Dauntless Investment Group, LLC Hedge Fund

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IEF	ISHARES TR	824,700	$78,709	52.1%	—	—	CALL	464287440
XLY	SELECT SECTOR SPDR TR	78,000	$8,500	5.6%	—	—	PUT	81369Y407
IWM	ISHARES TR	28,400	$7,043	4.7%	—	—	PUT	464287655
COUR	COURSERA INC	324,500	$1,889	1.3%	$6.80	-6.2%	CALL	22266M104
TOI	THE ONCOLOGY INSTITUTE INC	462,057	$1,419	0.9%	$3.09	0.0%	COM	68236X100
TROW	PRICE T ROWE GROUP INC	14,800	$1,334	0.9%	—	—	PUT	74144T108
QNRX	QUOIN PHARMACEUTICALS LTD	196,592	$1,298	0.9%	$6.60	—	SPONSORED ADS	74907L409
PPC	PILGRIMS PRIDE CORP	31,384	$1,185	0.8%	$41.78	0.0%	COM	72147K108
CALM	CAL MAINE FOODS INC	14,227	$1,126	0.7%	$80.65	0.0%	COM NEW	128030202
TRAW	TRAWS PHARMA INC	416,998	$763	0.5%	$1.87	0.0%	COM NEW	68232V884
CPA	COPA HOLDINGS SA	4,304	$489	0.3%	$138.88	0.0%	CL A	P31076105
CAPR	CAPRICOR THERAPEUTICS INC	14,070	$428	0.3%	$24.88	0.0%	COM NEW	14070B309
EKSO	EKSO BIONICS HLDGS INC	35,493	$378	0.3%	$9.28	0.0%	COM NEW	282644400
CRIS	CURIS INC	658,725	$362	0.2%	$0.98	0.0%	COM	231269309
DC	DAKOTA GOLD CORP	69,041	$349	0.2%	$6.17	0.0%	COM	46655E100
MPLX	MPLX LP	5,170	$295	0.2%	$57.07	—	COM UNIT REP LTD	55336V100
FUTU	FUTU HLDGS LTD	1,854	$254	0.2%	$136.76	—	SPON ADS CL A	36118L106
ET	ENERGY TRANSFER EQUITY L P	12,300	$237	0.2%	$19.30	—	COM UT LTD PTN	29273V100
VSTM	VERASTEM INC	36,750	$195	0.1%	$6.48	0.0%	COM NEW	92337C203
EPD	ENTERPRISE PRODS PARTNERS L	5,100	$193	0.1%	$37.84	—	COM	293792107
VITL	VITAL FARMS INC	11,603	$164	0.1%	$27.83	0.0%	COM	92847W103
ADAG	ADAGENE INC	34,775	$136	0.1%	$3.92	—	ADS	005329107
CHRS	COHERUS BIOSCIENCES INC	76,087	$129	0.1%	$1.82	0.0%	COM	19249H103
ERNA	ERNEXA THERAPEUTICS INC	612,443	$122	0.1%	$0.86	0.0%	COM	114082308
CCCC	C4 THERAPEUTICS INC COM	15,000	$39	0.0%	$2.09	0.0%	STK	12529R107
KRYS	KRYSTAL BIOTECH INC	73	$19	0.0%	$272.40	0.0%	COM	501147102
SVAC	SPRING VY ACQUISITION CORP I	493	$5	0.0%	$10.53	0.0%	SHS CL A	G8377R101
CUE	CUE BIOPHARMA INC	2,416	$1	0.0%	$0.33	0.0%	COM	22978P106
AZTR	AZITRA INC	1,000	$0	0.0%	$0.24	0.0%	COM NEW	05479L302
AIRS	AIRSCULPT TECHNOLOGIES INC	1	$0	0.0%	$2.30	0.0%	COM	009496100

Increased Positions (14)

KWEB KRANESHARES TRUST 7.1%

Value ($000) $10,701 (+1940.7%) Shares 376,400 (+2344.2%) Est. Cost — Unrealized —

