Skip to main content
Livermore
Livermore
ZHEN

Capula Management Ltd

SEC CIK
0001557017
Latest filing
Aug 14, 2026

Holdings in Q1 2025

Holdings as of Mar 31, 2025, filed May 14, 2025. Long positions only; changes compare share counts with Q4 2024.

Institution overview
Positions
374
+134 vs. Q4 2024
Portfolio value
$13.5B
−$1.08B (−7.4%) vs. Q4 2024
Filed
May 14, 2025
SEC
Holdings of Capula Management Ltd in Q1 2025
SecurityClassSharesValue% of portfolioShare changeActionHistory
iShares Core S&P 500 ETF464287200ETF15,379,127$8.64B63.8%+15,379,127New–
SPYSPDR S&P 500 ETF TrustETF2,174,279$1.22B9.0%−15,934,174−88.0%ReducedHistory
NVDANVIDIA CorpStock5,503,990$596.5M4.4%−2,672,747−32.7%ReducedHistory
MSTRStrategy IncStock1,300,000$374.8M2.8%+1,025,000+372.7%AddedHistory
IBITiShares Bitcoin Trust ETFETF7,742,160$362.4M2.7%−1,526,726−16.5%ReducedHistory
FBTCFidelity Wise Origin Bitcoin FundSHS4,299,112$309.4M2.3%−1,150,966−21.1%ReducedHistory
BRK.BBerkshire Hathaway IncStock300,000$159.8M1.2%+300,000NewHistory
UBERUber Technologies, IncStock2,052,204$149.5M1.1%+2,040,583+17,559.4%AddedHistory
Vanguard S&P 500 ETF922908363ETF235,000$120.8M0.9%+235,000New–
AMDAdvanced Micro Devices IncStock1,149,918$118.1M0.9%+41,191+3.7%AddedHistory
BABoeing CoStock670,843$114.4M0.8%+669,220+41,233.5%AddedHistory
TMUST-Mobile US, Inc.Stock400,502$106.8M0.8%+400,502NewHistory
XOMExxonMobil Holdings CorpCOM803,700$95.6M0.7%+798,612+15,696.0%AddedHistory
AMGNAmgen IncStock300,557$93.6M0.7%+300,329+131,723.2%AddedHistory
COSTCostco Wholesale CorpStock96,417$91.2M0.7%+95,982+22,064.8%AddedHistory
DELLDell Technologies Inc.Stock1,000,000$91.2M0.7%−250,000−20.0%ReducedHistory
IBMInternational Business Machines CorpStock270,858$67.4M0.5%−29,748−9.9%ReducedHistory
ARMArm Holdings PLCADR544,813$58.2M0.4%+544,813NewHistory
iShares Tr4642886613 7 YR TREAS BD340,510$40.2M0.3%+340,510New–
NKENIKE, Inc.Stock602,015$38.2M0.3%+602,015NewHistory
WWayfair Inc.CL A1,150,000$36.8M0.3%+1,150,000NewHistory
FETHFidelity Ethereum FundSHS1,668,146$30.4M0.2%+1,668,146NewHistory
VanEck Semiconductor ETF92189F676ETF128,713$27.2M0.2%+128,713New–
ETHAiShares Ethereum Trust ETFSHS1,812,292$25.0M0.2%+1,812,292NewHistory
XYZBlock, Inc.CL A450,000$24.4M0.2%+443,974+7,367.6%AddedHistory
ASXASE Technology Holding Co., Ltd.SPONSORED ADS2,530,720$22.2M0.2%+333,650+15.2%AddedHistory
NEENextera Energy IncStock302,547$21.4M0.2%+301,810+40,951.2%AddedHistory
HDBHDFC Bank LtdSPONSORED ADS301,105$20.0M0.1%−79,841−21.0%ReducedHistory
