HOLLENCREST CAPITAL MANAGEMENT Q4 2025 Filing

Filed February 12, 2026

Portfolio Value

$2.9B

Holdings

1,139

Report Date

Q4 2025

Filing Type

13F-HR

All Holdings (1,139 positions)

#	Stock	Shares	Value	% Portfolio	Type
1	VOOVANGUARD S&P 500 ETF	637,700	$399.0M	13.74%
2	AAPLAPPLE INC	1,048,621	$285.0M	9.82%
3	SPYSTATE STREET SPDR S&P 500 ETF	268,559	$183.0M	6.30%
4	NDQINVESCO QQQ TRUST SERIES I	183,594	$112.0M	3.86%
5	QQQMINVESCO NASDAQ 100 ETF	442,651	$111.0M	3.82%
6	GOOGLALPHABET INC CAP STK CL A	326,500	$102.0M	3.51%	Call
7	MSFTMICROSOFT CORP COM	150,947	$72.0M	2.48%	Call
8	BRK-BBERKSHIRE HATHAWAY INC DEL CL A	95	$71.0M	2.45%
9	GQ9SPDR GOLD SHARES	174,143	$66.0M	2.27%	Call
10	COSTCOSTCO WHOLESALE CORPORATION COM	68,363	$58.0M	2.00%
11	RSDEFT VEST U.S. EQUITY EQUAL WEIGHT BUFFER ETF - DECEMBER	2,388,214	$52.0M	1.79%
12	XLKSTATE STREET TECHNOLOGY SELECT SECTOR SPDR ETF	365,035	$52.0M	1.79%
13	IVVISHARES CORE S&P 500 ETF	70,899	$48.0M	1.65%
14	VGTVANGUARD INFORMATION TECHNOLOGY ETF	58,778	$44.0M	1.52%
15	UNHUNITEDHEALTH GROUP INC COM	135,649	$44.0M	1.52%
16	PPLTABRDN PHYSICAL PLATINUM SHARES ETF	231,930	$43.0M	1.48%
17	GDECFT VEST U.S. EQUITY MODERATE BUFFER ETF - DECEMBER	1,112,215	$42.0M	1.45%
18	MAMASTERCARD INCORPORATED CL A	71,844	$41.0M	1.41%
19	QBUFINNOVATOR NASDAQ-100 10 BUFFER ETF QUARTERLY	1,359,662	$39.0M	1.34%
20	ZALTINNOVATOR U.S. EQUITY 10 BUFFER ETF - QUARTERLY	1,224,536	$39.0M	1.34%
21	VVISA INC COM CL A	109,684	$38.0M	1.31%
22	UPSUNITED PARCEL SVCS INC CL B	368,672	$36.0M	1.24%
23	FHDGFT VEST U.S. EQUITY QUARTERLY DYNAMIC BUFFER ETF	1,076,172	$36.0M	1.24%
24	HDHOME DEPOT INC COM	101,664	$34.0M	1.17%
25	CRMSALESFORCE INC COM	127,923	$33.0M	1.14%
26	PSLV/USPROTT ASSET MANAGEMENT LP PHYSICAL SILVER	1,393,050	$32.0M	1.10%
27	TSLATESLA INC COM	64,718	$29.0M	1.00%
28	VTIVANGUARD TOTAL STOCK MARKET ETF	73,196	$24.0M	0.83%
29	JPMJPMORGAN CHASE & CO COM	68,150	$21.0M	0.72%	Call
30	ULTAULTA BEAUTY INC COM	34,263	$20.0M	0.69%
31	4I1PHILIP MORRIS INTL INC COM	123,133	$19.0M	0.65%
32	CITHE CIGNA GROUP COM	71,834	$19.0M	0.65%
33	TJXTJX COS INC NEW COM	122,719	$18.0M	0.62%
34	AMATAPPLIED MATLS INC COM	67,269	$17.0M	0.59%
35	GOOGALPHABET INC CAP STK CL C	52,187	$16.0M	0.55%
36	CEF/USPROTT ASSET MANAGEMENT LP PHYSICAL GOLD AN	356,183	$16.0M	0.55%
37	AMZNAMAZON COM INC COM	73,614	$16.0M	0.55%
38	BRK/BBERKSHIRE HATHAWAY INC DEL CL B NEW	30,166	$15.0M	0.52%
39	NVDANVIDIA CORPORATION COM	86,126	$15.0M	0.52%	Call
40	ONEQFIDELITY NASDAQ COMPOSITE INDEX ETF	172,156	$15.0M	0.52%
41	FNFFIDELITY NATIONAL FINANCIAL IN COM SHS	261,013	$14.0M	0.48%
42	GDXJVANECK JUNIOR GOLD MINERS ETF	122,956	$13.0M	0.45%
43	OKEONEOK INC NEW COM	151,448	$11.0M	0.38%
44	VUGVANGUARD GROWTH ETF	21,042	$10.0M	0.34%
45	SPYMSTATE STREET SPDR PORTFOLIO S&P 500 ETF	133,493	$10.0M	0.34%
46	PDXPIMCO DYNAMIC INCOME STRATEGY COM SHS BEN INT	481,576	$9.0M	0.31%
47	AEMAGNICO EAGLE MINES LTD COM	55,906	$9.0M	0.31%
