Cavalier Investments, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPY	SPDR S&P 500 ETF TR	350,000	$238,672	12.3%	$612.54	—	CALL	78462F103
IWM	ISHARES TR	300,000	$73,848	3.8%	$214.79	—	CALL	464287655
JPM	JPMORGAN CHASE & CO.	100,000	$32,222	1.7%	$242.74	+27.5%	PUT	46625H100
LRCX	LAM RESEARCH CORP	150,000	$25,677	1.3%	$155.36	0.0%	PUT	512807306
LRCX	LAM RESEARCH CORP	105,000	$17,974	0.9%	$155.36	0.0%	CALL	512807306
XLV	SELECT SECTOR SPDR TR	110,000	$17,028	0.9%	—	—	CALL	81369Y209
WDC	Western Digital Corp	81,980	$14,123	0.7%	$151.55	0.0%	COM	958102105
WDC	WESTERN DIGITAL CORP	80,000	$13,782	0.7%	$151.55	0.0%	PUT	958102105
VST	VISTRA CORP	75,000	$12,100	0.6%	$161.97	+12.3%	CALL	92840M102
MSFT	MICROSOFT CORP	25,000	$12,091	0.6%	$391.46	+27.9%	PUT	594918104
NVDA	NVIDIA Corp	63,979	$11,932	0.6%	$186.13	0.0%	COM	67066G104
RDDT	Reddit Inc	51,230	$11,776	0.6%	$210.30	0.0%	CL A	75734B100
RDDT	REDDIT INC	50,000	$11,494	0.6%	$210.30	0.0%	PUT	75734B100
IONQ	IONQ INC	200,000	$8,974	0.5%	$56.04	0.0%	CALL	46222L108
LRCX	Lam Research Corp	45,459	$7,782	0.4%	$155.36	0.0%	COM NEW	512807306
NEM	Newmont Corp.	64,699	$6,460	0.3%	$90.20	0.0%	COM	651639106
NVO	NOVO-NORDISK A S	75,000	$3,816	0.2%	$88.72	—	CALL	670100205
USOI	X-Links Crude Oil Sh ares Covered Call ET	42,254	$2,000	0.1%	$47.33	—	ETRACS CRUDE OIL	22539U602
IONQ	IonQ Inc	18,420	$827	0.0%	$56.04	0.0%	COM	46222L108
NRG	NRG Energy Inc	1,767	$281	0.0%	$165.30	0.0%	COM NEW	629377508

Increased Positions (48)

QQQ INVESCO QQQ TR 15.9%

Value ($000) $309,735 (+312.7%) Shares 504,200 (+40236.0%) Est. Cost $506.66 Unrealized —

QQQ INVESCO QQQ TR 11.2%

Value ($000) $217,281 (+7767.7%) Shares 353,700 (+768813.0%) Est. Cost $506.66 Unrealized —

TSLA TESLA INC 0.7%

Value ($000) $13,492 (-82.7%) Shares 30,000 (+1614.3%) Est. Cost $333.63 Unrealized +32.9%

SPY SPDR S&P 500 ETF TR 19.7%

Value ($000) $383,512 (+16.9%) Shares 562,400 (+11321.6%) Est. Cost $612.54 Unrealized —

SPY SPDR S&P 500 ETF Tru st 2.5%

Value ($000) $48,320 (+100.9%) Shares 70,859 (+90.7%) Est. Cost $612.54 Unrealized —

GE GE AEROSPACE 1.6%

Value ($000) $30,803 (+309.6%) Shares 100,000 (+39900.0%) Est. Cost $284.25 Unrealized +5.8%

NVDA NVIDIA CORPORATION 1.4%

Value ($000) $27,975 (+199.9%) Shares 150,000 (+29900.0%) Est. Cost $186.13 Unrealized 0.0%

XLC SELECT SECTOR SPDR TR 0.6%

Value ($000) $11,772 (-60.2%) Shares 100,000 (+3900.0%) Est. Cost $104.52 Unrealized —

GE GE AEROSPACE 1.2%

Value ($000) $23,102 (+207.2%) Shares 75,000 (+29900.0%) Est. Cost $284.25 Unrealized +5.8%

SMH VANECK ETF TRUST 5.0%

Value ($000) $97,235 (+14.9%) Shares 270,000 (+10312.6%) Est. Cost $203.47 Unrealized —

