Skip to main content
Livermore
Livermore
ZHEN

Capula Management Ltd

SEC CIK
0001557017
Latest filing
Aug 14, 2026

Holdings in Q2 2025

Holdings as of Jun 30, 2025, filed Aug 13, 2025. Long positions only; changes compare share counts with Q1 2025.

Institution overview
Positions
249
−125 vs. Q1 2025
Portfolio value
$8.15B
−$5.39B (−39.8%) vs. Q1 2025
Filed
Aug 13, 2025
SEC
Holdings of Capula Management Ltd in Q2 2025
SecurityClassSharesValue% of portfolioShare changeActionHistory
FWONALiberty Media CorpCOM LBTY ONE S A28,284$2.69M<0.1%+12,671+81.2%AddedHistory
VanEck ETF Trust92189F106GOLD MINERS ETF53,376$2.78M<0.1%−93,504−63.7%Reduced–
PFEPfizer IncStock115,391$2.80M<0.1%+34,670+43.0%AddedHistory
IBNIcici Bank LtdADR83,795$2.82M<0.1%+54,314+184.2%AddedHistory
BABAAlibaba Group Holding LtdADR26,402$2.99M<0.1%+7,086+36.7%AddedHistory
URBNUrban Outfitters IncCOM42,258$3.07M<0.1%+42,258NewHistory
SLViShares Silver TrustETF96,197$3.16M<0.1%+87,688+1,030.5%AddedHistory
TGITriumph Group IncCOM132,353$3.41M<0.1%+132,353NewHistory
TRIThomson Reuters CorpCOM NO PAR13,449$3.44M<0.1%−22,036−62.1%ReducedHistory
AAPLApple Inc.Stock17,233$3.54M<0.1%−5,444−24.0%ReducedHistory
CNACna Financial CorpCOM87,938$4.09M0.1%+68,032+341.8%AddedHistory
FLUTFlutter Entertainment plcSHS14,468$4.13M0.1%+575+4.1%AddedHistory
UHAL.BU-Haul Holding CoCOM SER N80,935$4.40M0.1%−17,326−17.6%ReducedHistory
State Street Energy Select Sector SPDR ETF81369Y506ETF56,272$4.77M0.1%+56,272New–
SLBSLB LimitedStock160,576$5.43M0.1%+158,206+6,675.4%AddedHistory
iShares Tr46429B671MSCI CHINA ETF99,400$5.48M0.1%00.0%Unchanged–
CRHCRH Public Ltd CoORD60,673$5.57M0.1%−18,264−23.1%ReducedHistory
iShares MSCI India ETF46429B598ETF101,875$5.67M0.1%−27,588−21.3%Reduced–
iShares Select Dividend ETF464287168ETF43,303$5.75M0.1%+43,303New–
Evergy, Inc.30034WAD8NOTE 4.500%12/1–$5.83M0.1%–New–
HOODRobinhood Markets, Inc.Stock63,215$5.92M0.1%+16,594+35.6%AddedHistory
TAT&T Inc.Stock205,074$5.93M0.1%+190,684+1,325.1%AddedHistory
SKXSkechers USA IncCL A95,500$6.03M0.1%+95,500NewHistory
TSLATesla, Inc.Stock20,266$6.44M0.1%+6,345+45.6%AddedHistory
IPGInterpublic Group of Companies, Inc.COM269,625$6.60M0.1%+269,625NewHistory
SHOPShopify Inc.Stock57,728$6.66M0.1%−1,101−1.9%ReducedHistory
BRDGBridge Investment Group Holdings Inc.COM CL A734,524$7.35M0.1%+585,637+393.3%AddedHistory
GLXYGalaxy Digital Inc.CL A306,615$7.43M0.1%+306,615NewHistory
APPAppLovin CorpCOM CL A22,390$7.84M0.1%+1,246+5.9%AddedHistory
QSRRestaurant Brands International Inc.COM124,539$8.26M0.1%+124,539NewHistory
State Street SPDR S&P Regional Banking ETF78464A698ETF147,712$8.77M0.1%+147,712New–
NWSANews CorpCL A309,154$9.19M0.1%+708+0.2%AddedHistory
RDUSRadius Recycling, Inc.CL A320,957$9.53M0.1%+320,957NewHistory
iShares Tr464288281JPMORGAN USD EMG108,677$10.1M0.1%+108,677New–
LNGCheniere Energy, Inc.COM NEW41,818$10.2M0.1%+15,852+61.0%AddedHistory
BAMBrookfield Asset Management Ltd.CL A LMT VTG SHS159,608$10.5M0.1%+39,898+33.3%AddedHistory
iShares Tr46428743220 YR TR BD ETF120,353$10.6M0.1%−49,050−29.0%Reduced–
ESGREnstar Group LTDSHS35,657$12.0M0.1%+35,657NewHistory
FYBRFrontier Communications Parent, Inc.COM549,470$20.0M0.2%+131,470+31.5%AddedHistory
BPMCBlueprint Medicines CorpCOM156,114$20.0M0.2%+156,114NewHistory
iShares Tr464287234MSCI EMG MKT ETF418,786$20.2M0.2%+343,128+453.5%Added–
KKellanovaStock410,000$32.6M0.4%+343,595+517.4%AddedHistory
FETHFidelity Ethereum FundSHS1,796,196$45.2M0.6%+128,050+7.7%AddedHistory
ETHAiShares Ethereum Trust ETFSHS5,354,800$102.1M1.3%+3,542,508+195.5%AddedHistory
FBTCFidelity Wise Origin Bitcoin FundSHS1,497,174$140.7M1.7%−2,801,938−65.2%ReducedHistory
Invesco QQQ Trust Series I46090E103ETF266,518$147.0M1.8%+226,842+571.7%Added–
IBITiShares Bitcoin Trust ETFETF9,481,233$580.3M7.1%+1,739,073+22.5%AddedHistory
SPYSPDR S&P 500 ETF TrustETF3,185,123$1.97B24.1%+1,010,844+46.5%AddedHistory
iShares Core S&P 500 ETF464287200ETF7,658,145$4.75B58.3%−7,720,982−50.2%Reduced–

