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        <valUSD>315145.28</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GRAYSCALE BITCOIN TRUST ETF</name>
        <lei>549300XZGUJEF0EHBE41</lei>
        <title>GRAYSCALE BITCOIN TRUST ETF SHS REPSTG COM UNIT</title>
        <cusip>389637109</cusip>
        <identifiers>
          <isin value="US3896371099"/>
          <ticker value="GBTC"/>
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        <balance>9498</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>541575.96</valUSD>
        <pctVal>0.911455612</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MOSAIC COMPANY (THE)</name>
        <lei>2YD5STGSJNMUB7H76907</lei>
        <title>MOSAIC COMPANY (THE) COM</title>
        <cusip>61945C103</cusip>
        <identifiers>
          <isin value="US61945C1036"/>
          <ticker value="MOS"/>
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        <balance>17028</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>406969.2</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SUNCOR ENERGY INC</name>
        <lei>894500XO86FKXQGPYV71</lei>
        <title>SUNCOR ENERGY INC COM</title>
        <cusip>867224107</cusip>
        <identifiers>
          <isin value="CA8672241079"/>
          <ticker value="SU"/>
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        <balance>7995</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>498568.2</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CORE SCIENTIFIC INC</name>
        <lei>5299003RGB2LAZ65RK73</lei>
        <title>CORE SCIENTIFIC INC COM</title>
        <cusip>21874A106</cusip>
        <identifiers>
          <isin value="US21874A1060"/>
          <ticker value="CORZ"/>
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        <balance>31040</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>833424</valUSD>
        <pctVal>1.402626848</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SALESFORCE INC</name>
        <lei>RCGZFPDMRW58VJ54VR07</lei>
        <title>SALESFORCE INC COM</title>
        <cusip>79466L302</cusip>
        <identifiers>
          <isin value="US79466L3024"/>
          <ticker value="CRM"/>
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        <balance>2500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>477750</valUSD>
        <pctVal>0.804038493</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>IREN LTD</name>
        <lei>254900FZF02RB3NNGB71</lei>
        <title>IREN LTD ORDINARY SHARES</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU0000185993"/>
          <ticker value="IREN"/>
          <other otherDesc="SEDOL" value="BMQ80V2"/>
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        <balance>25779</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1637997.66</valUSD>
        <pctVal>2.756699465</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HONEYWELL INTERNATIONAL INC</name>
        <lei>ISRPG12PN4EIEOEMW547</lei>
        <title>HONEYWELL INTERNATIONAL INC COM</title>
        <cusip>438516106</cusip>
        <identifiers>
          <isin value="US4385161066"/>
          <ticker value="HON"/>
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        <balance>2123</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>504976.78</valUSD>
        <pctVal>0.849860322</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MICRON TECHNOLOGY INC</name>
        <lei>B3DXGBC8GAIYWI2Z0172</lei>
        <title>MICRON TECHNOLOGY INC COM</title>
        <cusip>595112103</cusip>
        <identifiers>
          <isin value="US5951121038"/>
          <ticker value="MU"/>
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        <balance>1623</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1575933</valUSD>
        <pctVal>2.652246559</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>VANECK ETF TRUST</name>
        <lei>549300ZLFKNTXC51ZN76</lei>
        <title>VANECK ETF TRUST VANECK OIL SERVICES ETF</title>
        <cusip>92189H607</cusip>
        <identifiers>
          <isin value="US92189H6071"/>
          <ticker value="OIH"/>
        </identifiers>
        <balance>684</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>286083</valUSD>
        <pctVal>0.481468852</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OVINTIV INC</name>
