Alphadyne Asset Management LP In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Alphadyne Asset Management LP reported 52 stock positions worth $148.1 million . Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 34.4% of the portfolio, followed by iShares Russell 2000 ETF (IWM, 26.5% ) and Invesco QQQ Trust Series 1 (QQQ, 14.5% ). Compared with Q2 2025, it opened 41 new positions, sold out of 21, added to 8 and reduced 3. The biggest buy was a new position in SS SPDR S&P 500 ETF Trust-US (SPY) and the biggest sale an exit from SPDR Gold Shares (GLD).
Location NEW YORK, NY
CIK 0001535943
Portfolio Value $148.1M (Q3 2025) Holdings 52 stocks · $148.1M 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 Q2 2025 SPY SS SPDR S&P 500 ETF Trust-US 76,491 $51.0M New IWM iShares Russell 2000 ETF 162,320 $39.3M Add +3277.4% QQQ Invesco QQQ Trust Series 1 35,836 $21.5M Add +59.0% ITB iShares U.S. Home Constructi 51,700 $5.5M Add +411.9% URA Global X Uranium ETF 100,000 $4.8M New ADBE Adobe Inc. 8,196 $2.9M New AA Alcoa Corp. 75,000 $2.5M New VST Vistra Corp. 10,936 $2.1M Add +2785.5% RIO Rio Tinto PLC-Spon ADR 30,000 $2.0M New UPS United Parcel Service Class B 17,609 $1.5M New TEAM Atlassian Corp. Class A 8,344 $1.3M New CRM Salesforce Inc. 5,169 $1.2M Add +526.5% TGT Target Corp. 12,169 $1.1M New AMD Advanced Micro Devices 6,281 $1.0M Add +981.1% DIS The Walt Disney Co. filed as DISNEY WALT CO 8,690 $995K New MSTR Strategy Inc. 2,999 $966K New GGAL Grupo Financiero Galicia-ADR 30,000 $827K New MSFT Microsoft Corp. 1,589 $823K New AMZN Amazon.com Inc. 2,913 $640K New SBUX Starbucks Corp. 7,367 $623K Add +414.8% ISRG Intuitive Surgical Inc. 998 $446K New U Unity Software Inc. 10,673 $427K New BMA Banco Macro SA-ADR 10,000 $423K New SMCI Super Micro Computer Inc. 8,801 $422K New RH RH 2,015 $409K New REGN Regeneron Pharmaceuticals 508 $286K New CMG Chipotle Mexican Grill Inc. 7,087 $278K New CLS Celestica Inc. 1,117 $275K New ALAB Astera Labs Inc. 1,283 $251K New ABNB Airbnb Inc. Class A 2,046 $248K New NOW ServiceNow Inc. 267 $246K New SHOP Shopify Inc. Class A 1,569 $233K New TEM Tempus AI Inc. Class A 2,467 $199K Reduce -8.2% BMY Bristol-Myers Squibb Co. 3,982 $180K New NKE Nike Inc. Class B 2,248 $157K New CVX Chevron Corp. 834 $130K New ENPH Enphase Energy Inc. 3,583 $127K New MMM 3M Co. 777 $121K Add +104.5% MARA Mara Holdings Inc. 6,579 $120K New FICO Fair Isaac Corp. 69 $103K New AXON Axon Enterprise Inc. 112 $80K New V Visa Inc. Class A 217 $74K New AAPL Apple Inc. 279 $71K New STZ Constellation Brands Inc. Class A 503 $68K New DLTR Dollar Tree Inc. 667 $63K New HD Home Depot Inc. 119 $48K New CAVA Cava Group Inc. 454 $27K New SPOT Spotify Technology SA 39 $27K New UAL United Airlines Holdings Inc. 237 $23K New NET Cloudflare Inc. Class A 53 $11K Reduce -95.9% ELV Elevance Health Inc. 16 $5K New TXN Texas Instruments Inc. 21 $4K Reduce -97.2%
Options reported separately and not counted above: BABA puts ($150.2M), TLT puts ($91.0M), TLT calls ($77.6M), CM puts ($21.9M), IWM puts ($21.4M), NEM calls ($13.8M), NEM puts ($13.7M), CEG puts ($12.7M), IBM calls ($12.5M), IWM calls ($10.8M), APP calls ($10.6M), INTC calls ($10.3M), and 234 more.
