Data as of Q4 2025 (Dec 31, 2025)

Capula Management Ltd

•CIK: 1557017•Filing: Q4 2025

Capula Management Ltd, with $16.0B in AUM, is known for its concentrated, long-term equity strategy, heavily weighted in S&P 500 index funds, notably VOO and SPY. Recently, the fund has made notable moves by adding significant positions in IBM and QCOM, while exiting LQD and IWM, reflecting a focus on high-growth tech and industrial sectors.

Total AUM
$14.1B
+ $1.8B in options
QoQ Performance
+22.6%
Positions
189
+ 179 options
Top 10 Concentration
84.8%
Latest Filing
Q4 2025

Top Holdings Allocation

VOO
SPY
VOO46.9%
SPY24.2%
IBIT3.0%
IVV2.7%
SMH1.7%
BABA1.3%
ETHA1.3%
IBM1.3%

📈 Biggest Buys

VOO
VANGUARD INDEX FDS
+1487852.0%
46.9% of portfolio
SPY
SPDR S&P 500 ETF TR
+85.5%
24.2% of portfolio
IBM
INTERNATIONAL BUSINESS MACHS
+10378.1%
1.3% of portfolio
BABA
ALIBABA GROUP HLDG LTD
+254.7%
1.3% of portfolio
SMHPUT
VANECK ETF TRUST
+84.6%
1.7% of portfolio

📉 Biggest Sells

IVV
ISHARES TR
-94.1%
2.7% of portfolio
UNHCALL
UNITEDHEALTH GROUP INC
-99.7%
0.0% of portfolio
MIGAPUT
STRATEGY INC
-92.8%
0.1% of portfolio
NDQCALL
INVESCO QQQ TR
-41.6%
1.2% of portfolio
NKEPUT
NIKE INC
-63.4%
0.3% of portfolio

Sector Breakdown

ETF73.9%
Other19.7%
Technology4.1%
Consumer1.0%
Energy0.7%
Financial0.4%
Healthcare0.1%
Utilities0.0%

🚪 Exited Positionssold since Q3 2025

LQD
ISHARES TR
SOLD
$445.9M
IWM
ISHARES TR
SOLD
$142.0M
UBER
UBER TECHNOLOGIES INC
SOLD
$101.2M
HYG
ISHARES TR
SOLD
$81.2M
XHB
SPDR SERIES TRUST
SOLD
$66.5M
+192 more exited positions

Changes from Q3 2025

NEW45 new positions
↑86 increased
↓60 decreased

Historical Filings

Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023

📌 Top Holdings

VOO46.9%
VANGUARD INDEX FDS
$7.5B
SPY24.2%
SPDR S&P 500 ETF TR
$3.9B
IBIT3.0%
ISHARES BITCOIN TRUST ETF
$470.7M
IVV2.7%
ISHARES TR
$422.4M
SMH1.7%
VANECK ETF TRUST
$277.7M

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