Instuitional Investor - Parallax Volatility Advisers, L.p.

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	Spdr S & P 500 Etf TrustPUT	SPY	26,122,000	$19,507,125,940	33.14%
2.	Invesco Qqq TrCALLCALL		8,297,700	$6,110,426,280	10.38%
3.	Spdr S & P 500 Etf TrustCALL	SPY	4,551,000	$3,398,550,270	5.77%
4.	Invesco Qqq TrPUTPUT		4,092,300	$3,013,569,720	5.12%
5.	Ishares TrustPUT	IEF	5,055,600	$1,518,955,020	2.58%