SHERMAN PORFOLIOS, LLC Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPGI	S&P GLOBAL INC	312,224	$163,165	11.1%	$494.21	0.0%	COM	78409V104
GS	GOLDMAN SACHS GROUP INC	174,607	$153,479	10.5%	$813.35	0.0%	COM	38141G104
MAR	MARRIOTT INTL INC NEW	198,275	$61,513	4.2%	$285.32	0.0%	CL A	571903202
CAT	CATERPILLAR INC	74,161	$42,485	2.9%	$555.50	0.0%	COM	149123101
AVY	AVERY DENNISON CORP	229,920	$41,818	2.9%	$172.31	0.0%	COM	053611109
BIV	VANGUARD BD INDEX FDS	442,935	$34,496	2.4%	$77.88	—	INTERMED TERM	921937819
ECL	ECOLAB INC	97,794	$25,673	1.7%	$265.71	0.0%	COM	278865100
DIS	DISNEY WALT CO	212,100	$24,131	1.6%	$109.53	0.0%	COM	254687106
IYH	ISHARES TR	271,156	$17,652	1.2%	$65.10	—	US HLTHCARE ETF	464287762
BDX	BECTON DICKINSON & CO	80,508	$15,624	1.1%	$189.55	0.0%	COM	075887109
WMT	WALMART INC	94,759	$10,557	0.7%	$107.20	0.0%	COM	931142103
RTX	RTX CORPORATION	56,450	$10,353	0.7%	$173.32	0.0%	COM	75513E101
SE	SEA LTD	75,475	$9,628	0.7%	$127.57	—	SPONSORD ADS	81141R100
PG	PROCTER AND GAMBLE CO	64,613	$9,260	0.6%	$147.17	0.0%	COM	742718109
LOW	LOWES COS INC	37,578	$9,062	0.6%	$239.83	0.0%	COM	548661107
QCOM	QUALCOMM INC	46,704	$7,989	0.5%	$170.79	0.0%	COM	747525103
MMM	3M CO	45,773	$7,328	0.5%	$163.18	0.0%	COM	88579Y101
SCHB	SCHWAB STRATEGIC TR	244,264	$6,407	0.4%	$26.23	—	US BRD MKT ETF	808524102
EMR	EMERSON ELEC CO	47,935	$6,362	0.4%	$132.37	0.0%	COM	291011104
UPS	UNITED PARCEL SERVICE INC	63,814	$6,330	0.4%	$92.75	0.0%	CL B	911312106
JPM	JPMORGAN CHASE & CO.	19,145	$6,169	0.4%	$309.53	0.0%	COM	46625H100
C	CITIGROUP INC	52,345	$6,108	0.4%	$103.64	0.0%	COM NEW	172967424
ABBV	ABBVIE INC	26,223	$5,992	0.4%	$227.54	0.0%	COM	00287Y109
SPMD	SPDR SERIES TRUST	101,776	$5,894	0.4%	$57.91	—	STATE STREET SPD	78464A847
SCHD	SCHWAB STRATEGIC TR	214,000	$5,870	0.4%	$27.43	—	US DIVIDEND EQ	808524797
AZN	ASTRAZENECA PLC	63,428	$5,831	0.4%	$91.93	—	SPONSORED ADR	046353108
MRK	MERCK & CO INC	54,616	$5,749	0.4%	$93.24	0.0%	COM	58933Y105
IGSB	ISHARES TR	106,704	$5,642	0.4%	$52.88	—	ISHS 1-5YR INVS	464288646
XOM	EXXON MOBIL CORP	43,722	$5,262	0.4%	$115.49	0.0%	COM	30231G102
AMGN	AMGEN INC	16,068	$5,259	0.4%	$315.95	0.0%	COM	031162100
BK	BANK NEW YORK MELLON CORP	45,163	$5,243	0.4%	$110.50	0.0%	COM	064058100
