Verde Servicos Internacionais S.A. Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GLDM	WORLD GOLD TR	366,337	$31	10.0%	$0.09	—	SPDR GLD MINIS	98149E303
TSM	TAIWAN SEMICONDUCTOR MFG LTD	47,903	$15	4.7%	$0.30	—	SPONSORED ADS	874039100
GOOG	ALPHABET INC	31,429	$10	3.2%	$286.33	0.0%	CAP STK CL C	02079K107
UNP	UNION PAC CORP	41,334	$10	3.1%	$227.32	0.0%	COM	907818108
C	CITIGROUP INC	81,165	$9	3.0%	$103.64	0.0%	COM NEW	172967424
LOW	LOWES COS INC	18,900	$5	1.5%	$239.83	0.0%	COM	548661107
EWZ	ISHARES INC	48,000	$2	0.5%	$0.03	—	MSCI BRAZIL ETF	464286400
—	PETROLEO BRASILEIRO SA PETRO	3,300	$0	0.0%	$0.00	—	CALL	71654V908
—	NVIDIA CORPORATION	529	$0	0.0%	$0.01	—	CALL	67066G904
—	ISHARES INC	3,000	$0	0.0%	$0.00	—	PUT	464286950
—	PETROLEO BRASILEIRO SA PETRO	2,400	$0	0.0%	—	—	PUT	71654V958
—	NU HLDGS LTD	1,792	$0	0.0%	—	—	PUT	G6683N953

Increased Positions (7)

AMZN AMAZON COM INC 5.6%

Value ($000) $18 (+90.4%) Shares 76,238 (+81.1%) Est. Cost $204.22 Unrealized +12.0%

NU NU HLDGS LTD 2.7%

Value ($000) $8 (+2053.6%) Shares 494,000 (+1958.3%) Est. Cost $15.97 Unrealized +0.6%

MDLZ MONDELEZ INTL INC 4.3%

Value ($000) $13 (+42.6%) Shares 248,422 (+65.5%) Est. Cost $60.90 Unrealized -6.3%

NVDA NVIDIA CORPORATION 6.2%

Value ($000) $19 (+24.8%) Shares 103,287 (+24.8%) Est. Cost $149.49 Unrealized +24.5%

BABA ALIBABA GROUP HLDG LTD 4.2%

Value ($000) $13 (+25.9%) Shares 89,572 (+53.6%) Est. Cost $0.14 Unrealized —

— ISHARES INC 0.1%

Value ($000) $0 (+198.4%) Shares 103,880 (+226.7%) Est. Cost $0.00 Unrealized —

DPZ DOMINOS PIZZA INC 4.2%

Value ($000) $13 (-1.7%) Shares 31,352 (+1.8%) Est. Cost $458.24 Unrealized -9.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AMZN	AMAZON COM INC	76,238 (+81.1%)	$18 (+90.4%)	5.6%	$204.22	+12.0%	COM	023135106
NU	NU HLDGS LTD	494,000 (+1958.3%)	$8 (+2053.6%)	2.7%	$15.97	+0.6%	ORD SHS CL A	G6683N103
MDLZ	MONDELEZ INTL INC	248,422 (+65.5%)	$13 (+42.6%)	4.3%	$60.90	-6.3%	CL A	609207105
NVDA	NVIDIA CORPORATION	103,287 (+24.8%)	$19 (+24.8%)	6.2%	$149.49	+24.5%	COM	67066G104
BABA	ALIBABA GROUP HLDG LTD	89,572 (+53.6%)	$13 (+25.9%)	4.2%	$0.14	—	SPONSORED ADS	01609W102
—	ISHARES INC	103,880 (+226.7%)	$0 (+198.4%)	0.1%	$0.00	—	CALL	464286900
DPZ	DOMINOS PIZZA INC	31,352 (+1.8%)	$13 (-1.7%)	4.2%	$458.24	-9.3%	COM	25754A201

Exited Positions (29)

