WOLVERINE TRADING, LLC

CHICAGO, IL · CIK 927337 · 13F filing filed 2025-11-14

No investment adviser registration (Form ADV) found for this filer. It may be a parent company whose subsidiaries are the registered advisers, a bank or insurer, or a manager based outside the US.

Legal entityWOLVERINE TRADING, LLC (US)
Part of WOLVERINE HOLDINGS, LLC (US)

Other 13F filers in this group: WOLVERINE ASSET MANAGEMENT LLC last filed Q2 2026, Wolverine Holdings, L.P. files a notice

$5.0bn reported value +26.0% vs Q2 2025

1,566positions

32.0%in top 10

666 new 541 added 357 reduced 292 sold out vs Q2 2025

Options: 2121 call positions ($78.7bn notional), 1878 put positions ($55.0bn notional) – listed below, not included above.

This report includes the holdings of 1 other manager that shares the investment decisions:

Wolverine Holdings, L.P. – reports through this filing

Shares in two reports are counted once in each security's totals.

Holdings, Q3 2025

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	915,710	$607.7m12.25%	12.25%	Reduced -492.1k	-492,116 -35.0%
2	NVIDIA CORPORATION COM NVDA	NVDA	990,500	$180.1m3.63%	3.63%	Added +221.8k	+221,850 28.9%
3	ISHARES TR U.S. REAL ES ETF IYR	IYR	1,665,815	$161.0m3.24%	3.24%	Added +338.1k	+338,099 25.5%
4	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	229,185	$114.4m2.31%	2.31%	New
5	INVESCO QQQ TR UNIT SER 1 QQQ	QQQ	173,291	$103.8m2.09%	2.09%	New
6	SELECT SECTOR SPDR TR FINANCIAL XLF	XLF	1,646,746	$89.1m1.80%	1.80%	Added +1.4m	+1,358,618 471.5%
7	ALPHABET INC CAP STK CL C GOOG	GOOG	356,883	$87.2m1.76%	1.76%	Added +159.3k	+159,269 80.6%
8	SELECT SECTOR SPDR TR INDL XLI	XLI	552,256	$84.5m1.70%	1.70%	Added +4.9k	+4,927 0.9%
9	MICROSOFT CORP COM MSFT	MSFT	160,224	$82.5m1.66%	1.66%	Reduced -175.6k	-175,568 -52.3%
10	SELECT SECTOR SPDR TR SBI CONS DISCR XLY	XLY	322,929	$77.7m1.57%	1.57%	Added +57.6k	+57,581 21.7%
11	TESLA INC COM TSLA	TSLA	173,665	$77.0m1.55%	1.55%	Reduced -147.8k	-147,767 -46.0%
12	ISHARES TR CORE S&P500 ETF IVV	IVV	114,203	$76.1m1.53%	1.53%	Added +102.2k	+102,170 849.1%
13	THE CIGNA GROUP COM CI	CI	225,110	$64.5m1.30%	1.30%	Added +110.5k	+110,465 96.3%
14	SPDR DOW JONES INDL AVERAGE UT SER 1 DIA	DIA	138,852	$64.3m1.30%	1.30%	Reduced -414.0k	-414,025 -74.9%
15	SELECT SECTOR SPDR TR SBI INT-UTILS XLU	XLU	615,640	$53.6m1.08%	1.08%	Added +103.7k	+103,659 20.2%
16	WYNN RESORTS LTD COM WYNN	WYNN	386,758	$51.2m1.03%	1.03%	Added +345.3k	+345,275 832.3%
