Dauntless Investment Group, LLC Hedge Fund

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GDX	VANECK ETF TRUST	67,200	$5,764	4.6%	—	—	PUT	92189F106
CVNA	CARVANA CO	4,900	$2,068	1.6%	—	—	PUT	146869102
AGRO	ADECOAGRO S A	170,778	$1,354	1.1%	$7.85	0.0%	COM	L00849106
MPC	MARATHON PETE CORP	5,930	$964	0.8%	$186.40	0.0%	COM	56585A102
ESTA	ESTABLISHMENT LABS HLDGS INC	12,495	$911	0.7%	$60.38	0.0%	COM	G31249108
MRX	MAREX GROUP PLC	22,000	$844	0.7%	$33.95	0.0%	ORD	G5S37H101
CGTX	COGNITION THERAPEUTICS INC	466,000	$629	0.5%	$1.62	0.0%	COM	19243B102
PROF	PROFOUND MED CORP	75,577	$595	0.5%	$6.43	0.0%	COM NEW	74319B502
ALB	ALBEMARLE CORP	4,132	$584	0.5%	$113.25	0.0%	COM	012653101
UNCY	UNICYCIVE THERAPEUTICS INC	89,415	$516	0.4%	$5.34	0.0%	COM NEW	90466Y202
INMB	INMUNE BIO INC	304,922	$476	0.4%	$1.78	0.0%	COM	45782T105
UTI	UNIVERSAL TECHNICAL INST INC	17,922	$468	0.4%	$28.32	0.0%	COM	913915104
NWAX/U	NEW AMER ACQUISITION I CORP	42,093	$438	0.3%	$10.41	—	UNIT 99/99/9999	023634207
ACIU	AC IMMUNE SA	115,677	$363	0.3%	$3.15	0.0%	SHS	H00263105
PTCT	PTC THERAPEUTICS INC	4,762	$362	0.3%	$72.67	0.0%	COM	69366J200
NRDY	NERDY INC	332,141	$345	0.3%	$1.13	0.0%	CL A COM	64081V109
ZURA	ZURA BIO LTD	61,010	$320	0.3%	$3.95	0.0%	CLASS A ORD SHS	G9TY5A101
IOBT	IO BIOTECH INC	451,641	$275	0.2%	$0.74	0.0%	COM	449778109
AEXA	AMERICAN EXCEPTIONALISM ACQU	19,704	$224	0.2%	$11.23	0.0%	ORD CL A	G0273J101
STIM	NEURONETICS INC	160,927	$222	0.2%	$2.09	0.0%	COM	64131A105
INVA	INNOVIVA INC	5,539	$111	0.1%	$19.53	0.0%	COM	45781M101
ARMP	ARMATA PHARMACEUTICALS INC	6,131	$39	0.0%	$5.48	0.0%	COM	04216R102
ACON	ACLARION INC	5,422	$25	0.0%	$6.95	0.0%	COM NEW	655187409
BAK	BRASKEM S A	312	$1	0.0%	$2.95	—	SP ADR PFD A	105532105
KGC	KINROSS GOLD CORP	10	$0	0.0%	$25.98	0.0%	COM	496902404
VTYX	VENTYX BIOSCIENCES INC	1	$0	0.0%	$7.47	0.0%	COM	92332V107
CRVO	CERVOMED INC	1	$0	0.0%	$8.04	0.0%	COM	15713L109

Increased Positions (20)

HYG ISHARES TR 28.4%

Value ($000) $35,767 (+21.6%) Shares 443,600 (+21.2%) Est. Cost — Unrealized —

XBI SPDR SERIES TRUST 24.7%

Value ($000) $31,141 (+24.3%) Shares 255,400 (+2.2%) Est. Cost — Unrealized —

NVDA NVIDIA CORPORATION 5.5%

Value ($000) $6,975 (+125.2%) Shares 37,400 (+125.3%) Est. Cost — Unrealized —

ASHR DBX ETF TR 3.1%

Value ($000) $3,962 (+158.3%) Shares 120,600 (+159.4%) Est. Cost — Unrealized —

DE DEERE & CO 2.7%

Value ($000) $3,352 (+144.4%) Shares 7,200 (+140.0%) Est. Cost — Unrealized —

TSLA TESLA INC 2.0%

Value ($000) $2,473 (+192.7%) Shares 5,500 (+189.5%) Est. Cost — Unrealized —

JOE ST JOE CO 2.0%

Value ($000) $2,536 (+75.4%) Shares 42,714 (+46.2%) Est. Cost $50.64 Unrealized +10.6%

