DOSSIER · 13F-HR · Q3 2025

WOLVERINE TRADING, LLC

$138.7B in tracked AUM across 5,565 positions as of Q3 2025.

WT
CIK 0000927337 · last filed Sep 30, 2025
Total AUM
$138.7B
as of Q3 2025
Holdings
5,565
positions
Whale Score
61
61
tracked
Activity
no data
changes this Q
AI Analysis · Q3 2025

Wolverine Trading, the Chicago-based market-making and systematic trading house, reports an eye-catching $139B in disclosed U.S. equity holdings—an unusual profile for a proprietary trading firm. The book reflects a blend of market-making inventory (equities, ETFs) and passive index exposure embedded across listed options and derivatives overlays, suggesting the 13F captures both client-driven long-holdings and trading-account positions swept into the same filing regime.

Reading the 13F Signal

For researchers, the key discriminator in a Wolverine 13F is to filter for positions that look like intentional long-term holdings (core equities held across multiple quarters with large absolute size) versus those that likely represent inventory positioning (frequent churn, options-related underlying). Index ETF bets (SPY, QQQ, IWM) at scale are the most reliable signal of genuine asset-management allocation.

What It Means for Index Strategy

With $139B in filings, the book inevitably contains large ETF and mega-cap concentrations that look like passive institutional allocations. Read Wolverine's 13F alongside its Form 13D/G and Schedule 13G for insider classification to determine which sleeve is which.

Quarter at a glance — Q3 2025

Position-change comparison pending.

No quarter-over-quarter changes available.

Top 10 holdings

By portfolio weight as of Q3 2025.

#HoldingValueSharesWeight
01
SPY
SPDR S&P 500 ETF TR
$15.8B23.8M11.4%
02
04609E107
INVESCO QQQ TR
$12.3B20.5M8.8%
03
NVDA
NVIDIA CORPORATION
$7.1B39.2M5.1%
04
TSLA
TESLA INC
$7.0B15.8M5.0%
05
META
META PLATFORMS INC
$4.9B6.5M3.5%
06
MSFT
MICROSOFT CORP
$3.5B6.9M2.6%
07
AAPL
APPLE INC
$3.0B11.8M2.2%
08
MSTR
STRATEGY INC
$2.9B9.0M2.1%
09
GLD
SPDR GOLD TR
$2.7B7.6M1.9%
10
NFLX
NETFLIX INC
$2.5B2.0M1.8%

Filing history

2025Q3Sep 30
$138.7B 39.6%
5,565 positionsView →
2025Q2Jun 30
$99.3B 16.3%
4,512 positionsLocked
2025Q1Mar 31
$85.4B 19.7%
4,622 positionsLocked
2024Q4Dec 31
$106.4B 12.3%
5,171 positionsLocked
2024Q3Sep 30
$94.8B 0.2%
4,701 positionsLocked
2024Q2Jun 30
$95.0B 3.5%
4,371 positionsLocked
2024Q1Mar 31
$98.5B 2.9%
4,381 positionsLocked
2023Q4Dec 31
$95.7B 1.6%
4,418 positionsLocked
2023Q3Sep 30
$97.2B 18.1%
4,393 positionsLocked
2023Q2Jun 30
$82.3B 27.7%
4,163 positionsLocked
2023Q1Mar 31
$64.4B 97571.5%
4,116 positionsLocked
2022Q4Dec 31
$66M 6.0%
3,849 positionsLocked
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