17	META PLATFORMS INC CL A META	META	68,620	$51.0m1.03%	1.03%	Added +56.5k	+56,517 467.0%
18	VANGUARD INDEX FDS S&P 500 ETF SHS VOO	VOO	82,261	$50.2m1.01%	1.01%	Added +25.6k	+25,561 45.1%
19	BOOKING HOLDINGS INC COM BKNG	BKNG	8,428	$46.0m0.93%	0.93%	Added +7.2k	+7,208 590.8%
20	TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS TSM	TSM	164,283	$44.9m0.90%	0.90%	Added +79.8k	+79,821 94.5%
21	INTEL CORP COM INTC	INTC	1,264,241	$43.6m0.88%	0.88%	Added +127.4k	+127,355 11.2%
22	NETFLIX INC COM NFLX	NFLX	33,222	$40.1m0.81%	0.81%	Added +32.6k	+32,610 5328.4%
23	AMAZON COM INC COM AMZN	AMZN	176,899	$39.3m0.79%	0.79%	New
24	ADVANCED MICRO DEVICES INC COM AMD	AMD	219,989	$35.5m0.72%	0.72%	New
25	MICRON TECHNOLOGY INC COM MU	MU	206,048	$33.8m0.68%	0.68%	Added +166.6k	+166,649 423.0%
26	CROWDSTRIKE HLDGS INC CL A CRWD	CRWD	66,487	$32.5m0.65%	0.65%	Added +1.5k	+1,490 2.3%
27	BROADCOM INC COM AVGO	AVGO	92,343	$30.3m0.61%	0.61%	Added +50.5k	+50,507 120.7%
28	MARRIOTT INTL INC NEW CL A MAR	MAR	107,389	$28.7m0.58%	0.58%	Added +102.0k	+102,018 1899.4%
29	COSTCO WHSL CORP NEW COM COST	COST	28,162	$25.8m0.52%	0.52%	Added +21.6k	+21,635 331.5%
30	ASML HOLDING N V N Y REGISTRY SHS ASML	ASML	25,481	$24.5m0.49%	0.49%	Added +21.0k	+20,996 468.1%
31	3M CO COM MMM	MMM	150,834	$23.2m0.47%	0.47%	Added +144.5k	+144,480 2273.8%
32	ORACLE CORP COM ORCL	ORCL	76,837	$21.7m0.44%	0.44%	Added +69.2k	+69,156 900.4%
33	ALIBABA GROUP HLDG LTD SPONSORED ADS BABA	BABA	120,294	$21.6m0.44%	0.44%	Reduced -25.1k	-25,137 -17.3%
34	APPLOVIN CORP COM CL A APP	APP	29,910	$21.3m0.43%	0.43%	Reduced -1.4k	-1,383 -4.4%
35	ISHARES TR RUSSELL 2000 ETF IWM	IWM	85,000	$20.5m0.41%	0.41%	Reduced -209.3k	-209,264 -71.1%
36	TAKE-TWO INTERACTIVE SOFTWAR COM TTWO	TTWO	78,088	$20.3m0.41%	0.41%	Added +77.2k	+77,244 9152.1%
37	GOLDMAN SACHS GROUP INC COM GS	GS	24,786	$19.9m0.40%	0.40%	Added +15.7k	+15,733 173.8%
38	ISHARES TR MSCI EAFE ETF EFA	EFA	213,991	$19.9m0.40%	0.40%	Reduced -587.5k	-587,458 -73.3%
39	DOORDASH INC CL A DASH	DASH	69,899	$19.0m0.38%	0.38%	Added +14.1k	+14,062 25.2%
40	SPDR GOLD TR GOLD SHS GLD	GLD	52,482	$18.5m0.37%	0.37%	Reduced -68.8k	-68,791 -56.7%
41	AUTOZONE INC COM AZO	AZO	4,005	$17.1m0.34%	0.34%	New
42	REGENERON PHARMACEUTICALS COM REGN	REGN	30,161	$16.9m0.34%	0.34%	Added +10.6k	+10,583 54.1%
43	COINBASE GLOBAL INC COM CL A COIN	COIN	50,401	$16.8m0.34%	0.34%	New
44	LAS VEGAS SANDS CORP COM LVS	LVS	292,464	$16.2m0.33%	0.33%	Added +188.1k	+188,101 180.2%
