Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MUB	ISHARES NATIONAL MUNI BOND E	15,000	$1.614M	1.4%	$107.62	—	COM	464288414
HYG	ISHARES IBOXX USD HIGH YELD	15,000	$1.2M	1.1%	$79.97	—	COM	464288513
HYD	VANECK HIGH YIELD MUNI ETF	21,000	$1.082M	1.0%	$51.51	—	COM	92189H409
—	NUVEEN AMT-FR QLTY MUNI INC	63,000	$740K	0.7%	$11.74	—	COM	670657105
—	NUVEEN DIV ADVNTG MUN FD 3	45,000	$571K	0.5%	$12.68	—	COM	67070X101
—	NUVEEN QUALITY MUNICIPAL INC	36,000	$436K	0.4%	$12.12	—	COM	67066V101
SDS	PROSHARES ULTRASHORT S&P500	7,600	$432K	0.4%	$56.87	—	COM	74350P667
—	NUVEEN AMT-FR MUNI CRDT	27,000	$346K	0.3%	$12.80	—	COM	67071L106
UVIX	2X LONG VIX FUTURES ETF	108,000	$334K	0.3%	$3.09	—	COM	92891H606
USHY	ISHARES BROAD USD HIGH YIELD	9,000	$333K	0.3%	$37.02	—	COM	46435U853
UVXY	PROSHARES ULTRA VIX ST FUTUR	11,280	$281K	0.3%	$24.89	—	COM	74347Y680
SPXU	PROSH ULTRAPRO SHORT S&P 500	7,300	$271K	0.2%	$37.07	—	COM	74350P659
VIOT	VIOMI TECHNOLOGY CO LTD-ADR	329,497	$258K	0.2%	$0.78	—	COM	92762J103
STHO	STAR HOLDINGS	23,810	$217K	0.2%	$9.13	—	COM	85512G106
QFIN	QFIN HOLDINGS INC-ADR	13,100	$207K	0.2%	$15.81	—	COM	88557W101
LU	LUFAX HOLDING LTD	150,979	$199K	0.2%	$1.32	—	COM	54975P201
MAGS	MAGAL SECURITY SYS	3,000	$193K	0.2%	$64.30	—	COM	53656G498
LLY	ELI LILLY & CO	160	$192K	0.2%	$1199.43	—	COM	532457108
FINV	FINVOLUTION GROUP-ADR	38,800	$186K	0.2%	$4.79	—	COM	31810T101
V	VISA INC-CLASS A SHARES	500	$172K	0.2%	$343.09	—	COM	92826C839
ZH	ZHIHU INC - ADR	53,846	$169K	0.2%	$3.13	—	COM	98955N207
YB	YUANBAO INC -ADR	10,489	$160K	0.1%	$15.24	—	COM	987910106
KSPI	JSC KASPI.KZ ADR	1,840	$159K	0.1%	$86.64	—	COM	48581R205
SH	PROSHARES SHORT S&P500	4,800	$158K	0.1%	$33.02	—	COM	74349Y753
XBI	SS SPDR S&P BIOTECH ETF	1,000	$158K	0.1%	$158.25	—	COM	78464A870
BAK	BRASKEM S A	63,373	$155K	0.1%	$2.44	—	COM	105532105
GPRK	GEOPARK LTD	15,700	$143K	0.1%	$9.10	—	COM	G38327105
OMSE	OMS ENERGY TECHNOLOGIES INC	36,978	$143K	0.1%	$3.86	—	COM	G6755S105
WU	WESTERN UNION CO	17,966	$138K	0.1%	$7.70	—	COM	959802109
XYF	X FINANCIAL-ADR	27,838	$135K	0.1%	$4.84	—	COM	98372W202
PBR	PETROLEO BRASIL	9,200	$135K	0.1%	$14.64	—	COM	71654V408
JFIN	JIAYIN GROUP INC-ADR	41,390	$118K	0.1%	$2.86	—	COM	47737C104
VIPS	VIPSHOP HOLDINGS LTD - ADR	8,800	$117K	0.1%	$13.26	—	COM	92763W103
MSFT	MICROSOFT CORP	300	$112K	0.1%	$373.02	—	COM	594918104
YRD	YIREN DIGITAL LTD - SPS ADR	131,997	$110K	0.1%	$0.84	—	COM	98585L100
PYPL	PAYPAL HOLDINGS INC	2,500	$108K	0.1%	$43.18	—	COM	70450Y103
NOAH	NOAH HOLDINGS LTD-SPON ADS	10,500	$105K	0.1%	$9.99	—	COM	65487X102
SQQQ	PROSHARES ULTRAPRO SHORT QQQ	2,800	$102K	0.1%	$36.31	—	COM	74350P675
BMBL	BUMBLE INC-A	28,600	$91,520	0.1%	$3.20	—	COM	12047B105
EAF	GRAFTECH INTERNATIONAL LTD	11,599	$68,550	0.1%	$5.91	—	COM	384313607
SSL	SASOL	6,900	$67,758	0.1%	$9.82	—	COM	803866300
JOYY	JOYY INC-ADR	960	$63,350	0.1%	$65.99	—	COM	46591M109
EC	ECOPETROL SA	4,100	$58,384	0.1%	$14.24	—	COM	279158109
VALE	Vale (ADR)	3,700	$55,648	0.0%	$15.04	—	COM	91912E105
PDD	PDD HOLDINGS INC	700	$53,396	0.0%	$76.28	—	COM	722304102
INTC	INTEL CORP	360	$50,267	0.0%	$139.63	—	COM	458140100
SNDK	SANDISK	22	$50,022	0.0%	$2273.73	—	COM	80004C200
CAT	CATERPILLAR INC	45	$47,921	0.0%	$1064.91	—	COM	149123101
MU	MICRON TECHNOLOGY INC	40	$46,172	0.0%	$1154.30	—	COM	595112103
LABU	DRXN DLY S&P BT BL 3X ETF-UI	140	$40,894	0.0%	$292.10	—	COM	25460G120
MOMO	HELLO GROUP INC	4,500	$26,100	0.0%	$5.80	—	COM	423403104
XNET	XUNLEI LTD-ADR	4,300	$24,059	0.0%	$5.60	—	COM	98419E108
FCEL	FUELCELL ENERGY	600	$21,606	0.0%	$36.01	—	COM	35952H700
ACMR	AC MOORE ARTS	170	$21,571	0.0%	$126.89	—	COM	00108J109
COHR	COHERENT	30	$11,834	0.0%	$394.47	—	COM	19247G107

