# EDGAR Filing Document

**Accession Number:** 0001536080
**File Stem:** 0001536080-26-000002
**Filing Date:** 2026-5
**Character Count:** 24503
**Document Hash:** 838537597051a45801e04fe39a7b59a7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001536080-26-000002.hdr.sgml**: 20260513

**ACCESSION NUMBER**: 0001536080-26-000002

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260513

**DATE AS OF CHANGE**: 20260512

**EFFECTIVENESS DATE**: 20260513

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Banco BTG Pactual S.A.
- **CENTRAL INDEX KEY:** 0001536080

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-17443
- **FILM NUMBER:** 26970084

**BUSINESS ADDRESS:**
- **STREET 1:** PRAIA DE BOTAFOGO,501, 5TH FLOOR
- **STREET 2:** TORRE CORCOVADO, BOTAFOGO
- **CITY:** RIO DE JANEIRO
- **STATE:** D5
- **ZIP:** 24210-400
- **BUSINESS PHONE:** 00 55 21 3262 9984

**MAIL ADDRESS:**
- **STREET 1:** PRAIA DE BOTAFOGO,501, 5TH FLOOR
- **STREET 2:** TORRE CORCOVADO, BOTAFOGO
- **CITY:** RIO DE JANEIRO
- **STATE:** D5
- **ZIP:** 24210-400

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 03-31-2026

**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:** Banco BTG Pactual S.A.<br>**Address:** PRAIA DE BOTAFOGO501 5TH FLOOR<br>TORRE CORCOVADO BOTAFOGO<br>RIO DE JANEIRO, D5 24210-400

**Form 13F File Number:** 028-17443

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:** Vitor Fortunato<br>**Title:** Compliance Officer<br>**Phone:** 00551133833311

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

/s/  Vitor Fortunato  Sao Paulo, D5  05-12-2026<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:** 185

