Second Line Capital, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 19, 2025), Second Line Capital, LLC reported 160 stock positions worth $483.1 million. Its top holding was Aptus Collared Invest Opp (ACIO) at 11.0% of the portfolio, followed by Aptus Defined Risk ETF (DRSK, 7.7%) and Aptus Intl Enhan YLD ETF (IDUB, 6.4%). Compared with Q2 2025, it opened 20 new positions, sold out of 9, added to 67 and reduced 55. The biggest buy was a new position in First Trust Enh Short Mat FD (FTSM) and the biggest sale an exit from Celestica (CLS).
- Most Recent 13F
- Q2 2026
- Location
- METAIRIE, LA
- CIK
- 0001992879
- Portfolio Value
- $483.1M (Q3 2025)
- SEC Filing
- 0001992879-25-000005 ↗ filed Nov 19, 2025
Holdings Value
Holdings 160 stocks · $483.1M
| ACIO Aptus Collared Invest Opp | 11.00% | 1,223,225 | $53.1M | Add +1.1% |
| DRSK Aptus Defined Risk ETF | 7.72% | 1,293,643 | $37.3M | Add +2.7% |
| IDUB Aptus Intl Enhan YLD ETF | 6.41% | 1,314,211 | $30.9M | Add +2.2% |
| SPDW Ste STR SPDR PT DW Eu ETF | 5.17% | 583,398 | $25.0M | Add +0.6% |
| ADME Aptus Drwdwn MGD Eqty ETF | 4.54% | 429,923 | $22.0M | Add +0.9% |
| SPY SS SPDR S&P 500 ETF Trust-US | 4.49% | 32,469 | $21.7M | Add +0.6% |
| OSCV Opus Small Cap Value ETF | 4.47% | 565,417 | $21.6M | Add +2.3% |
| JUCY Aptus Enhanced Yield ETF | 3.74% | 810,496 | $18.1M | Add +5.2% |
| APP AppLovin Corp. Class A | 3.10% | 20,813 | $15.0M | Reduce -23.3% |
| RSP Invesco S&P 500 Equal Weight | 2.90% | 73,936 | $14.0M | Add +1.9% |
| DUBS Aptus LRG Cap Enh YLD ETF | 2.33% | 308,587 | $11.3M | Add +1.0% |
| SPEM State Street SP PTF Em ETF | 2.28% | 235,333 | $11.0M | Add +0.6% |
| MSFT Microsoft Corp. | 1.87% | 17,421 | $9.0M | Reduce -1.3% |
| NVDA Nvidia Corp. | 1.81% | 46,973 | $8.8M | Add +8.4% |
| FTSM First Trust Enh Short Mat FD | 1.50% | 120,501 | $7.2M | New |
| JPM JPMorgan Chase & Co. | 1.47% | 22,537 | $7.1M | Reduce -0.2% |
| AAPL Apple Inc. | 1.42% | 26,962 | $6.9M | Reduce -0.5% |
| AMZN Amazon.com Inc. | 1.15% | 25,359 | $5.6M | Add +10.6% |
| CRWV Coreweave Inc. Class A | 1.11% | 39,218 | $5.4M | New |
| META Meta Platforms Inc. Class A | 1.09% | 7,197 | $5.3M | Reduce -30.7% |
| XOM Exxon Mobil Corp. | 1.01% | 43,433 | $4.9M | Reduce -2.4% |
| TSLA Tesla Inc. | 0.98% | 10,649 | $4.7M | Add +22.0% |
| OCUL Ocular Therapeutix Inc. | 0.97% | 402,467 | $4.7M | Add +4.4% |
| MARA Mara Holdings Inc. | 0.94% | 248,996 | $4.5M | Add +5.0% |
| WMT Walmart Inc. | 0.94% | 43,826 | $4.5M | Add +0.2% |
| USFR Wisdomtree Floating Rate Tre | 0.92% | 87,944 | $4.4M | New |
| CRDO Credo Technology Group Holdi | 0.89% | 29,413 | $4.3M | New |
| BKAG BNY Mellon Core Bond ETF | 0.81% | 91,816 | $3.9M | Add +2.4% |
| MRVL Marvell Technology Inc. | 0.81% | 46,304 | $3.9M | Add +1.5% |
| PWR Quanta Services Inc. | 0.80% | 9,380 | $3.9M | Reduce -7.0% |
