Capula Management Ltd

Grand Cayman, E9 · CIK 1557017 · 13F filing filed 2026-08-14

Exempt reporting adviser since 2018 · corporation

Form ADV · 2026-06-16SEC adviser record

Kindfutures

$22.8bn reported value +108.1% vs Q1 2026

303positions

87.4%in top 10

0 new 97 added 119 reduced 0 sold out vs Q1 2026

This manager withheld holdings under SEC confidential treatment in both Q2 2026 and Q1 2026, so new and sold-out positions can't be determined.

Options: 171 call positions ($883.3m notional), 226 put positions ($4.3bn notional) – listed below, not included above.

This report includes the holdings of 6 other managers that share the investment decisions:

CAPULA INVESTMENT MANAGEMENT ASIA Ltd – reports through this filing
Capula Investment Management (ME) Ltd – reports through this filing
Capula Investment Management LLP – reports through this filing
Capula Investment Management Singapore Pte. Ltd – reports through this filing
Capula Investment Management Switzerland Sarl – reports through this filing
Capula Investment US LP – reports through this filing

Shares in two reports are counted once in each security's totals.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	ISHARES TR CORE S&P500 ETF IVV	IVV	20,051,540	$15.0bn65.97%	65.97%	Added +11.0m	+10,956,556 120.5%
2	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	4,595,409	$3.4bn15.08%	15.08%	Reduced -1.6m	-1,563,813 -25.4%
3	ALIBABA GROUP HLDG LTD SPONSORED ADS BABA	BABA	3,343,509	$320.9m1.41%	1.41%	Added +3.2m	+3,228,963 2818.9%
4	BOEING CO COM BA	BA	951,980	$206.1m0.91%	0.91%	Added +944.9k	+944,888 13323.3%
5	WESTERN DIGITAL CORP COM WDC	WDC	280,315	$179.0m0.79%	0.79%	Not comparable
6	UBER TECHNOLOGIES INC COM UBER	UBER	2,205,388	$159.1m0.70%	0.70%	Added +2.2m	+2,200,405 44158.2%
7	ISHARES TR IBOXX HI YD ETF HYG	HYG	1,913,439	$153.0m0.67%	0.67%	Added +1.8m	+1,823,884 2036.6%
8	INTEL CORP COM INTC	INTC	1,052,463	$147.0m0.65%	0.65%	Added +973.2k	+973,242 1228.5%
9	PDD HOLDINGS INC SPONSORED ADS PDD	PDD	1,914,949	$146.1m0.64%	0.64%	Added +1.9m	+1,897,365 10790.3%
10	WALMART INC COM WMT	WMT	1,253,680	$142.0m0.62%	0.62%	Added +1.2m	+1,242,072 10700.1%
11	BROADCOM INC COM AVGO	AVGO	311,536	$117.7m0.52%	0.52%	Added +274.1k	+274,051 731.1%
12	TESLA INC COM TSLA	TSLA	270,235	$113.7m0.50%	0.50%	Added +220.4k	+220,411 442.4%
13	AMGEN INC COM AMGN	AMGN	300,064	$108.7m0.48%	0.48%	Added +300.0k	+300,003 491808.2%
14	LINDE PLC SHS LIN	LIN	200,180	$103.9m0.46%	0.46%	Added +200.1k	+200,134 435073.9%
15	ISHARES TR IBOXX INV CP ETF LQD	LQD	931,663	$101.6m0.45%	0.45%	Added +862.6k	+862,619 1249.4%