**Form 13F Information Table Value Total:** $1144241186

      (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 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 | BBG001S5NN36 | 3177983 | 15622 | SH |  | SOLE |  | 15622 | 0 | 0 |
| AGILENT TECHNOLOGIES INC | COM | 00846U101 | BBG001SCTQY4 | 474157 | 4160 | SH |  | SOLE |  | 4160 | 0 | 0 |
| AGILENT TECHNOLOGIES INC | COM | 00846U101 | BBG001SCTQY4 | 911840 | 8000 | SH | Put | SOLE |  | 8000 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 | BBG009S3NB21 | 5163480 | 18000 | SH | Call | SOLE |  | 18000 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 | BBG009S3NB21 | 4733190 | 16500 | SH | Put | SOLE |  | 16500 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 | BBG001S5PQL7 | 3641809 | 17486 | SH |  | SOLE |  | 17486 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 | BBG001S5PQL7 | 4373670 | 21000 | SH | Call | SOLE |  | 21000 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 | BBG001S5PQL7 | 12287930 | 59000 | SH | Put | SOLE |  | 59000 | 0 | 0 |
| ANHEUSER BUSCH INBEV SA NV | SPONSORED ADR | 03524A108 | BBG001T53FW2 | 1387400 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| APOLLO GLOBAL MGMT INC | COM | 03769M106 | BBG00ZNLTFL2 | 301948 | 2710 | SH |  | SOLE |  | 2710 | 0 | 0 |
| APPLE INC | COM | 037833100 | BBG001S5N8V8 | 564429 | 2224 | SH |  | SOLE |  | 2224 | 0 | 0 |
| APPLE INC | COM | 037833100 | BBG001S5N8V8 | 1015160 | 4000 | SH | Call | SOLE |  | 4000 | 0 | 0 |
| APPLIED MATLS INC | COM | 038222105 | BBG001S5NMM7 | 1025370 | 3000 | SH | Call | SOLE |  | 3000 | 0 | 0 |
| APPLIED MATLS INC | COM | 038222105 | BBG001S5NMM7 | 1025370 | 3000 | SH | Put | SOLE |  | 3000 | 0 | 0 |
| ARK ETF TR | INNOVATION ETF | 00214Q104 | BBG007FJMV49 | 608378 | 9001 | SH |  | SOLE |  | 9001 | 0 | 0 |
| AURA MINERALS INC | SHS NEW | G06973112 | BBG001S5ZWZ8 | 6265003 | 76777 | SH |  | SOLE |  | 76777 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 | BBG001S5P0Y0 | 487500 | 10000 | SH | Call | SOLE |  | 10000 | 0 | 0 |
| BHP BILLITON LIMITED | SPONSORED ADS | 088606108 | BBG001S5P5K4 | 960168 | 13200 | SH |  | SOLE |  | 13200 | 0 | 0 |
| BLACKSTONE INC | COM | 09260D107 | BBG001S7H949 | 297249 | 2585 | SH |  | SOLE |  | 2585 | 0 | 0 |
| BLUE OWL CAPITAL CORPORATION | COM | 69121K104 | BBG00DB0XYD3 | 123275 | 11146 | SH |  | SOLE |  | 11146 | 0 | 0 |
| BRAZE INC | COM CL A | 10576N102 | BBG00294NX54 | 2361000 | 100000 | SH | Call | SOLE |  | 100000 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 | BBG00KHY5SY8 | 21722031 | 70182 | SH |  | SOLE |  | 70182 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 | BBG00KHY5SY8 | 17023050 | 55000 | SH | Call | SOLE |  | 55000 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 | BBG00KHY5SY8 | 17177805 | 55500 | SH | Put | SOLE |  | 55500 | 0 | 0 |
| BROOKFIELD CORP | CL A LTD VT SH | 11271J107 | BBG001SF86D7 | 6364960 | 157276 | SH |  | SOLE |  | 157276 | 0 | 0 |
| BUNGE GLOBAL SA | COM SHS | H11356104 | BBG01JZ8VLC7 | 398772 | 3135 | SH |  | SOLE |  | 3135 | 0 | 0 |
