Capula Management Ltd

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Capula Management Ltd reported 308 stock positions worth $13.4 billion. Its top holding was iShares Core S&P 500 ETF (IVV) at 52.0% of the portfolio, followed by SS SPDR S&P 500 ETF Trust-US (SPY, 15.2%) and iShares Bitcoin Trust ETF (IBIT, 4.6%). Compared with Q2 2025, it opened 155 new positions, sold out of 95, added to 98 and reduced 55. The biggest buy was Strategy (MSTR, shares +309609%) and the biggest sale SS SPDR S&P 500 ETF Trust-US (SPY, shares −4%).

Most Recent 13F
Q2 2026
Location
Grand Cayman, E9
CIK
0001557017
Portfolio Value
$13.4B (Q3 2025)
SEC Filing
0001172661-25-005004 ↗ filed Nov 14, 2025

Holdings Value

0$5.0B$10.0B$15.0B$20.0B$25.0B Q1 2024: $3.0B Q1 2024 Q2 2024: $8.9B Q2 2024 Q3 2024: $8.0B Q3 2024 Q4 2024: $14.6B Q4 2024 Q1 2025: $13.5B Q1 2025 Q2 2025: $8.1B Q2 2025 Q3 2025: $13.4B $13.4B Q3 2025 Q4 2025: $15.4B Q4 2025 Q1 2026: $11.4B Q1 2026 Q2 2026: $22.6B Q2 2026

Holdings 308 stocks · $13.4B
IVV iShares Core S&P 500 ETF 52.04% 10,434,370 $7.0B Add +36.3%
SPY SS SPDR S&P 500 ETF Trust-US 15.16% 3,053,114 $2.0B Reduce -4.1%
IBIT iShares Bitcoin Trust ETF 4.59% 9,481,909 $616.3M Add +0.0%
MSTR Strategy Inc. 4.22% 1,756,048 $565.8M Add +309608.6%
UNH Unitedhealth Group Inc. 2.47% 961,097 $331.9M Add +1001042.7%
QQQ Invesco QQQ Trust Series 1 2.37% 530,580 $318.5M Add +99.1%
ETHA iShares Ethereum Trust ETF 2.08% 8,868,485 $279.4M Add +65.6%
FBTC Fidelity Wise Origin Bitcoin 1.57% 2,112,794 $210.9M Add +41.1%
COIN Coinbase Global Inc. Class A 1.26% 501,397 $169.2M New
NKE Nike Inc. Class B 0.91% 1,750,797 $122.1M Add +8753885.0%
AAPL Apple Inc. 0.85% 449,089 $114.4M Add +2506.0%
DELL Dell Technologies -C 0.85% 800,106 $113.4M New
BRK.B Berkshire Hathaway Inc. Class B 0.84% 225,060 $113.1M New
SMH Vaneck Semiconductor ETF 0.80% 327,375 $106.8M Add +6186.0%
AMAT Applied Materials Inc. 0.78% 509,913 $104.4M Add +123966.4%
UBER Uber Technologies Inc. 0.75% 1,032,528 $101.2M New
COST Costco Wholesale Corp. 0.71% 103,389 $95.7M Add +46262.8%
FETH Fidelity Ethereum Fund 0.67% 2,174,929 $90.4M Add +21.1%
EEM iShares MSCI Emerging Market 0.59% 1,475,934 $78.8M Add +252.4%
BABA Alibaba Group Holding-SP ADR 0.54% 408,628 $73.0M Add +1447.7%
CRWD CrowdStrike Holdings Inc. Class A 0.37% 101,065 $49.6M New
TSLA Tesla Inc. 0.37% 110,723 $49.2M Add +446.4%
BIDU Baidu Inc. - Spon ADR 0.34% 350,000 $46.1M Add +1188.8%
CYBR Cyberark Software Ltd./Israel 0.26% 72,333 $34.9M New
VRNA Verona Pharma Ltd. 0.24% 295,665 $31.6M New
DAY Dayforce Inc. 0.21% 407,000 $28.0M New
LBRDK Liberty Broadband-C 0.17% 349,413 $22.2M Add +1365.3%
IPG Interpublic Group of Cos Inc. 0.16% 766,433 $21.4M Add +184.3%
STZ Constellation Brands Inc. Class A 0.15% 150,151 $20.2M New
FYBR Frontier Communications Pare 0.15% 536,045 $20.0M Reduce -2.4%
COOP Mr Cooper Group Inc. 0.15% 93,068 $19.6M New
WNS WNS Holdings Ltd. filed as WNS HLDGS LTD 0.14% 248,926 $19.0M New
ON On Semiconductor 0.13% 350,000 $17.3M New
INFA Informatica Inc. Class A 0.12% 636,078 $15.8M New
AMZN Amazon.com Inc. 0.12% 71,348 $15.7M New
NVDA Nvidia Corp. 0.10% 74,673 $13.9M New
MSFT Microsoft Corp. 0.10% 25,577 $13.2M New
GLD SPDR Gold Shares 0.09% 35,427 $12.6M New
AMP Ameriprise Financial Inc. 0.09% 25,100 $12.3M New
BFH Bread Financial Holdings Inc. 0.08% 200,000 $11.2M New
