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Eisler Capital Management Ltd
The positions Eisler Capital Management Ltd reported on its Form 13F for Q3 2025, the quarter ending 30 Sept 2025, filed on 13 Nov 2025. Every figure below is the filing’s own: US-listed long equity, valued at the quarter end, with the change measured against the same manager’s previous filing.
Last reported Q3 2025. Latest filing not located.
Reported book
$22.6bn
+$6.1bn on Q2 2025
Positions
820
14+ new, 133 sold out
Top ten weight
48%
Spread across the book
Quarter
Q3 2025
Filed 13 Nov 2025
Read the Q3 2025 filing on sec.gov CIK 0002055810 · Multistrategy · United Kingdom
Reported by Eisler Capital Management Ltd. from Q4 2024. Earlier quarters were reported by Eisler Capital (UK) Ltd.
Reported book is the quarter-end market value of the securities on the 13F, mostly US-listed long equity. It is not the manager’s assets under management: shorts, cash, leverage and most non-US or private holdings sit outside it.
Opened this quarter
A new position is the clearest thing a filing says. Somebody argued for it recently, and it is the easiest question to be ready for.
- iShares 20 Year Treasury Bond ETF (TLT)puts$178m · 0.8%
- iShares MSCI Emerging Markets ETF (EEM)calls$53m · 0.2%
- iShares MSCI Emerging Markets ETF (EEM)puts$53m · 0.2%
- iShares MSCI JPN ETF New (EWJ)puts$48m · 0.2%
- Select Sector SPDR Financial (XLF)puts$23m · 0.1%
- iShares China Lg-capital ETF (FXI)calls$21m · 0.1%
- Constellation Energy Corp (CEG)puts$16m · 0.1%
- iShares MSCI India ETF (INDA)calls$16m · 0.1%
- iShares MSCI India ETF (INDA)puts$16m · 0.1%
- United STS Oil FD LP (USO)Units · calls$15m · 0.1%
- United STS Oil FD LP (USO)Units · puts$15m · 0.1%
- Coinbase Global Inc (COIN)Common Class A · puts$14m · 0.1%
- and 2 more, in the table below.
Sold out of this quarter
Exits are valued at what the position was worth in the previous filing, because by this one it is gone.
- Vanguard Index Funds (VOO)$97m held before
- Hess Corp$46m held before
- Canadian Natl Ry Co (CNI)$24m held before
- Synchrony Financial (SYF)$23m held before
- Old Dominion Freight Line In (ODFL)$22m held before
- Grainger W W Inc (GWW)$21m held before
- Equifax Inc (EFX)$20m held before
- Occidental Pete Corp (OXY)$20m held before
- Skechers U S A Inc$18m held before
- Keycorp (KEY)$17m held before
- Hubbell Inc (HUBB)$17m held before
- Standardaero Inc (SARO)$16m held before
- and 121 more.
Largest reported positions, Q3 2025
200 positions, sorted by weight · page 1 of 2
Showing the largest 200 reported positions, representing 92.1% of reported market value.
| Position | Weight ↓ | Value | Shares | Change on the quarter | Action |
|---|---|---|---|---|---|
| iShares Core S&P500 ETF (IVV) CUSIP 464287200 | 15% | $3.3bn | 4,963,000 | +$2.6bn +3,850,500 shares | Added |
| Nvidia Corporation (NVDA) puts · CUSIP 67066G104 | 6.9% | $1.6bn | 8,366,700 | +$385m +968,800 shares | Added |
| iShares Russell 2000 ETF (IWM) puts · CUSIP 464287655 | 6.2% | $1.4bn | 5,831,700 | +$521m +1,739,400 shares | Added |
| Invesco QQQ Trust (QQQ) puts · CUSIP 46090E103 | 4.6% | $1.0bn | 1,754,400 | +$698m +1,117,600 shares | Added |
| Apple Inc (AAPL) puts · CUSIP 037833100 | 4.4% | $1.0bn | 3,959,300 | +$388m +960,500 shares | Added |
