SPDR S&P 500 ETF TRUST

The upside-down passivity in SPY top ten is striking. Jane Street holds roughly $130.0B, Susquehanna International Group $123.9B, and CTC $65.9B. Jane Street and Susquehanna are primarily market-making entities whose reported equity positions understate the true notional exposure they carry through options, futures, and basis-trading activity. As market makers, their reported long positions in SPY are only a fraction of total desk exposure, but even that slice is large enough to place them ahead of BlackRock and Vanguard in the disclosed table.

BlackRock ($53.5B) and Vanguard Capital Management are the top pure-passive holders. State Street ($39.9B) and JPMorgan ($28.9B) follow. JPMorgan position scales with institutional custody and wealth-channel demand rather than with a discrete active equity decision. Goldman Sachs ($31.8B) and Morgan Stanley appear as prime-brokerage and advisory exposures, while Bank of America reflects custodial and retail-platform positioning.