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Capula Management Portfolio holdings

AUM $28B
1-Year Est. Return 22.67%
This Fund
S&P 500
This Quarter Est. Return
-4.72%
1 Year Est. Return
+22.67%
3 Year Est. Return
+90.67%
5 Year Est. Return
+93.79%
10 Year Est. Return
+167.22%
AUM
$18B
AUM Growth
+$790M
Cap. Flow
-$234M
Cap. Flow %
-1.3%
Top 10 Hldgs %
71.51%
Holding
779
New
416
Increased
180
Reduced
79
Closed
101

Top Buys

Rank Stock Value
1
IVV icon
iShares Core S&P 500 ETF
IVV
+$9.08B
2
MSTR icon
Strategy Inc
MSTR
+$325M
3
UBER icon
Uber
UBER
+$147M
4
BRK.B icon
Berkshire Hathaway Class B
BRK.B
+$146M
5
VOO icon
Vanguard S&P 500 ETF
VOO
+$127M

Top Sells

Rank Stock Value
1
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$9.37B
2
TLT icon
iShares 20+ Year Treasury Bond ETF
TLT
+$449M
3
NVDA icon
NVIDIA
NVDA
+$339M
4
CRWD icon
CrowdStrike
CRWD
+$225M
5
FBTC icon
Fidelity Wise Origin Bitcoin Fund
FBTC
+$93.6M

Sector Composition

Rank Sector Weight
1 Miscellaneous 85.15%
2 Technology 8.84%
3 Financials 1.25%
4 Communication Services 0.99%
5 Industrials 0.87%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IVV icon
1
iShares Core S&P 500 ETF
IVV
$866B
$8.64B 48.07%
+15,379,127
New +$9.08B
SPY icon
2
State Street SPDR S&P 500 ETF Trust
SPY
$806B
$1.22B 6.77%
2,174,279
-15,934,174
-88% -$9.37B
NVDA icon
3
PUT
NVIDIA
NVDA
$5.4T
$635M 3.53%
5,860,800
+305,100
+5% +$38.7M
NVDA icon
4
NVIDIA
NVDA
$5.4T
$597M 3.32%
5,503,990
-2,672,747
-33% -$339M
MSTR icon
5
Strategy Inc
MSTR
$52.7B
$375M 2.08%
1,300,000
+1,025,000
+373% +$325M
MSTR icon
6
PUT
Strategy Inc
MSTR
$52.7B
$375M 2.08%
1,300,000
+1,025,000
+373% +$325M
IBIT icon
7
iShares Bitcoin Trust
IBIT
$60.9B
$362M 2.02%
7,742,160
-1,526,726
-16% -$80.8M
FBTC icon
8
Fidelity Wise Origin Bitcoin Fund
FBTC
$14.5B
$309M 1.72%
4,299,112
-1,150,966
-21% -$93.6M
QQQ icon
9
CALL
Invesco QQQ Trust
QQQ
$489B
$177M 0.99%
377,900
+352,900
+1,412% +$179M
QQQ icon
10
PUT
Invesco QQQ Trust
QQQ
$489B
$169M 0.94%
359,800
+344,800
+2,299% +$175M
BRK.B icon
11
Berkshire Hathaway Class B
BRK.B
$1.08T
$160M 0.89%
+300,000
New +$146M
BRK.B icon
12
PUT
Berkshire Hathaway Class B
BRK.B
$1.08T
$160M 0.89%
+300,000
New +$146M
HYG icon
13
PUT
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$15.4B
$158M 0.88%
+2,000,000
New +$159M
SPY icon
14
CALL
State Street SPDR S&P 500 ETF Trust
SPY
$806B
$151M 0.84%
269,600
+154,600
+134% +$90.9M
UBER icon
15
PUT
Uber
UBER
$145B
$150M 0.83%
2,057,800
+2,017,500
+5,006% +$145M
UBER icon
16
Uber
UBER
$145B
$150M 0.83%
2,052,204
+2,040,583
+17,559% +$147M
AMD icon
17
PUT
Advanced Micro Devices
AMD
$851B
$123M 0.68%
1,196,300
+49,100
+4% +$5.46M
VOO icon
18
Vanguard S&P 500 ETF
VOO
$1.04T
$121M 0.67%
+235,000
New +$127M
AMD icon
19
Advanced Micro Devices
AMD
$851B
$118M 0.66%
1,149,918
+41,191
+4% +$4.58M
BA icon
20
PUT
Boeing
BA
$163B
$115M 0.64%
672,700
+658,700
+4,705% +$114M
BA icon
21
Boeing
BA
$163B
$114M 0.64%
670,843
+669,220
+41,234% +$116M
TMUS icon
22
PUT
T-Mobile US
TMUS
$190B
$107M 0.59%
+400,900
New +$98.8M
TMUS icon
23
T-Mobile US
TMUS
$190B
$107M 0.59%
+400,502
New +$98.7M
EEM icon
24
CALL
iShares MSCI Emerging Markets ETF
EEM
$31.8B
$103M 0.57%
2,350,000
+1,750,000
+292% +$76M
XOM icon
25
PUT
ExxonMobil
XOM
$675B
$96.8M 0.54%
813,600
+786,200
+2,869% +$86.9M
1
2 3 4 5

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UIM
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Capula Management's Q1 2025 Portfolio in Review

As of Q1 2025, Capula Management held 779 positions worth $18B, up 4.6% from $17.2B the previous quarter. Its ten largest holdings account for 72% of the portfolio.

Capula Management's Q1 2025 filing shows 416 new, 180 increased, 79 reduced and 101 closed positions. Its largest new stake was iShares Core S&P 500 ETF: 15,379,127 shares worth $8.64B. The largest sale was State Street SPDR S&P 500 ETF Trust, an estimated $9.37B.

By sector, the portfolio is most concentrated in Miscellaneous at 85% of assets, up from 85% a quarter earlier, followed by Technology and Financials.

  • Capula Management's largest Q1 2025 buy was iShares Core S&P 500 ETF: 15,379,127 shares worth $8.64B.
  • Capula Management added most to Strategy Inc in Q1 2025, an estimated $325M increase.
  • Capula Management's biggest Q1 2025 reduction was State Street SPDR S&P 500 ETF Trust, cutting an estimated $9.37B.
  • Capula Management fully exited Alphabet (Google) Class C in Q1 2025, selling an estimated $83.8M.
  • Capula Management's ten largest holdings make up 72% of its $18B portfolio in Q1 2025.
  • Capula Management opened 416 new positions and closed 101 in Q1 2025.
  • Capula Management's portfolio value rose 4.6% quarter-over-quarter to $18B.

Based on Capula Management's 13F filing for Q1 2025, filed 14 May 2025.