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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
+18%
1 Year Est. Return
+131.08%
3 Year Est. Return
+497.29%
5 Year Est. Return
+787.25%
10 Year Est. Return
–
AUM
$86.9B
AUM Growth
+$1.37B
Cap. Flow
-$8.02B
Cap. Flow %
-9.24%
Top 10 Hldgs %
82.83%
Holding
1,210
New
406
Increased
208
Reduced
217
Closed
323

Top Buys

Rank Stock Value
1
TSLA icon
Tesla
TSLA
+$139M
2
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$108M
3
IBIT icon
iShares Bitcoin Trust
IBIT
+$48.6M
4
AVGO icon
Broadcom
AVGO
+$43.8M
5
QQQ icon
Invesco QQQ Trust
QQQ
+$24.2M

Top Sells

Rank Stock Value
1
MSTR icon
Strategy Inc
MSTR
+$316M
2
SMH icon
VanEck Semiconductor ETF
SMH
+$112M
3
GLD icon
SPDR Gold Trust
GLD
+$35.2M
4
NVDA icon
NVIDIA
NVDA
+$30.6M
5
SMCI icon
Super Micro Computer
SMCI
+$22.1M

Sector Composition

Rank Sector Weight
1 Technology 0.5%
2 Consumer Discretionary 0.25%
3 Communication Services 0.02%
4 Industrials 0.01%
5 Financials 0.01%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CWVX
526
PUT
Tradr 2X Long CRWV Daily ETF
CWVX
$110M
$155K ﹤0.01%
+1,520
New +$123K
APLX
527
CALL
Tradr 2X Long APLD Daily ETF
APLX
$74.1M
$155K ﹤0.01%
+7,500
New +$131K
RDTE
528
Roundhill Russell 2000 0DTE Covered Call Strategy ETF
RDTE
$178M
$154K ﹤0.01%
4,611
+3,540
+331% +$119K
RIOT icon
529
CALL
Riot Platforms
RIOT
$8.39B
$154K ﹤0.01%
+8,100
New +$112K
ASPI icon
530
PUT
ASP Isotopes
ASPI
$540M
$152K ﹤0.01%
15,800
-1,000
-6% -$9.22K
AVL
531
PUT
Direxion Daily AVGO Bull 2X ETF
AVL
$221M
$152K ﹤0.01%
2,900
+2,800
+2,800% +$132K
TSLG
532
Leverage Shares 2X Long TSLA Daily ETF
TSLG
$35.1M
$152K ﹤0.01%
+14,336
New +$96.9K
MVST icon
533
PUT
Microvast
MVST
$292M
$151K ﹤0.01%
39,300
– –
PEZ icon
534
PUT
Invesco Dorsey Wright Consumer Cyclicals Momentum ETF
PEZ
$22.9M
$151K ﹤0.01%
+1,500
New +$150K
VRT icon
535
PUT
Vertiv
VRT
$105B
$151K ﹤0.01%
1,000
– –
AVL
536
CALL
Direxion Daily AVGO Bull 2X ETF
AVL
$221M
$147K ﹤0.01%
2,800
-2,400
-46% -$113K
DEA
537
Easterly Government Properties
DEA
$1.17B
$145K ﹤0.01%
+6,345
New +$144K
SLON
538
CALL
ProShares Ultra Solana ETF
SLON
$16.1M
$145K ﹤0.01%
+560
New +$144K
APLD icon
539
Applied Digital
APLD
$9.08B
$144K ﹤0.01%
6,283
-343
-5% -$5.08K
CHAT icon
540
CALL
Roundhill Generative AI & Technology ETF
CHAT
$1.94B
$141K ﹤0.01%
+2,300
New +$124K
FNGS icon
541
MicroSectors FANG+ ETNs due Jan 8 2038
FNGS
$597M
$140K ﹤0.01%
2,000
-477
-19% -$31.9K
VEON icon
542
VEON
VEON
$3.75B
$140K ﹤0.01%
2,568
-3,160
-55% -$169K
ZVRA icon
543
CALL
Zevra Therapeutics
ZVRA
$606M
$139K ﹤0.01%
+14,600
New +$146K
ETU
544
CALL
T-Rex 2X Long Ether Daily Target ETF
ETU
$10.5M
$137K ﹤0.01%
+4,000
New +$132K
YMAX icon
545
PUT
YieldMax Universe Fund of Option Income ETFs
YMAX
$404M
$136K ﹤0.01%
10,600
-16,800
-61% -$222K
BLDP
546
CALL
Ballard Power Systems
BLDP
$841M
$135K ﹤0.01%
+50,000
New +$102K
YMAG icon
547
CALL
YieldMax Magnificent 7 Fund of Option Income ETFs
YMAG
$296M
$134K ﹤0.01%
+8,500
New +$131K
NVD icon
548
CALL
GraniteShares 2x Short NVDA Daily ETF
NVD
$49.1M
$133K ﹤0.01%
+15,300
New +$157K
SVOL icon
549
Simplify Volatility Premium ETF
SVOL
$522M
$131K ﹤0.01%
7,274
+847
+13% +$14.9K
ENVX icon
550
CALL
Enovix
ENVX
$962M
$130K ﹤0.01%
+13,000
New +$144K
20 21
22
23 24

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Qube Research & Technologies (QRT)
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Sanders Capital
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Belvedere Trading's Q3 2025 Portfolio in Review

As of Q3 2025, Belvedere Trading held 1,210 positions worth $86.9B, up 1.6% from $85.5B the previous quarter. Its ten largest holdings account for 83% of the portfolio.

Belvedere Trading withdrew a net $8.02B in Q3 2025, closing 323 positions and reducing 217 holdings. Its most notable exit was VanEck Semiconductor ETF, an estimated $112M position sold in full.

By sector, the portfolio is most concentrated in Technology at 0.5% of assets, down from 0.85% a quarter earlier, followed by Consumer Discretionary and Communication Services.

Against the trend, Belvedere Trading opened a new position in Palantir worth $10.9M.

  • Belvedere Trading's largest Q3 2025 buy was Palantir: 59,574 shares worth $10.9M.
  • Belvedere Trading added most to Tesla in Q3 2025, an estimated $139M increase.
  • Belvedere Trading's biggest Q3 2025 reduction was Strategy Inc, cutting an estimated $316M.
  • Belvedere Trading fully exited VanEck Semiconductor ETF in Q3 2025, selling an estimated $112M.
  • Belvedere Trading's ten largest holdings make up 83% of its $86.9B portfolio in Q3 2025.
  • Belvedere Trading opened 406 new positions and closed 323 in Q3 2025.
  • Belvedere Trading's portfolio value rose 1.6% quarter-over-quarter to $86.9B.

Based on Belvedere Trading's 13F filing for Q3 2025, filed 27 Oct 2025.