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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
CCEPCoca-Cola Europacific Partners plcSHS44,978$3.45M<0.1%+44,978NewHistory
CRHCRH Public Ltd CoORD38,811$3.59M<0.1%+27,338+238.3%AddedHistory
Invesco QQQ Trust Series I46090E103ETF7,401$3.78M<0.1%−65,646−89.9%Reduced–
UHAL.BU-Haul Holding CoCOM SER N60,790$3.89M<0.1%+27,215+81.1%AddedHistory
PBR.APetrobras - Petroleo Brasileiro SASP ADR NON VTG341,776$4.05M<0.1%+84,210+32.7%AddedHistory
FOXAFox CorpCL A COM95,677$4.65M<0.1%+89,795+1,526.6%AddedHistory
iShares Tr46429B671MSCI CHINA ETF99,400$4.66M<0.1%00.0%Unchanged–
IPInternational Paper CoCOM97,971$5.27M<0.1%−17,277−15.0%ReducedHistory
UAUnder Armour, Inc.CL C729,067$5.44M<0.1%+114,658+18.7%AddedHistory
Starz Entertainment Corp535919500CL B NON VTG772,032$5.83M<0.1%00.0%Unchanged–
ZUOZuora IncCOM CL A601,245$5.96M<0.1%+507,949+544.4%AddedHistory
HEI.AHeico CorpCL A32,279$6.01M<0.1%+5,350+19.9%AddedHistory
NWSANews CorpCL A283,682$7.81M0.1%+49,442+21.1%AddedHistory
ROICRetail Opportunity Investments CorpCOM516,829$8.97M0.1%+516,829NewHistory
ATSGAir Transport Services Group, Inc.COM483,068$10.6M0.1%+483,068NewHistory
ALTMArcadium Lithium plcStock2,100,000$10.8M0.1%+2,100,000NewHistory
KKellanovaStock204,464$16.6M0.1%−1,906−0.9%ReducedHistory
SUMSummit Materials, Inc.CL A355,734$18.0M0.1%+355,734NewHistory
BIDUBaidu, Inc.ADR250,000$21.1M0.1%+250,000NewHistory
ASXASE Technology Holding Co., Ltd.SPONSORED ADS2,197,070$22.1M0.2%+1,188,410+117.8%AddedHistory
HDBHDFC Bank LtdSPONSORED ADS380,946$24.3M0.2%+123,846+48.2%AddedHistory
State Street Financial Select Sector SPDR ETF81369Y605ETF513,211$24.8M0.2%+513,211New–
SMARSmartsheet IncCOM CL A455,678$25.5M0.2%+238,678+110.0%AddedHistory
TGTTarget CorpStock363,600$49.2M0.3%+363,600NewHistory
AAPLApple Inc.Stock234,956$58.8M0.4%−17,564−7.0%ReducedHistory
IBMInternational Business Machines CorpStock300,606$66.1M0.5%+300,103+59,662.6%AddedHistory
MSTRStrategy IncStock275,000$79.6M0.5%+275,000NewHistory
MSFTMicrosoft CorpStock190,944$80.5M0.6%−112,750−37.1%ReducedHistory
GOOGAlphabet Inc.Stock440,000$83.8M0.6%+440,000NewHistory
MARMarriott International IncStock300,522$83.8M0.6%+299,661+34,803.8%AddedHistory
GOOGLAlphabet Inc.Stock443,147$83.9M0.6%+139,644+46.0%AddedHistory
CVXChevron CorpStock601,472$87.1M0.6%+601,472NewHistory
AMDAdvanced Micro Devices IncStock1,108,727$133.9M0.9%+1,108,028+158,516.2%AddedHistory
DELLDell Technologies Inc.Stock1,250,000$144.1M1.0%+1,250,000NewHistory
CRWDCrowdStrike Holdings, Inc.Stock643,886$220.3M1.5%+643,685+320,241.3%AddedHistory
FBTCFidelity Wise Origin Bitcoin FundSHS5,450,078$444.6M3.0%+263,537+5.1%AddedHistory
iShares Tr46428743220 YR TR BD ETF5,216,417$455.5M3.1%+5,216,417New–
IBITiShares Bitcoin Trust ETFETF9,268,886$491.7M3.4%+743,930+8.7%AddedHistory
NVDANVIDIA CorpStock8,176,737$1.10B7.5%+3,854,453+89.2%AddedHistory
SPYSPDR S&P 500 ETF TrustETF18,108,453$10.6B72.6%+8,628,768+91.0%AddedHistory

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