One Capital Management, LLC

One Capital Management LLC publishes a $3.65B, 525-name 13F whose primary expression layer is a broad ETF allocation framework rather than fundamental stock selection. The portfolio places Vanguard Intermediate-Term Investment Grade Bond (IGIB, 8.5%) and iShares National Muni Bond (MUB, 4.7%) as its fixed-income anchors, alongside a group of FundX ETF products — including FFOX (Future Fund Opportunities, 4.4%), FFND (ONE Global ETF), XCOR (FundX Flexible ETF), and XFLX (FundX Long/Short ETF) — that together represent a single sub-account or custodian structure accessing multi-factor and long/short equity strategies through ETF wrappers. Of the 26 distinct ETF vehicles in the portfolio, approximately 40.4% of AUM is routed through them. Single-stock positions do appear — notably NVIDIA (NVDA, 2.7%) — but the largest non-ETF equity commitment is dwarfed by the ETF layer, and several of the top-listed 'single-stock' names resolve to FundX ETF products sharing a sub-account commonality. The Q1 initiations — QQQ (large-cap tech beta), XLG (S&P 500 Top 50 concentrated), IDV (international dividend), VLUE (U.S. value factor), EFV (international value factor), DFUS (Dimensional U.S. equity) — are six ETF vehicles added in a single quarter, which signals vehicle rebalancing within a factor-based allocation model rather than a fundamental stock-picking exercise. With whaleScore of 54.50 on a $3.65B book and 525 holdings averaging $6.9M per position, the score measures the fund's scale and ETF-granularity complexity, not active manager skill. This entity is best classified passive_index.