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
101	EXAS 0.375 03/15/27EXACT SCIENCES CORP	30,500,000	$29.1B	72.03%
102	AMATAPPLIED MATLS INC	158,117	$28.9B	71.66%	Put
103	AAALCOA CORP	959,409	$28.3B	70.09%
104	PEPPEPSICO INC	213,308	$28.2B	69.72%	Put
105	COFCAPITAL ONE FINL CORP	130,798	$27.8B	68.89%	Put
106	WWAYFAIR INC	20,000,000	$27.1B	67.01%
107	CYTK 4 11/15/26CYTOKINETICS INC	8,631,000	$27.0B	66.86%
108	AXPAMERICAN EXPRESS CO	84,623	$27.0B	66.82%	Put
109	IPGINTERPUBLIC GROUP COS INC	1,100,000	$26.9B	66.66%
110	GILDGILEAD SCIENCES INC	242,704	$26.9B	66.61%	Put
111	BACVERIZON COMMUNICATIONS INC	621,565	$26.9B	66.58%	Put
112	ABTABBOTT LABS	196,300	$26.7B	66.09%	Put
113	CVXCHEVRON CORP NEW	182,294	$26.1B	64.62%	Put
114	QCOMQUALCOMM INC	163,264	$26.0B	64.37%	Put
115	MSTR 2.25 06/15/32MICROSTRATEGY INC	12,000,000	$25.8B	63.91%
116	UBERUBER TECHNOLOGIES INC	271,121	$25.3B	62.62%	Put
117	INTUINTUIT	31,989	$25.2B	62.37%	Put
118	PRGSPROGRESS SOFTWARE CORP	21,000,000	$25.1B	62.12%
119	TMOTHERMO FISHER SCIENTIFIC INC	59,565	$24.2B	59.79%	Put
120	GMEGAMESTOP CORP NEW	983,500	$24.0B	59.38%	Put
121	UPSUNITED PARCEL SERVICE INC	233,450	$23.6B	58.34%	Put
122	PANWPALO ALTO NETWORKS INC	113,284	$23.2B	57.39%	Put
123	TJXTJX COS INC NEW	187,141	$23.1B	57.21%	Put
124	HOODROBINHOOD MKTS INC	246,168	$23.0B	57.06%	Put
125	GEGE AEROSPACE	89,514	$23.0B	57.04%	Put
126	NKENIKE INC	323,479	$23.0B	56.89%	Put
127	CMECME GROUP INC	82,800	$22.8B	56.50%	Put
128	MRVLMARVELL TECHNOLOGY INC	292,210	$22.6B	55.99%	Put
129	KEXKIRBY CORP	198,471	$22.5B	55.72%
130	RPD 0.25 03/15/27RAPID7 INC	23,950,000	$22.3B	55.29%
131	COINCOINBASE GLOBAL INC	63,160	$22.1B	54.80%	Put
132	DYDYCOM INDS INC	89,898	$22.0B	54.39%
133	QXOQXO INC	1,000,000	$21.5B	53.32%
134	CVSCVS HEALTH CORP	311,500	$21.5B	53.19%	Put
135	UNPUNION PAC CORP	92,593	$21.3B	52.74%	Put
136	PGPROCTER AND GAMBLE CO	132,471	$21.1B	52.25%	Put
137	PYPLPAYPAL HLDGS INC	277,860	$20.7B	51.12%	Put
138	SMHVANECK ETF TRUST	74,040	$20.6B	51.12%	Put
139	RDDTREDDIT INC	136,486	$20.6B	50.87%	Put
140	SNOWSNOWFLAKE INC	91,470	$20.5B	50.67%	Put
141	RRYDER SYS INC	127,004	$20.2B	49.99%
142	TAT&T INC	695,475	$20.1B	49.83%	Put
143	CNMD 2.25 06/15/27CONMED CORP	21,000,000	$19.9B	49.39%
144	S9QSPIRIT AEROSYSTEMS HLDGS INC	512,434	$19.5B	48.40%
145	MIGAMICROSTRATEGY INC	48,288	$19.5B	48.32%	Put
146	MNSTMONSTER BEVERAGE CORP NEW	303,065	$19.0B	47.00%	Put
147	CSTMCONSTELLIUM SE	1,413,555	$18.8B	46.54%
148	EVRG 4.5 12/15/27EVERGY INC	16,000,000	$18.7B	46.40%
149	SJNKSPDR SERIES TRUST	732,801	$18.7B	46.22%
150	AJGGALLAGHER ARTHUR J & CO	57,174	$18.3B	45.31%
151	IMAX 0.5 04/01/26IMAX CORP	16,107,000	$18.1B	44.79%
