Swan Global Investments, LLC Hedge Fund

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	NETFLIX INC	25,000	$2,400	0.1%	—	—	CALL	64110L906
—	BANK AMERICA CORP	19,800	$990	0.0%	—	—	PUT	060505954
—	TESLA INC	2,100	$861	0.0%	—	—	PUT	88160R951
AMD	ADVANCED MICRO DEVICES INC	1,653	$354	0.0%	$224.60	0.0%	AMD	007903107
LOW	LOWES COS INC	1,291	$311	0.0%	$239.83	0.0%	LOW	548661107
HD	HOME DEPOT INC	754	$259	0.0%	$364.59	0.0%	HD	437076102
RTX	RTX CORPORATION	1,279	$235	0.0%	$173.32	0.0%	RTX	75513E101
NFLX	NETFLIX INC	2,451	$230	0.0%	$107.81	0.0%	NFLX	64110L106
WFC	WELLS FARGO CO NEW	2,441	$228	0.0%	$86.63	0.0%	WFC	949746101

Increased Positions (36)

XLK SELECT SECTOR SPDR TR 3.1%

Value ($000) $104,134 (-20.3%) Shares 723,302 (+56.0%) Est. Cost $2665.11 Unrealized —

PSMO PACER FDS TR 2.5%

Value ($000) $86,141 (+36.9%) Shares 2,800,433 (+34.2%) Est. Cost $26.97 Unrealized —

PSFO PACER FDS TR 0.9%

Value ($000) $29,017 (+139.8%) Shares 895,600 (+135.1%) Est. Cost $29.13 Unrealized —

XLY SELECT SECTOR SPDR TR 0.9%

Value ($000) $31,391 (-22.1%) Shares 262,881 (+56.3%) Est. Cost $5837.61 Unrealized —

HEGD LISTED FD TR 2.1%

Value ($000) $70,897 (+13.4%) Shares 2,812,238 (+12.1%) Est. Cost $19.24 Unrealized —

PSCQ PACER FDS TR 1.2%

Value ($000) $42,202 (+16.3%) Shares 1,430,104 (+14.3%) Est. Cost $26.23 Unrealized —

XLE SELECT SECTOR SPDR TR 0.3%

Value ($000) $8,610 (-22.5%) Shares 192,570 (+54.8%) Est. Cost $4302.38 Unrealized —

XLU SELECT SECTOR SPDR TR 0.2%

Value ($000) $6,808 (-23.5%) Shares 159,476 (+56.2%) Est. Cost $2571.90 Unrealized —

— NVIDIA CORPORATION 0.1%

Value ($000) $3,496 (+71.5%) Shares 27,400 (+50.5%) Est. Cost — Unrealized —

XLB SELECT SECTOR SPDR TR 0.2%

Value ($000) $5,318 (-21.2%) Shares 117,268 (+55.8%) Est. Cost $3975.87 Unrealized —

— APPLE INC 0.1%

Value ($000) $3,200 (+17.6%) Shares 15,600 (+14.7%) Est. Cost — Unrealized —

— SPDR S&P 500 ETF TR 0.2%

Value ($000) $7,366 (-4.7%) Shares 1,056,500 (+3.2%) Est. Cost — Unrealized —

GOOGL ALPHABET INC 0.0%

Value ($000) $801 (+47.2%) Shares 2,558 (+14.3%) Est. Cost $187.89 Unrealized +52.0%

LLY LILLY ELI & CO 0.0%

Value ($000) $691 (+50.9%) Shares 643 (+7.2%) Est. Cost $818.22 Unrealized +16.8%

AAPL APPLE INC 0.0%

Value ($000) $1,092 (+18.9%) Shares 4,015 (+11.4%) Est. Cost $218.34 Unrealized +22.9%

GLD SPDR Gold Trust 0.0%

Value ($000) $890 (+22.4%) Shares 2,245 (+9.8%) Est. Cost $151.11 Unrealized —

CSCO CISCO SYS INC 0.0%

Value ($000) $380 (+42.1%) Shares 4,929 (+26.3%) Est. Cost $62.98 Unrealized +17.2%

