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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
GRRR
476
CALL
Gorilla Technology Group
GRRR
$333M
$191K ﹤0.01%
17,500
– –
SQQQ icon
477
CALL
ProShares UltraPro Short QQQ
SQQQ
$1.75B
$190K ﹤0.01%
+13,900
New +$983K
ORCX
478
PUT
Defiance Daily Target 2X Long ORCL ETF
ORCX
$293M
$190K ﹤0.01%
+3,667
New +$311K
KORU icon
479
Direxion Daily MSCI South Korea Bull 3X ETF
KORU
$1.54B
$189K ﹤0.01%
20,780
-13,800
-40% -$104K
GOOX icon
480
PUT
T-Rex 2X Long Alphabet Daily Target ETF
GOOX
$55M
$188K ﹤0.01%
2,700
-2,100
-44% -$127K
BITO icon
481
ProShares Bitcoin Strategy ETF
BITO
$1.45B
$188K ﹤0.01%
15,435
+6,062
+65% +$95.1K
CNBS icon
482
CALL
Amplify Seymour Cannabis ETF
CNBS
$68.2M
$187K ﹤0.01%
+6,600
New +$179K
BMNU
483
T-REX 2X Long BMNR Daily Target ETF
BMNU
$253M
$185K ﹤0.01%
3,863
+3,514
+1,007% +$537K
TPB icon
484
Turning Point Brands
TPB
$1.68B
$184K ﹤0.01%
+1,695
New +$166K
AVTX icon
485
PUT
Avalo Therapeutics
AVTX
$997M
$183K ﹤0.01%
+10,100
New +$170K
TEM
486
Tempus AI
TEM
$8.43B
$182K ﹤0.01%
+3,085
New +$241K
ULTY icon
487
PUT
YieldMax Ultra Option Income Strategy ETF
ULTY
$767M
$181K ﹤0.01%
37,700
+29,490
+359% +$1.33M
PEZ icon
488
CALL
Invesco Dorsey Wright Consumer Cyclicals Momentum ETF
PEZ
$23.1M
$177K ﹤0.01%
1,700
+600
+55% +$59.9K
RGTU
489
CALL
Tradr 2X Long RGTI Daily ETF
RGTU
$10.8M
$176K ﹤0.01%
3,900
-2,100
-35% -$315K
ADBG
490
Leverage Shares 2X Long ADBE Daily ETF
ADBG
$45.1M
$176K ﹤0.01%
+17,194
New +$170K
VTWG icon
491
Vanguard Russell 2000 Growth ETF
VTWG
$1.53B
$175K ﹤0.01%
+742
New +$176K
ILMN icon
492
PUT
Illumina
ILMN
$30.2B
$174K ﹤0.01%
1,200
+1,000
+500% +$117K
INBX icon
493
CALL
Inhibrx
INBX
$1.23B
$174K ﹤0.01%
2,200
-400
-15% -$27.3K
KPDD
494
PUT
KraneShares 2x Long PDD Daily ETF
KPDD
$23M
$171K ﹤0.01%
+14,900
New +$332K
SPXS icon
495
CALL
Direxion Daily S&P 500 Bear 3x ETF
SPXS
$309M
$171K ﹤0.01%
+6,700
New +$245K
NNE
496
CALL
Nano Nuclear Energy
NNE
$960M
$170K ﹤0.01%
+7,100
New +$272K
ELE
497
CALL
Elemental Royalty Corp
ELE
$1.15B
$170K ﹤0.01%
+35,700
New +$550K
GRID
498
CALL
First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund
GRID
$12.1B
$168K ﹤0.01%
1,100
-1,400
-56% -$215K
GRID
499
PUT
First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund
GRID
$12.1B
$168K ﹤0.01%
1,100
+300
+38% +$46K
LCID icon
500
CALL
Lucid Motors
LCID
$2.64B
$168K ﹤0.01%
152,900
+6,900
+5% +$110K
18 19
20
21 22

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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.