# EDGAR Filing Document

**Accession Number:** 0001742912
**File Stem:** 0002000324-25-004440
**Filing Date:** 2025-11
**Character Count:** 54237
**Document Hash:** 72327eaabf4d58353e89b3a07f0004a2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-25-004440.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0002000324-25-004440

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Tidal Trust I
- **CENTRAL INDEX KEY:** 0001742912

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23377
- **FILM NUMBER:** 251512037

**BUSINESS ADDRESS:**
- **STREET 1:** 234 WEST FLORIDA STREET, SUITE 203
- **CITY:** MILWAUKEE,
- **STATE:** WI
- **ZIP:** 53204
- **BUSINESS PHONE:** 844-986-7676

**MAIL ADDRESS:**
- **STREET 1:** 234 WEST FLORIDA STREET, SUITE 203
- **CITY:** MILWAUKEE,
- **STATE:** WI
- **ZIP:** 53204

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Tidal ETF Trust
- **DATE OF NAME CHANGE:** 20180606

## Series and Classes Contracts Data

### RPAR Risk Parity ETF (Series ID: S000066941)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000215408 | RPAR Risk Parity ETF | RPAR            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **RPAR Risk Parity ETF** | **RPAR Risk Parity ETF** | **RPAR Risk Parity ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS - 14.9%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Consumer Discretionary Products - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Geberit AG | 671 | $503640 |
| &nbsp;&nbsp;&nbsp;**Consumer Staple Products - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Dekon Food And Agriculture Group | 20817 | 202942 |
| &nbsp;&nbsp;&nbsp;Salmar ASA | 6561 | 350479 |
|  |  | 553421 |
| &nbsp;&nbsp;&nbsp;**Industrial Products - 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;AGCO Corp. | 4183 | 447874 |
| &nbsp;&nbsp;&nbsp;CNH Industrial NV - Class A | 56565 | 613730 |
| &nbsp;&nbsp;&nbsp;Deere & Co. | 13319 | 6090246 |
| &nbsp;&nbsp;&nbsp;Halma PLC | 5452 | 253223 |
| &nbsp;&nbsp;&nbsp;Kubota Corp. | 53973 | 680852 |
| &nbsp;&nbsp;&nbsp;Pentair PLC | 2885 | 319543 |
| &nbsp;&nbsp;&nbsp;Toro Co. | 4594 | 350063 |
| &nbsp;&nbsp;&nbsp;Xylem, Inc. | 3571 | 526722 |
|  |  | 9282253 |
| &nbsp;&nbsp;&nbsp;**Materials - 7.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Antofagasta PLC | 36062 | 1335576 |
| &nbsp;&nbsp;&nbsp;BHP Group Ltd., ADR<sup>(a)</sup> | 92450 | 5154087 |
| &nbsp;&nbsp;&nbsp;Boliden AB<sup>(b)</sup> | 9315 | 379034 |
| &nbsp;&nbsp;&nbsp;Cameco Corp. | 14659 | 1230538 |
| &nbsp;&nbsp;&nbsp;Capstone Copper Corp.<sup>(b)</sup> | 26766 | 227378 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | 7033 | 630860 |
| &nbsp;&nbsp;&nbsp;CMOC Group Ltd. - Class H | 806981 | 1627363 |
| &nbsp;&nbsp;&nbsp;Corteva, Inc. | 33358 | 2256002 |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. | 4650 | 1273449 |
| &nbsp;&nbsp;&nbsp;First Quantum Minerals Ltd.<sup>(b)</sup> | 29146 | 659419 |
| &nbsp;&nbsp;&nbsp;FMC Corp. | 6562 | 220680 |
| &nbsp;&nbsp;&nbsp;Fortescue Ltd. | 115178 | 1425928 |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 49884 | 1956450 |
| &nbsp;&nbsp;&nbsp;Glencore PLC | 439473 | 2021055 |
| &nbsp;&nbsp;&nbsp;GMK Norilskiy Nickel PAO, ADR<sup>(b)(c)</sup> | 181762 |  |
| &nbsp;&nbsp;&nbsp;Ivanhoe Mines Ltd. - Class A<sup>(b)</sup> | 54481 | 577936 |
| &nbsp;&nbsp;&nbsp;Jiangxi Copper Co. Ltd. - Class H | 163351 | 640353 |
| &nbsp;&nbsp;&nbsp;Lundin Mining Corp. | 33706 | 502901 |
| &nbsp;&nbsp;&nbsp;Lynas Rare Earths Ltd.<sup>(b)</sup> | 29739 | 331292 |
| &nbsp;&nbsp;&nbsp;MMG Ltd.<sup>(b)</sup> | 426241 | 369792 |
| &nbsp;&nbsp;&nbsp;Mosaic Co. | 16416 | 569307 |
| &nbsp;&nbsp;&nbsp;MP Materials Corp.<sup>(b)</sup> | 5949 | 398999 |