CRWDCrowdStrike Holdings, Inc.Stock54,469$19.2M0.1%−589,417−91.5%ReducedHistory
Invesco QQQ Trust Series I46090E103ETF39,676$18.6M0.1%+32,275+436.1%Added–
DKNGDraftKings Inc.Stock544,230$18.1M0.1%+544,230NewHistory
iShares Tr46428743220 YR TR BD ETF169,403$15.4M0.1%−5,047,014−96.8%Reduced–
Despegar Com CorpG27358103ORD SHS800,000$15.0M0.1%+800,000New–
FYBRFrontier Communications Parent, Inc.COM418,000$15.0M0.1%+374,819+868.0%AddedHistory
AVGOBroadcom Inc.Stock88,891$14.9M0.1%+86,971+4,529.7%AddedHistory
BIDUBaidu, Inc.ADR121,000$11.1M0.1%−129,000−51.6%ReducedHistory
DBX ETF Tr233051879XTRACK HRVST CSI373,421$9.92M0.1%+373,421New–
ATSGAir Transport Services Group, Inc.COM400,000$8.98M0.1%−83,068−17.2%ReducedHistory
NWSANews CorpCL A308,446$8.40M0.1%+24,764+8.7%AddedHistory
METAMeta Platforms, Inc.Stock13,638$7.86M0.1%+12,387+990.2%AddedHistory
GOOGLAlphabet Inc.Stock45,415$7.02M0.1%−397,732−89.8%ReducedHistory
CRHCRH Public Ltd CoORD78,937$6.94M0.1%+40,126+103.4%AddedHistory
PLYAPlaya Hotels & Resorts N.V.SHS512,193$6.83M0.1%+512,193NewHistory
ARESAres Management CorpCL A COM STK46,331$6.79M0.1%+46,331NewHistory
BECNQxo Building Products, Inc.COM54,900$6.79M0.1%+54,900NewHistory
VanEck ETF Trust92189F106GOLD MINERS ETF146,880$6.75M<0.1%+146,880New–
CVXChevron CorpStock40,021$6.70M<0.1%−561,451−93.3%ReducedHistory
iShares MSCI India ETF46429B598ETF129,463$6.66M<0.1%+68,363+111.9%Added–
MSFTMicrosoft CorpStock17,272$6.48M<0.1%−173,672−91.0%ReducedHistory
TRIThomson Reuters CorpCOM NO PAR35,485$6.13M<0.1%+35,485NewHistory
BERYBerry Global Group, Inc.COM86,129$6.01M<0.1%+86,129NewHistory
LNGCheniere Energy, Inc.COM NEW25,966$6.01M<0.1%+24,413+1,572.0%AddedHistory
UHAL.BU-Haul Holding CoCOM SER N98,261$5.82M<0.1%+37,471+61.6%AddedHistory
BAMBrookfield Asset Management Ltd.CL A LMT VTG SHS119,710$5.80M<0.1%+119,710NewHistory
SHOPShopify Inc.Stock58,829$5.62M<0.1%+54,968+1,423.7%AddedHistory
APPAppLovin CorpCOM CL A21,144$5.60M<0.1%+16,476+353.0%AddedHistory
KKellanovaStock66,405$5.48M<0.1%−138,059−67.5%ReducedHistory
iShares Tr46429B671MSCI CHINA ETF99,400$5.41M<0.1%00.0%Unchanged–
COINCoinbase Global, Inc.COM CL A29,691$5.11M<0.1%+25,463+602.2%AddedHistory
State Street Consumer Staples Select Sector SPDR ETF81369Y308ETF62,386$5.10M<0.1%+62,386New–
AAPLApple Inc.Stock22,677$5.04M<0.1%−212,279−90.3%ReducedHistory
DNBDun & Bradstreet Holdings, Inc.COM560,799$5.01M<0.1%+560,799NewHistory
iShares Tr464287184CHINA LG-CAP ETF123,411$4.42M<0.1%+123,411New–
