<?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">
  <headerData>
    <submissionType>NPORT-P</submissionType>
    <isConfidential>false</isConfidential>
    <filerInfo>

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


      <seriesClassInfo>
        <seriesId>S000055568</seriesId>
        <classId>C000174909</classId>
        <classId>C000174910</classId>
        <classId>C000174911</classId>
        <classId>C000174912</classId>
        <classId>C000195359</classId>
        <classId>C000248620</classId>
      </seriesClassInfo>


    </filerInfo>
  </headerData>
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    <genInfo>
      <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 20% Buffer Strategies Fund</seriesName>
      <seriesId>S000055568</seriesId>
      <seriesLei>549300TEUS5B7G402L88</seriesLei>
      <repPdEnd>2025-10-31</repPdEnd>
      <repPdDate>2025-04-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>117571266.88</totAssets>
      <totLiabs>4815813.05</totLiabs>
      <netAssets>112755453.83</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>46194.51000000</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000174909" rtn1="-0.27000000" rtn2="-2.45000000" rtn3="-0.70000000"/>
          <monthlyTotReturn classId="C000174910" rtn1="-0.29000000" rtn2="-2.60000000" rtn3="-0.74000000"/>
          <monthlyTotReturn classId="C000174911" rtn1="-0.39000000" rtn2="-2.37000000" rtn3="-0.81000000"/>
          <monthlyTotReturn classId="C000174912" rtn1="-0.38000000" rtn2="-2.42000000" rtn3="-0.65000000"/>
          <monthlyTotReturn classId="C000195359" rtn1="-0.25000000" rtn2="-2.36000000" rtn3="-0.76000000"/>
          <monthlyTotReturn classId="C000248620" rtn1="-0.25000000" rtn2="-2.36000000" rtn3="0.25000000"/>
        </monthlyTotReturns>
        <monthlyReturnCats>
          <equityContracts>
            <mon1 netRealizedGain="-965944.69000000" netUnrealizedAppr="-12369325.64000000"/>
            <mon2 netRealizedGain="-67251.03000000" netUnrealizedAppr="-895163.49000000"/>
            <mon3 netRealizedGain="-732650.30000000" netUnrealizedAppr="1390000.95000000"/>
            <optionCategory>
              <instrMon1 netRealizedGain="-965944.69000000" netUnrealizedAppr="-12369325.64000000"/>
              <instrMon2 netRealizedGain="-67251.03000000" netUnrealizedAppr="-895163.49000000"/>
              <instrMon3 netRealizedGain="-732650.30000000" netUnrealizedAppr="1390000.95000000"/>
            </optionCategory>
          </equityContracts>
        </monthlyReturnCats>
        <othMon1 netRealizedGain="0.00000000" netUnrealizedAppr="13023655.06000000"/>
        <othMon2 netRealizedGain="0.00000000" netUnrealizedAppr="-2341367.00000000"/>
        <othMon3 netRealizedGain="8507834.26999999" netUnrealizedAppr="-10682288.06000000"/>
      </returnInfo>
      <mon1Flow redemption="1217836.02000000" reinvestment="0.00000000" sales="4200511.91000000"/>
      <mon2Flow redemption="5807497.04000000" reinvestment="0.00000000" sales="14012314.21000000"/>
      <mon3Flow redemption="35305392.50000000" reinvestment="0.00000000" sales="6785341.96999999"/>



      <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 04/21/2027 C0.02</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   270421C00000020"/>
        </identifiers>
        <balance>814.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>44518091.26000000</valUSD>
        <pctVal>39.48198490435</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 C0.02</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   270421C00000020"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>814.00000000</shareNo>
            <exercisePrice>0.02000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2027-04-21</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>4218607.13000000</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 05/21/2025 P529.77</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   250521P00529770"/>
        </identifiers>
        <balance>161.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>81308.60000000</valUSD>
        <pctVal>0.072110569589</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 P529.77</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   250521P00529770"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>161.00000000</shareNo>
            <exercisePrice>529.77000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-05-21</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-200744.44000000</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 P423.82</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   250521P00423820"/>
        </identifiers>
        <balance>-161.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-4194.10000000</valUSD>
        <pctVal>-0.00371964269</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 P423.82</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   250521P00423820"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-161.00000000</shareNo>
            <exercisePrice>423.82000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-05-21</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>78229.68000000</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 C592.08</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   250521C00592080"/>
        </identifiers>
        <balance>-161.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-7415.82000000</valUSD>
        <pctVal>-0.00657690581</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 C592.08</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   250521C00592080"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-161.00000000</shareNo>
            <exercisePrice>592.08000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-05-21</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>236429.23000000</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 P548.48</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   250618P00548480"/>
        </identifiers>
        <balance>161.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>232054.87000000</valUSD>
        <pctVal>0.205803676999</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 P548.48</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   250618P00548480"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>161.00000000</shareNo>
            <exercisePrice>548.48000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-06-18</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-84752.75000000</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 C612.54</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   250618C00612540"/>
        </identifiers>
        <balance>-161.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-9494.22000000</valUSD>
        <pctVal>-0.00842018694</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 C612.54</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   250618C00612540"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-161.00000000</shareNo>
            <exercisePrice>612.54000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-06-18</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>219179.08000000</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 P438.78</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   250618P00438780"/>
