Banco BTG Pactual S.A. Hedge Fund

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FLUT	FLUTTER ENTMT PLC	50,000	$10,752	1.8%	$224.90	0.0%	SHS	G3643J108
EWZ	ISHARES INC	41,000	$8,846	1.5%	$31.00	—	CALL	464286400
GLD	SPDR GOLD TR	1,600	$8,569	1.5%	$355.47	—	CALL	78463V107
ADBE	ADOBE INC	20,000	$7,000	1.2%	$340.09	0.0%	COM	00724F101
LLY	ELI LILLY & CO	6,240	$6,706	1.1%	$955.55	0.0%	COM	532457108
NKE	NIKE INC	99,190	$6,319	1.1%	$64.91	0.0%	CL B	654106103
SBS	COMPANHIA DE SANEAMENTO BASI	212,083	$5,058	0.9%	$23.85	—	SPONSORED ADR	20441A102
MELI	MERCADOLIBRE INC	2,480	$4,995	0.9%	$2100.46	0.0%	COM	58733R102
WBD	WARNER BROS DISCOVERY INC	144,828	$4,174	0.7%	$23.37	0.0%	COM SER A	934423104
GGAL	GRUPO FINANCIERO GALICIA S.A	74,285	$4,007	0.7%	$53.94	—	SPONSORED ADR	399909100
URNJ	SPROTT FDS TR	155,800	$3,926	0.7%	$25.20	—	JUNIOR URANIUM	85208P808
STNE	STONECO LTD	190,000	$2,810	0.5%	$14.79	—	COM CL A	G85158106
ENIC	ENEL CHILE S.A.	690,017	$2,774	0.5%	$4.02	—	SPONSORED ADR	29278D105
UGP	ULTRAPAR PARTICIPACOES SA	697,900	$2,631	0.4%	$3.77	—	SP ADR REP COM	90400P101
GDYN	GRID DYNAMICS HLDGS INC	285,000	$2,574	0.4%	$8.66	0.0%	CL A	39813G109
DKNG	DRAFTKINGS INC NEW	70,000	$2,412	0.4%	$32.89	0.0%	COM CL A	26142V105
KOF	COCA-COLA FEMSA SAB DE CV	21,279	$2,015	0.3%	$94.71	—	SPONS ADS REP	191241108
SMH	VANECK ETF TRUST	1,000	$2,000	0.3%	—	—	PUT	92189F676
ACN	ACCENTURE PLC IRELAND	7,400	$1,985	0.3%	$254.06	0.0%	SHS CLASS A	G1151C101
INTC	INTEL CORP	47,332	$1,747	0.3%	$37.76	0.0%	COM	458140100
XLU	SELECT SECTOR SPDR TR	39,716	$1,695	0.3%	$42.69	—	STATE STREET UTI	81369Y886
BSX	BOSTON SCIENTIFIC CORP	15,300	$1,459	0.2%	$98.04	0.0%	COM	101137107
DXCM	DEXCOM INC	20,345	$1,350	0.2%	$64.65	0.0%	COM	252131107
BHC	BAUSCH HEALTH COS INC	170,700	$1,186	0.2%	$6.58	0.0%	COM	071734107
GWW	WW GRAINGER INC	1,039	$1,048	0.2%	$968.92	0.0%	COM	384802104
QQQ	INVESCO QQQ TR	900	$959	0.2%	$537.97	—	PUT	46090E103
MU	MICRON TECHNOLOGY INC	3,022	$863	0.1%	$229.35	0.0%	COM	595112103
BSAC	BANCO SANTANDER CHILE NEW	26,000	$809	0.1%	$31.11	—	SP ADR REP COM	05965X109
LAUR	LAUREATE EDUCATION INC	24,000	$808	0.1%	$30.87	0.0%	COMMON STOCK	518613203
CX	CEMEX SAB DE CV	65,719	$755	0.1%	$11.49	—	SPON ADR NEW	151290889
GILD	GILEAD SCIENCES INC	5,911	$726	0.1%	$120.88	0.0%	COM	375558103
EPU	ISHARES TR	10,000	$724	0.1%	$72.35	—	MSCI PERU AND GL	464289842
NEHI	NEOS ETF TRUST	14,535	$714	0.1%	$49.15	—	ETHEREUM HIGH IN	78433H535
VIV	TELEFONICA BRASIL SA	59,600	$707	0.1%	$11.86	—	SPONSORED ADS	87936R205
ELPC	COMPANHIA PARANAENSE DE ENER	61,833	$588	0.1%	$9.51	—	SPONSORED ADS	20441B704
CEPU	CENTRAL PUERTO S A	27,178	$476	0.1%	$17.50	—	SPONSORED ADR	155038201
AFYA	AFYA LTD	29,951	$462	0.1%	$14.74	0.0%	CL A COM	G01125106
MP	MP MATERIALS CORP	9,000	$455	0.1%	$63.41	0.0%	COM CL A	553368101
JBL	JABIL INC	1,745	$398	0.1%	$213.29	0.0%	COM	466313103
TECH	BIO-TECHNE CORP	6,575	$387	0.1%	$60.72	0.0%	COM	09073M104
TBBB	BBB FOODS INC	10,000	$334	0.1%	$29.90	0.0%	CL A COM	G0896C103
QTUM	ETF SER SOLUTIONS	2,900	$318	0.1%	$109.66	—	DEFIANCE QUANTUM	26922A420
SE	SEA LTD	2,448	$312	0.1%	$127.57	—	SPONSORD ADS	81141R100
ABVX	ABIVAX SA	2,243	$302	0.1%	$134.86	—	SPONSORED ADS	00370M103
WWD	WOODWARD INC	1,000	$302	0.1%	$274.80	0.0%	COM	980745103
SNDK	SANDISK CORP	1,205	$286	0.0%	$200.29	0.0%	COM	80004C200
CVNA	CARVANA CO	651	$275	0.0%	$371.73	0.0%	CL A	146869102
VRT	VERTIV HOLDINGS CO	1,670	$271	0.0%	$173.58	0.0%	COM CL A	92537N108
SATS	ECHOSTAR CORP	2,467	$268	0.0%	$81.43	0.0%	CL A	278768106
BBAR	BANCO BBVA ARGENTINA S A	14,724	$266	0.0%	$18.07	—	SPONSORED ADS	058934100
LND	BRASILAGRO COMPANHIA BRASILE	74,071	$265	0.0%	$3.58	—	SPONSORED ADR	10554B104
CPNG	COUPANG INC	11,153	$263	0.0%	$28.45	0.0%	CL A	22266T109
TDG	TRANSDIGM GROUP INC	197	$262	0.0%	$1310.75	0.0%	COM	893641100
TEVA	TEVA PHARMACEUTICAL INDS LTD	8,344	$260	0.0%	$31.21	—	SPONSORED ADS	881624209
FSLR	FIRST SOLAR INC	984	$257	0.0%	$252.20	0.0%	COM	336433107
SPOT	SPOTIFY TECHNOLOGY S A	442	$257	0.0%	$625.13	0.0%	SHS	L8681T102
DAL	DELTA AIR LINES INC DEL	3,696	$257	0.0%	$62.45	0.0%	COM NEW	247361702
NTRA	NATERA INC	1,119	$256	0.0%	$208.59	0.0%	COM	632307104
CRH	CRH PLC	2,015	$251	0.0%	$119.13	0.0%	ORD	G25508105
—	CIDARA THERAPEUTICS INC	1,136	$251	0.0%	$220.89	—	COM NEW	171757206
GTLS	CHART INDS INC	1,216	$251	0.0%	$202.64	0.0%	COM	16115Q308
—	CYBERARK SOFTWARE LTD	558	$249	0.0%	$446.06	—	SHS	M2682V108
SGI	SOMNIGROUP INTERNATIONAL INC	2,787	$249	0.0%	$87.36	0.0%	COM	88023U101
EQT	EQT CORP	4,641	$249	0.0%	$56.13	0.0%	COM	26884L109
PCG	PG&E CORP	15,377	$247	0.0%	$15.92	0.0%	COM	69331C108
NSC	NORFOLK SOUTHN CORP	849	$245	0.0%	$288.62	0.0%	COM	655844108
UNP	UNION PAC CORP	1,057	$245	0.0%	$227.32	0.0%	COM	907818108
AZN	ASTRAZENECA PLC	2,608	$240	0.0%	$91.93	—	SPONSORED ADR	046353108
CRWD	CROWDSTRIKE HLDGS INC	509	$239	0.0%	$509.22	0.0%	CL A	22788C105
EWZ	ISHARES INC	3,000	$228	0.0%	$31.00	—	PUT	464286400
IQV	IQVIA HLDGS INC	1,000	$225	0.0%	$217.58	0.0%	COM	46266C105
AEP	AMERICAN ELEC PWR CO INC	1,923	$222	0.0%	$117.70	0.0%	COM	025537101
INSM	INSMED INC	1,240	$216	0.0%	$182.48	0.0%	COM PAR $.01	457669307
SUPV	GRUPO SUPERVIELLE S.A.	17,831	$211	0.0%	$11.82	—	SPONSORED ADR	40054A108
ROST	ROSS STORES INC	1,132	$204	0.0%	$166.60	0.0%	COM	778296103
SUZ	SUZANO S A	15,191	$142	0.0%	$9.34	—	SPON ADS	86959K105
ALMS	ALUMIS INC	14,302	$140	0.0%	$6.98	0.0%	COM	022307102
LUNG	PULMONX CORP	46,316	$102	0.0%	$1.88	0.0%	COM	745848101
DNUT	KRISPY KREME INC	24,332	$98	0.0%	$3.96	0.0%	COM	50101L106
FEMY	FEMASYS INC	152,155	$88	0.0%	$0.76	0.0%	COM	31447E105
ARKO	ARKO CORP	12,579	$57	0.0%	$4.47	0.0%	COM	041242108
MERC	MERCER INTL INC	24,600	$49	0.0%	$2.11	0.0%	COM	588056101
JELD	JELD-WEN HLDG INC	15,300	$38	0.0%	$3.28	0.0%	COM	47580P103

