Waratah Capital Advisors Ltd. Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ROP	ROPER TECHNOLOGIES INC	107,300	$47,762	1.6%	$488.96	-5.5%	CALL	776696106
BGSI	BOYD GROUP SERVICES INC	291,886	$46,497	1.6%	$160.25	0.0%	COM	103310108
AGI	ALAMOS GOLD INC NEW	939,614	$36,250	1.2%	$34.84	0.0%	COM CL A	011532108
EXK	ENDEAVOUR SILVER CORP	3,737,025	$35,128	1.2%	$8.48	0.0%	COM	29258Y103
RY	ROYAL BK CDA	200,000	$34,098	1.1%	$114.27	+34.4%	CALL	780087102
AMZN	AMAZON COM INC	144,186	$33,281	1.1%	$228.79	0.0%	COM	023135106
B	BARRICK MNG CORP	644,500	$28,068	0.9%	$36.82	+1.6%	CALL	06849F108
USO	UNITED STS OIL FD LP	310,000	$21,440	0.7%	—	—	PUT	91232N207
AR	ANTERO RESOURCES CORP	590,000	$20,331	0.7%	$33.87	0.0%	COM	03674X106
WCC	WESCO INTL INC	77,040	$18,847	0.6%	$244.94	0.0%	COM	95082P105
AMLP	ALPS ETF TR	400,000	$18,808	0.6%	—	—	CALL	00162Q452
CNI	CANADIAN NATL RY CO	184,374	$18,225	0.6%	$96.14	0.0%	COM	136375102
BROS	DUTCH BROS INC	262,741	$16,085	0.5%	$56.81	0.0%	CL A	26701L100
ETHA	ISHARES ETHEREUM TR	700,000	$15,701	0.5%	—	—	CALL	46438R105
CCJ	CAMECO CORP	150,000	$13,724	0.5%	$77.39	+16.2%	CALL	13321L108
CM	CANADIAN IMPERIAL BANK OF CO	150,000	$13,592	0.5%	$74.72	+14.8%	CALL	136069101
IWM	ISHARES TR	55,200	$13,588	0.5%	—	—	CALL	464287655
FIX	COMFORT SYS USA INC	14,000	$13,066	0.4%	$485.56	+90.1%	PUT	199908104
LULU	LULULEMON ATHLETICA INC	62,266	$12,939	0.4%	$181.15	0.0%	COM	550021109
EWZ	ISHARES INC	400,000	$12,708	0.4%	—	—	CALL	464286400
GOOGL	ALPHABET INC	40,000	$12,520	0.4%	—	—	PUT	02079K305
MKC	MCCORMICK & CO INC	166,200	$11,320	0.4%	$72.01	-8.5%	CALL	579780206
IEX	IDEX CORP	61,800	$10,997	0.4%	$170.79	0.0%	CALL	45167R104
ELS	EQUITY LIFESTYLE PPTYS INC	180,000	$10,910	0.4%	$62.26	—	CALL	29472R108
OIH	VANECK ETF TRUST	37,000	$10,536	0.4%	$284.77	—	OIL SERVICES ETF	92189H607
FANG	DIAMONDBACK ENERGY INC	70,000	$10,523	0.4%	$147.05	0.0%	COM	25278X109
TFII	TFI INTL INC	100,600	$10,397	0.4%	—	—	CALL	87241L109
GNRC	GENERAC HLDGS INC	75,000	$10,228	0.3%	—	—	CALL	368736104
DSGX	DESCARTES SYS GROUP INC	111,259	$9,753	0.3%	$89.38	0.0%	COM	249906108
POOL	POOL CORP	42,500	$9,722	0.3%	$309.15	-16.1%	CALL	73278L105
JBHT	HUNT J B TRANS SVCS INC	50,000	$9,717	0.3%	—	—	PUT	445658107
AME	AMETEK INC	46,771	$9,603	0.3%	$194.36	0.0%	COM	031100100
CAE	CAE INC	312,748	$9,514	0.3%	$28.05	0.0%	COM	124765108
ODFL	OLD DOMINION FREIGHT LINE IN	58,736	$9,210	0.3%	$143.18	0.0%	COM	679580100
STE	STERIS PLC	33,628	$8,525	0.3%	$251.13	0.0%	SHS USD	G8473T100
MTN	VAIL RESORTS INC	58,000	$7,702	0.3%	$158.53	-7.2%	CALL	91879Q109
CSGP	COSTAR GROUP INC	112,500	$7,565	0.3%	—	—	CALL	22160N109
CPRT	COPART INC	153,800	$6,021	0.2%	—	—	CALL	217204106
BRK/B	BERKSHIRE HATHAWAY INC DEL	11,640	$5,851	0.2%	$497.53	0.0%	CL B NEW	084670702
HSY	HERSHEY CO	31,500	$5,732	0.2%	—	—	CALL	427866108
EQT	EQT CORP	100,000	$5,360	0.2%	—	—	CALL	26884L109
ALB	ALBEMARLE CORP	37,011	$5,235	0.2%	$113.25	0.0%	COM	012653101
GD	GENERAL DYNAMICS CORP	15,254	$5,135	0.2%	$340.86	0.0%	COM	369550108
FND	FLOOR & DECOR HLDGS INC	82,000	$4,993	0.2%	$76.11	-14.8%	CALL	339750101
ULS	UL SOLUTIONS INC	61,827	$4,876	0.2%	$80.28	0.0%	CLASS A COM SHS	903731107
IEX	IDEX CORP	25,308	$4,503	0.2%	$170.79	0.0%	COM	45167R104
LGN	LEGENCE CORP	85,602	$3,684	0.1%	$39.53	0.0%	CL A	52476L109
SILJ	AMPLIFY ETF TR	131,400	$3,636	0.1%	$27.67	—	AMPLIFY JUNIOR S	032108649
HST	HOST HOTELS & RESORTS INC	196,133	$3,477	0.1%	$16.93	0.0%	COM	44107P104
CEPT	CANTOR EQUITY PARTNERS II IN	307,474	$3,462	0.1%	$11.28	0.0%	CL A ORD SHS	G1827P106
TGT	TARGET CORP	33,500	$3,275	0.1%	$91.63	0.0%	CALL	87612E106
TVA	TEXAS VENTURES ACQUISITION I	303,607	$3,233	0.1%	$10.86	0.0%	USD CL A ORD SHS	G8772L105
VICR	VICOR CORP	28,798	$3,156	0.1%	$85.01	0.0%	COM	925815102
CAE	CAE INC	100,000	$3,042	0.1%	$28.05	0.0%	CALL	124765108
FISV	FISERV INC	43,300	$2,908	0.1%	—	—	CALL	337738108
CARR	CARRIER GLOBAL CORPORATION	35,200	$1,860	0.1%	—	—	CALL	14448C104
BAH	BOOZ ALLEN HAMILTON HLDG COR	20,700	$1,746	0.1%	—	—	CALL	099502106
TGT	TARGET CORP	17,027	$1,664	0.1%	$91.63	0.0%	COM	87612E106
CORZ	CORE SCIENTIFIC INC NEW	100,000	$1,456	0.0%	—	—	CALL	21874A106
SHAK	SHAKE SHACK INC	14,000	$1,136	0.0%	—	—	CALL	819047101
VHCPU	VINE HILL CAP INVTS CORP II	100,000	$1,002	0.0%	$10.02	—	UNIT 11/25/2030	G9709D125
ADI	ANALOG DEVICES INC	2,748	$745	0.0%	$250.62	0.0%	COM	032654105
NXE	NEXGEN ENERGY LTD	70,000	$644	0.0%	$6.08	+45.3%	CALL	65340P106
CEPV	CANTOR EQUITY PARTNERS V INC	10,000	$103	0.0%	$10.25	0.0%	SHS CL A S	G1828S109

Increased Positions (32)

