Capula Management Ltd
Institutional investor · Portfolio as of Q4 2025
Top Holdings810 positions
Vanguard Index Funds S&P 500 ETF SHS | 11.9M | $7.5B | 37.4% | $621.74 | 0.00% | 2 qtrssince 2025-Q3 | Increased 100 |
State Street Spdr S&p 500 Etf Trust TR UNIT | 5.7M | $3.9B | 19.3% | $621.13 | +8.94% | 28 qtrssince 2019-Q1 | Increased 96 |
ISHARES BITCOIN TRUST ETF | 9.5M | $470.7M | 2.4% | $39.32 | +18.39% | 7 qtrssince 2024-Q2 | Decreased 0 |
iShares Trust CORE S&P500 ETF | 616,758 | $422.4M | 2.1% | $581.08 | +16.91% | 4 qtrssince 2025-Q1 | Decreased 0 |
ALIBABA GROUP HLDG LTD | 1.9M | $282.6M | 1.4% | — | — | — | Increased — |
VanEck ETF Trust SEMICONDUCTOR ETF | 771,100 | $277.7M | 1.4% | — | — | — | Increased — |
ALIBABA GROUP HLDG LTD | 1.4M | $212.4M | 1.1% | $152.83 | -4.97% | 5 qtrssince 2024-Q4 | Increased 78 |
ISHARES ETHEREUM TRUST ETF | 9.2M | $207M | 1.0% | $22.74 | +167.74% | 4 qtrssince 2025-Q1 | Increased 50 |
International Business Machines Corp. | 683,800 | $202.5M | 1.0% | — | — | — | Increased — |
International Business Machines Corp. | 681,074 | $201.7M | 1.0% | $290.27 | +0.01% | 2 qtrssince 2025-Q3 | Increased 78 |
Alphabet Inc. | 614,000 | $192.2M | 1.0% | — | — | — | Increased — |
Invesco QQQ Trust, Series 1 UNIT SER 1 | 310,000 | $190.4M | 1.0% | — | — | — | Decreased — |
Uber Technologies Inc | 2.3M | $185.7M | 0.9% | — | — | — | Increased — |
Uber Technologies Inc | 2.3M | $185.1M | 0.9% | $90.07 | -8.83% | 2 qtrssince 2025-Q3 | Increased 69 |
ISHARES TR | 3.1M | $168.6M | 0.8% | — | — | — | Increased — |
Meta Platforms Inc | 248,800 | $164.2M | 0.8% | — | — | — | Increased — |
FIDELITY WISE ORIGIN BITCOIN FUND | 2.1M | $161.1M | 0.8% | $68.03 | +5.16% | 7 qtrssince 2024-Q2 | Unchanged 0 |
Apple Inc. | 576,300 | $156.7M | 0.8% | — | — | — | Decreased — |
Alphabet Inc. | 405,922 | $127.1M | 0.6% | $303.43 | +2.95% | 22 qtrssince 2020-Q3 | Increased 69 |
NVIDIA Corp. | 620,900 | $115.8M | 0.6% | — | — | — | Decreased — |
Capula Management Ltd manages $20B across 810 positions as of Q4 2025. Top holdings: VOO (37.4%), SPY (19.3%), IBIT (2.4%). Fund DNA: Momentum Trader. HoldingsIntel Score: 2/5.0.
Active quarter - 94 new positions, 88 exits, 106 increased. Top move: VOO (INCREASED, conviction 100). Portfolio: $20.0B across 810 positions.
Top holdings by portfolio weight
Portfolio allocation by GICS sector
Behavioral investing profile
Position Outcomes
Best and worst performing positions by estimated return
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Cost basis estimates based on full filing history using quarter-end prices. Actual transaction prices are not disclosed in 13F filings.
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Data sourced from SEC EDGAR 13F filings. Not financial advice. Full disclaimer
Verify source filings on SEC EDGAR