FXI ISHARES TR 3.3%

Value ($000) $4,135 (+32.8%) Shares 108,000 (+42.7%) Est. Cost — Unrealized —

TLPH TALPHERA INC 0.5%

Value ($000) $660 (+639.4%) Shares 579,320 (+479.3%) Est. Cost $1.10 Unrealized +9.8%

AEON AEON BIOPHARMA INC 1.1%

Value ($000) $1,325 (+45.6%) Shares 2,131,852 (+89.5%) Est. Cost $3.87 Unrealized -75.9%

XP XP INC 0.6%

Value ($000) $764 (+102.7%) Shares 46,696 (+132.7%) Est. Cost $16.42 Unrealized +7.2%

EWY ISHARES INC 0.7%

Value ($000) $919 (+71.8%) Shares 9,449 (+41.6%) Est. Cost $85.13 Unrealized —

BBJP J P MORGAN EXCHANGE-TRADED F 0.3%

Value ($000) $406 (+271.1%) Shares 6,162 (+273.5%) Est. Cost $66.02 Unrealized —

FEMY FEMASYS INC 0.7%

Value ($000) $849 (+39.1%) Shares 5,931,890 (+242.4%) Est. Cost $0.90 Unrealized -16.0%

TVA TEXAS VENTURES ACQUISITION I 0.3%

Value ($000) $419 (+119.8%) Shares 39,378 (+121.0%) Est. Cost $10.54 Unrealized +3.0%

RTAC RENATUS TACTICAL ACQUIS 0.8%

Value ($000) $965 (+22.2%) Shares 90,461 (+25.0%) Est. Cost $11.29 Unrealized -3.3%

DOLE DOLE PLC 0.7%

Value ($000) $915 (+14.9%) Shares 61,060 (+3.0%) Est. Cost $14.02 Unrealized -0.7%

PBF PBF ENERGY INC 0.7%

Value ($000) $835 (-5.3%) Shares 30,805 (+5.3%) Est. Cost $26.44 Unrealized +21.1%

EWT ISHARES INC 0.2%

Value ($000) $312 (+4.2%) Shares 4,905 (+4.4%) Est. Cost $63.62 Unrealized —

MLP MAUI LD & PINEAPPLE INC 0.1%

Value ($000) $135 (-0.1%) Shares 7,982 (+9.9%) Est. Cost $16.24 Unrealized -0.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
HYG	ISHARES TR	443,600 (+21.2%)	$35,767 (+21.6%)	28.4%	—	—	PUT	464288513
XBI	SPDR SERIES TRUST	255,400 (+2.2%)	$31,141 (+24.3%)	24.7%	—	—	PUT	78464A870
NVDA	NVIDIA CORPORATION	37,400 (+125.3%)	$6,975 (+125.2%)	5.5%	—	—	PUT	67066G104
ASHR	DBX ETF TR	120,600 (+159.4%)	$3,962 (+158.3%)	3.1%	—	—	CALL	233051879
DE	DEERE & CO	7,200 (+140.0%)	$3,352 (+144.4%)	2.7%	—	—	PUT	244199105
TSLA	TESLA INC	5,500 (+189.5%)	$2,473 (+192.7%)	2.0%	—	—	PUT	88160R101
JOE	ST JOE CO	42,714 (+46.2%)	$2,536 (+75.4%)	2.0%	$50.64	+10.6%	COM	790148100
FXI	ISHARES TR	108,000 (+42.7%)	$4,135 (+32.8%)	3.3%	—	—	CALL	464287184
TLPH	TALPHERA INC	579,320 (+479.3%)	$660 (+639.4%)	0.5%	$1.10	+9.8%	COM NEW	00444T209
AEON	AEON BIOPHARMA INC	2,131,852 (+89.5%)	$1,325 (+45.6%)	1.1%	$3.87	-75.9%	CL A NEW	00791X209
XP	XP INC	46,696 (+132.7%)	$764 (+102.7%)	0.6%	$16.42	+7.2%	CL A	G98239109
EWY	ISHARES INC	9,449 (+41.6%)	$919 (+71.8%)	0.7%	$85.13	—	MSCI STH KOR ETF	464286772
BBJP	J P MORGAN EXCHANGE-TRADED F	6,162 (+273.5%)	$406 (+271.1%)	0.3%	$66.02	—	BETABULDRS JAPAN	46641Q217
FEMY	FEMASYS INC	5,931,890 (+242.4%)	$849 (+39.1%)	0.7%	$0.90	-16.0%	COM	31447E105
TVA	TEXAS VENTURES ACQUISITION I	39,378 (+121.0%)	$419 (+119.8%)	0.3%	$10.54	+3.0%	USD CL A ORD SHS	G8772L105
RTAC	RENATUS TACTICAL ACQUIS	90,461 (+25.0%)	$965 (+22.2%)	0.8%	$11.29	-3.3%	SHS CL A	G7490F101
DOLE	DOLE PLC	61,060 (+3.0%)	$915 (+14.9%)	0.7%	$14.02	-0.7%	ORD SHS	G27907107
PBF	PBF ENERGY INC	30,805 (+5.3%)	$835 (-5.3%)	0.7%	$26.44	+21.1%	CL A	69318G106
EWT	ISHARES INC	4,905 (+4.4%)	$312 (+4.2%)	0.2%	$63.62	—	MSCI TAIWAN ETF	46434G772
MLP	MAUI LD & PINEAPPLE INC	7,982 (+9.9%)	$135 (-0.1%)	0.1%	$16.24	-0.7%	COM	577345101

