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 | $17.3T | 32261.30% | Put |
| 2 | NVDANVIDIA CORPORATION | 23,004,468 | $4.3T | 7989.42% | Put |
| 3 | MSFTMICROSOFT CORP | 5,678,721 | $2.9T | 5474.90% | Put |
| 4 | TSLATESLA INC | 6,038,793 | $2.7T | 4998.90% | Put |
| 5 | AMZNAMAZON COM INC | 11,530,600 | $2.5T | 4712.63% | Put |
| 6 | IWMISHARES TR | 8,769,829 | $2.1T | 3949.78% | Put |
| 7 | NDQINVESCO QQQ TR | 2,650,808 | $1.6T | 2962.34% | Put |
| 8 | AAPLAPPLE INC | 5,675,127 | $1.4T | 2689.82% | Put |
| 9 | AMDADVANCED MICRO DEVICES INC | 6,199,859 | $1.0T | 1867.12% | Put |
| 10 | GOOGLALPHABET INC | 3,994,681 | $971.1B | 1807.61% | Put |
| 11 | METAMETA PLATFORMS INC | 1,026,907 | $754.1B | 1403.75% | Put |
| 12 | IVVISHARES TR | 962,339 | $644.1B | 1198.91% | |
| 13 | EEMISHARES TR | 9,772,744 | $521.9B | 971.39% | Put |
| 14 | XLFSELECT SECTOR SPDR TR | 8,620,944 | $464.4B | 864.45% | Put |
| 15 | AVGOBROADCOM INC | 1,348,119 | $444.8B | 827.87% | Put |
| 16 | GOOGALPHABET INC | 1,577,505 | $384.2B | 715.15% | Put |
| 17 | VOOVANGUARD INDEX FDS | 614,021 | $376.0B | 699.91% | |
| 18 | FXIISHARES TR | 7,693,700 | $316.5B | 589.17% | Put |
| 19 | HYGISHARES TR | 3,596,701 | $292.0B | 543.56% | Put |
| 20 | XOPSPDR SERIES TRUST | 2,081,900 | $275.2B | 512.31% | Put |
| 21 | BRK/BBERKSHIRE HATHAWAY INC DEL | 531,143 | $267.0B | 497.04% | Put |
| 22 | IBMINTERNATIONAL BUSINESS MACHS | 819,330 | $231.2B | 430.32% | Put |
| 23 | EFAISHARES TR | 2,376,079 | $221.9B | 412.96% | Put |
| 24 | ORCLORACLE CORP | 771,433 | $217.0B | 403.84% | Put |
| 25 | JPMJPMORGAN CHASE & CO. | 638,944 | $201.5B | 375.15% | Put |
| 26 | XMESPDR SERIES TRUST | 2,111,583 | $196.8B | 366.28% | Put |
| 27 | IBITISHARES BITCOIN TRUST ETF | 2,799,900 | $182.0B | 338.76% | Put |
| 28 | TRVCCITIGROUP INC | 1,785,223 | $181.2B | 337.28% | Put |
| 29 | WMTWALMART INC | 1,756,769 | $181.1B | 337.01% | Put |
| 30 | WDC 3 11/15/28WESTERN DIGITAL CORP | 54,500,000 | $174.9B | 325.64% | |
| 31 | CSCOCISCO SYS INC | 2,427,431 | $166.1B | 309.15% | Put |
| 32 | PLTRPALANTIR TECHNOLOGIES INC | 819,347 | $149.5B | 278.21% | Put |
| 33 | VVISA INC | 426,648 | $145.6B | 271.11% | Put |
| 34 | NFLXNETFLIX INC | 107,954 | $129.4B | 240.92% | Put |
| 35 | MAMASTERCARD INCORPORATED | 225,149 | $128.1B | 238.38% | Put |
| 36 | INTCINTEL CORP | 3,716,081 | $124.7B | 232.07% | Put |
| 37 | SMHVANECK ETF TRUST | 380,304 | $124.1B | 231.03% | Put |
| 38 | LLYELI LILLY & CO | 158,888 | $121.2B | 225.66% | Put |
| 39 | COSTCOSTCO WHSL CORP NEW | 122,038 | $113.0B | 210.27% | Put |
| 40 | XLESELECT SECTOR SPDR TR | 1,257,173 | $112.3B | 209.06% | Put |
| 41 | UBERUBER TECHNOLOGIES INC | 1,140,644 | $111.7B | 208.01% | Put |
| 42 | IDCC 3.5 06/01/27INTERDIGITAL INC | 22,532,000 | $100.8B | 187.64% | |
| 43 | ABBVABBVIE INC | 415,443 | $96.2B | 179.05% | Put |
| 44 | BACBANK AMERICA CORP | 1,853,679 | $95.6B | 178.01% | Put |
| 45 | NET 0 08/15/26CLOUDFLARE INC | 69,926,000 | $87.3B | 162.47% | |
| 46 | FOXFOX CORP | 1,515,956 | $86.8B | 161.66% | |
| 47 | IONS 0 04/01/26IONIS PHARMACEUTICALS INC | 69,949,000 | $86.1B | 160.25% | |
| 48 | UNHUNITEDHEALTH GROUP INC | 239,066 | $82.5B | 153.66% | Put |
| 49 | HDHOME DEPOT INC | 201,318 | $81.6B | 151.84% | Put |
| 50 | PANWPALO ALTO NETWORKS INC | 400,123 | $81.5B | 151.65% | Put |
