# Parallax Volatility Advisers, L.P.

> Parallax Volatility Advisers, L.P. is an SEC-registered investment advisory firm in San Francisco, CA, registered since 2012, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated March 19, 2026.

- CRD: 158143
- Filed as: PARALLAX VOLATILITY ADVISERS, L.P.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: San Francisco, CA
- Filing period: October 2026
- Form ADV filing dated: March 19, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/158143
- AdvisorCensus page: https://advisorcensus.com/firm/parallax-volatility-advisers-l-p-san-francisco-ca-158143

## Quick answers

**How is Parallax Volatility Advisers, L.P. compensated?**
On its Form ADV (Item 5.E, October 2026), Parallax Volatility Advisers, L.P. reports these compensation arrangements: a percentage of assets under its management; other.

**How much does Parallax Volatility Advisers, L.P. charge?**
Its Form ADV Part 2A brochure dated March 19, 2026 states: Asset-based fee: 1.65% of assets a year. Fees can differ by service and may be negotiable; the brochure is the complete statement.

**Where is Parallax Volatility Advisers, L.P. located?**
Parallax Volatility Advisers, L.P.'s principal office is in San Francisco, CA, according to its Form ADV; the April 2026 filing also lists 3 other offices (Schedule D, Section 1.F).

**Is Parallax Volatility Advisers, L.P. registered with the SEC or a state?**
Parallax Volatility Advisers, L.P. is an SEC-registered investment advisory firm, registered since 2012. Status as filed: Approved. CRD 158143.

**How much does Parallax Volatility Advisers, L.P. manage?**
Parallax Volatility Advisers, L.P. reports $5,979,806,000 in regulatory assets under management in its Form ADV filing dated March 19, 2026 (100% discretionary).

**How have Parallax Volatility Advisers, L.P.'s assets and staff changed since 2021?**
In the Form ADV data for Parallax Volatility Advisers, L.P.: Regulatory assets under management: $20,789,567,478 in the October 2021 data and $5,979,806,000 in the October 2026 data, down 71%. Total employees: 66 in October 2021 and 51 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Parallax Volatility Advisers, L.P. serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (3).

**Does Parallax Volatility Advisers, L.P. report any disciplinary disclosures?**
Reports 1 disclosure item on Form ADV Item 11: yes answers to 11.E(2) (self-regulatory organization's finding of a rule violation). Each question covers the firm and its advisory affiliates, and one event can produce several yes answers. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/158143

**Does Parallax Volatility Advisers, L.P. state an account minimum?**
Its Form ADV Part 2A brochure dated March 19, 2026 says: "Investors in the any of the Funds are required to invest a minimum of $2,000,000, but PVA may waive this minimum."

**What changed in Parallax Volatility Advisers, L.P.'s recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $8,934,161,600 to $5,979,806,000 (-33%). Added an office in Seattle, WA.

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Other

### Fees and minimums (Form ADV Part 2A brochure dated March 19, 2026)

- Asset-based fee: 1.65% of assets a year

> The management fee for Parallax Core is equal to 1.65% per year and it is paid monthly.

- Account minimum: $2,000,000 (the brochure says it may be waived or negotiated)

> Investors in the any of the Funds are required to invest a minimum of $2,000,000, but PVA may waive this minimum.

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Regulatory assets under management (Item 5.F)
- Total: $5,979,806,000
- Discretionary: $5,979,806,000
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 3 | $5,979,806,000 |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)

### Firm details
- Registered since: 2012 (14 years)
- Employees: 51 total, 19 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA, WY
- Disclosures (Item 11): Reports 1 disclosure item on Form ADV Item 11.

### Item 11 questions answered yes
- 11.E(2): Has a self-regulatory organization or a commodities exchange ever found that the firm or an advisory affiliate was involved in a violation of its rules, other than a minor rule violation under a plan the SEC approved?

Each question covers the firm and its advisory affiliates: its current employees other than clerical staff, its officers, partners, and directors, and anyone who controls the firm or is controlled by it. One event can produce yes answers to several questions. SEC-registered advisers and exempt reporting advisers may leave out events more than ten years old, and may answer 11.A(2) and 11.B(2) for pending charges only. The detail of each yes answer is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/158143

### Other offices (Schedule D, Section 1.F), as of the April 2026 filing
- Jackson, WY
- Las Vegas, NV
- Seattle, WA

### Websites listed on Form ADV (Item 1.I)
- [parallaxfund.com](https://parallaxfund.com)
- LinkedIn @parallax-volatility-advisers-llc

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $20,789,567,478 | 66 | March 30, 2021 |
| October 2022 | $18,213,467,230 | 71 | June 24, 2022 |
| October 2023 | $24,600,536,413 | 74 | July 12, 2023 |
| October 2024 | $8,103,391,500 | 71 | May 8, 2024 |
| October 2025 | $8,934,161,600 | 52 | March 25, 2025 |
| October 2026 | $5,979,806,000 | 51 | March 19, 2026 |

Regulatory assets under management: $20,789,567,478 in the October 2021 data and $5,979,806,000 in the October 2026 data, down 71%.
Total employees: 66 in October 2021 and 51 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $8,934,161,600 to $5,979,806,000 (-33%).
- Added an office in Seattle, WA.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Parallax Volatility Advisers, L.P. (CRD 158143): Form ADV filing data as of October 2026.