Jane Street
Secretive, employee-owned quantitative market-making/prop-trading firm (no single public face). Dominant in ETF and options market-making globally.
A market maker, not a conviction investor — its 13F is flow and inventory, ETF-heavy, NOT a portfolio of bets. The top lines are SPY/QQQ puts and calls, TSLA/GLD calls, and ETF positions (GLD, SPY, TLT) — the residual inventory of a firm that quotes both sides of millions of trades. Single-name equity (AVGO, PLTR appear) is small and incidental. This filing is the clearest case in the whole set where 13F must NOT be read as a view on the AI trade.
- Not open — Not an open-ended vehicle — analysis only, not an available allocation.
Top holdings
Market-making inventory + option overlays on both sides — flow, not a directional view.
ETF inventory; GLD calls also held. Not an AI position. (largest reported equity line)
Small single-name AI-semis line — incidental market-making inventory, not conviction.
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Our take
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