48	PLTRPALANTIR TECHNOLOGIES INC CL A	50,283	$8.0M	0.28%	Call
49	SYKSTRYKER CORPORATION COM	25,258	$8.0M	0.28%
50	VIGVANGUARD DIVIDEND APPRECIATION ETF	37,443	$8.0M	0.28%
51	VGKVANGUARD FTSE EUROPE ETF	97,448	$8.0M	0.28%
52	ICSHISHARES ULTRA SHORT DURATION BOND ACTIVE ETF	140,343	$7.0M	0.24%
53	GDXVANECK GOLD MINERS ETF	96,253	$7.0M	0.24%	Call
54	ITOTISHARES CORE S&P TOTAL U.S. STOCK MARKET ETF	52,959	$7.0M	0.24%
55	AZOAUTOZONE INC COM	2,156	$7.0M	0.24%
56	DAYDAYFORCE INC COM	88,374	$6.0M	0.21%
57	AAALCOA CORP COM	128,965	$6.0M	0.21%
58	KLACKLA CORP COM NEW	5,091	$6.0M	0.21%
59	PAASPAN AMERN SILVER CORP COM	121,233	$6.0M	0.21%
60	NEMNEWMONT CORP COM	58,947	$5.0M	0.17%
61	MCDMCDONALDS CORP COM	18,715	$5.0M	0.17%
62	BACBANK AMERICA CORP COM	107,928	$5.0M	0.17%	Put
63	CDECOEUR MNG INC COM NEW	306,678	$5.0M	0.17%
64	AVGOBROADCOM INC COM	17,236	$5.0M	0.17%	Call
65	AUANGLOGOLD ASHANTI PLC COM SHS	69,565	$5.0M	0.17%
66	LOWLOWES COS INC COM	18,037	$4.0M	0.14%
67	SCHXSCHWAB U.S. LARGE-CAP ETF	166,611	$4.0M	0.14%
68	FISFIDELITY NATL INFORMATION SVCS COM	65,009	$4.0M	0.14%
69	HLHECLA MNG CO COM	248,544	$4.0M	0.14%
70	MOALTRIA GROUP INC COM	85,188	$4.0M	0.14%
71	TUASIMPLIFY SHORT TERM TREASURY FUTURES STRATEGY ETF	202,062	$4.0M	0.14%
72	VDEVANGUARD ENERGY ETF	32,419	$4.0M	0.14%
73	CCOCAMECO CORP COM	42,121	$3.0M	0.10%
74	METAMETA PLATFORMS INC CL A	5,152	$3.0M	0.10%
75	IEMGISHARES CORE MSCI EMERGING MARKETS ETF	53,563	$3.0M	0.10%
76	FXYINVESCO CURRENCYSHARES JAPANESE YEN TRUST	60,000	$3.0M	0.10%
77	PANWPALO ALTO NETWORKS INC COM	20,738	$3.0M	0.10%
78	CMDTPIMCO COMMODITY STRATEGY ACTIVE EXCHANGE-TRADED FUND	128,692	$3.0M	0.10%
79	PMBSPIMCO MORTGAGE-BACKED SECURITIES ACTIVE EXCHANGE-TRADED FUND	73,013	$3.0M	0.10%
80	SZ7AMERICAS GOLD AND SILVER CORP COM NEW	729,551	$3.0M	0.10%
81	EWEDWARDS LIFESCIENCES CORP COM	36,121	$3.0M	0.10%
82	AQLTISHARES CORE MSCI EAFE ETF	34,636	$3.0M	0.10%
83	BBARRICK MNG CORP COM SHS	91,329	$3.0M	0.10%
84	TMFDIREXION DAILY 20 YEAR TREASURY BULL 3X SHARES	68,830	$2.0M	0.07%
85	MUCBLACKROCK MUNIHLDNGS CALI QLTY COM	226,520	$2.0M	0.07%
86	GEGE AEROSPACE COM NEW	9,054	$2.0M	0.07%
87	PHYS/USPROTT ASSET MANAGEMENT LP PHYSICAL GOLD TR	90,692	$2.0M	0.07%
88	EWGISHARES MSCI GERMANY ETF	65,675	$2.0M	0.07%	Call
89	URNMSPROTT URANIUM MINERS ETF	42,130	$2.0M	0.07%
90	AGNCAGNC INVT CORP COM	220,800	$2.0M	0.07%
91	IUSGISHARES CORE S&P U.S. GROWTH ETF	15,679	$2.0M	0.07%
92	ADBEADOBE INC COM	7,049	$2.0M	0.07%
93	BONDPIMCO ACTIVE BOND EXCHANGE-TRADED FUND	24,537	$2.0M	0.07%
94	WMTWALMART INC COM	19,922	$2.0M	0.07%
95	FCXFREEPORT MCMORAN INC CL B	45,483	$2.0M	0.07%
96	LRCXLAM RESEARCH CORP COM NEW	12,747	$2.0M	0.07%
97	AGGISHARES CORE U.S. AGGREGATE BOND ETF	24,052	$2.0M	0.07%
98	XLESTATE STREET ENERGY SELECT SECTOR SPDR ETF	49,767	$2.0M	0.07%
99	XOMEXXON MOBIL CORP COM	20,957	$2.0M	0.07%
100	IWMISHARES RUSSELL 2000 ETF	9,234	$2.0M	0.07%

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