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Livermore
Livermore
ZHEN

Capula Management Ltd

SEC CIK
0001557017
Latest filing
Aug 14, 2026

Holdings in Q4 2023

Holdings as of Dec 31, 2023, filed Feb 12, 2024. Long positions only; changes compare share counts with Q3 2023.

Institution overview
Positions
224
−88 vs. Q3 2023
Portfolio value
$1.59B
+$49.9M (+3.3%) vs. Q3 2023
Filed
Feb 12, 2024
SEC
Holdings of Capula Management Ltd in Q4 2023
SecurityClassSharesValue% of portfolioShare changeActionHistory
SPYSPDR S&P 500 ETF TrustETF1,601,373$761.1M48.0%−24,581−1.5%ReducedHistory
GOOGLAlphabet Inc.Stock1,093,887$152.8M9.6%−17,434−1.6%ReducedHistory
iShares Tr464288513IBOXX HI YD ETF1,574,000$121.8M7.7%+1,574,000New–
METAMeta Platforms, Inc.Stock300,000$106.2M6.7%−8,158−2.6%ReducedHistory
AMZNAmazon Com IncStock651,641$99.0M6.2%−26,368−3.9%ReducedHistory
GOOGAlphabet Inc.Stock203,026$28.6M1.8%−674−0.3%ReducedHistory
Invesco QQQ Trust Series I46090E103ETF65,740$26.9M1.7%−79,162−54.6%Reduced–
PXDPioneer Natural Resources CoCOM116,000$26.1M1.6%+113,840+5,270.4%AddedHistory
VanEck Semiconductor ETF92189F676ETF138,000$24.1M1.5%+85,000+160.4%Added–
State Street Real Estate Select Sector SPDR ETF81369Y860ETF567,980$22.8M1.4%+567,980New–
State Street Financial Select Sector SPDR ETF81369Y605ETF366,502$13.8M0.9%+366,502New–
SPLKSplunk IncCOM85,535$13.0M0.8%+68,535+403.1%AddedHistory
State Street Technology Select Sector SPDR ETF81369Y803ETF67,054$12.9M0.8%+67,054New–
iShares Tr464287234MSCI EMG MKT ETF276,500$11.1M0.7%+276,500New–
iShares Tr46428743220 YR TR BD ETF75,000$7.42M0.5%+75,000New–
WRKWestRock CoCOM162,290$6.74M0.4%+133,350+460.8%AddedHistory
CPRICapri Holdings LtdSHS120,000$6.03M0.4%−70,000−36.8%ReducedHistory
GLDSPDR Gold TrustETF30,400$5.81M0.4%+22,260+273.5%AddedHistory
HESHess CorpStock40,000$5.77M0.4%+40,000NewHistory
PBRPetrobras - Petroleo Brasileiro SASPONSORED ADR222,590$3.55M0.2%+222,590NewHistory
ROVRRover Group, Inc.COMMON STOCK276,000$3.00M0.2%+276,000NewHistory
VSATViasat IncCOM88,094$2.46M0.2%+88,094NewHistory
RIORio Tinto PLCADR30,219$2.25M0.1%+30,219NewHistory
UWMCUWM Holdings CorpCOM CL A309,094$2.21M0.1%+309,094NewHistory
BEBloom Energy CorpCOM CL A144,568$2.14M0.1%+144,568NewHistory
iShares Tr464287184CHINA LG-CAP ETF87,900$2.11M0.1%−117,100−57.1%Reduced–
CENTACentral Garden & Pet CoCL A NON-VTG45,101$1.99M0.1%+45,101NewHistory
Textainer Group Holdings LtdG8766E109SHS40,300$1.98M0.1%+40,300New–
WDAYWorkday, Inc.CL A7,030$1.94M0.1%+7,030NewHistory
MSGEMadison Square Garden Entertainment Corp.COM CL A57,426$1.83M0.1%+26,726+87.1%AddedHistory
CUBICustomers Bancorp, Inc.COM25,177$1.45M0.1%+25,177NewHistory
VanEck ETF Trust92189F106GOLD MINERS ETF46,687$1.45M0.1%+46,687New–
TGTXTG Therapeutics, Inc.COM83,997$1.43M0.1%+83,997NewHistory
LOBLive Oak Bancshares, Inc.COM31,501$1.43M0.1%+31,501NewHistory
STNEStoneCo Ltd.COM79,288$1.43M0.1%+79,288NewHistory
AMCAMC Entertainment Holdings, Inc.CL A NEW229,827$1.41M0.1%+205,638+850.1%AddedHistory
MBINMerchants BancorpCOM31,926$1.36M0.1%+31,926NewHistory
CCSCentury Communities, Inc.COM14,637$1.33M0.1%+14,637NewHistory
SCSSteelcase IncCL A96,475$1.30M0.1%−15,475−13.8%ReducedHistory
JELDJELD-WEN Holding, Inc.COM68,986$1.30M0.1%+68,986NewHistory
CWHCamping World Holdings, Inc.CL A49,198$1.29M0.1%+49,198NewHistory
iShares Inc46434G822MSCI JAPAN ETF19,719$1.26M0.1%−34−0.2%Reduced–
COFCapital One Financial CorpStock9,503$1.25M0.1%+9,503NewHistory
OPTUOptimum Communications, Inc.CL A382,767$1.24M0.1%+60,187+18.7%AddedHistory
LNGCheniere Energy, Inc.COM NEW7,052$1.20M0.1%+992+16.4%AddedHistory