META META PLATFORMS INC 4.5%

Value ($000) $14 Shares 19,295 Est. Cost $628.79 Unrealized +6.1%

VRT VERTIV HOLDINGS CO 3.5%

Value ($000) $11 Shares 72,138 Est. Cost $97.15 Unrealized +78.7%

PGR PROGRESSIVE CORP 3.2%

Value ($000) $10 Shares 40,639 Est. Cost $257.53 Unrealized -17.5%

WFC WELLS FARGO CO NEW 3.2%

Value ($000) $10 Shares 118,445 Est. Cost $80.47 Unrealized +7.7%

BA BOEING CO 3.2%

Value ($000) $10 Shares 45,552 Est. Cost $177.40 Unrealized +15.9%

ETHA ISHARES ETHEREUM TR 3.0%

Value ($000) $9 Shares 298,354 Est. Cost $0.03 Unrealized —

PBR/A PETROLEO BRASILEIRO SA PETRO 0.9%

Value ($000) $3 Shares 247,253 Est. Cost $0.01 Unrealized —

ECH ISHARES INC 0.5%

Value ($000) $1 Shares 44,000 Est. Cost $0.03 Unrealized —

SMMT SUMMIT THERAPEUTICS INC 0.3%

Value ($000) $1 Shares 40,000 Est. Cost $24.25 Unrealized -22.4%

XLU SELECT SECTOR SPDR TR 0.2%

Value ($000) $1 Shares 8,000 Est. Cost $0.09 Unrealized —

LTM LATAM AIRLINES GROUP SA 0.2%

Value ($000) $1 Shares 15,000 Est. Cost $0.05 Unrealized —

NXE NEXGEN ENERGY LTD 0.2%

Value ($000) $1 Shares 75,000 Est. Cost $5.65 Unrealized +56.4%

PAM PAMPA ENERGIA S A 0.2%

Value ($000) $1 Shares 10,000 Est. Cost $0.06 Unrealized —

TGB TASEKO MINES LTD 0.2%

Value ($000) $1 Shares 136,000 Est. Cost $2.34 Unrealized +101.1%

XP XP INC 0.2%

Value ($000) $1 Shares 29,260 Est. Cost $13.77 Unrealized +27.9%

USO UNITED STS OIL FD LP 0.2%

Value ($000) $1 Shares 7,000 Est. Cost $0.07 Unrealized —

ARGT GLOBAL X FDS 0.2%

Value ($000) $0 Shares 7,000 Est. Cost $0.07 Unrealized —

GLD SPDR GOLD TR 0.1%

Value ($000) $0 Shares 1,200 Est. Cost $0.31 Unrealized —

ALM ALMONTY INDS INC 0.1%

Value ($000) $0 Shares 70,000 Est. Cost $4.80 Unrealized +53.3%

GDX VANECK ETF TRUST 0.1%

Value ($000) $0 Shares 5,000 Est. Cost $0.08 Unrealized —

ARCO ARCOS DORADOS HOLDINGS INC 0.1%

Value ($000) $0 Shares 43,000 Est. Cost $6.98 Unrealized +2.3%

ARMN ARIS MNG CORP 0.1%

Value ($000) $0 Shares 20,000 Est. Cost $7.97 Unrealized +54.2%

UUUU ENERGY FUELS INC 0.1%

Value ($000) $0 Shares 15,000 Est. Cost $10.62 Unrealized +59.8%

— FTAI AVIATION LTD 0.0%

Value ($000) $0 Shares 898 Est. Cost $0.00 Unrealized —

— MERCADOLIBRE INC 0.0%

Value ($000) $0 Shares 13 Est. Cost $0.08 Unrealized —

— ALIBABA GROUP HLDG LTD 0.0%

Value ($000) $0 Shares 660 Est. Cost — Unrealized —

— VANECK ETF TRUST 0.0%

Value ($000) $0 Shares 300 Est. Cost — Unrealized —

— GLOBAL X FDS 0.0%

Value ($000) $0 Shares 100 Est. Cost — Unrealized —

— GRUPO FINANCIERO GALICIA S.A 0.0%

Value ($000) $0 Shares 500 Est. Cost $0.00 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
META	META PLATFORMS INC	19,295	$14	4.5%	$628.79	+6.1%	—	30303M102
VRT	VERTIV HOLDINGS CO	72,138	$11	3.5%	$97.15	+78.7%	—	92537N108
PGR	PROGRESSIVE CORP	40,639	$10	3.2%	$257.53	-17.5%	—	743315103
WFC	WELLS FARGO CO NEW	118,445	$10	3.2%	$80.47	+7.7%	—	949746101
BA	BOEING CO	45,552	$10	3.2%	$177.40	+15.9%	—	097023105
ETHA	ISHARES ETHEREUM TR	298,354	$9	3.0%	$0.03	—	—	46438R105
PBR/A	PETROLEO BRASILEIRO SA PETRO	247,253	$3	0.9%	$0.01	—	—	71654V101
ECH	ISHARES INC	44,000	$1	0.5%	$0.03	—	—	464286640
SMMT	SUMMIT THERAPEUTICS INC	40,000	$1	0.3%	$24.25	-22.4%	—	86627T108
XLU	SELECT SECTOR SPDR TR	8,000	$1	0.2%	$0.09	—	—	81369Y886
LTM	LATAM AIRLINES GROUP SA	15,000	$1	0.2%	$0.05	—	—	51817R205
NXE	NEXGEN ENERGY LTD	75,000	$1	0.2%	$5.65	+56.4%	—	65340P106
PAM	PAMPA ENERGIA S A	10,000	$1	0.2%	$0.06	—	—	697660207
TGB	TASEKO MINES LTD	136,000	$1	0.2%	$2.34	+101.1%	—	876511106
XP	XP INC	29,260	$1	0.2%	$13.77	+27.9%	—	G98239109
USO	UNITED STS OIL FD LP	7,000	$1	0.2%	$0.07	—	—	91232N207
ARGT	GLOBAL X FDS	7,000	$0	0.2%	$0.07	—	—	37950E259
GLD	SPDR GOLD TR	1,200	$0	0.1%	$0.31	—	—	78463V107
ALM	ALMONTY INDS INC	70,000	$0	0.1%	$4.80	+53.3%	—	020398707
GDX	VANECK ETF TRUST	5,000	$0	0.1%	$0.08	—	—	92189F106
ARCO	ARCOS DORADOS HOLDINGS INC	43,000	$0	0.1%	$6.98	+2.3%	—	G0457F107
ARMN	ARIS MNG CORP	20,000	$0	0.1%	$7.97	+54.2%	—	04040Y109
UUUU	ENERGY FUELS INC	15,000	$0	0.1%	$10.62	+59.8%	—	292671708
—	FTAI AVIATION LTD	898	$0	0.0%	$0.00	—	—	G3730V955
—	MERCADOLIBRE INC	13	$0	0.0%	$0.08	—	—	58733R952
—	ALIBABA GROUP HLDG LTD	660	$0	0.0%	—	—	—	01609W952
—	VANECK ETF TRUST	300	$0	0.0%	—	—	—	92189F956
—	GLOBAL X FDS	100	$0	0.0%	—	—	—	37950E909
—	GRUPO FINANCIERO GALICIA S.A	500	$0	0.0%	$0.00	—	—	399909900

