Note on “Unknown” category: The $118.81M “Unknown” balance is primarily TIDAL TRUST II entries ($50.45M), two large WISDOMTREE TR entries ($54.62M combined), and STRATEGY SHS ($13.44M). These appear to be pooled or non-standard instruments where the SEC’s automated sector tagging did not assign a conventional sector. Investors should treat this as concentrated, less-transparent exposure until the instruments’ legal/underlying compositions are verified.
Key Holdings and Their Significance
- TIDAL TRUST II (three line items totaling $50.45M; 21.7% of portfolio): Largest single grouping in the filing at $50.45M (≈21.7%). Because it is reported in multiple line items and sits in “Unknown,” this position likely represents a pooled or trust vehicle important to the manager’s strategy and should be investigated for its underlying assets, liquidity, and fees.
- VT (Vanguard Total World ETF): $40.35M (17.36%). Large new position providing broad global equity exposure (worldwide equity benchmark). This is a primary equity anchor added this quarter.
- WISDOMTREE TR (two line items, $29.20M and $25.42M; $54.62M total, ≈23.5%): Another substantial allocation appearing in the “Unknown” category. As with TIDAL, the two large WisdomTree positions account for a material portion of assets and merit verification of underlying exposure and structure.
- American Century ETF family (AVUV $20.39M, AVEM $19.32M, AVLV $13.06M; combined $52.77M, 22.7%): Significant, coordinated exposure to three American Century ETFs added this quarter. Together they form a sizeable sleeve that appears to target specific factor/segment exposures (small cap / value / active factor exposures common to this family).
- TLT (iShares 20+ Year Treasury ETF): $13.99M (6.02%). Material duration exposure providing interest-rate sensitivity and a potential fixed-income hedge.
- MINT (PIMCO short-term ETF): $3.54M (1.52%) and GLD $0.347M (0.15%): Small allocations to cash-like and commodity hedges.