GE General Electric Co 1.0%

Value ($000) $18,689 (+157.1%) Shares 60,674 (+122.8%) Est. Cost $284.25 Unrealized +5.8%

GLD SPDR Gold Shares 0.4%

Value ($000) $8,671 (+1373.1%) Shares 21,880 (+1221.3%) Est. Cost $379.21 Unrealized —

QQQ Invesco QQQ Trust Se ries 1 0.9%

Value ($000) $17,651 (+75.3%) Shares 28,733 (+50.8%) Est. Cost $506.66 Unrealized —

XNTK SPDR NYSE Technology ETF 0.4%

Value ($000) $8,546 (+184.1%) Shares 30,754 (+178.3%) Est. Cost $246.95 Unrealized —

BSX BOSTON SCIENTIFIC CORP 0.5%

Value ($000) $9,831 (+101.4%) Shares 103,100 (+20520.0%) Est. Cost $84.38 Unrealized +16.2%

HWM HOWMET AEROSPACE INC 0.3%

Value ($000) $5,708 (+343.8%) Shares 27,841 (+3.1%) Est. Cost $123.95 Unrealized +60.6%

IBIT ISHARES BITCOIN TRUST ETF 0.4%

Value ($000) $7,150 (+124.5%) Shares 144,000 (+29287.8%) Est. Cost $60.07 Unrealized —

MSTR STRATEGY INC 0.0%

Value ($000) $304 (-91.0%) Shares 2,000 (+1804.8%) Est. Cost $305.61 Unrealized -24.7%

JPM JPMorgan Chase & Co 0.6%

Value ($000) $11,809 (+35.0%) Shares 36,648 (+3.1%) Est. Cost $242.74 Unrealized +27.5%

VFH Vanguard Financials ETF 0.5%

Value ($000) $9,765 (+40.3%) Shares 73,154 (+3.2%) Est. Cost $94.69 Unrealized —

TLT ISHARES TR 0.5%

Value ($000) $9,382 (+27.1%) Shares 107,636 (+30.3%) Est. Cost $90.57 Unrealized —

XLF Financial Select Sec tor SPDR Fund 0.4%

Value ($000) $8,274 (+23.2%) Shares 151,059 (+3.2%) Est. Cost $45.22 Unrealized —

IESC IES Holdings Inc 0.1%

Value ($000) $2,320 (+153.2%) Shares 5,964 (+2.6%) Est. Cost $178.29 Unrealized +125.4%

T AT&T Inc 0.2%

Value ($000) $3,286 (+48.7%) Shares 132,277 (+3.2%) Est. Cost $14.96 Unrealized +69.1%

ARGT Global X MSCI Argent ina ETF 0.1%

Value ($000) $2,265 (+89.7%) Shares 24,781 (+3.2%) Est. Cost $50.50 Unrealized —

GDX VanEck Vectors Gold Miners ETF 0.2%

Value ($000) $3,983 (+36.6%) Shares 46,441 (+21.7%) Est. Cost $63.87 Unrealized —

CBOE Cboe Global Markets Inc 0.1%

Value ($000) $2,573 (+67.0%) Shares 10,252 (+3.1%) Est. Cost $151.37 Unrealized +64.3%

VGK Vanguard FTSE Europe ETF 0.3%

Value ($000) $5,921 (+13.3%) Shares 70,814 (+3.2%) Est. Cost $77.62 Unrealized —

XLK Technology Select Se ctor SPDR Fund 0.2%

Value ($000) $2,950 (+30.7%) Shares 20,492 (+106.1%) Est. Cost $155.86 Unrealized —

VST Vistra Energy Corp 0.1%

Value ($000) $1,332 (+64.5%) Shares 8,257 (+66.9%) Est. Cost $161.97 Unrealized +12.3%

PLTR PALANTIR TECHNOLOGIES INC 0.9%

Value ($000) $17,775 (-2.6%) Shares 100,000 (+9900.0%) Est. Cost $90.13 Unrealized +100.8%

MSTR MicroStrategy Inc 0.2%

Value ($000) $3,299 (-11.9%) Shares 21,712 (+86.7%) Est. Cost $305.61 Unrealized -24.7%

IBIT iShares Bitcoin Trus t 0.2%

Value ($000) $3,584 (+12.5%) Shares 72,190 (+47.3%) Est. Cost $60.07 Unrealized —

