALL+PUT	CRWD	$94.1M	options only	0.45%	-0.20pp	26q	OPTIONS
TAIWAN SEMICONDUCTOR MANUFAC CALL+PUT	TSM	$89.5M	15,391	0.43%	+0.06pp	28q	-91.2%-$926.5M
FIRST SOLAR INC CALL+PUT	FSLR	$89.2M	options only	0.42%	+0.20pp	28q	OPTIONS
VANECK ETF TRUST CALL+PUT	SMH	$88.2M	options only	0.42%	+0.11pp	7q	OPTIONS
SEAGATE TECHNOLOGY HLDNGS PL CALL+PUT	STX	$87.6M	options only	0.42%	+0.35pp	18q	OPTIONS
DELL TECHNOLOGIES INC CALL+PUT	DELL	$87.2M	options only	0.42%	+0.07pp	26q	OPTIONS
SPOTIFY TECHNOLOGY S A CALL+PUT	SPOT	$86.2M	options only	0.41%	-0.15pp	28q	OPTIONS
INTUITIVE SURGICAL INC CALL+PUT	ISRG	$85.0M	122,766	0.41%	+0.11pp	28q	+121.7%+$46.7M
PALO ALTO NETWORKS INC CALL+PUT	PANW	$83.5M	options only	0.40%	-0.13pp	28q	OPTIONS
GE AEROSPACE CALL+PUT	GE	$83.2M	options only	0.40%	-0.02pp	17q	OPTIONS
MICROSOFT CORP CALL+PUT	MSFT	$82.3M	85,479	0.39%	+0.18pp	28q	+173.9%+$52.3M
ARISTA NETWORKS INC CALL+PUT	ANET	$81.8M	43,718	0.39%	-0.11pp	4q	-76.7%-$269.1M
SELECT SECTOR SPDR TR CALL+PUT	XLU	$81.7M	options only	0.39%	+0.11pp	6q	OPTIONS
INTERNATIONAL BUSINESS MACHS CALL+PUT	IBM	$81.2M	options only	0.39%	+0.02pp	26q	OPTIONS
CONSTELLATION ENERGY CORP CALL+PUT	CEG	$79.6M	options only	0.38%	-0.03pp	15q	OPTIONS
KRATOS DEFENSE & SEC SOLUTIO CALL+PUT	KTOS	$78.7M	options only	0.37%	+0.29pp	3q	OPTIONS
FUTU HLDGS LTD CALL+PUT	FUTU	$77.4M	options only	0.37%	+0.22pp	4q	OPTIONS
AIRBNB INC CALL+PUT	ABNB	$76.3M	473,486	0.36%	-0.25pp	20q	-30.8%-$33.9M
APPLOVIN CORP CALL+PUT	APP	$74.7M	options only	0.36%	-0.30pp	17q	OPTIONS
NEWMONT CORP CALL+PUT	NEM	$73.4M	options only	0.35%	+0.11pp	27q	OPTIONS
SELECT SECTOR SPDR TR CALL+PUT	XLF	$73.2M	488,105	0.35%	-0.05pp	7q	+101.2%+$36.8M
HIMS & HERS HEALTH INC CALL+PUT	HIMS	$71.1M	options only	0.34%	+0.06pp	19q	OPTIONS
BERKSHIRE HATHAWAY INC DEL CALL+PUT	BRKB	$71.0M	6,164	0.34%	flat	28q	HELD
ELI LILLY & CO CALL+PUT	LLY	$70.8M	13,889	0.34%	+0.04pp	28q	+29.1%+$15.9M
GE VERNOVA INC CALL+PUT	GEV	$70.0M	options only	0.33%	+0.02pp	4q	OPTIONS
AUTODESK INC CALL+PUT	ADSK	$69.8M	192,356	0.33%	+0.26pp	28q	+379.5%+$55.3M
SNOWFLAKE INC CALL+PUT	SNOW	$69.7M	options only	0.33%	-0.17pp	20q	OPTIONS
CELESTICA INC CALL+PUT	CLS	$69.3M	options only	0.33%	+0.06pp	6q	OPTIONS
UBER TECHNOLOGIES INC CALL+PUT	UBER	$68.8M	options only	0.33%	-0.01pp	26q	OPTIONS
DATADOG INC CALL+PUT	DDOG	$66.3M	options only	0.32%	+0.02pp	23q	OPTIONS
STARBUCKS CORP CALL+PUT	SBUX	$65.5M	options only	0.31%	-0.04pp	28q	OPTIONS
REDDIT INC CALL+PUT	RDDT	$65.0M	options only	0.31%	+0.05pp	4q	OPTIONS
BLOOM ENERGY CORP CALL+PUT	BE	$64.1M	559,428	0.31%	+0.26pp	28q	+47.4%+$20.6M
WESTERN DIGITAL CORP CALL+PUT	WDC	$64.0M	222,048	0.30%	+0.25pp	25q	+41.8%+$18.9M
HOWMET AEROSPACE INC CALL+PUT	HWM	$63.0M	options only	0.30%	+0.15pp	22q	OPTIONS
AEROVIRONMENT INC CALL+PUT	AVAV	$62.5M	options only	0.30%	+0.20pp	6q	OPTIONS
VANECK ETF TRUST CALL+PUT	GDXJ	$62.4M	options only	0.30%	+0.18pp	7q	OPTIONS
VISTRA CORP CALL+PUT	VST	$62.2M	1,937	0.30%	+0.09pp	28q	HELD
KEURIG DR PEPPER INC CALL+PUT	KDP	$62.1M	2,366,205	0.30%	+0.29pp	5q	HELD
ROYAL CARIBBEAN GROUP CALL+PUT	RCL	$61.9M	options only	0.29%	+0.20pp	28q	OPTIONS
CENTRUS ENERGY CORP CALL+PUT	LEU	$61.8M	options only	0.29%	+0.22pp	3q	OPTIONS
COSTCO WHOLESALE CORPORATION CALL+PUT	COST	$61.6M	options only	0.29%	-0.10pp	28q	OPTIONS
SEA LTD CALL+PUT	SE	$60.0M	78,320	0.29%	-0.13pp	24q	-74.5%-$174.9M
OKLO INC CALL+PUT	OKLO	$59.7M	options only	0.28%	+0.20pp	3q	OPTIONS
PHILIP MORRIS INTL INC CALL+PUT	PM	$59.3M	options only	0.28%	+0.07pp	28q	OPTIONS
CENTENE CORP DEL CALL+PUT	CNC	$58.5M	424,336	0.28%	+0.27pp	28q	HELD
CHENIERE ENERGY INC CALL+PUT	LNG	$58.4M	225,562	0.28%	+0.12pp	24q	+144.2%+$34.5M
SELECT SECTOR SPDR TR CALL+PUT	XLY	$58.1M	26,188	0.28%	+0.09pp	7q	HELD
SELECT SECTOR SPDR TR CALL+PUT	XLB	$54.2M	190,077	0.26%	+0.07pp	6q	HELD