Exited Positions (26)

AAPL APPLE INC 9.0%

Value ($000) $11,396 Shares 44,800 Est. Cost — Unrealized —

XLY SELECT SECTOR SPDR TR 5.8%

Value ($000) $7,285 Shares 30,400 Est. Cost — Unrealized —

META META PLATFORMS INC 5.4%

Value ($000) $6,756 Shares 9,200 Est. Cost — Unrealized —

KO COCA COLA CO 4.1%

Value ($000) $5,140 Shares 77,500 Est. Cost — Unrealized —

MPC MARATHON PETE CORP 3.0%

Value ($000) $3,739 Shares 19,400 Est. Cost $186.40 Unrealized 0.0%

LCTX LINEAGE CELL THERAPEUTICS IN 2.2%

Value ($000) $2,728 Shares 1,614,100 Est. Cost $0.74 Unrealized +133.0%

AMZN AMAZON COM INC 2.0%

Value ($000) $2,547 Shares 11,600 Est. Cost — Unrealized —

SBUX STARBUCKS CORP 1.7%

Value ($000) $2,098 Shares 24,800 Est. Cost — Unrealized —

OKLO OKLO INC 1.1%

Value ($000) $1,384 Shares 12,400 Est. Cost — Unrealized —

IONQ IONQ INC 1.0%

Value ($000) $1,212 Shares 19,700 Est. Cost — Unrealized —

AFRM AFFIRM HLDGS INC 1.0%

Value ($000) $1,199 Shares 16,400 Est. Cost — Unrealized —

ORCL ORACLE CORP 0.9%

Value ($000) $1,151 Shares 4,100 Est. Cost — Unrealized —

EQX EQUINOX GOLD CORP 0.8%

Value ($000) $968 Shares 86,306 Est. Cost $7.37 Unrealized +71.3%

IAG IAMGOLD CORP 0.7%

Value ($000) $909 Shares 70,325 Est. Cost $8.76 Unrealized +60.9%

COYA COYA THERAPEUTICS INC 0.7%

Value ($000) $872 Shares 153,021 Est. Cost $6.17 Unrealized -1.4%

NNI NELNET INC 0.6%

Value ($000) $768 Shares 6,125 Est. Cost $111.69 Unrealized +17.1%

OPCH OPTION CARE HEALTH INC 0.3%

Value ($000) $384 Shares 13,820 Est. Cost $28.96 Unrealized +1.4%

AON AON PLC 0.3%

Value ($000) $360 Shares 1,010 Est. Cost $361.49 Unrealized -3.4%

HIMS HIMS & HERS HEALTH INC 0.3%

Value ($000) $346 Shares 6,100 Est. Cost — Unrealized —

— 89BIO INC 0.2%

Value ($000) $294 Shares 20,000 Est. Cost $14.70 Unrealized —

SIVR ABRDN SILVER ETF TRUST 0.2%

Value ($000) $193 Shares 4,338 Est. Cost $34.41 Unrealized —

— ATAI LIFE SCIENCES NV 0.1%

Value ($000) $165 Shares 31,159 Est. Cost $5.29 Unrealized —

TIC ACUREN CORP 0.1%

Value ($000) $110 Shares 8,262 Est. Cost $11.40 Unrealized -2.4%

MYNZ MAINZ BIOMED N V 0.1%

Value ($000) $76 Shares 51,000 Est. Cost $2.45 Unrealized -46.3%

MYO MYOMO INC 0.0%

Value ($000) $49 Shares 55,485 Est. Cost $4.87 Unrealized -80.3%

MCGAU YORKVILLE ACQUISITION CORP. 0.0%

Value ($000) $33 Shares 2,991 Est. Cost $11.25 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AAPL	APPLE INC	44,800	$11,396	9.0%	—	—	PUT	037833100
