Wolverine Trading, LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Wolverine Trading, LLC reported 1,566 stock positions worth $5.0 billion. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 12.2% of the portfolio, followed by Nvidia (NVDA, 3.6%) and iShares US Real Estate ETF (IYR, 3.2%). Compared with Q2 2025, it opened 665 new positions, sold out of 291, added to 542 and reduced 357. The biggest buy was a new position in Berkshire Hathaway Class B (BRK.B) and the biggest sale SS SPDR S&P 500 ETF Trust-US (SPY, shares −35%).

Most Recent 13F
Q3 2025
Location
CHICAGO, IL
CIK
0000927337
Portfolio Value
$5.0B (Q3 2025)
SEC Filing
0000927337-25-000026 ↗ filed Nov 14, 2025

Holdings Value

0$2.0B$4.0B$6.0B$8.0B$10.0B Q1 2024: $9.8B Q1 2024 Q2 2024: $6.1B Q2 2024 Q3 2024: $3.8B Q3 2024 Q4 2024: $4.4B Q4 2024 Q1 2025: $3.2B Q1 2025 Q2 2025: $3.9B Q2 2025 Q3 2025: $5.0B $5.0B Q3 2025

Holdings 1,566 stocks · $5.0B

SPY SS SPDR S&P 500 ETF Trust-US 12.25% 915,710 $607.7M Reduce -35.0%
NVDA Nvidia Corp. 3.63% 990,500 $180.1M Add +28.9%
IYR iShares US Real Estate ETF 3.24% 1,665,815 $161.0M Add +25.5%
BRK.B Berkshire Hathaway Inc. Class B 2.31% 229,185 $114.4M New
QQQ Invesco QQQ Trust Series 1 2.09% 173,291 $103.8M New
XLF SS Financial Select Sector 1.80% 1,646,746 $89.1M Add +471.5%
GOOG Alphabet Inc. Class C 1.76% 356,883 $87.2M Add +80.6%
XLI SS Industrial Select Sector 1.70% 552,256 $84.5M Add +0.9%
MSFT Microsoft Corp. 1.66% 160,224 $82.5M Reduce -52.3%
XLY SS Consumer Disc Select Sect 1.57% 322,929 $77.7M Add +21.7%
TSLA Tesla Inc. 1.55% 173,665 $77.0M Reduce -46.0%
IVV iShares Core S&P 500 ETF 1.53% 114,203 $76.1M Add +849.1%
CI The Cigna Group 1.30% 225,110 $64.5M Add +96.3%
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 1.30% 138,852 $64.3M Reduce -74.9%
XLU St Sr Utl SL SE SPDR ETF-Usd 1.08% 615,640 $53.6M Add +20.3%
WYNN WYNN Resorts Ltd. 1.03% 386,758 $51.2M Add +832.3%
META Meta Platforms Inc. Class A 1.03% 68,620 $51.0M Add +467.0%
VOO Vanguard S&P 500 ETF 1.01% 82,261 $50.2M Add +45.1%
BKNG Booking Holdings Inc. 0.93% 8,428 $46.0M Add +590.8%
TSM Taiwan Semiconductor-SP ADR 0.90% 164,283 $44.9M Add +94.5%
INTC Intel Corp. 0.88% 1,264,241 $43.6M Add +11.2%
NFLX Netflix Inc. 0.81% 33,222 $40.1M Add +5328.4%