SLV ISHARES SILVER TR 2.0%

Value ($000) $58,236 (+663.6%) Shares 904,000 (+402.2%) Est. Cost — Unrealized —

B BARRICK MNG CORP 1.5%

Value ($000) $44,515 (+2616.8%) Shares 1,022,153 (+1944.3%) Est. Cost $36.82 Unrealized +1.6%

CR CRANE COMPANY 0.9%

Value ($000) $27,598 (+658.2%) Shares 149,641 (+657.0%) Est. Cost $185.73 Unrealized -0.2%

GIL GILDAN ACTIVEWEAR INC 0.8%

Value ($000) $24,179 (+433.0%) Shares 387,109 (+393.2%) Est. Cost $58.23 Unrealized +2.1%

APH AMPHENOL CORP NEW 0.8%

Value ($000) $24,804 (+182.6%) Shares 183,546 (+158.8%) Est. Cost $124.21 Unrealized +7.5%

IAG IAMGOLD CORP 1.4%

Value ($000) $42,928 (+57.1%) Shares 2,603,269 (+23.2%) Est. Cost $9.59 Unrealized +46.9%

CW CURTISS WRIGHT CORP 0.7%

Value ($000) $21,328 (+261.8%) Shares 38,688 (+256.3%) Est. Cost $539.28 Unrealized +3.4%

DOO BRP INC 0.8%

Value ($000) $23,560 (+166.7%) Shares 332,953 (+129.1%) Est. Cost $55.37 Unrealized +22.7%

SKE SKEENA RES LTD NEW 1.2%

Value ($000) $36,231 (+60.1%) Shares 1,526,799 (+24.3%) Est. Cost $15.61 Unrealized +26.3%

KGC KINROSS GOLD CORP 2.0%

Value ($000) $59,550 (+28.2%) Shares 2,114,712 (+13.1%) Est. Cost $9.41 Unrealized +176.0%

CP CANADIAN PACIFIC KANSAS CITY 0.7%

Value ($000) $19,924 (+145.8%) Shares 270,599 (+148.7%) Est. Cost $75.59 Unrealized -2.6%

EXE EXPAND ENERGY CORPORATION 0.9%

Value ($000) $26,155 (+70.5%) Shares 237,000 (+64.1%) Est. Cost $90.00 Unrealized +22.9%

PWR QUANTA SVCS INC 0.4%

Value ($000) $10,487 (+936.2%) Shares 24,846 (+917.4%) Est. Cost $424.47 Unrealized +3.5%

UAL UNITED AIRLS HLDGS INC 0.4%

Value ($000) $13,153 (+255.3%) Shares 117,625 (+206.6%) Est. Cost $99.46 Unrealized +1.6%

ROP ROPER TECHNOLOGIES INC 1.0%

Value ($000) $28,729 (+48.1%) Shares 64,540 (+65.9%) Est. Cost $488.96 Unrealized -5.5%

CM CANADIAN IMPERIAL BANK OF CO 0.6%

Value ($000) $18,195 (+103.7%) Shares 200,809 (+79.6%) Est. Cost $74.72 Unrealized +14.8%

TD TORONTO DOMINION BK ONT 0.9%

Value ($000) $28,126 (+45.4%) Shares 298,574 (+23.4%) Est. Cost $70.21 Unrealized +20.3%

MGA MAGNA INTL INC 0.4%

Value ($000) $11,726 (+253.6%) Shares 220,000 (+214.3%) Est. Cost $47.27 Unrealized +3.4%

USO UNITED STS OIL FD LP 0.5%

Value ($000) $13,832 (+87.6%) Shares 200,000 (+100.0%) Est. Cost — Unrealized —

CHRW C H ROBINSON WORLDWIDE INC 0.3%

Value ($000) $9,930 (+172.6%) Shares 61,767 (+124.5%) Est. Cost $133.58 Unrealized +10.3%

SXT SENSIENT TECHNOLOGIES CORP 0.5%

Value ($000) $13,746 (+84.3%) Shares 146,311 (+84.1%) Est. Cost $89.39 Unrealized +5.5%

FIX COMFORT SYS USA INC 0.9%

Value ($000) $28,149 (+27.0%) Shares 30,161 (+12.3%) Est. Cost $485.56 Unrealized +90.1%

SII SPROTT INC 0.5%

Value ($000) $14,701 (+66.0%) Shares 150,137 (+41.0%) Est. Cost $50.62 Unrealized +75.2%

EVR EVERCORE INC 0.3%

Value ($000) $9,190 (+149.9%) Shares 27,010 (+147.8%) Est. Cost $290.82 Unrealized +10.3%

BAC BANK AMERICA CORP 0.5%

Value ($000) $14,907 (+50.7%) Shares 271,035 (+41.4%) Est. Cost $49.61 Unrealized +6.2%

CAT CATERPILLAR INC 0.6%

Value ($000) $16,505 (+35.2%) Shares 28,811 (+12.6%) Est. Cost $439.96 Unrealized +26.3%

USAS AMERICAS GOLD AND SILVER COR 0.2%

Value ($000) $4,541 (+603.6%) Shares 888,715 (+412.2%) Est. Cost $4.13 Unrealized +8.9%

RY ROYAL BK CDA 0.6%

Value ($000) $18,926 (+19.4%) Shares 111,008 (+3.2%) Est. Cost $114.27 Unrealized +34.4%

ATLX ATLAS LITHIUM CORP 0.1%

Value ($000) $3,169 (+48.2%) Shares 749,217 (+66.8%) Est. Cost $16.19 Unrealized -68.9%

AEXA AMERICAN EXCEPTIONALISM ACQU 0.1%

Value ($000) $1,824 (+55.2%) Shares 160,124 (+48.9%) Est. Cost $10.92 Unrealized +2.8%

FNV FRANCO NEV CORP 0.4%

Value ($000) $11,561 (+5.9%) Shares 55,773 (+13.9%) Est. Cost $144.50 Unrealized +40.3%

