| It’s a 13F filing [1], so the article’s phrasing is a little sensationalist. The big number is the value of the underlying stocks, not the premium paid on the options, which is what they’d be risking. The information is 45 days old and they could’ve exited this position the next trading day, 42 days ago (July 3rd). The $1.6b number comes from listings of: $738,840,000 for QQQ Puts. $886,560,000 for SPY Puts Which is calculated based on the closing value of the underlying stocks on June 30th. Option contracts are for 100 of the underlying security, so 2M reported shares is 20k options. $886.56M = $443.56 * 20k * 100 If the value of the options contract is $1, the positions for both securities could be replicated for $40,000 total risk. It doesn’t tell the reader anything about the expiry date or the value of the premium paid, which would be actually useful information. If someone wanted to, they could guess the size of the risk based on the immediately previous 13F filing and comparing what was sold off, but that would be based on too many assumptions to be super useful either. [1] https://www.sec.gov/Archives/edgar/data/1649339/000090514823... |