45	ARISTA NETWORKS INC COM SHS ANET	ANET	110,476	$15.8m0.32%	0.32%	New
46	APPLE INC COM AAPL	AAPL	59,673	$15.2m0.31%	0.31%	New
47	UNITEDHEALTH GROUP INC COM UNH	UNH	43,079	$14.9m0.30%	0.30%	Added +2.1k	+2,124 5.2%
48	GE AEROSPACE COM NEW GE	GE	50,112	$14.7m0.30%	0.30%	Added +48.5k	+48,516 3039.8%
49	PHILIP MORRIS INTL INC COM PM	PM	90,004	$14.7m0.30%	0.30%	Added +57.9k	+57,872 180.1%
50	FREEPORT-MCMORAN INC CL B FCX	FCX	395,188	$14.7m0.30%	0.30%	Added +255.4k	+255,360 182.6%
51	ELI LILLY & CO COM LLY	LLY	19,630	$14.3m0.29%	0.29%	Reduced -20.4k	-20,386 -50.9%
52	HUMANA INC COM HUM	HUM	55,633	$14.2m0.29%	0.29%	Added +14.4k	+14,372 34.8%
53	VALERO ENERGY CORP COM VLO	VLO	81,902	$14.1m0.28%	0.28%	Added +57.6k	+57,605 237.1%
54	ISHARES TR 7-10 YR TRSY BD IEF	IEF	145,863	$14.1m0.28%	0.28%	Reduced -10.3k	-10,304 -6.6%
55	ADOBE INC COM ADBE	ADBE	36,487	$13.1m0.26%	0.26%	Added +566	+566 1.6%
56	COREWEAVE INC COM CL A CRWV	CRWV	106,441	$13.0m0.26%	0.26%	Added +81.8k	+81,768 331.4%
57	ISHARES TR 20 YR TR BD ETF TLT	TLT	140,265	$12.6m0.25%	0.25%	Added +98.5k	+98,547 236.2%
58	JD.COM INC SPON ADS CL A JD	JD	351,661	$12.5m0.25%	0.25%	Added +321.3k	+321,321 1059.1%
59	SELECT SECTOR SPDR TR TECHNOLOGY XLK	XLK	42,996	$12.1m0.24%	0.24%	Reduced -172.9k	-172,857 -80.1%
60	VERTIV HOLDINGS CO COM CL A VRT	VRT	82,335	$11.8m0.24%	0.24%	Added +41.6k	+41,572 102.0%
61	MCDONALDS CORP COM MCD	MCD	35,617	$10.8m0.22%	0.22%	Added +6.8k	+6,773 23.5%
62	CONSTELLATION BRANDS INC CL A STZ	STZ	78,296	$10.7m0.22%	0.22%	Added +73.9k	+73,873 1670.2%
63	ALPHABET INC CAP STK CL A GOOGL	GOOGL	43,442	$10.6m0.21%	0.21%	Added +28.5k	+28,466 190.1%
64	CHARTER COMMUNICATIONS INC N CL A CHTR	CHTR	38,392	$10.6m0.21%	0.21%	Added +37.8k	+37,829 6719.2%
65	DUOLINGO INC CL A COM DUOL	DUOL	32,183	$10.6m0.21%	0.21%	Added +28.9k	+28,914 884.5%
66	NEWMONT CORP COM NEM	NEM	121,066	$10.2m0.21%	0.21%	Reduced -21.1k	-21,082 -14.8%
67	VISTRA CORP COM VST	VST	50,973	$10.1m0.20%	0.20%	Added +32.1k	+32,055 169.4%
68	ACCENTURE PLC IRELAND SHS CLASS A ACN	ACN	39,955	$9.9m0.20%	0.20%	Added +34.9k	+34,918 693.2%
69	INTUITIVE SURGICAL INC COM NEW ISRG	ISRG	22,301	$9.8m0.20%	0.20%	Added +16.2k	+16,199 265.5%
70	PALO ALTO NETWORKS INC COM PANW	PANW	46,739	$9.5m0.19%	0.19%	Added +45.4k	+45,413 3424.8%
71	SUPER MICRO COMPUTER INC COM NEW SMCI	SMCI	202,779	$9.4m0.19%	0.19%	Added +127.4k	+127,356 168.9%
72	HONEYWELL INTL INC COM COM		44,701	$9.4m0.19%	0.19%	Added +37.6k	+37,553 525.4%
