Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
DVN	DEVON ENERGY CORP	1,700,000	$70.24M	5.4%	$41.32	—	COM	25179M103
FANG	DIAMONDBACK ENERGY INC	397,598	$69.89M	5.3%	$175.78	—	COM	25278X109
—	ISHARES 20 YR TR BD ETF	800,000	$69.14M	5.3%	—	—	PUT	464287952
BTE	BAYTEX ENERGY CORP	17,000,000	$68M	5.2%	$4.00	—	COM	07317Q105
—	ISHARES IBOXX INV CP ETF	400,000	$43.63M	3.3%	—	—	PUT	464287952
—	ISHARES IBOXX INV CP ETF	400,000	$43.63M	3.3%	—	—	CALL	464287902
SSMR	SUNSHINE SILVER MINING AND REFINING	700,000	$9.254M	0.7%	$13.22	—	COM	867866105
PR	PERMIAN RESOURCES CORP CLASS A	350,000	$6.444M	0.5%	$18.41	—	COM	71424F105
CHRD	CHORD ENERGY CORP	45,000	$5.144M	0.4%	$114.30	—	COM	674215207
EXE	EXPAND ENERGY CORP	50,000	$4.559M	0.3%	$91.19	—	COM	165167735
SPCX	SPACE EXPLORATION TECHNOLOGIES	16,806	$2.871M	0.2%	$170.86	—	COM	84615Q103
BROS	DUTCH BROS INC CLASS A	37,691	$2.707M	0.2%	$71.81	—	COM	26701L100
CRWD	CROWDSTRIKE HOLDINGS INC CLASS A	3,161	$2.412M	0.2%	$763.14	—	COM	22788C105
DDOG	DATADOG INC CLASS A	8,966	$2.334M	0.2%	$260.36	—	COM	23804L103
FROG	JFROG LTD	24,887	$2.262M	0.2%	$90.88	—	COM	M6191J100
PLTR	PALANTIR TECHNOLOGIES INC CLASS A	19,219	$2.242M	0.2%	$116.67	—	COM	69608A108
MNST	MONSTER BEVERAGE CORP	23,014	$2.212M	0.2%	$96.12	—	COM	61174X109
INTC	INTEL CORPORATION CORP	14,830	$2.071M	0.2%	$139.63	—	COM	458140100
LRCX	LAM RESEARCH CORP	4,728	$2.049M	0.2%	$433.33	—	COM	512807306
TSLA	TESLA INC	4,394	$1.848M	0.1%	$420.60	—	COM	88160R101
NOG	NORTHERN OIL AND GAS INC	100,000	$1.815M	0.1%	$18.15	—	COM	665531307
EW	EDWARDS LIFESCIENCES CORP	19,763	$1.788M	0.1%	$90.46	—	COM	28176E108
STRL	STERLING INFRASTRUCTURE INC	2,021	$1.696M	0.1%	$839.36	—	COM	859241101
TLN	TALEN ENERGY CORP	4,409	$1.694M	0.1%	$384.26	—	COM	87422Q109
ARGX	ARGENX SE	1,767	$1.639M	0.1%	$927.77	—	COM	04016X101
XEL	XCEL ENERGY INC	18,939	$1.521M	0.1%	$80.30	—	COM	98389B100
STM	STMICROELECTRONICS NV	19,434	$1.455M	0.1%	$74.89	—	COM	861012102
LNG	CHENIERE ENERGY INC	5,842	$1.396M	0.1%	$239.01	—	COM	16411R208
FAST	FASTENAL	21,881	$1.051M	0.1%	$48.03	—	COM	311900104
SBMT	SILVER BOW MINING CORP	150,000	$1.014M	0.1%	$6.76	—	COM	827427105
AEHR	AEHR TEST SYSTEMS	9,996	$960K	0.1%	$96.06	—	COM	00760J108
AMAT	APPLIED MATERIAL INC	797	$576K	0.0%	$723.00	—	COM	038222105
CAH	CARDINAL HEALTH INC	1,330	$316K	0.0%	$237.56	—	COM	14149Y108
IBKR	INTERACTIVE BROKERS GROUP INC	3,562	$310K	0.0%	$87.04	—	COM	45841N107
ABBV	ABBVIE INC	1,187	$299K	0.0%	$251.64	—	COM	00287Y109
ADI	ANALOG DEVICES INC	741	$294K	0.0%	$397.17	—	COM	032654105
BHYP	BITWISE HYPERLIQUID ETF	7,340	$270K	0.0%	$36.78	—	COM	09175T106
CVX	CHEVRON CORP	1,381	$229K	0.0%	$165.76	—	COM	166764100
ARM	ARM HOLDINGS	11	$3,900	0.0%	$354.55	—	COM	042068205
TS	TENARIS SA	42	$2,331	0.0%	$55.50	—	COM	88031M109
MT	ARCELORMITTAL SA	36	$2,168	0.0%	$60.22	—	COM	03938L203

Increased Positions (46)

