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Livermore
Livermore
ZHEN

Capula Management Ltd

SEC CIK
0001557017
Latest filing
Aug 14, 2026

Holdings in Q4 2024

Holdings as of Dec 31, 2024, filed Feb 13, 2025. Long positions only; changes compare share counts with Q3 2024.

Institution overview
Positions
240
−45 vs. Q3 2024
Portfolio value
$14.6B
+$6.64B (+83.3%) vs. Q3 2024
Filed
Feb 13, 2025
SEC
Holdings of Capula Management Ltd in Q4 2024
SecurityClassSharesValue% of portfolioShare changeActionHistory
PKPark Hotels & Resorts Inc.COM22,354$314.5K<0.1%+22,354NewHistory
LAURLaureate Education, Inc.COMMON STOCK17,314$316.7K<0.1%−38,310−68.9%ReducedHistory
KEYKeycorpCOM18,594$318.7K<0.1%+18,594NewHistory
CXWCoreCivic, Inc.COM14,691$319.4K<0.1%+14,691NewHistory
AUPHAurinia Pharmaceuticals Inc.COM35,670$320.3K<0.1%+35,670NewHistory
RLJRLJ Lodging TrustCOM31,416$320.8K<0.1%+31,416NewHistory
DKDelek US Holdings, Inc.COM17,344$320.9K<0.1%−26,601−60.5%ReducedHistory
CNKCinemark Holdings, Inc.COM10,437$323.3K<0.1%−23,767−69.5%ReducedHistory
LLYEli Lilly & CoStock420$324.2K<0.1%−88,164−99.5%ReducedHistory
TCBITexas Capital Bancshares IncCOM4,151$324.6K<0.1%+4,151NewHistory
KLACKLA CorpCOM NEW520$327.7K<0.1%+350+205.9%AddedHistory
GTGoodyear Tire & Rubber CoCOM36,640$329.8K<0.1%+36,640NewHistory
ALLYAlly Financial Inc.Stock9,169$330.2K<0.1%+9,169NewHistory
COURCoursera, Inc.COM39,044$331.9K<0.1%−75,672−66.0%ReducedHistory
WMWaste Management IncStock1,650$333.0K<0.1%+1,650NewHistory
LNGCheniere Energy, Inc.COM NEW1,553$333.7K<0.1%−4,313−73.5%ReducedHistory
HPKHighPeak Energy, Inc.COM22,777$334.8K<0.1%+22,777NewHistory
NDAQNasdaq, Inc.COM4,340$335.5K<0.1%−779−15.2%ReducedHistory
VLOValero Energy CorpStock2,757$338.0K<0.1%+2,757NewHistory
PGProcter & Gamble CoStock2,020$338.7K<0.1%+1,143+130.3%AddedHistory
MRVLMarvell Technology, Inc.COM3,070$339.1K<0.1%+2,802+1,045.5%AddedHistory
PFEPfizer IncStock13,071$346.8K<0.1%+13,071NewHistory
QDELQuidelOrtho CorpCOM7,860$350.2K<0.1%+7,860NewHistory
GBXGreenbrier Companies IncStock5,783$352.7K<0.1%+5,783NewHistory
ELEstee Lauder Companies IncCL A4,716$353.6K<0.1%+4,716NewHistory
TARSTarsus Pharmaceuticals, Inc.COM6,396$354.1K<0.1%+6,396NewHistory
HIMSHims & Hers Health, Inc.Stock14,647$354.2K<0.1%+14,647NewHistory
MDGLMadrigal Pharmaceuticals, Inc.COM1,148$354.2K<0.1%+1,148NewHistory