AMZN Amazon.com Inc. 0.79% 176,899 $39.3M New
AMD Advanced Micro Devices 0.72% 219,989 $35.5M New
MU Micron Technology Inc. 0.68% 206,048 $33.8M Add +423.0%
CRWD CrowdStrike Holdings Inc. Class A 0.65% 66,487 $32.5M Add +2.3%
AVGO Broadcom Inc. 0.61% 92,343 $30.3M Add +120.7%
MAR Marriott International Class A 0.58% 107,389 $28.7M Add +1899.4%
COST Costco Wholesale Corp. 0.52% 28,162 $25.8M Add +331.5%
ASML ASML Holding NV-NY Reg SHS 0.49% 25,481 $24.5M Add +468.1%
MMM 3M Co. 0.47% 150,834 $23.2M Add +2273.8%
ORCL Oracle Corp. 0.44% 76,837 $21.7M Add +900.4%
BABA Alibaba Group Holding-SP ADR 0.44% 120,294 $21.6M Reduce -17.3%
APP AppLovin Corp. Class A 0.43% 29,910 $21.3M Reduce -4.4%
IWM iShares Russell 2000 ETF 0.41% 85,000 $20.5M Reduce -71.1%
TTWO Take-Two Interactive Softwre 0.41% 78,088 $20.3M Add +9152.1%
GS Goldman Sachs Group Inc. 0.40% 24,786 $19.9M Add +173.8%
EFA iShares MSCI Eafe ETF 0.40% 213,991 $19.9M Reduce -73.3%
DASH DoorDash Inc. Class A 0.38% 69,899 $19.0M Add +25.2%
GLD SPDR Gold Shares 0.37% 52,482 $18.5M Reduce -56.7%
AZO AutoZone Inc. 0.34% 4,005 $17.1M New
REGN Regeneron Pharmaceuticals 0.34% 30,161 $16.9M Add +54.1%
COIN Coinbase Global Inc. Class A 0.34% 50,401 $16.8M New
LVS Las Vegas Sands Corp. 0.33% 292,464 $16.2M Add +180.2%
ANET Arista Networks Inc. 0.32% 110,476 $15.8M New
AAPL Apple Inc. 0.31% 59,673 $15.2M New
UNH Unitedhealth Group Inc. 0.30% 43,079 $14.9M Add +5.2%
GE General Electric filed as GE AEROSPACE 0.30% 50,112 $14.7M Add +3039.8%
PM Philip Morris International 0.30% 90,004 $14.7M Add +180.1%
FCX Freeport-McMoran Inc. 0.30% 395,188 $14.7M Add +182.6%
LLY Eli Lilly & Co. 0.29% 19,630 $14.3M Reduce -50.9%
HUM Humana Inc. 0.29% 55,633 $14.2M Add +34.8%
VLO Valero Energy Corp. 0.28% 81,902 $14.1M Add +237.1%
IEF iShares 7-10 Year Treasury B 0.28% 145,863 $14.1M Reduce -6.6%
ADBE Adobe Inc. 0.26% 36,487 $13.1M Add +1.6%
CRWV Coreweave Inc. Class A 0.26% 106,441 $13.0M Add +331.4%
TLT iShares 20+ Year Treasury BD 0.25% 140,265 $12.6M Add +236.2%
JD Jd.com Inc.-ADR 0.25% 351,661 $12.5M Add +1059.1%
XLK SS Technology Select Sector 0.24% 42,996 $12.1M Reduce -80.1%
VRT Vertiv Holdings Co. Class A 0.24% 82,335 $11.8M Add +102.0%
MCD McDonald's Corp. 0.22% 35,617 $10.8M Add +23.5%
