Connective Capital Management, LLC Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VOO	VANGUARD 500 INDEX FUND	130,110	$81,596	47.9%	$627.13	—	S&P 500 ETF SHS	922908363
GLD	SPDR GOLD SHARES	3,346	$1,326	0.8%	$396.31	—	GOLD SHS	78463V107
XBI	SPDR SERIES TRUST - SPDR S&P BIOTECH ETF	8,013	$977	0.6%	$121.93	—	STATE STREET SPD	78464A870
GDXJ	VANECK JUNIOR GOLD MINERS ETF	8,294	$944	0.6%	$113.78	—	JUNIOR GOLD MINE	92189F791
DBGI	DIGITAL BRANDS GROUP INC	69,103	$876	0.5%	$8.34	0.0%	COM NEW	25401N507
PROF	PROFOUND MEDICAL CORP	100,000	$787	0.5%	$6.43	0.0%	COM NEW	74319B502
ONDS	ONDAS INC	68,487	$668	0.4%	$8.03	0.0%	COM NEW	68236H204
BYRN	BYRNA TECHNOLOGIES INC	38,729	$650	0.4%	$19.47	0.0%	COM NEW	12448X201
GDX	VANECK GOLD MINERS ETF	6,310	$541	0.3%	$85.77	—	GOLD MINERS ETF	92189F106
SIVR	ABRDN PHYSICAL SILVER SHARES ETF	6,849	$463	0.3%	$67.64	—	PHYSCL SILVR SHS	003264108
VPG	VISHAY PRECISION GROUP INC	11,885	$458	0.3%	$35.37	0.0%	COM	92835K103
KDK	KODIAK AI INC	39,841	$435	0.3%	$10.92	—	COM	500081104
CEG	CONSTELLATION ENERGY CORP	904	$319	0.2%	$363.20	0.0%	COM	21037T109
SOPA	SOCIETY PASS INC	74,088	$282	0.2%	$2.06	0.0%	COM NEW	83370P201
LIDR	AEYE INC	138,987	$256	0.2%	$2.53	0.0%	CL A NEW	008183204
GVH	GLOBAVEND HOLDINGS LTD	175,827	$253	0.1%	$4.28	0.0%	SHS NEW	G3R39B116
SIDU	SIDUS SPACE INC	70,000	$220	0.1%	$1.15	0.0%	CL A COM NEW	826165201
IMUX	IMMUNIC INC	301,296	$161	0.1%	$0.73	0.0%	COM	4525EP101
DEFT	DEFI TECHNOLOGIES INC	182,816	$138	0.1%	$1.53	0.0%	COM	244916102
SEV	APTERA MOTORS CORP	31,718	$136	0.1%	$6.26	0.0%	COM CL B	03835W104
ONCY	ONCOLYTICS BIOTECH INC	150,340	$131	0.1%	$1.08	0.0%	COM NEW	682310875
PPTA	PERPETUA RESOURCES CORP	500	$12	0.0%	$24.60	0.0%	COM	714266103

Increased Positions (11)

QQQ INVESCO QQQ TR 11.8%

Value ($000) $20,084 (+37.7%) Shares 32,694 (+34.6%) Est. Cost $521.65 Unrealized —

ISRG INTUITIVE SURGICAL INC 7.8%

Value ($000) $13,248 (+35.1%) Shares 23,392 (+6.7%) Est. Cost $442.76 Unrealized +20.2%

EVTL VERTICAL AEROSPACE LTD 0.6%

Value ($000) $1,084 (+313.4%) Shares 203,408 (+302.5%) Est. Cost $5.19 Unrealized -2.4%

ACHR ARCHER AVIATION INC 0.6%

Value ($000) $1,018 (+190.7%) Shares 135,311 (+270.3%) Est. Cost $9.54 Unrealized -1.4%

NFLX NETFLIX INC 0.7%

Value ($000) $1,185 (-21.8%) Shares 12,640 (+900.0%) Est. Cost $106.54 Unrealized +1.2%

QLD PROSHARES TR 4.4%

Value ($000) $7,458 (+2.6%) Shares 105,918 (+100.0%) Est. Cost $66.91 Unrealized —

