Wolverine Trading, LLC

CIK 927337 · latest 13F filed 14 November 2025 · Read the filing on EDGAR

Wolverine Trading, LLC reported 1,566 US-listed holdings worth $4.96 billion in its 13F for the quarter ended 30 September 2025, filed 14 November 2025. Its largest: SPDR S&P 500 (12.2%), NVIDIA Corp. (3.6%) and iShares Trust (3.2%). Against the quarter before, it opened 666 positions, added to 541, trimmed 356 and sold out of 292.

Its latest 13F is for the quarter ended 30 September 2025; it has not filed one for a later quarter.

Reported holdings$4.96B+26.0% on Q2 2025

Positions1,566+374 on Q2 2025

The largest ten32.0%of its reported holdings

Latest 13FQ3 2025filed 14 November 2025

Where the money is

OpenedAdded toTrimmed

The 14 largest of its 1,566 positions, each sized by its share of the reported holdings, coloured by the change in shares against Q2 2025.

Reported holdings, quarter by quarter

What the fund reported holding at each quarter's end; hover a bar for the number of positions

What it did on the quarter

Opened 666Added 541Held 3Trimmed 356Sold out 292

Its positions against its 13F for the quarter to 30 June 2025; a change under 0.1% of a position counts as held

Opened 666

Berkshire Hathaway Inc. Class B BRKB$114.4 million
Invesco QQQ Trust QQQ$103.8 million
Amazon.com Inc. AMZN$39.3 million
Advanced Micro Devices Inc. AMD$35.5 million
Autozone Inc. AZO$17.1 million
Coinbase Global, Inc. COIN$16.8 million
Arista Networks, Inc. ANET$15.8 million
Apple Inc. AAPL$15.2 million

and 658 more in the table below

Added to 541

Financial Select Sector SPDR ETF XLF+1.4 million shares · +472%
iShares Core S&P 500 ETF IVV+102,170 shares · +849%
Wynn Resorts Ltd. WYNN+345,275 shares · +832%
Meta Platforms, Inc. META+56,517 shares · +467%
NVIDIA Corp. NVDA+221,850 shares · +29%
Netflix Inc. NFLX+32,610 shares · +5328%
Booking Holdings Inc. BKNG+7,208 shares · +591%
Alphabet Inc. GOOG+159,269 shares · +81%

and 533 more in the table below

Trimmed 356

SPDR S&P 500 SPY-492,116 shares · -35%
SPDR Dow Jones Indl Average DIA-414,025 shares · -75%
Microsoft Corp. MSFT-175,568 shares · -52%
Tesla, Inc. TSLA-147,767 shares · -46%
iShares Trust EFA-587,458 shares · -73%
iShares Russell 2000 ETF IWM-209,264 shares · -71%
Technology Select Sector SPDR ETF XLK-172,857 shares · -80%
Citigroup Inc. C-304,547 shares · -93%

and 348 more in the table below

Sold out of 292

Select Sector SPDR Trust XLRE$24.0 million last quarter
Lockheed Martin Corp. LMT$13.4 million last quarter
Circle Internet Group Inc. CRCL$8.6 million last quarter
Uber Technologies, Inc. UBER$6.1 million last quarter
Direxion Daily Semiconductor Bull 3X Shares SOXL$5.1 million last quarter
Mongodb Inc. MDB$4.7 million last quarter
SPDR Ser Trust XME$3.6 million last quarter
Thermo Fisher Scientific Inc. TMO$3.5 million last quarter

