# EDGAR Filing Document

**Accession Number:** 0000890203
**File Stem:** 0000890203-26-000003
**Filing Date:** 2026-2
**Character Count:** 22628
**Document Hash:** d385e528827fd6484f6a9d8d822d7286
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000890203-26-000003.hdr.sgml**: 20260211

**ACCESSION NUMBER**: 0000890203-26-000003

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260211

**DATE AS OF CHANGE**: 20260211

**EFFECTIVENESS DATE**: 20260211

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MIRAE ASSET SECURITIES (USA) INC.
- **CENTRAL INDEX KEY:** 0000890203

**ORGANIZATION NAME:**
- **EIN:** 133674844
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-24253
- **FILM NUMBER:** 26620551

**BUSINESS ADDRESS:**
- **STREET 1:** 810 SEVENTH AVENUE
- **STREET 2:** 37TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 646-968-2052

**MAIL ADDRESS:**
- **STREET 1:** 810 SEVENTH AVENUE
- **STREET 2:** 37TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DAEWOO SECURITIES (AMERICA) INC.
- **DATE OF NAME CHANGE:** 20020830

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DAEWOO SECURITIES AMERICA INC                           /BD
- **DATE OF NAME CHANGE:** 19920803

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** MIRAE ASSET SECURITIES (USA) INC.<br>**Address:** 810 SEVENTH AVENUE<br>37TH FLOOR<br>NEW YORK, NY 10019

**Form 13F File Number:** 028-24253

**CRD Number (if applicable):** 000030679

**SEC File Number (if applicable):** 8-45034

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Daniel Hanuka<br>**Title:** Chief Financial Officer<br>**Phone:** 646-968-2060

**Signature, Place, and Date of Signing:**

Daniel Hanuka  New York, NY  02-11-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 184

