Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	SANDISK CORP	20,000	$45.47M	4.4%	—	—	PUT	80004C950
—	ISHARES TR	90,000	$30.85M	3.0%	—	—	PUT	46432F956
—	QUANTA SVCS INC	42,500	$30.6M	3.0%	—	—	PUT	74762E952
—	INVESCO QQQ TR	40,000	$29.46M	2.9%	—	—	PUT	46090E953
—	LUMENTUM HLDGS INC	30,000	$25.74M	2.5%	—	—	PUT	55024U959
—	CARPENTER TECHNOLOGY CORP	40,200	$24.8M	2.4%	—	—	PUT	144285953
—	COMFORT SYS USA INC	12,000	$23.78M	2.3%	—	—	PUT	199908954
—	MICRON TECHNOLOGY INC	20,000	$23.09M	2.2%	—	—	PUT	595112953
—	MASTEC INC	50,000	$20.8M	2.0%	—	—	PUT	576323959
—	ISHARES TR	30,000	$19.22M	1.9%	—	—	PUT	464287953
SPY	STATE STR SPDR S&P 500 ETF T	21,500	$16.06M	1.6%	—	—	Common Stock	78462F103
QQQ	INVESCO QQQ TR	20,500	$15.1M	1.5%	—	—	Common Stock	46090E103
MTUM	ISHARES TR	40,000	$13.71M	1.3%	—	—	Common Stock	46432F396
—	SELECT SECTOR SPDR TR	60,000	$11.43M	1.1%	—	—	PUT	81369Y953
—	BLOOM ENERGY CORP	30,000	$9.081M	0.9%	—	—	PUT	093712957
PWR	QUANTA SVCS INC	10,500	$7.56M	0.7%	—	—	Common Stock	74762E102
FIX	COMFORT SYS USA INC	3,800	$7.531M	0.7%	—	—	Common Stock	199908104
MTZ	MASTEC INC	17,000	$7.073M	0.7%	—	—	Common Stock	576323109
SOXX	ISHARES TR	11,000	$7.048M	0.7%	—	—	Common Stock	464287523
—	CARPENTER TECHNOLOGY CORP	10,200	$6.292M	0.6%	—	—	CALL	144285903
CRS	CARPENTER TECHNOLOGY CORP	10,000	$6.168M	0.6%	—	—	Common Stock	144285103
XLK	SELECT SECTOR SPDR TR	32,000	$6.097M	0.6%	—	—	Common Stock	81369Y803
—	RIO TINTO PLC	50,000	$4.747M	0.5%	—	—	CALL	767204900
—	INTEL CORP	20,000	$2.793M	0.3%	—	—	PUT	458140950
—	MORGAN STANLEY	10,100	$2.111M	0.2%	—	—	CALL	617446908
—	MORGAN STANLEY	10,000	$2.09M	0.2%	—	—	PUT	617446958
MS	MORGAN STANLEY	2,000	$418K	0.0%	—	—	Common Stock	617446448

Increased Positions (14)