AMBA AMBARELLA INC 0.6%

Value ($000) $1,028 (-10.6%) Shares 14,516 (+4.2%) Est. Cost $72.95 Unrealized +10.8%

ETHA ISHARES ETHEREUM TR 0.2%

Value ($000) $289 (-8.5%) Shares 12,883 (+28.6%) Est. Cost $29.49 Unrealized —

BEEP MOBILE INFRASTRUCTURE CORP 0.1%

Value ($000) $190 (-11.5%) Shares 74,507 (+22.2%) Est. Cost $3.72 Unrealized -15.8%

SNAL SNAIL INC 0.1%

Value ($000) $137 (-13.2%) Shares 154,523 (+6.4%) Est. Cost $1.11 Unrealized -11.2%

FBTC FIDELITY WISE ORIGIN BITCOIN 0.2%

Value ($000) $302 (-5.4%) Shares 3,960 (+23.9%) Est. Cost $95.27 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
QQQ	INVESCO QQQ TR	32,694 (+34.6%)	$20,084 (+37.7%)	11.8%	$521.65	—	UNIT SER 1	46090E103
ISRG	INTUITIVE SURGICAL INC	23,392 (+6.7%)	$13,248 (+35.1%)	7.8%	$442.76	+20.2%	COM NEW	46120E602
EVTL	VERTICAL AEROSPACE LTD	203,408 (+302.5%)	$1,084 (+313.4%)	0.6%	$5.19	-2.4%	SHS NEW	G9471C206
ACHR	ARCHER AVIATION INC	135,311 (+270.3%)	$1,018 (+190.7%)	0.6%	$9.54	-1.4%	COM CL A	03945R102
NFLX	NETFLIX INC	12,640 (+900.0%)	$1,185 (-21.8%)	0.7%	$106.54	+1.2%	COM	64110L106
QLD	PROSHARES TR	105,918 (+100.0%)	$7,458 (+2.6%)	4.4%	$66.91	—	PSHS ULTRA QQQ	74347R206
AMBA	AMBARELLA INC	14,516 (+4.2%)	$1,028 (-10.6%)	0.6%	$72.95	+10.8%	SHS	G037AX101
ETHA	ISHARES ETHEREUM TR	12,883 (+28.6%)	$289 (-8.5%)	0.2%	$29.49	—	SHS	46438R105
BEEP	MOBILE INFRASTRUCTURE CORP	74,507 (+22.2%)	$190 (-11.5%)	0.1%	$3.72	-15.8%	COM SHS	60739N101
SNAL	SNAIL INC	154,523 (+6.4%)	$137 (-13.2%)	0.1%	$1.11	-11.2%	CLASS A COM	83301J100
FBTC	FIDELITY WISE ORIGIN BITCOIN	3,960 (+23.9%)	$302 (-5.4%)	0.2%	$95.27	—	SHS	315948109

Exited Positions (38)

