Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	EXXON MOBIL CORP	190,100	$32.25M	4.1%	—	—	PUT	30231G952
—	TAIWAN SEMICONDUCTOR MFG CO	92,500	$31.26M	4.0%	—	—	PUT	874039950
—	CHEVRON CORP	150,000	$31.04M	4.0%	—	—	PUT	166764950
—	SS SPDR S&P OG EXP & PROD	150,000	$27.27M	3.5%	—	—	PUT	78468R956
—	SECTOR SPDR ENERGY ITG	440,000	$26.95M	3.5%	—	—	PUT	81369Y956
—	LOCKHEED MARTIN CORP	35,000	$21.15M	2.7%	—	—	PUT	539830959
—	OCCIDENTAL PETROLEUM CORPORATION	300,200	$19.51M	2.5%	—	—	PUT	674599955
—	PALANTIR TECHNOLOGIES INC.	120,000	$17.55M	2.2%	—	—	CALL	69608A908
TSM	TAIWAN SEMICONDUCTOR MFG CO	42,000	$14.19M	1.8%	—	—	Common Stock	874039100
LMT	LOCKHEED MARTIN CORP	23,000	$13.9M	1.8%	—	—	Common Stock	539830109
CVX	CHEVRON CORP	66,000	$13.66M	1.7%	—	—	Common Stock	166764100
—	JOHNSON AND JOHNSON COM	50,000	$12.22M	1.6%	—	—	PUT	478160954
—	VANECK OIL SERVICES ETF	30,000	$12.13M	1.6%	—	—	PUT	92189H957
XOP	SS SPDR S&P OG EXP & PROD	63,000	$11.46M	1.5%	—	—	Common Stock	78468R556
—	OCCIDENTAL PETROLEUM CORPORATION	170,200	$11.06M	1.4%	—	—	CALL	674599905
HWM	HOWMET AEROSPACE INC	48,000	$11.06M	1.4%	—	—	Common Stock	443201108
VRT	VERTIV HOLDINGS CO-A	41,700	$10.45M	1.3%	—	—	Common Stock	92537N108
—	SPDR S&P BIOTECH ETF	80,000	$10.22M	1.3%	—	—	PUT	78464A950
XOM	EXXON MOBIL CORP	59,000	$10.01M	1.3%	—	—	Common Stock	30231G102
—	JOHNSON AND JOHNSON COM	35,000	$8.555M	1.1%	—	—	CALL	478160904
—	SECTOR SPDR INDUSTRIAL	50,100	$8.103M	1.0%	—	—	PUT	81369Y954
—	SECTOR SPDR ENERGY ITG	130,000	$7.964M	1.0%	—	—	CALL	81369Y906
—	VANECK SEMICONDUCTOR ETF	20,000	$7.668M	1.0%	—	—	CALL	92189F906
—	FEDEX CORP	20,000	$7.124M	0.9%	—	—	PUT	31428X956
XBI	SPDR S&P BIOTECH ETF	49,000	$6.259M	0.8%	—	—	Common Stock	78464A870
XLI	SECTOR SPDR INDUSTRIAL	36,000	$5.822M	0.7%	—	—	Common Stock	81369Y704
—	CONOCOPHILLIPS	40,000	$5.28M	0.7%	—	—	PUT	20825C954
OIH	VANECK OIL SERVICES ETF	13,000	$5.255M	0.7%	—	—	Common Stock	92189H607
FDX	FEDEX CORP	12,500	$4.452M	0.6%	—	—	Common Stock	31428X106
—	RIO TINTO GROUP	40,000	$3.732M	0.5%	—	—	PUT	767204950
—	FEDEX CORP	10,000	$3.562M	0.5%	—	—	CALL	31428X906
COP	CONOCOPHILLIPS	18,000	$2.376M	0.3%	—	—	Common Stock	20825C104
XLE	SECTOR SPDR ENERGY ITG	37,000	$2.267M	0.3%	—	—	Common Stock	81369Y506
JNJ	JOHNSON AND JOHNSON COM	9,100	$2.224M	0.3%	—	—	Common Stock	478160104
RIO	RIO TINTO GROUP	8,000	$746K	0.1%	—	—	Common Stock	767204100

