Eisler Capital Management Ltd.

CIK 2055810 · latest 13F filed 13 November 2025 · Read the filing on EDGAR

Eisler Capital Management Ltd. reported 376 US-listed holdings worth $4.46 billion in its 13F for the quarter ended 30 September 2025, filed 13 November 2025. Its largest: iShares Core S&P 500 ETF (74.0%), SPDR S&P 500 (6.3%) and Invesco QQQ Trust (0.7%). Against the quarter before, it opened 113 positions, added to 113, trimmed 140 and sold out of 140.

Its latest 13F is for the quarter ended 30 September 2025; it has not filed one for a later quarter.

Reported holdings$4.46B+53.5% on Q2 2025

Positions376-27 on Q2 2025

The largest ten83.4%of its reported holdings

Latest 13FQ3 2025filed 13 November 2025

Where the money is

Added toTrimmed

The 14 largest of its 376 positions, each sized by its share of the reported holdings, coloured by the change in shares against Q2 2025.

Reported holdings, quarter by quarter

What the fund reported holding at each quarter's end; hover a bar for the number of positions

What it did on the quarter

Opened 113Added 113Held 10Trimmed 140Sold out 140

Its positions against its 13F for the quarter to 30 June 2025; a change under 0.1% of a position counts as held

Opened 113

iShares Inc. EWJ$9.5 million
Moelis & Co. MC$7.8 million
Interpublic Group Cos Inc. IPG$7.7 million
Trane Technologies plc TT$6.6 million
Ollie's Bargain Outlet Holdings, Inc. OLLI$5.3 million
Barclays plc BCS$5.2 million
Rockwell Automation, Inc. ROK$5.1 million
J.B. Hunt Transport Services, Inc. JBHT$5.0 million

and 105 more in the table below

Added to 113

iShares Core S&P 500 ETF IVV+3.9 million shares · +346%
SPDR S&P 500 SPY+324,036 shares · +320%
Invesco QQQ Trust QQQ+45,750 shares · +1386%
Microsoft Corp. MSFT+27,689 shares · +110756%
Adobe Inc. ADBE+35,778 shares · +681%
Amazon.com Inc. AMZN+53,343 shares · +269%
iShares Inc. EWZ+340,861 shares · +120%
iShares Trust TLT+111,220 shares · +3434%

and 105 more in the table below

Trimmed 140

Apple Inc. AAPL-357,376 shares · -100%
Citigroup Inc. C-350,784 shares · -99%
JPMorgan Chase & Co. JPM-86,767 shares · -97%
Cboe Global Markets, Inc. CBOE-93,221 shares · -86%
KKR & Co. Inc. KKR-152,403 shares · -98%
TransDigm Group Inc. TDG-16,660 shares · -86%
General Dynamics Corp. GD-60,606 shares · -74%
Union Pacific Corp. UNP-89,015 shares · -76%

and 132 more in the table below

Sold out of 140

Vanguard S&P 500 VOO$97.0 million last quarter
Hess Corp.$45.1 million last quarter
Canadian Natl Ry Co. CNI$23.6 million last quarter
Synchrony Financial SYF$22.8 million last quarter
Goldman Sachs Group Inc. GS$22.1 million last quarter
Old Dominion Freight Line, Inc. ODFL$21.5 million last quarter
W.W. Grainger, Inc. GWW$20.5 million last quarter
Equifax Inc. EFX$20.1 million last quarter