STZ Constellation Brands Inc. Class A 0.22% 78,296 $10.7M Add +1670.2%
GOOGL Alphabet Inc. Class A 0.21% 43,442 $10.6M Add +190.1%
CHTR Charter Communications Inc. Class A 0.21% 38,392 $10.6M Add +6719.2%
DUOL Duolingo 0.21% 32,183 $10.6M Add +884.5%
NEM Newmont Corp. 0.21% 121,066 $10.2M Reduce -14.8%
VST Vistra Corp. 0.20% 50,973 $10.1M Add +169.4%
ACN Accenture PLC Class A 0.20% 39,955 $9.9M Add +693.2%
ISRG Intuitive Surgical Inc. 0.20% 22,301 $9.8M Add +265.5%
PANW Palo Alto Networks Inc. 0.19% 46,739 $9.5M Add +3424.8%
SMCI Super Micro Computer Inc. 0.19% 202,779 $9.4M Add +168.9%
HON Honeywell International Inc. 0.19% 44,701 $9.4M Add +525.4%
FISV Fiserv Inc. 0.19% 70,939 $9.3M Add +4857.3%
QCOM Qualcomm Inc. 0.18% 54,989 $9.1M Reduce -68.7%
GDX Vaneck Gold Miners ETF 0.18% 119,326 $9.0M Add +312.6%
EWY iShares MSCI South Korea ETF 0.18% 112,545 $9.0M Add +55.8%
GEV GE Vernova Inc. 0.18% 14,684 $8.8M Reduce -15.9%
CEG Constellation Energy 0.17% 25,538 $8.5M New
ORA Ormat Technologies Inc. 0.17% 89,169 $8.5M Add +544.4%
MA Mastercard Inc. Class A 0.17% 14,829 $8.4M Reduce -35.5%
HOOD Robinhood Markets Inc. Class A 0.17% 61,082 $8.4M Add +28.7%
EEM iShares MSCI Emerging Market 0.17% 156,317 $8.3M Add +20.4%
ASTS Ast Spacemobile Inc. 0.17% 169,778 $8.3M Add +22.8%
HYG Ishr Ibx Usd Hiyld CB ETF-Ui 0.17% 102,087 $8.3M New
RGTI Rigetti Computing Inc. 0.17% 279,294 $8.3M Add +1.6%
LEN Lennar Corp. Class A 0.17% 64,279 $8.2M Add +472.4%
GNRC Generac Holdings Inc. 0.17% 49,469 $8.2M Add +68.6%
LNG Cheniere Energy Inc. 0.16% 34,543 $8.1M Add +110.2%
VRTX Vertex Pharmaceuticals Inc. 0.16% 20,449 $8.1M Add +16.2%
LRN Stride Inc. 0.16% 53,638 $8.0M Add +12.3%
XLP SS Consumer Staples Sel Sect 0.16% 102,809 $8.0M New
U Unity Software Inc. 0.16% 186,723 $8.0M Add +31.3%
HPE Hewlett Packard Enterprise 0.16% 331,494 $8.0M Add +292.6%
QS Quantumscape Corp. 0.16% 644,802 $8.0M Add +148.8%
DHI D.R. Horton Inc. 0.16% 46,075 $7.8M Add +116.3%
TGT Target Corp. 0.16% 87,480 $7.8M New
SLV iShares Silver Trust 0.16% 181,094 $7.7M New
ET Energy Transfer LP 0.15% 445,106 $7.7M Add +17.0%
IBKR Interactive Brokers Gro Class A 0.15% 111,105 $7.6M Add +1835.0%
LULU Lululemon Athletica Inc. 0.15% 41,697 $7.5M Add +90.8%

