CTC LLC Q4 2025: Inside a $204.89B Options Market Maker's 13F Filing

CTC LLC filed a Q4 2025 13F showing $204.89B in reported assets. But that headline number requires immediate context: CTC LLC is a Chicago-based options market maker, not a traditional asset manager. The vast majority of the reported value comes from options positions whose 13F-reported values reflect notional or contract-level exposure, not the economic capital at risk.

This distinction matters for every number in this filing. A $64B SPY line item does not mean CTC "owns" $64 billion of the S&P 500 — it reflects the firm's options market-making book in SPY derivatives.

TL;DR

• Reported 13F value: $204.89B — but this is an options market maker, not a traditional fund.
• Business model: Options market making and quantitative trading, not long-term investment management.
• Key insight: 13F holdings reflect hedging inventory and trading positions, not investment conviction.
• WhaleScore: 87.00 — high concentration score driven by a small number of very large options positions.
• Top exposure: SPY, QQQ, GLD, TSLA, HYG — the most actively traded options underlyings.
• What stands out: Large precious-metals exposure through GLD and SLV alongside index options, suggesting the firm is providing liquidity across both equity and commodity derivatives markets.

Why CTC LLC's 13F Is Different

CTC LLC belongs to the same category as Susquehanna, Jane Street, and Optiver — firms whose 13F filings are byproducts of trading operations, not expressions of investment philosophy. As an options market maker, CTC's equity and ETF holdings primarily serve:

1. Delta hedging: When CTC trades options contracts, it holds or shorts the underlying securities to manage exposure. These positions are mechanical, not directional.
2. Market-making inventory: Large positions in SPY, QQQ, and individual stocks reflect where client demand for options is highest.
3. Commodity derivatives: The GLD and SLV positions suggest active options market-making in precious metals ETFs.

When reading this filing, the question is not "what does CTC think about SPY?" but rather "where is options flow concentrated?"

Filing Snapshot

Largest Reported Positions

The top positions reveal CTC's market-making footprint. These are not investment bets — they represent where the firm provides the most liquidity:

Note: These values are as reported in the 13F filing. For an options market maker, they include options positions reported at values that may reflect notional exposure rather than economic capital at risk.

What Changed From Q3 2025

The filing shows no new positions but four exits and large share-count swings in existing names. For a market maker, this reflects shifting client demand and hedging adjustments rather than investment view changes.

Exits

• IWM: prior quarter value $82.1M
• GOOGL: prior quarter value $76.7M
• XLF: prior quarter value $55.3M
• GME: prior quarter value $14.1M

Largest Share Count Increases

• SLV: +458% — suggests increased options market-making in silver
• GLD: +167% — expanded gold derivatives activity
• NVDA: +145% — reflects rising options volume in NVIDIA

Reading a Market Maker's 13F

CTC's filing tells you something valuable — just not what a traditional fund's 13F would:

• Options flow concentration: Large positions in SPY and QQQ reveal where client demand for derivatives is highest.
• Asset class activity: The GLD/SLV buildup suggests growing options activity in precious metals, potentially reflecting macro hedging demand.
• Market structure insight: Share-count changes show where liquidity provision is expanding or contracting.

What it does not tell you: CTC's directional views (if any), its net exposure (13F shows long positions only, not shorts or options Greeks), or the firm's actual risk profile.

CTC LLC in Context

Bottom Line

CTC LLC's $204.89B 13F is not a traditional portfolio — it is an options market-making book. The large SPY, QQQ, and precious-metals positions reflect where CTC provides liquidity, not where it places investment bets. The Q4 2025 filing shows expanding activity in gold and silver derivatives alongside a stable equity derivatives core.