| Microsoft Corp (MSFT) puts · CUSIP 594918104 | 4.2% | $951m | 1,846,700 | +$261m +459,000 shares | Added |
| Meta Platforms Inc (META) Class A · puts · CUSIP 30303M102 | 1.8% | $411m | 561,800 | +$66m +94,300 shares | Added |
| Amazon Com Inc (AMZN) puts · CUSIP 023135106 | 1.8% | $410m | 1,872,500 | +$63m +291,000 shares | Added |
| Alphabet Inc (GOOGL) Capital Stock Class A · puts · CUSIP 02079K305 | 1.8% | $407m | 1,680,300 | +$160m +278,200 shares | Added |
| Invesco QQQ Trust (QQQ) calls · CUSIP 46090E103 | 1.6% | $366m | 612,500 | +$107m +142,200 shares | Added |
| Tesla Inc (TSLA) puts · CUSIP 88160R101 | 1.6% | $362m | 818,600 | +$105m +9,900 shares | Added |
| Spdr S&P 500 Etf Trust (SPY) puts · CUSIP 78462F103 | 1.5% | $343m | 515,800 | +$143m +192,900 shares | Added |
| Broadcom Inc (AVGO) puts · CUSIP 11135F101 | 1.3% | $294m | 897,000 | +$70m +83,400 shares | Added |
| Spdr S&P 500 Etf Trust (SPY) CUSIP 78462F103 | 1.2% | $282m | 425,308 | +$220m +324,036 shares | Added |
| iShares Russell 2000 ETF (IWM) calls · CUSIP 464287655 | 1.2% | $282m | 1,171,600 | +$97m +312,800 shares | Added |
| Advanced Micro Devices Inc (AMD) puts · CUSIP 007903107 | 1.2% | $274m | 1,700,200 | +$11m -152,600 shares | Trimmed |
| Nvidia Corporation (NVDA) calls · CUSIP 67066G104 | 1.2% | $263m | 1,415,100 | +$19m -131,500 shares | Trimmed |
| Apple Inc (AAPL) calls · CUSIP 037833100 | 1.0% | $224m | 883,700 | +$30m -63,900 shares | Trimmed |
| JPMorgan Chase & Co. (JPM) puts · CUSIP 46625H100 | 0.9% | $202m | 639,800 | +$30m +48,300 shares | Added |
| Alphabet Inc (GOOG) Capital Stock Class C · puts · CUSIP 02079K107 | 0.9% | $197m | 807,500 | +$118m +359,300 shares | Added |
| Microsoft Corp (MSFT) calls · CUSIP 594918104 | 0.8% | $185m | 359,000 | -$34m -81,200 shares | Trimmed |
| iShares 20 Year Treasury Bond ETF (TLT) puts · CUSIP 464287432 | 0.8% | $178m | 2,000,000 | No earlier filing | New |
| Berkshire Hathaway Inc Del (BRK-B) Class B New · puts · CUSIP 084670702 | 0.8% | $177m | 355,900 | +$55m +104,800 shares | Added |
| Spdr S&P 500 Etf Trust (SPY) calls · CUSIP 78462F103 | 0.6% | $132m | 199,000 | -$172m -293,300 shares | Trimmed |
| Unitedhealth Group Inc (UNH) puts · CUSIP 91324P102 | 0.5% | $124m | 359,800 | +$49m +119,600 shares | Added |
| Costco WHSL Corp New (COST) puts · CUSIP 22160K105 | 0.5% | $120m | 130,900 | -$23m -13,100 shares | Trimmed |
| Walmart Inc (WMT) puts · CUSIP 931142103 | 0.5% | $119m | 1,150,000 | +$23m +176,500 shares | Added |
| Exxon Mobil Corp (XOM) puts · CUSIP 30231G102 | 0.5% | $115m | 1,001,900 | +$28m +201,700 shares | Added |
| Netflix Inc (NFLX) puts · CUSIP 64110L106 | 0.5% | $113m | 93,400 | +$29m +30,800 shares | Added |
| Tesla Inc (TSLA) calls · CUSIP 88160R101 | 0.5% | $108m | 245,100 | +$14m -52,000 shares | Trimmed |
| Amazon Com Inc (AMZN) calls · CUSIP 023135106 | 0.5% | $106m | 486,000 | -$18m -78,100 shares | Trimmed |
| Eli Lilly & Co (LLY) puts · CUSIP 532457108 | 0.5% | $103m | 136,700 | +$24m +34,700 shares | Added |
| Meta Platforms Inc (META) Class A · calls · CUSIP 30303M102 | 0.5% | $103m | 140,600 | -$2.9m -2,800 shares | Trimmed |
| Abbvie Inc (ABBV) puts · CUSIP 00287Y109 | 0.4% | $101m | 475,500 | +$52m +212,200 shares | Added |
