CAPITAL FUND MANAGEMENT S.A. Q4 2025 Filing

Filed February 17, 2026

Portfolio Value

$36.0B

Holdings

1,197

Report Date

Q4 2025

Filing Type

13F-HR

All Holdings (1,197 positions)

#	Stock	Shares	Value	% Portfolio	Type
1	SPYSPDR S&P 500 ETF TR TR UNIT	1,104,400	$752.0M	2.09%	Put
2	AAPLAPPLE INC COM	2,716,625	$738.0M	2.05%	Put
3	TSLATESLA INC COM	1,469,958	$660.0M	1.83%	Put
4	MUMICRON TECHNOLOGY INC COM	2,004,881	$570.0M	1.58%	Put
5	NVDANVIDIA CORPORATION COM	2,846,529	$529.0M	1.47%	Put
6	TSMTAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS	1,673,078	$507.0M	1.41%	Put
7	PLTRPALANTIR TECHNOLOGIES INC CL A	2,186,200	$388.0M	1.08%	Put
8	BRK/BBERKSHIRE HATHAWAY INC DEL CL B NEW	766,263	$383.0M	1.06%	Put
9	JPMJPMORGAN CHASE & CO. COM	1,024,698	$329.0M	0.91%	Put
10	AMDADVANCED MICRO DEVICES INC COM	1,367,097	$290.0M	0.81%	Put
11	GOOGLALPHABET INC CAP STK CL A	851,700	$265.0M	0.74%	Put
12	TRVCCITIGROUP INC COM NEW	2,186,416	$254.0M	0.71%	Put
13	GSGOLDMAN SACHS GROUP INC COM	280,391	$245.0M	0.68%	Put
14	UNHUNITEDHEALTH GROUP INC COM	731,500	$241.0M	0.67%	Put
15	GEGE AEROSPACE COM NEW	765,037	$234.0M	0.65%	Put
16	LLYELI LILLY & CO COM	216,900	$232.0M	0.64%	Put
17	AVGOBROADCOM INC COM	672,600	$231.0M	0.64%	Put
18	LRCXLAM RESEARCH CORP COM NEW	1,346,738	$229.0M	0.64%	Put
19	HOODROBINHOOD MKTS INC COM CL A	1,983,120	$224.0M	0.62%	Put
20	MSFTMICROSOFT CORP COM	455,000	$219.0M	0.61%	Put
21	NFLXNETFLIX INC COM	2,313,340	$215.0M	0.60%	Put
22	COSTCOSTCO WHSL CORP NEW COM	242,276	$208.0M	0.58%	Put
23	ARMARM HOLDINGS PLC SPONSORED ADS	1,874,483	$203.0M	0.56%	Put
24	XLVSELECT SECTOR SPDR TR STATE STREET HEA	1,305,268	$201.0M	0.56%	Put
25	ADBEADOBE INC COM	574,642	$199.0M	0.55%	Put
26	RTXRTX CORPORATION COM	1,074,336	$196.0M	0.54%	Put
27	METAMETA PLATFORMS INC CL A	297,529	$195.0M	0.54%	Put
28	APPAPPLOVIN CORP COM CL A	286,300	$192.0M	0.53%	Put
29	GEVGE VERNOVA INC COM	291,218	$190.0M	0.53%	Put
30	LVLNSPDR SERIES TRUST STATE STREET SPD	2,887,505	$186.0M	0.52%	Put
31	AXPAMERICAN EXPRESS CO COM	499,560	$183.0M	0.51%	Put
32	COINCOINBASE GLOBAL INC COM CL A	803,658	$181.0M	0.50%	Put
33	BACBANK AMERICA CORP COM	3,324,992	$181.0M	0.50%	Put
34	BABOEING CO COM	836,976	$181.0M	0.50%	Put
35	AMZNAMAZON COM INC COM	788,296	$180.0M	0.50%	Put
36	4I1PHILIP MORRIS INTL INC COM	1,125,346	$179.0M	0.50%	Put
37	GDXVANECK ETF TRUST GOLD MINERS ETF	2,092,600	$179.0M	0.50%	Put
38	GMGENERAL MTRS CO COM	2,218,822	$179.0M	0.50%	Put
39	CVXCHEVRON CORP NEW COM	1,148,197	$174.0M	0.48%	Put
40	NOWSERVICENOW INC COM	1,124,114	$171.0M	0.48%	Put
41	IWMISHARES TR RUSSELL 2000 ETF	692,200	$170.0M	0.47%	Put
42	INTCINTEL CORP COM	4,546,213	$167.0M	0.46%	Put
43	NEMNEWMONT CORP COM	1,692,544	$167.0M	0.46%	Put
44	SCHWSCHWAB CHARLES CORP COM	1,667,103	$165.0M	0.46%	Put
45	BSXBOSTON SCIENTIFIC CORP COM	1,729,048	$163.0M	0.45%	Put
46	CRMSALESFORCE INC COM	618,752	$162.0M	0.45%	Put
47	IBMINTERNATIONAL BUSINESS MACHS COM	550,500	$162.0M	0.45%	Put
48	MOALTRIA GROUP INC COM	2,740,598	$157.0M	0.44%	Put
49	TTDTHE TRADE DESK INC COM CL A	4,110,750	$154.0M	0.43%	Put