| &nbsp;&nbsp;&nbsp;NAC Kazatomprom JSC, GDR | 9303 | 495850 |
| &nbsp;&nbsp;&nbsp;Nutrien Ltd. | 22699 | 1333326 |
| &nbsp;&nbsp;&nbsp;PhosAgro PJSC, GDR<sup>(b)(c)</sup> | 52122 |  |
| &nbsp;&nbsp;&nbsp;Rio Tinto PLC, ADR | 61172 | 4037964 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Sociedad Quimica y Minera de Chile SA, ADR<sup>(a)(b)</sup> | 13356.0 | $574041 |
| &nbsp;&nbsp;&nbsp;South32 Ltd. | 178116.0 | 323448 |
| &nbsp;&nbsp;&nbsp;Southern Copper Corp. | 29507.0 | 3580981 |
| &nbsp;&nbsp;&nbsp;Sumitomo Metal Mining Co. Ltd. | 10352.0 | 334144 |
| &nbsp;&nbsp;&nbsp;Teck Resources Ltd. - Class B | 19605.0 | 860202 |
| &nbsp;&nbsp;&nbsp;Vale SA, ADR | 162394.0 | 1763599 |
| &nbsp;&nbsp;&nbsp;Yara International ASA | 13521.0 | 494073 |
|  |  | 37586027 |
| &nbsp;&nbsp;&nbsp;**Oil & Gas - 5.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Aker BP ASA | 8774.0 | 222564 |
| &nbsp;&nbsp;&nbsp;BP PLC, ADR | 33714.0 | 1161784 |
| &nbsp;&nbsp;&nbsp;Canadian Natural Resources Ltd. | 25833.0 | 826196 |
| &nbsp;&nbsp;&nbsp;Cenovus Energy, Inc. | 23116.0 | 392577 |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | 26568.0 | 4125745 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | 16004.0 | 1513818 |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | 9072.0 | 214553 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. | 7591.0 | 266140 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 3903.0 | 558519 |
| &nbsp;&nbsp;&nbsp;Ecopetrol SA, ADR<sup>(a)</sup> | 26860.0 | 247381 |
| &nbsp;&nbsp;&nbsp;Eni SpA, ADR<sup>(a)</sup> | 22030.0 | 769948 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 6433.0 | 721268 |
| &nbsp;&nbsp;&nbsp;EQT Corp. | 9337.0 | 508213 |
| &nbsp;&nbsp;&nbsp;Equinor ASA, ADR<sup>(a)</sup> | 34715.0 | 846352 |
| &nbsp;&nbsp;&nbsp;Expand Energy Corp. | 3861.0 | 410193 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 54641.0 | 6160773 |
| &nbsp;&nbsp;&nbsp;Galp Energia SGPS SA | 7931.0 | 150035 |
| &nbsp;&nbsp;&nbsp;Gazprom PJSC, ADR<sup>(b)(c)</sup> | 523190.0 |  |
| &nbsp;&nbsp;&nbsp;Imperial Oil Ltd. | 7005.0 | 635303 |
| &nbsp;&nbsp;&nbsp;Inpex Corp. | 16958.0 | 306928 |
| &nbsp;&nbsp;&nbsp;LUKOIL PJSC, ADR<sup>(b)(c)</sup> | 31173.0 |  |
| &nbsp;&nbsp;&nbsp;Novatek PJSC, GDR<sup>(b)(c)</sup> | 13358.0 |  |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 11579.0 | 547108 |
| &nbsp;&nbsp;&nbsp;OMV AG | 4552.0 | 242934 |
| &nbsp;&nbsp;&nbsp;Repsol SA | 15980.0 | 282869 |
| &nbsp;&nbsp;&nbsp;Rosneft Oil Co PJSC, GDR<sup>(b)(c)</sup> | 488696.0 |  |
| &nbsp;&nbsp;&nbsp;Santos Ltd. | 34694.0 | 154735 |
| &nbsp;&nbsp;&nbsp;Shell PLC, ADR | 38058.0 | 2722289 |
| &nbsp;&nbsp;&nbsp;Suncor Energy, Inc. | 14966.0 | 626434 |
| &nbsp;&nbsp;&nbsp;TotalEnergies SE, ADR | 31956.0 | 1907454 |
| &nbsp;&nbsp;&nbsp;Tourmaline Oil Corp. | 4492.0 | 193769 |
| &nbsp;&nbsp;&nbsp;Woodside Energy Group Ltd. | 23115.0 | 352808 |
|  |  | 27068690 |
| &nbsp;&nbsp;&nbsp;**Renewable Energy - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Enphase Energy, Inc.<sup>(b)</sup> | 5547.0 | 196308 |
| &nbsp;&nbsp;&nbsp;First Solar, Inc.<sup>(b)</sup> | 5423.0 | 1195934 |
| &nbsp;&nbsp;&nbsp;Flat Glass Group Co. Ltd. - Class H | 230983.0 | 337253 |
| &nbsp;&nbsp;&nbsp;Goldwind Science & Technology Co. Ltd. – Class H | 249150.0 | 448319 |
| &nbsp;&nbsp;&nbsp;NEXTracker, Inc. - Class A<sup>(b)</sup> | 6940.0 | 513491 |
| &nbsp;&nbsp;&nbsp;Nordex SE<sup>(b)</sup> | 14959.0 | 383177 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Vestas Wind Systems A/S |  |  | 55106 | $1039179 |
|  |  |  |  | 4113661 |
| &nbsp;&nbsp;&nbsp;**Utilities - 0.2%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;American Water Works Co., Inc. |  |  | 3677 | 511802 |
