Calamos Advisors LLC

NAPERVILLE, IL · CIK 1316507 · 13F filing filed 2026-07-31

SEC-registered investment adviser since 1987 · limited liability company

Assets managed$43.9bn
Staff300 · 114 in investment roles
Main clients (by assets)Mutual funds and ETFs 91%, High net worth individuals 3%, Insurers 2%
Private funds3 · $215.1m gross assets
Form ADV · 2026-07-23SEC adviser record

Legal entityCALAMOS ADVISORS LLC (US)
Part of CALAMOS INVESTMENTS LLC (US)

Other 13F filers in this group: Calamos Wealth Management LLC $3.3bn

Kindmutual funds, futures, wealth
Others nearbyNaperville, IL, Chicago, IL, Miami, FL, New York, NY, San Francisco, CA, Milwaukee, WI
FamilyCALAMOS INVESTMENTS LLC · 2 related pages

As an employer

Offices in1 country
Private fundsother private 3

Where they work

people there (dot area)number not reportedmain officeHover or tap a dot. Australian and UK companies are placed at their business or registered address, with their staff across the whole country.

Offices

From Form ADV: the main office and the other offices where it does advisory work (at most the 25 largest), with the people doing investment work at each. “About” is worked out: the firm's investment staff less its other offices. Each city links to the other managers there.

City	Country	People
Naperville, IL (main office)United States	United States	about 78
Chicago, ILUnited States	United States	22
Milwaukee, WIUnited States	United States	4
New York, NYUnited States	United States	4
San Francisco, CAUnited States	United States	4
Portland, ORUnited States	United States	2

US visa salary filings

Filings FY2024–202517
Median salary offered$107,000
Middle half$90,000 – $115,000
Job titles15

Job title	Filings	Median	Range
Sustainability AnalystChicago, IL	2	$115,000
DeveloperNaperville, IL	2	$107,000
Senior Business AnalystNaperville, IL	1	$185,000
Technical Architect - EagleNaperville, IL	1	$140,000	$140,000 – $160,000
Quantitative AnalystNaperville, IL	1	$130,000
Lead Data ScientistNaperville, IL	1	$125,000
Data ScientistNaperville, IL	1	$115,000
Analytics EngineerChicago, IL	1	$105,000
Risk Management AssociateChicago, IL	1	$100,000
Junior Analytics EngineerNaperville, IL	1	$90,000
Data AnalystChicago, IL	1	$90,000
Research AssociateNaperville, IL	1	$85,000

3 more job titles

Economist And Transaction AssociateNaperville, IL	1	$85,000
AnalystChicago, IL	1	$85,000
Strategy And Deals AssociateChicago, IL	1	$80,000

Source: US Department of Labor, Labor Condition Application disclosure data (certified, full-time, yearly equivalent). These are the salaries the employer committed to pay the visa roles it filed for, at least the prevailing wage for the job and place; they are not the pay of all its staff. Filed by: Calamos Advisors LLC.

Map: places from GeoNames (CC BY 4.0), outlines from Natural Earth.

$27.6bn reported value +6.6% vs Q1 2026

942positions

28.6%in top 10

159 new 172 added 418 reduced 361 sold out vs Q1 2026

Options: 30 call positions ($1.2bn notional), 8 put positions ($1.3bn notional) – listed below, not included above.

This report includes the holdings of 2 other managers that share the investment decisions:

UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC – files its own report too; $58.7m of shares are in both
First State Trust Co – no 13F of its own this quarter