MCDMcDonalds CorpStock1,264$366.4K<0.1%+881+230.0%AddedHistory
MELIMercadolibre IncCOM220$374.1K<0.1%+220NewHistory
CLColgate Palmolive CoStock4,116$374.2K<0.1%+4,116NewHistory
VFCV F CorpStock17,469$374.9K<0.1%+17,469NewHistory
SPOTSpotify Technology S.A.Stock857$383.4K<0.1%−672−44.0%ReducedHistory
JBLUJetBlue Airways CorpCOM49,010$385.2K<0.1%−81,057−62.3%ReducedHistory
PYPLPayPal Holdings, Inc.Stock4,523$386.0K<0.1%+4,523NewHistory
MATMattel IncCOM21,827$387.0K<0.1%+21,827NewHistory
FCXFreeport-McMoran IncStock10,186$387.9K<0.1%+8,261+429.1%AddedHistory
SESea LtdSPONSORD ADS3,715$394.2K<0.1%+3,715NewHistory
COSTCostco Wholesale CorpStock435$398.6K<0.1%−49,237−99.1%ReducedHistory
ZSZscaler, Inc.Stock2,212$399.1K<0.1%+2,212NewHistory
PINSPinterest, Inc.CL A13,866$402.1K<0.1%+13,866NewHistory
CNOCNO Financial Group, Inc.COM10,830$403.0K<0.1%−23,164−68.1%ReducedHistory
AALAmerican Airlines Group Inc.Stock23,276$405.7K<0.1%+23,276NewHistory
Barrick Gold Corp067901108COM26,367$408.7K<0.1%+26,367New–
UNHUnitedHealth Group IncStock810$409.7K<0.1%+810NewHistory
SHOPShopify Inc.Stock3,861$410.5K<0.1%+3,861NewHistory
PDDPDD Holdings Inc.SPONSORED ADS4,362$423.1K<0.1%+3,813+694.5%AddedHistory
GEGeneral Electric CoStock2,562$427.3K<0.1%+2,359+1,162.1%AddedHistory
ARQTArcutis Biotherapeutics, Inc.COM30,797$429.0K<0.1%−57,926−65.3%ReducedHistory
GISGeneral Mills IncStock6,769$431.7K<0.1%+6,769NewHistory
FTITechnipFMC plcCOM15,257$441.5K<0.1%+15,257NewHistory
AVGOBroadcom Inc.Stock1,920$445.1K<0.1%−15,982−89.3%ReducedHistory
AMATApplied Materials IncStock2,791$453.9K<0.1%+1,667+148.3%AddedHistory
ORCLOracle CorpStock2,724$453.9K<0.1%+2,724NewHistory
RIORio Tinto PLCADR7,980$469.3K<0.1%+7,980NewHistory
LRNStride, Inc.COM4,611$479.2K<0.1%+4,611NewHistory
SOSouthern CoStock6,074$500.0K<0.1%+6,074NewHistory
JNJJohnson & JohnsonStock3,467$501.4K<0.1%+3,065+762.4%AddedHistory
XYZBlock, Inc.CL A6,026$512.1K<0.1%+6,026NewHistory
VZVerizon Communications IncStock12,888$515.4K<0.1%+12,198+1,767.8%AddedHistory
WMTWalmart Inc.Stock5,761$520.5K<0.1%−1,057−15.5%ReducedHistory
XOMExxonMobil Holdings CorpCOM5,088$547.3K<0.1%−494,912−99.0%ReducedHistory
MLCOMelco Resorts & Entertainment LTDADR96,646$559.6K<0.1%+96,646NewHistory
BALYBally's CorpCOM32,183$575.8K<0.1%+32,183NewHistory
INTCIntel CorpStock29,503$591.5K<0.1%+27,335+1,260.8%AddedHistory