What it holds

Company	Shares	Value	Of its book	Change in shares
iShares Core S&P 500 ETF IVV	4,963,000	$3.31 billion	74.04%	+3,850,500
SPDR S&P 500 SPY	425,308	$282.4 million	6.33%	+324,036
Invesco QQQ Trust QQQ	49,050	$29.3 million	0.66%	+45,750
iShares Inc. EWZ	625,155	$19.3 million	0.43%	+340,861
Amazon.com Inc. AMZN	73,145	$16.0 million	0.36%	+53,343
Procter & Gamble Co. PG	103,260	$15.9 million	0.36%	+24,792
Adobe Inc. ADBE	41,034	$14.8 million	0.33%	+35,778
Microsoft Corp. MSFT	27,714	$14.3 million	0.32%	+27,689
Salesforce, Inc. CRM	51,418	$12.2 million	0.27%	+36,085
PayPal Holdings, Inc. PYPL	180,833	$12.0 million	0.27%	-237,591
Ferrari N.V. RACE	22,728	$11.0 million	0.25%	+14,508
Kbr, Inc. KBR	208,276	$10.7 million	0.24%	+145,880
iShares Trust TLT	114,459	$10.2 million	0.23%	+111,220
CSX Corp. CSX	275,858	$9.9 million	0.22%	+195,118
Frontier Communications Pare FYBR	252,708	$9.7 million	0.22%	-214,229
Agco Corp. AGCO	90,327	$9.7 million	0.22%	-64,595
Eli Lilly & Co. LLY	12,676	$9.6 million	0.21%	+3,596
iShares Inc. EWJ	119,006	$9.5 million	0.21%	new
AMETEK Inc. AME	47,707	$9.1 million	0.20%	-69,227
Barrick Mining Corp B	272,290	$9.0 million	0.20%	+265,299
Ally Financial Inc. ALLY	228,339	$8.9 million	0.20%	-339,905
Pentair plc PNR	79,654	$8.8 million	0.20%	-79,681
ROSS Stores, Inc. ROST	54,993	$8.2 million	0.18%	+2,540
Cummins Inc. CMI	19,269	$8.1 million	0.18%	+17,007
GXO Logistics, Inc. GXO	152,371	$8.1 million	0.18%	-175,318
Coca-Cola Co. KO	118,932	$7.9 million	0.18%	+100,226
Moelis & Co. MC	110,089	$7.8 million	0.18%	new
Interpublic Group Cos Inc. IPG	276,774	$7.7 million	0.17%	new
L3Harris Technologies, Inc. LHX	25,242	$7.7 million	0.17%	-37,948
Charles Schwab Corp. SCHW	83,256	$7.7 million	0.17%	-158,393
3M Co. MMM	49,137	$7.6 million	0.17%	-92,303
Intuitive Surgical Inc. ISRG	16,951	$7.4 million	0.17%	+14,580
General Dynamics Corp. GD	21,769	$7.4 million	0.17%	-60,606
nVent Electric plc NVT	71,838	$7.1 million	0.16%	-84,190
Target Corp. TGT	79,109	$7.1 million	0.16%	-1,763
ExxonMobil Holdings Corp. XOM	61,867	$7.1 million	0.16%	-44,219
Costco Wholesale Corp. COST	7,691	$7.1 million	0.16%	+3,061
Xpo, Inc. XPO	54,576	$7.1 million	0.16%	-60,370
Verizon Communications Inc. VZ	160,527	$7.0 million	0.16%	+115,017
ServiceNow, Inc. NOW	7,400	$6.9 million	0.16%	+2,208
Liberty Broadband Corp. LBRDK	107,865	$6.8 million	0.15%	-16,937
Palantir Technologies Inc. PLTR	37,759	$6.8 million	0.15%	+25,437
Texas Instruments Inc. TXN	36,132	$6.7 million	0.15%	+35,910
Visa Inc. V	19,513	$6.6 million	0.15%	+8,248
Trane Technologies plc TT	16,020	$6.6 million	0.15%	new
Union Pacific Corp. UNP	28,529	$6.6 million	0.15%	-89,015
Berkshire Hathaway Inc. Class B BRKB	13,173	$6.6 million	0.15%	-13,502
Bank of Nova Scotia BNS	100,000	$6.5 million	0.14%	-194,262
Lennox International Inc. LII	12,097	$6.4 million	0.14%	-28,756
Advanced Micro Devices Inc. AMD	39,476	$6.3 million	0.14%	-32,400
United Parcel Service Inc. UPS	76,217	$6.3 million	0.14%	+42,987
Carlyle Group Inc. CG	100,000	$6.3 million	0.14%	-287,187
Accenture plc ACN	25,625	$6.1 million	0.14%	+6,384
RTX Corp. RTX	38,395	$6.1 million	0.14%	-71,790
Canadian Imperial Bank of Commerce CM	75,300	$6.0 million	0.13%	-213,800