What it holds

Company	Shares	Value	Of its book	Change in shares
SPDR S&P 500 SPY	915,710	$607.7 million	12.25%	-492,116
NVIDIA Corp. NVDA	990,500	$180.1 million	3.63%	+221,850
iShares Trust IYR	1,665,815	$161.0 million	3.24%	+338,099
Berkshire Hathaway Inc. Class B BRKB	229,185	$114.4 million	2.31%	new
Invesco QQQ Trust QQQ	173,291	$103.8 million	2.09%	new
Financial Select Sector SPDR ETF XLF	1,646,746	$89.1 million	1.80%	+1,358,618
Alphabet Inc. GOOG	356,883	$87.2 million	1.76%	+159,269
Select Sector SPDR Trust XLI	552,256	$84.5 million	1.70%	+4,927
Microsoft Corp. MSFT	160,224	$82.5 million	1.66%	-175,568
Select Sector SPDR Trust XLY	322,929	$77.7 million	1.57%	+57,581
Tesla, Inc. TSLA	173,665	$77.0 million	1.55%	-147,767
iShares Core S&P 500 ETF IVV	114,203	$76.1 million	1.53%	+102,170
Cigna Group CI	225,110	$64.5 million	1.30%	+110,465
SPDR Dow Jones Indl Average DIA	138,852	$64.3 million	1.30%	-414,025
Select Sector SPDR Trust XLU	615,640	$53.6 million	1.08%	+103,659
Wynn Resorts Ltd. WYNN	386,758	$51.2 million	1.03%	+345,275
Meta Platforms, Inc. META	68,620	$51.0 million	1.03%	+56,517
Vanguard S&P 500 VOO	82,261	$50.2 million	1.01%	+25,561
Booking Holdings Inc. BKNG	8,428	$46.0 million	0.93%	+7,208
Taiwan Semiconductor Manufacturing Company Limited TSM	164,283	$44.9 million	0.90%	+79,821
Intel Corp. INTC	1,264,241	$43.6 million	0.88%	+127,355
Netflix Inc. NFLX	33,222	$40.1 million	0.81%	+32,610
Amazon.com Inc. AMZN	176,899	$39.3 million	0.79%	new
Advanced Micro Devices Inc. AMD	219,989	$35.5 million	0.72%	new
Micron Technology Inc. MU	206,048	$33.8 million	0.68%	+166,649
CrowdStrike Holdings, Inc. CRWD	66,487	$32.5 million	0.65%	+1,490
Broadcom Inc. AVGO	92,343	$30.3 million	0.61%	+50,507
Marriott International Inc. MAR	107,389	$28.7 million	0.58%	+102,018
Costco Wholesale Corp. COST	28,162	$25.8 million	0.52%	+21,635
ASML Holding N.V. ASML	25,481	$24.5 million	0.49%	+20,996
3M Co. MMM	150,834	$23.2 million	0.47%	+144,480
Oracle Corp. ORCL	76,837	$21.7 million	0.44%	+69,156
Alibaba Group Holding Limited BABA	120,294	$21.6 million	0.44%	-25,137
AppLovin Corp. APP	29,910	$21.3 million	0.43%	-1,383
iShares Russell 2000 ETF IWM	85,000	$20.5 million	0.41%	-209,264
Take-Two Interactive Software, Inc. TTWO	78,088	$20.3 million	0.41%	+77,244
Goldman Sachs Group Inc. GS	24,786	$19.9 million	0.40%	+15,733
iShares Trust EFA	213,991	$19.9 million	0.40%	-587,458
DoorDash, Inc. DASH	69,899	$19.0 million	0.38%	+14,062
SPDR Gold Trust GLD	52,482	$18.5 million	0.37%	-68,791
Autozone Inc. AZO	4,005	$17.1 million	0.34%	new
Regeneron Pharmaceuticals, Inc. REGN	30,161	$16.9 million	0.34%	+10,583
Coinbase Global, Inc. COIN	50,401	$16.8 million	0.34%	new
Las Vegas Sands Corp. LVS	292,464	$16.2 million	0.33%	+188,101
Arista Networks, Inc. ANET	110,476	$15.8 million	0.32%	new
Apple Inc. AAPL	59,673	$15.2 million	0.31%	new
UnitedHealth Group Inc. UNH	43,079	$14.9 million	0.30%	+2,124
General Electric Co. GE	50,112	$14.7 million	0.30%	+48,516
Philip Morris International Inc. PM	90,004	$14.7 million	0.30%	+57,872
Freeport-McMoRan Inc. FCX	395,188	$14.7 million	0.30%	+255,360
Eli Lilly & Co. LLY	19,630	$14.3 million	0.29%	-20,386
Humana Inc. HUM	55,633	$14.2 million	0.29%	+14,372
Valero Energy Corp. VLO	81,902	$14.1 million	0.28%	+57,605
iShares Trust IEF	145,863	$14.1 million	0.28%	-10,304
Adobe Inc. ADBE	36,487	$13.1 million	0.26%	+566
Coreweave Inc. CRWV	106,441	$13.0 million	0.26%	+81,768