TD TORONTO DOMINION BK 2.3%

Value $29.9M (+84.9%) Shares 246,256 (+42.1%) Est. Cost $97.44 Unrealized —

RY ROYAL BANK OF CANADA 2.3%

Value $29.77M (+81.8%) Shares 143,827 (+42.1%) Est. Cost $162.39 Unrealized —

SHOP SHOPIFY INC 2.2%

Value $29.03M (+38.9%) Shares 254,222 (+44.3%) Est. Cost $135.75 Unrealized —

CVE CENOVUS ENERGY 9.6%

Value $127M (+6.3%) Shares 5,100,000 (+13.3%) Est. Cost $17.01 Unrealized —

ENB ENBRIDGE INC 2.1%

Value $27.52M (+35.6%) Shares 507,626 (+35.4%) Est. Cost $45.62 Unrealized —

CNI CANADIAN NATIONAL RAILWAY 2.1%

Value $27.93M (+31.7%) Shares 234,260 (+13.5%) Est. Cost $101.03 Unrealized —

CCJ CAMECO CORP 2.7%

Value $35.97M (+14.5%) Shares 353,107 (+22.1%) Est. Cost $87.42 Unrealized —

CNQ CANADIAN NATURAL RESOURCES LTD 1.1%

Value $14.84M (+29.0%) Shares 375,807 (+59.2%) Est. Cost $35.26 Unrealized —

TSM TAIWAN SEMICONDUCTOR MANUFACTURING 0.5%

Value $6.246M (+103.8%) Shares 13,078 (+44.3%) Est. Cost $371.47 Unrealized —

GOOGL ALPHABET INC CLASS A 0.4%

Value $5.32M (+148.2%) Shares 14,886 (+99.7%) Est. Cost $333.54 Unrealized —

B BARRICK MINING CORP 1.3%

Value $17.03M (+22.1%) Shares 463,708 (+35.6%) Est. Cost $34.24 Unrealized —

CM CANADIAN IMPERIAL BANK OF COMMERCE 0.5%

Value $6.71M (+75.8%) Shares 58,346 (+44.8%) Est. Cost $78.36 Unrealized —

CP CANADIAN PACIFIC KANSAS CITY LTD 0.6%

Value $7.785M (+58.8%) Shares 89,844 (+44.2%) Est. Cost $80.12 Unrealized —

LLY ELI LILLY 0.3%

Value $3.37M (+368.0%) Shares 2,810 (+258.9%) Est. Cost $1091.35 Unrealized —

LIN LINDE PLC 0.2%

Value $2.756M (+1029.9%) Shares 5,311 (+979.5%) Est. Cost $513.48 Unrealized —

FTS FORTIS INC 0.4%

Value $5.601M (+76.1%) Shares 97,861 (+71.7%) Est. Cost $45.51 Unrealized —

BCE BCE INC 1.1%

Value $14.52M (+17.8%) Shares 675,161 (+38.2%) Est. Cost $23.09 Unrealized —

TRP TC ENERGY CORP 0.6%

Value $7.394M (+40.6%) Shares 111,540 (+32.7%) Est. Cost $52.55 Unrealized —

FCX FREEPORT MCMORAN INC 0.4%

Value $5.067M (+72.0%) Shares 80,563 (+60.8%) Est. Cost $48.76 Unrealized —

NVDA NVIDIA CORP 0.4%

Value $5.039M (+55.5%) Shares 25,182 (+35.5%) Est. Cost $143.83 Unrealized —

SMFG SUMITOMO MITSUI FIN GRP 0.2%

Value $2.521M (+241.1%) Shares 106,929 (+185.7%) Est. Cost $22.24 Unrealized —

GH GUARDANT HEALTH INC 0.2%

Value $2.853M (+137.7%) Shares 19,018 (+46.4%) Est. Cost $120.94 Unrealized —

CLS CELESTICA INC 0.2%

Value $2.88M (+129.8%) Shares 7,894 (+77.4%) Est. Cost $322.75 Unrealized —

KGC KINROSS GOLD CORP 1.9%

Value $25.22M (+6.8%) Shares 1,067,572 (+38.0%) Est. Cost $20.04 Unrealized —

SPHR SPHERE ENTERTAINMENT CLASS A 0.2%

Value $2.22M (+206.9%) Shares 12,828 (+108.2%) Est. Cost $131.77 Unrealized —

EQIX EQUINIX INC 0.3%

Value $3.32M (+80.4%) Shares 3,185 (+69.7%) Est. Cost $820.38 Unrealized —

VNOM VIPER ENERGY INC CLASS A 0.8%

Value $10.6M (+12.8%) Shares 250,000 (+25.0%) Est. Cost $38.79 Unrealized —

NTRA NATERA INC 0.2%

Value $2.589M (+65.1%) Shares 9,538 (+21.6%) Est. Cost $221.81 Unrealized —

GOOG ALPHABET INC CLASS C 0.2%

Value $2.839M (+36.8%) Shares 8,035 (+11.1%) Est. Cost $247.18 Unrealized —

BIP BROOKFIELD INFRASTRUCTURE PARTNERS 0.2%

Value $2.452M (-19.7%) Shares 149,888 (+77.2%) Est. Cost $26.73 Unrealized —

AMT AMERICAN TOWER CORP 0.1%

Value $1.863M (+39.6%) Shares 11,389 (+47.3%) Est. Cost $182.13 Unrealized —

AMZN AMAZON INC 0.2%

Value $2.234M (+27.8%) Shares 9,373 (+11.7%) Est. Cost $194.11 Unrealized —

ASML ASML HOLDING NV 0.0%

Value $466K (+8711.8%) Shares 234 (+5750.0%) Est. Cost $1973.72 Unrealized —

HOOD ROBINHOOD MARKETS INC CLASS A 0.1%

Value $1.08M (+69.4%) Shares 10,766 (+17.1%) Est. Cost $61.99 Unrealized —

WULF TERAWULF INC 0.1%

Value $847K (+107.1%) Shares 34,306 (+21.0%) Est. Cost $16.34 Unrealized —

AER AERCAP HOLDINGS NV 0.1%

Value $1.379M (+38.1%) Shares 9,461 (+29.9%) Est. Cost $138.36 Unrealized —

AAPL APPLE INC 0.1%

Value $1.802M (+23.2%) Shares 6,227 (+8.0%) Est. Cost $226.01 Unrealized —

C CITIGROUP INC 0.0%

Value $580K (+118.1%) Shares 4,142 (+76.7%) Est. Cost $119.40 Unrealized —

META META PLATFORMS INC CLASS A 0.1%

Value $933K (+25.6%) Shares 1,656 (+27.6%) Est. Cost $554.11 Unrealized —

SU SUNCOR ENERGY INC 10.0%

Value $131M (-0.1%) Shares 2,436,936 (+23.0%) Est. Cost $51.15 Unrealized —

COIN COINBASE GLOBAL INC CLASS A 0.1%

Value $752K (-6.6%) Shares 5,147 (+11.6%) Est. Cost $85.33 Unrealized —

MFG MIZUHO FINANCIAL GROUP 0.0%