152	VTR 3.75 06/01/26VENTAS RLTY LTD PARTNERSHIP	15,000,000	$18.0B	44.49%
153	IGIBISHARES TR	334,801	$17.8B	44.17%
154	LVLNSPDR SERIES TRUST	295,869	$17.6B	43.50%
155	DYHTARGET CORP	175,482	$17.3B	42.86%	Put
156	NEMNEWMONT CORP	295,500	$17.2B	42.62%	Put
157	AMGNAMGEN INC	61,358	$17.1B	42.41%	Put
158	PGRPROGRESSIVE CORP	62,915	$16.8B	41.56%	Put
159	RTXRTX CORPORATION	114,980	$16.8B	41.56%	Put
160	HONHONEYWELL INTL INC	72,055	$16.8B	41.54%	Put
161	OMCL 0.25 09/15/25OMNICELL COM	16,853,000	$16.7B	41.22%
162	ISRGINTUITIVE SURGICAL INC	30,120	$16.4B	40.52%	Put
163	NEENEXTERA ENERGY INC	235,691	$16.4B	40.50%	Put
164	SPGIS&P GLOBAL INC	30,785	$16.2B	40.18%	Put
165	FE 4 05/01/26FIRSTENERGY CORP	16,000,000	$16.1B	39.88%
166	WOOFOOT LOCKER INC	650,000	$15.9B	39.42%
167	DUK 4.125 04/15/26DUKE ENERGY CORP NEW	15,000,000	$15.9B	39.33%
168	BSY 0.375 07/01/27BENTLEY SYS INC	16,752,000	$15.8B	39.21%
169	SKAASKECHERS U S A INC	250,000	$15.8B	39.05%
170	APPAPPLOVIN CORP	44,838	$15.7B	38.86%	Put
171	SBUXSTARBUCKS CORP	166,576	$15.3B	37.79%	Put
172	ELLAUDER ESTEE COS INC	183,332	$14.8B	36.67%	Put
173	LOWLOWES COS INC	66,483	$14.8B	36.52%	Put
174	CEGCONSTELLATION ENERGY CORP	45,430	$14.7B	36.30%	Put
175	BXBLACKSTONE INC	94,207	$14.1B	34.88%	Put
176	LRCXLAM RESEARCH CORP	144,738	$14.1B	34.88%	Put
177	SO 3.875 12/15/25SOUTHERN CO	12,500,000	$13.9B	34.29%
178	DALDELTA AIR LINES INC DEL	275,482	$13.5B	33.54%	Put
179	UALUNITED AIRLS HLDGS INC	165,652	$13.2B	32.65%	Put
180	FDXFEDEX CORP	57,990	$13.2B	32.63%	Put
181	CCCHEMOURS CO	1,141,208	$13.1B	32.35%
182	DHRDANAHER CORPORATION	65,915	$13.0B	32.23%	Put
183	PLDPROLOGIS INC.	122,693	$12.9B	31.93%	Put
184	WFRDWEATHERFORD INTL PLC	254,226	$12.8B	31.66%
185	SO 4.5 06/15/27SOUTHERN CO	11,500,000	$12.7B	31.46%
186	COPCONOCOPHILLIPS	141,269	$12.7B	31.38%	Put
187	ADPAUTOMATIC DATA PROCESSING IN	40,435	$12.5B	30.87%	Put
188	ANETARISTA NETWORKS INC	121,884	$12.5B	30.87%	Put
189	MDTMEDTRONIC PLC	142,669	$12.4B	30.79%	Put
190	LNT 3.875 03/15/26ALLIANT ENERGY CORP	12,000,000	$12.4B	30.58%
191	SRPT 1.25 09/15/27SAREPTA THERAPEUTICS INC	17,000,000	$12.3B	30.41%
192	FCXFREEPORT-MCMORAN INC	280,500	$12.2B	30.10%	Put
193	BMRN 1.25 05/15/27BIOMARIN PHARMACEUTICAL INC	12,500,000	$11.8B	29.24%
194	BMTABRITISH AMERN TOB PLC	249,497	$11.8B	29.23%	Put
195	FISVFISERV INC	68,404	$11.8B	29.20%	Put
196	CITHE CIGNA GROUP	35,404	$11.7B	28.97%	Put
197	MARAMARA HOLDINGS INC	745,200	$11.7B	28.93%	Put
198	VRTXVERTEX PHARMACEUTICALS INC	26,059	$11.6B	28.72%	Put
199	TXNTEXAS INSTRS INC	55,300	$11.5B	28.42%	Put
200	CMGCHIPOTLE MEXICAN GRILL INC	201,834	$11.3B	28.06%	Put

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