| &nbsp;&nbsp;&nbsp;Veolia Environnement SA |  |  | 12387 | 421798 |
|  |  |  |  | 933600 |
| &nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS (Cost $104,633,330)** |  |  |  | 80041292 |
| &nbsp;&nbsp;&nbsp;**EXCHANGE TRADED FUNDS - 35.8%** |  |  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;SPDR Gold MiniShares Trust<sup>(b)</sup> |  |  | 761241 | 58196874 |
| &nbsp;&nbsp;&nbsp;Vanguard FTSE Developed Markets ETF |  |  | 441518 | 26455759 |
| &nbsp;&nbsp;&nbsp;Vanguard FTSE Emerging Markets ETF<sup>(a)</sup> |  |  | 756208 | 40971349 |
| &nbsp;&nbsp;&nbsp;Vanguard Total Stock Market ETF |  |  | 204441 | 67091403 |
| &nbsp;&nbsp;&nbsp;**TOTAL EXCHANGE TRADED FUNDS (Cost $143,986,766)** |  |  |  | 192715385 |
| &nbsp;&nbsp;&nbsp;**U.S. TREASURY SECURITIES - 34.8%** | **Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Inflation Indexed Bonds | 2.13% | 02/15/2041 | $13036077 | 13028090 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Inflation Indexed Bonds | 0.75% | 02/15/2042 | 21457917 | 17014770 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Inflation Indexed Bonds | 0.63% | 02/15/2043 | 21075095 | 16003913 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Inflation Indexed Bonds | 1.38% | 02/15/2044 | 22797516 | 19495815 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Inflation Indexed Bonds | 0.75% | 02/15/2045 | 22189836 | 16543247 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Inflation Indexed Bonds | 1.00% | 02/15/2046 | 23125821 | 17826402 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Inflation Indexed Bonds | 0.88% | 02/15/2047 | 21940937 | 16197881 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Inflation Indexed Bonds | 1.00% | 02/15/2048 | 19022946 | 14248760 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Inflation Indexed Bonds | 1.00% | 02/15/2049 | 15542846 | 11463444 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Inflation Indexed Bonds | 0.25% | 02/15/2050 | 13385814 | 7912734 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Inflation Indexed Bonds | 0.13% | 02/15/2051 | 12501161 | 6930945 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Inflation Indexed Bonds | 0.13% | 02/15/2052 | 12064350 | 6534367 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Inflation Indexed Bonds | 1.50% | 02/15/2053 | 7379168 | 5903594 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Inflation Indexed Bonds | 2.13% | 02/15/2054 | 13062766 | 12051605 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Inflation Indexed Bonds | 2.38% | 02/15/2055 | 6002305 | 5856912 |
| &nbsp;&nbsp;&nbsp;**TOTAL U.S. TREASURY SECURITIES (Cost $277,575,495)** |  |  |  | 187012479 |
| &nbsp;&nbsp;&nbsp;**SHORT-TERM INVESTMENTS - 21.0%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Investments Purchased with Proceeds from Securities Lending - 8.6%** |  |  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.05%<sup>(b)(d)</sup> |  |  | 46332739 | 46332739 |
| &nbsp;&nbsp;&nbsp;**Money Market Funds - 0.1%** |  |  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.05%<sup>(d)</sup> |  |  | 277047 | 277047 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**U.S. Treasury Bills - 12.3%** | **Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bill, 10/30/2025, 3.97%<sup>(e)</sup> | $66478000 | $66261647 |
| &nbsp;&nbsp;&nbsp;**TOTAL SHORT-TERM INVESTMENTS (Cost $112,863,940)** |  | 112871433 |
| &nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS - 106.5% (Cost $639,059,531)** |  | $572640589 |
| &nbsp;&nbsp;&nbsp;Liabilities in Excess of Other Assets - (6.5)% |  | (34736288) |
| &nbsp;&nbsp;&nbsp;**TOTAL NET ASSETS - 100.0%** |  | $537904301 |
| &nbsp;&nbsp;&nbsp;Percentages are stated as a percent of net assets. |  |  |

