# EDGAR Filing Document

**Accession Number:** 0001718858
**File Stem:** 0001667731-25-001102
**Filing Date:** 2025-8
**Character Count:** 10514
**Document Hash:** f0aaf3354ab79398fa7edc76594a6e0b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001667731-25-001102.hdr.sgml**: 20250812

**ACCESSION NUMBER**: 0001667731-25-001102

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250812

**DATE AS OF CHANGE**: 20250812

**EFFECTIVENESS DATE**: 20250812

**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:** 251206791

**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:** 06-30-2025

**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  08-12-2025<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:** 72

**Form 13F Information Table Value Total:** $979389464

      (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 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 26904240 | 189600 | SH | Put | SOLE |  | 0 | 0 | 0 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 88688 | 625 | SH |  | SOLE |  | 0 | 0 | 625 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 57935574 | 326600 | SH | Put | SOLE |  | 0 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 2380751 | 13421 | SH |  | SOLE |  | 0 | 0 | 13421 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 22469325 | 127500 | SH | Put | SOLE |  | 0 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 740166 | 4200 | SH |  | SOLE |  | 0 | 0 | 4200 |
| AMAZON COM INC | COM | 023135106 |  | 1146313 | 5225 | SH |  | SOLE |  | 0 | 0 | 5225 |
| AMAZON COM INC | COM | 023135106 |  | 44031573 | 200700 | SH | Put | SOLE |  | 0 | 0 | 0 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 229985 | 721 | SH |  | SOLE |  | 0 | 0 | 721 |
| APOLLO GLOBAL MGMT INC | COM | 03769M106 |  | 58748367 | 414100 | SH | Call | SOLE |  | 0 | 0 | 0 |
| APOLLO GLOBAL MGMT INC | COM | 03769M106 |  | 49157955 | 346500 | SH | Put | SOLE |  | 0 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 1954244 | 9525 | SH |  | SOLE |  | 0 | 0 | 9525 |
| AT INC | COM | 00206R102 |  | 207442 | 7168 | SH |  | SOLE |  | 0 | 0 | 7168 |
| BLACKSTONE INC | COM | 09260D107 |  | 114728 | 767 | SH |  | SOLE |  | 0 | 0 | 767 |
| BLACKSTONE INC | COM | 09260D107 |  | 60953850 | 407500 | SH | Call | SOLE |  | 0 | 0 | 0 |
| BLACKSTONE INC | COM | 09260D107 |  | 60280740 | 403000 | SH | Put | SOLE |  | 0 | 0 | 0 |
| BLUE OWL CAPITAL INC | COM CL A | 09581B103 |  | 18664436 | 971600 | SH | Call | SOLE |  | 0 | 0 | 0 |
| BLUE OWL CAPITAL INC | COM CL A | 09581B103 |  | 20917769 | 1088900 | SH | Put | SOLE |  | 0 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 475496 | 1725 | SH |  | SOLE |  | 0 | 0 | 1725 |
| BROADCOM INC | COM | 11135F101 |  | 275650 | 1000 | SH | Put | SOLE |  | 0 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 |  | 284946 | 734 | SH |  | SOLE |  | 0 | 0 | 734 |
| COCA COLA CO | COM | 191216100 |  | 233475 | 3300 | SH | Put | SOLE |  | 0 | 0 | 0 |
| COCA COLA CO | COM | 191216100 |  | 1881313 | 26591 | SH |  | SOLE |  | 0 | 0 | 26591 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 22655767 | 22886 | SH |  | SOLE |  | 0 | 0 | 22886 |
| DISNEY WALT CO | COM | 254687106 |  | 12401 | 100 | SH | Put | SOLE |  | 0 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 296508 | 2391 | SH |  | SOLE |  | 0 | 0 | 2391 |
| GE AEROSPACE | COM NEW | 369604301 |  | 288534 | 1121 | SH |  | SOLE |  | 0 | 0 | 1121 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 3916644 | 7100 | SH |  | SOLE |  | 0 | 0 | 7100 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 2372052 | 4300 | SH | Put | SOLE |  | 0 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 21458796 | 38900 | SH | Call | SOLE |  | 0 | 0 | 0 |
| ISHARES BITCOIN TRUST ETF | SHS BEN INT | 46438F101 |  | 540974 | 8838 | SH |  | SOLE |  | 0 | 0 | 8838 |