**Form 13F Information Table Value Total:** $3634914584

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| 3M CO | COM | 88579Y101 |  | 4012106 | 25060 | SH |  | SOLE | 0 | 0 | 0 | 25060 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 28036328 | 130913 | SH |  | SOLE | 0 | 0 | 0 | 130913 |
| AIRSCULPT TECHNOLOGIES INC | COM | 009496100 |  | 97800 | 49394 | SH |  | SOLE | 0 | 0 | 0 | 49394 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 |  | 25712038 | 175413 | SH |  | SOLE | 0 | 0 | 0 | 175413 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 62956194 | 201138 | SH |  | SOLE | 0 | 0 | 0 | 201138 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 23591798 | 75181 | SH |  | SOLE | 0 | 0 | 0 | 75181 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 5779954 | 100242 | SH |  | SOLE | 0 | 0 | 0 | 100242 |
| AMAZON COM INC | COM | 023135106 |  | 52198327 | 226143 | SH |  | SOLE | 0 | 0 | 0 | 226143 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 9269467 | 25056 | SH |  | SOLE | 0 | 0 | 0 | 25056 |
| AMGEN INC | COM | 031162100 |  | 7437465 | 22723 | SH |  | SOLE | 0 | 0 | 0 | 22723 |
| APPLE INC | COM | 037833100 |  | 34061339 | 125290 | SH |  | SOLE | 0 | 0 | 0 | 125290 |
| BAIDU INC | SPON ADR REP A | 056752108 |  | 19644992 | 150352 | SH |  | SOLE | 0 | 0 | 0 | 150352 |
| BEYOND MEAT INC | COM | 08862E109 |  | 203980 | 248756 | SH |  | SOLE | 0 | 0 | 0 | 248756 |
| BIGBEAR AI HLDGS INC | COM | 08975B109 |  | 269665 | 49938 | SH |  | SOLE | 0 | 0 | 0 | 49938 |
| BITMINE IMMERSION TECNOLOGIE | COM NEW | 09175A206 |  | 10886851 | 400989 | SH |  | SOLE | 0 | 0 | 0 | 400989 |
| BOEING CO | COM | 097023105 |  | 10882054 | 50120 | SH |  | SOLE | 0 | 0 | 0 | 50120 |
| BRIDGEBIO PHARMA INC | COM | 10806X102 |  | 3963559 | 51818 | SH |  | SOLE | 0 | 0 | 0 | 51818 |
| BROADCOM INC | COM | 11135F101 |  | 76650075 | 221468 | SH |  | SOLE | 0 | 0 | 0 | 221468 |
| BURLINGTON STORES INC | COM | 122017106 |  | 1592430 | 5513 | SH |  | SOLE | 0 | 0 | 0 | 5513 |
| CATERPILLAR INC | COM | 149123101 |  | 14415701 | 25164 | SH |  | SOLE | 0 | 0 | 0 | 25164 |
| CISCO SYS INC | COM | 17275R102 |  | 7755072 | 100676 | SH |  | SOLE | 0 | 0 | 0 | 100676 |
| COCA COLA CO | COM | 191216100 |  | 2627707 | 37587 | SH |  | SOLE | 0 | 0 | 0 | 37587 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 2345305 | 25054 | SH |  | SOLE | 0 | 0 | 0 | 25054 |
| CYTOKINETICS INC | COM NEW | 23282W605 |  | 1910457 | 30067 | SH |  | SOLE | 0 | 0 | 0 | 30067 |
| DEERE  CO | COM | 244199105 |  | 6485856 | 13931 | SH |  | SOLE | 0 | 0 | 0 | 13931 |
| DEVON ENERGY CORP NEW | COM | 25179M103 |  | 2331500 | 63650 | SH |  | SOLE | 0 | 0 | 0 | 63650 |
| DISNEY WALT CO | COM | 254687106 |  | 17180066 | 151007 | SH |  | SOLE | 0 | 0 | 0 | 151007 |
| DOLLAR TREE INC | COM | 256746108 |  | 6164769 | 50116 | SH |  | SOLE | 0 | 0 | 0 | 50116 |
| EA SERIES TRUST | COASTAL COMPASS | 02072L169 |  | 442767 | 16377 | SH |  | SOLE | 0 | 0 | 0 | 16377 |
| EA SERIES TRUST | CONCOURSE CAPITL | 02072Q515 |  | 549019 | 20756 | SH |  | SOLE | 0 | 0 | 0 | 20756 |
| EA SERIES TRUST | EA ASTORIA DYNMC | 02072Q663 |  | 277663 | 10977 | SH |  | SOLE | 0 | 0 | 0 | 10977 |
