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Livermore
Livermore
ZHEN

Capula Management Ltd

SEC CIK
0001557017
Latest filing
Aug 14, 2026

Holdings in Q4 2025

Holdings as of Dec 31, 2025, filed Feb 13, 2026. Long positions only; changes compare share counts with Q3 2025.

Institution overview
Positions
317
+6 vs. Q3 2025
Portfolio value
$15.4B
+$1.96B (+14.6%) vs. Q3 2025
Filed
Feb 13, 2026
SEC
Holdings of Capula Management Ltd in Q4 2025
SecurityClassSharesValue% of portfolioShare changeActionHistory
DELLDell Technologies Inc.Stock694,686$87.4M0.6%−105,420−13.2%ReducedHistory
CEGConstellation Energy CorpStock250,000$88.3M0.6%+249,386+40,616.6%AddedHistory
PYPLPayPal Holdings, Inc.Stock1,617,339$94.4M0.6%+1,588,752+5,557.6%AddedHistory
COINCoinbase Global, Inc.COM CL A426,257$96.4M0.6%−75,140−15.0%ReducedHistory
XOMExxonMobil Holdings CorpCOM802,016$96.5M0.6%+786,478+5,061.6%AddedHistory
CATCaterpillar IncStock170,000$97.4M0.6%+169,466+31,735.2%AddedHistory
QCOMQualcomm IncStock650,000$111.2M0.7%+643,712+10,237.2%AddedHistory
GOOGLAlphabet Inc.Stock405,922$127.1M0.8%+368,590+987.3%AddedHistory
FBTCFidelity Wise Origin Bitcoin FundSHS2,112,794$161.1M1.0%00.0%UnchangedHistory
UBERUber Technologies, IncStock2,265,665$185.1M1.2%+1,233,137+119.4%AddedHistory
IBMInternational Business Machines CorpStock681,074$201.7M1.3%+680,054+66,672.0%AddedHistory
ETHAiShares Ethereum Trust ETFSHS9,227,427$207.0M1.3%+358,942+4.0%AddedHistory
BABAAlibaba Group Holding LtdADR1,449,316$212.4M1.4%+1,040,688+254.7%AddedHistory
iShares Core S&P 500 ETF464287200ETF616,758$422.4M2.7%−9,817,612−94.1%Reduced–
IBITiShares Bitcoin Trust ETFETF9,481,233$470.7M3.1%−6760.0%ReducedHistory
SPYSPDR S&P 500 ETF TrustETF5,662,177$3.86B25.1%+2,609,063+85.5%AddedHistory
Vanguard S&P 500 ETF922908363ETF11,903,616$7.47B48.5%+11,902,816+1,487,852.0%Added–

Options (267)

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 267 by value.