        <lei>2549003MEX7YMKLGI239</lei>
        <title>OVINTIV INC COM</title>
        <cusip>69047Q102</cusip>
        <identifiers>
          <isin value="US69047Q1022"/>
          <ticker value="OVV"/>
        </identifiers>
        <balance>10888</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>610163.52</valUSD>
        <pctVal>1.026886357</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VANECK ETF TRUST</name>
        <lei>549300ZLFKNTXC51ZN76</lei>
        <title>VANECK ETF TRUST VANECK GOLD MINERS ETF</title>
        <cusip>92189F106</cusip>
        <identifiers>
          <isin value="US92189F1066"/>
          <ticker value="GDX"/>
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        <balance>5016</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>448881.84</valUSD>
        <pctVal>0.755454271</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>KIMBELL ROYALTY PARTNERS LP</name>
        <lei>5493007FC11POVYRB841</lei>
        <title>KIMBELL ROYALTY PARTNERS LP UNIT</title>
        <cusip>49435R102</cusip>
        <identifiers>
          <isin value="US49435R1023"/>
          <ticker value="KRP"/>
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        <balance>35889</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>538693.89</valUSD>
        <pctVal>0.906605177</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ROBINHOOD MARKETS INC</name>
        <lei>213800FS5AO3YWIE6F63</lei>
        <title>ROBINHOOD MARKETS INC COM CL A</title>
        <cusip>770700102</cusip>
        <identifiers>
          <isin value="US7707001027"/>
          <ticker value="HOOD"/>
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        <balance>7472</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>704609.6</valUSD>
        <pctVal>1.185836192</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TASEKO MINES LTD</name>
        <lei>549300XKUO1JSLU7KX54</lei>
        <title>TASEKO MINES LTD COM</title>
        <cusip>876511106</cusip>
        <identifiers>
          <isin value="CA8765111064"/>
          <ticker value="TGB"/>
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        <balance>49535</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>367549.7</valUSD>
        <pctVal>0.618574792</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BHP GROUP LTD</name>
        <lei>WZE1WSENV6JSZFK0JC28</lei>
        <title>BHP GROUP LTD SPONSORED ADS</title>
        <cusip>088606108</cusip>
        <identifiers>
          <isin value="US0886061086"/>
          <ticker value="BHP"/>
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        <balance>6673</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>593296.43</valUSD>
        <pctVal>0.998499565</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NINEPOINT PARTNERS LP</name>
        <lei>549300IHT3UMGTGZSX08</lei>
        <title>NINEPOINT PARTNERS LP ENERGY FUND</title>
        <cusip>65443T203</cusip>
        <identifiers>
          <isin value="CA65443T2039"/>
          <ticker value="NNRG"/>
          <other otherDesc="SEDOL" value="BMCNB96"/>
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        <balance>9032</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37755"/>
        <valUSD>530623.03</valUSD>
        <pctVal>0.893022169</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PAN AMERICAN SILVER CORP</name>
        <lei>549300MKTF5851TYIB83</lei>
        <title>PAN AMERICAN SILVER CORP COM</title>
        <cusip>697900108</cusip>
        <identifiers>
          <isin value="CA6979001089"/>
          <ticker value="PAAS"/>
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        <balance>21686</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1235885.14</valUSD>
        <pctVal>2.079956515</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PAYPAL HOLDINGS INC</name>
        <lei>5493005X2GO78EFZ3E94</lei>
        <title>PAYPAL HOLDINGS INC COM</title>
        <cusip>70450Y103</cusip>
        <identifiers>
          <isin value="US70450Y1038"/>
          <ticker value="PYPL"/>
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        <balance>5000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>223750</valUSD>
        <pctVal>0.376564338</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DREYFUS TRSRY SECURITIES</name>