AVGO BROADCOM INC 4.5%

Value ($000) $7,681 Shares 23,283 Est. Cost $212.55 Unrealized +68.0%

COST COSTCO WHSL CORP NEW 1.4%

Value ($000) $2,437 Shares 2,633 Est. Cost $908.84 Unrealized -0.3%

AMD ADVANCED MICRO DEVICES INC 1.2%

Value ($000) $2,113 Shares 13,058 Est. Cost $161.38 Unrealized +39.2%

BABA ALIBABA GROUP HLDG LTD 1.2%

Value ($000) $2,105 Shares 11,778 Est. Cost $178.73 Unrealized —

CRWD CROWDSTRIKE HLDGS INC 1.2%

Value ($000) $2,057 Shares 4,194 Est. Cost $433.57 Unrealized +17.4%

GOOGL ALPHABET INC 1.0%

Value ($000) $1,725 Shares 7,094 Est. Cost $163.29 Unrealized +74.9%

RDDT REDDIT INC 0.9%

Value ($000) $1,594 Shares 6,930 Est. Cost $155.54 Unrealized +35.2%

DASH DOORDASH INC 0.9%

Value ($000) $1,586 Shares 5,831 Est. Cost $250.83 Unrealized -6.5%

ZM ZOOM COMMUNICATIONS INC 0.7%

Value ($000) $1,132 Shares 13,721 Est. Cost $79.69 Unrealized +5.6%

TWLO TWILIO INC 0.5%

Value ($000) $875 Shares 8,743 Est. Cost $106.33 Unrealized +16.5%

SEZL SEZZLE INC 0.4%

Value ($000) $745 Shares 9,370 Est. Cost $114.79 Unrealized -40.6%

RKT ROCKET COS INC 0.4%

Value ($000) $675 Shares 34,814 Est. Cost $17.44 Unrealized +2.5%

VVOS VIVOS THERAPEUTICS INC 0.4%

Value ($000) $620 Shares 200,000 Est. Cost $4.53 Unrealized -45.4%

OPTT OCEAN PWR TECHNOLOGIES INC 0.3%

Value ($000) $593 Shares 1,178,217 Est. Cost $0.55 Unrealized -17.9%

LC LENDINGCLUB CORP 0.3%

Value ($000) $567 Shares 37,303 Est. Cost $15.17 Unrealized +16.4%

LFMD LIFEMD INC 0.3%

Value ($000) $566 Shares 83,326 Est. Cost $8.26 Unrealized -41.2%

DAVE DAVE INC 0.3%

Value ($000) $559 Shares 2,804 Est. Cost $215.95 Unrealized -0.4%

ZG ZILLOW GROUP INC 0.3%

Value ($000) $498 Shares 6,689 Est. Cost $78.72 Unrealized -10.7%

VIR VIR BIOTECHNOLOGY INC 0.3%

Value ($000) $431 Shares 75,470 Est. Cost $5.11 Unrealized +16.5%

ATLX ATLAS LITHIUM CORP 0.2%

Value ($000) $405 Shares 85,000 Est. Cost $4.94 Unrealized +2.0%

SNDL SNDL INC 0.2%

Value ($000) $402 Shares 149,849 Est. Cost $2.01 Unrealized -0.0%

AUID AUTHID INC 0.2%

Value ($000) $386 Shares 120,949 Est. Cost $5.11 Unrealized -62.9%

SLP SIMULATIONS PLUS INC 0.2%

Value ($000) $380 Shares 25,240 Est. Cost $14.54 Unrealized +20.6%

NUVB NUVATION BIO INC 0.2%

Value ($000) $369 Shares 99,623 Est. Cost $2.73 Unrealized +127.3%

— SHUTTLE PHARMACTCLS HLDGS IN 0.2%

Value ($000) $357 Shares 100,535 Est. Cost $3.55 Unrealized —

CPOP POP CULTURE GROUP CO LTD 0.2%

Value ($000) $325 Shares 365,822 Est. Cost $1.07 Unrealized -44.0%

ACOG ALPHA COGNITION INC 0.2%

Value ($000) $312 Shares 47,931 Est. Cost $9.11 Unrealized -30.7%

RING ISHARES INC 0.2%

Value ($000) $309 Shares 4,773 Est. Cost $64.71 Unrealized —

SSTI SOUNDTHINKING INC 0.2%

Value ($000) $297 Shares 24,645 Est. Cost $12.42 Unrealized -29.8%

— HUDSON PAC PPTYS INC 0.1%

Value ($000) $242 Shares 87,592 Est. Cost $2.76 Unrealized —

VTVT VTV THERAPEUTICS INC 0.1%

Value ($000) $227 Shares 9,712 Est. Cost $16.75 Unrealized +65.6%

DPRO DRAGANFLY INC. 0.1%

Value ($000) $201 Shares 24,649 Est. Cost $4.96 Unrealized +70.2%

