PEAK6 LLC Q4 2025: The $107.52B Filing That Was Really an Options Book
PEAK6 LLC's Q4 2025 13F reported $107.52B of value, but roughly 97.5% of the disclosed book was puts, making the headline figure a poor proxy for true economic AUM.
Important caveat first: PEAK6 LLC reported $107.52B of Q4 2025 13F value, but this filing was not a normal long-only equity book. The disclosed holdings were approximately 97.5% put options, 2.5% call options, and effectively 0% non-option holdings by value. That means the headline number can vastly overstate PEAK6's true economic AUM. If you read the filing like a pension fund portfolio, you will misread it.
TL;DR
- PEAK6 reported $107.52B of Q4 2025 13F value, down from $136.27B in Q3.
- The disclosed book was approximately $100.19B in puts, $2.55B in calls, and only about $0.05B in non-option positions.
- The biggest disclosed exposures were puts tied to NVDA, TSLA, GOOGL, META, QQQ, CRWV, and TSM.
- PEAK6's filing is best read as a derivatives-risk map from an options-rooted trading firm, not as a plain-vanilla stock portfolio.
The number that matters most is not $107.52B — it is 97.5%
PEAK6 LLC has deep roots in options trading, and its 2025 corporate activity continued to point toward market-structure and trading infrastructure businesses such as Bruce Markets and Apex-related distribution. The Q4 2025 13F fits that identity. Nearly the entire disclosed book was option exposure, overwhelmingly on the put side. So while the reported 13F value was enormous, the safer interpretation is that PEAK6 was running a very large derivatives book tied to liquid underlying names — not carrying $107B of traditional equity capital in the way a long-only asset manager or pension plan would.
PEAK6's Q4 2025 disclosed book was almost entirely option exposure
This is the anti-pattern investors need to avoid: saying PEAK6 “managed $107.52B” in the same sense that a mutual fund or pension fund does. That phrasing would be materially misleading. For PEAK6, the reported 13F value is a filing metric attached to an options-dominated portfolio, and option books can swing far more violently than conventional ownership books.
What the top exposures actually show
| Underlying | Q4 2025 value | Weight | Instrument | QoQ status |
|---|---|---|---|---|
| NVDA | $4.61B | 4.48% | Put | -39% shares |
| TSLA | $4.57B | 4.44% | Put | -20% shares |
| GOOGL | $3.54B | 3.44% | Put | +10% shares |
| META | $3.28B | 3.19% | Put | -17% shares |
| QQQ | $3.18B | 3.10% | Put | -57% shares |
| CRWV | $3.08B | 2.99% | Put | +49% shares |
| TSM | $2.46B | 2.39% | Put | Held roughly flat |
| AAPL | $2.05B | 1.99% | Put | -37% shares |
| MU | $2.01B | 1.96% | Put | +12% shares |
| SMH | $1.65B | 1.60% | Put | Top ETF hedge |
That table is not showing PEAK6 quietly building a diversified stock portfolio. It is showing PEAK6 warehousing and expressing directional or volatility-linked views through options on some of the market's most liquid technology, consumer, and index names.
PEAK6's sector allocation still says “trade the liquid leaders”
Because the disclosed book is overwhelmingly options, the cleanest sector read is to classify the underlying names of the top exposures. On that basis, PEAK6's top 15 disclosed positions were still dominated by technology and growth-sensitive beta.
| Underlying sector bucket | Value in top 15 exposures | Examples | Interpretation |
|---|---|---|---|
| Technology | $17.49B | NVDA, CRWV, TSM, AAPL, MU, AVGO, AMD | Semiconductor and infrastructure names formed the core trading canvas. |
| Consumer cyclical | $6.19B | TSLA, AMZN | PEAK6 kept major consumer-beta exposures on the board. |
| Communication services | $3.54B | GOOGL | Alphabet remained a large liquid derivatives underlying. |
| ETF and commodity wrappers | $4.83B | QQQ, SMH, SLV | Index and thematic wrappers helped express macro and volatility views. |
| Financials | $1.42B | JPM equivalents deeper in the book | Financial exposure existed, but it was not the center of gravity. |
QoQ changes table: the 13F value compressed fast
| Metric | Q3 2025 | Q4 2025 | Interpretation |
|---|---|---|---|
| Reported 13F value | $136.27B | $107.52B | -21.1% sequential, a very large swing for one quarter |
| Article dataset holdings value | $130.49B | $102.78B | -21.2% in the disclosed holdings set used here |
| Line items | 5905 | 5653 | The book was still enormous even after the decline |
| New vs exited positions in top dataset | — | 119 new / 119 exits | High turnover fits a trading book more than a buy-and-hold allocator |
PEAK6's reported 13F value swung violently across 2025
The quarter-to-quarter path tells the story. PEAK6 went from $44.56B in Q1 2025 to $108.13B in Q2, then $136.27B in Q3, and back down to $107.52B in Q4. That is not how most long-only managers move. It is exactly the sort of path you would expect from a derivatives-led operation where gross reported exposure can jump or compress with volatility, underlying prices, and position turnover.
What did PEAK6 buy and sell in Q4 2025?
PEAK6 added 119 new disclosed positions and exited 119 others in the top dataset, with new entries including MRK, PLD, ISRG, ENB, MPLX, and HYG. It also showed huge share increases in NFLX, AMGN, ADI, and NOW. But again, the correct frame is not “PEAK6 turned bullish on these stocks.” The better frame is that PEAK6 reworked a derivatives inventory across liquid underlyings.
What should investors do with this filing?
Use it to identify where PEAK6 wanted option exposure, especially across mega-cap technology, semiconductors, index products, and high-beta consumer names. Do not use it as a clean AUM leaderboard marker. If anything, the filing is a reminder that 13F rankings can become distorted when options market makers and trading firms dominate the table.
Analyst conclusion
PEAK6's Q4 2025 filing is one of the clearest examples of why reported 13F value and economic capital are not interchangeable. The $107.52B headline is eye-catching, but the real signal is the structure beneath it: a derivatives machine concentrated in puts on the market's most liquid growth names. That makes PEAK6 interesting — but it makes naive AUM comparisons dangerous.
Continue the research
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