OSCROscar Health, Inc.CL A128,401$1.17M0.1%−11,859−8.5%ReducedHistory
ACIWAci Worldwide, Inc.Stock36,907$1.13M0.1%+36,907NewHistory
LUCKLucky Strike Entertainment CorpCL A COM79,288$1.12M0.1%+79,288NewHistory
RITMRithm Capital Corp.REIT105,024$1.12M0.1%+7,084+7.2%AddedHistory
IDCCInterDigital, Inc.COM10,268$1.11M0.1%+10,268NewHistory
NWLNewell Brands Inc.Stock127,636$1.11M0.1%+37,056+40.9%AddedHistory
MLIMueller Industries IncCOM23,426$1.10M0.1%−734−3.0%ReducedConverted for a 2-for-1 splitHistory
GMGeneral Motors CoCOM29,767$1.07M0.1%+18,107+155.3%AddedHistory
Paramount Global92556H206CL B71,315$1.05M0.1%+71,315New–
TTMITTM Technologies IncCOM65,790$1.04M0.1%+65,790NewHistory
SITCSITE Centers Corp.COM75,480$1.03M0.1%+75,480NewHistory
MCYMercury General CorpCOM27,523$1.03M0.1%+27,523NewHistory
DBRGDigitalBridge Group, Inc.CL A NEW58,225$1.02M0.1%+58,225NewHistory
BFHBread Financial Holdings, Inc.COM30,957$1.02M0.1%+5,577+22.0%AddedHistory
ALNYAlnylam Pharmaceuticals, Inc.COM5,270$1.01M0.1%+5,270NewHistory
SSTKShutterstock, Inc.COM20,893$1.01M0.1%+20,893NewHistory
iShares Inc464286400MSCI BRAZIL ETF28,560$998.5K0.1%−23,453−45.1%Reduced–
VNOMViper Energy, Inc.COM31,798$997.8K0.1%+31,798NewHistory
COOPMaverick Merger Sub 2, LLCCOM15,266$994.1K0.1%+15,266NewHistory
AGOAssured Guaranty LtdCOM13,209$988.4K0.1%+5,109+63.1%AddedHistory
DANDANA IncCOM67,354$984.0K0.1%+14,614+27.7%AddedHistory
UEUrban Edge PropertiesCOM53,601$980.9K0.1%+53,601NewHistory
GIIIG III Apparel Group LtdCOM28,866$980.9K0.1%−12,834−30.8%ReducedHistory
ETRNMidstream Co LLCCOM95,829$975.5K0.1%+95,829NewHistory
XNCRXencor IncCOM45,849$973.4K0.1%+3,029+7.1%AddedHistory
LILAKLiberty Latin America Ltd.COM CL C132,192$970.3K0.1%+132,192NewHistory
DYDycom Industries IncCOM8,364$962.6K0.1%+8,364NewHistory
AIZAssurant, Inc.Stock5,712$962.4K0.1%+5,712NewHistory
LPGDorian LPG Ltd.SHS USD21,913$961.3K0.1%+21,913NewHistory
FORForestar Group Inc.COM28,458$941.1K0.1%−11,102−28.1%ReducedHistory
GTGoodyear Tire & Rubber CoCOM65,042$931.4K0.1%+65,042NewHistory
ALEAllete IncCOM NEW15,062$921.2K0.1%+15,062NewHistory
FLRFluor CorpStock23,188$908.3K0.1%−4,632−16.6%ReducedHistory
FTDRFrontdoor, Inc.COM25,517$898.7K0.1%+25,517NewHistory
CRHCRH Public Ltd CoORD12,802$885.4K0.1%+12,802NewHistory
PRTAProthena Corp Public Ltd CoSHS24,310$883.4K0.1%+24,310NewHistory
MOAltria Group, Inc.Stock21,812$879.9K0.1%+21,812NewHistory
DKDelek US Holdings, Inc.COM32,521$839.0K0.1%−3,499−9.7%ReducedHistory
AHCOAdaptHealth Corp.COMMON STOCK110,534$805.8K0.1%+110,534NewHistory
PBFPBF Energy Inc.CL A17,918$787.7K<0.1%+17,918NewHistory
LILALiberty Latin America Ltd.COM CL A107,611$786.6K<0.1%+107,611NewHistory
GPREGreen Plains Inc.COM28,934$729.7K<0.1%+28,934NewHistory
BABAAlibaba Group Holding LtdADR9,000$697.6K<0.1%+6,813+311.5%AddedHistory
DDOGDatadog, Inc.CL A COM5,468$663.7K<0.1%+5,203+1,963.4%AddedHistory
VERVVerve Therapeutics, Inc.COM45,458$633.7K<0.1%+45,458NewHistory
SESea LtdSPONSORD ADS15,000$607.5K<0.1%+2,000+15.4%AddedHistory
AZEKAZEK Co Inc.CL A15,015$574.3K<0.1%−1,385−8.4%ReducedHistory
PENNPENN Entertainment, Inc.COM21,913$570.2K<0.1%+21,913NewHistory
NWSANews CorpCL A22,935$563.1K<0.1%+22,935NewHistory
ALGNAlign Technology IncCOM1,807$495.1K<0.1%−4,834−72.8%ReducedHistory
WTMWhite Mountains Insurance Group LtdCOM323$486.1K<0.1%+323NewHistory
ZMZoom Communications, Inc.Stock6,629$476.7K<0.1%+6,629NewHistory
CNACna Financial CorpCOM10,787$456.4K<0.1%+10,787NewHistory
LRCXLam Research CorpCOM568$444.9K<0.1%−3,253−85.1%ReducedHistory
REGNRegeneron Pharmaceuticals, Inc.COM493$433.0K<0.1%−39−7.3%ReducedHistory

