Skip to main content
Livermore
Livermore
ZHEN

Capula Management Ltd

SEC CIK
0001557017
Latest filing
Aug 14, 2026

Holdings in Q4 2022

Holdings as of Dec 31, 2022, filed Feb 14, 2023. Long positions only; changes compare share counts with Q3 2022.

Institution overview
Positions
423
+129 vs. Q3 2022
Portfolio value
$965.8M
+$151.7M (+18.6%) vs. Q3 2022
Filed
Feb 14, 2023
SEC
Holdings of Capula Management Ltd in Q4 2022
SecurityClassSharesValue% of portfolioShare changeActionHistory
iShares Tr464287184CHINA LG-CAP ETF1,972,687$55.8M5.8%+1,772,687+886.3%Added–
SPYSPDR S&P 500 ETF TrustETF132,568$50.7M5.2%−7,213−5.2%ReducedHistory
MSFTMicrosoft CorpStock144,638$34.7M3.6%+32,365+28.8%AddedHistory
WMTWalmart Inc.Stock234,803$33.3M3.4%+234,803NewHistory
AAPLApple Inc.Stock246,370$32.0M3.3%−157,928−39.1%ReducedHistory
CVSCVS Health CorpStock338,317$31.5M3.3%+151,151+80.8%AddedHistory
TXNTexas Instruments IncStock175,041$28.9M3.0%+137,497+366.2%AddedHistory
iShares Tr464287234MSCI EMG MKT ETF600,000$22.7M2.4%+600,000New–
UPSUnited Parcel Service IncStock116,159$20.2M2.1%+51,889+80.7%AddedHistory
AMGNAmgen IncStock63,093$16.6M1.7%+15,522+32.6%AddedHistory
BMYBristol Myers Squibb CoStock225,313$16.2M1.7%+225,313NewHistory
COSTCostco Wholesale CorpStock35,377$16.1M1.7%+27,136+329.3%AddedHistory
MCDMcDonalds CorpStock61,247$16.1M1.7%+38,724+171.9%AddedHistory
DISWalt Disney CoStock179,465$15.6M1.6%+171,139+2,055.5%AddedHistory
CRMSalesforce, Inc.Stock115,980$15.4M1.6%+115,980NewHistory
IBMInternational Business Machines CorpStock106,649$15.0M1.6%−72,429−40.4%ReducedHistory
CVXChevron CorpStock81,432$14.6M1.5%−44,076−35.1%ReducedHistory
UNHUnitedHealth Group IncStock25,836$13.7M1.4%+15,962+161.7%AddedHistory
XOMExxonMobil Holdings CorpCOM121,495$13.4M1.4%−59,292−32.8%ReducedHistory
State Street Consumer Staples Select Sector SPDR ETF81369Y308ETF169,264$12.6M1.3%+62,088+57.9%Added–
QCOMQualcomm IncStock92,076$10.1M1.0%+50,104+119.4%AddedHistory
GSGoldman Sachs Group IncStock29,350$10.1M1.0%−16,138−35.5%ReducedHistory
LLYEli Lilly & CoStock26,494$9.69M1.0%+26,494NewHistory
CMGChipotle Mexican Grill IncCOM6,968$9.67M1.0%+5,006+255.1%AddedHistory
BACBank of America CorpStock284,767$9.43M1.0%−190,905−40.1%ReducedHistory
State Street Industrial Select Sector SPDR ETF81369Y704ETF85,693$8.42M0.9%+85,693New–
VVisa Inc.Stock38,873$8.08M0.8%+23,609+154.7%AddedHistory
