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Livermore
Livermore
ZHEN

Capula Management Ltd

SEC CIK
0001557017
Latest filing
Aug 14, 2026

Holdings in Q1 2024

Holdings as of Mar 31, 2024, filed May 9, 2024. Long positions only; changes compare share counts with Q4 2023.

Institution overview
Positions
369
+145 vs. Q4 2023
Portfolio value
$2.95B
+$1.37B (+86.4%) vs. Q4 2023
Filed
May 9, 2024
SEC
Holdings of Capula Management Ltd in Q1 2024
SecurityClassSharesValue% of portfolioShare changeActionHistory
SPYSPDR S&P 500 ETF TrustETF3,589,939$1.88B63.6%+1,988,566+124.2%AddedHistory
GOOGLAlphabet Inc.Stock1,282,936$193.6M6.6%+189,049+17.3%AddedHistory
iShares Tr464288513IBOXX HI YD ETF2,421,168$188.2M6.4%+847,168+53.8%Added–
AMZNAmazon Com IncStock651,460$117.5M4.0%−1810.0%ReducedHistory
Invesco QQQ Trust Series I46090E103ETF185,471$82.4M2.8%+119,731+182.1%Added–
AAPLApple Inc.Stock273,225$46.9M1.6%+271,682+17,607.4%AddedHistory
UNPUnion Pacific CorpStock180,418$44.4M1.5%+180,418NewHistory
GOOGAlphabet Inc.Stock200,000$30.5M1.0%−3,026−1.5%ReducedHistory
LYVLive Nation Entertainment, Inc.COM250,000$26.4M0.9%+250,000NewHistory
Invesco Exch Traded FD Tr II46138G508SR LN ETF1,186,000$25.1M0.8%+1,186,000New–
iShares Tr464287234MSCI EMG MKT ETF382,266$15.7M0.5%+105,766+38.3%Added–
State Street Technology Select Sector SPDR ETF81369Y803ETF66,713$13.9M0.5%−341−0.5%Reduced–
GLDSPDR Gold TrustETF48,341$9.94M0.3%+17,941+59.0%AddedHistory
LBRDKLiberty Broadband CorpCOM SER C159,421$9.12M0.3%+159,421NewHistory
FOXFox CorpCL B COM313,867$8.98M0.3%+313,867NewHistory
CPRICapri Holdings LtdSHS179,539$8.13M0.3%+59,539+49.6%AddedHistory
State Street Financial Select Sector SPDR ETF81369Y605ETF183,965$7.75M0.3%−182,537−49.8%Reduced–
CENTACentral Garden & Pet CoCL A NON-VTG197,045$7.27M0.2%+151,944+336.9%AddedHistory
HAYNHaynes International IncCOM NEW103,990$6.25M0.2%+103,990NewHistory
UAAUnder Armour, Inc.Stock761,429$5.62M0.2%+744,513+4,401.2%AddedHistory
WDAYWorkday, Inc.CL A20,213$5.51M0.2%+13,183+187.5%AddedHistory
PBRPetrobras - Petroleo Brasileiro SASPONSORED ADR358,010$5.45M0.2%+135,420+60.8%AddedHistory
XOMExxonMobil Holdings CorpCOM46,206$5.37M0.2%+46,206NewHistory
RIORio Tinto PLCADR82,302$5.25M0.2%+52,083+172.4%AddedHistory
NWLINational Western Life Group, Inc.CL A9,424$4.64M0.2%+9,424NewHistory
WRKWestRock CoCOM85,047$4.21M0.1%−77,243−47.6%ReducedHistory