73	FISERV INC COM FISV	FISV	70,939	$9.3m0.19%	0.19%	Added +69.5k	+69,508 4857.3%
74	QUALCOMM INC COM QCOM	QCOM	54,989	$9.1m0.18%	0.18%	Reduced -120.7k	-120,690 -68.7%
75	VANECK ETF TRUST GOLD MINERS ETF GDX	GDX	119,326	$9.0m0.18%	0.18%	Added +90.4k	+90,403 312.6%
76	ISHARES INC MSCI STH KOR ETF EWY	EWY	112,545	$9.0m0.18%	0.18%	Added +40.3k	+40,313 55.8%
77	GE VERNOVA INC COM GEV	GEV	14,684	$8.8m0.18%	0.18%	Reduced -2.8k	-2,780 -15.9%
78	CONSTELLATION ENERGY CORP COM CEG	CEG	25,538	$8.5m0.17%	0.17%	New
79	ORMAT TECHNOLOGIES INC COM ORA	ORA	89,169	$8.5m0.17%	0.17%	Added +75.3k	+75,331 544.4%
80	MASTERCARD INCORPORATED CL A MA	MA	14,829	$8.4m0.17%	0.17%	Reduced -8.2k	-8,171 -35.5%
81	ROBINHOOD MKTS INC COM CL A HOOD	HOOD	61,082	$8.4m0.17%	0.17%	Added +13.6k	+13,622 28.7%
82	ISHARES TR MSCI EMG MKT ETF EEM	EEM	156,317	$8.3m0.17%	0.17%	Added +26.4k	+26,438 20.4%
83	AST SPACEMOBILE INC COM CL A ASTS	ASTS	169,778	$8.3m0.17%	0.17%	Added +31.5k	+31,538 22.8%
84	ISHARES TR IBOXX HI YD ETF HYG	HYG	102,087	$8.3m0.17%	0.17%	New
85	RIGETTI COMPUTING INC COMMON STOCK RGTI	RGTI	279,294	$8.3m0.17%	0.17%	Added +4.3k	+4,349 1.6%
86	LENNAR CORP CL A LEN	LEN	64,279	$8.2m0.17%	0.17%	Added +53.0k	+53,050 472.4%
87	GENERAC HLDGS INC COM GNRC	GNRC	49,469	$8.2m0.17%	0.17%	Added +20.1k	+20,132 68.6%
88	CHENIERE ENERGY INC COM NEW LNG	LNG	34,543	$8.1m0.16%	0.16%	Added +18.1k	+18,106 110.2%
89	VERTEX PHARMACEUTICALS INC COM VRTX	VRTX	20,449	$8.1m0.16%	0.16%	Added +2.9k	+2,854 16.2%
90	STRIDE INC COM LRN	LRN	53,638	$8.0m0.16%	0.16%	Added +5.9k	+5,885 12.3%
91	SELECT SECTOR SPDR TR SBI CONS STPLS XLP	XLP	102,809	$8.0m0.16%	0.16%	New
92	UNITY SOFTWARE INC COM U	U	186,723	$8.0m0.16%	0.16%	Added +44.5k	+44,463 31.2%
93	HEWLETT PACKARD ENTERPRISE C COM HPE	HPE	331,494	$8.0m0.16%	0.16%	Added +247.1k	+247,062 292.6%
94	QUANTUMSCAPE CORP COM CL A QS	QS	644,802	$8.0m0.16%	0.16%	Added +385.6k	+385,595 148.8%
95	D R HORTON INC COM DHI	DHI	46,075	$7.8m0.16%	0.16%	Added +24.8k	+24,773 116.3%
96	TARGET CORP COM TGT	TGT	87,480	$7.8m0.16%	0.16%	New
97	ISHARES SILVER TR ISHARES SLV	SLV	181,094	$7.7m0.16%	0.16%	New
98	ENERGY TRANSFER L P COM UT LTD PTN ET	ET	445,106	$7.7m0.15%	0.15%	Added +64.7k	+64,702 17.0%
99	INTERACTIVE BROKERS GROUP IN COM CL A IBKR	IBKR	111,105	$7.6m0.15%	0.15%	Added +105.4k	+105,363 1835.0%
100	LULULEMON ATHLETICA INC COM LULU	LULU	41,697	$7.5m0.15%	0.15%	Added +19.8k	+19,841 90.8%