iShares Trust TLT	140,265	$12.6 million	0.25%	+98,547
JD.com, Inc. JD	351,661	$12.5 million	0.25%	+321,321
Technology Select Sector SPDR ETF XLK	42,996	$12.1 million	0.24%	-172,857
Vertiv Holdings Co. VRT	82,335	$11.8 million	0.24%	+41,572
McDonald's Corp. MCD	35,617	$10.8 million	0.22%	+6,773
Constellation Brands, Inc. STZ	78,296	$10.7 million	0.22%	+73,873
Alphabet Inc. GOOGL	43,442	$10.6 million	0.21%	+28,466
Charter Communications, Inc. CHTR	38,392	$10.6 million	0.21%	+37,829
Duolingo, Inc. DUOL	32,183	$10.6 million	0.21%	+28,914
Newmont Corp. NEM	121,066	$10.2 million	0.21%	-21,082
Vistra Corp. VST	50,973	$10.1 million	0.20%	+32,055
Accenture plc ACN	39,955	$9.9 million	0.20%	+34,918
Intuitive Surgical Inc. ISRG	22,301	$9.8 million	0.20%	+16,199
Palo Alto Networks Inc. PANW	46,739	$9.5 million	0.19%	+45,413
Super Micro Computer, Inc. SMCI	202,779	$9.4 million	0.19%	+127,356
Honeywell International Inc. HON	44,701	$9.4 million	0.19%	+37,553
Fiserv Inc. FISV	70,939	$9.3 million	0.19%	+69,508
Qualcomm Inc. QCOM	54,989	$9.1 million	0.18%	-120,690
Vaneck ETF Trust GDX	119,326	$9.0 million	0.18%	+90,403
iShares Inc. EWY	112,545	$9.0 million	0.18%	+40,313
GE Vernova Inc. GEV	14,684	$8.8 million	0.18%	-2,780
Constellation Energy Corp. CEG	25,538	$8.5 million	0.17%	new
Ormat Technologies, Inc. ORA	89,169	$8.5 million	0.17%	+75,331
Mastercard Inc. MA	14,829	$8.4 million	0.17%	-8,171
Robinhood Markets, Inc. HOOD	61,082	$8.4 million	0.17%	+13,622
iShares Trust EEM	156,317	$8.3 million	0.17%	+26,438
Ast Spacemobile Inc. ASTS	169,778	$8.3 million	0.17%	+31,538
iShares Trust HYG	102,087	$8.3 million	0.17%	new
Rigetti Computing Inc. RGTI	279,294	$8.3 million	0.17%	+4,349
Lennar Corp. LEN	64,279	$8.2 million	0.17%	+53,050
Generac Holdings Inc. GNRC	49,469	$8.2 million	0.17%	+20,132
Cheniere Energy Inc. LNG	34,543	$8.1 million	0.16%	+18,106
Vertex Pharmaceuticals Inc. VRTX	20,449	$8.1 million	0.16%	+2,854
Stride, Inc. LRN	53,638	$8.0 million	0.16%	+5,885
Select Sector SPDR Trust XLP	102,809	$8.0 million	0.16%	new
Unity Software Inc. U	186,723	$8.0 million	0.16%	+44,463
Hewlett Packard Enterprise Co. HPE	331,494	$8.0 million	0.16%	+247,062
Quantumscape Corp. QS	644,802	$8.0 million	0.16%	+385,595
D.R. Horton, Inc. DHI	46,075	$7.8 million	0.16%	+24,773
Target Corp. TGT	87,480	$7.8 million	0.16%	new
iShares Silver Trust SLV	181,094	$7.7 million	0.16%	new
Energy Transfer LP ET	445,106	$7.7 million	0.15%	+64,702
Interactive Brokers Group, Inc. IBKR	111,105	$7.6 million	0.15%	+105,363
lululemon athletica Inc. LULU	41,697	$7.5 million	0.15%	+19,841
TransMedics Group, Inc. TMDX	65,578	$7.4 million	0.15%	+21,985
ServiceNow, Inc. NOW	7,827	$7.4 million	0.15%	-7,421
Chevron Corp. CVX	47,163	$7.4 million	0.15%	+26,379
AeroVironment Inc. AVAV	23,751	$7.3 million	0.15%	new
Globalfoundries Inc. GFS	197,123	$7.3 million	0.15%	+189,665
Iris Energy Ltd IREN	158,642	$7.3 million	0.15%	+77,460
Simon Property Group Inc. SPG	38,153	$7.1 million	0.14%	+18,505
Seagate Technology Holdings plc STX	30,936	$7.1 million	0.14%	new
Abrdn Palladium ETF Trust PALL	61,261	$7.1 million	0.14%	new
iShares Trust MUB	65,791	$7.0 million	0.14%	-9,804
Spotify Technology S.A. SPOT	9,546	$7.0 million	0.14%	+7,613
Cameco Corp. CCJ	80,821	$6.8 million	0.14%	+4,274
Bloom Energy Corp. BE	87,494	$6.4 million	0.13%	new
Nike, Inc. NKE	90,298	$6.3 million	0.13%	-253,074
SPDR Ser Trust XBI	61,981	$6.2 million	0.12%	-11,862
PepsiCo Inc. PEP	42,849	$6.0 million	0.12%	+17,640