UCO PROSHARES TR II 0.1%

Value ($000) $159 Shares 7,073 Est. Cost $22.48 Unrealized —

PR PERMIAN RESOURCES CORP 0.1%

Value ($000) $155 Shares 12,078 Est. Cost $13.71 Unrealized -2.1%

GLTO GALECTO INC 0.1%

Value ($000) $100 Shares 26,956 Est. Cost $3.39 Unrealized +413.1%

PTIX PROTAGENIC THERAPEUTICS INC 0.1%

Value ($000) $98 Shares 28,600 Est. Cost $3.39 Unrealized -33.5%

— ROBIN ENERGY LTD 0.0%

Value ($000) $78 Shares 60,000 Est. Cost $1.30 Unrealized —

SPPL SIMPPLE LTD 0.0%

Value ($000) $46 Shares 7,862 Est. Cost $3.63 Unrealized +40.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AVGO	BROADCOM INC	23,283	$7,681	4.5%	$212.55	+68.0%	—	11135F101
COST	COSTCO WHSL CORP NEW	2,633	$2,437	1.4%	$908.84	-0.3%	—	22160K105
AMD	ADVANCED MICRO DEVICES INC	13,058	$2,113	1.2%	$161.38	+39.2%	—	007903107
BABA	ALIBABA GROUP HLDG LTD	11,778	$2,105	1.2%	$178.73	—	—	01609W102
CRWD	CROWDSTRIKE HLDGS INC	4,194	$2,057	1.2%	$433.57	+17.4%	—	22788C105
GOOGL	ALPHABET INC	7,094	$1,725	1.0%	$163.29	+74.9%	—	02079K305
RDDT	REDDIT INC	6,930	$1,594	0.9%	$155.54	+35.2%	—	75734B100
DASH	DOORDASH INC	5,831	$1,586	0.9%	$250.83	-6.5%	—	25809K105
ZM	ZOOM COMMUNICATIONS INC	13,721	$1,132	0.7%	$79.69	+5.6%	—	98980L101
TWLO	TWILIO INC	8,743	$875	0.5%	$106.33	+16.5%	—	90138F102
SEZL	SEZZLE INC	9,370	$745	0.4%	$114.79	-40.6%	—	78435P105
RKT	ROCKET COS INC	34,814	$675	0.4%	$17.44	+2.5%	—	77311W101
VVOS	VIVOS THERAPEUTICS INC	200,000	$620	0.4%	$4.53	-45.4%	—	92859E207
OPTT	OCEAN PWR TECHNOLOGIES INC	1,178,217	$593	0.3%	$0.55	-17.9%	—	674870506
LC	LENDINGCLUB CORP	37,303	$567	0.3%	$15.17	+16.4%	—	52603A208
LFMD	LIFEMD INC	83,326	$566	0.3%	$8.26	-41.2%	—	53216B104
DAVE	DAVE INC	2,804	$559	0.3%	$215.95	-0.4%	—	23834J201
ZG	ZILLOW GROUP INC	6,689	$498	0.3%	$78.72	-10.7%	—	98954M101
VIR	VIR BIOTECHNOLOGY INC	75,470	$431	0.3%	$5.11	+16.5%	—	92764N102
ATLX	ATLAS LITHIUM CORP	85,000	$405	0.2%	$4.94	+2.0%	—	105861306
SNDL	SNDL INC	149,849	$402	0.2%	$2.01	-0.0%	—	83307B101
AUID	AUTHID INC	120,949	$386	0.2%	$5.11	-62.9%	—	46264C305
SLP	SIMULATIONS PLUS INC	25,240	$380	0.2%	$14.54	+20.6%	—	829214105
NUVB	NUVATION BIO INC	99,623	$369	0.2%	$2.73	+127.3%	—	67080N101
—	SHUTTLE PHARMACTCLS HLDGS IN	100,535	$357	0.2%	$3.55	—	—	825693302
CPOP	POP CULTURE GROUP CO LTD	365,822	$325	0.2%	$1.07	-44.0%	—	G71700119
ACOG	ALPHA COGNITION INC	47,931	$312	0.2%	$9.11	-30.7%	—	02074J501
RING	ISHARES INC	4,773	$309	0.2%	$64.71	—	—	46434G855
SSTI	SOUNDTHINKING INC	24,645	$297	0.2%	$12.42	-29.8%	—	82536T107
—	HUDSON PAC PPTYS INC	87,592	$242	0.1%	$2.76	—	—	444097109
VTVT	VTV THERAPEUTICS INC	9,712	$227	0.1%	$16.75	+65.6%	—	918385204
DPRO	DRAGANFLY INC.	24,649	$201	0.1%	$4.96	+70.2%	—	26142Q304
UCO	PROSHARES TR II	7,073	$159	0.1%	$22.48	—	—	74347Y888
PR	PERMIAN RESOURCES CORP	12,078	$155	0.1%	$13.71	-2.1%	—	71424F105
GLTO	GALECTO INC	26,956	$100	0.1%	$3.39	+413.1%	—	36322Q206
PTIX	PROTAGENIC THERAPEUTICS INC	28,600	$98	0.1%	$3.39	-33.5%	—	74365N301
—	ROBIN ENERGY LTD	60,000	$78	0.0%	$1.30	—	—	Y73118104
SPPL	SIMPPLE LTD	7,862	$46	0.0%	$3.63	+40.1%	—	G8192U115

