CIK: 0001632341
Total reported value
$84.4B
Reporting period: 2026-03-31 · Number of holdings: 731
Belvedere Trading LLC disclosed 731 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $84.4B and a quarterly turnover rate of 23.3%.
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Belvedere Trading LLC's disclosed holdings carry a Herfindahl concentration index of 0.233 — mathematically equivalent to about 4 equally-sized positions, well below its 731 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 8.85), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 45% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Add SPY
+13.7% $2.6B
Add ES
+23.5% $2.9B
Trim TSLA
-23.2% -$3.9B
Trim NVDA
-24.7% -$2.9B
Trim META
-33.9% -$968.6M
Trim AMD
-36.1% -$492.3M
Belvedere is aggressively rotating out of mega-cap growth and into broad market beta. The 62% combined weight in ES futures and SPY ETF against trimmed TSLA, NVDA, META, and AAPL signals a defensive gamma play: capturing full-market upside while shedding idiosyncratic tech volatility ahead of regime shifts.
Underlying bet is persistent risk-on liquidity favoring the S&P 500 index over AI-driven megacap concentration. The opposing thesis holds that if rate cuts stall or valuation compression hits, this heavy SPY/ES positioning leaves zero buffer against a systematic equity drawdown. Utilities serve as the yield anchor, absorbing capital rotation away from speculative growth but failing to power-hedge against growth-to-value flips.
As an execution-market maker, Belvedere’s 13F footprints often mirror client routing flows rather than directional conviction. The structure is exposed to inventory pinning when index options gamma flips negative, turning a long-beta book into a liquidity trap during volatility spikes.
Generated by AI based on public SEC filings. Reflects past holdings only and should not be treated as investment advice.
Showing top 200 holdings (of 731 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 51.68% | +6.60% | +13.66% | |
| 2 | QQQ | Invesco Qqq Trust Series 1 | ETF-Tech | 10.81% | -0.43% | -8.16% | |
| 3 | NVDA | Nvidia CORP | Stock-Tech | 10.32% | -2.32% | -24.69% | |
| 4 | TSLA | Tesla INC | Stock-Consumer Disc | 10.25% | -3.42% | -23.16% | |
| 5 | IWM | Ishares Russell 2000 ETF | ETF-Small Cap | 2.14% | -0.17% | -18.29% | |
| 6 | SMH | Vaneck Semiconductor ETF | ETF-Other | 2.11% | +0.10% | -9.52% | |
| 7 | META | Meta Platforms Inc-class A | Stock-Comm Services | 1.97% | -0.90% | -33.90% | |
| 8 | GLD | Spdr Gold Shares | ETF-Commodities | 1.87% | +0.22% | -1.26% | |
| 9 | AAPL | Apple INC | Stock-Tech | 1.57% | -0.44% | -28.26% | |
| 10 | AVGO | Broadcom INC | Stock-Tech | 1.19% | -0.24% | -19.93% | |
| 11 | AMD | Advanced Micro Devices | Stock-Tech | 1.15% | -0.45% | -36.08% | |
| 12 | AMZN | Amazon.com INC | Stock-Consumer Disc | 1.13% | -0.30% | -24.69% | |
| 13 | PLTR | Palantir Technologies Inc-a | Stock-Tech | 0.78% | -0.10% | -5.22% | |
| 14 | SLV | Ishares Silver Trust | ETF-Commodities | 0.65% | +0.26% | +77.65% | |
| 15 | MSTR | Strategy INC | Stock-Tech | 0.62% | -0.19% | -19.87% | |
| 16 | IBIT | Ishares Bitcoin Trust ETF | ETF-Crypto | 0.49% | +0.02% | +25.76% | |
| 17 | ES | Eversource Energy | Stock-Utilities | 0.28% | +5.12% | +23.52% | |
| 18 | SMCI | Super Micro Computer INC | Stock-Tech | 0.22% | -0.08% | -20.68% | |
