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                <issueTitle>PUT State Street SPDR 05/19/2027 P592.99</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   270519P00592990"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-152.00000000</shareNo>
            <exercisePrice>592.99000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2027-05-19</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>56605.27000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>State Street SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>PUT State Street SPDR 02/17/2027 P549.03</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   270217P00549030"/>
        </identifiers>
        <balance>-152.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-66284.66000000</valUSD>
        <pctVal>-0.04962932827</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>SG Americas</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>State Street SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>PUT State Street SPDR 02/17/2027 P549.03</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   270217P00549030"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-152.00000000</shareNo>
            <exercisePrice>549.03000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2027-02-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>146317.94000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Federated Treasury Obligations Fund</title>
        <cusip>60934N500</cusip>
        <identifiers>
          <isin value="US60934N5005"/>
        </identifiers>
        <balance>1862749.04000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1862749.04000000</valUSD>
        <pctVal>1.394696504504</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>State Street SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>PUT State Street SPDR 04/21/2027 P699.93</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   270421P00699930"/>
        </identifiers>
        <balance>152.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>336810.54000000</valUSD>
        <pctVal>0.252180230793</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>SG Americas</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>State Street SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>PUT State Street SPDR 04/21/2027 P699.93</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   270421P00699930"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>152.00000000</shareNo>
            <exercisePrice>699.93000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2027-04-21</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-293426.74000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>State Street SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>CALL State Street SPD 04/21/2027 C771.46</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   270421C00771460"/>
        </identifiers>
        <balance>-152.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-575910.47000000</valUSD>
        <pctVal>-0.43120157475</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>SG Americas</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>State Street SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>CALL State Street SPD 04/21/2027 C771.46</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   270421C00771460"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-152.00000000</shareNo>
            <exercisePrice>771.46000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2027-04-21</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-192315.68000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>State Street SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>CALL SPDR S&amp;P 500 ETF 04/21/2027 C0.02</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   270421C00000020"/>
        </identifiers>
        <balance>826.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>61556140.07000000</valUSD>
        <pctVal>46.08894249460</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>SG Americas</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>State Street SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>CALL SPDR S&amp;P 500 ETF 04/21/2027 C0.02</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   270421C00000020"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>826.00000000</shareNo>
            <exercisePrice>0.02000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2027-04-21</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>20588564.30000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>State Street SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>CALL SPDR S&amp;P 500 ETF 08/19/2026 C700.12</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   260819C00700120"/>
        </identifiers>
        <balance>-152.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-753071.00000000</valUSD>
        <pctVal>-0.56384701792</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>SG Americas</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>State Street SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>CALL SPDR S&amp;P 500 ETF 08/19/2026 C700.12</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   260819C00700120"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-152.00000000</shareNo>
            <exercisePrice>700.12000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-08-19</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-470145.43000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>State Street SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>PUT State Street SPDR  07/21/2027 P754.8</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   270721P00754800"/>
        </identifiers>
        <balance>152.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>625781.75000000</valUSD>
        <pctVal>0.468541709358</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>SG Americas</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>State Street SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>PUT State Street SPDR  07/21/2027 P754.8</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   270721P00754800"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>152.00000000</shareNo>
            <exercisePrice>754.80000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2027-07-21</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-27862.04000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>State Street SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>PUT State Strt SPDR 06/16/2027 P740.95</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   270616P00740950"/>
        </identifiers>
        <balance>152.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>530742.26000000</valUSD>
        <pctVal>0.397382770797</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>SG Americas</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>State Street SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>PUT State Strt SPDR 06/16/2027 P740.95</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   270616P00740950"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>152.00000000</shareNo>
            <exercisePrice>740.95000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2027-06-16</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-109679.03000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>State Street SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>CALL State Street SPD 03/17/2027 C737.52</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   270317C00737520"/>
        </identifiers>
        <balance>-152.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-839499.06000000</valUSD>
        <pctVal>-0.62855831857</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>SG Americas</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>State Street SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>CALL State Street SPD 03/17/2027 C737.52</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   270317C00737520"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-152.00000000</shareNo>
            <exercisePrice>737.52000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2027-03-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-501040.46000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>State Street SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>CALL SPDR S&amp;P 500 ETF 09/16/2026 C722.09</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   260916C00722090"/>
        </identifiers>
        <balance>-152.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-525001.99000000</valUSD>
        <pctVal>-0.39308485715</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>SG Americas</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>State Street SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>CALL SPDR S&amp;P 500 ETF 09/16/2026 C722.09</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   260916C00722090"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-152.00000000</shareNo>
            <exercisePrice>722.09000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-09-16</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-187288.29000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>State Street SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>PUT State Street SPDR 03/17/2027 P661.42</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   270317P00661420"/>
