CAPITAL FUND MANAGEMENT S.A. Q3 2025 Filing

Filed November 13, 2025

Portfolio Value

$38.2B

Holdings

1,220

Report Date

Q3 2025

Filing Type

13F-HR

All Holdings (1,220 positions)

#	Stock	Shares	Value	% Portfolio	Type
1	TSLATESLA INC	1,519,421	$675.7M	1.77%	Put
2	NVDANVIDIA CORPORATION	3,210,890	$599.1M	1.57%	Put
3	AAPLAPPLE INC	2,339,009	$595.6M	1.56%	Put
4	SPYSPDR S&P 500 ETF TR	788,400	$525.2M	1.38%	Put
5	NFLXNETFLIX INC	380,769	$456.5M	1.20%	Put
6	MUMICRON TECHNOLOGY INC	2,620,176	$438.4M	1.15%	Put
7	MSFTMICROSOFT CORP	816,738	$423.0M	1.11%	Put
8	PLTRPALANTIR TECHNOLOGIES INC	2,249,400	$410.3M	1.08%	Put
9	GDXVANECK ETF TRUST	5,235,986	$400.0M	1.05%	Put
10	JPMJPMORGAN CHASE & CO.	1,264,856	$399.0M	1.05%	Put
11	COSTCOSTCO WHSL CORP NEW	365,460	$338.3M	0.89%	Put
12	AVGOBROADCOM INC	992,900	$327.6M	0.86%	Put
13	COINCOINBASE GLOBAL INC	926,210	$312.6M	0.82%	Put
14	AMZNAMAZON COM INC	1,397,395	$306.8M	0.80%	Put
15	BRK/BBERKSHIRE HATHAWAY INC DEL	602,796	$303.0M	0.79%	Put
16	HOODROBINHOOD MKTS INC	2,094,537	$299.9M	0.79%	Put
17	NEMNEWMONT CORP	3,449,953	$290.9M	0.76%	Put
18	TRVCCITIGROUP INC	2,686,049	$272.6M	0.71%	Put
19	GEGE AEROSPACE	887,368	$266.9M	0.70%	Put
20	ADBEADOBE INC	749,164	$264.3M	0.69%	Put
21	GSGOLDMAN SACHS GROUP INC	329,149	$262.1M	0.69%	Put
22	FXIISHARES TR	6,052,700	$249.0M	0.65%	Put
23	UNHUNITEDHEALTH GROUP INC	715,600	$247.1M	0.65%	Put
24	CVXCHEVRON CORP NEW	1,492,370	$231.8M	0.61%	Put
25	XLVSELECT SECTOR SPDR TR	1,662,968	$231.4M	0.61%	Put
26	GOOGLALPHABET INC	917,800	$223.1M	0.58%	Put
27	XOMEXXON MOBIL CORP	1,977,328	$222.9M	0.58%	Put
28	ISRGINTUITIVE SURGICAL INC	497,935	$222.7M	0.58%	Put
29	TSMTAIWAN SEMICONDUCTOR MFG LTD	791,681	$221.1M	0.58%	Put
30	XLUSELECT SECTOR SPDR TR	2,531,061	$220.7M	0.58%	Put
31	AMDADVANCED MICRO DEVICES INC	1,352,400	$218.8M	0.57%	Put
32	ACNACCENTURE PLC IRELAND	876,247	$216.1M	0.57%	Put
33	APPAPPLOVIN CORP	295,300	$212.2M	0.56%	Put
34	MRKMERCK & CO INC	2,469,850	$207.3M	0.54%	Put
35	XLFSELECT SECTOR SPDR TR	3,774,293	$203.3M	0.53%	Put
36	QCOMQUALCOMM INC	1,220,115	$203.0M	0.53%	Put
37	LLYELI LILLY & CO	265,045	$202.2M	0.53%	Put
38	ARMARM HOLDINGS PLC	1,332,900	$188.6M	0.49%	Put
39	BABOEING CO	869,900	$187.8M	0.49%	Put
40	MCDMCDONALDS CORP	583,885	$177.4M	0.46%	Put
41	SMHVANECK ETF TRUST	527,300	$172.1M	0.45%	Put
42	CRMSALESFORCE INC	698,040	$165.4M	0.43%	Put
43	UBERUBER TECHNOLOGIES INC	1,677,000	$164.3M	0.43%	Put
44	XBISPDR SERIES TRUST	1,630,800	$163.4M	0.43%	Put
45	TMOTHERMO FISHER SCIENTIFIC INC	335,600	$162.8M	0.43%	Put
46	METAMETA PLATFORMS INC	221,300	$162.5M	0.43%	Put
47	SPOTSPOTIFY TECHNOLOGY S A	232,561	$162.3M	0.43%	Put
48	MAMASTERCARD INCORPORATED	283,773	$161.4M	0.42%	Put