16	CREDO TECHNOLOGY GROUP HOLDI ORDINARY SHARES CRDO	CRDO	354,933	$96.5m0.42%	0.42%	Added +316.9k	+316,860 832.2%
17	MICROSTRATEGY INC CL A NEW MSTR	MSTR	1,002,482	$87.1m0.38%	0.38%	Added +998.0k	+998,026 22397.3%
18	WARNER BROS DISCOVERY INC COM SER A WBD	WBD	3,137,200	$83.6m0.37%	0.37%	Added +1.9m	+1,905,281 154.7%
19	QUALCOMM INC COM QCOM	QCOM	420,674	$77.7m0.34%	0.34%	Added +404.9k	+404,941 2573.8%
20	KLA CORP COM NEW KLAC	KLAC	225,329	$68.0m0.30%	0.30%	Added +208.7k	+208,729 1257.4%
21	NIKE INC CL B NKE	NKE	1,600,267	$65.7m0.29%	0.29%	Added +1.6m	+1,592,985 21875.7%
22	ANALOG DEVICES INC COM ADI	ADI	150,393	$59.7m0.26%	0.26%	Added +143.8k	+143,848 2197.8%
23	ULTA BEAUTY INC COM ULTA	ULTA	130,000	$58.6m0.26%	0.26%	Not comparable
24	KENVUE INC COM KVUE	KVUE	3,067,547	$58.6m0.26%	0.26%	Added +820.1k	+820,075 36.5%
25	APPLIED OPTOELECTRONICS INC COM AAOI	AAOI	380,749	$56.4m0.25%	0.25%	Not comparable
26	SOFI TECHNOLOGIES INC COM SOFI	SOFI	3,000,000	$53.8m0.24%	0.24%	Not comparable
27	AES CORP COM AES	AES	3,502,352	$51.3m0.23%	0.23%	Added +1.0m	+1,028,172 41.6%
28	ECHOSTAR CORP CL A ECHO	ECHO	501,799	$50.9m0.22%	0.22%	Not comparable
29	PAYPAL HLDGS INC COM PYPL	PYPL	1,175,521	$50.8m0.22%	0.22%	Added +1.2m	+1,173,735 65718.6%
30	VANGUARD SCOTTSDALE FDS INT-TERM CORP VCIT	VCIT	600,000	$49.6m0.22%	0.22%	Not comparable
31	AXON ENTERPRISE INC COM AXON	AXON	80,000	$44.8m0.20%	0.20%	Added +79.9k	+79,916 95138.1%
32	ORGANON & CO COMMON STOCK OGN	OGN	3,049,207	$41.3m0.18%	0.18%	Not comparable
33	EVERGY INC NOTE 4.500%12/1 · principal EVRG 4.5 12.15.27 · principal	EVRG 4.5 12.15.27	27,500,000	$39.2m0.17%	0.17%	Added +27.5m	+27,485,000 183233.3%
34	NVIDIA CORPORATION COM NVDA	NVDA	185,576	$37.1m0.16%	0.16%	Reduced -151.2k	-151,202 -44.9%
35	VALARIS LTD CL A VAL	VAL	510,898	$37.1m0.16%	0.16%	Added +455.5k	+455,483 822.0%
36	GE VERNOVA INC COM GEV	GEV	30,263	$35.6m0.16%	0.16%	Added +28.9k	+28,899 2118.7%
37	ARISTA NETWORKS INC COM SHS ANET	ANET	200,000	$34.0m0.15%	0.15%	Added +198.9k	+198,854 17352.0%
38	VERTIV HOLDINGS CO COM CL A VRT	VRT	101,428	$34.0m0.15%	0.15%	Not comparable
39	HILTON WORLDWIDE HLDGS INC COM HLT	HLT	100,797	$33.3m0.15%	0.15%	Added +100.1k	+100,076 13880.2%
40	UNITED PARCEL SERVICE INC CL B UPS	UPS	300,184	$32.3m0.14%	0.14%	Added +299.6k	+299,587 50182.1%
41	WEBSTER FINL CORP COM WBS	WBS	418,906	$32.0m0.14%	0.14%	Added +272.9k	+272,916 186.9%
42	ISHARES TR CHINA LG-CAP ETF FXI	FXI	932,569	$29.5m0.13%	0.13%	Reduced -111.6k	-111,622 -10.7%
43	TOPBUILD CORP COM BLD	BLD	80,000	$28.4m0.12%	0.12%	Not comparable
44	MARRIOTT INTL INC NEW CL A MAR	MAR	75,273	$27.9m0.12%	0.12%	Added +74.5k	+74,502 9663.0%