Carnival Corp. Ltd. CCL	204,261	$6.0 million	0.12%	+66,338
O'Reilly Automotive, Inc. ORLY	55,633	$6.0 million	0.12%	+32,085
Astera Labs Inc. ALAB	30,094	$6.0 million	0.12%	-47,038
Vanguard World FD EDV	86,529	$6.0 million	0.12%	+16,988
United Rentals, Inc. URI	6,273	$5.9 million	0.12%	-2,582
Western Digital Corp. WDC	49,930	$5.8 million	0.12%	new
Hilton Worldwide Holdings Inc. HLT	22,202	$5.8 million	0.12%	-2,435
Alcoa Corp. AA	171,957	$5.8 million	0.12%	new
Barrick Mining Corp B	172,256	$5.7 million	0.12%	+119,924
Centrus Energy Corp. LEU	18,058	$5.7 million	0.11%	new
iShares Gold Trust IAU	77,703	$5.6 million	0.11%	+63,147
Equinix Inc. EQIX	7,172	$5.6 million	0.11%	+2,240
ProShares Ultrapro Short QQQ SQQQ	364,532	$5.6 million	0.11%	+94,700
Salesforce, Inc. CRM	22,648	$5.6 million	0.11%	+16,098
Dexcom Inc. DXCM	83,167	$5.5 million	0.11%	+51,783
Southwest Airlines Co. LUV	167,844	$5.5 million	0.11%	+101,716
Albemarle Corp. ALB	62,156	$5.4 million	0.11%	new
Select Sector SPDR Trust XLV	39,486	$5.4 million	0.11%	+28,284
Core Scientific Inc. New CORZ	309,397	$5.4 million	0.11%	-79,603
TE Connectivity plc TEL	24,474	$5.3 million	0.11%	+22,999
United Airlines Holdings, Inc. UAL	53,803	$5.3 million	0.11%	new
Direxion SHS ETF Trust QQQE	51,943	$5.3 million	0.11%	+29,146
Walmart Inc. WMT	49,930	$5.1 million	0.10%	+31,219
Align Technology Inc. ALGN	40,258	$5.1 million	0.10%	new
Comcast Corp. CMCSA	161,471	$5.1 million	0.10%	+133,376
GameStop Corp. GME	186,791	$5.1 million	0.10%	+167,833
Rubrik Inc. RBRK	60,497	$5.0 million	0.10%	+56,362
First Solar, Inc. FSLR	22,411	$5.0 million	0.10%	+17,210
Atlassian Corporation TEAM	30,130	$5.0 million	0.10%	new
Wayfair Inc. W	55,698	$5.0 million	0.10%	-6,730
Amgen Inc. AMGN	18,090	$5.0 million	0.10%	new
Nice Ltd NICE	33,641	$4.9 million	0.10%	+5,413
Ferrari N.V. RACE	10,213	$4.9 million	0.10%	+5,654
Jones Lang Lasalle Inc. JLL	16,309	$4.9 million	0.10%	new
Alaska Air Group, Inc. ALK	96,356	$4.9 million	0.10%	new
SL Green Realty Corp. SLG	79,634	$4.8 million	0.10%	+68,288
monday.com Ltd. MNDY	23,671	$4.8 million	0.10%	+19,680
Bank of Montreal BMO	36,683	$4.8 million	0.10%	new
Global X FDS SIL	65,192	$4.6 million	0.09%	+18,035
Gilead Sciences, Inc. GILD	40,825	$4.6 million	0.09%	+32,409
the Trade Desk Inc. TTD	91,229	$4.5 million	0.09%	+42,382
ExxonMobil Holdings Corp. XOM	39,401	$4.5 million	0.09%	+34,107
Domino's Pizza, Inc. DPZ	10,297	$4.5 million	0.09%	+3,995
Microchip Technology Inc. MCHP	68,432	$4.4 million	0.09%	+41,992
NetEase, Inc. NTES	28,951	$4.4 million	0.09%	+21,263
e.l.f. Beauty, Inc. ELF	33,326	$4.4 million	0.09%	-1,024
SPDR Ser Trust KRE	68,389	$4.3 million	0.09%	+59,598
Automatic Data Processing Inc. ADP	14,833	$4.3 million	0.09%	new
Shell plc SHEL	59,427	$4.3 million	0.09%	+13,140
Prologis, Inc. PLD	37,649	$4.3 million	0.09%	+25,403
BP plc BP	122,968	$4.3 million	0.09%	new
Insulet Corp. PODD	13,704	$4.3 million	0.09%	+10,925
Bristol-Myers Squibb Co. BMY	96,318	$4.3 million	0.09%	+64,734
BlackRock, Inc. BLK	3,616	$4.3 million	0.09%	-7,984
MercadoLibre, Inc. MELI	1,697	$4.2 million	0.09%	+877
Rocket Cos Inc. RKT	209,389	$4.2 million	0.08%	+97,826
Agilent Technologies, Inc. A	34,028	$4.2 million	0.08%	+28,902
Global X FDS URA	85,832	$4.2 million	0.08%	+63,190
Quanta Services, Inc. PWR	10,207	$4.2 million	0.08%	new
PayPal Holdings, Inc. PYPL	59,772	$4.2 million	0.08%	-193,345
Verizon Communications Inc. VZ	95,886	$4.1 million	0.08%	+87,916
