# EDGAR Filing Document

**Accession Number:** 0001718858
**File Stem:** 0002085853-26-000129
**Filing Date:** 2026-1
**Character Count:** 15208
**Document Hash:** bf7cc0705f3d3f773fc7d3c8398a64dc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002085853-26-000129.hdr.sgml**: 20260128

**ACCESSION NUMBER**: 0002085853-26-000129

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260128

**DATE AS OF CHANGE**: 20260128

**EFFECTIVENESS DATE**: 20260128

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** QVR LLC
- **CENTRAL INDEX KEY:** 0001718858

**ORGANIZATION NAME:**
- **EIN:** 821202981
- **STATE OF INCORPORATION:** CA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-18719
- **FILM NUMBER:** 26568573

**BUSINESS ADDRESS:**
- **STREET 1:** 505 MONTGOMERY STREET
- **STREET 2:** SUITE 1102
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94111
- **BUSINESS PHONE:** 510-684-8343

**MAIL ADDRESS:**
- **STREET 1:** 505 MONTGOMERY STREET
- **STREET 2:** SUITE 1102
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94111

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** QVR LLC<br>**Address:** 505 Montgomery Street<br>Suite 1102<br>San Francisco, CA 94111

**Form 13F File Number:** 028-18719

**CRD Number (if applicable):** 000288357

**SEC File Number (if applicable):** 801-110989

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Scott Toyama<br>**Title:** CCO<br>**Phone:** 415-293-8073

**Signature, Place, and Date of Signing:**

/s/ Scott Toyama  San Francisco, CA  01-28-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 123

