<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.sec.gov/edgar/nport eis_NPORT_Filer.xsd">
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    <isConfidential>false</isConfidential>
    <filerInfo>

      <filer>
        <issuerCredentials>
          <cik>0001396092</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>


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        <classId>C000169387</classId>
        <classId>C000169388</classId>
        <classId>C000169389</classId>
        <classId>C000169390</classId>
        <classId>C000195358</classId>
        <classId>C000248619</classId>
      </seriesClassInfo>


    </filerInfo>
  </headerData>
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      <regName>World Funds Trust</regName>
      <regFileNumber>811-22172</regFileNumber>
      <regCik>0001396092</regCik>
      <regLei>5493007BOSPYEMKSSY03</regLei>
      <regStreet1>8730 Stony Point Parkway</regStreet1>
      <regStreet2>Suite 205</regStreet2>
      <regCity>Richmond</regCity>
      <regStateConditional regCountry="US" regState="US-VA"/>
      <regZipOrPostalCode>23235</regZipOrPostalCode>
      <regPhone>800-673-0550</regPhone>
      <seriesName>Vest US Large Cap 10% Buffer Strategies Fund</seriesName>
      <seriesId>S000053823</seriesId>
      <seriesLei>549300QDU20A461N6702</seriesLei>
      <repPdEnd>2025-10-31</repPdEnd>
      <repPdDate>2025-04-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
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      <totLiabs>14331901.90</totLiabs>
      <netAssets>366619847.08</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>0.00000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.00000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.00000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.00000000</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0.00000000</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0.00000000</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0.00000000</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0.00000000</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0.00000000</amtPayAftOneYrOther>
      <delayDeliv>0.00000000</delayDeliv>
      <standByCommit>0.00000000</standByCommit>
      <liquidPref>0.00000000</liquidPref>
      <cshNotRptdInCorD>167138.54000000</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000169387" rtn1="-0.78000000" rtn2="-4.25000000" rtn3="-0.83000000"/>
          <monthlyTotReturn classId="C000169388" rtn1="-0.85000000" rtn2="-4.27000000" rtn3="-0.84000000"/>
          <monthlyTotReturn classId="C000169389" rtn1="-0.80000000" rtn2="-4.26000000" rtn3="-0.89000000"/>
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          <monthlyTotReturn classId="C000195358" rtn1="-0.82000000" rtn2="-4.20000000" rtn3="-0.82000000"/>
          <monthlyTotReturn classId="C000248619" rtn1="-0.77000000" rtn2="-4.20000000" rtn3="-0.76000000"/>
        </monthlyTotReturns>
        <monthlyReturnCats>
          <equityContracts>
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            <optionCategory>
              <instrMon1 netRealizedGain="-324774.31000000" netUnrealizedAppr="-2068648.09000000"/>
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          </equityContracts>
        </monthlyReturnCats>
        <othMon1 netRealizedGain="29814328.55000000" netUnrealizedAppr="-29464754.07999999"/>
        <othMon2 netRealizedGain="0.00000000" netUnrealizedAppr="13475987.02999999"/>
        <othMon3 netRealizedGain="14857036.73000000" netUnrealizedAppr="-18799040.53999999"/>
      </returnInfo>
      <mon1Flow redemption="100469008.11000000" reinvestment="0.00000000" sales="48770308.52000000"/>
      <mon2Flow redemption="14290838.64000000" reinvestment="0.00000000" sales="16167069.40000000"/>
      <mon3Flow redemption="11205428.97000000" reinvestment="0.00000000" sales="10073509.10000000"/>



      <varInfo>

        <fundsDesignatedInfo>
          <nameDesignatedIndex>S&amp;P 500 (TR)</nameDesignatedIndex>
          <indexIdentifier>500TR</indexIdentifier>

        </fundsDesignatedInfo>

      </varInfo>
    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>CALL SPDR S&amp;P 500 ETF 06/18/2025 C0.01</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   250618C00000010"/>
        </identifiers>
        <balance>576.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>31941860.89000000</valUSD>
        <pctVal>8.712529107304</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>SPDR S&amp;P 500 ETF</issuerName>
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                <identifiers>
                  <other otherDesc="OCC" value="SPY   250618C00000010"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>576.00000000</shareNo>
            <exercisePrice>0.01000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-06-18</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>6647165.16000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>CALL SPDR S&amp;P 500 ETF 07/15/2026 C0.01</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   260715C00000010"/>
        </identifiers>
        <balance>773.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>42445304.93000000</valUSD>
        <pctVal>11.57747057832</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>SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>CALL SPDR S&amp;P 500 ETF 07/15/2026 C0.01</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   260715C00000010"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>773.00000000</shareNo>
            <exercisePrice>0.01000000</exercisePrice>
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            <expDt>2026-07-15</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>8524334.33000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>CALL SPDR S&amp;P 500 ETF 11/19/2025 C0.01</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   251119C00000010"/>
        </identifiers>
        <balance>763.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>42153998.08000000</valUSD>
        <pctVal>11.49801310969</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>SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>CALL SPDR S&amp;P 500 ETF 11/19/2025 C0.01</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   251119C00000010"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>763.00000000</shareNo>
            <exercisePrice>0.01000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-11-19</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>8782559.12000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>CALL SPDR S&amp;P 500 ETF 04/21/2027 C0.01</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   270421C00000010"/>
        </identifiers>
        <balance>758.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>41456131.38000000</valUSD>
        <pctVal>11.30766152192</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>SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>CALL SPDR S&amp;P 500 ETF 04/21/2027 C0.01</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   270421C00000010"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>758.00000000</shareNo>
            <exercisePrice>0.01000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2027-04-21</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>1152372.37000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>PUT SPDR S&amp;P 500 ETF 05/21/2025 P529.78</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   250521P00529780"/>
