Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PPH	VANECK PHARMACEUTICAL ETF	67,330	$7.363M	5.2%	$109.36	—	—	92189F692
XLF	SS FINANCIAL SELECT SECTOR	81,720	$4.381M	3.1%	$53.61	—	—	81369Y605
AMZN	AMAZON.COM INC	15,804	$3.767M	2.6%	$238.36	—	—	023135106
SFTBY	SOFTBANK GROUP CORP-UNSP ADR	131,450	$2.474M	1.7%	$18.82	—	—	83404D109
SKM	SK TELECOM CO LTD-SPON ADR	75,270	$2.421M	1.7%	$32.16	—	—	78440P306
MAGS	ROUNDHILL MAGNIFICENT SEVEN	27,750	$1.784M	1.3%	$64.29	—	—	53656G498
CBRS	CEREBRAS SYSTEMS INC - A	5,634	$1.245M	0.9%	$220.98	—	—	15675D103
LYSDY	LYNAS RARE EARTHS LTD-SP ADR	72,570	$913K	0.6%	$12.58	—	—	551073307
AUGO	AURA MINERALS INC	12,000	$755K	0.5%	$62.92	—	—	G06973112
ERO	ERO COPPER CORP	23,745	$635K	0.4%	$26.74	—	—	296006109
VGUS	VANGUARD ULTRA SHRT TREASURY	5,470	$414K	0.3%	$75.69	—	—	922040852
NVO	NOVO-NORDISK A/S-SPONS ADR	6,500	$312K	0.2%	$48.00	—	—	670100205
VGSH	VANGUARD SHORT-TERM TREASURY	5,100	$297K	0.2%	$58.24	—	—	92206C102
SPY	SS SPDR S&P 500 ETF TRUST-US	325	$243K	0.2%	$747.69	—	—	78462F103
META	META PLATFORMS INC-CLASS A	425	$239K	0.2%	$562.35	—	—	30303M102
NVDA	NVIDIA CORP	1,000	$200K	0.1%	$200.00	—	—	67066G104

Increased Positions (14)

