KFG WEALTH MANAGEMENT, LLC

Key Holdings and Their Significance

• Fidelity Covington Trust (top entry): $103.47M (13.84% of the portfolio). This single position is the largest concentration by far and, by itself, explains a substantial share of the quarter’s AUM increase. Because it is not classified into a sector in the filing, investors should review the Trust’s prospectus/strategy to understand underlying exposures and liquidity.
• ETF SER SOLUTIONS cluster: Multiple line items labeled “ETF SER SOLUTIONS” appear in the top 15 and together represent a material allocation (several entries: $78.34M, $48.82M, $20.18M, $16.37M, $12.92M, $11.81M, $11.10M). Combined, these entries are a significant portion of the portfolio and indicate systematic use of multiple ETFs from a provider or platform.
• Innovator ETFs Trust family: Numerous Innovator ETFs appear across the top 50 in small-to-medium-sized positions (many sub-$6M). This family is prominent in both additions and reductions this quarter, implying active tactical allocation across specialty/structured ETF products.
• Core/Index ETFs: SPEM ($26.33M, 3.52%) and DFIC/DFEM (Dimensional ETFs; combined ~$26.5M) plus Invesco QQQ ($3.40M) indicate the portfolio contains index/tilt exposures from recognized providers.
• Individual equities: Apple ($6.84M, 0.91%), Nvidia ($4.80M, 0.64%), Microsoft ($2.96M, 0.40%), Walmart ($2.48M, 0.33%). These are tactical, relatively small direct equity stakes rather than the primary portfolio drivers.

Concentration metrics to note: the top-10 positions account for about 56.5% of portfolio value (sum of percentages for ranks 1–10), indicating high concentration in a small number of pooled vehicles and ETFs.