| iShares MSCI Brazil ETF (EWZ) puts · CUSIP 464286400 | 0.4% | $100m | 3,225,100 | +$83m +2,644,700 shares | Added |
| Broadcom Inc (AVGO) calls · CUSIP 11135F101 | 0.4% | $97m | 295,900 | +$12m -12,800 shares | Trimmed |
| Caterpillar Inc (CAT) puts · CUSIP 149123101 | 0.4% | $96m | 228,900 | -$35m -107,800 shares | Trimmed |
| Citigroup Inc (C) puts · CUSIP 172967424 | 0.4% | $96m | 927,100 | +$7.4m -109,800 shares | Trimmed |
| UBS Group AG (UBS) puts · CUSIP H42097107 | 0.4% | $95m | 2,325,000 | +$50m +1,000,000 shares | Added |
| Visa Inc (V) Common Class A · puts · CUSIP 92826C839 | 0.4% | $94m | 276,200 | +$12m +45,100 shares | Added |
| Home Depot Inc (HD) puts · CUSIP 437076102 | 0.4% | $92m | 219,000 | +$18m +16,500 shares | Added |
| Bank America Corp (BAC) puts · CUSIP 060505104 | 0.4% | $90m | 1,717,700 | +$19m +226,300 shares | Added |
| Qualcomm Inc (QCOM) puts · CUSIP 747525103 | 0.4% | $83m | 499,000 | +$22m +120,900 shares | Added |
| Micron Technology Inc (MU) puts · CUSIP 595112103 | 0.3% | $77m | 464,300 | -$15m -284,300 shares | Trimmed |
| Kraneshares Trust (KWEB) CSI CHI Internet · puts · CUSIP 500767306 | 0.3% | $76m | 1,780,400 | +$74m +1,749,400 shares | Added |
| Goldman Sachs Group Inc (GS) puts · CUSIP 38141G104 | 0.3% | $75m | 93,600 | +$19m +13,600 shares | Added |
| Oracle Corp (ORCL) puts · CUSIP 68389X105 | 0.3% | $75m | 267,400 | +$43m +120,800 shares | Added |
| Intel Corp (INTC) puts · CUSIP 458140100 | 0.3% | $73m | 2,176,200 | +$38m +631,700 shares | Added |
| Kraneshares Trust (KWEB) CSI CHI Internet · calls · CUSIP 500767306 | 0.3% | $73m | 1,711,500 | +$72m +1,703,700 shares | Added |
| PDD Holdings Inc (PDD) Sponsored ADS · puts · CUSIP 722304102 | 0.3% | $70m | 533,300 | +$47m +313,500 shares | Added |
| Alphabet Inc (GOOGL) Capital Stock Class A · calls · CUSIP 02079K305 | 0.3% | $70m | 289,500 | +$15m -21,000 shares | Trimmed |
| Eli Lilly & Co (LLY) calls · CUSIP 532457108 | 0.3% | $68m | 90,300 | +$14m +20,700 shares | Added |
| Wells Fargo Co New (WFC) puts · CUSIP 949746101 | 0.3% | $68m | 799,800 | +$6.4m +34,500 shares | Added |
| Palantir Technologies Inc (PLTR) Class A · puts · CUSIP 69608A108 | 0.3% | $66m | 365,600 | +$41m +179,100 shares | Added |
| Ge Aerospace (GE) puts · CUSIP 369604301 | 0.3% | $65m | 217,000 | +$15m +20,900 shares | Added |
| Unitedhealth Group Inc (UNH) calls · CUSIP 91324P102 | 0.3% | $63m | 183,900 | +$23m +55,200 shares | Added |
| Chevron Corp New (CVX) puts · CUSIP 166764100 | 0.3% | $63m | 391,100 | +$15m +59,900 shares | Added |
| Boeing Co (BA) puts · CUSIP 097023105 | 0.3% | $61m | 278,800 | -$2.2m -21,400 shares | Trimmed |
| Applied Matls Inc (AMAT) puts · CUSIP 038222105 | 0.3% | $59m | 287,900 | +$12m +30,100 shares | Added |
| JPMorgan Chase & Co. (JPM) calls · CUSIP 46625H100 | 0.3% | $59m | 185,500 | +$4.7m -100 shares | Trimmed |
| Abbott Labs (ABT) puts · CUSIP 002824100 | 0.2% | $56m | 426,600 | -$400k +8,700 shares | Added |
| Home Depot Inc (HD) calls · CUSIP 437076102 | 0.2% | $55m | 131,500 | +$7.1m -200 shares | Trimmed |
| SPDR Series S&P Regl BKG (KRE) puts · CUSIP 78464A698 | 0.2% | $54m | 853,000 | +$11m +123,500 shares | Added |
| Mastercard Incorporated (MA) Class A · puts · CUSIP 57636Q104 | 0.2% | $53m | 93,500 | +$7.7m +12,400 shares | Added |