| BUNGE GLOBAL SA | COM SHS | H11356104 | BBG01JZ8VLC7 | 954000 | 7500 | SH | Put | SOLE |  | 7500 | 0 | 0 |
| CITIZENS FINL GROUP INC | COM | 174610105 | BBG006Q0HZT0 | 479760 | 8000 | SH | Call | SOLE |  | 8000 | 0 | 0 |
| CITIZENS FINL GROUP INC | COM | 174610105 | BBG006Q0HZT0 | 479760 | 8000 | SH | Put | SOLE |  | 8000 | 0 | 0 |
| COCA COLA CO | COM | 191216100 | BBG001S5SMQ8 | 1901250 | 25000 | SH | Call | SOLE |  | 25000 | 0 | 0 |
| COCA COLA CO | COM | 191216100 | BBG001S5SMQ8 | 950625 | 12500 | SH | Put | SOLE |  | 12500 | 0 | 0 |
| COINBASE GLOBAL INC | COM CL A | 19260Q107 | BBG00ZGF7799 | 410683 | 2352 | SH |  | SOLE |  | 2352 | 0 | 0 |
| COPA HOLDINGS SA | CL A | P31076105 | BBG001SKXLQ1 | 9656850 | 85000 | SH |  | SOLE |  | 85000 | 0 | 0 |
| CRH PLC | ORD | G25508105 | BBG001S61NK9 | 424790 | 4041 | SH |  | SOLE |  | 4041 | 0 | 0 |
| CRH PLC | ORD | G25508105 | BBG001S61NK9 | 946080 | 9000 | SH | Put | SOLE |  | 9000 | 0 | 0 |
| CROWDSTRIKE HLDGS INC | CL A | 22788C105 | BBG00BLYKRZ7 | 860464 | 2204 | SH |  | SOLE |  | 2204 | 0 | 0 |
| CSX CORP | COM | 126408103 | BBG001S5Q7Q3 | 513125 | 12500 | SH | Put | SOLE |  | 12500 | 0 | 0 |
| DBX ETF TR | XTRACK HRVST CSI | 233051879 | BBG005HJL932 | 9792000 | 300000 | SH | Call | SOLE |  | 300000 | 0 | 0 |
| DRAFTKINGS INC NEW | COM CL A | 26142V105 | BBG0134WCMB3 | 3243000 | 150000 | SH | Call | SOLE |  | 150000 | 0 | 0 |
| DRAFTKINGS INC NEW | COM CL A | 26142V105 | BBG0134WCMB3 | 864800 | 40000 | SH | Put | SOLE |  | 40000 | 0 | 0 |
| ECOPETROL S A | SPONSORED ADS | 279158109 | BBG001T3G3D1 | 2787420 | 185952 | SH |  | SOLE |  | 185952 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 | BBG001S5STL8 | 919770 | 1000 | SH | Call | SOLE |  | 1000 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 | BBG001S5STL8 | 919770 | 1000 | SH | Put | SOLE |  | 1000 | 0 | 0 |
| ENEL CHILE SA | SPONSORED ADR | 29278D105 | BBG00CMP50J7 | 1245072 | 316008 | SH |  | SOLE |  | 316008 | 0 | 0 |
| EQUINIX INC | COM | 29444U700 | BBG001SKBNS9 | 397977 | 406 | SH |  | SOLE |  | 406 | 0 | 0 |
| EQUINIX INC | COM | 29444U700 | BBG001SKBNS9 | 980240 | 1000 | SH | Put | SOLE |  | 1000 | 0 | 0 |
| EXPAND ENERGY CORPORATION | COM | 165167735 | BBG00Z6DX607 | 888779 | 8096 | SH |  | SOLE |  | 8096 | 0 | 0 |
| EXPAND ENERGY CORPORATION | COM | 165167735 | BBG00Z6DX607 | 3512960 | 32000 | SH | Put | SOLE |  | 32000 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 | BBG001S69V32 | 2643303 | 15580 | SH |  | SOLE |  | 15580 | 0 | 0 |
| GE VERNOVA INC | COM | 36828A101 | BBG013G17W77 | 19203800 | 22000 | SH | Call | SOLE |  | 22000 | 0 | 0 |
| GE VERNOVA INC | COM | 36828A101 | BBG013G17W77 | 10474800 | 12000 | SH | Put | SOLE |  | 12000 | 0 | 0 |
| GILEAD SCIENCES INC | COM | 375558103 | BBG001S6Y1X7 | 438179 | 3144 | SH |  | SOLE |  | 3144 | 0 | 0 |
| GILEAD SCIENCES INC | COM | 375558103 | BBG001S6Y1X7 | 975590 | 7000 | SH | Put | SOLE |  | 7000 | 0 | 0 |
