Crabel Capital Management, LLC Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EEM	iShares Tr	14,549	$796	0.6%	$54.71	—	MSCI Emg Mkt ETF	464287234
SPY	SPDR S&P 500 ETF Tr	715	$488	0.4%	$681.92	—	Tr Unit	78462F103
MINT	PIMCO ETF Tr	4,265	$428	0.3%	$100.34	—	Enhan Shrt MA AC	72201R833
SHY	iShares Tr	4,270	$354	0.3%	$82.82	—	1-3 Yr Treas BD	464287457
SHV	iShares Tr	2,923	$322	0.2%	$110.15	—	Trust ishare 0-1	464288679
INTC	Intel Corp	7,436	$274	0.2%	$37.76	0.0%	Com	458140100
PEP	Pepsico Inc	1,858	$267	0.2%	$145.91	0.0%	Com	713448108
JNJ	Johnson & Johnson	1,286	$266	0.2%	$197.01	0.0%	Com	478160104
VGSH	Vanguard Scottsdale Fds	4,277	$251	0.2%	$58.73	—	Short Term Treas	92206C102

Increased Positions (23)

EMB iShares Tr 6.2%

Value ($000) $8,134 (+118.8%) Shares 84,486 (+116.3%) Est. Cost $87.79 Unrealized —

IEI iShares Tr 4.5%

Value ($000) $6,018 (+161.5%) Shares 50,420 (+161.9%) Est. Cost $117.64 Unrealized —

HYG iShares Tr 10.9%

Value ($000) $14,446 (+29.0%) Shares 179,163 (+29.9%) Est. Cost $73.09 Unrealized —

MUB iShares Tr 4.0%

Value ($000) $5,355 (+130.5%) Shares 49,992 (+129.2%) Est. Cost $105.96 Unrealized —

MBB iShares Tr 3.3%

Value ($000) $4,367 (+209.4%) Shares 45,867 (+209.2%) Est. Cost $94.77 Unrealized —

SJNK SPDR Series Trust 7.0%

Value ($000) $9,222 (+40.1%) Shares 364,230 (+41.7%) Est. Cost $23.69 Unrealized —

AGG iShares Tr 5.7%

Value ($000) $7,509 (+47.1%) Shares 75,181 (+47.7%) Est. Cost $97.56 Unrealized —

HYD Vaneck ETF Trust 1.8%

Value ($000) $2,335 (+506.7%) Shares 45,685 (+504.1%) Est. Cost $50.97 Unrealized —

TFI SPDR Series Trust 1.5%

Value ($000) $1,945 (+224.5%) Shares 42,551 (+223.5%) Est. Cost $45.39 Unrealized —

VTEB Vanguard Mun Bd FDS 1.7%

Value ($000) $2,305 (+100.9%) Shares 45,833 (+100.1%) Est. Cost $47.45 Unrealized —

BND Vanguard BD Index FDS 3.8%

Value ($000) $5,084 (+27.8%) Shares 68,642 (+28.3%) Est. Cost $72.83 Unrealized —

JNK SPDR Series Trust 8.7%

Value ($000) $11,508 (+10.5%) Shares 118,383 (+11.3%) Est. Cost $86.73 Unrealized —

SHYG iShares Tr 2.2%

Value ($000) $2,976 (+52.9%) Shares 69,410 (+54.4%) Est. Cost $39.70 Unrealized —

VTIP Vanguard Malvern FDS 1.3%

Value ($000) $1,766 (+135.7%) Shares 35,699 (+141.3%) Est. Cost $49.67 Unrealized —

EMLC Vaneck ETF Trust 2.6%

Value ($000) $3,418 (+35.4%) Shares 132,377 (+33.8%) Est. Cost $24.80 Unrealized —

BNDX Vanguard Charlotte FDS 2.0%

Value ($000) $2,627 (+47.3%) Shares 54,373 (+50.8%) Est. Cost $46.00 Unrealized —

GOVT iShares Tr 3.7%

Value ($000) $4,859 (+20.6%) Shares 211,039 (+21.1%) Est. Cost $22.54 Unrealized —

VMBS Vanguard Scottsdale Fds 1.2%

Value ($000) $1,558 (+69.7%) Shares 33,097 (+69.3%) Est. Cost $46.63 Unrealized —

VCSH Vanguard Scottsdale Fds 1.0%

Value ($000) $1,331 (+65.3%) Shares 16,693 (+65.7%) Est. Cost $79.41 Unrealized —

