Embree Financial Group

Key Holdings

• Top positions by value are primarily liquid, exchange-traded exposures:
  • INVESCO QQQ TR: $66.50M (8.15%)
  • SPY (SPDR S&P 500 ETF): $53.50M (6.56%)
  • SCHX (Schwab): $38.44M (4.71%)
  • AAPL: $37.36M (4.58%)
  • DYNF (BlackRock ETF Trust): $31.59M (3.87%)
• The top 10 holdings (including individual large-cap names like AAPL, MSFT, NVDA and large financials) account for ~42% of assets, highlighting a core exposure to large-cap U.S. growth and market-cap-weighted indices.
• Direct large-cap equity exposure is meaningful but not dominant on a standalone basis: Technology-labeled holdings total $86.37M (10.6%), but indirect tech exposure via QQQ, SPY and broad ETFs materially increases overall technology beta.
• The holdings are highly liquid: ETFs and large-cap names dominate, which supports low friction for rebalancing and institutional-sized trades.

Sector Allocation and Notable Tilts

• Reported sector totals: ETFs $333.46M (40.9%), Unknown $103.87M (12.7%), Technology $86.37M (10.6%), Financial Services $79.63M (9.8%), Communication Services $20.47M (2.5%), Healthcare $12.62M (1.5%), Consumer Cyclical $9.78M (1.2%), Energy $3.79M (0.5%).
• The largest explicit allocation is to pooled/ETF products (40.9%). This implies the portfolio’s factor and sector exposures are substantially determined by ETF composition (QQQ, SPY, SCHX, DFIV, etc.), so underlying exposures to mega-cap tech, financials and broad-market beta are amplified through those funds.
• “Unknown” at $103.87M (12.7%) is material and should be clarified — it may represent non-standard asset types, privately placed funds, or securities not mapped to a sector. This is a notable disclosure gap from a risk- and exposure-management standpoint.
• Direct Financial Services exposure (~9.8%) and explicit Healthcare (1.5%) are present but much smaller than ETF-driven implicit exposures. Energy is minimal (0.5%) on a reported basis.