JPMORGAN CHASE & CO

JPMorgan Chase's 33,016-position 13F for the period ending 2026-03-31 reads like the proprietary trading desk's long-book crossed with a retail-oriented ETF sleeve: heavy on mega-cap tech, with SPY and VOO sitting alongside Nvidia, Apple, Microsoft and Amazon. Total AUM fell from $1.59T to $1.56T — roughly a 2% haircut reflecting the Q1 large-cap growth drawdown — but the portfolio's structure did not rotate out of AI infrastructure names. JPMorgan remains a uniquely interesting case because of its dual identity: a commercial bank with a dominant markets-and-securities-services desk that runs block positions in exactly the names its investment-banking clients issue.