Shares in two reports are counted once in each security's totals.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	NVIDIA CORPORATION COM NVDA	NVDA	7,059,874	$1.4bn5.12%	5.12%	Reduced -1.1m	-1,125,713 -13.8%
2	APPLE INC COM AAPL	AAPL	3,925,539	$1.1bn4.12%	4.12%	Reduced -853.3k	-853,256 -17.9%
3	CALAMOS ETF TR TAX AWA COLL ETF CBOX	CBOX	10,693,254	$1.1bn3.91%	3.91%	New
4	WESTERN DIGITAL CORP NOTE 3.000%11/1 · principal WDC 3 11.15.28 · principal	WDC 3 11.15.28	48,728,000	$825.1m2.99%	2.99%	Reduced -6.9m	-6,888,000 -12.4%
5	MICROSOFT CORP COM MSFT	MSFT	2,045,038	$762.8m2.76%	2.76%	Reduced -330.5k	-330,469 -13.9%
6	ALPHABET INC CAP STK CL A GOOGL	GOOGL	2,019,467	$721.7m2.62%	2.62%	Reduced -538.7k	-538,746 -21.1%
7	AMAZON COM INC COM AMZN	AMZN	2,991,600	$713.0m2.58%	2.58%	Reduced -414.3k	-414,260 -12.2%
8	BROADCOM INC COM AVGO	AVGO	1,374,612	$519.3m1.88%	1.88%	Reduced -277.8k	-277,808 -16.8%
9	META PLATFORMS INC CL A META	META	657,623	$370.4m1.34%	1.34%	Reduced -73.3k	-73,279 -10.0%
10	MICRON TECHNOLOGY INC COM MU	MU	313,454	$361.8m1.31%	1.31%	Reduced -8.8k	-8,752 -2.7%
11	ELI LILLY & CO COM LLY	LLY	283,001	$339.4m1.23%	1.23%	Reduced -25.5k	-25,496 -8.3%
12	ALPHABET INC CAP STK CL C GOOG	GOOG	907,212	$320.5m1.16%	1.16%	Reduced -94.7k	-94,659 -9.4%
13	ADVANCED MICRO DEVICES INC COM AMD	AMD	540,770	$314.1m1.14%	1.14%	Added +62.8k	+62,842 13.2%
14	TESLA INC COM TSLA	TSLA	746,440	$314.0m1.14%	1.14%	Reduced -95.0k	-95,010 -11.3%
15	ALPHABET INC DEP SHS RP1/20 A GOOGL 6.25 05.15.29 A	GOOGL 6.25 05.15.29 A	4,662,875	$237.3m0.86%	0.86%	New
16	ALPHABET INC DEP SHS RP1/20 B GOOGL 6.25 05.15.29 B	GOOGL 6.25 05.15.29 B	4,615,868	$232.2m0.84%	0.84%	New
17	JPMORGAN CHASE & CO COM JPM	JPM	708,384	$231.9m0.84%	0.84%	Reduced -96.6k	-96,552 -12.0%
18	VISA INC COM CL A V	V	661,467	$226.9m0.82%	0.82%	Reduced -100.4k	-100,426 -13.2%
19	ALIBABA GROUP HLDG LTD NOTE 0.500% 6/0 · principal BABA 0.5 06.01.31 · principal	BABA 0.5 06.01.31	189,049,000	$223.2m0.81%	0.81%	Added +5.0k	+5,000 0.0%
20	APPLIED MATLS INC COM AMAT	AMAT	303,395	$219.4m0.80%	0.80%	Reduced -3.7k	-3,695 -1.2%
21	BOEING CO DEP CONV PFD A BA 6 10.15.27	BA 6 10.15.27	2,754,965	$185.4m0.67%	0.67%	Reduced -108.1k	-108,127 -3.8%
22	HEWLETT PACKARD ENTERPRISE C 7.625 MAND CONV HPE 7.625 09.01.27	HPE 7.625 09.01.27	1,586,652	$183.5m0.67%	0.67%	Added +194.1k	+194,148 13.9%
