NINE MASTS CAPITAL Ltd Hedge Fund

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	ALIBABA GROUP HLDG LTD	63,000	$97,997	16.9%	$1555.50	—	NOTE 0.500% 6/0	01609WBG6
IBIT	ISHARES BITCOIN TRUST ETF	1,889,214	$93,799	16.2%	$49.65	—	SHS BEN INT	46438F101
SPY	SPDR S&P 500 ETF TR	104,139	$71,014	12.2%	$681.92	—	TR UNIT	78462F103
NSC	NORFOLK SOUTHN CORP	160,852	$46,441	8.0%	$288.62	0.0%	COM	655844108
QQQ	INVESCO QQQ TR	40,453	$19,016	3.3%	$470.08	—	UNIT SER 1	46090E103
—	CYBERARK SOFTWARE LTD	41,403	$18,468	3.2%	$446.06	—	SHS	M2682V108
QRVO	QORVO INC	167,956	$14,194	2.4%	$88.25	0.0%	COM	74736K101
GSK	GSK PLC	205,929	$10,112	1.7%	$49.10	—	SPONSORED ADR	37733W204
Z	ZILLOW GROUP INC	141,496	$9,653	1.7%	$72.41	0.0%	CL C CAP STK	98954M200
EXAS	EXACT SCIENCES CORP	93,717	$9,518	1.6%	$80.31	0.0%	COM	30063P105
JD	JD.COM INC	273,890	$7,861	1.4%	$28.70	—	SPON ADS CL A	47215P106
WBD	WARNER BROS DISCOVERY INC	251,849	$7,258	1.2%	$23.37	0.0%	COM SER A	934423104
VRSN	VERISIGN INC	13,548	$6,771	1.2%	$250.80	0.0%	COM	92343E102
RNA	AVIDITY BIOSCIENCES INC	78,786	$5,683	1.0%	$64.59	0.0%	COM	05370A108
RNW	RENEW ENERGY GLOBAL PLC	908,549	$5,133	0.9%	$7.23	0.0%	CL A SHS	G7500M104
—	DAYFORCE INC	73,879	$5,109	0.9%	$68.83	0.0%	COM	15677J108
PBR	PETROLEO BRASILEIRO SA PETRO	410,245	$4,861	0.8%	$11.85	—	SPONSORED ADR	71654V408
ETHA	ISHARES ETHEREUM TR	195,193	$4,378	0.8%	$22.43	—	SHS	46438R105
GTLS	CHART INDS INC	19,865	$4,097	0.7%	$202.64	0.0%	COM	16115Q308
HOLX	HOLOGIC INC	50,000	$3,725	0.6%	$73.07	0.0%	COM	436440101
KVUE	KENVUE INC	193,863	$3,344	0.6%	$16.26	0.0%	COM	49177J102
CTLP	CANTALOUPE INC	280,363	$2,977	0.5%	$10.60	0.0%	COM	138103106
NIO	NIO INC	474,500	$2,420	0.4%	$5.10	—	SPON ADS	62914V106
BTI	BRITISH AMERN TOB PLC	34,475	$1,955	0.3%	$56.71	—	SPONSORED ADR	110448107
JHG	JANUS HENDERSON GROUP PLC	39,523	$1,880	0.3%	$44.24	0.0%	ORD SHS	G4474Y214
NVDA	NVIDIA CORPORATION	9,121	$1,701	0.3%	$186.13	0.0%	COM	67066G104
CWAN	CLEARWATER ANALYTICS HLDGS I	69,323	$1,672	0.3%	$20.03	0.0%	CL A	185123106
EA	ELECTRONIC ARTS INC	8,034	$1,642	0.3%	$201.71	0.0%	COM	285512109
CSGS	CSG SYS INTL INC	20,000	$1,534	0.3%	$73.52	0.0%	COM	126349109
NFLX	NETFLIX INC	14,117	$1,324	0.2%	$107.81	0.0%	COM	64110L106
