# Portfolio overlap — ECSWX vs VBIL

Comparing **Embark Commodity Strategy Fund** (2026-01-31) and **VANGUARD 0-3 MONTH TREASURY BILL ETF** (2026-03-31).

- Shared positions: 11
- Embark Commodity Strategy Fund covered by VANGUARD 0-3 MONTH TREASURY BILL ETF: 0.2787148242890518139030695746
- VANGUARD 0-3 MONTH TREASURY BILL ETF covered by Embark Commodity Strategy Fund: 0.2787148242890518139030695746

## Embark Commodity Strategy Fund — top positions

| Security | Weight | Shared |
|----------|--------|--------|
| WI TREASURY SEC. 0.000000% 02/19/2026 | 0.109402 |  |
| U.S. Treasury Bills | 0.082116 |  |
| U.S. Treasury Bills | 0.065344 | ✓ |
| UST BILLS 0% 02/12/2026 | 0.060317 |  |
| WIB 0 03/19/26 | 0.058036 |  |
| U.S. Treasury Bills | 0.042106 | ✓ |
| U.S. Treasury Bills | 0.035212 |  |
| U.S. Treasury Bills | 0.031708 | ✓ |
| ZINC FUTURES 3 MONTHS | 0.031023 |  |
| U.S. Treasury Bills | 0.030206 |  |
| U.S. Treasury Bills | 0.029858 | ✓ |
| U.S. Treasury Bills | 0.026162 | ✓ |
| U.S. Treasury Bills | 0.023713 |  |
| U.S. Treasury Bills | 0.022333 | ✓ |
| WTI CRUDE SEP 26 | 0.021966 |  |
| U.S. Treasury Bills | 0.020223 | ✓ |
| U.S. Treasury Bills | 0.019950 | ✓ |
| U.S. Treasury Bills | 0.016552 |  |
| SILVER SEP 26 | 0.014851 |  |
| U.S. Treasury Bills | 0.014826 | ✓ |
| PURCHASED USD / SOLD EUR | 0.013125 |  |
| WTI CRUDE MAR 26 | 0.011353 |  |
| U.S. Treasury Bills | 0.011324 |  |
| U.S. Treasury Bills | 0.011016 |  |
| U.S. Treasury Bills | 0.010139 |  |
| U.S. Treasury Bills | 0.010088 |  |
| U.S. Treasury Bills | 0.008411 |  |
| U.S. Treasury Bills | 0.005828 |  |
| U.S. Treasury Bills | 0.005570 | ✓ |
| RBC DOM 8 REPO | 0.005137 |  |
| BANK OF AMERICA CORP SR UNSECURED 09/27 VAR | 0.004953 |  |
| AMERICAN EXPRESS CO SR UNSECURED 02/28 VAR | 0.004939 |  |
| AT&T INC | 0.004873 |  |
| MORGAN STANLEY B | 0.004361 |  |
| ZOOM COMMUNICATIONS INC CLASS A | 0.004356 |  |
| TRUIST BANK FRN SOFR+77 07/24/2028 | 0.004143 |  |
| BANK OF NEW YORK MELLON CORP THE | 0.004070 |  |
| US BANK NA CINCINNATI SR UNSECURED 05/28 VAR | 0.003739 |  |
| GENERAL ELECTRIC CO SR UNSECURED 05/26 VAR | 0.003662 |  |
| PHILIP MORRIS INTL INC FRN SOFR+83 04/28/2028 | 0.003611 |  |
| GOLDMAN SACHS GROUP INC (THE) FRN SOFR+185 03/15/2028 | 0.003576 |  |
| ORACLE CORP | 0.003418 |  |
| UNITEDHEALTH GRP. INC FRN | 0.003401 |  |
| CATERPILLAR FINL SVCS CORP FRN SOFR+52 05/14/2027 | 0.003339 |  |
| U.S. Treasury Bills | 0.003204 |  |
| Citigroup Inc. | 0.003163 |  |
| JOHN DEERE CAPITAL CORP SR UNSECURED 03/26 VAR | 0.003094 |  |
| NEXTERA ENERGY CAPITAL HOLDINGS INC VARIABLE RATE 02/04/2028 | 0.002982 |  |
| PNC Bank, National Association | 0.002881 |  |
| BOEING CO | 0.002767 |  |

## VANGUARD 0-3 MONTH TREASURY BILL ETF — top positions

| Security | Weight | Shared |
|----------|--------|--------|
| U.S. Treasury Bills | 0.063795 | ✓ |
| U.S. Treasury Bills | 0.057100 |  |
| U.S. Treasury Bills | 0.055447 |  |
| U.S. Treasury Bills | 0.054813 |  |
| U.S. Treasury Bills | 0.054709 |  |
| U.S. Treasury Bills | 0.053202 | ✓ |
| U.S. Treasury Bills | 0.052995 | ✓ |
| U.S. Treasury Bills | 0.052327 | ✓ |
| U.S. Treasury Bills | 0.051547 | ✓ |
| U.S. Treasury Bills | 0.051400 | ✓ |
| UST BILLS 0% 05/14/2026 | 0.044723 | ✓ |
| U.S. Treasury Bills | 0.044506 | ✓ |
| U.S. Treasury Bills | 0.035099 | ✓ |
| U.S. Treasury Bills | 0.035016 |  |
| U.S. Treasury Bills | 0.034658 | ✓ |
| U.S. Treasury Bills | 0.034367 | ✓ |
| U.S. Treasury Bills | 0.033990 |  |
| U.S. Treasury Bills | 0.033602 |  |
| United States Treasury Bill | 0.032941 |  |
| U.S. Treasury Bills | 0.030540 |  |
| U.S. Treasury Bills | 0.029729 |  |
| U.S. Treasury Bills | 0.013263 |  |
| U.S. Treasury Bills | 0.012835 |  |
| U.S. Treasury Bills | 0.012581 |  |
| United States Treasury Bill | 0.012487 |  |
| U.S. Treasury Bills | 0.011927 |  |
| Vanguard Market Liquidity Fund | 0.000402 |  |


## Sources

- N-PORT (fund A) — accession `0001410368-26-033726` (as of 2026-01-31)
  <https://www.sec.gov/Archives/edgar/data/1994489/000141036826033726/0001410368-26-033726-index.htm>
- N-PORT (fund B) — accession `0000862084-26-000095` (as of 2026-03-31)
  <https://www.sec.gov/Archives/edgar/data/862084/000086208426000095/0000862084-26-000095-index.htm>

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