Jane Street's $662B Q4 2025 13F: The Secretive Quant Firm Has a Third of Its Portfolio in ETFs

Jane Street Group just filed a Q4 2025 13F disclosing $662.12 billion in holdings — and the most striking detail isn’t any single stock pick. It’s that roughly one-third of the entire portfolio, about $207 billion, sits in exchange-traded funds. The firm’s number-one holding? The SPDR S&P 500 ETF (SPY), at $95.9 billion. That single ETF position is larger than the total assets of most hedge funds on Wall Street.

For a company that earned a record $10.1 billion in net trading revenue in a single quarter last year, the allocation raises an immediate question: why does the world’s most profitable trading firm park so much capital in passive index products?

TL;DR

• AUM: $662.12 billion — more than doubled from $309 billion in Q3 2023
• Top holding: SPY at $95.9 billion (15.4% of portfolio)
• ETF allocation: ~$207 billion across SPY, QQQ, GLD, IWM, SLV, TLT, and others — roughly 33% of the portfolio
• Largest single stock: NVIDIA (NVDA) at $37.9 billion (203.2 million shares)
• Position count: 17,120 — the most in the firm’s filing history
• Record revenue: $10.1 billion net trading revenue in Q2 2025, with $6.9 billion net profit
• AUM growth: Added $263 billion in the last two quarters alone (Q2–Q4 2025)
• Controversies: SEBI banned the firm from Indian markets in July 2025 over market manipulation allegations; resumed trading after posting $560 million escrow

Filing Snapshot

Metric	Value
Filer	Jane Street Group, LLC
CIK	0001595888
Quarter	Q4 2025
13F AUM	$662.12 billion
Reported Positions	17,120
WhaleScore	74.25 / 100
QoQ AUM Change	+0.8% (from $657.11B in Q3 2025)
2-Year AUM Change	+114% (from $309.41B in Q3 2023)

The ETF Empire Inside a Trading Machine

Jane Street isn’t just an ETF investor. It’s the ETF market. The firm handled 41% of all U.S. bond ETF trading volume in 2024 and maintained a dominant presence in equity ETF market-making. Yet its own 13F shows it holding enormous ETF positions from the other side of the trade.

The numbers are staggering:

ETF	Value	Portfolio Weight	Category
SPY (S&P 500)	$95.86 billion	15.38%	Equity
QQQ (Nasdaq-100)	$44.20 billion	7.09%	Equity
GLD (Gold)	$20.50 billion	3.29%	Commodity
IWM (Russell 2000)	$15.62 billion	2.51%	Equity
SLV (Silver)	$6.67 billion	1.07%	Commodity
TLT (20+ Year Treasury)	$5.95 billion	0.95%	Bond

The SPY and QQQ positions alone total $140 billion — more than the entire 13F portfolios of Goldman Sachs or Citadel. And this isn’t passive investing in any traditional sense. These positions are almost certainly tied to Jane Street’s market-making operations, where holding ETF inventory is a prerequisite for providing liquidity. The gold and silver ETF exposure ($27 billion combined) adds another layer — few equity-focused quant firms carry that kind of commodity hedge.

What makes this more unusual: every single top holding in the Q4 filing appears as a “new position” compared to Q3 2025. Jane Street doesn’t hold positions quarter to quarter in any conventional sense. It effectively rebuilds its portfolio from the ground up every 90 days — a fingerprint of a firm optimizing for trading flow, not long-term ownership.

The Growth Machine: From $309 Billion to $662 Billion in Two Years

Jane Street’s AUM trajectory tells a story of explosive, almost discontinuous growth. In Q3 2023, the firm reported $309 billion. By Q4 2025, that figure had more than doubled to $662 billion.

The sharpest acceleration happened in two bursts:

• Q1 → Q2 2025: $399 billion to $506 billion (+26.6%, +$106 billion). This was the quarter Jane Street posted its record $10.1 billion in net trading revenue.
• Q2 → Q3 2025: $506 billion to $657 billion (+30.0%, +$151 billion). The single largest quarterly AUM addition in the firm’s history, accompanied by 2,287 new positions.

By Q4 2025, the growth rate decelerated sharply to just +0.8%, but the firm added 1,295 new positions — pushing the total to 17,120, its highest ever. Jane Street appears to be widening its footprint across more securities even as the portfolio’s dollar value plateaus.

The Trading Revenue Context

Understanding Jane Street’s 13F requires understanding its business model. This is not a hedge fund managing other people’s money. Jane Street is a proprietary trading firm — it trades its own capital, earns revenue from market-making spreads, and has no outside investors.

The scale is hard to overstate:

• Q2 2025: $10.1 billion in net trading revenue, $6.9 billion net profit — the highest quarterly trading haul ever recorded on Wall Street
• 2024 full year: Averaged $2 trillion in monthly equity trading volume
• ETF dominance: 41% of U.S. bond ETF trading volume, 24% of primary market U.S.-listed ETFs
• Options footprint: Approximately 8% of all Options Clearing Corporation transactions in 2024

The firm’s revenue dwarfs many investment banks. For context, Jane Street’s 2025 trading revenue exceeded that of both Citigroup and Bank of America — institutions with tens of thousands of employees compared to Jane Street’s roughly 3,000.