AXTA	AXALTA COATING SYS LTD	40,000	$1,292	0.2%	$29.34	0.0%	COM	G0750C108
MAGS	LISTED FDS TR	18,309	$1,208	0.2%	$65.96	—	ROUNDHILL MAGNIF	53656G498
SEMR	SEMRUSH HLDGS INC	100,000	$1,189	0.2%	$9.37	0.0%	CL A COM	81686C104
BIP	BROOKFIELD INFRAST PARTNERS	31,549	$1,096	0.2%	$34.74	—	LP INT UNIT	G16252101
TGNA	TEGNA INC	46,030	$893	0.2%	$19.76	0.0%	COM	87901J105
TWO	TWO HBRS INVT CORP	81,000	$851	0.1%	$10.50	—	COM	90187B804
SEE	SEALED AIR CORP NEW	18,243	$756	0.1%	$38.57	0.0%	COM	81211K100
PDD	PDD HOLDINGS INC	6,586	$747	0.1%	$113.39	—	SPONSORED ADS	722304102
AIV	APARTMENT INVT & MGMT CO	120,000	$713	0.1%	$5.94	—	CL A	03748R747
FOLD	AMICUS THERAPEUTICS INC	50,000	$712	0.1%	$9.82	0.0%	COM	03152W109
IMXI	INTERNATIONAL MNY EXPRESS IN	45,000	$691	0.1%	$15.02	0.0%	COM	46005L101
NTES	NETEASE INC	4,235	$584	0.1%	$137.87	—	SPONSORED ADS	64110W102
AES	AES CORP	38,900	$558	0.1%	$14.03	0.0%	COM	00130H105
ABVX	ABIVAX SA	4,000	$539	0.1%	$134.85	—	SPONSORED ADS	00370M103
KW	KENNEDY-WILSON HOLDINGS INC	55,295	$535	0.1%	$8.96	0.0%	COM	489398107
—	CALAMOS STRATEGIC TOTAL RETU	27,663	$531	0.1%	$19.20	—	COM SH BEN INT	128125101
SKM	SK TELECOM CO LTD	25,748	$529	0.1%	$20.53	—	SPONSORED ADR	78440P306
GEHC	GE HEALTHCARE TECHNOLOGIES I	6,339	$520	0.1%	$77.91	0.0%	COMMON STOCK	36266G107
—	SABA CAPITAL INCOME & OPRNT	54,542	$382	0.1%	$7.01	—	SHS NEW	78518H202
—	DYNAVAX TECHNOLOGIES CORP	24,629	$379	0.1%	$15.38	—	COM NEW	268158201
UBER	UBER TECHNOLOGIES INC	4,141	$338	0.1%	$90.05	0.0%	COM	90353T100
TLYS	TILLYS INC	28,817	$57	0.0%	$1.64	0.0%	CL A	886885102
LZM	LIFEZONE METALS LIMITED	12,709	$54	0.0%	$4.52	0.0%	ORD SHS	G5568L109
SPWH	SPORTSMANS WHSE HLDGS INC	36,922	$54	0.0%	$2.17	0.0%	COM	84920Y106
UEIC	UNIVERSAL ELECTRS INC	12,581	$45	0.0%	$3.64	0.0%	COM	913483103
RZLV	REZOLVE AI PLC	15,401	$40	0.0%	$3.77	0.0%	ORD SHS	G75398100
RXT	RACKSPACE TECHNOLOGY INC	40,237	$39	0.0%	$1.26	0.0%	COM	750102105
XRX	XEROX HOLDINGS CORP	16,022	$38	0.0%	$2.96	0.0%	COM NEW	98421M106
CCO	CLEAR CHANNEL OUTDOOR HLDGS	16,940	$37	0.0%	$1.85	0.0%	COM	18453H106
GMGI	GOLDEN MATRIX GROUP INC	46,648	$37	0.0%	$0.91	0.0%	COM	381098300
OPAD	OFFERPAD SOLUTIONS INC	28,384	$34	0.0%	$2.21	0.0%	COM CL A	67623L307
KLTR	KALTURA INC	18,812	$31	0.0%	$1.58	0.0%	COM	483467106