Value $7,204 (+218.3%) Shares 752 (+163.9%) Est. Cost $8.96 Unrealized —

LIVN LIVANOVA PLC 0.0%

Value $6,907 (+141.5%) Shares 84 (+86.7%) Est. Cost $73.08 Unrealized —

BIDU BAIDU INC CLASS A 0.0%

Value $3,657 (+36.8%) Shares 32 (+33.3%) Est. Cost $126.57 Unrealized —

SBS COMPANHIA DE SANEAMENTO BASICO DO 0.0%

Value $4,740 (-14.2%) Shares 820 (+353.0%) Est. Cost $10.56 Unrealized —

BAESY BAE SYSTEMS PLC 0.0%

Value $3,624 (-11.1%) Shares 37 (+5.7%) Est. Cost $115.51 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TD	TORONTO DOMINION BK	246,256 (+42.1%)	$29.9M (+84.9%)	2.3%	$97.44	—	COM	891160509
RY	ROYAL BANK OF CANADA	143,827 (+42.1%)	$29.77M (+81.8%)	2.3%	$162.39	—	COM	780087102
SHOP	SHOPIFY INC	254,222 (+44.3%)	$29.03M (+38.9%)	2.2%	$135.75	—	COM	82509L107
CVE	CENOVUS ENERGY	5,100,000 (+13.3%)	$127M (+6.3%)	9.6%	$17.01	—	COM	15135U109
ENB	ENBRIDGE INC	507,626 (+35.4%)	$27.52M (+35.6%)	2.1%	$45.62	—	COM	29250N105
CNI	CANADIAN NATIONAL RAILWAY	234,260 (+13.5%)	$27.93M (+31.7%)	2.1%	$101.03	—	COM	136375102
CCJ	CAMECO CORP	353,107 (+22.1%)	$35.97M (+14.5%)	2.7%	$87.42	—	COM	13321L108
CNQ	CANADIAN NATURAL RESOURCES LTD	375,807 (+59.2%)	$14.84M (+29.0%)	1.1%	$35.26	—	COM	136385101
TSM	TAIWAN SEMICONDUCTOR MANUFACTURING	13,078 (+44.3%)	$6.246M (+103.8%)	0.5%	$371.47	—	COM	874039100
GOOGL	ALPHABET INC CLASS A	14,886 (+99.7%)	$5.32M (+148.2%)	0.4%	$333.54	—	COM	02079K305
B	BARRICK MINING CORP	463,708 (+35.6%)	$17.03M (+22.1%)	1.3%	$34.24	—	COM	06849F108
CM	CANADIAN IMPERIAL BANK OF COMMERCE	58,346 (+44.8%)	$6.71M (+75.8%)	0.5%	$78.36	—	COM	136069101
CP	CANADIAN PACIFIC KANSAS CITY LTD	89,844 (+44.2%)	$7.785M (+58.8%)	0.6%	$80.12	—	COM	13646K108
LLY	ELI LILLY	2,810 (+258.9%)	$3.37M (+368.0%)	0.3%	$1091.35	—	COM	532457108
LIN	LINDE PLC	5,311 (+979.5%)	$2.756M (+1029.9%)	0.2%	$513.48	—	COM	G54950103
FTS	FORTIS INC	97,861 (+71.7%)	$5.601M (+76.1%)	0.4%	$45.51	—	COM	349553107
BCE	BCE INC	675,161 (+38.2%)	$14.52M (+17.8%)	1.1%	$23.09	—	COM	05534B760
TRP	TC ENERGY CORP	111,540 (+32.7%)	$7.394M (+40.6%)	0.6%	$52.55	—	COM	87807B107
FCX	FREEPORT MCMORAN INC	80,563 (+60.8%)	$5.067M (+72.0%)	0.4%	$48.76	—	COM	35671D857
NVDA	NVIDIA CORP	25,182 (+35.5%)	$5.039M (+55.5%)	0.4%	$143.83	—	COM	67066G104
SMFG	SUMITOMO MITSUI FIN GRP	106,929 (+185.7%)	$2.521M (+241.1%)	0.2%	$22.24	—	COM	86562M209
GH	GUARDANT HEALTH INC	19,018 (+46.4%)	$2.853M (+137.7%)	0.2%	$120.94	—	COM	40131M109
CLS	CELESTICA INC	7,894 (+77.4%)	$2.88M (+129.8%)	0.2%	$322.75	—	COM	15101Q207
KGC	KINROSS GOLD CORP	1,067,572 (+38.0%)	$25.22M (+6.8%)	1.9%	$20.04	—	COM	496902404
SPHR	SPHERE ENTERTAINMENT CLASS A	12,828 (+108.2%)	$2.22M (+206.9%)	0.2%	$131.77	—	COM	55826T102
EQIX	EQUINIX INC	3,185 (+69.7%)	$3.32M (+80.4%)	0.3%	$820.38	—	COM	29444U700
VNOM	VIPER ENERGY INC CLASS A	250,000 (+25.0%)	$10.6M (+12.8%)	0.8%	$38.79	—	COM	64361Q101
NTRA	NATERA INC	9,538 (+21.6%)	$2.589M (+65.1%)	0.2%	$221.81	—	COM	632307104
GOOG	ALPHABET INC CLASS C	8,035 (+11.1%)	$2.839M (+36.8%)	0.2%	$247.18	—	COM	02079K107
BIP	BROOKFIELD INFRASTRUCTURE PARTNERS	149,888 (+77.2%)	$2.452M (-19.7%)	0.2%	$26.73	—	COM	G16252101
AMT	AMERICAN TOWER CORP	11,389 (+47.3%)	$1.863M (+39.6%)	0.1%	$182.13	—	COM	03027X100
AMZN	AMAZON INC	9,373 (+11.7%)	$2.234M (+27.8%)	0.2%	$194.11	—	COM	023135106
ASML	ASML HOLDING NV	234 (+5750.0%)	$466K (+8711.8%)	0.0%	$1973.72	—	COM	N07059210
HOOD	ROBINHOOD MARKETS INC CLASS A	10,766 (+17.1%)	$1.08M (+69.4%)	0.1%	$61.99	—	COM	770700102
WULF	TERAWULF INC	34,306 (+21.0%)	$847K (+107.1%)	0.1%	$16.34	—	COM	88080T104
AER	AERCAP HOLDINGS NV	9,461 (+29.9%)	$1.379M (+38.1%)	0.1%	$138.36	—	COM	N00985106
AAPL	APPLE INC	6,227 (+8.0%)	$1.802M (+23.2%)	0.1%	$226.01	—	COM	037833100
C	CITIGROUP INC	4,142 (+76.7%)	$580K (+118.1%)	0.0%	$119.40	—	COM	172967424
META	META PLATFORMS INC CLASS A	1,656 (+27.6%)	$933K (+25.6%)	0.1%	$554.11	—	COM	30303M102
SU	SUNCOR ENERGY INC	2,436,936 (+23.0%)	$131M (-0.1%)	10.0%	$51.15	—	COM	867224107
COIN	COINBASE GLOBAL INC CLASS A	5,147 (+11.6%)	$752K (-6.6%)	0.1%	$85.33	—	COM	19260Q107
MFG	MIZUHO FINANCIAL GROUP	752 (+163.9%)	$7,204 (+218.3%)	0.0%	$8.96	—	COM	60687Y109
LIVN	LIVANOVA PLC	84 (+86.7%)	$6,907 (+141.5%)	0.0%	$73.08	—	COM	G5509L101
BIDU	BAIDU INC CLASS A	32 (+33.3%)	$3,657 (+36.8%)	0.0%	$126.57	—	COM	056752108
SBS	COMPANHIA DE SANEAMENTO BASICO DO	820 (+353.0%)	$4,740 (-14.2%)	0.0%	$10.56	—	COM	20441A102
BAESY	BAE SYSTEMS PLC	37 (+5.7%)	$3,624 (-11.1%)	0.0%	$115.51	—	COM	05523R107