Increased Positions (37)

TSM TAIWAN SEMICONDUCTOR MFG LTD 5.7%

Value ($000) $33,457 (+88.6%) Shares 110,096 (+73.3%) Est. Cost $224.88 Unrealized —

NVDA NVIDIA CORPORATION 9.0%

Value ($000) $52,528 (+40.5%) Shares 281,651 (+40.6%) Est. Cost $143.91 Unrealized +29.3%

NU NU HLDGS LTD 2.8%

Value ($000) $16,256 (+104.3%) Shares 971,116 (+95.4%) Est. Cost $13.94 Unrealized +15.3%

BKNG BOOKING HOLDINGS INC 2.3%

Value ($000) $13,672 (+150.2%) Shares 2,553 (+152.3%) Est. Cost $5170.38 Unrealized -0.6%

LTM LATAM AIRLINES GROUP SA 1.4%

Value ($000) $8,382 (+517.5%) Shares 155,200 (+417.3%) Est. Cost $52.32 Unrealized —

GLOB GLOBANT S A 1.2%

Value ($000) $6,792 (+267.6%) Shares 103,900 (+222.7%) Est. Cost $80.75 Unrealized -22.2%

ASHR DBX ETF TR 2.0%

Value ($000) $11,498 (+74.3%) Shares 350,000 (+75.0%) Est. Cost $30.62 Unrealized —

GOOG ALPHABET INC 3.0%

Value ($000) $17,763 (+37.1%) Shares 56,605 (+6.4%) Est. Cost $180.37 Unrealized +58.8%

GEV GE VERNOVA INC 0.8%

Value ($000) $4,575 (+1311.8%) Shares 7,000 (+1228.3%) Est. Cost $589.14 Unrealized +3.4%

AVGO BROADCOM INC 2.1%

Value ($000) $12,353 (+49.1%) Shares 35,691 (+42.1%) Est. Cost $279.16 Unrealized +27.9%

PDD PDD HOLDINGS INC 1.3%

Value ($000) $7,820 (+101.7%) Shares 68,967 (+135.1%) Est. Cost $121.38 Unrealized —

URA GLOBAL X FDS 1.1%

Value ($000) $6,156 (+134.0%) Shares 144,066 (+161.0%) Est. Cost $36.70 Unrealized —

HUT HUT 8 CORP 0.7%

Value ($000) $3,905 (+834.8%) Shares 85,000 (+608.3%) Est. Cost $41.44 Unrealized +6.4%

BMA BANCO MACRO SA 0.7%

Value ($000) $4,281 (+238.1%) Shares 47,477 (+58.6%) Est. Cost $64.50 Unrealized —

AMZN AMAZON COM INC 5.7%

Value ($000) $33,238 (+9.1%) Shares 144,000 (+3.8%) Est. Cost $191.46 Unrealized +19.5%

PAM PAMPA ENERGIA S A 1.3%

Value ($000) $7,808 (+53.0%) Shares 88,217 (+3.8%) Est. Cost $70.18 Unrealized —

BABA ALIBABA GROUP HLDG LTD 2.5%

Value ($000) $14,660 (-14.1%) Shares 100,013 (+4.7%) Est. Cost $123.73 Unrealized —

AIQ GLOBAL X FDS 1.5%

Value ($000) $8,790 (+27.9%) Shares 172,818 (+24.2%) Est. Cost $49.68 Unrealized —

MA MASTERCARD INCORPORATED 1.0%

Value ($000) $6,077 (+39.7%) Shares 10,645 (+39.2%) Est. Cost $561.53 Unrealized -0.5%

V VISA INC 1.8%

Value ($000) $10,547 (+19.5%) Shares 30,072 (+16.3%) Est. Cost $344.47 Unrealized -1.2%

MSFT MICROSOFT CORP 6.4%

Value ($000) $37,726 (-3.7%) Shares 78,008 (+3.1%) Est. Cost $457.32 Unrealized +9.5%

XLV SELECT SECTOR SPDR TR 0.7%

Value ($000) $4,245 (+44.5%) Shares 27,420 (+29.9%) Est. Cost $141.36 Unrealized —