ADV	ADVANTAGE SOLUTIONS INC	34,990	$31	0.0%	$1.16	0.0%	COM CL A	00791N102
MYPS	PLAYSTUDIOS INC	44,494	$29	0.0%	$0.78	0.0%	CLASS A COM	72815G108
NNBR	NN INC	22,422	$29	0.0%	$1.53	0.0%	COM	629337106
GETY	GETTY IMAGES HOLDINGS INC	20,968	$28	0.0%	$1.72	0.0%	CL A COM	374275105
DHX	DHI GROUP INC	17,854	$28	0.0%	$1.89	0.0%	COM	23331S100
RDZN	ROADZEN INC	11,309	$27	0.0%	$1.53	0.0%	ORD SHS	G7606H108
MAPS	WM TECHNOLOGY INC	32,084	$26	0.0%	$0.98	0.0%	COM	92971A109
BAER	BRIDGER AEROSPACE GRP HLDGS	13,698	$25	0.0%	$1.75	0.0%	COM	96812F102
HFFG	HF FOODS GROUP INC	11,307	$24	0.0%	$2.41	0.0%	COM	40417F109
SLQT	SELECTQUOTE INC	16,714	$24	0.0%	$1.67	0.0%	COM	816307300
HAIN	HAIN CELESTIAL GROUP INC	21,834	$23	0.0%	$1.23	0.0%	COM	405217100
PROK	PROKIDNEY CORP	10,244	$23	0.0%	$2.63	0.0%	SHS CL A	74291D104
OVID	OVID THERAPEUTICS INC	13,960	$23	0.0%	$1.54	0.0%	COM	690469101
ABOS	ACUMEN PHARMACEUTICALS INC	10,637	$22	0.0%	$1.98	0.0%	COM	00509G209
LUNG	PULMONX CORP	10,106	$22	0.0%	$1.88	0.0%	COM	745848101
CCCC	C4 THERAPEUTICS INC	11,472	$22	0.0%	$2.37	0.0%	COM STK	12529R107
BTM	BITCOIN DEPOT INC	16,602	$21	0.0%	$15.34	0.0%	COM	09174P105
BTBT	BIT DIGITAL INC	11,309	$21	0.0%	$2.89	0.0%	SHS	G1144A105
LNAI	LUNAI BIOWORKS INC	24,220	$21	0.0%	$1.12	0.0%	COM SHS	29350E203
AGL	AGILON HEALTH INC	30,517	$21	0.0%	$0.78	0.0%	COM	00857U107
ARAY	ACCURAY INC	25,202	$21	0.0%	$1.25	0.0%	COM	004397105
PMVP	PMV PHARMACEUTICALS INC	16,607	$21	0.0%	$1.34	0.0%	COM	69353Y103
WTI	W & T OFFSHORE INC	12,730	$21	0.0%	$1.92	0.0%	COM	92922P106
SEER	SEER INC	10,751	$20	0.0%	$2.04	0.0%	COM CL A	81578P106
—	STRIVE INC	26,362	$19	0.0%	$0.74	—	CL A COM	862945102
TELA	TELA BIO INC	16,486	$19	0.0%	$1.27	0.0%	COM	872381108
FATE	FATE THERAPEUTICS INC	19,445	$19	0.0%	$1.20	0.0%	COM	31189P102
DCGO	DOCGO INC	21,133	$19	0.0%	$1.07	0.0%	COM	256086109
REI	RING ENERGY INC	20,491	$18	0.0%	$0.95	0.0%	COM	76680V108
ATNM	ACTINIUM PHARMACEUTICALS INC	12,940	$18	0.0%	$1.46	0.0%	COM	00507W206
ALXO	ALX ONCOLOGY HLDGS INC	15,475	$17	0.0%	$1.51	0.0%	COM	00166B105
PRENW	PRENETICS GLOBAL LTD	362,456	$10	0.0%	$0.03	—	*W EXP 05/18/202	G72245114
NOTE/WS	FISCALNOTE HOLDINGS INC	299,447	$9	0.0%	$0.03	—	*W EXP 07/29/202	337655112

