CAPSTONE INVESTMENT ADVISORS, LLC Q2 2025 Filing
Filed August 14, 2025
Portfolio Value
$40.4T
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 | $12.3T | 30.48% | Put |
| 2 | NVDANVIDIA CORPORATION | 23,840,806 | $3.8T | 9.32% | Put |
| 3 | TSLATESLA INC | 10,242,802 | $3.3T | 8.05% | Put |
| 4 | AMZNAMAZON COM INC | 9,356,407 | $2.1T | 5.08% | Put |
| 5 | MSFTMICROSOFT CORP | 4,052,882 | $2.0T | 4.99% | Put |
| 6 | AAPLAPPLE INC | 9,088,710 | $1.9T | 4.62% | Put |
| 7 | NDQINVESCO QQQ TR | 2,135,471 | $1.2T | 2.92% | Put |
| 8 | GOOGLALPHABET INC | 6,168,870 | $1.1T | 2.69% | Put |
| 9 | AMDADVANCED MICRO DEVICES INC | 6,589,529 | $935.1B | 2.31% | Put |
| 10 | IWMISHARES TR | 3,206,789 | $692.0B | 1.71% | Put |
| 11 | IVVISHARES TR | 959,240 | $595.6B | 1.47% | |
| 12 | GQ9SPDR GOLD TR | 1,716,101 | $523.1B | 1.30% | Put |
| 13 | EEMISHARES TR | 9,819,544 | $473.7B | 1.17% | Put |
| 14 | GOOGALPHABET INC | 2,118,535 | $375.8B | 0.93% | Put |
| 15 | METAMETA PLATFORMS INC | 404,903 | $298.9B | 0.74% | Put |
| 16 | HYGISHARES TR | 2,604,501 | $210.1B | 0.52% | Put |
| 17 | AVGOBROADCOM INC | 653,070 | $180.0B | 0.45% | Put |
| 18 | BRK/BBERKSHIRE HATHAWAY INC DEL | 347,239 | $168.7B | 0.42% | Put |
| 19 | IBITISHARES BITCOIN TRUST ETF | 2,224,100 | $136.1B | 0.34% | Put |
| 20 | ZS 0.125 07/01/25ZSCALER INC | 66,500,000 | $136.1B | 0.34% | |
| 21 | FXIISHARES TR | 3,583,030 | $131.7B | 0.33% | Put |
| 22 | NVMI 0 10/15/25NOVA LTD | 35,702,000 | $131.5B | 0.33% | |
| 23 | XLFSELECT SECTOR SPDR TR | 2,502,255 | $131.0B | 0.32% | Put |
| 24 | TRVCCITIGROUP INC | 1,521,305 | $129.5B | 0.32% | Put |
| 25 | XOPSPDR SERIES TRUST | 934,723 | $117.6B | 0.29% | Put |
| 26 | VOOVANGUARD INDEX FDS | 202,774 | $115.2B | 0.29% | |
| 27 | JPMJPMORGAN CHASE & CO. | 385,001 | $111.6B | 0.28% | Put |
| 28 | AZEKAZEK CO INC | 1,900,000 | $103.3B | 0.26% | |
| 29 | VRNS 1.25 08/15/25VARONIS SYS INC | 61,779,000 | $102.3B | 0.25% | |
| 30 | FYBRFRONTIER COMMUNICATIONS PARE | 2,650,000 | $96.5B | 0.24% | |
| 31 | NET 0 08/15/26CLOUDFLARE INC | 71,426,000 | $84.6B | 0.21% | |
| 32 | DXCM 0.25 11/15/25DEXCOM INC | 81,483,000 | $80.2B | 0.20% | |
| 33 | INVA 2.5 08/15/25INNOVIVA INC | 67,929,000 | $79.9B | 0.20% | |
| 34 | DOCN 0 12/01/26DIGITALOCEAN HLDGS INC | 85,326,000 | $79.9B | 0.20% | |
| 35 | GDXVANECK ETF TRUST | 1,460,000 | $76.0B | 0.19% | Call |
| 36 | LLYELI LILLY & CO | 97,385 | $75.9B | 0.19% | Put |
| 37 | VVISA INC | 204,106 | $72.5B | 0.18% | Put |
| 38 | NFLXNETFLIX INC | 53,682 | $71.9B | 0.18% | Put |
| 39 | KELKELLANOVA | 864,246 | $68.7B | 0.17% | Put |
| 40 | ABNB 0 03/15/26AIRBNB INC | 70,181,000 | $67.8B | 0.17% | |
| 41 | IDCC 3.5 06/01/27INTERDIGITAL INC | 22,532,000 | $65.7B | 0.16% | |
| 42 | IONS 0 04/01/26IONIS PHARMACEUTICALS INC | 64,949,000 | $65.5B | 0.16% | |
| 43 | COSTCOSTCO WHSL CORP NEW | 65,893 | $65.2B | 0.16% | Put |
| 44 | MAMASTERCARD INCORPORATED | 112,656 | $63.3B | 0.16% | Put |
| 45 | PLTRPALANTIR TECHNOLOGIES INC | 452,538 | $61.7B | 0.15% | Put |
| 46 | XLESELECT SECTOR SPDR TR | 715,210 | $60.7B | 0.15% | Put |
| 47 | ABBVABBVIE INC | 323,792 | $60.1B | 0.15% | Put |
| 48 | CATCATERPILLAR INC | 154,077 | $59.8B | 0.15% | Put |
| 49 | UNHUNITEDHEALTH GROUP INC | 190,949 | $59.6B | 0.15% | Put |
| 50 | CRMSALESFORCE INC | 207,295 | $56.5B | 0.14% | Put |