XLY SELECT SECTOR SPDR TR 0.7%

Value ($000) $4,262 (+40.1%) Shares 35,693 (+181.2%) Est. Cost $152.08 Unrealized —

META META PLATFORMS INC 7.6%

Value ($000) $44,662 (+2.7%) Shares 67,660 (+14.3%) Est. Cost $572.85 Unrealized +16.5%

GPRK GEOPARK LTD 0.2%

Value ($000) $1,377 (+170.3%) Shares 185,884 (+132.4%) Est. Cost $7.89 Unrealized -7.3%

CPA COPA HOLDINGS SA 0.2%

Value ($000) $1,217 (+189.3%) Shares 10,090 (+185.0%) Est. Cost $117.99 Unrealized +2.8%

UBER UBER TECHNOLOGIES INC 1.0%

Value ($000) $6,038 (+13.3%) Shares 73,890 (+35.8%) Est. Cost $76.48 Unrealized +17.7%

BVN COMPANIA DE MINAS BUENAVENTU 0.2%

Value ($000) $999 (+101.3%) Shares 35,900 (+76.0%) Est. Cost $21.35 Unrealized —

BAP CREDICORP LTD 0.2%

Value ($000) $918 (+58.4%) Shares 3,200 (+47.0%) Est. Cost $205.31 Unrealized +29.0%

SPGI S&P GLOBAL INC 0.2%

Value ($000) $957 (+46.7%) Shares 1,831 (+36.6%) Est. Cost $475.47 Unrealized +3.9%

BRK/B BERKSHIRE HATHAWAY INC DEL 0.9%

Value ($000) $5,276 (+4.9%) Shares 10,496 (+5.0%) Est. Cost $485.91 Unrealized +2.4%

VTEX VTEX 0.4%

Value ($000) $2,271 (+11.5%) Shares 604,100 (+29.9%) Est. Cost $5.76 Unrealized -28.8%

BA BOEING CO 0.1%

Value ($000) $650 (+42.7%) Shares 2,993 (+41.8%) Est. Cost $219.63 Unrealized -6.4%

PBR/A PETROLEO BRASILEIRO SA PETRO 0.1%

Value ($000) $303 (+98.5%) Shares 26,850 (+108.1%) Est. Cost $11.40 Unrealized —

ESGU ISHARES TR 0.3%

Value ($000) $1,944 (+3.9%) Shares 13,051 (+1.6%) Est. Cost $132.48 Unrealized —

DIA SPDR DOW JONES INDL AVERAGE 0.1%

Value ($000) $564 (+8.2%) Shares 1,173 (+4.5%) Est. Cost $433.01 Unrealized —

BN BROOKFIELD CORP 0.3%

Value ($000) $1,671 (+0.4%) Shares 36,412 (+50.0%) Est. Cost $35.78 Unrealized +27.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TSM	TAIWAN SEMICONDUCTOR MFG LTD	110,096 (+73.3%)	$33,457 (+88.6%)	5.7%	$224.88	—	SPONSORED ADS	874039100
NVDA	NVIDIA CORPORATION	281,651 (+40.6%)	$52,528 (+40.5%)	9.0%	$143.91	+29.3%	COM	67066G104
NU	NU HLDGS LTD	971,116 (+95.4%)	$16,256 (+104.3%)	2.8%	$13.94	+15.3%	ORD SHS CL A	G6683N103
BKNG	BOOKING HOLDINGS INC	2,553 (+152.3%)	$13,672 (+150.2%)	2.3%	$5170.38	-0.6%	COM	09857L108
LTM	LATAM AIRLINES GROUP SA	155,200 (+417.3%)	$8,382 (+517.5%)	1.4%	$52.32	—	SPONSORED ADR	51817R205
GLOB	GLOBANT S A	103,900 (+222.7%)	$6,792 (+267.6%)	1.2%	$80.75	-22.2%	COM	L44385109
ASHR	DBX ETF TR	350,000 (+75.0%)	$11,498 (+74.3%)	2.0%	$30.62	—	XTRACK HRVST CSI	233051879
GOOG	ALPHABET INC	56,605 (+6.4%)	$17,763 (+37.1%)	3.0%	$180.37	+58.8%	CAP STK CL C	02079K107
GEV	GE VERNOVA INC	7,000 (+1228.3%)	$4,575 (+1311.8%)	0.8%	$589.14	+3.4%	COM	36828A101
AVGO	BROADCOM INC	35,691 (+42.1%)	$12,353 (+49.1%)	2.1%	$279.16	+27.9%	COM	11135F101
PDD	PDD HOLDINGS INC	68,967 (+135.1%)	$7,820 (+101.7%)	1.3%	$121.38	—	SPONSORED ADS	722304102
URA	GLOBAL X FDS	144,066 (+161.0%)	$6,156 (+134.0%)	1.1%	$36.70	—	GLOBAL X URANIUM	37954Y871
HUT	HUT 8 CORP	85,000 (+608.3%)	$3,905 (+834.8%)	0.7%	$41.44	+6.4%	COM	44812J104
BMA	BANCO MACRO SA	47,477 (+58.6%)	$4,281 (+238.1%)	0.7%	$64.50	—	SPON ADR B	05961W105
AMZN	AMAZON COM INC	144,000 (+3.8%)	$33,238 (+9.1%)	5.7%	$191.46	+19.5%	COM	023135106
PAM	PAMPA ENERGIA S A	88,217 (+3.8%)	$7,808 (+53.0%)	1.3%	$70.18	—	SPONS ADR LVL I	697660207
BABA	ALIBABA GROUP HLDG LTD	100,013 (+4.7%)	$14,660 (-14.1%)	2.5%	$123.73	—	SPONSORED ADS	01609W102
AIQ	GLOBAL X FDS	172,818 (+24.2%)	$8,790 (+27.9%)	1.5%	$49.68	—	ARTIFICIAL ETF	37954Y632
MA	MASTERCARD INCORPORATED	10,645 (+39.2%)	$6,077 (+39.7%)	1.0%	$561.53	-0.5%	CL A	57636Q104
V	VISA INC	30,072 (+16.3%)	$10,547 (+19.5%)	1.8%	$344.47	-1.2%	COM CL A	92826C839
MSFT	MICROSOFT CORP	78,008 (+3.1%)	$37,726 (-3.7%)	6.4%	$457.32	+9.5%	COM	594918104
XLV	SELECT SECTOR SPDR TR	27,420 (+29.9%)	$4,245 (+44.5%)	0.7%	$141.36	—	STATE STREET HEA	81369Y209
XLY	SELECT SECTOR SPDR TR	35,693 (+181.2%)	$4,262 (+40.1%)	0.7%	$152.08	—	STATE STREET CON	81369Y407
META	META PLATFORMS INC	67,660 (+14.3%)	$44,662 (+2.7%)	7.6%	$572.85	+16.5%	CL A	30303M102
GPRK	GEOPARK LTD	185,884 (+132.4%)	$1,377 (+170.3%)	0.2%	$7.89	-7.3%	USD SHS	G38327105
CPA	COPA HOLDINGS SA	10,090 (+185.0%)	$1,217 (+189.3%)	0.2%	$117.99	+2.8%	CL A	P31076105
UBER	UBER TECHNOLOGIES INC	73,890 (+35.8%)	$6,038 (+13.3%)	1.0%	$76.48	+17.7%	COM	90353T100
BVN	COMPANIA DE MINAS BUENAVENTU	35,900 (+76.0%)	$999 (+101.3%)	0.2%	$21.35	—	SPONSORED ADR	204448104
BAP	CREDICORP LTD	3,200 (+47.0%)	$918 (+58.4%)	0.2%	$205.31	+29.0%	COM	G2519Y108
SPGI	S&P GLOBAL INC	1,831 (+36.6%)	$957 (+46.7%)	0.2%	$475.47	+3.9%	COM	78409V104
BRK/B	BERKSHIRE HATHAWAY INC DEL	10,496 (+5.0%)	$5,276 (+4.9%)	0.9%	$485.91	+2.4%	CL B NEW	084670702
VTEX	VTEX	604,100 (+29.9%)	$2,271 (+11.5%)	0.4%	$5.76	-28.8%	SHS CL A	G9470A102
BA	BOEING CO	2,993 (+41.8%)	$650 (+42.7%)	0.1%	$219.63	-6.4%	COM	097023105
PBR/A	PETROLEO BRASILEIRO SA PETRO	26,850 (+108.1%)	$303 (+98.5%)	0.1%	$11.40	—	SP ADR NON VTG	71654V101
ESGU	ISHARES TR	13,051 (+1.6%)	$1,944 (+3.9%)	0.3%	$132.48	—	ESG AWR MSCI USA	46435G425
DIA	SPDR DOW JONES INDL AVERAGE	1,173 (+4.5%)	$564 (+8.2%)	0.1%	$433.01	—	UT SER 1	78467X109
BN	BROOKFIELD CORP	36,412 (+50.0%)	$1,671 (+0.4%)	0.3%	$35.78	+27.3%	CL A LTD VT SH	11271J107

