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Belvedere Trading

Belvedere Trading Portfolio holdings

AUM $87.6B
1-Year Est. Return 131.08%
This Fund
S&P 500
This Quarter Est. Return
+0.72%
1 Year Est. Return
+131.08%
3 Year Est. Return
+497.29%
5 Year Est. Return
+787.25%
10 Year Est. Return
–
AUM
$93.1B
AUM Growth
+$6.26B
Cap. Flow
-$9.32B
Cap. Flow %
-10%
Top 10 Hldgs %
81.34%
Holding
1,246
New
362
Increased
207
Reduced
237
Closed
397

Top Buys

Rank Stock Value
1
SMCI icon
Super Micro Computer
SMCI
+$32.9M
2
GLD icon
SPDR Gold Trust
GLD
+$22.2M
3
MSTR icon
Strategy Inc
MSTR
+$17.7M
4
WDC icon
Western Digital
WDC
+$11.4M
5
PLTR icon
Palantir
PLTR
+$9.83M

Top Sells

Rank Stock Value
1
TSLA icon
Tesla
TSLA
+$188M
2
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$171M
3
NVDA icon
NVIDIA
NVDA
+$145M
4
AVGO icon
Broadcom
AVGO
+$96.9M
5
IBIT icon
iShares Bitcoin Trust
IBIT
+$92.3M

Sector Composition

Rank Sector Weight
1 Technology 0.23%
2 Consumer Discretionary 0.01%
3 Industrials 0.01%
4 Financials 0.01%
5 Healthcare 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IYR icon
276
iShares US Real Estate ETF
IYR
$4.66B
$516K ﹤0.01%
+5,499
New +$524K
CONY icon
277
PUT
YieldMax COIN Option Income Strategy ETF
CONY
$333M
$515K ﹤0.01%
76,000
+74,800
+6,233% +$4.12M
DBRG icon
278
CALL
DigitalBridge
DBRG
$2.93B
$512K ﹤0.01%
+33,400
New +$401K
IONQ icon
279
PUT
IonQ
IONQ
$14.9B
$512K ﹤0.01%
11,400
+5,600
+97% +$314K
ETHT
280
PUT
ProShares Ultra Ether ETF
ETHT
$179M
$511K ﹤0.01%
13,600
-1,300
-9% -$76.3K
WGMI icon
281
CoinShares ETF Trust CoinShares Bitcoin Mining ETF
WGMI
$275M
$508K ﹤0.01%
13,278
-3,091
-19% -$151K
VTWG icon
282
PUT
Vanguard Russell 2000 Growth ETF
VTWG
$1.5B
$496K ﹤0.01%
2,100
– –
SOFX
283
Defiance Daily Target 2X Long SOFI ETF
SOFX
$81.1M
$493K ﹤0.01%
17,370
+2,871
+20% +$112K
METU
284
Direxion Daily META Bull 2X ETF
METU
$374M
$493K ﹤0.01%
+15,352
New +$526K
QQQP
285
CALL
Tradr 2X Long Innovation 100 Quarterly ETF
QQQP
$18.2M
$491K ﹤0.01%
2,800
-600
-18% -$106K
FRGE
286
PUT
DELISTED
Forge Global Holdings
FRGE
$490K ﹤0.01%
+11,000
New +$372K
J icon
287
Jacobs Solutions
J
$16.4B
$485K ﹤0.01%
+3,665
New +$538K
CDE icon
288
CALL
Coeur Mining
CDE
$15.7B
$484K ﹤0.01%
20,700
+2,400
+13% +$41.7K
XSD icon
289
PUT
State Street SPDR S&P Semiconductor ETF
XSD
$2.75B
$482K ﹤0.01%
1,500
+1,200
+400% +$396K
KORU icon
290
PUT
Direxion Daily MSCI South Korea Bull 3X ETF
KORU
$1.28B
$472K ﹤0.01%
52,000
+46,000
+767% +$347K
AVL
291
PUT
Direxion Daily AVGO Bull 2X ETF
AVL
$192M
$472K ﹤0.01%
10,700
+7,800
+269% +$444K
SBET icon
292
PUT
Sharplink Inc
SBET
$1.31B
$471K ﹤0.01%
52,700
-27,300
-34% -$333K
RKT icon
293
CALL
Rocket Companies
RKT
$38.5B
$468K ﹤0.01%
17,300
+600
+4% +$10.7K
BABX icon
294
GraniteShares ETF Trust GraniteShares 2x Long BABA Daily ETF
BABX
$112M
$466K ﹤0.01%
12,935
-16,884
-57% -$775K
DBJP icon
295
CALL
Xtrackers MSCI Japan Hedged Equity ETF
DBJP
$670M
$464K ﹤0.01%
4,900
– –
YBTC icon
296
PUT
Roundhill Bitcoin Covered Call Strategy ETF
YBTC
$127M
$461K ﹤0.01%
16,200
+2,800
+21% +$99.1K
IXP icon
297
PUT
iShares Global Comm Services ETF
IXP
$576M
$461K ﹤0.01%
3,800
– –
XAR icon
298
CALL
State Street SPDR S&P Aerospace & Defense ETF
XAR
$6.13B
$458K ﹤0.01%
1,900
-3,200
-63% -$760K
NNE
299
PUT
Nano Nuclear Energy
NNE
$927M
$456K ﹤0.01%
+19,000
New +$727K
EXE
300
CALL
Expand Energy Corp
EXE
$21.9B
$454K ﹤0.01%
48,500
-14,700
-23% -$1.63M
10 11
12
13 14

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Belvedere Trading's Q4 2025 Portfolio in Review

As of Q4 2025, Belvedere Trading held 1,246 positions worth $93.1B, up 7.2% from $86.9B the previous quarter. Its ten largest holdings account for 81% of the portfolio.

Belvedere Trading withdrew a net $9.32B in Q4 2025, closing 397 positions and reducing 237 holdings. Its most notable exit was Tesla, an estimated $188M position sold in full.

By sector, the portfolio is most concentrated in Technology at 0.23% of assets, down from 0.5% a quarter earlier, followed by Consumer Discretionary and Industrials.

Against the trend, Belvedere Trading opened a new position in SPDR Gold Trust worth $23M.

  • Belvedere Trading's largest Q4 2025 buy was SPDR Gold Trust: 58,131 shares worth $23M.
  • Belvedere Trading added most to Super Micro Computer in Q4 2025, an estimated $32.9M increase.
  • Belvedere Trading's biggest Q4 2025 reduction was State Street SPDR S&P 500 ETF Trust, cutting an estimated $171M.
  • Belvedere Trading fully exited Tesla in Q4 2025, selling an estimated $188M.
  • Belvedere Trading's ten largest holdings make up 81% of its $93.1B portfolio in Q4 2025.
  • Belvedere Trading opened 362 new positions and closed 397 in Q4 2025.
  • Belvedere Trading's portfolio value rose 7.2% quarter-over-quarter to $93.1B.

Based on Belvedere Trading's 13F filing for Q4 2025, filed 10 Feb 2026.