        </identifiers>
        <balance>530.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>267759.13000000</valUSD>
        <pctVal>0.073034543037</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>SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>PUT SPDR S&amp;P 500 ETF 05/21/2025 P529.78</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   250521P00529780"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>530.00000000</shareNo>
            <exercisePrice>529.78000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-05-21</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-830198.55000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>PUT SPDR S&amp;P 500 ETF 05/21/2025 P476.8</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   250521P00476800"/>
        </identifiers>
        <balance>-530.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-43353.95000000</valUSD>
        <pctVal>-0.01182531451</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>SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>PUT SPDR S&amp;P 500 ETF 05/21/2025 P476.8</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   250521P00476800"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-530.00000000</shareNo>
            <exercisePrice>476.80000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-05-21</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>437406.14000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>CALL SPDR S&amp;P 500 ETF 05/21/2025 C625.8</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   250521C00625800"/>
        </identifiers>
        <balance>-530.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-3676.29000000</valUSD>
        <pctVal>-0.00100275258</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>SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>CALL SPDR S&amp;P 500 ETF 05/21/2025 C625.8</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   250521C00625800"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-530.00000000</shareNo>
            <exercisePrice>625.80000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-05-21</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>248325.79000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>PUT SPDR S&amp;P 500 ETF 06/18/2025 P548.49</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   250618P00548490"/>
        </identifiers>
        <balance>530.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>764070.80000000</valUSD>
        <pctVal>0.208409557225</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>SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>PUT SPDR S&amp;P 500 ETF 06/18/2025 P548.49</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   250618P00548490"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>530.00000000</shareNo>
            <exercisePrice>548.49000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-06-18</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-410321.38000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>CALL SPDR S&amp;P 500 ETF 06/18/2025 C637.67</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   250618C00637670"/>
        </identifiers>
        <balance>-530.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-9653.05000000</valUSD>
        <pctVal>-0.00263298620</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>SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>CALL SPDR S&amp;P 500 ETF 06/18/2025 C637.67</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   250618C00637670"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-530.00000000</shareNo>
            <exercisePrice>637.67000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-06-18</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>338711.88000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>PUT SPDR S&amp;P 500 ETF 06/18/2025 P493.64</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   250618P00493640"/>
        </identifiers>
        <balance>-530.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-199948.06000000</valUSD>
        <pctVal>-0.05453825306</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>SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>PUT SPDR S&amp;P 500 ETF 06/18/2025 P493.64</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   250618P00493640"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-530.00000000</shareNo>
            <exercisePrice>493.64000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-06-18</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>373136.55000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>PUT SPDR S&amp;P 500 ETF 07/16/2025 P556.94</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   250716P00556940"/>
        </identifiers>
        <balance>530.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1117874.79000000</valUSD>
        <pctVal>0.304913877113</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>SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>PUT SPDR S&amp;P 500 ETF 07/16/2025 P556.94</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   250716P00556940"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>530.00000000</shareNo>
            <exercisePrice>556.94000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-07-16</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-123501.59000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>PUT SPDR S&amp;P 500 ETF 07/16/2025 P501.25</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   250716P00501250"/>
        </identifiers>
        <balance>-530.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-395320.95000000</valUSD>
        <pctVal>-0.10782857315</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>SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>PUT SPDR S&amp;P 500 ETF 07/16/2025 P501.25</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   250716P00501250"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-530.00000000</shareNo>
            <exercisePrice>501.25000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-07-16</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>248927.69000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>CALL SPDR S&amp;P 500 ETF 07/16/2025 C648.78</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   250716C00648780"/>
        </identifiers>
        <balance>-530.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-16628.39000000</valUSD>
        <pctVal>-0.00453559460</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>SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>CALL SPDR S&amp;P 500 ETF 07/16/2025 C648.78</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   250716C00648780"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-530.00000000</shareNo>
            <exercisePrice>648.78000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-07-16</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>330724.57000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>PUT SPDR S&amp;P 500 ETF 08/20/25   P560.62</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   250820P00560620"/>
        </identifiers>
        <balance>530.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1380308.26000000</valUSD>