BRK/B	BERKSHIRE HATHAWAY INC DEL	10,154	$5,104	0.3%	$497.53	0.0%	CL B NEW	084670702
EIX	EDISON INTL	84,467	$5,070	0.3%	$57.33	0.0%	COM	281020107
PSX	PHILLIPS 66	39,238	$5,063	0.3%	$134.01	0.0%	COM	718546104
WM	WASTE MGMT INC DEL	22,646	$4,976	0.3%	$212.55	0.0%	COM	94106L109
CVX	CHEVRON CORP NEW	32,231	$4,912	0.3%	$151.40	0.0%	COM	166764100
OMC	OMNICOM GROUP INC	59,943	$4,840	0.3%	$75.76	0.0%	COM	681919106
MCD	MCDONALDS CORP	15,400	$4,707	0.3%	$305.09	0.0%	COM	580135101
MET	METLIFE INC	59,397	$4,689	0.3%	$78.93	0.0%	COM	59156R108
ABT	ABBOTT LABS	37,368	$4,682	0.3%	$127.30	0.0%	COM	002824100
UL	UNILEVER PLC	71,476	$4,675	0.3%	$65.40	—	SPON ADR NEW	904767803
IQV	IQVIA HLDGS INC	20,490	$4,619	0.3%	$217.58	0.0%	COM	46266C105
TXN	TEXAS INSTRS INC	26,371	$4,575	0.3%	$170.73	0.0%	COM	882508104
COP	CONOCOPHILLIPS	48,700	$4,559	0.3%	$90.02	0.0%	COM	20825C104
GPC	GENUINE PARTS CO	36,581	$4,498	0.3%	$128.69	0.0%	COM	372460105
IP	INTERNATIONAL PAPER CO	112,628	$4,436	0.3%	$40.85	0.0%	COM	460146103
SCHE	SCHWAB STRATEGIC TR	134,105	$4,392	0.3%	$32.75	—	EMRG MKTEQ ETF	808524706
ADP	AUTOMATIC DATA PROCESSING IN	16,913	$4,351	0.3%	$264.83	0.0%	COM	053015103
SYY	SYSCO CORP	58,642	$4,321	0.3%	$75.50	0.0%	COM	871829107
ELV	ELEVANCE HEALTH INC FORMERLY	12,035	$4,219	0.3%	$336.70	0.0%	COM	036752103
ADI	ANALOG DEVICES INC	15,308	$4,152	0.3%	$250.62	0.0%	COM	032654105
KMB	KIMBERLY-CLARK CORP	39,986	$4,034	0.3%	$108.41	0.0%	COM	494368103
GOOG	ALPHABET INC	12,150	$3,813	0.3%	$286.33	0.0%	CAP STK CL C	02079K107
XLRE	SELECT SECTOR SPDR TR	87,888	$3,546	0.2%	$40.35	—	STATE STREET REA	81369Y860
BPRE	BLUEROCK PVT REAL ESTATE FD	230,024	$3,450	0.2%	$15.00	—	COM	09631P102
ADBE	ADOBE INC	9,541	$3,339	0.2%	$340.09	0.0%	COM	00724F101
GD	GENERAL DYNAMICS CORP	9,459	$3,184	0.2%	$340.86	0.0%	COM	369550108
MA	MASTERCARD INCORPORATED	5,368	$3,064	0.2%	$558.95	0.0%	CL A	57636Q104
VEEV	VEEVA SYS INC	13,403	$2,992	0.2%	$265.35	0.0%	CL A COM	922475108
APD	AIR PRODS & CHEMS INC	11,729	$2,897	0.2%	$251.65	0.0%	COM	009158106
INTU	INTUIT	4,289	$2,841	0.2%	$660.69	0.0%	COM	461202103
DD	DUPONT DE NEMOURS INC	70,560	$2,837	0.2%	$37.39	0.0%	COM	26614N102