BRINKER INTL INC CALL+PUT	EAT	$53.0M	371,270	0.25%	+0.06pp	6q	+180.2%+$34.1M
JPMORGAN CHASE & CO CALL+PUT	JPM	$52.7M	options only	0.25%	+0.07pp	28q	OPTIONS
IREN LIMITED CALL+PUT	IREN	$52.4M	options only	0.25%	+0.19pp	6q	OPTIONS
REGENERON PHARMACEUTICALS CALL+PUT	REGN	$51.9M	79,264	0.25%	-0.05pp	5q	-16.5%-$10.3M
SERVICENOW INC CALL+PUT	NOW	$51.8M	options only	0.25%	+0.02pp	28q	OPTIONS
BRITISH AMERN TOB PLC CALL+PUT	BTI	$51.8M	362,970	0.25%	+0.19pp	2q	HELD
CENCORA INC CALL+PUT	COR	$51.5M	options only	0.25%	+0.05pp	28q	OPTIONS
APPLE INC CALL+PUT	AAPL	$51.1M	options only	0.24%	-0.12pp	28q	OPTIONS
CATERPILLAR INC CALL+PUT	CAT	$50.6M	options only	0.24%	+0.03pp	27q	OPTIONS
DELTA AIR LINES INC CALL+PUT	DAL	$49.1M	623,982	0.23%	+0.05pp	28q	+24.1%+$9.5M
SALESFORCE INC CALL+PUT	CRM	$49.0M	options only	0.23%	-0.29pp	28q	OPTIONS
T-MOBILE US INC CALL+PUT	TMUS	$48.1M	96,030	0.23%	+0.11pp	28q	HELD
INTEL CORP CALL+PUT	INTC	$47.3M	914,398	0.23%	-0.04pp	28q	+42.7%+$14.1M
BARRICK MNG CORP CALL+PUT	B	$46.5M	options only	0.22%	+0.21pp	2q	OPTIONS
MCKESSON CORP CALL+PUT	MCK	$46.2M	options only	0.22%	+0.03pp	28q	OPTIONS
ADOBE INC CALL+PUT	ADBE	$46.2M	options only	0.22%	-0.75pp	28q	OPTIONS
MERCK & CO INC CALL+PUT	MRK	$45.7M	458,259	0.22%	+0.04pp	28q	+10315.0%+$45.3M
KEYCORP CALL+PUT	KEY	$45.2M	2,370,748	0.22%	+0.21pp	28q	HELD
VERTIV HOLDINGS CO CALL+PUT	VRT	$45.2M	options only	0.22%	+0.02pp	22q	OPTIONS
SCHWAB CHARLES CORP CALL+PUT	SCHW	$45.0M	411,354	0.21%	-0.22pp	28q	-58.9%-$64.5M
ABBOTT LABORATORIES CALL+PUT	ABT	$44.9M	options only	0.21%	+0.08pp	27q	OPTIONS
NASDAQ INC CALL	NDAQ	$44.8M	497,093	0.21%	+0.16pp	3q	+296.1%+$33.5M
ECHOSTAR CORP CALL+PUT	ECHO	$44.7M	306,237	0.21%	-	new	NEW
TE CONNECTIVITY PLC	TEL	$44.7M	203,771	0.21%	-	new	NEW
ROCKET LAB CORP CALL+PUT	RKLB	$44.7M	579,372	0.21%	+0.05pp	2q	+191.0%+$29.3M
TARGET CORP CALL+PUT	TGT	$44.1M	options only	0.21%	-0.09pp	28q	OPTIONS
LULULEMON ATHLETICA INC CALL+PUT	LULU	$43.3M	options only	0.21%	+0.08pp	28q	OPTIONS
NRG ENERGY INC CALL+PUT	NRG	$43.2M	89,301	0.21%	-0.06pp	28q	-66.8%-$87.0M
GLOBAL X FDS CALL+PUT	SIL	$43.0M	options only	0.20%	+0.18pp	6q	OPTIONS
CAMECO CORP CALL+PUT	CCJ	$42.8M	options only	0.20%	+0.14pp	28q	OPTIONS
HONEYWELL INTL INC CALL+PUT	HONZZZZ	$42.6M	167,308	0.20%	-0.03pp	20q	-12.0%-$5.8M
ACCENTURE PLC IRELAND CALL+PUT	ACN	$42.4M	options only	0.20%	+0.03pp	28q	OPTIONS
THE TRADE DESK INC CALL+PUT	TTD	$42.4M	options only	0.20%	-0.24pp	20q	OPTIONS
CHUBB LIMITED CALL+PUT	CB	$41.8M	116,645	0.20%	+0.15pp	5q	HELD
CVS HEALTH CORP CALL+PUT	CVS	$41.6M	options only	0.20%	flat	28q	OPTIONS
DOW HLDGS INC CALL+PUT	DOW	$41.5M	options only	0.20%	+0.03pp	26q	OPTIONS
THERMO FISHER SCIENTIFIC INC CALL+PUT	TMO	$40.9M	26,469	0.19%	-0.25pp	28q	-79.0%-$154.1M
DEXCOM INC CALL+PUT	DXCM	$40.9M	474,151	0.19%	+0.14pp	28q	HELD
AST SPACEMOBILE INC CALL+PUT	ASTS	$40.7M	options only	0.19%	+0.12pp	7q	OPTIONS
CHEVRON CORPORATION CALL+PUT	CVX	$40.3M	options only	0.19%	-0.03pp	28q	OPTIONS
MERCADOLIBRE INC CALL+PUT	MELI	$40.2M	options only	0.19%	-0.06pp	24q	OPTIONS
UNITED AIRLS HLDGS INC CALL+PUT	UAL	$40.0M	120,069	0.19%	-0.03pp	28q	HELD
CME GROUP INC CALL+PUT	CME	$39.9M	75,000	0.19%	-0.04pp	27q	-32.9%-$19.6M
AMPHENOL CORP CALL+PUT	APH	$39.8M	options only	0.19%	-0.13pp	7q	OPTIONS
S&P GLOBAL INC CALL+PUT	SPGI	$39.7M	74,877	0.19%	+0.16pp	28q	HELD
UNITY SOFTWARE INC CALL+PUT	U	$39.6M	570,110	0.19%	+0.17pp	19q	HELD
OCCIDENTAL PETE CORP CALL+PUT	OXY	$39.1M	options only	0.19%	+0.03pp	28q	OPTIONS
CELSIUS HLDGS INC CALL+PUT	CELH	$38.8M	327,424	0.18%	+0.08pp	23q	HELD
MP MATERIALS CORP CALL+PUT	MP	$38.8M	31,930	0.18%	+0.17pp	2q	HELD
MARVELL TECHNOLOGY INC CALL+PUT	MRVL	$38.4M	options only	0.18%	+0.03pp	18q	OPTIONS
JABIL INC CALL+PUT	JBL	$38.3M	options only	0.18%	+0.01pp	28q	OPTIONS
TAPESTRY INC CALL+PUT	TPR	$37.2M	options only	0.18%	-0.02pp	11q	OPTIONS