iShares Russell 2000 ETF464287655ETF20,000$3.99M<0.1%+20,000New–
Carnival Corp Ltd.14365C103ADR226,388$3.97M<0.1%+226,388New–
Starz Entertainment Corp535919500CL B NON VTG490,540$3.89M<0.1%−281,492−36.5%Reduced–
AMZNAmazon Com IncStock20,065$3.82M<0.1%+16,191+417.9%AddedHistory
RYAAYRyanair Holdings PLCSPONSORED ADR85,315$3.61M<0.1%+85,315NewHistory
TSLATesla, Inc.Stock13,921$3.61M<0.1%+11,708+529.1%AddedHistory
AUBAtlantic Union Bankshares CorpCOM109,908$3.42M<0.1%+109,908NewHistory
LBRDKLiberty Broadband CorpCOM SER C38,990$3.32M<0.1%+22,813+141.0%AddedHistory
iShares Tr464287234MSCI EMG MKT ETF75,658$3.31M<0.1%+75,658New–
DDOGDatadog, Inc.CL A COM32,980$3.27M<0.1%+23,939+264.8%AddedHistory
FLUTFlutter Entertainment plcSHS13,893$3.08M<0.1%+13,893NewHistory
CWSTCasella Waste Systems IncCL A27,078$3.02M<0.1%+27,078NewHistory
ITCIIntra-Cellular Therapies, Inc.COM22,800$3.01M<0.1%+22,800NewHistory
ADBEAdobe Inc.Stock7,710$2.96M<0.1%+4,210+120.3%AddedHistory
iShares Tr4642874407-10 YR TRSY BD30,000$2.86M<0.1%00.0%Unchanged–
Global X FDS37954Y830GLOBAL X COPPER73,129$2.86M<0.1%+73,129New–
HEESH&E Equipment Services, Inc.COM30,000$2.84M<0.1%+30,000NewHistory
LENLennar CorpCL A24,775$2.84M<0.1%+410+1.7%AddedHistory
RPRXRoyalty Pharma plcSHS CLASS A89,350$2.78M<0.1%+89,350NewHistory
PEGAPegasystems IncCOM39,672$2.76M<0.1%+39,672NewHistory
ASMLASML Holding NVADR4,111$2.72M<0.1%+4,111NewHistory
GLDSPDR Gold TrustETF9,387$2.70M<0.1%+9,387NewHistory
OKTAOkta, Inc.CL A25,698$2.70M<0.1%+25,698NewHistory
BABAAlibaba Group Holding LtdADR19,316$2.55M<0.1%+5,708+41.9%AddedHistory
ORCLOracle CorpStock17,354$2.43M<0.1%+14,630+537.1%AddedHistory
AGSPlayAGS, Inc.COM191,834$2.32M<0.1%+62,271+48.1%AddedHistory
PYPLPayPal Holdings, Inc.Stock34,957$2.28M<0.1%+30,434+672.9%AddedHistory
BIOBio-Rad Laboratories, Inc.CL A9,106$2.22M<0.1%+9,106NewHistory
Global X FDS37954Y848GLOBAL X SILVER54,490$2.15M<0.1%+30,550+127.6%Added–
PFEPfizer IncStock80,721$2.05M<0.1%+67,650+517.6%AddedHistory
Global X FDS37954Y319MSCI GREECE ETF41,640$1.96M<0.1%+41,640New–
HOODRobinhood Markets, Inc.Stock46,621$1.94M<0.1%+46,621NewHistory
ELEstee Lauder Companies IncCL A27,948$1.84M<0.1%+23,232+492.6%AddedHistory
TTDTrade Desk, Inc.Stock33,700$1.84M<0.1%+33,700NewHistory
IBKRInteractive Brokers Group, Inc.Stock11,100$1.84M<0.1%+11,100NewHistory
LBRDALiberty Broadband CorpCOM SER A21,345$1.81M<0.1%−57−0.3%ReducedHistory
Kraneshares Trust500767306CSI CHI INTERNET46,296$1.62M<0.1%+46,296New–