HON	HONEYWELL INTL INC	13,664	$2,666	0.2%	$195.03	0.0%	COM	438516106
MU	MICRON TECHNOLOGY INC	9,191	$2,623	0.2%	$229.35	0.0%	COM	595112103
GOOGL	ALPHABET INC	8,340	$2,610	0.2%	$285.60	0.0%	CAP STK CL A	02079K305
GIS	GENERAL MLS INC	55,665	$2,588	0.2%	$47.46	0.0%	COM	370334104
WDAY	WORKDAY INC	11,200	$2,406	0.2%	$227.21	0.0%	CL A	98138H101
SCHO	SCHWAB STRATEGIC TR	96,700	$2,357	0.2%	$24.37	—	SHT TM US TRES	808524862
INTC	INTEL CORP	63,167	$2,331	0.2%	$37.76	0.0%	COM	458140100
TER	TERADYNE INC	11,396	$2,206	0.2%	$171.50	0.0%	COM	880770102
GLW	CORNING INC	25,005	$2,189	0.1%	$85.98	0.0%	COM	219350105
WFC	WELLS FARGO CO NEW	22,374	$2,085	0.1%	$86.63	0.0%	COM	949746101
IWM	ISHARES TR	8,429	$2,075	0.1%	$246.16	—	RUSSELL 2000 ETF	464287655
KLAC	KLA CORP	1,699	$2,064	0.1%	$1171.91	0.0%	COM NEW	482480100
FSLR	FIRST SOLAR INC	7,706	$2,013	0.1%	$252.20	0.0%	COM	336433107
MPWR	MONOLITHIC PWR SYS INC	2,145	$1,944	0.1%	$960.73	0.0%	COM	609839105
CION	CION INVT CORP	193,758	$1,874	0.1%	$9.21	0.0%	COM	17259U204
ALB	ALBEMARLE CORP	11,273	$1,594	0.1%	$113.25	0.0%	COM	012653101
IVV	ISHARES TR	2,184	$1,496	0.1%	$684.94	—	CORE S&P500 ETF	464287200
AAPL	APPLE INC	5,452	$1,482	0.1%	$268.34	0.0%	COM	037833100
TEL	TE CONNECTIVITY PLC	6,474	$1,473	0.1%	$231.27	0.0%	ORD SHS	G87052109
BIL	SPDR SERIES TRUST	15,391	$1,406	0.1%	$91.38	—	STATE STREET SPD	78468R663
A	AGILENT TECHNOLOGIES INC	9,024	$1,228	0.1%	$143.72	0.0%	COM	00846U101
LITE	LUMENTUM HLDGS INC	2,686	$990	0.1%	$256.82	0.0%	COM	55024U109
SWK	STANLEY BLACK & DECKER INC	13,176	$979	0.1%	$69.90	0.0%	COM	854502101
VGK	VANGUARD INTL EQUITY INDEX F	11,649	$974	0.1%	$83.61	—	FTSE EUROPE ETF	922042874
CIEN	CIENA CORP	4,110	$961	0.1%	$194.00	0.0%	COM NEW	171779309
VAC	MARRIOTT VACATIONS WORLDWIDE	15,574	$898	0.1%	$59.10	0.0%	COM	57164Y107
DFCF	DIMENSIONAL ETF TRUST	19,924	$848	0.1%	$42.56	—	CORE FIXED INCOM	25434V872
VOT	VANGUARD INDEX FDS	3,003	$838	0.1%	$279.14	—	MCAP GR IDXVIP	922908538
BAX	BAXTER INTL INC	42,861	$819	0.1%	$20.00	0.0%	COM	071813109
VIG	VANGUARD SPECIALIZED FUNDS	3,629	$798	0.1%	$219.78	—	DIV APP ETF	921908844
SCHP	SCHWAB STRATEGIC TR	29,689	$786	0.1%	$26.49	—	US TIPS ETF	808524870
MDB	MONGODB INC	1,747	$733	0.0%	$363.83	0.0%	CL A	60937P106
