Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	ROUNDHILL ETF TRUST	622,500	$45.96M	0.4%	—	—	PUT	77926X955
—	INVESCO QQQ TR	35,000	$25.77M	0.2%	—	—	CALL	46090E903
—	CARNIVAL CORP LTD	885,400	$25.3M	0.2%	—	—	PUT	G2004J953
—	SANDISK CORP	11,000	$25.01M	0.2%	—	—	PUT	80004C950
—	CARNIVAL CORP LTD	836,400	$23.9M	0.2%	—	—	CALL	G2004J903
—	MODERNA INC	181,000	$12.68M	0.1%	—	—	PUT	60770K957
—	SERVICENOW INC	120,000	$11.91M	0.1%	—	—	PUT	81762P952
—	NOKIA CORP	765,400	$10.16M	0.1%	—	—	CALL	654902904
—	ASTERA LABS INC	19,500	$9.419M	0.1%	—	—	PUT	04626A953
—	SPACE EXPLORATION TECHN CORP	39,300	$6.715M	0.1%	—	—	PUT	84615Q953
—	ASTERA LABS INC	13,800	$6.666M	0.1%	—	—	CALL	04626A903
—	SERVICENOW INC	60,300	$5.987M	0.1%	—	—	CALL	81762P902
—	CONSTELLATION ENERGY CORP	17,400	$4.322M	0.0%	—	—	PUT	21037T959
—	VISTRA CORP	25,800	$4.093M	0.0%	—	—	PUT	92840M952
—	ANALOG DEVICES INC	9,500	$3.773M	0.0%	—	—	PUT	032654955
INTC	INTEL CORP	25,247	$3.525M	0.0%	—	—	—	458140100
NOW	SERVICENOW INC	29,800	$2.959M	0.0%	—	—	—	81762P102
—	SPACE EXPLORATION TECHN CORP	15,900	$2.717M	0.0%	—	—	CALL	84615Q903
—	NOKIA CORP	200,400	$2.661M	0.0%	—	—	PUT	654902954
—	LYFT INC	169,500	$2.476M	0.0%	—	—	CALL	55087P904
—	NEBIUS GROUP N.V.	8,900	$2.458M	0.0%	—	—	CALL	N97284908
ORCL	ORACLE CORP	16,598	$2.432M	0.0%	—	—	—	68389X105
—	COREWEAVE INC	22,500	$2.24M	0.0%	—	—	CALL	21873S908
AVGO	BROADCOM INC	5,691	$2.15M	0.0%	—	—	—	11135F101
—	ASML HLDG NV	1,000	$1.989M	0.0%	—	—	CALL	N07059900
QQQ	INVESCO QQQ TR	2,697	$1.986M	0.0%	—	—	—	46090E103
—	CONSTELLATION ENERGY CORP	7,500	$1.863M	0.0%	—	—	CALL	21037T909
—	MODERNA INC	25,800	$1.807M	0.0%	—	—	CALL	60770K907
—	WESTERN DIGITAL CORP	2,500	$1.597M	0.0%	—	—	PUT	958102955
—	SYNOPSYS INC	3,500	$1.561M	0.0%	—	—	CALL	871607907
NEM	NEWMONT CORP	16,308	$1.523M	0.0%	—	—	—	651639106
—	ALIBABA GROUP HLDG LTD	15,000	$1.44M	0.0%	—	—	CALL	01609W902
CCL	CARNIVAL CORP LTD	48,738	$1.392M	0.0%	—	—	—	G2004J103
—	HIMS & HERS HEALTH INC	38,000	$1.317M	0.0%	—	—	PUT	433000956
—	CEREBRAS SYSTEMS INC	5,500	$1.216M	0.0%	—	—	PUT	15675D953
SOXX	ISHARES TR	1,863	$1.194M	0.0%	—	—	—	464287523
—	IREN LIMITED	25,000	$1.143M	0.0%	—	—	CALL	Q4982L909
—	LYFT INC	76,600	$1.119M	0.0%	—	—	PUT	55087P954
ALAB	ASTERA LABS INC	2,166	$1.046M	0.0%	—	—	—	04626A103
SPOT	SPOTIFY TECHNOLOGY S A	2,158	$991K	0.0%	—	—	—	L8681T102
—	NXP SEMICONDUCTORS N V	3,500	$984K	0.0%	—	—	CALL	N6596X909
VALE	VALE S A	64,639	$972K	0.0%	—	—	—	91912E105
—	RIO TINTO PLC	10,000	$949K	0.0%	—	—	PUT	767204950
C	CITIGROUP INC	6,578	$921K	0.0%	—	—	—	172967424
—	LUMENTUM HLDGS INC	1,000	$858K	0.0%	—	—	CALL	55024U909
—	LUMENTUM HLDGS INC	1,000	$858K	0.0%	—	—	PUT	55024U959
JPM	JPMORGAN CHASE & CO	2,564	$839K	0.0%	—	—	—	46625H100
LITE	LUMENTUM HLDGS INC	959	$823K	0.0%	—	—	—	55024U109
APO	APOLLO GLOBAL MGMT INC	6,495	$768K	0.0%	—	—	—	03769M106
VZ	VERIZON COMMUNICATIONS INC	17,913	$758K	0.0%	—	—	—	92343V104
TGT	TARGET CORP	5,506	$719K	0.0%	—	—	—	87612E106
XLE	SELECT SECTOR SPDR TR	13,086	$695K	0.0%	—	—	—	81369Y506
—	SPOTIFY TECHNOLOGY S A	1,500	$689K	0.0%	—	—	PUT	L8681T952
AAPL	APPLE INC	2,306	$667K	0.0%	—	—	—	037833100
WMT	WALMART INC	5,767	$653K	0.0%	—	—	—	931142103
CSCO	CISCO SYS INC	4,861	$571K	0.0%	—	—	—	17275R102
—	DRAFTKINGS INC NEW	22,500	$568K	0.0%	—	—	PUT	26142V955
—	ISHARES SILVER TR	10,000	$535K	0.0%	—	—	CALL	46428Q909
TTD	THE TRADE DESK INC	29,515	$534K	0.0%	—	—	—	88339J105
—	CORE SCIENTIFIC INC NEW	20,200	$517K	0.0%	—	—	CALL	21874A906
NXPI	NXP SEMICONDUCTORS N V	1,812	$509K	0.0%	—	—	—	N6596X109
CDNS	CADENCE DESIGN SYSTEM INC	1,312	$492K	0.0%	—	—	—	127387108
—	OCCIDENTAL PETE CORP	10,100	$491K	0.0%	—	—	PUT	674599955
—	POET TECHNOLOGIES INC	45,000	$463K	0.0%	—	—	CALL	73044W902
SPCX	SPACE EXPLORATION TECHN CORP	2,650	$453K	0.0%	—	—	—	84615Q103
CEG	CONSTELLATION ENERGY CORP	1,765	$438K	0.0%	—	—	—	21037T109
XPEV	XPENG INC	32,045	$424K	0.0%	—	—	—	98422D105
XYZ	BLOCK INC	5,149	$391K	0.0%	—	—	—	852234103
AFRM	AFFIRM HLDGS INC	4,767	$389K	0.0%	—	—	—	00827B106
SNDK	SANDISK CORP	167	$380K	0.0%	—	—	—	80004C200
—	STMICROELECTRONICS N V	5,000	$374K	0.0%	—	—	PUT	861012952
—	SYNOPSYS INC	700	$312K	0.0%	—	—	PUT	871607957
—	DRAFTKINGS INC NEW	10,200	$258K	0.0%	—	—	CALL	26142V905
IREN	IREN LIMITED	4,860	$222K	0.0%	—	—	—	Q4982L109
SMCI	SUPER MICRO COMPUTER INC	7,520	$221K	0.0%	—	—	—	86800U302
ACHR	ARCHER AVIATION INC	11,713	$55,000	0.0%	—	—	—	03945R102

Increased Positions (133)