        </identifiers>
        <balance>-161.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-18008.80000000</valUSD>
        <pctVal>-0.01597155559</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 P438.78</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   250618P00438780"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-161.00000000</shareNo>
            <exercisePrice>438.78000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-06-18</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>72463.12000000</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>PUT SPDR S&amp;P 500 ETF 07/16/2025 P556.93</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   250716P00556930"/>
        </identifiers>
        <balance>161.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>339526.02000000</valUSD>
        <pctVal>0.301117159717</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 P556.93</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   250716P00556930"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>161.00000000</shareNo>
            <exercisePrice>556.93000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-07-16</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-5530.85000000</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 07/16/2025 P445.55</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   250716P00445550"/>
        </identifiers>
        <balance>-161.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-39810.59000000</valUSD>
        <pctVal>-0.03530701943</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 P445.55</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   250716P00445550"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-161.00000000</shareNo>
            <exercisePrice>445.55000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-07-16</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>60846.79000000</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 07/16/2025 C619.31</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   250716C00619310"/>
        </identifiers>
        <balance>-161.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-17349.36000000</valUSD>
        <pctVal>-0.01538671470</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 C619.31</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   250716C00619310"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-161.00000000</shareNo>
            <exercisePrice>619.31000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-07-16</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>213158.38000000</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>PUT SPDR S&amp;P 500 ETF 08/20/2025 P560.61</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   250820P00560610"/>
        </identifiers>
        <balance>161.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>419244.04000000</valUSD>
        <pctVal>0.371817083572</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 08/20/2025 P560.61</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   250820P00560610"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>161.00000000</shareNo>
            <exercisePrice>560.61000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-08-20</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>41126.20000000</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 08/20/2025 P448.49</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   250820P00448490"/>
        </identifiers>
        <balance>-161.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-68440.26000000</valUSD>
        <pctVal>-0.06069795976</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 08/20/2025 P448.49</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   250820P00448490"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-161.00000000</shareNo>
            <exercisePrice>448.49000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-08-20</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>54029.52000000</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 C619.14</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   250820C00619140"/>
        </identifiers>
        <balance>-161.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-45276.43000000</valUSD>
        <pctVal>-0.04015453662</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 C619.14</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   250820C00619140"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-161.00000000</shareNo>
            <exercisePrice>619.14000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-08-20</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>201847.86000000</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 P561.39</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   250917P00561390"/>
        </identifiers>
        <balance>161.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>461003.00000000</valUSD>
        <pctVal>0.408852063772</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 P561.39</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   250917P00561390"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>161.00000000</shareNo>
            <exercisePrice>561.39000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-09-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>47551.01000000</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 09/17/2025 P449.12</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   250917P00449120"/>
        </identifiers>
        <balance>-161.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-90014.54000000</valUSD>
        <pctVal>-0.07983165065</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 P449.12</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   250917P00449120"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-161.00000000</shareNo>
            <exercisePrice>449.12000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-09-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>27173.18000000</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>CALL SPDR S&amp;P 500 ETF 09/17/2025 C616.81</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   250917C00616810"/>
        </identifiers>
        <balance>-161.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-80692.29000000</valUSD>
        <pctVal>-0.07156397962</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 09/17/2025 C616.81</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   250917C00616810"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-161.00000000</shareNo>
            <exercisePrice>616.81000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-09-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>252123.43000000</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 P582.29</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   251015P00582290"/>
        </identifiers>
        <balance>161.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>624970.71000000</valUSD>
        <pctVal>0.554270936590</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 P582.29</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   251015P00582290"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>161.00000000</shareNo>