Increased Positions (14)

— STATE STREET SPDR S&P 500 ETF TRUST 6.7%

Value $52.03M (+663.0%) Shares 80,000 (+700.0%) Est. Cost — Unrealized —

— GE VERNOVA LLC 4.5%

Value $34.92M (+167.1%) Shares 40,000 (+100.0%) Est. Cost — Unrealized —

— VERTIV HOLDINGS CO-A 3.5%

Value $27.44M (+344.5%) Shares 109,500 (+187.4%) Est. Cost — Unrealized —

GEV GE VERNOVA LLC 1.9%

Value $14.84M (+312.8%) Shares 17,000 (+209.1%) Est. Cost — Unrealized —

GOOGL ALPHABET INC SHS CL A 1.6%

Value $12.65M (+573.7%) Shares 44,000 (+633.3%) Est. Cost — Unrealized —

CAT CATERPILLAR INC 1.2%

Value $9.21M (+435.9%) Shares 13,000 (+333.3%) Est. Cost — Unrealized —

— VANECK SEMICONDUCTOR ETF 3.2%

Value $24.92M (+38.4%) Shares 65,000 (+30.0%) Est. Cost — Unrealized —

— HOWMET AEROSPACE INC 2.7%

Value $20.74M (+44.5%) Shares 90,000 (+28.6%) Est. Cost — Unrealized —

— CATERPILLAR INC 2.3%

Value $17.71M (+54.6%) Shares 25,000 (+25.0%) Est. Cost — Unrealized —

— ALPHABET INC SHS CL A 2.8%

Value $21.57M (+37.8%) Shares 75,000 (+50.0%) Est. Cost — Unrealized —

RTX RTX CORPORATION 1.3%

Value $10.22M (+123.0%) Shares 53,000 (+112.0%) Est. Cost — Unrealized —

SMH VANECK SEMICONDUCTOR ETF 1.4%

Value $11.12M (+34.2%) Shares 29,000 (+26.1%) Est. Cost — Unrealized —

C CITIGROUP INC 1.3%

Value $10.28M (+19.1%) Shares 90,679 (+22.5%) Est. Cost — Unrealized —

VST VISTRA CORP 0.7%

Value $5.111M (+32.0%) Shares 34,000 (+41.7%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	STATE STREET SPDR S&P 500 ETF TRUST	80,000 (+700.0%)	$52.03M (+663.0%)	6.7%	—	—	PUT	78462F953
—	GE VERNOVA LLC	40,000 (+100.0%)	$34.92M (+167.1%)	4.5%	—	—	PUT	36828A951
—	VERTIV HOLDINGS CO-A	109,500 (+187.4%)	$27.44M (+344.5%)	3.5%	—	—	PUT	92537N958
GEV	GE VERNOVA LLC	17,000 (+209.1%)	$14.84M (+312.8%)	1.9%	—	—	Common Stock	36828A101
GOOGL	ALPHABET INC SHS CL A	44,000 (+633.3%)	$12.65M (+573.7%)	1.6%	—	—	Common Stock	02079K305
CAT	CATERPILLAR INC	13,000 (+333.3%)	$9.21M (+435.9%)	1.2%	—	—	Common Stock	149123101
—	VANECK SEMICONDUCTOR ETF	65,000 (+30.0%)	$24.92M (+38.4%)	3.2%	—	—	PUT	92189F956
—	HOWMET AEROSPACE INC	90,000 (+28.6%)	$20.74M (+44.5%)	2.7%	—	—	PUT	443201958
—	CATERPILLAR INC	25,000 (+25.0%)	$17.71M (+54.6%)	2.3%	—	—	PUT	149123951
—	ALPHABET INC SHS CL A	75,000 (+50.0%)	$21.57M (+37.8%)	2.8%	—	—	PUT	02079K955
RTX	RTX CORPORATION	53,000 (+112.0%)	$10.22M (+123.0%)	1.3%	—	—	Common Stock	75513E101
SMH	VANECK SEMICONDUCTOR ETF	29,000 (+26.1%)	$11.12M (+34.2%)	1.4%	—	—	Common Stock	92189F676
C	CITIGROUP INC	90,679 (+22.5%)	$10.28M (+19.1%)	1.3%	—	—	Common Stock	172967424
VST	VISTRA CORP	34,000 (+41.7%)	$5.111M (+32.0%)	0.7%	—	—	Common Stock	92840M102