Option positions of Capula Management Ltd in Q4 2025
SecurityClassPutsCalls
VanEck Semiconductor ETF92189F676ETF$277.7M$71.2M
BABAAlibaba Group Holding LtdADR$282.6M–
Invesco QQQ Trust Series I46090E103ETF$60.2M$190.4M
iShares Tr464287234MSCI EMG MKT ETF$53.8M$168.6M
IBMInternational Business Machines CorpStock$202.5M$503.6K
GOOGLAlphabet Inc.Stock$192.2M$8.51M
UBERUber Technologies, IncStock$185.7M$392.2K
SPYSPDR S&P 500 ETF TrustETF$74.7M$101.7M
METAMeta Platforms, Inc.Stock$164.2M$3.76M
AAPLApple Inc.Stock$156.7M$10.7M
SLViShares Silver TrustETF$101.9M$35.5M
NVDANVIDIA CorpStock$115.8M$11.5M
QCOMQualcomm IncStock$115.1M$3.57M
XOMExxonMobil Holdings CorpCOM$104.9M$1.30M
CATCaterpillar IncStock$98.7M$744.7K
COINCoinbase Global, Inc.COM CL A$96.6M$429.7K
PYPLPayPal Holdings, Inc.Stock$94.0M$157.6K
CEGConstellation Energy CorpStock$90.8M$2.26M
DELLDell Technologies Inc.Stock$87.5M$2.73M
TSLATesla, Inc.Stock$85.2M$3.42M
MSFTMicrosoft CorpStock$56.2M$7.30M
APPAppLovin CorpCOM CL A$60.8M$134.8K
State Street SPDR S&P Regional Banking ETF78464A698ETF–$51.8M
BRK.BBerkshire Hathaway IncStock$50.3M–
GOOGAlphabet Inc.Stock$50.2M–
SPDR Series Trust78464A755ST STR SP METAL–$41.4M
NKENIKE, Inc.Stock$41.1M$203.9K
AMGNAmgen IncStock$37.8M$360.0K
JDJD.com, Inc.SPON ADS CL A$38.2M–
AMZNAmazon Com IncStock$32.1M$4.41M
WBDWarner Bros. Discovery, Inc.Stock$36.2M$98.0K
AVGOBroadcom Inc.Stock$26.8M$9.34M
AMATApplied Materials IncStock$19.4M$4.75M
GLDSPDR Gold TrustETF–$23.8M
SNOWSnowflake Inc.Stock$22.8M$965.2K
PANWPalo Alto Networks IncStock$23.4M$313.1K
PDDPDD Holdings Inc.SPONSORED ADS$20.2M$3.11M
ARK Innovation ETF00214Q104ETF–$23.1M
SMCISuper Micro Computer, Inc.Stock$23.0M$8.78K
Kraneshares Trust500767306CSI CHI INTERNET–$20.4M
MSTRStrategy IncStock$19.2M$699.0K
iShares MSCI India ETF46429B598ETF–$18.9M
TSMTaiwan Semiconductor Manufacturing Co LtdADR$8.17M$10.1M
ORCLOracle CorpStock$7.19M$10.6M
iShares Tr46428743220 YR TR BD ETF–$17.4M
JPMJPMorgan Chase & CoStock$14.1M$2.26M
ASTSAST SpaceMobile, Inc.COM CL A$16.0M–
LRCXLam Research CorpStock$7.62M$6.97M
DLTRDollar Tree, Inc.COM$13.5M–
iShares Tr464287184CHINA LG-CAP ETF$13.4M–
WMTWalmart Inc.Stock$12.0M$1.18M
AMDAdvanced Micro Devices IncStock$6.96M$6.17M
PLTRPalantir Technologies Inc.Stock$12.1M$835.4K
LLYEli Lilly & CoStock$9.99M$1.93M
LOWLowes Companies IncStock$10.9M$337.6K
VVisa Inc.Stock$9.40M$1.47M
KLACKLA CorpCOM NEW$5.47M$5.22M
LVSLas Vegas Sands CorpCOM$9.76M–
ASMLASML Holding NVADR$4.81M$4.39M
MUMicron Technology IncStock$1.43M$7.53M
MAMastercard IncStock$7.71M$1.14M
LULUlululemon athletica inc.Stock$8.31M–
JNJJohnson & JohnsonStock$7.22M$662.2K
BACBank of America CorpStock$7.16M$500.5K
NFLXNetflix IncStock$6.53M$937.6K
COSTCostco Wholesale CorpStock$6.21M$862.3K
HDHome Depot, Inc.Stock$5.92M$894.7K
ADIAnalog Devices IncStock$2.74M$3.99M
ABBVAbbVie Inc.Stock$5.87M$845.4K
TECKTeck Resources LtdCL B–$5.90M
GEGeneral Electric CoStock$5.24M$431.2K
HOODRobinhood Markets, Inc.Stock$2.83M$2.83M
PGProcter & Gamble CoStock$4.63M$845.5K
GMGeneral Motors CoCOM$2.79M$2.54M
HUMHumana IncStock$2.64M$2.59M
MRVLMarvell Technology, Inc.COM$2.55M$2.55M
HALHalliburton CoStock$2.54M$2.54M
NEENextera Energy IncStock$2.75M$2.33M
CVXChevron CorpStock$2.67M$2.23M
INTCIntel CorpStock$597.8K$4.09M
MSMorgan StanleyStock$1.01M$3.57M
ROKURoku, IncCOM CL A$2.04M$2.43M
ULTAUlta Beauty, Inc.Stock–$4.24M
FFord Motor CoStock$2.06M$2.18M
SLBSLB LimitedStock$3.95M$142.0K
EQIXEquinix IncCOM$1.92M$2.07M
CDNSCadence Design Systems IncStock$1.56M$2.13M
TXNTexas Instruments IncStock$694.0K$2.98M
HPQHP IncStock$1.56M$1.56M
BMYBristol Myers Squibb CoStock$2.96M–
ADSKAutodesk, Inc.COM$740.0K$2.19M
CCLCarnival Corp Ltd.UNIT 99/99/9999$1.31M$1.27M
ETNEaton Corp plcStock$2.26M$286.7K
SNPSSynopsys IncCOM$281.8K$2.25M
FCXFreeport-McMoran IncStock$1.31M$1.19M
AMTAmerican Tower CorpREIT$158.0K$1.97M
ZMZoom Communications, Inc.Stock$1.92M$198.5K
WFCWells Fargo & CompanyStock$1.34M$764.2K
KOCoca Cola CoStock$1.10M$643.2K
CSCOCisco Systems, Inc.Stock$1.32M$408.3K

