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Belvedere Trading

Belvedere Trading Portfolio holdings

AUM $84.4B
1-Year Est. Return 52.68%
This Fund
S&P 500
This Quarter Est. Return
+34.98%
1 Year Est. Return
+52.68%
3 Year Est. Return
+262.56%
5 Year Est. Return
+468.62%
10 Year Est. Return
–
AUM
$85.5B
AUM Growth
-$3.23B
Cap. Flow
-$16.2B
Cap. Flow %
-18.92%
Top 10 Hldgs %
83.44%
Holding
1,068
New
391
Increased
157
Reduced
200
Closed
265

Top Buys

Rank Stock Value
1
SMH icon
VanEck Semiconductor ETF
SMH
+$87.7M
2
IBIT icon
iShares Bitcoin Trust
IBIT
+$84.3M
3
QQQ icon
Invesco QQQ Trust
QQQ
+$48.6M
4
SMCI icon
Super Micro Computer
SMCI
+$35.5M
5
GLD icon
SPDR Gold Trust
GLD
+$33.5M

Top Sells

Rank Stock Value
1
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$272M
2
NVDA icon
NVIDIA
NVDA
+$170M
3
META icon
Meta Platforms (Facebook)
META
+$48.4M
4
AMZN icon
Amazon
AMZN
+$18.6M
5
AAPL icon
Apple
AAPL
+$13.2M

Sector Composition

Rank Sector Weight
1 Technology 0.85%
2 Consumer Discretionary 0.03%
3 Communication Services 0.02%
4 Financials 0.01%
5 Healthcare 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VTI icon
1026
Vanguard Morningstar Total Stock Market ETF
VTI
$657B
– –
-962
Closed -$264K
VTWG icon
1027
CALL
Vanguard Russell 2000 Growth ETF
VTWG
$1.48B
– –
-500
Closed -$93.2K
VTWG icon
1028
PUT
Vanguard Russell 2000 Growth ETF
VTWG
$1.48B
– –
-1,000
Closed -$186K
VXX icon
1029
CALL
iPath Series B S&P 500 VIX Short-Term Futures ETN
VXX
$158M
– –
-20,200
Closed -$1.04M
WEBS icon
1030
CALL
Direxion Daily Dow Jones Internet Bear 3X ETF
WEBS
$8.27M
– –
-5,400
Closed -$238K
WKHS icon
1031
Workhorse Group
WKHS
$34.5M
– –
-273
Closed -$6.02K
WKHS icon
1032
PUT
Workhorse Group
WKHS
$34.5M
– –
-3,917
Closed -$6.4K
WOLF icon
1033
PUT
Wolfspeed
WOLF
$1.24B
– –
-17,700
Closed -$54.2K
X
1034
CALL
DELISTED
US Steel
X
– –
-102,700
Closed -$4.34M
X
1035
PUT
DELISTED
US Steel
X
– –
-2,300
Closed -$97.2K
XBI icon
1036
State Street SPDR S&P Biotech ETF
XBI
$10.3B
– –
-3,379
Closed -$274K
XMHQ icon
1037
Invesco S&P MidCap Quality ETF
XMHQ
$5.46B
– –
-1,400
Closed -$128K
XMHQ icon
1038
PUT
Invesco S&P MidCap Quality ETF
XMHQ
$5.46B
– –
-1,400
Closed -$128K
XOM icon
1039
ExxonMobil
XOM
$651B
– –
-19,792
Closed -$2.35M
XOM icon
1040
PUT
ExxonMobil
XOM
$651B
– –
-20,700
Closed -$2.48M
XSD icon
1041
State Street SPDR S&P Semiconductor ETF
XSD
$2.69B
– –
-100
Closed -$21.5K
XSW icon
1042
CALL
State Street SPDR S&P Software & Services ETF
XSW
$440M
– –
-2,100
Closed -$336K
XSW icon
1043
PUT
State Street SPDR S&P Software & Services ETF
XSW
$440M
– –
-1,300
Closed -$208K
YINN icon
1044
CALL
Direxion Daily FTSE China Bull 3X ETF
YINN
$782M
– –
-12,000
Closed -$498K
YINN icon
1045
Direxion Daily FTSE China Bull 3X ETF
YINN
$782M
– –
-5,860
Closed -$243K
ZH
1046
Zhihu
ZH
$282M
– –
-12,589
Closed -$53.8K
ZH
1047
PUT
Zhihu
ZH
$282M
– –
-3,500
Closed -$14.9K
USG icon
1048
CALL
USCF Gold Strategy Plus Income Fund
USG
$8.98M
– –
-17,900
Closed -$615K
RDDT icon
1049
PUT
Reddit
RDDT
$34.3B
– –
-1,000
Closed -$105K
PACS icon
1050
CALL
PACS Group
PACS
$7.44B
– –
-100
Closed -$1.12K
39 40 41
42
43

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Mariner
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BNP Paribas Asset Management
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US Bancorp
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Belvedere Trading's Q2 2025 Portfolio in Review

As of Q2 2025, Belvedere Trading held 1,068 positions worth $85.5B, down 3.6% from $88.7B the previous quarter. Its ten largest holdings account for 83% of the portfolio.

Belvedere Trading withdrew a net $16.2B in Q2 2025, closing 265 positions and reducing 200 holdings. Its most notable exit was Direxion Daily TSLA Bull 2X ETF, an estimated $3.11M position sold in full.

By sector, the portfolio is most concentrated in Technology at 0.85% of assets, up from 0.7% a quarter earlier, followed by Consumer Discretionary and Communication Services.

Against the trend, Belvedere Trading opened a new position in VanEck Semiconductor ETF worth $105M.

  • Belvedere Trading's largest Q2 2025 buy was VanEck Semiconductor ETF: 378,298 shares worth $105M.
  • Belvedere Trading added most to iShares Bitcoin Trust in Q2 2025, an estimated $84.3M increase.
  • Belvedere Trading's biggest Q2 2025 reduction was State Street SPDR S&P 500 ETF Trust, cutting an estimated $272M.
  • Belvedere Trading fully exited Direxion Daily TSLA Bull 2X ETF in Q2 2025, selling an estimated $3.11M.
  • Belvedere Trading's ten largest holdings make up 83% of its $85.5B portfolio in Q2 2025.
  • Belvedere Trading opened 391 new positions and closed 265 in Q2 2025.
  • Belvedere Trading's portfolio value fell 3.6% quarter-over-quarter to $85.5B.

Based on Belvedere Trading's 13F filing for Q2 2025, filed 1 Aug 2025.