Exited Positions (75)

JBS JBS N.V. 24.5%

Value ($000) $143,175 Shares 9,589,738 Est. Cost $14.58 Unrealized -5.8%

KWEB KRANESHARES TRUST 3.7%

Value ($000) $21,455 Shares 510,700 Est. Cost $33.98 Unrealized —

EEM ISHARES TR 1.5%

Value ($000) $8,616 Shares 161,350 Est. Cost $53.40 Unrealized —

QQQ INVESCO QQQ TR 1.1%

Value ($000) $6,225 Shares 10,368 Est. Cost $537.97 Unrealized —

SLV ISHARES SILVER TR 0.7%

Value ($000) $4,375 Shares 103,260 Est. Cost $34.14 Unrealized —

DIS DISNEY WALT CO 0.7%

Value ($000) $4,226 Shares 36,910 Est. Cost $116.99 Unrealized -6.4%

INDA ISHARES TR 0.7%

Value ($000) $4,165 Shares 80,000 Est. Cost $55.16 Unrealized —

CRWV COREWEAVE INC 0.7%

Value ($000) $4,106 Shares 30,000 Est. Cost $118.31 Unrealized -14.3%

ZTS ZOETIS INC 0.7%

Value ($000) $4,072 Shares 27,829 Est. Cost $150.53 Unrealized -13.5%

KO COCA COLA CO 0.7%

Value ($000) $3,849 Shares 58,032 Est. Cost $67.92 Unrealized +2.2%

JD JD.COM INC 0.6%

Value ($000) $3,498 Shares 100,000 Est. Cost $34.98 Unrealized —

GDXJ VANECK ETF TRUST 0.5%

Value ($000) $2,971 Shares 30,000 Est. Cost $60.05 Unrealized —

XLRE SELECT SECTOR SPDR TR 0.5%

Value ($000) $2,882 Shares 68,405 Est. Cost $40.86 Unrealized —

WYNN WYNN RESORTS LTD 0.5%

Value ($000) $2,847 Shares 22,197 Est. Cost $115.07 Unrealized +7.4%

LTH LIFE TIME GROUP HOLDINGS INC 0.4%

Value ($000) $2,622 Shares 95,000 Est. Cost $28.53 Unrealized -8.7%

TLT ISHARES TR 0.4%

Value ($000) $2,324 Shares 26,000 Est. Cost $89.37 Unrealized —

VIST VISTA ENERGY S.A.B. DE C.V. 0.4%

Value ($000) $2,132 Shares 61,979 Est. Cost $34.40 Unrealized —

CVS CVS HEALTH CORP 0.3%

Value ($000) $1,982 Shares 26,287 Est. Cost $67.82 Unrealized +16.0%

GS GOLDMAN SACHS GROUP INC 0.3%

Value ($000) $1,743 Shares 2,189 Est. Cost $527.44 Unrealized +54.2%

TGB TASEKO MINES LTD 0.3%

Value ($000) $1,692 Shares 400,000 Est. Cost $3.40 Unrealized +38.3%

CRM SALESFORCE INC 0.3%

Value ($000) $1,639 Shares 6,917 Est. Cost $260.78 Unrealized -4.8%

SIL GLOBAL X FDS 0.2%

Value ($000) $1,433 Shares 20,000 Est. Cost $39.04 Unrealized —

DD DUPONT DE NEMOURS INC 0.2%

Value ($000) $1,357 Shares 17,423 Est. Cost $29.79 Unrealized +25.5%

IRS IRSA INVERSIONES Y REP S A 0.2%

Value ($000) $1,301 Shares 109,912 Est. Cost $11.84 Unrealized —

CFG CITIZENS FINL GROUP INC 0.2%

Value ($000) $1,296 Shares 24,378 Est. Cost $49.19 Unrealized +8.9%

VNET VNET GROUP INC 0.2%

Value ($000) $1,281 Shares 124,022 Est. Cost $10.33 Unrealized —

KHC KRAFT HEINZ CO 0.2%

Value ($000) $1,247 Shares 47,899 Est. Cost $26.49 Unrealized -7.0%

PONY PONY AI INC 0.2%

Value ($000) $1,125 Shares 50,000 Est. Cost $15.36 Unrealized —

GEHC GE HEALTHCARE TECHNOLOGIES I 0.2%

Value ($000) $1,069 Shares 14,232 Est. Cost $74.54 Unrealized +4.5%

AMD ADVANCED MICRO DEVICES INC 0.2%

Value ($000) $1,067 Shares 6,598 Est. Cost $108.87 Unrealized +106.3%

TRGP TARGA RES CORP 0.2%

Value ($000) $1,062 Shares 6,340 Est. Cost $165.39 Unrealized +1.6%

ZETA ZETA GLOBAL HOLDINGS CORP 0.2%

Value ($000) $994 Shares 50,000 Est. Cost $13.28 Unrealized +40.6%

SILJ AMPLIFY ETF TR 0.2%

Value ($000) $924 Shares 40,000 Est. Cost $23.09 Unrealized —

CI THE CIGNA GROUP 0.2%

Value ($000) $905 Shares 3,138 Est. Cost $293.19 Unrealized -4.8%

APA APA CORPORATION 0.2%

Value ($000) $899 Shares 37,019 Est. Cost $17.29 Unrealized +39.6%

IBKR INTERACTIVE BROKERS GROUP IN 0.2%

Value ($000) $895 Shares 13,000 Est. Cost $47.28 Unrealized +41.5%

FMX FOMENTO ECONOMICO MEXICANO S 0.1%

Value ($000) $766 Shares 7,766 Est. Cost $98.63 Unrealized —

OMAB GRUPO AEROPORTUARIO DEL CENT 0.1%

Value ($000) $718 Shares 6,908 Est. Cost $103.87 Unrealized —

ECH ISHARES INC 0.1%

Value ($000) $663 Shares 20,123 Est. Cost $28.56 Unrealized —

APO APOLLO GLOBAL MGMT INC 0.1%

Value ($000) $596 Shares 4,472 Est. Cost $140.75 Unrealized -5.8%

HSAI HESAI GROUP 0.1%

Value ($000) $562 Shares 20,000 Est. Cost $28.10 Unrealized —

SLB SCHLUMBERGER LTD 0.1%