FedEx Corp. FDX	25,512	$5.9 million	0.13%	-7,347
Kellanova K	73,328	$5.8 million	0.13%	-140,520
UnitedHealth Group Inc. UNH	16,677	$5.8 million	0.13%	-37,039
Stellantis N.V. STLA	576,989	$5.3 million	0.12%	-1,084,169
Ollie's Bargain Outlet Holdings, Inc. OLLI	39,077	$5.3 million	0.12%	new
Johnson Controls International plc JCI	48,694	$5.2 million	0.12%	-76,909
Barclays plc BCS	250,000	$5.2 million	0.12%	new
Rockwell Automation, Inc. ROK	14,717	$5.1 million	0.12%	new
Nucor Corp. NUE	37,872	$5.1 million	0.12%	+29,394
Boeing Co. BA	23,372	$5.1 million	0.11%	-45,937
Bristol-Myers Squibb Co. BMY	113,651	$5.0 million	0.11%	+56,819
J.B. Hunt Transport Services, Inc. JBHT	37,434	$5.0 million	0.11%	new
Starbucks Corp. SBUX	58,215	$5.0 million	0.11%	+12,201
Otis Worldwide Corp. OTIS	57,080	$5.0 million	0.11%	new
Saia Inc. SAIA	16,752	$4.9 million	0.11%	new
Pinterest, Inc. PINS	150,536	$4.8 million	0.11%	+56,308
Netflix Inc. NFLX	4,000	$4.8 million	0.11%	+3,979
Freeport-McMoRan Inc. FCX	121,844	$4.7 million	0.11%	+113,304
SPDR Ser Trust KRE	73,082	$4.6 million	0.10%	+60,377
Marvell Technology, Inc. MRVL	54,370	$4.5 million	0.10%	+42,825
Walt Disney Co. DIS	39,447	$4.5 million	0.10%	+39,415
Cleveland-Cliffs Inc. CLF	350,137	$4.5 million	0.10%	new
Airbnb, Inc. ABNB	36,615	$4.4 million	0.10%	+23,507
SLB Limited SLB	119,529	$4.3 million	0.10%	+13,294
Constellation Energy Corp. CEG	13,107	$4.2 million	0.10%	new
Woodward, Inc. WWD	16,087	$4.1 million	0.09%	new
Capital One Financial Corp. COF	17,619	$3.9 million	0.09%	-57,636
Ingersoll Rand Inc. IR	47,520	$3.9 million	0.09%	new
Philip Morris International Inc. PM	23,966	$3.9 million	0.09%	+21,345
United Rentals, Inc. URI	4,059	$3.8 million	0.09%	-13,991
Blackstone Inc. BX	21,565	$3.8 million	0.09%	-21,285
lululemon athletica Inc. LULU	20,990	$3.8 million	0.08%	-27,189
Cboe Global Markets, Inc. CBOE	15,238	$3.7 million	0.08%	-93,221
Invesco Exch Traded FD Trust II QQQM	15,000	$3.7 million	0.08%	new
Marriott International Inc. MAR	13,954	$3.6 million	0.08%	+3,990
Genuine Parts Co. GPC	25,955	$3.6 million	0.08%	+25,491
Intel Corp. INTC	107,691	$3.6 million	0.08%	-209,258
Workday, Inc. WDAY	14,591	$3.6 million	0.08%	+2,119
Ulta Beauty, Inc. ULTA	6,287	$3.5 million	0.08%	-7,901
Prologis, Inc. PLD	29,913	$3.4 million	0.08%	-108,471
Norfolk Southern Corp. NSC	11,364	$3.4 million	0.08%	-59,426
TransDigm Group Inc. TDG	2,670	$3.4 million	0.08%	-16,660
PVH Corp. PVH	39,677	$3.4 million	0.08%	new
Scotts Miracle-Gro Co. SMG	58,775	$3.3 million	0.07%	-17,180
Financial Select Sector SPDR ETF XLF	60,691	$3.3 million	0.07%	+55,691
McDonald's Corp. MCD	10,700	$3.3 million	0.07%	-14,236
Fifth Third Bancorp FITB	71,720	$3.2 million	0.07%	new
Birkenstock Holding plc BIRK	69,163	$3.2 million	0.07%	-119,709
ConocoPhillips COP	31,808	$3.1 million	0.07%	-1,483
Uranium Energy Corp. UEC	222,980	$3.1 million	0.07%	new
Colgate-Palmolive Co. CL	37,959	$3.0 million	0.07%	+35,651
Pfizer Inc. PFE	113,223	$2.9 million	0.06%	-18,039
Booking Holdings Inc. BKNG	506	$2.7 million	0.06%	+430
Autonation, Inc. AN	12,464	$2.7 million	0.06%	new
Constellium SE CSTM	181,256	$2.7 million	0.06%	+146,145
Asbury Automotive Group Inc. ABG	11,160	$2.7 million	0.06%	-22,698
Walmart Inc. WMT	25,178	$2.6 million	0.06%	-146,247