---

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
| PLC | Public Limited Company |
| PJSC | Public Joint Stock Company |

---

(a) All or a portion of this security is on loan as of September 30, 2025. The total market value of these securities was $45,312,004 which represented 8.4% of net assets.

(b) Non-income producing security.

(c) Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of September 30, 2025.

(d) The rate shown represents the 7-day annualized effective yield as of September 30, 2025.

(e) The rate shown is the annualized effective yield as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **RPAR Risk Parity ETF** | **RPAR Risk Parity ETF** | **RPAR Risk Parity ETF** | **RPAR Risk Parity ETF** | **RPAR Risk Parity ETF** |
| **Schedule of Futures Contracts** | **Schedule of Futures Contracts** | **Schedule of Futures Contracts** | **Schedule of Futures Contracts** | **Schedule of Futures Contracts** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| The RPAR Risk Parity ETF had the following futures contracts outstanding with PhillipCapital, Inc.: | The RPAR Risk Parity ETF had the following futures contracts outstanding with PhillipCapital, Inc.: | The RPAR Risk Parity ETF had the following futures contracts outstanding with PhillipCapital, Inc.: | The RPAR Risk Parity ETF had the following futures contracts outstanding with PhillipCapital, Inc.: | The RPAR Risk Parity ETF had the following futures contracts outstanding with PhillipCapital, Inc.: |
| &nbsp;&nbsp;&nbsp;**FUTURES CONTRACTS - 0.5%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Description** | **Contracts<br> Purchased** | **Expiration<br> Date** | **Notional<br> Value** | **Value /<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 10 Year Notes | 807 | 12/19/2025 | $90787500 | $196235 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra Bonds | 778 | 12/19/2025 | 93408625 | 2613756 |
| &nbsp;&nbsp;&nbsp;**Net Unrealized Appreciation (Depreciation)** |  |  |  | $2809991 |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Tidal Trust I

- **b. Investment Company Act file number:** 811-23377

- **c. CIK number of Registrant:** 0001742912

- **d. LEI of Registrant:** 549300VTYHP8U2332C46

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 234 West Florida Street

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53204

  - **Telephone number:** 8449867676

**Item A.2. Information about the Series.**

- **a. Name of Series:** Rpar Risk Parity ETF

- **b. EDGAR series identifier (if any):** S000066941

- **c. LEI of Series:** 549300P6SPNYGRUISQ43

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $588165974.16

**Total Liabilities:** $50263514.42

**Net Assets:** $537902459.74

**Cash Not Reported:** $10846201.40

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -533.77 | **1-Year:** 0 | **5-Year:** -54782.33 | **10-Year:** 0 | **30-Year:** -500007.86

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0 | **1-Year:** 0 | **5-Year:** 0 | **10-Year:** 0 | **30-Year:** 0

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000215408 | -0.26%               | 2.33%                | 4.17%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $0.00                                      |
| Month 2  | $301106.25               | $9679943.83                                |
| Month 3  | $1419646.04              | $16313883.61                               |

