WOLVERINE TRADING, LLC

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.