Decreased Positions (5)

IBIT ISHARES BITCOIN TRUST ETF 21.1%

Value ($000) $66 (-44.1%) Shares 1,327,166 (-26.8%) Est. Cost $0.06 Unrealized —

COF CAPITAL ONE FINL CORP 3.4%

Value ($000) $11 (-37.8%) Shares 43,406 (-45.4%) Est. Cost $217.80 Unrealized +2.0%

MSFT MICROSOFT CORP 6.0%

Value ($000) $19 (-24.6%) Shares 38,859 (-19.3%) Est. Cost $396.59 Unrealized +26.2%

ISRG INTUITIVE SURGICAL INC 3.0%

Value ($000) $9 (-38.2%) Shares 16,446 (-51.2%) Est. Cost $514.29 Unrealized +3.5%

FTAI FTAI AVIATION LTD 5.5%

Value ($000) $17 (+15.9%) Shares 86,763 (-1.8%) Est. Cost $141.79 Unrealized +20.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IBIT	ISHARES BITCOIN TRUST ETF	1,327,166 (-26.8%)	$66 (-44.1%)	21.1%	$0.06	—	SHS BEN INT	46438F101
COF	CAPITAL ONE FINL CORP	43,406 (-45.4%)	$11 (-37.8%)	3.4%	$217.80	+2.0%	COM	14040H105
MSFT	MICROSOFT CORP	38,859 (-19.3%)	$19 (-24.6%)	6.0%	$396.59	+26.2%	COM	594918104
ISRG	INTUITIVE SURGICAL INC	16,446 (-51.2%)	$9 (-38.2%)	3.0%	$514.29	+3.5%	COM NEW	46120E602
FTAI	FTAI AVIATION LTD	86,763 (-1.8%)	$17 (+15.9%)	5.5%	$141.79	+20.1%	SHS	G3730V105

Unchanged Positions (8)

GFL GFL ENVIRONMENTAL INC 4.4%

Value ($000) $14 Shares 316,605 Est. Cost $46.74 Unrealized -4.4%

AUNA AUNA S A 0.5%

Value ($000) $2 Shares 323,208 Est. Cost $10.29 Unrealized -47.3%

VALE VALE S A 1.0%

Value ($000) $3 Shares 249,600 Est. Cost $0.01 Unrealized —

PSIX POWER SOLUTIONS INTL INC 0.2%

Value ($000) $1 Shares 12,172 Est. Cost $88.67 Unrealized -19.5%

FND FLOOR & DECOR HLDGS INC 0.5%

Value ($000) $2 Shares 26,000 Est. Cost $81.96 Unrealized -20.9%

TSLA TESLA INC 1.2%

Value ($000) $4 Shares 8,000 Est. Cost $346.84 Unrealized +27.8%

— XP INC 0.0%

Value ($000) $0 Shares 900 Est. Cost $0.00 Unrealized —

— EVE HLDG INC 0.0%

Value ($000) $0 Shares 1,200 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GFL	GFL ENVIRONMENTAL INC	316,605	$14	4.4%	$46.74	-4.4%	SUB VTG SHS	36168Q104
AUNA	AUNA S A	323,208	$2	0.5%	$10.29	-47.3%	CLASS A	L0415A103
VALE	VALE S A	249,600	$3	1.0%	$0.01	—	SPONSORED ADS	91912E105
PSIX	POWER SOLUTIONS INTL INC	12,172	$1	0.2%	$88.67	-19.5%	COM NEW	73933G202
FND	FLOOR & DECOR HLDGS INC	26,000	$2	0.5%	$81.96	-20.9%	CL A	339750101
TSLA	TESLA INC	8,000	$4	1.2%	$346.84	+27.8%	COM	88160R101
—	XP INC	900	$0	0.0%	$0.00	—	CALL	G98239909
—	EVE HLDG INC	1,200	$0	0.0%	—	—	CALL	29970N904