AVGO Broadcom Inc. 0.08% 30,785 $10.2M New
GOOGL Alphabet Inc. Class A 0.07% 37,332 $9.1M Add +156.6%
NWSA News Corp. Class A 0.07% 292,082 $9.0M Reduce -5.5%
CRH CRH PLC 0.06% 69,876 $8.4M Add +15.2%
BAM Brookfield Asset Mgmt-A 0.06% 126,868 $7.8M Reduce -20.5%
META Meta Platforms Inc. Class A 0.05% 9,980 $7.3M New
ASX Ase Technology Holding -ADR 0.05% 650,494 $7.2M Add +200.4%
CIO City Office REIT Inc. 0.05% 1,012,582 $7.0M New
GTLS Chart Industries Inc. 0.05% 35,000 $7.0M New
MLNK Meridianlink Inc. 0.05% 346,952 $6.9M New
DVY iShares Select Dividend ETF 0.05% 45,285 $6.4M Add +4.6%
QSR Restaurant Brands Intern 0.05% 97,431 $6.2M Reduce -21.8%
LNG Cheniere Energy Inc. 0.04% 25,154 $5.9M Reduce -39.9%
FOX Fox Corp. Class B 0.04% 97,942 $5.6M New
IVE iShares S&P 500 Value ETF 0.04% 25,027 $5.2M New
CNA Cna Financial Corp. 0.04% 109,529 $5.1M Add +24.6%
SHOP Shopify Inc. Class A 0.04% 32,618 $4.8M Reduce -43.5%
CWEN Clearway Energy Inc. Class C 0.03% 164,468 $4.6M New
MRC MRC Global Inc. 0.03% 317,165 $4.6M New
PRO Pros Holdings Inc. 0.03% 199,059 $4.6M New
CVNA Carvana Co. 0.03% 11,091 $4.2M Add +373.8%
VRT Vertiv Holdings Co. Class A 0.03% 26,416 $4.0M Add +450.3%
UAA Under Armour Inc. Class A 0.03% 778,868 $3.9M New
GDX Vaneck Gold Miners ETF 0.03% 47,108 $3.6M Reduce -11.7%
NFLX Netflix Inc. 0.03% 2,815 $3.4M Add +250.1%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.02% 62,685 $3.2M Add +1021.2%
MRVL Marvell Technology Inc. 0.02% 37,939 $3.2M Add +144.8%
INDA iShares MSCI India ETF 0.02% 61,100 $3.2M Reduce -40.0%
ALNY Alnylam Pharmaceuticals Inc. 0.02% 6,888 $3.1M New
AMD Advanced Micro Devices 0.02% 17,905 $2.9M New
RDDT Reddit Inc. Class A 0.02% 12,564 $2.9M New
SCCO Southern Copper Corp. 0.02% 22,689 $2.8M New
JPM JPMorgan Chase & Co. 0.02% 8,645 $2.7M New
CRWV Coreweave Inc. Class A 0.02% 18,746 $2.6M New
EMB iShares JP Morgan Usd Emergi 0.02% 26,829 $2.6M Reduce -75.3%
HBI Hanesbrands Inc. 0.02% 378,307 $2.5M New
FXI iShares China Large-Cap ETF 0.02% 51,215 $2.1M Reduce -7.7%
NWE Northwestern Energy Group Inc. 0.02% 35,778 $2.1M New
AFG American Financial Group Inc. 0.02% 14,324 $2.1M New
FLUT Flutter Entertainment PLC-Di 0.02% 8,110 $2.1M Reduce -44.0%
CMI Cummins Inc. 0.02% 4,826 $2.0M New
STE Steris PLC 0.01% 8,130 $2.0M New
HTO H2O America 0.01% 41,136 $2.0M New
GL Globe Life Inc. 0.01% 14,006 $2.0M New
PLTR Palantir Technologies Inc. Class A 0.01% 10,741 $2.0M Add +290.3%
PYPL PayPal Holdings Inc. 0.01% 28,587 $1.9M Add +50.6%
CVX Chevron Corp. 0.01% 12,149 $1.9M Add +98.6%
THG Hanover Insurance Group Inc./ 0.01% 10,334 $1.9M New
NCLH Norwegian Cruise Line Holdin 0.01% 71,500 $1.8M New
XOM Exxon Mobil Corp. 0.01% 15,538 $1.8M Add +338.2%
DKNG Draftkings Inc. Class A 0.01% 46,611 $1.7M New
HD Home Depot Inc. 0.01% 4,301 $1.7M Add +2571.4%
AMLP Alerian MLP ETF 0.01% 37,045 $1.7M Add +26.2%
UHAL.B U-Haul Holding Co.-Non Voting 0.01% 33,201 $1.7M Reduce -59.0%
TRV The Travelers Cos Inc. 0.01% 6,027 $1.7M New
V Visa Inc. Class A 0.01% 4,904 $1.7M Add +5536.8%
INFY Infosys Ltd.-SP ADR 0.01% 100,402 $1.6M Add +88.4%
IBN Icici Bank Ltd.-Spon ADR 0.01% 54,000 $1.6M Reduce -35.6%
BTSG Brightspring Health Services 0.01% 54,942 $1.6M New
ORCL Oracle Corp. 0.01% 5,688 $1.6M New
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 0.01% 99,800 $1.6M New