EVERPURE INC CALL+PUT	P	$37.2M	201,136	0.18%	+0.11pp	26q	HELD
OREILLY AUTOMOTIVE INC CALL+PUT	ORLY	$37.0M	335,760	0.18%	+0.15pp	28q	HELD
STRATEGY INC CALL+PUT	MSTR	$35.7M	56,336	0.17%	-0.28pp	10q	+547.4%+$30.2M
BWX TECHNOLOGIES INC CALL+PUT	BWXT	$35.6M	options only	0.17%	+0.12pp	5q	OPTIONS
CONOCOPHILLIPS CALL+PUT	COP	$35.4M	221,351	0.17%	-0.04pp	28q	HELD
HF SINCLAIR CORP CALL+PUT	DINO	$35.3M	661,998	0.17%	+0.15pp	4q	+874.3%+$31.7M
FORTINET INC CALL+PUT	FTNT	$35.0M	options only	0.17%	-0.07pp	28q	OPTIONS
MOSAIC CO CALL+PUT	MOS	$34.6M	713,618	0.17%	+0.07pp	28q	+151.6%+$20.9M
RTX CORPORATION CALL+PUT	RTX	$34.5M	options only	0.16%	+0.06pp	22q	OPTIONS
COMCAST CORP NEW CALL+PUT	CMCSA	$34.1M	814,688	0.16%	-0.10pp	4q	-36.5%-$19.6M
COMFORT SYS USA INC CALL+PUT	FIX	$34.1M	13,285	0.16%	+0.11pp	14q	HELD
FERGUSON ENTERPRISES INC CALL+PUT	FERG	$33.2M	131,164	0.16%	+0.13pp	5q	HELD
STATE STR SPDR DOW JONES IND CALL+PUT	DIA	$32.9M	options only	0.16%	flat	4q	OPTIONS
SELECT SECTOR SPDR TR CALL+PUT	XLP	$32.9M	36,127	0.16%	-0.01pp	7q	HELD
FEDEX CORP CALL+PUT	FDX	$32.8M	options only	0.16%	-0.17pp	28q	OPTIONS
FREEPORT-MCMORAN INC CALL+PUT	FCX	$32.6M	607,467	0.16%	+0.08pp	10q	HELD
GENERAL MTRS CO CALL+PUT	GM	$32.6M	478,182	0.16%	-0.09pp	28q	-48.9%-$31.1M
RIVIAN AUTOMOTIVE INC CALL+PUT	RIVN	$32.5M	options only	0.15%	+0.03pp	16q	OPTIONS
GRAB HOLDINGS LIMITED	GRAB	$32.2M	5,355,582	0.15%	+0.12pp	5q	+236.6%+$22.7M
DOVER CORP CALL	DOV	$32.2M	190,368	0.15%	+0.06pp	3q	+83.4%+$14.6M
ROPER TECHNOLOGIES INC	ROP	$32.2M	64,493	0.15%	-	new	NEW
JOHNSON & JOHNSON CALL+PUT	JNJ	$32.1M	options only	0.15%	-0.04pp	28q	OPTIONS
UNITED PARCEL SVCS INC CALL+PUT	UPS	$32.0M	options only	0.15%	-0.09pp	28q	OPTIONS
PAYPAL HLDGS INC CALL+PUT	PYPL	$31.9M	279,813	0.15%	-0.03pp	28q	HELD
INTERACTIVE BROKERS GROUP IN CALL+PUT	IBKR	$31.7M	options only	0.15%	+0.06pp	21q	OPTIONS
EMERSON ELEC CO CALL+PUT	EMR	$31.3M	options only	0.15%	+0.06pp	28q	OPTIONS
SIBANYE STILLWATER LTD CALL	SBSW	$31.3M	2,694,240	0.15%	+0.09pp	22q	+42.4%+$9.3M
AMERICAN TOWER CORP CALL+PUT	AMT	$31.3M	150,320	0.15%	+0.14pp	5q	HELD
ELASTIC N V CALL+PUT	ESTC	$31.1M	297,724	0.15%	-0.10pp	27q	-45.6%-$26.1M
LAM RESEARCH CORP CALL+PUT	LRCX	$30.7M	options only	0.15%	+0.10pp	4q	OPTIONS
3M CO CALL+PUT	MMM	$30.7M	options only	0.15%	flat	27q	OPTIONS
OKTA INC CALL+PUT	OKTA	$30.5M	74,513	0.15%	+0.06pp	27q	HELD
AVIS BUDGET GROUP INC CALL+PUT	CAR	$30.5M	options only	0.15%	+0.03pp	21q	OPTIONS
PETROLEO BRASILEIRO S A CALL+PUT	PBR	$30.5M	1,932,399	0.15%	+0.09pp	17q	+508.3%+$25.4M
SAMSARA INC CALL+PUT	IOT	$30.1M	535,140	0.14%	+0.08pp	16q	HELD
ATLASSIAN CORPORATION CALL+PUT	TEAM	$29.9M	135,496	0.14%	+0.09pp	12q	HELD
SOLAREDGE TECHNOLOGIES INC CALL+PUT	SEDG	$29.8M	265,927	0.14%	+0.14pp	20q	+1049.9%+$27.2M
PINNACLE WEST CAP CORP	PNW	$29.8M	332,537	0.14%	+0.04pp	4q	+32.6%+$7.3M
ALTRIA GROUP INC CALL+PUT	MO	$29.7M	options only	0.14%	+0.02pp	28q	OPTIONS
PINTEREST INC CALL+PUT	PINS	$29.7M	options only	0.14%	+0.01pp	26q	OPTIONS
ON SEMICONDUCTOR CORP CALL+PUT	ON	$29.6M	options only	0.14%	-0.03pp	28q	OPTIONS
FISERV INC CALL+PUT	FISV	$29.5M	216,658	0.14%	-0.21pp	28q	-46.1%-$25.2M
SPROUTS FMRS MKT INC CALL	SFM	$29.1M	201,583	0.14%	-0.35pp	9q	-53.3%-$33.1M
ISHARES TR CALL+PUT	ITA	$29.0M	options only	0.14%	+0.10pp	6q	OPTIONS
PG&E CORP CALL+PUT	PCG	$28.8M	1,488,753	0.14%	-0.07pp	22q	-51.5%-$30.6M
EMCOR GROUP INC CALL+PUT	EME	$28.7M	options only	0.14%	+0.06pp	19q	OPTIONS
QUANTA SVCS INC CALL+PUT	PWR	$28.4M	options only	0.14%	-0.03pp	10q	OPTIONS
BARCLAYS PLC	BCS	$28.1M	1,360,947	0.13%	-0.01pp	3q	-16.6%-$5.6M
ISHARES TR CALL+PUT	IEF	$27.9M	5,940	0.13%	flat	3q	HELD
PFIZER INC CALL+PUT	PFE	$27.9M	options only	0.13%	+0.02pp	28q	OPTIONS
SLB LIMITED CALL+PUT	SLB	$27.8M	options only	0.13%	-0.08pp	28q	OPTIONS
