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Wolverine Trading, LLC
Wolverine Trading, LLC is a Chicago-based proprietary trading and broker-dealer firm founded in 1994. The firm is known for its expertise in market making, options, and valuation arbitrage, operating in global financial markets. It employs a diverse staff of finance professionals, technologists, and quantitative researchers, and primarily serves institutional clients, exchanges, and liquidity seekers.
Investment Strategy
Wolverine Trading, LLC deploys quantitative and proprietary trading strategies focused on market making and valuation arbitrage opportunities across global markets. The firm's philosophy emphasizes innovation, technology-driven trading, and risk management, seeking to efficiently price and hedge securities—including derivatives and options—while leveraging advanced analytics and automation.
Latest 13F Filing Activity
Wolverine Trading, LLC filed their most recent 13F report on Jun 30, 2025 disclosing 1,166 equity positions and 3,284 options positions with a total 13F market value of $99B. The fund increased holdings in SPDR S&P 500 Etf TR, SPDR Dow Jones Indl Average, Microsoft Corp. among other positions. Wolverine Trading, LLC reduced exposure to Invesco QQQ TR, Ishares TR, Asml Holding N V among others.
Top Holdings
Equity Positions (1,166)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
S SPY | SPDR S&P 500 ETF TR | 0.87% | $865.7M | 1,407,826 | $587.74 | $617.85 | +$689.8M |
D DIA | SPDR DOW JONES INDL AVERAGE | 0.24% | $242.2M | 552,877 | $422.91 | $440.65 | +$137.6M |
M MSFT | MICROSOFT CORP | 0.17% | $166.5M | 335,792 | $469.73 | $497.41 | +$137.6M |
I IYR | ISHARES TR | 0.13% | $125.0M | 1,327,716 | $89.50 | $94.77 | +$23.2M |
N NVDA | NVIDIA CORPORATION | 0.12% | $121.3M | 768,650 | $65.89 | $157.99 | +$53.8M |
Options Positions (10)
| Ticker | Security | Action | Type | Notional Value | Contracts | Underlying Price | Premium Paid | Change (Contracts) | Change (Value) |
|---|---|---|---|---|---|---|---|---|---|
S SPY | SPDR S&P 500 ETF TR | Bought | Put | $9.11B | 148,154 | $617.85 | $469.26 | +21,344 | +$2.06B |
S SPY | SPDR S&P 500 ETF TR | Bought | Call | $5.35B | 87,026 | $617.85 | $475.72 | +20,586 | +$1.66B |
N NVDA | NVIDIA CORPORATION | Sold | Call | $3.88B | 245,748 | $157.99 | $40.71 | -23,654 | +$922.1M |
M META | META PLATFORMS INC | Sold | Call | $3.34B | 45,571 | $738.09 | $296.40 | -516 | +$685.2M |
T TSLA | TESLA INC | Sold | Call | $3.29B | 101,665 | $317.66 | $216.31 | -641 | +$593.9M |
Industry Allocation
Investment Team (57)
| Name | Role | Location | |
|---|---|---|---|
 | Principal | Chicago, IL , United States | |
A Alison Slone | Principal and Senior Trader | New York, NY , United States | |
 | Quantitative Researcher | Chicago, IL , United States | |
 | Quantitative Trader | Chicago, IL , United States | |
D Dmitriy Treyger | Trader | Chicago, IL , United States | |
E Emily Zweifel | Senior Trader | Chicago, IL , United States | |
 | Trader | Darien, CT , United States | |
 | Principal | Chicago, IL , United States | |
F Frank Huebbers | Partner | Chicago, IL , United States | |
J Jake Bricker | Principal | Chicago, IL , United States |
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