Sold out since Q2 2025

Security	Ticker	Shares held before	Value then
SELECT SECTOR SPDR TR XLRE	XLRE	583,491	$24.0m583.5k shares
LOCKHEED MARTIN CORP LMT	LMT	29,273	$13.4m29.3k shares
CIRCLE INTERNET GROUP INC CRCL	CRCL	47,896	$8.6m47.9k shares
UBER TECHNOLOGIES INC UBER	UBER	66,433	$6.1m66.4k shares
DIREXION SHS ETF TR SOXL	SOXL	201,692	$5.1m201.7k shares
MONGODB INC MDB	MDB	22,497	$4.7m22.5k shares
SPDR SERIES TRUST XME	XME	53,504	$3.6m53.5k shares
THERMO FISHER SCIENTIFIC INC TMO	TMO	8,682	$3.5m8.7k shares
LIVE NATION ENTERTAINMENT IN LYV	LYV	23,573	$3.5m23.6k shares
ROCKWELL AUTOMATION INC ROK	ROK	10,387	$3.4m10.4k shares
REDDIT INC RDDT	RDDT	22,425	$3.2m22.4k shares
MARTEN TRANS LTD MRTN	MRTN	234,483	$3.0m234.5k shares
ROYAL CARIBBEAN GROUP RCL	RCL	8,913	$2.8m8.9k shares
TEMPUS AI INC TEM	TEM	40,356	$2.7m40.4k shares
PROGRESS SOFTWARE CORP PRGS	PRGS	40,804	$2.6m40.8k shares
SPDR SER TR XHB	XHB	25,188	$2.5m25.2k shares
MIDDLEBY CORP MIDD	MIDD	16,822	$2.4m16.8k shares
UNITED PARCEL SERVICE INC UPS	UPS	23,769	$2.4m23.8k shares
DOLLAR TREE INC DLTR	DLTR	24,295	$2.4m24.3k shares
BARCLAYS BANK PLC VXX	VXX	46,943	$2.3m46.9k shares
WILLIAMS SONOMA INC WSM	WSM	13,686	$2.2m13.7k shares
CONSOLIDATED EDISON INC ED	ED	22,034	$2.2m22.0k shares
WIX COM LTD WIX	WIX	13,112	$2.1m13.1k shares
MAG SILVER CORP MAG	MAG	99,996	$2.1m100.0k shares
PARAMOUNT GLOBAL		164,969	$2.1m165.0k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
SPDR S&P 500 ETF TR SPY · Put	SPY	Put	11,624,700	$7.7bn11.6m shares	Reduced
SPDR S&P 500 ETF TR SPY · Call	SPY	Call	11,273,700	$7.5bn11.3m shares	Added
INVESCO QQQ TR QQQ · Call	QQQ	Call	11,263,800	$6.7bn11.3m shares	New
INVESCO QQQ TR QQQ · Put	QQQ	Put	9,061,900	$5.4bn9.1m shares	New
TESLA INC TSLA · Call	TSLA	Call	10,021,700	$4.4bn10.0m shares	Reduced
NVIDIA CORPORATION NVDA · Call	NVDA	Call	23,921,800	$4.4bn23.9m shares	Reduced
META PLATFORMS INC META · Call	META	Call	4,335,500	$3.2bn4.3m shares	Reduced
NVIDIA CORPORATION NVDA · Put	NVDA	Put	14,335,200	$2.6bn14.3m shares	Reduced
TESLA INC TSLA · Put	TSLA	Put	5,555,500	$2.5bn5.6m shares	Reduced
MICROSOFT CORP MSFT · Call	MSFT	Call	4,243,400	$2.2bn4.2m shares	Reduced
MICROSTRATEGY INC MSTR · Call	MSTR	Call	5,711,200	$1.9bn5.7m shares	Added
APPLE INC AAPL · Call	AAPL	Call	7,265,000	$1.8bn7.3m shares	New
SPDR GOLD TR GLD · Call	GLD	Call	5,212,400	$1.8bn5.2m shares	Added
META PLATFORMS INC META · Put	META	Put	2,124,600	$1.6bn2.1m shares	Reduced
AMAZON COM INC AMZN · Call	AMZN	Call	6,245,800	$1.4bn6.2m shares	New
MICROSOFT CORP MSFT · Put	MSFT	Put	2,481,400	$1.3bn2.5m shares	Reduced
NETFLIX INC NFLX · Put	NFLX	Put	1,041,600	$1.3bn1.0m shares	Reduced
NETFLIX INC NFLX · Call	NFLX	Call	956,100	$1.2bn956.1k shares	Reduced
APPLE INC AAPL · Put	AAPL	Put	4,453,200	$1.1bn4.5m shares	New
PALANTIR TECHNOLOGIES INC PLTR · Call	PLTR	Call	6,317,900	$1.1bn6.3m shares	Added
MICROSTRATEGY INC MSTR · Put	MSTR	Put	3,285,200	$1.1bn3.3m shares	Added
ALPHABET INC GOOGL · Call	GOOGL	Call	4,235,000	$1.0bn4.2m shares	Added
BROADCOM INC AVGO · Call	AVGO	Call	3,143,500	$1.0bn3.1m shares	Added
SPDR DOW JONES INDL AVERAGE DIA · Put	DIA	Put	1,787,400	$827.6m1.8m shares	Added
UNITEDHEALTH GROUP INC UNH · Call	UNH	Call	2,362,400	$815.5m2.4m shares	Added