C. H. Robinson Worldwide, Inc. CHRW	19,168	$2.5 million	0.06%	new
Cameco Corp. CCJ	29,325	$2.5 million	0.06%	+24,609
Moderna, Inc. MRNA	97,399	$2.5 million	0.06%	+2,268
Chipotle Mexican Grill Inc. CMG	62,196	$2.5 million	0.06%	-5,948
Morgan Stanley MS	15,254	$2.5 million	0.06%	+15,166
Brighthouse Financial, Inc. BHF	45,000	$2.4 million	0.05%	new
T-Mobile US, Inc. TMUS	9,934	$2.4 million	0.05%	+4,863
Southern Co. SO	24,634	$2.3 million	0.05%	+24,141
Shopify Inc. SHOP	15,530	$2.3 million	0.05%	-19,053
Iamgold Corp. IAG	168,689	$2.2 million	0.05%	new
Skeena Res Ltd New SKE	116,835	$2.2 million	0.05%	new
Regeneron Pharmaceuticals, Inc. REGN	3,838	$2.2 million	0.05%	-2,254
Steel Dynamics Inc. STLD	15,725	$2.2 million	0.05%	new
Boston Scientific Corp. BSX	22,394	$2.2 million	0.05%	+16,194
Palo Alto Networks Inc. PANW	10,398	$2.1 million	0.05%	+7,534
Nexgen Energy Ltd NXE	240,454	$2.1 million	0.05%	+206,581
Danaher Corp. DHR	9,927	$2.0 million	0.05%	+6,273
Masco Corp. MAS	27,627	$2.0 million	0.04%	-181,842
Intuit Inc. INTU	3,058	$2.0 million	0.04%	+2,928
Block, Inc. XYZ	27,495	$2.0 million	0.04%	+19,770
Carnival Corp. Ltd. CCL	64,542	$1.9 million	0.04%	new
S&P Global Inc. SPGI	3,600	$1.8 million	0.04%	+2,635
iShares Trust IGV	15,474	$1.8 million	0.04%	new
Dollar General Corp. DG	17,702	$1.8 million	0.04%	new
Mastercard Inc. MA	3,126	$1.8 million	0.04%	+245
Albemarle Corp. ALB	21,944	$1.8 million	0.04%	+7,226
Qualcomm Inc. QCOM	10,455	$1.7 million	0.04%	-8,709
Elevance Health, Inc. ELV	5,201	$1.7 million	0.04%	+3,235
Honeywell International Inc. HON	7,869	$1.7 million	0.04%	-63,823
Vanguard World FD VHT	6,320	$1.6 million	0.04%	new
EOG Resources Inc. EOG	14,483	$1.6 million	0.04%	-5,801
Signet Jewelers Ltd. SIG	16,709	$1.6 million	0.04%	-47,396
Merck & Co., Inc. MRK	18,990	$1.6 million	0.04%	+2,956
Apollo Global Management, Inc. APO	11,337	$1.5 million	0.03%	new
Lithia Motors Inc. LAD	4,823	$1.5 million	0.03%	-14,210
NXP Semiconductors N.V. NXPI	6,703	$1.5 million	0.03%	-3,097
Mister Car Wash Inc. MCW	282,344	$1.5 million	0.03%	+238,968
Uber Technologies, Inc. UBER	14,654	$1.5 million	0.03%	-13,161
CrowdStrike Holdings, Inc. CRWD	2,858	$1.4 million	0.03%	+1,657
Best Buy Co., Inc. BBY	17,332	$1.3 million	0.03%	-89,997
SPDR Ser Trust XOP	9,622	$1.3 million	0.03%	-5,510
Five Below, Inc. FIVE	8,169	$1.3 million	0.03%	-66,359
Lowe's Companies Inc. LOW	4,633	$1.3 million	0.03%	-70,268
Skyworks Solutions, Inc. SWKS	15,735	$1.2 million	0.03%	-3,257
GE HealthCare Technologies Inc. GEHC	16,581	$1.2 million	0.03%	+1,844
Devon Energy Corp. DVN	33,436	$1.2 million	0.03%	-14,285
Amgen Inc. AMGN	4,161	$1.2 million	0.03%	-2,627
Nike, Inc. NKE	16,067	$1.2 million	0.03%	-11,738
Halliburton Co. HAL	44,144	$1.1 million	0.02%	-18,285
Deckers Outdoor Corp. DECK	10,216	$1.1 million	0.02%	-10,165
Ralph Lauren Corp. RL	3,338	$1.0 million	0.02%	new
Analog Devices Inc. ADI	4,118	$1.0 million	0.02%	+2,114
U.S. Bancorp USB	20,791	$1.0 million	0.02%	+14,653
Stryker Corp. SYK	2,725	$1.0 million	0.02%	+1,814
V F Corp. VFC	68,630	$993,763	0.02%	new
Floor & Decor Holdings, Inc. FND	13,456	$991,842	0.02%	+7,162
MercadoLibre, Inc. MELI	404	$991,416	0.02%	+397
Fortinet, Inc. FTNT	11,621	$984,299	0.02%	+5,231