        <lei>N/A</lei>
        <title>DREYFUS TRSRY SECURITIES</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="X9USDDTP3"/>
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        <balance>6491423.94</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6491423.94</valUSD>
        <pctVal>10.92486597</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>INVESCO EXCHANGE TRADED FUND TRUST</name>
        <lei>QPT4TMG79RF3UWNU0R52</lei>
        <title>INVESCO EXCHANGE TRADED FUND TRUST AEROSPACE DEFN</title>
        <cusip>46137V100</cusip>
        <identifiers>
          <isin value="US46137V1008"/>
          <ticker value="PPA"/>
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        <balance>5000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>887950</valUSD>
        <pctVal>1.494392422</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AGNICO EAGLE MINES LTD</name>
        <lei>254900BFJ2DOHPMEXN45</lei>
        <title>AGNICO EAGLE MINES LTD COM</title>
        <cusip>008474108</cusip>
        <identifiers>
          <isin value="CA0084741085"/>
          <ticker value="AEM"/>
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        <balance>2435</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>445970.25</valUSD>
        <pctVal>0.750554155</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMAZON.COM INC</name>
        <lei>ZXTILKJKG63JELOEG630</lei>
        <title>AMAZON.COM INC COM</title>
        <cusip>023135106</cusip>
        <identifiers>
          <isin value="US0231351067"/>
          <ticker value="AMZN"/>
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        <balance>3472</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>939662.08</valUSD>
        <pctVal>1.581422255</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SLB LTD</name>
        <lei>213800ZUA17OK3QLGM62</lei>
        <title>SLB LTD COM STK</title>
        <cusip>806857108</cusip>
        <identifiers>
          <isin value="AN8068571086"/>
          <ticker value="SLB"/>
        </identifiers>
        <balance>8000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>436400</valUSD>
        <pctVal>0.73444772</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CW</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TALEN ENERGY CORP</name>
        <lei>N/A</lei>
        <title>TALEN ENERGY CORP COM</title>
        <cusip>87422Q109</cusip>
        <identifiers>
          <isin value="US87422Q1094"/>
          <ticker value="TLN"/>
        </identifiers>
        <balance>1137</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>439791.6</valUSD>
        <pctVal>0.740155678</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GLOBAL X FUNDS</name>
        <lei>5493003RA4QUTSYF1N15</lei>
        <title>GLOBAL X FUNDS GLOBAL X SILVER</title>
        <cusip>37954Y848</cusip>
        <identifiers>
          <isin value="US37954Y8488"/>
          <ticker value="SIL"/>
        </identifiers>
        <balance>12965</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1215209.45</valUSD>
        <pctVal>2.045159967</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COUPANG INC</name>
        <lei>549300XR4L1D80AK4W76</lei>
        <title>COUPANG INC CL A</title>
        <cusip>22266T109</cusip>
        <identifiers>
          <isin value="US22266T1097"/>
          <ticker value="CPNG"/>
        </identifiers>
        <balance>10000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>166000</valUSD>
        <pctVal>0.279372872</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPROTT ETF TRUST</name>
        <lei>N/A</lei>
        <title>SPROTT ETF TRUST SILVER MINERS &amp; PHYSICAL SILVER ETF</title>
        <cusip>85208P873</cusip>
        <identifiers>
          <isin value="US85208P8730"/>
          <ticker value="SLVR"/>
        </identifiers>
        <balance>8356</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>524845.37</valUSD>
        <pctVal>0.883298545</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NRG ENERGY INC</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
        <title>NRG ENERGY INC COM NEW</title>
        <cusip>629377508</cusip>
        <identifiers>
          <isin value="US6293775085"/>
          <ticker value="NRG"/>
        </identifiers>