| EA SERIES TRUST | EFFICIENT MARKET | 02072Q887 |  | 1153336 | 40000 | SH |  | SOLE | 0 | 0 | 0 | 40000 |
| EA SERIES TRUST | JLENS 500 JEWISH | 02072Q846 |  | 286370 | 9985 | SH |  | SOLE | 0 | 0 | 0 | 9985 |
| EA SERIES TRUST | SARMAYA THEMATIC | 02072Q796 |  | 390046 | 10095 | SH |  | SOLE | 0 | 0 | 0 | 10095 |
| EA SERIES TRUST | STANCE SUSTAINAB | 02072L151 |  | 372791 | 13712 | SH |  | SOLE | 0 | 0 | 0 | 13712 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 12153979 | 100997 | SH |  | SOLE | 0 | 0 | 0 | 100997 |
| GE AEROSPACE | COM NEW | 369604301 |  | 15504690 | 50335 | SH |  | SOLE | 0 | 0 | 0 | 50335 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 12376242 | 100833 | SH |  | SOLE | 0 | 0 | 0 | 100833 |
| GOLDMAN SACHS ETF TR | NASDAQ-100 PREMI | 38149W630 |  | 11102700 | 210000 | SH |  | SOLE | 0 | 0 | 0 | 210000 |
| GOLDMAN SACHS ETF TR | S 500 PREMIUM | 38149W622 |  | 7392000 | 140000 | SH |  | SOLE | 0 | 0 | 0 | 140000 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 11060457 | 12583 | SH |  | SOLE | 0 | 0 | 0 | 12583 |
| HOME DEPOT INC | COM | 437076102 |  | 6923980 | 20122 | SH |  | SOLE | 0 | 0 | 0 | 20122 |
| HONEYWELL INTL INC | COM | 438516106 |  | 5120917 | 26249 | SH |  | SOLE | 0 | 0 | 0 | 26249 |
| ILLINOIS TOOL WKS INC | COM | 452308109 |  | 2962250 | 12027 | SH |  | SOLE | 0 | 0 | 0 | 12027 |
| INFOSYS LTD | SPONSORED ADR | 456788108 |  | 2122326 | 119098 | SH |  | SOLE | 0 | 0 | 0 | 119098 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 319978107 | 520874 | SH |  | SOLE | 0 | 0 | 0 | 520874 |
| INVESTMENT MANAGERS SER TR | TRADR 2X LONG | 46152A726 |  | 154950 | 15000 | SH |  | SOLE | 0 | 0 | 0 | 15000 |
| IREN LIMITED | ORDINARY SHARES | Q4982L109 |  | 53942661 | 1428188 | SH |  | SOLE | 0 | 0 | 0 | 1428188 |
| ISHARES INC | MSCI STH KOR ETF | 464286772 |  | 3896189 | 40076 | SH |  | SOLE | 0 | 0 | 0 | 40076 |
| ISHARES TR | CHINA LG-CAP ETF | 464287184 |  | 13458476 | 351488 | SH |  | SOLE | 0 | 0 | 0 | 351488 |
| ISHARES TR | MSCI EAFE ETF | 464287465 |  | 19235097 | 200303 | SH |  | SOLE | 0 | 0 | 0 | 200303 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 267460471 | 1086531 | SH |  | SOLE | 0 | 0 | 0 | 1086531 |
| JD.COM INC | SPON ADS CL A | 47215P106 |  | 2877032 | 100245 | SH |  | SOLE | 0 | 0 | 0 | 100245 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 10453872 | 50514 | SH |  | SOLE | 0 | 0 | 0 | 50514 |
| JOHNSON CTLS INTL PLC | SHS | G51502105 |  | 2528042 | 21111 | SH |  | SOLE | 0 | 0 | 0 | 21111 |
| KIMBERLY-CLARK CORP | COM | 494368103 |  | 2528203 | 25059 | SH |  | SOLE | 0 | 0 | 0 | 25059 |
| LINDE PLC | SHS | G54950103 |  | 10729678 | 25164 | SH |  | SOLE | 0 | 0 | 0 | 25164 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 12121738 | 25062 | SH |  | SOLE | 0 | 0 | 0 | 25062 |
| MCDONALDS CORP | COM | 580135101 |  | 10769179 | 35236 | SH |  | SOLE | 0 | 0 | 0 | 35236 |
| MERCK  CO INC | COM | 58933Y105 |  | 10596524 | 100670 | SH |  | SOLE | 0 | 0 | 0 | 100670 |
| META PLATFORMS INC | CL A | 30303M102 |  | 67630841 | 102457 | SH |  | SOLE | 0 | 0 | 0 | 102457 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 21547599 | 75497 | SH |  | SOLE | 0 | 0 | 0 | 75497 |
