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    <filerInfo>

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          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>

      <seriesClassInfo>
        <seriesId>S000069564</seriesId>
        <classId>C000221923</classId>
        <classId>C000221924</classId>
      </seriesClassInfo>


    </filerInfo>
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      <regFileNumber>811-23585</regFileNumber>
      <regCik>0001815493</regCik>
      <regLei>549300F0PMHX6GFZ7Q56</regLei>
      <regStreet1>220 Market Street</regStreet1>
      <regStreet2>Suite 208</regStreet2>
      <regCity>New Albany</regCity>
      <regStateConditional regCountry="US" regState="US-OH"/>
      <regZipOrPostalCode>43054</regZipOrPostalCode>
      <regPhone>614-653-8352</regPhone>
      <seriesName>VELA SMALL CAP FUND</seriesName>
      <seriesId>S000069564</seriesId>
      <seriesLei>549300SE8BRG0OLRTP40</seriesLei>
      <repPdEnd>2025-09-30</repPdEnd>
      <repPdDate>2025-03-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
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      <totLiabs>866015.63</totLiabs>
      <netAssets>109391358.56</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>0.00000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.00000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.00000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.00000000</amtPayOneYrOthAffil>
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      <amtPayAftOneYrBanksBorr>0.00000000</amtPayAftOneYrBanksBorr>
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      <amtPayAftOneYrOther>0.00000000</amtPayAftOneYrOther>
      <delayDeliv>0.00000000</delayDeliv>
      <standByCommit>0.00000000</standByCommit>
      <liquidPref>0.00000000</liquidPref>
      <cshNotRptdInCorD>53.24</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000221923" rtn1="4.28879200" rtn2="-4.06209300" rtn3="-4.96604900"/>
          <monthlyTotReturn classId="C000221924" rtn1="-0.94670700" rtn2="-8.88678100" rtn3="-9.71601200"/>
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        <monthlyReturnCats>
          <equityContracts>
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      <mon3Flow redemption="695325.78000000" reinvestment="0.00000000" sales="1862022.35000000"/>


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          <nameDesignatedIndex>VELA SMALL CAP FUND DRP</nameDesignatedIndex>
          <indexIdentifier>VELA SMALL CAP FUND DRP</indexIdentifier>

