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Capula Management Portfolio holdings

AUM $14.1B
1-Year Est. Return 19.14%
This Fund
S&P 500
This Quarter Est. Return
+8.68%
1 Year Est. Return
+19.14%
3 Year Est. Return
+85.66%
5 Year Est. Return
+76.65%
10 Year Est. Return
+131.38%
AUM
$20.1B
AUM Growth
+$9.32B
Cap. Flow
+$8.06B
Cap. Flow %
40.12%
Top 10 Hldgs %
64.86%
Holding
920
New
289
Increased
404
Reduced
93
Closed
127

Top Buys

Rank Stock Value
1
IVV icon
iShares Core S&P 500 ETF
IVV
+$1.79B
2
MSTR icon
Strategy Inc
MSTR
+$651M
3
UNH icon
UnitedHealth
UNH
+$291M
4
COIN icon
Coinbase
COIN
+$170M
5
QQQ icon
Invesco QQQ Trust
QQQ
+$151M

Top Sells

Rank Stock Value
1
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$84.6M
2
K
Kellanova
K
+$32.6M
3
BPMC
Blueprint Medicines
BPMC
+$20M
4
ESGR
Enstar Group
ESGR
+$12M
5
APP icon
Applovin
APP
+$10.1M

Sector Composition

Rank Sector Weight
1 Technology 6.26%
2 Healthcare 1.91%
3 Financials 1.84%
4 Consumer Discretionary 1.48%
5 Communication Services 0.76%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AAPL icon
26
Apple
AAPL
$4.89T
$114M 0.57%
449,089
+431,856
+2,506% +$97.6M
DELL icon
27
Dell
DELL
$283B
$113M 0.56%
+800,106
New +$104M
BRK.B icon
28
Berkshire Hathaway Class B
BRK.B
$1.07T
$113M 0.56%
+225,060
New +$109M
BRK.B icon
29
PUT
Berkshire Hathaway Class B
BRK.B
$1.07T
$113M 0.56%
+225,000
New +$109M
MSFT icon
30
PUT
Microsoft
MSFT
$2.84T
$110M 0.55%
213,000
+183,500
+622% +$93.6M
SMH icon
31
VanEck Semiconductor ETF
SMH
$67.6B
$107M 0.53%
327,375
+322,167
+6,186% +$95.4M
COST icon
32
PUT
Costco
COST
$415B
$106M 0.53%
114,100
+113,000
+10,273% +$108M
UBER icon
33
PUT
Uber
UBER
$134B
$105M 0.52%
1,073,800
+1,069,300
+23,762% +$100M
AMAT icon
34
Applied Materials
AMAT
$426B
$104M 0.52%
509,913
+509,502
+123,966% +$92.4M
UBER icon
35
Uber
UBER
$134B
$101M 0.5%
+1,032,528
New +$96.6M
TSLA icon
36
PUT
Tesla
TSLA
$1.24T
$97.1M 0.48%
218,400
+177,400
+433% +$61.5M
COST icon
37
Costco
COST
$415B
$95.7M 0.48%
103,389
+103,166
+46,263% +$98.9M
FETH
38
Fidelity Ethereum Fund
FETH
$1B
$90.4M 0.45%
2,174,929
+378,733
+21% +$14.8M
HYG icon
39
PUT
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$16.3B
$81.2M 0.4%
1,000,000
-250,000
-20% -$20.1M
EEM icon
40
iShares MSCI Emerging Markets ETF
EEM
$28B
$78.8M 0.39%
1,475,934
+1,057,148
+252% +$53.1M
SLV icon
41
CALL
iShares Silver Trust
SLV
$28.1B
$76.3M 0.38%
1,800,000
+230,000
+15% +$8.26M
SMH icon
42
CALL
VanEck Semiconductor ETF
SMH
$67.6B
$74.3M 0.37%
227,700
-365,000
-62% -$108M
BABA icon
43
Alibaba
BABA
$269B
$73M 0.36%
408,628
+382,226
+1,448% +$50.1M
AMZN icon
44
PUT
Amazon
AMZN
$2.5T
$67.1M 0.33%
305,500
+277,800
+1,003% +$62.9M
XHB icon
45
CALL
State Street SPDR S&P Homebuilders ETF
XHB
$1.74B
$66.5M 0.33%
+600,000
New +$65.8M
EEM icon
46
CALL
iShares MSCI Emerging Markets ETF
EEM
$28B
$61.4M 0.31%
1,150,000
-1,857,100
-62% -$93.3M
AVGO icon
47
PUT
Broadcom
AVGO
$1.82T
$58.5M 0.29%
177,200
+82,400
+87% +$25.3M
JPM icon
48
PUT
JPMorgan Chase
JPM
$939B
$58.1M 0.29%
184,300
+177,200
+2,496% +$52.7M
GOOGL icon
49
PUT
Alphabet (Google) Class A
GOOGL
$3.91T
$56.6M 0.28%
232,900
+174,300
+297% +$36.5M
GLD icon
50
CALL
SPDR Gold Trust
GLD
$131B
$53.3M 0.27%
150,000
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2
3 4 5

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X
Xponance Philadelphia, Pennsylvania $14.1B AUM 30.11% 1-Year Est. Return
BIP
Brandes Investment Partners La Jolla, California $14.1B AUM 25.52% 1-Year Est. Return
FGP
Freestone Grove Partners San Francisco, California $14.2B AUM 24.58% 1-Year Est. Return
TI
Trexquant Investment Stamford, Connecticut $13.9B AUM 31.98% 1-Year Est. Return
SSA
Schonfeld Strategic Advisors New York $14.2B AUM 37.17% 1-Year Est. Return
SAM
Silvercrest Asset Management New York $13.8B AUM 28.39% 1-Year Est. Return
BBVA
Banco Bilbao Vizcaya Argentaria Madrid, Spain $14.3B AUM 26.23% 1-Year Est. Return
IFP
Independent Franchise Partners London, United Kingdom $14.3B AUM 3.49% 1-Year Est. Return

Capula Management's Q3 2025 Portfolio in Review

As of Q3 2025, Capula Management held 920 positions worth $20.1B, up 87% from $10.8B the previous quarter. Its ten largest holdings account for 65% of the portfolio.

Capula Management deployed $8.06B of net new capital in Q3 2025, opening 289 new positions and adding to 404 existing holdings. Its largest new stake was Coinbase: 501,397 shares worth $169M.

By sector, the portfolio is most concentrated in Technology at 6.3% of assets, up from 0.2% a quarter earlier, followed by Healthcare and Financials.

On the sell side, the largest reduction was State Street SPDR S&P 500 ETF Trust, an estimated $84.6M trimmed.

  • Capula Management's largest Q3 2025 buy was Coinbase: 501,397 shares worth $169M.
  • Capula Management added most to iShares Core S&P 500 ETF in Q3 2025, an estimated $1.79B increase.
  • Capula Management's biggest Q3 2025 reduction was State Street SPDR S&P 500 ETF Trust, cutting an estimated $84.6M.
  • Capula Management fully exited Kellanova in Q3 2025, selling an estimated $32.6M.
  • Capula Management's ten largest holdings make up 65% of its $20.1B portfolio in Q3 2025.
  • Capula Management opened 289 new positions and closed 127 in Q3 2025.
  • Capula Management's portfolio value rose 87% quarter-over-quarter to $20.1B.

Based on Capula Management's 13F filing for Q3 2025, filed 14 Nov 2025.