— MICRON TECHNOLOGY INC 9.6%

Value $1.003B (+283.4%) Shares 869,100 (+12.2%) Est. Cost — Unrealized —

— MARVELL TECHNOLOGY INC 1.6%

Value $164M (+265.4%) Shares 549,800 (+21.5%) Est. Cost — Unrealized —

— KLA CORP 0.9%

Value $90.81M (+1956.0%) Shares 301,000 (+9933.3%) Est. Cost — Unrealized —

— ISHARES TR 1.1%

Value $110M (+210.8%) Shares 1,607,000 (+63.1%) Est. Cost — Unrealized —

— CATERPILLAR INC 1.7%

Value $175M (+66.8%) Shares 164,100 (+11.0%) Est. Cost — Unrealized —

— QUALCOMM INC 0.7%

Value $77.81M (+532.7%) Shares 421,100 (+340.9%) Est. Cost — Unrealized —

— BOEING CO 1.0%

Value $106M (+112.1%) Shares 491,100 (+95.0%) Est. Cost — Unrealized —

— ISHARES TR 1.0%

Value $101M (+113.7%) Shares 1,481,700 (+12.1%) Est. Cost — Unrealized —

— DELTA AIR LINES INC 0.5%

Value $55.7M (+502.7%) Shares 594,700 (+327.8%) Est. Cost — Unrealized —

— ARM HOLDINGS PLC 0.6%

Value $62.44M (+205.7%) Shares 176,100 (+30.4%) Est. Cost — Unrealized —

— NVIDIA CORPORATION 2.1%

Value $222M (+21.2%) Shares 1,111,200 (+5.6%) Est. Cost — Unrealized —

— META PLATFORMS INC 1.1%

Value $112M (+49.3%) Shares 199,400 (+51.6%) Est. Cost — Unrealized —

— META PLATFORMS INC 1.2%

Value $127M (+36.0%) Shares 226,100 (+38.1%) Est. Cost — Unrealized —

— MICROSOFT CORP 3.2%

Value $338M (+8.9%) Shares 905,500 (+8.1%) Est. Cost — Unrealized —

— SPDR GOLD TR 1.0%

Value $101M (+36.9%) Shares 274,800 (+59.9%) Est. Cost — Unrealized —

— PETROLEO BRASILEIRO S A 0.7%

Value $76.46M (+42.7%) Shares 4,731,300 (+83.7%) Est. Cost — Unrealized —

— DELTA AIR LINES INC 0.4%

Value $36.66M (+161.7%) Shares 391,400 (+85.8%) Est. Cost — Unrealized —

— KLA CORP 0.2%

Value $22.63M (+5019.5%) Shares 75,000 (+24900.0%) Est. Cost — Unrealized —

— INVESCO QQQ TR 0.5%

Value $51.55M (+62.4%) Shares 70,000 (+27.3%) Est. Cost — Unrealized —

— UNITED AIRLS HLDGS INC 0.4%

Value $37.03M (+109.6%) Shares 272,300 (+41.9%) Est. Cost — Unrealized —

— FORD MTR CO 0.3%

Value $28.27M (+201.5%) Shares 2,033,600 (+150.3%) Est. Cost — Unrealized —

— BANK OF AMER CORP 0.2%

Value $25.38M (+235.0%) Shares 445,400 (+186.6%) Est. Cost — Unrealized —

— DELL TECHNOLOGIES INC 0.2%

Value $19.59M (+632.3%) Shares 45,400 (+178.5%) Est. Cost — Unrealized —

— ELI LILLY & CO 0.4%

Value $42.46M (+64.9%) Shares 35,400 (+26.4%) Est. Cost — Unrealized —

— CHEVRON CORPORATION 0.2%

Value $21.23M (+308.9%) Shares 128,100 (+410.4%) Est. Cost — Unrealized —

— QUALCOMM INC 0.3%

Value $28.7M (+112.2%) Shares 155,300 (+47.9%) Est. Cost — Unrealized —

— AMERICAN AIRLINES GROUP INC 0.2%

Value $25.78M (+130.3%) Shares 1,426,700 (+36.9%) Est. Cost — Unrealized —

— FREEPORT MCMORAN INC 0.5%

Value $49.14M (+41.4%) Shares 781,400 (+32.2%) Est. Cost — Unrealized —

— NETFLIX INC. 0.1%

Value $14.64M (+851.7%) Shares 205,000 (+1181.3%) Est. Cost — Unrealized —

— CISCO SYS INC 0.2%

Value $23.38M (+116.1%) Shares 199,000 (+42.8%) Est. Cost — Unrealized —

— ASML HLDG NV 0.2%

Value $15.92M (+301.7%) Shares 8,000 (+166.7%) Est. Cost — Unrealized —

— NU HLDGS LTD 0.2%

Value $15.74M (+294.3%) Shares 1,178,400 (+324.0%) Est. Cost — Unrealized —

— MORGAN STANLEY 0.1%

Value $11.87M (+1659.0%) Shares 56,800 (+1285.4%) Est. Cost — Unrealized —

— NETFLIX INC. 0.1%

Value $12.88M (+569.8%) Shares 180,400 (+802.0%) Est. Cost — Unrealized —

— NEWMONT CORP 0.3%

Value $29.7M (+57.0%) Shares 318,000 (+81.9%) Est. Cost — Unrealized —

— APPLIED MATLS INC 0.1%

Value $11.93M (+926.7%) Shares 16,500 (+385.3%) Est. Cost — Unrealized —

SMH VANECK ETF TRUST 0.1%

Value $12.46M (+416.1%) Shares 19,000 (+201.3%) Est. Cost — Unrealized —

— APPLIED MATLS INC 0.2%

Value $17.42M (+126.6%) Shares 24,100 (+7.1%) Est. Cost — Unrealized —

— RIVIAN AUTOMOTIVE INC 0.2%

Value $25.28M (+57.6%) Shares 1,456,900 (+36.7%) Est. Cost — Unrealized —

— RIVIAN AUTOMOTIVE INC 0.1%

Value $13.52M (+196.0%) Shares 779,500 (+156.8%) Est. Cost — Unrealized —

— HOME DEPOT INC 0.2%

Value $16.65M (+108.3%) Shares 47,200 (+94.2%) Est. Cost — Unrealized —

— PAYPAL HLDGS INC 0.2%

Value $17.64M (+89.8%) Shares 408,400 (+98.8%) Est. Cost — Unrealized —

— LAM RESEARCH CORP 0.1%

Value $11.92M (+218.7%) Shares 27,500 (+57.1%) Est. Cost — Unrealized —

— VANECK ETF TRUST 0.4%

Value $46.62M (-14.8%) Shares 617,900 (+3.7%) Est. Cost — Unrealized —

— UBER TECHNOLOGIES INC 0.1%

Value $12.99M (+158.0%) Shares 180,000 (+157.1%) Est. Cost — Unrealized —

— PALO ALTO NETWORKS INC 0.1%

Value $13.91M (+129.0%) Shares 40,800 (+7.7%) Est. Cost — Unrealized —

— MASTERCARD INCORPORATED 0.1%

Value $8.834M (+742.1%) Shares 17,200 (+719.0%) Est. Cost — Unrealized —

— SPDR GOLD TR 0.7%

Value $67.94M (+12.7%) Shares 184,400 (+31.6%) Est. Cost — Unrealized —

— CISCO SYS INC 0.2%

Value $21.14M (+55.3%) Shares 180,000 (+2.6%) Est. Cost — Unrealized —

— ORACLE CORP 0.1%

Value $10.35M (+251.7%) Shares 70,600 (+253.0%) Est. Cost — Unrealized —

— PDD HOLDINGS INC 0.3%

Value $32.8M (-18.2%) Shares 430,000 (+9.6%) Est. Cost — Unrealized —

— EXXON MOBIL CORP 0.4%

Value $41.25M (+20.7%) Shares 301,700 (+49.8%) Est. Cost — Unrealized —

— DELL TECHNOLOGIES INC 0.1%

Value $8.629M (+338.0%) Shares 20,000 (+66.7%) Est. Cost — Unrealized —

— AMERICAN EXPRESS CO 0.1%

Value $7.239M (+583.6%) Shares 21,400 (+511.4%) Est. Cost — Unrealized —

FCX FREEPORT MCMORAN INC 0.1%

Value $11.02M (+113.3%) Shares 175,180 (+99.4%) Est. Cost — Unrealized —

— GE VERNOVA INC 0.1%

Value $10.81M (+103.0%) Shares 9,200 (+50.8%) Est. Cost — Unrealized —

— CHEVRON CORPORATION 0.4%

Value $42.57M (-11.4%) Shares 256,800 (+10.6%) Est. Cost — Unrealized —

— VALE S A 0.5%

Value $47.57M (+12.9%) Shares 3,162,700 (+19.4%) Est. Cost — Unrealized —

— GE VERNOVA INC 0.1%

Value $10.69M (+85.6%) Shares 9,100 (+37.9%) Est. Cost — Unrealized —

— PFIZER INC 0.3%

Value $34.43M (+16.4%) Shares 1,429,900 (+35.8%) Est. Cost — Unrealized —

— CLOUDFLARE INC 0.1%

Value $6.623M (+269.0%) Shares 27,000 (+210.3%) Est. Cost — Unrealized —

— BARRICK MNG CORP 0.1%

Value $10.07M (+91.2%) Shares 274,200 (+112.4%) Est. Cost — Unrealized —

NVDA NVIDIA CORPORATION 0.1%

Value $5.263M (+851.7%) Shares 26,302 (+729.2%) Est. Cost — Unrealized —

— ADOBE INC 0.1%

Value $11.03M (+66.2%) Shares 53,800 (+97.1%) Est. Cost — Unrealized —

— JPMORGAN CHASE & CO 0.1%

Value $6.285M (+196.7%) Shares 19,200 (+166.7%) Est. Cost — Unrealized —

— INTERNATIONAL BUSINESS MACHS 0.2%

Value $16.62M (+31.6%) Shares 59,100 (+13.4%) Est. Cost — Unrealized —

— NOVO-NORDISK A S 0.1%

Value $6.563M (+154.0%) Shares 136,900 (+94.7%) Est. Cost — Unrealized —

— CITIGROUP INC 0.2%

Value $19.78M (+25.2%) Shares 141,300 (+1.4%) Est. Cost — Unrealized —

NIO NIO INC 0.0%

Value $4.868M (+383.4%) Shares 962,077 (+476.2%) Est. Cost — Unrealized —

QCOM QUALCOMM INC 0.0%

Value $4.159M (+1148.9%) Shares 22,505 (+771.6%) Est. Cost — Unrealized —

— BARRICK MNG CORP 0.1%

Value $8.712M (+72.1%) Shares 237,200 (+91.1%) Est. Cost — Unrealized —

— CVS HEALTH CORP 0.0%

Value $5.007M (+235.1%) Shares 48,400 (+132.7%) Est. Cost — Unrealized —

— PETROLEO BRASILEIRO S A 0.5%

Value $50.49M (+7.2%) Shares 3,124,600 (+38.1%) Est. Cost — Unrealized —

KWEB KRANESHARES TRUST 0.0%

Value $4.003M (+512.1%) Shares 163,579 (+611.2%) Est. Cost — Unrealized —

— LAM RESEARCH CORP 0.0%

Value $4.333M (+305.7%) Shares 10,000 (+100.0%) Est. Cost — Unrealized —

— BANK OF AMER CORP 0.1%

Value $13.96M (+27.0%) Shares 245,000 (+8.6%) Est. Cost — Unrealized —

— APOLLO GLOBAL MGMT INC 0.0%

Value $3.017M (+981.4%) Shares 25,500 (+920.0%) Est. Cost — Unrealized —

— AMERICAN INTL GROUP INC 0.0%

Value $3.987M (+215.4%) Shares 53,500 (+218.5%) Est. Cost — Unrealized —

EWY ISHARES INC 0.0%

Value $2.996M (+954.9%) Shares 14,839 (+543.8%) Est. Cost — Unrealized —

