The Vanguard Russell 1000 Growth ETF (VONG) is the largest single ETF position at $58 million and ranks fourth across the entire book. It anchors the fund's growth-beta exposure with a U.S. large-cap equity factor that is difficult to replicate cheaply in single names. The Global X Artificial Intelligence & Technology ETF (AIQ, $33 million) is a thematic AI and semiconductor-adjacent holding that the December book also carried; it was increased here. The Invesco S&P 500 Equal Weight (RSP) and the Nomura Focused Large Growth (LRGG) add factor diversification at the equity margin. The most notable new position is the State Street SPDR S&P Regional Banking ETF (KRE, $13M) — an explicit bet on small commercial banks that is unusual inside a growth-oriented portfolio. A fund that holds AIQ and VONG and is also building KRE exposure is running two simultaneous theses that most portfolio architects would keep separated: a long-duration growth-tech sleeve on one side and a regional-bank value-and-recovery trade on the other. The manager's willingness to carry both tells you the book is being constructed at the intersection of factor-return research and opportunistic single-name placement, not at the intersection of a single investment philosophy.
The Invesco Aerospace & Defense ETF (PPA, $11M) and the Global X Defense Tech ETF (SHLD, $11M) sit alongside the KRE position in sector-ETF form — three simultaneously-held defense and financial-sector ETFs plus the underlying single-name holdings in those sectors would constitute an unusually heavy U.S. domestic-policy bet in a growth-oriented book. The WisdomTree Europe Hedged Equity (HEDJ, $8.5M) opens the book's geographic footprint beyond U.S. domestic large-cap, adding European large-cap equity with a currency hedge that is unusual for a U.S.-dominated growth book. The net of all five new ETF initiations is a manager who, in December 2025, decided to expand the portfolio's factor surface area and its geographic diversification at the same time.