Moody's Corp. MCO	8,612	$4.1 million	0.08%	+6,651
Marvell Technology, Inc. MRVL	49,955	$4.1 million	0.08%	-146,400
PDD Holdings Inc. PDD	31,490	$4.1 million	0.08%	-55,599
KraneShares Trust KWEB	97,875	$4.1 million	0.08%	-19,504
Carrier Global Corp. CARR	69,214	$4.1 million	0.08%	+63,974
Okta, Inc. OKTA	43,567	$4.1 million	0.08%	-25,492
Lam Research Corp. LRCX	30,883	$4.0 million	0.08%	-52,179
iShares Trust ITA	19,622	$4.0 million	0.08%	-5,272
BWX Technologies, Inc. BWXT	22,058	$4.0 million	0.08%	+18,367
Global E Online Ltd GLBE	106,794	$4.0 million	0.08%	+26,303
Root Inc. ROOT	43,579	$4.0 million	0.08%	+23,096
Factset Research Systems Inc. FDS	13,710	$4.0 million	0.08%	new
Delta Air Lines, Inc. DAL	69,110	$4.0 million	0.08%	+26,556
Phillips 66 PSX	28,946	$4.0 million	0.08%	-3,437
Dow Inc. DOW	173,775	$4.0 million	0.08%	+121,124
KKR & Co. Inc. KKR	29,434	$4.0 million	0.08%	+26,964
Nuscale PWR Corp. SMR	103,571	$4.0 million	0.08%	+95,031
Zim Integrated Shipping Serv ZIM	288,427	$3.9 million	0.08%	+244,678
Toronto-Dominion Bank TD	48,912	$3.9 million	0.08%	-10,023
Progressive Corp. PGR	15,948	$3.9 million	0.08%	-10,250
Cisco Systems, Inc. CSCO	57,151	$3.9 million	0.08%	+43,678
Abercrombie & Fitch Co. ANF	45,446	$3.9 million	0.08%	new
RH RH	19,380	$3.8 million	0.08%	+2,184
Cipher Mining Inc. CIFR	300,902	$3.8 million	0.08%	+253,803
Crocs, Inc. CROX	45,397	$3.8 million	0.08%	+30,588
iShares Ethereum Trust ETF ETHA	117,678	$3.7 million	0.08%	+49,585
Capital One Financial Corp. COF	16,632	$3.7 million	0.07%	+9,537
Mid-America Apartment Communities, Inc. MAA	26,796	$3.7 million	0.07%	+24,628
Sprott FDS Trust URNJ	127,117	$3.7 million	0.07%	+63,851
ING Groep N.V. ING	142,280	$3.7 million	0.07%	+97,166
Fair Isaac Corp. FICO	2,403	$3.7 million	0.07%	-883
Builders Firstsource Inc. BLDR	30,410	$3.6 million	0.07%	+7,804
Genpact Ltd. G	85,612	$3.6 million	0.07%	new
Groupon Inc. GRPN	154,808	$3.6 million	0.07%	+140,642
Peabody Energy Corp. BTU	133,377	$3.6 million	0.07%	new
Samsara Inc. IOT	95,321	$3.5 million	0.07%	-50,176
Eaton Corp. plc ETN	9,660	$3.5 million	0.07%	-7,396
Sharplink Gaming Inc. SBET	205,386	$3.5 million	0.07%	new
Cyberark Software Ltd CYBR	7,227	$3.5 million	0.07%	+567
State Street Corp. STT	29,387	$3.4 million	0.07%	new
Hubspot Inc. HUBS	6,620	$3.4 million	0.07%	+2,328
Dick'S Sporting Goods, Inc. DKS	15,537	$3.4 million	0.07%	+9,063
iShares Trust MTUM	13,362	$3.4 million	0.07%	+11,532
Nektar Therapeutics NKTR	57,758	$3.4 million	0.07%	+42,686
Modine Manufacturing Co MOD	24,089	$3.4 million	0.07%	+15,333
Coupang Inc. Class A CPNG	103,400	$3.4 million	0.07%	+94,220
NextEra Energy Inc. NEE	44,209	$3.4 million	0.07%	-97,421
Norfolk Southern Corp. NSC	11,205	$3.4 million	0.07%	+6,717
Direxion Daily Technology Bull 3X Shares TECL	27,193	$3.3 million	0.07%	-411
Steel Dynamics Inc. STLD	23,817	$3.3 million	0.07%	+13,925
Ea Series Trust BOXX	28,620	$3.3 million	0.07%	+21,912
iShares Inc. EWC	64,487	$3.3 million	0.07%	+15,977
Datadog, Inc. DDOG	22,153	$3.2 million	0.06%	+15,552
Sphere Entertainment Co. SPHR	51,339	$3.2 million	0.06%	new
Axon Enterprise, Inc. AXON	4,428	$3.2 million	0.06%	new
Jabil Inc. JBL	14,741	$3.2 million	0.06%	+3,558
APA Corp. APA	129,065	$3.1 million	0.06%	+61,355
AerCap Holdings N.V. AER	25,850	$3.1 million	0.06%	+14,951
Insmed Inc. INSM	22,095	$3.1 million	0.06%	+7,007
ON Semiconductor Corp. ON	62,871	$3.1 million	0.06%	+5,589
Ionq Inc. Com IONQ	48,243	$3.1 million	0.06%	-62,188