— JPMORGAN CHASE & CO 0.0%

Value $3.273M (+456.6%) Shares 10,000 (+400.0%) Est. Cost — Unrealized —

— CREDO TECHNOLOGY GROUP HOLDI 0.0%

Value $3.916M (+216.1%) Shares 14,400 (+9.1%) Est. Cost — Unrealized —

FXI ISHARES TR 0.0%

Value $3.244M (+312.7%) Shares 102,700 (+369.0%) Est. Cost — Unrealized —

— WALMART INC 0.1%

Value $14.33M (+20.6%) Shares 126,500 (+32.3%) Est. Cost — Unrealized —

MSFT MICROSOFT CORP 0.1%

Value $5.221M (+84.0%) Shares 13,997 (+82.5%) Est. Cost — Unrealized —

— SUPER MICRO COMPUTER INC 0.0%

Value $3.256M (+257.4%) Shares 111,000 (+177.5%) Est. Cost — Unrealized —

— NOVO-NORDISK A S 0.1%

Value $5.446M (+68.0%) Shares 113,600 (+28.8%) Est. Cost — Unrealized —

— ORACLE CORP 0.0%

Value $4.763M (+85.0%) Shares 32,500 (+85.7%) Est. Cost — Unrealized —

GLD SPDR GOLD TR 0.0%

Value $4.215M (+101.0%) Shares 11,441 (+134.8%) Est. Cost — Unrealized —

GS GOLDMAN SACHS GROUP INC 0.0%

Value $2.449M (+635.4%) Shares 2,421 (+514.5%) Est. Cost — Unrealized —

CVX CHEVRON CORPORATION 0.0%

Value $2.819M (+274.4%) Shares 17,005 (+367.2%) Est. Cost — Unrealized —

UAL UNITED AIRLS HLDGS INC 0.0%

Value $2.55M (+294.1%) Shares 18,748 (+166.8%) Est. Cost — Unrealized —

— NXP SEMICONDUCTORS N V 0.0%

Value $3.372M (+128.5%) Shares 12,000 (+60.0%) Est. Cost — Unrealized —

— APOLLO GLOBAL MGMT INC 0.0%

Value $3.005M (+164.5%) Shares 25,400 (+149.0%) Est. Cost — Unrealized —

— MERCK & CO INC 0.0%

Value $2.185M (+450.4%) Shares 17,000 (+415.2%) Est. Cost — Unrealized —

— WELLS FARGO & CO 0.2%

Value $15.72M (+12.4%) Shares 190,200 (+8.3%) Est. Cost — Unrealized —

— NU HLDGS LTD 0.0%

Value $3.888M (+79.2%) Shares 291,000 (+92.7%) Est. Cost — Unrealized —

— PFIZER INC 0.1%

Value $12.84M (-11.7%) Shares 533,400 (+2.9%) Est. Cost — Unrealized —

— BLACKSTONE INC 0.0%

Value $2.789M (+140.2%) Shares 23,700 (+134.7%) Est. Cost — Unrealized —

— SOFI TECHNOLOGIES INC 0.1%

Value $6.13M (+35.0%) Shares 341,900 (+19.6%) Est. Cost — Unrealized —

— NEWMONT CORP 0.2%

Value $25.57M (-5.7%) Shares 273,800 (+9.3%) Est. Cost — Unrealized —

— LULULEMON ATHLETICA INC 0.1%

Value $7.856M (-15.6%) Shares 68,800 (+13.2%) Est. Cost — Unrealized —

— BAIDU INC 0.0%

Value $2.286M (+173.4%) Shares 20,000 (+166.7%) Est. Cost — Unrealized —

— SELECT SECTOR SPDR TR 0.1%

Value $7.457M (+21.7%) Shares 140,400 (+40.4%) Est. Cost — Unrealized —

— CVS HEALTH CORP 0.0%

Value $4.128M (+47.0%) Shares 39,900 (+2.0%) Est. Cost — Unrealized —

MS MORGAN STANLEY 0.0%

Value $1.957M (+115.3%) Shares 9,361 (+69.5%) Est. Cost — Unrealized —

— KRANESHARES TRUST 0.5%

Value $48.98M (-2.0%) Shares 2,001,500 (+13.9%) Est. Cost — Unrealized —

— THE TRADE DESK INC 0.0%

Value $3.911M (-19.3%) Shares 216,300 (+1.3%) Est. Cost — Unrealized —

AIG AMERICAN INTL GROUP INC 0.0%

Value $1.673M (+96.8%) Shares 22,443 (+98.7%) Est. Cost — Unrealized —

CRM SALESFORCE INC 0.0%

Value $1.318M (+149.6%) Shares 8,414 (+197.3%) Est. Cost — Unrealized —

NFLX NETFLIX INC. 0.0%

Value $1.679M (+75.3%) Shares 23,510 (+135.9%) Est. Cost — Unrealized —

— XPENG INC 0.0%

Value $1.482M (+89.5%) Shares 111,900 (+144.9%) Est. Cost — Unrealized —

— SUPER MICRO COMPUTER INC 0.0%

Value $1.173M (+119.3%) Shares 40,000 (+70.2%) Est. Cost — Unrealized —

GDX VANECK ETF TRUST 0.0%

Value $3.193M (-15.9%) Shares 42,323 (+2.3%) Est. Cost — Unrealized —

GOOGL ALPHABET INC 0.0%

Value $868K (+184.6%) Shares 2,430 (+129.5%) Est. Cost — Unrealized —

UBER UBER TECHNOLOGIES INC 0.0%

Value $1.046M (+113.5%) Shares 14,492 (+112.5%) Est. Cost — Unrealized —

— SHOPIFY INC 0.4%

Value $37.77M (-1.4%) Shares 330,800 (+2.4%) Est. Cost — Unrealized —

— REDDIT INC 0.0%

Value $1.493M (+58.3%) Shares 8,600 (+22.9%) Est. Cost — Unrealized —

— TAKE-TWO INTERACTIVE SOFTWAR 0.0%

Value $1.025M (+107.5%) Shares 4,100 (+64.0%) Est. Cost — Unrealized —

CRWD CROWDSTRIKE HLDGS INC 0.0%

Value $991K (+103.1%) Shares 1,299 (+3.9%) Est. Cost — Unrealized —

— LUCID GROUP INC 0.0%

Value $571K (+356.8%) Shares 85,280 (+15.6%) Est. Cost — Unrealized —

— KRANESHARES TRUST 0.3%

Value $30.47M (-1.3%) Shares 1,245,300 (+14.6%) Est. Cost — Unrealized —

— TWILIO INC 0.0%

Value $743K (+97.1%) Shares 3,600 (+20.0%) Est. Cost — Unrealized —

— BAIDU INC 0.0%

Value $583K (+109.0%) Shares 5,100 (+104.0%) Est. Cost — Unrealized —

— VALE S A 0.4%

Value $39.22M (+0.8%) Shares 2,608,000 (+6.6%) Est. Cost — Unrealized —

— SEA LTD 0.0%

Value $968K (+39.1%) Shares 10,100 (+20.2%) Est. Cost — Unrealized —

— VERIZON COMMUNICATIONS INC 0.0%

Value $4.01M (+7.2%) Shares 94,700 (+27.1%) Est. Cost — Unrealized —

BX BLACKSTONE INC 0.0%

Value $757K (+42.8%) Shares 6,433 (+39.5%) Est. Cost — Unrealized —

— SALESFORCE INC 0.2%

Value $17.15M (+1.2%) Shares 109,500 (+20.6%) Est. Cost — Unrealized —

— UNITED PARCEL SVCS INC 0.0%

Value $806K (+32.1%) Shares 7,500 (+21.0%) Est. Cost — Unrealized —

— ISHARES SILVER TR 0.0%

Value $668K (+30.7%) Shares 12,500 (+66.7%) Est. Cost — Unrealized —

— OCCIDENTAL PETE CORP 0.0%

Value $850K (-12.8%) Shares 17,500 (+16.7%) Est. Cost — Unrealized —

PFE PFIZER INC 0.0%

Value $659K (+18.7%) Shares 27,358 (+38.4%) Est. Cost — Unrealized —

XOM EXXON MOBIL CORP 0.0%

Value $355K (-15.1%) Shares 2,595 (+5.4%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	MICRON TECHNOLOGY INC	869,100 (+12.2%)	$1.003B (+283.4%)	9.6%	—	—	PUT	595112953
—	MARVELL TECHNOLOGY INC	549,800 (+21.5%)	$164M (+265.4%)	1.6%	—	—	PUT	573874954
—	KLA CORP	301,000 (+9933.3%)	$90.81M (+1956.0%)	0.9%	—	—	PUT	482480950
—	ISHARES TR	1,607,000 (+63.1%)	$110M (+210.8%)	1.1%	—	—	CALL	464287901
—	CATERPILLAR INC	164,100 (+11.0%)	$175M (+66.8%)	1.7%	—	—	CALL	149123901
—	QUALCOMM INC	421,100 (+340.9%)	$77.81M (+532.7%)	0.7%	—	—	PUT	747525953
—	BOEING CO	491,100 (+95.0%)	$106M (+112.1%)	1.0%	—	—	CALL	097023905
—	ISHARES TR	1,481,700 (+12.1%)	$101M (+113.7%)	1.0%	—	—	PUT	464287951
—	DELTA AIR LINES INC	594,700 (+327.8%)	$55.7M (+502.7%)	0.5%	—	—	CALL	247361902
—	ARM HOLDINGS PLC	176,100 (+30.4%)	$62.44M (+205.7%)	0.6%	—	—	PUT	042068955
—	NVIDIA CORPORATION	1,111,200 (+5.6%)	$222M (+21.2%)	2.1%	—	—	CALL	67066G904
—	META PLATFORMS INC	199,400 (+51.6%)	$112M (+49.3%)	1.1%	—	—	CALL	30303M902
—	META PLATFORMS INC	226,100 (+38.1%)	$127M (+36.0%)	1.2%	—	—	PUT	30303M952
—	MICROSOFT CORP	905,500 (+8.1%)	$338M (+8.9%)	3.2%	—	—	CALL	594918904
—	SPDR GOLD TR	274,800 (+59.9%)	$101M (+36.9%)	1.0%	—	—	PUT	78463V957
—	PETROLEO BRASILEIRO S A	4,731,300 (+83.7%)	$76.46M (+42.7%)	0.7%	—	—	CALL	71654V901
—	DELTA AIR LINES INC	391,400 (+85.8%)	$36.66M (+161.7%)	0.4%	—	—	PUT	247361952
—	KLA CORP	75,000 (+24900.0%)	$22.63M (+5019.5%)	0.2%	—	—	CALL	482480900
—	INVESCO QQQ TR	70,000 (+27.3%)	$51.55M (+62.4%)	0.5%	—	—	PUT	46090E953
—	UNITED AIRLS HLDGS INC	272,300 (+41.9%)	$37.03M (+109.6%)	0.4%	—	—	CALL	910047909
—	FORD MTR CO	2,033,600 (+150.3%)	$28.27M (+201.5%)	0.3%	—	—	CALL	345370900
—	BANK OF AMER CORP	445,400 (+186.6%)	$25.38M (+235.0%)	0.2%	—	—	CALL	060505904
—	DELL TECHNOLOGIES INC	45,400 (+178.5%)	$19.59M (+632.3%)	0.2%	—	—	CALL	24703L902
—	ELI LILLY & CO	35,400 (+26.4%)	$42.46M (+64.9%)	0.4%	—	—	CALL	532457908
—	CHEVRON CORPORATION	128,100 (+410.4%)	$21.23M (+308.9%)	0.2%	—	—	PUT	166764950
—	QUALCOMM INC	155,300 (+47.9%)	$28.7M (+112.2%)	0.3%	—	—	CALL	747525903
—	AMERICAN AIRLINES GROUP INC	1,426,700 (+36.9%)	$25.78M (+130.3%)	0.2%	—	—	CALL	02376R902
—	FREEPORT MCMORAN INC	781,400 (+32.2%)	$49.14M (+41.4%)	0.5%	—	—	PUT	35671D957
—	NETFLIX INC.	205,000 (+1181.3%)	$14.64M (+851.7%)	0.1%	—	—	CALL	64110L906
—	CISCO SYS INC	199,000 (+42.8%)	$23.38M (+116.1%)	0.2%	—	—	CALL	17275R902
—	ASML HLDG NV	8,000 (+166.7%)	$15.92M (+301.7%)	0.2%	—	—	PUT	N07059950
—	NU HLDGS LTD	1,178,400 (+324.0%)	$15.74M (+294.3%)	0.2%	—	—	CALL	G6683N903