NVDANVIDIA CorpStock53,502$7.82M0.8%−30,762−36.5%ReducedHistory
AMZNAmazon Com IncStock83,660$7.03M0.7%−197,955−70.3%ReducedHistory
DHRDanaher CorpStock26,379$7.00M0.7%+26,379NewHistory
CMICummins IncStock25,391$6.15M0.6%+17,162+208.6%AddedHistory
AMDAdvanced Micro Devices IncStock93,993$6.09M0.6%+27,997+42.4%AddedHistory
HONHoneywell International IncCOM27,518$5.90M0.6%+4,265+18.3%AddedHistory
HZNPHorizon Therapeutics Public Ltd CoSHS49,394$5.62M0.6%+49,394NewHistory
State Street Energy Select Sector SPDR ETF81369Y506ETF58,677$5.13M0.5%+45,172+334.5%Added–
MMM3M CoStock41,364$4.96M0.5%+41,364NewHistory
MDTMedtronic plcStock63,428$4.93M0.5%−24,957−28.2%ReducedHistory
ADBEAdobe Inc.Stock14,369$4.84M0.5%+6,505+82.7%AddedHistory
PYPLPayPal Holdings, Inc.Stock67,192$4.79M0.5%+17,070+34.1%AddedHistory
COPConocoPhillipsStock39,465$4.66M0.5%+39,465NewHistory
WFCWells Fargo & CompanyStock112,316$4.64M0.5%−41,720−27.1%ReducedHistory
HDHome Depot, Inc.Stock14,208$4.49M0.5%−4,941−25.8%ReducedHistory
WHRWhirlpool CorpStock31,213$4.42M0.5%+31,213NewHistory
CCitigroup IncStock94,538$4.28M0.4%−91,829−49.3%ReducedHistory
DOVDOVER CorpCOM28,982$3.92M0.4%+28,982NewHistory
GOOGLAlphabet Inc.Stock43,609$3.85M0.4%−358,645−89.2%ReducedHistory
ETNEaton Corp plcStock24,155$3.79M0.4%+24,155NewHistory
INTCIntel CorpStock140,020$3.70M0.4%+9,145+7.0%AddedHistory
INTUIntuit Inc.Stock9,400$3.66M0.4%+6,026+178.6%AddedHistory
MAXRMaxar Technologies Inc.COM65,000$3.36M0.3%+65,000NewHistory
TAT&T Inc.Stock182,117$3.35M0.3%+182,117NewHistory
ABNBAirbnb, Inc.Stock38,928$3.33M0.3%+38,928NewHistory
CSCOCisco Systems, Inc.Stock66,189$3.15M0.3%−53,632−44.8%ReducedHistory
PEPPepsiCo IncStock16,932$3.06M0.3%−44,363−72.4%ReducedHistory
PRUPrudential Financial IncStock30,443$3.03M0.3%−27,546−47.5%ReducedHistory
MAMastercard IncStock8,696$3.02M0.3%−2,788−24.3%ReducedHistory
Invesco QQQ Trust Series I46090E103ETF11,286$3.01M0.3%−47,379−80.8%Reduced–
NTAPNetApp, Inc.Stock48,974$2.94M0.3%+35,544+264.7%AddedHistory
JPMJPMorgan Chase & CoStock21,879$2.93M0.3%−45,850−67.7%ReducedHistory
METAMeta Platforms, Inc.Stock23,700$2.85M0.3%−45,564−65.8%ReducedHistory
ITWIllinois Tool Works IncStock12,384$2.73M0.3%+12,384NewHistory
CATCaterpillar IncStock10,271$2.46M0.3%−2,464−19.3%ReducedHistory
ADPAutomatic Data Processing IncStock10,176$2.43M0.3%+6,126+151.3%AddedHistory