**Designated Index Information**

- **Index Name:** S&P 500 Total Return Index

- **Index Identifier:** SPTR

### Schedule of Portfolio Investments

| Name                                           | Title                                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AGCO Corp                                      | AGCO Corp                                      | CUSIP: 001084102<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | EC               | CORP              | US        |      4183 | NS      | $447873.81    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Aker BP ASA                                    | Aker BP ASA                                    | CUSIP: N/A<br>LEI: 549300NFTY73920OYK69       | Long             | EC               | CORP              | NO        |      8774 | NS      | $222564.03    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| American Water Works Co Inc                    | American Water Works Co Inc                    | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             | EC               | CORP              | US        |      3677 | NS      | $511801.63    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Antofagasta PLC                                | Antofagasta PLC                                | CUSIP: N/A<br>LEI: 213800MY6QVH4FVLD628       | Long             | EC               | CORP              | CL        |     36062 | NS      | $1335575.69   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| BHP Group Ltd                                  | BHP Group Ltd                                  | CUSIP: 088606108<br>LEI: WZE1WSENV6JSZFK0JC28 | Long             | EC               | CORP              | AU        |     92450 | NS      | $5154087.50   | 0.96%             |  |  |  | No            |                  1 | On Loan: —       |
| Boliden AB                                     | Boliden AB                                     | CUSIP: N/A<br>LEI: 21380059QU7IM1ONDJ56       | Long             | EC               | CORP              | SE        |      9315 | NS      | $379033.77    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| BP PLC                                         | BP PLC                                         | CUSIP: 055622104<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | GB        |     33714 | NS      | $1161784.44   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Cameco Corp                                    | Cameco Corp                                    | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | CA        |     14659 | NS      | $1230538.45   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Natural Resources Ltd                 | Canadian Natural Resources Ltd                 | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |     25833 | NS      | $826195.56    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Capstone Copper Corp                           | Capstone Copper Corp                           | CUSIP: 14071L108<br>LEI: 549300III6KGKKC42W63 | Long             | EC               | CORP              | CA        |     26766 | NS      | $227378.27    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Cenovus Energy Inc                             | Cenovus Energy Inc                             | CUSIP: 15135U109<br>LEI: 549300F4XPHJ7NOSP309 | Long             | EC               | CORP              | CA        |     23116 | NS      | $392576.60    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| CF Industries Holdings Inc                     | CF Industries Holdings Inc                     | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |      7033 | NS      | $630860.10    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                                   | Chevron Corp                                   | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26568 | NS      | $4125744.72   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| CMOC Group Ltd                                 | CMOC Group Ltd                                 | CUSIP: N/A<br>LEI: 2549008KG3638J59U652       | Long             | EC               | CORP              | CN        |    806981 | NS      | $1627362.59   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| CNH Industrial NV                              | CNH Industrial NV                              | CUSIP: N/A<br>LEI: 549300WGC2HZ5J67V817       | Long             | EC               | CORP              | GB        |     56565 | NS      | $613730.25    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                                 | ConocoPhillips                                 | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     16004 | NS      | $1513818.36   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva Inc                                    | Corteva Inc                                    | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |     33358 | NS      | $2256001.54   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy Inc                             | Coterra Energy Inc                             | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |      9072 | NS      | $214552.80    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Deere & Co                                     | Deere & Co                                     | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |     13319 | NS      | $6090245.94   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Dekon Food And Agriculture Group               | Dekon Food And Agriculture Group               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |     20817 | NS      | $202941.94    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corp                              | Devon Energy Corp                              | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |      7591 | NS      | $266140.46    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy Inc                         | Diamondback Energy Inc                         | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |      3903 | NS      | $558519.30    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc                                     | Ecolab Inc                                     | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |      4650 | NS      | $1273449.00   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecopetrol SA                                   | Ecopetrol SA                                   | CUSIP: 279158109<br>LEI: 254900IDGKCJICKBPA66 | Long             | EC               | CORP              | CO        |     26860 | NS      | $247380.60    | 0.05%             |  |  |  | No            |                  1 | On Loan: —       |
| Eni SpA                                        | Eni SpA                                        | CUSIP: 26874R108<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | EC               | CORP              | IT        |     22030 | NS      | $769948.50    | 0.14%             |  |  |  | No            |                  1 | On Loan: —       |
| Enphase Energy Inc                             | Enphase Energy Inc                             | CUSIP: 29355A107<br>LEI: 5493008U7KIGMI59Z314 | Long             | EC               | CORP              | US        |      5547 | NS      | $196308.33    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc                              | EOG Resources Inc                              | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |      6433 | NS      | $721267.96    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corp                                       | EQT Corp                                       | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |      9337 | NS      | $508212.91    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinor ASA                                    | Equinor ASA                                    | CUSIP: 29446M102<br>LEI: OW6OFBNCKXC4US5C7523 | Long             | EC               | CORP              | NO        |     34715 | NS      | $846351.70    | 0.16%             |  |  |  | No            |                  1 | On Loan: —       |