Options (44)

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

Option positions of Capula Management Ltd in Q4 2023
SecurityClassPutsCalls
Invesco QQQ Trust Series I46090E103ETF$234.9M$209.3M
VanEck Semiconductor ETF92189F676ETF$181.5M$104.9M
iShares Tr46428743220 YR TR BD ETF$27.2M$19.8M
State Street SPDR S&P Regional Banking ETF78464A698ETF$5.35M$15.8M
JNJJohnson & JohnsonStock$6.27M$6.27M
SPYSPDR S&P 500 ETF TrustETF$9.51M–
CPRICapri Holdings LtdSHS$7.54M–
iShares Tr464287234MSCI EMG MKT ETF–$6.84M
MSFTMicrosoft CorpStock$3.72M$2.90M
GOOGLAlphabet Inc.Stock$3.86M$2.43M
GLDSPDR Gold TrustETF$6.12M–
RBLXRoblox CorpStock$4.95M–
AAPLApple Inc.Stock$4.04M–
PDDPDD Holdings Inc.SPONSORED ADS$3.60M–
AMZNAmazon Com IncStock$3.04M–
KOCoca Cola CoStock$1.87M$1.08M
TXNTexas Instruments IncStock$2.68M$153.4K
MDLZMondelez International, Inc.Stock$2.24M$246.3K
MOAltria Group, Inc.Stock$1.60M$867.3K
CVSCVS Health CorpStock$1.07M$1.06M
CATCaterpillar IncStock$1.03M$1.06M
SCHWSchwab Charles CorpStock$2.06M–
COSTCostco Wholesale CorpStock$2.05M–
EBAYeBay IncCOM–$1.93M
LMTLockheed Martin CorpStock$906.5K$906.5K
WMTWalmart Inc.Stock–$1.73M
ADBEAdobe Inc.Stock$1.61M–
WDCWestern Digital CorpCOM$1.56M–
MSMorgan StanleyStock$932.5K$559.5K
AVGOBroadcom Inc.Stock$1.34M–
KLACKLA CorpCOM NEW$1.34M–
CMCSAComcast CorpStock$530.6K$784.9K
ADIAnalog Devices IncStock$1.27M–
AMDAdvanced Micro Devices IncStock$442.2K$692.8K
AMGNAmgen IncStock$1.01M–
LRCXLam Research CorpCOM$939.9K–
INTUIntuit Inc.Stock$937.5K–
MCHPMicrochip Technology IncStock$901.8K–
INTCIntel CorpStock$753.8K–
ADPAutomatic Data Processing IncStock$605.7K$69.9K
iShares Tr464288513IBOXX HI YD ETF–$634.6K
BABAAlibaba Group Holding LtdADR–$465.1K
SNOWSnowflake Inc.Stock$358.2K–
ALGNAlign Technology IncCOM–$27.4K