Options (203)

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 203 by value.

Option positions of Capula Management Ltd in Q2 2025
SecurityClassPutsCalls
Invesco QQQ Trust Series I46090E103ETF$361.3M$808.2M
VanEck Semiconductor ETF92189F676ETF$189.0M$165.3M
iShares Tr464287234MSCI EMG MKT ETF–$145.1M
iShares Russell 2000 ETF464287655ETF–$103.6M
iShares Tr464288513IBOXX HI YD ETF$100.8M–
SPYSPDR S&P 500 ETF TrustETF$91.4M–
State Street SPDR S&P Regional Banking ETF78464A698ETF$72.3M–
SLViShares Silver TrustETF–$51.5M
AVGOBroadcom Inc.Stock$26.1M$20.3M
GLDSPDR Gold TrustETF–$45.7M
iShares Tr464287184CHINA LG-CAP ETF$18.4M$18.4M
MSFTMicrosoft CorpStock$14.7M$8.46M
NVDANVIDIA CorpStock$14.2M$7.76M
CRMSalesforce, Inc.Stock$2.21M$16.7M
TSLATesla, Inc.Stock$13.0M$1.24M
AAPLApple Inc.Stock$9.27M$3.98M
GOOGLAlphabet Inc.Stock$10.3M$2.31M
SLBSLB LimitedStock$7.44M$4.11M
State Street Financial Select Sector SPDR ETF81369Y605ETF$5.24M$5.24M
PLTRPalantir Technologies Inc.Stock$4.72M$4.33M
AMZNAmazon Com IncStock$6.08M$2.54M
State Street Energy Select Sector SPDR ETF81369Y506ETF$4.24M$4.24M
MSTRStrategy IncStock$4.04M$4.04M
BACBank of America CorpStock$1.81M$5.96M
UBERUber Technologies, IncStock$419.9K$7.31M
TSMTaiwan Semiconductor Manufacturing Co LtdADR–$7.34M
State Street Communication Services Select Sector SPDR ETF81369Y852ETF$3.53M$3.53M
AMDAdvanced Micro Devices IncStock$3.55M$3.14M
METAMeta Platforms, Inc.Stock$4.28M$1.92M
State Street Materials Select Sector SPDR ETF81369Y100ETF–$5.71M
CCLCarnival Corp Ltd.UNIT 99/99/9999$2.81M$2.81M
ASMLASML Holding NVADR$5.61M–
CVSCVS Health CorpStock$5.37M$82.8K
DISWalt Disney CoStock$657.3K$4.64M
VanEck ETF Trust92189F106GOLD MINERS ETF$2.60M$2.60M
ELEstee Lauder Companies IncCL A$4.85M–
State Street Industrial Select Sector SPDR ETF81369Y704ETF$2.36M$2.36M
AMTAmerican Tower CorpREIT$2.39M$2.32M
QCOMQualcomm IncStock$2.45M$2.20M
AIGAmerican International Group, Inc.Stock$2.23M$2.19M
PYPLPayPal Holdings, Inc.Stock$4.30M$104.0K
CMCSAComcast CorpStock$546.1K$3.74M
PFEPfizer IncStock$4.04M$184.2K
ZMZoom Communications, Inc.Stock–$3.88M
MRVLMarvell Technology, Inc.COM$3.88M–
FCXFreeport-McMoran IncStock$3.78M$69.4K