GTX Garrett Motion Inc. 0.01% 115,107 $1.6M New
UAL United Airlines Holdings Inc. 0.01% 16,234 $1.6M Reduce -32.3%
NET Cloudflare Inc. Class A 0.01% 7,272 $1.6M New
URBN Urban Outfitters Inc. 0.01% 21,466 $1.5M Reduce -49.2%
ASHR Xtrackers Harvest Csi 300 CH 0.01% 46,096 $1.5M Add +136.7%
TXN Texas Instruments Inc. 0.01% 8,245 $1.5M Add +3664.8%
XLV SS Health Care Select Sector 0.01% 10,696 $1.5M New
NTNX Nutanix Inc. Class A 0.01% 19,800 $1.5M New
MA Mastercard Inc. Class A 0.01% 2,584 $1.5M Add +715.1%
AMRX Amneal Pharmaceuticals Inc. 0.01% 145,300 $1.5M New
BIIB Biogen Inc. 0.01% 10,208 $1.4M New
LLY Eli Lilly & Co. 0.01% 1,821 $1.4M Add +273.9%
SPGI S&P Global Inc. 0.01% 2,819 $1.4M Add +2268.9%
PG The Procter & Gamble Co. 0.01% 8,839 $1.4M Add +368.9%
AIG American International Group 0.01% 17,039 $1.3M Add +4838.8%
VITL Vital Farms Inc. 0.01% 31,722 $1.3M New
CBZ Cbiz Inc. 0.01% 23,744 $1.3M New
RYAAY Ryanair Holdings PLC-SP ADR 0.01% 20,504 $1.2M New
LEN Lennar Corp. Class A 0.01% 9,137 $1.2M Reduce -55.9%
NBIS Nebius Group NV 0.01% 10,211 $1.1M New
ISRG Intuitive Surgical Inc. 0.01% 2,514 $1.1M New
ABBV Abbvie Inc. 0.01% 4,849 $1.1M Add +470.5%
TMUS T-Mobile US Inc. 0.01% 4,685 $1.1M Add +547.1%
AFRM Affirm Holdings Inc. 0.01% 15,324 $1.1M New
BKNG Booking Holdings Inc. 0.01% 204 $1.1M New
WMT Walmart Inc. 0.01% 10,386 $1.1M Add +2910.4%
LOW Lowe's Cos Inc. 0.01% 4,227 $1.1M Add +285.3%
QCOM Qualcomm Inc. 0.01% 6,288 $1.0M Add +818.0%
KWEB Kranesh Csi China Internet 0.01% 24,739 $1.0M Reduce -19.3%
AMT American Tower Corp. 0.01% 5,267 $1.0M Add +5954.0%
BATRK Atlanta Braves Holdings in-C 0.01% 23,498 $977K New
ARM Arm Holdings PLC-ADR 0.01% 6,870 $972K New
FIG Figma Inc. Class A 0.01% 18,435 $956K New
PEP Pepsico Inc. 0.01% 6,697 $941K Add +351.9%
CVS CVS Health Corp. 0.01% 12,436 $938K Reduce -36.2%
NOW ServiceNow Inc. 0.01% 903 $831K New
LIN Linde PLC 0.01% 1,733 $823K Add +1783.7%
TECK Teck Resources Ltd.-CLS B 0.01% 13,294 $803K New
BSX Boston Scientific Corp. 0.01% 7,992 $780K Add +2744.1%
KO The Coca-Cola Co. 0.01% 11,765 $780K Add +2604.6%
INTU Intuit Inc. 0.01% 1,117 $763K New
ADI Analog Devices Inc. 0.01% 3,071 $755K New
CSCO Cisco Systems Inc. 0.01% 11,025 $754K Add +3281.9%
ZM Zoom Communications Inc. 0.01% 8,958 $739K New
JNJ Johnson & Johnson 0.01% 3,689 $684K Add +472.8%
ARKK ARK Innovation ETF 0.01% 7,872 $679K New
ADBE Adobe Inc. 0.01% 1,905 $672K Add +746.7%
GILD Gilead Sciences Inc. 0.01% 6,009 $667K Add +108.2%
GS Goldman Sachs Group Inc. 0.00% 829 $660K New
COPX Global X Copper Miners ETF 0.00% 10,902 $652K Reduce -76.3%
HON Honeywell International Inc. 0.00% 3,081 $649K New
SILJ Amplify Junior Silver Miners 0.00% 28,056 $648K Reduce -57.3%
MU Micron Technology Inc. 0.00% 3,857 $645K New
SIL Global X Silver Miners ETF 0.00% 8,766 $628K Reduce -56.2%
F Ford Motor Co. filed as FORD MTR CO 0.00% 51,278 $613K New
AMGN Amgen Inc. 0.00% 2,159 $609K Add +223.2%
ADP Automatic Data Processing 0.00% 2,025 $594K Add +1157.8%
CMCSA Comcast Corp. Class A 0.00% 17,920 $563K Add +139.6%
CRM Salesforce Inc. 0.00% 2,352 $557K Add +201.9%
ACN Accenture PLC Class A 0.00% 2,247 $554K Add +562.8%
TLT iShares 20+ Year Treasury BD 0.00% 6,181 $552K Reduce -94.9%
KSA Ishrs MSCI Saudi Arabia ETF 0.00% 13,383 $543K New
MCD McDonald's Corp. 0.00% 1,761 $535K Add +95.2%
