# Belvedere Trading LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1632341. Source: https://holderbook.com/funds/1632341-belvedere-trading-llc/

- Reported value: $87.6B
- Positions: 462
- Weight of the ten largest: 92.9%
- Filed: 2026-07-31

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $44.0B | 0 | 50.3% | 20 |
| INVESCO QQQ TR | [QQQ](https://holderbook.com/stocks/QQQ/) | $9.7B | 0 | 11.1% | 17 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $6.7B | 1,982,242 | 7.6% | 12 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $6.6B | 109,423 | 7.5% | 23 |
| VANECK ETF TRUST | [SMH](https://holderbook.com/stocks/SMH/) | $4.3B | 0 | 4.9% | 8 |
| MICRON TECHNOLOGY INC | [MU](https://holderbook.com/stocks/MU/) | $3.0B | 130,028 | 3.4% | 3 |
| ADVANCED MICRO DEVICES INC | [AMD](https://holderbook.com/stocks/AMD/) | $2.8B | 29,315 | 3.2% | 17 |
| SANDISK CORP | [SNDK](https://holderbook.com/stocks/SNDK/) | $1.7B | 54,196 | 1.9% | 4 |
| ISHARES TR | [IWM](https://holderbook.com/stocks/IWM/) | $1.3B | 0 | 1.5% | 24 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $1.3B | 94,232 | 1.5% | 17 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $1.1B | 62,009 | 1.2% | 6 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $956.6M | 134,137 | 1.1% | 17 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $952.2M | 43,251 | 1.1% | 15 |
| SPDR GOLD TR | [GLD](https://holderbook.com/stocks/GLD/) | $611.4M | 54,830 | 0.7% | 31 |
| INTEL CORP | [INTC](https://holderbook.com/stocks/INTC/) | $454.2M | 362,460 | 0.5% | 2 |
| PALANTIR TECHNOLOGIES INC | [PLTR](https://holderbook.com/stocks/PLTR/) | $369.1M | 0 | 0.4% | 13 |
| STRATEGY INC | [MSTR](https://holderbook.com/stocks/MSTR/) | $294.0M | 346,855 | 0.3% | 17 |
| ISHARES SILVER TR | [SLV](https://holderbook.com/stocks/SLV/) | $242.4M | 0 | 0.3% | 27 |
| ISHARES BITCOIN TRUST ETF | [IBIT](https://holderbook.com/stocks/IBIT/) | $235.1M | 357,726 | 0.3% | 7 |
| SPACE EXPLORATION TECHN CORP | [SPCX](https://holderbook.com/stocks/SPCX/) | $116.3M | 0 | 0.1% | 1 |
| SUPER MICRO COMPUTER INC | [SMCI](https://holderbook.com/stocks/SMCI/) | $100.9M | 222,038 | 0.1% | 7 |
| CEREBRAS SYSTEMS INC | [CBRS](https://holderbook.com/stocks/CBRS/) | $50.4M | 0 | 0.1% | 1 |
| ISHARES TR | [IYW](https://holderbook.com/stocks/IYW/) | $45.7M | 52,411 | 0.1% | 2 |
| DIREXION SHARES ETF TRUST | [MUU](https://holderbook.com/stocks/MUU/) | $40.4M | 10,528 | 0.0% | 2 |
| ROUNDHILL ETF TRUST | - | $37.5M | 338,013 | 0.0% | 1 |