Sold out since Q3 2023 (213)

Positions held at the end of Q3 2023 that are gone from this filing.

The largest 100 of 213 by value last quarter.

Positions of Capula Management Ltd sold out since Q3 2023
SecurityClassShares in Q3 2023Value in Q3 2023% of portfolio in Q3 2023History
ATVIActivision Blizzard, Inc.COM360,000$33.7M2.2%History
HZNPHorizon Therapeutics Public Ltd CoSHS242,048$28.0M1.8%History
UPSUnited Parcel Service IncStock120,922$18.8M1.2%History
SGENSeagen Inc.COM69,000$14.6M1.0%History
NEWRNew Relic, Inc.COM163,919$14.0M0.9%History
NATINational Instruments CorpCOM171,037$10.2M0.7%History
SCPLSciPlay CorpCL A360,727$8.21M0.5%History
DENDenbury IncCOM80,202$7.86M0.5%History
MSMorgan StanleyStock86,087$7.03M0.5%History
WMTWalmart Inc.Stock39,547$6.32M0.4%History
MSFTMicrosoft CorpStock19,551$6.17M0.4%History
Abcam PLC000380204ADS220,030$4.98M0.3%–
HTHersha Hospitality TrustPR SHS BEN INT492,295$4.85M0.3%History
GHLGreenhill & Co IncCOM262,506$3.89M0.3%History
ADPAutomatic Data Processing IncStock14,389$3.46M0.2%History
TSLATesla, Inc.Stock12,727$3.18M0.2%History
ASMLASML Holding NVADR4,830$2.84M0.2%History
AMDAdvanced Micro Devices IncStock26,584$2.73M0.2%History
CVSCVS Health CorpStock38,596$2.69M0.2%History
IBMInternational Business Machines CorpStock15,947$2.24M0.1%History
TWNKHostess Brands, Inc.CL A60,000$2.00M0.1%History
VMWVmware LLCCL A COM12,000$2.00M0.1%History
DBX ETF Tr233051879XTRACK HRVST CSI70,000$1.82M0.1%–
SBUXStarbucks CorpStock19,264$1.76M0.1%History
BGBunge Global SACOM13,340$1.44M0.1%History
BKNGBooking Holdings Inc.Stock465$1.43M0.1%History
OSKOshkosh CorpCOM14,860$1.42M0.1%History
TRHCTabula Rasa HealthCare, Inc.COM135,382$1.40M0.1%History
CVXChevron CorpStock8,150$1.37M0.1%History
State Street Consumer Staples Select Sector SPDR ETF81369Y308ETF19,500$1.34M0.1%–
QCOMQualcomm IncStock11,154$1.24M0.1%History
ALHCAlignment Healthcare, Inc.COM175,148$1.22M0.1%History
HNIHni CorpStock34,380$1.19M0.1%History
HDHome Depot, Inc.Stock3,842$1.16M0.1%History
WFRDWeatherford International plcORD SHS12,840$1.16M0.1%History
UPWKUpwork, IncCOM100,300$1.14M0.1%History
Starz Entertainment Corp535919401CL A VTG133,160$1.13M0.1%–
ANFAbercrombie & Fitch CoCL A19,660$1.11M0.1%History
PAYOPayoneer Global Inc.COM177,000$1.08M0.1%History
CMPRCIMPRESS plcSHS EURO15,440$1.08M0.1%History
VSTVistra Corp.Stock32,560$1.08M0.1%History
CEGConstellation Energy CorpStock9,880$1.08M0.1%History
GAPGap IncCOM101,120$1.07M0.1%History
SPNTSiriusPoint LtdCOM105,600$1.07M0.1%History
SKYWSkywest IncCOM25,220$1.06M0.1%History
CNKCinemark Holdings, Inc.COM57,040$1.05M0.1%History
ATSGAir Transport Services Group, Inc.COM50,020$1.04M0.1%History