| MICROSOFT CORP | COM | 594918104 |  | 36368224 | 75200 | SH |  | SOLE | 0 | 0 | 0 | 75200 |
| MONDELEZ INTL INC | CL A | 609207105 |  | 4261936 | 79174 | SH |  | SOLE | 0 | 0 | 0 | 79174 |
| NANO NUCLEAR ENERGY INC | COM | 63010H108 |  | 255707 | 10650 | SH |  | SOLE | 0 | 0 | 0 | 10650 |
| NIKE INC | CL B | 654106103 |  | 12773282 | 200491 | SH |  | SOLE | 0 | 0 | 0 | 200491 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 32716763 | 175425 | SH |  | SOLE | 0 | 0 | 0 | 175425 |
| OCCIDENTAL PETE CORP | COM | 674599105 |  | 4122157 | 100247 | SH |  | SOLE | 0 | 0 | 0 | 100247 |
| ORACLE CORP | COM | 68389X105 |  | 21659958 | 111128 | SH |  | SOLE | 0 | 0 | 0 | 111128 |
| OREILLY AUTOMOTIVE INC | COM | 67103H107 |  | 1648894 | 18078 | SH |  | SOLE | 0 | 0 | 0 | 18078 |
| PACER FDS TR | PACER CASH COWZ | 69374H246 |  | 540478 | 21533 | SH |  | SOLE | 0 | 0 | 0 | 21533 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 17857121 | 100462 | SH |  | SOLE | 0 | 0 | 0 | 100462 |
| PDD HOLDINGS INC | SPONSORED ADS | 722304102 |  | 11367007 | 100247 | SH |  | SOLE | 0 | 0 | 0 | 100247 |
| PFIZER INC | COM | 717081103 |  | 11232664 | 451111 | SH |  | SOLE | 0 | 0 | 0 | 451111 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 498363 | 3107 | SH |  | SOLE | 0 | 0 | 0 | 3107 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 3967394 | 27684 | SH |  | SOLE | 0 | 0 | 0 | 27684 |
| QUALCOMM INC | COM | 747525103 |  | 8573539 | 50123 | SH |  | SOLE | 0 | 0 | 0 | 50123 |
| RTX CORPORATION | COM | 75513E101 |  | 5275318 | 28764 | SH |  | SOLE | 0 | 0 | 0 | 28764 |
| SALESFORCE INC | COM | 79466L302 |  | 13278084 | 50123 | SH |  | SOLE | 0 | 0 | 0 | 50123 |
| SEALSQ CORP | ORD SHS | G79483106 |  | 737531 | 195114 | SH |  | SOLE | 0 | 0 | 0 | 195114 |
| SELECT SECTOR SPDR TR | STATE STREET CON | 81369Y308 |  | 27188000 | 350000 | SH |  | SOLE | 0 | 0 | 0 | 350000 |
| SELECT SECTOR SPDR TR | STATE STREET IND | 81369Y704 |  | 100887256 | 650382 | SH |  | SOLE | 0 | 0 | 0 | 650382 |
| SHERWIN WILLIAMS CO | COM | 824348106 |  | 4059772 | 12529 | SH |  | SOLE | 0 | 0 | 0 | 12529 |
| SPDR DOW JONES INDL AVERAGE | UT SER 1 | 78467X109 |  | 96114000 | 200000 | SH |  | SOLE | 0 | 0 | 0 | 200000 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 260211807 | 381587 | SH |  | SOLE | 0 | 0 | 0 | 381587 |
| SPDR S MIDCAP 400 ETF TR | UTSER1 S | 78467Y107 |  | 67043110 | 111131 | SH |  | SOLE | 0 | 0 | 0 | 111131 |
| SPDR SERIES TRUST | STATE STREET SPD | 78468R556 |  | 82069000 | 650000 | SH |  | SOLE | 0 | 0 | 0 | 650000 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A888 |  | 51480000 | 500000 | SH |  | SOLE | 0 | 0 | 0 | 500000 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A870 |  | 12193000 | 100000 | SH |  | SOLE | 0 | 0 | 0 | 100000 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A714 |  | 110877000 | 1300000 | SH |  | SOLE | 0 | 0 | 0 | 1300000 |
| STRATEGY INC | CL A NEW | 594972408 |  | 35795013 | 235571 | SH |  | SOLE | 0 | 0 | 0 | 235571 |