| Expand Energy Corp                             | Expand Energy Corp                             | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |      3861 | NS      | $410192.64    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp                               | Exxon Mobil Corp                               | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     54641 | NS      | $6160772.75   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli                 | First American Government Obligations Fund     | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |  47343874 | NS      | $47343874.44  | 8.80%             |  |  |  | No            |                  1 | On Loan: No      |
| First Quantum Minerals Ltd                     | First Quantum Minerals Ltd                     | CUSIP: 335934105<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | EC               | CORP              | CA        |     29146 | NS      | $659419.35    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| First Solar Inc                                | First Solar Inc                                | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |      5423 | NS      | $1195934.19   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Flat Glass Group Co Ltd                        | Flat Glass Group Co Ltd                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |    230983 | NS      | $337253.47    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| FMC Corp                                       | FMC Corp                                       | CUSIP: 302491303<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | EC               | CORP              | US        |      6562 | NS      | $220680.06    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortescue Ltd                                  | Fortescue Ltd                                  | CUSIP: N/A<br>LEI: 529900VEJFORCO6I4826       | Long             | EC               | CORP              | AU        |    115178 | NS      | $1425927.55   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan Inc                           | Freeport-McMoRan Inc                           | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |     49884 | NS      | $1956450.48   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Galp Energia SGPS SA                           | Galp Energia SGPS SA                           | CUSIP: N/A<br>LEI: 2138003319Y7NM75FG53       | Long             | EC               | CORP              | PT        |      7931 | NS      | $150035.37    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Gazprom PJSC                                   | Gazprom PJSC                                   | CUSIP: 368287207<br>LEI: N/A                  | Long             | EC               | CORP              | RU        |    523190 | NS      | $0.00         | -20.00%           |  |  |  | No            |                  3 | On Loan: No      |
| Geberit AG                                     | Geberit AG                                     | CUSIP: N/A<br>LEI: 52990093Z5OHD6T7BS47       | Long             | EC               | CORP              | CH        |       671 | NS      | $503640.04    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Glencore PLC                                   | Glencore PLC                                   | CUSIP: N/A<br>LEI: 2138002658CPO9NBH955       | Long             | EC               | CORP              | CH        |    439473 | NS      | $2021055.15   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| GMK Norilskiy Nickel PAO                       | GMK Norilskiy Nickel PAO                       | CUSIP: 55315J102<br>LEI: 253400JPTEEW143W3E47 | Long             | EC               | CORP              | RU        |    181762 | NS      | $0.00         | -20.00%           |  |  |  | No            |                  3 | On Loan: No      |
| GOLDWIND                                       | Goldwind Science & Technology Co Ltd           | CUSIP: N/A<br>LEI: 3003008X6GR2ZPYM2V54       | Long             | EC               | CORP              | CN        |    249150 | NS      | $448318.85    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Halma PLC                                      | Halma PLC                                      | CUSIP: N/A<br>LEI: 2138007FRGLUR9KGBT40       | Long             | EC               | CORP              | GB        |      5452 | NS      | $253222.94    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Imperial Oil Ltd                               | Imperial Oil Ltd                               | CUSIP: 453038408<br>LEI: 549300JZNB745JT5WY51 | Long             | EC               | CORP              | CA        |      7005 | NS      | $635303.26    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Inpex Corp                                     | Inpex Corp                                     | CUSIP: N/A<br>LEI: 353800VHYYADPR6MXQ47       | Long             | EC               | CORP              | JP        |     16958 | NS      | $306928.49    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Ivanhoe Mines Ltd                              | Ivanhoe Mines Ltd                              | CUSIP: 46579R104<br>LEI: 5299006XZISURYIA4G32 | Long             | EC               | CORP              | CA        |     54481 | NS      | $577935.58    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Jiangxi Copper Co Ltd                          | Jiangxi Copper Co Ltd                          | CUSIP: N/A<br>LEI: 3003002E74YFQ6MEZY56       | Long             | EC               | CORP              | CN        |    163351 | NS      | $640353.39    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Kubota Corp                                    | Kubota Corp                                    | CUSIP: N/A<br>LEI: 549300CSY4INHEHQQT13       | Long             | EC               | CORP              | JP        |     53973 | NS      | $680852.48    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| LUKOIL PJSC                                    | LUKOIL PJSC                                    | CUSIP: 69343P105<br>LEI: 549300LCJ1UJXHYBWI24 | Long             | EC               | CORP              | RU        |     31173 | NS      | $0.00         | -20.00%           |  |  |  | No            |                  3 | On Loan: No      |
