Tanglewood Legacy Advisors, LLC

That structure matters because the direct equity names are much smaller than the ETF complex. Apple appears at 1.55%, SM Energy at 0.84%, and Chevron at roughly 0.39% across current entries, while SPY is 1.62% and QQQ is 1.24%. The headline exposure is therefore not a call on Apple or any individual energy name; it is a deliberate blend of U.S. growth, U.S. value, revenue-weighted equities, defined-outcome products, and short-duration/AAA-style income exposure.

The quarter’s activity fits that read. PAAA shares increased 45.6%, adding about $3.57M in reported value, while IUSV shares rose 7.1% and RWL shares rose 4.2%. Several buffered First Trust positions also grew, including GFEB up 32.2%, DFEB up 39.4%, and GJAN up 20.4%. IUSG shares increased 3.4% even though its reported value fell, suggesting the firm added to the growth sleeve into weaker marks.