— VANECK ETF TRUST 10.7%

Value $110M (+339.5%) Shares 167,000 (+156.9%) Est. Cost — Unrealized —

— CATERPILLAR INC 7.3%

Value $74.54M (+320.9%) Shares 70,000 (+180.0%) Est. Cost — Unrealized —

— TAIWAN SEMICONDUCTOR MANUFAC 5.7%

Value $58.5M (+87.1%) Shares 122,500 (+32.4%) Est. Cost — Unrealized —

— ALPHABET INC 4.0%

Value $41.1M (+90.6%) Shares 115,000 (+53.3%) Est. Cost — Unrealized —

— GE VERNOVA INC 5.1%

Value $52.87M (+51.4%) Shares 45,000 (+12.5%) Est. Cost — Unrealized —

— GOLDMAN SACHS GROUP INC 3.0%

Value $30.34M (+139.1%) Shares 30,000 (+100.0%) Est. Cost — Unrealized —

GS GOLDMAN SACHS GROUP INC 1.8%

Value $18.31M (+223.0%) Shares 18,100 (+170.1%) Est. Cost — Unrealized —

OIH VANECK ETF TRUST 1.6%

Value $16.33M (+210.8%) Shares 43,900 (+237.7%) Est. Cost — Unrealized —

GEV GE VERNOVA INC 2.2%

Value $22.32M (+50.4%) Shares 19,000 (+11.8%) Est. Cost — Unrealized —

— VANECK ETF TRUST 1.8%

Value $18.6M (+53.4%) Shares 50,000 (+66.7%) Est. Cost — Unrealized —

JNJ JOHNSON & JOHNSON 0.7%

Value $7.619M (+242.5%) Shares 30,000 (+229.7%) Est. Cost — Unrealized —

RIO RIO TINTO PLC 0.4%

Value $3.607M (+383.4%) Shares 38,000 (+375.0%) Est. Cost — Unrealized —

XLE SELECT SECTOR SPDR TR 0.4%

Value $4.408M (+94.5%) Shares 83,000 (+124.3%) Est. Cost — Unrealized —

— RIO TINTO PLC 0.5%

Value $4.747M (+27.2%) Shares 50,000 (+25.0%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	VANECK ETF TRUST	167,000 (+156.9%)	$110M (+339.5%)	10.7%	—	—	PUT	92189F956
—	CATERPILLAR INC	70,000 (+180.0%)	$74.54M (+320.9%)	7.3%	—	—	PUT	149123951
—	TAIWAN SEMICONDUCTOR MANUFAC	122,500 (+32.4%)	$58.5M (+87.1%)	5.7%	—	—	PUT	874039950
—	ALPHABET INC	115,000 (+53.3%)	$41.1M (+90.6%)	4.0%	—	—	PUT	02079K955
—	GE VERNOVA INC	45,000 (+12.5%)	$52.87M (+51.4%)	5.1%	—	—	PUT	36828A951
—	GOLDMAN SACHS GROUP INC	30,000 (+100.0%)	$30.34M (+139.1%)	3.0%	—	—	PUT	38141G954
GS	GOLDMAN SACHS GROUP INC	18,100 (+170.1%)	$18.31M (+223.0%)	1.8%	—	—	Common Stock	38141G104
OIH	VANECK ETF TRUST	43,900 (+237.7%)	$16.33M (+210.8%)	1.6%	—	—	Common Stock	92189H607
GEV	GE VERNOVA INC	19,000 (+11.8%)	$22.32M (+50.4%)	2.2%	—	—	Common Stock	36828A101
—	VANECK ETF TRUST	50,000 (+66.7%)	$18.6M (+53.4%)	1.8%	—	—	PUT	92189H957
JNJ	JOHNSON & JOHNSON	30,000 (+229.7%)	$7.619M (+242.5%)	0.7%	—	—	Common Stock	478160104
RIO	RIO TINTO PLC	38,000 (+375.0%)	$3.607M (+383.4%)	0.4%	—	—	Common Stock	767204100
XLE	SELECT SECTOR SPDR TR	83,000 (+124.3%)	$4.408M (+94.5%)	0.4%	—	—	Common Stock	81369Y506
—	RIO TINTO PLC	50,000 (+25.0%)	$4.747M (+27.2%)	0.5%	—	—	PUT	767204950

Exited Positions (26)

