CAPSTONE INVESTMENT ADVISORS, LLC Q3 2025 Filing

Filed November 14, 2025

Portfolio Value

$53.7B

Holdings

1,205

Report Date

Q3 2025

Filing Type

13F-HR

All Holdings (1,205 positions)

#	Stock	Shares	Value	% Portfolio	Type
1	SPYSPDR S&P 500 ETF TR	26,016,702	$17.3B	32.26%	Put
2	NVDANVIDIA CORPORATION	23,004,468	$4.3B	7.99%	Put
3	MSFTMICROSOFT CORP	5,678,721	$2.9B	5.47%	Put
4	TSLATESLA INC	6,038,793	$2.7B	5.00%	Put
5	AMZNAMAZON COM INC	11,530,600	$2.5B	4.71%	Put
6	IWMISHARES TR	8,769,829	$2.1B	3.95%	Put
7	NDQINVESCO QQQ TR	2,650,808	$1.6B	2.96%	Put
8	AAPLAPPLE INC	5,675,127	$1.4B	2.69%	Put
9	AMDADVANCED MICRO DEVICES INC	6,199,859	$1.0B	1.87%	Put
10	GOOGLALPHABET INC	3,994,681	$971.1M	1.81%	Put
11	METAMETA PLATFORMS INC	1,026,907	$754.1M	1.40%	Put
12	IVVISHARES TR	962,339	$644.1M	1.20%
13	EEMISHARES TR	9,772,744	$521.9M	0.97%	Put
14	XLFSELECT SECTOR SPDR TR	8,620,944	$464.4M	0.86%	Put
15	AVGOBROADCOM INC	1,348,119	$444.8M	0.83%	Put
16	GOOGALPHABET INC	1,577,505	$384.2M	0.72%	Put
17	VOOVANGUARD INDEX FDS	614,021	$376.0M	0.70%
18	FXIISHARES TR	7,693,700	$316.5M	0.59%	Put
19	HYGISHARES TR	3,596,701	$292.0M	0.54%	Put
20	XOPSPDR SERIES TRUST	2,081,900	$275.2M	0.51%	Put
21	BRK/BBERKSHIRE HATHAWAY INC DEL	531,143	$267.0M	0.50%	Put
22	IBMINTERNATIONAL BUSINESS MACHS	819,330	$231.2M	0.43%	Put
23	EFAISHARES TR	2,376,079	$221.9M	0.41%	Put
24	ORCLORACLE CORP	771,433	$217.0M	0.40%	Put
25	JPMJPMORGAN CHASE & CO.	638,944	$201.5M	0.38%	Put
26	XMESPDR SERIES TRUST	2,111,583	$196.8M	0.37%	Put
27	IBITISHARES BITCOIN TRUST ETF	2,799,900	$182.0M	0.34%	Put
28	TRVCCITIGROUP INC	1,785,223	$181.2M	0.34%	Put
29	WMTWALMART INC	1,756,769	$181.1M	0.34%	Put
30	WDC 3 11/15/28WESTERN DIGITAL CORP	54,500,000	$174.9M	0.33%
31	CSCOCISCO SYS INC	2,427,431	$166.1M	0.31%	Put
32	PLTRPALANTIR TECHNOLOGIES INC	819,347	$149.5M	0.28%	Put
33	VVISA INC	426,648	$145.6M	0.27%	Put
34	NFLXNETFLIX INC	107,954	$129.4M	0.24%	Put
35	MAMASTERCARD INCORPORATED	225,149	$128.1M	0.24%	Put
36	INTCINTEL CORP	3,716,081	$124.7M	0.23%	Put
37	SMHVANECK ETF TRUST	380,304	$124.1M	0.23%	Put
38	LLYELI LILLY & CO	158,888	$121.2M	0.23%	Put
39	COSTCOSTCO WHSL CORP NEW	122,038	$113.0M	0.21%	Put
40	XLESELECT SECTOR SPDR TR	1,257,173	$112.3M	0.21%	Put
41	UBERUBER TECHNOLOGIES INC	1,140,644	$111.7M	0.21%	Put
42	IDCC 3.5 06/01/27INTERDIGITAL INC	22,532,000	$100.8M	0.19%
43	ABBVABBVIE INC	415,443	$96.2M	0.18%	Put
44	BACBANK AMERICA CORP	1,853,679	$95.6M	0.18%	Put
45	NET 0 08/15/26CLOUDFLARE INC	69,926,000	$87.3M	0.16%
46	FOXFOX CORP	1,515,956	$86.8M	0.16%
47	IONS 0 04/01/26IONIS PHARMACEUTICALS INC	69,949,000	$86.1M	0.16%
48	UNHUNITEDHEALTH GROUP INC	239,066	$82.5M	0.15%	Put
49	HDHOME DEPOT INC	201,318	$81.6M	0.15%	Put