| HD Home Depot Inc. | 0.78% | 9,349 | $3.8M | Add +1.3% |
| V Visa Inc. Class A | 0.78% | 11,000 | $3.8M | Add +1.2% |
| CVX Chevron Corp. | 0.76% | 23,628 | $3.7M | Reduce -1.6% |
| VRT Vertiv Holdings Co. Class A | 0.75% | 24,118 | $3.6M | New |
| FANG Diamondback Energy Inc. | 0.75% | 25,405 | $3.6M | Add +22.8% |
| BR Broadridge Financial Solutio | 0.72% | 14,487 | $3.5M | Add +1.4% |
| PGR Progressive Corp. | 0.70% | 13,655 | $3.4M | Add +3.5% |
| CHE Chemed Corp. | 0.66% | 7,090 | $3.2M | Add +16.5% |
| CPRT Copart Inc. | 0.65% | 69,572 | $3.1M | Add +18.1% |
| AMT American Tower Corp. | 0.63% | 15,806 | $3.1M | Reduce -5.0% |
| ROP Roper Technologies Inc. | 0.63% | 6,132 | $3.1M | Add +0.9% |
| NOW ServiceNow Inc. | 0.63% | 3,315 | $3.1M | Add +818.3% |
| VOO Vanguard S&P 500 ETF | 0.53% | 4,185 | $2.6M | Add +0.2% |
| IJR iShares Core S&P Small-Cap E | 0.46% | 18,834 | $2.2M | Reduce -3.1% |
| IJH iShares Core S&P Midcap ETF | 0.46% | 33,925 | $2.2M | Reduce -1.0% |
| EFA iShares MSCI Eafe ETF | 0.40% | 20,794 | $1.9M | Reduce -0.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.40% | 3,803 | $1.9M | Add +1.6% |
| UPSD Aptus Large Cap Upside ETF | 0.39% | 70,484 | $1.9M | Add +10.2% |
| IVV iShares Core S&P 500 ETF | 0.36% | 2,619 | $1.8M | Reduce -2.1% |
| FUBO Fubotv Inc. | 0.34% | 397,612 | $1.7M | Add +1.8% |
| QQQ Invesco QQQ Trust Series 1 | 0.31% | 2,464 | $1.5M | Add +30.3% |
| ARCC Ares Capital Corp. | 0.28% | 67,008 | $1.4M | Add +8.2% |
| ORCL Oracle Corp. | 0.28% | 4,779 | $1.3M | Add +0.0% |
| LOW Lowe's Cos Inc. | 0.25% | 4,713 | $1.2M | Add +0.8% |
| NTLA Intellia Therapeutics Inc. | 0.23% | 63,027 | $1.1M | No change |
| GOOGL Alphabet Inc. Class A | 0.22% | 4,417 | $1.1M | Add +0.8% |
| SO The Southern Co. | 0.22% | 10,977 | $1.0M | Add +0.0% |
| PG The Procter & Gamble Co. | 0.20% | 6,389 | $982K | Reduce -3.0% |
| T AT&T Inc. | 0.19% | 31,776 | $897K | Reduce -13.0% |
| AVGO Broadcom Inc. | 0.18% | 2,633 | $869K | Add +3.4% |
| SPMD SS SPDR P S&P 400 Midcap ETF | 0.18% | 15,158 | $867K | Reduce -3.6% |
| DEFR Aptus Deferred Income ETF | 0.17% | 32,097 | $843K | Add +4.0% |
| XSCDX LMP Capital and Income Fund | 0.17% | 53,700 | $843K | Reduce -25.0% |
| JNJ Johnson & Johnson | 0.16% | 4,163 | $772K | Reduce -26.3% |
| AZO AutoZone Inc. | 0.14% | 153 | $656K | Add +2.0% |
| VXUS Vanguard Total Intl Stock | 0.13% | 8,510 | $625K | Reduce -1.2% |
| KO The Coca-Cola Co. | 0.13% | 9,330 | $624K | Reduce -3.3% |
| VIG Vanguard Dividend Apprec ETF | 0.13% | 2,871 | $622K | No change |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.13% | 11,896 | $614K | Add +17.4% |
| PDT John Hancock Prem DVD FND | 0.12% | 43,274 | $577K | Reduce -1.8% |
| COP Conocophillips | 0.11% | 5,749 | $544K | Add +9.6% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.11% | 1,096 | $537K | Add +17.3% |