**Form 13F Information Table Value Total:** $1982126391

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ABBVIE INC | COM | 00287Y109 |  | 869404 | 3805 | SH |  | SOLE |  | 0 | 0 | 3805 |
| ADOBE INC | COM | 00724F101 |  | 274392 | 784 | SH |  | SOLE |  | 0 | 0 | 784 |
| ADOBE INC | COM | 00724F101 |  | 104997 | 300 | SH | Put | SOLE |  | 0 | 0 | 0 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 171328 | 800 | SH | Call | SOLE |  | 0 | 0 | 0 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 11408946 | 53273 | SH |  | SOLE |  | 0 | 0 | 53273 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 200196769 | 986900 | SH | Put | SOLE |  | 0 | 0 | 0 |
| AGF INVTS TR | US MARKET NETRL | 00110G408 |  | 1237799 | 86018 | SH |  | SOLE |  | 0 | 0 | 86018 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 213760560 | 681200 | SH | Put | SOLE |  | 0 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 101349400 | 323800 | SH | Put | SOLE |  | 0 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 12109344 | 38688 | SH |  | SOLE |  | 0 | 0 | 38688 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 14320263 | 45635 | SH |  | SOLE |  | 0 | 0 | 45635 |
| AMAZON COM INC | COM | 023135106 |  | 154372416 | 668800 | SH | Put | SOLE |  | 0 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 7908124 | 34261 | SH |  | SOLE |  | 0 | 0 | 34261 |
| AMAZON COM INC | COM | 023135106 |  | 923280 | 4000 | SH | Call | SOLE |  | 0 | 0 | 0 |
| ANALOG DEVICES INC | COM | 032654105 |  | 375341 | 1384 | SH |  | SOLE |  | 0 | 0 | 1384 |
| ANALOG DEVICES INC | COM | 032654105 |  | 189840 | 700 | SH | Put | SOLE |  | 0 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 407790 | 1500 | SH | Put | SOLE |  | 0 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 380604 | 1400 | SH | Call | SOLE |  | 0 | 0 | 0 |
| APPLIED MATLS INC | COM | 038222105 |  | 380088 | 1479 | SH |  | SOLE |  | 0 | 0 | 1479 |
| APPLIED MATLS INC | COM | 038222105 |  | 77097 | 300 | SH | Put | SOLE |  | 0 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 425975 | 7745 | SH |  | SOLE |  | 0 | 0 | 7745 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 301590 | 600 | SH | Put | SOLE |  | 0 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 540349 | 1075 | SH |  | SOLE |  | 0 | 0 | 1075 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 50265 | 100 | SH | Call | SOLE |  | 0 | 0 | 0 |
| BOEING CO | COM | 097023105 |  | 217120 | 1000 | SH | Put | SOLE |  | 0 | 0 | 0 |
| BOEING CO | COM | 097023105 |  | 1133149 | 5219 | SH |  | SOLE |  | 0 | 0 | 5219 |
| BOEING CO | COM | 097023105 |  | 21712 | 100 | SH | Call | SOLE |  | 0 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 783209 | 14520 | SH |  | SOLE |  | 0 | 0 | 14520 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 167214 | 3100 | SH | Put | SOLE |  | 0 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 3218730 | 9300 | SH | Call | SOLE |  | 0 | 0 | 0 |
| CAPITAL ONE FINL CORP | COM | 14040H105 |  | 653160 | 2695 | SH |  | SOLE |  | 0 | 0 | 2695 |
| CAPITAL ONE FINL CORP | COM | 14040H105 |  | 145416 | 600 | SH | Put | SOLE |  | 0 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 |  | 458296 | 800 | SH | Put | SOLE |  | 0 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 |  | 229148 | 400 | SH | Call | SOLE |  | 0 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 432387 | 2837 | SH |  | SOLE |  | 0 | 0 | 2837 |
| CHUBB LIMITED | COM | H1467J104 |  | 93636 | 300 | SH | Put | SOLE |  | 0 | 0 | 0 |
| CHUBB LIMITED | COM | H1467J104 |  | 589283 | 1888 | SH |  | SOLE |  | 0 | 0 | 1888 |
| CITIGROUP INC | COM NEW | 172967424 |  | 280056 | 2400 | SH | Put | SOLE |  | 0 | 0 | 0 |
| CITIGROUP INC | COM NEW | 172967424 |  | 721728 | 6185 | SH |  | SOLE |  | 0 | 0 | 6185 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 9361 | 100 | SH | Call | SOLE |  | 0 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 9361 | 100 | SH | Put | SOLE |  | 0 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 263325 | 2813 | SH |  | SOLE |  | 0 | 0 | 2813 |
| DANAHER CORPORATION | COM | 235851102 |  | 211980 | 926 | SH |  | SOLE |  | 0 | 0 | 926 |
| DANAHER CORPORATION | COM | 235851102 |  | 160244 | 700 | SH | Put | SOLE |  | 0 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 867496 | 7625 | SH |  | SOLE |  | 0 | 0 | 7625 |
| DISNEY WALT CO | COM | 254687106 |  | 238917 | 2100 | SH | Put | SOLE |  | 0 | 0 | 0 |
| EATON CORP PLC | SHS | G29183103 |  | 382212 | 1200 | SH | Call | SOLE |  | 0 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 4191252 | 3900 | SH | Put | SOLE |  | 0 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 7712978 | 7177 | SH |  | SOLE |  | 0 | 0 | 7177 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 1222173 | 10156 | SH |  | SOLE |  | 0 | 0 | 10156 |
| GE AEROSPACE | COM NEW | 369604301 |  | 277227 | 900 | SH | Put | SOLE |  | 0 | 0 | 0 |
| GE AEROSPACE | COM NEW | 369604301 |  | 1683692 | 5466 | SH |  | SOLE |  | 0 | 0 | 5466 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 254072 | 2070 | SH |  | SOLE |  | 0 | 0 | 2070 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 432468 | 492 | SH |  | SOLE |  | 0 | 0 | 492 |
| INTERCONTINENTAL EXCHANGE IN | COM | 45866F104 |  | 377043 | 2328 | SH |  | SOLE |  | 0 | 0 | 2328 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 318861 | 563 | SH |  | SOLE |  | 0 | 0 | 563 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 169908 | 300 | SH | Put | SOLE |  | 0 | 0 | 0 |
| ISHARES SILVER TR | ISHARES | 46428Q109 |  | 3221000 | 50000 | SH | Put | SOLE |  | 0 | 0 | 0 |
| ISHARES TR | IBOXX HI YD ETF | 464288513 |  | 4837800 | 60000 | SH | Put | SOLE |  | 0 | 0 | 0 |
| JEFFERIES FINL GROUP INC | COM | 47233W109 |  | 309850 | 5000 | SH | Put | SOLE |  | 0 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 2111718 | 10204 | SH |  | SOLE |  | 0 | 0 | 10204 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 600155 | 2900 | SH | Put | SOLE |  | 0 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 1754810 | 5446 | SH |  | SOLE |  | 0 | 0 | 5446 |
