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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
-3.58%
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
$14.1B
AUM Growth
-$5.9B
(-30%)
Cap. Flow
-$3.39B
Cap. Flow
% of AUM
-24.11%
Top 10 Holdings %
Top 10 Hldgs %
79.37%
Holding
1,232
New
420
Increased
312
Reduced
280
Closed
164
Avg Time Held Equity + Options
2.4
quarters
Top 10 Avg Time Held Equity + Options
1.6
quarters
Top 20 Avg Time Held Equity + Options
1.3
quarters
Avg Time Held Equity only
1.8
quarters
Top 10 Avg Time Held Equity only
2.5
quarters
Top 20 Avg Time Held Equity only
1.3
quarters
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares Core S&P 500 ETF
IVV
|
+$5.79B |
| 2 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$338M |
| 3 |
Clearwater Analytics
CWAN
|
+$60.4M |
| 4 |
Amicus Therapeutics
FOLD
|
+$45.3M |
| 5 |
AES
AES
|
+$36.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Vanguard S&P 500 ETF
VOO
|
+$7.4B |
| 2 |
iShares Bitcoin Trust
IBIT
|
+$471M |
| 3 |
iShares Ethereum Trust ETF
ETHA
|
+$207M |
| 4 |
Alibaba
BABA
|
+$201M |
| 5 |
IBM
IBM
|
+$184M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 91.1% |
| 2 | Technology | 2.36% |
| 3 | Healthcare | 1.29% |
| 4 | Communication Services | 1.11% |
| 5 | Consumer Discretionary | 1.06% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
iShares Core S&P 500 ETF
IVV
$897B
| $5.94B | 42.25% |
9,094,984
+8,478,226
| +1,375% | +$5.79B |
2025 Q1
4 quarters
|
|
|
2
State Street SPDR S&P 500 ETF Trust
SPY
$822B
| $4.01B | 28.49% |
6,159,222
+497,045
| +9% | +$338M |
2018 Q3
30 quarters
|
|
3
CALL
Tesla
TSLA
$1.49T
| $262M | 1.87% |
705,800
+698,200
| +9,187% | +$288M |
2025 Q1
4 quarters
|
|
4
PUT
Invesco QQQ Trust
QQQ
$499B
| $214M | 1.52% |
370,800
+272,800
| +278% | +$166M |
2019 Q2
27 quarters
|
|
5
PUT
NVIDIA
NVDA
$5.46T
| $206M | 1.47% |
1,182,800
+561,900
| +90% | +$103M |
2024 Q1
8 quarters
|
|
6
PUT
iShares Russell 2000 ETF
IWM
$78.3B
| $145M | 1.03% |
+583,600
| New | +$151M |
2026 Q1
0 quarters
|
|
|
7
CALL
Invesco QQQ Trust
QQQ
$499B
| $123M | 0.87% |
212,600
-97,400
| -31% | -$59.2M |
2023 Q1
12 quarters
|
|
8
PUT
Meta Platforms (Facebook)
META
$1.89T
| $104M | 0.74% |
181,400
-67,400
| -27% | -$43.2M |
2024 Q1
8 quarters
|
|
|
9
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$822B
| $86.8M | 0.62% |
133,500
+24,000
| +22% | +$16.3M |
2024 Q2
7 quarters
|
|
10
PUT
iShares China Large-Cap ETF
FXI
$3.93B
| $72M | 0.51% |
2,006,200
+1,656,200
| +473% | +$63M |
2025 Q4
1 quarter
|
|
|
11
DELISTED
Clearwater Analytics
CWAN
| $63.3M | 0.45% |
2,677,322
+2,552,962
| +2,053% | +$60.4M |
2025 Q4
1 quarter
|
|
|
12
CALL
iShares Russell 2000 ETF
IWM
$78.3B
| $60.5M | 0.43% |
+244,000
| New | +$62.9M |
2026 Q1
0 quarters
|
|
|
13
NVIDIA
NVDA
$5.46T