ELVElevance Health, Inc.Stock4,728$2.43M0.3%+4,728NewHistory
EMREmerson Electric CoStock24,194$2.32M0.2%−27,569−53.3%ReducedHistory
PGProcter & Gamble CoStock15,210$2.31M0.2%−43,852−74.2%ReducedHistory
TSLATesla, Inc.Stock18,352$2.26M0.2%−7,958−30.2%ReducedHistory
VRSKVerisk Analytics, Inc.COM12,405$2.19M0.2%+12,405NewHistory
HSYHershey CoCOM9,292$2.15M0.2%+4,832+108.3%AddedHistory
GDGeneral Dynamics CorpStock8,430$2.09M0.2%+8,430NewHistory
BABoeing CoStock10,898$2.08M0.2%−14,794−57.6%ReducedHistory
TDCTeradata CorpStock59,750$2.01M0.2%+59,750NewHistory
BPOPPopular, Inc.COM NEW26,430$1.75M0.2%+26,430NewHistory
LINLinde PLCSHS5,080$1.66M0.2%+4,200+477.3%AddedHistory
KOCoca Cola CoStock25,347$1.61M0.2%−83,446−76.7%ReducedHistory
TGTXTG Therapeutics, Inc.COM134,060$1.59M0.2%+134,060NewHistory
CGCarlyle Group Inc.COM52,200$1.56M0.2%+52,200NewHistory
STZConstellation Brands, Inc.Stock6,646$1.54M0.2%+6,646NewHistory
KMBKimberly Clark CorpStock11,345$1.54M0.2%+11,345NewHistory
NEWRNew Relic, Inc.COM27,260$1.54M0.2%+10,020+58.1%AddedHistory
UAUnder Armour, Inc.CL C172,020$1.53M0.2%+172,020NewHistory
DOCHealthpeak Properties, Inc.COM60,580$1.52M0.2%+60,580NewHistory
SBUXStarbucks CorpStock15,272$1.51M0.2%+15,272NewHistory
TOLToll Brothers, Inc.COM30,246$1.51M0.2%+18,426+155.9%AddedHistory
CMCSAComcast CorpStock43,005$1.50M0.2%−29,452−40.6%ReducedHistory
BAXBaxter International IncStock28,878$1.47M0.2%+28,878NewHistory
ROPRoper Technologies IncStock3,380$1.46M0.2%−1,971−36.8%ReducedHistory
TNLTravel & Leisure Co.COM39,276$1.43M0.1%+31,966+437.3%AddedHistory
MRKMerck & Co., Inc.Stock12,745$1.41M0.1%+12,745NewHistory
HOGHarley-Davidson, Inc.COM33,864$1.41M0.1%+27,224+410.0%AddedHistory
NXSTNexstar Media Group, Inc.COMMON STOCK8,046$1.41M0.1%+5,076+170.9%AddedHistory
KMIKinder Morgan, Inc.Stock77,026$1.39M0.1%+77,026NewHistory
ESIElement Solutions IncCOM75,946$1.38M0.1%+56,396+288.5%AddedHistory
CLXClorox CoStock9,706$1.36M0.1%+9,706NewHistory
SBACSba Communications CorpCL A4,846$1.36M0.1%+4,846NewHistory
MTCHMatch Group, Inc.COM32,620$1.35M0.1%+24,830+318.7%AddedHistory
NSANational Storage Affiliates TrustCOM SHS BEN IN37,310$1.35M0.1%+15,630+72.1%AddedHistory
ESTCElastic N.V.ORD SHS25,810$1.33M0.1%+25,810NewHistory
KRCKilroy Realty CorpCOM33,680$1.30M0.1%+33,680NewHistory
GENGen Digital Inc.Stock59,050$1.27M0.1%+59,050NewHistory