Increased Positions (10)

— NIO INC 2.9%

Value ($000) $17,036 (+272.6%) Shares 19,250 (+342.5%) Est. Cost $839.06 Unrealized —

FOX FOX CORP 7.3%

Value ($000) $42,411 (+17.1%) Shares 653,175 (+3.3%) Est. Cost $50.48 Unrealized +15.7%

TXNM TXNM ENERGY INC 0.7%

Value ($000) $4,179 (+76.0%) Shares 70,981 (+69.0%) Est. Cost $56.51 Unrealized +2.1%

LYB LYONDELLBASELL INDUSTRIES N 0.1%

Value ($000) $828 (+56.9%) Shares 19,126 (+77.7%) Est. Cost $49.84 Unrealized -10.8%

— AMCOR PLC 0.1%

Value ($000) $542 (+100.8%) Shares 65,000 (+97.0%) Est. Cost $8.71 Unrealized -5.2%

— LIBERTY MEDIA CORP DEL 0.1%

Value ($000) $714 (+60.8%) Shares 10,200 (+112.5%) Est. Cost $80.59 Unrealized —

TTD THE TRADE DESK INC 0.1%

Value ($000) $778 (-16.4%) Shares 20,500 (+7.9%) Est. Cost $62.42 Unrealized -29.0%

XOM EXXON MOBIL CORP 0.2%

Value ($000) $1,021 (+14.1%) Shares 8,486 (+6.9%) Est. Cost $107.97 Unrealized +7.0%

MDT MEDTRONIC PLC 0.0%

Value ($000) $121 (+139.0%) Shares 20,300 (+103.0%) Est. Cost — Unrealized —

NOW SERVICENOW INC 0.2%

Value ($000) $1,165 (-3.9%) Shares 7,605 (+477.4%) Est. Cost $174.51 Unrealized -1.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	NIO INC	19,250 (+342.5%)	$17,036 (+272.6%)	2.9%	$839.06	—	NOTE 4.625%10/1	62914VAK2
FOX	FOX CORP	653,175 (+3.3%)	$42,411 (+17.1%)	7.3%	$50.48	+15.7%	CL B COM	35137L204
TXNM	TXNM ENERGY INC	70,981 (+69.0%)	$4,179 (+76.0%)	0.7%	$56.51	+2.1%	COM	69349H107
LYB	LYONDELLBASELL INDUSTRIES N	19,126 (+77.7%)	$828 (+56.9%)	0.1%	$49.84	-10.8%	SHS - A -	N53745100
—	AMCOR PLC	65,000 (+97.0%)	$542 (+100.8%)	0.1%	$8.71	-5.2%	ORD	G0250X107
—	LIBERTY MEDIA CORP DEL	10,200 (+112.5%)	$714 (+60.8%)	0.1%	$80.59	—	DEB 3.750% 2/1	530715AL5
TTD	THE TRADE DESK INC	20,500 (+7.9%)	$778 (-16.4%)	0.1%	$62.42	-29.0%	COM CL A	88339J105
XOM	EXXON MOBIL CORP	8,486 (+6.9%)	$1,021 (+14.1%)	0.2%	$107.97	+7.0%	COM	30231G102
MDT	MEDTRONIC PLC	20,300 (+103.0%)	$121 (+139.0%)	0.0%	—	—	PUT	G5960L103
NOW	SERVICENOW INC	7,605 (+477.4%)	$1,165 (-3.9%)	0.2%	$174.51	-1.7%	COM	81762P102

Exited Positions (51)