Decreased Positions (6)

META META PLATFORMS INC 0.6%

Value ($000) $1,042 (-67.7%) Shares 1,579 (-64.0%) Est. Cost $526.40 Unrealized +26.8%

JEF JEFFERIES FINL GROUP INC 0.1%

Value ($000) $237 (-87.1%) Shares 3,820 (-86.4%) Est. Cost $48.27 Unrealized +17.4%

DOMH DOMINARI HOLDINGS INC 0.6%

Value ($000) $954 (-59.8%) Shares 192,816 (-42.5%) Est. Cost $4.46 Unrealized +4.5%

UMAC UNUSUAL MACHS INC 0.2%

Value ($000) $404 (-64.3%) Shares 31,715 (-57.7%) Est. Cost $6.35 Unrealized +84.8%

IBKR INTERACTIVE BROKERS GROUP IN 0.6%

Value ($000) $1,007 (-14.3%) Shares 15,656 (-8.3%) Est. Cost $43.34 Unrealized +54.3%

XTAIF XTAO INC 0.0%

Value ($000) $74 (-48.8%) Shares 139,000 (-5.4%) Est. Cost $1.18 Unrealized -31.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
META	META PLATFORMS INC	1,579 (-64.0%)	$1,042 (-67.7%)	0.6%	$526.40	+26.8%	CL A	30303M102
JEF	JEFFERIES FINL GROUP INC	3,820 (-86.4%)	$237 (-87.1%)	0.1%	$48.27	+17.4%	COM	47233W109
DOMH	DOMINARI HOLDINGS INC	192,816 (-42.5%)	$954 (-59.8%)	0.6%	$4.46	+4.5%	COM NEW	008875304
UMAC	UNUSUAL MACHS INC	31,715 (-57.7%)	$404 (-64.3%)	0.2%	$6.35	+84.8%	COM SHS	91532F102
IBKR	INTERACTIVE BROKERS GROUP IN	15,656 (-8.3%)	$1,007 (-14.3%)	0.6%	$43.34	+54.3%	COM CL A	45841N107
XTAIF	XTAO INC	139,000 (-5.4%)	$74 (-48.8%)	0.0%	$1.18	-31.1%	COM	G9T27M103

Unchanged Positions (18)