CVXChevron CorpStock$1.99M$1.72M
MDBMongoDB, Inc.CL A$1.78M$1.78M
JPMJPMorgan Chase & CoStock$2.06M$927.7K
UNHUnitedHealth Group IncStock–$2.93M
HOODRobinhood Markets, Inc.Stock$2.81M–
SNAPSnap IncStock–$2.61M
HDHome Depot, Inc.Stock$1.54M$989.9K
ROKURoku, IncCOM CL A–$2.48M
YUMCYum China Holdings, Inc.COM$2.24M–
iShares Tr46428743220 YR TR BD ETF–$2.21M
NFLXNetflix IncStock$1.47M$669.6K
VVisa Inc.Stock$1.46M$674.6K
LLYEli Lilly & CoStock$1.48M$623.6K
VALEVale S.A.SPONSORED ADS–$1.94M
VZVerizon Communications IncStock$1.20M$644.7K
BKNGBooking Holdings Inc.Stock$578.9K$1.16M
XOMExxonMobil Holdings CorpCOM$1.14M$549.8K
MAMastercard IncStock$1.18M$505.7K
CVNACarvana Co.CL A$1.68M–
WMTWalmart Inc.Stock$1.12M$469.3K
COSTCostco Wholesale CorpStock$1.09M$495.0K
ORCLOracle CorpStock$1.09M$437.3K
UPSUnited Parcel Service IncStock$232.2K$1.21M
PGProcter & Gamble CoStock$955.9K$446.1K
DDOGDatadog, Inc.CL A COM$1.25M–
JNJJohnson & JohnsonStock$809.6K$412.4K
ABBVAbbVie Inc.Stock$723.9K$371.2K
NOWServiceNow, Inc.Stock$719.7K$308.4K
CSCOCisco Systems, Inc.Stock$679.9K$326.1K
AMATApplied Materials IncStock$439.4K$549.2K
WFCWells Fargo & CompanyStock$673.0K$304.5K
IBMInternational Business Machines CorpStock$619.0K$324.3K
MRKMerck & Co., Inc.Stock$633.3K$285.0K
KOCoca Cola CoStock$608.5K$297.1K
MBLYMobileye Global Inc.Stock–$899.0K
GEGeneral Electric CoStock$592.0K$283.1K
TXNTexas Instruments IncStock$622.9K$228.4K
GSGoldman Sachs Group IncStock$637.0K$212.3K
BLKBlackRock, Inc.Stock$524.6K$314.8K
PMPhilip Morris International Inc.Stock$546.4K$273.2K
LINLinde PLCStock$563.0K$234.6K
INTUIntuit Inc.Stock$551.3K$236.3K
ACNAccenture plcStock$538.0K$239.1K
CATCaterpillar IncStock$543.5K$232.9K
ABTAbbott LaboratoriesStock$503.2K$258.4K
ISRGIntuitive Surgical IncCOM NEW$543.4K$217.4K
AZOAutoZone IncCOM–$742.4K
GEVGE Vernova Inc.Stock$582.1K$158.7K
AXPAmerican Express CoStock$510.4K$223.3K
MCDMcDonalds CorpStock$496.7K$233.7K
PEPPepsiCo IncStock$462.1K$237.7K
MSMorgan StanleyStock$478.9K$211.3K
TAT&T Inc.Stock$439.9K$214.2K
RTXRTX CorpStock$438.1K$204.4K

Sold out since Q1 2025 (213)

Positions held at the end of Q1 2025 that are gone from this filing.