Bitmine Immersion Tecnologie BMNR	57,932	$3.1 million	0.06%	new
Tower Semiconductor Ltd TSEM	43,657	$3.1 million	0.06%	+30,684
British American Tobacco p.l.c. BTI	58,188	$3.1 million	0.06%	new
Illumina, Inc. ILMN	33,335	$3.1 million	0.06%	+29,720
Blackstone Inc. BX	17,304	$3.0 million	0.06%	+3,413
WEC Energy Group, Inc. WEC	26,549	$3.0 million	0.06%	+23,074
CSX Corp. CSX	84,508	$3.0 million	0.06%	new
Bunge Global SA BG	36,592	$3.0 million	0.06%	+19,500
Vaneck ETF Trust SMH	9,347	$3.0 million	0.06%	-5,083
Palantir Technologies Inc. PLTR	16,861	$3.0 million	0.06%	-79,952
Occidental Petroleum Corp. OXY	62,436	$3.0 million	0.06%	-11,781
Davita Inc. DVA	22,800	$3.0 million	0.06%	+16,095
Siriusxm Holdings Inc. SIRI	131,054	$3.0 million	0.06%	+91,401
Willdan Group Inc. WLDN	30,848	$3.0 million	0.06%	new
Amrize Ltd AMRZ	61,210	$2.9 million	0.06%	new
Zoetis Inc. ZTS	20,320	$2.9 million	0.06%	-13,428
OSI Systems Inc. OSIS	12,168	$2.9 million	0.06%	+1,698
Dollar General Corp. DG	28,045	$2.9 million	0.06%	-45,263
Walt Disney Co. DIS	24,931	$2.9 million	0.06%	+15,414
Estee Lauder Companies Inc. EL	31,980	$2.9 million	0.06%	-13,320
Linde plc LIN	5,979	$2.8 million	0.06%	+5,381
Joby Aviation Inc. JOBY	177,837	$2.8 million	0.06%	+59,771
Universal Health Services Inc. UHS	14,105	$2.8 million	0.06%	-586
Landstar System Inc. LSTR	23,337	$2.8 million	0.06%	new
Teck Resources Ltd TECK	64,247	$2.8 million	0.06%	+30,241
Sweetgreen Inc. SG	351,666	$2.8 million	0.06%	+235,392
Alnylam Pharmaceuticals Inc ALNY	6,262	$2.8 million	0.06%	+5,140
Lyft, Inc. LYFT	122,006	$2.8 million	0.06%	+36,555
Airbnb, Inc. ABNB	22,749	$2.8 million	0.06%	new
GE HealthCare Technologies Inc. GEHC	38,129	$2.8 million	0.06%	+17,462
Halozyme Therapeutics, Inc. HALO	37,929	$2.8 million	0.06%	-10,101
ProShares Trust BITO	140,867	$2.8 million	0.06%	+56,612
Nova Ltd NVMI	8,904	$2.8 million	0.06%	+8,038
Baker Hughes Co. BKR	54,458	$2.8 million	0.06%	+33,167
Dover Corp. DOV	16,460	$2.7 million	0.06%	+14,570
Ambarella Inc. AMBA	32,985	$2.7 million	0.06%	-10,306
Deere & Co. DE	5,863	$2.7 million	0.05%	-6,613
Skydance Corp. PSKY	139,927	$2.7 million	0.05%	new
KLA Corp. KLAC	2,556	$2.7 million	0.05%	+2,294
Elastic N V ESTC	30,855	$2.7 million	0.05%	+10,658
McKesson Corp. MCK	3,523	$2.7 million	0.05%	-1,858
Standex International Corp. SXI	12,895	$2.7 million	0.05%	new
Simplify Exchange Traded Fun SBIL	26,704	$2.7 million	0.05%	new
Energy Fuels Inc. UUUU	160,902	$2.7 million	0.05%	+57,232
SLB Limited SLB	75,699	$2.7 million	0.05%	+23,040
Symbotic Inc. SYM	49,005	$2.6 million	0.05%	+6,997
Pan Amern Silver Corp. PAAS	67,553	$2.6 million	0.05%	+46,661
Vishay Precision Group Inc. VPG	82,365	$2.6 million	0.05%	+26,301
Duke Energy Corp. DUK	21,127	$2.6 million	0.05%	+1,503
Bridgebio Pharma Inc. BBIO	49,886	$2.6 million	0.05%	+16,564
Affirm Hldgs Inc. AFRM	33,446	$2.6 million	0.05%	new
Warrior Met Coal, Inc. HCC	40,230	$2.5 million	0.05%	+20,442
Riot Platforms Inc. RIOT	128,330	$2.5 million	0.05%	+37,440
Ftai Aviation Ltd FTAI	15,496	$2.5 million	0.05%	+12,331
Mastec Inc. MTZ	12,055	$2.5 million	0.05%	+7,002
Royal Gold Inc. RGLD	12,690	$2.5 million	0.05%	+2,887
Snap Inc. SNAP	298,973	$2.5 million	0.05%	+98,451
Life360, Inc. LIF	23,719	$2.5 million	0.05%	new
Warner Bros. Discovery, Inc. WBD	132,831	$2.5 million	0.05%	+3,501
Citigroup Inc. C	24,272	$2.5 million	0.05%	-304,547
GXO Logistics, Inc. GXO	46,962	$2.5 million	0.05%	+5,704
Ramaco Res Inc. METC	75,705	$2.5 million	0.05%	-2,452