— CHEVRON CORP 3.0%

Value $31.04M Shares 150,000 Est. Cost — Unrealized —

— SS SPDR S&P OG EXP & PROD 2.7%

Value $27.27M Shares 150,000 Est. Cost — Unrealized —

— LOCKHEED MARTIN CORP 2.1%

Value $21.15M Shares 35,000 Est. Cost — Unrealized —

— CITIGROUP INC 2.0%

Value $20.41M Shares 180,000 Est. Cost — Unrealized —

— OCCIDENTAL PETROLEUM CORPORATION 1.9%

Value $19.51M Shares 300,200 Est. Cost — Unrealized —

— RTX CORPORATION 1.5%

Value $15.45M Shares 80,100 Est. Cost — Unrealized —

LMT LOCKHEED MARTIN CORP 1.4%

Value $13.9M Shares 23,000 Est. Cost — Unrealized —

CVX CHEVRON CORP 1.3%

Value $13.66M Shares 66,000 Est. Cost — Unrealized —

— PALANTIR TECHNOLOGIES INC. 1.3%

Value $13.17M Shares 90,000 Est. Cost — Unrealized —

XOP SS SPDR S&P OG EXP & PROD 1.1%

Value $11.46M Shares 63,000 Est. Cost — Unrealized —

— OCCIDENTAL PETROLEUM CORPORATION 1.1%

Value $11.06M Shares 170,200 Est. Cost — Unrealized —

C CITIGROUP INC 1.0%

Value $10.28M Shares 90,679 Est. Cost — Unrealized —

RTX RTX CORPORATION 1.0%

Value $10.22M Shares 53,000 Est. Cost — Unrealized —

— SPDR S&P BIOTECH ETF 1.0%

Value $10.22M Shares 80,000 Est. Cost — Unrealized —

— VISTRA CORP 0.9%

Value $9.02M Shares 60,000 Est. Cost — Unrealized —

— JOHNSON AND JOHNSON COM 0.8%

Value $8.555M Shares 35,000 Est. Cost — Unrealized —

— SECTOR SPDR INDUSTRIAL 0.8%

Value $8.103M Shares 50,100 Est. Cost — Unrealized —

— VISTRA CORP 0.7%

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

— FEDEX CORP 0.7%

Value $7.124M Shares 20,000 Est. Cost — Unrealized —

XBI SPDR S&P BIOTECH ETF 0.6%

Value $6.259M Shares 49,000 Est. Cost — Unrealized —

XLI SECTOR SPDR INDUSTRIAL 0.6%

Value $5.822M Shares 36,000 Est. Cost — Unrealized —

— CONOCOPHILLIPS 0.5%

Value $5.28M Shares 40,000 Est. Cost — Unrealized —

VST VISTRA CORP 0.5%

Value $5.111M Shares 34,000 Est. Cost — Unrealized —

FDX FEDEX CORP 0.4%

Value $4.452M Shares 12,500 Est. Cost — Unrealized —

— FEDEX CORP 0.3%

Value $3.562M Shares 10,000 Est. Cost — Unrealized —

COP CONOCOPHILLIPS 0.2%

Value $2.376M Shares 18,000 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	CHEVRON CORP	150,000	$31.04M	3.0%	—	—	PUT	166764950
—	SS SPDR S&P OG EXP & PROD	150,000	$27.27M	2.7%	—	—	PUT	78468R956
—	LOCKHEED MARTIN CORP	35,000	$21.15M	2.1%	—	—	PUT	539830959
—	CITIGROUP INC	180,000	$20.41M	2.0%	—	—	PUT	172967954
—	OCCIDENTAL PETROLEUM CORPORATION	300,200	$19.51M	1.9%	—	—	PUT	674599955
—	RTX CORPORATION	80,100	$15.45M	1.5%	—	—	PUT	75513E951
LMT	LOCKHEED MARTIN CORP	23,000	$13.9M	1.4%	—	—	—	539830109
CVX	CHEVRON CORP	66,000	$13.66M	1.3%	—	—	—	166764100
—	PALANTIR TECHNOLOGIES INC.	90,000	$13.17M	1.3%	—	—	PUT	69608A958
XOP	SS SPDR S&P OG EXP & PROD	63,000	$11.46M	1.1%	—	—	—	78468R556
—	OCCIDENTAL PETROLEUM CORPORATION	170,200	$11.06M	1.1%	—	—	CALL	674599905
C	CITIGROUP INC	90,679	$10.28M	1.0%	—	—	—	172967424
RTX	RTX CORPORATION	53,000	$10.22M	1.0%	—	—	—	75513E101
—	SPDR S&P BIOTECH ETF	80,000	$10.22M	1.0%	—	—	PUT	78464A950
—	VISTRA CORP	60,000	$9.02M	0.9%	—	—	PUT	92840M952
—	JOHNSON AND JOHNSON COM	35,000	$8.555M	0.8%	—	—	CALL	478160904
—	SECTOR SPDR INDUSTRIAL	50,100	$8.103M	0.8%	—	—	PUT	81369Y954
—	VISTRA CORP	50,000	$7.516M	0.7%	—	—	CALL	92840M902
—	FEDEX CORP	20,000	$7.124M	0.7%	—	—	PUT	31428X956
XBI	SPDR S&P BIOTECH ETF	49,000	$6.259M	0.6%	—	—	—	78464A870
XLI	SECTOR SPDR INDUSTRIAL	36,000	$5.822M	0.6%	—	—	—	81369Y704
—	CONOCOPHILLIPS	40,000	$5.28M	0.5%	—	—	PUT	20825C954
VST	VISTRA CORP	34,000	$5.111M	0.5%	—	—	—	92840M102
FDX	FEDEX CORP	12,500	$4.452M	0.4%	—	—	—	31428X106
—	FEDEX CORP	10,000	$3.562M	0.3%	—	—	CALL	31428X906
COP	CONOCOPHILLIPS	18,000	$2.376M	0.2%	—	—	—	20825C104

Decreased Positions (15)

