Fund HoldingsCAPSTONE INVESTMENT ADVISORS, LLC

Total Portfolio Value
$57.41B
Total Bought
$18.59B
Total Sold
$12.73B
Net Transaction
+$5.86B
Filing Period:
Securities
SharesValue ($K)
Q4 2025
Q1 2026
Change
Q4 2025
Q1 2026
Weight (%)
Change
INVESCO QQQ TR(Put)5,101,20016,859,400+11,758,2003,133,7189,730,908+6,597,190
INVESCO QQQ TR(Call)2,329,9009,756,800+7,426,9001,431,2815,631,430+4,200,149
MICROSOFT CORP(MSFT)02,773,897+2,773,89701,026,8131.79%+1,026,813
AMAZON COM INC(AMZN)(Put)07,180,600+7,180,60001,495,504+1,495,504
AMAZON COM INC(AMZN)05,769,310+5,769,31001,201,5742.09%+1,201,574
MICROSOFT CORP(MSFT)(Put)03,420,600+3,420,60001,266,204+1,266,204
ISHARES TR(Put)700,0005,108,800+4,408,80077,133556,808+479,675
LUMENTUM HLDGS INC(LITE)000296,432752,6991.31%+456,266
WESTERN DIGITAL CORP(WDC)000270,592576,5371.00%+305,945
SELECT SECTOR SPDR TR(Call)
ST STR FINL ETF
05,873,400+5,873,4000289,970+289,970
STATE STR SPDR S&P 500 ETF T(SPY)0593,324+593,3240385,8620.67%+385,862
ISHARES TR(Put)6,014,80011,692,800+5,678,000230,307419,772+189,465
WARNER BROS DISCOVERY INC(WBD)3,750,00010,205,000+6,455,000108,075280,2290.49%+172,154
ECHOSTAR CORP(ECHO)00029,110187,2660.33%+158,156
WARNER BROS DISCOVERY INC(WBD)(Put)3,722,4009,218,800+5,496,400107,280253,148+145,869
TESLA INC(TSLA)01,454,100+1,454,1000540,5620.94%+540,562
EXXON MOBIL CORP(Put)0873,500+873,5000148,198+148,198
ISHARES TR(Call)01,169,200+1,169,2000113,564+113,564
CLOUDFLARE INC(NET)0000106,9960.19%+106,996
ISHARES TR(Put)04,467,200+4,467,2000355,410+355,410
ISHARES TR(Put)0794,700+794,700077,189+77,189
NEBIUS GROUP N.V.(NBIS)(Put)1,811,0002,161,000+350,000151,590224,225+72,636
META PLATFORMS INC(META)(Call)0309,200+309,2000176,903+176,903
ISHARES INC(Put)4,436,7005,285,200+848,500140,954202,899+61,945
WEBSTER FINL CORP(WBS)0849,500+849,500058,9720.10%+58,972
AMAZON COM INC(AMZN)(Call)1,049,2001,427,800+378,600242,176297,368+55,192
MICRON TECHNOLOGY INC(MU)(Put)301,700418,100+116,40086,108141,251+55,143
MICROSOFT CORP(MSFT)(Call)461,000750,200+289,200222,949277,702+54,753
CHEVRON CORPORATION(CVX)(Put)0343,000+343,000070,967+70,967
ELECTRONIC ARTS INC(EA)0235,000+235,000047,9090.08%+47,909
APPLE INC(AAPL)(Put)03,456,800+3,456,8000877,301+877,301
ISHARES TR(Call)8,316,10010,049,600+1,733,500318,423360,781+42,357
INTERDIGITAL INC(IDCC)00092,899134,8470.23%+41,948
BERKSHIRE HATHAWAY INC DEL(Put)0244,500+244,5000117,164+117,164
BRIDGEBIO PHARMA INC(BBIO)00057,59997,9650.17%+40,366
PALANTIR TECHNOLOGIES INC(PLTR)(Put)0731,700+731,7000107,033+107,033
PALANTIR TECHNOLOGIES INC(PLTR)0320,818+320,818046,9290.08%+46,929
JOHNSON & JOHNSON(JNJ)(Put)0355,700+355,700086,947+86,947
ALCOA CORP(AA)0543,665+543,665036,0610.06%+36,061
ISHARES TR01,046,789+1,046,789037,5800.07%+37,580
INTERNATIONAL BUSINESS MACHS(IBM)0151,717+151,717036,7750.06%+36,775
CHART INDS INC0163,000+163,000033,7000.06%+33,700
ORACLE CORP(ORCL)500,718884,183+383,46597,595130,0720.23%+32,477
SALESFORCE INC(CRM)(Call)0192,900+192,900036,009+36,009
GE VERNOVA INC(GEV)(Put)044,000+44,000038,408+38,408