ADIAnalog Devices IncStock3,224$685.0K<0.1%+2,823+704.0%AddedHistory
AGIOAgios Pharmaceuticals, Inc.COM20,849$685.1K<0.1%+20,849NewHistory
UBERUber Technologies, IncStock11,621$701.0K<0.1%+11,621NewHistory
METAMeta Platforms, Inc.Stock1,251$732.5K<0.1%+1,061+558.4%AddedHistory
ONOn Semiconductor CorpStock11,763$741.7K<0.1%+11,763NewHistory
Global X FDS37954Y848GLOBAL X SILVER23,940$760.6K<0.1%+23,940New–
AMZNAmazon Com IncStock3,874$849.9K<0.1%−838,897−99.5%ReducedHistory
CCRNCross Country Healthcare IncCOM49,127$892.1K<0.1%+49,127NewHistory
TSLATesla, Inc.Stock2,213$893.7K<0.1%+2,190+9,521.7%AddedHistory
WDAYWorkday, Inc.CL A3,629$936.4K<0.1%−10,644−74.6%ReducedHistory
APOApollo Global Management, Inc.COM5,781$954.8K<0.1%−23,429−80.2%ReducedHistory
CRMSalesforce, Inc.Stock2,893$967.2K<0.1%+2,803+3,114.4%AddedHistory
SNOWSnowflake Inc.Stock6,435$993.6K<0.1%+5,436+544.1%AddedHistory
COINCoinbase Global, Inc.COM CL A4,228$1.05M<0.1%+2,128+101.3%AddedHistory
WBDWarner Bros. Discovery, Inc.Stock101,181$1.07M<0.1%+101,181NewHistory
IBNIcici Bank LtdADR37,200$1.11M<0.1%+18,800+102.2%AddedHistory
CPNGCoupang, Inc.CL A50,986$1.12M<0.1%+50,986NewHistory
BABAAlibaba Group Holding LtdADR13,608$1.15M<0.1%+13,608NewHistory
LBRDKLiberty Broadband CorpCOM SER C16,177$1.21M<0.1%−13,338−45.2%ReducedHistory
DDOGDatadog, Inc.CL A COM9,041$1.29M<0.1%+6,182+216.2%AddedHistory
SLBSLB LimitedStock37,485$1.44M<0.1%+37,485NewHistory
AGSPlayAGS, Inc.COM129,563$1.49M<0.1%−402,586−75.7%ReducedHistory
FYBRFrontier Communications Parent, Inc.COM43,181$1.50M<0.1%−466,519−91.5%ReducedHistory
APPAppLovin CorpCOM CL A4,668$1.51M<0.1%+4,668NewHistory
ADBEAdobe Inc.Stock3,500$1.56M<0.1%+2,372+210.3%AddedHistory
LBRDALiberty Broadband CorpCOM SER A21,402$1.59M<0.1%00.0%UnchangedHistory
ARGXArgenx SESPONSORED ADR3,179$1.96M<0.1%+3,179NewHistory
Silvercrest Metals Inc828363101COM255,557$2.33M<0.1%+255,557New–
CENTACentral Garden & Pet CoCL A NON-VTG77,243$2.55M<0.1%+9,010+13.2%AddedHistory
FERGFerguson Enterprises Inc.COMMON STOCK NEW14,785$2.57M<0.1%+5,901+66.4%AddedHistory
iShares Tr4642874407-10 YR TRSY BD30,000$2.77M<0.1%+30,000New–
USAPUniversal Stainless & Alloy Products IncCOM67,899$2.99M<0.1%+67,899NewHistory
iShares MSCI India ETF46429B598ETF61,100$3.22M<0.1%+9,000+17.3%Added–
ZGZillow Group, Inc.CL A46,576$3.30M<0.1%+13,960+42.8%AddedHistory
LENLennar CorpCL A24,365$3.32M<0.1%+24,365NewHistory