Exited Positions (24)

FRO FRONTLINE PLC 0.4%

Value $5.229M Shares 150,000 Est. Cost $28.36 Unrealized —

— VIPER ENERGY INC CLASS A 0.4%

Value $4.699M Shares 100,000 Est. Cost — Unrealized —

FSLY FASTLY INC CLASS A 0.1%

Value $1.472M Shares 50,668 Est. Cost $11.57 Unrealized —

EQT EQT CORP 0.1%

Value $1.454M Shares 22,844 Est. Cost $47.65 Unrealized —

CBOE CBOE GLOBAL MARKETS INC 0.1%

Value $1.436M Shares 5,110 Est. Cost $272.00 Unrealized —

PL PLANET LABS CLASS A 0.1%

Value $1.409M Shares 50,427 Est. Cost $18.75 Unrealized —

NRG NRG ENERGY INC 0.1%

Value $1.246M Shares 8,528 Est. Cost $158.48 Unrealized —

MPWR MONOLITHIC POWER SYSTEMS INC 0.1%

Value $1.202M Shares 1,099 Est. Cost $1104.63 Unrealized —

ALB ALBEMARLE CORP 0.1%

Value $954K Shares 5,316 Est. Cost $171.25 Unrealized —

FER FERROVIAL 0.1%

Value $894K Shares 13,737 Est. Cost $65.85 Unrealized —

TKO TKO GROUP HOLDINGS INC CLASS A 0.1%

Value $889K Shares 4,409 Est. Cost $199.04 Unrealized —

KRMN KARMAN HOLDINGS INC 0.1%

Value $732K Shares 9,148 Est. Cost $96.11 Unrealized —

CELH CELSIUS HOLDINGS INC 0.1%

Value $718K Shares 20,240 Est. Cost $50.69 Unrealized —

CTRE CARETRUST INC 0.0%

Value $647K Shares 17,660 Est. Cost $36.65 Unrealized —

MCD MCDONALDS CORP 0.0%

Value $519K Shares 1,670 Est. Cost $301.40 Unrealized —

TMO THERMO FISHER SCIENTIFIC INC 0.0%

Value $432K Shares 878 Est. Cost $505.36 Unrealized —

HD HOME DEPOT INC 0.0%

Value $334K Shares 1,017 Est. Cost $376.98 Unrealized —

CME CME GROUP INC CLASS A 0.0%

Value $255K Shares 864 Est. Cost $180.59 Unrealized —

EQNR EQUINOR 0.0%

Value $7,891 Shares 187 Est. Cost $42.20 Unrealized —

AZN ASTRAZENECA PLC 0.0%

Value $4,536 Shares 23 Est. Cost $190.39 Unrealized —

FN FABRINET 0.0%

Value $4,172 Shares 8 Est. Cost $492.64 Unrealized —

SQM SOCIEDAD QUIMICA Y MINERA DE CHILE 0.0%

Value $3,399 Shares 42 Est. Cost $74.59 Unrealized —

CAMT CAMTEK LTD 0.0%

Value $1,971 Shares 13 Est. Cost $145.89 Unrealized —

VALE VALE SA 0.0%

Value $1,575 Shares 99 Est. Cost $13.03 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
FRO	FRONTLINE PLC	150,000	$5.229M	0.4%	$28.36	—	—	M46528101
—	VIPER ENERGY INC CLASS A	100,000	$4.699M	0.4%	—	—	PUT	64361Q951
FSLY	FASTLY INC CLASS A	50,668	$1.472M	0.1%	$11.57	—	—	31188V100
EQT	EQT CORP	22,844	$1.454M	0.1%	$47.65	—	—	26884L109
CBOE	CBOE GLOBAL MARKETS INC	5,110	$1.436M	0.1%	$272.00	—	—	12503M108
PL	PLANET LABS CLASS A	50,427	$1.409M	0.1%	$18.75	—	—	72703X106
NRG	NRG ENERGY INC	8,528	$1.246M	0.1%	$158.48	—	—	629377508
MPWR	MONOLITHIC POWER SYSTEMS INC	1,099	$1.202M	0.1%	$1104.63	—	—	609839105
ALB	ALBEMARLE CORP	5,316	$954K	0.1%	$171.25	—	—	012653101
FER	FERROVIAL	13,737	$894K	0.1%	$65.85	—	—	N3168P101
TKO	TKO GROUP HOLDINGS INC CLASS A	4,409	$889K	0.1%	$199.04	—	—	87256C101
KRMN	KARMAN HOLDINGS INC	9,148	$732K	0.1%	$96.11	—	—	485924104
CELH	CELSIUS HOLDINGS INC	20,240	$718K	0.1%	$50.69	—	—	15118V207
CTRE	CARETRUST INC	17,660	$647K	0.0%	$36.65	—	—	14174T107
MCD	MCDONALDS CORP	1,670	$519K	0.0%	$301.40	—	—	580135101
TMO	THERMO FISHER SCIENTIFIC INC	878	$432K	0.0%	$505.36	—	—	883556102
HD	HOME DEPOT INC	1,017	$334K	0.0%	$376.98	—	—	437076102
CME	CME GROUP INC CLASS A	864	$255K	0.0%	$180.59	—	—	12572Q105
EQNR	EQUINOR	187	$7,891	0.0%	$42.20	—	—	29446M102
AZN	ASTRAZENECA PLC	23	$4,536	0.0%	$190.39	—	—	G0593M107
FN	FABRINET	8	$4,172	0.0%	$492.64	—	—	G3323L100
SQM	SOCIEDAD QUIMICA Y MINERA DE CHILE	42	$3,399	0.0%	$74.59	—	—	833635105
CAMT	CAMTEK LTD	13	$1,971	0.0%	$145.89	—	—	M20791105
VALE	VALE SA	99	$1,575	0.0%	$13.03	—	—	91912E105

Decreased Positions (40)