| GOLDMAN SACHS PHYSICAL GOLD | UNIT | 38150K103 | BBG00LPXX8Z1 | 320374 | 6936 | SH |  | SOLE |  | 6936 | 0 | 0 |
| GRUPO AVAL ACCIONES Y VALORE | SPONSORED ADS | 40053W101 | BBG004T0ZN64 | 595412 | 135321 | SH |  | SOLE |  | 135321 | 0 | 0 |
| GRUPO CIBEST SA | SPON ADS | 40090E106 | BBG01TW82PB2 | 6057938 | 83202 | SH |  | SOLE |  | 83202 | 0 | 0 |
| GRUPO FINANCIERO GALICIA S.A | SPONSORED ADR | 399909100 | BBG001SKXC54 | 244760 | 5240 | SH |  | SOLE |  | 5240 | 0 | 0 |
| HOWMET AEROSPACE INC | COM | 443201108 | BBG00DYNJH69 | 605649 | 2628 | SH |  | SOLE |  | 2628 | 0 | 0 |
| HOWMET AEROSPACE INC | COM | 443201108 | BBG00DYNJH69 | 1843680 | 8000 | SH | Put | SOLE |  | 8000 | 0 | 0 |
| INTERCONTINENTAL EXCHANGE IN | COM | 45866F104 | BBG001SDJ4R0 | 1226784 | 7800 | SH | Call | SOLE |  | 7800 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | S EQL WGT | 46137V357 | BBG00KJR2NN7 | 556568 | 2900 | SH |  | SOLE |  | 2900 | 0 | 0 |
| ISHARES BITCOIN TRUST ETF | SHS BEN INT | 46438F101 | BBG01KYQ6QS5 | 654946 | 17047 | SH |  | SOLE |  | 17047 | 0 | 0 |
| ISHARES BITCOIN TRUST ETF | SHS BEN INT | 46438F101 | BBG01KYQ6QS5 | 23052000 | 600000 | SH | Call | SOLE |  | 600000 | 0 | 0 |
| ISHARES GOLD TR | ISHARES NEW | 464285204 | BBG001SJK6D5 | 2752355 | 31220 | SH |  | SOLE |  | 31220 | 0 | 0 |
| ISHARES INC | MSCI BRAZIL ETF | 464286400 | BBG001SFN5N1 | 28833692 | 751073 | SH |  | SOLE |  | 751073 | 0 | 0 |
| ISHARES INC | MSCI BRAZIL ETF | 464286400 | BBG001SFN5N1 | 82369584 | 2145600 | SH | Call | SOLE |  | 2145600 | 0 | 0 |
| ISHARES INC | MSCI BRAZIL ETF | 464286400 | BBG001SFN5N1 | 113523069 | 2957100 | SH | Put | SOLE |  | 2957100 | 0 | 0 |
| ISHARES INC | MSCI CHILE ETF | 464286640 | BBG001T0LL05 | 5327562 | 133993 | SH |  | SOLE |  | 133993 | 0 | 0 |
| ISHARES INC | MSCI MEXICO ETF | 464286822 | BBG001S8SYQ6 | 38452084 | 511127 | SH |  | SOLE |  | 511127 | 0 | 0 |
| ISHARES INC | MSCI STH KOR ETF | 464286772 | BBG001SF9FC7 | 1538855 | 12510 | SH |  | SOLE |  | 12510 | 0 | 0 |
| ISHARES INC | MSCI STH KOR ETF | 464286772 | BBG001SF9FC7 | 3075250 | 25000 | SH | Call | SOLE |  | 25000 | 0 | 0 |
| ISHARES SILVER TR | ISHARES | 46428Q109 | BBG001SQLN69 | 2352800 | 34600 | SH | Call | SOLE |  | 34600 | 0 | 0 |
| ISHARES TR | CHINA LG-CAP ETF | 464287184 | BBG001SMDNB1 | 3590000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| ISHARES TR | IBOXX HI YD ETF | 464288513 | BBG001ST0ZQ7 | 56724291 | 712975 | SH |  | SOLE |  | 712975 | 0 | 0 |
| ISHARES TR | IBOXX INV CP ETF | 464287242 | BBG001S60QR6 | 301575 | 2767 | SH |  | SOLE |  | 2767 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 | BBG001SFC7Y7 | 34720000 | 140000 | SH |  | SOLE |  | 140000 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 | BBG001SFC7Y7 | 24800000 | 100000 | SH | Call | SOLE |  | 100000 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 | BBG001SFC7Y7 | 29760000 | 120000 | SH | Put | SOLE |  | 120000 | 0 | 0 |
| ITAU UNIBANCO HLDG S A | SPON ADR REP PFD | 465562106 | BBG001S65TL1 | 1421617 | 169644 | SH |  | SOLE |  | 169644 | 0 | 0 |