GOOG ALPHABET INC 9.1%

Value ($000) $52,628 Shares 216,087 Est. Cost $174.27 Unrealized +64.3%

HDB HDFC BANK LTD 3.3%

Value ($000) $19,435 Shares 568,939 Est. Cost $39.04 Unrealized —

— MR COOPER GROUP INC 1.8%

Value ($000) $10,284 Shares 48,789 Est. Cost $210.79 Unrealized —

DEO DIAGEO PLC 1.3%

Value ($000) $7,527 Shares 78,872 Est. Cost $95.43 Unrealized —

VALE VALE S A 0.9%

Value ($000) $5,205 Shares 100,000 Est. Cost $34.46 Unrealized —

ISRLF ISRAEL ACQUISITIONS CORP 0.9%

Value ($000) $5,036 Shares 400,000 Est. Cost $12.58 Unrealized -1.5%

GRND GRINDR INC 0.6%

Value ($000) $3,624 Shares 241,300 Est. Cost $21.95 Unrealized -38.1%

BIPC BROOKFIELD INFRASTRUCTURE CO 0.5%

Value ($000) $2,684 Shares 65,261 Est. Cost $39.87 Unrealized +12.9%

SPY SPDR S&P 500 ETF TR 0.4%

Value ($000) $2,462 Shares 200,000 Est. Cost $681.92 Unrealized —

LI LI AUTO INC 0.3%

Value ($000) $1,806 Shares 69,296 Est. Cost $26.06 Unrealized —

SHOP SHOPIFY INC 0.3%

Value ($000) $1,635 Shares 11,000 Est. Cost $135.57 Unrealized +18.4%

U UNITY SOFTWARE INC 0.3%

Value ($000) $1,570 Shares 100,000 Est. Cost — Unrealized —

HLN HALEON PLC 0.3%

Value ($000) $1,462 Shares 163,003 Est. Cost $8.97 Unrealized —

WBD WARNER BROS DISCOVERY INC 0.2%

Value ($000) $1,374 Shares 175,000 Est. Cost $23.37 Unrealized 0.0%

TTD THE TRADE DESK INC 0.2%

Value ($000) $1,353 Shares 20,500 Est. Cost $62.42 Unrealized -29.0%

PDD PDD HOLDINGS INC 0.2%

Value ($000) $1,338 Shares 39,500 Est. Cost $113.39 Unrealized —

DVN DEVON ENERGY CORP NEW 0.2%

Value ($000) $1,047 Shares 29,868 Est. Cost $31.24 Unrealized +11.2%

XPEV XPENG INC 0.1%

Value ($000) $739 Shares 30,887 Est. Cost $18.81 Unrealized —

NFLX NETFLIX INC 0.1%

Value ($000) $638 Shares 2,000 Est. Cost $107.81 Unrealized 0.0%

TGT TARGET CORP 0.1%

Value ($000) $556 Shares 25,000 Est. Cost — Unrealized —

RELX RELX PLC 0.1%

Value ($000) $443 Shares 9,284 Est. Cost $47.76 Unrealized —

AAPL APPLE INC 0.1%

Value ($000) $389 Shares 16,000 Est. Cost — Unrealized —

NOW SERVICENOW INC 0.1%

Value ($000) $338 Shares 1,500 Est. Cost $174.51 Unrealized -1.7%

AXP AMERICAN EXPRESS CO 0.1%

Value ($000) $312 Shares 938 Est. Cost $279.37 Unrealized +27.8%

NFE NEW FORTRESS ENERGY INC 0.1%

Value ($000) $301 Shares 1,722,200 Est. Cost — Unrealized —

RBLX ROBLOX CORP 0.0%

Value ($000) $256 Shares 1,851 Est. Cost $124.28 Unrealized -14.6%

AMD ADVANCED MICRO DEVICES INC 0.0%

Value ($000) $247 Shares 15,000 Est. Cost — Unrealized —

DDOG DATADOG INC 0.0%

Value ($000) $239 Shares 20,300 Est. Cost $110.71 Unrealized +42.7%

DDOG DATADOG INC 0.0%

Value ($000) $217 Shares 10,000 Est. Cost $110.71 Unrealized +42.7%

— LIBERTY MEDIA CORP DEL 0.0%

Value ($000) $202 Shares 2,127 Est. Cost $95.00 Unrealized —

AMD ADVANCED MICRO DEVICES INC 0.0%