VNOMViper Energy, Inc.COM105,406$4.05M0.1%+73,608+231.5%AddedHistory
CRHCRH Public Ltd CoORD45,149$3.89M0.1%+32,347+252.7%AddedHistory
CRWDCrowdStrike Holdings, Inc.Stock11,989$3.84M0.1%+11,989NewHistory
iShares Tr464287184CHINA LG-CAP ETF148,044$3.56M0.1%+60,144+68.4%Added–
FERGFerguson Enterprises Inc.SHS13,654$2.98M0.1%+11,495+532.4%AddedHistory
ETRNMidstream Co LLCCOM219,034$2.74M0.1%+123,205+128.6%AddedHistory
VanEck ETF Trust92189F106GOLD MINERS ETF78,828$2.49M0.1%+32,141+68.8%Added–
iShares MSCI India ETF46429B598ETF41,822$2.16M0.1%+41,822New–
HESHess CorpStock13,000$1.98M0.1%−27,000−67.5%ReducedHistory
CLSKCleanspark, Inc.COM NEW80,954$1.72M0.1%+80,954NewHistory
GAPGap IncCOM59,126$1.63M0.1%+59,126NewHistory
CPTCamden Property TrustREIT15,492$1.52M0.1%+11,786+318.0%AddedHistory
HIIHuntington Ingalls Industries, Inc.COM5,183$1.51M0.1%+5,183NewHistory
ALLAllstate CorpStock8,623$1.49M0.1%+5,750+200.1%AddedHistory
STLAStellantis N.V.SHS55,957$1.47M<0.1%+55,957NewHistory
PKPark Hotels & Resorts Inc.COM76,364$1.34M<0.1%+49,147+180.6%AddedHistory
SPDR Series Trust78464A755ST STR SP METAL21,843$1.32M<0.1%+21,843New–
CNSLConsolidated Communications Holdings, Inc.COM296,028$1.28M<0.1%+296,028NewHistory
JBLUJetBlue Airways CorpCOM162,214$1.20M<0.1%+162,214NewHistory
RITMRithm Capital Corp.REIT100,790$1.12M<0.1%−4,234−4.0%ReducedHistory
MSFTMicrosoft CorpStock2,644$1.11M<0.1%+2,644NewHistory
ULCCFrontier Group Holdings, Inc.COM136,663$1.11M<0.1%+136,663NewHistory
GDDYGoDaddy Inc.CL A9,163$1.09M<0.1%+9,163NewHistory
MCYMercury General CorpCOM21,063$1.09M<0.1%−6,460−23.5%ReducedHistory
KALUKaiser Aluminum CorpCOM PAR $0.0111,849$1.06M<0.1%+11,849NewHistory
THCTenet Healthcare CorpCOM NEW10,064$1.06M<0.1%+10,064NewHistory
BLBDBlue Bird CorpCOM27,200$1.04M<0.1%+27,200NewHistory
GESGuess IncCOM32,759$1.03M<0.1%+32,759NewHistory
CTASCintas CorpStock1,482$1.02M<0.1%+1,482NewHistory
PPLIPeople IncCOM NEW19,003$1.01M<0.1%+19,003NewHistory
MOAltria Group, Inc.Stock23,120$1.01M<0.1%+1,308+6.0%AddedHistory
MPCMarathon Petroleum CorpStock4,998$1.01M<0.1%+4,998NewHistory
BGBunge Global SACOM SHS9,820$1.01M<0.1%+9,820NewHistory
CRUSCirrus Logic, Inc.Stock10,846$1.00M<0.1%+10,846NewHistory
CLHClean Harbors IncCOM4,981$1.00M<0.1%+4,981NewHistory
CNXCNX Resources CorpCOM41,633$987.5K<0.1%+41,633NewHistory
SONOSonos IncCOM51,646$984.4K<0.1%+51,646NewHistory