INVA INNOVIVA INC 1.9%

Value ($000) $2,852 (+2475.7%) Shares 122,402 (+2109.8%) Est. Cost $21.00 Unrealized +0.3%

FEMY FEMASYS INC 1.7%

Value ($000) $2,535 (+198.4%) Shares 6,033,030 (+1.7%) Est. Cost $0.90 Unrealized -36.2%

TLSA TIZIANA LIFE SCIENCES LTD 1.7%

Value ($000) $2,533 (+99.4%) Shares 2,165,231 (+23.0%) Est. Cost $1.21 Unrealized +21.1%

AEON AEON BIOPHARMA INC 1.6%

Value ($000) $2,490 (+87.9%) Shares 2,527,775 (+18.6%) Est. Cost $3.45 Unrealized -67.0%

LINC LINCOLN EDL SVCS CORP 1.6%

Value ($000) $2,418 (+78.7%) Shares 59,439 (+6.1%) Est. Cost $18.24 Unrealized +50.4%

PROF PROFOUND MED CORP 1.0%

Value ($000) $1,560 (+162.3%) Shares 240,739 (+218.5%) Est. Cost $7.12 Unrealized +4.5%

ARMP ARMATA PHARMACEUTICALS INC 0.6%

Value ($000) $928 (+2309.0%) Shares 90,580 (+1377.4%) Est. Cost $7.27 Unrealized +1.8%

KZIA KAZIA THERAPEUTICS LTD 0.4%

Value ($000) $594 (+8484900.0%) Shares 79,832 (+7983100.0%) Est. Cost $7.44 Unrealized —

UNCY UNICYCIVE THERAPEUTICS INC 0.6%

Value ($000) $968 (+87.6%) Shares 147,087 (+64.5%) Est. Cost $5.76 Unrealized +11.3%

COUR COURSERA INC 0.3%

Value ($000) $513 (+453.3%) Shares 88,172 (+599.7%) Est. Cost $6.80 Unrealized -6.2%

PTCT PTC THERAPEUTICS INC 0.4%

Value ($000) $570 (+57.5%) Shares 8,362 (+75.6%) Est. Cost $73.11 Unrealized +0.8%

STIM NEURONETICS INC 0.3%

Value ($000) $390 (+75.8%) Shares 269,208 (+67.3%) Est. Cost $1.94 Unrealized -11.3%

ASHR DBX ETF TR 2.7%

Value ($000) $4,028 (+1.7%) Shares 123,400 (+2.3%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
KWEB	KRANESHARES TRUST	376,400 (+2344.2%)	$10,701 (+1940.7%)	7.1%	—	—	CALL	500767306
INVA	INNOVIVA INC	122,402 (+2109.8%)	$2,852 (+2475.7%)	1.9%	$21.00	+0.3%	COM	45781M101
FEMY	FEMASYS INC	6,033,030 (+1.7%)	$2,535 (+198.4%)	1.7%	$0.90	-36.2%	COM	31447E105
TLSA	TIZIANA LIFE SCIENCES LTD	2,165,231 (+23.0%)	$2,533 (+99.4%)	1.7%	$1.21	+21.1%	COMMON SHARES	G88912103
AEON	AEON BIOPHARMA INC	2,527,775 (+18.6%)	$2,490 (+87.9%)	1.6%	$3.45	-67.0%	CL A NEW	00791X209
LINC	LINCOLN EDL SVCS CORP	59,439 (+6.1%)	$2,418 (+78.7%)	1.6%	$18.24	+50.4%	COM	533535100
PROF	PROFOUND MED CORP	240,739 (+218.5%)	$1,560 (+162.3%)	1.0%	$7.12	+4.5%	COM NEW	74319B502
ARMP	ARMATA PHARMACEUTICALS INC	90,580 (+1377.4%)	$928 (+2309.0%)	0.6%	$7.27	+1.8%	COM	04216R102
KZIA	KAZIA THERAPEUTICS LTD	79,832 (+7983100.0%)	$594 (+8484900.0%)	0.4%	$7.44	—	SPONSORED ADS	48669G303
UNCY	UNICYCIVE THERAPEUTICS INC	147,087 (+64.5%)	$968 (+87.6%)	0.6%	$5.76	+11.3%	COM NEW	90466Y202
COUR	COURSERA INC	88,172 (+599.7%)	$513 (+453.3%)	0.3%	$6.80	-6.2%	COM	22266M104
PTCT	PTC THERAPEUTICS INC	8,362 (+75.6%)	$570 (+57.5%)	0.4%	$73.11	+0.8%	COM	69366J200
STIM	NEURONETICS INC	269,208 (+67.3%)	$390 (+75.8%)	0.3%	$1.94	-11.3%	COM	64131A105
ASHR	DBX ETF TR	123,400 (+2.3%)	$4,028 (+1.7%)	2.7%	—	—	CALL	233051879