Value ($000) $179 Shares 16,500 Est. Cost — Unrealized —

DVN DEVON ENERGY CORP NEW 0.0%

Value ($000) $168 Shares 66,400 Est. Cost $31.24 Unrealized +11.2%

XBI SPDR SERIES TRUST 0.0%

Value ($000) $146 Shares 20,000 Est. Cost — Unrealized —

DDOG DATADOG INC 0.0%

Value ($000) $126 Shares 883 Est. Cost $110.71 Unrealized +42.7%

GEHC GE HEALTHCARE TECHNOLOGIES I 0.0%

Value ($000) $118 Shares 15,900 Est. Cost $77.91 Unrealized 0.0%

XOM EXXON MOBIL CORP 0.0%

Value ($000) $109 Shares 11,500 Est. Cost $107.97 Unrealized +7.0%

AAPL APPLE INC 0.0%

Value ($000) $91 Shares 31,800 Est. Cost — Unrealized —

SPY SPDR S&P 500 ETF TR 0.0%

Value ($000) $69 Shares 20,000 Est. Cost $681.92 Unrealized —

AXP AMERICAN EXPRESS CO 0.0%

Value ($000) $41 Shares 7,200 Est. Cost $279.37 Unrealized +27.8%

SCHW SCHWAB CHARLES CORP 0.0%

Value ($000) $37 Shares 31,500 Est. Cost $83.15 Unrealized +13.9%

GEHC GE HEALTHCARE TECHNOLOGIES I 0.0%

Value ($000) $36 Shares 20,000 Est. Cost $77.91 Unrealized 0.0%

XBI SPDR SERIES TRUST 0.0%

Value ($000) $35 Shares 20,000 Est. Cost — Unrealized —

CCL CARNIVAL CORP 0.0%

Value ($000) $30 Shares 3,000,000 Est. Cost — Unrealized —

WBD WARNER BROS DISCOVERY INC 0.0%

Value ($000) $24 Shares 210,000 Est. Cost $23.37 Unrealized 0.0%

PDD PDD HOLDINGS INC 0.0%

Value ($000) $24 Shares 40,000 Est. Cost $113.39 Unrealized —

NFLX NETFLIX INC 0.0%

Value ($000) $24 Shares 3,200 Est. Cost $107.81 Unrealized 0.0%

U UNITY SOFTWARE INC 0.0%

Value ($000) $21 Shares 100,000 Est. Cost — Unrealized —

TGT TARGET CORP 0.0%

Value ($000) $20 Shares 27,500 Est. Cost — Unrealized —

— KELLANOVA 0.0%

Value ($000) $13 Shares 40,000 Est. Cost — Unrealized —

XOM EXXON MOBIL CORP 0.0%

Value ($000) $6 Shares 8,200 Est. Cost $107.97 Unrealized +7.0%

RBLX ROBLOX CORP 0.0%

Value ($000) $5 Shares 11,000 Est. Cost $124.28 Unrealized -14.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOG	ALPHABET INC	216,087	$52,628	9.1%	$174.27	+64.3%	—	02079K107
HDB	HDFC BANK LTD	568,939	$19,435	3.3%	$39.04	—	—	40415F101
—	MR COOPER GROUP INC	48,789	$10,284	1.8%	$210.79	—	—	62482R107
DEO	DIAGEO PLC	78,872	$7,527	1.3%	$95.43	—	—	25243Q205
VALE	VALE S A	100,000	$5,205	0.9%	$34.46	—	CALL	91912E105
ISRLF	ISRAEL ACQUISITIONS CORP	400,000	$5,036	0.9%	$12.58	-1.5%	—	G49667101
GRND	GRINDR INC	241,300	$3,624	0.6%	$21.95	-38.1%	—	39854F101
BIPC	BROOKFIELD INFRASTRUCTURE CO	65,261	$2,684	0.5%	$39.87	+12.9%	—	11276H106
SPY	SPDR S&P 500 ETF TR	200,000	$2,462	0.4%	$681.92	—	CALL	78462F103
LI	LI AUTO INC	69,296	$1,806	0.3%	$26.06	—	—	50202M102
SHOP	SHOPIFY INC	11,000	$1,635	0.3%	$135.57	+18.4%	—	82509L107
U	UNITY SOFTWARE INC	100,000	$1,570	0.3%	—	—	CALL	91332U101
HLN	HALEON PLC	163,003	$1,462	0.3%	$8.97	—	—	405552100
