FORMULATE FINANCIAL LLC

Size and liquidity implications

• Total assets: $15.30M — modest institutional size.
• Most dollar exposure is in very liquid vehicles: SPY ($9.15M), NVDA and GOOG (~$1.1M and ~$0.95M respectively). This supports relatively low trading friction on the largest positions.
• A couple of smaller names (Fat Brands: $22.1K) are tiny allocations that can introduce idiosyncratic liquidity and volatility risk.

Key Holdings

• SPY (SPDR S&P 500 ETF TR): $9.15M, 14,000 shares, 59.81% of portfolio. This is the clear core holding and supplies broad market beta. With nearly 60% in SPY, the filer’s net exposure is heavily tied to S&P 500 performance.
• VANGUARD SCOTTSDALE FDS: $2.20M, 7,000 shares, 14.35% of portfolio. The filing’s sector mapping labels this and two other holdings as “Unknown” (see sector section). This is the second-largest holding and materially contributes to portfolio risk/return, but the filing lacks a clear sector classification for it.
• NVDA (NVIDIA CORPORATION): $1.10M, 6,000 shares, 7.21% of portfolio. The largest explicit active equity stake outside SPY, indicating a meaningful technology exposure and conviction in a single high-growth large cap.
• GOOG (Alphabet Inc): $949.85K, 4,000 shares, 6.21% of portfolio. Another concentrated thematic tech/communication-services exposure.
• EATON CORP PLC: $862.27K, 2,000 shares, 5.64% of portfolio. A material industrial/industrial-tech exposure (not categorized in the filing’s sector mapping), representing a notable cyclically exposed holding.
• Smaller holdings: AbbVie ($296K, 1.94%), CrowdStrike ($288.8K, 1.89%), NextEra Energy ($226.7K, 1.48%), Blue Owl (OBDC) ($203.3K, 1.33%), Fat Brands ($22.1K, 0.14%). These are modest satellite positions.