Value ($000) $541 Shares 15,739 Est. Cost $34.34 Unrealized +5.0%

TJX TJX COS INC NEW 0.1%

Value ($000) $510 Shares 3,526 Est. Cost $132.28 Unrealized +11.7%

VLRS CONTROLADORA VUELA COMP DE A 0.1%

Value ($000) $503 Shares 70,000 Est. Cost $5.22 Unrealized —

FTNT FORTINET INC 0.1%

Value ($000) $437 Shares 5,200 Est. Cost $89.23 Unrealized -7.1%

CRESY CRESUD S A C I F Y A 0.1%

Value ($000) $400 Shares 43,455 Est. Cost $9.20 Unrealized —

XLE SELECT SECTOR SPDR TR 0.1%

Value ($000) $355 Shares 3,972 Est. Cost $92.61 Unrealized —

COP CONOCOPHILLIPS 0.1%

Value ($000) $354 Shares 3,740 Est. Cost $93.28 Unrealized -3.5%

WY WEYERHAEUSER CO MTN BE 0.1%

Value ($000) $342 Shares 13,800 Est. Cost $25.19 Unrealized -8.7%

TGNA TEGNA INC 0.1%

Value ($000) $336 Shares 16,539 Est. Cost $19.06 Unrealized +3.7%

GLD SPDR GOLD TR 0.1%

Value ($000) $333 Shares 938 Est. Cost $355.47 Unrealized —

— ISHARES INC 0.1%

Value ($000) $326 Shares 10,500 Est. Cost — Unrealized —

LC LENDINGCLUB CORP 0.1%

Value ($000) $324 Shares 21,323 Est. Cost $15.17 Unrealized +16.4%

FANG DIAMONDBACK ENERGY INC 0.1%

Value ($000) $308 Shares 2,154 Est. Cost $140.85 Unrealized +4.4%

— ISHARES TR 0.0%

Value ($000) $288 Shares 7,000 Est. Cost — Unrealized —

PKG PACKAGING CORP AMER 0.0%

Value ($000) $226 Shares 1,039 Est. Cost $204.01 Unrealized -0.8%

DHR DANAHER CORPORATION 0.0%

Value ($000) $225 Shares 1,135 Est. Cost $198.37 Unrealized +10.7%

EPAM EPAM SYS INC 0.0%

Value ($000) $216 Shares 1,433 Est. Cost $164.18 Unrealized +8.6%

— SPDR GOLD TR 0.0%

Value ($000) $213 Shares 600 Est. Cost — Unrealized —

PLTR PALANTIR TECHNOLOGIES INC 0.0%

Value ($000) $213 Shares 1,166 Est. Cost $162.07 Unrealized +11.7%

GGB GERDAU SA 0.0%

Value ($000) $171 Shares 55,000 Est. Cost $2.91 Unrealized —

KVUE KENVUE INC 0.0%

Value ($000) $162 Shares 10,000 Est. Cost $20.06 Unrealized -19.0%

INTR INTER & CO INC 0.0%

Value ($000) $107 Shares 11,572 Est. Cost $6.53 Unrealized +33.7%

CIG CIA ENERGETICA DE MINAS GERA 0.0%

Value ($000) $105 Shares 49,600 Est. Cost $1.76 Unrealized —

REKR REKOR SYSTEMS INC 0.0%

Value ($000) $102 Shares 65,226 Est. Cost $1.26 Unrealized +61.5%

BAK BRASKEM S A 0.0%

Value ($000) $88 Shares 36,500 Est. Cost $3.84 Unrealized —

SES SES AI CORPORATION 0.0%

Value ($000) $78 Shares 46,640 Est. Cost $1.20 Unrealized +87.4%

BBD BANCO BRADESCO S A 0.0%

Value ($000) $56 Shares 16,506 Est. Cost $3.38 Unrealized —

SNGX SOLIGENIX INC 0.0%

Value ($000) $54 Shares 46,372 Est. Cost $2.30 Unrealized -35.4%

AVAL GRUPO AVAL ACCIONES Y VALORE 0.0%

Value ($000) $51 Shares 15,587 Est. Cost $2.69 Unrealized —

NRGV ENERGY VAULT HOLDINGS INC 0.0%

Value ($000) $43 Shares 14,627 Est. Cost $1.64 Unrealized +133.1%

RIG TRANSOCEAN LTD 0.0%

Value ($000) $38 Shares 12,248 Est. Cost $3.02 Unrealized +28.7%

HYLN HYLIION HOLDINGS CORP 0.0%

Value ($000) $37 Shares 18,929 Est. Cost $1.66 Unrealized +21.0%

BORR BORR DRILLING LTD 0.0%

Value ($000) $33 Shares 12,328 Est. Cost $1.89 Unrealized +75.4%

SMRT SMARTRENT INC 0.0%

Value ($000) $23 Shares 16,200 Est. Cost $1.28 Unrealized +27.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
JBS	JBS N.V.	9,589,738	$143,175	24.5%	$14.58	-5.8%	—	N4732M103
KWEB	KRANESHARES TRUST	510,700	$21,455	3.7%	$33.98	—	—	500767306
EEM	ISHARES TR	161,350	$8,616	1.5%	$53.40	—	—	464287234
QQQ	INVESCO QQQ TR	10,368	$6,225	1.1%	$537.97	—	—	46090E103
SLV	ISHARES SILVER TR	103,260	$4,375	0.7%	$34.14	—	—	46428Q109
DIS	DISNEY WALT CO	36,910	$4,226	0.7%	$116.99	-6.4%	—	254687106
INDA	ISHARES TR	80,000	$4,165	0.7%	$55.16	—	—	46429B598
CRWV	COREWEAVE INC	30,000	$4,106	0.7%	$118.31	-14.3%	—	21873S108
ZTS	ZOETIS INC	27,829	$4,072	0.7%	$150.53	-13.5%	—	98978V103
KO	COCA COLA CO	58,032	$3,849	0.7%	$67.92	+2.2%	—	191216100
JD	JD.COM INC	100,000	$3,498	0.6%	$34.98	—	—	47215P106
GDXJ	VANECK ETF TRUST	30,000	$2,971	0.5%	$60.05	—	—	92189F791
XLRE	SELECT SECTOR SPDR TR	68,405	$2,882	0.5%	$40.86	—	—	81369Y860
