Madrona Financial Services, LLC

Thematic and factor ETFs stacked side by side make up nearly all of Madrona Financial Services' 143-position, $542.6 million book: a quantum-computing fund (QTUM, 4.2% of book), an AI-focused fund (AIQ, 4.0%), a semiconductor fund (SMH, 2.6%), a uranium/nuclear fund (URA, up 21% in shares this quarter to 1.3%), and a biotech fund (XBI, 4.0%) all sit alongside core S&P 500 and factor exposure (IVV, QQQ, DYNF). That's less a single conviction bet than a basket of concurrent emerging-technology and commodity themes layered onto a core index base. One reversal is easy to misread: Invesco QQQ's share count fell 2% this quarter (a genuine $947,013 reduction in exposure) even as its dollar value rose $9.5 million because Nasdaq itself rallied — the opposite of what the price alone suggests. New money went into Advanced Micro Devices ($2.4 million) and Micron ($1.8 million), while Home Depot, Starbucks, and Sila Realty Trust were fully exited.