JPMorgan's $1.59 Trillion Q4 2025 Filing Runs $30B in SPY Alongside $85B in NVDA — the Banking Giant's Dual Engine
JPMorgan Chase's Q4 2025 13F shows $1.59T across 31,783 positions with NVDA at #1 ($85.1B, 5.34%) and a massive $30.4B SPY position at #7 — revealing the bank's hybrid active/passive architecture.
JPMorgan Chase & Co filed its Q4 2025 13F with $1.59 trillion across 31,783 positions. The filing reveals a dual-engine approach: active stock picking (NVDA at 5.34%) running alongside massive ETF allocations (SPY at $30.4B).
TL;DR
- Total 13F AUM: $1.59 trillion (normalized; Q3 showed anomalous $3.34T)
- Positions: 31,783
- Top holding: NVIDIA (NVDA) at $85.1B (5.34%)
- SPY position: $30.4B (1.91%) — #7 overall
- Top-5 concentration: 18.0% (NVDA, MSFT, AAPL, AMZN, AVGO)
- Notable: Mastercard (MA) appears at #11 ($17.8B) — a payments conviction play
- YoY AUM growth: +18.6% from $1.34T in Q4 2024
JPMorgan Chase Top 10 Holdings — Q4 2025 ($B)
NVDA at 5.34%: Below Index but Above Wealth Managers
JPMorgan’s NVDA weight sits between passive index funds (6.1-6.2%) and wealth managers like Morgan Stanley (3.60%). This suggests a blend of index-linked products and actively managed strategies with moderate NVDA conviction.
Top Holdings
| Rank | Ticker | Value | Weight |
|---|---|---|---|
| 1 | NVDA | $85.1B | 5.34% |
| 2 | MSFT | $71.5B | 4.49% |
| 3 | AAPL | $61.3B | 3.85% |
| 4 | AMZN | $36.9B | 2.32% |
| 5 | AVGO | $32.5B | 2.04% |
| 6 | GOOG | $31.6B | 1.98% |
| 7 | SPY | $30.4B | 1.91% |
| 8 | META | $29.0B | 1.82% |
| 9 | GOOGL | $20.2B | 1.27% |
| 10 | TSLA | $20.1B | 1.26% |
Mastercard (MA) at $17.8B (#11) is notable — it’s the highest-ranked non-tech, non-ETF holding and reflects JPMorgan’s deep understanding of the payments ecosystem as a banking institution.
JPMorgan Chase AUM History (2024-2025)
The Q3 Anomaly
JPMorgan’s Q3 2025 filing showed $3.34T in AUM — more than double Q2 ($1.53T) and Q4 ($1.59T). This likely reflects a one-time reporting inclusion (possibly client custody assets or a filing methodology change) that was not repeated in Q4.
What Analysts Might Misread
“JPMorgan is underweight NVDA.” At 5.34%, JPMorgan holds NVDA below pure index weight (6.1%) but above most wealth platforms. It’s a moderate position, not an underweight signal.
“The $30B SPY position is a market bet.” Large SPY holdings at bank-affiliated managers typically serve as client allocation vehicles, not directional bets. It’s infrastructure, not conviction.
What is JPMorgan’s largest holding?
NVIDIA (NVDA) at $85.1 billion and 5.34% of the portfolio in Q4 2025.
Why does JPMorgan hold so much SPY?
The $30.4B SPY position reflects JPMorgan’s asset management and private banking operations using S&P 500 ETFs as building blocks for client portfolio construction.
Investment Education Editor at 13F Insight. Breaks down complex institutional data into actionable insights for individual investors.
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