WYNN	WYNN RESORTS LTD	22,197	$2,847	0.5%	$115.07	+7.4%	—	983134107
LTH	LIFE TIME GROUP HOLDINGS INC	95,000	$2,622	0.4%	$28.53	-8.7%	—	53190C102
TLT	ISHARES TR	26,000	$2,324	0.4%	$89.37	—	—	464287432
VIST	VISTA ENERGY S.A.B. DE C.V.	61,979	$2,132	0.4%	$34.40	—	—	92837L109
CVS	CVS HEALTH CORP	26,287	$1,982	0.3%	$67.82	+16.0%	—	126650100
GS	GOLDMAN SACHS GROUP INC	2,189	$1,743	0.3%	$527.44	+54.2%	—	38141G104
TGB	TASEKO MINES LTD	400,000	$1,692	0.3%	$3.40	+38.3%	—	876511106
CRM	SALESFORCE INC	6,917	$1,639	0.3%	$260.78	-4.8%	—	79466L302
SIL	GLOBAL X FDS	20,000	$1,433	0.2%	$39.04	—	—	37954Y848
DD	DUPONT DE NEMOURS INC	17,423	$1,357	0.2%	$29.79	+25.5%	—	26614N102
IRS	IRSA INVERSIONES Y REP S A	109,912	$1,301	0.2%	$11.84	—	—	450047303
CFG	CITIZENS FINL GROUP INC	24,378	$1,296	0.2%	$49.19	+8.9%	—	174610105
VNET	VNET GROUP INC	124,022	$1,281	0.2%	$10.33	—	—	90138A103
KHC	KRAFT HEINZ CO	47,899	$1,247	0.2%	$26.49	-7.0%	—	500754106
PONY	PONY AI INC	50,000	$1,125	0.2%	$15.36	—	—	732908108
GEHC	GE HEALTHCARE TECHNOLOGIES I	14,232	$1,069	0.2%	$74.54	+4.5%	—	36266G107
AMD	ADVANCED MICRO DEVICES INC	6,598	$1,067	0.2%	$108.87	+106.3%	—	007903107
TRGP	TARGA RES CORP	6,340	$1,062	0.2%	$165.39	+1.6%	—	87612G101
ZETA	ZETA GLOBAL HOLDINGS CORP	50,000	$994	0.2%	$13.28	+40.6%	—	98956A105
SILJ	AMPLIFY ETF TR	40,000	$924	0.2%	$23.09	—	—	032108649
CI	THE CIGNA GROUP	3,138	$905	0.2%	$293.19	-4.8%	—	125523100
APA	APA CORPORATION	37,019	$899	0.2%	$17.29	+39.6%	—	03743Q108
IBKR	INTERACTIVE BROKERS GROUP IN	13,000	$895	0.2%	$47.28	+41.5%	—	45841N107
FMX	FOMENTO ECONOMICO MEXICANO S	7,766	$766	0.1%	$98.63	—	—	344419106
OMAB	GRUPO AEROPORTUARIO DEL CENT	6,908	$718	0.1%	$103.87	—	—	400501102
ECH	ISHARES INC	20,123	$663	0.1%	$28.56	—	—	464286640
APO	APOLLO GLOBAL MGMT INC	4,472	$596	0.1%	$140.75	-5.8%	—	03769M106
HSAI	HESAI GROUP	20,000	$562	0.1%	$28.10	—	—	428050108
SLB	SCHLUMBERGER LTD	15,739	$541	0.1%	$34.34	+5.0%	—	806857108
TJX	TJX COS INC NEW	3,526	$510	0.1%	$132.28	+11.7%	—	872540109
VLRS	CONTROLADORA VUELA COMP DE A	70,000	$503	0.1%	$5.22	—	—	21240E105
FTNT	FORTINET INC	5,200	$437	0.1%	$89.23	-7.1%	—	34959E109
CRESY	CRESUD S A C I F Y A	43,455	$400	0.1%	$9.20	—	—	226406106
XLE	SELECT SECTOR SPDR TR	3,972	$355	0.1%	$92.61	—	—	81369Y506
COP	CONOCOPHILLIPS	3,740	$354	0.1%	$93.28	-3.5%	—	20825C104
WY	WEYERHAEUSER CO MTN BE	13,800	$342	0.1%	$25.19	-8.7%	—	962166104
TGNA	TEGNA INC	16,539	$336	0.1%	$19.06	+3.7%	—	87901J105
GLD	SPDR GOLD TR	938	$333	0.1%	$355.47	—	—	78463V107
—	ISHARES INC	10,500	$326	0.1%	—	—	CALL	464286903
LC	LENDINGCLUB CORP	21,323	$324	0.1%	$15.17	+16.4%	—	52603A208
FANG	DIAMONDBACK ENERGY INC	2,154	$308	0.1%	$140.85	+4.4%	—	25278X109
—	ISHARES TR	7,000	$288	0.0%	—	—	PUT	464287951
PKG	PACKAGING CORP AMER	1,039	$226	0.0%	$204.01	-0.8%	—	695156109
DHR	DANAHER CORPORATION	1,135	$225	0.0%	$198.37	+10.7%	—	235851102
EPAM	EPAM SYS INC	1,433	$216	0.0%	$164.18	+8.6%	—	29414B104
—	SPDR GOLD TR	600	$213	0.0%	—	—	PUT	78463V957
PLTR	PALANTIR TECHNOLOGIES INC	1,166	$213	0.0%	$162.07	+11.7%	—	69608A108
GGB	GERDAU SA	55,000	$171	0.0%	$2.91	—	—	373737105
KVUE	KENVUE INC	10,000	$162	0.0%	$20.06	-19.0%	—	49177J102
INTR	INTER & CO INC	11,572	$107	0.0%	$6.53	+33.7%	—	G4R20B107
CIG	CIA ENERGETICA DE MINAS GERA	49,600	$105	0.0%	$1.76	—	—	204409601
REKR	REKOR SYSTEMS INC	65,226	$102	0.0%	$1.26	+61.5%	—	759419104
BAK	BRASKEM S A	36,500	$88	0.0%	$3.84	—	—	105532105
SES	SES AI CORPORATION	46,640	$78	0.0%	$1.20	+87.4%	—	78397Q109
BBD	BANCO BRADESCO S A	16,506	$56	0.0%	$3.38	—	—	059460303
SNGX	SOLIGENIX INC	46,372	$54	0.0%	$2.30	-35.4%	—	834223604
AVAL	GRUPO AVAL ACCIONES Y VALORE	15,587	$51	0.0%	$2.69	—	—	40053W101
NRGV	ENERGY VAULT HOLDINGS INC	14,627	$43	0.0%	$1.64	+133.1%	—	29280W109
RIG	TRANSOCEAN LTD	12,248	$38	0.0%	$3.02	+28.7%	—	H8817H100
HYLN	HYLIION HOLDINGS CORP	18,929	$37	0.0%	$1.66	+21.0%	—	449109107
BORR	BORR DRILLING LTD	12,328	$33	0.0%	$1.89	+75.4%	—	G1466R173
SMRT	SMARTRENT INC	16,200	$23	0.0%	$1.28	+27.7%	—	83193G107