ETREntergy CorpCOM9,293$982.1K<0.1%+9,293NewHistory
MAXMediaAlpha, Inc.CL A48,161$981.0K<0.1%+48,161NewHistory
KSSKOHLS CorpStock33,524$977.2K<0.1%+19,618+141.1%AddedHistory
BFHBread Financial Holdings, Inc.COM26,044$969.9K<0.1%−4,913−15.9%ReducedHistory
GLNGGolar LNG LtdSHS40,273$969.0K<0.1%+40,273NewHistory
BXCBlueLinx Holdings Inc.COM NEW7,344$956.5K<0.1%+7,344NewHistory
STNEStoneCo Ltd.COM57,395$953.3K<0.1%−21,893−27.6%ReducedHistory
ALPNAlpine Immune Sciences, Inc.COM23,970$950.2K<0.1%+23,970NewHistory
TNLTravel & Leisure Co.COM19,381$948.9K<0.1%+19,381NewHistory
SUPNSupernus Pharmaceuticals, Inc.COM27,693$944.6K<0.1%+27,693NewHistory
FFord Motor CoStock70,431$935.3K<0.1%+70,431NewHistory
VIRVir Biotechnology, Inc.COM92,153$933.5K<0.1%+92,153NewHistory
EOGEOG Resources IncStock7,275$930.0K<0.1%+7,275NewHistory
JHGJanus Henderson Group Ltd.ORD SHS28,254$929.3K<0.1%+28,254NewHistory
NSANational Storage Affiliates TrustCOM SHS BEN IN23,698$928.0K<0.1%+23,698NewHistory
KOSKosmos Energy Ltd.COM155,331$925.8K<0.1%+155,331NewHistory
LPGDorian LPG Ltd.SHS USD24,004$923.2K<0.1%+2,091+9.5%AddedHistory
PFEPfizer IncStock32,898$912.9K<0.1%+32,898NewHistory
MACMacerich CoCOM52,945$912.2K<0.1%+52,945NewHistory
DBRGDigitalBridge Group, Inc.CL A NEW46,886$903.5K<0.1%−11,339−19.5%ReducedHistory
WTTRSelect Water Solutions, Inc.CL A COM97,257$897.7K<0.1%+97,257NewHistory
SPNTSiriusPoint LtdCOM70,244$892.8K<0.1%+70,244NewHistory
MMacy's, Inc.COM44,554$890.6K<0.1%+44,554NewHistory
SFLSFL Corp Ltd.SHS67,439$888.8K<0.1%+67,439NewHistory
SITCSITE Centers Corp.COM60,282$883.1K<0.1%−15,198−20.1%ReducedHistory
BCBrunswick CorpCOM9,116$879.9K<0.1%+9,116NewHistory
CRGYCrescent Energy CoCL A COM73,661$876.6K<0.1%+73,661NewHistory
AALAmerican Airlines Group Inc.Stock57,044$875.6K<0.1%+57,044NewHistory
Clearway Energy, Inc.18539C105CL A40,443$869.9K<0.1%+40,443New–
VCVisteon CorpCOM NEW7,392$869.4K<0.1%+7,392NewHistory
LNGCheniere Energy, Inc.COM NEW5,389$869.1K<0.1%−1,663−23.6%ReducedHistory
MFAMfa Financial, Inc.COM76,092$868.2K<0.1%+76,092NewHistory
HDHome Depot, Inc.Stock2,253$864.3K<0.1%+2,253NewHistory
ANDEAndersons, Inc.COM15,028$862.2K<0.1%+15,028NewHistory
HBANHuntington Bancshares IncCOM61,661$860.2K<0.1%+61,661NewHistory
METAMeta Platforms, Inc.Stock1,713$831.8K<0.1%−298,287−99.4%ReducedHistory
CABOCable One, Inc.COM1,933$817.9K<0.1%+1,933NewHistory