Options (113)

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 113 by value.

Option positions of Capula Management Ltd in Q4 2024
SecurityClassPutsCalls
NVDANVIDIA CorpStock$746.1M$1.52M
State Street Financial Select Sector SPDR ETF81369Y605ETF$53.2M$208.3M
CRWDCrowdStrike Holdings, Inc.Stock$222.4M–
iShares Iboxx $ Investment Grade Corporate Bond ETF464287242ETF$213.7M–
DELLDell Technologies Inc.Stock$144.1M–
AMDAdvanced Micro Devices IncStock$138.6M–
SPYSPDR S&P 500 ETF TrustETF$29.3M$67.4M
CVXChevron CorpStock$87.4M–
MARMarriott International IncStock$83.7M–
MSTRStrategy IncStock$79.6M–
AAPLApple Inc.Stock$69.8M–
IBMInternational Business Machines CorpStock$66.2M–
TGTTarget CorpStock$49.2M–
State Street SPDR S&P Regional Banking ETF78464A698ETF–$48.3M
iShares Tr464287234MSCI EMG MKT ETF$20.9M$25.1M
BIDUBaidu, Inc.ADR$21.1M–
Invesco QQQ Trust Series I46090E103ETF$7.67M$12.8M
iShares Tr464287184CHINA LG-CAP ETF–$13.7M
Kraneshares Trust500767306CSI CHI INTERNET–$13.2M
MSFTMicrosoft CorpStock$6.95M–
BABAAlibaba Group Holding LtdADR$4.48M$2.06M
TSLATesla, Inc.Stock$4.60M–
GOOGLAlphabet Inc.Stock$4.49M–
AMZNAmazon Com IncStock$4.10M–
ADBEAdobe Inc.Stock$3.25M–
CRMSalesforce, Inc.Stock$3.01M–
XOMExxonMobil Holdings CorpCOM$2.95M–
ADIAnalog Devices IncStock$2.93M–
ONOn Semiconductor CorpStock$2.89M–
JNJJohnson & JohnsonStock$2.82M–
METAMeta Platforms, Inc.Stock$2.81M–
SBUXStarbucks CorpStock$2.74M–
HALHalliburton CoStock$2.72M–
GEGeneral Electric CoStock$2.72M–
ORCLOracle CorpStock$2.70M–
MCDMcDonalds CorpStock$2.70M–
AVGOBroadcom Inc.Stock$2.67M–
DDOGDatadog, Inc.CL A COM$2.64M–
WBDWarner Bros. Discovery, Inc.Stock$2.64M–
AMATApplied Materials IncStock$2.62M–
MELIMercadolibre IncCOM$2.55M–
SNOWSnowflake Inc.Stock$2.55M–
MMM3M CoStock$2.52M–
BABoeing CoStock$2.48M–
FCXFreeport-McMoran IncStock$2.48M–
KHCKraft Heinz CoStock$2.46M–
VLOValero Energy CorpStock$2.45M–
ELEstee Lauder Companies IncCL A$2.44M–
ANETArista Networks, Inc.Stock$2.43M–
UBERUber Technologies, IncStock$2.43M–
XYZBlock, Inc.CL A$2.25M–
SPOTSpotify Technology S.A.Stock$2.24M–
PYPLPayPal Holdings, Inc.Stock$2.22M–
PINSPinterest, Inc.CL A$2.17M–
ZSZscaler, Inc.Stock$2.16M–
SHOPShopify Inc.Stock$2.13M–
SESea LtdSPONSORD ADS$2.12M–
Barrick Gold Corp067901108COM$2.09M–
INTCIntel CorpStock$2.00M–
PDDPDD Holdings Inc.SPONSORED ADS$1.94M–
LLYEli Lilly & CoStock$1.47M–
COSTCostco Wholesale CorpStock$1.37M–
WMTWalmart Inc.Stock$1.30M–
KLACKLA CorpCOM NEW$1.26M–
NFLXNetflix IncStock$1.25M–
VZVerizon Communications IncStock$939.8K$303.9K
MRVLMarvell Technology, Inc.COM$1.23M–
ISRGIntuitive Surgical IncCOM NEW$1.20M–
JPMJPMorgan Chase & CoStock$1.20M–
PBRPetrobras - Petroleo Brasileiro SASPONSORED ADR$1.16M–
UNHUnitedHealth Group IncStock$961.1K–
VVisa Inc.Stock$853.3K–
XUnited States Steel CorpCOM–$849.8K
PGProcter & Gamble CoStock$838.3K–
MAMastercard IncStock$737.2K–
TXNTexas Instruments IncStock$712.5K$18.8K
HDHome Depot, Inc.Stock$622.4K–
SPGIS&P Global Inc.Stock$498.0K$99.6K
LRCXLam Research CorpStock$512.8K–
BKNGBooking Holdings Inc.Stock$496.8K–
QCOMQualcomm IncStock$491.6K–
ABBVAbbVie Inc.Stock$390.9K–
CMCSAComcast CorpStock$386.6K–
INTUIntuit Inc.Stock$377.1K–
BACBank of America CorpStock$294.5K$74.7K
HONHoneywell International IncCOM$316.2K–
MRKMerck & Co., Inc.Stock$308.4K–
NETCloudflare, Inc.CL A COM$280.0K–
KOCoca Cola CoStock$273.9K–
PEPPepsiCo IncStock$273.7K–
CSCOCisco Systems, Inc.Stock$266.4K–
TMOThermo Fisher Scientific Inc.Stock$260.1K–
LINLinde PLCStock$251.2K–
ACNAccenture plcStock$246.3K–
ABTAbbott LaboratoriesStock$237.5K–
PMPhilip Morris International Inc.Stock$228.7K–
WFCWells Fargo & CompanyStock$217.7K–
NOWServiceNow, Inc.Stock$212.0K–
COPConocoPhillipsStock$208.3K–
DHRDanaher CorpStock$206.6K–

Sold out since Q3 2024 (166)

Positions held at the end of Q3 2024 that are gone from this filing.