Decreased Positions (30)

C CITIGROUP INC 0.6%

Value ($000) $3,672 (-74.1%) Shares 31,472 (-77.4%) Est. Cost $69.38 Unrealized +49.4%

SPLV INVESCO EXCH TRADED FD TR II 1.0%

Value ($000) $5,964 (-58.2%) Shares 83,513 (-57.0%) Est. Cost $65.06 Unrealized —

GDX VANECK ETF TRUST 0.0%

Value ($000) $217 (-97.4%) Shares 2,526 (-97.7%) Est. Cost $60.13 Unrealized —

UNH UNITEDHEALTH GROUP INC 0.1%

Value ($000) $531 (-90.9%) Shares 1,609 (-90.5%) Est. Cost $298.94 Unrealized +12.8%

JPM JPMORGAN CHASE & CO. 0.6%

Value ($000) $3,330 (-58.4%) Shares 10,336 (-59.2%) Est. Cost $239.05 Unrealized +29.5%

GOOGL ALPHABET INC 2.4%

Value ($000) $13,810 (-24.8%) Shares 44,120 (-41.6%) Est. Cost $158.38 Unrealized +80.3%

LPLA LPL FINL HLDGS INC 0.5%

Value ($000) $2,679 (-60.7%) Shares 7,500 (-63.4%) Est. Cost $352.70 Unrealized +0.3%

EWZ ISHARES INC 0.9%

Value ($000) $5,090 (-42.8%) Shares 160,209 (-44.2%) Est. Cost $31.00 Unrealized —

WDC WESTERN DIGITAL CORP 0.0%

Value ($000) $256 (-91.1%) Shares 1,488 (-93.8%) Est. Cost $81.60 Unrealized +85.7%

COF CAPITAL ONE FINL CORP 0.0%

Value ($000) $253 (-91.1%) Shares 1,044 (-97.9%) Est. Cost $192.67 Unrealized +15.3%

IFS INTERCORP FINL SVCS INC 0.5%

Value ($000) $3,190 (-39.0%) Shares 75,300 (-41.9%) Est. Cost $37.01 Unrealized +11.1%

KBWB INVESCO EXCH TRADED FD TR II 0.9%

Value ($000) $5,479 (-22.2%) Shares 65,000 (-27.8%) Est. Cost $62.77 Unrealized —

APP APPLOVIN CORP 0.0%

Value ($000) $252 (-85.3%) Shares 374 (-84.3%) Est. Cost $461.14 Unrealized +36.6%

SPYG SPDR SERIES TRUST 0.2%

Value ($000) $1,034 (-54.3%) Shares 9,690 (-55.2%) Est. Cost $74.14 Unrealized —

FXI ISHARES TR 0.2%

Value ($000) $894 (-55.7%) Shares 23,356 (-52.4%) Est. Cost $29.86 Unrealized —

TEO TELECOM ARGENTINA SA 0.6%

Value ($000) $3,802 (+39.5%) Shares 327,501 (-12.6%) Est. Cost $7.27 Unrealized —

IBIT ISHARES BITCOIN TRUST ETF 0.3%

Value ($000) $1,505 (-38.7%) Shares 30,303 (-19.7%) Est. Cost $62.12 Unrealized —

TGS TRANSPORTADORA DE GAS SUR 0.6%

Value ($000) $3,297 (-22.0%) Shares 106,060 (-47.2%) Est. Cost $23.03 Unrealized —

EVEX EVE HLDG INC 0.2%

Value ($000) $1,383 (-39.2%) Shares 346,500 (-41.9%) Est. Cost $5.32 Unrealized -17.3%

XP XP INC 0.1%

Value ($000) $391 (-66.1%) Shares 23,909 (-61.1%) Est. Cost $13.77 Unrealized +27.9%

VST VISTRA CORP 0.1%

Value ($000) $735 (-45.8%) Shares 4,555 (-34.1%) Est. Cost $197.68 Unrealized -8.0%

HWM HOWMET AEROSPACE INC 0.2%

Value ($000) $1,457 (-27.0%) Shares 7,106 (-30.1%) Est. Cost $182.11 Unrealized +9.3%

SQM SOCIEDAD QUIMICA Y MINERA DE 0.2%

Value ($000) $980 (+51.4%) Shares 14,244 (-5.4%) Est. Cost $42.98 Unrealized —

ABEV AMBEV SA 0.0%

Value ($000) $50 (-78.5%) Shares 20,400 (-80.6%) Est. Cost $2.43 Unrealized —

COPX GLOBAL X FDS 0.1%

Value ($000) $345 (-28.9%) Shares 4,800 (-40.7%) Est. Cost $35.70 Unrealized —

CINT CI&T INC 0.0%

Value ($000) $190 (-38.5%) Shares 46,711 (-22.1%) Est. Cost $5.42 Unrealized -16.0%

MCK MCKESSON CORP 0.0%

Value ($000) $213 (-25.4%) Shares 260 (-29.7%) Est. Cost $703.03 Unrealized +16.0%

ARGT GLOBAL X FDS 0.1%

Value ($000) $411 (+15.6%) Shares 4,500 (-11.8%) Est. Cost $69.76 Unrealized —

BAC BANK AMERICA CORP 0.1%

Value ($000) $635 (-6.2%) Shares 11,542 (-12.0%) Est. Cost $42.07 Unrealized +25.2%

