CAPSTONE INVESTMENT ADVISORS, LLC
Comparing Q4 2025 vs Q3 2025
Sorting applies to all holdings for this quarter on the server, then the page is sliced. Prior-quarter values come from the full prior-quarter filing.
Issuer ▲▼ | Shares | Value ($K) | ||||
|---|---|---|---|---|---|---|
Q3 2025 ▲▼ | Q4 2025 ▲▼ | Change ▲▼ | Q3 2025 ▲▼ | Q4 2025 ▲▼ | Change ▲▼ | |
| INVESCO QQQ TR(Put) | 1,968,700 | 5,101,200 | +3,132,500 | 1,181,948,414 | 3,133,718,170 | +1,951,769,756 |
| INVESCO QQQ TR(Call) | 663,000 | 2,329,900 | +1,666,900 | 398,045,310 | 1,431,280,869 | +1,033,235,559 |
| ISHARES TR | 962,339 | 1,780,940 | +818,601 | 644,093,493 | 1,219,837,044 | +575,743,551 |
| ALPHABET INC(Put) | 2,466,100 | 3,743,100 | +1,277,000 | 599,508,910 | 1,171,590,300 | +572,081,390 |
| SELECT SECTOR SPDR TR(Put) | 0 | 10,206,000 | +10,206,000 | 0 | 558,982,620 | +558,982,620 |
| ALPHABET INC | 1,281,781 | 2,760,471 | +1,478,690 | 311,600,961 | 864,027,423 | +552,426,462 |
| ALPHABET INC(Put) | 1,046,500 | 2,060,800 | +1,014,300 | 254,875,075 | 646,679,040 | +391,803,965 |
| NVIDIA CORPORATION | 6,701,468 | 8,577,701 | +1,876,233 | 1,250,359,899 | 1,599,741,237 | +349,381,338 |
| LUMENTUM HLDGS INC | 0 | 0 | 0 | 0 | 296,432,181 | +296,432,181 |
| WESTERN DIGITAL CORP | 0 | 0 | 0 | 0 | 270,591,700 | +270,591,700 |
| ALPHABET INC | 246,105 | 930,913 | +684,808 | 59,938,873 | 292,120,499 | +232,181,626 |
| ISHARES TR(Call) | 3,893,600 | 8,316,100 | +4,422,500 | 160,182,704 | 318,423,471 | +158,240,767 |
| NEBIUS GROUP N.V.(Put) | 0 | 1,811,000 | +1,811,000 | 0 | 151,589,755 | +151,589,755 |
| META PLATFORMS INC | 236,807 | 489,095 | +252,288 | 173,906,325 | 322,846,719 | +148,940,394 |
| SPDR SERIES TRUST(Put) | 0 | 1,170,300 | +1,170,300 | 0 | 147,762,078 | +147,762,078 |
| VANGUARD INDEX FDS | 614,021 | 829,895 | +215,874 | 376,014,180 | 520,452,051 | +144,437,871 |
| SELECT SECTOR SPDR TR | 0 | 2,590,378 | +2,590,378 | 0 | 141,875,004 | +141,875,004 |
| ISHARES INC(Put) | 0 | 4,436,700 | +4,436,700 | 0 | 140,953,960 | +140,953,960 |
| VANGUARD INDEX FDS(Put) | 0 | 213,900 | +213,900 | 0 | 134,143,107 | +134,143,107 |
| BROADCOM INC | 40,819 | 406,195 | +365,376 | 13,466,596 | 140,584,090 | +127,117,494 |
| ALPHABET INC(Call) | 284,900 | 620,800 | +335,900 | 69,387,395 | 194,807,040 | +125,419,645 |
| AMAZON COM INC(Call) | 558,800 | 1,049,200 | +490,400 | 122,695,716 | 242,176,344 | +119,480,628 |
| SELECT SECTOR SPDR TR(Put) | 0 | 2,557,600 | +2,557,600 | 0 | 114,350,296 | +114,350,296 |
| WARNER BROS DISCOVERY INC | 0 | 3,750,000 | +3,750,000 | 0 | 108,075,000 | +108,075,000 |
| WARNER BROS DISCOVERY INC(Put) | 278,500 | 3,722,400 | +3,443,900 | 5,439,105 | 107,279,568 | +101,840,463 |
| ADVANCED MICRO DEVICES INC | 2,683,559 | 2,467,636 | -215,923 | 434,173,011 | 528,468,926 | +94,295,915 |