23	ORACLE CORP 6.5 DEP CUM SR D ORCL 6.5 01.15.29 D	ORCL 6.5 01.15.29 D	3,976,804	$178.8m0.65%	0.65%	Reduced -106.7k	-106,666 -2.6%
24	INTEL CORP COM INTC	INTC	1,268,305	$177.1m0.64%	0.64%	Added +293.4k	+293,357 30.1%
25	GOLDMAN SACHS GROUP INC COM GS	GS	165,711	$167.6m0.61%	0.61%	Reduced -5.2k	-5,170 -3.0%
26	JOHNSON & JOHNSON COM JNJ	JNJ	647,222	$164.4m0.60%	0.60%	Reduced -125.9k	-125,878 -16.3%
27	CATERPILLAR INC COM CAT	CAT	150,261	$160.0m0.58%	0.58%	Added +15.6k	+15,578 11.6%
28	LAM RESEARCH CORP COM NEW LRCX	LRCX	365,435	$158.4m0.57%	0.57%	Reduced -47.7k	-47,716 -11.6%
29	EXXON MOBIL CORP COM XOM	XOM	1,135,866	$155.3m0.56%	0.56%	Reduced -146.3k	-146,284 -11.4%
30	WALMART INC COM WMT	WMT	1,362,951	$154.4m0.56%	0.56%	Reduced -204.3k	-204,301 -13.0%
31	MKS INC. NOTE 1.250% 6/0 · principal MKSI 1.25 06.01.30 · principal	MKSI 1.25 06.01.30	50,767,000	$149.9m0.54%	0.54%	Reduced -27.5m	-27,498,000 -35.1%
32	SNOWFLAKE INC NOTE 10/0 · principal SNOW 0 10.01.29 · principal	SNOW 0 10.01.29	83,995,000	$148.4m0.54%	0.54%	Added +20.0m	+19,972,000 31.2%
33	ON SEMICONDUCTOR CORP NOTE 0.500% 3/0 · principal ON 0.5 03.01.29 · principal	ON 0.5 03.01.29	122,336,000	$147.7m0.54%	0.54%	Added +16.1m	+16,139,000 15.2%
34	GE VERNOVA INC COM GEV	GEV	123,656	$145.3m0.53%	0.53%	Reduced -29.2k	-29,234 -19.1%
35	CISCO SYS INC COM CSCO	CSCO	1,178,914	$138.5m0.50%	0.50%	Added +20.3k	+20,288 1.8%
36	UNITEDHEALTH GROUP INC COM UNH	UNH	309,379	$128.6m0.47%	0.47%	Added +58.5k	+58,491 23.3%
37	DOORDASH INC NOTE 5/1 · principal DASH 0 05.15.30 · principal	DASH 0 05.15.30	128,612,000	$126.4m0.46%	0.46%	New
38	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	252,430	$126.3m0.46%	0.46%	Reduced -21.4k	-21,431 -7.8%
39	BANK AMERICA CORP COM BAC	BAC	2,207,262	$125.8m0.46%	0.46%	Reduced -83.9k	-83,888 -3.7%
40	MASTERCARD INCORPORATED CL A MA	MA	238,960	$122.7m0.44%	0.44%	Reduced -9.5k	-9,493 -3.8%
41	CLOUDFLARE INC NOTE 6/1 · principal NET 0 06.15.30 · principal	NET 0 06.15.30	95,422,000	$121.0m0.44%	0.44%	New
42	CYBERARK SOFTWARE LTD NOTE 6/1 · principal CYBR 0 06.15.30 · principal	CYBR 0 06.15.30	72,437,000	$120.7m0.44%	0.44%	New
43	AKAMAI TECHNOLOGIES INC NOTE 0.250% 5/1 · principal AKAM 0.25 05.15.33 · principal	AKAM 0.25 05.15.33	78,152,000	$114.3m0.41%	0.41%	New
44	WELLS FARGO CO NEW COM WFC	WFC	1,366,153	$112.9m0.41%	0.41%	Reduced -315.9k	-315,868 -18.8%
45	MICROCHIP TECHNOLOGY INC. DEP SHS REPSTG MCHP 7.5 03.15.28	MCHP 7.5 03.15.28	1,458,634	$111.9m0.41%	0.41%	Reduced -417.2k	-417,231 -22.2%
