Capula Management’s State Street SPDR S&P 500 ETF Trust SPY Stock Holding History

Capula Management’s Portfolio SPY Stock Details SPY Fund Activity

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2026 Q2	$3.43B	Sell	4,595,409 -1,563,813	-25%	-$1.13B	12.26%	2
2026 Q1	$4.01B	Buy	6,159,222 +497,045	+9%	+$338M	28.49%	2
2025 Q4	$3.86B	Buy	5,662,177 +2,609,063	+85%	+$1.76B	19.34%	2
2025 Q3	$2.03B	Sell	3,053,114 -132,009	-4%	-$84.6M	10.13%	2
2025 Q2	$1.97B	Buy	3,185,123 +1,010,844	+46%	+$578M	18.28%	2
2025 Q1	$1.22B	Sell	2,174,279 -15,934,174	-88%	-$9.37B	6.77%	2
2024 Q4	$10.6B	Buy	18,108,453 +8,628,768	+91%	+$5.08B	61.75%	1
2024 Q3	$5.44B	Buy	9,479,685 +7,532,186	+387%	+$4.16B	55.19%	1
2024 Q2	$1.06B	Sell	1,947,499 -1,642,440	-46%	-$860M	8.7%	2
2024 Q1	$1.88B	Buy	3,589,939 +1,988,566	+124%	+$990M	44.51%	1
2023 Q4	$761M	Sell	1,601,373 -24,581	-2%	-$10.9M	30.48%	1
2023 Q3	$695M	Buy	1,625,954 +1,264,159	+349%	+$562M	14.58%	1
2023 Q2	$160M	Sell	361,795 -895,430	-71%	-$376M	3.91%	9
2023 Q1	$515M	Buy	1,257,225 +1,124,657	+848%	+$449M	6.22%	2
2022 Q4	$50.7M	Sell	132,568 -7,213	-5%	-$2.77M	0.68%	33
2022 Q3	$49.9M	Sell	139,781 -77,291	-36%	-$30.7M	0.67%	28
2022 Q2	$81.9M	Sell	217,072 -5,643	-3%	-$2.31M	1.4%	9
2022 Q1	$101M	Sell	222,715 -1,944,113	-90%	-$866M	1.44%	11
2021 Q4	$1.03B	Buy	2,166,828 +1,405,327	+185%	+$645M	21.86%	1
2021 Q3	$327M	Buy	761,501 +563,489	+285%	+$249M	4.03%	5
2021 Q2	$84.8M	Sell	198,012 -120,795	-38%	-$50.4M	1.37%	16
2021 Q1	$126M	Sell	318,807 -374,312	-54%	-$144M	2.49%	3
2020 Q4	$259M	Buy	693,119 +693,118	+69,311,800%	+$246M	12.86%	1
2020 Q3	$0	Sell	1 -10,001	-100%	-$3.31M	﹤0.01%	292
2020 Q2	$3.08M	Sell	10,002 -211,119	-95%	-$61.8M	0.11%	177
2020 Q1	$57M	Buy	221,121 +220,629	+44,843%	+$67.3M	2.06%	5
2019 Q4	$158K	Sell	492 -5,964	-92%	-$1.84M	﹤0.01%	348
2019 Q3	$1.92M	Hold	6,456	–	–	0.04%	233
2019 Q2	$1.89M	Hold	6,456	–	–	0.39%	68
2019 Q1	$1.82M	Hold	6,456	–	–	2.43%	6
2018 Q4	$1.61M	Hold	6,456	–	–	0.28%	10
2018 Q3	$1.88M	Buy	+6,456	New	+$1.84M	0.16%	10

Other funds holding SPY

JP Morgan Chase New York $1.81T AUM 41.13% 1-Year Est. Return

Jane Street New York $1.21T AUM 78.12% 1-Year Est. Return

Morgan Stanley New York $1.89T AUM 35.08% 1-Year Est. Return

Goldman Sachs New York $1.15T AUM 47.82% 1-Year Est. Return

Bank of America Charlotte, North Carolina $1.55T AUM 33.47% 1-Year Est. Return

Susquehanna International Group Bala Cynwyd, Pennsylvania $1.28T AUM 58.89% 1-Year Est. Return

D.E. Shaw & Co New York $210B AUM 57.28% 1-Year Est. Return

Northern Trust Chicago, Illinois $860B AUM 41.15% 1-Year Est. Return

UBS Group Zurich, Switzerland $786B AUM 40.34% 1-Year Est. Return

Wells Fargo San Francisco, California $617B AUM 30.33% 1-Year Est. Return

Capula Management's SPY Position: Q2 2026 in Review

Capula Management reduced its State Street SPDR S&P 500 ETF Trust (SPY) stake by 25% in Q2 2026, selling an estimated $1.13B and leaving 4,595,409 shares worth $3.43B. The position accounts for 12.26% of the portfolio, ranked #2.

Capula Management first reported a position in SPY in Q3 2018 and has held it in 32 quarters since. The position peaked at $10.6B in Q4 2024. 4,641 funds tracked by Wall St. Rank hold SPY as of Q2 2026.

Capula Management held 4,595,409 shares of State Street SPDR S&P 500 ETF Trust worth $3.43B as of Q2 2026.
Capula Management sold 1,563,813 State Street SPDR S&P 500 ETF Trust shares in Q2 2026, an estimated $1.13B.
State Street SPDR S&P 500 ETF Trust made up 12.26% of Capula Management's portfolio in Q2 2026, its #2 holding.
Capula Management first reported a position in State Street SPDR S&P 500 ETF Trust in Q3 2018 and has held it in 32 quarters since.
Capula Management's State Street SPDR S&P 500 ETF Trust position peaked at $10.6B in Q4 2024.
4,641 funds tracked by Wall St. Rank held State Street SPDR S&P 500 ETF Trust as of Q2 2026.

Based on Capula Management's 13F filing for Q2 2026, filed 14 Aug 2026.