| 19 | MQ | Marqeta Inc-a | Stock-Other | 0.07% | +0.02% | +63.93% | |
| 20 | RTO | Rentokil Initial Plc-sp Adr | Stock-Other | 0.06% | -0.01% | -31.45% | |
| 21 | SNDK | Sandisk CORP | Stock-Tech | 0.06% | +0.03% | +28.12% | |
| 22 | SIL | Global X Silver Miners ETF | ETF-Commodities | 0.04% | +0.01% | +40.03% | |
| 23 | SLVR | Sprott Slvr Miner & Phy Slvr | ETF-Other | 0.04% | +0.01% | +12.94% | |
| 24 | CRCL | Circle Internet Group INC | Stock-Financials | 0.02% | — | -12.93% | |
| 25 | COIN | Coinbase Global INC -class A | Stock-Financials | 0.02% | -0.01% | -9.38% | |
| 26 | SIVR | Abrdn Physical Silver Shares | ETF-Commodities | 0.01% | +0.01% | +119.05% | |
| 27 | VOOG | Vanguard S&p 500 Growth ETF | ETF-Large Cap & Growth | 0.01% | — | -25.56% | |
| 28 | ITA | Ishares U.s. Aerospace & Def | ETF-Other | 0.01% | +0.01% | +749.64% | |
| 29 | IYW | Ishares Ustechnology ETF | ETF-Tech | 0.01% | +0.01% | NEW | |
| 30 | SILJ | Amplify Junior Silver Miners | ETF-Commodities | 0.01% | — | +85.72% | |
| 31 | SLVP | Ishares Msci Global Silver A | ETF-Commodities | 0.01% | — | +17.01% | |
| 32 | REMX | Vaneck Rar Earth Nd Stg-usdi | ETF-Other | 0.01% | +0.01% | +211.03% | |
| 33 | SNXX | Tradr 2x Long Sndk Daily ETF | ETF-Other | 0.01% | +0.01% | NEW | |
| 34 | PPA | Invesco Aerospace & Defense | ETF-Other | 0.01% | +0.01% | +663.00% | |
| 35 | VUG | Vanguard Growth ETF | ETF-Other | 0.01% | — | +19.59% | |
| 36 | NVDX | T-rex 2x Lng Nvidia Dly Trgt | ETF-Other | 0.01% | — | -35.12% | |
| 37 | KORU | Direxion Dly M Sk Bull 3x-ui | ETF-Other | 0.01% | — | +105.57% | |
| 38 | SOXS | Direx Dai Semi Be 3x Etf-usd | ETF-Other | 0.01% | — | NEW | |
| 39 | SOXL | Direx Dail Semi Bu 3x Et-usd | ETF-Other | 0.01% | — | — | |
| 40 | URA | Global X Uranium ETF | ETF-Other | 0.01% | — | +127.78% | |
| 41 | PALL | Abrdn Physical Palladium Shs | ETF-Commodities | 0.01% | — | -12.95% | |
| 42 | CVNA | Carvana Co | Stock-Consumer Disc | 0.01% | -0.02% | -64.14% | |
| 43 | SQQQ | Proshares Ultrapro Short Qqq | ETF-Other | 0.01% | — | +125.18% | |
| 44 | EEM | Ishares Msci Emerging Market | ETF-Emerging Markets | 0.01% | — | — | |
| 45 | OILK | Pros K-1 Free Cr Oil Etf-usd | ETF-Other | 0.01% | — | — | |
| 46 | XSW | Ss Spdr S&p Soft & Serv ETF | ETF-Other | 0.01% | — | +529.70% | |
| 47 | THD | Ishares Msci Thailand ETF | ETF-Other | — | — | — | |
| 48 | COPX | Global X Copper Miners ETF | ETF-Other | — | — | -56.92% | |
| 49 | IONQ | Ionq INC | Stock-Tech | — | — | +635.17% | |
| 50 | VGT | Vanguard Info Tech ETF | ETF-Tech | — | — | +79.83% |
Performance for Q3 2026
+4%
Performance Last 4 Quarters
+19.1%
Based on 89% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 731 | $84.4B | 23 | |
| 2025-12-31 | 857 | $93.1B | 37 | |
| 2025-09-30 | 888 | $86.9B | 33 | |
| 2025-06-30 | 807 | $85.5B | 0 | |
| 2025-03-31 | 681 | $88.7B | 100 | |
| 2024-12-31 | 831 | $82.8B | 0 | |
| 2024-09-30 | 710 | $74.5B | 0 | |
| 2024-06-30 | 668 | $80.6B | 0 | |
| 2024-03-31 | 664 | $77.3B | 0 | |
| 2023-12-31 | 789 | $60.3B | 0 | |
| 2023-09-30 | 619 | $65.5B | 0 | |
| 2023-06-30 | 838 | $55.5B | 0 | |
| 2023-03-31 | 874 | $41.3B | 0 | |
| 2022-12-31 | 1123 | $37.0B | 0 | |
| 2022-09-30 | 259 | $3.0B | 0 | |
| 2022-06-30 | 353 | $3.1B | 0 | |
| 2022-03-31 | 444 | $3.7B | 0 | |
| 2021-12-31 | 434 | $2.2B | 0 | |