—	MORGAN STANLEY	56,800 (+1285.4%)	$11.87M (+1659.0%)	0.1%	—	—	CALL	617446908
—	NETFLIX INC.	180,400 (+802.0%)	$12.88M (+569.8%)	0.1%	—	—	PUT	64110L956
—	NEWMONT CORP	318,000 (+81.9%)	$29.7M (+57.0%)	0.3%	—	—	PUT	651639956
—	APPLIED MATLS INC	16,500 (+385.3%)	$11.93M (+926.7%)	0.1%	—	—	CALL	038222905
SMH	VANECK ETF TRUST	19,000 (+201.3%)	$12.46M (+416.1%)	0.1%	—	—	—	92189F676
—	APPLIED MATLS INC	24,100 (+7.1%)	$17.42M (+126.6%)	0.2%	—	—	PUT	038222955
—	RIVIAN AUTOMOTIVE INC	1,456,900 (+36.7%)	$25.28M (+57.6%)	0.2%	—	—	PUT	76954A953
—	RIVIAN AUTOMOTIVE INC	779,500 (+156.8%)	$13.52M (+196.0%)	0.1%	—	—	CALL	76954A903
—	HOME DEPOT INC	47,200 (+94.2%)	$16.65M (+108.3%)	0.2%	—	—	CALL	437076902
—	PAYPAL HLDGS INC	408,400 (+98.8%)	$17.64M (+89.8%)	0.2%	—	—	CALL	70450Y903
—	LAM RESEARCH CORP	27,500 (+57.1%)	$11.92M (+218.7%)	0.1%	—	—	CALL	512807906
—	VANECK ETF TRUST	617,900 (+3.7%)	$46.62M (-14.8%)	0.4%	—	—	CALL	92189F906
—	UBER TECHNOLOGIES INC	180,000 (+157.1%)	$12.99M (+158.0%)	0.1%	—	—	CALL	90353T900
—	PALO ALTO NETWORKS INC	40,800 (+7.7%)	$13.91M (+129.0%)	0.1%	—	—	CALL	697435905
—	MASTERCARD INCORPORATED	17,200 (+719.0%)	$8.834M (+742.1%)	0.1%	—	—	CALL	57636Q904
—	SPDR GOLD TR	184,400 (+31.6%)	$67.94M (+12.7%)	0.7%	—	—	CALL	78463V907
—	CISCO SYS INC	180,000 (+2.6%)	$21.14M (+55.3%)	0.2%	—	—	PUT	17275R952
—	ORACLE CORP	70,600 (+253.0%)	$10.35M (+251.7%)	0.1%	—	—	PUT	68389X955
—	PDD HOLDINGS INC	430,000 (+9.6%)	$32.8M (-18.2%)	0.3%	—	—	CALL	722304902
—	EXXON MOBIL CORP	301,700 (+49.8%)	$41.25M (+20.7%)	0.4%	—	—	PUT	30231G952
—	DELL TECHNOLOGIES INC	20,000 (+66.7%)	$8.629M (+338.0%)	0.1%	—	—	PUT	24703L952
—	AMERICAN EXPRESS CO	21,400 (+511.4%)	$7.239M (+583.6%)	0.1%	—	—	CALL	025816909
FCX	FREEPORT MCMORAN INC	175,180 (+99.4%)	$11.02M (+113.3%)	0.1%	—	—	—	35671D857
—	GE VERNOVA INC	9,200 (+50.8%)	$10.81M (+103.0%)	0.1%	—	—	CALL	36828A901
—	CHEVRON CORPORATION	256,800 (+10.6%)	$42.57M (-11.4%)	0.4%	—	—	CALL	166764900
—	VALE S A	3,162,700 (+19.4%)	$47.57M (+12.9%)	0.5%	—	—	PUT	91912E955
—	GE VERNOVA INC	9,100 (+37.9%)	$10.69M (+85.6%)	0.1%	—	—	PUT	36828A951
—	PFIZER INC	1,429,900 (+35.8%)	$34.43M (+16.4%)	0.3%	—	—	CALL	717081903
—	CLOUDFLARE INC	27,000 (+210.3%)	$6.623M (+269.0%)	0.1%	—	—	CALL	18915M907
—	BARRICK MNG CORP	274,200 (+112.4%)	$10.07M (+91.2%)	0.1%	—	—	PUT	06849F958
NVDA	NVIDIA CORPORATION	26,302 (+729.2%)	$5.263M (+851.7%)	0.1%	—	—	—	67066G104
—	ADOBE INC	53,800 (+97.1%)	$11.03M (+66.2%)	0.1%	—	—	PUT	00724F951
—	JPMORGAN CHASE & CO	19,200 (+166.7%)	$6.285M (+196.7%)	0.1%	—	—	PUT	46625H950
—	INTERNATIONAL BUSINESS MACHS	59,100 (+13.4%)	$16.62M (+31.6%)	0.2%	—	—	PUT	459200951
—	NOVO-NORDISK A S	136,900 (+94.7%)	$6.563M (+154.0%)	0.1%	—	—	PUT	670100955
—	CITIGROUP INC	141,300 (+1.4%)	$19.78M (+25.2%)	0.2%	—	—	PUT	172967954
NIO	NIO INC	962,077 (+476.2%)	$4.868M (+383.4%)	0.0%	—	—	—	62914V106
QCOM	QUALCOMM INC	22,505 (+771.6%)	$4.159M (+1148.9%)	0.0%	—	—	—	747525103
—	BARRICK MNG CORP	237,200 (+91.1%)	$8.712M (+72.1%)	0.1%	—	—	CALL	06849F908
—	CVS HEALTH CORP	48,400 (+132.7%)	$5.007M (+235.1%)	0.0%	—	—	PUT	126650950
—	PETROLEO BRASILEIRO S A	3,124,600 (+38.1%)	$50.49M (+7.2%)	0.5%	—	—	PUT	71654V951
KWEB	KRANESHARES TRUST	163,579 (+611.2%)	$4.003M (+512.1%)	0.0%	—	—	—	500767306
—	LAM RESEARCH CORP	10,000 (+100.0%)	$4.333M (+305.7%)	0.0%	—	—	PUT	512807956
—	BANK OF AMER CORP	245,000 (+8.6%)	$13.96M (+27.0%)	0.1%	—	—	PUT	060505954
—	APOLLO GLOBAL MGMT INC	25,500 (+920.0%)	$3.017M (+981.4%)	0.0%	—	—	PUT	03769M956
—	AMERICAN INTL GROUP INC	53,500 (+218.5%)	$3.987M (+215.4%)	0.0%	—	—	CALL	026874904
EWY	ISHARES INC	14,839 (+543.8%)	$2.996M (+954.9%)	0.0%	—	—	—	464286772
—	JPMORGAN CHASE & CO	10,000 (+400.0%)	$3.273M (+456.6%)	0.0%	—	—	CALL	46625H900
—	CREDO TECHNOLOGY GROUP HOLDI	14,400 (+9.1%)	$3.916M (+216.1%)	0.0%	—	—	PUT	G25457955
FXI	ISHARES TR	102,700 (+369.0%)	$3.244M (+312.7%)	0.0%	—	—	—	464287184
—	WALMART INC	126,500 (+32.3%)	$14.33M (+20.6%)	0.1%	—	—	PUT	931142953
MSFT	MICROSOFT CORP	13,997 (+82.5%)	$5.221M (+84.0%)	0.1%	—	—	—	594918104
—	SUPER MICRO COMPUTER INC	111,000 (+177.5%)	$3.256M (+257.4%)	0.0%	—	—	PUT	86800U952
—	NOVO-NORDISK A S	113,600 (+28.8%)	$5.446M (+68.0%)	0.1%	—	—	CALL	670100905
—	ORACLE CORP	32,500 (+85.7%)	$4.763M (+85.0%)	0.0%	—	—	CALL	68389X905
GLD	SPDR GOLD TR	11,441 (+134.8%)	$4.215M (+101.0%)	0.0%	—	—	—	78463V107
GS	GOLDMAN SACHS GROUP INC	2,421 (+514.5%)	$2.449M (+635.4%)	0.0%	—	—	—	38141G104
CVX	CHEVRON CORPORATION	17,005 (+367.2%)	$2.819M (+274.4%)	0.0%	—	—	—	166764100
UAL	UNITED AIRLS HLDGS INC	18,748 (+166.8%)	$2.55M (+294.1%)	0.0%	—	—	—	910047109
—	NXP SEMICONDUCTORS N V	12,000 (+60.0%)	$3.372M (+128.5%)	0.0%	—	—	PUT	N6596X959
—	APOLLO GLOBAL MGMT INC	25,400 (+149.0%)	$3.005M (+164.5%)	0.0%	—	—	CALL	03769M906
—	MERCK & CO INC	17,000 (+415.2%)	$2.185M (+450.4%)	0.0%	—	—	PUT	58933Y955
—	WELLS FARGO & CO	190,200 (+8.3%)	$15.72M (+12.4%)	0.2%	—	—	PUT	949746951
—	NU HLDGS LTD	291,000 (+92.7%)	$3.888M (+79.2%)	0.0%	—	—	PUT	G6683N953
—	PFIZER INC	533,400 (+2.9%)	$12.84M (-11.7%)	0.1%	—	—	PUT	717081953
—	BLACKSTONE INC	23,700 (+134.7%)	$2.789M (+140.2%)	0.0%	—	—	CALL	09260D907
—	SOFI TECHNOLOGIES INC	341,900 (+19.6%)	$6.13M (+35.0%)	0.1%	—	—	CALL	83406F902
—	NEWMONT CORP	273,800 (+9.3%)	$25.57M (-5.7%)	0.2%	—	—	CALL	651639906
—	LULULEMON ATHLETICA INC	68,800 (+13.2%)	$7.856M (-15.6%)	0.1%	—	—	CALL	550021909
—	BAIDU INC	20,000 (+166.7%)	$2.286M (+173.4%)	0.0%	—	—	CALL	056752908
—	SELECT SECTOR SPDR TR	140,400 (+40.4%)	$7.457M (+21.7%)	0.1%	—	—	PUT	81369Y950
—	CVS HEALTH CORP	39,900 (+2.0%)	$4.128M (+47.0%)	0.0%	—	—	CALL	126650900
MS	MORGAN STANLEY	9,361 (+69.5%)	$1.957M (+115.3%)	0.0%	—	—	—	617446448
—	KRANESHARES TRUST	2,001,500 (+13.9%)	$48.98M (-2.0%)	0.5%	—	—	CALL	500767901
—	THE TRADE DESK INC	216,300 (+1.3%)	$3.911M (-19.3%)	0.0%	—	—	PUT	88339J955
AIG	AMERICAN INTL GROUP INC	22,443 (+98.7%)	$1.673M (+96.8%)	0.0%	—	—	—	026874784
CRM	SALESFORCE INC	8,414 (+197.3%)	$1.318M (+149.6%)	0.0%	—	—	—	79466L302
NFLX	NETFLIX INC.	23,510 (+135.9%)	$1.679M (+75.3%)	0.0%	—	—	—	64110L106
—	XPENG INC	111,900 (+144.9%)	$1.482M (+89.5%)	0.0%	—	—	PUT	98422D955
—	SUPER MICRO COMPUTER INC	40,000 (+70.2%)	$1.173M (+119.3%)	0.0%	—	—	CALL	86800U902
GDX	VANECK ETF TRUST	42,323 (+2.3%)	$3.193M (-15.9%)	0.0%	—	—	—	92189F106
GOOGL	ALPHABET INC	2,430 (+129.5%)	$868K (+184.6%)	0.0%	—	—	—	02079K305
UBER	UBER TECHNOLOGIES INC	14,492 (+112.5%)	$1.046M (+113.5%)	0.0%	—	—	—	90353T100
—	SHOPIFY INC	330,800 (+2.4%)	$37.77M (-1.4%)	0.4%	—	—	PUT	82509L957
—	REDDIT INC	8,600 (+22.9%)	$1.493M (+58.3%)	0.0%	—	—	PUT	75734B950
—	TAKE-TWO INTERACTIVE SOFTWAR	4,100 (+64.0%)	$1.025M (+107.5%)	0.0%	—	—	CALL	874054909
CRWD	CROWDSTRIKE HLDGS INC	1,299 (+3.9%)	$991K (+103.1%)	0.0%	—	—	—	22788C105
—	LUCID GROUP INC	85,280 (+15.6%)	$571K (+356.8%)	0.0%	—	—	PUT	549498952
—	KRANESHARES TRUST	1,245,300 (+14.6%)	$30.47M (-1.3%)	0.3%	—	—	PUT	500767951
—	TWILIO INC	3,600 (+20.0%)	$743K (+97.1%)	0.0%	—	—	CALL	90138F902
—	BAIDU INC	5,100 (+104.0%)	$583K (+109.0%)	0.0%	—	—	PUT	056752958
—	VALE S A	2,608,000 (+6.6%)	$39.22M (+0.8%)	0.4%	—	—	CALL	91912E905
—	SEA LTD	10,100 (+20.2%)	$968K (+39.1%)	0.0%	—	—	CALL	81141R900
—	VERIZON COMMUNICATIONS INC	94,700 (+27.1%)	$4.01M (+7.2%)	0.0%	—	—	PUT	92343V954
BX	BLACKSTONE INC	6,433 (+39.5%)	$757K (+42.8%)	0.0%	—	—	—	09260D107
—	SALESFORCE INC	109,500 (+20.6%)	$17.15M (+1.2%)	0.2%	—	—	CALL	79466L902
—	UNITED PARCEL SVCS INC	7,500 (+21.0%)	$806K (+32.1%)	0.0%	—	—	PUT	911312956
—	ISHARES SILVER TR	12,500 (+66.7%)	$668K (+30.7%)	0.0%	—	—	PUT	46428Q959
—	OCCIDENTAL PETE CORP	17,500 (+16.7%)	$850K (-12.8%)	0.0%	—	—	CALL	674599905
PFE	PFIZER INC	27,358 (+38.4%)	$659K (+18.7%)	0.0%	—	—	—	717081103
XOM	EXXON MOBIL CORP	2,595 (+5.4%)	$355K (-15.1%)	0.0%	—	—	—	30231G102

Exited Positions (37)