IBIT ISHARES BITCOIN TRUST ETF 0.2%

Value ($000) $3,575 (+12.2%) Shares 72,000 (+14593.9%) Est. Cost $60.07 Unrealized —

RGTI Rigetti Computing In c 0.0%

Value ($000) $593 (+169.4%) Shares 26,787 (+3.1%) Est. Cost $11.20 Unrealized +191.0%

AAPL Apple Inc 0.0%

Value ($000) $924 (+66.9%) Shares 3,399 (+2.3%) Est. Cost $190.89 Unrealized +40.6%

EPOL iShares MSCI Poland ETF 0.1%

Value ($000) $1,917 (+23.0%) Shares 54,488 (+3.2%) Est. Cost $32.21 Unrealized —

MSTR STRATEGY INC 0.2%

Value ($000) $3,237 (-7.8%) Shares 21,300 (+19441.3%) Est. Cost $305.61 Unrealized -24.7%

AMZN Amazon.com Inc 0.0%

Value ($000) $877 (+32.9%) Shares 3,798 (+3.1%) Est. Cost $187.27 Unrealized +22.2%

XLY Consumer Discretiona ry Select Sector SPD 0.1%

Value ($000) $2,223 (-7.9%) Shares 18,613 (+84.8%) Est. Cost $172.40 Unrealized —

AROC Archrock Inc 0.0%

Value ($000) $904 (+19.7%) Shares 34,760 (+3.2%) Est. Cost $19.73 Unrealized +24.8%

