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 | DAYDAYFORCE INC | 1,005,490 | $69.0M | 0.14% | |
| 53 | CORZCORE SCIENTIFIC INC NEW | 4,850,000 | $69.0M | 0.14% | Call |
| 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 | XERSXERIS BIOPHARMA HOLDINGS INC | 23,074,000 | $61.0M | 0.12% | |
| 59 | COSTCOSTCO WHSL CORP NEW | 72,733 | $61.0M | 0.12% | Put |
| 60 | JNJJOHNSON & JOHNSON | 300,000 | $61.0M | 0.12% | Put |
| 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 | ADBEADOBE INC | 161,045 | $55.0M | 0.11% | Put |
| 66 | FDXFEDEX CORP | 199,229 | $55.0M | 0.11% | Put |
| 67 | PRGSPROGRESS SOFTWARE CORP | 54,019,000 | $53.0M | 0.10% | |
| 68 | CYBRCYBERARK SOFTWARE LTD | 121,000 | $53.0M | 0.10% | |
| 69 | CYTK 4 11/15/26CYTOKINETICS INC | 8,631,000 | $51.0M | 0.10% | |
| 70 | EXAS 0.375 03/15/27EXACT SCIENCES CORP | 48,940,000 | $51.0M | 0.10% | |
| 71 | GXOGXO LOGISTICS INCORPORATED | 975,295 | $51.0M | 0.10% | |
| 72 | CHEF 2.375 12/15/28CHEFS WHSE INC | 33,011,000 | $50.0M | 0.10% | |
| 73 | GEGE AEROSPACE | 164,500 | $50.0M | 0.10% | Put |
| 74 | BMYBRISTOL-MYERS SQUIBB CO | 951,050 | $50.0M | 0.10% | Put |
| 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 | DWDMORGAN STANLEY | 267,301 | $46.0M | 0.09% | Put |
| 80 | ALRM 0 01/15/26ALARM COM HLDGS INC | 46,408,000 | $46.0M | 0.09% | |
| 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 | UBERUBER TECHNOLOGIES INC | 465,223 | $37.0M | 0.07% | Put |
| 89 | PTCT 1.5 09/15/26PTC THERAPEUTICS INC | 25,000,000 | $37.0M | 0.07% | |
| 90 | UPSUNITED PARCEL SERVICE INC | 389,454 | $37.0M | 0.07% | Put |
| 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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