BSV Vanguard BD Index FDS 0.6%

Value ($000) $746 (+156.5%) Shares 9,467 (+156.8%) Est. Cost $78.69 Unrealized —

SCHZ Schwab Strategic Tr 0.8%

Value ($000) $1,054 (+57.4%) Shares 45,108 (+58.1%) Est. Cost $23.25 Unrealized —

SPAB SPDR Series Trust 0.8%

Value ($000) $1,024 (+11.3%) Shares 39,753 (+11.7%) Est. Cost $25.57 Unrealized —

HD Home Depot Inc 0.4%

Value ($000) $531 (-0.2%) Shares 1,542 (+17.5%) Est. Cost $385.49 Unrealized -5.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EMB	iShares Tr	84,486 (+116.3%)	$8,134 (+118.8%)	6.2%	$87.79	—	JPMorgan USD Emg	464288281
IEI	iShares Tr	50,420 (+161.9%)	$6,018 (+161.5%)	4.5%	$117.64	—	3-7 Yr Treas BD	464288661
HYG	iShares Tr	179,163 (+29.9%)	$14,446 (+29.0%)	10.9%	$73.09	—	iBOXX Hi Yd ETF	464288513
MUB	iShares Tr	49,992 (+129.2%)	$5,355 (+130.5%)	4.0%	$105.96	—	National Mun ETF	464288414
MBB	iShares Tr	45,867 (+209.2%)	$4,367 (+209.4%)	3.3%	$94.77	—	MBS ETF	464288588
SJNK	SPDR Series Trust	364,230 (+41.7%)	$9,222 (+40.1%)	7.0%	$23.69	—	State Street SPD	78468R408
AGG	iShares Tr	75,181 (+47.7%)	$7,509 (+47.1%)	5.7%	$97.56	—	CoreUS Aggbd ETF	464287226
HYD	Vaneck ETF Trust	45,685 (+504.1%)	$2,335 (+506.7%)	1.8%	$50.97	—	High Yld Muni ETF	92189H409
TFI	SPDR Series Trust	42,551 (+223.5%)	$1,945 (+224.5%)	1.5%	$45.39	—	State Street SPD	78468R721
VTEB	Vanguard Mun Bd FDS	45,833 (+100.1%)	$2,305 (+100.9%)	1.7%	$47.45	—	Tax Exempt Bd	922907746
BND	Vanguard BD Index FDS	68,642 (+28.3%)	$5,084 (+27.8%)	3.8%	$72.83	—	Total Bnd Mrkt	921937835
JNK	SPDR Series Trust	118,383 (+11.3%)	$11,508 (+10.5%)	8.7%	$86.73	—	State Street SPD	78468R622
SHYG	iShares Tr	69,410 (+54.4%)	$2,976 (+52.9%)	2.2%	$39.70	—	0-5 Yr Hi Yl CP	46434V407
VTIP	Vanguard Malvern FDS	35,699 (+141.3%)	$1,766 (+135.7%)	1.3%	$49.67	—	Strm Infproidx	922020805
EMLC	Vaneck ETF Trust	132,377 (+33.8%)	$3,418 (+35.4%)	2.6%	$24.80	—	JP Mrgan Em LOC	92189H300
BNDX	Vanguard Charlotte FDS	54,373 (+50.8%)	$2,627 (+47.3%)	2.0%	$46.00	—	Total Int Bd ETF	92203J407
GOVT	iShares Tr	211,039 (+21.1%)	$4,859 (+20.6%)	3.7%	$22.54	—	US Treas Bd ETF	46429B267
VMBS	Vanguard Scottsdale Fds	33,097 (+69.3%)	$1,558 (+69.7%)	1.2%	$46.63	—	Mtg Bkd Secs ETF	92206C771
VCSH	Vanguard Scottsdale Fds	16,693 (+65.7%)	$1,331 (+65.3%)	1.0%	$79.41	—	Shrt Trm Corp Bd	92206C409
BSV	Vanguard BD Index FDS	9,467 (+156.8%)	$746 (+156.5%)	0.6%	$78.69	—	Short Trm BD	921937827
SCHZ	Schwab Strategic Tr	45,108 (+58.1%)	$1,054 (+57.4%)	0.8%	$23.25	—	US Aggregate B	808524839
SPAB	SPDR Series Trust	39,753 (+11.7%)	$1,024 (+11.3%)	0.8%	$25.57	—	State Street SPD	78464A649
HD	Home Depot Inc	1,542 (+17.5%)	$531 (-0.2%)	0.4%	$385.49	-5.4%	Com	437076102

Exited Positions (14)

