Simplex Trading, LLC

Simplex Trading pursues a high-turnover growth strategy with a broker-dealer orientation, emphasizing short-term opportunities across a vast, highly diversified portfolio of over 10,000 positions. Despite managing approximately $149 billion in assets, the top 15 holdings represent only about 0.8% of total AUM, with the largest stake—NVIDIA at $263 million—comprising just 0.2%, indicating extreme dispersion of risk rather than concentrated conviction. Technology dominates sector allocation at 27.3%, followed by a substantial 26.6% unclassified segment, while single-name exposures to megacap growth leaders like Amazon, Meta, and Taiwan Semiconductor each sit at 0.1%. The inclusion of major ETFs such as SPY (0.1%), GLD (0.1%), and TLT (0.0%) alongside thematic plays like USO (0.0%) suggests a tactical overlay that complements core equity bets with macro hedging and liquidity management. This structure reveals a strategy centered on broad, granular exposure across many names and asset classes, prioritizing scalability and minimal single-stock risk over thematic or fundamental conviction.