| iShares MSCI Emerging Markets ETF (EEM) calls · CUSIP 464287234 | 0.2% | $53m | 1,000,000 | No earlier filing | New |
| iShares MSCI Emerging Markets ETF (EEM) puts · CUSIP 464287234 | 0.2% | $53m | 1,000,000 | No earlier filing | New |
| VanEck Gold Miners (GDX) puts · CUSIP 92189F106 | 0.2% | $53m | 691,800 | +$17m +7,500 shares | Added |
| Procter and Gamble Co (PG) puts · CUSIP 742718109 | 0.2% | $53m | 345,000 | -$8.1m -38,500 shares | Trimmed |
| Morgan Stanley (MS) puts · CUSIP 617446448 | 0.2% | $52m | 321,300 | +$13m +46,600 shares | Added |
| Palo Alto Networks Inc (PANW) puts · CUSIP 697435105 | 0.2% | $52m | 254,100 | +$30m +148,500 shares | Added |
| Disney Walt Co (DIS) puts · CUSIP 254687106 | 0.2% | $51m | 443,300 | -$8.6m -35,800 shares | Trimmed |
| Johnson & Johnson (JNJ) puts · CUSIP 478160104 | 0.2% | $50m | 282,200 | +$18m +71,900 shares | Added |
| iShares MSCI JPN ETF New (EWJ) puts · CUSIP 46434G822 | 0.2% | $48m | 600,000 | No earlier filing | New |
| Texas Instrs Inc (TXN) puts · CUSIP 882508104 | 0.2% | $48m | 257,200 | -$8.6m -13,600 shares | Trimmed |
| CVS Health Corp (CVS) puts · CUSIP 126650100 | 0.2% | $46m | 604,400 | +$17m +193,100 shares | Added |
| iShares China Lg-capital ETF (FXI) puts · CUSIP 464287184 | 0.2% | $45m | 1,100,000 | +$27m +600,000 shares | Added |
| Exxon Mobil Corp (XOM) calls · CUSIP 30231G102 | 0.2% | $43m | 371,600 | +$1.7m -7,200 shares | Trimmed |
| Verizon Communications Inc (VZ) puts · CUSIP 92343V104 | 0.2% | $42m | 957,100 | +$13m +300,200 shares | Added |
| Capital One Finl Corp (COF) puts · CUSIP 14040H105 | 0.2% | $42m | 185,800 | +$6.1m +19,100 shares | Added |
| Booking Holdings Inc (BKNG) puts · CUSIP 09857L108 | 0.2% | $41m | 7,600 | -$8.8m -1,000 shares | Trimmed |
| Kla Corp (KLAC) puts · CUSIP 482480100 | 0.2% | $41m | 38,100 | +$6.3m -100 shares | Trimmed |
| Schwab Charles Corp (SCHW) puts · CUSIP 808513105 | 0.2% | $39m | 427,200 | -$2.0m -27,300 shares | Trimmed |
| Cisco Sys Inc (CSCO) puts · CUSIP 17275R102 | 0.2% | $37m | 547,700 | -$1.3m -4,100 shares | Trimmed |
| Alibaba Group HLDG LTD (BABA) Sponsored ADS · puts · CUSIP 01609W102 | 0.2% | $37m | 205,900 | +$25m +100,800 shares | Added |
| Bank America Corp (BAC) calls · CUSIP 060505104 | 0.2% | $37m | 699,200 | +$3.2m -7,100 shares | Trimmed |
| Select Sector SPDR Technology (XLK) puts · CUSIP 81369Y803 | 0.2% | $36m | 130,000 | +$16m +50,000 shares | Added |
| Coca Cola Co (KO) puts · CUSIP 191216100 | 0.2% | $35m | 531,400 | +$2.0m +63,500 shares | Added |
| Abbvie Inc (ABBV) calls · CUSIP 00287Y109 | 0.2% | $34m | 161,100 | +$2.5m -9,000 shares | Trimmed |
| Salesforce Inc (CRM) puts · CUSIP 79466L302 | 0.1% | $34m | 141,400 | -$3.0m +7,600 shares | Added |
| Qualcomm Inc (QCOM) calls · CUSIP 747525103 | 0.1% | $33m | 199,000 | -$3.8m -31,600 shares | Trimmed |
| Micron Technology Inc (MU) calls · CUSIP 595112103 | 0.1% | $33m | 196,300 | +$3.0m -44,700 shares | Trimmed |
| Costco WHSL Corp New (COST) calls · CUSIP 22160K105 | 0.1% | $32m | 34,900 | -$12m -9,800 shares | Trimmed |
| Uber Technologies Inc (UBER) puts · CUSIP 90353T100 | 0.1% | $32m | 320,200 | +$1.4m -7,100 shares | Trimmed |
| Chevron Corp New (CVX) calls · CUSIP 166764100 | 0.1% | $31m | 195,900 | +$2.6m -4,600 shares | Trimmed |