| Lundin Mining Corp                             | Lundin Mining Corp                             | CUSIP: 550372106<br>LEI: 549300FQDIM6C8HTN269 | Long             | EC               | CORP              | CA        |     33706 | NS      | $502901.08    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Lynas Rare Earths Ltd                          | Lynas Rare Earths Ltd                          | CUSIP: 551073307<br>LEI: 529900SGT9M1FJPXXI35 | Long             | EC               | CORP              | AU        |     29739 | NS      | $331292.46    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MMG Ltd                                        | MMG Ltd                                        | CUSIP: N/A<br>LEI: 529900XB5IQXFMSWEC48       | Long             | EC               | CORP              | AU        |    426241 | NS      | $369791.62    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Mosaic Co/The                                  | Mosaic Co/The                                  | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |     16416 | NS      | $569306.88    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| MP Materials Corp                              | MP Materials Corp                              | CUSIP: 553368101<br>LEI: 89450063PHPS61USMT84 | Long             | EC               | CORP              | US        |      5949 | NS      | $398999.43    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | US 10YR NOTE (CBT)Dec25                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       807 | NC      | $196235.26    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | US ULTRA BOND CBT Dec25                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       778 | NC      | $2613755.44   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| NAC Kazatomprom JSC                            | NAC Kazatomprom JSC                            | CUSIP: 63253R201<br>LEI: 5493008JG5TXJP2JSY44 | Long             | EC               | CORP              | KZ        |      9303 | NS      | $495849.90    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTracker Inc                                 | NEXTracker Inc                                 | CUSIP: 65290E101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6940 | NS      | $513490.60    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Nordex SE                                      | Nordex SE                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | DE        |     14959 | NS      | $383176.51    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Novatek PJSC                                   | Novatek PJSC                                   | CUSIP: 669888109<br>LEI: N/A                  | Long             | EC               | CORP              | RU        |     13358 | NS      | $0.00         | -20.00%           |  |  |  | No            |                  3 | On Loan: No      |
| Nutrien Ltd                                    | Nutrien Ltd                                    | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |     22699 | NS      | $1333325.62   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Occidental Petroleum Corp                      | Occidental Petroleum Corp                      | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |     11579 | NS      | $547107.75    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| OMV AG                                         | OMV AG                                         | CUSIP: N/A<br>LEI: 549300V62YJ9HTLRI486       | Long             | EC               | CORP              | AT        |      4552 | NS      | $242934.51    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Pentair PLC                                    | Pentair PLC                                    | CUSIP: N/A<br>LEI: 549300EVR9D56WPSRP15       | Long             | EC               | CORP              | GB        |      2885 | NS      | $319542.60    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| PhosAgro PJSC                                  | PhosAgro PJSC                                  | CUSIP: 71922G308<br>LEI: N/A                  | Long             | EC               | CORP              | RU        |     52122 | NS      | $0.00         | -20.00%           |  |  |  | No            |                  3 | On Loan: No      |
| Repsol SA                                      | Repsol SA                                      | CUSIP: N/A<br>LEI: BSYCX13Y0NOTV14V9N85       | Long             | EC               | CORP              | ES        |     15980 | NS      | $282869.25    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Rio Tinto PLC                                  | Rio Tinto PLC                                  | CUSIP: 767204100<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |     61172 | NS      | $4037963.72   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Rosneft Oil Co PJSC                            | Rosneft Oil Co PJSC                            | CUSIP: 67812M207<br>LEI: N/A                  | Long             | EC               | CORP              | RU        |    488696 | NS      | $0.00         | -20.00%           |  |  |  | No            |                  3 | On Loan: No      |
| Salmar ASA                                     | Salmar ASA                                     | CUSIP: N/A<br>LEI: 5967007LIEEXZXGDBK67       | Long             | EC               | CORP              | NO        |      6561 | NS      | $350479.36    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Santos Ltd                                     | Santos Ltd                                     | CUSIP: 803021807<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     34694 | NS      | $154735.24    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                                      | Shell PLC                                      | CUSIP: 780259305<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |     38058 | NS      | $2722288.74   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Sociedad Quimica y Minera de C                 | Sociedad Quimica y Minera de Chile SA          | CUSIP: 833635105<br>LEI: TJ88LXZZW5PWIN93ZC81 | Long             | EC               | CORP              | CL        |     13356 | NS      | $574040.88    | 0.11%             |  |  |  | No            |                  1 | On Loan: —       |
| South32 Ltd                                    | South32 Ltd                                    | CUSIP: N/A<br>LEI: 213800LAZNPXSBKVHR17       | Long             | EC               | CORP              | AU        |    178116 | NS      | $323448.06    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Copper Corp                           | Southern Copper Corp                           | CUSIP: 84265V105<br>LEI: 2549007U6NAP46Q9TU15 | Long             | EC               | CORP              | US        |     29507 | NS      | $3580981.33   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Gold MiniShares Trust                     | SPDR Gold MiniShares Trust                     | CUSIP: 98149E303<br>LEI: 5493002IEEMEY6LRJ932 | Long             | EC               | RF                | US        |    761241 | NS      | $58196874.45  | 10.82%            |  |  |  | No            |                  1 | On Loan: No      |
| Sumitomo Metal Mining Co Ltd                   | Sumitomo Metal Mining Co Ltd                   | CUSIP: N/A<br>LEI: 353800CF81IXL9974H84       | Long             | EC               | CORP              | JP        |     10352 | NS      | $334143.51    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Suncor Energy Inc                              | Suncor Energy Inc                              | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |     14966 | NS      | $626433.69    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Teck Resources Ltd                             | Teck Resources Ltd                             | CUSIP: 878742204<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | EC               | CORP              | CA        |     19605 | NS      | $860202.13    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Toro Co/The                                    | Toro Co/The                                    | CUSIP: 891092108<br>LEI: YJKE4YIT6BWQHVEW0D14 | Long             | EC               | CORP              | US        |      4594 | NS      | $350062.80    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| TotalEnergies SE                               | TotalEnergies SE                               | CUSIP: 89151E109<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |     31956 | NS      | $1907453.64   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Tourmaline Oil Corp                            | Tourmaline Oil Corp                            | CUSIP: 89156V106<br>LEI: 894500I7AXG91VB3PM28 | Long             | EC               | CORP              | CA        |      4492 | NS      | $193768.75    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                                  | United States Treasury Bill                    | CUSIP: 912797NA1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  66478000 | PA      | $66261646.68  | 12.32%            | 2025-10-30      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TSY INFL IX N/B                                | United States Treasury Inflation Indexed Bonds | CUSIP: 912810QV3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  21457917 | PA      | $17014769.49  | 3.16%             | 2042-02-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| TSY INFL IX N/B                                | United States Treasury Inflation Indexed Bonds | CUSIP: 912810RA8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  21075095 | PA      | $16003912.83  | 2.98%             | 2043-02-15      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| TSY INFL IX N/B                                | United States Treasury Inflation Indexed Bonds | CUSIP: 912810RF7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  22797516 | PA      | $19495814.60  | 3.62%             | 2044-02-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| TSY INFL IX N/B                                | United States Treasury Inflation Indexed Bonds | CUSIP: 912810RL4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  22189836 | PA      | $16543247.31  | 3.08%             | 2045-02-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| TSY INFL IX N/B                                | United States Treasury Inflation Indexed Bonds | CUSIP: 912810RR1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  23125821 | PA      | $17826402.35  | 3.31%             | 2046-02-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| TSY INFL IX N/B                                | United States Treasury Inflation Indexed Bonds | CUSIP: 912810RW0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  21940937 | PA      | $16197880.68  | 3.01%             | 2047-02-15      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| TSY INFL IX N/B                                | United States Treasury Inflation Indexed Bonds | CUSIP: 912810SM1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  13385814 | PA      | $7912734.06   | 1.47%             | 2050-02-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| TSY INFL IX N/B                                | United States Treasury Inflation Indexed Bonds | CUSIP: 912810TP3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7379168 | PA      | $5903594.17   | 1.10%             | 2053-02-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| TSY INFL IX N/B                                | United States Treasury Inflation Indexed Bonds | CUSIP: 912810TY4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  13062766 | PA      | $12051604.98  | 2.24%             | 2054-02-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| TSY INFL IX N/B                                | United States Treasury Inflation Indexed Bonds | CUSIP: 912810UH9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6002305 | PA      | $5856911.71   | 1.09%             | 2055-02-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Inflation Indexed Bonds | United States Treasury Inflation Indexed Bonds | CUSIP: 912810QP6<br>LEI: N/A                  | Long             | DBT              | UST               | US        |  13036077 | PA      | $13028090.35  | 2.42%             | 2041-02-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Inflation Indexed Bonds | United States Treasury Inflation Indexed Bonds | CUSIP: 912810SB5<br>LEI: N/A                  | Long             | DBT              | UST               | US        |  19022946 | PA      | $14248760.01  | 2.65%             | 2048-02-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Inflation Indexed Bonds | United States Treasury Inflation Indexed Bonds | CUSIP: 912810SG4<br>LEI: N/A                  | Long             | DBT              | UST               | US        |  15542846 | PA      | $11463444.02  | 2.13%             | 2049-02-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Inflation Indexed Bonds | United States Treasury Inflation Indexed Bonds | CUSIP: 912810SV1<br>LEI: N/A                  | Long             | DBT              | UST               | US        |  12501161 | PA      | $6930945.30   | 1.29%             | 2051-02-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Inflation Indexed Bonds | United States Treasury Inflation Indexed Bonds | CUSIP: 912810TE8<br>LEI: N/A                  | Long             | DBT              | UST               | US        |  12064350 | PA      | $6534366.88   | 1.21%             | 2052-02-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| Vale SA                                        | Vale SA                                        | CUSIP: 91912E105<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               | CORP              | BR        |    162394 | NS      | $1763598.84   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard FTSE Developed Market                 | Vanguard FTSE Developed Markets ETF            | CUSIP: 921943858<br>LEI: N/A                  | Long             | EC               | RF                | US        |    441518 | NS      | $26455758.56  | 4.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard FTSE Emerging Markets                 | Vanguard FTSE Emerging Markets ETF             | CUSIP: 922042858<br>LEI: N/A                  | Long             | EC               | RF                | US        |    756208 | NS      | $40971349.44  | 7.62%             |  |  |  | No            |                  1 | On Loan: —       |
| Vanguard Total Stock Market ET                 | Vanguard Total Stock Market ETF                | CUSIP: 922908769<br>LEI: N/A                  | Long             | EC               | RF                | US        |    204441 | NS      | $67091402.97  | 12.47%            |  |  |  | No            |                  1 | On Loan: No      |
| Veolia Environnement SA                        | Veolia Environnement SA                        | CUSIP: N/A<br>LEI: 969500LENY69X51OOT31       | Long             | EC               | CORP              | FR        |     12387 | NS      | $421797.83    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Vestas Wind Systems A/S                        | Vestas Wind Systems A/S                        | CUSIP: N/A<br>LEI: 549300DYMC8BGZZC8844       | Long             | EC               | CORP              | DK        |     55106 | NS      | $1039179.39   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Woodside Energy Group Ltd                      | Woodside Energy Group Ltd                      | CUSIP: N/A<br>LEI: 2549005ZC5RXAOO7FH41       | Long             | EC               | CORP              | AU        |     23115 | NS      | $352808.38    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Xylem Inc/NY                                   | Xylem Inc/NY                                   | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Long             | EC               | CORP              | US        |      3571 | NS      | $526722.50    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Yara International ASA                         | Yara International ASA                         | CUSIP: N/A<br>LEI: 213800WKOUWXWFJ5Z514       | Long             | EC               | CORP              | NO        |     13521 | NS      | $494072.50    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-24

**Name of Applicant:** Tidal Trust I

**Signature:** /s/ Aaron Perkovich

**Name of Signer:** Aaron Perkovich

**Title:** Treasurer/Principal Financial Officer