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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
+12.86%
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
$10.8B
AUM Growth
-$7.21B
Cap. Flow
-$9.02B
Cap. Flow %
-83.79%
Top 10 Hldgs %
86.03%
Holding
894
New
215
Increased
99
Reduced
276
Closed
265

Top Buys

Rank Stock Value
1
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$578M
2
QQQ icon
Invesco QQQ Trust
QQQ
+$113M
3
IBIT icon
iShares Bitcoin Trust
IBIT
+$97.4M
4
ETHA
iShares Ethereum Trust ETF
ETHA
+$58.9M
5
K
Kellanova
K
+$28.1M

Top Sells

Rank Stock Value
1
IVV icon
iShares Core S&P 500 ETF
IVV
+$4.43B
2
NVDA icon
NVIDIA
NVDA
+$693M
3
MSTR icon
Strategy Inc
MSTR
+$473M
4
FBTC icon
Fidelity Wise Origin Bitcoin Fund
FBTC
+$241M
5
UBER icon
Uber
UBER
+$169M

Sector Composition

Rank Sector Weight
1 Communication Services 0.58%
2 Financials 0.52%
3 Consumer Discretionary 0.38%
4 Consumer Staples 0.33%
5 Healthcare 0.29%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IVV icon
1
iShares Core S&P 500 ETF
IVV
$876B
$4.75B 44.18%
7,658,145
-7,720,982
-50% -$4.43B
SPY icon
2
State Street SPDR S&P 500 ETF Trust
SPY
$778B
$1.97B 18.28%
3,185,123
+1,010,844
+46% +$578M
QQQ icon
3
CALL
Invesco QQQ Trust
QQQ
$455B
$808M 7.51%
1,465,000
+1,087,100
+288% +$541M
IBIT icon
4
iShares Bitcoin Trust
IBIT
$47.2B
$580M 5.39%
9,481,233
+1,739,073
+22% +$97.4M
QQQ icon
5
PUT
Invesco QQQ Trust
QQQ
$455B
$361M 3.36%
655,000
+295,200
+82% +$147M
SMH icon
6
PUT
VanEck Semiconductor ETF
SMH
$67.6B
$189M 1.76%
677,700
+232,700
+52% +$54M
SMH icon
7
CALL
VanEck Semiconductor ETF
SMH
$67.6B
$165M 1.54%
592,700
+352,700
+147% +$81.8M
QQQ icon
8
Invesco QQQ Trust
QQQ
$455B
$147M 1.37%
266,518
+226,842
+572% +$113M
EEM icon
9
CALL
iShares MSCI Emerging Markets ETF
EEM
$28B
$145M 1.35%
3,007,100
+657,100
+28% +$29.5M
FBTC icon
10
Fidelity Wise Origin Bitcoin Fund
FBTC
$11.9B
$141M 1.31%
1,497,174
-2,801,938
-65% -$241M
IWM icon
11
CALL
iShares Russell 2000 ETF
IWM
$80.9B
$104M 0.96%
+480,000
New +$96.6M
ETHA
12
iShares Ethereum Trust ETF
ETHA
$5.25B
$102M 0.95%
5,354,800
+3,542,508
+195% +$58.9M
HYG icon
13
PUT
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$16.3B
$101M 0.94%
1,250,000
-750,000
-38% -$59.1M
SPY icon
14
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$778B
$91.4M 0.85%
148,000
+28,400
+24% +$16.2M
KRE icon
15
PUT
State Street SPDR S&P Regional Banking ETF
KRE
$4.86B
$72.3M 0.67%
+1,216,600
New +$67.7M
SLV icon
16
CALL
iShares Silver Trust
SLV
$28.1B
$51.5M 0.48%
1,570,000
+520,000
+50% +$15.9M
GLD icon
17
CALL
SPDR Gold Trust
GLD
$131B
$45.7M 0.42%
150,000
+50,000
+50% +$15.1M
FETH
18
Fidelity Ethereum Fund
FETH
$1B
$45.2M 0.42%
1,796,196
+128,050
+8% +$2.81M
K
19
DELISTED
Kellanova
K
$32.6M 0.3%
410,000
+343,595
+517% +$28.1M
AVGO icon
20
PUT
Broadcom
AVGO
$1.82T
$26.1M 0.24%
94,800
-253,800
-73% -$55.1M
AVGO icon
21
CALL
Broadcom
AVGO
$1.82T
$20.3M 0.19%
73,500
-40,100
-35% -$8.71M
EEM icon
22
iShares MSCI Emerging Markets ETF
EEM
$28B
$20.2M 0.19%
418,786
+343,128
+454% +$15.4M
BPMC
23
DELISTED
Blueprint Medicines
BPMC
$20M 0.19%
+156,114
New +$16.2M
FYBR
24
DELISTED
Frontier Communications
FYBR
$20M 0.19%
549,470
+131,470
+31% +$4.77M
FXI icon
25
CALL
iShares China Large-Cap ETF
FXI
$4.31B
$18.4M 0.17%
500,000
+50,000
+11% +$1.75M
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
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 Q2 2025 Portfolio in Review

As of Q2 2025, Capula Management held 894 positions worth $10.8B, down 40% from $18B the previous quarter. Its ten largest holdings account for 86% of the portfolio.

Capula Management withdrew a net $9.02B in Q2 2025, closing 265 positions and reducing 276 holdings. Its most notable exit was NVIDIA, an estimated $693M position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 0.58% of assets, down from 0.99% a quarter earlier, followed by Financials and Consumer Discretionary.

Against the trend, Capula Management opened a new position in Blueprint Medicines worth $20M.

  • Capula Management's largest Q2 2025 buy was Blueprint Medicines: 156,114 shares worth $20M.
  • Capula Management added most to State Street SPDR S&P 500 ETF Trust in Q2 2025, an estimated $578M increase.
  • Capula Management's biggest Q2 2025 reduction was iShares Core S&P 500 ETF, cutting an estimated $4.43B.
  • Capula Management fully exited NVIDIA in Q2 2025, selling an estimated $693M.
  • Capula Management's ten largest holdings make up 86% of its $10.8B portfolio in Q2 2025.
  • Capula Management opened 215 new positions and closed 265 in Q2 2025.
  • Capula Management's portfolio value fell 40% quarter-over-quarter to $10.8B.

Based on Capula Management's 13F filing for Q2 2025, filed 13 Aug 2025.