Belvedere Trading LLC

Belvedere Trading LLC disclosed $84.4B in 13F holdings across 731 positions as of Q1 2026, with a structure that departs sharply from the single-name model: SPY (S&P 500 ETF) at $34.1B (40.4% of book), E-mini S&P 500 futures equivalent (ES) at $18.7B (22.1%), and QQQ at $7.1B (8.4%) together account for more than 70% of the reported portfolio. Within that ETF scaffolding, Belvedere's active moves this quarter are directionally consistent: new positions in silver (SIVR), defense aerospace (ITA), technology infrastructure (IYW), and gold miners (SILJ), paired with exits from Southern Company (SO), Western Digital (WDC), platinum (PPLT), and Alibaba (BABA). The additions reflect a bias toward commodity-sensitive and defense-exposure names that benefit from fiscal-deficit and geopolitical-risk scenarios; the exits trim traditional utilities, data storage, and China-exposed internet. With Technology still the largest non-ETF sector at $10.2B, the manager's underlying conviction is intact — this is an ETF platform layering tactical tilts on top of a core market exposure.