[_blz2]

That 723M$ figure for nasdaq is not the worth of the put options themselves, rather the value of the underlying shares that the contracts represent. He likely has 20K put options each for $SPY and $QQQ. No one is going to bet 93% of a portfolio is index puts. They're likely hedges worth tens of millions, not 1.5B$ in put options.

[H8crilA]

This may also be a spread (bullish or bearish) - since short options are not disclosed we will not know from a 13-F.