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        <balance>22913</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1162605.62</valUSD>
        <pctVal>2.0071078</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>CALLAWAY GOLF COMPANY</name>
        <lei>5493005UB0KFRKBPCU72</lei>
        <title>CALLAWAY GOLF COMPANY</title>
        <cusip>131193104</cusip>
        <identifiers>
          <isin value="US1311931042"/>
        </identifiers>
        <balance>29919</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>420661.14</valUSD>
        <pctVal>0.7262241</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>CHESAPEAKE ENERGY CORP</name>
        <lei>X2MT1W32SPAZ9WSKLE78</lei>
        <title>EXPAND ENERGY CORP</title>
        <cusip>165167735</cusip>
        <identifiers>
          <isin value="US1651677353"/>
        </identifiers>
        <balance>10167</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1097222.64</valUSD>
        <pctVal>1.8942315</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>CITIGROUP INC</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>CITIGROUP INC</title>
        <cusip>172967424</cusip>
        <identifiers>
          <isin value="US1729674242"/>
        </identifiers>
        <balance>4754</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>523843.26</valUSD>
        <pctVal>0.9043565</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>CLEVELAND-CLIFFS INC</name>
        <lei>549300TM2WLI2BJMDD86</lei>
        <title>CLEVELAND-CLIFFS INC</title>
        <cusip>185899101</cusip>
        <identifiers>
          <isin value="US1858991011"/>
        </identifiers>
        <balance>26138</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>278631.08</valUSD>
        <pctVal>0.4810252</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>COGENT COMMUNICATIONS HOLDIN</name>
        <lei>N/A</lei>
        <title>COGENT COMMUNICATIONS HOL</title>
        <cusip>19239V302</cusip>
        <identifiers>
          <isin value="US19239V3024"/>
        </identifiers>
        <balance>28896</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>542088.96</valUSD>
        <pctVal>0.9358556</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>CORE SCIENTIFIC INC</name>
        <lei>5299003RGB2LAZ65RK73</lei>
        <title>CORE SCIENTIFIC INC</title>
        <cusip>21874A106</cusip>
        <identifiers>
          <isin value="US21874A1060"/>
        </identifiers>
        <balance>31314</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>531398.58</valUSD>
        <pctVal>0.9173999</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>CORE NATURAL RESOURCES, INC.</name>
        <lei>N/A</lei>
        <title>CORE NATURAL RESOURCES, INC.</title>
        <cusip>218937100</cusip>
        <identifiers>
          <isin value="US2189371006"/>
        </identifiers>
        <balance>4443</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>364681.44</valUSD>
        <pctVal>0.6295815</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>EQT CORP</name>
        <lei>4NT01YGM4X7ZX86ISY52</lei>
        <title>EQT CORP</title>
        <cusip>26884L109</cusip>
        <identifiers>
          <isin value="US26884L1098"/>
        </identifiers>
        <balance>14170</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>870321.4</valUSD>
        <pctVal>1.502512</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-A</name>
        <lei>549300EE20907QZ9GT38</lei>
        <title>ECHOSTAR CORP-A</title>
        <cusip>278768106</cusip>
        <identifiers>
          <isin value="US2787681061"/>
        </identifiers>
        <balance>4788</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>553157.64</valUSD>
        <pctVal>0.9549644</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>META PLATFORMS INC-CLASS</name>
        <lei>BQ4BKCS1HXDV9HN80Z93</lei>
        <title>META PLATFORMS INC-CLASS</title>
        <cusip>30303M102</cusip>
        <identifiers>
          <isin value="US30303M1027"/>
        </identifiers>
        <balance>683</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>442706.94</valUSD>
        <pctVal>0.7642837</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>FREEPORT-MCMORAN INC</name>
        <lei>549300IRDTHJQ1PVET45</lei>
        <title>FREEPORT-MCMORAN INC</title>
        <cusip>35671D857</cusip>
        <identifiers>
          <isin value="US35671D8570"/>
        </identifiers>
        <balance>10023</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>682365.84</valUSD>
        <pctVal>1.1780279</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>HALLADOR ENERGY CO</name>
        <lei>254900GKEQRHOI2SSC19</lei>
        <title>HALLADOR ENERGY CO</title>
        <cusip>40609P105</cusip>
        <identifiers>
          <isin value="US40609P1057"/>
        </identifiers>
        <balance>15560</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>282880.8</valUSD>
        <pctVal>0.4883619</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>HECLA MINING CO</name>
        <lei>5493009Y6HOBZD1QD537</lei>
        <title>HECLA MINING CO</title>
        <cusip>422704106</cusip>
        <identifiers>
          <isin value="US4227041062"/>
        </identifiers>