RRX REGAL REXNORD CORPORATION 0.0%

Value ($000) $360 (+3.0%) Shares 2,565 (+5.3%) Est. Cost $156.70 Unrealized -9.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SLV	ISHARES SILVER TR	904,000 (+402.2%)	$58,236 (+663.6%)	2.0%	—	—	PUT	46428Q109
B	BARRICK MNG CORP	1,022,153 (+1944.3%)	$44,515 (+2616.8%)	1.5%	$36.82	+1.6%	COM SHS	06849F108
CR	CRANE COMPANY	149,641 (+657.0%)	$27,598 (+658.2%)	0.9%	$185.73	-0.2%	COMMON STOCK	224408104
GIL	GILDAN ACTIVEWEAR INC	387,109 (+393.2%)	$24,179 (+433.0%)	0.8%	$58.23	+2.1%	COM	375916103
APH	AMPHENOL CORP NEW	183,546 (+158.8%)	$24,804 (+182.6%)	0.8%	$124.21	+7.5%	CL A	032095101
IAG	IAMGOLD CORP	2,603,269 (+23.2%)	$42,928 (+57.1%)	1.4%	$9.59	+46.9%	COM	450913108
CW	CURTISS WRIGHT CORP	38,688 (+256.3%)	$21,328 (+261.8%)	0.7%	$539.28	+3.4%	COM	231561101
DOO	BRP INC	332,953 (+129.1%)	$23,560 (+166.7%)	0.8%	$55.37	+22.7%	COM SUN VTG	05577W200
SKE	SKEENA RES LTD NEW	1,526,799 (+24.3%)	$36,231 (+60.1%)	1.2%	$15.61	+26.3%	COM	83056P715
KGC	KINROSS GOLD CORP	2,114,712 (+13.1%)	$59,550 (+28.2%)	2.0%	$9.41	+176.0%	COM	496902404
CP	CANADIAN PACIFIC KANSAS CITY	270,599 (+148.7%)	$19,924 (+145.8%)	0.7%	$75.59	-2.6%	COM	13646K108
EXE	EXPAND ENERGY CORPORATION	237,000 (+64.1%)	$26,155 (+70.5%)	0.9%	$90.00	+22.9%	COM	165167735
PWR	QUANTA SVCS INC	24,846 (+917.4%)	$10,487 (+936.2%)	0.4%	$424.47	+3.5%	COM	74762E102
UAL	UNITED AIRLS HLDGS INC	117,625 (+206.6%)	$13,153 (+255.3%)	0.4%	$99.46	+1.6%	COM	910047109
ROP	ROPER TECHNOLOGIES INC	64,540 (+65.9%)	$28,729 (+48.1%)	1.0%	$488.96	-5.5%	COM	776696106
CM	CANADIAN IMPERIAL BANK OF CO	200,809 (+79.6%)	$18,195 (+103.7%)	0.6%	$74.72	+14.8%	COM	136069101
TD	TORONTO DOMINION BK ONT	298,574 (+23.4%)	$28,126 (+45.4%)	0.9%	$70.21	+20.3%	COM NEW	891160509
MGA	MAGNA INTL INC	220,000 (+214.3%)	$11,726 (+253.6%)	0.4%	$47.27	+3.4%	COM	559222401
USO	UNITED STS OIL FD LP	200,000 (+100.0%)	$13,832 (+87.6%)	0.5%	—	—	CALL	91232N207
CHRW	C H ROBINSON WORLDWIDE INC	61,767 (+124.5%)	$9,930 (+172.6%)	0.3%	$133.58	+10.3%	COM NEW	12541W209
SXT	SENSIENT TECHNOLOGIES CORP	146,311 (+84.1%)	$13,746 (+84.3%)	0.5%	$89.39	+5.5%	COM	81725T100
FIX	COMFORT SYS USA INC	30,161 (+12.3%)	$28,149 (+27.0%)	0.9%	$485.56	+90.1%	COM	199908104
SII	SPROTT INC	150,137 (+41.0%)	$14,701 (+66.0%)	0.5%	$50.62	+75.2%	COM NEW	852066208
EVR	EVERCORE INC	27,010 (+147.8%)	$9,190 (+149.9%)	0.3%	$290.82	+10.3%	CLASS A	29977A105
BAC	BANK AMERICA CORP	271,035 (+41.4%)	$14,907 (+50.7%)	0.5%	$49.61	+6.2%	COM	060505104
CAT	CATERPILLAR INC	28,811 (+12.6%)	$16,505 (+35.2%)	0.6%	$439.96	+26.3%	COM	149123101
USAS	AMERICAS GOLD AND SILVER COR	888,715 (+412.2%)	$4,541 (+603.6%)	0.2%	$4.13	+8.9%	COM NEW	03062D803
RY	ROYAL BK CDA	111,008 (+3.2%)	$18,926 (+19.4%)	0.6%	$114.27	+34.4%	COM	780087102
ATLX	ATLAS LITHIUM CORP	749,217 (+66.8%)	$3,169 (+48.2%)	0.1%	$16.19	-68.9%	COM NEW	105861306
AEXA	AMERICAN EXCEPTIONALISM ACQU	160,124 (+48.9%)	$1,824 (+55.2%)	0.1%	$10.92	+2.8%	ORD CL A	G0273J101
FNV	FRANCO NEV CORP	55,773 (+13.9%)	$11,561 (+5.9%)	0.4%	$144.50	+40.3%	COM	351858105
RRX	REGAL REXNORD CORPORATION	2,565 (+5.3%)	$360 (+3.0%)	0.0%	$156.70	-9.2%	COM	758750103

Exited Positions (96)