45	CHART INDS INC COM GTLS	GTLS	131,850	$27.5m0.12%	0.12%	Reduced -34.5k	-34,470 -20.7%
46	PENUMBRA INC COM PEN	PEN	83,000	$26.2m0.12%	0.12%	Reduced -18.8k	-18,779 -18.4%
47	JAZZ INVESTMENTS I LTD NOTE 3.125% 9/1 · principal JAZZ 3.125 09.15.30 · principal	JAZZ 3.125 09.15.30	15,000,000	$25.6m0.11%	0.11%	Added +15.0m	+14,990,000 149900.0%
48	NORFOLK SOUTHN CORP COM NSC	NSC	79,368	$25.0m0.11%	0.11%	Reduced -65.4k	-65,381 -45.2%
49	SELECT SECTOR SPDR TR SBI CONS STPLS XLP	XLP	292,619	$24.3m0.11%	0.11%	Added +274.2k	+274,244 1492.5%
50	CONSTELLATION ENERGY CORP COM CEG	CEG	96,874	$24.1m0.11%	0.11%	Added +86.1k	+86,114 800.3%
51	COINBASE GLOBAL INC COM CL A COIN	COIN	160,051	$23.4m0.10%	0.10%	Added +159.9k	+159,939 142802.7%
52	INVESCO QQQ TR UNIT SER 1 QQQ	QQQ	30,971	$22.8m0.10%	0.10%	Reduced -2.8k	-2,781 -8.2%
53	CADENCE DESIGN SYSTEM INC COM CDNS	CDNS	56,013	$21.0m0.09%	0.09%	Added +50.7k	+50,658 946.0%
54	CELESTICA INC COM CLS	CLS	56,000	$20.4m0.09%	0.09%	Not comparable
55	SELECT SECTOR SPDR TR COMMUNICATION XLC	XLC	189,487	$20.3m0.09%	0.09%	Added +124.2k	+124,195 190.2%
56	VANGUARD INDEX FDS S&P 500 ETF SHS VOO	VOO	28,690	$19.7m0.09%	0.09%	Reduced -35.8k	-35,805 -55.5%
57	ISHARES TR RUSSELL 2000 ETF IWM	IWM	63,619	$19.1m0.08%	0.08%	Reduced -27.7k	-27,696 -30.3%
58	INTERNATIONAL BUSINESS MACHS COM IBM	IBM	63,036	$17.7m0.08%	0.08%	Added +62.4k	+62,388 9627.8%
59	TXNM ENERGY INC COM TXNM	TXNM	307,584	$17.5m0.08%	0.08%	Added +271.6k	+271,563 753.9%
60	SELECT SECTOR SPDR TR SBI CONS DISCR XLY	XLY	148,233	$17.4m0.08%	0.08%	Not comparable
61	ZSCALER INC COM ZS	ZS	122,000	$17.2m0.08%	0.08%	Not comparable
62	LULULEMON ATHLETICA INC COM LULU	LULU	150,676	$17.2m0.08%	0.08%	Not comparable
63	PALANTIR TECHNOLOGIES INC CL A PLTR	PLTR	144,474	$16.9m0.07%	0.07%	Added +122.8k	+122,836 567.7%
64	ALLIED GOLD CORP COM NEW AAUC	AAUC	692,457	$16.5m0.07%	0.07%	Reduced -309.5k	-309,543 -30.9%
65	CAESARS ENTERTAINMENT INC NE COM CZR	CZR	545,500	$16.5m0.07%	0.07%	Added +509.5k	+509,500 1415.3%
66	BITMINE IMMERSION TECNOLOGIE COM NEW BMNR	BMNR	1,200,000	$16.0m0.07%	0.07%	Not comparable
67	UNIFIRST CORP MASS COM UNF	UNF	55,000	$14.5m0.06%	0.06%	Not comparable
68	LIBERTY BROADBAND CORP COM SER C LBRDK	LBRDK	434,293	$14.4m0.06%	0.06%	Reduced -404.0k	-404,001 -48.2%
69	TECK RESOURCES LTD CL B TECK	TECK	228,254	$14.1m0.06%	0.06%	Added +208.1k	+208,058 1030.2%
70	JANUS HENDERSON GROUP PLC ORD SHS ORD SHS		270,197	$14.0m0.06%	0.06%	Added +44.8k	+44,780 19.9%
71	BOOKING HOLDINGS INC COM BKNG	BKNG	78,101	$13.9m0.06%	0.06%	Not comparable
72	NOVANTA INC UNIT 11/01/2028 NOVT 6.5 11.01.28	NOVT 6.5 11.01.28	20,000,000	$13.6m0.06%	0.06%	Added +19.8m	+19,780,000 8990.9%