Portfolio Sells Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▲ GLD SPDR Gold Shares Sold out 0.00% −22.42 FXI iShares China Large-Cap ETF Sold out 0.00% −12.63 BABA Alibaba Group Holding-SP ADR Sold out 0.00% −7.55 PYPL PayPal Holdings Inc. Sold out 0.00% −1.39 LLY Eli Lilly & Co. Sold out 0.00% −1.21 DECK Deckers Outdoor Corp. Sold out 0.00% −0.91 NET Cloudflare Inc. Class A Reduce -95.9% 0.01% −0.76 LOW Lowe's Cos Inc. Sold out 0.00% −0.76 MRVL Marvell Technology Inc. Sold out 0.00% −0.75 PEP Pepsico Inc. Sold out 0.00% −0.75 CEG Constellation Energy Sold out 0.00% −0.74 FDX FedEx Corp. Sold out 0.00% −0.71 CELH Celsius Holdings Inc. Sold out 0.00% −0.64 TXN Texas Instruments Inc. Reduce -97.2% 0.00% −0.46 PFE Pfizer Inc. Sold out 0.00% −0.41 AMGN Amgen Inc. Sold out 0.00% −0.40 TEM Tempus AI Inc. Class A Reduce -8.2% 0.13% −0.38 AMAT Applied Materials Inc. Sold out 0.00% −0.31 CAT Caterpillar Inc. Sold out 0.00% −0.30 NEM Newmont Corp. Sold out 0.00% −0.29 GOOGL Alphabet Inc. Class A Sold out 0.00% −0.25 MCD McDonald's Corp. Sold out 0.00% −0.23 MU Micron Technology Inc. Sold out 0.00% −0.06 PLTR Palantir Technologies Inc. Class A Sold out 0.00% −0.06
Portfolio Buys Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▼ SPY SS SPDR S&P 500 ETF Trust-US New 34.40% +34.40 IWM iShares Russell 2000 ETF Add +3277.4% 26.51% +23.37 URA Global X Uranium ETF New 3.22% +3.22 ADBE Adobe Inc. New 1.95% +1.95 AA Alcoa Corp. New 1.67% +1.67 RIO Rio Tinto PLC-Spon ADR New 1.34% +1.34 VST Vistra Corp. Add +2785.5% 1.45% +1.22 UPS United Parcel Service Class B New 0.99% +0.99 TEAM Atlassian Corp. Class A New 0.90% +0.90 ITB iShares U.S. Home Constructi Add +411.9% 3.74% +0.89 TGT Target Corp. New 0.74% +0.74 DIS The Walt Disney Co. New 0.67% +0.67 MSTR Strategy Inc. New 0.65% +0.65 GGAL Grupo Financiero Galicia-ADR New 0.56% +0.56 MSFT Microsoft Corp. New 0.56% +0.56 AMD Advanced Micro Devices Add +981.1% 0.69% +0.44 AMZN Amazon.com Inc. New 0.43% +0.43 ISRG Intuitive Surgical Inc. New 0.30% +0.30 U Unity Software Inc. New 0.29% +0.29 BMA Banco Macro SA-ADR New 0.29% +0.29 SMCI Super Micro Computer Inc. New 0.28% +0.28 RH RH New 0.28% +0.28 REGN Regeneron Pharmaceuticals New 0.19% +0.19 CMG Chipotle Mexican Grill Inc. New 0.19% +0.19 CLS Celestica Inc. New 0.19% +0.19 ALAB Astera Labs Inc. New 0.17% +0.17 ABNB Airbnb Inc. Class A New 0.17% +0.17 NOW ServiceNow Inc. New 0.17% +0.17 SHOP Shopify Inc. Class A New 0.16% +0.16 CRM Salesforce Inc. Add +526.5% 0.83% +0.14 BMY Bristol-Myers Squibb Co. New 0.12% +0.12 NKE Nike Inc. Class B New 0.11% +0.11 CVX Chevron Corp. New 0.09% +0.09 ENPH Enphase Energy Inc. New 0.09% +0.09 MARA Mara Holdings Inc. New 0.08% +0.08 FICO Fair Isaac Corp. New 0.07% +0.07 AXON Axon Enterprise Inc. New 0.05% +0.05 V Visa Inc. Class A New 0.05% +0.05 AAPL Apple Inc. New 0.05% +0.05 STZ Constellation Brands Inc. Class A New 0.05% +0.05 DLTR Dollar Tree Inc. New 0.04% +0.04 HD Home Depot Inc. New 0.03% +0.03 SBUX Starbucks Corp. Add +414.8% 0.42% +0.02 CAVA Cava Group Inc. New 0.02% +0.02 SPOT Spotify Technology SA New 0.02% +0.02 UAL United Airlines Holdings Inc. New 0.02% +0.02 ELV Elevance Health Inc. New 0.00% +0.00 MMM 3M Co. Add +104.5% 0.08% −0.09 QQQ Invesco QQQ Trust Series 1 Add +59.0% 14.52% −23.21
