Alphadyne Asset Management LP In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Alphadyne Asset Management LP reported 3 stock positions worth $353.9 million . Its top holding was iShares China Large-Cap ETF (FXI) at 53.5% of the portfolio, followed by Alibaba Group Holding-SP ADR (BABA, 46.3% ) and Invesco S&P 500 Equal Weight (RSP, 0.2% ). Compared with Q4 2024, it opened 2 new positions and sold out of 9. The biggest buy was a new position in iShares China Large-Cap ETF (FXI) and the biggest sale an exit from Microsoft (MSFT).
Location NEW YORK, NY
CIK 0001535943
Portfolio Value $353.9M (Q1 2025) Holdings 3 stocks · $353.9M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2024 FXI iShares China Large-Cap ETF 5,279,656 $189.2M New BABA Alibaba Group Holding-SP ADR 1,239,652 $163.9M New RSP Invesco S&P 500 Equal Weight 4,500 $780K No change
Options reported separately and not counted above: QQQ calls ($544.9M), GLD puts ($141.4M), FXI puts ($50.0M), GLD calls ($40.4M), BABA puts ($23.5M), GDX calls ($18.4M), FEZ puts ($10.9M), FCX calls ($10.2M), C calls ($6.2M), XLU puts ($5.9M), FXI calls ($5.9M), BABA calls ($2.0M), and 1 more.
Portfolio Sells Q4 2024 → Q1 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▲ MSFT Microsoft Corp. Sold out 0.00% −46.62 NVDA Nvidia Corp. Sold out 0.00% −19.25 IWM iShares Russell 2000 ETF Sold out 0.00% −8.45 SPY SS SPDR S&P 500 ETF Trust-US Sold out 0.00% −6.54 AAPL Apple Inc. Sold out 0.00% −4.64 TSLA Tesla Inc. Sold out 0.00% −4.51 GOOG Alphabet Inc. Class C Sold out 0.00% −4.44 AMZN Amazon.com Inc. Sold out 0.00% −4.44 GLD SPDR Gold Shares Sold out 0.00% −0.78
Portfolio Buys Q4 2024 → Q1 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▼ FXI iShares China Large-Cap ETF New 53.46% +53.46 BABA Alibaba Group Holding-SP ADR New 46.32% +46.32
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ QQQ Invesco QQQ Trust Series 1 call New 1,162,100 $544.9M GLD SPDR Gold Shares put Add +15.9% 490,800 $141.4M TSLA Tesla Inc. put Sold out 279,000 $112.7Mbefore exit NVDA Nvidia Corp. put Sold out 439,300 $59.0Mbefore exit FXI iShares China Large-Cap ETF put New 1,395,000 $50.0M IWM iShares Russell 2000 ETF put Sold out 215,000 $47.5Mbefore exit GLD SPDR Gold Shares call Reduce -16.9% 140,200 $40.4M BABA Alibaba Group Holding-SP ADR put New 177,400 $23.5M TSLA Tesla Inc. call Sold out 45,600 $18.4Mbefore exit GDX Vaneck Gold Miners ETF call New 400,000 $18.4M FEZ State Street SPDR Euro Stoxx put New 200,000 $10.9M FCX Freeport-McMoran Inc. call New 270,000 $10.2M XLU St Sr Utl SL SE SPDR ETF-Usd put New 75,000 $5.9M FXI iShares China Large-Cap ETF call New 165,000 $5.9M ASHR Xtrackers Harvest Csi 300 CH call Sold out 105,200 $2.8Mbefore exit BABA Alibaba Group Holding-SP ADR call New 15,500 $2.0M KWEB Kranesh Csi China Internet call New 21,000 $733K HOOD Robinhood Markets Inc. Class A call Sold out 17,400 $648Kbefore exit CCJ Cameco Corp. call Sold out 11,600 $596Kbefore exit COPX Global X Copper Miners ETF call Sold out 10,000 $382Kbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 204 $2.2B SPY, QQQ, IWM, MU, MSFT Q1 2026 251 $764.6M MSFT, CF, ADBE, TSM, GOOGL Q4 2025 196 $1.0B SPY, QQQ, MSFT, WFC, GOOGL Q3 2025 52 $148.1M SPY, IWM, QQQ, ITB, URA Q2 2025 32 $32.9M QQQ, GLD, FXI, BABA, IWM Q1 2025 3 $353.9M FXI, BABA, RSP Q4 2024 10 $241.2M MSFT, NVDA, IWM, SPY, AAPL Q3 2024 7 $167.2M MSFT, NVDA, IWM, FXI, SMH Q2 2024 7 $223.6M SPY, MSFT, KRE, RSP, XLI Q1 2024 1 $49.5M GOOG