Exited Positions (27)

HYG ISHARES TR 23.7%

Value ($000) $35,767 Shares 443,600 Est. Cost — Unrealized —

XBI SPDR SERIES TRUST 20.6%

Value ($000) $31,141 Shares 255,400 Est. Cost — Unrealized —

NVDA NVIDIA CORPORATION 4.6%

Value ($000) $6,975 Shares 37,400 Est. Cost — Unrealized —

GDX VANECK ETF TRUST 3.8%

Value ($000) $5,764 Shares 67,200 Est. Cost — Unrealized —

DE DEERE & CO 2.2%

Value ($000) $3,352 Shares 7,200 Est. Cost — Unrealized —

TSLA TESLA INC 1.6%

Value ($000) $2,473 Shares 5,500 Est. Cost — Unrealized —

CVNA CARVANA CO 1.4%

Value ($000) $2,068 Shares 4,900 Est. Cost — Unrealized —

PLTR PALANTIR TECHNOLOGIES INC 0.9%

Value ($000) $1,369 Shares 7,700 Est. Cost — Unrealized —

CRWV COREWEAVE INC 0.8%

Value ($000) $1,203 Shares 16,800 Est. Cost — Unrealized —

EWY ISHARES INC 0.6%

Value ($000) $919 Shares 9,449 Est. Cost $85.13 Unrealized —

PBF PBF ENERGY INC 0.6%

Value ($000) $835 Shares 30,805 Est. Cost $26.44 Unrealized +24.8%

VLO VALERO ENERGY CORP NEW 0.4%

Value ($000) $679 Shares 4,172 Est. Cost $147.81 Unrealized +28.6%

ALB ALBEMARLE CORP 0.4%

Value ($000) $584 Shares 4,132 Est. Cost $113.25 Unrealized +51.2%

BBJP J P MORGAN EXCHANGE-TRADED F 0.3%

Value ($000) $406 Shares 6,162 Est. Cost $66.02 Unrealized —

NRDY NERDY INC 0.2%

Value ($000) $345 Shares 332,141 Est. Cost $1.13 Unrealized -10.4%

ZURA ZURA BIO LTD 0.2%

Value ($000) $320 Shares 61,010 Est. Cost $3.95 Unrealized +48.8%

EWT ISHARES INC 0.2%

Value ($000) $312 Shares 4,905 Est. Cost $63.62 Unrealized —

MUFG MITSUBISHI UFJ FINL GROUP IN 0.2%

Value ($000) $292 Shares 18,413 Est. Cost $11.72 Unrealized —

IOBT IO BIOTECH INC 0.2%

Value ($000) $275 Shares 451,641 Est. Cost $0.74 Unrealized -45.2%

ICCC IMMUCELL CORP 0.2%

Value ($000) $244 Shares 39,633 Est. Cost $3.98 Unrealized +60.5%

GXC SPDR INDEX SHS FDS 0.0%

Value ($000) $33 Shares 336 Est. Cost $104.97 Unrealized —

BDX BECTON DICKINSON & CO 0.0%

Value ($000) $11 Shares 58 Est. Cost $184.06 Unrealized -8.8%

ATYR ATYR PHARMA INC 0.0%

Value ($000) $11 Shares 14,000 Est. Cost — Unrealized —

BAK BRASKEM S A 0.0%

Value ($000) $1 Shares 312 Est. Cost $2.95 Unrealized —

KGC KINROSS GOLD CORP 0.0%

Value ($000) $0 Shares 10 Est. Cost $25.98 Unrealized +30.1%