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ GLD SPDR Gold Shares put Sold out 1,032,700 $314.8Mbefore exit BABA Alibaba Group Holding-SP ADR put Add +2060.2% 840,300 $150.2M TLT iShares 20+ Year Treasury BD put New 1,017,800 $91.0M TLT iShares 20+ Year Treasury BD call New 867,800 $77.6M FXI iShares China Large-Cap ETF put Sold out 989,800 $36.4Mbefore exit GLD SPDR Gold Shares call Sold out 75,300 $23.0Mbefore exit GDX Vaneck Gold Miners ETF call Sold out 440,000 $22.9Mbefore exit CM Can Imperial BK of Commerce put New 273,900 $21.9M IWM iShares Russell 2000 ETF put New 88,400 $21.4M NEM Newmont Corp. call Add +1919.8% 163,600 $13.8M NEM Newmont Corp. put Add +1262.2% 162,100 $13.7M CEG Constellation Energy put Add +1825.0% 38,500 $12.7M IBM Intl Business Machines Corp. call Add +640.0% 44,400 $12.5M IWM iShares Russell 2000 ETF call New 44,500 $10.8M APP AppLovin Corp. Class A call Add +722.2% 14,800 $10.6M INTC Intel Corp. call Add +1402.4% 308,000 $10.3M C Citigroup Inc. call Add +8.0% 98,300 $10.0M NFLX Netflix Inc. put Add +1085.7% 8,300 $10.0M ADBE Adobe Inc. call Add +470.2% 26,800 $9.5M NFLX Netflix Inc. call Add +837.5% 7,500 $9.0M VST Vistra Corp. put Add +1155.6% 45,200 $8.9M ADBE Adobe Inc. put Add +775.0% 24,500 $8.6M DIS The Walt Disney Co. call Add +1167.9% 71,000 $8.1M IBM Intl Business Machines Corp. put Add +2710.0% 28,100 $7.9M INTC Intel Corp. put Add +959.5% 235,200 $7.9M MCD McDonald's Corp. call Add +25600.0% 25,700 $7.8M UNH Unitedhealth Group Inc. call New 22,600 $7.8M GOOG Alphabet Inc. Class C put Add +956.7% 31,700 $7.7M WMT Walmart Inc. call New 73,500 $7.6M GOOG Alphabet Inc. Class C call Add +1213.0% 30,200 $7.4M GOOGL Alphabet Inc. Class A call Add +1300.0% 29,400 $7.1M GOOGL Alphabet Inc. Class A put Add +551.2% 28,000 $6.8M AMD Advanced Micro Devices put Add +582.0% 41,600 $6.7M CRWD CrowdStrike Holdings Inc. Class A call New 13,500 $6.6M AVGO Broadcom Inc. call Add +181.7% 20,000 $6.6M VST Vistra Corp. call Add +1270.8% 32,900 $6.4M SBUX Starbucks Corp. call Add +476.3% 75,500 $6.4M NOW ServiceNow Inc. call Add +176.0% 6,900 $6.3M GS Goldman Sachs Group Inc. call Add +1480.0% 7,900 $6.3M XLU St Sr Utl SL SE SPDR ETF-Usd put Sold out 75,000 $6.1Mbefore exit TGT Target Corp. call Add +299.4% 67,100 $6.0M DIS The Walt Disney Co. put Add +872.2% 52,500 $6.0M UNH Unitedhealth Group Inc. put New 16,800 $5.8M LLY Eli Lilly & Co. call Add +850.0% 7,600 $5.8M PLTR Palantir Technologies Inc. Class A put Add +587.0% 31,600 $5.8M APP AppLovin Corp. Class A put Add +406.7% 7,600 $5.5M CSCO Cisco Systems Inc. put New 78,100 $5.3M MRVL Marvell Technology Inc. put Add +481.6% 63,400 $5.3M NOW ServiceNow Inc. put Add +185.0% 5,700 $5.2M GEV GE Vernova Inc. call Add +523.1% 8,100 $5.0M
Showing the first 50 of 276.
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