XLY	SELECT SECTOR SPDR TR	30,400	$7,285	5.8%	—	—	PUT	81369Y407
META	META PLATFORMS INC	9,200	$6,756	5.4%	—	—	PUT	30303M102
KO	COCA COLA CO	77,500	$5,140	4.1%	—	—	PUT	191216100
MPC	MARATHON PETE CORP	19,400	$3,739	3.0%	$186.40	0.0%	CALL	56585A102
LCTX	LINEAGE CELL THERAPEUTICS IN	1,614,100	$2,728	2.2%	$0.74	+133.0%	—	53566P109
AMZN	AMAZON COM INC	11,600	$2,547	2.0%	—	—	PUT	023135106
SBUX	STARBUCKS CORP	24,800	$2,098	1.7%	—	—	PUT	855244109
OKLO	OKLO INC	12,400	$1,384	1.1%	—	—	PUT	02156V109
IONQ	IONQ INC	19,700	$1,212	1.0%	—	—	PUT	46222L108
AFRM	AFFIRM HLDGS INC	16,400	$1,199	1.0%	—	—	PUT	00827B106
ORCL	ORACLE CORP	4,100	$1,151	0.9%	—	—	PUT	68389X105
EQX	EQUINOX GOLD CORP	86,306	$968	0.8%	$7.37	+71.3%	—	29446Y502
IAG	IAMGOLD CORP	70,325	$909	0.7%	$8.76	+60.9%	—	450913108
COYA	COYA THERAPEUTICS INC	153,021	$872	0.7%	$6.17	-1.4%	—	22407B108
NNI	NELNET INC	6,125	$768	0.6%	$111.69	+17.1%	—	64031N108
OPCH	OPTION CARE HEALTH INC	13,820	$384	0.3%	$28.96	+1.4%	—	68404L201
AON	AON PLC	1,010	$360	0.3%	$361.49	-3.4%	—	G0403H108
HIMS	HIMS & HERS HEALTH INC	6,100	$346	0.3%	—	—	PUT	433000106
—	89BIO INC	20,000	$294	0.2%	$14.70	—	—	282559103
SIVR	ABRDN SILVER ETF TRUST	4,338	$193	0.2%	$34.41	—	—	003264108
—	ATAI LIFE SCIENCES NV	31,159	$165	0.1%	$5.29	—	—	N0731H103
TIC	ACUREN CORP	8,262	$110	0.1%	$11.40	-2.4%	—	00510N102
MYNZ	MAINZ BIOMED N V	51,000	$76	0.1%	$2.45	-46.3%	—	N5436L119
MYO	MYOMO INC	55,485	$49	0.0%	$4.87	-80.3%	—	62857J201
MCGAU	YORKVILLE ACQUISITION CORP.	2,991	$33	0.0%	$11.25	—	—	G98659108

Decreased Positions (15)

PLTR PALANTIR TECHNOLOGIES INC 1.1%

Value ($000) $1,369 (-83.5%) Shares 7,700 (-83.1%) Est. Cost — Unrealized —

TLSA TIZIANA LIFE SCIENCES LTD 1.0%

Value ($000) $1,271 (-78.5%) Shares 1,759,782 (-35.7%) Est. Cost $1.15 Unrealized +55.6%

AEM AGNICO EAGLE MINES LTD 0.0%

Value ($000) $54 (-98.8%) Shares 320 (-98.8%) Est. Cost $132.10 Unrealized +27.1%

OKYO OKYO PHARMA LTD 0.6%

Value ($000) $746 (-84.6%) Shares 471,523 (-80.5%) Est. Cost $1.33 Unrealized +62.8%

CRWV COREWEAVE INC 1.0%

Value ($000) $1,203 (-69.9%) Shares 16,800 (-42.5%) Est. Cost — Unrealized —

JBS JBS N.V. 0.9%

Value ($000) $1,173 (-44.1%) Shares 81,319 (-42.2%) Est. Cost $14.38 Unrealized -4.4%

KZIA KAZIA THERAPEUTICS LTD 0.0%

Value ($000) $0 (-100.0%) Shares 1 (-100.0%) Est. Cost $6.29 Unrealized —

COUR COURSERA INC 0.1%

Value ($000) $93 (-88.6%) Shares 12,602 (-81.9%) Est. Cost $9.31 Unrealized -6.4%