Show all 1,566 holdings

Options reported separately and not counted above: SPY puts ($7.7B), SPY calls ($7.5B), QQQ calls ($6.7B), QQQ puts ($5.4B), TSLA calls ($4.4B), NVDA calls ($4.4B), META calls ($3.2B), NVDA puts ($2.6B), TSLA puts ($2.5B), MSFT calls ($2.2B), MSTR calls ($1.9B), AAPL calls ($1.8B), and 3987 more.

Portfolio Sells Q2 2025 → Q3 2025

SPY SS SPDR S&P 500 ETF Trust-US Reduce -35.0% 12.25% −9.73
DIA SS SPDR Dow Jones Indus Avg Reduce -74.9% 1.30% −4.85
MSFT Microsoft Corp. Reduce -52.3% 1.66% −2.57
EFA iShares MSCI Eafe ETF Reduce -73.3% 0.40% −1.42
IWM iShares Russell 2000 ETF Reduce -71.1% 0.41% −1.20
XLK SS Technology Select Sector Reduce -80.1% 0.24% −1.13
TSLA Tesla Inc. Reduce -46.0% 1.55% −1.09
MSTR Strategy Inc. Reduce -97.7% 0.01% −0.80
C Citigroup Inc. Reduce -92.6% 0.05% −0.65
XLRE SS Real Estate Select Sector Sold out 0.00% −0.61
GLD SPDR Gold Shares Reduce -56.7% 0.37% −0.55
QCOM Qualcomm Inc. Reduce -68.7% 0.18% −0.52
NKE Nike Inc. Class B Reduce -73.7% 0.13% −0.50
LLY Eli Lilly & Co. Reduce -50.9% 0.29% −0.50
PYPL PayPal Holdings Inc. Reduce -76.4% 0.08% −0.39
ZS Zscaler Inc. Reduce -94.9% 0.01% −0.36
LMT Lockheed Martin Corp. Sold out 0.00% −0.34
SCHW Schwab (charles) Corp. Reduce -96.7% 0.01% −0.31
MRVL Marvell Technology Inc. Reduce -74.6% 0.08% −0.30
CAT Caterpillar Inc. Reduce -98.2% 0.01% −0.30
PLTR Palantir Technologies Inc. Class A Reduce -82.6% 0.06% −0.26
NOW ServiceNow Inc. Reduce -48.7% 0.15% −0.25
BLK BlackRock Inc. Reduce -68.8% 0.09% −0.22
CRCL Circle Internet Group Inc. Sold out 0.00% −0.22
MRK Merck & Co. Inc. Reduce -82.8% 0.03% −0.20
NEE Nextera Energy Inc. Reduce -68.8% 0.07% −0.19
TWLO Twilio Inc. Class A Reduce -78.0% 0.03% −0.18
XLE SS Energy Select Sector Reduce -91.5% 0.01% −0.18
DELL Dell Technologies -C Reduce -79.7% 0.04% −0.18
TXN Texas Instruments Inc. Reduce -89.0% 0.01% −0.16
DG Dollar General Corp. Reduce -61.7% 0.06% −0.15
UBER Uber Technologies Inc. Sold out 0.00% −0.15
MA Mastercard Inc. Class A Reduce -35.5% 0.17% −0.15
PDD PDD Holdings Inc. Reduce -63.8% 0.08% −0.15
FXI iShares China Large-Cap ETF Reduce -72.8% 0.04% −0.14
ULTA Ulta Beauty Inc. Reduce -90.0% 0.01% −0.14
SOXL Direx Dail Semi Bu 3X Et-Usd Sold out 0.00% −0.13
LRCX Lam Research Corp. Reduce -62.8% 0.08% −0.12
MDB Mongodb Inc. Sold out 0.00% −0.12
TJX TJX Companies Inc. Reduce -95.9% 0.00% −0.12
DE Deere & Co. Reduce -53.0% 0.06% −0.11
YANG Dir DLY FT Chi Be 3X ETF-Usd Reduce -79.4% 0.01% −0.11
NUE Nucor Corp. Reduce -71.7% 0.03% −0.11
CB Chubb Ltd. Reduce -78.9% 0.02% −0.11
NVO Novo-Nordisk A/S-Spons ADR Reduce -85.2% 0.01% −0.10
NTRS Northern Trust Corp. Reduce -93.9% 0.01% −0.10
PGR Progressive Corp. Reduce -39.1% 0.08% −0.10
IEF iShares 7-10 Year Treasury B Reduce -6.6% 0.28% −0.09
OKTA Okta Inc. Reduce -36.9% 0.08% −0.09
XME SS SPDR S&P Metals Mining Sold out 0.00% −0.09