— SPDR S&P 500 2.4%

Value $32.11M (-94.2%) Shares 43,000 (-94.9%) Est. Cost — Unrealized —

PARR PAR PACIFIC HOLDINGS INC 0.1%

Value $1.402M (-95.9%) Shares 25,000 (-95.5%) Est. Cost $38.86 Unrealized —

HYMC HYCROFT MINING HOLDING CORP 1.1%

Value $14.7M (-34.5%) Shares 628,405 (-1.5%) Est. Cost $11.07 Unrealized —

AEM AGNICO EAGLE MINES LTD 0.7%

Value $9.285M (-33.4%) Shares 59,850 (-12.9%) Est. Cost $98.26 Unrealized —

WPM WHEATON PRECIOUS METALS CORP 0.9%

Value $11.29M (-26.0%) Shares 100,557 (-13.7%) Est. Cost $99.15 Unrealized —

CNL COLLECTIVE MINING LTD 0.3%

Value $3.745M (-41.9%) Shares 305,714 (-16.5%) Est. Cost $5.01 Unrealized —

SOBO SOUTH BOW CORP 0.5%

Value $6.167M (-26.0%) Shares 175,000 (-30.0%) Est. Cost $24.96 Unrealized —

WMT WALMART INC 0.1%

Value $813K (-67.9%) Shares 7,181 (-64.7%) Est. Cost $100.02 Unrealized —

FTI TECHNIPFMC PLC 0.0%

Value $6,100 (-99.6%) Shares 92 (-99.6%) Est. Cost $52.60 Unrealized —

TJX TJX INC 0.0%

Value $265K (-84.7%) Shares 1,747 (-83.9%) Est. Cost $118.99 Unrealized —

IAG IAMGOLD CORP 0.5%

Value $6.429M (-18.4%) Shares 405,892 (-3.1%) Est. Cost $5.91 Unrealized —

COST COSTCO WHOLESALE CORP 0.1%

Value $692K (-67.4%) Shares 740 (-65.3%) Est. Cost $790.03 Unrealized —

MTZ MASTEC INC 0.1%

Value $1.68M (-44.1%) Shares 4,037 (-56.7%) Est. Cost $189.51 Unrealized —

ASND ASCENDIS PHARMA 0.0%

Value $6,935 (-99.4%) Shares 26 (-99.5%) Est. Cost $220.70 Unrealized —

SPY SPDR S&P 500 2.3%

Value $30.69M (+2.6%) Shares 41,100 (-10.7%) Est. Cost $308.13 Unrealized —

GLW CORNING INC 0.2%

Value $2.034M (-16.8%) Shares 7,964 (-55.7%) Est. Cost $99.31 Unrealized —

UEC URANIUM ENERGY CORP 0.1%

Value $1.125M (-26.0%) Shares 105,499 (-6.3%) Est. Cost $6.27 Unrealized —

RIOT RIOT PLATFORMS INC 0.1%

Value $720K (+85.3%) Shares 26,311 (-16.3%) Est. Cost $15.87 Unrealized —

PANW PALO ALTO NETWORKS INC 0.1%

Value $773K (+58.7%) Shares 2,267 (-25.4%) Est. Cost $201.75 Unrealized —

XOM EXXONMOBIL HOLDINGS CORP 0.0%

Value $478K (-33.9%) Shares 3,497 (-18.0%) Est. Cost $109.70 Unrealized —

GEV GE VERNOVA INC 0.1%

Value $1.813M (+15.3%) Shares 1,543 (-14.3%) Est. Cost $647.95 Unrealized —

KO COCA-COLA 0.0%

Value $353K (-35.6%) Shares 4,345 (-39.8%) Est. Cost $68.64 Unrealized —

AMD ADVANCED MICRO DEVICES INC 0.1%

Value $899K (+21.4%) Shares 1,547 (-57.5%) Est. Cost $128.83 Unrealized —

MSFT MICROSOFT CORP 0.1%

Value $1.588M (-8.8%) Shares 4,256 (-9.5%) Est. Cost $310.55 Unrealized —

DOCN DIGITALOCEAN HOLDINGS INC 0.1%

Value $1.708M (+9.1%) Shares 10,876 (-40.4%) Est. Cost $50.71 Unrealized —

IREN IREN LTD 0.0%

Value $534K (-19.0%) Shares 11,684 (-39.3%) Est. Cost $50.21 Unrealized —

PWR QUANTA SERVICES INC 0.1%

Value $1.542M (+7.7%) Shares 2,141 (-17.8%) Est. Cost $388.50 Unrealized —

AVGO BROADCOM INC 0.1%

Value $1.719M (+6.3%) Shares 4,550 (-12.9%) Est. Cost $192.14 Unrealized —

CIFR CIPHER DIGITAL INC 0.1%

Value $745K (+14.7%) Shares 30,391 (-39.8%) Est. Cost $17.21 Unrealized —

CSCO CISCO SYSTEMS INC 0.0%

Value $483K (-15.8%) Shares 4,108 (-44.4%) Est. Cost $67.38 Unrealized —

APH AMPHENOL CORP CLASS A 0.0%

Value $320K (+30.6%) Shares 1,817 (-6.4%) Est. Cost $81.39 Unrealized —

NDAQ NASDAQ INC 0.0%

Value $194K (-27.7%) Shares 2,455 (-22.2%) Est. Cost $90.07 Unrealized —

JPM JPMORGAN CHASE 0.1%

Value $936K (+6.2%) Shares 2,861 (-4.5%) Est. Cost $218.50 Unrealized —

GLXY GALAXY DIGITAL INC CLASS A 0.1%

Value $802K (+3.7%) Shares 29,343 (-30.0%) Est. Cost $25.40 Unrealized —

CAT CATERPILLAR INC 0.0%

Value $605K (+2.1%) Shares 568 (-32.1%) Est. Cost $472.79 Unrealized —

OVV OVINTIV INC 0.0%

Value $1,474 (-76.6%) Shares 28 (-73.6%) Est. Cost $43.67 Unrealized —