SPDR SERIES TRUST CALL+PUT	XBI	$27.7M	options only	0.13%	-0.04pp	7q	OPTIONS
RH CALL+PUT	RH	$27.3M	options only	0.13%	-0.04pp	28q	OPTIONS
GAP INC CALL	GAP	$27.2M	1,263,607	0.13%	+0.10pp	28q	+368.8%+$21.4M
PROCTER & GAMBLE CO CALL+PUT	PG	$27.0M	options only	0.13%	-0.24pp	26q	OPTIONS
NU HLDGS LTD CALL+PUT	NU	$27.0M	1,356,037	0.13%	-0.04pp	15q	-37.9%-$16.4M
CDW CORP CALL+PUT	CDW	$26.8M	146,487	0.13%	+0.10pp	6q	HELD
ISHARES TR CALL+PUT	EEM	$26.8M	options only	0.13%	-0.02pp	7q	OPTIONS
MARKETAXESS HLDGS INC	MKTX	$26.6M	152,726	0.13%	+0.06pp	3q	+163.1%+$16.5M
SOFI TECHNOLOGIES INC CALL+PUT	SOFI	$26.4M	options only	0.13%	-0.29pp	15q	OPTIONS
ABBVIE INC CALL+PUT	ABBV	$26.3M	options only	0.13%	-0.44pp	28q	OPTIONS
ENCOMPASS HEALTH CORP	EHC	$26.2M	206,642	0.13%	+0.05pp	4q	+45.6%+$8.2M
AT&T INC CALL+PUT	T	$26.1M	657,909	0.12%	-0.01pp	28q	HELD
SYMBOTIC INC CALL+PUT	SYM	$25.9M	options only	0.12%	+0.09pp	9q	OPTIONS
ELECTRONIC ARTS INC CALL+PUT	EA	$25.9M	options only	0.12%	+0.10pp	28q	OPTIONS
UIPATH INC	PATH	$25.4M	1,901,909	0.12%	+0.12pp	18q	HELD
THOMSON REUTERS CORP	TRIXXXX	$25.4M	163,659	0.12%	-	new	NEW
MOBILEYE GLOBAL INC	MBLY	$25.4M	1,798,518	0.12%	-0.01pp	8q	+12.9%+$2.9M
PAYLOCITY HLDG CORP	PCTY	$25.4M	159,226	0.12%	-	new	NEW
RIGETTI COMPUTING INC CALL	RGTI	$25.3M	706,259	0.12%	-	new	NEW
MCDONALDS CORP CALL+PUT	MCD	$25.1M	39,636	0.12%	-0.22pp	2q	-83.8%-$129.7M
ZOOM COMMUNICATIONS INC CALL+PUT	ZM	$25.1M	119,721	0.12%	+0.01pp	24q	HELD
SELECT SECTOR SPDR TR CALL+PUT	XLV	$25.0M	options only	0.12%	-0.10pp	6q	OPTIONS
AIR PRODUCTS AND CHEMICALS I CALL+PUT	APD	$25.0M	options only	0.12%	-0.01pp	27q	OPTIONS
BLOCK INC CALL+PUT	XYZ	$24.9M	3,223	0.12%	+0.07pp	28q	HELD
CLEVELAND-CLIFFS INC NEW CALL+PUT	CLF	$24.7M	options only	0.12%	-0.03pp	22q	OPTIONS
MARA HOLDINGS INC CALL+PUT	MARA	$24.5M	927,705	0.12%	-0.05pp	8q	+315.1%+$18.6M
BANK OF AMER CORP CALL+PUT	BAC	$24.3M	384,884	0.12%	-0.13pp	28q	-64.0%-$43.3M
DYNATRACE INC CALL+PUT	DT	$23.7M	464,584	0.11%	+0.05pp	11q	+130.0%+$13.4M
NUCOR CORP CALL+PUT	NUE	$23.4M	options only	0.11%	flat	28q	OPTIONS
SUNCOR ENERGY INC NEW CALL+PUT	SU	$23.4M	305,495	0.11%	-0.08pp	28q	-68.4%-$50.7M
CRANE COMPANY	CR	$23.3M	126,658	0.11%	-	new	NEW
CARPENTER TECHNOLOGY CORP CALL+PUT	CRS	$23.2M	32,046	0.11%	+0.03pp	6q	+235.3%+$16.3M
FRANKLIN RESOURCES INC	BEN	$23.1M	998,147	0.11%	-	new	NEW
DEVON ENERGY CORP NEW CALL+PUT	DVN	$23.0M	options only	0.11%	flat	28q	OPTIONS
TAKE-TWO INTERACTIVE SOFTWAR CALL+PUT	TTWO	$23.0M	options only	0.11%	-0.01pp	8q	OPTIONS
STATE STR SPDR S&P 500 ETF T CALL+PUT	SPY	$23.0M	options only	0.11%	-0.10pp	8q	OPTIONS
ZEBRA TECHNOLOGIES CORPORATI CALL+PUT	ZBRA	$22.9M	69,527	0.11%	+0.09pp	28q	HELD
AMERICAN EXPRESS CO CALL+PUT	AXP	$22.7M	options only	0.11%	+0.05pp	28q	OPTIONS
DRAFTKINGS INC NEW CALL+PUT	DKNG	$22.7M	options only	0.11%	-0.03pp	14q	OPTIONS
ASTERA LABS INC CALL+PUT	ALAB	$22.6M	options only	0.11%	+0.02pp	5q	OPTIONS
MUELLER INDS INC	MLI	$22.4M	221,554	0.11%	-0.06pp	2q	-52.4%-$24.6M
CISCO SYS INC CALL+PUT	CSCO	$22.2M	options only	0.11%	+0.03pp	28q	OPTIONS
GUIDEWIRE SOFTWARE INC CALL+PUT	GWRE	$22.2M	21,215	0.11%	-0.06pp	5q	-66.1%-$43.3M
MONSTER BEVERAGE CORP NEW CALL+PUT	MNST	$22.1M	231,218	0.11%	+0.03pp	28q	+14.9%+$2.9M
WHEATON PRECIOUS METALS CORP CALL+PUT	WPM	$22.1M	options only	0.11%	+0.07pp	7q	OPTIONS
MORGAN STANLEY CALL+PUT	MS	$22.0M	44,710	0.10%	+0.03pp	28q	HELD
AGNICO EAGLE MINES LTD CALL+PUT	AEM	$22.0M	options only	0.10%	-0.03pp	19q	OPTIONS
CORTEVA INC	CTVA	$22.0M	324,733	0.10%	+0.05pp	2q	+110.1%+$11.5M
LAUDER ESTEE COS INC CALL+PUT	EL	$22.0M	options only	0.10%	-0.02pp	28q	OPTIONS
KKR & CO INC CALL+PUT	KKR	$21.9M	65,150	0.10%	+0.06pp	9q	HELD
TUTOR PERINI CORP	TPC	$21.9M	333,680	0.10%	+0.04pp	3q	+14.2%+$2.7M
TENET HEALTHCARE CORP CALL+PUT	THC	$21.8M	23,767	0.10%	+0.04pp	28q	+90.0%+$10.3M
