{"url":"https://nivawealth.com/firms/square-wave-capital-318517","iapdUrl":"https://adviserinfo.sec.gov/firm/summary/318517","regulatoryAum":428833000,"crd":"318517","history":[{"filedOn":"2022-06-16","regulatoryAum":27259196,"clients":1,"employees":3,"offices":1},{"filedOn":"2023-02-14","regulatoryAum":38458071,"clients":2,"employees":3,"offices":1},{"filedOn":"2024-03-27","regulatoryAum":66747718,"clients":2,"employees":3,"offices":1},{"filedOn":"2025-03-28","regulatoryAum":104721000,"clients":2,"employees":3,"offices":1},{"filedOn":"2026-03-31","regulatoryAum":428833000,"clients":3,"employees":4,"offices":1}],"secFileNumber":"801-123271","legalName":"Square Wave Capital LLC","displayName":"Square Wave Capital","slug":"square-wave-capital-318517","website":"https://squarewavecapital.com/","classification":{"segment":"private_funds","segmentLabel":"Private funds","type":"private_fund_manager","typeLabel":null,"feeDisclosure":"payment_only"},"linkedinUrl":"https://www.linkedin.com/company/square-wave-capital/","founded":null,"organization":"Delaware limited liability company","fiscalYearEnd":"December","headquarters":{"street":"55 Prospect Street, Suite 310","city":"Brooklyn","state":"NY","stateName":"New York","country":"United States","postalCode":"11201"},"tradeNames":[],"registration":{"secApproved":"22 February 2022","noticeFilings":null,"latestNoticeFiling":null},"wealthAumPerClient":null,"staff":{"employees":4,"advisory":3,"brokerDealerReps":0,"insuranceAgents":0,"promoters":0},"aum":{"regulatory":428833000,"discretionary":428833000,"discretionaryAccounts":3,"nonDiscretionary":0,"nonDiscretionaryAccounts":0,"wrapProgram":null,"nonUsClientsPct":0,"nonAumClients":0},"clientTypes":[{"label":"Pooled investment vehicles","clients":2,"regulatoryAum":359793000},{"label":"Other","clients":1,"regulatoryAum":69040000}],"feePrograms":[],"brochureCoverage":{"scope":"known_documents","status":"not_processed","checkedAt":null,"documents":[]},"custodians":[{"name":"Morgan Stanley & Co., LLC","shortName":"Morgan Stanley","location":"New York, NY","smaAssets":24000},{"name":"Fidelity Brokerage Services LLC","shortName":"Fidelity","location":"Smithfield, RI","smaAssets":69016000}],"custodyNote":"Square Wave Capital has custody of $360M in client assets for 2 clients.","otherCustodians":[],"leadership":[{"name":"Kyle Altshuler","title":"Chief Financial Officer/Chief Compliance Officer","crd":"5694791"},{"name":"Ryan Ashayeri","title":"Member","crd":"5682773"}],"ownership":[{"label":"Ryan Ashayeri","detail":"Member in the 75% or more ownership band and a control person, since October 2021."}],"branchOffices":null,"filedOffices":{"otherThanPrincipal":0,"privateResidences":0},"listedOfficeAddresses":1,"foreignOffices":[],"officesByState":[{"state":"New York","offices":1,"addresses":[{"street":"55 Prospect Street, Suite 310","city":"Brooklyn","headquarters":true}]}],"advFacts":{"source":{"file":"ia100226.zip","asOf":"2 October 2026"},"telephone":"203-733-6139","stateRegisteredReps":0,"otherAdviserReps":0,"compensation":["A percentage of assets under management","Performance-based fees"],"activities":["Portfolio management for pooled investment vehicles (other than investment companies)","Portfolio management for businesses (other than small businesses) or institutional clients"],"financialPlanningClients":null,"assetMix":[{"label":"Exchange-traded equity securities","percent":100}],"privateFunds":1},"sources":{"adv1FilingDate":"31 March 2026","adv1Url":"https://reports.adviserinfo.sec.gov/reports/ADV/318517/PDF/318517.pdf","brochureDate":null,"brochureUrl":null,"iapdCompiledDate":null,"retrievedDate":"15 October 2026","retrievedOn":"2026-10-15","updatedOn":"2026-10-21","holdingsUpdatedOn":"2026-10-21","adv1Pages":{},"brochurePages":{}},"otherBusiness":[],"faq":[{"question":"How many clients does Square Wave Capital have?","answer":"Square Wave Capital has 3 clients and manages $429 million for them, as of March 2026. They include 2 pooled investment vehicles and 1 other client.","source":"Form ADV Part 1A, Items 5.D and 5.F, filed 31 March 2026","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What services does Square Wave Capital offer?","answer":"Square Wave Capital provides portfolio management for pooled vehicles and portfolio management for institutions.","source":"Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"Which custodians does Square Wave Capital use?","answer":"Square Wave Capital’s separately managed account assets are held at Fidelity Brokerage Services LLC (Smithfield, RI), with $69M and Morgan Stanley & Co., LLC (New York, NY), with $24K. Only custodians holding at least a tenth of those assets are named.","source":"Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 31 March 2026","sourceRef":{"doc":"adv1","section":"custodians"}},{"question":"How many financial advisors does Square Wave Capital have?","answer":"Square Wave Capital has 0 investment adviser representatives registered with state securities authorities, out of 4 employees, and 3 perform investment advisory functions. None are registered representatives of a broker-dealer or licensed insurance