CAPSTONE INVESTMENT ADVISORS, LLC Q2 2025 Filing

Filed August 14, 2025

Portfolio Value

$40.4B

Holdings

964

Report Date

Q2 2025

Filing Type

13F-HR

All Holdings (964 positions)

#	Stock	Shares	Value	% Portfolio	Type
1	SPYSPDR S&P 500 ETF TR	19,925,866	$12.3B	30.48%	Put
2	NVDANVIDIA CORPORATION	23,840,806	$3.8B	9.32%	Put
3	TSLATESLA INC	10,242,802	$3.3B	8.05%	Put
4	AMZNAMAZON COM INC	9,356,407	$2.1B	5.08%	Put
5	MSFTMICROSOFT CORP	4,052,882	$2.0B	4.99%	Put
6	AAPLAPPLE INC	9,088,710	$1.9B	4.62%	Put
7	NDQINVESCO QQQ TR	2,135,471	$1.2B	2.92%	Put
8	GOOGLALPHABET INC	6,168,870	$1.1B	2.69%	Put
9	AMDADVANCED MICRO DEVICES INC	6,589,529	$935.1M	2.31%	Put
10	IWMISHARES TR	3,206,789	$692.0M	1.71%	Put
11	IVVISHARES TR	959,240	$595.6M	1.47%
12	GQ9SPDR GOLD TR	1,716,101	$523.1M	1.30%	Put
13	EEMISHARES TR	9,819,544	$473.7M	1.17%	Put
14	GOOGALPHABET INC	2,118,535	$375.8M	0.93%	Put
15	METAMETA PLATFORMS INC	404,903	$298.9M	0.74%	Put
16	HYGISHARES TR	2,604,501	$210.1M	0.52%	Put
17	AVGOBROADCOM INC	653,070	$180.0M	0.45%	Put
18	BRK/BBERKSHIRE HATHAWAY INC DEL	347,239	$168.7M	0.42%	Put
19	IBITISHARES BITCOIN TRUST ETF	2,224,100	$136.1M	0.34%	Put
20	ZS 0.125 07/01/25ZSCALER INC	66,500,000	$136.1M	0.34%
21	FXIISHARES TR	3,583,030	$131.7M	0.33%	Put
22	NVMI 0 10/15/25NOVA LTD	35,702,000	$131.5M	0.33%
23	XLFSELECT SECTOR SPDR TR	2,502,255	$131.0M	0.32%	Put
24	TRVCCITIGROUP INC	1,521,305	$129.5M	0.32%	Put
25	XOPSPDR SERIES TRUST	934,723	$117.6M	0.29%	Put
26	VOOVANGUARD INDEX FDS	202,774	$115.2M	0.29%
27	JPMJPMORGAN CHASE & CO.	385,001	$111.6M	0.28%	Put
28	AZEKAZEK CO INC	1,900,000	$103.3M	0.26%
29	VRNS 1.25 08/15/25VARONIS SYS INC	61,779,000	$102.3M	0.25%
30	FYBRFRONTIER COMMUNICATIONS PARE	2,650,000	$96.5M	0.24%
31	NET 0 08/15/26CLOUDFLARE INC	71,426,000	$84.6M	0.21%
32	DXCM 0.25 11/15/25DEXCOM INC	81,483,000	$80.2M	0.20%
33	INVA 2.5 08/15/25INNOVIVA INC	67,929,000	$79.9M	0.20%
34	DOCN 0 12/01/26DIGITALOCEAN HLDGS INC	85,326,000	$79.9M	0.20%
35	GDXVANECK ETF TRUST	1,460,000	$76.0M	0.19%	Call
36	LLYELI LILLY & CO	97,385	$75.9M	0.19%	Put
37	VVISA INC	204,106	$72.5M	0.18%	Put
38	NFLXNETFLIX INC	53,682	$71.9M	0.18%	Put
39	KELKELLANOVA	864,246	$68.7M	0.17%	Put
40	ABNB 0 03/15/26AIRBNB INC	70,181,000	$67.8M	0.17%
41	IDCC 3.5 06/01/27INTERDIGITAL INC	22,532,000	$65.7M	0.16%
42	IONS 0 04/01/26IONIS PHARMACEUTICALS INC	64,949,000	$65.5M	0.16%
43	COSTCOSTCO WHSL CORP NEW	65,893	$65.2M	0.16%	Put
44	MAMASTERCARD INCORPORATED	112,656	$63.3M	0.16%	Put
45	PLTRPALANTIR TECHNOLOGIES INC	452,538	$61.7M	0.15%	Put
46	XLESELECT SECTOR SPDR TR	715,210	$60.7M	0.15%	Put
47	ABBVABBVIE INC	323,792	$60.1M	0.15%	Put
48	CATCATERPILLAR INC	154,077	$59.8M	0.15%	Put
49	UNHUNITEDHEALTH GROUP INC	190,949	$59.6M	0.15%	Put