        </fundsDesignatedInfo>

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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Align Technology Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Ambac Financial Group, Inc.</name>
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        <title>Ambac Financial Group, Inc. </title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Antero Resources Corporation</name>
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        <title>Antero Resources Corp. </title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Applied Industrial Technologies Inc.</name>
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        <title>Applied Industrial Technologies, Inc. </title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Ashland Inc.</name>
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        <name>Atlanta Braves Holdings Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>BOK Financial Corp</name>
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        <title>BWX Technologies, Inc. </title>
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        <name>Bruker Corporation</name>
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        <title>Bruker Corp. </title>
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        <name>Cactus Inc</name>
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        <name>Civitas Resources Inc</name>
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        <title>Civitas Resources, Inc. </title>
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        <name>Coca-Cola Consolidated Inc</name>
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        <title>Coca-Cola Bottling Company Consolidated </title>
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        <name>Criteo S.A</name>
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        <name>Cullen/Frost Bankers, Inc.</name>
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        <name>Denali Therapeutics Inc</name>
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        <title>Denali Therapeutics, Inc. </title>
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        <name>Major Drilling Group Intl Inc</name>
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        <title>Major Drilling Group International, Inc. </title>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <name>Encompass Health Corporation</name>
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        <title>Encompass Health Corp. </title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Federal Agricultural Mortgage Corporation</name>
        <lei>549300MS654K78GYF580</lei>
        <title>Federal Agricultural Mortgage Corp. </title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <name>1st Source Corporation</name>
        <lei>N/A</lei>
        <title>1st Source Corp. </title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Garrett Motion Inc</name>
        <lei>549300LS5WT7EMBNV724</lei>
        <title>Garret Motion, Inc. </title>
        <cusip>366505105</cusip>
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          <isin value="US3665051054"/>
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        <balance>115453.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Graham Holdings Co</name>
        <lei>529900BOSCEEEMAFQJ29</lei>
        <title>Graham Holdings Co </title>
        <cusip>384637104</cusip>
        <identifiers>
          <isin value="US3846371041"/>
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        <balance>4280.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4112480.80000000</valUSD>
        <pctVal>3.759420171881</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>The Greenbrier Companies, Inc.</name>
        <lei>5493001GAGGFR30BP390</lei>
        <title>Greenbrier Companies, Inc./The </title>
        <cusip>393657101</cusip>
        <identifiers>
          <isin value="US3936571013"/>
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        <balance>48392.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2478638.24000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Halozyme Therapeutics Inc</name>
        <lei>529900242I3SV9AGM753</lei>
        <title>Halozyme Therapeutics, Inc. </title>
        <cusip>40637H109</cusip>
        <identifiers>
          <isin value="US40637H1095"/>
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        <balance>7435.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>474427.35000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HUB Group Inc</name>
        <lei>N/A</lei>
        <title>Hub Group, Inc. </title>
        <cusip>443320106</cusip>
        <identifiers>
          <isin value="US4433201062"/>
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        <balance>112633.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4186568.61000000</valUSD>
        <pctVal>3.827147468603</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Installed Building Products Inc</name>
        <lei>549300I95Y9P9YM5FI86</lei>
        <title>Installed Building Products, Inc. </title>
        <cusip>45780R101</cusip>
        <identifiers>
          <isin value="US45780R1014"/>
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        <balance>3152.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>540441.92000000</valUSD>
        <pctVal>0.494044435606</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Janus International Group Inc</name>
        <lei>N/A</lei>
        <title>Janus International Group, Inc. </title>
        <cusip>47103N106</cusip>
        <identifiers>
          <isin value="US47103N1063"/>
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        <balance>225050.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1620360.00000000</valUSD>
        <pctVal>1.481250458290</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Kirby Corp</name>
        <lei>I7NO6FZO5GUCG585T325</lei>
        <title>Kirby Corp. </title>
        <cusip>497266106</cusip>
        <identifiers>
          <isin value="US4972661064"/>
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        <balance>55594.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5615549.94000000</valUSD>
        <pctVal>5.133449308904</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
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      <invstOrSec>
        <name>Lincoln Electric Holdings Inc.</name>
        <lei>BIMGBY40SIN95O01BN93</lei>
        <title>Lincoln Electric Holdings, Inc. </title>
        <cusip>533900106</cusip>
        <identifiers>
          <isin value="US5339001068"/>
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        <balance>10813.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2045387.08000000</valUSD>
        <pctVal>1.869788534418</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Mama's Creations, Inc</name>
        <lei>N/A</lei>
        <title>Mama's Creations, Inc. </title>
        <cusip>56146T103</cusip>
        <identifiers>
          <isin value="US56146T1034"/>
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        <balance>457588.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2978897.88000000</valUSD>
        <pctVal>2.723156489884</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Maravai LifeSciences Holdings Inc</name>
        <lei>N/A</lei>
        <title>Maravai LifeSciences Holdings, Inc. </title>
        <cusip>56600D107</cusip>
        <identifiers>
          <isin value="US56600D1072"/>
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        <balance>149634.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>330691.14000000</valUSD>
        <pctVal>0.302300971807</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Money Market Obligations Trust</name>
        <lei>25490005VWJDWX717014</lei>
        <title>Federated Hermes Treasury Oligations Fund </title>
        <cusip>60934N500</cusip>
        <identifiers>
          <isin value="US60934N5005"/>
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        <balance>2331888.30000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2331888.30000000</valUSD>
        <pctVal>2.131693335466</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>
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      <invstOrSec>
        <name>Movado Group Inc</name>
        <lei>549300WCGCGPWGHVXM59</lei>
        <title>Movado Group, Inc. </title>
        <cusip>624580106</cusip>
        <identifiers>
          <isin value="US6245801062"/>
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        <balance>121327.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2028587.44000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>National Fuel Gas Company</name>
        <lei>8JB38FFW1Y3C1HM8E841</lei>
        <title>National Fuel Gas Co. </title>
        <cusip>636180101</cusip>
        <identifiers>
          <isin value="US6361801011"/>
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        <balance>18691.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1480140.29000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Net Lease Office Properties</name>
        <lei>N/A</lei>
        <title>NET Lease Office Properties </title>
        <cusip>64110Y108</cusip>
        <identifiers>
          <isin value="US64110Y1082"/>
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        <balance>27277.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>855952.26000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Ollies Bargain Outlet Holdings Inc.</name>
        <lei>529900YO5DSQCPEFDZ05</lei>
        <title>Ollie's Bargain Outlet Holdings, Inc. </title>
        <cusip>681116109</cusip>
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          <isin value="US6811161099"/>
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        <balance>12994.00000000</balance>
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        <valUSD>1511981.84000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Onto Innovation Inc.</name>
        <lei>254900RXZVN73CHOO062</lei>
        <title>Onto Innovation, Inc. </title>
        <cusip>683344105</cusip>
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          <isin value="US6833441057"/>
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        <balance>9038.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1096670.92000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Performance Food Group Co.</name>
        <lei>549300EUK8GR9IT1YK57</lei>
        <title>Performance Food Group Co. </title>
        <cusip>71377A103</cusip>
        <identifiers>
          <isin value="US71377A1034"/>
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        <balance>44725.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3516726.75000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Range Resources Corp.</name>
        <lei>H3Y3WLYCX0BTO1TRW162</lei>
        <title>Range Resources Corp. </title>
        <cusip>75281A109</cusip>
        <identifiers>
          <isin value="US75281A1097"/>
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        <balance>68114.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Rocket Pharmaceuticals Inc</name>
        <lei>549300R7VV82YUIN4Y93</lei>
        <title>Rocket Pharmaceuticals, Inc. </title>
        <cusip>77313F106</cusip>
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          <isin value="US77313F1066"/>
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        <balance>29631.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Seaboard Corp Del</name>
        <lei>87Q3KOXT29OW9W9YPT70</lei>
        <title>Seaboard Corp. </title>
        <cusip>811543107</cusip>
        <identifiers>
          <isin value="US8115431079"/>
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        <balance>935.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2521807.20000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SEMrush Holdings Inc.</name>
        <lei>254900WQEX0OLGK16D27</lei>
        <title>SEMrush Holdings Inc </title>
        <cusip>81686C104</cusip>
        <identifiers>
          <isin value="US81686C1045"/>
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        <balance>150632.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1405396.56000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SI-BONE Inc.</name>
        <lei>549300J8JGYVJJHV9C31</lei>
        <title>SI-BONE, Inc. </title>
        <cusip>825704109</cusip>
        <identifiers>
          <isin value="US8257041090"/>
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        <balance>117584.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1649703.52000000</valUSD>
        <pctVal>1.508074807476</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sun Country Airlines Holdings Inc.</name>
        <lei>549300MOHOJN9GH0NJ48</lei>
        <title>Sun Country Airlines Holdings Inc. </title>
        <cusip>866683105</cusip>
        <identifiers>
          <isin value="US8666831057"/>
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        <balance>123685.00000000</balance>
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        <name>THE OPTIONS CLEARING CORPORATION</name>
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        <name>THE OPTIONS CLEARING CORPORATION</name>
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          <ticker value="AGO   251017C00100000"/>
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        <name>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
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          <ticker value="AIT   250815C00270000"/>
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            <exercisePrice>270.00000000</exercisePrice>
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            <expDt>2025-08-15</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>7902.22000000</unrealizedAppr>
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        <name>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>Antero Resources Corp. Call @ 50 August 2025</title>
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        <identifiers>
          <ticker value="AR    250815C00050000"/>
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        <balance>-129.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-15544.50000000</valUSD>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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            <expDt>2025-08-15</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>5097.04000000</unrealizedAppr>
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        <name>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>Antero Resources Corp. Call @ 55 September 2025</title>
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        <identifiers>
          <ticker value="AR    250919C00055000"/>
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        <valUSD>-12015.00000000</valUSD>
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        <invCountry>US</invCountry>