| JABIL INC | COM | 466313103 | BBG001S7RB70 | 398445 | 1500 | SH | Call | SOLE |  | 1500 | 0 | 0 |
| JANUS DETROIT STR TR | B-BBB CLO ETF | 47103U753 | BBG014GFHJN4 | 10061740 | 215894 | SH |  | SOLE |  | 215894 | 0 | 0 |
| JANUS DETROIT STR TR | HENDRSON AAA CL | 47103U845 | BBG00XX898D2 | 21630188 | 429426 | SH |  | SOLE |  | 429426 | 0 | 0 |
| JBS N.V. | CL A SHS | N4732M103 | BBG01V30BCM3 | 3431815 | 191081 | SH |  | SOLE |  | 191081 | 0 | 0 |
| KKR  CO INC | COM | 48251W104 | BBG001S6PW05 | 297018 | 3211 | SH |  | SOLE |  | 3211 | 0 | 0 |
| LATAM AIRLINES GROUP SA | SPONSORED ADR | 51817R205 | BBG01PDH59W1 | 1236000 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 | BBG001SKNNS6 | 478175 | 957 | SH |  | SOLE |  | 957 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 | BBG001SKNNS6 | 749490 | 1500 | SH | Call | SOLE |  | 1500 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 | BBG001SKNNS6 | 2648198 | 5300 | SH | Put | SOLE |  | 5300 | 0 | 0 |
| MERCADOLIBRE INC | COM | 58733R102 | BBG001SM32G3 | 874884 | 506 | SH |  | SOLE |  | 506 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 | BBG001S6P675 | 502368 | 1487 | SH |  | SOLE |  | 1487 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 | BBG001S5TD05 | 590791 | 1596 | SH |  | SOLE |  | 1596 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 | BBG001S5TD05 | 13326120 | 36000 | SH | Call | SOLE |  | 36000 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 | BBG001S5TD05 | 4442040 | 12000 | SH | Put | SOLE |  | 12000 | 0 | 0 |
| MONOLITHIC PWR SYS INC | COM | 609839105 | BBG001SDRGP6 | 1421355 | 1300 | SH | Call | SOLE |  | 1300 | 0 | 0 |
| MONOLITHIC PWR SYS INC | COM | 609839105 | BBG001SDRGP6 | 3936060 | 3600 | SH | Put | SOLE |  | 3600 | 0 | 0 |
| NEOS ETF TRUST | BITCOIN HIGH INC | 78433H642 | BBG01Q9WJDB0 | 397097 | 12114 | SH |  | SOLE |  | 12114 | 0 | 0 |
| NEOS ETF TRUST | BOOSTED BITCOIND | 78433H527 | BBG01YHKC604 | 1183871 | 29189 | SH |  | SOLE |  | 29189 | 0 | 0 |
| NEOS ETF TRUST | NASDAQ 100 HIGH | 78433H675 | BBG01L86VCM5 | 1422774 | 28633 | SH |  | SOLE |  | 28633 | 0 | 0 |
| NEOS ETF TRUST | NEOS S 500 HI | 78433H303 | BBG019C1Y0V1 | 2023676 | 40990 | SH |  | SOLE |  | 40990 | 0 | 0 |
| NETFLIX INC. | COM | 64110L106 | BBG001SF6L46 | 1264565 | 13152 | SH |  | SOLE |  | 13152 | 0 | 0 |
| NEWMONT CORP | COM | 651639106 | BBG001S5TKX3 | 1894375 | 17500 | SH | Call | SOLE |  | 17500 | 0 | 0 |
| NEWMONT CORP | COM | 651639106 | BBG001S5TKX3 | 3247500 | 30000 | SH | Put | SOLE |  | 30000 | 0 | 0 |
| NU HLDGS LTD | ORD SHS CL A | G6683N103 | BBG0136WM2Y9 | 3459477 | 240743 | SH |  | SOLE |  | 240743 | 0 | 0 |
| NU HLDGS LTD | ORD SHS CL A | G6683N103 | BBG0136WM2Y9 | 32604093 | 2268900 | SH | Call | SOLE |  | 2268900 | 0 | 0 |
| NUCOR CORP | COM | 670346105 | BBG001S5TRV0 | 1014600 | 6000 | SH | Call | SOLE |  | 6000 | 0 | 0 |