        </identifiers>
        <balance>152.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>208297.43000000</valUSD>
        <pctVal>0.155958581258</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>SG Americas</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>State Street SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>PUT State Street SPDR 03/17/2027 P661.42</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   270317P00661420"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>152.00000000</shareNo>
            <exercisePrice>661.42000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2027-03-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-468299.97000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>State Street SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>CALL SPDR S&amp;P 500 ETF 11/18/2026 C733.82</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   261118C00733820"/>
        </identifiers>
        <balance>-152.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-580891.00000000</valUSD>
        <pctVal>-0.43493064809</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>SG Americas</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>State Street SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>CALL SPDR S&amp;P 500 ETF 11/18/2026 C733.82</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   261118C00733820"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-152.00000000</shareNo>
            <exercisePrice>733.82000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-11-18</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-220257.62000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>State Street SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>CALL State Street SPD 05/19/2027 C822.33</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   270519C00822330"/>
        </identifiers>
        <balance>-152.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-285237.07000000</valUSD>
        <pctVal>-0.21356561508</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>SG Americas</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>State Street SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>CALL State Street SPD 05/19/2027 C822.33</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   270519C00822330"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-152.00000000</shareNo>
            <exercisePrice>822.33000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2027-05-19</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>57470.56000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>State Street SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>PUT State Street SPD 07/21/2027 P603.84</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   270721P00603840"/>
        </identifiers>
        <balance>-152.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-200605.74000000</valUSD>
        <pctVal>-0.15019958048</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>SG Americas</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>State Street SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>PUT State Street SPD 07/21/2027 P603.84</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   270721P00603840"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-152.00000000</shareNo>
            <exercisePrice>603.84000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2027-07-21</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>1810.28000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>State Street SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>PUT SPDR S&amp;P 500 ETF 09/16/2026 P527.34</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   260916P00527340"/>
        </identifiers>
        <balance>-152.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-5001.35000000</valUSD>
        <pctVal>-0.00374466190</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>SG Americas</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>State Street SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>PUT SPDR S&amp;P 500 ETF 09/16/2026 P527.34</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   260916P00527340"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-152.00000000</shareNo>
            <exercisePrice>527.34000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-09-16</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>150145.30000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>State Street SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>PUT State Street SPDR 06/16/2027 P592.76</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   270616P00592760"/>
        </identifiers>
        <balance>-152.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-165199.66000000</valUSD>
        <pctVal>-0.12368997830</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>SG Americas</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>State Street SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>PUT State Street SPDR 06/16/2027 P592.76</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   270616P00592760"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-152.00000000</shareNo>
            <exercisePrice>592.76000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2027-06-16</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>23839.14000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>State Street SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>PUT SPDR S&amp;P 500 ETF 01/20/2027 P548.31</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   270120P00548310"/>
        </identifiers>
        <balance>-152.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-53975.05000000</valUSD>
        <pctVal>-0.04041275123</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>SG Americas</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>State Street SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>PUT SPDR S&amp;P 500 ETF 01/20/2027 P548.31</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   270120P00548310"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-152.00000000</shareNo>
            <exercisePrice>548.31000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2027-01-20</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>121843.55000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>State Street SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>PUT SPDR S&amp;P 500 ETF 11/18/2026 P530.1</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   261118P00530100"/>
        </identifiers>
        <balance>-152.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-24261.07000000</valUSD>
        <pctVal>-0.01816499635</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>SG Americas</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>State Street SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>PUT SPDR S&amp;P 500 ETF 11/18/2026 P530.1</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   261118P00530100"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-152.00000000</shareNo>
            <exercisePrice>530.10000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-11-18</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>176638.28000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>State Street SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>CALL SPDR S&amp;P 500 ETF 01/20/2027 C753.21</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   270120C00753210"/>
        </identifiers>
        <balance>-152.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-535057.50000000</valUSD>
        <pctVal>-0.40061372140</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>SG Americas</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>State Street SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>CALL SPDR S&amp;P 500 ETF 01/20/2027 C753.21</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   270120C00753210"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-152.00000000</shareNo>
            <exercisePrice>753.21000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2027-01-20</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-180638.90000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>State Street SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>PUT SPDR S&amp;P 500 ETF 01/20/2027 P685.39</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   270120P00685390"/>
        </identifiers>
        <balance>152.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>202773.94000000</valUSD>
        <pctVal>0.151822977357</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>SG Americas</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>State Street SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>PUT SPDR S&amp;P 500 ETF 01/20/2027 P685.39</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   270120P00685390"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>152.00000000</shareNo>
            <exercisePrice>685.39000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2027-01-20</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-387634.21000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>State Street SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>CALL SPDR S&amp;P 500 ETF 12/16/2026 C739.33</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   261216C00739330"/>
        </identifiers>
