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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
IVV icon
1
iShares Core S&P 500 ETF
IVV
$876B
$6.98B 34.77%
10,434,370
+2,776,225
+36% +$1.79B
SPY icon
2
State Street SPDR S&P 500 ETF Trust
SPY
$778B
$2.03B 10.13%
3,053,114
-132,009
-4% -$84.6M
QQQ icon
3
CALL
Invesco QQQ Trust
QQQ
$455B
$627M 3.12%
1,045,000
-420,000
-29% -$241M
IBIT icon
4
iShares Bitcoin Trust
IBIT
$47.2B
$616M 3.07%
9,481,909
+676
+0% +$44K
MSTR icon
5
PUT
Strategy Inc
MSTR
$33.5B
$570M 2.84%
1,769,800
+1,759,800
+17,598% +$653M
MSTR icon
6
Strategy Inc
MSTR
$33.5B
$566M 2.82%
1,756,048
+1,755,481
+309,609% +$651M
QQQ icon
7
PUT
Invesco QQQ Trust
QQQ
$455B
$519M 2.59%
865,000
+210,000
+32% +$120M
LQD icon
8
CALL
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
$34.7B
$446M 2.22%
+4,000,000
New +$440M
UNH icon
9
PUT
UnitedHealth
UNH
$382B
$333M 1.66%
+963,800
New +$291M
UNH icon
10
UnitedHealth
UNH
$382B
$332M 1.65%
961,097
+961,001
+1,001,043% +$291M
QQQ icon
11
Invesco QQQ Trust
QQQ
$455B
$319M 1.59%
530,580
+264,062
+99% +$151M
ETHA
12
iShares Ethereum Trust ETF
ETHA
$5.25B
$279M 1.39%
8,868,485
+3,513,685
+66% +$104M
FBTC icon
13
Fidelity Wise Origin Bitcoin Fund
FBTC
$11.9B
$211M 1.05%
2,112,794
+615,620
+41% +$61.5M
BABA icon
14
PUT
Alibaba
BABA
$269B
$201M 1%
+1,123,800
New +$147M
AAPL icon
15
PUT
Apple
AAPL
$4.89T
$197M 0.98%
774,300
+729,100
+1,613% +$165M
COIN icon
16
PUT
Coinbase
COIN
$41.7B
$179M 0.89%
+529,300
New +$179M
NVDA icon
17
PUT
NVIDIA
NVDA
$5.01T
$173M 0.86%
925,600
+835,800
+931% +$146M
COIN icon
18
Coinbase
COIN
$41.7B
$169M 0.84%
+501,397
New +$170M
IWM icon
19
PUT
iShares Russell 2000 ETF
IWM
$80.9B
$142M 0.71%
+587,000
New +$135M
SMH icon
20
PUT
VanEck Semiconductor ETF
SMH
$67.6B
$136M 0.68%
417,700
-260,000
-38% -$77M
IWM icon
21
CALL
iShares Russell 2000 ETF
IWM
$80.9B
$132M 0.66%
545,000
+65,000
+14% +$14.9M
AMAT icon
22
PUT
Applied Materials
AMAT
$426B
$125M 0.62%
609,100
+606,700
+25,279% +$110M
DELL icon
23
PUT
Dell
DELL
$283B
$125M 0.62%
+879,500
New +$114M
NKE icon
24
PUT
Nike
NKE
$61.9B
$123M 0.61%
1,764,400
+1,761,400
+58,713% +$131M
NKE icon
25
Nike
NKE
$61.9B
$122M 0.61%
1,750,797
+1,750,777
+8,753,885% +$130M
1
2 3 4 5

Similar funds

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.