JPM JPMORGAN CHASE & CO 0.0%

Value ($000) $599 (+20.6%) Shares 1,858 (+18.0%) Est. Cost $248.53 Unrealized +24.5%

SCLZ Swan Enhanced Dividend Income ETF 0.0%

Value ($000) $1,379 (+7.5%) Shares 25,191 (+6.8%) Est. Cost $52.39 Unrealized —

PLTR PALANTIR TECHNOLOGIES INC 0.0%

Value ($000) $400 (+29.5%) Shares 2,251 (+32.9%) Est. Cost $166.76 Unrealized +8.6%

GE GE AEROSPACE 0.0%

Value ($000) $406 (+24.3%) Shares 1,319 (+21.3%) Est. Cost $277.63 Unrealized +8.3%

IBM INTERNATIONAL BUSINESS MACHS 0.0%

Value ($000) $430 (+22.3%) Shares 1,453 (+16.5%) Est. Cost $265.11 Unrealized +12.7%

NVDA NVIDIA CORPORATION 0.0%

Value ($000) $934 (+8.5%) Shares 5,007 (+8.6%) Est. Cost $175.23 Unrealized +6.2%

TLT IShares ETF-20yr 0.0%

Value ($000) $288 (+34.1%) Shares 3,300 (+37.5%) Est. Cost $95.41 Unrealized —

AVGO BROADCOM INC 0.0%

Value ($000) $640 (+11.7%) Shares 1,850 (+6.4%) Est. Cost $205.83 Unrealized +73.4%

ORCL ORACLE CORP 0.0%

Value ($000) $367 (+19.6%) Shares 1,885 (+72.6%) Est. Cost $193.66 Unrealized +22.9%

XOM EXXON MOBIL CORP 0.0%

Value ($000) $297 (+25.3%) Shares 2,466 (+17.4%) Est. Cost $110.56 Unrealized +4.5%

JNJ JOHNSON & JOHNSON 0.0%

Value ($000) $392 (+17.6%) Shares 1,896 (+5.3%) Est. Cost $154.44 Unrealized +27.6%

V VISA INC 0.0%

Value ($000) $403 (+15.6%) Shares 1,150 (+12.5%) Est. Cost $313.95 Unrealized +8.4%

AMZN AMAZON COM INC 0.0%

Value ($000) $648 (+7.6%) Shares 2,807 (+2.4%) Est. Cost $226.41 Unrealized +1.1%

XCCC BONDBLOXX ETF TRUST 0.0%

Value ($000) $287 (+18.8%) Shares 7,550 (+22.6%) Est. Cost $39.39 Unrealized —

MA MASTERCARD INCORPORATED 0.0%

Value ($000) $325 (+12.9%) Shares 569 (+12.5%) Est. Cost $545.40 Unrealized +2.5%

MSFT MICROSOFT CORP 0.0%

Value ($000) $861 (+3.9%) Shares 1,781 (+11.3%) Est. Cost $425.92 Unrealized +17.5%

META META PLATFORMS INC 0.0%

Value ($000) $691 (+4.2%) Shares 1,047 (+15.9%) Est. Cost $732.79 Unrealized -8.9%