DEERE & CO CALL+PUT	DE	$21.7M	options only	0.10%	-0.04pp	28q	OPTIONS
VERIZON COMMUNICATIONS INC CALL+PUT	VZ	$21.6M	options only	0.10%	+0.08pp	28q	OPTIONS
CITIGROUP INC CALL+PUT	C	$21.6M	options only	0.10%	+0.01pp	28q	OPTIONS
DISNEY WALT CO CALL+PUT	DIS	$21.4M	options only	0.10%	-0.13pp	28q	OPTIONS
CARVANA CO CALL+PUT	CVNA	$21.2M	options only	0.10%	-0.13pp	22q	OPTIONS
MORNINGSTAR INC	MORN	$21.1M	90,762	0.10%	+0.04pp	9q	+118.4%+$11.4M
B2GOLD CORP	BTG	$21.0M	4,251,774	0.10%	-	new	NEW
AGREE RLTY CORP	ADC	$21.0M	295,115	0.10%	flat	3q	+3.0%+$611.4K
BOOKING HOLDINGS INC CALL+PUT	BKNG	$20.5M	options only	0.10%	-0.02pp	28q	OPTIONS
AMETEK INC	AME	$20.5M	108,927	0.10%	-	new	NEW
TRADEWEB MKTS INC	TW	$20.4M	183,940	0.10%	-	new	NEW
UGI CORP NEW	UGI	$20.4M	612,274	0.10%	+0.06pp	10q	+192.9%+$13.4M
AON PLC CALL+PUT	AON	$20.3M	51,328	0.10%	+0.07pp	3q	HELD
JEFFERIES FINANCIAL GROUP IN CALL+PUT	JEF	$20.2M	212,789	0.10%	+0.05pp	5q	+445.3%+$16.5M
QORVO INC CALL+PUT	QRVO	$20.2M	161,039	0.10%	+0.03pp	28q	+73.5%+$8.5M
DUOLINGO INC CALL+PUT	DUOL	$20.1M	options only	0.10%	-0.03pp	16q	OPTIONS
COREWEAVE INC CALL+PUT	CRWV	$20.1M	options only	0.10%	-	new	OPTIONS
EXLSERVICE HLDGS INC	EXLS	$20.1M	456,171	0.10%	-0.08pp	27q	-46.6%-$17.5M
EPAM SYS INC CALL+PUT	EPAM	$20.0M	70,760	0.10%	-0.07pp	27q	-51.1%-$20.9M
PROGRESSIVE CORP CALL+PUT	PGR	$19.9M	options only	0.09%	-0.30pp	28q	OPTIONS
EOG RES INC CALL+PUT	EOG	$19.8M	options only	0.09%	+0.02pp	28q	OPTIONS
HECLA MINING COMPANY CALL	HL	$19.8M	1,582,592	0.09%	-	new	NEW
APPLIED INDL TECHNOLOGIES IN	AIT	$19.8M	75,881	0.09%	+0.02pp	2q	+3.4%+$644.3K
HP INC CALL+PUT	HPQ	$19.8M	options only	0.09%	+0.03pp	28q	OPTIONS
FIRST TR EXCHANGE TRADED FD CALL+PUT	CIBR	$19.6M	options only	0.09%	flat	7q	OPTIONS
BORGWARNER INC	BWA	$19.6M	445,447	0.09%	+0.02pp	3q	-2.4%-$482.2K
MANULIFE FINL CORP	MFC	$19.5M	624,835	0.09%	+0.08pp	3q	+556.5%+$16.5M
CORE SCIENTIFIC INC NEW CALL	CORZ	$19.4M	1,065,163	0.09%	+0.09pp	5q	+4613.1%+$19.0M
WASTE MGMT INC DEL CALL+PUT	WM	$19.4M	options only	0.09%	-0.05pp	28q	OPTIONS
ISHARES TR CALL+PUT	EFA	$19.3M	13,723	0.09%	-0.05pp	7q	HELD
MICROCHIP TECHNOLOGY INC. CALL+PUT	MCHP	$19.3M	options only	0.09%	-0.04pp	28q	OPTIONS
APOLLO GLOBAL MGMT INC CALL+PUT	APO	$19.2M	options only	0.09%	+0.02pp	8q	OPTIONS
US BANCORP CALL+PUT	USB	$19.1M	275,684	0.09%	+0.07pp	28q	HELD
GRANITE CONSTR INC	GVA	$19.1M	174,028	0.09%	-0.03pp	8q	-36.7%-$11.0M
EXPAND ENERGY CORPORATION CALL+PUT	EXE	$19.0M	options only	0.09%	+0.06pp	5q	OPTIONS
SCHWAB STRATEGIC TR CALL+PUT	SCHD	$18.9M	170,319	0.09%	+0.03pp	2q	HELD
INVESCO EXCHANGE TRADED FD T CALL+PUT	RSP	$18.8M	options only	0.09%	+0.06pp	2q	OPTIONS
BRIGHT HORIZONS FAM SOL IN D	BFAM	$18.8M	173,257	0.09%	+0.04pp	2q	+111.8%+$9.9M
LEONARDO DRS INC	DRS	$18.7M	411,979	0.09%	+0.04pp	2q	+98.2%+$9.3M
SOUTHERN CO CALL+PUT	SO	$18.6M	options only	0.09%	+0.01pp	28q	OPTIONS
ISHARES INC CALL+PUT	EWZ	$18.5M	308,656	0.09%	+0.07pp	7q	+2397.0%+$17.8M
BRISTOL-MYERS SQUIBB CO CALL+PUT	BMY	$18.2M	377,758	0.09%	+0.07pp	28q	HELD
ALCOA CORP CALL+PUT	AA	$18.0M	281,086	0.09%	+0.03pp	28q	+1804.1%+$17.0M
STERLING INFRASTRUCTURE INC CALL+PUT	STRL	$17.9M	options only	0.09%	+0.03pp	9q	OPTIONS
HOME BANCSHARES INC	HOMB	$17.8M	630,225	0.08%	+0.03pp	2q	+38.7%+$5.0M
INTERDIGITAL INC CALL+PUT	IDCC	$17.8M	27,830	0.08%	-0.01pp	5q	-68.5%-$38.7M
GENERAL DYNAMICS CORP CALL+PUT	GD	$17.6M	options only	0.08%	-0.03pp	28q	OPTIONS
MONOLITHIC PWR SYS INC CALL+PUT	MPWR	$17.6M	options only	0.08%	+0.04pp	9q	OPTIONS
CARDINAL HEALTH INC CALL+PUT	CAH	$17.6M	options only	0.08%	+0.04pp	28q	OPTIONS
MUELLER WTR PRODS INC	MWA	$17.4M	682,212	0.08%	-	new	NEW
TORONTO DOMINION BK ONT CALL+PUT	TD	$17.4M	options only	0.08%	+0.07pp	21q	OPTIONS
NATERA INC	NTRA	$17.3M	107,520	0.08%	+0.04pp	28q	+119.8%+$9.4M
HALLIBURTON CO CALL+PUT	HAL	$17.3M	options only	0.08%	+0.02pp	22q	OPTIONS