        <pctVal>0.376495781936</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>SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>PUT SPDR S&amp;P 500 ETF 08/20/25   P560.62</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   250820P00560620"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>530.00000000</shareNo>
            <exercisePrice>560.62000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-08-20</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>37936.27000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>PUT SPDR S&amp;P 500 ETF 08/20/25   P504.56</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   250820P00504560"/>
        </identifiers>
        <balance>-530.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-579398.48000000</valUSD>
        <pctVal>-0.15803794710</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>SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>PUT SPDR S&amp;P 500 ETF 08/20/25   P504.56</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   250820P00504560"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-530.00000000</shareNo>
            <exercisePrice>504.56000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-08-20</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>171054.22000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>CALL SPDR S&amp;P 500 ETF 08/20/2025 C645.17</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   250820C00645170"/>
        </identifiers>
        <balance>-530.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-44348.70000000</valUSD>
        <pctVal>-0.01209664461</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>SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>CALL SPDR S&amp;P 500 ETF 08/20/2025 C645.17</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   250820C00645170"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-530.00000000</shareNo>
            <exercisePrice>645.17000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-08-20</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>319826.66000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>PUT SPDR S&amp;P 500 ETF 09/17/2025 P561.4</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   250917P00561400"/>
        </identifiers>
        <balance>530.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1517753.80000000</valUSD>
        <pctVal>0.413985716291</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>SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>PUT SPDR S&amp;P 500 ETF 09/17/2025 P561.4</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   250917P00561400"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>530.00000000</shareNo>
            <exercisePrice>561.40000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-09-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>47625.55000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>PUT SPDR S&amp;P 500 ETF 09/17/2025 P505.26</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   250917P00505260"/>
        </identifiers>
        <balance>-530.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-685965.92000000</valUSD>
        <pctVal>-0.18710550600</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>SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>PUT SPDR S&amp;P 500 ETF 09/17/2025 P505.26</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   250917P00505260"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-530.00000000</shareNo>
            <exercisePrice>505.26000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-09-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>17695.10000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>CALL SPDR S&amp;P 500 ETF 18/09/2025 639.21</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   250917C00639210"/>
        </identifiers>
        <balance>-530.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-87443.21000000</valUSD>
        <pctVal>-0.02385119373</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>SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>CALL SPDR S&amp;P 500 ETF 18/09/2025 639.21</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   250917C00639210"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-530.00000000</shareNo>
            <exercisePrice>639.21000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-09-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>509266.13000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>PUT SPDR S&amp;P 500 ETF 10/15/2025 P582.3</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   251015P00582300"/>
        </identifiers>
        <balance>530.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2057589.70000000</valUSD>
        <pctVal>0.561232490927</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>SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>PUT SPDR S&amp;P 500 ETF 10/15/2025 P582.3</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   251015P00582300"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>530.00000000</shareNo>
            <exercisePrice>582.30000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-10-15</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>527115.71000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>PUT SPDR S&amp;P 500 ETF 10/15/2025 P524.07</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   251015P00524070"/>
        </identifiers>
        <balance>-530.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-1010428.15000000</valUSD>
        <pctVal>-0.27560650577</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>SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>PUT SPDR S&amp;P 500 ETF 10/15/2025 P524.07</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   251015P00524070"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-530.00000000</shareNo>
            <exercisePrice>524.07000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-10-15</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-200929.79000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>CALL SPDR S&amp;P 500 ETF 10/15/2025 C667.69</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   251015C00667690"/>
        </identifiers>
        <balance>-530.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-63963.10000000</valUSD>
        <pctVal>-0.01744670958</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>SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>CALL SPDR S&amp;P 500 ETF 10/15/2025 C667.69</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   251015C00667690"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-530.00000000</shareNo>
            <exercisePrice>667.69000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-10-15</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>388848.18000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>PUT SPDR S&amp;P 500 ETF 11/19/2025 P590.5</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   251119P00590500"/>
        </identifiers>
        <balance>530.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2367154.80000000</valUSD>
        <pctVal>0.645670118203</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>SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>PUT SPDR S&amp;P 500 ETF 11/19/2025 P590.5</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   251119P00590500"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>530.00000000</shareNo>