— CARNIVAL CORP 0.2%

Value $25.04M Shares 967,600 Est. Cost — Unrealized —

— CARNIVAL CORP 0.2%

Value $23.11M Shares 893,000 Est. Cost — Unrealized —

— APPLOVIN CORP 0.1%

Value $5.97M Shares 15,000 Est. Cost — Unrealized —

TEVA TEVA PHARMACEUTICAL INDS LTD 0.0%

Value $4.948M Shares 164,291 Est. Cost — Unrealized —

NCLH NORWEGIAN CRUISE LINE HLDGS 0.0%

Value $3.814M Shares 203,934 Est. Cost — Unrealized —

DAL DELTA AIR LINES INC 0.0%

Value $3.436M Shares 51,692 Est. Cost — Unrealized —

RIVN RIVIAN AUTOMOTIVE INC 0.0%

Value $2.558M Shares 169,944 Est. Cost — Unrealized —

— KE HLDGS INC 0.0%

Value $1.843M Shares 123,100 Est. Cost — Unrealized —

TSLA TESLA INC 0.0%

Value $1.652M Shares 4,443 Est. Cost — Unrealized —

— CARVANA CO 0.0%

Value $1.572M Shares 5,000 Est. Cost — Unrealized —

— FIRST SOLAR INC 0.0%

Value $1.499M Shares 7,600 Est. Cost — Unrealized —

MRVL MARVELL TECHNOLOGY INC 0.0%

Value $1.1M Shares 11,107 Est. Cost — Unrealized —

— DISNEY WALT CO 0.0%

Value $983K Shares 10,200 Est. Cost — Unrealized —

ARM ARM HOLDINGS PLC 0.0%

Value $983K Shares 6,496 Est. Cost — Unrealized —

DELL DELL TECHNOLOGIES INC 0.0%

Value $883K Shares 5,377 Est. Cost — Unrealized —

META META PLATFORMS INC 0.0%

Value $807K Shares 1,410 Est. Cost — Unrealized —

— DISNEY WALT CO 0.0%

Value $771K Shares 8,000 Est. Cost — Unrealized —

SCHW SCHWAB CHARLES CORP 0.0%

Value $748K Shares 7,962 Est. Cost — Unrealized —

— SCHWAB CHARLES CORP 0.0%

Value $677K Shares 7,200 Est. Cost — Unrealized —

— WESTERN DIGITAL CORP 0.0%

Value $676K Shares 2,500 Est. Cost — Unrealized —

— ETSY INC 0.0%

Value $625K Shares 12,500 Est. Cost — Unrealized —

AMD ADVANCED MICRO DEVICES INC 0.0%

Value $604K Shares 2,971 Est. Cost — Unrealized —

HOOD ROBINHOOD MKTS INC 0.0%

Value $579K Shares 8,360 Est. Cost — Unrealized —

TSM TAIWAN SEMICONDUCTOR MANUFAC 0.0%

Value $562K Shares 1,664 Est. Cost — Unrealized —

CVNA CARVANA CO 0.0%

Value $540K Shares 1,719 Est. Cost — Unrealized —

ADI ANALOG DEVICES INC 0.0%

Value $486K Shares 1,529 Est. Cost — Unrealized —

DIS DISNEY WALT CO 0.0%

Value $426K Shares 4,422 Est. Cost — Unrealized —

V VISA INC 0.0%

Value $392K Shares 1,297 Est. Cost — Unrealized —

NKE NIKE INC 0.0%

Value $382K Shares 7,233 Est. Cost — Unrealized —

— ETSY INC 0.0%

Value $375K Shares 7,500 Est. Cost — Unrealized —

CCL CARNIVAL CORP 0.0%

Value $336K Shares 12,980 Est. Cost — Unrealized —

UPS UNITED PARCEL SVCS INC 0.0%

Value $310K Shares 3,147 Est. Cost — Unrealized —

— KE HLDGS INC 0.0%

Value $299K Shares 20,000 Est. Cost — Unrealized —

PDD PDD HOLDINGS INC 0.0%

Value $295K Shares 2,884 Est. Cost — Unrealized —

STX SEAGATE TECHNOLOGY HLDNGS PL 0.0%

Value $253K Shares 646 Est. Cost — Unrealized —

ETSY ETSY INC 0.0%

Value $222K Shares 4,440 Est. Cost — Unrealized —

— GRAB HOLDINGS LIMITED 0.0%

Value $183K Shares 50,000 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	CARNIVAL CORP	967,600	$25.04M	0.2%	—	—	PUT	143658950
—	CARNIVAL CORP	893,000	$23.11M	0.2%	—	—	CALL	143658900
—	APPLOVIN CORP	15,000	$5.97M	0.1%	—	—	CALL	03831W908
TEVA	TEVA PHARMACEUTICAL INDS LTD	164,291	$4.948M	0.0%	—	—	—	881624209
NCLH	NORWEGIAN CRUISE LINE HLDGS	203,934	$3.814M	0.0%	—	—	—	G66721104
DAL	DELTA AIR LINES INC	51,692	$3.436M	0.0%	—	—	—	247361702
RIVN	RIVIAN AUTOMOTIVE INC	169,944	$2.558M	0.0%	—	—	—	76954A103
—	KE HLDGS INC	123,100	$1.843M	0.0%	—	—	CALL	482497904
TSLA	TESLA INC	4,443	$1.652M	0.0%	—	—	—	88160R101
—	CARVANA CO	5,000	$1.572M	0.0%	—	—	PUT	146869952
—	FIRST SOLAR INC	7,600	$1.499M	0.0%	—	—	CALL	336433907
MRVL	MARVELL TECHNOLOGY INC	11,107	$1.1M	0.0%	—	—	—	573874104
—	DISNEY WALT CO	10,200	$983K	0.0%	—	—	CALL	254687906
ARM	ARM HOLDINGS PLC	6,496	$983K	0.0%	—	—	—	042068205
DELL	DELL TECHNOLOGIES INC	5,377	$883K	0.0%	—	—	—	24703L202
META	META PLATFORMS INC	1,410	$807K	0.0%	—	—	—	30303M102
—	DISNEY WALT CO	8,000	$771K	0.0%	—	—	PUT	254687956
SCHW	SCHWAB CHARLES CORP	7,962	$748K	0.0%	—	—	—	808513105
—	SCHWAB CHARLES CORP	7,200	$677K	0.0%	—	—	PUT	808513955
—	WESTERN DIGITAL CORP	2,500	$676K	0.0%	—	—	CALL	958102905
—	ETSY INC	12,500	$625K	0.0%	—	—	PUT	29786A956
AMD	ADVANCED MICRO DEVICES INC	2,971	$604K	0.0%	—	—	—	007903107
HOOD	ROBINHOOD MKTS INC	8,360	$579K	0.0%	—	—	—	770700102
TSM	TAIWAN SEMICONDUCTOR MANUFAC	1,664	$562K	0.0%	—	—	—	874039100
CVNA	CARVANA CO	1,719	$540K	0.0%	—	—	—	146869102
ADI	ANALOG DEVICES INC	1,529	$486K	0.0%	—	—	—	032654105
DIS	DISNEY WALT CO	4,422	$426K	0.0%	—	—	—	254687106
V	VISA INC	1,297	$392K	0.0%	—	—	—	92826C839
NKE	NIKE INC	7,233	$382K	0.0%	—	—	—	654106103
—	ETSY INC	7,500	$375K	0.0%	—	—	CALL	29786A906
CCL	CARNIVAL CORP	12,980	$336K	0.0%	—	—	—	143658300
UPS	UNITED PARCEL SVCS INC	3,147	$310K	0.0%	—	—	—	911312106
—	KE HLDGS INC	20,000	$299K	0.0%	—	—	PUT	482497954
PDD	PDD HOLDINGS INC	2,884	$295K	0.0%	—	—	—	722304102
STX	SEAGATE TECHNOLOGY HLDNGS PL	646	$253K	0.0%	—	—	—	G7997R103
ETSY	ETSY INC	4,440	$222K	0.0%	—	—	—	29786A106
—	GRAB HOLDINGS LIMITED	50,000	$183K	0.0%	—	—	CALL	G4124C909

Decreased Positions (129)