URI United Rentals Inc. 0.00% 554 $529K New
CZR Caesars Entertainment Inc. 0.00% 19,457 $526K New
PANW Palo Alto Networks Inc. 0.00% 2,571 $524K Add +78.5%
PM Philip Morris International 0.00% 3,199 $519K Add +9593.9%
PGR Progressive Corp. 0.00% 2,097 $518K Add +1027.4%
EWZ iShares MSCI Brazil ETF 0.00% 16,564 $513K Reduce -63.6%
LBTYK Liberty Global Ltd. Class C 0.00% 43,029 $506K New
COP Conocophillips 0.00% 5,251 $497K Add +202.0%
FSLR First Solar Inc. 0.00% 2,243 $495K New
VOO Vanguard S&P 500 ETF 0.00% 800 $490K New
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 0.00% 7,465 $483K New
SDY SS SPDR S&P Dividend ETF 0.00% 3,393 $475K Reduce -78.7%
SCHW Schwab (charles) Corp. 0.00% 4,806 $459K New
ETN Eaton Corp. PLC 0.00% 1,214 $454K New
CCL Carnival Corp. 0.00% 15,003 $434K New
GE General Electric filed as GE AEROSPACE 0.00% 1,416 $426K New
MELI MercadoLibre Inc. 0.00% 182 $425K New
STX Seagate Technology Holdings 0.00% 1,786 $422K New
ABT Abbott Laboratories 0.00% 3,068 $411K Add +1194.5%
ADSK Autodesk Inc. 0.00% 1,280 $407K New
EOG EOG Resources Inc. 0.00% 3,570 $400K Add +734.1%
GDXJ Vaneck Junior Gold Miners 0.00% 4,006 $397K New
SHW The Sherwin-Williams Co. 0.00% 1,133 $392K Add +403.6%
MS Morgan Stanley 0.00% 2,467 $392K New
EWM iShares MSCI Malaysia ETF 0.00% 14,580 $378K New
ES Eversource Energy 0.00% 5,107 $363K New
PAYX Paychex Inc. 0.00% 2,853 $362K New
GDEN Golden Entertainment Inc. 0.00% 15,220 $359K New
APP AppLovin Corp. Class A 0.00% 494 $355K Reduce -97.8%
T AT&T Inc. 0.00% 12,519 $354K Reduce -93.9%
MRK Merck & Co. Inc. 0.00% 4,094 $344K Reduce -55.1%
MGM MGM Resorts International 0.00% 9,841 $341K New
ALAB Astera Labs Inc. 0.00% 1,725 $338K New
WFC Wells Fargo & Co. 0.00% 4,014 $336K New
PENN Penn Entertainment Inc. 0.00% 16,518 $318K New
PSA Public Storage 0.00% 1,096 $317K New
ABNB Airbnb Inc. Class A 0.00% 2,594 $315K Add +1975.2%
VZ Verizon Communications Inc. 0.00% 7,036 $309K Reduce -15.8%
O Realty Income Corp. 0.00% 5,062 $308K New
DUK Duke Energy Corp. 0.00% 2,469 $306K Add +177.1%
ICE Intercontinental Exchange Inc. 0.00% 1,804 $304K Add +1455.2%
VRTX Vertex Pharmaceuticals Inc. 0.00% 770 $302K Add +647.6%
RRR Red Rock Resorts Inc. Class A 0.00% 4,868 $297K Reduce -28.7%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.00% 1,020 $288K New
SYY Sysco Corp. 0.00% 3,439 $283K New
C Citigroup Inc. 0.00% 2,694 $273K New
GRAB Grab Holdings Ltd. Class A 0.00% 45,284 $273K New
MDT Medtronic PLC 0.00% 2,861 $272K Add +152.5%
CHDN Churchill Downs Inc. 0.00% 2,803 $272K New
NTAP Netapp Inc. 0.00% 2,269 $269K New
EQIX Equinix Inc. 0.00% 342 $268K Add +280.0%
AXP American Express Co. 0.00% 774 $257K New
CAT Caterpillar Inc. 0.00% 534 $255K New
THD iShares MSCI Thailand ETF 0.00% 4,284 $252K New
GEV GE Vernova Inc. 0.00% 392 $241K New
FIS Fidelity National Info Serv 0.00% 3,557 $235K New
GLW Corning Inc. 0.00% 2,815 $231K New
HOOD Robinhood Markets Inc. Class A 0.00% 1,602 $229K Reduce -97.5%
LRCX Lam Research Corp. 0.00% 1,678 $225K New
PLD Prologis Inc. 0.00% 1,935 $222K Add +127.1%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.00% 1,930 $221K New
MSCI MSCI Inc. 0.00% 386 $219K New
TMO Thermo Fisher Scientific Inc. 0.00% 446 $216K Add +90.6%
MCK McKesson Corp. 0.00% 280 $216K New
MPC Marathon Petroleum Corp. 0.00% 1,116 $215K New
KLAC KLA Corp. 0.00% 198 $214K New