73	SPDR SER TR S&P REGL BKG KRE	KRE	147,388	$11.0m0.05%	0.05%	Added +85.9k	+85,852 139.5%
74	PPL CORP UNIT 02/15/2029 PPL 7 02.15.29	PPL 7 02.15.29	22,500,000	$11.0m0.05%	0.05%	Not comparable
75	KRANESHARES TRUST CSI CHI INTERNET KWEB	KWEB	447,370	$10.9m0.05%	0.05%	Added +150.3k	+150,290 50.6%
76	NEXTERA ENERGY INC UNIT 02/15/2029 NEE 7.375 02.15.29	NEE 7.375 02.15.29	22,500,000	$10.8m0.05%	0.05%	Added +22.0m	+21,950,407 3993.9%
77	BIO-TECHNE CORP COM TECH	TECH	150,000	$10.6m0.05%	0.05%	Not comparable
78	HEICO CORP NEW CL A HEI.A	HEI.A	37,346	$9.6m0.04%	0.04%	Added +18.6k	+18,630 99.5%
79	CHEESECAKE FACTORY INC NOTE 2.000% 3/1 · principal CAKE 2 03.15.30 · principal	CAKE 2 03.15.30	7,500,000	$9.6m0.04%	0.04%	Not comparable
80	HONEYWELL INTL INC COM HON	HON	40,674	$9.1m0.04%	0.04%	Not comparable
81	MICROSOFT CORP COM MSFT	MSFT	24,393	$9.1m0.04%	0.04%	Reduced -27.8k	-27,765 -53.2%
82	TALKSPACE INC COM TALK	TALK	1,586,580	$8.3m0.04%	0.04%	Added +1.1m	+1,086,580 217.3%
83	AMAZON COM INC COM AMZN	AMZN	31,230	$7.4m0.03%	0.03%	Reduced -60.3k	-60,299 -65.9%
84	SPDR SER TR S&P BIOTECH XBI	XBI	44,038	$7.0m0.03%	0.03%	Added +18.1k	+18,105 69.8%
85	NEWS CORP NEW CL A NWSA	NWSA	273,476	$6.8m0.03%	0.03%	Added +104.0k	+103,994 61.4%
86	FERGUSON ENTERPRISES INC COMMON STOCK NEW FERG	FERG	28,540	$6.8m0.03%	0.03%	Reduced -1.9k	-1,921 -6.3%
87	META PLATFORMS INC CL A META	META	11,853	$6.7m0.03%	0.03%	Reduced -1.2k	-1,226 -9.4%
88	APPLE INC COM AAPL	AAPL	21,670	$6.3m0.03%	0.03%	Reduced -28.7k	-28,653 -56.9%
89	KOSMOS ENERGY LTD NOTE 3.125% 3/1 · principal KOS 3.125 03.15.30 · principal	KOS 3.125 03.15.30	8,500,000	$6.2m0.03%	0.03%	Added +8.5m	+8,494,000 141566.7%
90	ROKU INC COM CL A ROKU	ROKU	44,000	$6.1m0.03%	0.03%	Added +11.3k	+11,310 34.6%
91	APOGEE THERAPEUTICS INC COM COM		45,000	$6.0m0.03%	0.03%	Not comparable
92	U HAUL HOLDING COMPANY COM SER N UHAL.B	UHAL.B	101,811	$5.9m0.03%	0.03%	Not comparable
93	LIBERTY GLOBAL LTD COM CL C LBTYK	LBTYK	519,771	$5.7m0.03%	0.03%	Added +309.7k	+309,662 147.4%
94	BANK AMERICA CORP COM BAC	BAC	98,588	$5.6m0.02%	0.02%	Added +85.0k	+84,969 623.9%
95	LIBERTY LIVE HOLDINGS INC COM SER A LLYVA	LLYVA	55,468	$5.6m0.02%	0.02%	Not comparable
96	RYANAIR HOLDINGS PLC SPONSORED ADR RYAAY	RYAAY	80,370	$5.2m0.02%	0.02%	Not comparable
97	BROWN FORMAN CORP CL B BF.B	BF.B	182,929	$4.9m0.02%	0.02%	Not comparable
98	UNDER ARMOUR INC CL A UAA	UAA	714,943	$4.6m0.02%	0.02%	Reduced -34.7k	-34,697 -4.6%
99	LENNAR CORP CL A LEN	LEN	49,910	$4.5m0.02%	0.02%	Added +22.9k	+22,860 84.5%
100	JAMES HARDIE INDS PLC ORD SHS JHX	JHX	170,573	$4.5m0.02%	0.02%	Reduced -179.0k	-178,958 -51.2%