Options (187)

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 187 by value.

Option positions of Capula Management Ltd in Q1 2025
SecurityClassPutsCalls
NVDANVIDIA CorpStock$635.2M$35.3M
MSTRStrategy IncStock$374.8M–
Invesco QQQ Trust Series I46090E103ETF$168.7M$177.2M
SPYSPDR S&P 500 ETF TrustETF$66.9M$150.8M
BRK.BBerkshire Hathaway IncStock$159.8M–
iShares Tr464288513IBOXX HI YD ETF$157.8M–
UBERUber Technologies, IncStock$149.9M$196.7K
VanEck Semiconductor ETF92189F676ETF$94.1M$50.8M
iShares Tr464287234MSCI EMG MKT ETF$35.0M$102.7M
AMDAdvanced Micro Devices IncStock$122.9M$5.05M
BABoeing CoStock$114.7M$187.6K
TMUST-Mobile US, Inc.Stock$106.9M–
XOMExxonMobil Holdings CorpCOM$96.8M$582.8K
AMGNAmgen IncStock$94.1M$280.4K
COSTCostco Wholesale CorpStock$92.0M$378.3K
DELLDell Technologies Inc.Stock$91.2M–
ARMArm Holdings PLCADR$72.5M$14.3M
AVGOBroadcom Inc.Stock$58.4M$19.0M
Kraneshares Trust500767306CSI CHI INTERNET–$68.1M
IBMInternational Business Machines CorpStock$67.8M$198.9K
iShares Russell 2000 ETF464287655ETF$59.8M–
CRWDCrowdStrike Holdings, Inc.Stock$35.6M$16.3M
TSLATesla, Inc.Stock$22.7M$24.0M
INTCIntel CorpStock$21.5M$21.3M
NKENIKE, Inc.Stock$38.3M–
ASMLASML Holding NVADR$21.1M$16.4M
WWayfair Inc.CL A$36.8M–
QCOMQualcomm IncStock$18.0M$17.6M
AMATApplied Materials IncStock$17.5M$17.4M
MUMicron Technology IncStock$17.5M$17.1M
NFLXNetflix IncStock$17.3M$16.4M
AAPLApple Inc.Stock$22.5M$10.6M
SLViShares Silver TrustETF–$32.5M
TSMTaiwan Semiconductor Manufacturing Co LtdADR$15.6M$15.6M
NOWServiceNow, Inc.Stock$15.5M$15.0M
GLDSPDR Gold TrustETF–$28.8M
MRVLMarvell Technology, Inc.COM$14.0M$13.7M
XYZBlock, Inc.CL A$24.5M$38.0K
NEENextera Energy IncStock$21.9M$226.8K
State Street Utilities Select Sector SPDR ETF81369Y886ETF$10.8M$10.8M
State Street Consumer Staples Select Sector SPDR ETF81369Y308ETF$10.7M$10.7M
MSFTMicrosoft CorpStock$15.1M$4.84M
DKNGDraftKings Inc.Stock$18.3M$1.66M
METAMeta Platforms, Inc.Stock$15.0M$2.13M
GOOGLAlphabet Inc.Stock$13.3M$2.95M
iShares Tr464287184CHINA LG-CAP ETF–$16.1M
SPDR Series Trust78464A755ST STR SP METAL$7.28M$7.28M
ADBEAdobe Inc.Stock$6.25M$5.56M
AMZNAmazon Com IncStock$9.17M$2.63M
CVXChevron CorpStock$9.33M$2.31M
SLBSLB LimitedStock$5.13M$5.02M
BIDUBaidu, Inc.ADR$9.20M–
VanEck ETF Trust92189F106GOLD MINERS ETF$4.60M$4.60M
BABAAlibaba Group Holding LtdADR$952.1K$7.56M
DDOGDatadog, Inc.CL A COM$2.76M$4.82M
ORCLOracle CorpStock$4.40M$852.8K
ELEstee Lauder Companies IncCL A$5.04M–
PDDPDD Holdings Inc.SPONSORED ADS$4.79M$59.2K
CMCSAComcast CorpStock$804.4K$4.00M
PFEPfizer IncStock$4.46M$225.5K
PYPLPayPal Holdings, Inc.Stock$4.62M–
JNJJohnson & JohnsonStock$2.21M$1.48M
JPMJPMorgan Chase & CoStock$2.55M$858.5K
INTUIntuit Inc.Stock$1.84M$1.41M
ADIAnalog Devices IncStock$2.34M$847.0K
COINCoinbase Global, Inc.COM CL A$2.48M$396.1K
CRMSalesforce, Inc.Stock$2.44M$402.5K
HDHome Depot, Inc.Stock$1.91M$916.2K
LLYEli Lilly & CoStock$2.06M$743.3K
BACBank of America CorpStock$2.14M$596.7K
VZVerizon Communications IncStock$1.52M$1.13M
SNAPSnap IncStock–$2.61M
PGProcter & Gamble CoStock$1.65M$766.9K
UNHUnitedHealth Group IncStock$1.83M$576.1K
VVisa Inc.Stock$1.79M$595.8K
WMTWalmart Inc.Stock$1.68M$623.3K
GEGeneral Electric CoStock$1.28M$1.00M
LRCXLam Research CorpStock$1.41M$814.2K
ABBVAbbVie Inc.Stock$1.36M$691.4K
MCDMcDonalds CorpStock$1.19M$749.7K
TXNTexas Instruments IncStock$1.37M$485.2K
BKNGBooking Holdings Inc.Stock$1.38M$460.7K
SNOWSnowflake Inc.Stock$1.46M$380.0K
MAMastercard IncStock$1.37M$438.5K
MRKMerck & Co., Inc.Stock$1.18M$511.6K
SBUXStarbucks CorpStock$951.5K$735.7K
ANETArista Networks, Inc.Stock$1.63M–
KLACKLA CorpCOM NEW$883.7K$679.8K
MELIMercadolibre IncCOM$780.3K$780.3K
FCXFreeport-McMoran IncStock$757.2K$636.0K
WFCWells Fargo & CompanyStock$962.0K$308.7K
GAPGap IncCOM$1.24M–
AXPAmerican Express CoStock$834.1K$403.6K
MMM3M CoStock$558.1K$675.6K
PMPhilip Morris International Inc.Stock$793.6K$396.8K
ISRGIntuitive Surgical IncCOM NEW$891.5K$247.6K
ABTAbbott LaboratoriesStock$769.4K$358.2K
PEPPepsiCo IncStock$674.7K$449.8K
LINLinde PLCStock$884.7K$232.8K
CCitigroup IncStock$695.7K$411.7K