| ET Energy Transfer LP | 0.11% | 30,962 | $531K | Add +18.0% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.11% | 1,096 | $525K | Add +0.1% |
| MO Altria Group Inc. | 0.11% | 7,713 | $518K | Add +0.9% |
| GLD SPDR Gold Shares | 0.11% | 1,438 | $511K | Reduce -4.7% |
| MRK Merck & Co. Inc. | 0.10% | 5,749 | $487K | Reduce -5.4% |
| RTX RTX Corp. | 0.10% | 2,873 | $481K | Add +86.3% |
| SPSM SS SPDR P S&P 600 Small Cap | 0.10% | 10,311 | $478K | Reduce -1.8% |
| TT Trane Technologies PLC | 0.09% | 1,086 | $458K | Add +3.2% |
| KMI Kinder Morgan Inc. | 0.09% | 15,900 | $450K | Reduce -1.2% |
| VGT Vanguard Info Tech ETF | 0.09% | 590 | $441K | No change |
| CAT Caterpillar Inc. | 0.09% | 920 | $439K | Add +67.0% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.09% | 1,548 | $437K | Add +2.6% |
| VRTX Vertex Pharmaceuticals Inc. | 0.09% | 1,115 | $437K | New |
| PSX Phillips 66 | 0.09% | 3,134 | $426K | No change |
| SCHD Schwab US DVD Equity ETF | 0.09% | 15,441 | $422K | Add +74.5% |
| BP BP PLC-Spons ADR | 0.08% | 11,813 | $407K | Reduce -7.4% |
| MCD McDonald's Corp. | 0.08% | 1,288 | $391K | No change |
| CL Colgate-Palmolive Co. | 0.08% | 4,770 | $381K | No change |
| AMD Advanced Micro Devices | 0.08% | 2,351 | $380K | Reduce -88.5% |
| VZ Verizon Communications Inc. | 0.08% | 8,490 | $373K | Reduce -8.3% |
| AR Antero Resources Corp. | 0.08% | 11,118 | $373K | No change |
| VTI VG Morningstar TS MKT ETF-US | 0.08% | 1,129 | $372K | No change |
| LGLV SPDR US LC Low Vol Idx | 0.08% | 2,079 | $370K | Reduce -4.9% |
| IGRO iShares Intl Div Growth ETF | 0.07% | 4,316 | $344K | Reduce -4.9% |
| UNH Unitedhealth Group Inc. | 0.07% | 994 | $343K | Reduce -84.1% |
| LIN Linde PLC | 0.07% | 719 | $341K | Add +5.0% |
| GE General Electric filed as GE AEROSPACE | 0.07% | 1,133 | $341K | Reduce -17.4% |
| AIRR First Trust Rba American Ind | 0.07% | 3,516 | $340K | No change |
Portfolio Sells Q2 2025 → Q3 2025
| CLS Celestica Inc. | Sold out | 0.00% | −0.87 |
| META Meta Platforms Inc. Class A | Reduce -30.7% | 1.09% | −0.69 |
| AMD Advanced Micro Devices | Reduce -88.5% | 0.08% | −0.59 |
| DECK Deckers Outdoor Corp. | Sold out | 0.00% | −0.45 |
| UNH Unitedhealth Group Inc. | Reduce -84.1% | 0.07% | −0.38 |
| AMT American Tower Corp. | Reduce -5.0% | 0.63% | −0.23 |
| MSFT Microsoft Corp. | Reduce -1.3% | 1.87% | −0.17 |
| XOM Exxon Mobil Corp. | Reduce -2.4% | 1.01% | −0.10 |
| XSCDX LMP Capital and Income Fund | Reduce -25.0% | 0.17% | −0.09 |
| PWR Quanta Services Inc. | Reduce -7.0% | 0.80% | −0.08 |
| POOL Pool Corp. | Sold out | 0.00% | −0.06 |
| T AT&T Inc. | Reduce -13.0% | 0.19% | −0.06 |
| HWC Hancock Whitney Corp. | Sold out | 0.00% | −0.05 |
| INFL Horizon Kinetics Infl Benef | Sold out | 0.00% | −0.05 |
| JPM JPMorgan Chase & Co. | Reduce -0.2% | 1.47% | −0.05 |
