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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
SPY icon
1
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$777B
$21.9B 25.61%
35,437,400
-11,560,600
-25% -$6.61B
SPY icon
2
CALL
State Street SPDR S&P 500 ETF Trust
SPY
$777B
$20.4B 23.85%
32,996,000
-15,630,700
-32% -$8.94B
QQQ icon
3
PUT
Invesco QQQ Trust
QQQ
$460B
$5.18B 6.06%
9,395,200
+198,700
+2% +$98.8M
NVDA icon
4
PUT
NVIDIA
NVDA
$5.06T
$4.77B 5.59%
30,220,500
-3,628,400
-11% -$457M
QQQ icon
5
CALL
Invesco QQQ Trust
QQQ
$460B
$4.31B 5.05%
7,819,400
-1,197,600
-13% -$596M
NVDA icon
6
CALL
NVIDIA
NVDA
$5.06T
$4.26B 4.99%
26,976,600
+344,200
+1% +$43.3M
TSLA icon
7
PUT
Tesla
TSLA
$1.26T
$3.87B 4.53%
12,181,000
+2,225,000
+22% +$670M
TSLA icon
8
CALL
Tesla
TSLA
$1.26T
$3.18B 3.72%
9,998,500
-998,100
-9% -$301M
META icon
9
CALL
Meta Platforms (Facebook)
META
$1.54T
$1.78B 2.08%
2,414,300
-615,700
-20% -$380M
MSTR icon
10
PUT
Strategy Inc
MSTR
$34.2B
$1.69B 1.97%
4,174,100
+788,800
+23% +$287M
IWM icon
11
PUT
iShares Russell 2000 ETF
IWM
$81.2B
$1.51B 1.77%
6,996,300
+837,200
+14% +$168M
META icon
12
PUT
Meta Platforms (Facebook)
META
$1.54T
$1.26B 1.48%
1,709,600
-419,900
-20% -$259M
MSTR icon
13
CALL
Strategy Inc
MSTR
$34.2B
$1.11B 1.3%
2,749,200
+206,600
+8% +$75.3M
IWM icon
14
CALL
iShares Russell 2000 ETF
IWM
$81.2B
$1.07B 1.25%
4,952,200
-477,600
-9% -$96.1M
GLD icon
15
CALL
SPDR Gold Trust
GLD
$130B
$911M 1.07%
2,989,500
-137,500
-4% -$41.6M
GLD icon
16
PUT
SPDR Gold Trust
GLD
$130B
$692M 0.81%
2,268,500
-794,900
-26% -$241M
SMH icon
17
PUT
VanEck Semiconductor ETF
SMH
$69.8B
$664M 0.78%
2,379,700
+873,100
+58% +$202M
AAPL icon
18
CALL
Apple
AAPL
$4.72T
$624M 0.73%
3,040,800
-568,800
-16% -$115M
AAPL icon
19
PUT
Apple
AAPL
$4.72T
$605M 0.71%
2,950,700
-756,400
-20% -$153M
AMZN icon
20
PUT
Amazon
AMZN
$2.51T
$576M 0.67%
2,626,200
+130,400
+5% +$25.8M
AMZN icon
21
CALL
Amazon
AMZN
$2.51T
$487M 0.57%
2,219,100
-196,700
-8% -$38.9M
AMD icon
22
CALL
Advanced Micro Devices
AMD
$880B
$436M 0.51%
3,073,500
+1,356,700
+79% +$148M
AMD icon
23
PUT
Advanced Micro Devices
AMD
$880B
$434M 0.51%
3,056,600
-456,400
-13% -$49.7M
SMH icon
24
CALL
VanEck Semiconductor ETF
SMH
$69.8B
$392M 0.46%
1,407,300
+238,700
+20% +$55.3M
AVGO icon
25
PUT
Broadcom
AVGO
$1.87T
$385M 0.45%
1,398,300
+352,600
+34% +$76.6M
1
2 3 4 5

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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.