Sold out since Q3 2025 (88)

Positions held at the end of Q3 2025 that are gone from this filing.

Positions of Capula Management Ltd sold out since Q3 2025
SecurityClassShares in Q3 2025Value in Q3 2025% of portfolio in Q3 2025History
UNHUnitedHealth Group IncStock961,097$331.9M2.5%History
CRWDCrowdStrike Holdings, Inc.Stock101,065$49.6M0.4%History
BIDUBaidu, Inc.ADR350,000$46.1M0.3%History
VRNAVerona Pharma plcSPONSORED ADS295,665$31.6M0.2%History
IPGInterpublic Group of Companies, Inc.COM766,433$21.4M0.2%History
STZConstellation Brands, Inc.Stock150,151$20.2M0.2%History
COOPMaverick Merger Sub 2, LLCCOM93,068$19.6M0.1%History
WNSWNS (Holdings) LtdCOM SHS248,926$19.0M0.1%History
ONOn Semiconductor CorpStock350,000$17.3M0.1%History
INFAInformatica Inc.COM CL A636,078$15.8M0.1%History
GLDSPDR Gold TrustETF35,427$12.6M0.1%History
AMPAmeriprise Financial IncCOM25,100$12.3M0.1%History
BFHBread Financial Holdings, Inc.COM200,000$11.2M0.1%History
CRHCRH Public Ltd CoORD69,876$8.38M0.1%History
CIOCity Office REIT, Inc.COM1,012,582$7.05M0.1%History
GTLSChart Industries IncCOM35,000$7.01M0.1%History
MLNKMeridianLink, Inc.COMMON STOCK346,952$6.91M0.1%History
iShares S&P 500 Value ETF464287408ETF25,027$5.17M<0.1%–
CWENClearway Energy, Inc.CL C164,468$4.65M<0.1%History
MRCMRC Global Inc.COM317,165$4.57M<0.1%History
PROPROS Holdings, Inc.COM199,059$4.56M<0.1%History
CSG Sys Intl Inc126349AH2NOTE 3.875% 9/1–$4.47M<0.1%–
UAAUnder Armour, Inc.Stock778,868$3.89M<0.1%History
Alibaba Group Hldg Ltd01609WBG6NOTE 0.500% 6/0–$3.69M<0.1%–
AMDAdvanced Micro Devices IncStock17,905$2.90M<0.1%History
HBIHanesbrands Inc.COM378,307$2.49M<0.1%History
UHAL.BU-Haul Holding CoCOM SER N33,201$1.69M<0.1%History
IBNIcici Bank LtdADR54,000$1.63M<0.1%History
BTSGBrightSpring Health Services, Inc.COM54,942$1.62M<0.1%History
NUNu Holdings Ltd.ORD SHS CL A99,800$1.60M<0.1%History
GTXGarrett Motion Inc.Stock115,107$1.57M<0.1%History
URBNUrban Outfitters IncCOM21,466$1.53M<0.1%History
DBX ETF Tr233051879XTRACK HRVST CSI46,096$1.52M<0.1%–
NTNXNutanix, Inc.Stock19,800$1.47M<0.1%History
AMRXAmneal Pharmaceuticals, Inc.COM STK CL A145,300$1.45M<0.1%History
VITLVital Farms, Inc.COM31,722$1.31M<0.1%History
CBZCBIZ, Inc.COM23,744$1.26M<0.1%History
LENLennar CorpCL A9,137$1.15M<0.1%History
NBISNebius Group N.V.Stock10,211$1.15M<0.1%History
ISRGIntuitive Surgical IncCOM NEW2,514$1.12M<0.1%History
BKNGBooking Holdings Inc.Stock204$1.10M<0.1%History