| NUCOR CORP | COM | 670346105 | BBG001S5TRV0 | 2536500 | 15000 | SH | Put | SOLE |  | 15000 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 | BBG001S5TZJ6 | 993557 | 5697 | SH |  | SOLE |  | 5697 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 | BBG001S5TZJ6 | 27904000 | 160000 | SH | Call | SOLE |  | 160000 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 | BBG001S5TZJ6 | 7412000 | 42500 | SH | Put | SOLE |  | 42500 | 0 | 0 |
| NXP SEMICONDUCTORS N V | COM | N6596X109 | BBG001SF62F6 | 1968600 | 10000 | SH | Call | SOLE |  | 10000 | 0 | 0 |
| NXP SEMICONDUCTORS N V | COM | N6596X109 | BBG001SF62F6 | 1870170 | 9500 | SH | Put | SOLE |  | 9500 | 0 | 0 |
| PAGSEGURO DIGITAL LTD | COM CL A | G68707101 | BBG00JM7QCG6 | 208697 | 20828 | SH |  | SOLE |  | 20828 | 0 | 0 |
| PARKER-HANNIFIN CORP | COM | 701094104 | BBG001S5V554 | 274839 | 307 | SH |  | SOLE |  | 307 | 0 | 0 |
| PDD HOLDINGS INC | SPONSORED ADS | 722304102 | BBG00LBLDFH8 | 204871 | 2005 | SH |  | SOLE |  | 2005 | 0 | 0 |
| REGENERON PHARMACEUTICALS | COM | 75886F107 | BBG001S6PX49 | 309056 | 400 | SH | Call | SOLE |  | 400 | 0 | 0 |
| REGENERON PHARMACEUTICALS | COM | 75886F107 | BBG001S6PX49 | 1931600 | 2500 | SH | Put | SOLE |  | 2500 | 0 | 0 |
| RIO TINTO PLC | SPONSORED ADR | 767204100 | BBG001SB0LX9 | 541082 | 5800 | SH |  | SOLE |  | 5800 | 0 | 0 |
| ROBINHOOD MKTS INC | COM CL A | 770700102 | BBG008NMBXP6 | 1663200 | 24000 | SH | Call | SOLE |  | 24000 | 0 | 0 |
| SANDISK CORP | COM | 80004C200 | BBG01R388JK6 | 566088 | 891 | SH |  | SOLE |  | 891 | 0 | 0 |
| SEAGATE TECHNOLOGY HLDNGS PL | ORD SHS | G7997R103 | BBG0113JGQG9 | 979400 | 2500 | SH | Call | SOLE |  | 2500 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET CON | 81369Y308 | BBG001S7T107 | 28988128 | 353600 | SH |  | SOLE |  | 353600 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET CON | 81369Y308 | BBG001S7T107 | 7870080 | 96000 | SH | Put | SOLE |  | 96000 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET ENE | 81369Y506 | BBG001S7T1S7 | 15652053 | 255502 | SH |  | SOLE |  | 255502 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET HEA | 81369Y209 | BBG001S7SCQ6 | 299378 | 2042 | SH |  | SOLE |  | 2042 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET MAT | 81369Y100 | BBG001S7R733 | 504997 | 10106 | SH |  | SOLE |  | 10106 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET UTI | 81369Y886 | BBG001S7TD56 | 242483 | 5284 | SH |  | SOLE |  | 5284 | 0 | 0 |
| SERVICENOW INC | COM | 81762P102 | BBG001T4JFC0 | 216105 | 2067 | SH |  | SOLE |  | 2067 | 0 | 0 |
| SOUTHERN COPPER CORP | COM | 84265V105 | BBG001S6ZM88 | 278737 | 1620 | SH |  | SOLE |  | 1620 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A698 | BBG001SMH2R6 | 9772500 | 150000 | SH |  | SOLE |  | 150000 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A870 | BBG001SQDKG3 | 333375 | 2610 | SH |  | SOLE |  | 2610 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A755 | BBG001SMH2W0 | 637259 | 5900 | SH |  | SOLE |  | 5900 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A714 | BBG001SMH2H7 | 12070500 | 150000 | SH |  | SOLE |  | 150000 | 0 | 0 |