| 51 | BACBANK AMERICA CORP | 1,160,706 | $54.9B | 0.14% | Put |
| 52 | CNX 2.25 05/01/26CNX RES CORP | 20,104,000 | $52.9B | 0.13% | |
| 53 | SPOT 0 03/15/26SPOTIFY USA INC | 34,500,000 | $52.4B | 0.13% | |
| 54 | FOUR 0 12/15/25SHIFT4 PMTS INC | 41,141,000 | $52.1B | 0.13% | |
| 55 | ORCLORACLE CORP | 237,200 | $51.9B | 0.13% | Put |
| 56 | XMESPDR SERIES TRUST | 768,653 | $51.7B | 0.13% | Put |
| 57 | WFCWELLS FARGO CO NEW | 639,810 | $51.3B | 0.13% | Put |
| 58 | EMBISHARES TR | 551,000 | $51.0B | 0.13% | Put |
| 59 | MCDMCDONALDS CORP | 170,733 | $49.9B | 0.12% | Put |
| 60 | WMTWALMART INC | 507,116 | $49.6B | 0.12% | Put |
| 61 | GSGOLDMAN SACHS GROUP INC | 68,459 | $48.5B | 0.12% | Put |
| 62 | CNK 4.5 08/15/25CINEMARK HLDGS INC | 22,658,000 | $48.1B | 0.12% | |
| 63 | GXOGXO LOGISTICS INCORPORATED | 963,125 | $46.9B | 0.12% | |
| 64 | HDHOME DEPOT INC | 125,775 | $46.1B | 0.11% | Put |
| 65 | ECPG 3.25 10/01/25ENCORE CAP GROUP INC | 42,989,000 | $45.2B | 0.11% | |
| 66 | MUMICRON TECHNOLOGY INC | 365,424 | $45.0B | 0.11% | Put |
| 67 | FLRFLUOR CORP NEW | 855,770 | $43.9B | 0.11% | |
| 68 | AKAM 0.375 09/01/27AKAMAI TECHNOLOGIES INC | 45,110,000 | $43.9B | 0.11% | |
| 69 | IBMINTERNATIONAL BUSINESS MACHS | 146,371 | $43.1B | 0.11% | Put |
| 70 | XOMEXXON MOBIL CORP | 398,442 | $43.0B | 0.11% | Put |
| 71 | PR 3.25 04/01/28PERMIAN RES OPER LLC | 17,607,000 | $42.6B | 0.11% | |
| 72 | TMUST-MOBILE US INC | 177,907 | $42.4B | 0.10% | Put |
| 73 | BABOEING CO | 200,379 | $42.0B | 0.10% | Put |
| 74 | JNJJOHNSON & JOHNSON | 269,598 | $41.2B | 0.10% | Put |
| 75 | EFAISHARES TR | 457,717 | $40.9B | 0.10% | Put |
| 76 | DISDISNEY WALT CO | 329,527 | $40.9B | 0.10% | Put |
| 77 | LQDISHARES TR | 372,219 | $40.8B | 0.10% | Put |
| 78 | DAY 0.25 03/15/26DAYFORCE INC | 42,146,000 | $40.8B | 0.10% | |
| 79 | SLBSCHLUMBERGER LTD | 1,201,763 | $40.6B | 0.10% | Put |
| 80 | INTCINTEL CORP | 1,804,638 | $40.4B | 0.10% | Put |
| 81 | ALRM 0 01/15/26ALARM COM HLDGS INC | 41,408,000 | $40.4B | 0.10% | |
| 82 | XERSXERIS BIOPHARMA HOLDINGS INC | 23,074,000 | $39.2B | 0.10% | |
| 83 | TSMTAIWAN SEMICONDUCTOR MFG LTD | 170,345 | $38.6B | 0.10% | Put |
| 84 | KNXKNIGHT-SWIFT TRANSN HLDGS IN | 797,987 | $35.3B | 0.09% | |
| 85 | UBER 0.875 12/01/28 2028UBER TECHNOLOGIES INC | 24,371,000 | $34.9B | 0.09% | |
| 86 | CSCOCISCO SYS INC | 498,913 | $34.6B | 0.09% | Put |
| 87 | TSTENARIS S A | 921,547 | $34.5B | 0.09% | |
| 88 | AKAM 1.125 02/15/29AKAMAI TECHNOLOGIES INC | 36,000,000 | $34.3B | 0.08% | |
| 89 | DWDMORGAN STANLEY | 241,028 | $34.0B | 0.08% | Put |
| 90 | 4I1PHILIP MORRIS INTL INC | 185,198 | $33.7B | 0.08% | Put |
| 91 | KOCOCA COLA CO | 475,213 | $33.6B | 0.08% | Put |
| 92 | ACNACCENTURE PLC IRELAND | 110,963 | $33.2B | 0.08% | Put |
| 93 | LINLINDE PLC | 70,529 | $33.1B | 0.08% | Put |
| 94 | CHEF 2.375 12/15/28CHEFS WHSE INC | 20,200,000 | $31.5B | 0.08% | |
| 95 | MRKMERCK & CO INC | 396,990 | $31.4B | 0.08% | Put |
| 96 | XLBSELECT SECTOR SPDR TR | 355,500 | $31.2B | 0.08% | Put |
| 97 | PFEPFIZER INC | 1,250,283 | $30.3B | 0.08% | Put |
| 98 | SCHWSCHWAB CHARLES CORP | 330,070 | $30.1B | 0.07% | Put |
| 99 | ADBEADOBE INC | 77,144 | $29.8B | 0.07% | Put |
| 100 | TRIP 0.25 04/01/26TRIPADVISOR INC | 30,604,000 | $29.5B | 0.07% |
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