— UBER TECHNOLOGIES INC 0.0%

Value ($000) $227 (+5.4%) Shares 2,783 (+26.4%) Est. Cost $94.58 Unrealized —

ABBV ABBVIE INC 0.0%

Value ($000) $331 (+2.2%) Shares 1,450 (+3.6%) Est. Cost $202.83 Unrealized +12.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
XLK	SELECT SECTOR SPDR TR	723,302 (+56.0%)	$104,134 (-20.3%)	3.1%	$2665.11	—	XLK	81369Y803
PSMO	PACER FDS TR	2,800,433 (+34.2%)	$86,141 (+36.9%)	2.5%	$26.97	—	PSMO	69374H485
PSFO	PACER FDS TR	895,600 (+135.1%)	$29,017 (+139.8%)	0.9%	$29.13	—	PSFO	69374H451
XLY	SELECT SECTOR SPDR TR	262,881 (+56.3%)	$31,391 (-22.1%)	0.9%	$5837.61	—	XLY	81369Y407
HEGD	LISTED FD TR	2,812,238 (+12.1%)	$70,897 (+13.4%)	2.1%	$19.24	—	HEGD	53656F599
PSCQ	PACER FDS TR	1,430,104 (+14.3%)	$42,202 (+16.3%)	1.2%	$26.23	—	PSCQ	69374H527
XLE	SELECT SECTOR SPDR TR	192,570 (+54.8%)	$8,610 (-22.5%)	0.3%	$4302.38	—	XLE	81369Y506
XLU	SELECT SECTOR SPDR TR	159,476 (+56.2%)	$6,808 (-23.5%)	0.2%	$2571.90	—	XLU	81369Y886
—	NVIDIA CORPORATION	27,400 (+50.5%)	$3,496 (+71.5%)	0.1%	—	—	PUT	67066G954
XLB	SELECT SECTOR SPDR TR	117,268 (+55.8%)	$5,318 (-21.2%)	0.2%	$3975.87	—	XLB	81369Y100
—	APPLE INC	15,600 (+14.7%)	$3,200 (+17.6%)	0.1%	—	—	PUT	037833950
—	SPDR S&P 500 ETF TR	1,056,500 (+3.2%)	$7,366 (-4.7%)	0.2%	—	—	CALL	78462F903
GOOGL	ALPHABET INC	2,558 (+14.3%)	$801 (+47.2%)	0.0%	$187.89	+52.0%	GOOGL	02079K305
LLY	LILLY ELI & CO	643 (+7.2%)	$691 (+50.9%)	0.0%	$818.22	+16.8%	LLY	532457108
AAPL	APPLE INC	4,015 (+11.4%)	$1,092 (+18.9%)	0.0%	$218.34	+22.9%	AAPL	037833100
GLD	SPDR Gold Trust	2,245 (+9.8%)	$890 (+22.4%)	0.0%	$151.11	—	GLD	78463V107
CSCO	CISCO SYS INC	4,929 (+26.3%)	$380 (+42.1%)	0.0%	$62.98	+17.2%	CSCO	17275R102
JPM	JPMORGAN CHASE & CO	1,858 (+18.0%)	$599 (+20.6%)	0.0%	$248.53	+24.5%	JPM	46625H100
SCLZ	Swan Enhanced Dividend Income ETF	25,191 (+6.8%)	$1,379 (+7.5%)	0.0%	$52.39	—	SCLZ	66538R532
PLTR	PALANTIR TECHNOLOGIES INC	2,251 (+32.9%)	$400 (+29.5%)	0.0%	$166.76	+8.6%	PLTR	69608A108
GE	GE AEROSPACE	1,319 (+21.3%)	$406 (+24.3%)	0.0%	$277.63	+8.3%	GE	369604301
IBM	INTERNATIONAL BUSINESS MACHS	1,453 (+16.5%)	$430 (+22.3%)	0.0%	$265.11	+12.7%	IBM	459200101
NVDA	NVIDIA CORPORATION	5,007 (+8.6%)	$934 (+8.5%)	0.0%	$175.23	+6.2%	NVDA	67066G104
TLT	IShares ETF-20yr	3,300 (+37.5%)	$288 (+34.1%)	0.0%	$95.41	—	TLT	464287432
AVGO	BROADCOM INC	1,850 (+6.4%)	$640 (+11.7%)	0.0%	$205.83	+73.4%	AVGO	11135F101
ORCL	ORACLE CORP	1,885 (+72.6%)	$367 (+19.6%)	0.0%	$193.66	+22.9%	ORCL	68389X105
XOM	EXXON MOBIL CORP	2,466 (+17.4%)	$297 (+25.3%)	0.0%	$110.56	+4.5%	XOM	30231G102
JNJ	JOHNSON & JOHNSON	1,896 (+5.3%)	$392 (+17.6%)	0.0%	$154.44	+27.6%	JNJ	478160104
V	VISA INC	1,150 (+12.5%)	$403 (+15.6%)	0.0%	$313.95	+8.4%	V	92826C839
AMZN	AMAZON COM INC	2,807 (+2.4%)	$648 (+7.6%)	0.0%	$226.41	+1.1%	AMZN	023135106
XCCC	BONDBLOXX ETF TRUST	7,550 (+22.6%)	$287 (+18.8%)	0.0%	$39.39	—	XCCC	09789C887
MA	MASTERCARD INCORPORATED	569 (+12.5%)	$325 (+12.9%)	0.0%	$545.40	+2.5%	MA	57636Q104
MSFT	MICROSOFT CORP	1,781 (+11.3%)	$861 (+3.9%)	0.0%	$425.92	+17.5%	MSFT	594918104
META	META PLATFORMS INC	1,047 (+15.9%)	$691 (+4.2%)	0.0%	$732.79	-8.9%	META	30303M102
—	UBER TECHNOLOGIES INC	2,783 (+26.4%)	$227 (+5.4%)	0.0%	$94.58	—	UBER	90353T105
ABBV	ABBVIE INC	1,450 (+3.6%)	$331 (+2.2%)	0.0%	$202.83	+12.2%	ABBV	00287Y109