The largest 100 of 166 by value last quarter.

Positions of Capula Management Ltd sold out since Q3 2024
SecurityClassShares in Q3 2024Value in Q3 2024% of portfolio in Q3 2024History
Vanguard S&P 500 ETF922908363ETF570,000$300.8M3.8%–
iShares Tr464287234MSCI EMG MKT ETF1,093,766$50.2M0.6%–
HCPHashiCorp, Inc.COM CL A710,229$24.0M0.3%History
SRCLStericycle IncCOM296,475$18.1M0.2%History
VanEck ETF Trust92189F106GOLD MINERS ETF260,213$10.4M0.1%–
State Street Health Care Select Sector SPDR ETF81369Y209ETF65,053$10.0M0.1%–
HAYNHaynes International IncCOM NEW153,844$9.16M0.1%History
State Street Real Estate Select Sector SPDR ETF81369Y860ETF196,497$8.78M0.1%–
PRFTPerficient IncCOM107,128$8.09M0.1%History
iShares Tr464287184CHINA LG-CAP ETF235,460$7.48M0.1%–
FWONKLiberty Media CorpCOM LBTY ONE S C90,757$7.03M0.1%History
SRDXSurmodics IncCOM132,536$5.14M0.1%History
RCMR1 RCM Inc.COM315,118$4.47M0.1%History
HESHess CorpStock29,258$3.97M<0.1%History
SLViShares Silver TrustETF120,000$3.41M<0.1%History
ENVEnvestnet, Inc.COM40,312$2.52M<0.1%History
VanEck Semiconductor ETF92189F676ETF10,192$2.50M<0.1%–
AGRAvangrid, Inc.COM61,015$2.18M<0.1%History
PLTRPalantir Technologies Inc.Stock39,524$1.47M<0.1%History
CMSCMS Energy CorpCOM19,069$1.35M<0.1%History
MPWRMonolithic Power Systems, Inc.COM1,331$1.23M<0.1%History
AFRMAffirm Holdings, Inc.COM CL A27,346$1.12M<0.1%History
LLoews CorpCOM13,744$1.09M<0.1%History
LMTLockheed Martin CorpStock1,858$1.09M<0.1%History
CPRICapri Holdings LtdSHS25,000$1.06M<0.1%History
POWLPowell Industries IncStock4,743$1.05M<0.1%History
GRBKGreen Brick Partners, Inc.COM12,545$1.05M<0.1%History
HBIHanesbrands Inc.COM138,431$1.02M<0.1%History
TXG10x Genomics, Inc.CL A COM44,971$1.02M<0.1%History
UEUrban Edge PropertiesCOM46,714$999.2K<0.1%History
NRGNRG Energy, Inc.Stock10,897$992.7K<0.1%History
HIWHighwoods Properties, Inc.COM29,597$991.8K<0.1%History
ADPAutomatic Data Processing IncStock3,573$988.8K<0.1%History
JWNNordstrom IncStock43,946$988.3K<0.1%History
PLTKPlaytika Holding Corp.COM123,539$978.4K<0.1%History
MACMacerich CoCOM53,448$974.9K<0.1%History
FULTFulton Financial CorpCOM53,451$969.1K<0.1%History
CNRCore Natural Resources, Inc.COM9,197$962.5K<0.1%History
Carnival Corp Ltd.14365C103ADR57,583$959.9K<0.1%–
VIRTVirtu Financial, Inc.CL A31,329$954.3K<0.1%History
OMCLOmnicell, Inc.COM21,879$953.9K<0.1%History
SABRSabre CorpCOM259,148$951.1K<0.1%History
PPCPilgrims Pride CorpStock20,621$949.6K<0.1%History
RUNSunrun Inc.COM52,157$942.0K<0.1%History
CCOICogent Communications Holdings, Inc.COM NEW12,359$938.3K<0.1%History
GBTGGlobal Business Travel Group, Inc.COM CL A120,734$928.4K<0.1%History
ROIVRoivant Sciences Ltd.SHS79,733$920.1K<0.1%History
PWPPerella Weinberg PartnersCLASS A COM47,617$919.5K<0.1%History