XLI SS INDUSTRIAL SELECT SECTOR 5.9%

Value $8.478M (+23.8%) Shares 45,770 (+8.1%) Est. Cost $138.07 Unrealized —

ETH GRAYSCALE ETHEREUM STAKING M 2.1%

Value $3.01M (-21.1%) Shares 200,250 (+4.3%) Est. Cost $21.31 Unrealized —

XLU ST SR UTL SL SE SPDR ETF-USD 5.0%

Value $7.122M (+10.2%) Shares 157,085 (+11.6%) Est. Cost $52.24 Unrealized —

SATS ECHOSTAR CORP-A 1.5%

Value $2.083M (+32.9%) Shares 20,526 (+53.4%) Est. Cost $111.18 Unrealized —

XLB SS MATERIALS SELECT SECTOR 3.9%

Value $5.512M (+10.2%) Shares 108,440 (+8.3%) Est. Cost $50.04 Unrealized —

FCPT FOUR CORNERS PROPERTY TRUST 2.5%

Value $3.588M (+12.8%) Shares 146,145 (+8.7%) Est. Cost $24.77 Unrealized —

GLD SPDR GOLD SHARES 3.2%

Value $4.548M (-6.9%) Shares 12,346 (+8.8%) Est. Cost $199.08 Unrealized —

MP MP MATERIALS CORP 0.5%

Value $767K (+40.7%) Shares 13,698 (+21.4%) Est. Cost $60.73 Unrealized —

IBIT ISHARES BITCOIN TRUST ETF 1.3%

Value $1.805M (-9.8%) Shares 54,230 (+4.1%) Est. Cost $57.82 Unrealized —

KWEB KRANESHARES CSI CHINA INTERN 5.0%

Value $7.165M (+2.3%) Shares 292,791 (+18.8%) Est. Cost $36.97 Unrealized —

JOE ST JOE CO/THE 3.0%

Value $4.295M (+3.6%) Shares 68,585 (+3.9%) Est. Cost $49.67 Unrealized —

SLV ISHARES SILVER TRUST 0.8%

Value $1.14M (+4.8%) Shares 21,328 (+33.6%) Est. Cost $64.46 Unrealized —

UUUU ENERGY FUELS INC 0.4%

Value $624K (-2.5%) Shares 43,058 (+22.7%) Est. Cost $20.29 Unrealized —

SOLZ SOLANA ETF 0.1%

Value $136K (+11.5%) Shares 18,400 (+26.0%) Est. Cost $8.16 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
XLI	SS INDUSTRIAL SELECT SECTOR	45,770 (+8.1%)	$8.478M (+23.8%)	5.9%	$138.07	—	—	81369Y704
ETH	GRAYSCALE ETHEREUM STAKING M	200,250 (+4.3%)	$3.01M (-21.1%)	2.1%	$21.31	—	—	38964R203
XLU	ST SR UTL SL SE SPDR ETF-USD	157,085 (+11.6%)	$7.122M (+10.2%)	5.0%	$52.24	—	—	81369Y886
SATS	ECHOSTAR CORP-A	20,526 (+53.4%)	$2.083M (+32.9%)	1.5%	$111.18	—	—	278768106
XLB	SS MATERIALS SELECT SECTOR	108,440 (+8.3%)	$5.512M (+10.2%)	3.9%	$50.04	—	—	81369Y100
FCPT	FOUR CORNERS PROPERTY TRUST	146,145 (+8.7%)	$3.588M (+12.8%)	2.5%	$24.77	—	—	35086T109
GLD	SPDR GOLD SHARES	12,346 (+8.8%)	$4.548M (-6.9%)	3.2%	$199.08	—	—	78463V107
MP	MP MATERIALS CORP	13,698 (+21.4%)	$767K (+40.7%)	0.5%	$60.73	—	—	553368101
IBIT	ISHARES BITCOIN TRUST ETF	54,230 (+4.1%)	$1.805M (-9.8%)	1.3%	$57.82	—	—	46438F101
KWEB	KRANESHARES CSI CHINA INTERN	292,791 (+18.8%)	$7.165M (+2.3%)	5.0%	$36.97	—	—	500767306
JOE	ST JOE CO/THE	68,585 (+3.9%)	$4.295M (+3.6%)	3.0%	$49.67	—	—	790148100
SLV	ISHARES SILVER TRUST	21,328 (+33.6%)	$1.14M (+4.8%)	0.8%	$64.46	—	—	46428Q109
UUUU	ENERGY FUELS INC	43,058 (+22.7%)	$624K (-2.5%)	0.4%	$20.29	—	—	292671708
SOLZ	SOLANA ETF	18,400 (+26.0%)	$136K (+11.5%)	0.1%	$8.16	—	—	92864M822

Exited Positions (4)

TSLA TESLA INC 0.8%

Value $1.177M Shares 3,167 Est. Cost $425.98 Unrealized —

PSTG EVERPURE INC-A 0.5%

Value $648K Shares 10,976 Est. Cost $70.96 Unrealized —

ALAB ASTERA LABS INC 0.4%

Value $579K Shares 5,285 Est. Cost $79.94 Unrealized —

RIOT RIOT PLATFORMS INC 0.4%

Value $528K Shares 42,680 Est. Cost $13.85 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TSLA	TESLA INC	3,167	$1.177M	0.8%	$425.98	—	—	88160R101
PSTG	EVERPURE INC-A	10,976	$648K	0.5%	$70.96	—	—	74624M102
ALAB	ASTERA LABS INC	5,285	$579K	0.4%	$79.94	—	—	04626A103
RIOT	RIOT PLATFORMS INC	42,680	$528K	0.4%	$13.85	—	—	767292105

Decreased Positions (4)

SMH VANECK SEMICONDUCTOR ETF 9.7%

Value $13.85M (+43.0%) Shares 21,110 (-16.4%) Est. Cost $203.12 Unrealized —

QQQ INVESCO QQQ TRUST SERIES 1 15.6%

Value $22.29M (+14.6%) Shares 30,271 (-10.2%) Est. Cost $455.72 Unrealized —

BE BLOOM ENERGY CORP- A 2.8%

Value $4.056M (+121.2%) Shares 13,399 (-1.0%) Est. Cost $144.65 Unrealized —

GSOL GRAYSCALE SOLANA STAKING ETF 0.1%

Value $158K (-11.7%) Shares 28,650 (-1.7%) Est. Cost $16.02 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SMH	VANECK SEMICONDUCTOR ETF	21,110 (-16.4%)	$13.85M (+43.0%)	9.7%	$203.12	—	—	92189F676
QQQ	INVESCO QQQ TRUST SERIES 1	30,271 (-10.2%)	$22.29M (+14.6%)	15.6%	$455.72	—	—	46090E103
BE	BLOOM ENERGY CORP- A	13,399 (-1.0%)	$4.056M (+121.2%)	2.8%	$144.65	—	—	093712107
GSOL	GRAYSCALE SOLANA STAKING ETF	28,650 (-1.7%)	$158K (-11.7%)	0.1%	$16.02	—	—	38965D104

Unchanged Positions (6)

NXE NEXGEN ENERGY LTD 5.1%

Value $7.336M Shares 781,300 Est. Cost $6.35 Unrealized —

SRUUF SPROTT PHYSICAL URANIUM TR 10.2%

Value $14.52M Shares 789,235 Est. Cost $19.17 Unrealized —

CIBR FIRST TRUST NASDAQ CYBERSECU 0.5%

Value $719K Shares 8,000 Est. Cost $53.83 Unrealized —

SCOP SPROTT PHYSICAL COPPER TRUST 1.0%

Value $1.374M Shares 120,745 Est. Cost $10.35 Unrealized —

GOOGL ALPHABET INC-CL A 0.3%

Value $357K Shares 1,000 Est. Cost $209.20 Unrealized —

MSFT MICROSOFT CORP 0.2%

Value $226K Shares 605 Est. Cost $399.26 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NXE	NEXGEN ENERGY LTD	781,300	$7.336M	5.1%	$6.35	—	—	65340P106
SRUUF	SPROTT PHYSICAL URANIUM TR	789,235	$14.52M	10.2%	$19.17	—	—	85210A104
CIBR	FIRST TRUST NASDAQ CYBERSECU	8,000	$719K	0.5%	$53.83	—	—	33734X846
SCOP	SPROTT PHYSICAL COPPER TRUST	120,745	$1.374M	1.0%	$10.35	—	—	85210C100
GOOGL	ALPHABET INC-CL A	1,000	$357K	0.3%	$209.20	—	—	02079K305
MSFT	MICROSOFT CORP	605	$226K	0.2%	$399.26	—	—	594918104