Apella Capital, LLC

Key Holdings and Their Significance

• DFAC (Dimensional ETF Trust) — $550.89M (10.89%): single largest position. The size indicates a core allocation to Dimensional’s strategy/product represented by this ticker and positions Dimensional products as a primary portfolio building block.
• Broad-market Vanguard ETFs — VTI $230.94M (4.56%), VOO $40.17M (0.79%), VO $39.25M (0.78%), VB $36.35M (0.72%): substantive core-market beta exposure through low-cost Vanguard vehicles, consistent with a core passive/component approach.
• Other Dimensional ETFs — DFSD $216.24M (4.27%), DFIC $148.06M (2.93%), and multiple additional DF* funds: a clear tilt toward the Dimensional product suite across strategies (multiple factor/market exposures).
• Fixed income ETFs — BSV $130.95M (2.59%), BND $122.50M (2.42%), BNDX $52.35M (1.03%), ISTB $39.70M (0.78%), IUSB $38.47M (0.76%), VCIT $30.22M (0.60%), VCSH $31.45M (0.62%): meaningful bond allocations are present, concentrated in short/aggregate bond ETFs.
• Other large ETFs: VEA $108.40M (2.14%), VWO $101.24M (2.00%), SPY $57.58M (1.14%), IEFA/IEFA-like funds: international equity exposure via established large ETFs.
• Direct large-cap equity exposure is modest: AAPL and MSFT together equal $118.81M (2.35%); no other single equity approaches that scale in the disclosed top-50.

Takeaway: Apella’s economic exposure is ETF-centric with heavy reliance on Dimensional ETFs complemented by Vanguard and iShares core ETFs; they maintain distinct allocations to fixed income but the overall portfolio is equity-dominant.