The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
Agnico Eagle Mines Ltd Common 008474108   9,318,210 33,000 SH   SOLE   33,000 0 0
Alamos Gold Inc Common 011532108   13,702,446 221,400 SH   SOLE   221,400 0 0
Alibaba Group Holding Ltd Common 01609W102   991,134 7,900 SH   SOLE   7,900 0 0
Amplify Junior Silver Miners ETF ETP 032108649   633,036 21,300 SH   SOLE   21,300 0 0
Anglogold Ashanti Plc Common G0378L100   2,346,376 24,100 SH   SOLE   24,100 0 0
Argenx SE Common 04016X101   1,131,888 1,550 SH   SOLE   1,550 0 0
Ascendis Pharma A/S Common 04351P101   953,804 4,170 SH   SOLE   4,170 0 0
ASE Technology Holding Co Ltd Common 00215W100   3,002,680 138,500 SH   SOLE   138,500 0 0
Baidu Inc Common 056752108   1,518,098 13,625 SH   SOLE   13,625 0 0
Banco Bilbao Vizcaya Argentaria SA Common 05946K101   1,651,331 78,600 SH   SOLE   78,600 0 0
Banco Bradesco SA Common 059460303   2,011,836 560,900 SH   SOLE   560,900 0 0
Banco Macro SA Common 05961W105   2,094,006 27,200 SH   SOLE   27,200 0 0
Banco Santander SA Common 05964H105   2,413,704 216,600 SH   SOLE   216,600 0 0
Bank of Montreal Common 063671101   8,317,108 44,500 SH   SOLE   44,500 0 0
Barclays PLC Common 06738E204   1,830,340 86,500 SH   SOLE   86,500 0 0
Bunge Global SA Common H11356104   8,993,040 70,700 SH   SOLE   70,700 0 0
BWX Technologies Inc Common 05605H100   2,821,962 13,800 SH   SOLE   13,800 0 0
Cameco Corp Common 13321L108   1,932,544 12,800 SH   SOLE   12,800 0 0
Canadian Imperial Bank of Commerce Common 136069101   9,579,494 72,660 SH   SOLE   72,660 0 0
Canadian Natural Resources Ltd Common 136385101   8,630,520 127,200 SH   SOLE   127,200 0 0
Canadian Pacific Kansas City Ltd Common 13646K108   12,589,050 115,000 SH   SOLE   115,000 0 0
Caterpillar Inc Common 149123101   11,690,007 16,532 SH   SOLE   16,532 0 0
Cia de Minas Buenaventura SAA Common 204448104   2,598,670 74,200 SH   SOLE   74,200 0 0
Cia de Saneamento Basico do Estado de Sao Paulo SABESP Common 20441A102   296,752 48,632 SH   SOLE   48,632 0 0
Cia Siderurgica Nacional SA Common 20440W105   464,752 374,800 SH   SOLE   374,800 0 0
Cosan SA Common 22113B103   706,992 171,600 SH   SOLE   171,600 0 0
CRH PLC Common G25508105   1,161,576 11,050 SH   SOLE   11,050 0 0
Criteo SA Common 226718104   805,057 44,900 SH   SOLE   44,900 0 0
Daqo New Energy Corp Common 23703Q203   1,137,945 53,500 SH   SOLE   53,500 0 0
Ecopetrol SA Common 279158109   1,557,948 109,000 SH   SOLE   109,000 0 0
Embraer SA Common 29082A107   1,121,526 18,900 SH   SOLE   18,900 0 0
Enbridge Inc Common 29250N105   7,369,230 97,800 SH   SOLE   97,800 0 0
Endava PLC Common 29260V105   469,846 106,300 SH   SOLE   106,300 0 0
First Trust Materials AlphaDEX Fund ETP 33734X168   236,251 3,100 SH   SOLE   3,100 0 0
First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund ETP 33737A108   359,876 2,200 SH   SOLE   2,200 0 0
Fresenius Medical Care AG Common 358029106   1,042,272 46,200 SH   SOLE   46,200 0 0
Futu Holdings Ltd Common 36118L106   1,076,811 8,000 SH   SOLE   8,000 0 0