| KLA CORP | COM NEW | 482480100 |  | 207779 | 171 | SH |  | SOLE |  | 0 | 0 | 171 |
| KLA CORP | COM NEW | 482480100 |  | 121508 | 100 | SH | Put | SOLE |  | 0 | 0 | 0 |
| KRANESHARES TRUST | CSI CHI INTERNET | 500767306 |  | 1702500 | 50000 | SH | Put | SOLE |  | 0 | 0 | 0 |
| LAM RESEARCH CORP | COM NEW | 512807306 |  | 205416 | 1200 | SH | Put | SOLE |  | 0 | 0 | 0 |
| LAM RESEARCH CORP | COM NEW | 512807306 |  | 1235406 | 7217 | SH |  | SOLE |  | 0 | 0 | 7217 |
| LINDE PLC | SHS | G54950103 |  | 170556 | 400 | SH | Put | SOLE |  | 0 | 0 | 0 |
| LINDE PLC | SHS | G54950103 |  | 1032290 | 2421 | SH |  | SOLE |  | 0 | 0 | 2421 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 231678 | 479 | SH |  | SOLE |  | 0 | 0 | 479 |
| LOWES COS INC | COM | 548661107 |  | 265276 | 1100 | SH | Call | SOLE |  | 0 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 874017 | 1531 | SH |  | SOLE |  | 0 | 0 | 1531 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 456704 | 800 | SH | Put | SOLE |  | 0 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 2489083 | 23647 | SH |  | SOLE |  | 0 | 0 | 23647 |
| MERCK  CO INC | COM | 58933Y105 |  | 747346 | 7100 | SH | Put | SOLE |  | 0 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 14071799 | 21318 | SH |  | SOLE |  | 0 | 0 | 21318 |
| META PLATFORMS INC | CL A | 30303M102 |  | 137364729 | 208100 | SH | Put | SOLE |  | 0 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 462063 | 700 | SH | Call | SOLE |  | 0 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 1056017 | 3700 | SH | Put | SOLE |  | 0 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 3329022 | 11664 | SH |  | SOLE |  | 0 | 0 | 11664 |
| MICROSOFT CORP | COM | 594918104 |  | 1934480 | 4000 | SH | Call | SOLE |  | 0 | 0 | 0 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 682603 | 3845 | SH |  | SOLE |  | 0 | 0 | 3845 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 17753 | 100 | SH | Put | SOLE |  | 0 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 881344 | 9400 | SH | Call | SOLE |  | 0 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 9643915 | 51710 | SH |  | SOLE |  | 0 | 0 | 51710 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 30324900 | 162600 | SH | Call | SOLE |  | 0 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 340493050 | 1825700 | SH | Put | SOLE |  | 0 | 0 | 0 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 2176904 | 12247 | SH |  | SOLE |  | 0 | 0 | 12247 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 174230550 | 980200 | SH | Put | SOLE |  | 0 | 0 | 0 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 48120 | 300 | SH | Put | SOLE |  | 0 | 0 | 0 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 1313997 | 8192 | SH |  | SOLE |  | 0 | 0 | 8192 |
| PROGRESSIVE CORP | COM | 743315103 |  | 250492 | 1100 | SH | Call | SOLE |  | 0 | 0 | 0 |
| PROSHARES TR II | SHT VIX ST TRM | 74347W130 |  | 1384555 | 25001 | SH |  | SOLE |  | 0 | 0 | 25001 |
| RTX CORPORATION | COM | 75513E101 |  | 458500 | 2500 | SH | Put | SOLE |  | 0 | 0 | 0 |
| RTX CORPORATION | COM | 75513E101 |  | 1432721 | 7812 | SH |  | SOLE |  | 0 | 0 | 7812 |
| S GLOBAL INC | COM | 78409V104 |  | 352226 | 674 | SH |  | SOLE |  | 0 | 0 | 674 |
| S GLOBAL INC | COM | 78409V104 |  | 52259 | 100 | SH | Put | SOLE |  | 0 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 |  | 1618335 | 6109 | SH |  | SOLE |  | 0 | 0 | 6109 |
| SALESFORCE INC | COM | 79466L302 |  | 238419 | 900 | SH | Put | SOLE |  | 0 | 0 | 0 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 339694 | 3400 | SH | Put | SOLE |  | 0 | 0 | 0 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 837446 | 8382 | SH |  | SOLE |  | 0 | 0 | 8382 |
| SLB LIMITED | COM STK | 806857108 |  | 153520 | 4000 | SH |  | SOLE |  | 0 | 0 | 4000 |
| SLB LIMITED | COM STK | 806857108 |  | 76760 | 2000 | SH | Call | SOLE |  | 0 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 21004430 | 53000 | SH | Call | SOLE |  | 0 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 1026839 | 2591 | SH |  | SOLE |  | 0 | 0 | 2591 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 32497420 | 82000 | SH | Put | SOLE |  | 0 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 15684160 | 23000 | SH | Put | SOLE |  | 0 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 384690488 | 855400 | SH | Put | SOLE |  | 0 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 22843078 | 50794 | SH |  | SOLE |  | 0 | 0 | 50794 |
| TESLA INC | COM | 88160R101 |  | 44972 | 100 | SH | Call | SOLE |  | 0 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 491374 | 848 | SH |  | SOLE |  | 0 | 0 | 848 |
| TJX COS INC NEW | COM | 872540109 |  | 92166 | 600 | SH | Put | SOLE |  | 0 | 0 | 0 |
| TJX COS INC NEW | COM | 872540109 |  | 108756 | 708 | SH |  | SOLE |  | 0 | 0 | 708 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 |  | 114700 | 253 | SH |  | SOLE |  | 0 | 0 | 253 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 |  | 181344 | 400 | SH | Put | SOLE |  | 0 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 2766050 | 7887 | SH |  | SOLE |  | 0 | 0 | 7887 |
| VISA INC | COM CL A | 92826C839 |  | 701420 | 2000 | SH | Put | SOLE |  | 0 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 200538 | 1800 | SH | Put | SOLE |  | 0 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 9915 | 89 | SH |  | SOLE |  | 0 | 0 | 89 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 149120 | 1600 | SH | Put | SOLE |  | 0 | 0 | 0 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 1303122 | 13982 | SH |  | SOLE |  | 0 | 0 | 13982 |
| WELLTOWER INC | COM | 95040Q104 |  | 352659 | 1900 | SH | Call | SOLE |  | 0 | 0 | 0 |

---