SJM The JM Smucker Co. filed as SMUCKER J M CO 0.00% 1,880 $204K New
BRSL Brightstar Lottery PLC 0.00% 11,804 $204K New
CEG Constellation Energy 0.00% 614 $202K New
BA The Boeing Co. 0.00% 928 $200K New
AXON Axon Enterprise Inc. 0.00% 278 $200K New
A Agilent Technologies Inc. 0.00% 1,488 $191K New
DE Deere & Co. 0.00% 415 $190K Add +501.4%
PNR Pentair PLC 0.00% 1,687 $187K New
STLA Stellantis NV 0.00% 23,547 $185K Add +22.9%
BLK BlackRock Inc. 0.00% 158 $184K Add +690.0%
RJF Raymond James Financial Inc. 0.00% 1,062 $183K New
PFE Pfizer Inc. 0.00% 7,088 $181K Reduce -93.9%
Z Zillow Group Inc. Class C 0.00% 2,287 $176K New
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.00% 1,214 $175K Add +18.7%
RMD Resmed Inc. 0.00% 635 $174K New
BMY Bristol-Myers Squibb Co. 0.00% 3,854 $174K Reduce -17.7%
NEE Nextera Energy Inc. 0.00% 2,262 $171K Add +24.2%
DKS Dick's Sporting Goods Inc. 0.00% 744 $165K New
SLG SL Green Realty Corp. 0.00% 2,751 $165K New
DVA Davita Inc. 0.00% 1,227 $163K New
AES AES Corp. 0.00% 12,372 $163K New
DBX Dropbox Inc. Class A 0.00% 5,361 $162K New
SYK Stryker Corp. 0.00% 421 $156K Add +461.3%
BXP BXP Inc. 0.00% 2,030 $151K New
SBUX Starbucks Corp. 0.00% 1,757 $149K Add +97.0%
COF Capital One Financial Corp. 0.00% 670 $142K New
CHWY Chewy Inc. Class A 0.00% 3,457 $140K New
RTX RTX Corp. 0.00% 834 $140K Add +270.7%
GD General Dynamics Corp. 0.00% 406 $138K New
CL Colgate-Palmolive Co. 0.00% 1,709 $137K Add +76.7%
PDD PDD Holdings Inc. 0.00% 1,000 $132K New
UNP Union Pacific Corp. 0.00% 536 $127K Reduce -8.4%
M Macy's Inc. 0.00% 6,990 $125K New
MDLZ Mondelez International Inc. Class A 0.00% 1,958 $122K Add +75.1%
SHCO Soho House & Co. Inc. 0.00% 13,636 $121K New
APA Apa Corp. 0.00% 4,891 $119K Reduce -80.3%
TGT Target Corp. 0.00% 1,288 $116K Reduce -56.1%
ROP Roper Technologies Inc. 0.00% 222 $111K Add +212.7%
UPWK Upwork Inc. 0.00% 5,853 $109K New
GETY Getty Images Holdings Inc. 0.00% 52,328 $104K New
REGN Regeneron Pharmaceuticals 0.00% 181 $102K Reduce -24.6%
APH Amphenol Corp. Class A 0.00% 800 $99K New
UPS United Parcel Service Class B 0.00% 1,158 $97K Reduce -20.6%
BILL Bill Holdings Inc. 0.00% 1,805 $96K New
LYFT LYFT Inc. Class A 0.00% 4,342 $96K Reduce -89.8%
APD Air Products & Chemicals Inc. 0.00% 337 $92K Add +108.0%
SLB SLB Ltd. filed as SCHLUMBERGER LTD 0.00% 2,655 $91K Reduce -98.3%
CAG Conagra Brands Inc. 0.00% 4,625 $85K New
APO Apollo Global Management Inc. 0.00% 605 $81K Add +134.5%
EWJ iShares MSCI Japan ETF 0.00% 910 $73K New
CTAS Cintas Corp. 0.00% 354 $73K Add +1006.3%
KKR KKR & Co. Inc. 0.00% 551 $72K Add +181.1%
SNPS Synopsys Inc. 0.00% 137 $68K New
GSAT Globalstar Inc. 0.00% 1,630 $59K New
BX Blackstone Inc. 0.00% 324 $55K Reduce -41.8%
KMI Kinder Morgan Inc. 0.00% 1,767 $50K Add +143.1%
FCX Freeport-McMoran Inc. 0.00% 1,273 $50K Reduce -91.1%
ANET Arista Networks Inc. 0.00% 332 $48K Add +8200.0%
CME Cme Group Inc. 0.00% 176 $48K Reduce -12.0%
WDAY Workday Inc. Class A 0.00% 194 $47K Add +22.0%
ITW Illinois Tool Works 0.00% 148 $39K Reduce -37.8%
FDX FedEx Corp. 0.00% 148 $35K Reduce -85.0%
PNC PNC Financial Services Group 0.00% 168 $34K Reduce -52.8%
ECL Ecolab Inc. 0.00% 120 $33K Add +50.0%
USB US Bancorp 0.00% 678 $33K Reduce -51.7%
PCAR Paccar Inc. 0.00% 327 $32K Reduce -57.7%
WM Waste Management Inc. 0.00% 135 $30K Reduce -55.7%