Options (155)

Puts and calls in the same filing. Amounts are the market value of the underlying shares, which is what 13F reports.

The largest 100 of 155 by value.

Option positions of Capula Management Ltd in Q4 2022
SecurityClassPutsCalls
SPYSPDR S&P 500 ETF TrustETF$535.6M$24.5M
MSFTMicrosoft CorpStock$179.0M$149.0M
AAPLApple Inc.Stock$137.0M$128.6M
UNHUnitedHealth Group IncStock$87.7M$110.9M
UPSUnited Parcel Service IncStock$148.8M$39.9M
BACBank of America CorpStock$102.2M$66.8M
State Street Financial Select Sector SPDR ETF81369Y605ETF$80.6M$81.7M
CSCOCisco Systems, Inc.Stock$78.8M$56.7M
AMZNAmazon Com IncStock$72.2M$60.7M
GOOGLAlphabet Inc.Stock$69.7M$61.0M
HONHoneywell International IncCOM$58.0M$62.7M
VanEck Semiconductor ETF92189F676ETF$89.1M$24.6M
DEDeere & CoStock$62.0M$41.6M
JPMJPMorgan Chase & CoStock$62.1M$41.3M
WMTWalmart Inc.Stock$66.1M$35.4M
iShares Russell 2000 ETF464287655ETF$89.8M$11.3M
KOCoca Cola CoStock$53.6M$38.9M
TXNTexas Instruments IncStock$58.2M$33.8M
CVSCVS Health CorpStock$50.5M$39.9M
IBMInternational Business Machines CorpStock$53.6M$33.1M
AMGNAmgen IncStock$53.0M$33.2M
XOMExxonMobil Holdings CorpCOM$75.3M$10.8M
MCDMcDonalds CorpStock$36.7M$43.1M
VVisa Inc.Stock$56.0M$20.7M
METAMeta Platforms, Inc.Stock$48.2M$25.8M
HDHome Depot, Inc.Stock$42.6M$29.8M
PEPPepsiCo IncStock$42.6M$21.3M
CVXChevron CorpStock$45.4M$15.3M
MSMorgan StanleyStock$31.7M$28.8M
PGProcter & Gamble CoStock$42.8M$17.3M
JNJJohnson & JohnsonStock$31.3M$27.9M
GSGoldman Sachs Group IncStock$23.8M$32.7M
TSLATesla, Inc.Stock$30.5M$25.5M
PFEPfizer IncStock$39.6M$15.6M
RTXRTX CorpStock$28.0M$25.1M
NVDANVIDIA CorpStock$31.4M$21.2M
EMREmerson Electric CoStock$32.9M$19.8M
SCHWSchwab Charles CorpStock$20.0M$28.5M
NFLXNetflix IncStock$28.9M$17.3M
MAMastercard IncStock$30.9M$14.6M
QCOMQualcomm IncStock$21.5M$21.8M
CMGChipotle Mexican Grill IncCOM$26.8M$16.4M
COSTCostco Wholesale CorpStock$24.8M$17.4M
BMYBristol Myers Squibb CoStock$22.6M$18.8M
ABTAbbott LaboratoriesStock$17.8M$22.5M
MRKMerck & Co., Inc.Stock$28.9M$10.9M
ABBVAbbVie Inc.Stock$13.3M$25.3M
UNPUnion Pacific CorpStock$18.6M$19.8M
CATCaterpillar IncStock$25.3M$12.0M
LLYEli Lilly & CoStock$32.4M$4.39M
DISWalt Disney CoStock$23.7M$12.3M
NSCNorfolk Southern CorpStock$18.6M$17.3M
CBChubb LtdStock$17.0M$17.0M
TMOThermo Fisher Scientific Inc.Stock$23.2M$10.7M
GDGeneral Dynamics CorpStock$16.0M$16.0M
CSXCSX CorpStock$18.9M$12.0M
STZConstellation Brands, Inc.Stock$15.9M$14.9M
LMTLockheed Martin CorpStock$13.5M$17.0M
DHRDanaher CorpStock$22.1M$7.11M
ADBEAdobe Inc.Stock$19.7M$9.09M
FDXFedEx CorpStock$25.8M$2.42M
GILDGilead Sciences, Inc.Stock$23.0M$5.19M
INTUIntuit Inc.Stock$13.6M$14.4M
NKENIKE, Inc.Stock$17.1M$10.5M
WFCWells Fargo & CompanyStock$11.9M$15.4M
NEENextera Energy IncStock$12.6M$13.4M
ETNEaton Corp plcStock$12.9M$12.9M
COPConocoPhillipsStock$17.6M$7.94M
AONAon plcCL A–$25.5M
CMCSAComcast CorpStock$10.4M$14.8M
SBUXStarbucks CorpStock$16.1M$8.75M
ITWIllinois Tool Works IncStock$12.3M$12.3M
CRMSalesforce, Inc.Stock$19.5M$4.68M
LVSLas Vegas Sands CorpCOM$24.0M–
AVGOBroadcom Inc.Stock$11.7M$11.6M
AMDAdvanced Micro Devices IncStock$22.6M–
CMICummins IncStock$15.5M$6.35M
MDTMedtronic plcStock$11.9M$9.07M
AMATApplied Materials IncStock$9.13M$11.6M
CCitigroup IncStock$11.3M$9.05M
DOVDOVER CorpCOM$10.2M$10.2M
INTCIntel CorpStock$8.60M$10.1M
Invesco QQQ Trust Series I46090E103ETF$18.1M–
ISRGIntuitive Surgical IncCOM NEW$3.71M$14.1M
TMUST-Mobile US, Inc.Stock$5.28M$12.3M
ASMLASML Holding NVADR–$17.2M
BAXBaxter International IncStock$8.45M$8.45M
ADIAnalog Devices IncStock$4.59M$11.5M
PMPhilip Morris International Inc.Stock$10.6M$5.16M
FISVFiserv IncStock$4.28M$11.0M
ROPRoper Technologies IncStock$7.60M$7.60M
KMIKinder Morgan, Inc.Stock$7.59M$7.59M
KMBKimberly Clark CorpStock$7.25M$7.25M
MMM3M CoStock$9.79M$4.41M
HSYHershey CoCOM$7.06M$7.06M
ORCLOracle CorpStock$8.67M$5.19M
LOWLowes Companies IncStock$4.70M$9.13M
ADPAutomatic Data Processing IncStock$3.01M$10.8M
MUMicron Technology IncStock–$13.8M
NTAPNetApp, Inc.Stock$6.80M$6.80M

Sold out since Q3 2022 (150)

Positions held at the end of Q3 2022 that are gone from this filing.

