CAPSTONE INVESTMENT ADVISORS, LLC Q4 2017 Filing

Filed February 14, 2018

Portfolio Value

$3.5T

Holdings

401

Report Date

Q4 2017

Filing Type

13F-HR

All Holdings (401 positions)

#	Stock	Shares	Value	% Portfolio	Type
1	SPYSPDR S&P 500 ETF TR	2,070,571	$552.5B	15.61%	Put
2	IWMISHARES TR	1,823,120	$278.0B	7.85%	Put
3	—POWERSHARES QQQ TRUST	1,725,080	$268.7B	7.59%	Put
4	EEMISHARES TR	2,400,000	$113.1B	3.19%	Put
5	NXPINXP SEMICONDUCTORS N V	888,300	$104.0B	2.94%	Call
6	INTC 3.25 08/01/39INTEL CORP	40,500,000	$90.0B	2.54%
7	TAT&T INC	2,201,446	$85.6B	2.42%	Put
8	TWXCHFTIME WARNER INC	804,750	$73.6B	2.08%	Call
9	EFAISHARES TR	965,172	$67.9B	1.92%	Put
10	—ROCKWELL COLLINS INC	450,000	$61.0B	1.72%
11	TRVCCITIGROUP INC	815,700	$60.7B	1.71%
12	FXIISHARES TR	1,134,400	$52.4B	1.48%	Put
13	—MONSANTO CO NEW	445,000	$52.0B	1.47%	Call
14	GQ9SPDR GOLD TRUST	418,077	$51.7B	1.46%	Put
15	JNJJOHNSON & JOHNSON	348,318	$48.7B	1.37%	Put
16	—MERCADOLIBRE INC	18,411,000	$46.2B	1.30%
17	—WHITING PETE CORP NEW	42,600,000	$39.4B	1.11%
18	—TESLA INC	35,000,000	$37.9B	1.07%
19	—IMPAX LABORATORIES INC	37,200,000	$36.3B	1.02%
20	—SOLARCITY CORP	33,500,000	$33.3B	0.94%
21	TSLATESLA INC	106,500	$33.2B	0.94%	Put
22	MCDMCDONALDS CORP	192,000	$33.0B	0.93%
23	—CEMEX SAB DE CV	31,748,000	$32.3B	0.91%
24	VGR V2.5 01/15/19VECTOR GROUP LTD	19,000,000	$30.2B	0.85%
25	—AETNA INC NEW	150,005	$27.1B	0.76%
26	SNISCRIPPS NETWORKS INTERACT IN	312,300	$26.7B	0.75%	Call
27	—NAVISTAR INTL CORP NEW	24,500,000	$26.6B	0.75%
28	—HERBALIFE LTD	24,000,000	$24.2B	0.68%
29	EWYISHARES INC	321,894	$24.1B	0.68%	Put
30	—CEMEX SAB DE CV	22,500,000	$23.3B	0.66%
31	—TESLA INC	22,000,000	$23.3B	0.66%
32	—BROOKDALE SR LIVING INC	22,941,000	$23.0B	0.65%
33	—GRANITE PT MTG TR INC	22,500,000	$22.4B	0.63%
34	—MEDICINES CO	24,215,000	$22.3B	0.63%
35	—CALPINE CORP	1,425,309	$21.6B	0.61%
36	—TWO HBRS INVT CORP	20,000,000	$21.2B	0.60%
37	—PATTERN ENERGY GROUP INC	20,740,000	$21.1B	0.60%
38	—CTRIP COM INTL LTD	20,000,000	$21.1B	0.60%
39	XMESPDR SERIES TRUST	570,001	$20.7B	0.59%	Put
40	—ALON USA ENERGY INC	15,329,000	$20.4B	0.58%
41	XLFISELECT SECTOR SPDR TR	358,470	$20.4B	0.58%	Put
42	RWT 4.75 08/15/23REDWOOD TR INC	20,000,000	$19.4B	0.55%
43	GDXVANECK VECTORS ETF TR	829,100	$19.3B	0.54%	Put
44	—CLOVIS ONCOLOGY INC	14,074,000	$19.0B	0.54%
45	TLTISHARES TR	145,000	$18.4B	0.52%
46	HUNHUNTSMAN CORP	552,000	$18.4B	0.52%	Put
47	CATCATERPILLAR INC DEL	113,900	$17.9B	0.51%	Put
48	—IRONWOOD PHARMACEUTICALS INC	14,500,000	$16.9B	0.48%