The largest 100 of 213 by value last quarter.

Positions of Capula Management Ltd sold out since Q1 2025
SecurityClassShares in Q1 2025Value in Q1 2025% of portfolio in Q1 2025History
NVDANVIDIA CorpStock5,503,990$596.5M4.4%History
BRK.BBerkshire Hathaway IncStock300,000$159.8M1.2%History
UBERUber Technologies, IncStock2,052,204$149.5M1.1%History
Vanguard S&P 500 ETF922908363ETF235,000$120.8M0.9%–
AMDAdvanced Micro Devices IncStock1,149,918$118.1M0.9%History
BABoeing CoStock670,843$114.4M0.8%History
DELLDell Technologies Inc.Stock1,000,000$91.2M0.7%History
IBMInternational Business Machines CorpStock270,858$67.4M0.5%History
ARMArm Holdings PLCADR544,813$58.2M0.4%History
iShares Tr4642886613 7 YR TREAS BD340,510$40.2M0.3%–
WWayfair Inc.CL A1,150,000$36.8M0.3%History
CRWDCrowdStrike Holdings, Inc.Stock54,469$19.2M0.1%History
DKNGDraftKings Inc.Stock544,230$18.1M0.1%History
Despegar Com CorpG27358103ORD SHS800,000$15.0M0.1%–
AVGOBroadcom Inc.Stock88,891$14.9M0.1%History
ATSGAir Transport Services Group, Inc.COM400,000$8.98M0.1%History
METAMeta Platforms, Inc.Stock13,638$7.86M0.1%History
PLYAPlaya Hotels & Resorts N.V.SHS512,193$6.83M0.1%History
BECNQxo Building Products, Inc.COM54,900$6.79M0.1%History
MSFTMicrosoft CorpStock17,272$6.48M<0.1%History
BERYBerry Global Group, Inc.COM86,129$6.01M<0.1%History
COINCoinbase Global, Inc.COM CL A29,691$5.11M<0.1%History
State Street Consumer Staples Select Sector SPDR ETF81369Y308ETF62,386$5.10M<0.1%–
DNBDun & Bradstreet Holdings, Inc.COM560,799$5.01M<0.1%History
Carnival Corp Ltd.14365C103ADR226,388$3.97M<0.1%–
Starz Entertainment Corp535919500CL B NON VTG490,540$3.89M<0.1%–
AMZNAmazon Com IncStock20,065$3.82M<0.1%History
RYAAYRyanair Holdings PLCSPONSORED ADR85,315$3.61M<0.1%History
AUBAtlantic Union Bankshares CorpCOM109,908$3.42M<0.1%History
ITCIIntra-Cellular Therapies, Inc.COM22,800$3.01M<0.1%History
iShares Tr4642874407-10 YR TRSY BD30,000$2.86M<0.1%–
HEESH&E Equipment Services, Inc.COM30,000$2.84M<0.1%History
RPRXRoyalty Pharma plcSHS CLASS A89,350$2.78M<0.1%History
PEGAPegasystems IncCOM39,672$2.76M<0.1%History
GLDSPDR Gold TrustETF9,387$2.70M<0.1%History
OKTAOkta, Inc.CL A25,698$2.70M<0.1%History
ORCLOracle CorpStock17,354$2.43M<0.1%History
AGSPlayAGS, Inc.COM191,834$2.32M<0.1%History
Global X FDS37954Y319MSCI GREECE ETF41,640$1.96M<0.1%–
IBKRInteractive Brokers Group, Inc.Stock11,100$1.84M<0.1%History
LBRDALiberty Broadband CorpCOM SER A21,345$1.81M<0.1%History
BATRKAtlanta Braves Holdings, Inc.COM SER C39,603$1.58M<0.1%History
PDDPDD Holdings Inc.SPONSORED ADS12,841$1.52M<0.1%History
EQCEQC Liquidating TrustCOM SH BEN INT940,360$1.51M<0.1%History
MUMicron Technology IncStock16,938$1.47M<0.1%History
VanEck ETF Trust92189H607OIL SERVICES ETF4,719$1.24M<0.1%–
TSMTaiwan Semiconductor Manufacturing Co LtdADR5,964$990.0K<0.1%History