Decreased Positions (27)

SPY SPDR S&P 500 ETF TR 22.0%

Value ($000) $741,733 (-8.1%) Shares 1,087,712 (-10.2%) Est. Cost $294.81 Unrealized —

IVV ISHARES TR 12.8%

Value ($000) $431,244 (-11.3%) Shares 629,609 (-13.3%) Est. Cost $435.39 Unrealized —

— SPDR S&P 500 ETF TR 36.7%

Value ($000) $1,241,062 (-4.2%) Shares 2,080,100 (-7.6%) Est. Cost — Unrealized —

XLF SELECT SECTOR SPDR TR 1.2%

Value ($000) $40,624 (-19.5%) Shares 741,720 (-20.9%) Est. Cost $2564.87 Unrealized —

XLC SELECT SECTOR SPDR TR 0.9%

Value ($000) $30,175 (-21.0%) Shares 256,327 (-20.6%) Est. Cost $48.83 Unrealized —

XLI SELECT SECTOR SPDR TR 0.7%

Value ($000) $24,812 (-22.0%) Shares 159,955 (-22.5%) Est. Cost $7838.15 Unrealized —

XLV SELECT SECTOR SPDR TR 0.9%

Value ($000) $29,466 (-13.7%) Shares 190,351 (-22.4%) Est. Cost $7416.22 Unrealized —

XLP SELECT SECTOR SPDR TR 0.4%

Value ($000) $14,477 (-22.0%) Shares 186,366 (-21.3%) Est. Cost $5007.07 Unrealized —

PSMJ PACER FDS TR 2.2%

Value ($000) $75,221 (-3.6%) Shares 2,335,332 (-5.5%) Est. Cost $26.22 Unrealized —

PSMR PACER FDS TR 2.1%

Value ($000) $70,710 (-3.8%) Shares 2,372,802 (-5.5%) Est. Cost $25.69 Unrealized —

PSCW PACER FDS TR 1.5%

Value ($000) $51,819 (-3.7%) Shares 1,857,976 (-5.5%) Est. Cost $24.87 Unrealized —

XLRE SELECT SECTOR SPDR TR 0.2%

Value ($000) $5,478 (-23.9%) Shares 135,756 (-20.5%) Est. Cost $32.22 Unrealized —

PSCJ PACER FDS TR 1.1%

Value ($000) $35,938 (-3.7%) Shares 1,194,739 (-5.5%) Est. Cost $25.33 Unrealized —

PSFJ PACER FDS TR 0.7%

Value ($000) $22,356 (-3.4%) Shares 673,992 (-5.5%) Est. Cost $25.98 Unrealized —

PSCX PACER FDS TR 0.8%

Value ($000) $26,067 (-2.8%) Shares 840,044 (-5.5%) Est. Cost $25.66 Unrealized —