— INTEL CORP 4.7%

Value $491M (+137.8%) Shares 3,513,000 (-24.8%) Est. Cost — Unrealized —

— ADVANCED MICRO DEVICES INC 3.6%

Value $375M (+139.0%) Shares 646,000 (-16.3%) Est. Cost — Unrealized —

— INTEL CORP 2.4%

Value $248M (+127.5%) Shares 1,775,300 (-28.1%) Est. Cost — Unrealized —

— TESLA INC 1.0%

Value $107M (-46.9%) Shares 255,400 (-53.1%) Est. Cost — Unrealized —

— MICRON TECHNOLOGY INC 1.6%

Value $169M (+91.3%) Shares 146,000 (-44.0%) Est. Cost — Unrealized —

— ISHARES INC 5.2%

Value $547M (+15.6%) Shares 2,709,100 (-29.6%) Est. Cost — Unrealized —

— MICROSOFT CORP 3.3%

Value $347M (-16.9%) Shares 931,100 (-17.6%) Est. Cost — Unrealized —

— VANECK ETF TRUST 1.0%

Value $103M (-37.1%) Shares 1,366,300 (-23.5%) Est. Cost — Unrealized —

— ISHARES INC 4.8%

Value $502M (+13.0%) Shares 2,485,200 (-31.2%) Est. Cost — Unrealized —

— NIO INC 0.2%

Value $24.46M (-66.3%) Shares 4,834,500 (-59.8%) Est. Cost — Unrealized —

— BROADCOM INC 0.5%

Value $50.51M (-45.1%) Shares 133,700 (-55.0%) Est. Cost — Unrealized —

— TESLA INC 1.6%

Value $172M (-19.2%) Shares 408,900 (-28.6%) Est. Cost — Unrealized —

— PALANTIR TECHNOLOGIES INC 0.4%

Value $37.25M (-51.7%) Shares 319,300 (-39.5%) Est. Cost — Unrealized —

— NVIDIA CORPORATION 1.7%

Value $181M (-15.9%) Shares 905,000 (-26.7%) Est. Cost — Unrealized —

— AMAZON COM INC 0.9%

Value $94.45M (-24.2%) Shares 396,300 (-33.8%) Est. Cost — Unrealized —

— BROADCOM INC 1.4%

Value $151M (-16.4%) Shares 399,700 (-31.5%) Est. Cost — Unrealized —

— PALANTIR TECHNOLOGIES INC 0.4%

Value $36.58M (-42.3%) Shares 313,500 (-27.6%) Est. Cost — Unrealized —

— PDD HOLDINGS INC 0.1%

Value $15.45M (-62.9%) Shares 202,500 (-50.3%) Est. Cost — Unrealized —

— APPLE INC 0.1%

Value $13.51M (-63.6%) Shares 46,700 (-68.1%) Est. Cost — Unrealized —

— TAIWAN SEMICONDUCTOR MANUFAC 2.0%

Value $210M (+9.5%) Shares 440,300 (-22.5%) Est. Cost — Unrealized —

— TAIWAN SEMICONDUCTOR MANUFAC 1.0%

Value $105M (+19.4%) Shares 220,000 (-15.5%) Est. Cost — Unrealized —

— ADVANCED MICRO DEVICES INC 1.4%

Value $143M (+12.9%) Shares 246,700 (-60.5%) Est. Cost — Unrealized —

— GOLDMAN SACHS GROUP INC 0.1%

Value $11.33M (-58.9%) Shares 11,200 (-65.6%) Est. Cost — Unrealized —

— MARVELL TECHNOLOGY INC 0.4%

Value $45.31M (+55.9%) Shares 152,100 (-48.2%) Est. Cost — Unrealized —

— LULULEMON ATHLETICA INC 0.2%

Value $21.8M (-36.9%) Shares 190,900 (-15.4%) Est. Cost — Unrealized —

— APPLE INC 0.2%

Value $15.89M (-43.6%) Shares 54,900 (-50.5%) Est. Cost — Unrealized —

— ALPHABET INC 0.6%

Value $63.43M (-16.1%) Shares 177,500 (-32.7%) Est. Cost — Unrealized —

— SNOWFLAKE INC 0.3%

Value $31.33M (+61.1%) Shares 123,100 (-4.5%) Est. Cost — Unrealized —

— SHOPIFY INC 0.3%

Value $31.09M (-27.2%) Shares 272,300 (-24.4%) Est. Cost — Unrealized —

— NIO INC 0.1%

Value $7.376M (-58.6%) Shares 1,457,800 (-50.7%) Est. Cost — Unrealized —

— CATERPILLAR INC 0.9%

Value $96.91M (+11.0%) Shares 91,000 (-26.1%) Est. Cost — Unrealized —

— JD.COM INC 0.1%

Value $12.28M (-43.7%) Shares 482,000 (-34.6%) Est. Cost — Unrealized —

— ADOBE INC 0.0%

Value $4.941M (-65.5%) Shares 24,100 (-59.2%) Est. Cost — Unrealized —

— EXXON MOBIL CORP 0.3%

Value $30.9M (-22.6%) Shares 226,000 (-3.9%) Est. Cost — Unrealized —

SPY STATE STR SPDR S&P 500 ETF T 0.0%

Value $3.209M (-72.8%) Shares 4,297 (-76.3%) Est. Cost — Unrealized —

— PALO ALTO NETWORKS INC 0.2%

Value $24.62M (+53.4%) Shares 72,200 (-27.9%) Est. Cost — Unrealized —

— WALMART INC 0.1%

Value $14.42M (-37.0%) Shares 127,300 (-30.9%) Est. Cost — Unrealized —

— AIRBNB INC 0.2%

Value $20.08M (-29.6%) Shares 140,300 (-37.9%) Est. Cost — Unrealized —

— TEVA PHARMACEUTICAL INDS LTD 0.1%

Value $14.7M (-35.5%) Shares 433,800 (-42.7%) Est. Cost — Unrealized —

— JD.COM INC 0.1%

Value $11.35M (-41.5%) Shares 445,500 (-32.1%) Est. Cost — Unrealized —

— NIKE INC 0.1%

Value $12.54M (-38.2%) Shares 305,600 (-20.4%) Est. Cost — Unrealized —

— CROWDSTRIKE HLDGS INC 0.3%

Value $28.92M (+35.4%) Shares 37,900 (-30.7%) Est. Cost — Unrealized —

— GENERAL MTRS CO 0.0%

Value $1.387M (-83.5%) Shares 18,000 (-84.1%) Est. Cost — Unrealized —

EWZ ISHARES INC 0.1%

Value $7.826M (-44.7%) Shares 226,855 (-38.5%) Est. Cost — Unrealized —

— PAYPAL HLDGS INC 0.0%

Value $4.167M (-59.5%) Shares 96,500 (-57.6%) Est. Cost — Unrealized —

— NORWEGIAN CRUISE LINE HLDGS 0.1%

Value $8.427M (-41.6%) Shares 399,200 (-48.2%) Est. Cost — Unrealized —

— AST SPACEMOBILE INC 0.0%

Value $4.096M (-59.1%) Shares 46,100 (-61.8%) Est. Cost — Unrealized —

— SNOWFLAKE INC 0.2%

Value $19.9M (+40.7%) Shares 78,200 (-16.6%) Est. Cost — Unrealized —

— NIKE INC 0.1%

Value $8.662M (-39.1%) Shares 211,000 (-21.6%) Est. Cost — Unrealized —

— TARGET CORP 0.2%

Value $22.16M (-19.6%) Shares 169,700 (-25.4%) Est. Cost — Unrealized —

— SALESFORCE INC 0.1%

Value $6.83M (-43.5%) Shares 43,600 (-32.7%) Est. Cost — Unrealized —

— ARM HOLDINGS PLC 0.0%

Value $4.787M (-52.1%) Shares 13,500 (-79.5%) Est. Cost — Unrealized —

— SEAGATE TECHNOLOGY HLDNGS PL 0.1%

Value $8.685M (+133.3%) Shares 9,000 (-5.3%) Est. Cost — Unrealized —

— NORWEGIAN CRUISE LINE HLDGS 0.0%

Value $3.131M (-58.7%) Shares 148,300 (-63.4%) Est. Cost — Unrealized —

— AMERICAN AIRLINES GROUP INC 0.2%

Value $23.4M (+23.2%) Shares 1,295,100 (-26.8%) Est. Cost — Unrealized —

— XPENG INC 0.0%

Value $1.076M (-80.3%) Shares 81,300 (-74.5%) Est. Cost — Unrealized —

— TARGET CORP 0.2%

Value $24.7M (-13.8%) Shares 189,100 (-20.0%) Est. Cost — Unrealized —

— HOME DEPOT INC 0.1%

Value $7.406M (-34.2%) Shares 21,000 (-38.6%) Est. Cost — Unrealized —

— GOLDMAN SACHS GROUP INC 0.1%

Value $12.54M (-23.2%) Shares 12,400 (-35.8%) Est. Cost — Unrealized —

— ALPHABET INC 1.0%

Value $106M (-3.4%) Shares 296,800 (-22.2%) Est. Cost — Unrealized —

— UNITED AIRLS HLDGS INC 0.3%

Value $29.78M (+14.1%) Shares 219,000 (-22.8%) Est. Cost — Unrealized —

— UNITEDHEALTH GROUP INC 0.2%

Value $23.52M (-13.4%) Shares 56,600 (-43.6%) Est. Cost — Unrealized —

— SELECT SECTOR SPDR TR 0.0%

Value $2.581M (-57.9%) Shares 48,600 (-51.4%) Est. Cost — Unrealized —

— UNITEDHEALTH GROUP INC 0.3%

Value $26.93M (+14.8%) Shares 64,800 (-25.3%) Est. Cost — Unrealized —

— BLOCK INC 0.2%

Value $20.39M (+18.6%) Shares 268,300 (-6.1%) Est. Cost — Unrealized —

— FREEPORT MCMORAN INC 0.6%

Value $58.56M (-4.9%) Shares 931,200 (-11.1%) Est. Cost — Unrealized —

— SPOTIFY TECHNOLOGY S A 0.0%

Value $2.481M (-53.1%) Shares 5,400 (-50.5%) Est. Cost — Unrealized —

— ZOOM COMMUNICATIONS INC 0.0%

Value $2.563M (-49.1%) Shares 29,700 (-52.6%) Est. Cost — Unrealized —

B BARRICK MNG CORP 0.0%

Value $368K (-86.8%) Shares 10,010 (-85.4%) Est. Cost — Unrealized —

— FORD MTR CO 0.3%

Value $27.21M (+9.1%) Shares 1,957,900 (-9.4%) Est. Cost — Unrealized —

— AFFIRM HLDGS INC 0.1%

Value $6.059M (+56.8%) Shares 74,300 (-11.9%) Est. Cost — Unrealized —

— AFFIRM HLDGS INC 0.0%

Value $4.958M (+69.3%) Shares 60,800 (-4.9%) Est. Cost — Unrealized —

— UBER TECHNOLOGIES INC 0.1%

Value $10.5M (-15.9%) Shares 145,500 (-16.2%) Est. Cost — Unrealized —

ADBE ADOBE INC 0.0%

Value $497K (-79.0%) Shares 2,424 (-75.1%) Est. Cost — Unrealized —

— BLACKSTONE INC 0.0%

Value $1.659M (-53.0%) Shares 14,100 (-54.1%) Est. Cost — Unrealized —

— INTERNATIONAL BUSINESS MACHS 0.1%

Value $15.07M (-11.0%) Shares 53,600 (-23.3%) Est. Cost — Unrealized —

— SEA LTD 0.0%

Value $1.715M (-51.0%) Shares 17,900 (-57.7%) Est. Cost — Unrealized —

— ELI LILLY & CO 0.3%

Value $28.19M (-5.4%) Shares 23,500 (-27.5%) Est. Cost — Unrealized —

— TEVA PHARMACEUTICAL INDS LTD 0.2%

Value $23.1M (+7.1%) Shares 681,700 (-4.8%) Est. Cost — Unrealized —

— SOFI TECHNOLOGIES INC 0.1%

Value $5.375M (-21.8%) Shares 299,800 (-30.7%) Est. Cost — Unrealized —

— VISA INC 0.1%

Value $14.31M (-8.6%) Shares 41,700 (-19.5%) Est. Cost — Unrealized —

— VERIZON COMMUNICATIONS INC 0.0%

Value $5.064M (-21.0%) Shares 119,600 (-6.3%) Est. Cost — Unrealized —