UALUnited Airlines Holdings, Inc.COM23,720$1.00M0.1%History
BCCBoise Cascade CoCOM9,660$995.4K0.1%History
CCOICogent Communications Holdings, Inc.COM NEW15,920$985.4K0.1%History
INSWInternational Seaways, Inc.COM21,720$977.4K0.1%History
ANIPAni Pharmaceuticals IncCOM16,740$971.9K0.1%History
SCHLScholastic CorpCOM25,140$958.8K0.1%History
OPCHOption Care Health, Inc.COM NEW29,540$955.6K0.1%History
GOGOGogo Inc.COM79,620$949.9K0.1%History
JWNNordstrom IncStock63,180$943.9K0.1%History
DMCDel Monte CorpORD36,100$932.8K0.1%History
DFHDream Finders Homes, Inc.COM CL A41,780$928.8K0.1%History
SABRSabre CorpCOM204,500$918.2K0.1%History
BEAMBeam Therapeutics Inc.COM38,100$916.3K0.1%History
EBEventbrite, Inc.COM CL A92,860$915.6K0.1%History
MDUMdu Resources Group IncStock46,760$915.6K0.1%History
UPBDUpbound Group, Inc.COM30,880$909.4K0.1%History
SEATVivid Seats Inc.COM CL A141,240$906.8K0.1%History
FFord Motor CoStock72,840$904.7K0.1%History
KWKennedy-Wilson Holdings, Inc.COM61,080$900.3K0.1%History
LGNDLigand Pharmaceuticals IncCOM NEW14,900$892.8K0.1%History
KNSAKiniksa Pharmaceuticals International, plcCOM CL A51,340$891.8K0.1%History
MTHMeritage Homes CORPCOM7,220$883.7K0.1%History
TWSTTwist Bioscience CorpCOM43,520$881.7K0.1%History
MHOM/I Homes, Inc.COM10,420$875.7K0.1%History
Flagstar Bank, National Association649445103COM76,860$871.6K0.1%–
OPKOpko Health, Inc.COM540,540$864.9K0.1%History
GISGeneral Mills IncStock13,465$861.6K0.1%History
MDCSekisui House U.S., Inc.COM20,560$847.7K0.1%History
ADNTAdient plcStock23,040$845.6K0.1%History
UDRUDR, Inc.COM23,520$839.0K0.1%History
GHGuardant Health, Inc.COM28,140$834.1K0.1%History
ARVNArvinas, Inc.COM41,160$808.4K0.1%History
DNLIDenali Therapeutics Inc.COM38,720$798.8K0.1%History
EVGOEVgo Inc.CL A COM235,840$797.1K0.1%History
CARSCars.com Inc.COM47,120$794.4K0.1%History
MEDMedifast IncCOM10,400$778.4K0.1%History
CALYCallaway Golf CoCOM54,800$758.4K<0.1%History
CVNACarvana Co.CL A17,920$752.3K<0.1%History
VVisa Inc.Stock3,201$736.3K<0.1%History
AALAmerican Airlines Group Inc.Stock57,340$734.5K<0.1%History
PGProcter & Gamble CoStock5,022$732.5K<0.1%History
WWayfair Inc.CL A12,082$731.8K<0.1%History
OGNOrganon & Co.Stock42,060$730.2K<0.1%History
CMPCompass Minerals International IncStock25,840$722.2K<0.1%History
ECHOEchoStar CORPCL A42,120$705.5K<0.1%History
RUNSunrun Inc.COM56,060$704.1K<0.1%History
ALBAlbemarle CorpStock3,900$663.2K<0.1%History
RIVNRivian Automotive, Inc.Stock27,160$659.4K<0.1%History
NKLANikola CorpCOM409,091$642.3K<0.1%History
IOVAIovance Biotherapeutics, Inc.COM140,060$637.3K<0.1%History
VYXNCR Voyix CorpCOM22,860$616.5K<0.1%History
BACBank of America CorpStock22,191$607.6K<0.1%History
SDGRSchrodinger, Inc.COM19,900$562.6K<0.1%History