COLO Global X MSCI Colomb ia ETF 0.0%

Value ($000) $619 (+25.0%) Shares 17,376 (+3.2%) Est. Cost $29.08 Unrealized —

GOOY YieldMax GOOGL Optio n Income Strategy ET 0.0%

Value ($000) $552 (+25.5%) Shares 37,788 (+21.6%) Est. Cost $13.74 Unrealized —

APLY YieldMax AAPL Option Income Strategy ETF 0.0%

Value ($000) $449 (+19.1%) Shares 33,688 (+21.7%) Est. Cost $15.29 Unrealized —

AMZY Yieldmax Amzn Option Income ETF 0.0%

Value ($000) $382 (+13.5%) Shares 28,735 (+21.6%) Est. Cost $15.90 Unrealized —

MSFO YieldMax MSFT Option Income Strategy ETF 0.0%

Value ($000) $400 (+7.9%) Shares 25,875 (+21.7%) Est. Cost $16.77 Unrealized —

NVDY YieldMax NVDA Option Income Strategy ETF 0.0%

Value ($000) $393 (+5.8%) Shares 26,918 (+21.7%) Est. Cost $17.73 Unrealized —

FBY Yieldmax Meta Option Income Strategy ETF 0.0%

Value ($000) $344 (-2.5%) Shares 27,247 (+21.6%) Est. Cost $16.28 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
QQQ	INVESCO QQQ TR	504,200 (+40236.0%)	$309,735 (+312.7%)	15.9%	$506.66	—	CALL	46090E103
QQQ	INVESCO QQQ TR	353,700 (+768813.0%)	$217,281 (+7767.7%)	11.2%	$506.66	—	PUT	46090E103
TSLA	TESLA INC	30,000 (+1614.3%)	$13,492 (-82.7%)	0.7%	$333.63	+32.9%	CALL	88160R101
SPY	SPDR S&P 500 ETF TR	562,400 (+11321.6%)	$383,512 (+16.9%)	19.7%	$612.54	—	PUT	78462F103
SPY	SPDR S&P 500 ETF Tru st	70,859 (+90.7%)	$48,320 (+100.9%)	2.5%	$612.54	—	TR UNIT	78462F103
GE	GE AEROSPACE	100,000 (+39900.0%)	$30,803 (+309.6%)	1.6%	$284.25	+5.8%	PUT	369604301
NVDA	NVIDIA CORPORATION	150,000 (+29900.0%)	$27,975 (+199.9%)	1.4%	$186.13	0.0%	PUT	67066G104
XLC	SELECT SECTOR SPDR TR	100,000 (+3900.0%)	$11,772 (-60.2%)	0.6%	$104.52	—	CALL	81369Y852
GE	GE AEROSPACE	75,000 (+29900.0%)	$23,102 (+207.2%)	1.2%	$284.25	+5.8%	CALL	369604301
SMH	VANECK ETF TRUST	270,000 (+10312.6%)	$97,235 (+14.9%)	5.0%	$203.47	—	CALL	92189F676
GE	General Electric Co	60,674 (+122.8%)	$18,689 (+157.1%)	1.0%	$284.25	+5.8%	COM NEW	369604301
GLD	SPDR Gold Shares	21,880 (+1221.3%)	$8,671 (+1373.1%)	0.4%	$379.21	—	GOLD SHS	78463V107
QQQ	Invesco QQQ Trust Se ries 1	28,733 (+50.8%)	$17,651 (+75.3%)	0.9%	$506.66	—	UNIT SER 1	46090E103
XNTK	SPDR NYSE Technology ETF	30,754 (+178.3%)	$8,546 (+184.1%)	0.4%	$246.95	—	STATE STREET SPD	78464A102
BSX	BOSTON SCIENTIFIC CORP	103,100 (+20520.0%)	$9,831 (+101.4%)	0.5%	$84.38	+16.2%	CALL	101137107
HWM	HOWMET AEROSPACE INC	27,841 (+3.1%)	$5,708 (+343.8%)	0.3%	$123.95	+60.6%	COM	443201108
IBIT	ISHARES BITCOIN TRUST ETF	144,000 (+29287.8%)	$7,150 (+124.5%)	0.4%	$60.07	—	CALL	46438F101
MSTR	STRATEGY INC	2,000 (+1804.8%)	$304 (-91.0%)	0.0%	$305.61	-24.7%	CALL	594972408
JPM	JPMorgan Chase & Co	36,648 (+3.1%)	$11,809 (+35.0%)	0.6%	$242.74	+27.5%	COM	46625H100
VFH	Vanguard Financials ETF	73,154 (+3.2%)	$9,765 (+40.3%)	0.5%	$94.69	—	FINANCIALS ETF	92204A405