| STATE STR SPDR S 500 ETF T | TR UNIT | 78462F103 | BBG001S72SM3 | 45523800 | 70000 | SH |  | SOLE |  | 70000 | 0 | 0 |
| STATE STR SPDR S 500 ETF T | TR UNIT | 78462F103 | BBG001S72SM3 | 19510200 | 30000 | SH | Put | SOLE |  | 30000 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MANUFAC | SPONSORED ADS | 874039100 | BBG001S5WWW4 | 2793157 | 8265 | SH |  | SOLE |  | 8265 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MANUFAC | SPONSORED ADS | 874039100 | BBG001S5WWW4 | 16897500 | 50000 | SH | Call | SOLE |  | 50000 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MANUFAC | SPONSORED ADS | 874039100 | BBG001S5WWW4 | 11152350 | 33000 | SH | Put | SOLE |  | 33000 | 0 | 0 |
| TARGA RES CORP | COM | 87612G101 | BBG001TC94B9 | 3760950 | 15000 | SH | Call | SOLE |  | 15000 | 0 | 0 |
| TARGA RES CORP | COM | 87612G101 | BBG001TC94B9 | 501460 | 2000 | SH | Put | SOLE |  | 2000 | 0 | 0 |
| TESLA INC | COM | 88160R101 | BBG001SQKGD7 | 19352562 | 52058 | SH |  | SOLE |  | 52058 | 0 | 0 |
| TESLA INC | COM | 88160R101 | BBG001SQKGD7 | 8922000 | 24000 | SH | Put | SOLE |  | 24000 | 0 | 0 |
| THE CAMPBELLS COMPANY | COM | 134429109 | BBG001S5Q2B0 | 254657 | 11435 | SH |  | SOLE |  | 11435 | 0 | 0 |
| THE CIGNA GROUP | COM | 125523100 | BBG00KXRCDQ9 | 738364 | 2768 | SH |  | SOLE |  | 2768 | 0 | 0 |
| THE CIGNA GROUP | COM | 125523100 | BBG00KXRCDQ9 | 3734500 | 14000 | SH | Call | SOLE |  | 14000 | 0 | 0 |
| THE CIGNA GROUP | COM | 125523100 | BBG00KXRCDQ9 | 4001250 | 15000 | SH | Put | SOLE |  | 15000 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 | BBG001S5WS08 | 493988 | 1005 | SH |  | SOLE |  | 1005 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 | BBG002B04MW4 | 331238 | 4605 | SH |  | SOLE |  | 4605 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 | BBG002B04MW4 | 1798250 | 25000 | SH | Call | SOLE |  | 25000 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 | BBG002B04MW4 | 7193000 | 100000 | SH | Put | SOLE |  | 100000 | 0 | 0 |
| UNITED AIRLS HLDGS INC | COM | 910047109 | BBG001SQ87W0 | 242604 | 2635 | SH |  | SOLE |  | 2635 | 0 | 0 |
| UNITED AIRLS HLDGS INC | COM | 910047109 | BBG001SQ87W0 | 460350 | 5000 | SH | Put | SOLE |  | 5000 | 0 | 0 |
| VALE S A | SPONSORED ADS | 91912E105 | BBG001SB54S8 | 1718280 | 108000 | SH |  | SOLE |  | 108000 | 0 | 0 |
| VANECK BITCOIN ETF | SH BEN INT | 92189K105 | BBG01KY679S6 | 618159 | 32263 | SH |  | SOLE |  | 32263 | 0 | 0 |
| VANECK ETF TRUST | BDC INCOME ETF | 92189F411 | BBG00440GL84 | 1131264 | 88380 | SH |  | SOLE |  | 88380 | 0 | 0 |
| VANECK ETF TRUST | SEMICONDUCTR ETF | 92189F676 | BBG002D68GN8 | 1736419 | 4529 | SH |  | SOLE |  | 4529 | 0 | 0 |
| VANECK ETF TRUST | SEMICONDUCTR ETF | 92189F676 | BBG002D68GN8 | 7668000 | 20000 | SH | Put | SOLE |  | 20000 | 0 | 0 |
| VANECK ETF TRUST | URANIUM AND NUCL | 92189F601 | BBG001SPSHC0 | 364541 | 2737 | SH |  | SOLE |  | 2737 | 0 | 0 |
| VANECK ETF TRUST | VIDEO GMNG ESPRT | 92189F114 | BBG00M8CXBV1 | 1743660 | 19267 | SH |  | SOLE |  | 19267 | 0 | 0 |