Options (72)

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 Q1 2024
SecurityClassPutsCalls
Invesco QQQ Trust Series I46090E103ETF$527.3M$284.2M
State Street Utilities Select Sector SPDR ETF81369Y886ETF$66.6M$33.8M
iShares Tr46428743220 YR TR BD ETF$37.8M$37.8M
iShares Tr464287234MSCI EMG MKT ETF–$54.6M
VanEck Semiconductor ETF92189F676ETF$13.5M$30.4M
GLDSPDR Gold TrustETF$20.6M$20.6M
iShares MSCI India ETF46429B598ETF$12.9M$27.9M
VanEck ETF Trust92189F106GOLD MINERS ETF$632.4K$33.2M
SPYSPDR S&P 500 ETF TrustETF–$13.1M
CPRICapri Holdings LtdSHS$6.79M–
iShares Tr464287184CHINA LG-CAP ETF–$3.68M
AAPLApple Inc.Stock$2.44M$788.8K
MSFTMicrosoft CorpStock$3.07M–
FCXFreeport-McMoran IncStock$2.19M–
iShares Russell 2000 ETF464287655ETF–$1.79M
SCHWSchwab Charles CorpStock$1.50M–
METAMeta Platforms, Inc.Stock$1.41M–
NFLXNetflix IncStock$1.40M–
GOOGLAlphabet Inc.Stock$920.7K$452.8K
AVGOBroadcom Inc.Stock$927.8K$397.6K
PGProcter & Gamble CoStock$1.30M–
SLBSLB LimitedStock$1.10M–
INTUIntuit Inc.Stock$455.0K$585.0K
PEPPepsiCo IncStock$1.02M–
AMZNAmazon Com IncStock$938.0K–
ADBEAdobe Inc.Stock$605.5K$151.4K
TSLATesla, Inc.Stock$738.3K–
KLACKLA CorpCOM NEW$698.6K–
JNJJohnson & JohnsonStock$696.0K–
RHRHCOM$661.7K–
COSTCostco Wholesale CorpStock$659.4K–
DISWalt Disney CoStock$648.5K–
MSMorgan StanleyStock$602.6K–
WDCWestern Digital CorpCOM$573.2K–
VZVerizon Communications IncStock$553.9K–
MOAltria Group, Inc.Stock$536.5K–
CMCSAComcast CorpStock$533.2K–
LRCXLam Research CorpCOM$485.8K–
MUMicron Technology IncStock$483.3K–
ACNAccenture plcStock$450.6K–
HUMHumana IncStock$416.1K–
AMDAdvanced Micro Devices IncStock$379.0K–
MRNAModerna, Inc.Stock$373.0K–
BACBank of America CorpStock$345.1K–
HONHoneywell International IncCOM$328.4K–
TAT&T Inc.Stock$228.8K$75.7K
JPMJPMorgan Chase & CoStock$300.4K–
PMPhilip Morris International Inc.Stock$293.2K–
LOWLowes Companies IncStock$280.2K–
DHRDanaher CorpStock$274.7K–
AMATApplied Materials IncStock$268.1K–
GMGeneral Motors CoCOM$267.6K–
UUnity Software Inc.COM$264.3K–
CCitigroup IncStock$253.0K–
VVisa Inc.Stock$251.2K–
BABoeing CoStock$250.9K–
UNHUnitedHealth Group IncStock$49.5K$197.9K
AFRMAffirm Holdings, Inc.COM CL A$234.7K–
ORLYO Reilly Automotive IncStock$225.8K–
NETCloudflare, Inc.CL A COM$213.0K–
XYZBlock, Inc.CL A$203.0K–
ASMLASML Holding NVADR$194.1K–
REGNRegeneron Pharmaceuticals, Inc.COM$192.5K–
NVDANVIDIA CorpStock$180.7K–
GDGeneral Dynamics CorpStock$169.5K–
TGTTarget CorpStock$159.5K–
HDHome Depot, Inc.Stock$153.4K–
AALAmerican Airlines Group Inc.Stock$107.5K–
TXNTexas Instruments IncStock$87.1K–
CATCaterpillar IncStock$73.3K–
CRWDCrowdStrike Holdings, Inc.Stock$64.1K–
ABBVAbbVie Inc.Stock$54.6K–

Sold out since Q4 2023 (133)

Positions held at the end of Q4 2023 that are gone from this filing.

The largest 100 of 133 by value last quarter.