Every US-listed position in the fund's 13F for the quarter ended 30 September 2025, by the value it reported; the largest 300 here.

Change is shares against its 13F for the quarter before; the 292 it sold out of are in the box above.

Options it reported

Company	Option	Shares under the options	Value of those shares
SPDR S&P 500 SPY	Puts	11,624,700	$7.72 billion
SPDR S&P 500 SPY	Calls	11,273,700	$7.48 billion
Invesco QQQ Trust QQQ	Calls	11,263,800	$6.74 billion
Invesco QQQ Trust QQQ	Puts	9,061,900	$5.43 billion
Tesla, Inc. TSLA	Calls	10,021,700	$4.44 billion
NVIDIA Corp. NVDA	Calls	23,921,800	$4.35 billion
Meta Platforms, Inc. META	Calls	4,335,500	$3.22 billion
NVIDIA Corp. NVDA	Puts	14,335,200	$2.61 billion
Tesla, Inc. TSLA	Puts	5,555,500	$2.46 billion
Microsoft Corp. MSFT	Calls	4,243,400	$2.18 billion
Microstrategy Inc. MSTR	Calls	5,711,200	$1.86 billion
Apple Inc. AAPL	Calls	7,265,000	$1.85 billion
SPDR Gold Trust GLD	Calls	5,212,400	$1.84 billion
Meta Platforms, Inc. META	Puts	2,124,600	$1.58 billion
Amazon.com Inc. AMZN	Calls	6,245,800	$1.39 billion
Microsoft Corp. MSFT	Puts	2,481,400	$1.28 billion
Netflix Inc. NFLX	Puts	1,041,600	$1.26 billion
Netflix Inc. NFLX	Calls	956,100	$1.15 billion
Apple Inc. AAPL	Puts	4,453,200	$1.13 billion
Palantir Technologies Inc. PLTR	Calls	6,317,900	$1.13 billion
Microstrategy Inc. MSTR	Puts	3,285,200	$1.07 billion
Alphabet Inc. GOOGL	Calls	4,235,000	$1.03 billion
Broadcom Inc. AVGO	Calls	3,143,500	$1.03 billion
SPDR Dow Jones Indl Average DIA	Puts	1,787,400	$827.6 million
UnitedHealth Group Inc. UNH	Calls	2,362,400	$815.5 million
SPDR Gold Trust GLD	Puts	2,306,100	$812.8 million
Broadcom Inc. AVGO	Puts	2,474,400	$811.4 million
Amazon.com Inc. AMZN	Puts	3,460,200	$768.8 million
Coinbase Global, Inc. COIN	Calls	2,269,200	$757.9 million
iShares Russell 2000 ETF IWM	Puts	3,135,200	$757.5 million
Oracle Corp. ORCL	Calls	2,641,900	$747.0 million
Berkshire Hathaway Inc. Class B BRKB	Calls	1,474,900	$736.3 million
Alphabet Inc. GOOG	Calls	2,949,900	$720.8 million
Goldman Sachs Group Inc. GS	Calls	892,200	$717.4 million
Palantir Technologies Inc. PLTR	Puts	3,949,100	$706.3 million
Booking Holdings Inc. BKNG	Puts	128,500	$700.9 million
Eli Lilly & Co. LLY	Puts	929,900	$675.6 million
SPDR Dow Jones Indl Average DIA	Calls	1,457,600	$674.9 million
Eli Lilly & Co. LLY	Calls	916,400	$665.8 million
Advanced Micro Devices Inc. AMD	Calls	4,109,100	$663.0 million
AppLovin Corp. APP	Calls	930,300	$662.7 million
Alibaba Group Holding Limited BABA	Calls	3,069,700	$552.2 million
Booking Holdings Inc. BKNG	Calls	98,500	$537.3 million
Goldman Sachs Group Inc. GS	Puts	661,500	$531.9 million
Costco Wholesale Corp. COST	Calls	574,900	$527.1 million
Costco Wholesale Corp. COST	Puts	574,100	$526.4 million
iShares Russell 2000 ETF IWM	Calls	2,146,000	$518.5 million
UnitedHealth Group Inc. UNH	Puts	1,485,600	$512.8 million
Vanguard S&P 500 VOO	Calls	834,200	$509.0 million