| GRANITESHARES ETF TR | [MULL](https://holderbook.com/stocks/MULL/) | $29.9M | 0 | 0.0% | 5 |
| INVESTMENT MANAGERS SER TR I | [SNXX](https://holderbook.com/stocks/SNXX/) | $28.7M | 360,328 | 0.0% | 2 |
| ISHARES TR | [MTUM](https://holderbook.com/stocks/MTUM/) | $22.7M | 3,643 | 0.0% | 9 |
| GLOBAL X FDS | [SIL](https://holderbook.com/stocks/SIL/) | $22.4M | 173,824 | 0.0% | 8 |
| GLOBAL X FDS | [URA](https://holderbook.com/stocks/URA/) | $18.0M | 221,436 | 0.0% | 4 |
| SPDR SERIES TRUST | [XSD](https://holderbook.com/stocks/XSD/) | $16.8M | 0 | 0.0% | 6 |
| ISHARES INC | [EWZ](https://holderbook.com/stocks/EWZ/) | $13.5M | 23,094 | 0.0% | 1 |
| UNITED STS OIL FD LP | [USO](https://holderbook.com/stocks/USO/) | $11.6M | 18,829 | 0.0% | 2 |
| DIREXION SHARES ETF TRUST | [AAPU](https://holderbook.com/stocks/AAPU/) | $9.4M | 37,115 | 0.0% | 4 |
| VANGUARD ADMIRAL FDS INC | [VOOG](https://holderbook.com/stocks/VOOG/) | $8.7M | 0 | 0.0% | 15 |
| CIRCLE INTERNET GROUP INC | [CRCL](https://holderbook.com/stocks/CRCL/) | $8.6M | 0 | 0.0% | 5 |
| INVESCO EXCHANGE TRADED FD T | [PSI](https://holderbook.com/stocks/PSI/) | $8.2M | 0 | 0.0% | 5 |
| SELECT SECTOR SPDR TR | [XLE](https://holderbook.com/stocks/XLE/) | $8.1M | 0 | 0.0% | 1 |
| TEMA ETF TRUST | [NASA](https://holderbook.com/stocks/NASA/) | $7.8M | 123,836 | 0.0% | 1 |
| DIREXION SHARES ETF TRUST | [SOXS](https://holderbook.com/stocks/SOXS/) | $7.2M | 2,219,988 | 0.0% | 2 |
| WESTERN DIGITAL CORP | [WDC](https://holderbook.com/stocks/WDC/) | $7.2M | 1,498 | 0.0% | 6 |
| DIREXION SHARES ETF TRUST | [SOXL](https://holderbook.com/stocks/SOXL/) | $7.2M | 26,828 | 0.0% | 2 |
| ROUNDHILL ETF TRUST | [AMDW](https://holderbook.com/stocks/AMDW/) | $7.1M | 0 | 0.0% | 1 |
| UNITED STS BRENT OIL FD LP | [BNO](https://holderbook.com/stocks/BNO/) | $6.7M | 50,148 | 0.0% | 2 |
| VANGUARD WHITEHALL FDS | [VWOB](https://holderbook.com/stocks/VWOB/) | $6.6M | 21,398 | 0.0% | 1 |
| INVESTMENT MANAGERS SER TR I | [AAOX](https://holderbook.com/stocks/AAOX/) | $6.5M | 26,528 | 0.0% | 1 |
| COINBASE GLOBAL INC | [COIN](https://holderbook.com/stocks/COIN/) | $6.4M | 3,439 | 0.0% | 15 |
| FEDEX CORP | [FDX](https://holderbook.com/stocks/FDX/) | $6.1M | 3,840 | 0.0% | 1 |
| ETF OPPORTUNITIES TRUST | - | $5.8M | 0 | 0.0% | 1 |
| ISHARES INC | [EWY](https://holderbook.com/stocks/EWY/) | $5.3M | 0 | 0.0% | 3 |
| SPDR SERIES TRUST | [XSW](https://holderbook.com/stocks/XSW/) | $5.0M | 423 | 0.0% | 4 |
