Belvedere Trading LLC

Top Holdings10 positions

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Activity:AllNewIncreasedDecreasedExitedUnchangedFirst report

Stock	Shares	Value	Weight	Price Trend	Avg Buy	Est. P&L	Held	Conviction
??STATE STREET SPDR S&P 500 ETF PUT	25.9M	$6.7B	89.4%	—	—	—	—	Increased —
??STATE STREET SPDR S&P 500 ETF CALL Delisted	1.8M	$453.8M	6.1%	—	—	—	—	New —
SPY Unit SPDR S&P 500 ETF TR	431,217	$111.1M	1.5%	—	$292.65	-19.45%	2 qtrssince 2019-Q4	Decreased 0
??SPDR GOLD TR PUT Delisted	688,300	$101.9M	1.4%	—	—	—	—	Decreased —
??ISHARES TR CALL Delisted	463,800	$53.1M	0.7%	—	—	—	—	Increased —
SLV ETF ISHARES SILVER TRUST	2.9M	$38.3M	0.5%	—	$14.88	-11.56%	2 qtrssince 2019-Q4	Increased 69
GLD ETF SPDR GOLD TR	101,763	$15.1M	0.2%	—	$142.19	+7.55%	4 qtrssince 2019-Q2	Increased 55
??ISHARES TR PUT Delisted	108,100	$12.4M	0.2%	—	—	—	—	Decreased —
??CME GROUP INC PUT	20,500	$3.5M	0.0%	—	—	—	—	Decreased —
CME CME GROUP INC	20,116	$3.5M	0.0%	—	$139.95	+100.47%	1 qtr	New 40

$7.5B

AUM

10

Positions

Q1 2020

Filing

HI score · 1.0/5

Quarterly 13F Value Change

FilingEquity

Not enough history yet

Activity profile

$ moved · Q1'20

New10%Increased78%Decreased9%Exited2%

Composition

Equity vs derivatives

Equity2%Puts91%Calls7%

Holding period

Avg 3.7 quarters

<1Q10%1-4Q30%1-2Y60%2Y+0%

Belvedere Trading LLC manages $7.5B across 10 positions as of Q1 2020. Top holdings: STATE STREET SPDR S&P 500 ETF puts (89.4%), STATE STREET SPDR S&P 500 ETF calls (6.1%), SPY (1.5%). Fund DNA: Diversified Scout. HoldingsIntel Score: 1/5.0.

Position Outcomes

Best and worst performing positions by estimated return

Top Winners

CME1Q held

CME Group Inc.

Avg $139.95 · $2.8M est. P&L

—

Est. P&L

+100.47%

GLD4Q held

SPDR GOLD SHARES

Avg $142.19 · $1.1M est. P&L

—

Est. P&L

+7.55%

Top Losers

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Cost basis estimates based on full filing history using quarter-end prices. Actual transaction prices are not disclosed in 13F filings.