TLT ISHARES TR 9.3%

Value ($000) $277,065 Shares 3,100,200 Est. Cost — Unrealized —

XLU SELECT SECTOR SPDR TR 4.0%

Value ($000) $119,478 Shares 1,370,000 Est. Cost — Unrealized —

IWM ISHARES TR 2.3%

Value ($000) $67,555 Shares 279,200 Est. Cost — Unrealized —

EQX EQUINOX GOLD CORP 1.3%

Value ($000) $39,564 Shares 3,526,159 Est. Cost $7.67 Unrealized +64.6%

TT TRANE TECHNOLOGIES PLC 1.0%

Value ($000) $29,108 Shares 68,982 Est. Cost $403.53 Unrealized +2.5%

CVE CENOVUS ENERGY INC 1.0%

Value ($000) $28,515 Shares 1,678,336 Est. Cost $15.61 Unrealized +11.2%

COST COSTCO WHSL CORP NEW 0.8%

Value ($000) $23,974 Shares 25,900 Est. Cost — Unrealized —

LNG CHENIERE ENERGY INC 0.8%

Value ($000) $23,373 Shares 99,468 Est. Cost $212.24 Unrealized -1.1%

POOL POOL CORP 0.8%

Value ($000) $22,291 Shares 71,891 Est. Cost $309.15 Unrealized -16.1%

RCI ROGERS COMMUNICATIONS INC 0.7%

Value ($000) $21,003 Shares 609,300 Est. Cost $34.43 Unrealized +8.9%

MKC MCCORMICK & CO INC 0.7%

Value ($000) $20,972 Shares 313,439 Est. Cost $72.01 Unrealized -8.5%

MSFT MICROSOFT CORP 0.7%

Value ($000) $20,718 Shares 40,000 Est. Cost $428.70 Unrealized +16.8%

ETR ENTERGY CORP NEW 0.7%

Value ($000) $20,183 Shares 216,584 Est. Cost $87.11 Unrealized +8.5%

BN BROOKFIELD CORP 0.6%

Value ($000) $18,288 Shares 400,000 Est. Cost — Unrealized —

CTAS CINTAS CORP 0.6%

Value ($000) $17,242 Shares 84,000 Est. Cost — Unrealized —

VST VISTRA CORP 0.6%

Value ($000) $16,951 Shares 86,521 Est. Cost $155.47 Unrealized +17.0%

CMG CHIPOTLE MEXICAN GRILL INC 0.5%

Value ($000) $15,676 Shares 400,000 Est. Cost $52.91 Unrealized -31.6%

CMG CHIPOTLE MEXICAN GRILL INC 0.5%

Value ($000) $15,634 Shares 398,934 Est. Cost $52.91 Unrealized -31.6%

VRT VERTIV HOLDINGS CO 0.5%

Value ($000) $13,629 Shares 90,341 Est. Cost $133.31 Unrealized +30.2%

KRE SPDR SERIES TRUST 0.4%

Value ($000) $12,660 Shares 200,000 Est. Cost $59.39 Unrealized —

ORLA ORLA MNG LTD NEW 0.4%

Value ($000) $12,642 Shares 1,170,554 Est. Cost $10.71 Unrealized +13.3%

LEN LENNAR CORP 0.4%

Value ($000) $12,604 Shares 100,000 Est. Cost $123.58 Unrealized -2.3%

CEG CONSTELLATION ENERGY CORP 0.4%

Value ($000) $12,552 Shares 38,143 Est. Cost $263.84 Unrealized +37.7%

SUI SUN CMNTYS INC 0.4%

Value ($000) $12,130 Shares 94,028 Est. Cost $126.49 Unrealized —

IGV ISHARES TR 0.4%

Value ($000) $11,501 Shares 100,000 Est. Cost — Unrealized —

XRT SPDR SERIES TRUST 0.4%

Value ($000) $11,203 Shares 130,000 Est. Cost — Unrealized —

MGA MAGNA INTL INC 0.4%

Value ($000) $11,158 Shares 235,500 Est. Cost $47.27 Unrealized +3.4%

BTG B2GOLD CORP 0.4%

Value ($000) $11,139 Shares 2,250,259 Est. Cost $3.81 Unrealized +22.2%

ANET ARISTA NETWORKS INC 0.4%

Value ($000) $10,928 Shares 75,000 Est. Cost $128.77 Unrealized +6.9%

DVN DEVON ENERGY CORP NEW 0.4%

Value ($000) $10,806 Shares 308,207 Est. Cost $33.63 Unrealized +3.3%

TLN TALEN ENERGY CORP 0.4%

Value ($000) $10,760 Shares 25,294 Est. Cost $361.29 Unrealized +7.6%

EXE EXPAND ENERGY CORPORATION 0.4%

Value ($000) $10,624 Shares 100,000 Est. Cost $90.00 Unrealized +22.9%

MU MICRON TECHNOLOGY INC 0.3%

Value ($000) $10,039 Shares 60,000 Est. Cost $127.82 Unrealized +79.4%

AVGO BROADCOM INC 0.3%

Value ($000) $9,897 Shares 30,000 Est. Cost $305.74 Unrealized +16.8%

AMZN AMAZON COM INC 0.3%

Value ($000) $9,881 Shares 45,000 Est. Cost $228.79 Unrealized 0.0%

CDE COEUR MNG INC 0.3%

Value ($000) $9,864 Shares 525,785 Est. Cost $12.24 Unrealized +42.1%

SPY SPDR S&P 500 ETF TR 0.3%

Value ($000) $9,859 Shares 14,800 Est. Cost — Unrealized —

EME EMCOR GROUP INC 0.3%

Value ($000) $9,627 Shares 14,822 Est. Cost $525.15 Unrealized +23.3%

IMO IMPERIAL OIL LTD 0.3%

Value ($000) $9,074 Shares 100,000 Est. Cost $67.07 Unrealized +35.2%

HD HOME DEPOT INC 0.3%

Value ($000) $8,953 Shares 22,095 Est. Cost $389.16 Unrealized -6.3%

SHW SHERWIN WILLIAMS CO 0.3%

Value ($000) $8,657 Shares 25,000 Est. Cost $325.68 Unrealized +2.6%

PLD PROLOGIS INC. 0.3%

Value ($000) $8,589 Shares 75,000 Est. Cost $109.23 Unrealized +13.4%

DTM DT MIDSTREAM INC 0.3%

Value ($000) $8,480 Shares 75,000 Est. Cost $95.48 Unrealized +19.7%

T AT&T INC 0.3%

Value ($000) $8,472 Shares 300,000 Est. Cost $23.38 Unrealized +8.2%

T AT&T INC 0.3%

Value ($000) $8,280 Shares 293,201 Est. Cost $23.38 Unrealized +8.2%

CIGI COLLIERS INTL GROUP INC 0.3%

Value ($000) $7,811 Shares 50,000 Est. Cost $153.63 Unrealized -2.3%

SPOT SPOTIFY TECHNOLOGY S A 0.2%

Value ($000) $7,351 Shares 10,531 Est. Cost $687.65 Unrealized -9.1%

ORCL ORACLE CORP 0.2%

Value ($000) $7,031 Shares 25,000 Est. Cost $160.80 Unrealized +48.0%

CVX CHEVRON CORP NEW 0.2%

Value ($000) $6,988 Shares 45,000 Est. Cost $152.28 Unrealized -0.6%

NVDA NVIDIA CORPORATION 0.2%

Value ($000) $6,717 Shares 36,000 Est. Cost $125.82 Unrealized +47.9%

TU TELUS CORPORATION 0.2%

Value ($000) $6,255 Shares 396,669 Est. Cost $14.67 Unrealized -4.0%

BWXT BWX TECHNOLOGIES INC 0.2%

Value ($000) $6,156 Shares 33,392 Est. Cost $151.39 Unrealized +23.8%

PBA PEMBINA PIPELINE CORP 0.2%

Value ($000) $6,073 Shares 150,109 Est. Cost $37.73 Unrealized +1.9%

SLF SUN LIFE FINANCIAL INC. 0.2%

Value ($000) $5,805 Shares 96,701 Est. Cost $59.29 Unrealized +1.9%

IBIT ISHARES BITCOIN TRUST ETF 0.2%

Value ($000) $5,429 Shares 83,529 Est. Cost $56.68 Unrealized —

DVN DEVON ENERGY CORP NEW 0.2%

Value ($000) $5,259 Shares 150,000 Est. Cost $33.63 Unrealized +3.3%

TRI THOMSON REUTERS CORP 0.2%

Value ($000) $4,991 Shares 32,130 Est. Cost $161.91 Unrealized -12.8%

PRKS UNITED PARKS & RESORTS INC 0.2%

Value ($000) $4,758 Shares 92,022 Est. Cost $50.42 Unrealized -17.6%

TAC TRANSALTA CORP 0.2%

Value ($000) $4,579 Shares 334,994 Est. Cost $8.40 Unrealized +77.8%

BABA ALIBABA GROUP HLDG LTD 0.2%

Value ($000) $4,484 Shares 25,087 Est. Cost $178.73 Unrealized —

INTC INTEL CORP 0.1%

Value ($000) $4,043 Shares 120,500 Est. Cost $24.23 Unrealized +55.9%

JCI JOHNSON CTLS INTL PLC 0.1%

Value ($000) $3,874 Shares 35,238 Est. Cost $81.59 Unrealized +40.7%

C CITIGROUP INC 0.1%

Value ($000) $3,849 Shares 37,924 Est. Cost $71.20 Unrealized +45.6%

LEN LENNAR CORP 0.1%

Value ($000) $3,810 Shares 30,230 Est. Cost $123.58 Unrealized -2.3%

LYV LIVE NATION ENTERTAINMENT IN 0.1%

Value ($000) $3,776 Shares 23,106 Est. Cost $137.67 Unrealized +4.4%

ETN EATON CORP PLC 0.1%

Value ($000) $3,632 Shares 9,706 Est. Cost $363.27 Unrealized -2.4%

IMSR HCM II ACQUISITION CORP 0.1%

Value ($000) $3,252 Shares 198,188 Est. Cost $11.89 Unrealized +12.4%

RTX RTX CORPORATION 0.1%

Value ($000) $3,152 Shares 18,835 Est. Cost $154.28 Unrealized +12.3%

BBY BEST BUY INC 0.1%

Value ($000) $3,032 Shares 40,090 Est. Cost $70.01 Unrealized +7.8%

CCCX CHURCHILL CAP CORP X 0.1%

Value ($000) $3,009 Shares 233,975 Est. Cost $12.86 Unrealized —

IBIT ISHARES BITCOIN TRUST ETF 0.1%

Value ($000) $2,600 Shares 40,000 Est. Cost $56.68 Unrealized —

KKR KKR & CO INC 0.1%

Value ($000) $2,599 Shares 20,000 Est. Cost $116.65 Unrealized +6.5%

KKR KKR & CO INC 0.1%

Value ($000) $2,599 Shares 20,000 Est. Cost $116.65 Unrealized +6.5%

LHX L3HARRIS TECHNOLOGIES INC 0.1%

Value ($000) $2,173 Shares 7,114 Est. Cost $271.37 Unrealized +6.3%

META META PLATFORMS INC 0.1%

Value ($000) $2,085 Shares 2,839 Est. Cost $597.90 Unrealized +11.6%

RACE FERRARI N V 0.1%

Value ($000) $1,897 Shares 3,909 Est. Cost $479.13 Unrealized -16.5%

CCJ CAMECO CORP 0.1%

Value ($000) $1,884 Shares 22,467 Est. Cost $77.39 Unrealized +16.2%

CAEP CANTOR EQUITY PARTNERS III I 0.1%

Value ($000) $1,834 Shares 177,756 Est. Cost $10.47 Unrealized -0.9%

TACO BERTO ACQUISITION CORP 0.0%

Value ($000) $1,476 Shares 141,907 Est. Cost $10.37 Unrealized -1.0%

TAC TRANSALTA CORP 0.0%

Value ($000) $1,367 Shares 100,000 Est. Cost $8.40 Unrealized +77.8%

TOL TOLL BROTHERS INC 0.0%

Value ($000) $1,132 Shares 8,195 Est. Cost $130.53 Unrealized +4.0%

