Friday Financial

2. Key Holdings

The portfolio is characterized by a concentration in large-cap, broad-market, and strategic beta ETFs. The top holding is ITOT (iShares Core S&P Total ETF), representing 23.31% of the portfolio at $66.12M. This massive allocation to a single total market fund indicates a strong "core" strategy designed to capture the overall performance of the U.S. equity market.

The remainder of the top ten is dominated by factor-based and international funds:

• Growth & Value: SCHG (Schwab U.S. Large-Cap Growth ETF) (7.20%) and SCHV (Schwab U.S. Large-Cap Value ETF) (3.24%) suggest a balanced approach to domestic style factors.
• Fixed Income: VGIT (Vanguard Intermediate-Term Treasury Bond ETF) (4.68%) serves as the primary defensive allocation, providing interest rate risk mitigation.
• International & Emerging Markets: IDEV (iShares Core MSCI Intl Developed Market) (4.22%) and AVDV (Avantis U.S. Small Cap Value) (3.82%) reflect a distinct tilt toward international diversification and small-cap value premiums.