agents.","source":"Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What does Square Wave Capital invest in?","answer":"At the end of its last fiscal year, Square Wave Capital’s separately managed accounts held 100% exchange-traded equities. It advises 1 private fund.","source":"Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"Who owns Square Wave Capital?","answer":"Square Wave Capital’s direct owner is Ryan Ashayeri (75% or more).","source":"Form ADV Part 1A, Schedules A and B, filed 31 March 2026","sourceRef":{"doc":"adv1","section":"scheduleA"}},{"question":"How does Square Wave Capital get paid?","answer":"Square Wave Capital is paid through a percentage of assets under management and performance-based fees. Its Form ADV lists no commissions among how it is paid.","source":"Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"How do I contact Square Wave Capital?","answer":"Square Wave Capital’s main office is at 55 Prospect Street, Suite 310, Brooklyn, NY 11201. Its phone number is 203-733-6139. Its website is squarewavecapital.com.","source":"Form ADV Part 1A, Item 1.F, filed 31 March 2026","sourceRef":{"doc":"adv1","section":"offices"}}],"holdings":{"url":"https://nivawealth.com/firms/square-wave-capital-318517/holdings","form":"13F-HR","periodOfReport":"2026-06-30","filedOn":"2026-08-14","filingIndexUrl":"https://www.sec.gov/Archives/edgar/data/2077145/000121390026089594/0001213900-26-089594-index.html","totalValue":670297289,"positionCount":11,"top10Share":0.9816890651336052,"top10":[{"issuer":"MICRON TECHNOLOGY INC","titleOfClass":"COM","cusip":"595112103","value":103424384,"shares":89600,"shareType":"SH","priorValue":8885192,"priorShares":26300},{"issuer":"ASML HLDG NV","titleOfClass":"N Y REGISTRY SHS","cusip":"N07059210","value":95095232,"shares":47800,"shareType":"SH","priorValue":51116121,"priorShares":38700},{"issuer":"ATI INC","titleOfClass":"COM","cusip":"01741R102","value":87670080,"shares":444800,"shareType":"SH","priorValue":53296544,"priorShares":366400},{"issuer":"MARRIOTT INTL INC NEW","titleOfClass":"CL A","cusip":"571903202","value":86088057,"shares":232300,"shareType":"SH","priorValue":70071477,"priorShares":214240},{"issuer":"AMAZON COM INC","titleOfClass":"COM","cusip":"023135106","value":85516392,"shares":358800,"shareType":"SH","priorValue":54858318,"priorShares":263400},{"issuer":"CARPENTER TECHNOLOGY CORP","titleOfClass":"COM","cusip":"144285103","value":76364792,"shares":123800,"shareType":"SH","priorValue":18130900,"priorShares":46000},{"issuer":"ALPHABET INC","titleOfClass":"CAP STK CL A","cusip":"02079K305","value":39417911,"shares":110300,"shareType":"SH","priorValue":29561168,"priorShares":102800},{"issuer":"INTEL CORP","titleOfClass":"COM","cusip":"458140100","value":31849603,"shares":228100,"shareType":"SH"},{"issuer":"TRADEWEB MKTS INC","titleOfClass":"CL A","cusip":"892672106","value":27924732,"shares":280200,"shareType":"SH","priorValue":58219933,"priorShares":494815},{"issuer":"FTAI AVIATION LTD","titleOfClass":"SHS","cusip":"G3730V105","value":24672336,"shares":91200,"shareType":"SH"}],"positionsListed":11,"positions":[{"issuer":"MICRON TECHNOLOGY INC","titleOfClass":"COM","cusip":"595112103","value":103424384,"shares":89600,"shareType":"SH","priorValue":8885192,"priorShares":26300},{"issuer":"ASML HLDG NV","titleOfClass":"N Y REGISTRY SHS","cusip":"N07059210","value":95095232,"shares":47800,"shareType":"SH","priorValue":51116121,"priorShares":38700},{"issuer":"ATI INC","titleOfClass":"COM","cusip":"01741R102","value":87670080,"shares":444800,"shareType":"SH","priorValue":53296544,"priorShares":366400},{"issuer":"MARRIOTT INTL INC NEW","titleOfClass":"CL A","cusip":"571903202","value":86088057,"shares":232300,"shareType":"SH","priorValue":70071477,"priorShares":214240},{"issuer":"AMAZON COM INC","titleOfClass":"COM","cusip":"023135106","value":85516392,"shares":358800,"shareType":"SH","priorValue":54858318,"priorShares":263400},{"issuer":"CARPENTER TECHNOLOGY CORP","titleOfClass":"COM","cusip":"144285103","value":76364792,"shares":123800,"shareType":"SH","priorValue":18130900,"priorShares":46000},{"issuer":"ALPHABET INC","titleOfClass":"CAP STK CL A","cusip":"02079K305","value":39417911,"shares":110300,"shareType":"SH","priorValue":29561168,"priorShares":102800},{"issuer":"INTEL CORP","titleOfClass":"COM","cusip":"458140100","value":31849603,"shares":228100,"shareType":"SH"},{"issuer":"TRADEWEB MKTS INC","titleOfClass":"CL A","cusip":"892672106","value":27924732,"shares":280200,"shareType":"SH","priorValue":58219933,"priorShares":494815},{"issuer":"FTAI AVIATION LTD","titleOfClass":"SHS","cusip":"G3730V105","value":24672336,"shares":91200,"shareType":"SH"},{"issuer":"MASTEC INC","titleOfClass":"COM","cusip":"576323109","value":12273770,"shares":29500,"shareType":"SH","priorValue":19497444,"priorShares":60600}]},"notice":"Compiled from public SEC Form ADV filings on the dates in `sources`. Facts as filed; not a rating, ranking, or recommendation. Niva is not affiliated with this firm. Disciplinary history is deliberately not included here or on the page; the SEC publishes the complete record at the `iapdUrl` above."}