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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
NVDL icon
201
CALL
GraniteShares ETF Trust GraniteShares 2x Long NVDA Daily ETF
NVDL
$3.33B
$889K ﹤0.01%
30,300
+6,900
+29% +$208K
TSLL icon
202
CALL
Direxion Daily TSLA Bull 2X ETF
TSLL
$2.45B
$887K ﹤0.01%
45,200
+44,700
+8,940% +$889K
URA icon
203
PUT
Global X Uranium ETF
URA
$5.42B
$876K ﹤0.01%
+20,500
New +$992K
GBTC icon
204
CALL
Grayscale Bitcoin Trust
GBTC
$9.45B
$875K ﹤0.01%
12,800
– –
NVDL icon
205
GraniteShares ETF Trust GraniteShares 2x Long NVDA Daily ETF
NVDL
$3.33B
$874K ﹤0.01%
29,781
+4,491
+18% +$135K
ECHO
206
PUT
EchoStar
ECHO
$24.4B
$866K ﹤0.01%
8,100
-200
-2% -$16.3K
CRWV
207
PUT
CoreWeave
CRWV
$39.2B
$859K ﹤0.01%
12,000
-3,300
-22% -$335K
VXF icon
208
CALL
Vanguard Extended Market ETF
VXF
$30.3B
$857K ﹤0.01%
4,100
-1,600
-28% -$336K
OKLL
209
Defiance Daily Target 2x Long OKLO ETF
OKLL
$121M
$853K ﹤0.01%
+50,853
New +$2.78M
KWEB icon
210
PUT
KraneShares CSI China Internet ETF
KWEB
$5.64B
$851K ﹤0.01%
25,000
– –
MSFU icon
211
CALL
Direxion Daily MSFT Bull 2X ETF
MSFU
$1.13B
$850K ﹤0.01%
+20,500
New +$975K
EWY icon
212
iShares MSCI South Korea ETF
EWY
$21.9B
$843K ﹤0.01%
+8,671
New +$793K
TEM
213
CALL
Tempus AI
TEM
$7.9B
$833K ﹤0.01%
14,100
-21,300
-60% -$1.67M
BTCW icon
214
WisdomTree Bitcoin Fund
BTCW
$136M
$831K ﹤0.01%
+8,966
New +$951K
CHAT icon
215
Roundhill Generative AI & Technology ETF
CHAT
$1.74B
$818K ﹤0.01%
13,873
-5,564
-29% -$345K
BMNU
216
CALL
T-REX 2X Long BMNR Daily Target ETF
BMNU
$233M
$815K ﹤0.01%
17,040
+17,010
+56,700% +$2.6M
SPXS icon
217
Direxion Daily S&P 500 Bear 3x ETF
SPXS
$337M
$813K ﹤0.01%
+22,915
New +$838K
PALL icon
218
PUT
abrdn Physical Palladium Shares ETF
PALL
$618M
$800K ﹤0.01%
27,500
-1,500
-5% -$40.4K
GRID
219
First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund
GRID
$11.5B
$784K ﹤0.01%
+5,123
New +$786K
TLRY icon
220
PUT
Tilray
TLRY
$618M
$770K ﹤0.01%
+102,800
New +$1.25M
ILMN icon
221
CALL
Illumina
ILMN
$31B
$764K ﹤0.01%
5,300
+700
+15% +$82.2K
BTCW icon
222
CALL
WisdomTree Bitcoin Fund
BTCW
$136M
$751K ﹤0.01%
+8,100
New +$859K
NFLX icon
223
CALL
Netflix
NFLX
$299B
$750K ﹤0.01%
8,000
-4,000
-33% -$431K
KORU icon
224
CALL
Direxion Daily MSCI South Korea Bull 3X ETF
KORU
$1.12B
$745K ﹤0.01%
82,000
-10,000
-11% -$75.5K
BTCI
225
CALL
NEOS Bitcoin High Income ETF
BTCI
$1.08B
$744K ﹤0.01%
+16,900
New +$870K
7 8
9
10 11

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Focus Partners Wealth
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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.