Taiwan Semiconductor Manufacturing Company Limited TSM	Calls	1,826,400	$499.0 million
Alphabet Inc. GOOGL	Puts	1,893,900	$462.2 million
CrowdStrike Holdings, Inc. CRWD	Calls	928,500	$453.5 million
Robinhood Markets, Inc. HOOD	Calls	3,107,700	$424.9 million
Boeing Co. BA	Calls	1,863,200	$404.5 million
Coinbase Global, Inc. COIN	Puts	1,203,800	$402.1 million
Oracle Corp. ORCL	Puts	1,410,600	$398.9 million
Taiwan Semiconductor Manufacturing Company Limited TSM	Puts	1,426,700	$389.8 million
iShares Bitcoin Trust ETF IBIT	Calls	5,991,600	$389.3 million
Advanced Micro Devices Inc. AMD	Puts	2,328,600	$375.7 million
JPMorgan Chase & Co. JPM	Calls	1,141,900	$360.5 million
iShares Trust TLT	Calls	3,821,900	$342.6 million
Micron Technology Inc. MU	Calls	2,025,200	$331.9 million
AppLovin Corp. APP	Puts	458,700	$326.8 million
First Solar, Inc. FSLR	Calls	1,444,800	$323.0 million
CrowdStrike Holdings, Inc. CRWD	Puts	599,700	$292.9 million
Micron Technology Inc. MU	Puts	1,785,700	$292.7 million
Alphabet Inc. GOOG	Puts	1,181,600	$288.7 million
JPMorgan Chase & Co. JPM	Puts	912,600	$288.1 million
MercadoLibre, Inc. MELI	Calls	114,600	$286.7 million
ASML Holding N.V. ASML	Puts	293,500	$282.5 million
Alibaba Group Holding Limited BABA	Puts	1,554,700	$279.7 million
ASML Holding N.V. ASML	Calls	289,700	$278.9 million
American Express Co. AXP	Calls	801,200	$274.3 million
First Solar, Inc. FSLR	Puts	1,204,700	$269.3 million
Boeing Co. BA	Puts	1,215,500	$263.9 million
ServiceNow, Inc. NOW	Calls	277,500	$261.1 million
Salesforce, Inc. CRM	Calls	1,047,100	$256.6 million
iShares Silver Trust SLV	Calls	5,937,800	$252.4 million
Walmart Inc. WMT	Calls	2,442,500	$251.8 million
iShares Trust TLT	Puts	2,723,700	$244.1 million
GE Vernova Inc. GEV	Calls	398,700	$240.2 million
DoorDash, Inc. DASH	Calls	879,400	$239.6 million
Mastercard Inc. MA	Puts	420,400	$238.8 million
Citigroup Inc. C	Calls	2,244,000	$231.5 million
Berkshire Hathaway Inc. Class B BRKB	Puts	458,300	$228.8 million
Visa Inc. V	Calls	663,600	$225.7 million
Uber Technologies, Inc. UBER	Calls	2,264,600	$225.5 million
Intuit Inc. INTU	Calls	323,400	$224.7 million
Adobe Inc. ADBE	Calls	608,200	$218.6 million
Snowflake Inc. SNOW	Calls	963,100	$216.9 million
Vaneck ETF Trust SMH	Puts	668,100	$215.6 million
Vaneck ETF Trust SMH	Calls	637,600	$205.7 million
Spotify Technology S.A. SPOT	Calls	282,200	$205.6 million
Arm Holdings plc ARM	Calls	1,457,300	$203.7 million
Royal Caribbean Cruises Ltd. RCL	Calls	620,400	$202.7 million
BlackRock, Inc. BLK	Puts	171,200	$201.3 million
Walmart Inc. WMT	Puts	1,894,900	$195.3 million
Robinhood Markets, Inc. HOOD	Puts	1,403,400	$191.9 million
MercadoLibre, Inc. MELI	Puts	72,200	$180.6 million
ServiceNow, Inc. NOW	Puts	186,500	$175.5 million

The largest 100 of 3,999 option lines.

A 13F lists calls and puts by the shares they cover and what those shares were worth at the quarter's end, not what the options cost; they are not counted in the holdings above.