the Trade Desk Inc. TTD	19,299	$939,089	0.02%	new
Energy Fuels Inc. UUUU	59,898	$937,404	0.02%	new
General Electric Co. GE	3,113	$934,367	0.02%	+1,326
Southern Copper Corp. SCCO	7,676	$931,559	0.02%	+3,192
Chemours Co. CC	54,556	$914,359	0.02%	-20,624
Novo Nordisk A/S NVO	16,497	$908,820	0.02%	+10,787
Arm Holdings plc ARM	6,399	$895,860	0.02%	+2,022
Vertex Pharmaceuticals Inc. VRTX	2,314	$867,750	0.02%	+2,308
SPDR Ser Trust XBI	8,443	$843,034	0.02%	-12,266
ON Semiconductor Corp. ON	16,188	$807,619	0.02%	new
AppLovin Corp. APP	1,113	$798,911	0.02%	new
Mondelez International, Inc. MDLZ	12,566	$787,888	0.02%	+5,504
Cintas Corp. CTAS	3,899	$783,699	0.02%	new
JPMorgan Chase & Co. JPM	2,380	$751,342	0.02%	-86,767
General Mills Inc. GIS	15,015	$749,549	0.02%	+1,914
Altria Group, Inc. MO	11,351	$746,329	0.02%	+1,520
Alibaba Group Holding Limited BABA	4,105	$735,042	0.02%	+1,740
iShares Russell 2000 ETF IWM	2,854	$687,243	0.02%	-23,442
Comcast Corp. CMCSA	21,925	$683,402	0.02%	-379
Motorola Solutions, Inc. MSI	1,436	$657,099	0.01%	-706
Deere & Co. DE	1,290	$634,680	0.01%	+1,010
American Tower Corp. AMT	3,272	$629,304	0.01%	+2,751
Robinhood Markets, Inc. HOOD	4,347	$618,448	0.01%	new
Western Digital Corp. WDC	5,223	$614,225	0.01%	+4,338
American Express Co. AXP	1,726	$591,673	0.01%	new
AT&T Inc. T	20,934	$588,455	0.01%	+14,011
SPDR Dow Jones Indl Average DIA	1,270	$588,277	0.01%	new
Cigna Group CI	1,939	$587,517	0.01%	+1,924
Arista Networks, Inc. ANET	4,065	$584,668	0.01%	new
American Airlines Group Inc. AAL	50,433	$564,850	0.01%	-2,923
Wells Fargo & Company WFC	6,647	$562,203	0.01%	-133,264
KLA Corp. KLAC	521	$554,766	0.01%	-542
PDD Holdings Inc. PDD	4,071	$536,965	0.01%	-22,446
Select Sector SPDR Trust XLI	3,505	$533,636	0.01%	new
Keurig Dr Pepper Inc. KDP	20,769	$532,725	0.01%	+12,574
Lam Research Corp. LRCX	4,012	$527,578	0.01%	+1,918
Verisk Analytics, Inc. VRSK	2,048	$514,929	0.01%	new
ASML Holding N.V. ASML	522	$506,340	0.01%	-1,199
Bank of America Corp. BAC	9,341	$489,095	0.01%	+6,026
Canadian Natural Resources Limited CNQ	15,252	$488,674	0.01%	new
Amphenol Corp. APH	4,066	$479,788	0.01%	new
CarGurus, Inc. CARG	12,691	$472,740	0.01%	-229,208
Docusign, Inc. DOCU	5,679	$461,817	0.01%	new
HP Inc. HPQ	17,102	$459,531	0.01%	+2,188
KKR & Co. Inc. KKR	3,016	$450,893	0.01%	-152,403
Phillips 66 PSX	3,272	$448,755	0.01%	-295
Moody's Corp. MCO	933	$444,528	0.01%	-40,436
Entergy Corp. ETR	4,768	$441,947	0.01%	+2,267
Ebay Inc. EBAY	4,715	$437,316	0.01%	-17,412
NVIDIA Corp. NVDA	2,321	$430,870	0.01%	+1,720
Acv Auctions Inc. ACVA	38,557	$420,656	0.01%	-63,144
Sigma Lithium Corporation SGML	59,412	$411,131	0.01%	new
Flutter Entertainment plc FLUT	1,451	$409,574	0.01%	new
Cadence Design Systems Inc. CDNS	1,077	$403,337	0.01%	new
Aon plc AON	1,141	$400,411	0.01%	new
Zoetis Inc. ZTS	2,795	$399,685	0.01%	-267
DoorDash, Inc. DASH	1,452	$398,429	0.01%	new
Synopsys Inc. SNPS	794	$384,820	0.01%	new
Autodesk, Inc. ADSK	1,225	$382,776	0.01%	+607
Monster Beverage Corp. MNST	5,857	$378,714	0.01%	new
Coinbase Global, Inc. COIN	1,109	$370,961	0.01%	-19,984
Stanley Black & Decker, Inc. SWK	4,958	$370,561	0.01%	-2,056
Citigroup Inc. C	3,566	$368,011	0.01%	-350,784
Chevron Corp. CVX	2,289	$366,171	0.01%	+1,076
Edwards Lifesciences Corp. EW	4,611	$358,759	0.01%	+361