PPLT ABRDN PLATINUM ETF TRUST 0.1%

Value ($000) $128 (-74.0%) Shares 687 (-80.1%) Est. Cost $83.05 Unrealized —

KWEB KRANESHARES TRUST 0.4%

Value ($000) $524 (-39.7%) Shares 15,400 (-25.6%) Est. Cost — Unrealized —

BDX BECTON DICKINSON & CO 0.0%

Value ($000) $11 (-96.8%) Shares 58 (-96.9%) Est. Cost $184.06 Unrealized +3.0%

ICCC IMMUCELL CORP 0.2%

Value ($000) $244 (-55.2%) Shares 39,633 (-54.5%) Est. Cost $3.98 Unrealized +47.8%

VLO VALERO ENERGY CORP NEW 0.5%

Value ($000) $679 (-26.6%) Shares 4,172 (-23.2%) Est. Cost $147.81 Unrealized +14.2%

GXC SPDR INDEX SHS FDS 0.0%

Value ($000) $33 (-81.3%) Shares 336 (-79.7%) Est. Cost $104.97 Unrealized —

NAK NORTHERN DYNASTY MINERALS LT 0.0%

Value ($000) $2 (-83.5%) Shares 880 (-89.9%) Est. Cost $0.45 Unrealized +332.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PLTR	PALANTIR TECHNOLOGIES INC	7,700 (-83.1%)	$1,369 (-83.5%)	1.1%	—	—	PUT	69608A108
TLSA	TIZIANA LIFE SCIENCES LTD	1,759,782 (-35.7%)	$1,271 (-78.5%)	1.0%	$1.15	+55.6%	COMMON SHARES	G88912103
AEM	AGNICO EAGLE MINES LTD	320 (-98.8%)	$54 (-98.8%)	0.0%	$132.10	+27.1%	COM	008474108
OKYO	OKYO PHARMA LTD	471,523 (-80.5%)	$746 (-84.6%)	0.6%	$1.33	+62.8%	SHS NEW	G6724L116
CRWV	COREWEAVE INC	16,800 (-42.5%)	$1,203 (-69.9%)	1.0%	—	—	PUT	21873S108
JBS	JBS N.V.	81,319 (-42.2%)	$1,173 (-44.1%)	0.9%	$14.38	-4.4%	CL A SHS	N4732M103
KZIA	KAZIA THERAPEUTICS LTD	1 (-100.0%)	$0 (-100.0%)	0.0%	$6.29	—	SPONSORED ADS	48669G303
COUR	COURSERA INC	12,602 (-81.9%)	$93 (-88.6%)	0.1%	$9.31	-6.4%	COM	22266M104
PPLT	ABRDN PLATINUM ETF TRUST	687 (-80.1%)	$128 (-74.0%)	0.1%	$83.05	—	PHYSCL PLATM SHS	003260106
KWEB	KRANESHARES TRUST	15,400 (-25.6%)	$524 (-39.7%)	0.4%	—	—	CALL	500767306
BDX	BECTON DICKINSON & CO	58 (-96.9%)	$11 (-96.8%)	0.0%	$184.06	+3.0%	COM	075887109
ICCC	IMMUCELL CORP	39,633 (-54.5%)	$244 (-55.2%)	0.2%	$3.98	+47.8%	COM PAR	452525306
VLO	VALERO ENERGY CORP NEW	4,172 (-23.2%)	$679 (-26.6%)	0.5%	$147.81	+14.2%	COM	91913Y100
GXC	SPDR INDEX SHS FDS	336 (-79.7%)	$33 (-81.3%)	0.0%	$104.97	—	S&P CHINA ETF	78463X400
NAK	NORTHERN DYNASTY MINERALS LT	880 (-89.9%)	$2 (-83.5%)	0.0%	$0.45	+332.3%	COM NEW	66510M204

Unchanged Positions (4)

LINC LINCOLN EDL SVCS CORP 1.1%

Value ($000) $1,353 Shares 56,023 Est. Cost $17.68 Unrealized +23.3%

MUFG MITSUBISHI UFJ FINL GROUP IN 0.2%

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

ATYR ATYR PHARMA INC 0.0%

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

— 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
LINC	LINCOLN EDL SVCS CORP	56,023	$1,353	1.1%	$17.68	+23.3%	COM	533535100
MUFG	MITSUBISHI UFJ FINL GROUP IN	18,413	$292	0.2%	$11.72	—	SPONSORED ADR	606822104
ATYR	ATYR PHARMA INC	14,000	$11	0.0%	—	—	CALL	002120202
—	DOUBLELINE INCOME SOLUTIONS	326	$4	0.0%	$12.24	—	COM	258622109