        <balance>3470</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>465257.6</valUSD>
        <pctVal>0.783014169</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OCCIDENTAL PETROLEUM CORP</name>
        <lei>IM7X0T3ECJW4C1T7ON55</lei>
        <title>OCCIDENTAL PETROLEUM CORP COM</title>
        <cusip>674599105</cusip>
        <identifiers>
          <isin value="US6745991058"/>
          <ticker value="OXY"/>
        </identifiers>
        <balance>6654</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>376816.02</valUSD>
        <pctVal>0.634169722</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CENOVUS ENERGY INC</name>
        <lei>549300F4XPHJ7NOSP309</lei>
        <title>CENOVUS ENERGY INC COM</title>
        <cusip>15135U109</cusip>
        <identifiers>
          <isin value="CA15135U1093"/>
          <ticker value="CVE"/>
        </identifiers>
        <balance>19824</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>546547.68</valUSD>
        <pctVal>0.919822863</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EQT CORP</name>
        <lei>4NT01YGM4X7ZX86ISY52</lei>
        <title>EQT CORP COM</title>
        <cusip>26884L109</cusip>
        <identifiers>
          <isin value="US26884L1098"/>
          <ticker value="EQT"/>
        </identifiers>
        <balance>14374</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>789563.82</valUSD>
        <pctVal>1.32881152</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PEABODY ENERGY CORP -</name>
        <lei>EJCO258LNNVSKAR2JX59</lei>
        <title>PEABODY ENERGY CORP - COM</title>
        <cusip>704551100</cusip>
        <identifiers>
          <isin value="US7045511000"/>
          <ticker value="BTU"/>
        </identifiers>
        <balance>42256</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1143024.8</valUSD>
        <pctVal>1.923675431</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ISHARES TRUST</name>
        <lei>5493000860OXIC4B5K91</lei>
        <title>ISHARES TRUST TIPS BD ETF</title>
        <cusip>464287176</cusip>
        <identifiers>
          <isin value="US4642871762"/>
          <ticker value="TIP"/>
        </identifiers>
        <balance>7405</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>823510.05</valUSD>
        <pctVal>1.385941976</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CLEVELAND-CLIFFS INC</name>
        <lei>549300TM2WLI2BJMDD86</lei>
        <title>CLEVELAND-CLIFFS INC COM</title>
        <cusip>185899101</cusip>
        <identifiers>
          <isin value="US1858991011"/>
          <ticker value="CLF"/>
        </identifiers>
        <balance>26513</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>360576.8</valUSD>
        <pctVal>0.606839616</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BARRICK MINING CORP</name>
        <lei>0O4KBQCJZX82UKGCBV73</lei>
        <title>BARRICK MINING CORP COM SHS</title>
        <cusip>06849F108</cusip>
        <identifiers>
          <isin value="CA06849F1080"/>
          <ticker value="B"/>
        </identifiers>
        <balance>22879</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>973501.45</valUSD>
        <pctVal>1.638372869</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ISHARES TRUST</name>
        <lei>5493000860OXIC4B5K91</lei>
        <title>ISHARES TRUST 1 3 YR TREAS BD</title>
        <cusip>464287457</cusip>
        <identifiers>
          <isin value="US4642874576"/>
          <ticker value="SHY"/>
        </identifiers>
        <balance>16970</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1396631</valUSD>
        <pctVal>2.350486832</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VANECK ETF TRUST</name>
        <lei>549300ZLFKNTXC51ZN76</lei>
        <title>VANECK ETF TRUST VANECK JUNIOR GOLD MINERS ETF</title>
        <cusip>92189F791</cusip>
        <identifiers>
          <isin value="US92189F7915"/>
          <ticker value="GDXJ"/>
        </identifiers>
        <balance>8363</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>997622.27</valUSD>
        <pctVal>1.678967464</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HECLA MINING COMPANY</name>
        <lei>5493009Y6HOBZD1QD537</lei>
        <title>HECLA MINING COMPANY COM</title>
        <cusip>422704106</cusip>
        <identifiers>