PSMD PACER FDS TR 2.0%

Value ($000) $68,025 (-1.1%) Shares 2,095,017 (-3.6%) Est. Cost $26.18 Unrealized —

SGOL ETFS GOLD TR 0.0%

Value ($000) $736 (-42.9%) Shares 17,912 (-48.9%) Est. Cost $27.57 Unrealized —

PSFM PACER FDS TR 0.4%

Value ($000) $13,453 (-3.6%) Shares 422,641 (-5.5%) Est. Cost $24.49 Unrealized —

PSFD PACER FDS TR 0.7%

Value ($000) $24,235 (+1.8%) Shares 648,505 (-1.1%) Est. Cost $28.54 Unrealized —

BOXX EA SERIES TRUST 0.0%

Value ($000) $1,243 (-14.0%) Shares 10,800 (-15.0%) Est. Cost $112.32 Unrealized —

VEU VANGUARD INTL EQUITY INDEX F 0.0%

Value ($000) $326 (-29.6%) Shares 4,431 (-31.7%) Est. Cost $59.27 Unrealized —

TSLA TESLA INC 0.0%

Value ($000) $339 (-12.1%) Shares 754 (-13.0%) Est. Cost $346.84 Unrealized +27.8%

BRK/B BERKSHIRE HATHAWAY INC DEL 0.0%

Value ($000) $451 (-7.9%) Shares 897 (-7.9%) Est. Cost $484.36 Unrealized +2.7%

KO COCA COLA CO 0.0%

Value ($000) $299 (-8.0%) Shares 4,276 (-12.7%) Est. Cost $66.19 Unrealized +4.8%