The Single-Stock Book: Volatility as a Feature

Strip out the ETFs, and Jane Street’s equity book reveals a portfolio built around one principle: liquidity and volatility.

#	Stock	Value	Weight	Shares
1	NVIDIA (NVDA)	$37.89B	6.08%	203.19M
2	Tesla (TSLA)	$36.24B	5.82%	80.58M
3	Meta Platforms (META)	$21.55B	3.46%	32.65M
4	Apple (AAPL)	$14.02B	2.25%	51.58M
5	Microsoft (MSFT)	$10.91B	1.75%	22.57M
6	Amazon (AMZN)	$10.33B	1.66%	44.76M
7	Broadcom (AVGO)	$10.27B	1.65%	29.67M

NVIDIA and Tesla are the top two at $37.9 billion and $36.2 billion respectively. Both are among the most actively traded and highest-options-volume stocks in the U.S. market. Meta, Apple, and Microsoft follow — again, names defined by deep liquidity and active derivatives markets. This isn’t a portfolio expressing a view on AI or electric vehicles. It’s a portfolio expressing a view on where the most trading activity happens.

Notably, Jane Street holds both Alphabet share classes — GOOGL at $10.4 billion and GOOG at $6.8 billion — for a combined $17.1 billion. The dual-class exposure suggests share-class arbitrage, a bread-and-butter quantitative strategy.

The Controversies

Jane Street’s growth hasn’t been without friction. In July 2025, India’s Securities and Exchange Board (SEBI) banned the firm from trading in Indian markets, alleging market manipulation involving Bank Nifty index derivatives. SEBI accused Jane Street of using separate entities to inflate bank stock prices at market open, then profiting from derivative positions when those prices fell. Jane Street denied the allegations, calling it “basic index arbitrage,” and was allowed to resume trading after depositing $560 million in escrow.

The firm also carries a more notorious connection: both Sam Bankman-Fried and Caroline Ellison, the founders of the collapsed cryptocurrency exchange FTX, were former Jane Street traders. And in 2024, Jane Street settled a trade secrets lawsuit against Millennium Management over alleged theft of its Indian market strategies.

None of this has slowed the firm’s growth trajectory. If anything, the controversies have only increased public interest in what was, until recently, one of Wall Street’s most deliberately opaque institutions.

What Makes This Filing Different

Most 13F filings tell you what a fund thinks about specific companies. Jane Street’s filing tells you something different: it’s a map of where liquidity lives in American markets.

The ETF concentration, the volatility-weighted equity book, the complete quarterly portfolio turnover — these aren’t investment decisions in the traditional sense. They’re the footprint of a trading operation that touches nearly every corner of U.S. equity and derivatives markets. When Jane Street holds $95.9 billion in SPY, it’s not because it thinks the S&P 500 is going up. It’s because SPY is the most liquid security on Earth, and Jane Street needs to hold it to make markets in it.

That distinction matters for anyone trying to read institutional 13F data as a signal. Not every large holding is a conviction bet. Sometimes it’s infrastructure.

What are Jane Street’s biggest Q4 2025 positions?

SPY ($95.9B), QQQ ($44.2B), NVIDIA ($37.9B), Tesla ($36.2B), and Meta ($21.6B). ETFs dominate the top of the portfolio, with single stocks filling in behind them.

How does Jane Street’s 13F compare to traditional hedge funds?

Unlike funds such as Bridgewater or Citadel, Jane Street’s 13F reflects market-making inventory rather than directional investment bets. The 33% ETF allocation and complete quarterly turnover distinguish it from conviction-driven managers.

Why did Jane Street’s AUM double in two years?

A combination of expanding market-making operations, record trading revenue ($10.1B in Q2 2025 alone), and broader market appreciation. The firm added thousands of new positions each quarter, growing from 14,073 positions in Q1 2024 to 17,120 in Q4 2025.

Is Jane Street’s ETF ownership a bullish signal?

No. Jane Street holds ETFs primarily as market-making inventory, not as directional bets. Interpreting its SPY or QQQ holdings as bullish conviction would be a misreading of the 13F data.

What to Watch

• Jane Street’s Q1 2026 filing — after three quarters of explosive growth, the Q4 plateau suggests the expansion may be cooling. Watch whether position count continues to rise even if AUM stagnates.
• SEBI proceedings — the Indian market manipulation case remains unresolved. An adverse ruling could force Jane Street to exit one of its fastest-growing markets entirely.
• NVIDIA (NVDA) position sizing — at $37.9 billion and 203 million shares, it’s Jane Street’s largest equity holding. Any significant reduction could indicate a shift in where the firm sees the highest-volume trading opportunities.
• Commodity ETF exposure — $27 billion in GLD and SLV is an unusual allocation for a quant equity firm. If this grows further, it could signal an expansion into physical commodity trading (consistent with the firm’s 2025 bond docs).
• Tesla (TSLA) vs. NVDA weighting — both sit near $37 billion. If Tesla overtakes NVIDIA as the top single stock, it would reflect a shift in options market activity toward EV volatility over AI hardware.