USA FINANCIAL FORMULAS

The portfolio currently holds 414 positions, suggesting a high degree of diversification. However, the concentration of capital is heavily skewed toward the top holdings, with the top 6 positions alone accounting for approximately 73% of the total portfolio value. The strategy appears to have shifted from a more heterogeneous approach to a "core-satellite" model, where the vast majority of assets are held in a few massive liquid ETF "cores," with the remaining capital distributed among hundreds of smaller individual stock and "buffer" ETF positions.

2. Key Holdings

The most striking feature of this filing is the dominance of broad-market ETFs in the top tier, all of which were new acquisitions during the quarter.