| Marvell Technology Inc (MRVL) puts · CUSIP 573874104 | 0.1% | $31m | 373,600 | +$18m +208,600 shares | Added |
| Prologis Inc. (PLD) puts · CUSIP 74340W103 | 0.1% | $31m | 268,100 | +$15m +117,400 shares | Added |
| Merck & Co Inc (MRK) puts · CUSIP 58933Y105 | 0.1% | $31m | 365,900 | +$23m +277,300 shares | Added |
| Ferrari N V (RACE) puts · CUSIP N3167Y103 | 0.1% | $30m | 63,000 | +$16m +33,000 shares | Added |
| Merck & Co Inc (MRK) calls · CUSIP 58933Y105 | 0.1% | $30m | 362,200 | +$18m +212,600 shares | Added |
| Dell Technologies Inc (DELL) Class C · puts · CUSIP 24703L202 | 0.1% | $30m | 228,100 | +$2.2m +1,000 shares | Added |
Every filing on file
| Quarter | Period end | Filed | Book | Positions | Top 10 | Filer | Filing |
|---|---|---|---|---|---|---|---|
| Q3 2025 | 30 Sept 2025 | 13 Nov 2025 | $22.6bn | 820 | 48% | Eisler Capital Management Ltd. | 13F-HR |
| Q2 2025 | 30 Jun 2025 | 12 Aug 2025 | $16.5bn | 838 | 34% | Eisler Capital Management Ltd. | 13F-HR |
| Q1 2025 | 31 Mar 2025 | 14 May 2025 | $14.3bn | 911 | 24% | Eisler Capital Management Ltd. | 13F-HR |
| Q4 2024 | 31 Dec 2024 | 14 Feb 2025 | $21.1bn | 853 | 26% | Eisler Capital Management Ltd. | 13F-HR |
| Q3 2024 | 30 Sept 2024 | 14 Nov 2024 | $21.7bn | 564 | 31% | Eisler Capital (UK) Ltd. | 13F-HR |
| Q2 2024 | 30 Jun 2024 | 13 Aug 2024 | $15.5bn | 476 | 27% | Eisler Capital (UK) Ltd. | 13F-HR |
| Q1 2024 | 31 Mar 2024 | 14 May 2024 | $11.9bn | 594 | 26% | Eisler Capital (UK) Ltd. | 13F-HR |
| Q4 2023 | 31 Dec 2023 | 13 Feb 2024 | $12.9bn | 615 | 34% | Eisler Capital (UK) Ltd. | 13F-HR |
Taking this into the room
Pick one name from the top of the book and one from the new positions, and know both properly: what the company earns, what it is priced at, and what has to be true for the position to work. That is a conversation. Reciting the whole table is not, and the interviewer wrote it.
A position sold out of is worth as much preparation as one opened. Ask what changed rather than asserting the fund was wrong, and be ready for the answer that the thesis played out and the money went somewhere better.
What this filing leaves out
A 13F covers US-listed long equity at one moment in time. Shorts, bonds, cash, private positions and non-US listings never appear, and options are reported in a form that will mislead you if you read them as a position. A long/short manager showing $8bn here may run a book several times that size.
The lag matters too. Positions are as at the quarter end and the filing arrives up to forty-five days later, so what you are reading is at least six weeks old and possibly four months. Phrase it as what the filing showed, not what the fund holds today.
You have read the book. Now have a view on one name
Pick a position, work out what it is worth, and be ready to defend it. That is the difference between a candidate who read the filing and one who did something with it.
Company names, tickers and logos are the trademarks of their respective owners and appear here to identify the company whose public figures are being used. L3VLUP is not affiliated with, sponsored by or endorsed by any company shown, and nothing here is a statement by or about that company. More
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