MAR Marriott International Class A 0.00% 109 $28K New
MET Metlife Inc. 0.00% 316 $26K New
ELV Elevance Health Inc. 0.00% 63 $20K Reduce -74.7%
WULF Terawulf Inc. 0.00% 1,136 $13K New
MMM 3M Co. 0.00% 78 $12K Reduce -82.1%
AEP American Electric Power 0.00% 98 $11K Reduce -86.6%
FISV Fiserv Inc. 0.00% 81 $10K New
MRSH Marsh & McLennan Cos 0.00% 26 $5K Reduce -96.8%
HLT Hilton Worldwide Holdings Inc. 0.00% 16 $4K New
DHR Danaher Corp. 0.00% 8 $2K Reduce -98.8%
WMB Williams Cos Inc. 0.00% 3 $190 Reduce -97.5%

Options reported separately and not counted above: QQQ calls ($627.4M), MSTR puts ($570.2M), QQQ puts ($519.3M), LQD calls ($445.9M), UNH puts ($332.8M), BABA puts ($200.9M), AAPL puts ($197.2M), COIN puts ($178.6M), NVDA puts ($172.7M), IWM puts ($142.0M), SMH puts ($136.3M), IWM calls ($131.9M), and 470 more.

Other holdings (3): bonds, preferreds, convertibles and warrants · $19.4M (not counted above)
SecurityClassShares / PrincipalValueChange
EVERGY INC (EVRG 4.5 12/15/27) NOTE 4.500%12/1 · principal 12,500$15.7MAdd +150.0%
ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) NOTE 0.500% 6/0 · principal 2,000$3.7MNew
CSG SYSTEMS INTERNATIONA (CSGS 3.875 09/15/28) NOTE 3.875% 9/1 · principal 4,000$4KNew

Total filed on the 13F, all lines: $13.4B.

Portfolio Sells Q2 2025 → Q3 2025
SPY SS SPDR S&P 500 ETF Trust-US Reduce -4.1% 15.16% −9.01
K Kellanova Sold out 0.00% −0.40
BPMC Blueprint Medicines Corp. Sold out 0.00% −0.25
ESGR Enstar Group Ltd. Sold out 0.00% −0.15
TLT iShares 20+ Year Treasury BD Reduce -94.9% 0.00% −0.13
RDUS Radius Recycling Inc. Class A Sold out 0.00% −0.12
KRE SS SPDR S&P Regional Bank Sold out 0.00% −0.11
EMB iShares JP Morgan Usd Emergi Reduce -75.3% 0.02% −0.10
FYBR Frontier Communications Pare Reduce -2.4% 0.15% −0.10
APP AppLovin Corp. Class A Reduce -97.8% 0.00% −0.09
GLXY Galaxy Digital Inc. Class A Sold out 0.00% −0.09
BRDG Bridge Investment Grp HDS-A Sold out 0.00% −0.09
LNG Cheniere Energy Inc. Reduce -39.9% 0.04% −0.08
SKX Skechers USA Inc. Class A Sold out 0.00% −0.07
HOOD Robinhood Markets Inc. Class A Reduce -97.5% 0.00% −0.07
BAM Brookfield Asset Mgmt-A Reduce -20.5% 0.06% −0.07
T AT&T Inc. Reduce -93.9% 0.00% −0.07
MCHI iShares MSCI China ETF Sold out 0.00% −0.07
SLB SLB Ltd. Reduce -98.3% 0.00% −0.07
XLE SS Energy Select Sector Sold out 0.00% −0.06
QSR Restaurant Brands Intern Reduce -21.8% 0.05% −0.05
INDA iShares MSCI India ETF Reduce -40.0% 0.02% −0.05
NWSA News Corp. Class A Reduce -5.5% 0.07% −0.05
SHOP Shopify Inc. Class A Reduce -43.5% 0.04% −0.05
TRI Thomson Reuters Corp. Sold out 0.00% −0.04
TGI Triumph Group Inc. Sold out 0.00% −0.04
UHAL.B U-Haul Holding Co.-Non Voting Reduce -59.0% 0.01% −0.04
SLV iShares Silver Trust Sold out 0.00% −0.04
FLUT Flutter Entertainment PLC-Di Reduce -44.0% 0.02% −0.04
FWONA Liberty Media Corp. Class A Sold out 0.00% −0.03
PFE Pfizer Inc. Reduce -93.9% 0.00% −0.03
XLF SS Financial Select Sector Sold out 0.00% −0.03
URBN Urban Outfitters Inc. Reduce -49.2% 0.01% −0.03
FL Foot Locker Inc. Sold out 0.00% −0.03
BIO Bio-Rad Laboratories-A Sold out 0.00% −0.02
SDY SS SPDR S&P Dividend ETF Reduce -78.7% 0.00% −0.02
DDOG Datadog Inc. Class A Sold out 0.00% −0.02
IBN Icici Bank Ltd.-Spon ADR Reduce -35.6% 0.01% −0.02
COPX Global X Copper Miners ETF Reduce -76.3% 0.00% −0.02
LEN Lennar Corp. Class A Reduce -55.9% 0.01% −0.02