Thermo Fisher Scientific Inc. TMO	751	$355,133	0.01%	-3,980
Xcel Energy Inc. XEL	4,517	$352,868	0.01%	new
TE Connectivity plc TEL	1,610	$349,209	0.01%	new
O'Reilly Automotive, Inc. ORLY	3,330	$345,321	0.01%	new
NRG Energy, Inc. NRG	1,999	$343,768	0.01%	new
Lennar Corp. LEN	2,702	$343,559	0.01%	-2,416
Vaneck ETF Trust SMH	1,049	$340,935	0.01%	+594
Truist Financial Corp. TFC	7,453	$340,900	0.01%	-411,296
Meta Platforms, Inc. META	456	$333,824	0.01%	-26,706
Ameriprise Financial Inc. AMP	673	$330,322	0.01%	new
Axon Enterprise, Inc. AXON	465	$329,313	0.01%	new
Ferguson Enterprises Inc. FERG	1,435	$327,080	0.01%	new
Fiserv Inc. FISV	2,511	$326,933	0.01%	+2,371
PepsiCo Inc. PEP	2,276	$320,938	0.01%	-42,591
Core Natural Resources, Inc. CNR	3,777	$315,644	0.01%	-3,099
Hasbro, Inc. HAS	4,220	$313,799	0.01%	new
Cardinal Health Inc. CAH	1,990	$312,211	0.01%	new
Waste Management Inc. WM	1,410	$310,073	0.01%	new
Paychex Inc. PAYX	2,439	$309,094	0.01%	new
CBRE Group, Inc. CBRE	1,944	$306,141	0.01%	-45,129
Snowflake Inc. SNOW	1,354	$302,240	0.01%	-1,150
Welltower Inc. WELL	1,689	$300,811	0.01%	-27,013
Roper Technologies Inc. ROP	582	$300,569	0.01%	new
Cencora, Inc. COR	956	$298,970	0.01%	new
Exelon Corp. EXC	6,579	$290,529	0.01%	new
Intercontinental Exchange, Inc. ICE	1,722	$290,088	0.01%	new
Aflac Inc. AFL	2,686	$287,939	0.01%	new
Williams Companies, Inc. WMB	4,463	$287,864	0.01%	new
Northrop Grumman Corp. NOC	466	$284,288	0.01%	+205
Marsh & McLennan Companies, Inc. MRSH	1,431	$282,809	0.01%	new
Johnson & Johnson JNJ	1,560	$278,803	0.01%	-19,602
AbbVie Inc. ABBV	1,311	$277,277	0.01%	-2,399
Crown Castle Inc. CCI	2,824	$272,686	0.01%	new
Allstate Corp. ALL	1,262	$270,914	0.01%	new
CME Group Inc. CME	1,023	$269,049	0.01%	new
American Electric Power Co. Inc. AEP	2,501	$267,632	0.01%	new
Parker-Hannifin Corp. PH	353	$267,221	0.01%	new
Gilead Sciences, Inc. GILD	2,375	$267,188	0.01%	-834
Kenvue Inc. KVUE	16,255	$263,818	0.01%	-91,369
Home Depot, Inc. HD	625	$263,062	0.01%	-23,697
Prudential Financial Inc. PRU	2,412	$262,908	0.01%	+1,542
Datadog, Inc. DDOG	1,809	$261,943	0.01%	-54,474
Duke Energy Corp. DUK	2,123	$261,129	0.01%	+1,776
Valero Energy Corp. VLO	1,469	$260,542	0.01%	-83
Linde plc LIN	537	$259,103	0.01%	+428
Emcor Group, Inc. EME	403	$258,726	0.01%	new
Pg&E Corp. PCG	17,183	$258,089	0.01%	new
Travelers Companies, Inc. TRV	924	$257,962	0.01%	new
McKesson Corp. MCK	332	$256,649	0.01%	new
Equinix Inc. EQIX	325	$254,449	0.01%	new
Microchip Technology Inc. MCHP	3,913	$253,954	0.01%	new
Select Sector SPDR Trust XLE	2,813	$253,451	0.01%	-3,143
Lockheed Martin Corp. LMT	501	$247,494	0.01%	-29
Paccar Inc. PCAR	2,381	$240,338	0.01%	new
Las Vegas Sands Corp. LVS	4,340	$239,785	0.01%	-8,354
iShares Trust FXI	5,766	$238,193	0.01%	+963
Douglas Emmett Inc. DEI	15,175	$236,275	0.01%	-485,204
MGM Resorts International MGM	6,499	$235,589	0.01%	new
State Street Corp. STT	2,014	$233,644	0.01%	-968
CDW Corp. CDW	1,460	$232,519	0.01%	new
Manulife Financial Corporation MFC	7,455	$232,217	0.01%	new
Targa Resources Corp. TRGP	1,436	$228,324	0.01%	new
Fastenal Co. FAST	4,639	$225,919	0.01%	new
Royal Caribbean Cruises Ltd. RCL	688	$225,368	0.01%	new
Arthur J. Gallagher & Co. AJG	725	$224,467	0.01%	new

