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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
AMLX icon
526
CALL
Amylyx Pharmaceuticals
AMLX
$2.43B
$144K ﹤0.01%
+11,900
New +$162K
PPA icon
527
PUT
Invesco Aerospace & Defense ETF
PPA
$8.69B
$141K ﹤0.01%
900
-1,100
-55% -$170K
CWEB icon
528
CALL
Direxion Daily CSI China Internet Index Bull 2X ETF
CWEB
$261M
$140K ﹤0.01%
3,500
-400
-10% -$19.2K
MSTU
529
T-Rex 2X Long MSTR Daily Target ETF
MSTU
$347M
$140K ﹤0.01%
+16,877
New +$399K
ETHD
530
PUT
ProShares UltraShort Ether ETF
ETHD
$58.2M
$139K ﹤0.01%
7,400
+6,660
+900% +$302K
IONQ icon
531
CALL
IonQ
IONQ
$15.6B
$139K ﹤0.01%
3,100
+2,300
+288% +$129K
CSGP icon
532
CALL
CoStar Group
CSGP
$12.1B
$139K ﹤0.01%
26,800
-700
-3% -$49.6K
IVV icon
533
PUT
iShares Core S&P 500 ETF
IVV
$900B
$137K ﹤0.01%
+200
New +$136K
OPEN icon
534
PUT
Opendoor
OPEN
$3.97B
$135K ﹤0.01%
23,000
+18,660
+430% +$134K
SBET icon
535
CALL
Sharplink Inc
SBET
$1.33B
$135K ﹤0.01%
15,100
-18,800
-55% -$230K
FTEC icon
536
PUT
Fidelity MSCI Information Technology Index ETF
FTEC
$21.1B
$135K ﹤0.01%
+600
New +$136K
PSI icon
537
PUT
Invesco Semiconductors ETF
PSI
$2.47B
$134K ﹤0.01%
1,700
+1,600
+1,600% +$122K
UGL icon
538
CALL
ProShares Ultra Gold
UGL
$654M
$133K ﹤0.01%
2,400
+400
+20% +$20.9K
GEVX
539
CALL
Tradr 2X Long GEV Daily ETF
GEVX
$35M
$130K ﹤0.01%
12,600
-13,800
-52% -$132K
TSLL icon
540
PUT
Direxion Daily TSLA Bull 2X ETF
TSLL
$3.45B
$129K ﹤0.01%
6,700
+4,700
+235% +$93.4K
HTZ icon
541
CALL
Hertz
HTZ
$477M
$129K ﹤0.01%
25,100
– –
BLDP
542
CALL
Ballard Power Systems
BLDP
$826M
$128K ﹤0.01%
50,000
– –
YMAX icon
543
YieldMax Universe Fund of Option Income ETFs
YMAX
$405M
$126K ﹤0.01%
12,658
+11,873
+1,512% +$135K
WPC icon
544
CALL
W.P. Carey
WPC
$16.5B
$126K ﹤0.01%
+1,900
New +$127K
NVO
545
Novo Nordisk
NVO
$196B
$125K ﹤0.01%
+2,466
New +$126K
AVGW
546
Roundhill AVGO WeeklyPay ETF
AVGW
$50M
$125K ﹤0.01%
+2,621
New +$141K
BEX
547
CALL
Tradr 2X Long BE Daily ETF
BEX
$213M
$123K ﹤0.01%
+13,100
New +$173K
IRE
548
Defiance Daily Target 2x Long IREN ETF
IRE
$282M
$122K ﹤0.01%
+5,147
New +$261K
AVGX
549
PUT
Defiance Daily Target 2X Long AVGO ETF
AVGX
$247M
$122K ﹤0.01%
2,600
-9,700
-79% -$520K
SOC icon
550
Sable Offshore Corp
SOC
$859M
$121K ﹤0.01%
+13,389
New +$126K
20 21
22
23 24

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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.