NVT NVENT ELECTRIC PLC 0.0%

Value $2,544 (-46.2%) Shares 15 (-62.5%) Est. Cost $106.44 Unrealized —

NBIS NEBIUS NV CLASS A 0.0%

Value $3,590 (+73.0%) Shares 13 (-35.0%) Est. Cost $96.40 Unrealized —

SIMO SILICON MOTION TECHNOLOGY 0.0%

Value $4,000 (+4.8%) Shares 12 (-64.7%) Est. Cost $112.29 Unrealized —

HSBC HSBC HOLDINGS 0.0%

Value $4,279 (+1.7%) Shares 45 (-11.8%) Est. Cost $82.49 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	SPDR S&P 500	43,000 (-94.9%)	$32.11M (-94.2%)	2.4%	—	—	PUT	78462F953
PARR	PAR PACIFIC HOLDINGS INC	25,000 (-95.5%)	$1.402M (-95.9%)	0.1%	$38.86	—	COM	69888T207
HYMC	HYCROFT MINING HOLDING CORP	628,405 (-1.5%)	$14.7M (-34.5%)	1.1%	$11.07	—	COM	44862P208
AEM	AGNICO EAGLE MINES LTD	59,850 (-12.9%)	$9.285M (-33.4%)	0.7%	$98.26	—	COM	008474108
WPM	WHEATON PRECIOUS METALS CORP	100,557 (-13.7%)	$11.29M (-26.0%)	0.9%	$99.15	—	COM	962879102
CNL	COLLECTIVE MINING LTD	305,714 (-16.5%)	$3.745M (-41.9%)	0.3%	$5.01	—	COM	19425C100
SOBO	SOUTH BOW CORP	175,000 (-30.0%)	$6.167M (-26.0%)	0.5%	$24.96	—	COM	83671M105
WMT	WALMART INC	7,181 (-64.7%)	$813K (-67.9%)	0.1%	$100.02	—	COM	931142103
FTI	TECHNIPFMC PLC	92 (-99.6%)	$6,100 (-99.6%)	0.0%	$52.60	—	COM	G87110105
TJX	TJX INC	1,747 (-83.9%)	$265K (-84.7%)	0.0%	$118.99	—	COM	872540109
IAG	IAMGOLD CORP	405,892 (-3.1%)	$6.429M (-18.4%)	0.5%	$5.91	—	COM	450913108
COST	COSTCO WHOLESALE CORP	740 (-65.3%)	$692K (-67.4%)	0.1%	$790.03	—	COM	22160K105
MTZ	MASTEC INC	4,037 (-56.7%)	$1.68M (-44.1%)	0.1%	$189.51	—	COM	576323109
ASND	ASCENDIS PHARMA	26 (-99.5%)	$6,935 (-99.4%)	0.0%	$220.70	—	COM	04351P101
SPY	SPDR S&P 500	41,100 (-10.7%)	$30.69M (+2.6%)	2.3%	$308.13	—	COM	78462F103
GLW	CORNING INC	7,964 (-55.7%)	$2.034M (-16.8%)	0.2%	$99.31	—	COM	219350105
UEC	URANIUM ENERGY CORP	105,499 (-6.3%)	$1.125M (-26.0%)	0.1%	$6.27	—	COM	916896103
RIOT	RIOT PLATFORMS INC	26,311 (-16.3%)	$720K (+85.3%)	0.1%	$15.87	—	COM	767292105
PANW	PALO ALTO NETWORKS INC	2,267 (-25.4%)	$773K (+58.7%)	0.1%	$201.75	—	COM	697435105
XOM	EXXONMOBIL HOLDINGS CORP	3,497 (-18.0%)	$478K (-33.9%)	0.0%	$109.70	—	COM	30231G102
GEV	GE VERNOVA INC	1,543 (-14.3%)	$1.813M (+15.3%)	0.1%	$647.95	—	COM	36828A101
KO	COCA-COLA	4,345 (-39.8%)	$353K (-35.6%)	0.0%	$68.64	—	COM	191216100
AMD	ADVANCED MICRO DEVICES INC	1,547 (-57.5%)	$899K (+21.4%)	0.1%	$128.83	—	COM	007903107
MSFT	MICROSOFT CORP	4,256 (-9.5%)	$1.588M (-8.8%)	0.1%	$310.55	—	COM	594918104
DOCN	DIGITALOCEAN HOLDINGS INC	10,876 (-40.4%)	$1.708M (+9.1%)	0.1%	$50.71	—	COM	25402D102
IREN	IREN LTD	11,684 (-39.3%)	$534K (-19.0%)	0.0%	$50.21	—	COM	Q4982L109
PWR	QUANTA SERVICES INC	2,141 (-17.8%)	$1.542M (+7.7%)	0.1%	$388.50	—	COM	74762E102
AVGO	BROADCOM INC	4,550 (-12.9%)	$1.719M (+6.3%)	0.1%	$192.14	—	COM	11135F101
CIFR	CIPHER DIGITAL INC	30,391 (-39.8%)	$745K (+14.7%)	0.1%	$17.21	—	COM	17253J106
CSCO	CISCO SYSTEMS INC	4,108 (-44.4%)	$483K (-15.8%)	0.0%	$67.38	—	COM	17275R102
APH	AMPHENOL CORP CLASS A	1,817 (-6.4%)	$320K (+30.6%)	0.0%	$81.39	—	COM	032095101
NDAQ	NASDAQ INC	2,455 (-22.2%)	$194K (-27.7%)	0.0%	$90.07	—	COM	631103108
JPM	JPMORGAN CHASE	2,861 (-4.5%)	$936K (+6.2%)	0.1%	$218.50	—	COM	46625H100
GLXY	GALAXY DIGITAL INC CLASS A	29,343 (-30.0%)	$802K (+3.7%)	0.1%	$25.40	—	COM	36317J209
CAT	CATERPILLAR INC	568 (-32.1%)	$605K (+2.1%)	0.0%	$472.79	—	COM	149123101
OVV	OVINTIV INC	28 (-73.6%)	$1,474 (-76.6%)	0.0%	$43.67	—	COM	69047Q102
NVT	NVENT ELECTRIC PLC	15 (-62.5%)	$2,544 (-46.2%)	0.0%	$106.44	—	COM	G6700G107
NBIS	NEBIUS NV CLASS A	13 (-35.0%)	$3,590 (+73.0%)	0.0%	$96.40	—	COM	N97284108
SIMO	SILICON MOTION TECHNOLOGY	12 (-64.7%)	$4,000 (+4.8%)	0.0%	$112.29	—	COM	82706C108
HSBC	HSBC HOLDINGS	45 (-11.8%)	$4,279 (+1.7%)	0.0%	$82.49	—	COM	404280406