Portfolio Buys Q2 2025 → Q3 2025

BRK.B Berkshire Hathaway Inc. Class B New 2.31% +2.31
QQQ Invesco QQQ Trust Series 1 New 2.09% +2.09
XLF SS Financial Select Sector Add +471.5% 1.80% +1.42
IVV iShares Core S&P 500 ETF Add +849.1% 1.53% +1.35
WYNN WYNN Resorts Ltd. Add +832.3% 1.03% +0.93
GOOG Alphabet Inc. Class C Add +80.6% 1.76% +0.86
META Meta Platforms Inc. Class A Add +467.0% 1.03% +0.80
AMZN Amazon.com Inc. New 0.79% +0.79
NFLX Netflix Inc. Add +5328.4% 0.81% +0.79
BKNG Booking Holdings Inc. Add +590.8% 0.93% +0.75
AMD Advanced Micro Devices New 0.72% +0.72
MU Micron Technology Inc. Add +423.0% 0.68% +0.56
NVDA Nvidia Corp. Add +28.9% 3.63% +0.55
MAR Marriott International Class A Add +1899.4% 0.58% +0.54
MMM 3M Co. Add +2273.8% 0.47% +0.44
TSM Taiwan Semiconductor-SP ADR Add +94.5% 0.90% +0.41
TTWO Take-Two Interactive Softwre Add +9152.1% 0.41% +0.40
ASML ASML Holding NV-NY Reg SHS Add +468.1% 0.49% +0.40
ORCL Oracle Corp. Add +900.4% 0.44% +0.40
COST Costco Wholesale Corp. Add +331.5% 0.52% +0.36
CI The Cigna Group Add +96.3% 1.30% +0.35
AZO AutoZone Inc. New 0.34% +0.34
COIN Coinbase Global Inc. Class A New 0.34% +0.34
AVGO Broadcom Inc. Add +120.7% 0.61% +0.32
ANET Arista Networks Inc. New 0.32% +0.32
AAPL Apple Inc. New 0.31% +0.31
GE General Electric Add +3039.8% 0.30% +0.29
GS Goldman Sachs Group Inc. Add +173.8% 0.40% +0.24
JD Jd.com Inc.-ADR Add +1059.1% 0.25% +0.23
INTC Intel Corp. Add +11.2% 0.88% +0.22
LVS Las Vegas Sands Corp. Add +180.2% 0.33% +0.21
CHTR Charter Communications Inc. Class A Add +6719.2% 0.21% +0.21
VLO Valero Energy Corp. Add +237.1% 0.28% +0.20
STZ Constellation Brands Inc. Class A Add +1670.2% 0.22% +0.20
VOO Vanguard S&P 500 ETF Add +45.1% 1.01% +0.20
PANW Palo Alto Networks Inc. Add +3424.8% 0.19% +0.19
FISV Fiserv Inc. Add +4857.3% 0.19% +0.18
DUOL Duolingo Add +884.5% 0.21% +0.18
CEG Constellation Energy New 0.17% +0.17
HYG Ishr Ibx Usd Hiyld CB ETF-Ui New 0.17% +0.17
CRWV Coreweave Inc. Class A Add +331.4% 0.26% +0.16
XLP SS Consumer Staples Sel Sect New 0.16% +0.16
ACN Accenture PLC Class A Add +693.2% 0.20% +0.16
TLT iShares 20+ Year Treasury BD Add +236.2% 0.25% +0.16
TGT Target Corp. New 0.16% +0.16
SLV iShares Silver Trust New 0.16% +0.16
PM Philip Morris International Add +180.1% 0.30% +0.15
AVAV Aerovironment Inc. New 0.15% +0.15
HON Honeywell International Inc. Add +525.4% 0.19% +0.15
IBKR Interactive Brokers Gro Class A Add +1835.0% 0.15% +0.15

