UBS's Q3 two-way layout of gold options focuses on technology stocks and opens positions with SK Hynix (SKHY.US)

The Zhitong Finance App learned that according to the US Securities and Exchange Commission (SEC) disclosure, UBS Group (UBS.US) submitted a position report (13F) for the third quarter ending September 30, 2026.

In the third quarter, the total market value of UBS holdings was about 770 billion US dollars. The previous quarter was about 790 billion US dollars, down 2.5% from the previous quarter; the holding ratio of the top ten stocks was 13.77%, and the holding period was 23.7 quarters. In the quarter, UBS added 1,776 new bids, added 4,595 positions, reduced its holdings by 4,231, and cleared 1,033 units; the combined turnover rate was 23.06%.

The top five major positions: Microsoft reduced its holdings by more than 10%, and Nvidia is still at the top

Semiconductor and accelerated computing chip manufacturer Nvidia (NVDA.US) ranked first, holding about 81.12 million shares, with a market value of about US$18.526 billion, accounting for 2.42% of the portfolio. The number of holdings decreased by 2.35% from the previous quarter.

Consumer electronics manufacturer Apple (AAPL.US) ranked 2nd, holding about 46.9 million shares, with a market value of about US$15.618 billion, accounting for 2.04% of the portfolio. The number of holdings decreased by 9.47% from the previous quarter.

Software and cloud service provider Microsoft (MSFT.US) ranked 3rd, holding about 30.33 million shares with a market value of about US$15.557 billion, accounting for 2.03% of the portfolio. The number of holdings decreased by 15.47% compared to the previous quarter.

Semiconductor and basic software manufacturer Broadcom (AVGO.US) ranked 4th, holding about 25.08 million shares, with a market value of about US$8.807 billion, accounting for 1.15% of the portfolio. The number of holdings decreased by 0.25% from the previous quarter.

E-commerce and cloud computing manufacturer Amazon (AMZN.US) ranked 5th, holding about 34.33 million shares, with a market value of about US$8.552 billion, accounting for 1.12% of the portfolio. The number of holdings increased by 0.27% over the previous quarter.

Other heavy stocks ranked 6th to 10th are: Internet and cloud computing manufacturer Alphabet (GOOGL.US), SPDR S&P 500 ETF Trust (SPY.US), which tracks the S&P 500 index, SPDR gold ETF put options (GLD.US, PUT), SPY put options (PUT), and iShares Core MSCI EAFE ETF, which tracks developed market stocks.

Among them, Alphabet held about 23.91 million shares, with a market value of about US$8.226 billion, accounting for 1.08%, a decrease of 5.60%; SPY held about 10.42 million shares, about US$7.944 billion, accounting for 1.04%, a decrease of 15.09%; GLD put options held about 20.63 million shares, about US$7.858 billion, accounting for 1.03%, an increase of 1,276.64%; SPY held about 9.61 million shares, accounting for about US$7.331 million, a decrease of 14.88%; the last one ETF holdings were about 71.71 million shares, or US$6.948 billion, accounting for 0.91%, an increase of 3.02%.

Industry distribution: Technology has the highest weight, ETFs account for nearly one-third of the top 20

In terms of industry distribution, information technology is still the direction with the highest weight. There are 6 technology stocks in the top ten positions, accounting for a total of about 9.84% of the portfolio, including 3 semiconductors and 3 internet platforms; if relaxed to the top 20, technology stocks would increase to 9, totaling about 12.26%. The financial sector has 2 seats in the top 20, with JPMorgan Chase (JPM.US) and UBS Group itself (UBS.US), totaling about 1.40%.

Index and commodity ETFs are also popular. Eight of the top 20 are ETFs, totaling about 6.60%, covering exposure to the four categories of S&P 500, NASDAQ 100, and developed market stocks and gold. Among them, S&P 500-related spot and options totaled about 2.26%, and gold-related stocks and 2.16% were related to gold.

Two-way arrangement of gold options, opening positions on SK Hynix and increasing SpaceX holdings

In terms of new warehouses, South Korean memory chip manufacturer SK Hynix (SKHY.US) is the largest in the new disclosure, with a total holdings of about 5.85 million shares and a market value of about US$1,077 million. In addition, UBS has also added bullish options for electronics manufacturing service provider Celestica (CLS.US) and bullish options for laboratory testing service provider Labcorp (LH.US).

Judging from changes in position ratios, UBS Group's top five buying targets in the third quarter were: gold ETF put options (GLD.US, PUT), gold ETF call options (GLD.US, CALL), SpaceX (SPCX.US), ExxonMobil (XOM.US), and AMD call options (AMD.US, CALL). The top five sales targets were: Lilly's call options (LLY.US, CALL), NASDAQ 100 ETF call options (QQQ.US, CALL), S&P 500 ETF call options (SPY.US, CALL), Amazon call options (AMZN.US, CALL), and TSMC.