Exited Positions (42)

— APPLOVIN CORP 5.6%

Value $43.8M Shares 65,000 Est. Cost — Unrealized —

— NVIDIA 2.4%

Value $18.65M Shares 100,000 Est. Cost — Unrealized —

— AMER EXPRESS COMPANY 2.4%

Value $18.5M Shares 50,000 Est. Cost — Unrealized —

— CARVANA CO 2.2%

Value $16.88M Shares 40,000 Est. Cost — Unrealized —

— WAYFAIR INC 2.1%

Value $16.07M Shares 160,000 Est. Cost — Unrealized —

— TECHNOLOGY SELECT SECTOR 1.8%

Value $14.4M Shares 100,000 Est. Cost — Unrealized —

— GE AEROSPACE COM 1.6%

Value $12.6M Shares 40,900 Est. Cost — Unrealized —

— CATERPILLAR INC 1.5%

Value $11.46M Shares 20,000 Est. Cost — Unrealized —

— ROBINHOOD MARKETS INC REG CL A 1.4%

Value $11.31M Shares 100,000 Est. Cost — Unrealized —

PLTR PALANTIR TECHNOLOGIES INC 1.4%

Value $10.84M Shares 61,000 Est. Cost — Unrealized —

— Western Digital Corporation 1.3%

Value $10.37M Shares 60,200 Est. Cost — Unrealized —

XLK TECHNOLOGY SELECT SECTOR 1.2%

Value $9.649M Shares 67,020 Est. Cost — Unrealized —

— NVIDIA 1.0%

Value $7.46M Shares 40,000 Est. Cost — Unrealized —

AXP AMER EXPRESS COMPANY 0.9%

Value $7.399M Shares 20,000 Est. Cost — Unrealized —

APP APPLOVIN CORP 0.9%

Value $7.075M Shares 10,500 Est. Cost — Unrealized —

— SPDR S&P 500 ETF TRUST ETF 0.9%

Value $6.819M Shares 10,000 Est. Cost — Unrealized —

— APPLOVIN CORP 0.9%

Value $6.738M Shares 10,000 Est. Cost — Unrealized —

HOOD ROBINHOOD MARKETS INC REG CL A 0.8%

Value $6.56M Shares 58,000 Est. Cost — Unrealized —

— GE VERNOVA LLC 0.8%

Value $6.536M Shares 10,000 Est. Cost — Unrealized —

— Vertiv Holdings Co 0.8%

Value $6.48M Shares 40,000 Est. Cost — Unrealized —

— GE AEROSPACE COM 0.8%

Value $6.161M Shares 20,000 Est. Cost — Unrealized —

— HOWMET AEROSPACE INC 0.8%

Value $6.151M Shares 30,000 Est. Cost — Unrealized —

— Invesco QQQ Trust 0.8%

Value $6.143M Shares 10,000 Est. Cost — Unrealized —

— Invesco QQQ Trust 0.8%

Value $6.143M Shares 10,000 Est. Cost — Unrealized —

CVNA CARVANA CO 0.8%

Value $6.119M Shares 14,500 Est. Cost — Unrealized —

— ISHARES TR RUSSELL 0.6%

Value $4.923M Shares 20,000 Est. Cost — Unrealized —

— ISHARES TR RUSSELL 0.6%

Value $4.923M Shares 20,000 Est. Cost — Unrealized —

W WAYFAIR INC 0.6%

Value $4.92M Shares 49,000 Est. Cost — Unrealized —

— GENERAL MOTORS CO 0.6%

Value $4.912M Shares 60,400 Est. Cost — Unrealized —

— GENERAL MOTORS CO 0.6%

Value $4.879M Shares 60,000 Est. Cost — Unrealized —

— WAYFAIR INC 0.5%

Value $4.016M Shares 40,000 Est. Cost — Unrealized —

— Spotify Technology S.A. 0.4%

Value $2.904M Shares 5,000 Est. Cost — Unrealized —

— Albemarle Corporation 0.4%

Value $2.829M Shares 20,000 Est. Cost — Unrealized —

— Albemarle Corporation 0.4%

Value $2.829M Shares 20,000 Est. Cost — Unrealized —

— ROYAL CARIBBEAN GROUP COM 0.4%

Value $2.789M Shares 10,000 Est. Cost — Unrealized —

— Alcoa Corporation 0.3%

Value $2.657M Shares 50,000 Est. Cost — Unrealized —