— SPDR Gold Trust 0.0%

Value ($000) $733 (-3.3%) Shares 1,900 (-17.4%) Est. Cost — Unrealized —

VTWO VANGUARD SCOTTSDALE FDS 0.0%

Value ($000) $266 (-1.9%) Shares 2,677 (-3.6%) Est. Cost $88.39 Unrealized —

WMT WALMART INC 0.0%

Value ($000) $321 (+0.5%) Shares 2,882 (-7.0%) Est. Cost $99.23 Unrealized +8.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPY	SPDR S&P 500 ETF TR	1,087,712 (-10.2%)	$741,733 (-8.1%)	22.0%	$294.81	—	SPY	78462F103
IVV	ISHARES TR	629,609 (-13.3%)	$431,244 (-11.3%)	12.8%	$435.39	—	IVV	464287200
—	SPDR S&P 500 ETF TR	2,080,100 (-7.6%)	$1,241,062 (-4.2%)	36.7%	—	—	PUT	78462F953
XLF	SELECT SECTOR SPDR TR	741,720 (-20.9%)	$40,624 (-19.5%)	1.2%	$2564.87	—	XLF	81369Y605
XLC	SELECT SECTOR SPDR TR	256,327 (-20.6%)	$30,175 (-21.0%)	0.9%	$48.83	—	XLC	81369Y852
XLI	SELECT SECTOR SPDR TR	159,955 (-22.5%)	$24,812 (-22.0%)	0.7%	$7838.15	—	XLI	81369Y704
XLV	SELECT SECTOR SPDR TR	190,351 (-22.4%)	$29,466 (-13.7%)	0.9%	$7416.22	—	XLV	81369Y209
XLP	SELECT SECTOR SPDR TR	186,366 (-21.3%)	$14,477 (-22.0%)	0.4%	$5007.07	—	XLP	81369Y308
PSMJ	PACER FDS TR	2,335,332 (-5.5%)	$75,221 (-3.6%)	2.2%	$26.22	—	PSMJ	69374H493
PSMR	PACER FDS TR	2,372,802 (-5.5%)	$70,710 (-3.8%)	2.1%	$25.69	—	PSMR	69374H519
PSCW	PACER FDS TR	1,857,976 (-5.5%)	$51,819 (-3.7%)	1.5%	$24.87	—	PSCW	69374H543
XLRE	SELECT SECTOR SPDR TR	135,756 (-20.5%)	$5,478 (-23.9%)	0.2%	$32.22	—	XLRE	81369Y860
PSCJ	PACER FDS TR	1,194,739 (-5.5%)	$35,938 (-3.7%)	1.1%	$25.33	—	PSCJ	69374H535
PSFJ	PACER FDS TR	673,992 (-5.5%)	$22,356 (-3.4%)	0.7%	$25.98	—	PSFJ	69374H469
PSCX	PACER FDS TR	840,044 (-5.5%)	$26,067 (-2.8%)	0.8%	$25.66	—	PSCX	69374H584
PSMD	PACER FDS TR	2,095,017 (-3.6%)	$68,025 (-1.1%)	2.0%	$26.18	—	PSMD	69374H550
SGOL	ETFS GOLD TR	17,912 (-48.9%)	$736 (-42.9%)	0.0%	$27.57	—	SGOL	00326A104
PSFM	PACER FDS TR	422,641 (-5.5%)	$13,453 (-3.6%)	0.4%	$24.49	—	PSFM	69374H477
PSFD	PACER FDS TR	648,505 (-1.1%)	$24,235 (+1.8%)	0.7%	$28.54	—	PSFD	69374H576
BOXX	EA SERIES TRUST	10,800 (-15.0%)	$1,243 (-14.0%)	0.0%	$112.32	—	BOXX	02072L565
VEU	VANGUARD INTL EQUITY INDEX F	4,431 (-31.7%)	$326 (-29.6%)	0.0%	$59.27	—	VEU	922042775
TSLA	TESLA INC	754 (-13.0%)	$339 (-12.1%)	0.0%	$346.84	+27.8%	TSLA	88160R101
BRK/B	BERKSHIRE HATHAWAY INC DEL	897 (-7.9%)	$451 (-7.9%)	0.0%	$484.36	+2.7%	BRKB	084670702
KO	COCA COLA CO	4,276 (-12.7%)	$299 (-8.0%)	0.0%	$66.19	+4.8%	KO	191216100
—	SPDR Gold Trust	1,900 (-17.4%)	$733 (-3.3%)	0.0%	—	—	PUT	78463V957
VTWO	VANGUARD SCOTTSDALE FDS	2,677 (-3.6%)	$266 (-1.9%)	0.0%	$88.39	—	VTWO	92206C664
WMT	WALMART INC	2,882 (-7.0%)	$321 (+0.5%)	0.0%	$99.23	+8.0%	WMT	931142103

Unchanged Positions (7)

IEFA ISHARES TR 0.0%

Value ($000) $256 Shares 2,860 Est. Cost $70.28 Unrealized —

IEMG ishares ETF - CORE MSCI EMKT 0.0%

Value ($000) $249 Shares 3,709 Est. Cost $49.09 Unrealized —

— iShares MSCI Emerging Markets Indx ETF 0.0%

Value ($000) $275 Shares 6,400 Est. Cost — Unrealized —

— CHENIERE ENERGY INC 0.1%

Value ($000) $3,276 Shares 25,000 Est. Cost — Unrealized —

— META PLATFORMS INC 0.0%

Value ($000) $1,485 Shares 2,700 Est. Cost — Unrealized —

— AMAZON COM INC 0.0%

Value ($000) $1,512 Shares 8,400 Est. Cost — Unrealized —

— ISHARES TR 0.0%

Value ($000) $1,568 Shares 10,600 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IEFA	ISHARES TR	2,860	$256	0.0%	$70.28	—	IEFA	46432F842
IEMG	ishares ETF - CORE MSCI EMKT	3,709	$249	0.0%	$49.09	—	IEMG	46434G103
—	iShares MSCI Emerging Markets Indx ETF	6,400	$275	0.0%	—	—	PUT	464287954
—	CHENIERE ENERGY INC	25,000	$3,276	0.1%	—	—	PUT	16411R958
—	META PLATFORMS INC	2,700	$1,485	0.0%	—	—	PUT	30303M952
—	AMAZON COM INC	8,400	$1,512	0.0%	—	—	PUT	023135956
—	ISHARES TR	10,600	$1,568	0.0%	—	—	PUT	464287955