Every US-listed position in the fund's 13F for the quarter ended 30 September 2025, by the value it reported; the largest 300 here.

Change is shares against its 13F for the quarter before; the 140 it sold out of are in the box above.

Options it reported

Company	Option	Shares under the options	Value of those shares
NVIDIA Corp. NVDA	Puts	8,366,700	$1.55 billion
iShares Russell 2000 ETF IWM	Puts	5,831,700	$1.40 billion
Invesco QQQ Trust QQQ	Puts	1,754,400	$1.05 billion
Apple Inc. AAPL	Puts	3,959,300	$1.00 billion
Microsoft Corp. MSFT	Puts	1,846,700	$950.6 million
Meta Platforms, Inc. META	Puts	561,800	$411.3 million
Amazon.com Inc. AMZN	Puts	1,872,500	$409.5 million
Alphabet Inc. GOOGL	Puts	1,680,300	$407.1 million
Invesco QQQ Trust QQQ	Calls	612,500	$366.3 million
Tesla, Inc. TSLA	Puts	818,600	$361.6 million
SPDR S&P 500 SPY	Puts	515,800	$342.5 million
Broadcom Inc. AVGO	Puts	897,000	$294.4 million
iShares Russell 2000 ETF IWM	Calls	1,171,600	$282.1 million
Advanced Micro Devices Inc. AMD	Puts	1,700,200	$273.5 million
NVIDIA Corp. NVDA	Calls	1,415,100	$262.7 million
Apple Inc. AAPL	Calls	883,700	$224.0 million
JPMorgan Chase & Co. JPM	Puts	639,800	$202.0 million
Alphabet Inc. GOOG	Puts	807,500	$197.4 million
Microsoft Corp. MSFT	Calls	359,000	$184.8 million
iShares Trust TLT	Puts	2,000,000	$177.9 million
Berkshire Hathaway Inc. Class B BRKB	Puts	355,900	$177.3 million
SPDR S&P 500 SPY	Calls	199,000	$132.1 million
UnitedHealth Group Inc. UNH	Puts	359,800	$124.1 million
Costco Wholesale Corp. COST	Puts	130,900	$120.2 million
Walmart Inc. WMT	Puts	1,150,000	$118.5 million
ExxonMobil Holdings Corp. XOM	Puts	1,001,900	$114.5 million
Netflix Inc. NFLX	Puts	93,400	$112.5 million
Tesla, Inc. TSLA	Calls	245,100	$108.3 million
Amazon.com Inc. AMZN	Calls	486,000	$106.3 million
Eli Lilly & Co. LLY	Puts	136,700	$103.2 million
Meta Platforms, Inc. META	Calls	140,600	$102.9 million
AbbVie Inc. ABBV	Puts	475,500	$100.6 million
iShares Inc. EWZ	Puts	3,225,100	$99.8 million
Broadcom Inc. AVGO	Calls	295,900	$97.1 million
Caterpillar Inc. CAT	Puts	228,900	$96.1 million
Citigroup Inc. C	Puts	927,100	$95.7 million
UBS Group AG UBS	Puts	2,325,000	$94.8 million
Visa Inc. V	Puts	276,200	$93.9 million
Home Depot, Inc. HD	Puts	219,000	$92.2 million
Bank of America Corp. BAC	Puts	1,717,700	$89.9 million
Qualcomm Inc. QCOM	Puts	499,000	$82.6 million
Micron Technology Inc. MU	Puts	464,300	$77.3 million
KraneShares Trust KWEB	Puts	1,780,400	$75.5 million
Goldman Sachs Group Inc. GS	Puts	93,600	$75.1 million
Oracle Corp. ORCL	Puts	267,400	$74.6 million
Intel Corp. INTC	Puts	2,176,200	$72.8 million
KraneShares Trust KWEB	Calls	1,711,500	$72.6 million
PDD Holdings Inc. PDD	Puts	533,300	$70.3 million
Alphabet Inc. GOOGL	Calls	289,500	$70.1 million