— EXXON MOBIL CORP 0.4%

Value $4.102M (-87.3%) Shares 30,000 (-84.2%) Est. Cost — Unrealized —

— STATE STR SPDR S&P 500 ETF T 2.9%

Value $29.87M (-42.6%) Shares 40,000 (-50.0%) Est. Cost — Unrealized —

— SELECT SECTOR SPDR TR 0.5%

Value $5.311M (-80.3%) Shares 100,000 (-77.3%) Est. Cost — Unrealized —

— PALANTIR TECHNOLOGIES INC 0.3%

Value $3.5M (-80.1%) Shares 30,000 (-75.0%) Est. Cost — Unrealized —

— VERTIV HOLDINGS CO 1.5%

Value $15.07M (-45.1%) Shares 45,000 (-58.9%) Est. Cost — Unrealized —

GOOGL ALPHABET INC 0.3%

Value $3.574M (-71.8%) Shares 10,000 (-77.3%) Est. Cost — Unrealized —

XOM EXXON MOBIL CORP 0.4%

Value $4.102M (-59.0%) Shares 30,000 (-49.2%) Est. Cost — Unrealized —

SMH VANECK ETF TRUST 0.5%

Value $5.575M (-49.9%) Shares 8,500 (-70.7%) Est. Cost — Unrealized —

TSM TAIWAN SEMICONDUCTOR MANUFAC 0.9%

Value $9.074M (-36.1%) Shares 19,000 (-54.8%) Est. Cost — Unrealized —

— SELECT SECTOR SPDR TR 0.4%

Value $4.249M (-46.6%) Shares 80,000 (-38.5%) Est. Cost — Unrealized —

— VANECK ETF TRUST 0.6%

Value $6.559M (-14.5%) Shares 10,000 (-50.0%) Est. Cost — Unrealized —

VRT VERTIV HOLDINGS CO 1.1%

Value $11.38M (+8.9%) Shares 34,000 (-18.5%) Est. Cost — Unrealized —

— HOWMET AEROSPACE INC 2.1%

Value $21.51M (+3.7%) Shares 80,000 (-11.1%) Est. Cost — Unrealized —

HWM HOWMET AEROSPACE INC 1.1%

Value $11.56M (+4.5%) Shares 43,000 (-10.4%) Est. Cost — Unrealized —

CAT CATERPILLAR INC 0.9%

Value $9.584M (+4.1%) Shares 9,000 (-30.8%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	EXXON MOBIL CORP	30,000 (-84.2%)	$4.102M (-87.3%)	0.4%	—	—	PUT	30231G952
—	STATE STR SPDR S&P 500 ETF T	40,000 (-50.0%)	$29.87M (-42.6%)	2.9%	—	—	PUT	78462F953
—	SELECT SECTOR SPDR TR	100,000 (-77.3%)	$5.311M (-80.3%)	0.5%	—	—	PUT	81369Y956
—	PALANTIR TECHNOLOGIES INC	30,000 (-75.0%)	$3.5M (-80.1%)	0.3%	—	—	CALL	69608A908
—	VERTIV HOLDINGS CO	45,000 (-58.9%)	$15.07M (-45.1%)	1.5%	—	—	PUT	92537N958
GOOGL	ALPHABET INC	10,000 (-77.3%)	$3.574M (-71.8%)	0.3%	—	—	Common Stock	02079K305
XOM	EXXON MOBIL CORP	30,000 (-49.2%)	$4.102M (-59.0%)	0.4%	—	—	Common Stock	30231G102
SMH	VANECK ETF TRUST	8,500 (-70.7%)	$5.575M (-49.9%)	0.5%	—	—	Common Stock	92189F676
TSM	TAIWAN SEMICONDUCTOR MANUFAC	19,000 (-54.8%)	$9.074M (-36.1%)	0.9%	—	—	Common Stock	874039100
—	SELECT SECTOR SPDR TR	80,000 (-38.5%)	$4.249M (-46.6%)	0.4%	—	—	CALL	81369Y906
—	VANECK ETF TRUST	10,000 (-50.0%)	$6.559M (-14.5%)	0.6%	—	—	CALL	92189F906
VRT	VERTIV HOLDINGS CO	34,000 (-18.5%)	$11.38M (+8.9%)	1.1%	—	—	Common Stock	92537N108
—	HOWMET AEROSPACE INC	80,000 (-11.1%)	$21.51M (+3.7%)	2.1%	—	—	PUT	443201958
HWM	HOWMET AEROSPACE INC	43,000 (-10.4%)	$11.56M (+4.5%)	1.1%	—	—	Common Stock	443201108
CAT	CATERPILLAR INC	9,000 (-30.8%)	$9.584M (+4.1%)	0.9%	—	—	Common Stock	149123101

Unchanged Positions (2)

— ALPHABET INC 0.7%

Value $7.147M Shares 20,000 Est. Cost — Unrealized —

— JOHNSON & JOHNSON 1.2%

Value $12.7M Shares 50,000 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	ALPHABET INC	20,000	$7.147M	0.7%	—	—	CALL	02079K905
—	JOHNSON & JOHNSON	50,000	$12.7M	1.2%	—	—	PUT	478160954