VTYX VENTYX BIOSCIENCES INC 0.0%

Value ($000) $0 Shares 1 Est. Cost $7.47 Unrealized +80.9%

CRVO CERVOMED INC 0.0%

Value ($000) $0 Shares 1 Est. Cost $8.04 Unrealized -26.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
HYG	ISHARES TR	443,600	$35,767	23.7%	—	—	PUT	464288513
XBI	SPDR SERIES TRUST	255,400	$31,141	20.6%	—	—	PUT	78464A870
NVDA	NVIDIA CORPORATION	37,400	$6,975	4.6%	—	—	PUT	67066G104
GDX	VANECK ETF TRUST	67,200	$5,764	3.8%	—	—	PUT	92189F106
DE	DEERE & CO	7,200	$3,352	2.2%	—	—	PUT	244199105
TSLA	TESLA INC	5,500	$2,473	1.6%	—	—	PUT	88160R101
CVNA	CARVANA CO	4,900	$2,068	1.4%	—	—	PUT	146869102
PLTR	PALANTIR TECHNOLOGIES INC	7,700	$1,369	0.9%	—	—	PUT	69608A108
CRWV	COREWEAVE INC	16,800	$1,203	0.8%	—	—	PUT	21873S108
EWY	ISHARES INC	9,449	$919	0.6%	$85.13	—	—	464286772
PBF	PBF ENERGY INC	30,805	$835	0.6%	$26.44	+24.8%	—	69318G106
VLO	VALERO ENERGY CORP NEW	4,172	$679	0.4%	$147.81	+28.6%	—	91913Y100
ALB	ALBEMARLE CORP	4,132	$584	0.4%	$113.25	+51.2%	—	012653101
BBJP	J P MORGAN EXCHANGE-TRADED F	6,162	$406	0.3%	$66.02	—	—	46641Q217
NRDY	NERDY INC	332,141	$345	0.2%	$1.13	-10.4%	—	64081V109
ZURA	ZURA BIO LTD	61,010	$320	0.2%	$3.95	+48.8%	—	G9TY5A101
EWT	ISHARES INC	4,905	$312	0.2%	$63.62	—	—	46434G772
MUFG	MITSUBISHI UFJ FINL GROUP IN	18,413	$292	0.2%	$11.72	—	—	606822104
IOBT	IO BIOTECH INC	451,641	$275	0.2%	$0.74	-45.2%	—	449778109
ICCC	IMMUCELL CORP	39,633	$244	0.2%	$3.98	+60.5%	—	452525306
GXC	SPDR INDEX SHS FDS	336	$33	0.0%	$104.97	—	—	78463X400
BDX	BECTON DICKINSON & CO	58	$11	0.0%	$184.06	-8.8%	—	075887109
ATYR	ATYR PHARMA INC	14,000	$11	0.0%	—	—	CALL	002120202
BAK	BRASKEM S A	312	$1	0.0%	$2.95	—	—	105532105
KGC	KINROSS GOLD CORP	10	$0	0.0%	$25.98	+30.1%	—	496902404
VTYX	VENTYX BIOSCIENCES INC	1	$0	0.0%	$7.47	+80.9%	—	92332V107
CRVO	CERVOMED INC	1	$0	0.0%	$8.04	-26.8%	—	15713L109

Decreased Positions (23)

AGRO ADECOAGRO S A 0.0%

Value ($000) $5 (-99.6%) Shares 351 (-99.8%) Est. Cost $7.85 Unrealized +9.8%

RTAC RENATUS TACTICAL ACQUIS 0.0%

Value ($000) $19 (-98.1%) Shares 1,813 (-98.0%) Est. Cost $11.29 Unrealized -5.1%

FXI ISHARES TR 2.2%

Value ($000) $3,260 (-21.2%) Shares 90,800 (-15.9%) Est. Cost — Unrealized —

JBS JBS N.V. 0.3%

Value ($000) $383 (-67.4%) Shares 21,308 (-73.8%) Est. Cost $14.38 Unrealized +7.1%

