Belvedere Trading LLC
Belvedere Trading LLC is a leading proprietary trading firm headquartered in Chicago, Illinois. Founded in 2002, the firm specializes in equity index and commodity derivatives trading, leveraging quantitative strategies and advanced technology. It employs approximately 300 professionals, including traders, technologists, and quantitative researchers. Belvedere serves as a market-maker and liquidity provider in options and futures markets, focusing on continuous innovation, integrity, and teamwork.
Investment Strategy
Belvedere Trading LLC utilizes proprietary quantitative and algorithmic strategies to provide liquidity and price efficiency in the equity index and commodity derivatives markets. As a proprietary trading firm, it engages in high-frequency and statistical arbitrage trading, market-making, and risk management across listed derivatives including options, futures, and ETFs. Its approach is technology-driven and emphasizes speed, data analytics, and systematic modeling to capture market opportunities while managing risk exposure.
Latest 13F Filing Activity
Belvedere Trading LLC filed their most recent 13F report on Jun 30, 2025 disclosing 195 equity positions and 504 options positions with a total 13F market value of $85B. The fund increased holdings in Microstrategy Inc., Vaneck Etf Trust, Ishares Bitcoin Trust Etf among other positions. Belvedere Trading LLC reduced exposure to SPDR S&P 500 Etf TR, Nvidia Corporation, Meta Platforms Inc. among others.
Top Holdings
Equity Positions (195)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
M MSTR | MICROSTRATEGY INC | 0.44% | $379.6M | 939,151 | $292.23 | $404.23 | +$121.1M |
N NVDA | NVIDIA CORPORATION | 0.20% | $174.9M | 1,107,341 | $69.37 | $157.99 | -$91.8M |
S SMH | VANECK ETF TRUST | 0.12% | $105.5M | 378,298 | $278.88 | $278.88 | +$105.5M |
I IBIT | ISHARES BITCOIN TRUST ETF | 0.11% | $95.7M | 1,563,391 | $60.90 | $61.21 | +$92.9M |
S SPY | SPDR S&P 500 ETF TR | 0.08% | $65.1M | 105,417 | $496.67 | $617.85 | -$260.5M |
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 | Sold | Put | $21.89B | 354,374 | $617.85 | $445.48 | -115,606 | -$4.40B |
S SPY | SPDR S&P 500 ETF TR | Sold | Call | $20.39B | 329,960 | $617.85 | $484.59 | -156,307 | -$6.81B |
Q QQQ | INVESCO QQQ TR | Bought | Put | $5.18B | 93,952 | $551.64 | $395.79 | +1,987 | +$870.3M |
N NVDA | NVIDIA CORPORATION | Sold | Put | $4.77B | 302,205 | $157.99 | $65.57 | -36,284 | +$1.11B |
Q QQQ | INVESCO QQQ TR | Sold | Call | $4.31B | 78,194 | $551.64 | $385.80 | -11,976 | +$85.2M |
Industry Allocation
Investment Team (68)
| Name | Role | Location | |
|---|---|---|---|
A Aaron Groff | Quantitative Trader | Chicago, IL , United States | |
 | Futures Trader | Chicago, IL , United States | |
 | Portfolio Manager | Chicago, IL , United States | |
 | Jr Hybrid Trader | Chicago, IL , United States | |
A Andrew Braun | Senior Trader | Bartlett, IL , United States | |
 | Quant R and D Manager | Chicago, IL , United States | |
B Brian Standerfer | ETF and Delta One Trading | New York, NY , United States | |
 | Derivatives Trader | Chicago, IL , United States | |
C Charlie Burgoon | Senior Trader ~ S and P 500 Derivatives | Chicago, IL , United States | |
C Chris Snow | Derivatives Trader | Chicago, IL , United States |