        <balance>24502</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>610344.82</valUSD>
        <pctVal>1.0536917</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>HONEYWELL INTERNATIONAL INC</name>
        <lei>ISRPG12PN4EIEOEMW547</lei>
        <title>HONEYWELL INTERNATIONAL I</title>
        <cusip>438516106</cusip>
        <identifiers>
          <isin value="US4385161066"/>
        </identifiers>
        <balance>2093</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>509833.87</valUSD>
        <pctVal>0.8801708</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>KKR &amp; CO INC</name>
        <lei>54930013V5I303TF9571</lei>
        <title>KKR &amp; CO INC</title>
        <cusip>48251W104</cusip>
        <identifiers>
          <isin value="US48251W1045"/>
        </identifiers>
        <balance>2669</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>234017.92</valUSD>
        <pctVal>0.4040056</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>LUMENTUM HOLDINGS INC</name>
        <lei>549300JLWRRC38DWEF52</lei>
        <title>LUMENTUM HOLDINGS INC</title>
        <cusip>55024U109</cusip>
        <identifiers>
          <isin value="US55024U1097"/>
        </identifiers>
        <balance>1220</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>855110.2</valUSD>
        <pctVal>1.4762516</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>MOSAIC CO/THE</name>
        <lei>2YD5STGSJNMUB7H76907</lei>
        <title>MOSAIC CO/THE</title>
        <cusip>61945C103</cusip>
        <identifiers>
          <isin value="US61945C1036"/>
        </identifiers>
        <balance>16785</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>467294.4</valUSD>
        <pctVal>0.8067312</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>NRG ENERGY INC</name>
        <lei>N/A</lei>
        <title>NRG ENERGY INC</title>
        <cusip>629377508</cusip>
        <identifiers>
          <isin value="US6293775085"/>
        </identifiers>
        <balance>1568</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>280609.28</valUSD>
        <pctVal>0.4844404</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>NEWMONT MINING CORP</name>
        <lei>549300VSP3RIX7FGDZ51</lei>
        <title>NEWMONT CORP</title>
        <cusip>651639106</cusip>
        <identifiers>
          <isin value="US6516391066"/>
        </identifiers>
        <balance>7042</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>915460</valUSD>
        <pctVal>1.5804387</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>NORTHROP GRUMMAN CORP</name>
        <lei>RIMU48P07456QXSO0R61</lei>
        <title>NORTHROP GRUMMAN CORP</title>
        <cusip>666807102</cusip>
        <identifiers>
          <isin value="US6668071029"/>
        </identifiers>
        <balance>845</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>612101.1</valUSD>
        <pctVal>1.0567237</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</title>
        <cusip>67066G104</cusip>
        <identifiers>
          <isin value="US67066G1040"/>
        </identifiers>
        <balance>3648</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>646389.12</valUSD>
        <pctVal>1.1159181</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>ONTO INNOVATION INC</name>
        <lei>254900RXZVN73CHOO062</lei>
        <title>ONTO INNOVATION INC</title>
        <cusip>683344105</cusip>
        <identifiers>
          <isin value="US6833441057"/>
        </identifiers>
        <balance>4398</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>949484.22</valUSD>
        <pctVal>1.6391777</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>OSCAR HEALTH INC - CLASS</name>
        <lei>N/A</lei>
        <title>OSCAR HEALTH INC - CLASS</title>
        <cusip>687793109</cusip>
        <identifiers>
          <isin value="US6877931096"/>
        </identifiers>
        <balance>20249</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>276196.36</valUSD>
        <pctVal>0.4768219</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</title>
        <cusip>704551100</cusip>
        <identifiers>
          <isin value="US7045511000"/>
        </identifiers>
        <balance>50455</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1591350.7</valUSD>
        <pctVal>2.747288</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>RANGE RESOURCES CORP</name>
        <lei>H3Y3WLYCX0BTO1TRW162</lei>
        <title>RANGE RESOURCES CORP</title>
        <cusip>75281A109</cusip>
        <identifiers>
          <isin value="US75281A1097"/>
        </identifiers>
        <balance>15410</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>636124.8</valUSD>
        <pctVal>1.0981979</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 - A</name>
        <lei>N/A</lei>
        <title>ROBINHOOD MARKETS INC - A</title>
        <cusip>770700102</cusip>
        <identifiers>
          <isin value="US7707001027"/>
        </identifiers>
        <balance>5394</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>409134.9</valUSD>
        <pctVal>0.7063254</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>SANDISK CORP</name>
        <lei>N/A</lei>
        <title>SANDISK CORP</title>
        <cusip>80004C200</cusip>
        <identifiers>