46	PPL CORP UNIT 02/15/2029 PPL 7 02.15.29	PPL 7 02.15.29	2,236,184	$109.7m0.40%	0.40%	Added +827	+827 0.0%
47	RIVIAN AUTOMOTIVE INC NOTE 4.625% 3/1 · principal RIVN 4.625 03.15.29 · principal	RIVN 4.625 03.15.29	91,611,000	$108.6m0.39%	0.39%	Reduced -339.0k	-339,000 -0.4%
48	UBER TECHNOLOGIES INC NOTE 0.875%12/0 · principal UBER 0.875 12.01.28 2028 · principal	UBER 0.875 12.01.28 2028	89,441,000	$107.3m0.39%	0.39%	Reduced -565.0k	-565,000 -0.6%
49	LINDE PLC SHS LIN	LIN	206,610	$107.2m0.39%	0.39%	Reduced -18.7k	-18,661 -8.3%
50	PHILIP MORRIS INTL INC COM PM	PM	581,825	$105.3m0.38%	0.38%	Reduced -11.1k	-11,099 -1.9%
51	SOUTHERN CO UNIT 12/15/2028 SO 7.125 12.15.28 A	SO 7.125 12.15.28 A	2,115,625	$105.2m0.38%	0.38%	Added +34.3k	+34,300 1.6%
52	GE AEROSPACE COM NEW GE	GE	277,306	$103.6m0.38%	0.38%	Reduced -11.6k	-11,629 -4.0%
53	DATADOG INC NOTE 12/0 · principal DDOG 0 12.01.29 · principal	DDOG 0 12.01.29	72,735,000	$103.3m0.37%	0.37%	Added +12.9m	+12,884,000 21.5%
54	CITIGROUP INC COM NEW C	C	735,465	$102.9m0.37%	0.37%	Added +1.9k	+1,854 0.2%
55	NEXTERA ENERGY INC UNIT 02/15/2029 NEE 7.375 02.15.29	NEE 7.375 02.15.29	2,125,337	$101.9m0.37%	0.37%	Reduced -7.6k	-7,635 -0.4%
56	ABBVIE INC COM ABBV	ABBV	399,893	$100.6m0.36%	0.36%	Reduced -83.8k	-83,777 -17.3%
57	NETFLIX INC COM NFLX	NFLX	1,382,807	$98.7m0.36%	0.36%	Reduced -362.2k	-362,160 -20.8%
58	HOME DEPOT INC COM HD	HD	264,087	$93.1m0.34%	0.34%	Reduced -64.0k	-63,962 -19.5%
59	MORGAN STANLEY COM NEW MS	MS	442,354	$92.5m0.34%	0.34%	Reduced -93.4k	-93,360 -17.4%
60	CHEVRON CORP NEW COM CVX	CVX	555,706	$92.1m0.33%	0.33%	Reduced -135.6k	-135,620 -19.6%
61	RTX CORPORATION COM RTX	RTX	479,675	$91.0m0.33%	0.33%	Reduced -23.3k	-23,341 -4.6%
62	EVERGY INC NOTE 4.500%12/1 · principal EVRG 4.5 12.15.27 · principal	EVRG 4.5 12.15.27	61,649,000	$87.8m0.32%	0.32%	Reduced -78.0k	-78,000 -0.1%
63	CMS ENERGY CORP NOTE 3.375% 5/0 · principal CMS 3.375 05.01.28 · principal	CMS 3.375 05.01.28	76,823,000	$85.9m0.31%	0.31%	Added +14.4m	+14,401,000 23.1%
64	ETSY INC NOTE 1.000% 6/1 · principal ETSY 1 06.15.30 · principal	ETSY 1 06.15.30	73,244,000	$85.2m0.31%	0.31%	New
65	AKAMAI TECHNOLOGIES INC NOTE 1.125% 2/1 · principal AKAM 1.125 02.15.29 · principal	AKAM 1.125 02.15.29	70,576,000	$84.2m0.31%	0.31%	Added +19.1m	+19,075,000 37.0%
66	PALO ALTO NETWORKS INC COM PANW	PANW	245,320	$83.7m0.30%	0.30%	Reduced -18.9k	-18,858 -7.1%
