Jane Street Group just filed a Q4 2025 13F disclosing $662 billion in holdings. The most striking detail: roughly one-third of the entire portfolio — about $207 billion — sits in exchange-traded funds.
Their number-one holding? The SPDR S&P 500 ETF (SPY), at $95.9 billion. That single ETF position is larger than the total AUM of most hedge funds.
The Numbers
| ETF | Value | Portfolio Weight |
|---|---|---|
| SPY (S&P 500) | $95.86B | 15.38% |
| QQQ (Nasdaq-100) | $44.20B | 7.09% |
| GLD (Gold) | $20.50B | 3.29% |
| IWM (Russell 2000) | $15.62B | 2.51% |
| SLV (Silver) | $6.67B | 1.07% |
| TLT (20+ Year Treasury) | $5.95B | 0.95% |
SPY and QQQ alone total $140 billion — more than Goldman Sachs or Citadel's entire 13F portfolios.
Why a Trading Firm Holds This Much in ETFs
Jane Street isn't a passive investor. It's a proprietary trading firm that handled 41% of all U.S. bond ETF trading volume in 2024 and earned a record $10.1 billion in net trading revenue in Q2 2025.
These ETF positions are almost certainly market-making inventory — you need to hold the product to provide liquidity in it. The $27 billion in gold and silver ETFs (GLD + SLV) adds another layer that few equity-focused quant firms carry.
The Equity Book: A Volatility Map
Strip out ETFs and the single-stock book tells its own story:
| Stock | Value | Weight |
|---|---|---|
| NVIDIA | $37.89B | 6.08% |
| Tesla | $36.24B | 5.82% |
| Meta | $21.55B | 3.46% |
| Apple | $14.02B | 2.25% |
| Microsoft | $10.91B | 1.75% |
NVDA and TSLA at the top — both among the highest-options-volume stocks in the U.S. This isn't a portfolio expressing a view on AI or EVs. It's a portfolio expressing a view on where the most trading activity happens.
Complete Quarterly Turnover
Every single top holding appears as a "new position" compared to Q3 2025. Jane Street effectively rebuilds its portfolio from scratch every 90 days — a fingerprint of a firm optimizing for trading flow, not long-term ownership.
The Growth Trajectory
- Q3 2023: $309B
- Q4 2025: $662B (+114% in 2 years)
- Q2 2025 alone: $10.1B net trading revenue, $6.9B net profit
- More than Citigroup or Bank of America's trading desks — with ~3,000 employees vs tens of thousands
Why This Matters for 13F Analysis
Not every large holding is a conviction bet. When Jane Street holds $95.9 billion in SPY, it's not because they think the S&P 500 is going up. It's because SPY is the most liquid security on Earth, and they need to hold it to make markets in it.
This distinction matters for anyone reading institutional 13F data as an investment signal. Sometimes a massive position is infrastructure, not insight.
Originally published at 13F Insight
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