            <exercisePrice>582.29000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-10-15</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>178404.75000000</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 P465.83</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   251015P00465830"/>
        </identifiers>
        <balance>-161.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-136583.09000000</valUSD>
        <pctVal>-0.12113213628</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 P465.83</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   251015P00465830"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-161.00000000</shareNo>
            <exercisePrice>465.83000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-10-15</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-2406.87000000</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 10/15/2025 C640.05</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   251015C00640050"/>
        </identifiers>
        <balance>-161.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-36480.16000000</valUSD>
        <pctVal>-0.03235334412</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>
              <indexBasketInfo>
                <indexName>SPDR S&amp;P 500 ETF</indexName>
                <indexIdentifier>SPY</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <shareNo>-161.00000000</shareNo>
            <exercisePrice>640.05000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-10-15</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>244383.99000000</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 P590.49</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   251119P00590490"/>
        </identifiers>
        <balance>161.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>718992.94000000</valUSD>
        <pctVal>0.637656907562</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 P590.49</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   251119P00590490"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>161.00000000</shareNo>
            <exercisePrice>590.49000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-11-19</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>295712.14000000</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>PUT SPDR S&amp;P 500 ETF 11/19/2025 P472.39</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   251119P00472390"/>
        </identifiers>
        <balance>-161.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-176376.71000000</valUSD>
        <pctVal>-0.15642410545</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 P472.39</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   251119P00472390"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-161.00000000</shareNo>
            <exercisePrice>472.39000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-11-19</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-52104.05000000</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 C652.55</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   251119C00652550"/>
        </identifiers>
        <balance>-161.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-41711.97000000</valUSD>
        <pctVal>-0.03699330594</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 C652.55</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   251119C00652550"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-161.00000000</shareNo>
            <exercisePrice>652.55000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-11-19</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>230113.70000000</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 P586.27</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   251217P00586270"/>
        </identifiers>
        <balance>161.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>707698.08000000</valUSD>
        <pctVal>0.627639777909</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 P586.27</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   251217P00586270"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>161.00000000</shareNo>
            <exercisePrice>586.27000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-12-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>263189.38000000</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 12/17/2025 C648.59</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   251217C00648590"/>
        </identifiers>
        <balance>-161.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-62600.98000000</valUSD>
        <pctVal>-0.05551924795</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 C648.59</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   251217C00648590"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-161.00000000</shareNo>
            <exercisePrice>648.59000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-12-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>246445.73000000</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 P469.02</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   251217P00469020"/>
        </identifiers>
        <balance>-161.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-187797.47000000</valUSD>
        <pctVal>-0.16655289267</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 P469.02</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   251217P00469020"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-161.00000000</shareNo>
            <exercisePrice>469.02000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-12-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-39019.28000000</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 P592.77</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   260121C00592770"/>
        </identifiers>
        <balance>161.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>785961.81000000</valUSD>
        <pctVal>0.697049928232</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>PUT SPDR S&amp;P 500 ETF 01/21/2026 P592.77</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   260121C00592770"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>161.00000000</shareNo>
            <exercisePrice>592.77000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-01-21</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>331051.22000000</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 01/21/2026 C652.71</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   260121C00652710"/>
        </identifiers>
        <balance>-161.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-70923.09000000</valUSD>
        <pctVal>-0.06289991977</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 C652.71</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   260121C00652710"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-161.00000000</shareNo>
            <exercisePrice>652.71000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-01-21</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>188210.09000000</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 P474.22</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   260121P00474220"/>
        </identifiers>
        <balance>-161.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-221701.21000000</valUSD>