50	TAT&T INC COM	6,257,080	$153.0M	0.43%	Put
51	LULULULULEMON ATHLETICA INC COM	722,417	$149.0M	0.41%	Put
52	SMHVANECK ETF TRUST SEMICONDUCTR ETF	414,400	$148.0M	0.41%	Put
53	SPOTSPOTIFY TECHNOLOGY S A SHS	251,050	$145.0M	0.40%	Put
54	CATCATERPILLAR INC COM	254,605	$145.0M	0.40%	Put
55	XLKSELECT SECTOR SPDR TR STATE STREET TEC	988,307	$141.0M	0.39%	Put
56	CMGCHIPOTLE MEXICAN GRILL INC COM	3,791,315	$140.0M	0.39%	Put
57	WDCWESTERN DIGITAL CORP COM	813,597	$139.0M	0.39%	Put
58	MCDMCDONALDS CORP COM	454,596	$138.0M	0.38%	Put
59	ORCLORACLE CORP COM	704,700	$137.0M	0.38%	Put
60	DALDELTA AIR LINES INC DEL COM NEW	1,975,283	$135.0M	0.38%	Put
61	ABNBAIRBNB INC COM CL A	999,485	$134.0M	0.37%	Put
62	ANETARISTA NETWORKS INC COM SHS	1,023,185	$132.0M	0.37%	Put
63	JNJJOHNSON & JOHNSON COM	628,000	$128.0M	0.36%	Put
64	VVISA INC COM CL A	363,800	$127.0M	0.35%	Put
65	BMYBRISTOL-MYERS SQUIBB CO COM	2,355,266	$125.0M	0.35%	Put
66	TMUST-MOBILE US INC COM	625,294	$125.0M	0.35%	Put
67	WFCWELLS FARGO CO NEW COM	1,362,351	$125.0M	0.35%	Put
68	FXIISHARES TR CHINA LG-CAP ETF	3,284,231	$124.0M	0.34%	Put
69	6RJ0ROCKET LAB CORP COM	1,791,823	$124.0M	0.34%	Put
70	SESEA LTD SPONSORD ADS	947,896	$119.0M	0.33%	Put
71	CRCLCIRCLE INTERNET GROUP INC COM CL A	1,511,900	$119.0M	0.33%	Put
72	XLFSELECT SECTOR SPDR TR STATE STREET FIN	2,158,390	$116.0M	0.32%	Put
73	BKNGBOOKING HOLDINGS INC COM	21,795	$116.0M	0.32%
74	WBDWARNER BROS DISCOVERY INC COM SER A	3,939,900	$113.0M	0.31%	Put
75	CRWDCROWDSTRIKE HLDGS INC CL A	243,000	$113.0M	0.31%	Put
76	COFCAPITAL ONE FINL CORP COM	468,700	$113.0M	0.31%	Put
77	MMM3M CO COM	701,768	$112.0M	0.31%	Put
78	XOMEXXON MOBIL CORP COM	944,086	$112.0M	0.31%	Put
79	ISRGINTUITIVE SURGICAL INC COM NEW	198,351	$111.0M	0.31%	Put
80	SHOPSHOPIFY INC CL A SUB VTG SHS	692,488	$110.0M	0.31%	Put
81	SOFISOFI TECHNOLOGIES INC COM	4,198,400	$109.0M	0.30%	Put
82	CSCOCISCO SYS INC COM	1,438,312	$109.0M	0.30%	Put
83	STXSEAGATE TECHNOLOGY HLDNGS PL ORD SHS	398,200	$109.0M	0.30%	Put
84	WMTWALMART INC COM	991,800	$109.0M	0.30%	Put
85	SMCISUPER MICRO COMPUTER INC COM NEW	3,718,545	$108.0M	0.30%	Put
86	SBUXSTARBUCKS CORP COM	1,268,500	$106.0M	0.29%	Put
87	VRTVERTIV HOLDINGS CO COM CL A	648,300	$104.0M	0.29%	Put
88	MAMASTERCARD INCORPORATED CL A	183,801	$104.0M	0.29%	Put
89	IRENIREN LIMITED ORDINARY SHARES	2,760,900	$103.0M	0.29%	Put
90	UALUNITED AIRLS HLDGS INC COM	927,780	$103.0M	0.29%	Put
91	XLYSELECT SECTOR SPDR TR STATE STREET CON	844,800	$100.0M	0.28%	Put
92	SNOWSNOWFLAKE INC COM SHS	454,700	$99.0M	0.28%	Put
93	HONHONEYWELL INTL INC COM	517,251	$99.0M	0.28%	Put
94	ACNACCENTURE PLC IRELAND SHS CLASS A	371,699	$98.0M	0.27%	Put
95	XBISPDR SERIES TRUST STATE STREET SPD	804,500	$97.0M	0.27%	Put
96	DISDISNEY WALT CO COM	867,493	$97.0M	0.27%	Put
97	UBERUBER TECHNOLOGIES INC COM	1,191,500	$96.0M	0.27%	Put
98	FSLRFIRST SOLAR INC COM	371,200	$96.0M	0.27%	Put
99	AEMAGNICO EAGLE MINES LTD COM	572,705	$96.0M	0.27%	Put
100	XLUSELECT SECTOR SPDR TR STATE STREET UTI	2,311,145	$96.0M	0.27%	Put

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