| UPM-Kymmene Oyj | 5.56 | 55,490 |
| Weyerhaeuser(WY.US) | 5.19 | 66,126 |
| Packaging Corporation of America(PKG.US) | 5.07 | 7,398 |
| Avery Dennison(AVY.US) | 5.07 | 9,139 |
| Svenska Cellulosa AB SCA | 5.02 | 131,536 |
| Stora Enso Oyj | 4.80 | 125,925 |
| Suzano SA | 4.80 | 150,353 |
| Amcor(AMCR.US) | 4.58 | 35,865 |
| Smurfit Westrock(SW.US) | 4.48 | 34,975 |
| Sealed Air(SEE.US) | 4.29 | 31,801 |
| International Paper(IP.US) | 4.15 | 36,239 |
| Rayonier(RYN.US) | 4.11 | 62,008 |
| Sonoco Products Co.(SON.US) | 3.70 | 21,320 |
| Mondi PLC | 3.47 | 95,425 |
| Louisiana-Pacific(LPX.US) | 3.17 | 13,552 |
| SIG Group AG | 3.17 | 66,116 |
| Oji Holdings(3861.JP) | 2.92 | 164,454 |
| West Fraser Timber(WFG.US) | 2.43 | 11,584 |
| Stella-Jones Inc | 2.28 | 10,639 |
| Klabin SA | 2.18 | 174,117 |
| Huhtamaki Oyj | 2.18 | 20,954 |
| Graphic Packaging(GPK.US) | 2.06 | 63,798 |
| Holmen AB | 1.79 | 15,207 |
| Billerud Aktiebolag | 1.20 | 48,559 |
| Rengo(3941.JP) | 1.08 | 40,933 |
| Empresas CMPC SA | 1.05 | 242,715 |
| Indah Kiat Pulp & Paper Tbk PT | 1.02 | 530,851 |
| Sylvamo(SLVM.US) | 0.98 | 7,255 |
| 玖龍紙業(2689.HK) | 0.97 | 354,913 |
| 永豐餘(1907.TW) | 0.59 | 216,000 |
| SCG Packaging PCL | 0.59 | 288,210 |
| Navigator Co SA/The | 0.57 | 45,715 |
| Nippon Paper Industries(3863.JP) | 0.56 | 21,285 |
| Pabrik Kertas Tjiwi Kimia Tbk PT | 0.51 | 302,798 |
| Simplify China A Shares PLUS Inc(CAS.US) | 0.44 | 16,373 |
| Hokuetsu(3865.JP) | 0.42 | 22,392 |
| SAP(SAP.US) | 0.41 | 131,037 |
| Canfor Corp | 0.40 | 12,556 |
| Metsa Board Oyj | 0.40 | 34,919 |
| Daio Paper(3880.JP) | 0.39 | 18,270 |
| 台揚(2314.TW) | 0.39 | 277,052 |
| Elopak ASA | 0.35 | 29,021 |
| 正隆(1904.TW) | 0.31 | 156,000 |
| Century Plyboards India Ltd | 0.29 | 12,139 |
| Select Medical Holdings(SEM.US) | 0.29 | 3,488 |
| Dexco SA | 0.28 | 97,638 |
| 太陽紙業(002078.SZ) | 0.25 | 36,100 |
| Altri SGPS SA | 0.25 | 13,574 |
| Ence Energia y Celulosa SA | 0.20 | 23,473 |
| Saudi Paper Manufacturing Co | 0.19 | 3,981 |
| JK Paper Ltd | 0.17 | 16,599 |
| Eightco Holdings(ORBS.US) | 0.05 | 16,971 |
| CASH & EQUIVALENTS | 0.03 | 283,709 |
| Segezha Group PJSC | 0.00 | 1,310,077 |
| Resolute Forest Products Inc | 0.00 | 13,637 |
| CASH & EQUIVALENTS | 0.00 | 8,720 |
| CASH & EQUIVALENTS | 0.00 | 0 |