MSFT MICROSOFT CORP 4.1%

Value ($000) $6,942 Shares 14,354 Est. Cost $241.07 Unrealized +107.7%

MELI MERCADOLIBRE INC 1.7%

Value ($000) $2,880 Shares 1,430 Est. Cost $1094.08 Unrealized +92.0%

SPOT SPOTIFY TECHNOLOGY S A 1.0%

Value ($000) $1,707 Shares 2,939 Est. Cost $470.44 Unrealized +32.9%

CCJ CAMECO CORP 2.4%

Value ($000) $4,120 Shares 45,029 Est. Cost $44.00 Unrealized +104.4%

AAPL APPLE INC 3.1%

Value ($000) $5,268 Shares 19,379 Est. Cost $82.65 Unrealized +224.7%

CABO CABLE ONE INC 0.1%

Value ($000) $242 Shares 2,144 Est. Cost $150.25 Unrealized -9.2%

AMZN AMAZON COM INC 1.3%

Value ($000) $2,145 Shares 9,295 Est. Cost $137.65 Unrealized +66.2%

RBOT VICARIOUS SURGICAL INC 0.0%

Value ($000) $67 Shares 30,649 Est. Cost $7.64 Unrealized -46.8%

TLSI TRISALUS LIFE SCIENCES INC 0.1%

Value ($000) $229 Shares 32,796 Est. Cost $4.39 Unrealized +27.5%

ANTA ANTALPHA PLATFORM HLDG CO 0.1%

Value ($000) $191 Shares 21,469 Est. Cost $12.21 Unrealized -13.0%

TSPH CREATEAL HOLDINGS INC 0.0%

Value ($000) $69 Shares 332,473 Est. Cost $0.37 Unrealized +13.3%

IWO ISHARES TR 2.6%

Value ($000) $4,345 Shares 13,453 Est. Cost $214.52 Unrealized —

SNPS SYNOPSYS INC 0.4%

Value ($000) $650 Shares 1,383 Est. Cost $565.30 Unrealized -21.4%

ABVEW ABOVE FOOD INGREDIENTS INC 0.0%

Value ($000) $9 Shares 24,999 Est. Cost $0.02 Unrealized —

CLSKW CLEANSPARK INC 0.0%

Value ($000) $6 Shares 17,500 Est. Cost $0.72 Unrealized —

LSTA LISATA THERAPEUTICS INC 0.0%

Value ($000) $2 Shares 1,016 Est. Cost $2.62 Unrealized —

MDCXW MEDICUS PHARMA LTD 0.0%

Value ($000) $5 Shares 6,000 Est. Cost $0.35 Unrealized —

MOBXW MOBIX LABS INC 0.0%

Value ($000) $2 Shares 22,397 Est. Cost $0.13 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	MICROSOFT CORP	14,354	$6,942	4.1%	$241.07	+107.7%	COM	594918104
MELI	MERCADOLIBRE INC	1,430	$2,880	1.7%	$1094.08	+92.0%	COM	58733R102
SPOT	SPOTIFY TECHNOLOGY S A	2,939	$1,707	1.0%	$470.44	+32.9%	SHS	L8681T102
CCJ	CAMECO CORP	45,029	$4,120	2.4%	$44.00	+104.4%	COM	13321L108
AAPL	APPLE INC	19,379	$5,268	3.1%	$82.65	+224.7%	COM	037833100
CABO	CABLE ONE INC	2,144	$242	0.1%	$150.25	-9.2%	COM	12685J105
AMZN	AMAZON COM INC	9,295	$2,145	1.3%	$137.65	+66.2%	COM	023135106
RBOT	VICARIOUS SURGICAL INC	30,649	$67	0.0%	$7.64	-46.8%	COM CL A NEW	92561V208
TLSI	TRISALUS LIFE SCIENCES INC	32,796	$229	0.1%	$4.39	+27.5%	COM	89680M101
ANTA	ANTALPHA PLATFORM HLDG CO	21,469	$191	0.1%	$12.21	-13.0%	SHS CL A	G0395R106
TSPH	CREATEAL HOLDINGS INC	332,473	$69	0.0%	$0.37	+13.3%	COM	90089L108
IWO	ISHARES TR	13,453	$4,345	2.6%	$214.52	—	RUS 2000 GRW ETF	464287648
SNPS	SYNOPSYS INC	1,383	$650	0.4%	$565.30	-21.4%	COM	871607107
ABVEW	ABOVE FOOD INGREDIENTS INC	24,999	$9	0.0%	$0.02	—	*W EXP 06/28/202	00373V118
CLSKW	CLEANSPARK INC	17,500	$6	0.0%	$0.72	—	*W EXP 12/29/202	18452B118
LSTA	LISATA THERAPEUTICS INC	1,016	$2	0.0%	$2.62	—	COM	128058302
MDCXW	MEDICUS PHARMA LTD	6,000	$5	0.0%	$0.35	—	*W EXP 11/15/202	58471K111
MOBXW	MOBIX LABS INC	22,397	$2	0.0%	$0.13	—	*W EXP 99/99/999	60743G118