| $58.7M | 0.42% |
336,778
+94,282
| +39% | +$17.3M |
2025 Q3
2 quarters
|
|
|
14
PUT
Tesla
TSLA
$1.49T
| $53.2M | 0.38% |
143,200
-46,200
| -24% | -$19M |
2024 Q1
8 quarters
|
|
15
PUT
Amazon
AMZN
$2.8T
| $52.6M | 0.37% |
252,400
+113,300
| +81% | +$24.9M |
2021 Q1
20 quarters
|
|
16
PUT
Apple
AAPL
$4.98T
| $52.4M | 0.37% |
206,500
-369,800
| -64% | -$96.2M |
2019 Q2
27 quarters
|
|
17
PUT
iShares MSCI Emerging Markets ETF
EEM
$30.7B
| $49.7M | 0.35% |
875,500
-107,500
| -11% | -$6.32M |
2025 Q3
2 quarters
|
|
|
18
DELISTED
Amicus Therapeutics
FOLD
| $46.2M | 0.33% |
3,191,610
+3,161,610
| +10,539% | +$45.3M |
2025 Q4
1 quarter
|
|
19
PUT
Microsoft
MSFT
$4.02T
| $44.1M | 0.31% |
119,100
+2,800
| +2% | +$1.17M |
2019 Q2
27 quarters
|
|
20
Allied Gold Corp
AAUC
$2.81B
| $43.2M | 0.31% |
+1,002,000
| New | +$30.3M |
2026 Q1
0 quarters
|
|
21
DELISTED
Liberty Broadband Class C
LBRDK
| $42.2M | 0.3% |
838,294
+698,149
| +498% | +$35.2M |
2024 Q1
8 quarters
|
|
|
22
CALL
State Street SPDR S&P 500 ETF Trust
SPY
$822B
| $41.9M | 0.3% |
64,400
-84,700
| -57% | -$57.6M |
2025 Q4
1 quarter
|
|
23
Norfolk Southern
NSC
$71.7B
| $41.5M | 0.3% |
144,749
+94,749
| +189% | +$28.2M |
2025 Q4
1 quarter
|
|
24
Kenvue
KVUE
$34.2B
| $38.7M | 0.28% |
2,247,472
+1,301,854
| +138% | +$23.2M |
2025 Q4
1 quarter
|
|
25
DELISTED
Sealed Air
SEE
| $38.6M | 0.27% |
918,694
+352,289
| +62% | +$14.7M |
2025 Q4
1 quarter
|
|
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Capula Management's Q1 2026 Portfolio in Review
As of Q1 2026, Capula Management held 1,232 positions worth $14.1B, down 30% from $20B the previous quarter. Its ten largest holdings account for 79% of the portfolio.
Capula Management withdrew a net $3.39B in Q1 2026, closing 164 positions and reducing 280 holdings. Its most notable exit was iShares Bitcoin Trust, an estimated $471M position sold in full.
By sector, the portfolio is most concentrated in Miscellaneous at 91% of assets, up from 87% a quarter earlier, followed by Technology and Healthcare.
Against the trend, Capula Management opened a new position in Penumbra worth $33.4M.
- Capula Management's largest Q1 2026 buy was Penumbra: 101,779 shares worth $33.4M.
- Capula Management added most to iShares Core S&P 500 ETF in Q1 2026, an estimated $5.79B increase.
- Capula Management's biggest Q1 2026 reduction was Vanguard S&P 500 ETF, cutting an estimated $7.4B.
- Capula Management fully exited iShares Bitcoin Trust in Q1 2026, selling an estimated $471M.
- Capula Management's ten largest holdings make up 79% of its $14.1B portfolio in Q1 2026.
- Capula Management opened 420 new positions and closed 164 in Q1 2026.
- Capula Management's portfolio value fell 30% quarter-over-quarter to $14.1B.
Based on Capula Management's 13F filing for Q1 2026, filed 14 May 2026.