NTCTNetscout Systems IncCOM41,735$907.7K<0.1%History
TALOTalos Energy Inc.COM86,995$900.4K<0.1%History
BMYBristol Myers Squibb CoStock17,276$893.9K<0.1%History
IDCCInterDigital, Inc.COM6,205$878.8K<0.1%History
OGEOGE Energy Corp.COM21,377$876.9K<0.1%History
MQMarqeta, Inc.CLASS A COM177,422$872.9K<0.1%History
PINCPremier, Inc.CL A43,594$871.9K<0.1%History
MMacy's, Inc.COM55,199$866.1K<0.1%History
NOVNOV Inc.COM54,199$865.6K<0.1%History
BCRXBiocryst Pharmaceuticals IncCOM113,186$860.2K<0.1%History
SFLSFL Corp Ltd.SHS73,338$848.5K<0.1%History
TRNTrinity Industries IncCOM24,353$848.5K<0.1%History
NXRTNexPoint Residential Trust, Inc.COM19,278$848.4K<0.1%History
DFSDiscover Financial ServicesCOM6,018$844.3K<0.1%History
SPHRSphere Entertainment Co.CL A19,074$842.7K<0.1%History
BLBDBlue Bird CorpCOM17,544$841.4K<0.1%History
ALGTAllegiant Travel COCOM15,164$834.9K<0.1%History
SLMSLM CorpCOM36,381$832.0K<0.1%History
BBIOBridgeBio Pharma, Inc.COM32,671$831.8K<0.1%History
SWTXSpringWorks Therapeutics, Inc.COM25,394$813.6K<0.1%History
DAWNDay One Biopharmaceuticals, Inc.Stock57,545$801.6K<0.1%History
OPENOpendoor Technologies Inc.COM399,058$798.1K<0.1%History
HAPNHappen, Inc.COM NEW69,224$791.2K<0.1%History
BFHBread Financial Holdings, Inc.COM16,534$786.7K<0.1%History
CMPRCIMPRESS plcSHS EURO9,509$779.0K<0.1%History
ASBAssociated Banc-CorpCOM35,513$765.0K<0.1%History
CALYCallaway Golf CoCOM69,564$763.8K<0.1%History
AAAlcoa CorpStock19,598$756.1K<0.1%History
NWLNewell Brands Inc.Stock95,404$732.7K<0.1%History
CVICVR Energy IncCOM31,569$727.0K<0.1%History
PRTAProthena Corp Public Ltd CoSHS43,197$722.7K<0.1%History
STZConstellation Brands, Inc.Stock2,730$703.5K<0.1%History
IONSIonis Pharmaceuticals IncCOM17,365$695.6K<0.1%History
BMBLBumble Inc.COM CL A105,451$672.8K<0.1%History
MRSHMarsh & McLennan Companies, Inc.Stock2,989$666.8K<0.1%History
APAAPA CorpStock27,251$666.6K<0.1%History
EVRGEvergy, Inc.Stock9,165$568.3K<0.1%History
BPOPPopular, Inc.COM NEW5,611$562.6K<0.1%History
OFGOfg BancorpCOM12,200$548.0K<0.1%History
AEPAmerican Electric Power Co IncStock5,291$542.9K<0.1%History
USBUS Bancorp DECOM NEW11,543$527.9K<0.1%History
NJRNew Jersey Resources CorpStock10,937$516.2K<0.1%History
TRGPTarga Resources Corp.COM3,463$512.6K<0.1%History
COCOVita Coco Company, Inc.COM18,024$510.3K<0.1%History
NXQuanex Building Products CORPCOM18,191$504.8K<0.1%History
FCPTFour Corners Property Trust, Inc.COM16,463$482.5K<0.1%History
JDJD.com, Inc.SPON ADS CL A11,866$474.6K<0.1%History
ACIAlbertsons Companies, Inc.COMMON STOCK24,000$443.5K<0.1%History
TRMBTrimble Inc.COM7,039$437.1K<0.1%History
ITWIllinois Tool Works IncStock1,667$436.9K<0.1%History
EEFTEuronet Worldwide, Inc.COM4,354$432.0K<0.1%History
NMIHNMI Holdings, Inc.COM9,527$392.4K<0.1%History