Galapagos NV Common 36315X101   1,143,000 38,100 SH   SOLE   38,100 0 0
GDS Holdings Ltd Common 36165L108   6,385,965 158,500 SH   SOLE   158,500 0 0
GE Vernova Inc Common 36828A101   4,408,145 5,050 SH   SOLE   5,050 0 0
General Dynamics Corp Common 369550108   4,611,021 13,497 SH   SOLE   13,497 0 0
Genmab A/S Common 372303206   1,137,592 42,400 SH   SOLE   42,400 0 0
Global X Copper Miners ETF ETP 37954Y830   618,435 8,100 SH   SOLE   8,100 0 0
Global X Silver Miners ETF ETP 37954Y848   630,560 7,000 SH   SOLE   7,000 0 0
Gold Fields Ltd Common 38059T106   1,965,820 43,300 SH   SOLE   43,300 0 0
Grupo Cibest SA Common 40090E106   1,740,159 23,900 SH   SOLE   23,900 0 0
Grupo Televisa SAB Common 40049J206   1,315,029 451,900 SH   SOLE   451,900 0 0
Harmony Gold Mining Co Ltd Common 413216300   1,763,623 117,000 SH   SOLE   117,000 0 0
Headwater Exploration Inc Common 422096107   4,217,370 328,200 SH   SOLE   328,200 0 0
Howmet Aerospace Inc Common 443201108   11,414,914 49,531 SH   SOLE   49,531 0 0
Hudbay Minerals Inc Common 443628102   983,138 33,750 SH   SOLE   33,750 0 0
Imperial Oil Ltd Common 453038408   12,002,173 65,870 SH   SOLE   65,870 0 0
Invesco Dorsey Wright Emerging Markets Momentum ETF ETP 46138E867   601,293 23,100 SH   SOLE   23,100 0 0
Invesco S&P MidCap Momentum ET ETP 46137V464   348,048 2,400 SH   SOLE   2,400 0 0
Invesco Solar ETF ETP 46138G706   479,106 8,600 SH   SOLE   8,600 0 0
iShares Latin America 40 ETF ETP 464287390   426,240 12,000 SH   SOLE   12,000 0 0
iShares MSCI Brazil ETF ETP 464286400   426,129 11,100 SH   SOLE   11,100 0 0
iShares MSCI Emerging Markets ETF ETP 464287234   232,839 4,100 SH   SOLE   4,100 0 0
iShares MSCI Japan ETF ETP 46434G822   371,536 4,400 SH   SOLE   4,400 0 0
iShares MSCI Spain ETF ETP 464286764   488,790 9,000 SH   SOLE   9,000 0 0
iShares MSCI Taiwan ETF ETP 46434G772   177,300 2,500 SH   SOLE   2,500 0 0
JD.com Inc Common 47215P106   870,839 30,500 SH   SOLE   30,500 0 0
KB Financial Group Inc Common 48241A105   1,156,868 11,600 SH   SOLE   11,600 0 0
Kinross Gold Corp Common 496902404   5,639,478 132,600 SH   SOLE   132,600 0 0
Korea Electric Power Corp Common 500631106   1,020,300 71,600 SH   SOLE   71,600 0 0
Lam Research Corp Common 512807306   147,425 690 SH   SOLE   690 0 0
Li Auto Inc Common 50202M102   1,547,644 86,800 SH   SOLE   86,800 0 0
Lufax Holding Ltd Common 54975P201   999,889 534,700 SH   SOLE   534,700 0 0
Manulife Financial Corp Common 56501R106   3,531,704 73,700 SH   SOLE   73,700 0 0
Mitsubishi UFJ Financial Group Inc Common 606822104   1,505,239 88,700 SH   SOLE   88,700 0 0
NatWest Group PLC Common 639057207   1,303,750 87,500 SH   SOLE   87,500 0 0
NU Holdings Ltd/Cayman Islands Common G6683N103   310,392 21,600 SH   SOLE   21,600 0 0
Nutrien Ltd Common 67077M108   13,157,753 125,300 SH   SOLE   125,300 0 0
NVIDIA Corp Common 67066G104   6,191,200 35,500 SH   SOLE   35,500 0 0
Pacer Developed Markets International Cash Cows 100 ETF ETP 69374H873   598,404 14,100 SH   SOLE   14,100 0 0
Pacer Global Cash Cows Dividend ETF ETP 69374H709   647,360 14,000 SH   SOLE   14,000 0 0