| STUBHUB HLDGS INC | CL A | 86384P109 |  | 2015889 | 148994 | SH |  | SOLE | 0 | 0 | 0 | 148994 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 30523927 | 100444 | SH |  | SOLE | 0 | 0 | 0 | 100444 |
| TARGET CORP | COM | 87612E106 |  | 7103004 | 72665 | SH |  | SOLE | 0 | 0 | 0 | 72665 |
| TESLA INC | COM | 88160R101 |  | 22838580 | 50784 | SH |  | SOLE | 0 | 0 | 0 | 50784 |
| TIDAL TRUST I | FUNDSTRAT GRANNY | 886364231 |  | 209049 | 8443 | SH |  | SOLE | 0 | 0 | 0 | 8443 |
| TIDAL TRUST II | DEFIANCE AI  PW | 88636R479 |  | 250354 | 11318 | SH |  | SOLE | 0 | 0 | 0 | 11318 |
| TIDAL TRUST III | ALPHA BRANDS | 45259A449 |  | 605643 | 28884 | SH |  | SOLE | 0 | 0 | 0 | 28884 |
| TIDAL TRUST III | BEEHIVE ETF | 45259A761 |  | 593916 | 22998 | SH |  | SOLE | 0 | 0 | 0 | 22998 |
| TRAVELERS COMPANIES INC | COM | 89417E109 |  | 14599880 | 50334 | SH |  | SOLE | 0 | 0 | 0 | 50334 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 6143121 | 75182 | SH |  | SOLE | 0 | 0 | 0 | 75182 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 8307878 | 25167 | SH |  | SOLE | 0 | 0 | 0 | 25167 |
| VANECK ETF TRUST | SEMICONDUCTR ETF | 92189F676 |  | 18155594 | 50414 | SH |  | SOLE | 0 | 0 | 0 | 50414 |
| VISA INC | COM CL A | 92826C839 |  | 10543395 | 30063 | SH |  | SOLE | 0 | 0 | 0 | 30063 |
| WALMART INC | COM | 931142103 |  | 11808680 | 105993 | SH |  | SOLE | 0 | 0 | 0 | 105993 |
| 3M CO | COM | 88579Y101 |  | 4002500 | 25060 | SH | Put | SOLE | 0 | 0 | 0 | 25060 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 27840800 | 392739 | SH | Put | SOLE | 0 | 0 | 0 | 392739 |
| AIRSCULPT TECHNOLOGIES INC | COM | 009496100 |  | 99000 | 49394 | SH | Put | SOLE | 0 | 0 | 0 | 49394 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 |  | 25651500 | 175413 | SH | Put | SOLE | 0 | 0 | 0 | 175413 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 62600000 | 804552 | SH | Put | SOLE | 0 | 0 | 0 | 804552 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 23535000 | 150362 | SH | Put | SOLE | 0 | 0 | 0 | 150362 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 5766000 | 100242 | SH | Put | SOLE | 0 | 0 | 0 | 100242 |
| AMAZON COM INC | COM | 023135106 |  | 51934500 | 678429 | SH | Put | SOLE | 0 | 0 | 0 | 678429 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 9248750 | 25056 | SH | Put | SOLE | 0 | 0 | 0 | 25056 |
| AMGEN INC | COM | 031162100 |  | 7364475 | 22723 | SH | Put | SOLE | 0 | 0 | 0 | 22723 |
| APPLE INC | COM | 037833100 |  | 33982500 | 250580 | SH | Put | SOLE | 0 | 0 | 0 | 250580 |
| BAIDU INC | SPON ADR REP A | 056752108 |  | 19599000 | 300704 | SH | Put | SOLE | 0 | 0 | 0 | 300704 |
| BEYOND MEAT INC | COM | 08862E109 |  | 207050 | 995024 | SH | Put | SOLE | 0 | 0 | 0 | 995024 |
| BIGBEAR AI HLDGS INC | COM | 08975B109 |  | 270000 | 49938 | SH | Put | SOLE | 0 | 0 | 0 | 49938 |
| BITMINE IMMERSION TECNOLOGIE | COM NEW | 09175A206 |  | 10860000 | 400989 | SH | Put | SOLE | 0 | 0 | 0 | 400989 |
| BOEING CO | COM | 097023105 |  | 10856000 | 50120 | SH | Put | SOLE | 0 | 0 | 0 | 50120 |
| BRIDGEBIO PHARMA INC | COM | 10806X102 |  | 3954533 | 51818 | SH | Put | SOLE | 0 | 0 | 0 | 51818 |
| BROADCOM INC | COM | 11135F101 |  | 76142000 | 221468 | SH | Put | SOLE | 0 | 0 | 0 | 221468 |