Exited Positions (9)

— IPATH SERIES B S&P 500 VIX 1.1%

Value $1.192M Shares 33,385 Est. Cost $35.70 Unrealized —

— PROSHARES ULTRA VIX ST FUTUR 0.5%

Value $590K Shares 11,280 Est. Cost $35.93 Unrealized —

EWZ ISHARES INC 0.4%

Value $461K Shares 12,000 Est. Cost $38.39 Unrealized —

— PROSHARES SHORT VIX ST FUTUR 0.4%

Value $448K Shares 9,780 Est. Cost $55.38 Unrealized —

SPXL DIREXION DAILY S&P 500 BULL 0.3%

Value $370K Shares 2,000 Est. Cost $184.89 Unrealized —

BITO ProShares UltraShort S&P 500 0.3%

Value $301K Shares 4,000 Est. Cost $75.25 Unrealized —

META META Platforms, Inc 0.2%

Value $172K Shares 300 Est. Cost $655.57 Unrealized —

REK PROSH ULTRAPRO SHORT S&P 500 0.1%

Value $142K Shares 2,500 Est. Cost $56.74 Unrealized —

ORCL ORACLE CORP 0.1%

Value $118K Shares 800 Est. Cost $227.79 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	IPATH SERIES B S&P 500 VIX	33,385	$1.192M	1.1%	$35.70	—	—	06748C108
—	PROSHARES ULTRA VIX ST FUTUR	11,280	$590K	0.5%	$35.93	—	—	74347Y755
EWZ	ISHARES INC	12,000	$461K	0.4%	$38.39	—	—	464286400
—	PROSHARES SHORT VIX ST FUTUR	9,780	$448K	0.4%	$55.38	—	—	74347W205
SPXL	DIREXION DAILY S&P 500 BULL	2,000	$370K	0.3%	$184.89	—	—	25459W862
BITO	ProShares UltraShort S&P 500	4,000	$301K	0.3%	$75.25	—	—	74347G440
META	META Platforms, Inc	300	$172K	0.2%	$655.57	—	—	30303M102
REK	PROSH ULTRAPRO SHORT S&P 500	2,500	$142K	0.1%	$56.74	—	—	74347G366
ORCL	ORACLE CORP	800	$118K	0.1%	$227.79	—	—	68389X105

Decreased Positions (4)

SPY SPDR S&P 500 ETF 85.0%

Value $94.87M (+6.2%) Shares 127,043 (-7.5%) Est. Cost $426.88 Unrealized —

SVXY PROSHARES SHORT VIX ST FUTUR 0.9%

Value $959K (+57.6%) Shares 16,750 (-56.5%) Est. Cost $21.31 Unrealized —

SVIX -1X SHORT VIX FUTURES ETF 0.9%

Value $951K (+49.2%) Shares 40,000 (-45.7%) Est. Cost $8.66 Unrealized —

C CITIGROUP INC 0.1%

Value $140K (-38.3%) Shares 1,000 (-50.0%) Est. Cost $103.64 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPY	SPDR S&P 500 ETF	127,043 (-7.5%)	$94.87M (+6.2%)	85.0%	$426.88	—	COM	78462F103
SVXY	PROSHARES SHORT VIX ST FUTUR	16,750 (-56.5%)	$959K (+57.6%)	0.9%	$21.31	—	COM	74347W130
SVIX	-1X SHORT VIX FUTURES ETF	40,000 (-45.7%)	$951K (+49.2%)	0.9%	$8.66	—	COM	92891H101
C	CITIGROUP INC	1,000 (-50.0%)	$140K (-38.3%)	0.1%	$103.64	—	COM	172967424

Unchanged Positions (1)

RC READY CAPITAL CORP 2.0%

Value $2.186M Shares 1,249,003 Est. Cost $0.01 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
RC	READY CAPITAL CORP	1,249,003	$2.186M	2.0%	$0.01	—	COM	75574U101