Belvedere Trading Portfolio holdings
Belvedere Trading is a proprietary trading firm that makes markets in derivatives, continuously quoting prices at which it will buy or sell. It started in 2002 as a trader in the SPX pit at the Chicago Board Options Exchange, working at first from printed spreadsheets. Over time it built its own options pricing model, moved it onto a handheld computer, and then wrote its trading software from the ground up. Its traders rotate between equity index, interest rate and commodity products and provide liquidity on electronic exchanges around the world.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
NVIDIA
NVDA
|
+$214M |
| 2 |
Micron Technology
MU
|
+$97.5M |
| 3 |
Sandisk
SNDK
|
+$68.3M |
| 4 |
Tesla
TSLA
|
+$43.5M |
| 5 |
Intel
INTC
|
+$36.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$199M |
| 2 |
Meta Platforms (Facebook)
META
|
+$64.1M |
| 3 |
iShares Bitcoin Trust
IBIT
|
+$37.3M |
| 4 |
iShares Russell 2000 ETF
IWM
|
+$28.3M |
| 5 |
Sprott Silver Miners & Physical Silver ETF
SLVR
|
+$22.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 98.92% |
| 2 | Technology | 0.95% |
| 3 | Consumer Discretionary | 0.09% |
| 4 | Communication Services | 0.03% |
| 5 | Industrials | 0.01% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$799B
| $23.9B | 27.29% |
32,015,100
+5,983,300
| +23% | +$4.34B |
2021 Q3
19 quarters
|
|
|
2
CALL
State Street SPDR S&P 500 ETF Trust
SPY
$799B
| $20.1B | 22.99% |
26,972,000
+864,300
| +3% | +$627M |
2022 Q4
14 quarters
|
|
3
CALL
Invesco QQQ Trust
QQQ
$464B
| $5.12B | 5.85% |
6,955,000
+211,400
| +3% | +$145M |
2022 Q2
16 quarters
|
|
|
4
PUT
Invesco QQQ Trust
QQQ
$464B
| $4.57B | 5.21% |
6,200,600
+597,700
| +11% | +$411M |
2022 Q2
16 quarters
|
|
|
5
PUT
Tesla
TSLA
$1.58T
| $3.44B | 3.93% |
8,185,500
-1,568,600
| -16% | -$624M |
2022 Q4
14 quarters
|
|
|
6
PUT
NVIDIA
NVDA
$5.02T
| $3.31B | 3.78% |
16,533,900
-2,818,200
| -15% | -$579M |
2023 Q3
11 quarters
|
|
|
7
CALL
Tesla
TSLA
$1.58T
| $3.11B | 3.55% |
7,398,400
-1,032,500
| -12% | -$411M |
2022 Q3
15 quarters
|
|
|
8
CALL
NVIDIA
NVDA
$5.02T
| $2.96B | 3.38% |
14,783,100
-3,937,300
| -21% | -$810M |
2023 Q3
11 quarters
|
|
9
PUT
VanEck Semiconductor ETF
SMH
$66.5B
| $2.81B | 3.21% |
4,282,600
+2,145,000
| +100% | +$1.17B |
2024 Q3
7 quarters
|
|
|
10
CALL
Micron Technology
MU
$965B
| $1.58B | 1.81% |
1,370,200
+1,368,300
| +72,016% | +$1.03B |
2026 Q1
1 quarter
|
|
|
11
CALL
VanEck Semiconductor ETF
SMH
$66.5B
| $1.52B | 1.74% |
2,320,700
+829,100
| +56% | +$452M |
2024 Q3
7 quarters
|
|
12
PUT
Advanced Micro Devices
AMD
$799B
| $1.43B | 1.63% |
2,454,900
+561,800
| +30% | +$230M |
2024 Q1
9 quarters
|
|
|
13
CALL
Advanced Micro Devices
AMD
$799B
| $1.33B | 1.52% |
2,290,500