        <balance>-152.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-596516.64000000</valUSD>
        <pctVal>-0.44663003701</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>SG Americas</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>State Street SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>CALL SPDR S&amp;P 500 ETF 12/16/2026 C739.33</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   261216C00739330"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-152.00000000</shareNo>
            <exercisePrice>739.33000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-12-16</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-271614.79000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>State Street SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>CALL State Street SPD 02/17/2027 C759.17</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   270217C00759170"/>
        </identifiers>
        <balance>-152.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-551623.28000000</valUSD>
        <pctVal>-0.41301702156</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>SG Americas</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>State Street SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>CALL State Street SPD 02/17/2027 C759.17</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   270217C00759170"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-152.00000000</shareNo>
            <exercisePrice>759.17000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2027-02-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-244476.68000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>State Street SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>PUT State Street SPDR 02/17/2027 P686.28</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   270217P00686280"/>
        </identifiers>
        <balance>152.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>234297.16000000</valUSD>
        <pctVal>0.175425364904</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>SG Americas</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>State Street SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>PUT State Street SPDR 02/17/2027 P686.28</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   270217P00686280"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>152.00000000</shareNo>
            <exercisePrice>686.28000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2027-02-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-405060.24000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>State Street SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>PUT State Street SPDR 05/19/2027 P741.24</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   270519P00741240"/>
        </identifiers>
        <balance>152.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>510189.72000000</valUSD>
        <pctVal>0.381994462935</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>SG Americas</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>State Street SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>PUT State Street SPDR 05/19/2027 P741.24</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   270519P00741240"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>152.00000000</shareNo>
            <exercisePrice>741.24000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2027-05-19</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-153031.57000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>State Street SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>PUT SPDR S&amp;P 500 ETF 08/19/26   P510.48</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   260819P00510480"/>
        </identifiers>
        <balance>-152.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-605.25000000</valUSD>
        <pctVal>-0.00045316896</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>SG Americas</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>State Street SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>PUT SPDR S&amp;P 500 ETF 08/19/26   P510.48</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   260819P00510480"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-152.00000000</shareNo>
            <exercisePrice>510.48000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-08-19</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>157581.27000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>State Street SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>PUT SPDR S&amp;P 500 ETF09/16/2026 P659.17</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   260916P00659170"/>
        </identifiers>
        <balance>152.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>28543.52000000</valUSD>
        <pctVal>0.021371396100</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>SG Americas</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>State Street SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>PUT SPDR S&amp;P 500 ETF09/16/2026 P659.17</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   260916P00659170"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>152.00000000</shareNo>
            <exercisePrice>659.17000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-09-16</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-489059.78000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>State Street SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>PUT SPDR S&amp;P 500 ETF 11/18/2026 P662.62</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   261118P00662620"/>
        </identifiers>
        <balance>152.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>99064.81000000</valUSD>
        <pctVal>0.074172817303</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>SG Americas</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>State Street SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>PUT SPDR S&amp;P 500 ETF 11/18/2026 P662.62</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   261118P00662620"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>152.00000000</shareNo>
            <exercisePrice>662.62000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-11-18</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-525422.81000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>State Street SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>PUT SPDR S&amp;P 500 ETF 12/16/2026 P537.11</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   261216P00537110"/>
        </identifiers>
        <balance>-152.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-36326.24000000</valUSD>
        <pctVal>-0.02719855378</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>SG Americas</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>State Street SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>PUT SPDR S&amp;P 500 ETF 12/16/2026 P537.11</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   261216P00537110"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-152.00000000</shareNo>
            <exercisePrice>537.11000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-12-16</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>148921.60000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>State Street SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>PUT SPDR S&amp;P 500 ETF 10/21/2026 P532.13</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   261021P00532130"/>
        </identifiers>
        <balance>-152.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-15425.14000000</valUSD>
        <pctVal>-0.01154926851</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>SG Americas</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>State Street SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>PUT SPDR S&amp;P 500 ETF 10/21/2026 P532.13</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   261021P00532130"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-152.00000000</shareNo>
            <exercisePrice>532.13000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-10-21</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>176506.21000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>State Street SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>PUT SPDR S&amp;P 500 ETF 08/19/26   P638.1</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   260819P00638100"/>
        </identifiers>
        <balance>152.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3174.79000000</valUSD>
        <pctVal>0.002377061225</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>SG Americas</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>State Street SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>PUT SPDR S&amp;P 500 ETF 08/19/26   P638.1</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   260819P00638100"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>152.00000000</shareNo>
            <exercisePrice>638.10000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-08-19</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-497427.64000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-08-31</ncom:dateSigned>
      <ncom:nameOfApplicant>World Funds Trust</ncom:nameOfApplicant>
      <ncom:signature>Ann MacDonald</ncom:signature>
      <ncom:signerName>Ann MacDonald</ncom:signerName>
      <ncom:title>Principal Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