POSCO Holdings Inc Common 693483109   1,392,062 23,800 SH   SOLE   23,800 0 0
RELX PLC Common 759530108   590,070 17,800 SH   SOLE   17,800 0 0
Rio Tinto PLC Common 767204100   2,015,064 21,600 SH   SOLE   21,600 0 0
RTX Corp Common 75513E101   7,984,131 41,390 SH   SOLE   41,390 0 0
SAP SE Common 803054204   513,268 3,050 SH   SOLE   3,050 0 0
Sasol Ltd Common 803866300   1,283,040 99,000 SH   SOLE   99,000 0 0
Sea Ltd Common 81141R100   1,498,861 18,100 SH   SOLE   18,100 0 0
Sociedad Quimica y Minera de Chile SA Common 833635105   2,088,252 25,800 SH   SOLE   25,800 0 0
Sprott Gold Miners ETF ETP 85210B102   656,763 8,700 SH   SOLE   8,700 0 0
Sprott Physical Gold Trust ETP 85207H104   673,360 19,000 SH   SOLE   19,000 0 0
Sprott Physical Silver Trust ETP 85207K107   619,506 25,400 SH   SOLE   25,400 0 0
State Street SPDR S&P Bank ETF ETP 78464A797   238,200 4,000 SH   SOLE   4,000 0 0
State Street SPDR S&P Biotech ETF ETP 78464A870   408,736 3,200 SH   SOLE   3,200 0 0
State Street SPDR S&P Oil & Gas Equipment & Services ETF ETP 78468R549   593,283 5,100 SH   SOLE   5,100 0 0
STMicroelectronics NV Common 861012102   1,741,320 50,400 SH   SOLE   50,400 0 0
Sumitomo Mitsui Financial Group Inc Common 86562M209   2,506,275 126,900 SH   SOLE   126,900 0 0
Suncor Energy Inc Common 867224107   13,895,350 151,020 SH   SOLE   151,020 0 0
Taiwan Semiconductor Manufacturing Co Ltd Common 874039100   1,517,396 4,490 SH   SOLE   4,490 0 0
Telefonica Brasil SA Common 87936R205   1,277,068 80,500 SH   SOLE   80,500 0 0
Telkom Indonesia Persero Tbk PT Common 715684106   6,384,824 341,800 SH   SOLE   341,800 0 0
Tencent Music Entertainment Group Common 88034P109   744,706 82,400 SH   SOLE   82,400 0 0
Teva Pharmaceutical Industries Ltd Common 881624209   2,343,336 77,800 SH   SOLE   77,800 0 0
UBS Group AG Common H42097107   1,249,090 32,800 SH   SOLE   32,800 0 0
Vale SA Common 91912E105   1,546,452 97,200 SH   SOLE   97,200 0 0
VanEck Agribusiness ETF ETP 92189F700   625,300 7,400 SH   SOLE   7,400 0 0
VanEck Junior Gold Miners ETF ETP 92189F791   360,120 3,000 SH   SOLE   3,000 0 0
VanEck Oil Services ETF ETP 92189H607   646,736 1,600 SH   SOLE   1,600 0 0
VanEck Rare Earth and Strategic Metals ETF ETP 92189H805   149,600 1,700 SH   SOLE   1,700 0 0
Vanguard Industrials ETF ETP 92204A603   249,776 800 SH   SOLE   800 0 0
Vodafone Group PLC Common 92857W308   1,724,296 114,800 SH   SOLE   114,800 0 0
Wipro Ltd Common 97651M109   482,936 227,800 SH   SOLE   227,800 0 0
WisdomTree Japan Hedged Equity Fund ETP 97717W851   602,604 3,800 SH   SOLE   3,800 0 0
Woodside Energy Group Ltd Common 980228308   1,595,184 66,800 SH   SOLE   66,800 0 0
Woori Financial Group Inc Common 981064108   1,172,160 17,600 SH   SOLE   17,600 0 0
WPP PLC Common 92937A102   534,920 34,400 SH   SOLE   34,400 0 0
Xtrackers Harvest CSI 300 China A-Shares ETF ETP 233051879   453,696 13,900 SH   SOLE   13,900 0 0
YPF SA Common 984245100   3,471,122 75,100 SH   SOLE   75,100 0 0
Zai Lab Ltd Common 98887Q104   1,250,865 66,500 SH   SOLE   66,500 0 0