The largest 100 of 150 by value last quarter.

Positions of Capula Management Ltd sold out since Q3 2022
SecurityClassShares in Q3 2022Value in Q3 2022% of portfolio in Q3 2022History
DIASPDR Dow Jones Industrial Average ETF TrustUT SER 140,416$11.6M1.4%History
LMTLockheed Martin CorpStock29,888$11.5M1.4%History
State Street Health Care Select Sector SPDR ETF81369Y209ETF91,191$11.0M1.4%–
AVGOBroadcom Inc.Stock18,071$8.02M1.0%History
GEGeneral Electric CoStock102,207$6.33M0.8%History
ABBVAbbVie Inc.Stock44,397$5.96M0.7%History
LRCXLam Research CorpCOM15,974$5.85M0.7%History
VanEck Semiconductor ETF92189F676ETF29,231$5.41M0.7%–
ABTAbbott LaboratoriesStock54,809$5.30M0.7%History
iShares Tr46428743220 YR TR BD ETF50,200$5.14M0.6%–
RTXRTX CorpStock58,773$4.81M0.6%History
CLVTClarivate PLCORD SHS431,213$4.05M0.5%History
iShares Tr464287739U.S. REAL ES ETF49,315$4.01M0.5%–
MCHPMicrochip Technology IncStock64,939$3.96M0.5%History
State Street Consumer Discretionary Select Sector SPDR ETF81369Y407ETF27,320$3.89M0.5%–
TSMTaiwan Semiconductor Manufacturing Co LtdADR55,890$3.83M0.5%History
AMATApplied Materials IncStock43,102$3.53M0.4%History
State Street SPDR S&P Regional Banking ETF78464A698ETF54,704$3.22M0.4%–
IPInternational Paper CoCOM97,433$3.09M0.4%History
MPCMarathon Petroleum CorpStock30,975$3.08M0.4%History
State Street SPDR S&P Biotech ETF78464A870ETF38,171$3.03M0.4%–
MPTMedical Properties Trust IncCOM254,914$3.02M0.4%History
OXYOccidental Petroleum CorpStock48,874$3.00M0.4%History
HASHasbro, Inc.COM44,140$2.98M0.4%History
DHIHorton D R IncCOM41,160$2.77M0.3%History
WDCWestern Digital CorpCOM84,986$2.77M0.3%History
VLOValero Energy CorpStock25,331$2.71M0.3%History
WYNNWynn Resorts LtdCOM40,203$2.53M0.3%History
State Street Technology Select Sector SPDR ETF81369Y803ETF18,534$2.20M0.3%–
SABRSabre CorpCOM393,559$2.03M0.2%History
TRVTravelers Companies, Inc.Stock12,327$1.89M0.2%History
ARK Innovation ETF00214Q104ETF48,546$1.83M0.2%–
CHRWC. H. Robinson Worldwide, Inc.COM NEW17,924$1.73M0.2%History
KLACKLA CorpCOM NEW4,281$1.30M0.2%History
State Street Financial Select Sector SPDR ETF81369Y605ETF36,365$1.10M0.1%–
CFRCullen/Frost Bankers, Inc.COM7,610$1.01M0.1%History
ZENZendesk, Inc.COM13,120$998.0K0.1%History
PAYCPaycom Software, Inc.Stock2,920$964.0K0.1%History
RJFRaymond James Financial IncCOM9,760$964.0K0.1%History
MRNAModerna, Inc.Stock8,133$962.0K0.1%History
EOGEOG Resources IncStock8,605$961.0K0.1%History
BRKRBruker CorpCOM17,920$951.0K0.1%History
MSCIMSCI Inc.Stock2,210$932.0K0.1%History
ARESAres Management CorpCL A COM STK14,550$901.0K0.1%History
TRGPTarga Resources Corp.COM14,620$882.0K0.1%History
BCBrunswick CorpCOM13,440$880.0K0.1%History