TLT	ISHARES TR	107,636 (+30.3%)	$9,382 (+27.1%)	0.5%	$90.57	—	20 YR TR BD ETF	464287432
XLF	Financial Select Sec tor SPDR Fund	151,059 (+3.2%)	$8,274 (+23.2%)	0.4%	$45.22	—	STATE STREET FIN	81369Y605
IESC	IES Holdings Inc	5,964 (+2.6%)	$2,320 (+153.2%)	0.1%	$178.29	+125.4%	COM	44951W106
T	AT&T Inc	132,277 (+3.2%)	$3,286 (+48.7%)	0.2%	$14.96	+69.1%	COM	00206R102
ARGT	Global X MSCI Argent ina ETF	24,781 (+3.2%)	$2,265 (+89.7%)	0.1%	$50.50	—	GB MSCI AR ETF	37950E259
GDX	VanEck Vectors Gold Miners ETF	46,441 (+21.7%)	$3,983 (+36.6%)	0.2%	$63.87	—	GOLD MINERS ETF	92189F106
CBOE	Cboe Global Markets Inc	10,252 (+3.1%)	$2,573 (+67.0%)	0.1%	$151.37	+64.3%	COM	12503M108
VGK	Vanguard FTSE Europe ETF	70,814 (+3.2%)	$5,921 (+13.3%)	0.3%	$77.62	—	FTSE EUROPE ETF	922042874
XLK	Technology Select Se ctor SPDR Fund	20,492 (+106.1%)	$2,950 (+30.7%)	0.2%	$155.86	—	STATE STREET TEC	81369Y803
VST	Vistra Energy Corp	8,257 (+66.9%)	$1,332 (+64.5%)	0.1%	$161.97	+12.3%	COM	92840M102
PLTR	PALANTIR TECHNOLOGIES INC	100,000 (+9900.0%)	$17,775 (-2.6%)	0.9%	$90.13	+100.8%	PUT	69608A108
MSTR	MicroStrategy Inc	21,712 (+86.7%)	$3,299 (-11.9%)	0.2%	$305.61	-24.7%	CL A NEW	594972408
IBIT	iShares Bitcoin Trus t	72,190 (+47.3%)	$3,584 (+12.5%)	0.2%	$60.07	—	SHS BEN INT	46438F101
IBIT	ISHARES BITCOIN TRUST ETF	72,000 (+14593.9%)	$3,575 (+12.2%)	0.2%	$60.07	—	PUT	46438F101
RGTI	Rigetti Computing In c	26,787 (+3.1%)	$593 (+169.4%)	0.0%	$11.20	+191.0%	COMMON STOCK	76655K103
AAPL	Apple Inc	3,399 (+2.3%)	$924 (+66.9%)	0.0%	$190.89	+40.6%	COM	037833100
EPOL	iShares MSCI Poland ETF	54,488 (+3.2%)	$1,917 (+23.0%)	0.1%	$32.21	—	MSCI POLAND ETF	46429B606
MSTR	STRATEGY INC	21,300 (+19441.3%)	$3,237 (-7.8%)	0.2%	$305.61	-24.7%	PUT	594972408
AMZN	Amazon.com Inc	3,798 (+3.1%)	$877 (+32.9%)	0.0%	$187.27	+22.2%	COM	023135106
XLY	Consumer Discretiona ry Select Sector SPD	18,613 (+84.8%)	$2,223 (-7.9%)	0.1%	$172.40	—	STATE STREET CON	81369Y407
AROC	Archrock Inc	34,760 (+3.2%)	$904 (+19.7%)	0.0%	$19.73	+24.8%	COM	03957W106
COLO	Global X MSCI Colomb ia ETF	17,376 (+3.2%)	$619 (+25.0%)	0.0%	$29.08	—	GLBX MSCI COLUM	37954Y327
GOOY	YieldMax GOOGL Optio n Income Strategy ET	37,788 (+21.6%)	$552 (+25.5%)	0.0%	$13.74	—	YIELDMAX GOOGL	88634T790
APLY	YieldMax AAPL Option Income Strategy ETF	33,688 (+21.7%)	$449 (+19.1%)	0.0%	$15.29	—	YIELDMAX AAPL	88634T857
AMZY	Yieldmax Amzn Option Income ETF	28,735 (+21.6%)	$382 (+13.5%)	0.0%	$15.90	—	YIELDMAX AMZN OP	88634T840
MSFO	YieldMax MSFT Option Income Strategy ETF	25,875 (+21.7%)	$400 (+7.9%)	0.0%	$16.77	—	YIELDMAX MSFT OP	88634T428
NVDY	YieldMax NVDA Option Income Strategy ETF	26,918 (+21.7%)	$393 (+5.8%)	0.0%	$17.73	—	YIELDMAX NVDA	88634T774
FBY	Yieldmax Meta Option Income Strategy ETF	27,247 (+21.6%)	$344 (-2.5%)	0.0%	$16.28	—	YIELDMAX META	88634T816