          <isin value="US4227041062"/>
          <ticker value="HL"/>
        </identifiers>
        <balance>24065</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>427635.05</valUSD>
        <pctVal>0.71969658</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPINNAKER ETF SERIES</name>
        <lei>54930056GHDI2JOI6X90</lei>
        <title>SPINNAKER ETF SERIES SELECT STOXX EUROPE AEROSPACE &amp; DEFENSE ETF</title>
        <cusip>84858T772</cusip>
        <identifiers>
          <isin value="US84858T7726"/>
          <ticker value="EUAD"/>
        </identifiers>
        <balance>9111</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>388219.71</valUSD>
        <pctVal>0.65336178</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EXPAND ENERGY CORP</name>
        <lei>X2MT1W32SPAZ9WSKLE78</lei>
        <title>EXPAND ENERGY CORP COM</title>
        <cusip>165167735</cusip>
        <identifiers>
          <isin value="US1651677353"/>
          <ticker value="EXE"/>
        </identifiers>
        <balance>10315</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>959088.7</valUSD>
        <pctVal>1.614116656</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COEUR MINING INC</name>
        <lei>5493003AVK173D48DR70</lei>
        <title>COEUR MINING INC COM NEW</title>
        <cusip>192108504</cusip>
        <identifiers>
          <isin value="US1921085049"/>
          <ticker value="CDE"/>
        </identifiers>
        <balance>24095</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>465515.4</valUSD>
        <pctVal>0.783448039</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHENIERE ENERGY INC</name>
        <lei>MIHC87W9WTYSYZWV1J40</lei>
        <title>CHENIERE ENERGY INC COM NEW</title>
        <cusip>16411R208</cusip>
        <identifiers>
          <isin value="US16411R2085"/>
          <ticker value="LNG"/>
        </identifiers>
        <balance>500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>112430</valUSD>
        <pctVal>0.189216217</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ARES MANAGEMENT CORP</name>
        <lei>529900JUV61FH7B8VW38</lei>
        <title>ARES MANAGEMENT CORP CL A COM STK</title>
        <cusip>03990B101</cusip>
        <identifiers>
          <isin value="US03990B1017"/>
          <ticker value="ARES"/>
        </identifiers>
        <balance>4000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>514000</valUSD>
        <pctVal>0.865046123</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NVIDIA CORP</name>
        <lei>549300S4KLFTLO7GSQ80</lei>
        <title>NVIDIA CORP COM</title>
        <cusip>67066G104</cusip>
        <identifiers>
          <isin value="US67066G1040"/>
          <ticker value="NVDA"/>
        </identifiers>
        <balance>4392</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>927326.88</valUSD>
        <pctVal>1.560662494</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TARGET CORP</name>
        <lei>8WDDFXB5T1Z6J0XC1L66</lei>
        <title>TARGET CORP COM</title>
        <cusip>87612E106</cusip>
        <identifiers>
          <isin value="US87612E1064"/>
          <ticker value="TGT"/>
        </identifiers>
        <balance>2000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>254140</valUSD>
        <pctVal>0.42770977</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ANTERO RESOURCES CORP</name>
        <lei>APVBKPOULHUX7YZLKU17</lei>
        <title>ANTERO RESOURCES CORP COM</title>
        <cusip>03674X106</cusip>
        <identifiers>
          <isin value="US03674X1063"/>
          <ticker value="AR"/>
        </identifiers>
        <balance>33160</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1185470</valUSD>
        <pctVal>1.995109391</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SAMSUNG ELECTRONICS CO LTD</name>
        <lei>9884007ER46L6N7EI764</lei>
        <title>SAMSUNG ELECTRONICS CO LTD GDR 144A / REG S</title>
        <cusip>796050888</cusip>
        <identifiers>
          <isin value="US7960508882"/>
          <ticker value="SSNHZ"/>
        </identifiers>
        <balance>242</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1291070</valUSD>
        <pctVal>2.172830929</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GLOBAL X FUNDS</name>
        <lei>5493003RA4QUTSYF1N15</lei>
