DIVIDONDQUARTERLY REVIEW
PORTFOLIO · PLAN
NOT FOR THE FAINT OF HEART! BIG! BOLD!
★ YOUR DIVIDEND GOT CUT · JANE HAD A BLOWOUT QUARTER · BE MORE LIKE JANE ★
NOTHING
WRONG
WITH
MORE
MONEYSINCE NOW
Dividond Presents · Jane + & ME Field Guide
JANE + ME
$662 Billion. The Map.
► SPY · QQQ · NVDA · TSLA · META · GLD · IWM · AAPL $14.02B · MSFT $10.91B · GOOGL $10.38B · AVGO $10.27B · AMD $9.08B · TSM $8.52B · PLTR $7.63B · SLV $6.67B · TLT $5.95B · UNH $5.89B · LLY $5.37B ◄
Liquid Market
Your Check Got Smaller. Their Quarter Got Bigger.
Somewhere in your account, a company you trusted just trimmed its dividend. Meanwhile, Jane Street — the quietest, nerdiest trading desk on Earth — printed stacks: $662.11 billion of disclosed positions. Shares, calls, puts, the whole thing.
This is the Dividond quarterly. Plain English. No fluff. We read Jane Street's homework so you can do your homework quicker. The headline: stop trying to copy Jane. Start trying to be more like Jane — in the parts you actually can.
By The Numbers
The Q4 Scoreboard
$662BTotal 13F Value
$289.7BCalls Disclosed
$288.0BPuts Disclosed
$84.4BCommon Stock
$95.86BSPY Alone
$73.95BMega-Cap Tech
Calls almost equal puts. That is not a sleepy long fund. That is a market-making machine running inventory across the most liquid risk on the planet.
The Big Idea
Don't Copy The Book. Copy The Architecture.
You can't see Jane's strikes, expiries, deltas, or hedges. You shouldn't try. But you can see the shape of the building. It has five floors:
1 · The Rail
- SPY / VOO / QQQ / IWM
- Cheapest, deepest, most optionable
- Where you live every day
2 · The Boost
- NVDA, AAPL, MSFT, META, AMZN, GOOGL
- TSLA, AVGO, AMD, TSM
- Macro instruments, not just stocks
3 · The Torque
- SMH, PLTR, MU, COIN, MSTR
- Power: VRT, GEV, VST, BE
- Higher reward, sharper drawdown
4 · The Income
- XYLD, QYLD covered-call ETFs
- HYG, TLT carry
- Premium when vol pays you
5 · The Ballast
- GLD, SLV, IBIT, T-bills, cash
- The right to stay in the trade
- Boring on purpose
The Rule
- Group by factor, not by ticker
- SPY+QQQ+SMH+NVDA = same bet 4x
- Diversified-looking ≠ diversified
The Hot List
Where Jane's Money Sits
Top 10 underlyings across shares, calls, and puts. Call Skew = more upside optionality. Put / Hedge Skew = heavier insurance.
| Ticker | Industry | Total $ | Read |
|---|
| SPY | Broad U.S. Equity ETF | $95.86B | Call Skew |
| QQQ | Nasdaq Growth ETF | $44.20B | Put / Hedge |
| NVDA | AI Semiconductors | $37.89B | Put / Hedge |
| TSLA | EV / Autonomy | $36.24B | Call Skew |
| META | Mega-Cap Platform | $21.55B | Call Skew |
| GLD | Gold ETF | $20.50B | Call Skew |
| IWM | Small-Cap ETF | $15.62B | Put / Hedge |
| AAPL | Mega-Cap Platform | $14.02B | Call Skew |
| MSFT | Mega-Cap Platform | $10.91B | Call Skew |
| GOOGL | Mega-Cap Platform | $10.38B | Call Skew |
Source: Jane Street Group LLC, Form 13F-HR, Q4 2025. ETF weights cross-checked against State Street (SPY), Invesco (QQQ Q1 2026 fact sheet), VanEck (SMH), iShares (IWM), April 23–25 2026.
The Cut Was Real. The Plan Is Realer.
Three Things You Do Monday Morning
- Audit your factor stack. List every holding. Tag it: index, mega-tech, AI, power, crypto, gold, income, cash. If "AI / mega-tech" is over 50% combined — you are not diversified, you are concentrated in disguise.
- Add an income overlay. If your dividend got cut, the answer isn't to chase yield traps. Allocate 5–7% to XYLD or QYLD. They sell calls so you don't have to. The trade-off is capped upside — that's the point in choppy tape.
- Build a 4–6% ballast sleeve. GLD, SLV, IBIT, plus T-bills. This is not the fun part. This is the part that lets you buy when other people are getting margin-called.
The Replication Card
$10K, $20K, $50K — Same Architecture
To double in 5 years you need ~14.9% annualized. In 7 years, ~10.4%. In 3 years, ~26%. Pick a path you can actually survive.
| Sleeve | % | $10K | $20K | $50K |
|---|
| Core: SPY / VOO | 30% | $3,000 | $6,000 | $15,000 |
| Growth: QQQM / QQQ | 20% | $2,000 | $4,000 | $10,000 |
| Small-cap: IWM | 7% | $700 | $1,400 | $3,500 |
| AI Semi: SMH + NVDA / AVGO / AMD | 14% | $1,400 | $2,800 | $7,000 |
| AI Power: VRT / GEV / BE / CRWV | 6% | $600 | $1,200 | $3,000 |
| Crypto: IBIT + COIN / MSTR | 6% | $600 | $1,200 | $3,000 |
| Metals Ballast: GLD / SLV | 7% | $700 | $1,400 | $3,500 |
| Income: XYLD / QYLD | 6% | $600 | $1,200 | $3,000 |
| T-bill Dry Powder | 4% | $400 | $800 | $2,000 |
House Rules
The Seven Lines You Don't Cross
- No single stock above 8% at entry.
- No leveraged ETF above 3%.
- Crypto sleeve capped at 6–8%.
- Options premium spend ≤ 1–2% per quarter.
- Trim winners back into core, cash, or your underweight sleeve.
- Nasdaq under its 200-day ⇒ cut new speculative buys in half.
- Never sell a covered call on a stock you'd hate to lose.
More Money. Fewer Surprises.
Get The Q4 Map — Plus Every Quarterly Going Forward.
One filing per quarter. One playbook per filing. One inbox. Zero fluff.
MONTHLY PORTOLIO REVIEW
Research commentary, not individualized investment advice. Portfolio models are educational frameworks. Your tax bracket (assumed 35% in this analysis), time horizon, income needs, risk tolerance, and brokerage permissions matter. 13F filings are snapshots; they do not reflect short stock, swaps, intraday inventory, option strikes, expirations, deltas, gamma, financing, borrow, futures, or off-balance-sheet hedges. Sources: Jane Street Group LLC Form 13F-HR Q4 2025; State Street SPY, Invesco QQQ Q1 2026, VanEck SMH, iShares IWM, Global X XYLD & QYLD product pages, accessed April 23–25, 2026.