PAII/U PYROPHYTE ACQUISITION CORP. 0.0%

Value ($000) $979 Shares 96,670 Est. Cost $10.13 Unrealized —

MSFT MICROSOFT CORP 0.0%

Value ($000) $805 Shares 1,554 Est. Cost $428.70 Unrealized +16.8%

TSLA TESLA INC 0.0%

Value ($000) $756 Shares 1,700 Est. Cost — Unrealized —

COIN COINBASE GLOBAL INC 0.0%

Value ($000) $756 Shares 2,240 Est. Cost $339.07 Unrealized -12.1%

KRE SPDR SERIES TRUST 0.0%

Value ($000) $736 Shares 11,624 Est. Cost $59.39 Unrealized —

BLDR BUILDERS FIRSTSOURCE INC 0.0%

Value ($000) $731 Shares 6,027 Est. Cost $132.67 Unrealized -15.3%

BC BRUNSWICK CORP 0.0%

Value ($000) $375 Shares 5,935 Est. Cost $49.68 Unrealized +35.9%

ANF ABERCROMBIE & FITCH CO 0.0%

Value ($000) $367 Shares 4,289 Est. Cost $75.86 Unrealized +15.3%

ST SENSATA TECHNOLOGIES HLDG PL 0.0%

Value ($000) $341 Shares 11,158 Est. Cost $31.59 Unrealized +1.2%

MU MICRON TECHNOLOGY INC 0.0%

Value ($000) $332 Shares 1,983 Est. Cost $127.82 Unrealized +79.4%

GEV GE VERNOVA INC 0.0%

Value ($000) $221 Shares 360 Est. Cost $415.97 Unrealized +46.4%

APP APPLOVIN CORP 0.0%

Value ($000) $220 Shares 306 Est. Cost $461.14 Unrealized +36.6%

NBIS NEBIUS GROUP N.V. 0.0%

Value ($000) $211 Shares 1,879 Est. Cost $69.43 Unrealized +49.3%

INTC INTEL CORP 0.0%

Value ($000) $189 Shares 5,626 Est. Cost $24.23 Unrealized +55.9%

ORCL ORACLE CORP 0.0%

Value ($000) $70 Shares 250 Est. Cost $160.80 Unrealized +48.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TLT	ISHARES TR	3,100,200	$277,065	9.3%	—	—	CALL	464287432
XLU	SELECT SECTOR SPDR TR	1,370,000	$119,478	4.0%	—	—	CALL	81369Y886
IWM	ISHARES TR	279,200	$67,555	2.3%	—	—	PUT	464287655
EQX	EQUINOX GOLD CORP	3,526,159	$39,564	1.3%	$7.67	+64.6%	—	29446Y502
TT	TRANE TECHNOLOGIES PLC	68,982	$29,108	1.0%	$403.53	+2.5%	—	G8994E103
CVE	CENOVUS ENERGY INC	1,678,336	$28,515	1.0%	$15.61	+11.2%	—	15135U109
COST	COSTCO WHSL CORP NEW	25,900	$23,974	0.8%	—	—	PUT	22160K105
LNG	CHENIERE ENERGY INC	99,468	$23,373	0.8%	$212.24	-1.1%	—	16411R208
POOL	POOL CORP	71,891	$22,291	0.8%	$309.15	-16.1%	—	73278L105
RCI	ROGERS COMMUNICATIONS INC	609,300	$21,003	0.7%	$34.43	+8.9%	—	775109200
MKC	MCCORMICK & CO INC	313,439	$20,972	0.7%	$72.01	-8.5%	—	579780206
MSFT	MICROSOFT CORP	40,000	$20,718	0.7%	$428.70	+16.8%	CALL	594918104
ETR	ENTERGY CORP NEW	216,584	$20,183	0.7%	$87.11	+8.5%	—	29364G103
BN	BROOKFIELD CORP	400,000	$18,288	0.6%	—	—	CALL	11271J107
CTAS	CINTAS CORP	84,000	$17,242	0.6%	—	—	PUT	172908105
VST	VISTRA CORP	86,521	$16,951	0.6%	$155.47	+17.0%	—	92840M102
CMG	CHIPOTLE MEXICAN GRILL INC	400,000	$15,676	0.5%	$52.91	-31.6%	CALL	169656105
CMG	CHIPOTLE MEXICAN GRILL INC	398,934	$15,634	0.5%	$52.91	-31.6%	—	169656105
VRT	VERTIV HOLDINGS CO	90,341	$13,629	0.5%	$133.31	+30.2%	—	92537N108
KRE	SPDR SERIES TRUST	200,000	$12,660	0.4%	$59.39	—	PUT	78464A698
ORLA	ORLA MNG LTD NEW	1,170,554	$12,642	0.4%	$10.71	+13.3%	—	68634K106
LEN	LENNAR CORP	100,000	$12,604	0.4%	$123.58	-2.3%	CALL	526057104
CEG	CONSTELLATION ENERGY CORP	38,143	$12,552	0.4%	$263.84	+37.7%	—	21037T109
SUI	SUN CMNTYS INC	94,028	$12,130	0.4%	$126.49	—	—	866674104
IGV	ISHARES TR	100,000	$11,501	0.4%	—	—	PUT	464287515
XRT	SPDR SERIES TRUST	130,000	$11,203	0.4%	—	—	PUT	78464A714
MGA	MAGNA INTL INC	235,500	$11,158	0.4%	$47.27	+3.4%	CALL	559222401
BTG	B2GOLD CORP	2,250,259	$11,139	0.4%	$3.81	+22.2%	—	11777Q209
ANET	ARISTA NETWORKS INC	75,000	$10,928	0.4%	$128.77	+6.9%	PUT	040413205
DVN	DEVON ENERGY CORP NEW	308,207	$10,806	0.4%	$33.63	+3.3%	—	25179M103
TLN	TALEN ENERGY CORP	25,294	$10,760	0.4%	$361.29	+7.6%	—	87422Q109
EXE	EXPAND ENERGY CORPORATION	100,000	$10,624	0.4%	$90.00	+22.9%	CALL	165167735
MU	MICRON TECHNOLOGY INC	60,000	$10,039	0.3%	$127.82	+79.4%	PUT	595112103
AVGO	BROADCOM INC	30,000	$9,897	0.3%	$305.74	+16.8%	PUT	11135F101
AMZN	AMAZON COM INC	45,000	$9,881	0.3%	$228.79	0.0%	CALL	023135106
CDE	COEUR MNG INC	525,785	$9,864	0.3%	$12.24	+42.1%	—	192108504
SPY	SPDR S&P 500 ETF TR	14,800	$9,859	0.3%	—	—	PUT	78462F103
EME	EMCOR GROUP INC	14,822	$9,627	0.3%	$525.15	+23.3%	—	29084Q100
IMO	IMPERIAL OIL LTD	100,000	$9,074	0.3%	$67.07	+35.2%	—	453038408
HD	HOME DEPOT INC	22,095	$8,953	0.3%	$389.16	-6.3%	—	437076102
SHW	SHERWIN WILLIAMS CO	25,000	$8,657	0.3%	$325.68	+2.6%	CALL	824348106
PLD	PROLOGIS INC.	75,000	$8,589	0.3%	$109.23	+13.4%	CALL	74340W103
DTM	DT MIDSTREAM INC	75,000	$8,480	0.3%	$95.48	+19.7%	—	23345M107
T	AT&T INC	300,000	$8,472	0.3%	$23.38	+8.2%	CALL	00206R102
T	AT&T INC	293,201	$8,280	0.3%	$23.38	+8.2%	—	00206R102
CIGI	COLLIERS INTL GROUP INC	50,000	$7,811	0.3%	$153.63	-2.3%	CALL	194693107
SPOT	SPOTIFY TECHNOLOGY S A	10,531	$7,351	0.2%	$687.65	-9.1%	—	L8681T102
ORCL	ORACLE CORP	25,000	$7,031	0.2%	$160.80	+48.0%	CALL	68389X105
CVX	CHEVRON CORP NEW	45,000	$6,988	0.2%	$152.28	-0.6%	—	166764100
NVDA	NVIDIA CORPORATION	36,000	$6,717	0.2%	$125.82	+47.9%	PUT	67066G104
TU	TELUS CORPORATION	396,669	$6,255	0.2%	$14.67	-4.0%	—	87971M103
BWXT	BWX TECHNOLOGIES INC	33,392	$6,156	0.2%	$151.39	+23.8%	—	05605H100
PBA	PEMBINA PIPELINE CORP	150,109	$6,073	0.2%	$37.73	+1.9%	—	706327103
SLF	SUN LIFE FINANCIAL INC.	96,701	$5,805	0.2%	$59.29	+1.9%	—	866796105
IBIT	ISHARES BITCOIN TRUST ETF	83,529	$5,429	0.2%	$56.68	—	—	46438F101
DVN	DEVON ENERGY CORP NEW	150,000	$5,259	0.2%	$33.63	+3.3%	CALL	25179M103
TRI	THOMSON REUTERS CORP	32,130	$4,991	0.2%	$161.91	-12.8%	—	884903808
PRKS	UNITED PARKS & RESORTS INC	92,022	$4,758	0.2%	$50.42	-17.6%	—	81282V100
TAC	TRANSALTA CORP	334,994	$4,579	0.2%	$8.40	+77.8%	—	89346D107
BABA	ALIBABA GROUP HLDG LTD	25,087	$4,484	0.2%	$178.73	—	—	01609W102
INTC	INTEL CORP	120,500	$4,043	0.1%	$24.23	+55.9%	CALL	458140100
JCI	JOHNSON CTLS INTL PLC	35,238	$3,874	0.1%	$81.59	+40.7%	—	G51502105
C	CITIGROUP INC	37,924	$3,849	0.1%	$71.20	+45.6%	—	172967424
LEN	LENNAR CORP	30,230	$3,810	0.1%	$123.58	-2.3%	—	526057104
LYV	LIVE NATION ENTERTAINMENT IN	23,106	$3,776	0.1%	$137.67	+4.4%	—	538034109
ETN	EATON CORP PLC	9,706	$3,632	0.1%	$363.27	-2.4%	—	G29183103
IMSR	HCM II ACQUISITION CORP	198,188	$3,252	0.1%	$11.89	+12.4%	—	G43658106
RTX	RTX CORPORATION	18,835	$3,152	0.1%	$154.28	+12.3%	—	75513E101
BBY	BEST BUY INC	40,090	$3,032	0.1%	$70.01	+7.8%	—	086516101
CCCX	CHURCHILL CAP CORP X	233,975	$3,009	0.1%	$12.86	—	—	G2130T108
IBIT	ISHARES BITCOIN TRUST ETF	40,000	$2,600	0.1%	$56.68	—	PUT	46438F101
KKR	KKR & CO INC	20,000	$2,599	0.1%	$116.65	+6.5%	CALL	48251W104
KKR	KKR & CO INC	20,000	$2,599	0.1%	$116.65	+6.5%	—	48251W104
LHX	L3HARRIS TECHNOLOGIES INC	7,114	$2,173	0.1%	$271.37	+6.3%	—	502431109
META	META PLATFORMS INC	2,839	$2,085	0.1%	$597.90	+11.6%	—	30303M102
RACE	FERRARI N V	3,909	$1,897	0.1%	$479.13	-16.5%	—	N3167Y103
CCJ	CAMECO CORP	22,467	$1,884	0.1%	$77.39	+16.2%	—	13321L108
CAEP	CANTOR EQUITY PARTNERS III I	177,756	$1,834	0.1%	$10.47	-0.9%	—	G1828A108
TACO	BERTO ACQUISITION CORP	141,907	$1,476	0.0%	$10.37	-1.0%	—	G1051H101
TAC	TRANSALTA CORP	100,000	$1,367	0.0%	$8.40	+77.8%	CALL	89346D107
TOL	TOLL BROTHERS INC	8,195	$1,132	0.0%	$130.53	+4.0%	—	889478103
PAII/U	PYROPHYTE ACQUISITION CORP.	96,670	$979	0.0%	$10.13	—	—	G7309T128
MSFT	MICROSOFT CORP	1,554	$805	0.0%	$428.70	+16.8%	—	594918104
TSLA	TESLA INC	1,700	$756	0.0%	—	—	PUT	88160R101
COIN	COINBASE GLOBAL INC	2,240	$756	0.0%	$339.07	-12.1%	—	19260Q107
KRE	SPDR SERIES TRUST	11,624	$736	0.0%	$59.39	—	—	78464A698
BLDR	BUILDERS FIRSTSOURCE INC	6,027	$731	0.0%	$132.67	-15.3%	—	12008R107
BC	BRUNSWICK CORP	5,935	$375	0.0%	$49.68	+35.9%	—	117043109
ANF	ABERCROMBIE & FITCH CO	4,289	$367	0.0%	$75.86	+15.3%	—	002896207
ST	SENSATA TECHNOLOGIES HLDG PL	11,158	$341	0.0%	$31.59	+1.2%	—	G8060N102
MU	MICRON TECHNOLOGY INC	1,983	$332	0.0%	$127.82	+79.4%	—	595112103
GEV	GE VERNOVA INC	360	$221	0.0%	$415.97	+46.4%	—	36828A101
APP	APPLOVIN CORP	306	$220	0.0%	$461.14	+36.6%	—	03831W108
NBIS	NEBIUS GROUP N.V.	1,879	$211	0.0%	$69.43	+49.3%	—	N97284108
INTC	INTEL CORP	5,626	$189	0.0%	$24.23	+55.9%	—	458140100
ORCL	ORACLE CORP	250	$70	0.0%	$160.80	+48.0%	—	68389X105

