PENNEY FINANCIAL, LLC

Key Holdings

The portfolio is dominated by large-cap, broad-market ETFs, which form the core of the investment strategy.

• GSLC (Goldman Sachs ETF Trust): This is the largest holding, comprising 24.14% of the portfolio ($62.56M). This represents a massive overweight to a single fund, likely the Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF, indicating a preference for smart-beta or active factor investing in U.S. equities.
• VTI (Vanguard Total Stock Market ETF): The second-largest position at 16.05% ($41.60M), providing exposure to the entire U.S. equity market.
• VEA (Vanguard Tax-Managed International): Comprising 8.24% ($21.36M), this provides significant exposure to developed international markets (excluding the U.S. and Canada).
• iShares Trust & IEFA: Combined, these iShares funds account for roughly 11.66% of the portfolio, further reinforcing the international equity allocation.

Notably, the top individual stock positions are minimal compared to the ETF allocations. Apple Inc. (AAPL) is the largest single stock holding at only 0.93% ($2.42M), followed by Microsoft (MSFT) at 0.35%. This confirms that the firm is not engaging in traditional stock-picking for the bulk of its returns but is rather utilizing fund wrappers for asset class exposure.