          <isin value="US80004C2008"/>
        </identifiers>
        <balance>889</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>564835.04</valUSD>
        <pctVal>0.9751242</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>TALEN ENERGY CORP</name>
        <lei>N/A</lei>
        <title>TALEN ENERGY CORP</title>
        <cusip>87422Q109</cusip>
        <identifiers>
          <isin value="US87422Q1094"/>
        </identifiers>
        <balance>1122</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>416228.34</valUSD>
        <pctVal>0.7185714</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>UBER TECHNOLOGIES INC</name>
        <lei>N/A</lei>
        <title>UBER TECHNOLOGIES INC</title>
        <cusip>90353T100</cusip>
        <identifiers>
          <isin value="US90353T1007"/>
        </identifiers>
        <balance>5744</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>433212.48</valUSD>
        <pctVal>0.7478926</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>VISTRA ENERGY CORP</name>
        <lei>549300KP43CPCUJOOG15</lei>
        <title>VISTRA CORP</title>
        <cusip>92840M102</cusip>
        <identifiers>
          <isin value="US92840M1027"/>
        </identifiers>
        <balance>2811</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>488804.79</valUSD>
        <pctVal>0.8438665</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>NINEPOINT ENERGY FUND</name>
        <lei>549300RBPPL41PIVZH67</lei>
        <title>NINEPOINT ENERGY FUND</title>
        <cusip>65443T203</cusip>
        <identifiers>
          <isin value="CA65443T2039"/>
        </identifiers>
        <balance>10504</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.36385"/>
        <valUSD>527183.19</valUSD>
        <pctVal>0.9101225</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPROTT PHYSICAL URANIUM T</name>
        <lei>N/A</lei>
        <title>SPROTT PHYSICAL URANIUM T</title>
        <cusip>85210A104</cusip>
        <identifiers>
          <isin value="CA85210A1049"/>
        </identifiers>
        <balance>32952</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.36385"/>
        <valUSD>664911.13</valUSD>
        <pctVal>1.1478943</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AVANTIS EMERGING MARKETS</name>
        <lei>549300FLNHJ0Y6F35177</lei>
        <title>AVANTIS EMERGING MARKETS</title>
        <cusip>025072604</cusip>
        <identifiers>
          <isin value="US0250726041"/>
        </identifiers>
        <balance>5369</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>476230.3</valUSD>
        <pctVal>0.822158</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>DIMENSIONAL INTERNATIONAL</name>
        <lei>54930095KJRG74HDT020</lei>
        <title>DIMENSIONAL INTERNATIONAL</title>
        <cusip>25434V203</cusip>
        <identifiers>
          <isin value="US25434V2034"/>
        </identifiers>
        <balance>11159</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>471356.16</valUSD>
        <pctVal>0.8137434</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>GLOBAL X SILVER MINERS ET</name>
        <lei>549300W0XPL6JJ7JYT05</lei>
        <title>GLOBAL X SILVER MINERS ET</title>
        <cusip>37954Y848</cusip>
        <identifiers>
          <isin value="US37954Y8488"/>
        </identifiers>
        <balance>15081</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1780010.43</valUSD>
        <pctVal>3.0729878</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>GLOBAL X URANIUM ETF</name>
        <lei>549300FJZ5SE0HHSHI40</lei>
        <title>GLOBAL X URANIUM ETF</title>
        <cusip>37954Y871</cusip>
        <identifiers>
          <isin value="US37954Y8710"/>
        </identifiers>
        <balance>13016</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>707289.44</valUSD>
        <pctVal>1.2210557</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>INVESCO AEROSPACE &amp; DEFEN</name>
        <lei>549300OLLMBPCCISBP98</lei>
        <title>INVESCO AEROSPACE &amp; DEFEN</title>
        <cusip>46137V100</cusip>
        <identifiers>
          <isin value="US46137V1008"/>
        </identifiers>
        <balance>4928</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>892312.96</valUSD>
        <pctVal>1.540478</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>INVESCO BUILDING &amp; CONSTR</name>
        <lei>5493006O477QJUWKP203</lei>
        <title>INVESCO BUILDING &amp; CONSTR</title>
        <cusip>46137V779</cusip>
        <identifiers>
          <isin value="US46137V7799"/>
        </identifiers>
        <balance>2175</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>236379</valUSD>
        <pctVal>0.4080818</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 MSCI SPAIN CAPPED ET</name>
        <lei>GR1QY1XUY5M0EJSI5J57</lei>
        <title>ISHARES MSCI SOUTH KOREA</title>
        <cusip>464286772</cusip>
        <identifiers>
          <isin value="US4642867729"/>
        </identifiers>
        <balance>4157</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>629245.09</valUSD>
        <pctVal>1.0863209</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 LEHMAN 20+ YEARS TREASURY BOND F</name>
        <lei>549300WWURKS1JGBZU59</lei>
