2026-Q1 SIMPLEX TRADING, LLC 13F Filing: Simplex cuts TSLA as SPY climbs to 9.44%

Simplex Trading's 2026-Q1 13F shows a deliberate rotation: cut high-beta momentum names, feed index and bond ETFs, and let concentration climb. The fund trimmed TSLA, NVDA, VOO, GOOG, META, and AAPL while adding to SPY, TLT, UPS, MU, and TSM, even as holding count rose from 8343 to 8927 and turnover jumped from 0.237229 to 0.314487.

• SPY (add): A change of +$827.8M; portfolio weight moved from 7.47% to 9.44%, making SPY the clear top of the book.
• TSLA (trim): A change of -$1.84B; weight dropped from 2.96% to 2.29%.
• NVDA (trim): A change of -$1.57B; weight from 2.77% to 2.25%.
• VOO (trim): A change of -$2.02B; weight from 3.02% to 2.23%.
• GOOG (trim): A change of -$734.4M; weight from 1.58% to 1.39%.
• META (trim): A change of -$689.0M; weight from 1.71% to 1.58%.
• AAPL (trim): A change of -$182.6M in an active sell-down.
• TLT (add): A change of +$320.6M; weight from 2.00% to 2.60%. The filing's note: "shares were added (real buying), but the dollar value fell because the stock price dropped more than the added shares were worth — NOT a sell."
• MSFT (add): A change of -$209.1M; weight from 0.61% to 0.59%. Same note applies: shares were bought even as price fell.
• UPS (add): A change of +$204.9M; weight from 0.08% to 0.23%.
• MU (add): A change of +$218.3M; weight from 0.28% to 0.48%.
• TSM (new_buy): Initiated at $255.2M, carrying a 0.17% weight.
• GLD (trim): A change of -$182.5M; weight still rose from 1.43% to 1.58%.
• Unnamed position (add): The filing flags this as a real add with a falling dollar value. Its note: "shares were added (real buying), but the dollar value fell because the stock price dropped more than the added shares were worth — NOT a sell."

The concentration math is the tell. SPY's weight jumped from 7.47% to 9.44% while VOO was cut — the S&P 500 exposure is not being reduced, it is being repackaged into the more liquid wrapper. Simplex is not simply de-risking; it is compressing the book into a smaller set of liquid instruments while letting tail positions stay small. HHI rising from 0.041923 to 0.052315 confirms the concentration increase even as the holding count expanded to 8927.

The value-direction notes are the real signal. TLT shows an add with a falling dollar value; MSFT shows the same. In both cases the filing's own language says it plainly: shares were added, but price fell more than the added shares were worth. That is not a sell. Simplex bought into a declining market and held the position at quarter-end.

The scissors move shows up in the sector weights. Information Technology rose to 0.3917 while Consumer Discretionary dropped to 0.2028, and Communication Services held at 0.1652. The book is still fundamentally a tech-and-growth portfolio, but it is being re-pointed through SPY and TLT rather than through the highest-volatility single names.

Key Takeaways

• SPY is now the center of gravity: its weight moved to 9.44% while TSLA, NVDA, VOO, and GOOG were actively cut.
• The adds to TLT, UPS, MU, and TSM are conviction buys into weakness; the value-direction notes on TLT and MSFT confirm the buys happened even as prices fell.
• Concentration rose while breadth widened: HHI moved from 0.041923 to 0.052315 and holding count hit 8927, so the extra names are small and the big lines carry the risk.