Decreased Positions (37)

QQQ INVESCO QQQ TR 9.5%

Value ($000) $283,320 (-79.3%) Shares 461,200 (-79.8%) Est. Cost — Unrealized —

GLD SPDR GOLD TR 16.7%

Value ($000) $494,674 (-50.8%) Shares 1,248,200 (-55.9%) Est. Cost — Unrealized —

GDX VANECK ETF TRUST 0.3%

Value ($000) $8,577 (-97.1%) Shares 100,000 (-97.4%) Est. Cost — Unrealized —

HYG ISHARES TR 5.3%

Value ($000) $156,148 (-55.4%) Shares 1,936,600 (-55.1%) Est. Cost — Unrealized —

RSP INVESCO EXCHANGE TRADED FD T 1.0%

Value ($000) $28,734 (-72.5%) Shares 150,000 (-72.7%) Est. Cost — Unrealized —

PAAS PAN AMERN SILVER CORP 0.3%

Value ($000) $7,996 (-84.6%) Shares 154,335 (-88.5%) Est. Cost $29.20 Unrealized +43.4%

RCI ROGERS COMMUNICATIONS INC 0.3%

Value ($000) $7,546 (-84.9%) Shares 200,000 (-86.2%) Est. Cost $34.43 Unrealized +8.9%

TDY TELEDYNE TECHNOLOGIES INC 0.4%

Value ($000) $10,455 (-78.4%) Shares 20,471 (-75.2%) Est. Cost $538.44 Unrealized -2.1%

SLV ISHARES SILVER TR 0.6%

Value ($000) $17,020 (-61.5%) Shares 264,200 (-74.7%) Est. Cost — Unrealized —

CGAU CENTERRA GOLD INC 1.8%

Value ($000) $53,219 (-28.7%) Shares 3,703,468 (-46.7%) Est. Cost $6.30 Unrealized +98.7%

FND FLOOR & DECOR HLDGS INC 0.7%

Value ($000) $21,666 (-48.7%) Shares 355,818 (-37.9%) Est. Cost $76.11 Unrealized -14.8%

ELS EQUITY LIFESTYLE PPTYS INC 0.3%

Value ($000) $9,494 (-67.5%) Shares 156,639 (-67.4%) Est. Cost $62.26 Unrealized —