Positions of Capula Management Ltd sold out since Q4 2023
SecurityClassShares in Q4 2023Value in Q4 2023% of portfolio in Q4 2023History
VanEck Semiconductor ETF92189F676ETF138,000$24.1M1.5%–
State Street Real Estate Select Sector SPDR ETF81369Y860ETF567,980$22.8M1.4%–
SPLKSplunk IncCOM85,535$13.0M0.8%History
iShares Tr46428743220 YR TR BD ETF75,000$7.42M0.5%–
ROVRRover Group, Inc.COMMON STOCK276,000$3.00M0.2%History
VSATViasat IncCOM88,094$2.46M0.2%History
UWMCUWM Holdings CorpCOM CL A309,094$2.21M0.1%History
BEBloom Energy CorpCOM CL A144,568$2.14M0.1%History
Textainer Group Holdings LtdG8766E109SHS40,300$1.98M0.1%–
MSGEMadison Square Garden Entertainment Corp.COM CL A57,426$1.83M0.1%History
CUBICustomers Bancorp, Inc.COM25,177$1.45M0.1%History
TGTXTG Therapeutics, Inc.COM83,997$1.43M0.1%History
LOBLive Oak Bancshares, Inc.COM31,501$1.43M0.1%History
AMCAMC Entertainment Holdings, Inc.CL A NEW229,827$1.41M0.1%History
MBINMerchants BancorpCOM31,926$1.36M0.1%History
SCSSteelcase IncCL A96,475$1.30M0.1%History
JELDJELD-WEN Holding, Inc.COM68,986$1.30M0.1%History
CWHCamping World Holdings, Inc.CL A49,198$1.29M0.1%History
iShares Inc46434G822MSCI JAPAN ETF19,719$1.26M0.1%–
COFCapital One Financial CorpStock9,503$1.25M0.1%History
OPTUOptimum Communications, Inc.CL A382,767$1.24M0.1%History
OSCROscar Health, Inc.CL A128,401$1.17M0.1%History
ACIWAci Worldwide, Inc.Stock36,907$1.13M0.1%History
LUCKLucky Strike Entertainment CorpCL A COM79,288$1.12M0.1%History
IDCCInterDigital, Inc.COM10,268$1.11M0.1%History
MLIMueller Industries IncCOM23,426$1.10M0.1%History
TTMITTM Technologies IncCOM65,790$1.04M0.1%History
ALNYAlnylam Pharmaceuticals, Inc.COM5,270$1.01M0.1%History
SSTKShutterstock, Inc.COM20,893$1.01M0.1%History
iShares Inc464286400MSCI BRAZIL ETF28,560$998.5K0.1%–
COOPMaverick Merger Sub 2, LLCCOM15,266$994.1K0.1%History
AGOAssured Guaranty LtdCOM13,209$988.4K0.1%History
DANDANA IncCOM67,354$984.0K0.1%History
UEUrban Edge PropertiesCOM53,601$980.9K0.1%History
GIIIG III Apparel Group LtdCOM28,866$980.9K0.1%History
XNCRXencor IncCOM45,849$973.4K0.1%History
LILAKLiberty Latin America Ltd.COM CL C132,192$970.3K0.1%History
DYDycom Industries IncCOM8,364$962.6K0.1%History
AIZAssurant, Inc.Stock5,712$962.4K0.1%History
FORForestar Group Inc.COM28,458$941.1K0.1%History
GTGoodyear Tire & Rubber CoCOM65,042$931.4K0.1%History
ALEAllete IncCOM NEW15,062$921.2K0.1%History
FLRFluor CorpStock23,188$908.3K0.1%History
FTDRFrontdoor, Inc.COM25,517$898.7K0.1%History
PRTAProthena Corp Public Ltd CoSHS24,310$883.4K0.1%History
DKDelek US Holdings, Inc.COM32,521$839.0K0.1%History
AHCOAdaptHealth Corp.COMMON STOCK110,534$805.8K0.1%History
PBFPBF Energy Inc.CL A17,918$787.7K<0.1%History
