Belvedere Trading LLC

Top Holdings12 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	10M	$3.2B	80.4%	—	—	—	—	Decreased —
??SPDR GOLD TR PUT Delisted	2.2M	$318.8M	8.0%	—	—	—	—	Decreased —
SPY Unit STATE STR SPDR S&P 500 ETF T	707,370	$227.7M	5.7%	—	$292.65	0.00%	1 qtr	New 98
??ISHARES TR PUT Delisted	477,700	$79.1M	2.0%	—	—	—	—	Decreased —
??ISHARES SILVER TR PUT	4.1M	$68.5M	1.7%	—	—	—	—	Decreased —
QQQ Unit INVESCO QQQ TR	114,836	$24.4M	0.6%	—	$191.39	+6.99%	3 qtrssince 2019-Q2	Increased 66
SLV ETF ISHARES SILVER TR	1.4M	$23.5M	0.6%	—	$16.74	0.00%	1 qtr	New 59
IWM ETF ISHARES TR	93,730	$15.5M	0.4%	—	$152.57	0.00%	1 qtr	New 50
??ISHARES TR CALL Delisted	73,000	$12.1M	0.3%	—	—	—	—	New —
GLD ETF SPDR GOLD TR	55,370	$7.9M	0.2%	—	$133.20	+7.08%	3 qtrssince 2019-Q2	Decreased 0
??CME GROUP INC PUT	32,300	$6.5M	0.2%	—	—	—	—	Decreased —
BCSFLDelisted BARCLAYS BANK PLC	25,711	$388,750	0.0%	—	—	—	1 qtr	New 36

$4B

AUM

12

Positions

Q4 2019

Filing

HI score · 1.0/5

Quarterly 13F Value Change

FilingEquity

Not enough history yet

Activity profile

$ moved · Q4'19

New6%Increased0%Decreased91%Exited3%

Composition

Equity vs derivatives

Equity7%Puts92%Calls0%

Holding period

Avg 3.0 quarters

<1Q8%1-4Q42%1-2Y50%2Y+0%

Belvedere Trading LLC manages $4B across 12 positions as of Q4 2019. Top holdings: STATE STREET SPDR S&P 500 ETF puts (80.4%), SPDR GOLD TR puts (8.0%), SPY (5.7%). Fund DNA: Diversified Scout. HoldingsIntel Score: 1/5.0.

Position Outcomes

Best and worst performing positions by estimated return

Top Winners

GLD3Q held

SPDR GOLD TR

Avg $133.20 · $522,139 est. P&L

—

Est. P&L

+7.08%

QQQ3Q held

INVESCO QQQ TR

Avg $191.39 · $1.5M est. P&L

—

Est. P&L

+6.99%

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