WBD	WARNER BROS DISCOVERY INC	175,000	$1,374	0.2%	$23.37	0.0%	CALL	934423104
TTD	THE TRADE DESK INC	20,500	$1,353	0.2%	$62.42	-29.0%	PUT	88339J105
PDD	PDD HOLDINGS INC	39,500	$1,338	0.2%	$113.39	—	CALL	722304102
DVN	DEVON ENERGY CORP NEW	29,868	$1,047	0.2%	$31.24	+11.2%	—	25179M103
XPEV	XPENG INC	30,887	$739	0.1%	$18.81	—	—	98422D105
NFLX	NETFLIX INC	2,000	$638	0.1%	$107.81	0.0%	CALL	64110L106
TGT	TARGET CORP	25,000	$556	0.1%	—	—	CALL	87612E106
RELX	RELX PLC	9,284	$443	0.1%	$47.76	—	—	759530108
AAPL	APPLE INC	16,000	$389	0.1%	—	—	CALL	037833100
NOW	SERVICENOW INC	1,500	$338	0.1%	$174.51	-1.7%	PUT	81762P102
AXP	AMERICAN EXPRESS CO	938	$312	0.1%	$279.37	+27.8%	—	025816109
NFE	NEW FORTRESS ENERGY INC	1,722,200	$301	0.1%	—	—	PUT	644393100
RBLX	ROBLOX CORP	1,851	$256	0.0%	$124.28	-14.6%	—	771049103
AMD	ADVANCED MICRO DEVICES INC	15,000	$247	0.0%	—	—	CALL	007903107
DDOG	DATADOG INC	20,300	$239	0.0%	$110.71	+42.7%	PUT	23804L103
DDOG	DATADOG INC	10,000	$217	0.0%	$110.71	+42.7%	CALL	23804L103
—	LIBERTY MEDIA CORP DEL	2,127	$202	0.0%	$95.00	—	—	530715AG6
AMD	ADVANCED MICRO DEVICES INC	16,500	$179	0.0%	—	—	PUT	007903107
DVN	DEVON ENERGY CORP NEW	66,400	$168	0.0%	$31.24	+11.2%	PUT	25179M103
XBI	SPDR SERIES TRUST	20,000	$146	0.0%	—	—	PUT	78464A870
DDOG	DATADOG INC	883	$126	0.0%	$110.71	+42.7%	—	23804L103
GEHC	GE HEALTHCARE TECHNOLOGIES I	15,900	$118	0.0%	$77.91	0.0%	PUT	36266G107
XOM	EXXON MOBIL CORP	11,500	$109	0.0%	$107.97	+7.0%	PUT	30231G102
AAPL	APPLE INC	31,800	$91	0.0%	—	—	PUT	037833100
SPY	SPDR S&P 500 ETF TR	20,000	$69	0.0%	$681.92	—	PUT	78462F103
AXP	AMERICAN EXPRESS CO	7,200	$41	0.0%	$279.37	+27.8%	PUT	025816109
SCHW	SCHWAB CHARLES CORP	31,500	$37	0.0%	$83.15	+13.9%	PUT	808513105
GEHC	GE HEALTHCARE TECHNOLOGIES I	20,000	$36	0.0%	$77.91	0.0%	CALL	36266G107
XBI	SPDR SERIES TRUST	20,000	$35	0.0%	—	—	CALL	78464A870
CCL	CARNIVAL CORP	3,000,000	$30	0.0%	—	—	PUT	143658300
WBD	WARNER BROS DISCOVERY INC	210,000	$24	0.0%	$23.37	0.0%	PUT	934423104
PDD	PDD HOLDINGS INC	40,000	$24	0.0%	$113.39	—	PUT	722304102
NFLX	NETFLIX INC	3,200	$24	0.0%	$107.81	0.0%	PUT	64110L106
U	UNITY SOFTWARE INC	100,000	$21	0.0%	—	—	PUT	91332U101
TGT	TARGET CORP	27,500	$20	0.0%	—	—	PUT	87612E106
—	KELLANOVA	40,000	$13	0.0%	—	—	PUT	487836108
XOM	EXXON MOBIL CORP	8,200	$6	0.0%	$107.97	+7.0%	CALL	30231G102
RBLX	ROBLOX CORP	11,000	$5	0.0%	$124.28	-14.6%	PUT	771049103

Decreased Positions (13)

CUK CARNIVAL PLC 0.3%

Value ($000) $1,678 (-90.5%) Shares 55,335 (-91.7%) Est. Cost $26.44 Unrealized —

VALE VALE S A 0.1%

Value ($000) $756 (-95.3%) Shares 16,277 (-96.5%) Est. Cost $34.46 Unrealized —

ELME ELME COMMUNITIES 0.1%

Value ($000) $617 (-85.2%) Shares 35,453 (-85.7%) Est. Cost $16.86 Unrealized —

— FRONTIER COMMUNICATIONS PARE 0.2%

Value ($000) $1,142 (-70.1%) Shares 30,000 (-70.7%) Est. Cost $36.40 Unrealized —