| ACN Accenture PLC Class A | Sold out | 0.00% | −0.05 |
| WM Waste Management Inc. | Sold out | 0.00% | −0.05 |
| CMCSA Comcast Corp. Class A | Sold out | 0.00% | −0.05 |
| MSTR Strategy Inc. | Sold out | 0.00% | −0.05 |
| JNJ Johnson & Johnson | Reduce -26.3% | 0.16% | −0.04 |
| PG The Procter & Gamble Co. | Reduce -3.0% | 0.20% | −0.04 |
| CVX Chevron Corp. | Reduce -1.6% | 0.76% | −0.04 |
| FSK FS KKR Capital Corp. | Reduce -3.8% | 0.06% | −0.04 |
| IJH iShares Core S&P Midcap ETF | Reduce -1.0% | 0.46% | −0.04 |
| KO The Coca-Cola Co. | Reduce -3.3% | 0.13% | −0.03 |
| IJR iShares Core S&P Small-Cap E | Reduce -3.1% | 0.46% | −0.03 |
| EFA iShares MSCI Eafe ETF | Reduce -0.1% | 0.40% | −0.03 |
| IVV iShares Core S&P 500 ETF | Reduce -2.1% | 0.36% | −0.02 |
| AB Alliancebernstein Holding LP | Reduce -9.3% | 0.07% | −0.02 |
| SPMD SS SPDR P S&P 400 Midcap ETF | Reduce -3.6% | 0.18% | −0.02 |
| XLV SS Health Care Select Sector | Reduce -18.8% | 0.06% | −0.02 |
| ABT Abbott Laboratories | Reduce -12.3% | 0.06% | −0.02 |
| MSI Motorola Solutions Inc. | Reduce -19.3% | 0.07% | −0.02 |
| KMI Kinder Morgan Inc. | Reduce -1.2% | 0.09% | −0.02 |
| VZ Verizon Communications Inc. | Reduce -8.3% | 0.08% | −0.02 |
| PDT John Hancock Prem DVD FND | Reduce -1.8% | 0.12% | −0.02 |
| IYR iShares US Real Estate ETF | Reduce -17.2% | 0.05% | −0.01 |
| CSCO Cisco Systems Inc. | Reduce -9.6% | 0.05% | −0.01 |
| WMB Williams Cos Inc. | Reduce -10.3% | 0.06% | −0.01 |
| IGRO iShares Intl Div Growth ETF | Reduce -4.9% | 0.07% | −0.01 |
| MRK Merck & Co. Inc. | Reduce -5.4% | 0.10% | −0.01 |
| LGLV SPDR US LC Low Vol Idx | Reduce -4.9% | 0.08% | −0.01 |
| GE General Electric | Reduce -17.4% | 0.07% | −0.01 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Reduce -4.7% | 0.05% | −0.01 |
| RA Brookfield Real Assets Incom | Reduce -6.9% | 0.04% | −0.01 |
| VXUS Vanguard Total Intl Stock | Reduce -1.2% | 0.13% | −0.01 |
| BX Blackstone Inc. | Reduce -13.7% | 0.06% | −0.01 |
| DTE DTE Energy Company | Reduce -12.4% | 0.04% | −0.01 |
| XLF SS Financial Select Sector | Reduce -2.5% | 0.07% | −0.01 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Reduce -9.9% | 0.05% | −0.01 |
Portfolio Buys Q2 2025 → Q3 2025
| FTSM First Trust Enh Short Mat FD | New | 1.50% | +1.50 |
| CRWV Coreweave Inc. Class A | New | 1.11% | +1.11 |
| USFR Wisdomtree Floating Rate Tre | New | 0.92% | +0.92 |
| CRDO Credo Technology Group Holdi | New | 0.89% | +0.89 |
| VRT Vertiv Holdings Co. Class A | New | 0.75% | +0.75 |
| NOW ServiceNow Inc. | Add +818.3% | 0.63% | +0.55 |
| TSLA Tesla Inc. | Add +22.0% | 0.98% | +0.34 |
| NVDA Nvidia Corp. | Add +8.4% | 1.81% | +0.22 |
| OCUL Ocular Therapeutix Inc. | Add +4.4% | 0.97% | +0.14 |
| FANG Diamondback Energy Inc. | Add +22.8% | 0.75% | +0.09 |
| VRTX Vertex Pharmaceuticals Inc. | New | 0.09% | +0.09 |