VICIVici Properties Inc.COM28,640$855.0K0.1%History
DVNDevon Energy CorpStock13,836$832.0K0.1%History
LYVLive Nation Entertainment, Inc.COM10,940$832.0K0.1%History
SIVBSVB Financial GroupCOM2,460$826.0K0.1%History
AWIArmstrong World Industries IncCOM10,160$805.0K0.1%History
MPWRMonolithic Power Systems, Inc.COM2,210$803.0K0.1%History
DARDarling Ingredients Inc.COM12,070$798.0K0.1%History
MCKMcKesson CorpStock2,190$744.0K0.1%History
LOWLowes Companies IncStock3,854$724.0K0.1%History
PCTYPaylocity Holding CorpCOM2,940$710.0K0.1%History
ELEstee Lauder Companies IncCL A3,210$693.0K0.1%History
UIUbiquiti Inc.COM2,160$634.0K0.1%History
STTState Street CorpCOM10,060$612.0K0.1%History
HSTHost Hotels & Resorts, Inc.COM32,480$516.0K0.1%History
LNGCheniere Energy, Inc.COM NEW3,090$513.0K0.1%History
SCHWSchwab Charles CorpStock7,050$507.0K0.1%History
WSCWillScot Holdings CorpCOM CL A12,510$505.0K0.1%History
FTNTFortinet, Inc.Stock10,230$503.0K0.1%History
GOGrocery Outlet Holding Corp.COM15,110$503.0K0.1%History
GNRCGenerac Holdings Inc.Stock2,820$502.0K0.1%History
TGTTarget CorpStock3,360$499.0K0.1%History
TSCOTractor Supply CoCOM2,670$496.0K0.1%History
BILLBILL Holdings, Inc.Stock3,740$495.0K0.1%History
FCNCAFirst Citizens Bancshares IncCL A620$494.0K0.1%History
FHNFirst Horizon CorpCOM21,520$493.0K0.1%History
SNOWSnowflake Inc.Stock2,890$491.0K0.1%History
CMAComerica IncCOM6,900$491.0K0.1%History
DREDuke Realty CorpCOM NEW10,100$487.0K0.1%History
EWBCEast West Bancorp IncCOM7,240$486.0K0.1%History
PLDPrologis, Inc.REIT4,760$484.0K0.1%History
GOOGAlphabet Inc.Stock5,020$483.0K0.1%History
TTCToro CoCOM5,580$483.0K0.1%History
RGAReinsurance Group of America IncCOM NEW3,790$477.0K0.1%History
DOXAmdocs LtdSHS5,950$473.0K0.1%History
MTNVail Resorts IncCOM2,190$472.0K0.1%History
AEEAmeren CorpCOM5,640$454.0K0.1%History
SOSouthern CoStock6,640$452.0K0.1%History
HHyatt Hotels CorpCOM CL A5,550$449.0K0.1%History
PBRPetrobras - Petroleo Brasileiro SASPONSORED ADR36,294$448.0K0.1%History
PPLPPL CorpCOM17,450$442.0K0.1%History
SGENSeagen Inc.COM3,210$439.0K0.1%History
PANWPalo Alto Networks IncStock2,670$437.0K0.1%History
AESAES CorpStock19,130$432.0K0.1%History
HWMHowmet Aerospace Inc.Stock13,800$427.0K0.1%History
GPKGraphic Packaging Holding CoCOM21,480$424.0K0.1%History
PEGPublic Service Enterprise Group IncCOM7,450$419.0K0.1%History
LSILife Storage, Inc.COM3,750$415.0K0.1%History
SYYSysco CorpStock5,830$412.0K0.1%History
PHParker-Hannifin CorpStock1,650$400.0K<0.1%History
ESEversource EnergyStock5,050$394.0K<0.1%History
WSMWilliams Sonoma IncCOM3,330$392.0K<0.1%History
PFEPfizer IncStock8,827$386.0K<0.1%History
KDKyndryl Holdings, Inc.Stock46,150$382.0K<0.1%History
WIXWix.com Ltd.SHS4,730$370.0K<0.1%History