Exited Positions (31)

GLD SPDR GOLD TR 2.7%

Value ($000) $53,321 Shares 1,500 Est. Cost $379.21 Unrealized —

NVDA NVIDIA CORPORATION 2.4%

Value ($000) $46,645 Shares 2,500 Est. Cost $186.13 Unrealized 0.0%

META META PLATFORMS INC 1.5%

Value ($000) $29,375 Shares 400 Est. Cost $620.64 Unrealized +7.5%

TSLA TESLA INC 1.5%

Value ($000) $28,907 Shares 650 Est. Cost $333.63 Unrealized +32.9%

XLC SELECT SECTOR SPDR TR 1.2%

Value ($000) $23,674 Shares 2,000 Est. Cost $104.52 Unrealized —

PLTR PALANTIR TECHNOLOGIES INC 1.2%

Value ($000) $22,803 Shares 1,250 Est. Cost $90.13 Unrealized +100.8%

SPYG SPDR SERIES TRUST 1.1%

Value ($000) $20,902 Shares 2,000 Est. Cost $95.32 Unrealized —

SMH VANECK ETF TRUST 0.8%

Value ($000) $14,719 Shares 451 Est. Cost $203.47 Unrealized —

XLF SELECT SECTOR SPDR TR 0.6%

Value ($000) $10,774 Shares 2,000 Est. Cost $45.22 Unrealized —

BSX BOSTON SCIENTIFIC CORP 0.5%

Value ($000) $9,763 Shares 1,000 Est. Cost $84.38 Unrealized +16.2%

GLD SPDR GOLD TR 0.5%

Value ($000) $8,887 Shares 250 Est. Cost $379.21 Unrealized —

NEM NEWMONT CORP 0.4%

Value ($000) $8,431 Shares 1,000 Est. Cost $90.20 Unrealized 0.0%

AVGO BROADCOM INC 0.4%

Value ($000) $8,248 Shares 250 Est. Cost — Unrealized —

AVGO BROADCOM INC 0.4%

Value ($000) $8,248 Shares 250 Est. Cost — Unrealized —

TLT ISHARES TR 0.4%

Value ($000) $7,150 Shares 800 Est. Cost $90.57 Unrealized —

NEM NEWMONT CORP 0.2%

Value ($000) $4,216 Shares 500 Est. Cost $90.20 Unrealized 0.0%

CEG CONSTELLATION ENERGY CORP 0.2%

Value ($000) $3,291 Shares 100 Est. Cost $236.58 Unrealized +53.5%

CEG CONSTELLATION ENERGY CORP 0.2%

Value ($000) $3,291 Shares 100 Est. Cost $236.58 Unrealized +53.5%

VRSK VERISK ANALYTICS INC 0.1%

Value ($000) $2,913 Shares 13,497 Est. Cost $219.46 Unrealized +2.7%

VRTX VERTEX PHARMACEUTICALS INC 0.1%

Value ($000) $2,790 Shares 7,807 Est. Cost $359.65 Unrealized +19.8%

CPRT COPART INC 0.1%

Value ($000) $2,203 Shares 53,545 Est. Cost $44.76 Unrealized -7.4%

ZETA ZETA GLOBAL HOLDINGS CORP 0.1%

Value ($000) $2,079 Shares 104,856 Est. Cost $17.87 Unrealized +4.6%

FTDR FRONTDOOR INC 0.1%

Value ($000) $1,755 Shares 31,706 Est. Cost $51.44 Unrealized +14.3%

TDG TRANSDIGM GROUP INC 0.1%

Value ($000) $1,492 Shares 2,015 Est. Cost $746.35 Unrealized +75.6%

UVIX VS TRUST 0.1%

Value ($000) $1,225 Shares 123,338 Est. Cost $9.93 Unrealized —

AMP AMERIPRISE FINL INC 0.0%

Value ($000) $956 Shares 2,787 Est. Cost $315.91 Unrealized +50.0%

TYL TYLER TECHNOLOGIES INC 0.0%

Value ($000) $847 Shares 1,617 Est. Cost $501.38 Unrealized -5.0%

BKNG BOOKING HOLDINGS INC 0.0%

Value ($000) $754 Shares 296 Est. Cost $3136.36 Unrealized +63.8%

ECL ECOLAB INC 0.0%

Value ($000) $753 Shares 3,835 Est. Cost $182.68 Unrealized +45.5%

WINA WINMARK CORP 0.0%

Value ($000) $645 Shares 1,779 Est. Cost $347.31 Unrealized +23.2%

VRT VERTIV HOLDINGS CO 0.0%

Value ($000) $221 Shares 2,496 Est. Cost $98.95 Unrealized +75.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GLD	SPDR GOLD TR	1,500	$53,321	2.7%	$379.21	—	CALL	78463V107
NVDA	NVIDIA CORPORATION	2,500	$46,645	2.4%	$186.13	0.0%	CALL	67066G104
META	META PLATFORMS INC	400	$29,375	1.5%	$620.64	+7.5%	PUT	30303M102
