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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
ETHA
376
iShares Ethereum Trust ETF
ETHA
$5.42B
$311K ﹤0.01%
+13,865
New +$363K
VONE icon
377
CALL
Vanguard Russell 1000 ETF
VONE
$8.39B
$309K ﹤0.01%
1,000
-300
-23% -$91.9K
YMAX icon
378
PUT
YieldMax Universe Fund of Option Income ETFs
YMAX
$393M
$302K ﹤0.01%
30,300
+19,700
+186% +$224K
BOIL icon
379
ProShares Ultra Bloomberg Natural Gas
BOIL
$376M
$302K ﹤0.01%
+6,586
New +$403K
APLX
380
PUT
Tradr 2X Long APLD Daily ETF
APLX
$65M
$300K ﹤0.01%
17,700
-300
-2% -$8.76K
RGTI icon
381
Rigetti Computing
RGTI
$5.33B
$298K ﹤0.01%
+13,437
New +$438K
SMST
382
CALL
Defiance Daily Target 2x Short MSTR ETF
SMST
$29.7M
$297K ﹤0.01%
3,200
-11,900
-79% -$663K
QTUM icon
383
CALL
Defiance Quantum ETF
QTUM
$5.39B
$296K ﹤0.01%
+2,700
New +$298K
ARTY
384
CALL
iShares Future AI & Tech ETF
ARTY
$3.61B
$294K ﹤0.01%
+6,100
New +$294K
GOOX icon
385
CALL
T-Rex 2X Long Alphabet Daily Target ETF
GOOX
$58.9M
$293K ﹤0.01%
4,200
+300
+8% +$18.1K
KOLD icon
386
ProShares UltraShort Bloomberg Natural Gas
KOLD
$95.6M
$293K ﹤0.01%
+8,302
New +$260K
TPB icon
387
PUT
Turning Point Brands
TPB
$1.56B
$293K ﹤0.01%
+2,700
New +$264K
AMZZ icon
388
CALL
GraniteShares 2x Long AMZN Daily ETF
AMZZ
$53.3M
$293K ﹤0.01%
+9,300
New +$293K
NVDD icon
389
Direxion Daily NVDA Bear 1X ETF
NVDD
$19.5M
$290K ﹤0.01%
+7,569
New +$295K
XAR icon
390
PUT
State Street SPDR S&P Aerospace & Defense ETF
XAR
$6.19B
$289K ﹤0.01%
1,200
+900
+300% +$214K
MSFL icon
391
GraniteShares 2x Long MSFT Daily ETF
MSFL
$136M
$285K ﹤0.01%
10,480
+4,799
+84% +$142K
TSMU
392
PUT
GraniteShares 2x Long TSM Daily ETF
TSMU
$61M
$285K ﹤0.01%
+6,500
New +$274K
ARR
393
PUT
Armour Residential REIT
ARR
$2.31B
$282K ﹤0.01%
34,200
-7,500
-18% -$124K
ARR
394
Armour Residential REIT
ARR
$2.31B
$282K ﹤0.01%
15,958
-1,495
-9% -$24.8K
ROBN
395
T-Rex 2X Long HOOD Daily Target ETF
ROBN
$89.1M
$282K ﹤0.01%
5,214
+2,406
+86% +$198K
NUKZ icon
396
CALL
Range Nuclear Renaissance Index ETF
NUKZ
$776M
$279K ﹤0.01%
+4,400
New +$297K
QUS icon
397
CALL
State Street SPDR MSCI USA StrategicFactors ETF
QUS
$1.55B
$279K ﹤0.01%
1,600
-300
-16% -$51.7K
UNL icon
398
United States 12 Month Natural Gas Fund
UNL
$13.5M
$278K ﹤0.01%
+37,643
New +$300K
SLVP icon
399
CALL
iShares MSCI Global Silver and Metals Miners ETF
SLVP
$793M
$278K ﹤0.01%
8,100
-14,200
-64% -$418K
DLLL
400
CALL
GraniteShares 2x Long DELL Daily ETF
DLLL
$113M
$278K ﹤0.01%
+96,800
New +$363K
14 15
16
17 18

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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.