Options Activity Q2 2025 → Q3 2025

SPY SS SPDR S&P 500 ETF Trust-US put Reduce -21.5% 11,624,700 $7.7B
SPY SS SPDR S&P 500 ETF Trust-US call Add +29.5% 11,273,700 $7.5B
QQQ Invesco QQQ Trust Series 1 call New 11,263,800 $6.7B
QQQ Invesco QQQ Trust Series 1 put New 9,061,900 $5.4B
TSLA Tesla Inc. call Reduce -1.4% 10,021,700 $4.4B
NVDA Nvidia Corp. call Reduce -2.7% 23,921,800 $4.4B
META Meta Platforms Inc. Class A call Reduce -4.9% 4,335,500 $3.2B
NVDA Nvidia Corp. put Reduce -9.0% 14,335,200 $2.6B
TSLA Tesla Inc. put Reduce -4.6% 5,555,500 $2.5B
MSFT Microsoft Corp. call Reduce -1.7% 4,243,400 $2.2B
MSTR Strategy Inc. call Add +0.9% 5,711,200 $1.9B
AAPL Apple Inc. call New 7,265,000 $1.8B
GLD SPDR Gold Shares call Add +13.5% 5,212,400 $1.8B
META Meta Platforms Inc. Class A put Reduce -12.5% 2,124,600 $1.6B
AMZN Amazon.com Inc. call New 6,245,800 $1.4B
MSFT Microsoft Corp. put Reduce -0.7% 2,481,400 $1.3B
NFLX Netflix Inc. put Reduce -20.6% 1,041,600 $1.3B
NFLX Netflix Inc. call Reduce -12.2% 956,100 $1.2B
AAPL Apple Inc. put New 4,453,200 $1.1B
PLTR Palantir Technologies Inc. Class A call Add +0.3% 6,317,900 $1.1B
MSTR Strategy Inc. put Add +17.4% 3,285,200 $1.1B
GOOGL Alphabet Inc. Class A call Add +3.6% 4,235,000 $1.0B
AVGO Broadcom Inc. call Add +14.6% 3,143,500 $1.0B
DIA SS SPDR Dow Jones Indus Avg put Add +23.8% 1,787,400 $827.6M
UNH Unitedhealth Group Inc. call Add +22.6% 2,362,400 $815.5M
GLD SPDR Gold Shares put Reduce -9.0% 2,306,100 $812.8M
AVGO Broadcom Inc. put Add +15.2% 2,474,400 $811.4M
AMZN Amazon.com Inc. put New 3,460,200 $768.8M
COIN Coinbase Global Inc. Class A call Reduce -9.6% 2,269,200 $757.9M
IWM iShares Russell 2000 ETF put Reduce -48.4% 3,135,200 $757.5M
ORCL Oracle Corp. call Add +115.5% 2,641,900 $747.0M
BRK.B Berkshire Hathaway Inc. Class B call New 1,474,900 $736.3M
GOOG Alphabet Inc. Class C call Add +13.4% 2,949,900 $720.8M
GS Goldman Sachs Group Inc. call Reduce -6.0% 892,200 $717.4M
PLTR Palantir Technologies Inc. Class A put Add +2.5% 3,949,100 $706.3M
BKNG Booking Holdings Inc. put Reduce -14.5% 128,500 $700.9M
LLY Eli Lilly & Co. put Add +29.5% 929,900 $675.6M
DIA SS SPDR Dow Jones Indus Avg call Add +14.5% 1,457,600 $674.9M
LLY Eli Lilly & Co. call Add +13.2% 916,400 $665.8M
AMD Advanced Micro Devices call New 4,109,100 $663.0M
APP AppLovin Corp. Class A call Add +16.8% 930,300 $662.7M
BABA Alibaba Group Holding-SP ADR call Add +37.4% 3,069,700 $552.2M
BKNG Booking Holdings Inc. call Reduce -17.6% 98,500 $537.3M
GS Goldman Sachs Group Inc. put Add +8.6% 661,500 $531.9M
COST Costco Wholesale Corp. call Add +9.6% 574,900 $527.1M
COST Costco Wholesale Corp. put Add +11.2% 574,100 $526.4M
IWM iShares Russell 2000 ETF call Reduce -5.3% 2,146,000 $518.5M
UNH Unitedhealth Group Inc. put Add +29.1% 1,485,600 $512.8M
VOO Vanguard S&P 500 ETF call Add +11.1% 834,200 $509.0M
TSM Taiwan Semiconductor-SP ADR call Add +20.6% 1,826,400 $499.0M

Showing the first 50 of 4,470.

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q3 2025 1,566$5.0BSPY, NVDA, IYR, BRK.B, QQQ
Q2 2025 1,192$3.9BSPY, DIA, MSFT, IYR, NVDA
Q1 2025 1,280$3.2BQQQ, SPY, IVV, DIA, IYR
Q4 2024 1,481$4.4BDIA, SPY, NVDA, AMZN, AMD
Q3 2024 1,286$3.8BSPY, DIA, IVV, QQQ, NVDA
Q2 2024 1,212$6.1BSPY, NVDA, MSFT, AAPL, DIA
Q1 2024 1,163$9.8BIVV, MSFT, VOO, QQQ, AAPL