CAPSTONE INVESTMENT ADVISORS, LLC Q4 2025 Filing

Filed February 17, 2026

Portfolio Value

$51.1B

Holdings

939

Report Date

Q4 2025

Filing Type

13F-HR

All Holdings (939 positions)

#	Stock	Shares	Value	% Portfolio	Type
1	SPYSPDR S&P 500 ETF TR	20,856,080	$14.2B	27.84%	Put
2	NDQINVESCO QQQ TR	7,433,672	$4.6B	8.94%	Put
3	NVDANVIDIA CORPORATION	23,202,701	$4.3B	8.47%	Put
4	GOOGLALPHABET INC	6,731,571	$2.1B	4.12%	Put
5	IWMISHARES TR	7,457,760	$1.8B	3.59%	Put
6	AMZNAMAZON COM INC	7,638,568	$1.8B	3.45%	Put
7	TSLATESLA INC	3,553,787	$1.6B	3.12%	Put
8	AAPLAPPLE INC	4,898,889	$1.3B	2.60%	Put
9	MSFTMICROSOFT CORP	2,662,232	$1.3B	2.52%	Put
10	IVVISHARES TR	1,780,940	$1.2B	2.39%
11	GOOGALPHABET INC	3,612,513	$1.1B	2.22%	Put
12	AMDADVANCED MICRO DEVICES INC	5,185,936	$1.1B	2.17%	Put
13	METAMETA PLATFORMS INC	1,293,595	$852.0M	1.67%	Put
14	XLFSELECT SECTOR SPDR TR	12,796,378	$699.0M	1.37%	Put
15	VOOVANGUARD INDEX FDS	1,043,795	$654.0M	1.28%	Put
16	AVGOBROADCOM INC	1,819,995	$629.0M	1.23%	Put
17	FXIISHARES TR	14,372,224	$549.0M	1.07%	Put
18	EEMISHARES TR	8,300,863	$453.0M	0.89%	Put
19	LITE 1.5 12/15/29LUMENTUM HLDGS INC	55,778,000	$296.0M	0.58%
20	HYGISHARES TR	3,660,770	$294.0M	0.58%	Put
21	WDC 3 11/15/28WESTERN DIGITAL CORP	59,000,000	$270.0M	0.53%
22	ORCLORACLE CORP	1,150,118	$222.0M	0.43%	Put
23	WBDWARNER BROS DISCOVERY INC	7,559,900	$217.0M	0.42%	Put
24	XOPSPDR SERIES TRUST	1,647,378	$207.0M	0.41%	Put
25	KVUEKENVUE INC	10,259,465	$175.0M	0.34%	Put
26	IBITISHARES BITCOIN TRUST ETF	3,449,900	$171.0M	0.33%	Put
27	IBMINTERNATIONAL BUSINESS MACHS	571,991	$168.0M	0.33%	Put
28	XLESELECT SECTOR SPDR TR	3,755,168	$167.0M	0.33%	Put
29	NBISNEBIUS GROUP N.V.	1,811,000	$151.0M	0.30%	Put
30	EWZISHARES INC	4,546,078	$143.0M	0.28%	Put
31	NFLXNETFLIX INC	1,459,238	$135.0M	0.26%	Put
32	INTCINTEL CORP	3,645,280	$133.0M	0.26%	Put
33	JPMJPMORGAN CHASE & CO.	382,675	$122.0M	0.24%	Put
34	IONS 0 04/01/26IONIS PHARMACEUTICALS INC	84,949,000	$116.0M	0.23%
35	TSMTAIWAN SEMICONDUCTOR MFG LTD	369,664	$111.0M	0.22%	Put
36	MUMICRON TECHNOLOGY INC	380,918	$108.0M	0.21%	Put
37	VVISA INC	298,700	$104.0M	0.20%	Put
38	CSCOCISCO SYS INC	1,342,600	$102.0M	0.20%	Put
39	NET 0 08/15/26CLOUDFLARE INC	85,057,000	$100.0M	0.20%
40	CATCATERPILLAR INC	174,200	$99.0M	0.19%	Put
41	BRK/BBERKSHIRE HATHAWAY INC DEL	194,000	$96.0M	0.19%	Put
42	AMATAPPLIED MATLS INC	366,781	$93.0M	0.18%	Put
43	IDCC 3.5 06/01/27INTERDIGITAL INC	22,532,000	$92.0M	0.18%
44	PLTRPALANTIR TECHNOLOGIES INC	525,756	$91.0M	0.18%	Put
45	LQDISHARES TR	764,001	$84.0M	0.16%	Put
46	WMTWALMART INC	727,400	$80.0M	0.16%	Put
47	MAMASTERCARD INCORPORATED	138,065	$77.0M	0.15%	Put
48	ABNB 0 03/15/26AIRBNB INC	75,739,000	$75.0M	0.15%
49	FYBRFRONTIER COMMUNICATIONS PARE	1,938,311	$73.0M	0.14%