TSLA	TESLA INC	650	$28,907	1.5%	$333.63	+32.9%	PUT	88160R101
XLC	SELECT SECTOR SPDR TR	2,000	$23,674	1.2%	$104.52	—	PUT	81369Y852
PLTR	PALANTIR TECHNOLOGIES INC	1,250	$22,803	1.2%	$90.13	+100.8%	CALL	69608A108
SPYG	SPDR SERIES TRUST	2,000	$20,902	1.1%	$95.32	—	CALL	78464A409
SMH	VANECK ETF TRUST	451	$14,719	0.8%	$203.47	—	PUT	92189F676
XLF	SELECT SECTOR SPDR TR	2,000	$10,774	0.6%	$45.22	—	CALL	81369Y605
BSX	BOSTON SCIENTIFIC CORP	1,000	$9,763	0.5%	$84.38	+16.2%	PUT	101137107
GLD	SPDR GOLD TR	250	$8,887	0.5%	$379.21	—	PUT	78463V107
NEM	NEWMONT CORP	1,000	$8,431	0.4%	$90.20	0.0%	CALL	651639106
AVGO	BROADCOM INC	250	$8,248	0.4%	—	—	PUT	11135F101
AVGO	BROADCOM INC	250	$8,248	0.4%	—	—	CALL	11135F101
TLT	ISHARES TR	800	$7,150	0.4%	$90.57	—	CALL	464287432
NEM	NEWMONT CORP	500	$4,216	0.2%	$90.20	0.0%	PUT	651639106
CEG	CONSTELLATION ENERGY CORP	100	$3,291	0.2%	$236.58	+53.5%	CALL	21037T109
CEG	CONSTELLATION ENERGY CORP	100	$3,291	0.2%	$236.58	+53.5%	PUT	21037T109
VRSK	VERISK ANALYTICS INC	13,497	$2,913	0.1%	$219.46	+2.7%	—	92345Y106
VRTX	VERTEX PHARMACEUTICALS INC	7,807	$2,790	0.1%	$359.65	+19.8%	—	92532F100
CPRT	COPART INC	53,545	$2,203	0.1%	$44.76	-7.4%	—	217204106
ZETA	ZETA GLOBAL HOLDINGS CORP	104,856	$2,079	0.1%	$17.87	+4.6%	—	98956A105
FTDR	FRONTDOOR INC	31,706	$1,755	0.1%	$51.44	+14.3%	—	35905A109
TDG	TRANSDIGM GROUP INC	2,015	$1,492	0.1%	$746.35	+75.6%	—	893641100
UVIX	VS TRUST	123,338	$1,225	0.1%	$9.93	—	—	92891H606
AMP	AMERIPRISE FINL INC	2,787	$956	0.0%	$315.91	+50.0%	—	03076C106
TYL	TYLER TECHNOLOGIES INC	1,617	$847	0.0%	$501.38	-5.0%	—	902252105
BKNG	BOOKING HOLDINGS INC	296	$754	0.0%	$3136.36	+63.8%	—	09857L108
ECL	ECOLAB INC	3,835	$753	0.0%	$182.68	+45.5%	—	278865100
WINA	WINMARK CORP	1,779	$645	0.0%	$347.31	+23.2%	—	974250102
VRT	VERTIV HOLDINGS CO	2,496	$221	0.0%	$98.95	+75.4%	—	92537N108

Decreased Positions (13)

META META PLATFORMS INC. 0.0%

Value ($000) $942 (-91.8%) Shares 1,427 (-91.3%) Est. Cost $620.64 Unrealized +7.5%

IWM iShares Russell 2000 ETF 0.1%

Value ($000) $2,421 (-81.3%) Shares 9,834 (-83.6%) Est. Cost $214.79 Unrealized —

BSX Boston Scientific Co rp 0.0%

Value ($000) $432 (-94.4%) Shares 4,528 (-94.0%) Est. Cost $84.38 Unrealized +16.2%

TSLA Tesla Inc 0.4%

Value ($000) $7,232 (-36.8%) Shares 16,082 (-55.7%) Est. Cost $333.63 Unrealized +32.9%

MSFT Microsoft Corp 0.5%

Value ($000) $9,266 (-30.3%) Shares 19,160 (-30.8%) Est. Cost $391.46 Unrealized +27.9%

XLC Communication Servic es Select Sector SPD 0.8%

Value ($000) $14,773 (-16.4%) Shares 125,490 (-23.1%) Est. Cost $104.52 Unrealized —

PLTR Palantir Technologie s Inc 0.2%

Value ($000) $4,446 (-34.1%) Shares 25,010 (-47.8%) Est. Cost $90.13 Unrealized +100.8%

CEG CONSTELLATION ENERGY 0.0%

Value ($000) $713 (-69.8%) Shares 2,017 (-83.1%) Est. Cost $236.58 Unrealized +53.5%

NVO Novo Nordisk A/S 0.0%

Value ($000) $511 (-74.5%) Shares 10,049 (-75.8%) Est. Cost $88.72 Unrealized —

BMI Badger Meter Inc 0.1%

Value ($000) $1,192 (-46.9%) Shares 6,837 (-50.5%) Est. Cost $147.13 Unrealized +22.2%

SMH VanEck Vectors Semic onductor ETF 0.7%

Value ($000) $13,228 (-6.0%) Shares 36,732 (-24.1%) Est. Cost $203.47 Unrealized —