LILALiberty Latin America Ltd.COM CL A107,611$786.6K<0.1%History
GPREGreen Plains Inc.COM28,934$729.7K<0.1%History
BABAAlibaba Group Holding LtdADR9,000$697.6K<0.1%History
SESea LtdSPONSORD ADS15,000$607.5K<0.1%History
PENNPENN Entertainment, Inc.COM21,913$570.2K<0.1%History
NWSANews CorpCL A22,935$563.1K<0.1%History
ALGNAlign Technology IncCOM1,807$495.1K<0.1%History
WTMWhite Mountains Insurance Group LtdCOM323$486.1K<0.1%History
ZMZoom Communications, Inc.Stock6,629$476.7K<0.1%History
CNACna Financial CorpCOM10,787$456.4K<0.1%History
MPWRMonolithic Power Systems, Inc.COM680$428.9K<0.1%History
SNOWSnowflake Inc.Stock2,150$427.9K<0.1%History
GPCGenuine Parts CoStock3,077$426.2K<0.1%History
OLLIOllie's Bargain Outlet Holdings, Inc.Stock5,610$425.7K<0.1%History
MTCHMatch Group, Inc.COM11,645$425.0K<0.1%History
MCOMoodys CorpStock1,088$424.9K<0.1%History
VLOValero Energy CorpStock3,264$424.3K<0.1%History
RMDResmed IncCOM2,465$424.0K<0.1%History
LMTLockheed Martin CorpStock935$423.8K<0.1%History
STLDSteel Dynamics IncCOM3,587$423.6K<0.1%History
WINGWingstop Inc.COM1,649$423.1K<0.1%History
NUENucor CorpCOM2,431$423.1K<0.1%History
PEGAPegasystems IncCOM8,653$422.8K<0.1%History
DKSDick's Sporting Goods, Inc.Stock2,873$422.2K<0.1%History
PAYCPaycom Software, Inc.Stock2,040$421.7K<0.1%History
DVNDevon Energy CorpStock9,299$421.2K<0.1%History
PHMPultegroup IncCOM4,080$421.1K<0.1%History
SWAVShockwave Medical, Inc.COM2,210$421.1K<0.1%History
DHIHorton D R IncCOM2,771$421.1K<0.1%History
MAAMid America Apartment Communities Inc.COM3,128$420.6K<0.1%History
DECKDeckers Outdoor CorpCOM629$420.4K<0.1%History
AGLagilon health, inc.COM33,490$420.3K<0.1%History
BHFBrighthouse Financial, Inc.COM7,939$420.1K<0.1%History
WSTWest Pharmaceutical Services IncCOM1,190$419.0K<0.1%History
VEEVVeeva Systems IncStock2,176$418.9K<0.1%History
FTITechnipFMC plcCOM20,791$418.7K<0.1%History
CAHCardinal Health IncStock4,148$418.1K<0.1%History
CICigna GroupStock1,394$417.4K<0.1%History
SMARSmartsheet IncCOM CL A8,721$417.0K<0.1%History
CGCarlyle Group Inc.COM10,200$415.0K<0.1%History
SPBSpectrum Brands Holdings, Inc.COM5,202$415.0K<0.1%History
HUBSHubSpot IncCOM714$414.5K<0.1%History
HCPHashiCorp, Inc.COM CL A17,493$413.5K<0.1%History
FISVFiserv IncStock3,111$413.3K<0.1%History
RNGRingCentral, Inc.CL A12,172$413.2K<0.1%History
HHyatt Hotels CorpCOM CL A3,162$412.4K<0.1%History
HSTHost Hotels & Resorts, Inc.COM21,165$412.1K<0.1%History
TRGPTarga Resources Corp.COM4,743$412.0K<0.1%History
TDCTeradata CorpStock9,452$411.3K<0.1%History
HEIHeico CorpCOM2,295$410.5K<0.1%History
UGIUgi CorpStock16,660$409.8K<0.1%History
Paramount Global92556H107CL A20,764$408.2K<0.1%–