            <exercisePrice>590.50000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-11-19</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>883859.55000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>PUT SPDR S&amp;P 500 ETF 11/19/2025 P531.45</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   251119P00531450"/>
        </identifiers>
        <balance>-530.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-1220268.50000000</valUSD>
        <pctVal>-0.33284300065</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>SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>PUT SPDR S&amp;P 500 ETF 11/19/2025 P531.45</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   251119P00531450"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-530.00000000</shareNo>
            <exercisePrice>531.45000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-11-19</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-466546.85000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>CALL SPDR S&amp;P 500 ETF 11/19/2025 C674.65</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   251119C00674650"/>
        </identifiers>
        <balance>-530.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-89793.12000000</valUSD>
        <pctVal>-0.02449216012</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>SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>CALL SPDR S&amp;P 500 ETF 11/19/2025 C674.65</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   251119C00674650"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-530.00000000</shareNo>
            <exercisePrice>674.65000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-11-19</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>436618.85000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>PUT SPDR S&amp;P 500 ETF 12/17/2025 P586.28</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   251217P00586280"/>
        </identifiers>
        <balance>530.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2329934.06000000</valUSD>
        <pctVal>0.635517710936</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>SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>PUT SPDR S&amp;P 500 ETF 12/17/2025 P586.28</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   251217P00586280"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>530.00000000</shareNo>
            <exercisePrice>586.28000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-12-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>846158.74000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>CALL SPDR S&amp;P 500 ETF 12/17/2025 C684.48</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   251217C00684480"/>
        </identifiers>
        <balance>-530.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-85240.11000000</valUSD>
        <pctVal>-0.02325027154</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>SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>CALL SPDR S&amp;P 500 ETF 12/17/2025 C684.48</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   251217C00684480"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-530.00000000</shareNo>
            <exercisePrice>684.48000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-12-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>327525.00000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>PUT SPDR S&amp;P 500 ETF 12/17/2025 P527.65</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   251217P00527650"/>
        </identifiers>
        <balance>-530.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-1240395.14000000</valUSD>
        <pctVal>-0.33833278527</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>SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>PUT SPDR S&amp;P 500 ETF 12/17/2025 P527.65</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   251217P00527650"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-530.00000000</shareNo>
            <exercisePrice>527.65000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-12-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-376091.63000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>PUT SPDR S&amp;P 500 ETF 01/21/2026 P592.78</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   260121P00592780"/>
        </identifiers>
        <balance>530.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2587625.41000000</valUSD>
        <pctVal>0.705806145141</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>SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>PUT SPDR S&amp;P 500 ETF 01/21/2026 P592.78</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   260121P00592780"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>530.00000000</shareNo>
            <exercisePrice>592.78000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-01-21</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>1074823.49000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>PUT SPDR S&amp;P 500 ETF 01/21/2026 P533.5</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   260121P00533500"/>
        </identifiers>
        <balance>-530.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-1410738.63000000</valUSD>
        <pctVal>-0.38479603361</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>SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>PUT SPDR S&amp;P 500 ETF 01/21/2026 P533.5</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   260121P00533500"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-530.00000000</shareNo>
            <exercisePrice>533.50000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-01-21</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-601987.14000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>CALL SPDR S&amp;P 500 ETF 01/21/2026 C683.05</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   260121C00683050"/>
        </identifiers>
        <balance>-530.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-81492.59000000</valUSD>
        <pctVal>-0.02222809011</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>SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>CALL SPDR S&amp;P 500 ETF 01/21/2026 C683.05</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   260121C00683050"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-530.00000000</shareNo>
            <exercisePrice>683.05000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-01-21</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>292237.01000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>PUT SPDR S&amp;P 500 ETF 02/18/2026 P612.92</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   260218P00612920"/>
        </identifiers>
        <balance>530.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3223123.50000000</valUSD>
        <pctVal>0.879145939771</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>SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>PUT SPDR S&amp;P 500 ETF 02/18/2026 P612.92</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   260218P00612920"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>530.00000000</shareNo>
            <exercisePrice>612.92000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-02-18</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>1714977.58000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>CALL SPDR S&amp;P 500 ETF 02/18/2026 C708.03</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   260218C00708030"/>
