Northstar Advisory Group, LLC

The ETF layer is organized around four functions. The SPY, IWM, IVV, VOO, and the new SPYM ETF together cover the broad large-cap U.S. equity market at roughly $104 million total — the equity-beta sleeve. The IGSB (short-term investment-grade bonds), IEF (7-10 year Treasuries), AGG (aggregate bonds), and VCSH (short-term munis) are the fixed-income sleeve, now running at roughly $50 million after the quarterly rotations. The GLD and OIH are a small commodity/energy-volatility hedge. XLP (consumer staples), XLB (materials), XLE (energy — absent in this filing, a deliberate lightening), XLI (industrials), XLV (healthcare), XLU (utilities), and XLK (technology) form a sector-tilt sleeve, each running between roughly $2 million and $10 million in size. The net of all this ETF activity is a portfolio architect who is adjusting the macro-level risk bucket composition every quarter rather than making individual stock decisions.

The single-name equity overlay that sits on top of that structure is composed of the kind of names that appear in a standard large-cap U.S. core equity book: NVIDIA ($17M), Alphabet Class A ($9.7M), Microsoft ($7.7M), Apple ($7.7M), Broadcom ($5.3M), Netflix ($5.2M), Amazon ($3.5M), Johnson & Johnson ($4.9M), and Taiwan Semiconductor ($4.1M) hold the top tier. None is sized at more than 2 percent of gross assets, and several — including Apple, Microsoft, and Amazon — were reduced inside the quarter. The single-name sleeve is therefore not a source of meaningful active risk relative to the total book; it is an equity-beta fine-tuning overlay.