Unchanged Positions (39)

RIG TRANSOCEAN LTD 2.6%

Value $34.23M Shares 7,000,000 Est. Cost $5.16 Unrealized —

AGI ALAMOS GOLD INC CLASS A 0.7%

Value $9.055M Shares 298,466 Est. Cost $28.59 Unrealized —

CDE COEUR MINING INC 0.8%

Value $10.68M Shares 654,243 Est. Cost $17.39 Unrealized —

PAAS PAN AMERICAN SILVER CORP 0.6%

Value $7.225M Shares 161,306 Est. Cost $41.25 Unrealized —

ORLA ORLA MINING LTD 0.2%

Value $2.178M Shares 222,500 Est. Cost $11.02 Unrealized —

AU ANGLOGOLD ASHANTI PLC 0.5%

Value $6.03M Shares 74,550 Est. Cost $103.60 Unrealized —

HL HECLA MINING 0.4%

Value $5.533M Shares 358,600 Est. Cost $15.27 Unrealized —

CTGO CONTANGO SILVER AND GOLD INC 0.4%

Value $5.714M Shares 361,899 Est. Cost $28.64 Unrealized —

BVN BUENAVENTURA 0.3%

Value $3.675M Shares 125,466 Est. Cost $27.83 Unrealized —

NXE NEXGEN ENERGY LTD 0.3%

Value $3.333M Shares 355,000 Est. Cost $7.43 Unrealized —

NEM NEWMONT 0.1%

Value $1.861M Shares 19,930 Est. Cost $118.12 Unrealized —

CSX CSX CORP 0.2%

Value $2.079M Shares 43,732 Est. Cost $35.70 Unrealized —

UNP UNION PACIFIC CORP 0.2%

Value $2.347M Shares 8,629 Est. Cost $218.57 Unrealized —

MS MORGAN STANLEY 0.1%

Value $915K Shares 4,375 Est. Cost $179.67 Unrealized —

GE GE AEROSPACE 0.0%

Value $586K Shares 1,568 Est. Cost $272.69 Unrealized —

TRGP TARGA RESOURCES CORP 0.2%

Value $2.16M Shares 8,055 Est. Cost $58.97 Unrealized —

CRCL CIRCLE INTERNET GROUP INC CLASS A 0.0%

Value $251K Shares 4,000 Est. Cost $69.72 Unrealized —

NEE NEXTERA ENERGY INC 0.1%

Value $1.709M Shares 19,474 Est. Cost $83.23 Unrealized —

LNT ALLIANT ENERGY CORP 0.1%

Value $1.593M Shares 20,882 Est. Cost $67.60 Unrealized —

GS GOLDMAN SACHS GROUP INC 0.0%

Value $553K Shares 547 Est. Cost $475.08 Unrealized —

DNN DENISON MINES CORP 0.0%

Value $581K Shares 190,000 Est. Cost $2.10 Unrealized —

EVRG EVERGY INC 0.1%

Value $1.528M Shares 17,684 Est. Cost $77.26 Unrealized —

FIGR FIGURE TECHNOLOGY SOLUTIONS 0.1%

Value $746K Shares 24,293 Est. Cost $40.00 Unrealized —

SRE SEMPRA 0.1%

Value $1.424M Shares 15,358 Est. Cost $90.54 Unrealized —

AEP AMERICAN ELECTRIC POWER INC 0.1%

Value $1.592M Shares 11,636 Est. Cost $94.05 Unrealized —

HWM HOWMET AEROSPACE INC 0.0%

Value $363K Shares 1,349 Est. Cost $182.11 Unrealized —

LHX L3HARRIS TECHNOLOGIES INC 0.0%

Value $248K Shares 852 Est. Cost $288.43 Unrealized —

WELL WELLTOWER INC 0.0%

Value $333K Shares 1,466 Est. Cost $176.76 Unrealized —

AEE AMEREN CORP 0.1%

Value $1.548M Shares 13,696 Est. Cost $80.87 Unrealized —

WMB WILLIAMS INC 0.2%

Value $2.023M Shares 27,217 Est. Cost $60.06 Unrealized —

ETR ENTERGY CORP 0.1%

Value $1.667M Shares 14,516 Est. Cost $87.11 Unrealized —

NI NISOURCE INC 0.1%

Value $1.794M Shares 37,720 Est. Cost $26.20 Unrealized —

CNP CENTERPOINT ENERGY INC 0.1%

Value $1.567M Shares 35,588 Est. Cost $38.86 Unrealized —

JNJ JOHNSON & JOHNSON 0.0%

Value $640K Shares 2,520 Est. Cost $169.51 Unrealized —