NXE NEXGEN ENERGY LTD 0.5%

Value ($000) $14,124 (-54.3%) Shares 1,535,236 (-55.5%) Est. Cost $6.08 Unrealized +45.3%

SN SHARKNINJA INC 0.6%

Value ($000) $17,458 (-44.7%) Shares 156,016 (-49.0%) Est. Cost $107.55 Unrealized -8.4%

GLD SPDR GOLD TR 6.1%

Value ($000) $182,303 (+8.2%) Shares 460,000 (-3.0%) Est. Cost — Unrealized —

PLD PROLOGIS INC. 0.1%

Value ($000) $1,683 (-89.0%) Shares 13,187 (-90.1%) Est. Cost $109.23 Unrealized +13.4%

MTN VAIL RESORTS INC 0.7%

Value ($000) $20,799 (-39.1%) Shares 156,622 (-31.4%) Est. Cost $158.53 Unrealized -7.2%

XPO XPO INC 0.0%

Value ($000) $331 (-97.5%) Shares 2,433 (-97.6%) Est. Cost $96.99 Unrealized +40.5%

ANET ARISTA NETWORKS INC 0.2%

Value ($000) $5,831 (-68.4%) Shares 44,500 (-64.8%) Est. Cost $128.77 Unrealized +6.9%

JPM JPMORGAN CHASE & CO. 0.0%

Value ($000) $345 (-97.2%) Shares 1,071 (-97.3%) Est. Cost $253.02 Unrealized +22.3%

CNQ CANADIAN NAT RES LTD 0.4%

Value ($000) $12,965 (-46.4%) Shares 383,028 (-49.4%) Est. Cost $29.84 Unrealized +8.7%

MLM MARTIN MARIETTA MATLS INC 0.5%

Value ($000) $13,869 (-43.1%) Shares 22,274 (-42.4%) Est. Cost $501.30 Unrealized +24.0%

NVT NVENT ELECTRIC PLC 0.0%

Value ($000) $337 (-96.9%) Shares 3,300 (-97.0%) Est. Cost $86.47 Unrealized +19.8%

AVGO BROADCOM INC 0.2%

Value ($000) $5,507 (-65.1%) Shares 15,911 (-66.7%) Est. Cost $305.74 Unrealized +16.8%

CMI CUMMINS INC 0.1%

Value ($000) $1,674 (-85.9%) Shares 3,279 (-88.3%) Est. Cost $380.68 Unrealized +22.5%

BMO BANK MONTREAL QUE 0.1%

Value ($000) $3,361 (-71.5%) Shares 25,894 (-71.4%) Est. Cost $118.02 Unrealized +7.3%

DHR DANAHER CORPORATION 1.1%

Value ($000) $32,296 (-19.2%) Shares 141,082 (-30.0%) Est. Cost $198.03 Unrealized +10.9%

FOXA FOX CORP 0.0%

Value ($000) $1,423 (-84.1%) Shares 19,474 (-86.3%) Est. Cost $52.48 Unrealized +24.5%

IBIT ISHARES BITCOIN TRUST ETF 0.1%

Value ($000) $4,225 (-64.0%) Shares 85,100 (-52.9%) Est. Cost $56.68 Unrealized —

VZLA VIZSLA SILVER CORP 1.2%

Value ($000) $34,697 (+22.5%) Shares 6,343,121 (-3.2%) Est. Cost $2.78 Unrealized +68.7%

KRE SPDR SERIES TRUST 0.4%

Value ($000) $12,962 (-31.7%) Shares 200,000 (-33.3%) Est. Cost $59.39 Unrealized —

GLW CORNING INC 0.1%

Value ($000) $1,835 (-71.3%) Shares 20,962 (-73.1%) Est. Cost $64.97 Unrealized +32.3%

NVDA NVIDIA CORPORATION 0.0%

Value ($000) $429 (-89.8%) Shares 2,302 (-89.8%) Est. Cost $125.82 Unrealized +47.9%

HCC WARRIOR MET COAL INC 0.1%

Value ($000) $2,096 (-42.6%) Shares 23,774 (-58.6%) Est. Cost $57.14 Unrealized +31.6%

SHW SHERWIN WILLIAMS CO 0.0%

Value ($000) $347 (-81.5%) Shares 1,072 (-80.2%) Est. Cost $325.68 Unrealized +2.6%

STN STANTEC INC 0.2%

Value ($000) $6,090 (-14.5%) Shares 64,541 (-2.3%) Est. Cost $81.80 Unrealized —

WELL WELLTOWER INC 0.5%

Value ($000) $14,427 (-4.5%) Shares 77,730 (-8.4%) Est. Cost $147.88 Unrealized +26.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
QQQ	INVESCO QQQ TR	461,200 (-79.8%)	$283,320 (-79.3%)	9.5%	—	—	PUT	46090E103
GLD	SPDR GOLD TR	1,248,200 (-55.9%)	$494,674 (-50.8%)	16.7%	—	—	PUT	78463V107
GDX	VANECK ETF TRUST	100,000 (-97.4%)	$8,577 (-97.1%)	0.3%	—	—	PUT	92189F106
HYG	ISHARES TR	1,936,600 (-55.1%)	$156,148 (-55.4%)	5.3%	—	—	PUT	464288513
RSP	INVESCO EXCHANGE TRADED FD T	150,000 (-72.7%)	$28,734 (-72.5%)	1.0%	—	—	CALL	46137V357
PAAS	PAN AMERN SILVER CORP	154,335 (-88.5%)	$7,996 (-84.6%)	0.3%	$29.20	+43.4%	COM	697900108
RCI	ROGERS COMMUNICATIONS INC	200,000 (-86.2%)	$7,546 (-84.9%)	0.3%	$34.43	+8.9%	CALL	775109200
TDY	TELEDYNE TECHNOLOGIES INC	20,471 (-75.2%)	$10,455 (-78.4%)	0.4%	$538.44	-2.1%	COM	879360105
SLV	ISHARES SILVER TR	264,200 (-74.7%)	$17,020 (-61.5%)	0.6%	—	—	CALL	46428Q109
CGAU	CENTERRA GOLD INC	3,703,468 (-46.7%)	$53,219 (-28.7%)	1.8%	$6.30	+98.7%	COM	152006102
FND	FLOOR & DECOR HLDGS INC	355,818 (-37.9%)	$21,666 (-48.7%)	0.7%	$76.11	-14.8%	CL A	339750101
ELS	EQUITY LIFESTYLE PPTYS INC	156,639 (-67.4%)	$9,494 (-67.5%)	0.3%	$62.26	—	COM	29472R108
NXE	NEXGEN ENERGY LTD	1,535,236 (-55.5%)	$14,124 (-54.3%)	0.5%	$6.08	+45.3%	COM	65340P106
SN	SHARKNINJA INC	156,016 (-49.0%)	$17,458 (-44.7%)	0.6%	$107.55	-8.4%	COM SHS	G8068L108
GLD	SPDR GOLD TR	460,000 (-3.0%)	$182,303 (+8.2%)	6.1%	—	—	CALL	78463V107
PLD	PROLOGIS INC.	13,187 (-90.1%)	$1,683 (-89.0%)	0.1%	$109.23	+13.4%	COM	74340W103
MTN	VAIL RESORTS INC	156,622 (-31.4%)	$20,799 (-39.1%)	0.7%	$158.53	-7.2%	COM	91879Q109
XPO	XPO INC	2,433 (-97.6%)	$331 (-97.5%)	0.0%	$96.99	+40.5%	COM	983793100
ANET	ARISTA NETWORKS INC	44,500 (-64.8%)	$5,831 (-68.4%)	0.2%	$128.77	+6.9%	COM SHS	040413205
JPM	JPMORGAN CHASE & CO.	1,071 (-97.3%)	$345 (-97.2%)	0.0%	$253.02	+22.3%	COM	46625H100
CNQ	CANADIAN NAT RES LTD	383,028 (-49.4%)	$12,965 (-46.4%)	0.4%	$29.84	+8.7%	COM	136385101
MLM	MARTIN MARIETTA MATLS INC	22,274 (-42.4%)	$13,869 (-43.1%)	0.5%	$501.30	+24.0%	COM	573284106
NVT	NVENT ELECTRIC PLC	3,300 (-97.0%)	$337 (-96.9%)	0.0%	$86.47	+19.8%	SHS	G6700G107
AVGO	BROADCOM INC	15,911 (-66.7%)	$5,507 (-65.1%)	0.2%	$305.74	+16.8%	COM	11135F101
CMI	CUMMINS INC	3,279 (-88.3%)	$1,674 (-85.9%)	0.1%	$380.68	+22.5%	COM	231021106
BMO	BANK MONTREAL QUE	25,894 (-71.4%)	$3,361 (-71.5%)	0.1%	$118.02	+7.3%	COM	063671101
DHR	DANAHER CORPORATION	141,082 (-30.0%)	$32,296 (-19.2%)	1.1%	$198.03	+10.9%	COM	235851102
FOXA	FOX CORP	19,474 (-86.3%)	$1,423 (-84.1%)	0.0%	$52.48	+24.5%	CL A COM	35137L105
IBIT	ISHARES BITCOIN TRUST ETF	85,100 (-52.9%)	$4,225 (-64.0%)	0.1%	$56.68	—	CALL	46438F101
VZLA	VIZSLA SILVER CORP	6,343,121 (-3.2%)	$34,697 (+22.5%)	1.2%	$2.78	+68.7%	COM NEW	92859G608
KRE	SPDR SERIES TRUST	200,000 (-33.3%)	$12,962 (-31.7%)	0.4%	$59.39	—	CALL	78464A698
GLW	CORNING INC	20,962 (-73.1%)	$1,835 (-71.3%)	0.1%	$64.97	+32.3%	COM	219350105
NVDA	NVIDIA CORPORATION	2,302 (-89.8%)	$429 (-89.8%)	0.0%	$125.82	+47.9%	COM	67066G104
HCC	WARRIOR MET COAL INC	23,774 (-58.6%)	$2,096 (-42.6%)	0.1%	$57.14	+31.6%	COM	93627C101
SHW	SHERWIN WILLIAMS CO	1,072 (-80.2%)	$347 (-81.5%)	0.0%	$325.68	+2.6%	COM	824348106
STN	STANTEC INC	64,541 (-2.3%)	$6,090 (-14.5%)	0.2%	$81.80	—	COM	85472N109
WELL	WELLTOWER INC	77,730 (-8.4%)	$14,427 (-4.5%)	0.5%	$147.88	+26.1%	COM	95040Q104