67	MERCK & CO INC COM MRK	MRK	650,503	$83.6m0.30%	0.30%	Reduced -127.2k	-127,160 -16.4%
68	SEAGATE HDD CAYMAN NOTE 3.500% 6/0 · principal STX 3.5 06.01.28 · principal	STX 3.5 06.01.28	6,917,000	$81.2m0.29%	0.29%	Reduced -3.8m	-3,825,000 -35.6%
69	CSX CORP COM CSX	CSX	1,690,905	$80.4m0.29%	0.29%	Reduced -30.3k	-30,308 -1.8%
70	QUANTA SVCS INC COM PWR	PWR	111,284	$80.1m0.29%	0.29%	Added +2.8k	+2,783 2.6%
71	SUPER MICRO COMPUTER INC 7 DEP CM SR A WI SMCI 7 06.01.29	SMCI 7 06.01.29	1,513,992	$78.7m0.29%	0.29%	New
72	COCA COLA CO COM KO	KO	965,562	$78.5m0.28%	0.28%	Reduced -33.6k	-33,645 -3.4%
73	SANDISK CORP COM SNDK	SNDK	34,206	$77.8m0.28%	0.28%	Added +11.0k	+11,041 47.7%
74	PALANTIR TECHNOLOGIES INC CL A PLTR	PLTR	664,009	$77.5m0.28%	0.28%	Reduced -77.6k	-77,645 -10.5%
75	NORFOLK SOUTHN CORP COM NSC	NSC	242,024	$76.1m0.28%	0.28%	Reduced -2.5k	-2,535 -1.0%
76	COSTCO WHSL CORP NEW COM COST	COST	80,404	$75.2m0.27%	0.27%	Reduced -10.6k	-10,602 -11.7%
77	APOLLO GLOBAL MGMT INC SER A MAND CNV APO 6.75 07.31.26	APO 6.75 07.31.26	1,231,216	$75.0m0.27%	0.27%	Added +745	+745 0.1%
78	JAZZ INVESTMENTS I LTD NOTE 3.125% 9/1 · principal JAZZ 3.125 09.15.30 · principal	JAZZ 3.125 09.15.30	43,700,000	$74.5m0.27%	0.27%	Unchanged
79	MARATHON PETE CORP COM MPC	MPC	290,934	$74.4m0.27%	0.27%	Reduced -28.2k	-28,225 -8.8%
80	SOUTHERN CO NOTE 3.250% 6/1 · principal SO 3.25 06.15.28 · principal	SO 3.25 06.15.28	70,422,000	$71.2m0.26%	0.26%	New
81	KKR & CO INC 6.25 CON SER D KKR 6.25 03.01.28 D	KKR 6.25 03.01.28 D	1,782,560	$71.0m0.26%	0.26%	Added +1.8k	+1,797 0.1%
82	PROCTER AND GAMBLE CO COM PG	PG	477,265	$70.0m0.25%	0.25%	Reduced -21.4k	-21,422 -4.3%
83	UNION PAC CORP COM UNP	UNP	254,930	$69.3m0.25%	0.25%	Reduced -25.8k	-25,849 -9.2%
84	BRIGHTSPRING HEALTH SVCS INC UNIT 02/01/2027 BTSG 6.75 02.01.27	BTSG 6.75 02.01.27	301,602	$69.1m0.25%	0.25%	Added +379	+379 0.1%
85	PPL CAP FDG INC NOTE 2.875% 3/1 · principal PPL 2.875 03.15.28 · principal	PPL 2.875 03.15.28	60,515,000	$68.7m0.25%	0.25%	Reduced -578.0k	-578,000 -0.9%
86	ALBEMARLE CORP 7.25% DEP SHS A ALB 7.25 03.01.27	ALB 7.25 03.01.27	1,240,723	$68.7m0.25%	0.25%	Reduced -7.2k	-7,166 -0.6%
87	LIVE NATION ENTERTAINMENT IN NOTE 2.875% 1/1 · principal LYV 2.875 01.15.30 · principal	LYV 2.875 01.15.30	56,444,000	$67.6m0.24%	0.24%	Reduced -677.0k	-677,000 -1.2%
88	AMERICAN EXPRESS CO COM AXP	AXP	197,855	$66.9m0.24%	0.24%	Reduced -55.3k	-55,261 -21.8%