| ISHARES INC | [IEMG](https://holderbook.com/stocks/IEMG/) | $4.7M | 8,837 | 0.0% | 1 |
| GRANITESHARES ETF TR | [MVLL](https://holderbook.com/stocks/MVLL/) | $4.7M | 1,485 | 0.0% | 1 |
| ISHARES TR | [IGV](https://holderbook.com/stocks/IGV/) | $4.7M | 15,014 | 0.0% | 1 |
| KRANESHARES TRUST | [AGIX](https://holderbook.com/stocks/AGIX/) | $4.7M | 93,789 | 0.0% | 1 |
| TIDAL TRUST II | [IONX](https://holderbook.com/stocks/IONX/) | $4.6M | 0 | 0.0% | 2 |
| INVESCO EXCH TRADED FD TR II | [SPMO](https://holderbook.com/stocks/SPMO/) | $4.5M | 19,547 | 0.0% | 1 |
| GLOBAL X FDS | [COPX](https://holderbook.com/stocks/COPX/) | $4.5M | 35,295 | 0.0% | 3 |
| PROSHARES TR II | - | $4.2M | 100,577 | 0.0% | 1 |
| VANGUARD WORLD FD | [VGT](https://holderbook.com/stocks/VGT/) | $4.1M | 9,208 | 0.0% | 5 |
| VANECK ETF TRUST | [REMX](https://holderbook.com/stocks/REMX/) | $3.9M | 14,034 | 0.0% | 3 |
| STATE STR SPDR DOW JONES IND | [DIA](https://holderbook.com/stocks/DIA/) | $3.8M | 2,339 | 0.0% | 1 |
| PROSHARES TR | [BITI](https://holderbook.com/stocks/BITI/) | $3.8M | 49,368 | 0.0% | 3 |
| CARVANA CO | [CVNA](https://holderbook.com/stocks/CVNA/) | $3.8M | 4,393 | 0.0% | 15 |
| ISHARES TR | [ITA](https://holderbook.com/stocks/ITA/) | $3.7M | 3,609 | 0.0% | 5 |
| ETF OPPORTUNITIES TRUST | [NVDX](https://holderbook.com/stocks/NVDX/) | $3.5M | 40,118 | 0.0% | 11 |
| AGILON HEALTH INC | [AGL](https://holderbook.com/stocks/AGL/) | $3.5M | 15,023 | 0.0% | 1 |
| GRANITESHARES ETF TR | [AMDL](https://holderbook.com/stocks/AMDL/) | $3.5M | 0 | 0.0% | 1 |
| ISHARES TR | [FXI](https://holderbook.com/stocks/FXI/) | $3.4M | 106,540 | 0.0% | 3 |
| ASTERA LABS INC | [ALAB](https://holderbook.com/stocks/ALAB/) | $3.3M | 0 | 0.0% | 1 |
| INVESCO EXCH TRADED FD TR II | [SOXQ](https://holderbook.com/stocks/SOXQ/) | $3.2M | 3,096 | 0.0% | 3 |
| VANECK ETF TRUST | [CRAK](https://holderbook.com/stocks/CRAK/) | $3.2M | 68,199 | 0.0% | 2 |
| ENTREPRENEURSHARES SERIES TR | [XOVR](https://holderbook.com/stocks/XOVR/) | $3.1M | 12,703 | 0.0% | 1 |
| ISHARES TR | [IVV](https://holderbook.com/stocks/IVV/) | $3.0M | 3,996 | 0.0% | 15 |
| NEOS ETF TRUST | [IAUI](https://holderbook.com/stocks/IAUI/) | $2.9M | 21,021 | 0.0% | 2 |
| PROSHARES TR | [ETHD](https://holderbook.com/stocks/ETHD/) | $2.9M | 10,136 | 0.0% | 3 |
| PROSHARES TR II | [UCO](https://holderbook.com/stocks/UCO/) | $2.9M | 87,430 | 0.0% | 1 |
| STRIVE INC | [ASST](https://holderbook.com/stocks/ASST/) | $2.9M | 48,607 | 0.0% | 2 |