        <pctVal>-0.19662127415</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 P474.22</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   260121P00474220"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-161.00000000</shareNo>
            <exercisePrice>474.22000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-01-21</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-86655.60000000</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 P612.93</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   260217P00612930"/>
        </identifiers>
        <balance>161.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>979186.56000000</valUSD>
        <pctVal>0.868416140186</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 P612.93</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   260217P00612930"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>161.00000000</shareNo>
            <exercisePrice>612.93000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-02-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>524151.97000000</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 C674.13</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   260218C00674130"/>
        </identifiers>
        <balance>-161.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-42591.84000000</valUSD>
        <pctVal>-0.03777364070</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 C674.13</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   260218C00674130"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-161.00000000</shareNo>
            <exercisePrice>674.13000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-02-18</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>200945.78000000</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 P490.34</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   260218P00490340"/>
        </identifiers>
        <balance>-161.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-285215.09000000</valUSD>
        <pctVal>-0.25295015035</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 P490.34</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   260218P00490340"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-161.00000000</shareNo>
            <exercisePrice>490.34000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-02-18</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-142833.68000000</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 P567.12</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   260318P00567120"/>
        </identifiers>
        <balance>161.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>652692.41000000</valUSD>
        <pctVal>0.578856620970</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 P567.12</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   260318P00567120"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>161.00000000</shareNo>
            <exercisePrice>567.12000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-03-18</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>147650.60000000</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 C626.87</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   260318C00626870"/>
        </identifiers>
        <balance>-161.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-227146.58000000</valUSD>
        <pctVal>-0.20145063700</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 C626.87</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   260318C00626870"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-161.00000000</shareNo>
            <exercisePrice>626.87000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-03-18</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>42891.08000000</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 P453.7</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   260318P00453700"/>
        </identifiers>
        <balance>-161.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-203353.84000000</valUSD>
        <pctVal>-0.18034944926</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 P453.7</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   260318P00453700"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-161.00000000</shareNo>
            <exercisePrice>453.70000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-03-18</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-66556.47000000</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 C0.02</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   270519C00000020"/>
        </identifiers>
        <balance>1118.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>61144016.68000000</valUSD>
        <pctVal>54.22710352635</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 C0.02</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   270519C00000020"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>1118.00000000</shareNo>
            <exercisePrice>0.02000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2027-05-19</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>3334133.76000000</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 P525.65</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   260415P00525650"/>
        </identifiers>
        <balance>161.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>463200.30000000</valUSD>
        <pctVal>0.410800794344</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 P525.65</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   260415P00525650"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>161.00000000</shareNo>
            <exercisePrice>525.65000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-04-15</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-153317.51000000</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 P420.52</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   260415P00420520"/>
        </identifiers>
        <balance>-161.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-147862.16000000</valUSD>
        <pctVal>-0.13113526217</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 P420.52</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   260415P00420520"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-161.00000000</shareNo>
            <exercisePrice>420.52000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-04-15</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>68306.00000000</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>CALL SPDR S&amp;P 500 ETF 04/15/2026 C592.01</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="OCC" value="SPY   260415C00592010"/>
        </identifiers>
        <balance>-161.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-482278.14000000</valUSD>
        <pctVal>-0.42772045485</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 C592.01</issueTitle>
                <identifiers>
                  <other otherDesc="OCC" value="SPY   260415C00592010"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-161.00000000</shareNo>
            <exercisePrice>592.01000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-04-15</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-151481.17000000</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>3228892.29000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3228892.29000000</valUSD>
        <pctVal>2.863624046840</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>