89	RIVIAN AUTOMOTIVE INC NOTE 3.625%10/1 · principal RIVN 3.625 10.15.30 · principal	RIVN 3.625 10.15.30	62,000,000	$66.5m0.24%	0.24%	Unchanged
90	SEA LTD NOTE 0.250% 9/1 · principal SEALTD 0.25 09.15.26 · principal	SEALTD 0.25 09.15.26	66,589,000	$66.0m0.24%	0.24%	Unchanged
91	AMPHENOL CORP CL A APH	APH	369,605	$65.2m0.24%	0.24%	Added +72.2k	+72,158 24.3%
92	LOWES COS INC COM LOW	LOW	294,838	$65.0m0.24%	0.24%	Reduced -19.7k	-19,736 -6.3%
93	KENVUE INC COM KVUE	KVUE	3,351,000	$64.0m0.23%	0.23%	Unchanged
94	ORACLE CORP COM ORCL	ORCL	432,846	$63.4m0.23%	0.23%	Added +16.8k	+16,765 4.0%
95	FIRSTENERGY CORP NOTE 3.875% 1/1 · principal FE 3.875 01.15.31 · principal	FE 3.875 01.15.31	55,000,000	$61.2m0.22%	0.22%	New
96	TEXAS INSTRS INC COM TXN	TXN	199,288	$59.4m0.22%	0.22%	Reduced -52.8k	-52,788 -20.9%
97	ELECTRONIC ARTS INC COM EA	EA	286,928	$58.8m0.21%	0.21%	Added +40.9k	+40,871 16.6%
98	THERMO FISHER SCIENTIFIC INC COM TMO	TMO	115,172	$57.7m0.21%	0.21%	Reduced -24.1k	-24,058 -17.3%
99	TRAVERE THERAPEUTICS INC NOTE 0.500% 5/1 · principal TVTX 0.5 05.15.32 · principal	TVTX 0.5 05.15.32	48,813,000	$57.6m0.21%	0.21%	New
100	FREEPORT-MCMORAN INC CL B FCX	FCX	867,662	$54.6m0.20%	0.20%	Added +53.9k	+53,879 6.6%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
WAYFAIR INC W 3.5 11.15.28	W 3.5 11.15.28	58,743,000	$102.8m58.7m shares
DUKE ENERGY CORP NEW DUK 4.125 04.15.26	DUK 4.125 04.15.26	78,473,000	$86.5m78.5m shares
LUMENTUM HLDGS INC LITE 0.5 12.15.26	LITE 0.5 12.15.26	12,047,000	$84.5m12.0m shares
BLOOM ENERGY CORP BE 3 06.01.28	BE 3 06.01.28	11,000,000	$79.1m11.0m shares
ISHARES TR IWV	IWV	153,920	$57.1m153.9k shares
AMERICAN WTR CAP CORP AWK 3.625 06.15.26	AWK 3.625 06.15.26	55,651,000	$55.6m55.7m shares
BLOCK INC XYZ 0 05.01.26	XYZ 0 05.01.26	41,000,000	$40.8m41.0m shares
HONEYWELL INTL INC		82,080	$37.1m82.1k shares
CSG SYS INTL INC CSGS 3.875 09.15.28	CSGS 3.875 09.15.28	29,963,000	$36.5m30.0m shares
CLEARWATER ANALYTICS HLDGS I		1,377,682	$32.6m1.4m shares
JAZZ INVESTMENTS I LTD JAZZ 2 06.15.26	JAZZ 2 06.15.26	25,948,000	$31.6m25.9m shares
VENTAS RLTY LTD PARTNERSHIP VTR 3.75 06.01.26	VTR 3.75 06.01.26	17,783,000	$26.5m17.8m shares
BP PLC BP	BP	475,000	$22.3m475.0k shares
JOHN BEAN TECHNOLOGIES CORP JBTM 0.25 05.15.26	JBTM 0.25 05.15.26	20,230,000	$20.1m20.2m shares
SNAP INC SNAP 0.125 03.01.28	SNAP 0.125 03.01.28	20,076,000	$18.3m20.1m shares