— Alcoa Corporation 0.3%

Value $2.657M Shares 50,000 Est. Cost — Unrealized —

SPOT Spotify Technology S.A. 0.3%

Value $2.613M Shares 4,500 Est. Cost — Unrealized —

NVDA NVIDIA 0.3%

Value $2.425M Shares 13,000 Est. Cost — Unrealized —

GE GE AEROSPACE COM 0.3%

Value $2.162M Shares 7,020 Est. Cost — Unrealized —

— CORNING INC 0.2%

Value $1.751M Shares 20,000 Est. Cost — Unrealized —

IWM ISHARES TR RUSSELL 0.1%

Value $492K Shares 2,000 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	APPLOVIN CORP	65,000	$43.8M	5.6%	—	—	PUT	03831W958
—	NVIDIA	100,000	$18.65M	2.4%	—	—	PUT	67066G954
—	AMER EXPRESS COMPANY	50,000	$18.5M	2.4%	—	—	PUT	025816959
—	CARVANA CO	40,000	$16.88M	2.2%	—	—	PUT	146869952
—	WAYFAIR INC	160,000	$16.07M	2.1%	—	—	PUT	94419L951
—	TECHNOLOGY SELECT SECTOR	100,000	$14.4M	1.8%	—	—	PUT	81369Y953
—	GE AEROSPACE COM	40,900	$12.6M	1.6%	—	—	PUT	369604951
—	CATERPILLAR INC	20,000	$11.46M	1.5%	—	—	CALL	149123901
—	ROBINHOOD MARKETS INC REG CL A	100,000	$11.31M	1.4%	—	—	PUT	770700952
PLTR	PALANTIR TECHNOLOGIES INC	61,000	$10.84M	1.4%	—	—	—	69608A108
—	Western Digital Corporation	60,200	$10.37M	1.3%	—	—	PUT	958102955
XLK	TECHNOLOGY SELECT SECTOR	67,020	$9.649M	1.2%	—	—	—	81369Y803
—	NVIDIA	40,000	$7.46M	1.0%	—	—	CALL	67066G904
AXP	AMER EXPRESS COMPANY	20,000	$7.399M	0.9%	—	—	—	025816109
APP	APPLOVIN CORP	10,500	$7.075M	0.9%	—	—	—	03831W108
—	SPDR S&P 500 ETF TRUST ETF	10,000	$6.819M	0.9%	—	—	CALL	78462F903
—	APPLOVIN CORP	10,000	$6.738M	0.9%	—	—	CALL	03831W908
HOOD	ROBINHOOD MARKETS INC REG CL A	58,000	$6.56M	0.8%	—	—	—	770700102
—	GE VERNOVA LLC	10,000	$6.536M	0.8%	—	—	CALL	36828A901
—	Vertiv Holdings Co	40,000	$6.48M	0.8%	—	—	CALL	92537N908
—	GE AEROSPACE COM	20,000	$6.161M	0.8%	—	—	CALL	369604901
—	HOWMET AEROSPACE INC	30,000	$6.151M	0.8%	—	—	CALL	443201908
—	Invesco QQQ Trust	10,000	$6.143M	0.8%	—	—	PUT	46090E953
—	Invesco QQQ Trust	10,000	$6.143M	0.8%	—	—	CALL	46090E903
CVNA	CARVANA CO	14,500	$6.119M	0.8%	—	—	—	146869102
—	ISHARES TR RUSSELL	20,000	$4.923M	0.6%	—	—	PUT	464287955
—	ISHARES TR RUSSELL	20,000	$4.923M	0.6%	—	—	CALL	464287905
W	WAYFAIR INC	49,000	$4.92M	0.6%	—	—	—	94419L101
—	GENERAL MOTORS CO	60,400	$4.912M	0.6%	—	—	PUT	37045V950
—	GENERAL MOTORS CO	60,000	$4.879M	0.6%	—	—	CALL	37045V900
—	WAYFAIR INC	40,000	$4.016M	0.5%	—	—	CALL	94419L901
—	Spotify Technology S.A.	5,000	$2.904M	0.4%	—	—	PUT	L8681T952
—	Albemarle Corporation	20,000	$2.829M	0.4%	—	—	CALL	012653901
—	Albemarle Corporation	20,000	$2.829M	0.4%	—	—	PUT	012653951
—	ROYAL CARIBBEAN GROUP COM	10,000	$2.789M	0.4%	—	—	CALL	V7780T903
—	Alcoa Corporation	50,000	$2.657M	0.3%	—	—	PUT	013872956
—	Alcoa Corporation	50,000	$2.657M	0.3%	—	—	CALL	013872906
SPOT	Spotify Technology S.A.	4,500	$2.613M	0.3%	—	—	—	L8681T102
NVDA	NVIDIA	13,000	$2.425M	0.3%	—	—	—	67066G104
GE	GE AEROSPACE COM	7,020	$2.162M	0.3%	—	—	—	369604301
—	CORNING INC	20,000	$1.751M	0.2%	—	—	CALL	219350905
IWM	ISHARES TR RUSSELL	2,000	$492K	0.1%	—	—	—	464287655