| VANECK MERK GOLD ETF | GOLD SHS | 921078101 | BBG002WYN9L7 | 1252210 | 27796 | SH |  | SOLE |  | 27796 | 0 | 0 |
| VANGUARD ADMIRAL FDS INC | SMLCP 600 VAL | 921932778 | BBG001TC6ML1 | 261879 | 2574 | SH |  | SOLE |  | 2574 | 0 | 0 |
| VANGUARD BD INDEX FDS | TOTAL BND MRKT | 921937835 | BBG001SK7DK4 | 5489273 | 74542 | SH |  | SOLE |  | 74542 | 0 | 0 |
| VANGUARD CHARLOTTE FDS | TOTAL INT BD ETF | 92203J407 | BBG004N1LGK2 | 1619958 | 33714 | SH |  | SOLE |  | 33714 | 0 | 0 |
| VANGUARD INDEX FDS | REAL ESTATE ETF | 922908553 | BBG001SMD2X3 | 414673 | 4675 | SH |  | SOLE |  | 4675 | 0 | 0 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 | BBG001TC6MC1 | 35824318 | 59952 | SH |  | SOLE |  | 59952 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | TT WRLD ST ETF | 922042742 | BBG001T2YZG9 | 2852850 | 20625 | SH |  | SOLE |  | 20625 | 0 | 0 |
| VANGUARD STAR FDS | VG TL INTL STK F | 921909768 | BBG001TJR1D8 | 2818525 | 36552 | SH |  | SOLE |  | 36552 | 0 | 0 |
| VANGUARD WORLD FD | INF TECH ETF | 92204A702 | BBG001SHTTR5 | 1468003 | 2104 | SH |  | SOLE |  | 2104 | 0 | 0 |
| VENTAS INC | COM | 92276F100 | BBG001S9T7M6 | 992400 | 12135 | SH |  | SOLE |  | 12135 | 0 | 0 |
| VENTAS INC | COM | 92276F100 | BBG001S9T7M6 | 1635600 | 20000 | SH | Put | SOLE |  | 20000 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 | BBG001SRCFY3 | 213381 | 706 | SH |  | SOLE |  | 706 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 | BBG001SRCFY3 | 1813440 | 6000 | SH | Call | SOLE |  | 6000 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 | BBG001SRCFY3 | 2266800 | 7500 | SH | Put | SOLE |  | 7500 | 0 | 0 |
| VISTRA CORP | COM | 92840M102 | BBG00DXDL6R0 | 1503300 | 10000 | SH | Call | SOLE |  | 10000 | 0 | 0 |
| VISTRA CORP | COM | 92840M102 | BBG00DXDL6R0 | 751650 | 5000 | SH | Put | SOLE |  | 5000 | 0 | 0 |
| WALMART INC | COM | 931142103 | BBG001S5XH92 | 10315240 | 83000 | SH |  | SOLE |  | 83000 | 0 | 0 |
| WELLTOWER INC | COM | 95040Q104 | BBG001S5RTQ4 | 1812210 | 9166 | SH |  | SOLE |  | 9166 | 0 | 0 |
| WELLTOWER INC | COM | 95040Q104 | BBG001S5RTQ4 | 790840 | 4000 | SH | Call | SOLE |  | 4000 | 0 | 0 |
| WELLTOWER INC | COM | 95040Q104 | BBG001S5RTQ4 | 3262215 | 16500 | SH | Put | SOLE |  | 16500 | 0 | 0 |
| WESTERN DIGITAL CORP | COM | 958102105 | BBG001S5XD28 | 811470 | 3000 | SH | Put | SOLE |  | 3000 | 0 | 0 |
| WYNN RESORTS LTD | COM | 983134107 | BBG001SJZ2V8 | 1756815 | 17300 | SH | Call | SOLE |  | 17300 | 0 | 0 |
| WYNN RESORTS LTD | COM | 983134107 | BBG001SJZ2V8 | 2792625 | 27500 | SH | Put | SOLE |  | 27500 | 0 | 0 |
| XCEL ENERGY INC | COM | 98389B100 | BBG001S7F0X8 | 219016 | 2757 | SH |  | SOLE |  | 2757 | 0 | 0 |
| XCEL ENERGY INC | COM | 98389B100 | BBG001S7F0X8 | 794400 | 10000 | SH | Call | SOLE |  | 10000 | 0 | 0 |
| XCEL ENERGY INC | COM | 98389B100 | BBG001S7F0X8 | 993000 | 12500 | SH | Put | SOLE |  | 12500 | 0 | 0 |
| ZETA GLOBAL HOLDINGS CORP | CL A | 98956A105 | BBG010FXVQB5 | 668003 | 41960 | SH |  | SOLE |  | 41960 | 0 | 0 |

---