SIMPLEX TRADING, LLC

Simplex Trading reported $149.1B across 10,161 positions for Q1 2026, down from $177.4B. The book is an options market-making and derivatives inventory rather than a conviction portfolio — its largest exposures are SPDR S&P 500 (SPY) sleeves totaling roughly $41B, Invesco QQQ ($12.5B across legs) and iShares index funds, alongside paired single-stock options on Tesla, NVIDIA and Meta. The quarter saw large reductions across QQQ (-$2.9B) and Tesla/NVIDIA derivative legs as inventory turned over; sector classification is largely structural (Unknown), reflecting the derivative nature of the positions.