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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
RING icon
351
CALL
iShares MSCI Global Gold Miners ETF
RING
$2.16B
$339K ﹤0.01%
4,600
-1,500
-25% -$101K
IWMY icon
352
PUT
Defiance R2000 Weekly Distribution ETF
IWMY
$97.2M
$335K ﹤0.01%
17,000
-2,600
-13% -$55.2K
SNDK
353
CALL
Sandisk
SNDK
$191B
$332K ﹤0.01%
1,400
-1,700
-55% -$340K
MSFX icon
354
T-Rex 2X Long Microsoft Daily Target ETF
MSFX
$44.3M
$331K ﹤0.01%
+12,115
New +$388K
GE icon
355
CALL
GE Aerospace
GE
$383B
$330K ﹤0.01%
700
-3,300
-83% -$994K
CRCD
356
CALL
T-REX 2X Inverse CRCL Daily Target ETF
CRCD
$6.86M
$330K ﹤0.01%
+9,600
New +$291K
SBET icon
357
Sharplink Inc
SBET
$1.31B
$329K ﹤0.01%
36,783
+4,785
+15% +$58.4K
JPO
358
YieldMax JP Option Income Strategy ETF
JPO
$50.6M
$328K ﹤0.01%
20,490
+100
+0.5% +$1.62K
XAR icon
359
State Street SPDR S&P Aerospace & Defense ETF
XAR
$6.19B
$326K ﹤0.01%
+1,351
New +$321K
BMNR
360
CALL
BitMine Immersion Technologies
BMNR
$10.5B
$326K ﹤0.01%
+12,000
New +$486K
RGNX icon
361
CALL
Regenxbio
RGNX
$638M
$324K ﹤0.01%
+22,500
New +$280K
SOFX
362
CALL
Defiance Daily Target 2X Long SOFI ETF
SOFX
$82.9M
$324K ﹤0.01%
11,400
-9,700
-46% -$380K
ARKQ icon
363
ARK Autonomous Technology & Robotics ETF
ARKQ
$1.95B
$323K ﹤0.01%
+2,813
New +$324K
LLY icon
364
CALL
Eli Lilly
LLY
$1,000B
$322K ﹤0.01%
300
– –
DBA icon
365
Invesco DB Agriculture Fund
DBA
$1.24B
$322K ﹤0.01%
+12,622
New +$332K
ELVR
366
CALL
Elevra Lithium Ltd
ELVR
$986M
$320K ﹤0.01%
16,900
+2,200
+15% +$75.5K
FNGS icon
367
PUT
MicroSectors FANG+ ETNs due Jan 8 2038
FNGS
$574M
$320K ﹤0.01%
4,700
– –
GGLL icon
368
CALL
Direxion Daily GOOGL Bull 2X ETF
GGLL
$1.15B
$320K ﹤0.01%
3,300
-13,400
-80% -$1.14M
BITU icon
369
ProShares Ultra Bitcoin ETF
BITU
$347M
$319K ﹤0.01%
14,437
-29,342
-67% -$1.14M
XSW icon
370
CALL
State Street SPDR S&P Software & Services ETF
XSW
$465M
$318K ﹤0.01%
1,700
-400
-19% -$77K
ETHD
371
CALL
ProShares UltraShort Ether ETF
ETHD
$58.6M
$317K ﹤0.01%
26,200
+23,710
+952% +$1.08M
IWMY icon
372
Defiance R2000 Weekly Distribution ETF
IWMY
$97.2M
$316K ﹤0.01%
16,028
-2,040
-11% -$43.3K
OKLL
373
CALL
Defiance Daily Target 2x Long OKLO ETF
OKLL
$142M
$315K ﹤0.01%
+18,800
New +$1.03M
ETHU
374
CALL
2x Ether ETF
ETHU
$730M
$314K ﹤0.01%
38,600
-14,000
-27% -$1.19M
UFO icon
375
Procure Space ETF
UFO
$609M
$313K ﹤0.01%
+8,111
New +$297K
13 14
15
16 17

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Focus Partners Wealth
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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 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.