---
title: "JPMorgan's $1.59 Trillion Q4 2025 Filing Runs $30B in SPY Alongside $85B in NVDA — the Banking Giant's Dual Engine"
type: research
slug: jpmorgan-q4-2025-1-59-trillion-spy-30-billion-banking-giant
canonical_url: https://13finsight.com/research/jpmorgan-q4-2025-39-new-buys-and-major-etf-exits
published_at: 2026-03-11T17:00:29.946Z
updated_at: 2026-03-23T07:01:06.683Z
author: Sarah Mitchell
author_title: Education Editor
author_url: https://13finsight.com/authors/sarah-mitchell
word_count: 319
locale: en
source: 13F Insight
---

# 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 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 RankTickerValueWeight 1NVDA$85.1B5.34% 2MSFT$71.5B4.49% 3AAPL$61.3B3.85% 4AMZN$36.9B2.32% 5AVGO$32.5B2.04% 6GOOG$31.6B1.98% 7SPY$30.4B1.91% 8META$29.0B1.82% 9GOOGL$20.2B1.27% 10TSLA$20.1B1.26% 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. 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.

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Source: 13F Insight — https://13finsight.com/research/jpmorgan-q4-2025-39-new-buys-and-major-etf-exits
Author: Sarah Mitchell — https://13finsight.com/authors/sarah-mitchell
Last updated: 2026-03-23T07:01:06.683Z