| 51 | LQDISHARES TR | 727,936 | $81.1B | 151.04% | Put |
| 52 | DXCM 0.25 11/15/25DEXCOM INC | 81,483,000 | $80.9B | 150.65% | |
| 53 | 4I1PHILIP MORRIS INTL INC | 495,787 | $80.4B | 149.69% | Put |
| 54 | WFCWELLS FARGO CO NEW | 957,066 | $80.2B | 149.32% | Put |
| 55 | MUMICRON TECHNOLOGY INC | 478,653 | $80.1B | 149.08% | Put |
| 56 | CORZCORE SCIENTIFIC INC NEW | 4,435,000 | $79.6B | 148.10% | |
| 57 | AMATAPPLIED MATLS INC | 384,981 | $78.8B | 146.72% | Put |
| 58 | XOMEXXON MOBIL CORP | 661,356 | $74.6B | 138.80% | Put |
| 59 | CRMSALESFORCE INC | 314,335 | $74.5B | 138.67% | Put |
| 60 | GEGE AEROSPACE | 240,300 | $72.3B | 134.55% | Put |
| 61 | SPOT 0 03/15/26SPOTIFY USA INC | 52,418,000 | $71.8B | 133.57% | |
| 62 | GSGOLDMAN SACHS GROUP INC | 89,192 | $71.0B | 132.21% | Put |
| 63 | ABNB 0 03/15/26AIRBNB INC | 70,181,000 | $68.8B | 128.02% | |
| 64 | MCDMCDONALDS CORP | 221,124 | $67.2B | 125.08% | Put |
| 65 | LITE 1.5 12/15/29LUMENTUM HLDGS INC | 26,774,000 | $64.7B | 120.41% | |
| 66 | INTUINTUIT | 91,720 | $62.6B | 116.59% | Put |
| 67 | XERSXERIS BIOPHARMA HOLDINGS INC | 23,074,000 | $62.1B | 115.51% | |
| 68 | DISDISNEY WALT CO | 538,295 | $61.6B | 114.73% | Put |
| 69 | FCXFREEPORT-MCMORAN INC | 1,564,990 | $61.4B | 114.25% | Put |
| 70 | JNJJOHNSON & JOHNSON | 328,491 | $60.9B | 113.38% | Put |
| 71 | ADBEADOBE INC | 171,314 | $60.4B | 112.49% | Put |
| 72 | QCOMQUALCOMM INC | 360,876 | $60.0B | 111.75% | Put |
| 73 | CNX 2.25 05/01/26CNX RES CORP | 23,604,000 | $59.1B | 110.04% | |
| 74 | BACVERIZON COMMUNICATIONS INC | 1,331,280 | $58.5B | 108.91% | Put |
| 75 | LOWLOWES COS INC | 232,512 | $58.4B | 108.77% | Put |
| 76 | FOUR 0 12/15/25SHIFT4 PMTS INC | 56,349,000 | $58.0B | 107.88% | |
| 77 | CVXCHEVRON CORP NEW | 371,227 | $57.6B | 107.31% | Put |
| 78 | KOCOCA COLA CO | 858,643 | $56.9B | 106.00% | Put |
| 79 | DWDMORGAN STANLEY | 346,972 | $55.2B | 102.66% | Put |
| 80 | CATCATERPILLAR INC | 115,103 | $54.9B | 102.23% | Put |
| 81 | FLSFLOWSERVE CORP | 1,032,398 | $54.9B | 102.12% | Call |
| 82 | LULULULULEMON ATHLETICA INC | 306,337 | $54.5B | 101.46% | Put |
| 83 | NKENIKE INC | 766,057 | $53.4B | 99.43% | Put |
| 84 | MRKMERCK & CO INC | 622,878 | $52.3B | 97.31% | Put |
| 85 | BMYBRISTOL-MYERS SQUIBB CO | 1,121,534 | $50.6B | 94.15% | Put |
| 86 | GXOGXO LOGISTICS INCORPORATED | 944,109 | $49.9B | 92.95% | |
| 87 | PEPPEPSICO INC | 349,981 | $49.2B | 91.49% | Put |
| 88 | PRGSPROGRESS SOFTWARE CORP | 49,019,000 | $49.1B | 91.40% | |
| 89 | CYBRCYBERARK SOFTWARE LTD | 100,000 | $48.3B | 89.93% | |
| 90 | EXAS 0.375 03/15/27EXACT SCIENCES CORP | 48,940,000 | $47.1B | 87.63% | |
| 91 | TSMTAIWAN SEMICONDUCTOR MFG LTD | 166,134 | $46.4B | 86.37% | Put |
| 92 | DAY 0.25 03/15/26DAYFORCE INC | 47,146,000 | $46.2B | 85.98% | |
| 93 | ALRM 0 01/15/26ALARM COM HLDGS INC | 46,408,000 | $45.9B | 85.43% | |
| 94 | MIRM 4 05/01/29MIRUM PHARMACEUTICALS INC | 19,000,000 | $45.7B | 85.11% | |
| 95 | PGPROCTER AND GAMBLE CO | 295,947 | $45.5B | 84.64% | Put |
| 96 | BABOEING CO | 208,607 | $45.0B | 83.81% | Put |
| 97 | CYTK 4 11/15/26CYTOKINETICS INC | 8,631,000 | $44.9B | 83.65% | |
| 98 | PFEPFIZER INC | 1,757,848 | $44.8B | 83.37% | Put |
| 99 | 07WAMR COOPER GROUP INC | 212,000 | $44.7B | 83.18% | |
| 100 | TMUST-MOBILE US INC | 184,550 | $44.2B | 82.23% | Put |
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