ARP Global Capital Ltd Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EWZ	ISHARES INC	529,848	$20,341	12.0%	$38.39	—	MSCI BRAZIL ETF	464286400
EEM	ISHARES TR	351,987	$19,989	11.7%	$56.79	—	MSCI EMG MKT ETF	464287234
TAN	INVESCO EXCH TRADED FD TR II	177,656	$9,897	5.8%	$55.71	—	SOLAR ETF	46138G706
EWY	ISHARES INC	78,368	$9,640	5.7%	$123.01	—	MSCI STH KOR ETF	464286772
OIH	VANECK ETF TRUST	21,535	$8,705	5.1%	$404.21	—	OIL SERVICES ETF	92189H607
BE	BLOOM ENERGY CORP	36,069	$4,887	2.9%	$144.65	0.0%	COM CL A	093712107
XLE	SELECT SECTOR SPDR TR	73,475	$4,501	2.6%	$61.26	—	STATE STREET ENE	81369Y506
NXE	NEXGEN ENERGY LTD	230,000	$2,668	1.6%	$11.89	0.0%	COM	65340P106
CEPT	CANTOR EQUITY PARTNERS II IN	186,501	$2,031	1.2%	$11.71	0.0%	CL A ORD SHS	G1827P106
ALTI	ALTI GLOBAL INC	225,100	$815	0.5%	$4.46	0.0%	CL A	02157E106
—	VANECK ETF TRUST	1,800	$344	0.2%	—	—	CALL	92189F906

Increased Positions (3)

TSM TAIWAN SEMICONDUCTOR MANUFAC 12.1%

Value ($000) $20,529 (+100.1%) Shares 60,745 (+79.9%) Est. Cost $319.02 Unrealized —

UUUU ENERGY FUELS INC 1.9%

Value ($000) $3,204 (+220.6%) Shares 175,555 (+155.5%) Est. Cost $19.79 Unrealized +9.2%

BWXT BWX TECHNOLOGIES INC 2.9%

Value ($000) $4,992 (+41.1%) Shares 24,410 (+19.3%) Est. Cost $189.93 Unrealized +6.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TSM	TAIWAN SEMICONDUCTOR MANUFAC	60,745 (+79.9%)	$20,529 (+100.1%)	12.1%	$319.02	—	SPONSORED ADS	874039100
UUUU	ENERGY FUELS INC	175,555 (+155.5%)	$3,204 (+220.6%)	1.9%	$19.79	+9.2%	COM NEW	292671708
BWXT	BWX TECHNOLOGIES INC	24,410 (+19.3%)	$4,992 (+41.1%)	2.9%	$189.93	+6.9%	COM	05605H100

Exited Positions (20)