HUBSPOT INC CALL+PUT	HUBS	$17.1M	29,598	0.08%	+0.04pp	28q	+712.5%+$15.0M
WABTEC	WAB	$17.1M	85,398	0.08%	-0.06pp	28q	-40.2%-$11.5M
COEUR MNG INC CALL+PUT	CDE	$17.1M	861,138	0.08%	+0.04pp	2q	-19.0%-$4.0M
CROWN HLDGS INC	CCK	$17.0M	176,382	0.08%	+0.06pp	8q	+284.1%+$12.6M
WELLS FARGO & CO CALL+PUT	WFC	$17.0M	options only	0.08%	+0.04pp	28q	OPTIONS
D-WAVE QUANTUM INC PUT	QBTS	$17.0M	675,561	0.08%	-	new	NEW
AMERICAN AIRLINES GROUP INC PUT	AAL	$16.9M	options only	0.08%	flat	25q	OPTIONS
ARMSTRONG WORLD INDS INC NEW	AWI	$16.9M	86,003	0.08%	+0.02pp	5q	+3.5%+$571.2K
NORTHROP GRUMMAN CORP CALL+PUT	NOC	$16.8M	3,456	0.08%	+0.04pp	28q	HELD
MARATHON PETE CORP CALL+PUT	MPC	$16.8M	options only	0.08%	+0.03pp	27q	OPTIONS
BUNGE GLOBAL SA CALL+PUT	BG	$16.7M	options only	0.08%	+0.06pp	8q	OPTIONS
RYANAIR HOLDINGS PLC	RYAAY	$16.7M	277,000	0.08%	-	new	NEW
HUMANA INC CALL+PUT	HUM	$16.7M	18,735	0.08%	+0.05pp	28q	+85.4%+$7.7M
ALLISON TRANSMISSION HLDGS I	ALSN	$16.6M	195,159	0.08%	-0.01pp	2q	-2.5%-$428.7K
VISA INC CALL+PUT	V	$16.4M	options only	0.08%	+0.02pp	28q	OPTIONS
L3HARRIS TECHNOLOGIES INC CALL+PUT	LHX	$16.4M	options only	0.08%	+0.01pp	5q	OPTIONS
TECHNIPFMC PLC	FTI	$16.4M	414,881	0.08%	flat	8q	-16.6%-$3.3M
ENPHASE ENERGY INC CALL+PUT	ENPH	$16.2M	288,274	0.08%	+0.07pp	27q	HELD
STRIDE INC CALL+PUT	LRN	$16.2M	61,552	0.08%	-0.14pp	17q	-75.5%-$50.0M
WISDOMTREE INC	WT	$16.2M	1,165,220	0.08%	+0.06pp	5q	+187.5%+$10.6M
PILGRIMS PRIDE CORP	PPC	$16.1M	395,319	0.08%	+0.01pp	10q	+23.3%+$3.0M
GAMESTOP CORP	GME	$16.0M	588,010	0.08%	+0.06pp	3q	+463.5%+$13.2M
TEXAS INSTRS INC CALL+PUT	TXN	$16.0M	options only	0.08%	flat	28q	OPTIONS
ROSS STORES INC CALL+PUT	ROST	$16.0M	options only	0.08%	-0.08pp	23q	OPTIONS
DELEK US HLDGS INC NEW	DK	$16.0M	495,352	0.08%	-	new	NEW
FIVE BELOW INC PUT	FIVE	$15.9M	94,076	0.08%	+0.02pp	28q	+34.2%+$4.1M
CINTAS CORP CALL	CTAS	$15.9M	55,142	0.08%	+0.07pp	8q	HELD
SANDISK CORP	SNDK	$15.9M	141,357	0.08%	-	new	NEW
STRYKER CORPORATION CALL+PUT	SYK	$15.8M	35,270	0.08%	+0.06pp	28q	HELD
VERISIGN INC PUT	VRSN	$15.8M	54,775	0.08%	+0.05pp	2q	+275.6%+$11.6M
WAYFAIR INC CALL+PUT	W	$15.7M	options only	0.07%	+0.03pp	22q	OPTIONS
CADENCE DESIGN SYSTEM INC CALL+PUT	CDNS	$15.7M	options only	0.07%	-0.13pp	28q	OPTIONS
HEWLETT PACKARD ENTERPRISE C CALL+PUT	HPE	$15.6M	options only	0.07%	-0.01pp	3q	OPTIONS
HUNTSMAN CORP CALL+PUT	HUN	$15.5M	1,620,448	0.07%	-	new	NEW
IRHYTHM HOLDINGS INC	IRTC	$15.3M	89,220	0.07%	-0.01pp	5q	-19.4%-$3.7M
EDISON INTL CALL	EIX	$15.3M	267,640	0.07%	-0.17pp	4q	-67.2%-$31.2M
AMPLIFY ETF TR CALL	SILJ	$15.2M	options only	0.07%	+0.04pp	6q	OPTIONS
SABRA HEALTH CARE REIT INC	SBRA	$15.2M	817,748	0.07%	-	new	NEW
INTERNATIONAL FLAVORS&FRAGRA CALL+PUT	IFF	$15.2M	213,776	0.07%	+0.06pp	5q	HELD
LOCKHEED MARTIN CORP CALL+PUT	LMT	$15.2M	5,754	0.07%	-0.28pp	28q	-95.4%-$314.3M
LIVE NATION ENTERTAINMENT IN CALL+PUT	LYV	$15.2M	options only	0.07%	+0.02pp	4q	OPTIONS
VISTANCE NETWORKS INC CALL+PUT	VISN	$15.1M	818,290	0.07%	+0.04pp	2q	+0.6%+$93.9K
SKYWEST INC	SKYW	$15.1M	149,997	0.07%	+0.01pp	5q	+6.3%+$895.5K
OWENS CORNING NEW CALL+PUT	OC	$15.1M	99,391	0.07%	-0.07pp	4q	-50.1%-$15.1M
BECTON DICKINSON & CO CALL+PUT	BDX	$15.0M	options only	0.07%	-0.01pp	2q	OPTIONS
TERAWULF INC CALL+PUT	WULF	$14.9M	1,015,560	0.07%	-	new	NEW
CLEANSPARK INC CALL+PUT	CLSK	$14.9M	563,859	0.07%	+0.01pp	2q	HELD
TEMPUS AI INC CALL+PUT	TEM	$14.9M	options only	0.07%	+0.01pp	3q	OPTIONS
CAESARS ENTERTAINMENT INC NE CALL+PUT	CZR	$14.9M	374,391	0.07%	+0.03pp	21q	HELD
BP PLC CALL+PUT	BP	$14.9M	236,197	0.07%	+0.05pp	5q	HELD
ARES MANAGEMENT CORPORATION	ARES	$14.8M	92,777	0.07%	+0.07pp	2q	HELD
FTAI AVIATION LTD CALL+PUT	FTAI	$14.8M	59,330	0.07%	+0.05pp	7q	HELD
KINIKSA PHARMACEUTICALS INTL	KNSA	$14.8M	381,319	0.07%	-0.01pp	3q	-42.0%-$10.7M
