Fund HoldingsCAPSTONE INVESTMENT ADVISORS, LLC

Total Portfolio Value
$51.09B
Total Bought
$10.12B
Total Sold
$13.28B
Net Transaction
-$3.16B
Filing Period:
Securities
SharesValue ($K)
Q3 2025
Q4 2025
Change
Q3 2025
Q4 2025
Weight (%)
Change
INVESCO QQQ TR(Put)1,968,7005,101,200+3,132,5001,181,9483,133,718+1,951,770
INVESCO QQQ TR(Call)663,0002,329,900+1,666,900398,0451,431,281+1,033,236
ISHARES TR962,3391,780,940+818,601644,0931,219,8372.39%+575,744
ALPHABET INC(GOOG)(Put)03,743,100+3,743,10001,171,590+1,171,590
SELECT SECTOR SPDR TR(Put)
ST STR FINL ETF
010,206,000+10,206,0000558,983+558,983
ALPHABET INC(GOOG)02,760,471+2,760,4710864,0271.69%+864,027
ALPHABET INC(GOOG)(Put)1,046,5002,060,800+1,014,300254,875646,679+391,804
NVIDIA CORPORATION(NVDA)08,577,701+8,577,70101,599,7413.13%+1,599,741
LUMENTUM HLDGS INC(LITE)0000296,4320.58%+296,432
WESTERN DIGITAL CORP(WDC)0000270,5920.53%+270,592
ALPHABET INC(GOOG)0930,913+930,9130292,1200.57%+292,120
ISHARES TR(Call)3,893,6008,316,100+4,422,500160,183318,423+158,241
NEBIUS GROUP N.V.(NBIS)(Put)01,811,000+1,811,0000151,590+151,590
META PLATFORMS INC(META)236,807489,095+252,288173,906322,8470.63%+148,940
SPDR SERIES TRUST(Put)
SP O&G EXPL PRO
01,170,300+1,170,3000147,762+147,762
VANGUARD INDEX FDS614,021829,895+215,874376,014520,4521.02%+144,438
SELECT SECTOR SPDR TR
ST STR FINL ETF
02,590,378+2,590,3780141,8750.28%+141,875
ISHARES INC(Put)04,436,700+4,436,7000140,954+140,954
VANGUARD INDEX FDS(Put)0213,900+213,9000134,143+134,143
BROADCOM INC(AVGO)0406,195+406,1950140,5840.28%+140,584
ALPHABET INC(GOOG)(Call)284,900620,800+335,90069,387194,807+125,420
AMAZON COM INC(AMZN)(Call)558,8001,049,200+490,400122,696242,176+119,481
SELECT SECTOR SPDR TR(Put)
ST STR ENERG ETF
02,557,600+2,557,6000114,350+114,350
WARNER BROS DISCOVERY INC(WBD)03,750,000+3,750,0000108,0750.21%+108,075
WARNER BROS DISCOVERY INC(WBD)(Put)03,722,400+3,722,4000107,280+107,280
ADVANCED MICRO DEVICES INC(AMD)02,467,636+2,467,6360528,4691.03%+528,469
INTERDIGITAL INC(IDCC)000092,8990.18%+92,899
KENVUE INC(KVUE)05,088,765+5,088,765087,7810.17%+87,781
KENVUE INC(KVUE)(Put)05,124,600+5,124,600088,399+88,399
ORACLE CORP(ORCL)0500,718+500,718097,5950.19%+97,595
ISHARES TR(Put)3,800,1006,014,800+2,214,700156,336230,307+73,971
DAYFORCE INC01,005,490+1,005,490069,5400.14%+69,540
CNX RES CORP(CNX)000067,5900.13%+67,590
CORE SCIENTIFIC INC NEW(CORZ)(Call)04,600,000+4,600,000066,976+66,976
MIRUM PHARMACEUTICALS INC(MIRM)000062,0330.12%+62,033
XERIS BIOPHARMA HOLDINGS INC(XERS)000061,0720.12%+61,072
MICROSOFT CORP(MSFT)(Call)313,700461,000+147,300162,481222,949+60,468
SPDR SERIES TRUST
SP O&G EXPL PRO
0477,078+477,078060,2360.12%+60,236
BRIDGEBIO PHARMA INC(BBIO)000057,5990.11%+57,599
TAIWAN SEMICONDUCTOR MFG LTD(TSM)0199,664+199,664060,6760.12%+60,676
PROGRESS SOFTWARE CORP(PRGS)000053,8430.11%+53,843
SELECT SECTOR SPDR TR
ST STR ENERG ETF
01,197,568+1,197,568053,5430.10%+53,543
CYTOKINETICS INC(CYTK)000051,9710.10%+51,971