| ISHARES TR | [TLT](https://holderbook.com/stocks/TLT/) | $2.8M | 32,667 | 0.0% | 1 |
| SPDR SERIES TRUST | [XAR](https://holderbook.com/stocks/XAR/) | $2.8M | 5,156 | 0.0% | 15 |
| COEUR MNG INC | [CDE](https://holderbook.com/stocks/CDE/) | $2.7M | 40,946 | 0.0% | 4 |
| SPROTT FDS TR | [SLVR](https://holderbook.com/stocks/SLVR/) | $2.7M | 0 | 0.0% | 5 |
| ISHARES TR | [ARTY](https://holderbook.com/stocks/ARTY/) | $2.7M | 9,054 | 0.0% | 1 |
| ETF SER SOLUTIONS | [UFOX](https://holderbook.com/stocks/UFOX/) | $2.7M | 1,687 | 0.0% | 2 |
| CAPITAL ONE FINL CORP | [COF](https://holderbook.com/stocks/COF/) | $2.7M | 1,239 | 0.0% | 5 |
| NEOS ETF TRUST | [SPYI](https://holderbook.com/stocks/SPYI/) | $2.7M | 0 | 0.0% | 1 |
| VANGUARD WORLD FD | [VOX](https://holderbook.com/stocks/VOX/) | $2.5M | 3 | 0.0% | 1 |
| TIDAL TRUST III | [AIS](https://holderbook.com/stocks/AIS/) | $2.5M | 0 | 0.0% | 1 |
| EXCHANGE TRADED CONCEPTS TRU | [NUKZ](https://holderbook.com/stocks/NUKZ/) | $2.5M | 28,569 | 0.0% | 1 |
| GRANITESHARES ETF TR | [INTW](https://holderbook.com/stocks/INTW/) | $2.4M | 0 | 0.0% | 4 |
| COREWEAVE INC | [CRWV](https://holderbook.com/stocks/CRWV/) | $2.4M | 0 | 0.0% | 5 |
| AMPLIFY COMMODITY TRUST | [BWET](https://holderbook.com/stocks/BWET/) | $2.4M | 0 | 0.0% | 2 |
| IONQ INC | [IONQ](https://holderbook.com/stocks/IONQ/) | $2.3M | 0 | 0.0% | 5 |
| INVESCO DB MULTI-SECTOR COMM | [DBB](https://holderbook.com/stocks/DBB/) | $2.2M | 92,031 | 0.0% | 2 |
| FIRST TR EXCHANGE-TRADED FD | [FTXL](https://holderbook.com/stocks/FTXL/) | $2.2M | 0 | 0.0% | 2 |
| GAMESTOP CORP | [GME](https://holderbook.com/stocks/GME/) | $2.2M | 0 | 0.0% | 18 |
| FIRST TR EXCHANGE-TRADED FD | [FBT](https://holderbook.com/stocks/FBT/) | $2.2M | 0 | 0.0% | 2 |
| CORGI ETF TR I | - | $2.1M | 55,693 | 0.0% | 1 |
| INVESTMENT MANAGERS SER TR I | [LABX](https://holderbook.com/stocks/LABX/) | $2.1M | 7,766 | 0.0% | 1 |
| TIDAL TRUST II | [CHAT](https://holderbook.com/stocks/CHAT/) | $2.1M | 19,659 | 0.0% | 1 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2021 | +7.4% | +8.0% | -0.6% | 73% |
| Q1 2020 | -18.9% | -19.9% | +1.0% | 100% |
| Q3 2019 | +2.8% | +1.3% | +1.5% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $87.6B | 462 |
| Q1 2026 | $84.4B | 339 |
| Q4 2025 | $93.1B | 384 |
| Q3 2025 | $86.9B | 410 |
| Q2 2025 | $85.5B | 384 |
| Q1 2025 | $88.7B | 337 |
| Q4 2024 | $82.8B | 393 |
| Q3 2024 | $74.5B | 328 |
| Q2 2024 | $80.6B | 316 |
| Q1 2024 | $77.3B | 319 |
| Q4 2023 | $60.3B | 395 |
| Q3 2023 | $65.5B | 315 |