        </identifiers>
        <balance>-530.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-66276.19000000</valUSD>
        <pctVal>-0.01807763287</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>SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>CALL SPDR S&amp;P 500 ETF 02/18/2026 C708.03</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   260218C00708030"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-530.00000000</shareNo>
            <exercisePrice>708.03000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-02-18</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>256634.83000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>PUT SPDR S&amp;P 500 ETF 02/18/2026 P551.63</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   260218P00551630"/>
        </identifiers>
        <balance>-530.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-1757527.54000000</valUSD>
        <pctVal>-0.47938690553</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>SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>PUT SPDR S&amp;P 500 ETF 02/18/2026 P551.63</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   260218P00551630"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-530.00000000</shareNo>
            <exercisePrice>551.63000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-02-18</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-930833.55000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>PUT SPDR S&amp;P 500 ETF 03/18/2026 P567.13</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   260318P00567130"/>
        </identifiers>
        <balance>530.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2148825.53000000</valUSD>
        <pctVal>0.586118167664</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>SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>PUT SPDR S&amp;P 500 ETF 03/18/2026 P567.13</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   260318P00567130"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>530.00000000</shareNo>
            <exercisePrice>567.13000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-03-18</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>484934.87000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>CALL SPDR S&amp;P 500 ETF 03/18/2026 C652.96</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   260318C00652960"/>
        </identifiers>
        <balance>-530.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-376396.46000000</valUSD>
        <pctVal>-0.10266668948</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>SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>CALL SPDR S&amp;P 500 ETF 03/18/2026 C652.96</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   260318C00652960"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-530.00000000</shareNo>
            <exercisePrice>652.96000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-03-18</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>74040.27000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>PUT SPDR S&amp;P 500 ETF 03/18/2026 P510.42</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   260318P00510420"/>
        </identifiers>
        <balance>-530.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-1220081.57000000</valUSD>
        <pctVal>-0.33279201323</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>SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>PUT SPDR S&amp;P 500 ETF 03/18/2026 P510.42</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   260318P00510420"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-530.00000000</shareNo>
            <exercisePrice>510.42000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-03-18</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-353716.39000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>CALL SPDR S&amp;P 500 ETF 05/19/2027 C0.01</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   270519C00000010"/>
        </identifiers>
        <balance>3578.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>195686058.55000000</valUSD>
        <pctVal>53.37574059576</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>SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>CALL SPDR S&amp;P 500 ETF 05/19/2027 C0.01</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   270519C00000010"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>3578.00000000</shareNo>
            <exercisePrice>0.01000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2027-05-19</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>11192594.33000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>PUT SPDR S&amp;P 500 ETF 04/15/2026 P525.66</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   260415P00525660"/>
        </identifiers>
        <balance>530.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1524916.47000000</valUSD>
        <pctVal>0.415939421213</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>SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>PUT SPDR S&amp;P 500 ETF 04/15/2026 P525.66</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   260415P00525660"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>530.00000000</shareNo>
            <exercisePrice>525.66000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-04-15</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-507414.20000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>PUT SPDR S&amp;P 500 ETF 04/15/2026 P473.09</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   260415P00473090"/>
        </identifiers>
        <balance>-530.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-848543.89000000</valUSD>
        <pctVal>-0.23145061478</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>SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>PUT SPDR S&amp;P 500 ETF 04/15/2026 P473.09</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   260415P00473090"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-530.00000000</shareNo>
            <exercisePrice>473.09000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-04-15</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>353831.94000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPDR S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>CALL SPDR S&amp;P 500 ETF 04/15/2026 C624.43</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   260415C00473090"/>
        </identifiers>
        <balance>-530.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-846013.51000000</valUSD>
        <pctVal>-0.23076042302</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>SPDR S&amp;P 500 ETF</issuerName>
                <issueTitle>CALL SPDR S&amp;P 500 ETF 04/15/2026 C624.43</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   260415C00473090"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-530.00000000</shareNo>
            <exercisePrice>473.09000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-04-15</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-314599.02000000</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>3835487.33000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3835487.33000000</valUSD>
        <pctVal>1.046175585023</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>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-05-30</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>
</edgarSubmission>