— UNITED PARCEL SVCS INC 0.1%

Value $8.299M (-13.4%) Shares 77,200 (-20.7%) Est. Cost — Unrealized —

— AST SPACEMOBILE INC 0.0%

Value $844K (-59.9%) Shares 9,500 (-62.6%) Est. Cost — Unrealized —

— MASTERCARD INCORPORATED 0.0%

Value $822K (-59.9%) Shares 1,600 (-61.0%) Est. Cost — Unrealized —

PYPL PAYPAL HLDGS INC 0.0%

Value $599K (-65.3%) Shares 13,865 (-63.6%) Est. Cost — Unrealized —

PBR PETROLEO BRASILEIRO S A 0.0%

Value $2.954M (-27.3%) Shares 182,804 (-6.6%) Est. Cost — Unrealized —

— THE TRADE DESK INC 0.0%

Value $3.455M (-23.9%) Shares 191,100 (-4.5%) Est. Cost — Unrealized —

PLTR PALANTIR TECHNOLOGIES INC 0.0%

Value $588K (-64.2%) Shares 5,038 (-55.1%) Est. Cost — Unrealized —

— GENERAL MTRS CO 0.1%

Value $5.319M (-16.5%) Shares 69,000 (-19.3%) Est. Cost — Unrealized —

— BOEING CO 0.6%

Value $64.44M (+1.5%) Shares 297,700 (-6.7%) Est. Cost — Unrealized —

AXP AMERICAN EXPRESS CO 0.0%

Value $687K (-56.9%) Shares 2,030 (-61.5%) Est. Cost — Unrealized —

— BLOCK INC 0.2%

Value $25.12M (+3.6%) Shares 330,500 (-17.9%) Est. Cost — Unrealized —

— ANALOG DEVICES INC 0.1%

Value $5.56M (-12.6%) Shares 14,000 (-30.0%) Est. Cost — Unrealized —

BAC BANK OF AMER CORP 0.0%

Value $1.114M (-41.4%) Shares 19,554 (-49.9%) Est. Cost — Unrealized —

ASML ASML HLDG NV 0.0%

Value $346K (-69.0%) Shares 174 (-79.4%) Est. Cost — Unrealized —

— CLOUDFLARE INC 0.0%

Value $1.251M (-37.5%) Shares 5,100 (-47.4%) Est. Cost — Unrealized —

— VISA INC 0.0%

Value $4.597M (-12.6%) Shares 13,400 (-23.0%) Est. Cost — Unrealized —

— ROBINHOOD MKTS INC 0.0%

Value $3.53M (+21.3%) Shares 35,200 (-16.2%) Est. Cost — Unrealized —

WFC WELLS FARGO & CO 0.0%

Value $528K (-52.2%) Shares 6,392 (-54.0%) Est. Cost — Unrealized —

— ROBINHOOD MKTS INC 0.0%

Value $1.604M (-26.0%) Shares 16,000 (-48.9%) Est. Cost — Unrealized —

ABNB AIRBNB INC 0.0%

Value $220K (-71.5%) Shares 1,539 (-74.8%) Est. Cost — Unrealized —

LRCX LAM RESEARCH CORP 0.0%

Value $208K (-70.1%) Shares 481 (-85.2%) Est. Cost — Unrealized —

— AMERICAN EXPRESS CO 0.1%

Value $5.446M (-8.1%) Shares 16,100 (-17.9%) Est. Cost — Unrealized —

— AIRBNB INC 0.4%

Value $38.37M (+1.2%) Shares 268,100 (-10.7%) Est. Cost — Unrealized —

LLY ELI LILLY & CO 0.0%

Value $211K (-68.9%) Shares 176 (-76.2%) Est. Cost — Unrealized —

NU NU HLDGS LTD 0.0%

Value $217K (-65.4%) Shares 16,209 (-62.9%) Est. Cost — Unrealized —

LULU LULULEMON ATHLETICA INC 0.0%

Value $293K (-57.3%) Shares 2,565 (-42.8%) Est. Cost — Unrealized —

— MERCK & CO INC 0.0%

Value $951K (-27.5%) Shares 7,400 (-32.1%) Est. Cost — Unrealized —

GM GENERAL MTRS CO 0.0%

Value $278K (-53.4%) Shares 3,601 (-55.0%) Est. Cost — Unrealized —

— REDDIT INC 0.0%

Value $972K (-24.0%) Shares 5,600 (-41.1%) Est. Cost — Unrealized —

— AMERICAN INTL GROUP INC 0.0%

Value $1.26M (-19.1%) Shares 16,900 (-18.4%) Est. Cost — Unrealized —

— MORGAN STANLEY 0.0%

Value $2.718M (-9.2%) Shares 13,000 (-28.6%) Est. Cost — Unrealized —

— ZOOM COMMUNICATIONS INC 0.0%

Value $1.795M (-13.1%) Shares 20,800 (-19.1%) Est. Cost — Unrealized —

WDC WESTERN DIGITAL CORP 0.0%

Value $351K (-42.4%) Shares 550 (-75.6%) Est. Cost — Unrealized —

— UNITED STS OIL FD LP 0.0%

Value $724K (-26.1%) Shares 6,800 (-11.7%) Est. Cost — Unrealized —

GEV GE VERNOVA INC 0.0%

Value $559K (-26.6%) Shares 476 (-45.5%) Est. Cost — Unrealized —

IBM INTERNATIONAL BUSINESS MACHS 0.0%

Value $567K (-23.8%) Shares 2,017 (-34.3%) Est. Cost — Unrealized —

F FORD MTR CO 0.0%

Value $1.628M (-9.8%) Shares 117,146 (-25.1%) Est. Cost — Unrealized —

— TWILIO INC 0.0%

Value $1.547M (+11.8%) Shares 7,500 (-31.8%) Est. Cost — Unrealized —

SOFI SOFI TECHNOLOGIES INC 0.0%

Value $496K (-23.7%) Shares 27,684 (-32.3%) Est. Cost — Unrealized —

UNH UNITEDHEALTH GROUP INC 0.0%

Value $407K (+34.8%) Shares 979 (-12.3%) Est. Cost — Unrealized —

LI LI AUTO INC 0.0%

Value $175K (-37.1%) Shares 14,879 (-4.6%) Est. Cost — Unrealized —

AMZN AMAZON COM INC 0.0%

Value $555K (-11.1%) Shares 2,329 (-22.3%) Est. Cost — Unrealized —

— GRAB HOLDINGS LIMITED 0.0%

Value $636K (-8.0%) Shares 168,800 (-10.6%) Est. Cost — Unrealized —

NVO NOVO-NORDISK A S 0.0%

Value $416K (-8.0%) Shares 8,679 (-29.5%) Est. Cost — Unrealized —

AAL AMERICAN AIRLINES GROUP INC 0.0%

Value $1.187M (+1.7%) Shares 65,709 (-39.5%) Est. Cost — Unrealized —

RDDT REDDIT INC 0.0%

Value $275K (-3.2%) Shares 1,586 (-24.8%) Est. Cost — Unrealized —

BA BOEING CO 0.0%

Value $769K (+1.1%) Shares 3,553 (-7.1%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	INTEL CORP	3,513,000 (-24.8%)	$491M (+137.8%)	4.7%	—	—	PUT	458140950
—	ADVANCED MICRO DEVICES INC	646,000 (-16.3%)	$375M (+139.0%)	3.6%	—	—	PUT	007903957
—	INTEL CORP	1,775,300 (-28.1%)	$248M (+127.5%)	2.4%	—	—	CALL	458140900
—	TESLA INC	255,400 (-53.1%)	$107M (-46.9%)	1.0%	—	—	CALL	88160R901
—	MICRON TECHNOLOGY INC	146,000 (-44.0%)	$169M (+91.3%)	1.6%	—	—	CALL	595112903
—	ISHARES INC	2,709,100 (-29.6%)	$547M (+15.6%)	5.2%	—	—	CALL	464286903
—	MICROSOFT CORP	931,100 (-17.6%)	$347M (-16.9%)	3.3%	—	—	PUT	594918954
—	VANECK ETF TRUST	1,366,300 (-23.5%)	$103M (-37.1%)	1.0%	—	—	PUT	92189F956
—	ISHARES INC	2,485,200 (-31.2%)	$502M (+13.0%)	4.8%	—	—	PUT	464286953
—	NIO INC	4,834,500 (-59.8%)	$24.46M (-66.3%)	0.2%	—	—	PUT	62914V956
—	BROADCOM INC	133,700 (-55.0%)	$50.51M (-45.1%)	0.5%	—	—	CALL	11135F901
—	TESLA INC	408,900 (-28.6%)	$172M (-19.2%)	1.6%	—	—	PUT	88160R951
—	PALANTIR TECHNOLOGIES INC	319,300 (-39.5%)	$37.25M (-51.7%)	0.4%	—	—	PUT	69608A958
—	NVIDIA CORPORATION	905,000 (-26.7%)	$181M (-15.9%)	1.7%	—	—	PUT	67066G954
—	AMAZON COM INC	396,300 (-33.8%)	$94.45M (-24.2%)	0.9%	—	—	PUT	023135956
—	BROADCOM INC	399,700 (-31.5%)	$151M (-16.4%)	1.4%	—	—	PUT	11135F951
—	PALANTIR TECHNOLOGIES INC	313,500 (-27.6%)	$36.58M (-42.3%)	0.4%	—	—	CALL	69608A908
—	PDD HOLDINGS INC	202,500 (-50.3%)	$15.45M (-62.9%)	0.1%	—	—	PUT	722304952
—	APPLE INC	46,700 (-68.1%)	$13.51M (-63.6%)	0.1%	—	—	CALL	037833900
—	TAIWAN SEMICONDUCTOR MANUFAC	440,300 (-22.5%)	$210M (+9.5%)	2.0%	—	—	PUT	874039950
—	TAIWAN SEMICONDUCTOR MANUFAC	220,000 (-15.5%)	$105M (+19.4%)	1.0%	—	—	CALL	874039900
—	ADVANCED MICRO DEVICES INC	246,700 (-60.5%)	$143M (+12.9%)	1.4%	—	—	CALL	007903907
—	GOLDMAN SACHS GROUP INC	11,200 (-65.6%)	$11.33M (-58.9%)	0.1%	—	—	PUT	38141G954
—	MARVELL TECHNOLOGY INC	152,100 (-48.2%)	$45.31M (+55.9%)	0.4%	—	—	CALL	573874904
—	LULULEMON ATHLETICA INC	190,900 (-15.4%)	$21.8M (-36.9%)	0.2%	—	—	PUT	550021959
—	APPLE INC	54,900 (-50.5%)	$15.89M (-43.6%)	0.2%	—	—	PUT	037833950
—	ALPHABET INC	177,500 (-32.7%)	$63.43M (-16.1%)	0.6%	—	—	PUT	02079K957
—	SNOWFLAKE INC	123,100 (-4.5%)	$31.33M (+61.1%)	0.3%	—	—	CALL	833445909
—	SHOPIFY INC	272,300 (-24.4%)	$31.09M (-27.2%)	0.3%	—	—	CALL	82509L907
—	NIO INC	1,457,800 (-50.7%)	$7.376M (-58.6%)	0.1%	—	—	CALL	62914V906
—	CATERPILLAR INC	91,000 (-26.1%)	$96.91M (+11.0%)	0.9%	—	—	PUT	149123951
—	JD.COM INC	482,000 (-34.6%)	$12.28M (-43.7%)	0.1%	—	—	CALL	47215P906
—	ADOBE INC	24,100 (-59.2%)	$4.941M (-65.5%)	0.0%	—	—	CALL	00724F901
—	EXXON MOBIL CORP	226,000 (-3.9%)	$30.9M (-22.6%)	0.3%	—	—	CALL	30231G902
SPY	STATE STR SPDR S&P 500 ETF T	4,297 (-76.3%)	$3.209M (-72.8%)	0.0%	—	—	—	78462F103
—	PALO ALTO NETWORKS INC	72,200 (-27.9%)	$24.62M (+53.4%)	0.2%	—	—	PUT	697435955
—	WALMART INC	127,300 (-30.9%)	$14.42M (-37.0%)	0.1%	—	—	CALL	931142903
—	AIRBNB INC	140,300 (-37.9%)	$20.08M (-29.6%)	0.2%	—	—	PUT	009066951
—	TEVA PHARMACEUTICAL INDS LTD	433,800 (-42.7%)	$14.7M (-35.5%)	0.1%	—	—	PUT	881624959
—	JD.COM INC	445,500 (-32.1%)	$11.35M (-41.5%)	0.1%	—	—	PUT	47215P956
—	NIKE INC	305,600 (-20.4%)	$12.54M (-38.2%)	0.1%	—	—	PUT	654106953
—	CROWDSTRIKE HLDGS INC	37,900 (-30.7%)	$28.92M (+35.4%)	0.3%	—	—	PUT	22788C955
—	GENERAL MTRS CO	18,000 (-84.1%)	$1.387M (-83.5%)	0.0%	—	—	PUT	37045V950
EWZ	ISHARES INC	226,855 (-38.5%)	$7.826M (-44.7%)	0.1%	—	—	—	464286400
—	PAYPAL HLDGS INC	96,500 (-57.6%)	$4.167M (-59.5%)	0.0%	—	—	PUT	70450Y953
—	NORWEGIAN CRUISE LINE HLDGS	399,200 (-48.2%)	$8.427M (-41.6%)	0.1%	—	—	CALL	G66721904