50	ABBVABBVIE INC	313,833	$71.0M	0.14%	Put
51	FOXFOX CORP	1,100,001	$71.0M	0.14%
52	CORZCORE SCIENTIFIC INC NEW	4,850,000	$69.0M	0.14%	Call
53	DAYDAYFORCE INC	1,005,490	$69.0M	0.14%
54	LLYELI LILLY & CO	64,361	$68.0M	0.13%	Put
55	CNX 2.25 05/01/26CNX RES CORP	23,604,000	$67.0M	0.13%
56	BACBANK AMERICA CORP	1,165,520	$63.0M	0.12%	Put
57	MIRM 4 05/01/29MIRUM PHARMACEUTICALS INC	24,000,000	$62.0M	0.12%
58	JNJJOHNSON & JOHNSON	300,000	$61.0M	0.12%	Put
59	COSTCOSTCO WHSL CORP NEW	72,733	$61.0M	0.12%	Put
60	XERSXERIS BIOPHARMA HOLDINGS INC	23,074,000	$61.0M	0.12%
61	PANWPALO ALTO NETWORKS INC	338,750	$60.0M	0.12%	Put
62	SPOT 0 03/15/26SPOTIFY USA INC	52,418,000	$59.0M	0.12%
63	BBIO 2.5 03/15/27BRIDGEBIO PHARMA INC	30,500,000	$57.0M	0.11%
64	LULULULULEMON ATHLETICA INC	273,554	$56.0M	0.11%	Put
65	FDXFEDEX CORP	199,229	$55.0M	0.11%	Put
66	ADBEADOBE INC	161,045	$55.0M	0.11%	Put
67	CYBRCYBERARK SOFTWARE LTD	121,000	$53.0M	0.10%
68	PRGSPROGRESS SOFTWARE CORP	54,019,000	$53.0M	0.10%
69	GXOGXO LOGISTICS INCORPORATED	975,295	$51.0M	0.10%
70	CYTK 4 11/15/26CYTOKINETICS INC	8,631,000	$51.0M	0.10%
71	EXAS 0.375 03/15/27EXACT SCIENCES CORP	48,940,000	$51.0M	0.10%
72	BMYBRISTOL-MYERS SQUIBB CO	951,050	$50.0M	0.10%	Put
73	GEGE AEROSPACE	164,500	$50.0M	0.10%	Put
74	CHEF 2.375 12/15/28CHEFS WHSE INC	33,011,000	$50.0M	0.10%
75	QCOMQUALCOMM INC	299,977	$50.0M	0.10%	Put
76	4I1PHILIP MORRIS INTL INC	311,300	$48.0M	0.09%	Put
77	GSGOLDMAN SACHS GROUP INC	55,706	$48.0M	0.09%	Put
78	FLSFLOWSERVE CORP	690,075	$47.0M	0.09%
79	ALRM 0 01/15/26ALARM COM HLDGS INC	46,408,000	$46.0M	0.09%
80	DWDMORGAN STANLEY	267,301	$46.0M	0.09%	Put
81	DAY 0.25 03/15/26DAYFORCE INC	47,146,000	$46.0M	0.09%
82	SLVISHARES SILVER TR	713,585	$45.0M	0.09%	Put
83	MRKMERCK & CO INC	426,104	$44.0M	0.09%	Put
84	AKAM 1.125 02/15/29AKAMAI TECHNOLOGIES INC	44,000,000	$43.0M	0.08%
85	WFCWELLS FARGO CO NEW	451,090	$40.0M	0.08%	Put
86	KEXKIRBY CORP	358,340	$39.0M	0.08%
87	CNMD 2.25 06/15/27CONMED CORP	41,000,000	$39.0M	0.08%
88	UPSUNITED PARCEL SERVICE INC	389,454	$37.0M	0.07%	Put
89	UBERUBER TECHNOLOGIES INC	465,223	$37.0M	0.07%	Put
90	PTCT 1.5 09/15/26PTC THERAPEUTICS INC	25,000,000	$37.0M	0.07%
91	HDHOME DEPOT INC	113,331	$37.0M	0.07%	Put
92	ASND 2.25 04/01/28ASCENDIS PHARMA A/S	25,750,000	$36.0M	0.07%
93	RPD 0.25 03/15/27RAPID7 INC	38,990,000	$36.0M	0.07%
94	LRCXLAM RESEARCH CORP	205,800	$35.0M	0.07%	Put
95	TRIP 0.25 04/01/26TRIPADVISOR INC	35,604,000	$35.0M	0.07%
96	TXNTEXAS INSTRS INC	209,121	$35.0M	0.07%	Put
97	NSCNORFOLK SOUTHN CORP	121,900	$34.0M	0.07%	Put
98	BMRN 1.25 05/15/27BIOMARIN PHARMACEUTICAL INC	35,000,000	$33.0M	0.06%
99	PGPROCTER AND GAMBLE CO	231,196	$33.0M	0.06%	Put
100	JJACOBS SOLUTIONS INC	250,650	$33.0M	0.06%

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