Sold out since Q4 2024 (87)

Positions held at the end of Q4 2024 that are gone from this filing.

Positions of Capula Management Ltd sold out since Q4 2024
SecurityClassShares in Q4 2024Value in Q4 2024% of portfolio in Q4 2024History
GOOGAlphabet Inc.Stock440,000$83.8M0.6%History
SMARSmartsheet IncCOM CL A455,678$25.5M0.2%History
State Street Financial Select Sector SPDR ETF81369Y605ETF513,211$24.8M0.2%–
SUMSummit Materials, Inc.CL A355,734$18.0M0.1%History
ALTMArcadium Lithium plcStock2,100,000$10.8M0.1%History
ROICRetail Opportunity Investments CorpCOM516,829$8.97M0.1%History
HEI.AHeico CorpCL A32,279$6.01M<0.1%History
ZUOZuora IncCOM CL A601,245$5.96M<0.1%History
UAUnder Armour, Inc.CL C729,067$5.44M<0.1%History
IPInternational Paper CoCOM97,971$5.27M<0.1%History
FOXAFox CorpCL A COM95,677$4.65M<0.1%History
PBR.APetrobras - Petroleo Brasileiro SASP ADR NON VTG341,776$4.05M<0.1%History
CCEPCoca-Cola Europacific Partners plcSHS44,978$3.45M<0.1%History
ZGZillow Group, Inc.CL A46,576$3.30M<0.1%History
USAPUniversal Stainless & Alloy Products IncCOM67,899$2.99M<0.1%History
FERGFerguson Enterprises Inc.COMMON STOCK NEW14,785$2.57M<0.1%History
Silvercrest Metals Inc828363101COM255,557$2.33M<0.1%–
CPNGCoupang, Inc.CL A50,986$1.12M<0.1%History
WBDWarner Bros. Discovery, Inc.Stock101,181$1.07M<0.1%History
WDAYWorkday, Inc.CL A3,629$936.4K<0.1%History
CCRNCross Country Healthcare IncCOM49,127$892.1K<0.1%History
BALYBally's CorpCOM32,183$575.8K<0.1%History
MLCOMelco Resorts & Entertainment LTDADR96,646$559.6K<0.1%History
LRNStride, Inc.COM4,611$479.2K<0.1%History
FTITechnipFMC plcCOM15,257$441.5K<0.1%History
GISGeneral Mills IncStock6,769$431.7K<0.1%History
CNOCNO Financial Group, Inc.COM10,830$403.0K<0.1%History
PINSPinterest, Inc.CL A13,866$402.1K<0.1%History
ZSZscaler, Inc.Stock2,212$399.1K<0.1%History
SESea LtdSPONSORD ADS3,715$394.2K<0.1%History
SPOTSpotify Technology S.A.Stock857$383.4K<0.1%History
MDGLMadrigal Pharmaceuticals, Inc.COM1,148$354.2K<0.1%History
HIMSHims & Hers Health, Inc.Stock14,647$354.2K<0.1%History
TARSTarsus Pharmaceuticals, Inc.COM6,396$354.1K<0.1%History
QDELQuidelOrtho CorpCOM7,860$350.2K<0.1%History
VLOValero Energy CorpStock2,757$338.0K<0.1%History
NDAQNasdaq, Inc.COM4,340$335.5K<0.1%History
HPKHighPeak Energy, Inc.COM22,777$334.8K<0.1%History
COURCoursera, Inc.COM39,044$331.9K<0.1%History
ALLYAlly Financial Inc.Stock9,169$330.2K<0.1%History