XLU Select Sector SPDR Tr 1.1%

Value ($000) $1,435 Shares 16,453 Est. Cost $78.85 Unrealized —

SILJ Amplify ETF Tr 0.8%

Value ($000) $1,039 Shares 45,000 Est. Cost $23.09 Unrealized —

VTI Vanguard Index FDS 0.6%

Value ($000) $737 Shares 2,247 Est. Cost $40.63 Unrealized —

MRK Merck & Co Inc 0.4%

Value ($000) $569 Shares 6,783 Est. Cost $81.01 Unrealized +15.1%

HL Hecla Mng Co 0.4%

Value ($000) $545 Shares 45,000 Est. Cost $8.03 Unrealized +90.3%

PAAS Pan Amern Silver Corp 0.3%

Value ($000) $387 Shares 10,000 Est. Cost $32.15 Unrealized +30.2%

AMZN Amazon Com Inc 0.2%

Value ($000) $269 Shares 1,227 Est. Cost $226.35 Unrealized +1.1%

ORCL Oracle Corp 0.2%

Value ($000) $268 Shares 953 Est. Cost $254.17 Unrealized -6.3%

MA Mastercard Incorporated 0.2%

Value ($000) $268 Shares 471 Est. Cost $573.47 Unrealized -2.5%

UNH UnitedHealth Group Inc 0.2%

Value ($000) $267 Shares 773 Est. Cost $298.94 Unrealized +12.8%

CMCSA Comcast Corp New 0.2%

Value ($000) $266 Shares 8,468 Est. Cost $33.16 Unrealized -14.0%

FSM Fortuna Mng Corp 0.1%

Value ($000) $179 Shares 20,000 Est. Cost $7.30 Unrealized +23.3%

SVM Silvercorp Metals Inc 0.1%

Value ($000) $158 Shares 25,000 Est. Cost $4.89 Unrealized +48.4%

EXK Endeavour Silver Corp 0.1%

Value ($000) $157 Shares 20,000 Est. Cost $5.90 Unrealized +43.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
XLU	Select Sector SPDR Tr	16,453	$1,435	1.1%	$78.85	—	—	81369Y886
SILJ	Amplify ETF Tr	45,000	$1,039	0.8%	$23.09	—	—	032108649
VTI	Vanguard Index FDS	2,247	$737	0.6%	$40.63	—	—	922908769
MRK	Merck & Co Inc	6,783	$569	0.4%	$81.01	+15.1%	—	58933Y105
HL	Hecla Mng Co	45,000	$545	0.4%	$8.03	+90.3%	—	422704106
PAAS	Pan Amern Silver Corp	10,000	$387	0.3%	$32.15	+30.2%	—	697900108
AMZN	Amazon Com Inc	1,227	$269	0.2%	$226.35	+1.1%	—	023135106
ORCL	Oracle Corp	953	$268	0.2%	$254.17	-6.3%	—	68389X105
MA	Mastercard Incorporated	471	$268	0.2%	$573.47	-2.5%	—	57636Q104
UNH	UnitedHealth Group Inc	773	$267	0.2%	$298.94	+12.8%	—	91324P102
CMCSA	Comcast Corp New	8,468	$266	0.2%	$33.16	-14.0%	—	20030N101
FSM	Fortuna Mng Corp	20,000	$179	0.1%	$7.30	+23.3%	—	349942102
SVM	Silvercorp Metals Inc	25,000	$158	0.1%	$4.89	+48.4%	—	82835P103
EXK	Endeavour Silver Corp	20,000	$157	0.1%	$5.90	+43.7%	—	29258Y103

Decreased Positions (16)

TIP iShares Tr 1.9%

Value ($000) $2,565 (-54.9%) Shares 23,340 (-54.4%) Est. Cost $104.92 Unrealized —

LQD iShares Tr 4.0%

Value ($000) $5,314 (-30.3%) Shares 48,226 (-29.5%) Est. Cost $100.29 Unrealized —

PFF iShares Tr 1.2%

Value ($000) $1,591 (-55.0%) Shares 51,402 (-54.1%) Est. Cost $30.34 Unrealized —

VCIT Vanguard Scottsdale Fds 4.8%

Value ($000) $6,356 (-17.1%) Shares 75,896 (-16.7%) Est. Cost $78.32 Unrealized —

