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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
+0.74%
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
$20B
AUM Growth
-$124M
Cap. Flow
+$329M
Cap. Flow %
1.65%
Top 10 Hldgs %
68.14%
Holding
948
New
155
Increased
289
Reduced
312
Closed
138

Top Buys

Rank Stock Value
1
VOO icon
Vanguard S&P 500 ETF
VOO
+$7.4B
2
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$1.76B
3
IBM icon
IBM
IBM
+$204M
4
BABA icon
Alibaba
BABA
+$169M
5
UBER icon
Uber
UBER
+$111M

Top Sells

Rank Stock Value
1
IVV icon
iShares Core S&P 500 ETF
IVV
+$6.67B
2
MSTR icon
Strategy Inc
MSTR
+$375M
3
UNH icon
UnitedHealth
UNH
+$326M
4
QQQ icon
Invesco QQQ Trust
QQQ
+$279M
5
AMAT icon
Applied Materials
AMAT
+$122M

Sector Composition

Rank Sector Weight
1 Technology 4.56%
2 Consumer Discretionary 2.07%
3 Communication Services 2.06%
4 Financials 1.46%
5 Industrials 0.77%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CAT icon
26
PUT
Caterpillar
CAT
$413B
$98.7M 0.49%
172,300
+168,800
+4,823% +$93.8M
CAT icon
27
Caterpillar
CAT
$413B
$97.4M 0.49%
170,000
+169,466
+31,735% +$94.2M
COIN icon
28
PUT
Coinbase
COIN
$42.8B
$96.6M 0.48%
427,000
-102,300
-19% -$30.5M
XOM icon
29
ExxonMobil
XOM
$653B
$96.5M 0.48%
802,016
+786,478
+5,062% +$91.2M
COIN icon
30
Coinbase
COIN
$42.8B
$96.4M 0.48%
426,257
-75,140
-15% -$22.4M
PYPL icon
31
PayPal
PYPL
$49.2B
$94.4M 0.47%
1,617,339
+1,588,752
+5,558% +$103M
PYPL icon
32
PUT
PayPal
PYPL
$49.2B
$94M 0.47%
1,610,600
+1,551,700
+2,634% +$101M
CEG icon
33
PUT
Constellation Energy
CEG
$98.2B
$90.8M 0.45%
256,900
+248,600
+2,995% +$90.3M
CEG icon
34
Constellation Energy
CEG
$98.2B
$88.3M 0.44%
250,000
+249,386
+40,617% +$90.6M
DELL icon
35
PUT
Dell
DELL
$282B
$87.5M 0.44%
695,500
-184,000
-21% -$25.9M
DELL icon
36
Dell
DELL
$282B
$87.4M 0.44%
694,686
-105,420
-13% -$14.9M
TSLA icon
37
PUT
Tesla
TSLA
$1.21T
$85.2M 0.43%
189,400
-29,000
-13% -$12.9M
AAPL icon
38
Apple
AAPL
$4.71T
$84.2M 0.42%
309,743
-139,346
-31% -$37.4M
SPY icon
39
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$776B
$74.7M 0.37%
109,500
+50,900
+87% +$34.4M
SMH icon
40
CALL
VanEck Semiconductor ETF
SMH
$69.5B
$71.2M 0.36%
197,700
-30,000
-13% -$10.5M
FETH
41
Fidelity Ethereum Fund
FETH
$1.01B
$61.4M 0.31%
2,074,703
-100,226
-5% -$3.46M
APP icon
42
PUT
Applovin
APP
$134B
$60.8M 0.3%
90,200
+88,200
+4,410% +$55.6M
APP icon
43
Applovin
APP
$134B
$60.6M 0.3%
90,000
+89,506
+18,119% +$56.4M
QQQ icon
44
PUT
Invesco QQQ Trust
QQQ
$459B
$60.2M 0.3%
98,000
-767,000
-89% -$471M
MSFT icon
45
PUT
Microsoft
MSFT
$2.83T
$56.2M 0.28%
116,300
-96,700
-45% -$48.5M
EEM icon
46
PUT
iShares MSCI Emerging Markets ETF
EEM
$28.5B
$53.8M 0.27%
983,000
+633,000
+181% +$34.4M
KRE icon
47
CALL
State Street SPDR S&P Regional Banking ETF
KRE
$4.79B
$51.8M 0.26%
800,000
– –
BRK.B icon
48
Berkshire Hathaway Class B
BRK.B
$1.05T
$50.3M 0.25%
100,017
-125,043
-56% -$62.2M
BRK.B icon
49
PUT
Berkshire Hathaway Class B
BRK.B
$1.05T
$50.3M 0.25%
100,000
-125,000
-56% -$62.2M
GOOG icon
50
Alphabet (Google) Class C
GOOG
$3.91T
$50.2M 0.25%
+160,000
New +$45.8M
1
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
BPC
Banque Pictet & Cie Geneva 73, Switzerland $14.2B AUM 20.68% 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

Capula Management's Q4 2025 Portfolio in Review

As of Q4 2025, Capula Management held 948 positions worth $20B, down 0.62% from $20.1B the previous quarter. Its ten largest holdings account for 68% of the portfolio.

Capula Management's Q4 2025 filing shows 155 new, 289 increased, 312 reduced and 138 closed positions. Its largest new stake was Alphabet (Google) Class C: 160,000 shares worth $50.2M. The largest sale was iShares Core S&P 500 ETF, an estimated $6.67B.

By sector, the portfolio is most concentrated in Technology at 4.6% of assets, down from 6.3% a quarter earlier, followed by Consumer Discretionary and Communication Services.

  • Capula Management's largest Q4 2025 buy was Alphabet (Google) Class C: 160,000 shares worth $50.2M.
  • Capula Management added most to Vanguard S&P 500 ETF in Q4 2025, an estimated $7.4B increase.
  • Capula Management's biggest Q4 2025 reduction was iShares Core S&P 500 ETF, cutting an estimated $6.67B.
  • Capula Management fully exited UnitedHealth in Q4 2025, selling an estimated $326M.
  • Capula Management's ten largest holdings make up 68% of its $20B portfolio in Q4 2025.
  • Capula Management opened 155 new positions and closed 138 in Q4 2025.
  • Capula Management's portfolio value fell 0.62% quarter-over-quarter to $20B.

Based on Capula Management's 13F filing for Q4 2025, filed 13 Feb 2026.