ARES Ares Management Corp. Class A Sold out 0.00% −0.02
XLB SS Materials Select Sector Sold out 0.00% −0.02
TFPM Triple Flag Precious Met Sold out 0.00% −0.02
SAND Sandstorm Gold Ltd. Sold out 0.00% −0.01
NGD New Gold Inc. Sold out 0.00% −0.01
WHR Whirlpool Corp. Sold out 0.00% −0.01
FSM Fortuna Mining Corp. Sold out 0.00% −0.01
MAG Mag Silver Corp. Sold out 0.00% −0.01
BBUC Brookfield Business Class A Sold out 0.00% −0.01
EWZ iShares MSCI Brazil ETF Reduce -63.6% 0.00% −0.01

Portfolio Buys Q2 2025 → Q3 2025
MSTR Strategy Inc. Add +309608.6% 4.22% +4.21
UNH Unitedhealth Group Inc. Add +1001042.7% 2.47% +2.47
COIN Coinbase Global Inc. Class A New 1.26% +1.26
NKE Nike Inc. Class B Add +8753885.0% 0.91% +0.91
DELL Dell Technologies -C New 0.85% +0.85
BRK.B Berkshire Hathaway Inc. Class B New 0.84% +0.84
ETHA iShares Ethereum Trust ETF Add +65.6% 2.08% +0.83
AAPL Apple Inc. Add +2506.0% 0.85% +0.81
SMH Vaneck Semiconductor ETF Add +6186.0% 0.80% +0.78
AMAT Applied Materials Inc. Add +123966.4% 0.78% +0.78
UBER Uber Technologies Inc. New 0.75% +0.75
COST Costco Wholesale Corp. Add +46262.8% 0.71% +0.71
QQQ Invesco QQQ Trust Series 1 Add +99.1% 2.37% +0.57
BABA Alibaba Group Holding-SP ADR Add +1447.7% 0.54% +0.51
CRWD CrowdStrike Holdings Inc. Class A New 0.37% +0.37
EEM iShares MSCI Emerging Market Add +252.4% 0.59% +0.34
BIDU Baidu Inc. - Spon ADR Add +1188.8% 0.34% +0.32
TSLA Tesla Inc. Add +446.4% 0.37% +0.29
CYBR Cyberark Software Ltd./Israel New 0.26% +0.26
VRNA Verona Pharma Ltd. New 0.24% +0.24
DAY Dayforce Inc. New 0.21% +0.21
STZ Constellation Brands Inc. Class A New 0.15% +0.15
COOP Mr Cooper Group Inc. New 0.15% +0.15
WNS WNS Holdings Ltd. New 0.14% +0.14
LBRDK Liberty Broadband-C Add +1365.3% 0.17% +0.14
ON On Semiconductor New 0.13% +0.13
FETH Fidelity Ethereum Fund Add +21.1% 0.67% +0.12
INFA Informatica Inc. Class A New 0.12% +0.12
AMZN Amazon.com Inc. New 0.12% +0.12
NVDA Nvidia Corp. New 0.10% +0.10
MSFT Microsoft Corp. New 0.10% +0.10
GLD SPDR Gold Shares New 0.09% +0.09
AMP Ameriprise Financial Inc. New 0.09% +0.09
BFH Bread Financial Holdings Inc. New 0.08% +0.08
IPG Interpublic Group of Cos Inc. Add +184.3% 0.16% +0.08
AVGO Broadcom Inc. New 0.08% +0.08
META Meta Platforms Inc. Class A New 0.05% +0.05
CIO City Office REIT Inc. New 0.05% +0.05
GTLS Chart Industries Inc. New 0.05% +0.05
MLNK Meridianlink Inc. New 0.05% +0.05
FOX Fox Corp. Class B New 0.04% +0.04
IVE iShares S&P 500 Value ETF New 0.04% +0.04
GOOGL Alphabet Inc. Class A Add +156.6% 0.07% +0.04
CWEN Clearway Energy Inc. Class C New 0.03% +0.03
MRC MRC Global Inc. New 0.03% +0.03
PRO Pros Holdings Inc. New 0.03% +0.03
UAA Under Armour Inc. Class A New 0.03% +0.03
ASX Ase Technology Holding -ADR Add +200.4% 0.05% +0.03
ALNY Alnylam Pharmaceuticals Inc. New 0.02% +0.02
VRT Vertiv Holdings Co. Class A Add +450.3% 0.03% +0.02

Options Activity Q2 2025 → Q3 2025
QQQ Invesco QQQ Trust Series 1 call Reduce -28.7% 1,045,000 $627.4M
MSTR Strategy Inc. put Add +17598.0% 1,769,800 $570.2M
QQQ Invesco QQQ Trust Series 1 put Add +32.1% 865,000 $519.3M
LQD Ishr Ibx Usd Invgd CB ETF-Ui call New 4,000,000 $445.9M
UNH Unitedhealth Group Inc. put New 963,800 $332.8M
BABA Alibaba Group Holding-SP ADR put New 1,123,800 $200.9M
AAPL Apple Inc. put Add +1613.0% 774,300 $197.2M
COIN Coinbase Global Inc. Class A put New 529,300 $178.6M
