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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
+34.98%
1 Year Est. Return
+131.08%
3 Year Est. Return
+497.29%
5 Year Est. Return
+787.25%
10 Year Est. Return
–
AUM
$85.5B
AUM Growth
-$3.23B
Cap. Flow
-$16.2B
Cap. Flow %
-18.92%
Top 10 Hldgs %
83.44%
Holding
1,068
New
391
Increased
157
Reduced
200
Closed
265

Top Buys

Rank Stock Value
1
SMH icon
VanEck Semiconductor ETF
SMH
+$87.7M
2
IBIT icon
iShares Bitcoin Trust
IBIT
+$84.3M
3
QQQ icon
Invesco QQQ Trust
QQQ
+$48.6M
4
SMCI icon
Super Micro Computer
SMCI
+$35.5M
5
GLD icon
SPDR Gold Trust
GLD
+$33.5M

Top Sells

Rank Stock Value
1
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$272M
2
NVDA icon
NVIDIA
NVDA
+$170M
3
META icon
Meta Platforms (Facebook)
META
+$48.4M
4
AMZN icon
Amazon
AMZN
+$18.6M
5
AAPL icon
Apple
AAPL
+$13.2M

Sector Composition

Rank Sector Weight
1 Technology 0.85%
2 Consumer Discretionary 0.03%
3 Communication Services 0.02%
4 Financials 0.01%
5 Healthcare 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VIOO icon
301
CALL
Vanguard S&P Small-Cap 600 ETF
VIOO
$4.15B
$344K ﹤0.01%
3,400
+200
+6% +$19.1K
SIVR icon
302
PUT
abrdn Physical Silver Shares ETF
SIVR
$4.02B
$344K ﹤0.01%
+10,000
New +$321K
TNA icon
303
Direxion Daily Small Cap Bull 3x ETF
TNA
$1.3B
$344K ﹤0.01%
+10,258
New +$288K
RDTE
304
PUT
Roundhill Russell 2000 0DTE Covered Call Strategy ETF
RDTE
$171M
$342K ﹤0.01%
10,000
+4,300
+75% +$142K
TZA icon
305
Direxion Daily Small Cap Bear 3x ETF
TZA
$250M
$341K ﹤0.01%
+2,877
New +$441K
QMOM icon
306
CALL
Alpha Architect US Quantitative Momentum ETF
QMOM
$422M
$338K ﹤0.01%
+5,200
New +$312K
PSI icon
307
CALL
Invesco Semiconductors ETF
PSI
$2.29B
$336K ﹤0.01%
+5,600
New +$282K
XLG icon
308
PUT
Invesco S&P 500 Top 50 ETF
XLG
$10.6B
$333K ﹤0.01%
+6,400
New +$304K
SMCY
309
YieldMax SMCI Option Income Strategy ETF
SMCY
$105M
$333K ﹤0.01%
15,682
+12,045
+331% +$232K
NVDX icon
310
PUT
T-Rex 2X Long NVIDIA Daily Target ETF
NVDX
$436M
$332K ﹤0.01%
22,700
-3,800
-14% -$37K
COOP
311
DELISTED
Mr. Cooper
COOP
$330K ﹤0.01%
2,211
+1,713
+344% +$220K
ARM icon
312
Arm
ARM
$256B
$329K ﹤0.01%
+2,037
New +$253K
BIL icon
313
State Street SPDR Bloomberg 1-3 Month T-Bill ETF
BIL
$47.1B
$329K ﹤0.01%
3,587
-157
-4% -$14.4K
VOE icon
314
CALL
Vanguard Morningstar Mid-Cap Value ETF
VOE
$23.7B
$329K ﹤0.01%
2,000
– –
PPA icon
315
CALL
Invesco Aerospace & Defense ETF
PPA
$8.24B
$326K ﹤0.01%
+2,300
New +$291K
BIZD icon
316
PUT
VanEck BDC Income ETF
BIZD
$1.59B
$326K ﹤0.01%
+20,000
New +$313K
FORM icon
317
CALL
FormFactor
FORM
$8.28B
$323K ﹤0.01%
9,400
– –
WEBL icon
318
CALL
Direxion Daily Dow Jones Internet Bull 3X ETF
WEBL
$92.1M
$321K ﹤0.01%
+10,700
New +$239K
IWY icon
319
PUT
iShares Russell Top 200 Growth ETF
IWY
$15.9B
$320K ﹤0.01%
+1,300
New +$289K
QTEC icon
320
PUT
First Trust NASDAQ-100 Technology Index Fund
QTEC
$4.52B
$319K ﹤0.01%
+1,500
New +$281K
NVDL icon
321
PUT
GraniteShares ETF Trust GraniteShares 2x Long NVDA Daily ETF
NVDL
$3.33B
$317K ﹤0.01%
13,500
-300
-2% -$4.69K
VTEI icon
322
CALL
Vanguard Intermediate-Term Tax-Exempt Bond ETF
VTEI
$1.48B
$315K ﹤0.01%
+3,200
New +$313K
IVOO icon
323
CALL
Vanguard S&P Mid-Cap 400 ETF
IVOO
$3.71B
$315K ﹤0.01%
3,000
-100
-3% -$9.94K
OKLO
324
CALL
Oklo
OKLO
$6.76B
$314K ﹤0.01%
+5,600
New +$216K
NUKZ icon
325
PUT
Range Nuclear Renaissance Index ETF
NUKZ
$767M
$311K ﹤0.01%
+5,500
New +$253K
11 12
13
14 15

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Qube Research & Technologies (QRT)
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Squarepoint
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Sanders Capital
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Mackenzie Financial
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Belvedere Trading's Q2 2025 Portfolio in Review

As of Q2 2025, Belvedere Trading held 1,068 positions worth $85.5B, down 3.6% from $88.7B the previous quarter. Its ten largest holdings account for 83% of the portfolio.

Belvedere Trading withdrew a net $16.2B in Q2 2025, closing 265 positions and reducing 200 holdings. Its most notable exit was Direxion Daily TSLA Bull 2X ETF, an estimated $3.11M position sold in full.

By sector, the portfolio is most concentrated in Technology at 0.85% of assets, up from 0.7% a quarter earlier, followed by Consumer Discretionary and Communication Services.

Against the trend, Belvedere Trading opened a new position in VanEck Semiconductor ETF worth $105M.

  • Belvedere Trading's largest Q2 2025 buy was VanEck Semiconductor ETF: 378,298 shares worth $105M.
  • Belvedere Trading added most to iShares Bitcoin Trust in Q2 2025, an estimated $84.3M increase.
  • Belvedere Trading's biggest Q2 2025 reduction was State Street SPDR S&P 500 ETF Trust, cutting an estimated $272M.
  • Belvedere Trading fully exited Direxion Daily TSLA Bull 2X ETF in Q2 2025, selling an estimated $3.11M.
  • Belvedere Trading's ten largest holdings make up 83% of its $85.5B portfolio in Q2 2025.
  • Belvedere Trading opened 391 new positions and closed 265 in Q2 2025.
  • Belvedere Trading's portfolio value fell 3.6% quarter-over-quarter to $85.5B.

Based on Belvedere Trading's 13F filing for Q2 2025, filed 1 Aug 2025.