EXACT SCIENCES CORP000051,2010.10%+51,201
BROADCOM INC(AVGO)(Put)1,038,8001,135,900+97,100342,711393,135+50,424
CHEFS WHSE INC(CHEF)000050,2160.10%+50,216
DAYFORCE INC000046,7920.09%+46,792
AKAMAI TECHNOLOGIES INC(AKAM)000043,5820.09%+43,582
CATERPILLAR INC(CAT)(Put)99,300156,600+57,30047,38189,711+42,330
FRONTIER COMMUNICATIONS PARE01,938,311+1,938,311073,7920.14%+73,792
CONMED CORP(CNMD)000039,3600.08%+39,360
PTC THERAPEUTICS INC(PTCT)000037,1410.07%+37,141
RAPID7 INC000036,9430.07%+36,943
ASCENDIS PHARMA A/S(ASND)000036,5770.07%+36,577
TRIPADVISOR INC(TRIP)000035,0250.07%+35,025
BIOMARIN PHARMACEUTICAL INC(BMRN)000033,6140.07%+33,614
AKAMAI TECHNOLOGIES INC(AKAM)000032,7730.06%+32,773
ISHARES SILVER TR(SLV)(Put)0611,800+611,800039,412+39,412
BENTLEY SYS INC(BSY)000031,8380.06%+31,838
UBER TECHNOLOGIES INC(UBER)000031,0200.06%+31,020
IONIS PHARMACEUTICALS INC(IONS)0000116,6990.23%+116,699
APPLE INC(AAPL)01,024,889+1,024,8890278,6260.55%+278,626
NETFLIX INC(NFLX)0487,638+487,638045,7210.09%+45,721
APPLE INC(AAPL)(Call)755,200816,100+60,900192,297221,865+29,568
ECHOSTAR CORP(ECHO)000029,1100.06%+29,110
TAIWAN SEMICONDUCTOR MFG LTD(TSM)(Put)0170,000+170,000051,661+51,661
ISHARES TR(Call)0122,500+122,500030,155+30,155
IREN LIMITED(IREN)000026,2790.05%+26,279
AMICUS THERAPEUTICS INC
COM
01,850,000+1,850,000026,3440.05%+26,344
EVERGY INC(EVRG)000025,5960.05%+25,596
FEDEX CORP(FDX)0100,129+100,129028,9230.06%+28,923
HOLOGIC INC0336,740+336,740025,0840.05%+25,084
EXACT SCIENCES CORP(EXK)0251,384+251,384025,5310.05%+25,531
ISHARES TR0771,163+771,163042,1900.08%+42,190
MASTEC INC(MTZ)0100,997+100,997021,9540.04%+21,954
AMERICAN INTL GROUP INC(Call)0256,800+256,800021,969+21,969
MEDLINE INC(MDLN)0489,000+489,000020,5380.04%+20,538
SPDR SERIES TRUST
ST TERM HIGH ETF
0760,701+760,701019,2610.04%+19,261
STRATEGY INC(MSTR)000018,3230.04%+18,323
VENTAS RLTY LTD PARTNERSHIP(VTR)000017,6810.03%+17,681
JACOBS SOLUTIONS INC(J)0250,650+250,650033,2010.06%+33,201
MARA HOLDINGS INC(MARA)000016,6350.03%+16,635
SEA LTD(SE)000016,5240.03%+16,524
SPDR SERIES TRUST
ST STR SP REGBNK
0254,401+254,401016,4880.03%+16,488
TYLER TEX INDPT SCH DIST(TYL)000016,3690.03%+16,369
FIRSTENERGY CORP(FE)000016,3640.03%+16,364
POST HLDGS INC(POST)000016,1780.03%+16,178
SPDR SERIES TRUST
ST BLOO HIGH ETF
0166,301+166,301016,1660.03%+16,166
FLUOR CORP(FLR)000015,9840.03%+15,984
ISHARES TR(Put)0700,000+700,000077,133+77,133
STRATEGY INC(MSTR)000015,8000.03%+15,800
DUKE ENERGY CORP NEW(DUK)000015,4690.03%+15,469
ARK ETF TR(Put)
INNOVATION ETF
0200,000+200,000015,384+15,384
MICRON TECHNOLOGY INC(MU)(Put)423,100301,700-121,40070,79386,108+15,315
CLEANSPARK INC(CLSK)000015,2440.03%+15,244
ISHARES TR0242,601+242,601025,9850.05%+25,985
FLUOR CORP NEW(FLR)0599,359+599,359023,7530.05%+23,753
NETSTREIT CORP(NTST)0772,907+772,907013,6340.03%+13,634
INNOVIVA INC(INVA)000013,2860.03%+13,286
ECHOSTAR CORP(ECHO)0150,000+150,000016,3050.03%+16,305
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