NVDA Nvidia Corp. put Add +930.7% 925,600 $172.7M
IWM iShares Russell 2000 ETF put New 587,000 $142.0M
SMH Vaneck Semiconductor ETF put Reduce -38.4% 417,700 $136.3M
IWM iShares Russell 2000 ETF call Add +13.5% 545,000 $131.9M
AMAT Applied Materials Inc. put Add +25279.2% 609,100 $124.7M
DELL Dell Technologies -C put New 879,500 $124.7M
NKE Nike Inc. Class B put Add +58713.3% 1,764,400 $123.0M
BRK.B Berkshire Hathaway Inc. Class B put New 225,000 $113.1M
MSFT Microsoft Corp. put Add +622.0% 213,000 $110.3M
COST Costco Wholesale Corp. put Add +10272.7% 114,100 $105.6M
UBER Uber Technologies Inc. put Add +23762.2% 1,073,800 $105.2M
TSLA Tesla Inc. put Add +432.7% 218,400 $97.1M
HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Reduce -20.0% 1,000,000 $81.2M
SLV iShares Silver Trust call Add +14.7% 1,800,000 $76.3M
SMH Vaneck Semiconductor ETF call Reduce -61.6% 227,700 $74.3M
KRE SS SPDR S&P Regional Bank put Sold out 1,216,600 $72.3Mbefore exit
AMZN Amazon.com Inc. put Add +1002.9% 305,500 $67.1M
XHB SS SPDR S&P Homebldrs ETF call New 600,000 $66.5M
EEM iShares MSCI Emerging Market call Reduce -61.8% 1,150,000 $61.4M
AVGO Broadcom Inc. put Add +86.9% 177,200 $58.5M
JPM JPMorgan Chase & Co. put Add +2495.8% 184,300 $58.1M
GOOGL Alphabet Inc. Class A put Add +297.4% 232,900 $56.6M
CRWD CrowdStrike Holdings Inc. Class A put Add +21200.0% 106,500 $52.2M
KRE SS SPDR S&P Regional Bank call New 800,000 $50.6M
KWEB Kranesh Csi China Internet call New 1,200,000 $50.4M
BIDU Baidu Inc. - Spon ADR put New 350,000 $46.1M
META Meta Platforms Inc. Class A put Add +912.1% 58,700 $43.1M
SPY SS SPDR S&P 500 ETF Trust-US put Reduce -60.4% 58,600 $39.0M
GS Goldman Sachs Group Inc. put Add +5211.1% 47,800 $38.1M
NVDA Nvidia Corp. call Add +301.8% 197,300 $36.8M
GS Goldman Sachs Group Inc. call Add +15066.7% 45,500 $36.2M
JPM JPMorgan Chase & Co. call Add +3487.5% 114,800 $36.2M
ARKK ARK Innovation ETF call New 400,000 $34.5M
FXI iShares China Large-Cap ETF call Add +20.0% 600,000 $24.7M
SLV iShares Silver Trust put New 500,000 $21.2M
BABA Alibaba Group Holding-SP ADR call New 114,000 $20.4M
STZ Constellation Brands Inc. Class A put New 150,000 $20.2M
ASHR Xtrackers Harvest Csi 300 CH call New 600,000 $19.8M
EEM iShares MSCI Emerging Market put New 350,000 $18.7M
FXI iShares China Large-Cap ETF put Sold out 500,000 $18.4Mbefore exit
PLTR Palantir Technologies Inc. Class A put Add +181.2% 97,300 $17.7M
NFLX Netflix Inc. put Add +1236.4% 14,700 $17.6M

Showing the first 50 of 510.

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q2 2025 → Q3 2025
EVERGY INC (EVRG 4.5 12/15/27) NOTE 4.500%12/1 · principal Add +150.0% 12,500 $15.7M
ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) NOTE 0.500% 6/0 · principal New 2,000 $3.7M
CSG SYSTEMS INTERNATIONA (CSGS 3.875 09/15/28) NOTE 3.875% 9/1 · principal New 4,000 $4K

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 294$22.6BIVV, SPY, BABA, BA, WDC
Q1 2026 403$11.4BIVV, SPY, CWAN, NVDA, FOLD
Q4 2025 312$15.4BVOO, SPY, IBIT, IVV, BABA
Q3 2025 308$13.4BIVV, SPY, IBIT, MSTR, UNH
Q2 2025 248$8.1BIVV, SPY, IBIT, QQQ, FBTC
Q1 2025 374$13.5BIVV, SPY, NVDA, MSTR, IBIT
Q4 2024 240$14.6BSPY, NVDA, IBIT, TLT, FBTC
Q3 2024 285$8.0BSPY, NVDA, IBIT, VOO, FBTC
Q2 2024 283$8.9BIVV, SPY, NVDA, AMZN, AAPL
Q1 2024 369$3.0BSPY, GOOGL, HYG, AMZN, QQQ