| BURLINGTON STORES INC | COM | 122017106 |  | 1588675 | 5513 | SH | Put | SOLE | 0 | 0 | 0 | 5513 |
| CATERPILLAR INC | COM | 149123101 |  | 14321750 | 25156 | SH | Put | SOLE | 0 | 0 | 0 | 25156 |
| CISCO SYS INC | COM | 17275R102 |  | 7703000 | 100676 | SH | Put | SOLE | 0 | 0 | 0 | 100676 |
| COCA COLA CO | COM | 191216100 |  | 2621625 | 37587 | SH | Put | SOLE | 0 | 0 | 0 | 37587 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 2340250 | 25054 | SH | Put | SOLE | 0 | 0 | 0 | 25054 |
| CYTOKINETICS INC | COM NEW | 23282W605 |  | 1906200 | 30067 | SH | Put | SOLE | 0 | 0 | 0 | 30067 |
| DEERE  CO | COM | 244199105 |  | 6471423 | 13931 | SH | Put | SOLE | 0 | 0 | 0 | 13931 |
| DEVON ENERGY CORP NEW | COM | 25179M103 |  | 2326005 | 63650 | SH | Put | SOLE | 0 | 0 | 0 | 63650 |
| DISNEY WALT CO | COM | 254687106 |  | 17065500 | 302014 | SH | Put | SOLE | 0 | 0 | 0 | 302014 |
| DOLLAR TREE INC | COM | 256746108 |  | 6150500 | 50116 | SH | Put | SOLE | 0 | 0 | 0 | 50116 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 12034000 | 100997 | SH | Put | SOLE | 0 | 0 | 0 | 100997 |
| GE AEROSPACE | COM NEW | 369604301 |  | 15401500 | 50335 | SH | Put | SOLE | 0 | 0 | 0 | 50335 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 12274000 | 201666 | SH | Put | SOLE | 0 | 0 | 0 | 201666 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 10987500 | 12583 | SH | Put | SOLE | 0 | 0 | 0 | 12583 |
| HOME DEPOT INC | COM | 437076102 |  | 6882000 | 20122 | SH | Put | SOLE | 0 | 0 | 0 | 20122 |
| HONEYWELL INTL INC | COM | 438516106 |  | 5072340 | 26249 | SH | Put | SOLE | 0 | 0 | 0 | 26249 |
| ILLINOIS TOOL WKS INC | COM | 452308109 |  | 2955600 | 12027 | SH | Put | SOLE | 0 | 0 | 0 | 12027 |
| INFOSYS LTD | SPONSORED ADR | 456788108 |  | 2147310 | 476392 | SH | Put | SOLE | 0 | 0 | 0 | 476392 |
| IREN LIMITED | ORDINARY SHARES | Q4982L109 |  | 59166705 | 4284564 | SH | Put | SOLE | 0 | 0 | 0 | 4284564 |
| ISHARES INC | MSCI STH KOR ETF | 464286772 |  | 3888800 | 40076 | SH | Put | SOLE | 0 | 0 | 0 | 40076 |
| ISHARES TR | MSCI EAFE ETF | 464287465 |  | 19206000 | 200303 | SH | Put | SOLE | 0 | 0 | 0 | 200303 |
| ISHARES TR | CHINA LG-CAP ETF | 464287184 |  | 13401500 | 702976 | SH | Put | SOLE | 0 | 0 | 0 | 702976 |
| JD.COM INC | SPON ADS CL A | 47215P106 |  | 2870000 | 100245 | SH | Put | SOLE | 0 | 0 | 0 | 100245 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 10347500 | 50514 | SH | Put | SOLE | 0 | 0 | 0 | 50514 |
| JOHNSON CTLS INTL PLC | SHS | G51502105 |  | 2514750 | 21045 | SH | Put | SOLE | 0 | 0 | 0 | 21045 |
| KIMBERLY-CLARK CORP | COM | 494368103 |  | 2522250 | 25059 | SH | Put | SOLE | 0 | 0 | 0 | 25059 |
| LINDE PLC | SHS | G54950103 |  | 10659750 | 25164 | SH | Put | SOLE | 0 | 0 | 0 | 25164 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 12091750 | 25062 | SH | Put | SOLE | 0 | 0 | 0 | 25062 |
| MCDONALDS CORP | COM | 580135101 |  | 10697050 | 35236 | SH | Put | SOLE | 0 | 0 | 0 | 35236 |
| MERCK  CO INC | COM | 58933Y105 |  | 10526000 | 100670 | SH | Put | SOLE | 0 | 0 | 0 | 100670 |