ISHARES TR EFA	EFA	181,127	$17.6m181.1k shares
ALPHATEC HLDGS INC ATEC 0.75 03.15.30	ATEC 0.75 03.15.30	16,690,000	$17.1m16.7m shares
CARNIVAL CORP		632,053	$16.4m632.1k shares
ISHARES TR AGG	AGG	143,355	$14.2m143.4k shares
PROGRESS SOFTWARE CORP PRGS 1 04.15.26	PRGS 1 04.15.26	12,500,000	$12.5m12.5m shares
SPDR SER TR BIL	BIL	129,038	$11.8m129.0k shares
CALAMOS ETF TR CAIQ	CAIQ	475,423	$11.3m475.4k shares
SHIFT4 PMTS INC FOUR 0.5 08.01.27	FOUR 0.5 08.01.27	11,493,000	$10.8m11.5m shares
MOODYS CORP MCO	MCO	24,196	$10.6m24.2k shares
ZEBRA TECHNOLOGIES CORPORATI ZBRA	ZBRA	44,488	$9.3m44.5k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
SPDR S&P 500 ETF TR SPY · Put	SPY	Put	1,246,800	$810.8m1.2m shares	Added
SPDR S&P 500 ETF TR SPY · Call	SPY	Call	853,300	$554.9m853.3k shares	Added
INVESCO QQQ TR QQQ · Put	QQQ	Put	341,600	$197.2m341.6k shares	Reduced
ISHARES TR EFA · Call	EFA	Call	1,730,000	$168.0m1.7m shares	Added
ISHARES TR IWM · Call	IWM	Call	422,400	$104.8m422.4k shares	Reduced
ISHARES TR IWM · Put	IWM	Put	382,800	$94.9m382.8k shares	Reduced
INVESCO QQQ TR QQQ · Call	QQQ	Call	155,000	$89.5m155.0k shares	Reduced
ISHARES TR EFA · Put	EFA	Put	727,200	$70.6m727.2k shares	Added
ISHARES TR EEM · Put	EEM	Put	1,202,900	$68.3m1.2m shares	Added
ISHARES INC EWY · Put	EWY	Put	495,000	$60.9m495.0k shares	New
VANECK ETF TRUST SMH · Call	SMH	Call	111,200	$42.6m111.2k shares	Added
APPLE INC AAPL · Call	AAPL	Call	155,200	$39.4m155.2k shares	Added
WARNER BROS DISCOVERY INC WBD · Call	WBD	Call	1,193,800	$32.8m1.2m shares	New
ISHARES TR INDA · Call	INDA	Call	570,500	$26.7m570.5k shares	Added
MICROSOFT CORP MSFT · Call	MSFT	Call	62,800	$23.2m62.8k shares	Added
AMAZON COM INC AMZN · Call	AMZN	Call	100,700	$21.0m100.7k shares	Added
ISHARES SILVER TR SLV · Call	SLV	Call	180,000	$12.3m180.0k shares	New
META PLATFORMS INC META · Call	META	Call	14,300	$8.2m14.3k shares	Added
SPOTIFY TECHNOLOGY S A SPOT · Call	SPOT	Call	16,500	$8.0m16.5k shares	New
NETFLIX INC NFLX · Call	NFLX	Call	71,700	$6.9m71.7k shares	Added
FREEPORT-MCMORAN INC FCX · Call	FCX	Call	116,000	$6.8m116.0k shares	Reduced
DIREXION SHS ETF TR QQQE · Call	QQQE	Call	53,200	$5.2m53.2k shares	Unchanged
LUMENTUM HLDGS INC LITE · Call	LITE	Call	6,000	$4.2m6.0k shares	New
BROADCOM INC AVGO · Put	AVGO	Put	13,500	$4.2m13.5k shares	Added
SOUTHERN COPPER CORP SCCO · Call	SCCO	Call	23,700	$4.1m23.7k shares	Reduced