| 2021-09-30 | 475 | $3.8B | 0 | |
| 2021-06-30 | 335 | $1.3B | 100 | |
| 2021-03-31 | 252 | $1.2B | 100 | |
| 2020-12-31 | 189 | $2.6B | 96 | |
| 2020-09-30 | 43 | $1.1B | 100 | |
| 2020-06-30 | 11 | $3.8B | 100 | |
| 2020-03-31 | 10 | $7.5B | 78 | |
| 2019-12-31 | 12 | $4.0B | 80 | |
| 2019-09-30 | 10 | $8.4B | 100 | |
| 2019-06-30 | 12 | $2.0B | 100 | |
| 2019-03-31 | 9 | $349.0M | 100 | |
| 2018-12-31 | 7 | $4.0B | 100 | |
| 2017-03-31 | 50 | $223.5M | 100 | |
| 2016-12-31 | 9 | $403.5M | 100 | |
| 2016-09-30 | 7 | $71.6M | 100 | |
| 2016-06-30 | 11 | $306.9M | 100 | |
| 2016-03-31 | 14 | $3.2B | 100 | |
| 2015-12-31 | 14 | $1.7B | 100 | |
| 2015-09-30 | 13 | $481.5M | 100 | |
| 2015-06-30 | 7 | $3.0B | 100 | |
| 2015-03-31 | 11 | $563.4M | 100 | |
| 2014-12-31 | 441 | $13.0B | — |
Belvedere Trading LLC's most significant position changes for 2026-03-31: Sold out: Southern Co/the (SO); Sold out: Direxion Dly Ftse Ch Bl3x-ui (YINN); Sold out: Novartis Ag-sponsored Adr (NVS); Sold out: Proshares Ultra Silver (AGQ); Sold out: 2x Bitcoin Strategy ETF (BITX).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | SPY | Ss Spdr S&p 500 ETF Trust-us | +6.6% | +13.66% | Add |
| 2 | ES | Eversource Energy | +5.1% | +23.52% | Add |
| 3 | SLV | Ishares Silver Trust | +0.3% | +77.65% | Add |
| 4 | GLD | Spdr Gold Shares | +0.2% | -1.26% | Trim |
| 5 | SMH | Vaneck Semiconductor ETF | +0.1% | -9.52% | Trim |
| 6 | SNDK | Sandisk CORP | 0% | +28.12% | Add |
| 7 | MQ | Marqeta Inc-a | 0% | +63.93% | Add |
| 8 | IBIT | Ishares Bitcoin Trust ETF | 0% | +25.76% | Add |
| 9 | SIL | Global X Silver Miners ETF | 0% | +40.03% | Add |
| 10 | ITA | Ishares U.s. Aerospace & Def | 0% | +749.64% | Add |
| 11 | SIVR | Abrdn Physical Silver Shares | 0% | +119.05% | Add |
| 12 | REMX | Vaneck Rar Earth Nd Stg-usdi | 0% | +211.03% | Add |
| 13 | PPA | Invesco Aerospace & Defense | 0% | +663.00% | Add |
| 14 | SLVR | Sprott Slvr Miner & Phy Slvr | 0% | +12.94% | Add |
| 15 | NVDX | T-rex 2x Lng Nvidia Dly Trgt | — | -35.12% | Trim |
| 16 | RTO | Rentokil Initial Plc-sp Adr | 0% | -31.45% | Trim |
| 17 | KWEB | Kranesh Csi China Internet | 0% | -90.74% | Trim |
| 18 | NLR | Vaneck Urani & Nuclr Etf-usd | 0% | -75.83% | Trim |
| 19 | GDXJ | Vaneck Junior Gold Miners | 0% | -95.02% | Trim |
| 20 | AVL | Direx Dai Av Bull 2x Etf-usd | 0% | -87.20% | Trim |
| 21 | ASTX | Tradr 2x Long Asts Daily ETF | 0% | -65.26% | Trim |
| 22 | COIN | Coinbase Global INC -class A | 0% | -9.38% | Trim |
| 23 | PPLT | Abrdn Physical Platinum Shrs | 0% | -86.37% | Trim |
| 24 | CWEB | Dirxn Dly Csi Cii B2x Etf-ui | 0% | -92.05% | Trim |
| 25 | BABA | Alibaba Group Holding-sp Adr | 0% | -83.95% | Trim |
| 26 | SBIT | Proshares Ultrashort Bitcoin | 0% | -95.79% | Trim |
| 27 | CVNA | Carvana Co | 0% | -64.14% | Trim |
| 28 | WDC | Western Digital CORP | 0% | -96.93% | Trim |
| 29 | SMCI | Super Micro Computer INC | -0.1% | -20.68% | Trim |
| 30 | PLTR | Palantir Technologies Inc-a | -0.1% | -5.22% | Trim |
| 31 | IWM | Ishares Russell 2000 ETF | -0.2% | -18.29% | Trim |
| 32 | MSTR | Strategy INC | -0.2% | -19.87% | Trim |
| 33 | AVGO | Broadcom INC | -0.2% | -19.93% | Trim |
| 34 | AMZN | Amazon.com INC | -0.3% | -24.69% | Trim |
| 35 | QQQ | Invesco Qqq Trust Series 1 | -0.4% | -8.16% | Trim |
| 36 | AAPL | Apple INC | -0.4% | -28.26% | Trim |