| META PLATFORMS INC | CL A | 30303M102 |  | 67329180 | 307371 | SH | Put | SOLE | 0 | 0 | 0 | 307371 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 21405750 | 75497 | SH | Put | SOLE | 0 | 0 | 0 | 75497 |
| MICROSOFT CORP | COM | 594918104 |  | 36271500 | 225600 | SH | Put | SOLE | 0 | 0 | 0 | 225600 |
| MONDELEZ INTL INC | CL A | 609207105 |  | 4252570 | 79174 | SH | Put | SOLE | 0 | 0 | 0 | 79174 |
| NANO NUCLEAR ENERGY INC | COM | 63010H108 |  | 259308 | 10650 | SH | Put | SOLE | 0 | 0 | 0 | 10650 |
| NIKE INC | CL B | 654106103 |  | 12742000 | 200491 | SH | Put | SOLE | 0 | 0 | 0 | 200491 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 32637500 | 526275 | SH | Put | SOLE | 0 | 0 | 0 | 526275 |
| OCCIDENTAL PETE CORP | COM | 674599105 |  | 4112000 | 100247 | SH | Put | SOLE | 0 | 0 | 0 | 100247 |
| ORACLE CORP | COM | 68389X105 |  | 21440100 | 111128 | SH | Put | SOLE | 0 | 0 | 0 | 111128 |
| OREILLY AUTOMOTIVE INC | COM | 67103H107 |  | 1641780 | 18078 | SH | Put | SOLE | 0 | 0 | 0 | 18078 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 17775000 | 200924 | SH | Put | SOLE | 0 | 0 | 0 | 200924 |
| PDD HOLDINGS INC | SPONSORED ADS | 722304102 |  | 11339000 | 100247 | SH | Put | SOLE | 0 | 0 | 0 | 100247 |
| PFIZER INC | COM | 717081103 |  | 11205000 | 451111 | SH | Put | SOLE | 0 | 0 | 0 | 451111 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 497240 | 3107 | SH | Put | SOLE | 0 | 0 | 0 | 3107 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 3941025 | 27684 | SH | Put | SOLE | 0 | 0 | 0 | 27684 |
| QUALCOMM INC | COM | 747525103 |  | 8552500 | 50123 | SH | Put | SOLE | 0 | 0 | 0 | 50123 |
| RTX CORPORATION | COM | 75513E101 |  | 5226900 | 28764 | SH | Put | SOLE | 0 | 0 | 0 | 28764 |
| SALESFORCE INC | COM | 79466L302 |  | 13245500 | 50123 | SH | Put | SOLE | 0 | 0 | 0 | 50123 |
| SEALSQ CORP | ORD SHS | G79483106 |  | 756000 | 195114 | SH | Put | SOLE | 0 | 0 | 0 | 195114 |
| SHERWIN WILLIAMS CO | COM | 824348106 |  | 4050375 | 12529 | SH | Put | SOLE | 0 | 0 | 0 | 12529 |
| STRATEGY INC | CL A NEW | 594972408 |  | 35708250 | 235571 | SH | Put | SOLE | 0 | 0 | 0 | 235571 |
| STUBHUB HLDGS INC | CL A | 86384P109 |  | 2029500 | 148994 | SH | Put | SOLE | 0 | 0 | 0 | 148994 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 30389000 | 200888 | SH | Put | SOLE | 0 | 0 | 0 | 200888 |
| TARGET CORP | COM | 87612E106 |  | 7086875 | 72665 | SH | Put | SOLE | 0 | 0 | 0 | 72665 |
| TESLA INC | COM | 88160R101 |  | 22486000 | 101568 | SH | Put | SOLE | 0 | 0 | 0 | 101568 |
| TRAVELERS COMPANIES INC | COM | 89417E109 |  | 14503000 | 50334 | SH | Put | SOLE | 0 | 0 | 0 | 50334 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 6128250 | 75182 | SH | Put | SOLE | 0 | 0 | 0 | 75182 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 8252750 | 25167 | SH | Put | SOLE | 0 | 0 | 0 | 25167 |
| VANECK ETF TRUST | SEMICONDUCTR ETF | 92189F676 |  | 18006500 | 50414 | SH | Put | SOLE | 0 | 0 | 0 | 50414 |
| VISA INC | COM CL A | 92826C839 |  | 10521300 | 30063 | SH | Put | SOLE | 0 | 0 | 0 | 30063 |
| WALMART INC | COM | 931142103 |  | 11753755 | 211986 | SH | Put | SOLE | 0 | 0 | 0 | 211986 |

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