| ISHARES TR | 20 YR TR BD ETF | 464287432 |  | 1862075 | 21100 | SH | Put | SOLE |  | 0 | 0 | 0 |
| ISHARES TR | IBOXX HI YD ETF | 464288513 |  | 2564670 | 31800 | SH | Put | SOLE |  | 0 | 0 | 0 |
| ISHARES TR | 20 YR TR BD ETF | 464287432 |  | 1862075 | 21100 | SH | Call | SOLE |  | 0 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 440373 | 1519 | SH |  | SOLE |  | 0 | 0 | 1519 |
| KKR  CO INC | COM | 48251W104 |  | 44192566 | 332200 | SH | Call | SOLE |  | 0 | 0 | 0 |
| KKR  CO INC | COM | 48251W104 |  | 1729 | 13 | SH |  | SOLE |  | 0 | 0 | 13 |
| KKR  CO INC | COM | 48251W104 |  | 55859297 | 419900 | SH | Put | SOLE |  | 0 | 0 | 0 |
| KRANESHARES TRUST | CSI CHI INTERNET | 500767306 |  | 3844960 | 112000 | SH | Put | SOLE |  | 0 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 314686 | 560 | SH |  | SOLE |  | 0 | 0 | 560 |
| MCDONALDS CORP | COM | 580135101 |  | 190203 | 651 | SH |  | SOLE |  | 0 | 0 | 651 |
| MCDONALDS CORP | COM | 580135101 |  | 29217 | 100 | SH | Put | SOLE |  | 0 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 760233 | 1030 | SH |  | SOLE |  | 0 | 0 | 1030 |
| META PLATFORMS INC | CL A | 30303M102 |  | 738090 | 1000 | SH | Call | SOLE |  | 0 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 31516443 | 42700 | SH | Put | SOLE |  | 0 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 1890158 | 3800 | SH | Put | SOLE |  | 0 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 497410 | 1000 | SH | Call | SOLE |  | 0 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 1190800 | 2394 | SH |  | SOLE |  | 0 | 0 | 2394 |
| NETFLIX INC | COM | 64110L106 |  | 1047200 | 782 | SH |  | SOLE |  | 0 | 0 | 782 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 127877106 | 809400 | SH | Put | SOLE |  | 0 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 3144791 | 19905 | SH |  | SOLE |  | 0 | 0 | 19905 |
| ORACLE CORP | COM | 68389X105 |  | 380416 | 1740 | SH |  | SOLE |  | 0 | 0 | 1740 |
| ORACLE CORP | COM | 68389X105 |  | 196767 | 900 | SH | Put | SOLE |  | 0 | 0 | 0 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 2794560 | 20500 | SH |  | SOLE |  | 0 | 0 | 20500 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 73012992 | 535600 | SH | Put | SOLE |  | 0 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 104312 | 790 | SH |  | SOLE |  | 0 | 0 | 790 |
| PEPSICO INC | COM | 713448108 |  | 105632 | 800 | SH | Put | SOLE |  | 0 | 0 | 0 |
| PROSHARES TR II | SHT VIX ST TRM | 74347W130 |  | 1163278 | 27307 | SH |  | SOLE |  | 0 | 0 | 27307 |
| SELECT SECTOR SPDR TR | SBI INT-UTILS | 81369Y886 |  | 244980 | 3000 | SH |  | SOLE |  | 0 | 0 | 3000 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 49078 | 161 | SH |  | SOLE |  | 0 | 0 | 161 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 304830 | 1000 | SH | Call | SOLE |  | 0 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 37012922 | 59906 | SH |  | SOLE |  | 0 | 0 | 59906 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 21871890 | 35400 | SH | Put | SOLE |  | 0 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 2533185 | 4100 | SH | Call | SOLE |  | 0 | 0 | 0 |
| TARGET CORP | COM | 87612E106 |  | 11013779 | 111645 | SH |  | SOLE |  | 0 | 0 | 111645 |
| TESLA INC | COM | 88160R101 |  | 1222038 | 3847 | SH |  | SOLE |  | 0 | 0 | 3847 |
| TESLA INC | COM | 88160R101 |  | 64707342 | 203700 | SH | Put | SOLE |  | 0 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 153003 | 3536 | SH |  | SOLE |  | 0 | 0 | 3536 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 112502 | 2600 | SH | Put | SOLE |  | 0 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 315284 | 888 | SH |  | SOLE |  | 0 | 0 | 888 |
| WALMART INC | COM | 931142103 |  | 156448 | 1600 | SH | Put | SOLE |  | 0 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 491442 | 5026 | SH |  | SOLE |  | 0 | 0 | 5026 |

---