—	AST SPACEMOBILE INC	46,100 (-61.8%)	$4.096M (-59.1%)	0.0%	—	—	PUT	00217D950
—	SNOWFLAKE INC	78,200 (-16.6%)	$19.9M (+40.7%)	0.2%	—	—	PUT	833445959
—	NIKE INC	211,000 (-21.6%)	$8.662M (-39.1%)	0.1%	—	—	CALL	654106903
—	TARGET CORP	169,700 (-25.4%)	$22.16M (-19.6%)	0.2%	—	—	PUT	87612E956
—	SALESFORCE INC	43,600 (-32.7%)	$6.83M (-43.5%)	0.1%	—	—	PUT	79466L952
—	ARM HOLDINGS PLC	13,500 (-79.5%)	$4.787M (-52.1%)	0.0%	—	—	CALL	042068905
—	SEAGATE TECHNOLOGY HLDNGS PL	9,000 (-5.3%)	$8.685M (+133.3%)	0.1%	—	—	PUT	G7997R953
—	NORWEGIAN CRUISE LINE HLDGS	148,300 (-63.4%)	$3.131M (-58.7%)	0.0%	—	—	PUT	G66721954
—	AMERICAN AIRLINES GROUP INC	1,295,100 (-26.8%)	$23.4M (+23.2%)	0.2%	—	—	PUT	02376R952
—	XPENG INC	81,300 (-74.5%)	$1.076M (-80.3%)	0.0%	—	—	CALL	98422D905
—	TARGET CORP	189,100 (-20.0%)	$24.7M (-13.8%)	0.2%	—	—	CALL	87612E906
—	HOME DEPOT INC	21,000 (-38.6%)	$7.406M (-34.2%)	0.1%	—	—	PUT	437076952
—	GOLDMAN SACHS GROUP INC	12,400 (-35.8%)	$12.54M (-23.2%)	0.1%	—	—	CALL	38141G904
—	ALPHABET INC	296,800 (-22.2%)	$106M (-3.4%)	1.0%	—	—	CALL	02079K907
—	UNITED AIRLS HLDGS INC	219,000 (-22.8%)	$29.78M (+14.1%)	0.3%	—	—	PUT	910047959
—	UNITEDHEALTH GROUP INC	56,600 (-43.6%)	$23.52M (-13.4%)	0.2%	—	—	PUT	91324P952
—	SELECT SECTOR SPDR TR	48,600 (-51.4%)	$2.581M (-57.9%)	0.0%	—	—	CALL	81369Y900
—	UNITEDHEALTH GROUP INC	64,800 (-25.3%)	$26.93M (+14.8%)	0.3%	—	—	CALL	91324P902
—	BLOCK INC	268,300 (-6.1%)	$20.39M (+18.6%)	0.2%	—	—	CALL	852234903
—	FREEPORT MCMORAN INC	931,200 (-11.1%)	$58.56M (-4.9%)	0.6%	—	—	CALL	35671D907
—	SPOTIFY TECHNOLOGY S A	5,400 (-50.5%)	$2.481M (-53.1%)	0.0%	—	—	CALL	L8681T902
—	ZOOM COMMUNICATIONS INC	29,700 (-52.6%)	$2.563M (-49.1%)	0.0%	—	—	PUT	98980L951
B	BARRICK MNG CORP	10,010 (-85.4%)	$368K (-86.8%)	0.0%	—	—	—	06849F108
—	FORD MTR CO	1,957,900 (-9.4%)	$27.21M (+9.1%)	0.3%	—	—	PUT	345370950
—	AFFIRM HLDGS INC	74,300 (-11.9%)	$6.059M (+56.8%)	0.1%	—	—	CALL	00827B906
—	AFFIRM HLDGS INC	60,800 (-4.9%)	$4.958M (+69.3%)	0.0%	—	—	PUT	00827B956
—	UBER TECHNOLOGIES INC	145,500 (-16.2%)	$10.5M (-15.9%)	0.1%	—	—	PUT	90353T950
ADBE	ADOBE INC	2,424 (-75.1%)	$497K (-79.0%)	0.0%	—	—	—	00724F101
—	BLACKSTONE INC	14,100 (-54.1%)	$1.659M (-53.0%)	0.0%	—	—	PUT	09260D957
—	INTERNATIONAL BUSINESS MACHS	53,600 (-23.3%)	$15.07M (-11.0%)	0.1%	—	—	CALL	459200901
—	SEA LTD	17,900 (-57.7%)	$1.715M (-51.0%)	0.0%	—	—	PUT	81141R950
—	ELI LILLY & CO	23,500 (-27.5%)	$28.19M (-5.4%)	0.3%	—	—	PUT	532457958
—	TEVA PHARMACEUTICAL INDS LTD	681,700 (-4.8%)	$23.1M (+7.1%)	0.2%	—	—	CALL	881624909
—	SOFI TECHNOLOGIES INC	299,800 (-30.7%)	$5.375M (-21.8%)	0.1%	—	—	PUT	83406F952
—	VISA INC	41,700 (-19.5%)	$14.31M (-8.6%)	0.1%	—	—	PUT	92826C959
—	VERIZON COMMUNICATIONS INC	119,600 (-6.3%)	$5.064M (-21.0%)	0.0%	—	—	CALL	92343V904
—	UNITED PARCEL SVCS INC	77,200 (-20.7%)	$8.299M (-13.4%)	0.1%	—	—	CALL	911312906
—	AST SPACEMOBILE INC	9,500 (-62.6%)	$844K (-59.9%)	0.0%	—	—	CALL	00217D900
—	MASTERCARD INCORPORATED	1,600 (-61.0%)	$822K (-59.9%)	0.0%	—	—	PUT	57636Q954
PYPL	PAYPAL HLDGS INC	13,865 (-63.6%)	$599K (-65.3%)	0.0%	—	—	—	70450Y103
PBR	PETROLEO BRASILEIRO S A	182,804 (-6.6%)	$2.954M (-27.3%)	0.0%	—	—	—	71654V408
—	THE TRADE DESK INC	191,100 (-4.5%)	$3.455M (-23.9%)	0.0%	—	—	CALL	88339J905
PLTR	PALANTIR TECHNOLOGIES INC	5,038 (-55.1%)	$588K (-64.2%)	0.0%	—	—	—	69608A108
—	GENERAL MTRS CO	69,000 (-19.3%)	$5.319M (-16.5%)	0.1%	—	—	CALL	37045V900
—	BOEING CO	297,700 (-6.7%)	$64.44M (+1.5%)	0.6%	—	—	PUT	097023955
AXP	AMERICAN EXPRESS CO	2,030 (-61.5%)	$687K (-56.9%)	0.0%	—	—	—	025816109
—	BLOCK INC	330,500 (-17.9%)	$25.12M (+3.6%)	0.2%	—	—	PUT	852234953
—	ANALOG DEVICES INC	14,000 (-30.0%)	$5.56M (-12.6%)	0.1%	—	—	CALL	032654905
BAC	BANK OF AMER CORP	19,554 (-49.9%)	$1.114M (-41.4%)	0.0%	—	—	—	060505104
ASML	ASML HLDG NV	174 (-79.4%)	$346K (-69.0%)	0.0%	—	—	—	N07059210
—	CLOUDFLARE INC	5,100 (-47.4%)	$1.251M (-37.5%)	0.0%	—	—	PUT	18915M957
—	VISA INC	13,400 (-23.0%)	$4.597M (-12.6%)	0.0%	—	—	CALL	92826C909
—	ROBINHOOD MKTS INC	35,200 (-16.2%)	$3.53M (+21.3%)	0.0%	—	—	PUT	770700952
WFC	WELLS FARGO & CO	6,392 (-54.0%)	$528K (-52.2%)	0.0%	—	—	—	949746101
—	ROBINHOOD MKTS INC	16,000 (-48.9%)	$1.604M (-26.0%)	0.0%	—	—	CALL	770700902
ABNB	AIRBNB INC	1,539 (-74.8%)	$220K (-71.5%)	0.0%	—	—	—	009066101
LRCX	LAM RESEARCH CORP	481 (-85.2%)	$208K (-70.1%)	0.0%	—	—	—	512807306
—	AMERICAN EXPRESS CO	16,100 (-17.9%)	$5.446M (-8.1%)	0.1%	—	—	PUT	025816959
—	AIRBNB INC	268,100 (-10.7%)	$38.37M (+1.2%)	0.4%	—	—	CALL	009066901
LLY	ELI LILLY & CO	176 (-76.2%)	$211K (-68.9%)	0.0%	—	—	—	532457108
NU	NU HLDGS LTD	16,209 (-62.9%)	$217K (-65.4%)	0.0%	—	—	—	G6683N103
LULU	LULULEMON ATHLETICA INC	2,565 (-42.8%)	$293K (-57.3%)	0.0%	—	—	—	550021109
—	MERCK & CO INC	7,400 (-32.1%)	$951K (-27.5%)	0.0%	—	—	CALL	58933Y905
GM	GENERAL MTRS CO	3,601 (-55.0%)	$278K (-53.4%)	0.0%	—	—	—	37045V100
—	REDDIT INC	5,600 (-41.1%)	$972K (-24.0%)	0.0%	—	—	CALL	75734B900
—	AMERICAN INTL GROUP INC	16,900 (-18.4%)	$1.26M (-19.1%)	0.0%	—	—	PUT	026874954
—	MORGAN STANLEY	13,000 (-28.6%)	$2.718M (-9.2%)	0.0%	—	—	PUT	617446958
—	ZOOM COMMUNICATIONS INC	20,800 (-19.1%)	$1.795M (-13.1%)	0.0%	—	—	CALL	98980L901
WDC	WESTERN DIGITAL CORP	550 (-75.6%)	$351K (-42.4%)	0.0%	—	—	—	958102105
—	UNITED STS OIL FD LP	6,800 (-11.7%)	$724K (-26.1%)	0.0%	—	—	PUT	91232N957
GEV	GE VERNOVA INC	476 (-45.5%)	$559K (-26.6%)	0.0%	—	—	—	36828A101
IBM	INTERNATIONAL BUSINESS MACHS	2,017 (-34.3%)	$567K (-23.8%)	0.0%	—	—	—	459200101
F	FORD MTR CO	117,146 (-25.1%)	$1.628M (-9.8%)	0.0%	—	—	—	345370860
—	TWILIO INC	7,500 (-31.8%)	$1.547M (+11.8%)	0.0%	—	—	PUT	90138F952
SOFI	SOFI TECHNOLOGIES INC	27,684 (-32.3%)	$496K (-23.7%)	0.0%	—	—	—	83406F102
UNH	UNITEDHEALTH GROUP INC	979 (-12.3%)	$407K (+34.8%)	0.0%	—	—	—	91324P102
LI	LI AUTO INC	14,879 (-4.6%)	$175K (-37.1%)	0.0%	—	—	—	50202M102
AMZN	AMAZON COM INC	2,329 (-22.3%)	$555K (-11.1%)	0.0%	—	—	—	023135106
—	GRAB HOLDINGS LIMITED	168,800 (-10.6%)	$636K (-8.0%)	0.0%	—	—	PUT	G4124C959
NVO	NOVO-NORDISK A S	8,679 (-29.5%)	$416K (-8.0%)	0.0%	—	—	—	670100205
AAL	AMERICAN AIRLINES GROUP INC	65,709 (-39.5%)	$1.187M (+1.7%)	0.0%	—	—	—	02376R102
RDDT	REDDIT INC	1,586 (-24.8%)	$275K (-3.2%)	0.0%	—	—	—	75734B100
BA	BOEING CO	3,553 (-7.1%)	$769K (+1.1%)	0.0%	—	—	—	097023105

Unchanged Positions (13)

— AMAZON COM INC 1.3%

Value $140M Shares 588,600 Est. Cost — Unrealized —

— CROWDSTRIKE HLDGS INC 0.4%

Value $37.55M Shares 49,200 Est. Cost — Unrealized —

— FUTU HLDGS LTD 0.1%

Value $9.046M Shares 96,500 Est. Cost — Unrealized —

— CITIGROUP INC 0.1%

Value $6.592M Shares 47,100 Est. Cost — Unrealized —

— LUCID GROUP INC 0.0%

Value $454K Shares 67,870 Est. Cost — Unrealized —

— LI AUTO INC 0.0%

Value $364K Shares 31,000 Est. Cost — Unrealized —

— ENPHASE ENERGY INC 0.0%

Value $492K Shares 10,000 Est. Cost — Unrealized —

— UNITED STS OIL FD LP 0.0%

Value $224K Shares 2,100 Est. Cost — Unrealized —

HD HOME DEPOT INC 0.0%

Value $498K Shares 1,412 Est. Cost — Unrealized —

— WELLS FARGO & CO 0.0%

Value $496K Shares 6,000 Est. Cost — Unrealized —

— SCHWAB CHARLES CORP 0.0%

Value $858K Shares 9,300 Est. Cost — Unrealized —

— ARCHER AVIATION INC 0.0%

Value $166K Shares 35,000 Est. Cost — Unrealized —

— ITAU UNIBANCO HLDG S A 0.0%

Value $310K Shares 37,900 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	AMAZON COM INC	588,600	$140M	1.3%	—	—	CALL	023135906
—	CROWDSTRIKE HLDGS INC	49,200	$37.55M	0.4%	—	—	CALL	22788C905
—	FUTU HLDGS LTD	96,500	$9.046M	0.1%	—	—	PUT	36118L956
—	CITIGROUP INC	47,100	$6.592M	0.1%	—	—	CALL	172967904
—	LUCID GROUP INC	67,870	$454K	0.0%	—	—	CALL	549498902
—	LI AUTO INC	31,000	$364K	0.0%	—	—	PUT	50202M952
—	ENPHASE ENERGY INC	10,000	$492K	0.0%	—	—	PUT	29355A957
—	UNITED STS OIL FD LP	2,100	$224K	0.0%	—	—	CALL	91232N907
HD	HOME DEPOT INC	1,412	$498K	0.0%	—	—	—	437076102
—	WELLS FARGO & CO	6,000	$496K	0.0%	—	—	CALL	949746901
—	SCHWAB CHARLES CORP	9,300	$858K	0.0%	—	—	CALL	808513905
—	ARCHER AVIATION INC	35,000	$166K	0.0%	—	—	CALL	03945R902
—	ITAU UNIBANCO HLDG S A	37,900	$310K	0.0%	—	—	PUT	465562956