CBRE GROUP INC CALL	CBRE	$14.7M	91,012	0.07%	-0.05pp	28q	-52.6%-$16.3M
NATWEST GROUP PLC	NWG	$14.7M	1,041,018	0.07%	-0.04pp	10q	-36.8%-$8.6M
NMI HLDGS INC	NMIH	$14.6M	381,860	0.07%	-0.01pp	10q	-10.0%-$1.6M
QUALCOMM INC CALL+PUT	QCOM	$14.5M	options only	0.07%	-0.12pp	28q	OPTIONS
AES CORP CALL+PUT	AES	$14.4M	187,921	0.07%	+0.01pp	28q	HELD
VITAL FARMS INC CALL	VITL	$14.4M	337,180	0.07%	-	new	NEW
CORNING INC CALL+PUT	GLW	$14.4M	options only	0.07%	+0.02pp	5q	OPTIONS
AMERICAN ELEC PWR CO INC CALL+PUT	AEP	$14.3M	46,478	0.07%	+0.05pp	5q	HELD
PORTLAND GEN ELEC CO	POR	$14.3M	324,475	0.07%	-	new	NEW
ROIVANT SCIENCES LTD	ROIV	$14.3M	943,163	0.07%	-	new	NEW
AMER SPORTS INC	AS	$14.2M	408,973	0.07%	-0.04pp	2q	-34.5%-$7.5M
ETSY INC CALL+PUT	ETSY	$14.2M	options only	0.07%	+0.02pp	28q	OPTIONS
KIMBERLY-CLARK CORP CALL+PUT	KMB	$14.2M	options only	0.07%	+0.04pp	21q	OPTIONS
CUMMINS INC CALL+PUT	CMI	$14.1M	options only	0.07%	-0.17pp	28q	OPTIONS
ROYAL GOLD INC CALL+PUT	RGLD	$14.1M	options only	0.07%	-	new	OPTIONS
FRESHWORKS INC	FRSH	$13.9M	1,183,763	0.07%	+0.02pp	2q	+86.0%+$6.4M
AMKOR TECHNOLOGY INC	AMKR	$13.9M	488,603	0.07%	+0.05pp	2q	+149.8%+$8.3M
MANHATTAN ASSOCIATES INC CALL+PUT	MANH	$13.9M	26,067	0.07%	+0.02pp	28q	HELD
BELLRING BRANDS INC CALL+PUT	BRBR	$13.9M	345,689	0.07%	-0.04pp	15q	-14.3%-$2.3M
FLEX LTD CALL+PUT	FLEX	$13.8M	200,606	0.07%	+0.04pp	3q	HELD
CANADIAN NAT RES LTD MED TER CALL+PUT	CNQ	$13.8M	options only	0.07%	+0.01pp	28q	OPTIONS
E L F BEAUTY INC CALL+PUT	ELF	$13.8M	options only	0.07%	-0.05pp	26q	OPTIONS
COURSERA INC	COUR	$13.7M	1,172,721	0.07%	+0.06pp	3q	+362.1%+$10.8M
NETSTREIT CORP	NTST	$13.7M	757,725	0.07%	+0.06pp	2q	+590.7%+$11.7M
SONOS INC	SONO	$13.5M	853,021	0.06%	-0.01pp	28q	-38.8%-$8.5M
REALTY INCOME CORP CALL+PUT	O	$13.5M	options only	0.06%	+0.05pp	11q	OPTIONS
OSHKOSH CORP	OSK	$13.4M	103,671	0.06%	-	new	NEW
ISHARES TR CALL+PUT	MTUM	$13.4M	options only	0.06%	-0.05pp	7q	OPTIONS
HCA HEALTHCARE INC CALL+PUT	HCA	$13.4M	options only	0.06%	+0.05pp	28q	OPTIONS
CREDICORP LTD	BAP	$13.4M	50,379	0.06%	+0.06pp	4q	+612.1%+$11.5M
MGM RESORTS INTERNATIONAL CALL+PUT	MGM	$13.4M	options only	0.06%	flat	28q	OPTIONS
VERTEX PHARMACEUTICALS INC CALL+PUT	VRTX	$13.4M	options only	0.06%	-0.02pp	4q	OPTIONS
INVITATION HOMES INC	INVH	$13.2M	451,056	0.06%	-0.01pp	2q	-3.2%-$442.8K
CASEYS GEN STORES INC CALL+PUT	CASY	$13.2M	options only	0.06%	flat	3q	OPTIONS
SELECT SECTOR SPDR TR CALL+PUT	XLC	$13.2M	options only	0.06%	-0.07pp	7q	OPTIONS
SIMMONS FIRST NATL CORP	SFNC	$13.2M	688,726	0.06%	+0.02pp	4q	+44.4%+$4.1M
ELEVANCE HEALTH INC FORMERLY CALL+PUT	ELV	$13.2M	options only	0.06%	+0.04pp	28q	OPTIONS
SOUTHWEST AIRLS CO CALL+PUT	LUV	$13.1M	options only	0.06%	+0.03pp	3q	OPTIONS
MAPLEBEAR INC CALL	CART	$13.0M	352,599	0.06%	+0.06pp	3q	HELD
JOBY AVIATION INC CALL+PUT	JOBY	$13.0M	options only	0.06%	+0.06pp	3q	OPTIONS
INTUIT CALL+PUT	INTU	$13.0M	options only	0.06%	-0.22pp	28q	OPTIONS
D R HORTON INC CALL+PUT	DHI	$13.0M	options only	0.06%	+0.03pp	26q	OPTIONS
DUKE ENERGY CORP NEW CALL+PUT	DUK	$12.9M	options only	0.06%	+0.02pp	28q	OPTIONS
FIVE9 INC CALL+PUT	FIVN	$12.9M	417,869	0.06%	-0.01pp	28q	-4.3%-$577.0K
TENCENT MUSIC ENTMT GROUP CALL+PUT	TME	$12.9M	options only	0.06%	-	new	OPTIONS
MONDELEZ INTL INC CALL+PUT	MDLZ	$12.8M	options only	0.06%	+0.01pp	28q	OPTIONS
GRAPHIC PACKAGING HLDG CO	GPK	$12.8M	655,647	0.06%	-	new	NEW
INTERNATIONAL PAPER CO CALL+PUT	IP	$12.8M	options only	0.06%	+0.03pp	24q	OPTIONS
ANGLOGOLD ASHANTI PLC CALL+PUT	AU	$12.8M	options only	0.06%	-	new	OPTIONS
HESS MIDSTREAM LP	HESM	$12.7M	368,428	0.06%	+0.02pp	10q	+46.0%+$4.0M
FIRST HORIZON CORPORATION	FHN	$12.7M	562,895	0.06%	-	new	NEW
HASBRO INC	HAS	$12.6M	166,587	0.06%	-	new	NEW
DECKERS OUTDOOR CORP CALL+PUT	DECK	$12.6M	options only	0.06%	-0.03pp	28q	OPTIONS

Showing the largest 400 of 2,020 positions.