LGO LARGO INC 0.0%

Value ($000) $14 (-64.5%) Shares 14,450 (-43.2%) Est. Cost $1.40 Unrealized -15.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
C	CITIGROUP INC	31,472 (-77.4%)	$3,672 (-74.1%)	0.6%	$69.38	+49.4%	COM NEW	172967424
SPLV	INVESCO EXCH TRADED FD TR II	83,513 (-57.0%)	$5,964 (-58.2%)	1.0%	$65.06	—	S&P500 LOW VOL	46138E354
GDX	VANECK ETF TRUST	2,526 (-97.7%)	$217 (-97.4%)	0.0%	$60.13	—	GOLD MINERS ETF	92189F106
UNH	UNITEDHEALTH GROUP INC	1,609 (-90.5%)	$531 (-90.9%)	0.1%	$298.94	+12.8%	COM	91324P102
JPM	JPMORGAN CHASE & CO.	10,336 (-59.2%)	$3,330 (-58.4%)	0.6%	$239.05	+29.5%	COM	46625H100
GOOGL	ALPHABET INC	44,120 (-41.6%)	$13,810 (-24.8%)	2.4%	$158.38	+80.3%	CAP STK CL A	02079K305
LPLA	LPL FINL HLDGS INC	7,500 (-63.4%)	$2,679 (-60.7%)	0.5%	$352.70	+0.3%	COM	50212V100
EWZ	ISHARES INC	160,209 (-44.2%)	$5,090 (-42.8%)	0.9%	$31.00	—	MSCI BRAZIL ETF	464286400
WDC	WESTERN DIGITAL CORP	1,488 (-93.8%)	$256 (-91.1%)	0.0%	$81.60	+85.7%	COM	958102105
COF	CAPITAL ONE FINL CORP	1,044 (-97.9%)	$253 (-91.1%)	0.0%	$192.67	+15.3%	COM	14040H105
IFS	INTERCORP FINL SVCS INC	75,300 (-41.9%)	$3,190 (-39.0%)	0.5%	$37.01	+11.1%	SHS	P5626F128
KBWB	INVESCO EXCH TRADED FD TR II	65,000 (-27.8%)	$5,479 (-22.2%)	0.9%	$62.77	—	KBW BK ETF	46138E628
APP	APPLOVIN CORP	374 (-84.3%)	$252 (-85.3%)	0.0%	$461.14	+36.6%	COM CL A	03831W108
SPYG	SPDR SERIES TRUST	9,690 (-55.2%)	$1,034 (-54.3%)	0.2%	$74.14	—	STATE STREET SPD	78464A409
FXI	ISHARES TR	23,356 (-52.4%)	$894 (-55.7%)	0.2%	$29.86	—	CHINA LG-CAP ETF	464287184
TEO	TELECOM ARGENTINA SA	327,501 (-12.6%)	$3,802 (+39.5%)	0.6%	$7.27	—	SPON ADR REP B	879273209
IBIT	ISHARES BITCOIN TRUST ETF	30,303 (-19.7%)	$1,505 (-38.7%)	0.3%	$62.12	—	SHS BEN INT	46438F101
TGS	TRANSPORTADORA DE GAS SUR	106,060 (-47.2%)	$3,297 (-22.0%)	0.6%	$23.03	—	SPONSORED ADS B	893870204
EVEX	EVE HLDG INC	346,500 (-41.9%)	$1,383 (-39.2%)	0.2%	$5.32	-17.3%	COM	29970N104
XP	XP INC	23,909 (-61.1%)	$391 (-66.1%)	0.1%	$13.77	+27.9%	CL A	G98239109
VST	VISTRA CORP	4,555 (-34.1%)	$735 (-45.8%)	0.1%	$197.68	-8.0%	COM	92840M102
HWM	HOWMET AEROSPACE INC	7,106 (-30.1%)	$1,457 (-27.0%)	0.2%	$182.11	+9.3%	COM	443201108
SQM	SOCIEDAD QUIMICA Y MINERA DE	14,244 (-5.4%)	$980 (+51.4%)	0.2%	$42.98	—	SPON ADR SER B	833635105
ABEV	AMBEV SA	20,400 (-80.6%)	$50 (-78.5%)	0.0%	$2.43	—	SPONSORED ADR	02319V103
COPX	GLOBAL X FDS	4,800 (-40.7%)	$345 (-28.9%)	0.1%	$35.70	—	GLOBAL X COPPER	37954Y830
CINT	CI&T INC	46,711 (-22.1%)	$190 (-38.5%)	0.0%	$5.42	-16.0%	COM CL A	G21307106
MCK	MCKESSON CORP	260 (-29.7%)	$213 (-25.4%)	0.0%	$703.03	+16.0%	COM	58155Q103
ARGT	GLOBAL X FDS	4,500 (-11.8%)	$411 (+15.6%)	0.1%	$69.76	—	GB MSCI AR ETF	37950E259
BAC	BANK AMERICA CORP	11,542 (-12.0%)	$635 (-6.2%)	0.1%	$42.07	+25.2%	COM	060505104
LGO	LARGO INC	14,450 (-43.2%)	$14 (-64.5%)	0.0%	$1.40	-15.3%	COM	517097101

Unchanged Positions (13)

SOXQ INVESCO EXCH TRADED FD TR II 0.5%

Value ($000) $3,031 Shares 54,345 Est. Cost $37.37 Unrealized —

BLK BLACKROCK INC 0.2%

Value ($000) $1,252 Shares 1,170 Est. Cost $991.05 Unrealized +9.9%

AUGO AURA MINERALS INC 0.1%

Value ($000) $338 Shares 6,702 Est. Cost $28.59 Unrealized +37.4%

TMO THERMO FISHER SCIENTIFIC INC 0.1%

Value ($000) $498 Shares 860 Est. Cost $464.78 Unrealized +21.6%

METV LISTED FDS TR 0.1%

Value ($000) $824 Shares 43,850 Est. Cost $8.34 Unrealized —

HLT HILTON WORLDWIDE HLDGS INC 0.1%

Value ($000) $747 Shares 2,600 Est. Cost $183.46 Unrealized +48.4%

SAP SAP SE 0.1%

Value ($000) $340 Shares 1,400 Est. Cost $267.21 Unrealized —

TLN TALEN ENERGY CORP 0.0%

Value ($000) $264 Shares 703 Est. Cost $361.29 Unrealized +7.6%

NDAQ NASDAQ INC 0.0%

Value ($000) $262 Shares 2,700 Est. Cost $53.40 Unrealized +68.0%

ET ENERGY TRANSFER L P 0.1%

Value ($000) $561 Shares 34,000 Est. Cost $19.71 Unrealized —

QXO QXO INC 0.1%

Value ($000) $772 Shares 40,000 Est. Cost $20.71 Unrealized -7.4%

SPY SPDR S&P 500 ETF TR 0.1%

Value ($000) $303 Shares 444 Est. Cost $560.41 Unrealized —

IWO ISHARES TR 0.1%

Value ($000) $598 Shares 1,850 Est. Cost $301.56 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SOXQ	INVESCO EXCH TRADED FD TR II	54,345	$3,031	0.5%	$37.37	—	INVESCO PHLX SM	46138G615
BLK	BLACKROCK INC	1,170	$1,252	0.2%	$991.05	+9.9%	COM	09290D101
AUGO	AURA MINERALS INC	6,702	$338	0.1%	$28.59	+37.4%	SHS NEW	G06973112
TMO	THERMO FISHER SCIENTIFIC INC	860	$498	0.1%	$464.78	+21.6%	COM	883556102
METV	LISTED FDS TR	43,850	$824	0.1%	$8.34	—	ROUNDHILL BALL	53656F417
HLT	HILTON WORLDWIDE HLDGS INC	2,600	$747	0.1%	$183.46	+48.4%	COM	43300A203
SAP	SAP SE	1,400	$340	0.1%	$267.21	—	SPON ADR	803054204
TLN	TALEN ENERGY CORP	703	$264	0.0%	$361.29	+7.6%	COM	87422Q109
NDAQ	NASDAQ INC	2,700	$262	0.0%	$53.40	+68.0%	COM	631103108
ET	ENERGY TRANSFER L P	34,000	$561	0.1%	$19.71	—	COM UT LTD PTN	29273V100
QXO	QXO INC	40,000	$772	0.1%	$20.71	-7.4%	COM NEW	82846H405
SPY	SPDR S&P 500 ETF TR	444	$303	0.1%	$560.41	—	TR UNIT	78462F103
IWO	ISHARES TR	1,850	$598	0.1%	$301.56	—	RUS 2000 GRW ETF	464287648