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
INVESCO QQQ TR QQQ · Put	QQQ	Put	513,700	$378.3m513.7k shares	Added
ALIBABA GROUP HLDG LTD BABA · Put	BABA	Put	3,502,700	$336.2m3.5m shares	Added
TESLA INC TSLA · Put	TSLA	Put	559,900	$235.5m559.9k shares	Added
BOEING CO BA · Put	BA	Put	966,900	$209.3m966.9k shares	Added
INVESCO QQQ TR QQQ · Call	QQQ	Call	275,100	$202.6m275.1k shares	Added
WESTERN DIGITAL CORP WDC · Put	WDC	Put	281,000	$179.5m281.0k shares	Added
SPDR S&P 500 ETF TR SPY · Call	SPY	Call	217,200	$162.2m217.2k shares	Added
UBER TECHNOLOGIES INC UBER · Put	UBER	Put	2,210,900	$159.5m2.2m shares	Added
SPDR S&P 500 ETF TR SPY · Put	SPY	Put	210,200	$157.0m210.2k shares	Added
INTEL CORP INTC · Put	INTC	Put	1,083,400	$151.3m1.1m shares	Added
PDD HOLDINGS INC PDD · Put	PDD	Put	1,923,200	$146.7m1.9m shares	Added
WALMART INC WMT · Put	WMT	Put	1,255,800	$142.2m1.3m shares	Added
ISHARES TR IWM · Put	IWM	Put	449,000	$134.9m449.0k shares	Reduced
BROADCOM INC AVGO · Put	AVGO	Put	320,800	$121.2m320.8k shares	Added
AMGEN INC AMGN · Put	AMGN	Put	300,200	$108.7m300.2k shares	Added
LINDE PLC LIN · Put	LIN	Put	200,100	$103.8m200.1k shares	Added
CREDO TECHNOLOGY GROUP HOLDI CRDO · Put	CRDO	Put	350,000	$95.2m350.0k shares	Not comparable
MICROSTRATEGY INC MSTR · Put	MSTR	Put	1,004,200	$87.3m1.0m shares	Added
ISHARES TR HYG · Call	HYG	Call	1,000,000	$80.0m1.0m shares	Not comparable
QUALCOMM INC QCOM · Put	QCOM	Put	422,200	$78.0m422.2k shares	Added
KLA CORP KLAC · Put	KLAC	Put	227,100	$68.5m227.1k shares	Added
NIKE INC NKE · Put	NKE	Put	1,600,400	$65.7m1.6m shares	Added
TESLA INC TSLA · Call	TSLA	Call	148,700	$62.5m148.7k shares	Reduced
NVIDIA CORPORATION NVDA · Put	NVDA	Put	304,500	$60.9m304.5k shares	Reduced
ANALOG DEVICES INC ADI · Put	ADI	Put	151,800	$60.3m151.8k shares	Added