By sector

Industry comes from the SIC code on each company's own SEC filings, which is self-reported and sometimes out of date. Derivative exposure is counted with the shares. Securities the SEC assigns no industry - funds, trusts, foreign issues - are shown as not classified rather than dropped.

Sector	Value	Share
Software & IT Services	$3.0B	14.4%
Semiconductors & Electronics	$1.9B	9.3%
Retail & Consumer	$1.2B	5.9%
Capital Markets	$1.2B	5.8%
Business Services	$1.2B	5.5%
Banks & Lending	$954.7M	4.5%
Mining & Metals	$829.6M	4.0%
Autos & Aerospace	$808.7M	3.9%
Computer Hardware	$801.6M	3.8%
Insurance	$695.8M	3.3%
Biotech & Pharma	$631.1M	3.0%
Energy	$627.3M	3.0%
Other sectors	$5.2B	24.6%
Not classified	$1.9B	9.0%

What the disclosed book did

This is not the fund's return. A 13F shows long US equity positions only, so shorts, bonds, foreign listings, private holdings and cash are all invisible here. What this measures is the quarter's change in value of the positions this manager disclosed, had they been left untouched - the return a reader following the filing would have earned.

Quarter	Book	Market	Difference	Priced
Q3 2025	+7.0%	+7.8%	-0.8%	74%
Q2 2025	+9.4%	+10.5%	-1.0%	75%
Q1 2025	-4.4%	-4.6%	+0.2%	63%
Q4 2024	+3.6%	+2.1%	+1.5%	68%
Q3 2024	+7.8%	+5.4%	+2.4%	65%
Q2 2024	-2.3%	+4.0%	-6.4%	62%
Q1 2024	+8.8%	+10.0%	-1.2%	65%
Q4 2023	+13.6%	+11.2%	+2.4%	68%

Market is SPY over the same two quarter ends, priced the same way as everything else here - the median across every filer reporting it. It is a large-cap US proxy, so a manager holding small caps or biotech will beat or trail it for reasons that are not skill. Prices are quarter-end to quarter-end and say nothing about the path in between, or about trades opened and closed inside a quarter.

Quarter by quarter

Quarter	Value	Positions	New	Added	Trimmed	Exited	Top 10	Days to file
Q3 2025	$21.0B	2,020	562	352	605	521	9.6%	45
Q2 2025	$21.8B	1,979	596	407	501	507	7.6%	45
Q1 2025	$16.5B	1,890	492	484	441	566	7.7%	45
Q4 2024	$16.0B	1,964	519	387	527	510	8.5%	45
Q3 2024	$16.3B	1,955	524	399	517	484	8.7%	45
Q2 2024	$14.7B	1,915	394	471	718	955	10.3%	78
Q1 2024	$17.6B	2,476	583	768	779	505	8.7%	45
Q4 2023	$15.4B	2,398	649	617	799	442	7.6%	45
Q3 2023	$13.5B	2,191	496	599	840	693	8.1%	45
Q2 2023	$15.1B	2,388	454	777	993	926	9.2%	45
Q1 2023	$16.4B	2,860	426	1,018	1,292	801	7.1%	45
Q4 2022	$17.1B	3,235	392	1,144	1,475	744	5.3%	45
Q3 2022	$17.8B	3,587	451	1,559	1,434	655	4.3%	45
Q2 2022	$16.4B	3,791	723	1,704	1,240	431	4.7%	46
Q1 2022	$11.8B	3,499	594	1,633	1,225	529	3.5%	46
Q4 2021	$10.5B	3,434	861	1,444	1,115	355	3.3%	45
Q3 2021	$7.9B	2,928	467	1,124	1,325	433	3.7%	46
Q2 2021	$8.9B	2,894	455	1,233	1,191	363	4.2%	47
Q1 2021	$7.8B	2,802	542	1,126	1,122	277	4.7%	47
Q4 2020	$7.3B	2,537	380	949	1,195	304	5.0%	47
Q3 2020	$6.8B	2,461	371	1,144	942	280	4.5%	47
Q2 2020	$5.8B	2,370	514	1,050	799	269	5.1%	45
Q1 2020	$3.7B	2,125	289	925	897	552	7.8%	45
Q4 2019	$5.5B	2,388	502	1,033	843	294	5.0%	45
Q3 2019	$5.0B	2,180	276	861	1,030	522	6.1%	45
Q2 2019	$5.4B	2,426	505	1,164	738	292	5.6%	45
Q1 2019	$3.1B	2,213	554	899	742	354	6.4%	45
Q4 2018	$2.1B	2,013	0	0	0	0	10.7%	45

Rows marked UNVERIFIED ID, PLACEHOLDER ID, TICKER AS ID or NON-CUSIP ID carry an identifier that is not a valid CUSIP. They are shown because the filer reported that money, but treat the security named with caution - hover the chip for what is wrong with it, and see the methodology.

Held counts consecutive filings in which this manager reported the position, and can reach further back than the quarters listed above: the tabs begin at Q4 2018 because earlier coverage is too sparse to describe a market, but tenure is counted over every filing we hold, some reaching to 2007. A position sold and later rebought starts again from one.

Weight change is the shift in this position's share of the whole book, in percentage points. It is the more useful column: when money flows into or out of a broad fund, almost every holding is bought or sold at once, so added and trimmed largely track flows. A weight that rose while the book shrank is a decision. Both compare with the previous quarter this filer reported, not the previous calendar quarter.