ARCADIA INVESTMENT ADVISORS LLC

2. Key Holdings

The portfolio is characterized by a "core and satellite" structure built almost exclusively around broad-market and factor-based ETFs. The top ten positions account for approximately 53.7% of the total portfolio value, indicating a concentrated core strategy.

• Large Cap Core Dominance: The largest position is VV (Vanguard Large-Cap ETF) at $21.63 million (10.06%), followed closely by SCHX (Schwab U.S. Large-Cap ETF) at $13.79 million (6.41%). These positions suggest a strong tilt toward U.S. large-cap equities as the portfolio's primary engine.
• Strategic Factor Tilts: The third and fourth holdings, IWL (iShares Russell Top 200) and CWI (SPDR MSCI World International), indicate a blend of mega-cap exposure and international diversification. Additionally, the inclusion of FNDF (Schwab Fundamental International) and FNDX (Schwab Fundamental U.S. Large Company) points to a "smart beta" approach, utilizing fundamental weighting strategies rather than traditional market-cap weighting.
• Fixed Income Ladder: Positions 10 through 12 (IBDR, IBDS, IBDT) are iShares iBonds ETFs. These are typically defined-maturity bond ETFs, suggesting the firm is employing a bond laddering strategy for the fixed income portion of the portfolio to manage interest rate risk and liquidity.