Jane Street's Q4 2025 13F shows $662 billion with 14.5% in SPY ($96B) and $36 billion in Tesla. These are among the largest single positions in the entire 13F database.
Neither position reflects a view on the S&P 500 or Tesla. Both reflect the machinery of the world's most profitable market-making firm.
The positions
| Position | Value | Weight | What it actually is |
|---|---|---|---|
| SPY | ~$96B | 14.5% | ETF market-making inventory |
| TSLA | ~$36B | ~5.4% | Options delta hedging |
SPY at 14.5%: the world's biggest ETF position
$96 billion in SPY from a single firm. Why?
Jane Street is the largest ETF market maker
Jane Street handles a significant share of all ETF trading volume globally. For SPY — the most traded security on Earth — they need massive inventory:
Creation/redemption arbitrage: When SPY's price deviates from the underlying stocks, Jane Street creates or redeems ETF shares to capture the spread. This requires holding both SPY shares and the underlying basket.
Client facilitation: Institutional clients trade billions in SPY daily. Jane Street holds inventory to provide instant liquidity.
Hedging: SPY positions hedge other parts of their portfolio (individual stock positions, options, futures).
$96B is inventory, not investment
Jane Street doesn't have a "view" on the S&P 500. They hold SPY because their business requires it. If SPY trading volume doubled, their SPY position would grow. If it halved, the position would shrink.
TSLA at $36B: the options hedging giant
Tesla at $36 billion makes Jane Street one of the largest TSLA holders in the world. The reason:
Tesla has the highest options volume of any individual stock
- TSLA options trade millions of contracts daily
- Jane Street is a major options market maker
- Every options position requires a delta hedge (stock position)
- $36B in TSLA stock hedges a massive options book
The TSLA position follows options activity, not fundamentals
- If TSLA options volume increases → Jane Street needs more stock for hedging → position grows
- If TSLA options volume decreases → less hedging needed → position shrinks
- If TSLA stock price changes → delta changes → position adjusts mechanically
Jane Street's TSLA view: irrelevant. Their TSLA position: a function of how many options contracts the market wants to trade.
Jane Street's two 13F articles: the combined picture
| Article 1 (ETF empire) | Article 2 (SPY + TSLA) |
|---|---|
| 33% in ETFs overall | SPY at 14.5% is the anchor |
| Market-making DNA | TSLA at $36B is hedging |
| No individual stock conviction | Neither position is directional |
The combined message: Jane Street's entire $662B 13F is a map of where market-making activity is concentrated, not where investment conviction lies.
The market maker 13F comparison
| Firm | AUM | Largest position | TSLA exposure | Why |
|---|---|---|---|---|
| Jane Street | $662B | SPY (14.5%) | $36B | ETF + options market-making |
| Susquehanna | $868B | Moderate SPY | Large | Options market-making |
| Optiver | $269B | SPY (~20%+) | Large | Options market-making |
| Citadel | $666B | SPY ($28.4B) | $18.3B | Multi-strat + market-making |
All four have large SPY + TSLA positions. All for the same reason: these are the most actively traded securities in the world.
What Jane Street's filing IS useful for
- Tracking market-making scale: Jane Street's AUM growth reflects growth in equity/ETF trading volumes
- Identifying the most liquid securities: Jane Street's top positions = the most traded names globally
- Understanding options market structure: Large TSLA/NVDA/AAPL positions reveal which stocks have the deepest options markets
- ETF market dynamics: SPY position changes reflect ETF creation/redemption activity
Originally published at 13F Insight
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