Eli Lilly & Co. LLY	Calls	90,300	$68.2 million
Wells Fargo & Company WFC	Puts	799,800	$67.6 million
Palantir Technologies Inc. PLTR	Puts	365,600	$66.2 million
General Electric Co. GE	Puts	217,000	$65.1 million
UnitedHealth Group Inc. UNH	Calls	183,900	$63.4 million
Chevron Corp. CVX	Puts	391,100	$62.6 million
Boeing Co. BA	Puts	278,800	$60.8 million
Applied Materials Inc. AMAT	Puts	287,900	$59.1 million
JPMorgan Chase & Co. JPM	Calls	185,500	$58.6 million
Abbott Laboratories ABT	Puts	426,600	$56.4 million
Home Depot, Inc. HD	Calls	131,500	$55.3 million
SPDR Ser Trust KRE	Puts	853,000	$54.2 million
Mastercard Inc. MA	Puts	93,500	$53.3 million
iShares Trust EEM	Calls	1,000,000	$53.1 million
iShares Trust EEM	Puts	1,000,000	$53.1 million
Vaneck ETF Trust GDX	Puts	691,800	$53.0 million
Procter & Gamble Co. PG	Puts	345,000	$53.0 million
Morgan Stanley MS	Puts	321,300	$51.8 million
Palo Alto Networks Inc. PANW	Puts	254,100	$51.8 million
Walt Disney Co. DIS	Puts	443,300	$50.9 million
Johnson & Johnson JNJ	Puts	282,200	$50.4 million
iShares Inc. EWJ	Puts	600,000	$47.9 million
Texas Instruments Inc. TXN	Puts	257,200	$47.6 million
CVS Health Corp. CVS	Puts	604,400	$45.6 million
iShares Trust FXI	Puts	1,100,000	$45.4 million
ExxonMobil Holdings Corp. XOM	Calls	371,600	$42.5 million
Verizon Communications Inc. VZ	Puts	957,100	$41.6 million
Capital One Financial Corp. COF	Puts	185,800	$41.6 million
Booking Holdings Inc. BKNG	Puts	7,600	$41.0 million
KLA Corp. KLAC	Puts	38,100	$40.6 million
Charles Schwab Corp. SCHW	Puts	427,200	$39.4 million
Cisco Systems, Inc. CSCO	Puts	547,700	$37.0 million
Alibaba Group Holding Limited BABA	Puts	205,900	$36.9 million
Bank of America Corp. BAC	Calls	699,200	$36.6 million
Technology Select Sector SPDR ETF XLK	Puts	130,000	$36.4 million
Coca-Cola Co. KO	Puts	531,400	$35.1 million
AbbVie Inc. ABBV	Calls	161,100	$34.1 million
Salesforce, Inc. CRM	Puts	141,400	$33.5 million
Qualcomm Inc. QCOM	Calls	199,000	$32.9 million
Micron Technology Inc. MU	Calls	196,300	$32.7 million
Costco Wholesale Corp. COST	Calls	34,900	$32.0 million
Uber Technologies, Inc. UBER	Puts	320,200	$31.9 million
Chevron Corp. CVX	Calls	195,900	$31.3 million
Marvell Technology, Inc. MRVL	Puts	373,600	$31.1 million
Prologis, Inc. PLD	Puts	268,100	$30.7 million
Merck & Co., Inc. MRK	Puts	365,900	$30.5 million
Ferrari N.V. RACE	Puts	63,000	$30.4 million
Merck & Co., Inc. MRK	Calls	362,200	$30.2 million
Dell Technologies Inc. DELL	Puts	228,100	$30.0 million
Procter & Gamble Co. PG	Calls	194,400	$29.9 million
PDD Holdings Inc. PDD	Calls	219,400	$28.9 million

The largest 100 of 444 option lines.

A 13F lists calls and puts by the shares they cover and what those shares were worth at the quarter's end, not what the options cost; they are not counted in the holdings above.