Unchanged Positions (18)

KWEB KRANESHARES TRUST 0.3%

Value ($000) $10,215 Shares 300,000 Est. Cost — Unrealized —

SGML SIGMA LITHIUM CORPORATION 0.1%

Value ($000) $3,909 Shares 296,330 Est. Cost $9.04 Unrealized -4.7%

FSV FIRSTSERVICE CORP NEW 0.2%

Value ($000) $4,927 Shares 31,677 Est. Cost $160.87 Unrealized +1.0%

GDXJ VANECK ETF TRUST 0.2%

Value ($000) $5,689 Shares 50,000 Est. Cost — Unrealized —

SPXC SPX TECHNOLOGIES INC 0.2%

Value ($000) $7,132 Shares 35,649 Est. Cost $186.78 Unrealized —

PSLV SPROTT ASSET MANAGEMENT LP 0.0%

Value ($000) $657 Shares 27,777 Est. Cost $12.24 Unrealized —

CIGI COLLIERS INTL GROUP INC 0.1%

Value ($000) $2,956 Shares 20,108 Est. Cost $153.63 Unrealized -2.3%

TER TERADYNE INC 0.0%

Value ($000) $607 Shares 3,135 Est. Cost $109.09 Unrealized +57.2%

AEM AGNICO EAGLE MINES LTD 1.0%

Value ($000) $28,286 Shares 166,852 Est. Cost $54.28 Unrealized +209.2%

RBC RBC BEARINGS INC 0.0%

Value ($000) $414 Shares 924 Est. Cost $389.28 Unrealized +8.8%

IDXX IDEXX LABS INC 0.0%

Value ($000) $700 Shares 1,034 Est. Cost $434.21 Unrealized +56.8%

BEAG BOLD EAGLE ACQUISITION CORP 0.1%

Value ($000) $1,487 Shares 140,541 Est. Cost $10.41 Unrealized +2.2%

CEPF CANTOR EQUITY PARTNERS IV IN 0.0%

Value ($000) $1,475 Shares 143,442 Est. Cost $10.15 Unrealized +2.4%

FLEX FLEX LTD 0.0%

Value ($000) $418 Shares 6,917 Est. Cost $53.12 Unrealized +16.3%

AIT APPLIED INDL TECHNOLOGIES IN 0.0%

Value ($000) $356 Shares 1,385 Est. Cost $261.21 Unrealized -2.3%

KOID KRANESHARES TRUST 0.0%

Value ($000) $399 Shares 12,525 Est. Cost $32.08 Unrealized —

HCMAU HCM III ACQUISITION CORP 0.0%

Value ($000) $1,478 Shares 143,724 Est. Cost $10.31 Unrealized —

DAAQ DIGITAL ASSET ACQUISITION CO 0.0%

Value ($000) $1,452 Shares 142,881 Est. Cost $10.31 Unrealized -0.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
KWEB	KRANESHARES TRUST	300,000	$10,215	0.3%	—	—	CALL	500767306
SGML	SIGMA LITHIUM CORPORATION	296,330	$3,909	0.1%	$9.04	-4.7%	COM	826599102
FSV	FIRSTSERVICE CORP NEW	31,677	$4,927	0.2%	$160.87	+1.0%	COM	33767E202
GDXJ	VANECK ETF TRUST	50,000	$5,689	0.2%	—	—	PUT	92189F791
SPXC	SPX TECHNOLOGIES INC	35,649	$7,132	0.2%	$186.78	—	COM	78473E103
PSLV	SPROTT ASSET MANAGEMENT LP	27,777	$657	0.0%	$12.24	—	PHYSICAL SILVER	85207K107
CIGI	COLLIERS INTL GROUP INC	20,108	$2,956	0.1%	$153.63	-2.3%	SUB VTG SHS	194693107
TER	TERADYNE INC	3,135	$607	0.0%	$109.09	+57.2%	COM	880770102
AEM	AGNICO EAGLE MINES LTD	166,852	$28,286	1.0%	$54.28	+209.2%	COM	008474108
RBC	RBC BEARINGS INC	924	$414	0.0%	$389.28	+8.8%	COM	75524B104
IDXX	IDEXX LABS INC	1,034	$700	0.0%	$434.21	+56.8%	COM	45168D104
BEAG	BOLD EAGLE ACQUISITION CORP	140,541	$1,487	0.1%	$10.41	+2.2%	CL A	G2003N105
CEPF	CANTOR EQUITY PARTNERS IV IN	143,442	$1,475	0.0%	$10.15	+2.4%	SHS CL A	G1828E100
FLEX	FLEX LTD	6,917	$418	0.0%	$53.12	+16.3%	ORD	Y2573F102
AIT	APPLIED INDL TECHNOLOGIES IN	1,385	$356	0.0%	$261.21	-2.3%	COM	03820C105
KOID	KRANESHARES TRUST	12,525	$399	0.0%	$32.08	—	GLOBAL HUMANOID	500767751
HCMAU	HCM III ACQUISITION CORP	143,724	$1,478	0.0%	$10.31	—	UNIT 07/23/2030	G4365E129
DAAQ	DIGITAL ASSET ACQUISITION CO	142,881	$1,452	0.0%	$10.31	-0.5%	SHS CL A	G2868C103