ASX ASE TECHNOLOGY HLDG CO LTD 2.1%

Value ($000) $11,908 (+27.6%) Shares 739,619 (-12.1%) Est. Cost $9.85 Unrealized —

BIDU BAIDU INC 0.4%

Value ($000) $2,589 (-47.5%) Shares 19,811 (-45.0%) Est. Cost $136.94 Unrealized —

RYAAY RYANAIR HOLDINGS PLC 1.6%

Value ($000) $9,495 (-6.4%) Shares 131,521 (-22.0%) Est. Cost $57.67 Unrealized —

VALE VALE S A 0.0%

Value ($000) $16 (-97.4%) Shares 11,500 (-41.6%) Est. Cost $34.46 Unrealized —

— XAI OCTAGN FLT RAT & ALT INM 0.0%

Value ($000) $258 (-48.6%) Shares 53,804 (-43.3%) Est. Cost $5.30 Unrealized —

— INVESCO SR INCOME TR 0.1%

Value ($000) $399 (-34.3%) Shares 122,007 (-30.5%) Est. Cost $3.46 Unrealized —

SCHW SCHWAB CHARLES CORP 0.1%

Value ($000) $409 (-26.2%) Shares 4,095 (-29.5%) Est. Cost $83.15 Unrealized +13.9%

MDT MEDTRONIC PLC 0.0%

Value ($000) $78 (-53.9%) Shares 10,000 (-66.7%) Est. Cost — Unrealized —

LIN LINDE PLC 0.0%

Value ($000) $2 (-91.3%) Shares 45,400 (-10.5%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CUK	CARNIVAL PLC	55,335 (-91.7%)	$1,678 (-90.5%)	0.3%	$26.44	—	ADS	14365C103
VALE	VALE S A	16,277 (-96.5%)	$756 (-95.3%)	0.1%	$34.46	—	SPONSORED ADS	91912E105
ELME	ELME COMMUNITIES	35,453 (-85.7%)	$617 (-85.2%)	0.1%	$16.86	—	SH BEN INT	939653101
—	FRONTIER COMMUNICATIONS PARE	30,000 (-70.7%)	$1,142 (-70.1%)	0.2%	$36.40	—	COM	35909D109
ASX	ASE TECHNOLOGY HLDG CO LTD	739,619 (-12.1%)	$11,908 (+27.6%)	2.1%	$9.85	—	SPONSORED ADS	00215W100
BIDU	BAIDU INC	19,811 (-45.0%)	$2,589 (-47.5%)	0.4%	$136.94	—	SPON ADR REP A	056752108
RYAAY	RYANAIR HOLDINGS PLC	131,521 (-22.0%)	$9,495 (-6.4%)	1.6%	$57.67	—	SPONSORED ADR	783513203
VALE	VALE S A	11,500 (-41.6%)	$16 (-97.4%)	0.0%	$34.46	—	PUT	91912E105
—	XAI OCTAGN FLT RAT & ALT INM	53,804 (-43.3%)	$258 (-48.6%)	0.0%	$5.30	—	COM	98400T106
—	INVESCO SR INCOME TR	122,007 (-30.5%)	$399 (-34.3%)	0.1%	$3.46	—	COM	46131H107
SCHW	SCHWAB CHARLES CORP	4,095 (-29.5%)	$409 (-26.2%)	0.1%	$83.15	+13.9%	COM	808513105
MDT	MEDTRONIC PLC	10,000 (-66.7%)	$78 (-53.9%)	0.0%	—	—	CALL	G5960L103
LIN	LINDE PLC	45,400 (-10.5%)	$2 (-91.3%)	0.0%	—	—	PUT	G54950103

Unchanged Positions (2)

WF WOORI FINL GROUP INC 0.0%

Value ($000) $286 Shares 4,868 Est. Cost $56.15 Unrealized —

WDS WOODSIDE ENERGY GROUP LTD 0.1%

Value ($000) $535 Shares 34,317 Est. Cost $15.55 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
WF	WOORI FINL GROUP INC	4,868	$286	0.0%	$56.15	—	SPONSORED ADS	981064108
WDS	WOODSIDE ENERGY GROUP LTD	34,317	$535	0.1%	$15.55	—	SPONSORED ADR	980228308