OKYO OKYO PHARMA LTD 0.0%

Value ($000) $6 (-99.2%) Shares 3,819 (-99.2%) Est. Cost $1.33 Unrealized +59.2%

JOE ST JOE CO 1.3%

Value ($000) $2,025 (-20.1%) Shares 32,253 (-24.5%) Est. Cost $50.64 Unrealized +31.2%

DOLE DOLE PLC 0.3%

Value ($000) $472 (-48.5%) Shares 33,013 (-45.9%) Est. Cost $14.02 Unrealized +9.8%

NWAX/U NEW AMER ACQUISITION I CORP 0.0%

Value ($000) $2 (-99.6%) Shares 172 (-99.6%) Est. Cost $10.41 Unrealized —

XP XP INC 0.3%

Value ($000) $384 (-49.7%) Shares 20,176 (-56.8%) Est. Cost $16.42 Unrealized +17.8%

TVA TEXAS VENTURES ACQUISITION I 0.0%

Value ($000) $42 (-90.0%) Shares 4,018 (-89.8%) Est. Cost $10.54 Unrealized +1.5%

ESTA ESTABLISHMENT LABS HLDGS INC 0.4%

Value ($000) $535 (-41.2%) Shares 9,428 (-24.5%) Est. Cost $60.38 Unrealized +16.5%

TLPH TALPHERA INC 0.2%

Value ($000) $325 (-50.8%) Shares 435,234 (-24.9%) Est. Cost $1.10 Unrealized -13.3%

CGTX COGNITION THERAPEUTICS INC 0.2%

Value ($000) $327 (-48.0%) Shares 431,000 (-7.5%) Est. Cost $1.62 Unrealized -23.4%

INMB INMUNE BIO INC 0.1%

Value ($000) $207 (-56.4%) Shares 183,476 (-39.8%) Est. Cost $1.78 Unrealized -14.7%

AEXA AMERICAN EXCEPTIONALISM ACQU 0.0%

Value ($000) $7 (-96.8%) Shares 670 (-96.6%) Est. Cost $11.23 Unrealized +2.1%

PPLT ABRDN PLATINUM ETF 0.0%

Value ($000) $4 (-96.7%) Shares 24 (-96.5%) Est. Cost $83.05 Unrealized —

ACIU AC IMMUNE SA 0.2%

Value ($000) $296 (-18.6%) Shares 107,489 (-7.1%) Est. Cost $3.15 Unrealized +2.4%

MRX MAREX GROUP PLC 0.6%

Value ($000) $906 (+7.4%) Shares 20,322 (-7.6%) Est. Cost $33.95 Unrealized +18.1%

UTI UNIVERSAL TECHNICAL INST INC 0.3%

Value ($000) $526 (+12.4%) Shares 14,581 (-18.6%) Est. Cost $28.32 Unrealized +1.0%

MLP MAUI LD & PINEAPPLE INC 0.1%

Value ($000) $83 (-38.6%) Shares 5,397 (-32.4%) Est. Cost $16.24 Unrealized +4.3%

MPC MARATHON PETE CORP 0.7%

Value ($000) $1,015 (+5.2%) Shares 4,156 (-29.9%) Est. Cost $186.40 Unrealized -0.9%