ELI LILLY & CO(LLY)(Put)095,300+95,300087,654+87,654
CITIGROUP INC(C)(Put)0447,600+447,600050,762+50,762
JPMORGAN CHASE & CO(JPM)(Put)0423,300+423,3000124,518+124,518
PROCTER & GAMBLE CO(PG)(Put)0333,500+333,500048,171+48,171
SERVICENOW INC(NOW)(Put)0260,200+260,200027,204+27,204
EXXON MOBIL CORP(Call)0168,100+168,100028,520+28,520
LINDE PLC(LIN)(Put)059,200+59,200029,349+29,349
WALMART INC(WMT)(Put)0571,400+571,400071,014+71,014
SALESFORCE INC(CRM)(Put)0178,500+178,500033,321+33,321
SANDISK CORP(SNDK)(Put)033,300+33,300021,157+21,157
RTX CORPORATION(RTX)(Put)0221,500+221,500042,727+42,727
ISHARES TR(Call)122,500202,900+80,40030,15550,319+20,165
ALIBABA GROUP HLDG LTD(BABA)(Put)0171,500+171,500021,516+21,516
XPO INC(XPO)(Put)0100,800+100,800019,611+19,611
ALPHATEC HLDGS INC(ATEC)000019,3400.03%+19,340
CONOCOPHILLIPS(COP)(Put)0180,100+180,100023,773+23,773
MIRUM PHARMACEUTICALS INC(MIRM)00062,03380,7840.14%+18,751
BIOMARIN PHARMACEUTICAL INC(BMRN)00033,61452,3430.09%+18,729
RELIANCE INC(RS)061,560+61,560018,7090.03%+18,709
BANK AMERICA CORP(Call)0574,000+574,000027,983+27,983
BLACKROCK INC(BLK)(Put)019,800+19,800019,042+19,042
SELECT SECTOR SPDR TR
ST STR ENERG ETF
1,197,5681,163,460-34,10853,54371,2740.12%+17,730
LAM RESEARCH CORP(LRCX)(Put)0207,100+207,100044,249+44,249
INVESCO QQQ TR031,488+31,488018,1740.03%+18,174
CLEARWATER ANALYTICS HLDGS I0700,000+700,000016,5550.03%+16,555
EXPEDITORS INTL WASH INC(EXPD)0111,151+111,151015,9200.03%+15,920
MICRON TECHNOLOGY INC(MU)053,392+53,392018,0380.03%+18,038
WESTLAKE CORPORATION(WLK)0135,808+135,808015,8650.03%+15,865
DEERE & CO(DE)(Put)033,700+33,700018,983+18,983
MARA HOLDINGS INC(MARA)000015,5230.03%+15,523
EVERGY INC(EVRG)00025,59640,5080.07%+14,911
BANK AMERICA CORP(Put)01,398,500+1,398,500068,177+68,177
JPMORGAN CHASE & CO(JPM)050,444+50,444014,8390.03%+14,839
ISHARES TR0149,910+149,910014,5610.03%+14,561
ASCENDIS PHARMA A/S(ASND)00036,57750,9750.09%+14,398
STRIDE INC(LRN)000019,8090.03%+19,809
ACCENTURE PLC IRELAND(Call)
SHS CLASS A
087,500+87,500017,350+17,350
AMPHENOL CORP(Put)0140,200+140,200017,714+17,714
CONSTELLATION ENERGY CORP(CEG)060,485+60,485016,8900.03%+16,890
SEA LTD(SE)00016,52430,3800.05%+13,856
HONEYWELL INTL INC(HON)(Put)063,200+63,200014,285+14,285
COTERRA ENERGY INC0389,819+389,819013,6980.02%+13,698
RAPID7 INC00036,94350,4000.09%+13,457
COSTCO WHOLESALE CORPORATION(COST)(Put)041,200+41,200041,053+41,053
MCKESSON CORP(MCK)(Put)016,400+16,400014,192+14,192
ROBINHOOD MKTS INC(HOOD)0256,054+256,054017,7450.03%+17,745
BERKSHIRE HATHAWAY INC DEL027,107+27,107012,9900.02%+12,990
NIKE INC(NKE)(Call)0419,000+419,000022,132+22,132
VISA INC(V)041,189+41,189012,4490.02%+12,449
SPDR SERIES TRUST(Put)
ST STR SP BIOT
0101,200+101,200012,926+12,926
CLEANSPARK INC(CLSK)000012,2610.02%+12,261
SPDR SERIES TRUST(Call)
ST STR SP REGBNK
0213,400+213,400013,903+13,903
PALO ALTO NETWORKS INC(PANW)0103,791+103,791016,6400.03%+16,640
CISCO SYS INC(CSCO)(Call)0236,100+236,100018,319+18,319
MAKEMYTRIP LIMITED MAURITIUS(MMYT)000011,7300.02%+11,730
Page 1 of 1