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

0$200.0M$400.0M$600.0M Q1 2024: $308.3M Q1 2024 Q2 2024: $326.9M Q2 2024 Q3 2024: $366.9M Q3 2024 Q4 2024: $370.9M Q4 2024 Q1 2025: $388.1M Q1 2025 Q2 2025: $430.4M Q2 2025 Q3 2025: $483.1M $483.1M Q3 2025 Q4 2025: $486.6M Q4 2025 Q1 2026: $528.0M Q1 2026 Q2 2026: $537.0M Q2 2026

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
ABBV Abbvie Inc. 0.07% 1,458 $338K Reduce -18.0%
C Citigroup Inc. 0.07% 3,280 $333K Add +2.5%
PSA Public Storage 0.07% 1,143 $330K Add +0.8%
JPST JPMorgan Ultra-Short Income 0.07% 6,462 $328K Add +20.8%
XLF SS Financial Select Sector 0.07% 6,069 $327K Reduce -2.5%
IDEV iShares Core MSCI Dev MKTS 0.07% 4,058 $325K No change
AB Alliancebernstein Holding LP 0.07% 8,426 $322K Reduce -9.3%
ROK Rockwell Automation Inc. 0.07% 916 $320K Add +0.3%
MSI Motorola Solutions Inc. 0.07% 692 $317K Reduce -19.3%
XLK SS Technology Select Sector 0.06% 1,103 $311K Reduce -8.0%
KNSL Kinsale Capital Group Inc. 0.06% 723 $307K New
ABT Abbott Laboratories 0.06% 2,271 $304K Reduce -12.3%
FSK FS KKR Capital Corp. 0.06% 19,451 $304K Reduce -3.8%
AM Antero Midstream Corp. 0.06% 15,380 $299K No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.06% 2,608 $299K No change
BX Blackstone Inc. 0.06% 1,691 $289K Reduce -13.7%
MDIV FT Multi-Asset Divers Inc. 0.06% 17,805 $286K Reduce -0.5%
NFLX Netflix Inc. 0.06% 237 $284K New
ANET Arista Networks Inc. 0.06% 1,912 $279K New
UBER Uber Technologies Inc. 0.06% 2,813 $276K Add +2.5%
WMB Williams Cos Inc. 0.06% 4,340 $275K Reduce -10.3%
XLV SS Health Care Select Sector 0.06% 1,940 $270K Reduce -18.8%
PANW Palo Alto Networks Inc. 0.05% 1,299 $265K New
ALL Allstate Corp. 0.05% 1,217 $263K Add +0.1%
BIL SS SPDR BB 1-3M T-Bill ETF 0.05% 2,858 $262K Reduce -4.7%
ISRG Intuitive Surgical Inc. 0.05% 586 $262K Add +12.7%
SLYG SS SPDR S&P 600 SC GR ETF 0.05% 2,766 $261K Reduce -7.4%
NEE Nextera Energy Inc. 0.05% 3,444 $260K Add +0.5%
VYM Vanguard High DVD Yield ETF 0.05% 1,843 $260K Add +0.5%
SHY iShares 1-3 Year Treasury Bo 0.05% 3,109 $258K Add +12.7%
PHM Pultegroup Inc. 0.05% 1,932 $256K Reduce -3.8%
CSCO Cisco Systems Inc. 0.05% 3,727 $255K Reduce -9.6%
XAR SS SPDR S&P Aerospace Def 0.05% 1,083 $254K Reduce -4.2%
WEC WEC Energy Group Inc. 0.05% 2,187 $251K Reduce -0.3%
PLTR Palantir Technologies Inc. Class A 0.05% 1,347 $246K New
HON Honeywell International Inc. 0.05% 1,153 $243K No change
ATO Atmos Energy Corp. 0.05% 1,403 $240K No change
BA The Boeing Co. 0.05% 1,098 $237K No change
SPYV SS SPDR P S&P 500 Value ETF 0.05% 4,254 $235K Add +3.0%
SPYG SS SPDR P S&P 500 Growth ETF 0.05% 2,245 $235K Add +1.1%
PM Philip Morris International 0.05% 1,410 $229K Add +5.4%
DVN Devon Energy Corp. 0.05% 6,496 $228K New
XLU St Sr Utl SL SE SPDR ETF-Usd 0.05% 2,605 $227K Reduce -9.9%
BNDX Vanguard Total Intl Bond ETF 0.05% 4,478 $221K No change
IWM iShares Russell 2000 ETF 0.05% 914 $221K New
IYR iShares US Real Estate ETF 0.05% 2,273 $221K Reduce -17.2%
SILA Sila Realty Trust Inc. 0.05% 8,705 $218K No change
RA Brookfield Real Assets Incom 0.04% 15,905 $212K Reduce -6.9%
SYK Stryker Corp. 0.04% 566 $210K Add +4.4%
DGRO iShares Core Dividend Growth 0.04% 3,049 $208K New
WSM Williams-Sonoma Inc. 0.04% 1,057 $207K New
INTC Intel Corp. 0.04% 6,046 $203K New
MPC Marathon Petroleum Corp. 0.04% 1,049 $202K New
DTE DTE Energy Company 0.04% 1,406 $201K Reduce -12.4%
XAGDX Abrdn GLBL DYNM Divid 0.04% 13,026 $174K Reduce -12.9%
VG Venture Global Inc. Class A 0.03% 10,718 $152K New
NAD Nuveen Quality Municipal Inc. 0.03% 11,548 $136K Reduce -0.9%
LAC Lithium Americas Corp. 0.02% 20,400 $116K New
FSCO FS Credit Opportunities Corp. 0.02% 11,473 $79K No change
ANTERO RESOURCES CORP 0.00% 100 $8K New

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

QuarterPositions13F Reported ValueTop Holdings
Q2 2026Amended 173$537.0MACIO, DRSK, IDUB, SPY, SPDW
Q1 2026 185$528.0MACIO, DRSK, IDUB, SPY, SPDW
Q4 2025 166$486.6MACIO, DRSK, IDUB, SPDW, ADME
Q3 2025 160$483.1MACIO, DRSK, IDUB, SPDW, ADME
Q2 2025 149$430.4MACIO, DRSK, IDUB, SPDW, ADME
Q1 2025 145$388.1MACIO, DRSK, IDUB, SPDW, ADME
Q4 2024 131$370.9MACIO, DRSK, IDUB, SPY, ADME
Q3 2024 136$366.9MACIO, DRSK, IDUB, SPDW, SPY
Q2 2024 115$326.9MACIO, DRSK, IDUB, SPDW, SPY
Q1 2024 114$308.3MACIO, DRSK, IDUB, SPDW, SPY