--- title: "PEAK6 LLC Q4 2025: The $107.52B Filing That Was Really an Options Book" type: research slug: peak6-llc-q4-2025-options-book-107b-reported-value canonical_url: https://13finsight.com/research/peak6-llc-q4-2025-options-book-107b-reported-value published_at: 2026-04-11T07:48:45.419Z updated_at: 2026-04-11T07:48:47.976Z author: Marcus Chen author_title: Senior Market Analyst author_url: https://13finsight.com/authors/marcus-chen word_count: 829 locale: en source: 13F Insight --- # 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. 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 UnderlyingQ4 2025 valueWeightInstrumentQoQ status NVDA$4.61B4.48%Put-39% shares TSLA$4.57B4.44%Put-20% shares GOOGL$3.54B3.44%Put+10% shares META$3.28B3.19%Put-17% shares QQQ$3.18B3.10%Put-57% shares CRWV$3.08B2.99%Put+49% shares TSM$2.46B2.39%PutHeld roughly flat AAPL$2.05B1.99%Put-37% shares MU$2.01B1.96%Put+12% shares SMH$1.65B1.60%PutTop 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 bucketValue in top 15 exposuresExamplesInterpretation Technology$17.49BNVDA, CRWV, TSM, AAPL, MU, AVGO, AMDSemiconductor and infrastructure names formed the core trading canvas. Consumer cyclical$6.19BTSLA, AMZNPEAK6 kept major consumer-beta exposures on the board. Communication services$3.54BGOOGLAlphabet remained a large liquid derivatives underlying. ETF and commodity wrappers$4.83BQQQ, SMH, SLVIndex and thematic wrappers helped express macro and volatility views. Financials$1.42BJPM equivalents deeper in the bookFinancial exposure existed, but it was not the center of gravity. QoQ changes table: the 13F value compressed fast MetricQ3 2025Q4 2025Interpretation 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 items59055653The book was still enormous even after the decline New vs exited positions in top dataset—119 new / 119 exitsHigh turnover fits a trading book more than a buy-and-hold allocator 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 Browse the research hub View PEAK6's filer page See Nvidia holder trends See Tesla holder trends See QQQ holder trends ## FAQ ### What did PEAK6 LLC hold in Q4 2025? The largest disclosed lines were puts on NVDA, TSLA, GOOGL, META, QQQ, CRWV, TSM, AAPL and MU. The top ten disclosed positions were overwhelmingly put options. ### Does PEAK6's $107.52B reported 13F value equal real economic AUM? No. PEAK6's disclosed Q4 2025 book was approximately 97.5% put options and 2.5% call options by value, so the reported 13F figure should not be read as a clean proxy for traditional long-only assets under management. ### Why did PEAK6's reported 13F value fall in Q4 2025? The reported 13F value fell to $107.52B from $136.27B in Q3 2025, a 21.1% decline, which is consistent with a derivatives-driven book repricing and rotating rather than a standard long-only equity drawdown. ### What is the safest way to interpret PEAK6's filing? Treat it as a snapshot of PEAK6's derivatives positioning and underlying risk exposures, not as a clean read on a conventional equity asset manager's capital base. --- Source: 13F Insight — https://13finsight.com/research/peak6-llc-q4-2025-options-book-107b-reported-value Author: Marcus Chen — https://13finsight.com/authors/marcus-chen Last updated: 2026-04-11T07:48:47.976Z