BATRKAtlanta Braves Holdings, Inc.COM SER C23,498$977.3K<0.1%History
CVSCVS Health CorpStock12,436$937.5K<0.1%History
ADIAnalog Devices IncStock3,071$754.5K<0.1%History
ARK Innovation ETF00214Q104ETF7,872$679.4K<0.1%–
GILDGilead Sciences, Inc.Stock6,009$667.0K<0.1%History
Global X FDS37954Y830GLOBAL X COPPER10,902$652.0K<0.1%–
iShares Tr46428743220 YR TR BD ETF6,181$552.4K<0.1%–
iShares Tr46434V423MSCI SAUDI ARBIA13,383$543.1K<0.1%–
iShares Inc464286400MSCI BRAZIL ETF16,564$513.5K<0.1%–
COPConocoPhillipsStock5,251$496.7K<0.1%History
FSLRFirst Solar, Inc.Stock2,243$494.6K<0.1%History
SPDR Series Trust78464A763ST STR SP DIV3,393$475.2K<0.1%–
SCHWSchwab Charles CorpStock4,806$458.8K<0.1%History
MELIMercadolibre IncCOM182$425.3K<0.1%History
STXSeagate Technology Holdings plcORD SHS1,786$421.6K<0.1%History
MRKMerck & Co., Inc.Stock4,094$343.6K<0.1%History
WFCWells Fargo & CompanyStock4,014$336.5K<0.1%History
ABNBAirbnb, Inc.Stock2,594$315.0K<0.1%History
VRTXVertex Pharmaceuticals IncStock770$301.6K<0.1%History
RRRRed Rock Resorts, Inc.CL A4,868$297.2K<0.1%History
AXPAmerican Express CoStock774$257.1K<0.1%History
GEVGE Vernova Inc.Stock392$241.0K<0.1%History
FISFidelity National Information Services, Inc.Stock3,557$234.5K<0.1%History
LRCXLam Research CorpStock1,678$224.7K<0.1%History
DISWalt Disney CoStock1,930$221.0K<0.1%History
TMOThermo Fisher Scientific Inc.Stock446$216.3K<0.1%History
MPCMarathon Petroleum CorpStock1,116$215.1K<0.1%History
AXONAxon Enterprise, Inc.COM278$199.5K<0.1%History
TJXTJX Companies IncStock1,214$175.5K<0.1%History
NEENextera Energy IncStock2,262$170.8K<0.1%History
COFCapital One Financial CorpStock670$142.4K<0.1%History
RTXRTX CorpStock834$139.6K<0.1%History
SHCOSoho House & Co Inc.COM CL A13,636$120.7K<0.1%History
ROPRoper Technologies IncStock222$110.7K<0.1%History
REGNRegeneron Pharmaceuticals, Inc.COM181$101.8K<0.1%History
UPSUnited Parcel Service IncStock1,158$96.7K<0.1%History
iShares Inc46434G822MSCI JAPAN ETF910$73.0K<0.1%–
KMIKinder Morgan, Inc.Stock1,767$50.0K<0.1%History
ANETArista Networks, Inc.Stock332$48.4K<0.1%History
FDXFedEx CorpStock148$34.9K<0.1%History
PCARPaccar IncCOM327$32.2K<0.1%History
ELVElevance Health, Inc.Stock63$20.4K<0.1%History
WULFTerawulf Inc.COM1,136$13.0K<0.1%History
AEPAmerican Electric Power Co IncStock98$11.0K<0.1%History
FISVFiserv IncStock81$10.4K<0.1%History
MRSHMarsh & McLennan Companies, Inc.Stock26$5.24K<0.1%History
DHRDanaher CorpStock8$1.59K<0.1%History