AMZN AMAZON COM INC 30.7%

Value ($000) $52,165 Shares 226,000 Est. Cost $228.79 Unrealized -0.9%

NVDA NVIDIA CORPORATION 18.1%

Value ($000) $30,749 Shares 164,874 Est. Cost $186.13 Unrealized +0.3%

IBIT ISHARES BITCOIN TRUST ETF 16.1%

Value ($000) $27,427 Shares 552,408 Est. Cost $49.65 Unrealized —

SIL GLOBAL X FDS 6.9%

Value ($000) $11,798 Shares 141,254 Est. Cost $83.52 Unrealized —

ETHA ISHARES ETHEREUM TR 6.3%

Value ($000) $10,766 Shares 480,000 Est. Cost $22.43 Unrealized —

SMH VANECK ETF TRUST 6.0%

Value ($000) $10,246 Shares 28,452 Est. Cost $360.13 Unrealized —

GDXJ VANECK ETF TRUST 5.9%

Value ($000) $10,013 Shares 88,000 Est. Cost $113.78 Unrealized —

BLK BLACKROCK INC 5.7%

Value ($000) $9,633 Shares 9,000 Est. Cost $1089.41 Unrealized +0.7%

HDB HDFC BANK LTD 5.5%

Value ($000) $9,364 Shares 256,270 Est. Cost $36.54 Unrealized —

WFC WELLS FARGO CO NEW 5.3%

Value ($000) $9,066 Shares 97,280 Est. Cost $86.63 Unrealized +3.9%

JPM JPMORGAN CHASE & CO. 3.6%

Value ($000) $6,068 Shares 18,831 Est. Cost $309.53 Unrealized +0.6%

NU NU HLDGS LTD 3.3%

Value ($000) $5,628 Shares 336,197 Est. Cost $16.07 Unrealized +7.9%

C CITIGROUP INC 3.3%

Value ($000) $5,544 Shares 47,508 Est. Cost $103.64 Unrealized +12.1%

MU MICRON TECHNOLOGY INC 3.2%

Value ($000) $5,458 Shares 19,124 Est. Cost $229.35 Unrealized +68.8%

NKE NIKE INC 2.8%

Value ($000) $4,715 Shares 74,000 Est. Cost $64.91 Unrealized -1.4%

MSTR STRATEGY INC 2.5%

Value ($000) $4,234 Shares 27,865 Est. Cost $230.22 Unrealized -36.2%

BMNR BITMINE IMMERSION TECNOLOGIE 2.0%

Value ($000) $3,429 Shares 126,300 Est. Cost $40.53 Unrealized -37.3%

URA GLOBAL X FDS 0.9%

Value ($000) $1,522 Shares 35,613 Est. Cost $42.73 Unrealized —

UEC URANIUM ENERGY CORP 0.7%

Value ($000) $1,150 Shares 98,500 Est. Cost $13.12 Unrealized +25.6%

ARKK ARK ETF TR 0.0%

Value ($000) $3 Shares 3,000 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AMZN	AMAZON COM INC	226,000	$52,165	30.7%	$228.79	-0.9%	—	023135106
NVDA	NVIDIA CORPORATION	164,874	$30,749	18.1%	$186.13	+0.3%	—	67066G104
IBIT	ISHARES BITCOIN TRUST ETF	552,408	$27,427	16.1%	$49.65	—	—	46438F101
SIL	GLOBAL X FDS	141,254	$11,798	6.9%	$83.52	—	—	37954Y848
ETHA	ISHARES ETHEREUM TR	480,000	$10,766	6.3%	$22.43	—	—	46438R105
SMH	VANECK ETF TRUST	28,452	$10,246	6.0%	$360.13	—	—	92189F676
GDXJ	VANECK ETF TRUST	88,000	$10,013	5.9%	$113.78	—	—	92189F791
BLK	BLACKROCK INC	9,000	$9,633	5.7%	$1089.41	+0.7%	—	09290D101
HDB	HDFC BANK LTD	256,270	$9,364	5.5%	$36.54	—	—	40415F101
WFC	WELLS FARGO CO NEW	97,280	$9,066	5.3%	$86.63	+3.9%	—	949746101
JPM	JPMORGAN CHASE & CO.	18,831	$6,068	3.6%	$309.53	+0.6%	—	46625H100
NU	NU HLDGS LTD	336,197	$5,628	3.3%	$16.07	+7.9%	—	G6683N103
C	CITIGROUP INC	47,508	$5,544	3.3%	$103.64	+12.1%	—	172967424
MU	MICRON TECHNOLOGY INC	19,124	$5,458	3.2%	$229.35	+68.8%	—	595112103
NKE	NIKE INC	74,000	$4,715	2.8%	$64.91	-1.4%	—	654106103
MSTR	STRATEGY INC	27,865	$4,234	2.5%	$230.22	-36.2%	—	594972408
BMNR	BITMINE IMMERSION TECNOLOGIE	126,300	$3,429	2.0%	$40.53	-37.3%	—	09175A206
URA	GLOBAL X FDS	35,613	$1,522	0.9%	$42.73	—	—	37954Y871
UEC	URANIUM ENERGY CORP	98,500	$1,150	0.7%	$13.12	+25.6%	—	916896103
ARKK	ARK ETF TR	3,000	$3	0.0%	—	—	CALL	00214Q104

Decreased Positions (5)

GDX VANECK ETF TRUST 6.5%

Value ($000) $11,012 (-64.9%) Shares 120,000 (-67.2%) Est. Cost $85.77 Unrealized —

LLY ELI LILLY & CO 3.0%

Value ($000) $5,091 (-70.1%) Shares 5,535 (-65.1%) Est. Cost $955.55 Unrealized +9.6%

TSLA TESLA INC 11.8%

Value ($000) $20,012 (-20.7%) Shares 53,833 (-4.1%) Est. Cost $443.29 Unrealized -3.9%

CCJ CAMECO CORP 6.2%

Value ($000) $10,483 (-27.4%) Shares 96,518 (-38.8%) Est. Cost $89.94 Unrealized +29.3%

XOP SPDR SERIES TRUST 6.5%

Value ($000) $11,055 (+15.2%) Shares 60,800 (-20.0%) Est. Cost $126.26 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GDX	VANECK ETF TRUST	120,000 (-67.2%)	$11,012 (-64.9%)	6.5%	$85.77	—	GOLD MINERS ETF	92189F106
LLY	ELI LILLY & CO	5,535 (-65.1%)	$5,091 (-70.1%)	3.0%	$955.55	+9.6%	COM	532457108
TSLA	TESLA INC	53,833 (-4.1%)	$20,012 (-20.7%)	11.8%	$443.29	-3.9%	COM	88160R101
CCJ	CAMECO CORP	96,518 (-38.8%)	$10,483 (-27.4%)	6.2%	$89.94	+29.3%	COM	13321L108
XOP	SPDR SERIES TRUST	60,800 (-20.0%)	$11,055 (+15.2%)	6.5%	$126.26	—	STATE STREET SPD	78468R556