        <title>GLOBAL X FUNDS GLOBAL X URANIUM</title>
        <cusip>37954Y871</cusip>
        <identifiers>
          <isin value="US37954Y8710"/>
          <ticker value="URA"/>
        </identifiers>
        <balance>12943</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>656986.68</valUSD>
        <pctVal>1.105688288</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPROTT FUNDS TRUST</name>
        <lei>254900ESM83A3F9BO555</lei>
        <title>SPROTT FUNDS TRUST URANIUM MINERS ETF</title>
        <cusip>85208P303</cusip>
        <identifiers>
          <isin value="US85208P3038"/>
          <ticker value="URNM"/>
        </identifiers>
        <balance>9840</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>602995.2</valUSD>
        <pctVal>1.014822295</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VANGUARD SCOTTSDALE FUNDS</name>
        <lei>549300Y88GQ3VLJIBX57</lei>
        <title>VANGUARD SCOTTSDALE FUNDS INTER TERM TREAS</title>
        <cusip>92206C706</cusip>
        <identifiers>
          <isin value="US92206C7065"/>
          <ticker value="VGIT"/>
        </identifiers>
        <balance>23358</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1380224.22</valUSD>
        <pctVal>2.322874728</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ISHARES SILVER TRUST</name>
        <lei>549300K2C2CG14B0ZA09</lei>
        <title>ISHARES SILVER TRUST ISHARES</title>
        <cusip>46428Q109</cusip>
        <identifiers>
          <isin value="US46428Q1094"/>
          <ticker value="SLV"/>
        </identifiers>
        <balance>23827</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1628098.91</valUSD>
        <pctVal>2.740040174</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FREEPORT-MCMORAN INC</name>
        <lei>549300IRDTHJQ1PVET45</lei>
        <title>FREEPORT-MCMORAN INC CL B</title>
        <cusip>35671D857</cusip>
        <identifiers>
          <isin value="US35671D8570"/>
          <ticker value="FCX"/>
        </identifiers>
        <balance>10167</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>668073.57</valUSD>
        <pctVal>1.124347182</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ECHOSTAR CORP</name>
        <lei>549300EE20907QZ9GT38</lei>
        <title>ECHOSTAR CORP CL A</title>
        <cusip>278768106</cusip>
        <identifiers>
          <isin value="US2787681061"/>
          <ticker value="SATS"/>
        </identifiers>
        <balance>6127</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>791547.13</valUSD>
        <pctVal>1.332149369</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DAVE INC</name>
        <lei>25490061SUVXCW51RZ82</lei>
        <title>DAVE INC CLASS A COM NEW</title>
        <cusip>23834J201</cusip>
        <identifiers>
          <isin value="US23834J2015"/>
          <ticker value="DAVE"/>
        </identifiers>
        <balance>1378</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>389367.68</valUSD>
        <pctVal>0.655293778</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TECK RESOURCES LTD</name>
        <lei>T8KI5SQ2JRWHL7XY0E11</lei>
        <title>TECK RESOURCES LTD CL B</title>
        <cusip>878742204</cusip>
        <identifiers>
          <isin value="CA8787422044"/>
          <ticker value="TECK"/>
        </identifiers>
        <balance>7636</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>505197.76</valUSD>
        <pctVal>0.850232225</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SELECT SECTOR SPDR TRUST (THE)</name>
        <lei>5493008JJKIPMEX3CO91</lei>
        <title>SELECT SECTOR SPDR TRUST (THE) STATE STREET ENERGY SELECT SECTOR SPDR ETF</title>
        <cusip>81369Y506</cusip>
        <identifiers>
          <isin value="US81369Y5069"/>
          <ticker value="XLE"/>
        </identifiers>
        <balance>23345</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1314090.05</valUSD>
        <pctVal>2.211572963</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-07-23</ncom:dateSigned>
      <ncom:nameOfApplicant>Tidal Trust IV</ncom:nameOfApplicant>
      <ncom:signature>/s/ Aaron Perkovich</ncom:signature>
      <ncom:signerName>Aaron Perkovich</ncom:signerName>
      <ncom:title>Treasurer/Principal Financial Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