TCBITexas Capital Bancshares IncCOM4,151$324.6K<0.1%History
CNKCinemark Holdings, Inc.COM10,437$323.3K<0.1%History
RLJRLJ Lodging TrustCOM31,416$320.8K<0.1%History
AUPHAurinia Pharmaceuticals Inc.COM35,670$320.3K<0.1%History
CXWCoreCivic, Inc.COM14,691$319.4K<0.1%History
KEYKeycorpCOM18,594$318.7K<0.1%History
TILEInterface IncCOM12,798$311.6K<0.1%History
LNCLincoln National CorpCOM9,791$310.5K<0.1%History
SUPNSupernus Pharmaceuticals, Inc.COM8,574$310.0K<0.1%History
CENXCentury Aluminum CoCOM16,963$309.1K<0.1%History
DMCDel Monte CorpORD9,264$307.7K<0.1%History
MATXMatson, Inc.COM2,266$305.5K<0.1%History
TDOCTeladoc Health, Inc.COM33,576$305.2K<0.1%History
PTONPeloton Interactive, Inc.CL A COM35,077$305.2K<0.1%History
VSTVistra Corp.Stock2,198$303.0K<0.1%History
ALLAllstate CorpStock1,571$302.9K<0.1%History
BROBrown & Brown, Inc.Stock2,954$301.4K<0.1%History
AGOAssured Guaranty LtdCOM3,320$298.8K<0.1%History
BANCBanc of California, Inc.COM19,296$298.3K<0.1%History
TGITriumph Group IncCOM15,898$296.7K<0.1%History
KHCKraft Heinz CoStock9,563$293.7K<0.1%History
PAYOPayoneer Global Inc.COM28,881$290.0K<0.1%History
UDMYUdemy, Inc.COM35,164$289.4K<0.1%History
CARSCars.com Inc.COM16,666$288.8K<0.1%History
LUCKLucky Strike Entertainment CorpCL A COM28,661$286.9K<0.1%History
GOGOGogo Inc.COM34,879$282.2K<0.1%History
Paramount Global92556H206CL B26,876$281.1K<0.1%–
EDConsolidated Edison IncStock3,086$275.4K<0.1%History
VMEOVimeo, Inc.COMMON STOCK42,745$273.6K<0.1%History
NAVINavient CorpCOM19,587$260.3K<0.1%History
RSGRepublic Services, Inc.COM1,266$254.7K<0.1%History
GERNGeron CorpCOM70,487$249.5K<0.1%History
MRNAModerna, Inc.Stock5,914$245.9K<0.1%History
FORForestar Group Inc.COM9,371$242.9K<0.1%History
STAGSTAG Industrial, Inc.COM7,167$242.4K<0.1%History
HALHalliburton CoStock8,796$239.2K<0.1%History
CPKChesapeake Utilities CorpCOM1,955$237.2K<0.1%History
UAAUnder Armour, Inc.Stock26,727$221.3K<0.1%History
iShares Tr464288281JPMORGAN USD EMG2,454$218.5K<0.1%–
Paramount Global92556H107CL A9,378$209.1K<0.1%–
ASPNAspen Aerogels IncCOM17,523$208.2K<0.1%History
AIZAssurant, Inc.Stock944$201.3K<0.1%History
PBRPetrobras - Petroleo Brasileiro SASPONSORED ADR11,385$146.4K<0.1%History
PHATPhathom Pharmaceuticals, Inc.COM16,083$130.6K<0.1%History
KOSKosmos Energy Ltd.COM16,821$57.5K<0.1%History
FLNAFilana Therapeutics, Inc.COM11,739$27.7K<0.1%History
AVOMission Produce, Inc.COM20,128$00.0%History