GDXJ Vaneck ETF Trust 0.6%

Value ($000) $831 (-56.7%) Shares 7,303 (-62.3%) Est. Cost $58.60 Unrealized —

GDX Vaneck ETF Trust 0.8%

Value ($000) $997 (-47.9%) Shares 11,627 (-53.6%) Est. Cost $45.97 Unrealized —

IEF iShares Tr 2.6%

Value ($000) $3,397 (-14.8%) Shares 35,329 (-14.5%) Est. Cost $92.32 Unrealized —

PG Procter and Gamble Co. 0.2%

Value ($000) $266 (-50.5%) Shares 1,858 (-46.9%) Est. Cost $159.36 Unrealized -7.6%

FLOT iShares Tr 0.6%

Value ($000) $807 (-20.7%) Shares 15,873 (-20.4%) Est. Cost $38.67 Unrealized —

BKLN Invesco Exch Traded FD Tr II 2.4%

Value ($000) $3,207 (-3.4%) Shares 152,730 (-3.7%) Est. Cost $17.23 Unrealized —

TLT iShares Tr 1.1%

Value ($000) $1,514 (-5.3%) Shares 17,373 (-2.9%) Est. Cost $82.21 Unrealized —

FLRN SPDR Series Trust 0.3%

Value ($000) $446 (-10.0%) Shares 14,517 (-9.7%) Est. Cost $26.20 Unrealized —

PGX Invesco Exch Traded FD Tr II 0.2%

Value ($000) $249 (-14.5%) Shares 22,196 (-11.8%) Est. Cost $11.13 Unrealized —

PFE Pfizer Inc 0.4%

Value ($000) $532 (-6.8%) Shares 21,346 (-4.6%) Est. Cost $24.14 Unrealized +3.7%

PCY Invesco Exch Traded FD Tr II 0.3%

Value ($000) $361 (-4.6%) Shares 16,680 (-5.0%) Est. Cost $20.43 Unrealized —

CSCO Cisco Sys Inc 0.2%

Value ($000) $265 (-2.5%) Shares 3,441 (-13.4%) Est. Cost $67.38 Unrealized +9.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TIP	iShares Tr	23,340 (-54.4%)	$2,565 (-54.9%)	1.9%	$104.92	—	TIPS Bd ETF	464287176
LQD	iShares Tr	48,226 (-29.5%)	$5,314 (-30.3%)	4.0%	$100.29	—	iBOXX Inv CP ETF	464287242
PFF	iShares Tr	51,402 (-54.1%)	$1,591 (-55.0%)	1.2%	$30.34	—	PFD and Incm SEC	464288687
VCIT	Vanguard Scottsdale Fds	75,896 (-16.7%)	$6,356 (-17.1%)	4.8%	$78.32	—	Int Term Corp	92206C870
GDXJ	Vaneck ETF Trust	7,303 (-62.3%)	$831 (-56.7%)	0.6%	$58.60	—	Junior Gold Mine	92189F791
GDX	Vaneck ETF Trust	11,627 (-53.6%)	$997 (-47.9%)	0.8%	$45.97	—	Gold Miners ETF	92189F106
IEF	iShares Tr	35,329 (-14.5%)	$3,397 (-14.8%)	2.6%	$92.32	—	7-10 Yr Trsy BD	464287440
PG	Procter and Gamble Co.	1,858 (-46.9%)	$266 (-50.5%)	0.2%	$159.36	-7.6%	Com	742718109
FLOT	iShares Tr	15,873 (-20.4%)	$807 (-20.7%)	0.6%	$38.67	—	Fltg Rate NT ETF	46429B655
BKLN	Invesco Exch Traded FD Tr II	152,730 (-3.7%)	$3,207 (-3.4%)	2.4%	$17.23	—	Sr Ln ETF	46138G508
TLT	iShares Tr	17,373 (-2.9%)	$1,514 (-5.3%)	1.1%	$82.21	—	20 Yr Tr BD ETF	464287432
FLRN	SPDR Series Trust	14,517 (-9.7%)	$446 (-10.0%)	0.3%	$26.20	—	State Street SPD	78468R200
PGX	Invesco Exch Traded FD Tr II	22,196 (-11.8%)	$249 (-14.5%)	0.2%	$11.13	—	PFD ETF	46138E511
PFE	Pfizer Inc	21,346 (-4.6%)	$532 (-6.8%)	0.4%	$24.14	+3.7%	Com	717081103
PCY	Invesco Exch Traded FD Tr II	16,680 (-5.0%)	$361 (-4.6%)	0.3%	$20.43	—	Emrng Mkt Svrg	46138E784
CSCO	Cisco Sys Inc	3,441 (-13.4%)	$265 (-2.5%)	0.2%	$67.38	+9.5%	Com	17275R102