| INTERDIGITAL INC | 0 | 0 | 0 | 0 | 92,899,436 | +92,899,436 |
| KENVUE INC | 100,191 | 5,088,765 | +4,988,574 | 1,626,100 | 87,781,196 | +86,155,096 |
| KENVUE INC(Put) | 188,400 | 5,124,600 | +4,936,200 | 3,057,732 | 88,399,350 | +85,341,618 |
| ORACLE CORP | 74,833 | 500,718 | +425,885 | 21,046,033 | 97,594,945 | +76,548,912 |
| ISHARES TR(Put) | 3,800,100 | 6,014,800 | +2,214,700 | 156,336,114 | 230,306,692 | +73,970,578 |
| DAYFORCE INC | 0 | 1,005,490 | +1,005,490 | 0 | 69,539,688 | +69,539,688 |
| CNX RES CORP | 0 | 0 | 0 | 0 | 67,590,054 | +67,590,054 |
| CORE SCIENTIFIC INC NEW(Call) | 0 | 4,600,000 | +4,600,000 | 0 | 66,976,000 | +66,976,000 |
| MIRUM PHARMACEUTICALS INC | 0 | 0 | 0 | 0 | 62,032,800 | +62,032,800 |
| XERIS BIOPHARMA HOLDINGS INC | 0 | 0 | 0 | 0 | 61,072,263 | +61,072,263 |
| MICROSOFT CORP(Call) | 313,700 | 461,000 | +147,300 | 162,480,915 | 222,948,820 | +60,467,905 |
| SPDR SERIES TRUST | 0 | 477,078 | +477,078 | 0 | 60,235,868 | +60,235,868 |
| BRIDGEBIO PHARMA INC | 0 | 0 | 0 | 0 | 57,599,250 | +57,599,250 |
| TAIWAN SEMICONDUCTOR MFG LTD | 14,434 | 199,664 | +185,230 | 4,031,272 | 60,675,893 | +56,644,621 |
| PROGRESS SOFTWARE CORP | 0 | 0 | 0 | 0 | 53,843,438 | +53,843,438 |
| SELECT SECTOR SPDR TR | 0 | 1,197,568 | +1,197,568 | 0 | 53,543,265 | +53,543,265 |
| CYTOKINETICS INC | 0 | 0 | 0 | 0 | 51,970,703 | +51,970,703 |
| EXACT SCIENCES CORP | 0 | 0 | 0 | 0 | 51,201,028 | +51,201,028 |
| BROADCOM INC(Put) | 1,038,800 | 1,135,900 | +97,100 | 342,710,508 | 393,134,990 | +50,424,482 |
| CHEFS WHSE INC | 0 | 0 | 0 | 0 | 50,216,333 | +50,216,333 |
| DAYFORCE INC | 0 | 0 | 0 | 0 | 46,792,405 | +46,792,405 |
| AKAMAI TECHNOLOGIES INC | 0 | 0 | 0 | 0 | 43,582,000 | +43,582,000 |
| CATERPILLAR INC(Put) | 99,300 | 156,600 | +57,300 | 47,380,995 | 89,711,442 | +42,330,447 |
| FRONTIER COMMUNICATIONS PARE | 850,000 | 1,938,311 | +1,088,311 | 31,747,500 | 73,791,500 | +42,044,000 |
| CONMED CORP | 0 | 0 | 0 | 0 | 39,360,000 | +39,360,000 |
| PTC THERAPEUTICS INC | 0 | 0 | 0 | 0 | 37,141,250 | +37,141,250 |
| RAPID7 INC | 0 | 0 | 0 | 0 | 36,943,025 | +36,943,025 |
| ASCENDIS PHARMA A/S | 0 | 0 | 0 | 0 | 36,576,588 | +36,576,588 |
| TRIPADVISOR INC | 0 | 0 | 0 | 0 | 35,025,435 | +35,025,435 |
| BIOMARIN PHARMACEUTICAL INC | 0 | 0 | 0 | 0 | 33,614,000 | +33,614,000 |
| AKAMAI TECHNOLOGIES INC | 0 | 0 | 0 | 0 | 32,773,050 | +32,773,050 |
| ISHARES SILVER TR(Put) | 156,800 | 611,800 | +455,000 | 6,643,616 | 39,412,156 | +32,768,540 |
| BENTLEY SYS INC | 0 | 0 | 0 | 0 | 31,837,566 | +31,837,566 |
| UBER TECHNOLOGIES INC | 0 | 0 | 0 | 0 | 31,020,365 | +31,020,365 |
| IONIS PHARMACEUTICALS INC | 0 | 0 | 0 | 86,089,732 | 116,698,689 | +30,608,957 |
| APPLE INC | 974,127 | 1,024,889 | +50,762 | 248,041,958 | 278,626,324 | +30,584,366 |
| NETFLIX INC | 12,654 | 487,638 | +474,984 | 15,171,134 | 45,720,939 | +30,549,805 |