NAK NORTHERN DYNASTY MINERALS LT 0.0%

Value ($000) $0 (-99.9%) Shares 1 (-99.9%) Est. Cost $0.45 Unrealized +346.0%

AEM AGNICO EAGLE MINES LTD 0.0%

Value ($000) $55 (+1.8%) Shares 272 (-15.0%) Est. Cost $132.10 Unrealized +56.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AGRO	ADECOAGRO S A	351 (-99.8%)	$5 (-99.6%)	0.0%	$7.85	+9.8%	COM	L00849106
RTAC	RENATUS TACTICAL ACQUIS	1,813 (-98.0%)	$19 (-98.1%)	0.0%	$11.29	-5.1%	SHS CL A	G7490F101
FXI	ISHARES TR	90,800 (-15.9%)	$3,260 (-21.2%)	2.2%	—	—	CALL	464287184
JBS	JBS N.V.	21,308 (-73.8%)	$383 (-67.4%)	0.3%	$14.38	+7.1%	CL A SHS	N4732M103
OKYO	OKYO PHARMA LTD	3,819 (-99.2%)	$6 (-99.2%)	0.0%	$1.33	+59.2%	SHS NEW	G6724L116
JOE	ST JOE CO	32,253 (-24.5%)	$2,025 (-20.1%)	1.3%	$50.64	+31.2%	COM	790148100
DOLE	DOLE PLC	33,013 (-45.9%)	$472 (-48.5%)	0.3%	$14.02	+9.8%	ORD SHS	G27907107
NWAX/U	NEW AMER ACQUISITION I CORP	172 (-99.6%)	$2 (-99.6%)	0.0%	$10.41	—	UNIT 99/99/9999	023634207
XP	XP INC	20,176 (-56.8%)	$384 (-49.7%)	0.3%	$16.42	+17.8%	CL A	G98239109
TVA	TEXAS VENTURES ACQUISITION I	4,018 (-89.8%)	$42 (-90.0%)	0.0%	$10.54	+1.5%	USD CL A ORD SHS	G8772L105
ESTA	ESTABLISHMENT LABS HLDGS INC	9,428 (-24.5%)	$535 (-41.2%)	0.4%	$60.38	+16.5%	COM	G31249108
TLPH	TALPHERA INC	435,234 (-24.9%)	$325 (-50.8%)	0.2%	$1.10	-13.3%	COM NEW	00444T209
CGTX	COGNITION THERAPEUTICS INC	431,000 (-7.5%)	$327 (-48.0%)	0.2%	$1.62	-23.4%	COM	19243B102
INMB	INMUNE BIO INC	183,476 (-39.8%)	$207 (-56.4%)	0.1%	$1.78	-14.7%	COM	45782T105
AEXA	AMERICAN EXCEPTIONALISM ACQU	670 (-96.6%)	$7 (-96.8%)	0.0%	$11.23	+2.1%	ORD CL A	G0273J101
PPLT	ABRDN PLATINUM ETF	24 (-96.5%)	$4 (-96.7%)	0.0%	$83.05	—	TRUST PHYSCL PLATM SHS	003260106
ACIU	AC IMMUNE SA	107,489 (-7.1%)	$296 (-18.6%)	0.2%	$3.15	+2.4%	SHS	H00263105
MRX	MAREX GROUP PLC	20,322 (-7.6%)	$906 (+7.4%)	0.6%	$33.95	+18.1%	ORD	G5S37H101
UTI	UNIVERSAL TECHNICAL INST INC	14,581 (-18.6%)	$526 (+12.4%)	0.3%	$28.32	+1.0%	COM	913915104
MLP	MAUI LD & PINEAPPLE INC	5,397 (-32.4%)	$83 (-38.6%)	0.1%	$16.24	+4.3%	COM	577345101
MPC	MARATHON PETE CORP	4,156 (-29.9%)	$1,015 (+5.2%)	0.7%	$186.40	-0.9%	COM	56585A102
NAK	NORTHERN DYNASTY MINERALS LT	1 (-99.9%)	$0 (-99.9%)	0.0%	$0.45	+346.0%	COM NEW	66510M204
AEM	AGNICO EAGLE MINES LTD	272 (-15.0%)	$55 (+1.8%)	0.0%	$132.10	+56.0%	COM	008474108

Unchanged Positions (2)

ACON ACLARION INC 0.0%

Value ($000) $18 Shares 5,422 Est. Cost $6.95 Unrealized -48.3%

— DOUBLELINE INCOME SOLUTIONS 0.0%

Value ($000) $4 Shares 326 Est. Cost $12.24 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ACON	ACLARION INC	5,422	$18	0.0%	$6.95	-48.3%	COM NEW	655187409
—	DOUBLELINE INCOME SOLUTIONS	326	$4	0.0%	$12.24	—	COM	258622109