+511,400
| +29% | +$210M |
2024 Q1
9 quarters
|
|
|
14
PUT
Micron Technology
MU
$965B
| $1.22B | 1.4% |
1,059,300
+1,052,800
| +16,197% | +$789M |
2026 Q1
1 quarter
|
|
|
15
PUT
Sandisk
SNDK
$161B
| $1.06B | 1.21% |
466,300
+426,100
| +1,060% | +$608M |
2025 Q3
3 quarters
|
|
|
16
PUT
iShares Russell 2000 ETF
IWM
$76.2B
| $834M | 0.95% |
2,777,100
-773,500
| -22% | -$217M |
2022 Q3
15 quarters
|
|
17
PUT
Apple
AAPL
$4.84T
| $622M | 0.71% |
2,150,100
+171,200
| +9% | +$49M |
2022 Q3
15 quarters
|
|
|
18
CALL
Apple
AAPL
$4.84T
| $622M | 0.71% |
2,148,800
+58,400
| +3% | +$16.7M |
2022 Q4
14 quarters
|
|
19
PUT
Broadcom
AVGO
$1.59T
| $611M | 0.7% |
1,617,800
+211,900
| +15% | +$85M |
2025 Q1
5 quarters
|
|
|
20
CALL
Meta Platforms (Facebook)
META
$1.62T
| $553M | 0.63% |
981,100
-225,600
| -19% | -$138M |
2022 Q4
14 quarters
|
|
|
21
CALL
iShares Russell 2000 ETF
IWM
$76.2B
| $505M | 0.58% |
1,679,600
-366,900
| -18% | -$103M |
2021 Q4
18 quarters
|
|
|
22
CALL
Sandisk
SNDK
$161B
| $503M | 0.57% |
221,300
+209,600
| +1,791% | +$299M |
2025 Q3
3 quarters
|
|
23
CALL
Amazon
AMZN
$2.72T
| $492M | 0.56% |
2,064,000
+14,000
| +0.7% | +$3.51M |
2022 Q2
16 quarters
|
|
|
24
CALL
Broadcom
AVGO
$1.59T
| $456M | 0.52% |
1,206,000
+86,600
| +8% | +$34.7M |
2025 Q1
5 quarters
|
|
|
25
PUT
Amazon
AMZN
$2.72T
| $433M | 0.49% |
1,815,600
+297,700
| +20% | +$74.7M |
2022 Q2
16 quarters
|
|
Similar funds
Belvedere Trading's Q2 2026 Portfolio in Review
As of Q2 2026, Belvedere Trading held 1,321 positions worth $87.6B, up 3.8% from $84.4B the previous quarter. Its ten largest holdings account for 81% of the portfolio.
Belvedere Trading's Q2 2026 filing shows 595 new, 189 increased, 216 reduced and 293 closed positions. Its largest new stake was Micron Technology: 130,028 shares worth $150M. The largest sale was State Street SPDR S&P 500 ETF Trust, an estimated $199M.
By sector, the portfolio is most concentrated in Miscellaneous at 99% of assets, down from 100% a quarter earlier, followed by Technology and Consumer Discretionary.
- Belvedere Trading's largest Q2 2026 buy was Micron Technology: 130,028 shares worth $150M.
- Belvedere Trading added most to NVIDIA in Q2 2026, an estimated $214M increase.
- Belvedere Trading's biggest Q2 2026 reduction was Meta Platforms (Facebook), cutting an estimated $64.1M.
- Belvedere Trading fully exited State Street SPDR S&P 500 ETF Trust in Q2 2026, selling an estimated $199M.
- Belvedere Trading's ten largest holdings make up 81% of its $87.6B portfolio in Q2 2026.
- Belvedere Trading opened 595 new positions and closed 293 in Q2 2026.
- Belvedere Trading's portfolio value rose 3.8% quarter-over-quarter to $87.6B.
Based on Belvedere Trading's 13F filing for Q2 2026, filed 31 Jul 2026.