50	CRMSALESFORCE INC	207,295	$56.5M	0.14%	Put
51	BACBANK AMERICA CORP	1,160,706	$54.9M	0.14%	Put
52	CNX 2.25 05/01/26CNX RES CORP	20,104,000	$52.9M	0.13%
53	SPOT 0 03/15/26SPOTIFY USA INC	34,500,000	$52.4M	0.13%
54	FOUR 0 12/15/25SHIFT4 PMTS INC	41,141,000	$52.1M	0.13%
55	ORCLORACLE CORP	237,200	$51.9M	0.13%	Put
56	XMESPDR SERIES TRUST	768,653	$51.7M	0.13%	Put
57	WFCWELLS FARGO CO NEW	639,810	$51.3M	0.13%	Put
58	EMBISHARES TR	551,000	$51.0M	0.13%	Put
59	MCDMCDONALDS CORP	170,733	$49.9M	0.12%	Put
60	WMTWALMART INC	507,116	$49.6M	0.12%	Put
61	GSGOLDMAN SACHS GROUP INC	68,459	$48.5M	0.12%	Put
62	CNK 4.5 08/15/25CINEMARK HLDGS INC	22,658,000	$48.1M	0.12%
63	GXOGXO LOGISTICS INCORPORATED	963,125	$46.9M	0.12%
64	HDHOME DEPOT INC	125,775	$46.1M	0.11%	Put
65	ECPG 3.25 10/01/25ENCORE CAP GROUP INC	42,989,000	$45.2M	0.11%
66	MUMICRON TECHNOLOGY INC	365,424	$45.0M	0.11%	Put
67	FLRFLUOR CORP NEW	855,770	$43.9M	0.11%
68	AKAM 0.375 09/01/27AKAMAI TECHNOLOGIES INC	45,110,000	$43.9M	0.11%
69	IBMINTERNATIONAL BUSINESS MACHS	146,371	$43.1M	0.11%	Put
70	XOMEXXON MOBIL CORP	398,442	$43.0M	0.11%	Put
71	PR 3.25 04/01/28PERMIAN RES OPER LLC	17,607,000	$42.6M	0.11%
72	TMUST-MOBILE US INC	177,907	$42.4M	0.10%	Put
73	BABOEING CO	200,379	$42.0M	0.10%	Put
74	JNJJOHNSON & JOHNSON	269,598	$41.2M	0.10%	Put
75	EFAISHARES TR	457,717	$40.9M	0.10%	Put
76	DISDISNEY WALT CO	329,527	$40.9M	0.10%	Put
77	LQDISHARES TR	372,219	$40.8M	0.10%	Put
78	DAY 0.25 03/15/26DAYFORCE INC	42,146,000	$40.8M	0.10%
79	SLBSCHLUMBERGER LTD	1,201,763	$40.6M	0.10%	Put
80	INTCINTEL CORP	1,804,638	$40.4M	0.10%	Put
81	ALRM 0 01/15/26ALARM COM HLDGS INC	41,408,000	$40.4M	0.10%
82	XERSXERIS BIOPHARMA HOLDINGS INC	23,074,000	$39.2M	0.10%
83	TSMTAIWAN SEMICONDUCTOR MFG LTD	170,345	$38.6M	0.10%	Put
84	KNXKNIGHT-SWIFT TRANSN HLDGS IN	797,987	$35.3M	0.09%
85	UBER 0.875 12/01/28 2028UBER TECHNOLOGIES INC	24,371,000	$34.9M	0.09%
86	CSCOCISCO SYS INC	498,913	$34.6M	0.09%	Put
87	TSTENARIS S A	921,547	$34.5M	0.09%
88	AKAM 1.125 02/15/29AKAMAI TECHNOLOGIES INC	36,000,000	$34.3M	0.08%
89	DWDMORGAN STANLEY	241,028	$34.0M	0.08%	Put
90	4I1PHILIP MORRIS INTL INC	185,198	$33.7M	0.08%	Put
91	KOCOCA COLA CO	475,213	$33.6M	0.08%	Put
92	ACNACCENTURE PLC IRELAND	110,963	$33.2M	0.08%	Put
93	LINLINDE PLC	70,529	$33.1M	0.08%	Put
94	CHEF 2.375 12/15/28CHEFS WHSE INC	20,200,000	$31.5M	0.08%
95	MRKMERCK & CO INC	396,990	$31.4M	0.08%	Put
96	XLBSELECT SECTOR SPDR TR	355,500	$31.2M	0.08%	Put
97	PFEPFIZER INC	1,250,283	$30.3M	0.08%	Put
98	SCHWSCHWAB CHARLES CORP	330,070	$30.1M	0.07%	Put
99	ADBEADOBE INC	77,144	$29.8M	0.07%	Put
100	TRIP 0.25 04/01/26TRIPADVISOR INC	30,604,000	$29.5M	0.07%

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