WOLVERINE TRADING, LLC

CIK 0000927337 · Q3 2025

13F Equity AUM

$138.7B

+39.6% QoQ

Positions

2,315

+331 QoQ

AUM Rank

#115

Top 0.9%

Skill Alpha (FF)

+1.8%/yr^ns

No Clear Edge

Rank #1,244 · Top 15%

vs S&P +1.9%/yr (unadj.)

Quarters Tracked

~9 years

Portfolio Concentration

Top 5: 33.9%Top 10: 44.4%Top 20: 55.6%

SPY11.4%

NDQ8.8%

NVDA5.1%

TSLA5.0%

META3.5%

MSFT2.5%

AAPL2.2%

MIGA2.1%

GQ91.9%

NFLX1.8%

Others (2305)55.6%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services35.6%

Technology26.9%

Consumer Cyclical12.2%

Communication Services8.7%

Healthcare4.4%

Industrials3.8%

Consumer Defensive2.1%

Other6.3%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 2315Median: 0.00%Avg: 0.04%

0–0.5%

2285(37.0%)

0.5–1%

15(12.1%)

1–3%

10(17.0%)

3–5%

1(3.5%)

5%+

4(30.4%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 2,190Unique: 125vs 20 funds

30%Moderate

2,315

Fund positions

7,177

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

MORGAN STANLEY

38.4%

BANK OF AMERICA CORP /DE/

39.2%

BlackRock, Inc.

45.1%

JPMORGAN CHASE & CO

35.7%

GEODE CAPITAL MANAGEMENT, LLC

47.1%

VANGUARD GROUP INC

47.2%

STATE STREET CORP

45.8%

FMR LLC

44%

Dai-ichi Life Holdings, Inc.

0.3%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New681Increased1152Decreased555Exited324

New Positions

NDQ8.8%

+20.5M

AAPL2.2%

+11.8M

AMZN1.6%

+9.9M

BRK/B0.8%

+2.2M

AMD0.8%

+6.7M

BA0.5%

+3.1M

IBIT0.4%

+8.7M

AXP0.3%

+1.2M

SLV0.3%

+8.6M

SNOW0.2%

+1.4M

Increased

OPEN0.0%

+3.7M(+420%)

IREN0.2%

+3.2M(+128%)

INTC0.2%

+2.8M(+46%)

ETHA0.1%

+2.6M(+280%)

ORCL0.8%

+2.1M(+103%)

HL0.0%

+1.8M(+245%)

CIFR0.0%

+1.8M(+382%)

SBET0.0%

+1.7M(+8457%)

ONDS0.0%

+1.4M(+432%)

FSLR0.4%

+1.4M(+103%)

Decreased

IWM0.9%

-3,274,964(-38%)

NVDA5.1%

-1,853,350(-5%)

COP0.1%

-1,469,767(-59%)

SPY11.4%

-1,111,716(-4%)

CORZ0.0%

-817,903(-31%)

XLE0.1%

-707,805(-27%)

TLT0.4%

-676,253(-9%)

IOT0.0%

-655,476(-49%)

XLRE0.0%

-581,491(-94%)

TSLA5.0%

-560,767(-3%)

Exited

-4,396,500

-994,622

-1,242,896

-1,521,725

-1,543,067

-1,739,357

-3,186,192

-438,715

HES

-394,037

TEM

-807,856

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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