        <title>ISHARES 20+ YEAR TREASURY</title>
        <cusip>464287432</cusip>
        <identifiers>
          <isin value="US4642874329"/>
        </identifiers>
        <balance>12741</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1157137.62</valUSD>
        <pctVal>1.9976679</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 LEHMAN 20+ YEARS TREASURY BOND F</name>
        <lei>N/A</lei>
        <title>ISHARES 1-3 YEAR TREASURY</title>
        <cusip>464287457</cusip>
        <identifiers>
          <isin value="US4642874576"/>
        </identifiers>
        <balance>16730</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1391601.4</valUSD>
        <pctVal>2.4024433</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</name>
        <lei>549300K2C2CG14B0ZA09</lei>
        <title>ISHARES SILVER TRUST</title>
        <cusip>46428Q109</cusip>
        <identifiers>
          <isin value="US46428Q1094"/>
        </identifiers>
        <balance>35434</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3011535.66</valUSD>
        <pctVal>5.1990776</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>KRANESH CSI CHINA INTERNE</name>
        <lei>549300URDNVSGEWBN526</lei>
        <title>KRANESH CSI CHINA INTERNE</title>
        <cusip>500767306</cusip>
        <identifiers>
          <isin value="US5007673065"/>
        </identifiers>
        <balance>11933</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>370638.98</valUSD>
        <pctVal>0.6398665</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>SPDR GOLD SHARES</name>
        <lei>N/A</lei>
        <title>SPDR GOLD SHARES</title>
        <cusip>78463V107</cusip>
        <identifiers>
          <isin value="US78463V1070"/>
        </identifiers>
        <balance>776</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>375390</valUSD>
        <pctVal>0.6480686</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>MATERIALS SELECT SECTOR</name>
        <lei>54930064FLK0RD4TRU75</lei>
        <title>SS ENERGY SELECT SECTOR</title>
        <cusip>81369Y506</cusip>
        <identifiers>
          <isin value="US81369Y5069"/>
        </identifiers>
        <balance>23015</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1286998.8</valUSD>
        <pctVal>2.2218587</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>SELECT STOXX EUR AER DE E</name>
        <lei>529900KKTR2O8XKSJV77</lei>
        <title>SELECT STOXX EUR AER DE E</title>
        <cusip>84858T772</cusip>
        <identifiers>
          <isin value="US84858T7726"/>
        </identifiers>
        <balance>8982</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>418830.66</valUSD>
        <pctVal>0.723064</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 URANIUM MINERS ETF</name>
        <lei>254900PKBWWLG0BN6V46</lei>
        <title>SPROTT URANIUM MINERS ETF</title>
        <cusip>85208P303</cusip>
        <identifiers>
          <isin value="US85208P3038"/>
        </identifiers>
        <balance>9699</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>697746.06</valUSD>
        <pctVal>1.2045801</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 SLVR MINER &amp; PHY S</name>
        <lei>N/A</lei>
        <title>SPROTT SLVR MINER &amp; PHY S</title>
        <cusip>85208P873</cusip>
        <identifiers>
          <isin value="US85208P8730"/>
        </identifiers>
        <balance>8505</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>708976.8</valUSD>
        <pctVal>1.2239687</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 GOLD MINERS ETF</name>
        <lei>54930031TORTKAM9TJ98</lei>
        <title>VANECK GOLD MINERS ETF</title>
        <cusip>92189F106</cusip>
        <identifiers>
          <isin value="US92189F1066"/>
        </identifiers>
        <balance>4944</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>572712.96</valUSD>
        <pctVal>0.9887245</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 JUNIOR GOLD MINERS</name>
        <lei>549300P2HS5GYBL1ME59</lei>
        <title>VANECK JUNIOR GOLD MINERS</title>
        <cusip>92189F791</cusip>
        <identifiers>
          <isin value="US92189F7915"/>
        </identifiers>
        <balance>10153</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1585797.07</valUSD>
        <pctVal>2.7377003</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 OIL SERVICES ETF</name>
        <lei>549300WSDUDKDJCJOV22</lei>
        <title>VANECK OIL SERVICES ETF</title>
        <cusip>92189H607</cusip>
        <identifiers>
          <isin value="US92189H6071"/>
        </identifiers>
        <balance>675</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>267954.75</valUSD>
        <pctVal>0.4625937</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 RUSSELL 2000 ETF</name>
        <lei>N/A</lei>
        <title>VANGUARD INTERMEDIATE-TER</title>
        <cusip>92206C706</cusip>
        <identifiers>
          <isin value="US92206C7065"/>
        </identifiers>
        <balance>23025</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1398308.25</valUSD>
        <pctVal>2.4140219</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>2026-04-20</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>
  <documents>XXXX</documents>
</edgarSubmission>