NOWServiceNow, Inc.Stock1,162$925.1K<0.1%History
RNSTRenasant CorpCOM26,596$902.4K<0.1%History
AGIOAgios Pharmaceuticals, Inc.COM29,749$871.6K<0.1%History
GAPGap IncCOM39,265$809.3K<0.1%History
EVRIEveri Holdings Inc.COM55,000$751.9K<0.1%History
JPMJPMorgan Chase & CoStock3,049$747.9K<0.1%History
ONOn Semiconductor CorpStock17,930$729.6K<0.1%History
ADIAnalog Devices IncStock3,380$681.6K<0.1%History
SNOWSnowflake Inc.Stock4,293$627.5K<0.1%History
ARGXArgenx SESPONSORED ADR822$486.5K<0.1%History
BKNGBooking Holdings Inc.Stock100$460.7K<0.1%History
State Street Health Care Select Sector SPDR ETF81369Y209ETF2,940$429.3K<0.1%–
DASHDoorDash, Inc.Stock2,224$406.5K<0.1%History
QXOQXO, Inc.COM NEW28,215$382.0K<0.1%History
ARQTArcutis Biotherapeutics, Inc.COM24,378$381.3K<0.1%History
GTGoodyear Tire & Rubber CoCOM40,494$374.2K<0.1%History
PTGXProtagonist Therapeutics, IncCOM7,684$371.6K<0.1%History
FRHCFreedom Holding Corp.COM2,791$368.9K<0.1%History
TRVTravelers Companies, Inc.Stock1,394$368.7K<0.1%History
LRCXLam Research CorpStock5,070$368.6K<0.1%History
AESAES CorpStock28,751$357.1K<0.1%History
YOUClear Secure, Inc.COM CL A13,379$346.6K<0.1%History
CVICVR Energy IncCOM17,846$346.2K<0.1%History
MCYMercury General CorpCOM5,933$331.7K<0.1%History
TLNTalen Energy CorpCOM1,635$326.5K<0.1%History
CINFCincinnati Financial CorpCOM2,193$323.9K<0.1%History
WINGWingstop Inc.COM1,418$319.9K<0.1%History
MATMattel IncCOM16,456$319.7K<0.1%History
EVCMEverCommerce Inc.COM31,664$319.2K<0.1%History
IBRXImmunityBio, Inc.COM104,380$314.2K<0.1%History
ISRGIntuitive Surgical IncCOM NEW634$314.0K<0.1%History
UGIUgi CorpStock9,486$313.7K<0.1%History
WFCWells Fargo & CompanyStock4,368$313.6K<0.1%History
GIIIG III Apparel Group LtdCOM11,458$313.4K<0.1%History
IONSIonis Pharmaceuticals IncCOM10,382$313.2K<0.1%History
ARIApollo Commercial Real Estate Finance, Inc.COM32,725$313.2K<0.1%History
AVAHAveanna Healthcare Holdings, Inc.COM57,766$313.1K<0.1%History
ANDEAndersons, Inc.COM7,293$313.1K<0.1%History
NCLHNorwegian Cruise Line Holdings Ltd.SHS16,462$312.1K<0.1%History
WYNNWynn Resorts LtdCOM3,689$308.0K<0.1%History
PBIPitney Bowes IncCOM34,034$308.0K<0.1%History
CENTACentral Garden & Pet CoCL A NON-VTG9,384$307.1K<0.1%History
HTHHilltop Holdings Inc.COM9,979$303.9K<0.1%History
VALValaris LtdCL A7,733$303.6K<0.1%History
AHCOAdaptHealth Corp.COMMON STOCK27,965$303.1K<0.1%History
VMRKVivmark ResidentialSH BEN INT4,233$303.0K<0.1%History
OPKOpko Health, Inc.COM182,512$303.0K<0.1%History
LXPLXP Industrial TrustCOM34,799$301.0K<0.1%History
SWISolarWinds CorpCOM16,252$299.5K<0.1%History
DNOWDNOW Inc.COM17,527$299.4K<0.1%History
NEMNEWMONT CorpStock6,188$298.8K<0.1%History
VCVisteon CorpCOM NEW3,832$297.4K<0.1%History
BHFBrighthouse Financial, Inc.COM5,083$294.8K<0.1%History