| 37 | AMD | Advanced Micro Devices | -0.5% | -36.08% | Trim |
| 38 | META | Meta Platforms Inc-class A | -0.9% | -33.90% | Trim |
| 39 | NVDA | Nvidia CORP | -2.3% | -24.69% | Trim |
| 40 | TSLA | Tesla INC | -3.4% | -23.16% | Trim |
| 41 | SO | Southern Co/the | — | EXIT | Sold out |
| 42 | YINN | Direxion Dly Ftse Ch Bl3x-ui | — | EXIT | Sold out |
| 43 | NVS | Novartis Ag-sponsored Adr | — | EXIT | Sold out |
| 44 | AGQ | Proshares Ultra Silver | — | EXIT | Sold out |
| 45 | BITX | 2x Bitcoin Strategy ETF | — | EXIT | Sold out |
| 46 | IYW | Ishares Ustechnology ETF | — | NEW | New buy |
| 47 | FNGG | Direxion Daily Nyse Fang+ Bu | — | EXIT | Sold out |
| 48 | SNXX | Tradr 2x Long Sndk Daily ETF | — | NEW | New buy |
| 49 | UBER | Uber Technologies INC | — | EXIT | Sold out |
| 50 | SOXS | Direx Dai Semi Be 3x Etf-usd | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-12 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-10 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-10-27 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-01 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-09 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-01-31 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-01 | Amendment | View on EDGAR |
| 2024-09-30 | 2024-10-30 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-11-01 | Amendment | View on EDGAR |
| 2024-06-30 | 2024-08-09 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-09 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-13 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-10-27 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-08 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-15 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-15 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-10-26 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-07-21 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-04-20 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-01-25 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-10-19 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-07-23 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-04-27 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-10 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-02 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-07-08 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-04-08 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-01-08 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-10-15 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-08 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-23 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-13 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-25 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-14 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-10 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-10 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-03 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-10 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-10-22 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-13 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-14 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-11 | 13F-HR | View on EDGAR |
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