Jane Street's $662 Billion Q4 2025 Filing: 14.5% in SPY and $36B in TSLA — the Market Maker's Massive Footprint

Jane Street Group, LLC filed its Q4 2025 13F with $662 billion across 17,120 positions. The headline: SPY at 14.5% ($95.9B) — a single ETF position larger than most hedge funds’ entire portfolios.

TL;DR

• Total 13F AUM: $662 billion (up 0.8% from $657B in Q3)
• Positions: 17,120 (up from 15,825 in Q3)
• Top holding: SPY at $95.9B (14.48%) — dwarfs everything else
• TSLA position: $36.2B (5.47%) — #4 overall, massive for a non-fund
• GLD position: $20.5B (3.10%) — gold ETF in the top 10
• Key insight: This is a market maker’s inventory, not an investment portfolio
• Growth: From $453B (Q3 2024) to $662B — 46% in six quarters

Not a Fund. A Market.

Jane Street is one of the world’s largest market makers and quantitative trading firms. Its 13F is not an investment portfolio — it’s a snapshot of trading inventory, hedging positions, and arbitrage books at a single point in time.

The $95.9B SPY position exists because Jane Street makes markets in SPY options and ETF creation/redemption. The $36.2B TSLA position reflects market-making in one of the most actively traded stocks. These are not “investments” in the traditional sense.

Top Holdings

The portfolio is radically different from any asset manager: SPY at 14.5%, GLD at 3.1%, IWM (Russell 2000) at 2.4%. These are the most liquid ETFs in the world — exactly what you’d expect from a market-making firm.

Growth Trajectory: $453B to $662B

Jane Street’s 13F AUM has grown 46% in six quarters, from $453B (Q3 2024) to $662B (Q4 2025). This reflects both market appreciation and expansion of trading operations. Position count surged from 14,480 to 17,120 (+18%).

What Analysts Might Misread

“Jane Street is bullish on SPY/TSLA/Gold.” These are market-making positions, not directional bets. The holdings reflect where trading activity and option volumes are highest, not fundamental views.

“Jane Street owns $662B in stocks.” The 13F shows long positions only. Jane Street almost certainly holds offsetting short positions, options, and derivatives that net out much of this exposure. The net directional exposure is likely a fraction of $662B.

Is Jane Street a hedge fund?

No. Jane Street is a quantitative trading firm and market maker. Its 13F reflects trading inventory and hedging positions, not traditional investment allocations.

Why does Jane Street hold so much SPY?

Jane Street makes markets in SPY options and participates in ETF creation/redemption. The $95.9B SPY position is market-making inventory, not a directional bet on the S&P 500.