50	PANWPALO ALTO NETWORKS INC	400,123	$81.5M	0.15%	Put
51	LQDISHARES TR	727,936	$81.1M	0.15%	Put
52	DXCM 0.25 11/15/25DEXCOM INC	81,483,000	$80.9M	0.15%
53	4I1PHILIP MORRIS INTL INC	495,787	$80.4M	0.15%	Put
54	WFCWELLS FARGO CO NEW	957,066	$80.2M	0.15%	Put
55	MUMICRON TECHNOLOGY INC	478,653	$80.1M	0.15%	Put
56	CORZCORE SCIENTIFIC INC NEW	4,435,000	$79.6M	0.15%
57	AMATAPPLIED MATLS INC	384,981	$78.8M	0.15%	Put
58	XOMEXXON MOBIL CORP	661,356	$74.6M	0.14%	Put
59	CRMSALESFORCE INC	314,335	$74.5M	0.14%	Put
60	GEGE AEROSPACE	240,300	$72.3M	0.13%	Put
61	SPOT 0 03/15/26SPOTIFY USA INC	52,418,000	$71.8M	0.13%
62	GSGOLDMAN SACHS GROUP INC	89,192	$71.0M	0.13%	Put
63	ABNB 0 03/15/26AIRBNB INC	70,181,000	$68.8M	0.13%
64	MCDMCDONALDS CORP	221,124	$67.2M	0.13%	Put
65	LITE 1.5 12/15/29LUMENTUM HLDGS INC	26,774,000	$64.7M	0.12%
66	INTUINTUIT	91,720	$62.6M	0.12%	Put
67	XERSXERIS BIOPHARMA HOLDINGS INC	23,074,000	$62.1M	0.12%
68	DISDISNEY WALT CO	538,295	$61.6M	0.11%	Put
69	FCXFREEPORT-MCMORAN INC	1,564,990	$61.4M	0.11%	Put
70	JNJJOHNSON & JOHNSON	328,491	$60.9M	0.11%	Put
71	ADBEADOBE INC	171,314	$60.4M	0.11%	Put
72	QCOMQUALCOMM INC	360,876	$60.0M	0.11%	Put
73	CNX 2.25 05/01/26CNX RES CORP	23,604,000	$59.1M	0.11%
74	BACVERIZON COMMUNICATIONS INC	1,331,280	$58.5M	0.11%	Put
75	LOWLOWES COS INC	232,512	$58.4M	0.11%	Put
76	FOUR 0 12/15/25SHIFT4 PMTS INC	56,349,000	$58.0M	0.11%
77	CVXCHEVRON CORP NEW	371,227	$57.6M	0.11%	Put
78	KOCOCA COLA CO	858,643	$56.9M	0.11%	Put
79	DWDMORGAN STANLEY	346,972	$55.2M	0.10%	Put
80	CATCATERPILLAR INC	115,103	$54.9M	0.10%	Put
81	FLSFLOWSERVE CORP	1,032,398	$54.9M	0.10%	Call
82	LULULULULEMON ATHLETICA INC	306,337	$54.5M	0.10%	Put
83	NKENIKE INC	766,057	$53.4M	0.10%	Put
84	MRKMERCK & CO INC	622,878	$52.3M	0.10%	Put
85	BMYBRISTOL-MYERS SQUIBB CO	1,121,534	$50.6M	0.09%	Put
86	GXOGXO LOGISTICS INCORPORATED	944,109	$49.9M	0.09%
87	PEPPEPSICO INC	349,981	$49.2M	0.09%	Put
88	PRGSPROGRESS SOFTWARE CORP	49,019,000	$49.1M	0.09%
89	CYBRCYBERARK SOFTWARE LTD	100,000	$48.3M	0.09%
90	EXAS 0.375 03/15/27EXACT SCIENCES CORP	48,940,000	$47.1M	0.09%
91	TSMTAIWAN SEMICONDUCTOR MFG LTD	166,134	$46.4M	0.09%	Put
92	DAY 0.25 03/15/26DAYFORCE INC	47,146,000	$46.2M	0.09%
93	ALRM 0 01/15/26ALARM COM HLDGS INC	46,408,000	$45.9M	0.09%
94	MIRM 4 05/01/29MIRUM PHARMACEUTICALS INC	19,000,000	$45.7M	0.09%
95	PGPROCTER AND GAMBLE CO	295,947	$45.5M	0.08%	Put
96	BABOEING CO	208,607	$45.0M	0.08%	Put
97	CYTK 4 11/15/26CYTOKINETICS INC	8,631,000	$44.9M	0.08%
98	PFEPFIZER INC	1,757,848	$44.8M	0.08%	Put
99	07WAMR COOPER GROUP INC	212,000	$44.7M	0.08%
100	TMUST-MOBILE US INC	184,550	$44.2M	0.08%	Put

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