49	—NAVISTAR INTL CORP NEW	15,000,000	$15.5B	0.44%
50	—MEDICINES CO	14,435,000	$15.3B	0.43%
51	—CALATLANTIC GROUP INC	262,400	$14.8B	0.42%
52	—REDWOOD TR INC	14,500,000	$14.6B	0.41%
53	—AKORN INC	428,500	$13.8B	0.39%	Put
54	GECBLE 4.5 11/15/29GENERAL CABLE CORP DEL NEW	13,000,000	$13.8B	0.39%
55	AAPLAPPLE INC	81,018	$13.7B	0.39%	Put
56	SLBSCHLUMBERGER LTD	201,110	$13.6B	0.38%	Put
57	—BARCLAYS BK PLC	472,224	$13.2B	0.37%	Put
58	METAFACEBOOK INC	70,900	$12.5B	0.35%	Put
59	—PRICELINE GRP INC	9,000,000	$12.4B	0.35%
60	HYGISHARES TR	141,200	$12.3B	0.35%	Put
61	—UNISYS CORP	10,500,000	$11.9B	0.34%
62	—MEDIDATA SOLUTIONS INC	10,000,000	$11.6B	0.33%
63	SMHVANECK VECTORS ETF TR	115,001	$11.2B	0.32%	Put
64	—BLACKSTONE MTG TR INC	11,000,000	$11.2B	0.32%
65	MSFTMICROSOFT CORP	129,700	$11.1B	0.31%	Put
66	GOOGALPHABET INC	10,085	$10.6B	0.30%	Put
67	—CALGON CARBON CORP	489,400	$10.4B	0.29%	Call
68	AMZNAMAZON COM INC	8,869	$10.4B	0.29%	Put
69	CTXSEURCITRIX SYS INC	117,000	$10.3B	0.29%	Call
70	TRCOTRIBUNE MEDIA CO	241,969	$10.3B	0.29%
71	—CTRIP COM INTL LTD	8,500,000	$10.0B	0.28%
72	JEF 3.875 11/01/29JEFFERIES GROUP INC NEW	10,000,000	$10.0B	0.28%
73	—CORNERSTONE ONDEMAND INC	10,000,000	$10.0B	0.28%
74	—ORBITAL ATK INC	74,972	$9.9B	0.28%
75	QCOMQUALCOMM INC	153,409	$9.8B	0.28%	Call
76	—LIVE NATION ENTERTAINMENT IN	7,500,000	$9.7B	0.27%
77	—TRONOX LTD	467,800	$9.6B	0.27%	Put
78	DPZDOMINOS PIZZA INC	50,400	$9.5B	0.27%	Put
79	MIC2EURMACQUARIE INFRASTRUCTURE COR	148,000	$9.5B	0.27%	Put
80	FEZSPDR INDEX SHS FDS	231,633	$9.4B	0.27%
81	—CIENA CORP	7,500,000	$8.7B	0.25%
82	MCHP 1.625 02/15/25MICROCHIP TECHNOLOGY INC	5,000,000	$8.5B	0.24%
83	—DYNEGY INC NEW DEL	683,300	$8.1B	0.23%	Put
84	—BROADSOFT INC	142,283	$7.8B	0.22%	Call
85	—ACORDA THERAPEUTICS INC	8,873,000	$7.6B	0.21%
86	HLFHERBALIFE LTD	104,300	$7.1B	0.20%	Put
87	—VIPSHOP HLDGS LTD	7,000,000	$7.0B	0.20%
88	SHYISHARES TR	82,680	$6.9B	0.20%
89	—TWENTY FIRST CENTY FOX INC	197,341	$6.8B	0.19%
90	—RADIUS HEALTH INC	7,000,000	$6.6B	0.19%
91	DISHDISH NETWORK CORP	131,410	$6.3B	0.18%	Call
92	—NUVASIVE INC	5,000,000	$5.9B	0.17%
93	STWD 4.375 04/01/23STARWOOD PPTY TR INC	5,500,000	$5.6B	0.16%
94	RHRH	63,200	$5.4B	0.15%	Put
95	—GLOBAL PARTNER ACQUISITION C	515,300	$5.2B	0.15%
96	—NEWFIELD EXPL CO	152,272	$4.8B	0.14%
97	IBMINTERNATIONAL BUSINESS MACHS	30,284	$4.6B	0.13%	Put
98	JPMJPMORGAN CHASE & CO	42,600	$4.6B	0.13%	Put
99	EWGISHARES INC	136,153	$4.5B	0.13%
100	ECHISHARES INC	85,000	$4.4B	0.13%

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