49	PFEPFIZER INC	6,281,782	$160.1M	0.42%	Put
50	BMYBRISTOL-MYERS SQUIBB CO	3,545,957	$159.9M	0.42%	Put
51	ORCLORACLE CORP	559,600	$157.4M	0.41%	Put
52	CRWDCROWDSTRIKE HLDGS INC	319,500	$156.7M	0.41%	Put
53	IBMINTERNATIONAL BUSINESS MACHS	555,200	$156.7M	0.41%	Put
54	LRCXLAM RESEARCH CORP	1,160,008	$155.3M	0.41%	Put
55	MOALTRIA GROUP INC	2,308,747	$152.5M	0.40%	Put
56	SOFISOFI TECHNOLOGIES INC	5,718,196	$151.1M	0.40%	Put
57	RDDTREDDIT INC	647,008	$148.8M	0.39%	Put
58	VVISA INC	422,800	$144.3M	0.38%	Put
59	XLESELECT SECTOR SPDR TR	1,589,850	$142.0M	0.37%	Put
60	XLKSELECT SECTOR SPDR TR	502,608	$141.7M	0.37%	Put
61	WMTWALMART INC	1,361,800	$140.3M	0.37%	Put
62	WFCWELLS FARGO CO NEW	1,641,166	$137.6M	0.36%	Put
63	LMTLOCKHEED MARTIN CORP	274,500	$137.0M	0.36%	Put
64	NOWSERVICENOW INC	146,500	$134.8M	0.35%	Put
65	ANETARISTA NETWORKS INC	924,459	$134.7M	0.35%	Put
66	PANWPALO ALTO NETWORKS INC	656,895	$133.8M	0.35%	Put
67	LULULULULEMON ATHLETICA INC	750,391	$133.5M	0.35%	Put
68	GEVGE VERNOVA INC	214,849	$132.1M	0.35%	Put
69	AEMAGNICO EAGLE MINES LTD	778,834	$131.3M	0.34%	Put
70	VSTVISTRA CORP	664,580	$130.2M	0.34%	Put
71	MMM3M CO	827,233	$128.4M	0.34%	Put
72	DWDMORGAN STANLEY	807,138	$128.3M	0.34%	Put
73	PYPLPAYPAL HLDGS INC	1,883,532	$126.3M	0.33%	Put
74	4I1PHILIP MORRIS INTL INC	776,303	$125.9M	0.33%	Put
75	TXNTEXAS INSTRS INC	678,262	$124.6M	0.33%	Put
76	INTCINTEL CORP	3,675,170	$123.3M	0.32%	Put
77	UALUNITED AIRLS HLDGS INC	1,273,709	$122.9M	0.32%	Put
78	AMGNAMGEN INC	433,497	$122.3M	0.32%	Put
79	STXSEAGATE TECHNOLOGY HLDNGS PL	505,176	$119.3M	0.31%	Put
80	JNJJOHNSON & JOHNSON	641,713	$119.0M	0.31%	Put
81	IRENIREN LIMITED	2,495,800	$117.1M	0.31%	Put
82	ABNBAIRBNB INC	950,542	$115.4M	0.30%	Put
83	AXPAMERICAN EXPRESS CO	343,500	$114.1M	0.30%	Put
84	HDHOME DEPOT INC	279,800	$113.4M	0.30%	Put
85	EWZISHARES INC	3,569,731	$110.7M	0.29%	Put
86	SCHWSCHWAB CHARLES CORP	1,153,876	$110.2M	0.29%	Put
87	SHOPSHOPIFY INC	741,191	$110.1M	0.29%	Put
88	DISDISNEY WALT CO	957,200	$109.6M	0.29%	Put
89	CATCATERPILLAR INC	228,763	$109.2M	0.29%	Put
90	ABBVABBVIE INC	457,593	$106.0M	0.28%	Put
91	XLYSELECT SECTOR SPDR TR	440,100	$105.5M	0.28%	Put
92	FDXFEDEX CORP	442,396	$104.3M	0.27%	Put
93	DDOGDATADOG INC	730,707	$104.1M	0.27%	Put
94	NKENIKE INC	1,483,000	$103.4M	0.27%	Put
95	CMGCHIPOTLE MEXICAN GRILL INC	2,621,544	$102.7M	0.27%	Put
96	IONQIONQ INC	1,655,400	$101.8M	0.27%	Put
97	WDCWESTERN DIGITAL CORP	846,751	$101.7M	0.27%	Put
98	UPSUNITED PARCEL SERVICE INC	1,204,900	$100.6M	0.26%	Put
99	SESEA LTD	560,088	$100.1M	0.26%	Put
100	DYHTARGET CORP	1,102,074	$98.9M	0.26%	Put

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