SPYG SPDR Portfolio S&P 5 00 Growth ETF 0.2%

Value ($000) $3,818 (-5.7%) Shares 35,780 (-7.6%) Est. Cost $95.32 Unrealized —

SPMD SPDR Portfolio S&P 4 00 Mid Cap ETF 0.1%

Value ($000) $1,832 (-11.2%) Shares 31,639 (-12.3%) Est. Cost $45.89 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
META	META PLATFORMS INC.	1,427 (-91.3%)	$942 (-91.8%)	0.0%	$620.64	+7.5%	CL A	30303M102
IWM	iShares Russell 2000 ETF	9,834 (-83.6%)	$2,421 (-81.3%)	0.1%	$214.79	—	RUSSELL 2000 ETF	464287655
BSX	Boston Scientific Co rp	4,528 (-94.0%)	$432 (-94.4%)	0.0%	$84.38	+16.2%	COM	101137107
TSLA	Tesla Inc	16,082 (-55.7%)	$7,232 (-36.8%)	0.4%	$333.63	+32.9%	COM	88160R101
MSFT	Microsoft Corp	19,160 (-30.8%)	$9,266 (-30.3%)	0.5%	$391.46	+27.9%	COM	594918104
XLC	Communication Servic es Select Sector SPD	125,490 (-23.1%)	$14,773 (-16.4%)	0.8%	$104.52	—	STATE STREET COM	81369Y852
PLTR	Palantir Technologie s Inc	25,010 (-47.8%)	$4,446 (-34.1%)	0.2%	$90.13	+100.8%	CL A	69608A108
CEG	CONSTELLATION ENERGY	2,017 (-83.1%)	$713 (-69.8%)	0.0%	$236.58	+53.5%	COM	21037T109
NVO	Novo Nordisk A/S	10,049 (-75.8%)	$511 (-74.5%)	0.0%	$88.72	—	ADR	670100205
BMI	Badger Meter Inc	6,837 (-50.5%)	$1,192 (-46.9%)	0.1%	$147.13	+22.2%	COM	056525108
SMH	VanEck Vectors Semic onductor ETF	36,732 (-24.1%)	$13,228 (-6.0%)	0.7%	$203.47	—	SEMICONDUCTR ETF	92189F676
SPYG	SPDR Portfolio S&P 5 00 Growth ETF	35,780 (-7.6%)	$3,818 (-5.7%)	0.2%	$95.32	—	STATE STREET SPD	78464A409
SPMD	SPDR Portfolio S&P 4 00 Mid Cap ETF	31,639 (-12.3%)	$1,832 (-11.2%)	0.1%	$45.89	—	STATE STREET SPD	78464A847

Unchanged Positions (6)

KCE State Street SPDR S&P Capital Markets 0.2%

Value ($000) $3,947 Shares 26,328 Est. Cost $86.93 Unrealized —

XAR State Street SPDR Aerospace & Defense 0.2%

Value ($000) $3,330 Shares 13,804 Est. Cost $93.14 Unrealized —

EWO ISHARES MSCI AUSTRIA 0.1%

Value ($000) $1,774 Shares 50,000 Est. Cost $29.40 Unrealized —

SLV iShares Silver Trust 0.0%

Value ($000) $763 Shares 11,846 Est. Cost $22.81 Unrealized —

IGLD FT Vest Gold Strateg y Target Income ETF 0.3%

Value ($000) $5,886 Shares 235,347 Est. Cost $23.94 Unrealized —

LLY Eli Lilly & Co 0.1%

Value ($000) $1,038 Shares 966 Est. Cost $813.65 Unrealized +17.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
KCE	State Street SPDR S&P Capital Markets	26,328	$3,947	0.2%	$86.93	—	STATE STREET SPD	78464A771
XAR	State Street SPDR Aerospace & Defense	13,804	$3,330	0.2%	$93.14	—	STATE STREET SPD	78464A631
EWO	ISHARES MSCI AUSTRIA	50,000	$1,774	0.1%	$29.40	—	MSCI AUSTRIA ETF	464286202
SLV	iShares Silver Trust	11,846	$763	0.0%	$22.81	—	ISHARES	46428Q109
IGLD	FT Vest Gold Strateg y Target Income ETF	235,347	$5,886	0.3%	$23.94	—	FT VEST GOLD	33733E856
LLY	Eli Lilly & Co	966	$1,038	0.1%	$813.65	+17.4%	COM	532457108