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            <exercisePrice>55.00000000</exercisePrice>
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            <expDt>2025-09-19</expDt>
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      <invstOrSec>
        <name>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
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        <identifiers>
          <ticker value="AXS   251017C00095000"/>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Foraco International SA</name>
        <lei>9695007X7FEAWKE0E728</lei>
        <title>Foraco International SA </title>
        <cusip>F4269M103</cusip>
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        <invCountry>FR</invCountry>

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        <name>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
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          <ticker value="BHVN  250718C00045000"/>
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        <name>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>BWX Technologies, Inc. Call @ 125 November 2025</title>
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        <identifiers>
          <ticker value="BWXT  251121C00125000"/>
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        <name>Assured Guaranty Ltd.</name>
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        <name>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
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            <expDt>2025-07-18</expDt>
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      <invstOrSec>
        <name>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
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        <identifiers>
          <ticker value="SRCE  250620C00070000"/>
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      <invstOrSec>
        <name>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
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            <expDt>2025-04-17</expDt>
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      <invstOrSec>
        <name>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
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      <invstOrSec>
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      <invstOrSec>
        <name>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
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    <signature>
      <ncom:dateSigned>2025-03-31</ncom:dateSigned>
      <ncom:nameOfApplicant>VELA Funds</ncom:nameOfApplicant>
      <ncom:signature>Gregory Knoth</ncom:signature>
      <ncom:signerName>Gregory Knoth</ncom:signerName>
      <ncom:title>SVP, Mutual Fund Controller</ncom:title>
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</edgarSubmission>