Decreased Positions (7)

— GOLDMAN SACHS GROUP INC 1.6%

Value $12.69M (-71.2%) Shares 15,000 (-70.1%) Est. Cost — Unrealized —

— CITIGROUP INC 2.6%

Value $20.41M (-56.3%) Shares 180,000 (-55.0%) Est. Cost — Unrealized —

— PALANTIR TECHNOLOGIES INC. 1.7%

Value $13.17M (-53.7%) Shares 90,000 (-43.8%) Est. Cost — Unrealized —

— VISTRA CORP 1.2%

Value $9.02M (-37.9%) Shares 60,000 (-33.3%) Est. Cost — Unrealized —

— ALPHABET INC SHS CL A 0.7%

Value $5.751M (-38.8%) Shares 20,000 (-33.3%) Est. Cost — Unrealized —

— RTX CORPORATION 2.0%

Value $15.45M (-15.9%) Shares 80,100 (-20.1%) Est. Cost — Unrealized —

GS GOLDMAN SACHS GROUP INC 0.7%

Value $5.668M (-14.0%) Shares 6,700 (-10.7%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	GOLDMAN SACHS GROUP INC	15,000 (-70.1%)	$12.69M (-71.2%)	1.6%	—	—	PUT	38141G954
—	CITIGROUP INC	180,000 (-55.0%)	$20.41M (-56.3%)	2.6%	—	—	PUT	172967954
—	PALANTIR TECHNOLOGIES INC.	90,000 (-43.8%)	$13.17M (-53.7%)	1.7%	—	—	PUT	69608A958
—	VISTRA CORP	60,000 (-33.3%)	$9.02M (-37.9%)	1.2%	—	—	PUT	92840M952
—	ALPHABET INC SHS CL A	20,000 (-33.3%)	$5.751M (-38.8%)	0.7%	—	—	CALL	02079K905
—	RTX CORPORATION	80,100 (-20.1%)	$15.45M (-15.9%)	2.0%	—	—	PUT	75513E951
GS	GOLDMAN SACHS GROUP INC	6,700 (-10.7%)	$5.668M (-14.0%)	0.7%	—	—	Common Stock	38141G104

Unchanged Positions (1)

— VISTRA CORP 1.0%

Value $7.516M Shares 50,000 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	VISTRA CORP	50,000	$7.516M	1.0%	—	—	CALL	92840M902