WEC WEC ENERGY GROUP INC 0.1%

Value $1.502M Shares 12,863 Est. Cost $110.27 Unrealized —

DLR DIGITAL REALTY TRUST INC 0.1%

Value $1.51M Shares 8,407 Est. Cost $155.03 Unrealized —

ERO ERO COPPER CORP 0.1%

Value $669K Shares 25,000 Est. Cost $13.34 Unrealized —

ING ING GROEP 0.0%

Value $9,163 Shares 292 Est. Cost $27.35 Unrealized —

VZLA VIZSLA SILVER CORP 0.9%

Value $11.25M Shares 3,410,000 Est. Cost $3.66 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
RIG	TRANSOCEAN LTD	7,000,000	$34.23M	2.6%	$5.16	—	COM	H8817H100
AGI	ALAMOS GOLD INC CLASS A	298,466	$9.055M	0.7%	$28.59	—	COM	011532108
CDE	COEUR MINING INC	654,243	$10.68M	0.8%	$17.39	—	COM	192108504
PAAS	PAN AMERICAN SILVER CORP	161,306	$7.225M	0.6%	$41.25	—	COM	697900108
ORLA	ORLA MINING LTD	222,500	$2.178M	0.2%	$11.02	—	COM	68634K106
AU	ANGLOGOLD ASHANTI PLC	74,550	$6.03M	0.5%	$103.60	—	COM	G0378L100
HL	HECLA MINING	358,600	$5.533M	0.4%	$15.27	—	COM	422704106
CTGO	CONTANGO SILVER AND GOLD INC	361,899	$5.714M	0.4%	$28.64	—	COM	21077F100
BVN	BUENAVENTURA	125,466	$3.675M	0.3%	$27.83	—	COM	204448104
NXE	NEXGEN ENERGY LTD	355,000	$3.333M	0.3%	$7.43	—	COM	65340P106
NEM	NEWMONT	19,930	$1.861M	0.1%	$118.12	—	COM	651639106
CSX	CSX CORP	43,732	$2.079M	0.2%	$35.70	—	COM	126408103
UNP	UNION PACIFIC CORP	8,629	$2.347M	0.2%	$218.57	—	COM	907818108
MS	MORGAN STANLEY	4,375	$915K	0.1%	$179.67	—	COM	617446448
GE	GE AEROSPACE	1,568	$586K	0.0%	$272.69	—	COM	369604301
TRGP	TARGA RESOURCES CORP	8,055	$2.16M	0.2%	$58.97	—	COM	87612G101
CRCL	CIRCLE INTERNET GROUP INC CLASS A	4,000	$251K	0.0%	$69.72	—	COM	172573107
NEE	NEXTERA ENERGY INC	19,474	$1.709M	0.1%	$83.23	—	COM	65339F101
LNT	ALLIANT ENERGY CORP	20,882	$1.593M	0.1%	$67.60	—	COM	018802108
GS	GOLDMAN SACHS GROUP INC	547	$553K	0.0%	$475.08	—	COM	38141G104
DNN	DENISON MINES CORP	190,000	$581K	0.0%	$2.10	—	COM	248356107
EVRG	EVERGY INC	17,684	$1.528M	0.1%	$77.26	—	COM	30034W106
FIGR	FIGURE TECHNOLOGY SOLUTIONS	24,293	$746K	0.1%	$40.00	—	COM	349381103
SRE	SEMPRA	15,358	$1.424M	0.1%	$90.54	—	COM	816851109
AEP	AMERICAN ELECTRIC POWER INC	11,636	$1.592M	0.1%	$94.05	—	COM	025537101
HWM	HOWMET AEROSPACE INC	1,349	$363K	0.0%	$182.11	—	COM	443201108
LHX	L3HARRIS TECHNOLOGIES INC	852	$248K	0.0%	$288.43	—	COM	502431109
WELL	WELLTOWER INC	1,466	$333K	0.0%	$176.76	—	COM	95040Q104
AEE	AMEREN CORP	13,696	$1.548M	0.1%	$80.87	—	COM	023608102
WMB	WILLIAMS INC	27,217	$2.023M	0.2%	$60.06	—	COM	969457100
ETR	ENTERGY CORP	14,516	$1.667M	0.1%	$87.11	—	COM	29364G103
NI	NISOURCE INC	37,720	$1.794M	0.1%	$26.20	—	COM	65473P105
CNP	CENTERPOINT ENERGY INC	35,588	$1.567M	0.1%	$38.86	—	COM	15189T107
JNJ	JOHNSON & JOHNSON	2,520	$640K	0.0%	$169.51	—	COM	478160104
WEC	WEC ENERGY GROUP INC	12,863	$1.502M	0.1%	$110.27	—	COM	92939U106
DLR	DIGITAL REALTY TRUST INC	8,407	$1.51M	0.1%	$155.03	—	COM	253868103
ERO	ERO COPPER CORP	25,000	$669K	0.1%	$13.34	—	COM	296006109
ING	ING GROEP	292	$9,163	0.0%	$27.35	—	COM	456837103
VZLA	VIZSLA SILVER CORP	3,410,000	$11.25M	0.9%	$3.66	—	COM	92859G608