| MARA Mara Holdings Inc. | Add +5.0% | 0.94% | +0.08 |
| QQQ Invesco QQQ Trust Series 1 | Add +30.3% | 0.31% | +0.06 |
| KNSL Kinsale Capital Group Inc. | New | 0.06% | +0.06 |
| NFLX Netflix Inc. | New | 0.06% | +0.06 |
| ANET Arista Networks Inc. | New | 0.06% | +0.06 |
| PANW Palo Alto Networks Inc. | New | 0.05% | +0.05 |
| PLTR Palantir Technologies Inc. Class A | New | 0.05% | +0.05 |
| RTX RTX Corp. | Add +86.3% | 0.10% | +0.05 |
| DVN Devon Energy Corp. | New | 0.05% | +0.05 |
| IWM iShares Russell 2000 ETF | New | 0.05% | +0.05 |
| DGRO iShares Core Dividend Growth | New | 0.04% | +0.04 |
| GOOGL Alphabet Inc. Class A | Add +0.8% | 0.22% | +0.04 |
| WSM Williams-Sonoma Inc. | New | 0.04% | +0.04 |
| INTC Intel Corp. | New | 0.04% | +0.04 |
| MPC Marathon Petroleum Corp. | New | 0.04% | +0.04 |
| CAT Caterpillar Inc. | Add +67.0% | 0.09% | +0.04 |
| ORCL Oracle Corp. | Add +0.0% | 0.28% | +0.04 |
| SCHD Schwab US DVD Equity ETF | Add +74.5% | 0.09% | +0.03 |
| VG Venture Global Inc. Class A | New | 0.03% | +0.03 |
| LAC Lithium Americas Corp. | New | 0.02% | +0.02 |
| UPSD Aptus Large Cap Upside ETF | Add +10.2% | 0.39% | +0.02 |
| AVGO Broadcom Inc. | Add +3.4% | 0.18% | +0.02 |
| BAC Bank of America Corp. | Add +17.4% | 0.13% | +0.02 |
| AZO AutoZone Inc. | Add +2.0% | 0.14% | +0.01 |
| C Citigroup Inc. | Add +2.5% | 0.07% | +0.01 |
| JPST JPMorgan Ultra-Short Income | Add +20.8% | 0.07% | +0.00 |
| LOW Lowe's Cos Inc. | Add +0.8% | 0.25% | +0.00 |
| COP Conocophillips | Add +9.6% | 0.11% | +0.00 |
| ANTERO RESOURCES CORP | New | 0.00% | +0.00 |
| MO Altria Group Inc. | Add +0.9% | 0.11% | +0.00 |
| CRWD CrowdStrike Holdings Inc. Class A | Add +17.3% | 0.11% | +0.00 |
| SHY iShares 1-3 Year Treasury Bo | Add +12.7% | 0.05% | +0.00 |
| ET Energy Transfer LP | Add +18.0% | 0.11% | −0.00 |
| SPYG SS SPDR P S&P 500 Growth ETF | Add +1.1% | 0.05% | −0.00 |
| NEE Nextera Energy Inc. | Add +0.5% | 0.05% | −0.00 |
| SPYV SS SPDR P S&P 500 Value ETF | Add +3.0% | 0.05% | −0.00 |
| HD Home Depot Inc. | Add +1.3% | 0.78% | −0.00 |
| UBER Uber Technologies Inc. | Add +2.5% | 0.06% | −0.00 |
| ALL Allstate Corp. | Add +0.1% | 0.05% | −0.00 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026Amended | 173 | $537.0M | ACIO, DRSK, IDUB, SPY, SPDW |
| Q1 2026 | 185 | $528.0M | ACIO, DRSK, IDUB, SPY, SPDW |
| Q4 2025 | 166 | $486.6M | ACIO, DRSK, IDUB, SPDW, ADME |
| Q3 2025 | 160 | $483.1M | ACIO, DRSK, IDUB, SPDW, ADME |
| Q2 2025 | 149 | $430.4M | ACIO, DRSK, IDUB, SPDW, ADME |
| Q1 2025 | 145 | $388.1M | ACIO, DRSK, IDUB, SPDW, ADME |
| Q4 2024 | 131 | $370.9M | ACIO, DRSK, IDUB, SPY, ADME |
| Q3 2024 | 136 | $366.9M | ACIO, DRSK, IDUB, SPDW, SPY |
| Q2 2024 | 115 | $326.9M | ACIO, DRSK, IDUB, SPDW, SPY |
| Q1 2024 | 114 | $308.3M | ACIO, DRSK, IDUB, SPDW, SPY |