| APPLE INC(Call) | 755,200 | 816,100 | +60,900 | 192,296,576 | 221,864,946 | +29,568,370 |
| ECHOSTAR CORP | 0 | 0 | 0 | 0 | 29,109,833 | +29,109,833 |
| TAIWAN SEMICONDUCTOR MFG LTD(Put) | 83,300 | 170,000 | +86,700 | 23,264,857 | 51,661,300 | +28,396,443 |
| ISHARES TR(Call) | 11,000 | 122,500 | +111,500 | 2,661,560 | 30,154,600 | +27,493,040 |
| AMICUS THERAPEUTICS INC | 0 | 1,850,000 | +1,850,000 | 0 | 26,344,000 | +26,344,000 |
| IREN LIMITED | 0 | 0 | 0 | 0 | 26,278,989 | +26,278,989 |
| EVERGY INC | 0 | 0 | 0 | 0 | 25,596,375 | +25,596,375 |
| EXACT SCIENCES CORP | 0 | 251,384 | +251,384 | 0 | 25,530,559 | +25,530,559 |
| FEDEX CORP | 16,216 | 100,129 | +83,913 | 3,823,895 | 28,923,263 | +25,099,368 |
| HOLOGIC INC | 0 | 336,740 | +336,740 | 0 | 25,083,763 | +25,083,763 |
| ISHARES TR | 377,444 | 771,163 | +393,719 | 20,155,510 | 42,190,328 | +22,034,818 |
| AMERICAN INTL GROUP INC(Call) | 0 | 256,800 | +256,800 | 0 | 21,969,240 | +21,969,240 |
| MASTEC INC | 0 | 100,997 | +100,997 | 0 | 21,953,718 | +21,953,718 |
| MEDLINE INC | 0 | 489,000 | +489,000 | 0 | 20,538,000 | +20,538,000 |
| SPDR SERIES TRUST | 0 | 760,701 | +760,701 | 0 | 19,260,949 | +19,260,949 |
| STRATEGY INC | 0 | 0 | 0 | 0 | 18,323,250 | +18,323,250 |
| VENTAS RLTY LTD PARTNERSHIP | 0 | 0 | 0 | 0 | 17,681,250 | +17,681,250 |
| JACOBS SOLUTIONS INC | 109,502 | 250,650 | +141,148 | 16,409,970 | 33,201,099 | +16,791,129 |
| MARA HOLDINGS INC | 0 | 0 | 0 | 0 | 16,635,104 | +16,635,104 |
| SEA LTD | 0 | 0 | 0 | 0 | 16,524,000 | +16,524,000 |
| SPDR SERIES TRUST | 0 | 254,401 | +254,401 | 0 | 16,487,729 | +16,487,729 |
| TYLER TEX INDPT SCH DIST | 0 | 0 | 0 | 0 | 16,369,039 | +16,369,039 |
| FIRSTENERGY CORP | 0 | 0 | 0 | 0 | 16,364,000 | +16,364,000 |
| POST HLDGS INC | 0 | 0 | 0 | 0 | 16,177,500 | +16,177,500 |
| SPDR SERIES TRUST | 0 | 166,301 | +166,301 | 0 | 16,166,120 | +16,166,120 |
| FLUOR CORP | 0 | 0 | 0 | 0 | 15,983,800 | +15,983,800 |
| ISHARES TR(Put) | 550,000 | 700,000 | +150,000 | 61,308,500 | 77,133,000 | +15,824,500 |
| STRATEGY INC | 0 | 0 | 0 | 0 | 15,800,000 | +15,800,000 |
| DUKE ENERGY CORP NEW | 0 | 0 | 0 | 0 | 15,468,750 | +15,468,750 |
| ARK ETF TR(Put) | 0 | 200,000 | +200,000 | 0 | 15,384,000 | +15,384,000 |
| MICRON TECHNOLOGY INC(Put) | 423,100 | 301,700 | -121,400 | 70,793,092 | 86,108,197 | +15,315,105 |
| CLEANSPARK INC | 0 | 0 | 0 | 0 | 15,243,840 | +15,243,840 |
| ISHARES TR | 107,601 | 242,601 | +135,000 | 11,458,430 | 25,984,993 | +14,526,563 |
| FLUOR CORP NEW | 234,689 | 599,359 | +364,670 | 9,873,366 | 23,752,597 | +13,879,231 |
| NETSTREIT CORP | 0 | 772,907 | +772,907 | 0 | 13,634,079 | +13,634,079 |
| INNOVIVA INC | 0 | 0 | 0 | 0 | 13,286,000 | +13,286,000 |
| ECHOSTAR CORP | 39,624 | 150,000 | +110,376 | 3,025,689 | 16,305,000 | +13,279,311 |