ASTS	AST SPACEMOBILE INC	10,027	$728	0.0%	$71.36	0.0%	COM CL A	00217D100
COHR	COHERENT CORP	3,771	$696	0.0%	$149.58	0.0%	COM	19247G107
APA	APA CORPORATION	25,920	$634	0.0%	$24.13	0.0%	COM	03743Q108
ALAB	ASTERA LABS INC	3,668	$610	0.0%	$167.29	0.0%	COM	04626A103
EXAS	EXACT SCIENCES CORP	5,936	$603	0.0%	$80.31	0.0%	COM	30063P105
IWS	ISHARES TR	3,895	$549	0.0%	$141.05	—	RUS MDCP VAL ETF	464287473
VRT	VERTIV HOLDINGS CO	3,350	$543	0.0%	$173.58	0.0%	COM CL A	92537N108
INSM	INSMED INC	2,963	$516	0.0%	$182.48	0.0%	COM PAR $.01	457669307
TSLA	TESLA INC	906	$407	0.0%	$443.29	0.0%	COM	88160R101
RGLD	ROYAL GOLD INC	1,726	$384	0.0%	$198.37	0.0%	COM	780287108
IAU	ISHARES GOLD TR	4,279	$347	0.0%	$81.17	—	ISHARES NEW	464285204
DXJ	WISDOMTREE TR	2,331	$336	0.0%	$144.18	—	JAPN HEDGE EQT	97717W851
DXC	DXC TECHNOLOGY CO	22,845	$335	0.0%	$13.75	0.0%	COM	23355L106
ITB	ISHARES TR	3,203	$308	0.0%	$96.29	—	US HOME CONS ETF	464288752
SGOL	ETFS GOLD TR	7,349	$302	0.0%	$41.08	—	PHYSCL GOLD SHS	00326A104
IJR	ISHARES TR	2,503	$301	0.0%	$120.18	—	CORE S&P SCP ETF	464287804
SATS	ECHOSTAR CORP	2,544	$277	0.0%	$81.43	0.0%	CL A	278768106
ROIV	ROIVANT SCIENCES LTD	12,573	$273	0.0%	$19.73	0.0%	SHS	G76279101
ELAN	ELANCO ANIMAL HEALTH INC	11,829	$268	0.0%	$21.76	0.0%	COM	28414H103
FNV	FRANCO NEV CORP	1,143	$237	0.0%	$202.79	0.0%	COM	351858105
CW	CURTISS WRIGHT CORP	400	$221	0.0%	$557.64	0.0%	COM	231561101
SCHM	SCHWAB STRATEGIC TR	6,879	$207	0.0%	$30.07	—	US MID-CAP ETF	808524508
KTOS	KRATOS DEFENSE & SEC SOLUTIO	2,703	$205	0.0%	$81.87	0.0%	COM NEW	50077B207
VOO	VANGUARD INDEX FDS	322	$202	0.0%	$627.13	—	S&P 500 ETF SHS	922908363
NWL	NEWELL BRANDS INC	11,990	$45	0.0%	$3.99	0.0%	COM	651229106

Increased Positions (29)

MSFT MICROSOFT CORP 13.9%

Value ($000) $203,652 (+86114.9%) Shares 421,099 (+92246.3%) Est. Cost $500.51 Unrealized +0.0%

SCHX SCHWAB STRATEGIC TR 2.2%

Value ($000) $31,993 (+7806.7%) Shares 1,188,906 (+7639.3%) Est. Cost $26.89 Unrealized —

SPY SPDR S&P 500 ETF TR 2.6%

Value ($000) $37,835 (+210.2%) Shares 55,483 (+203.0%) Est. Cost $652.68 Unrealized —

SCHF SCHWAB STRATEGIC TR 1.8%

Value ($000) $25,989 (+6437.9%) Shares 1,081,058 (+6231.2%) Est. Cost $24.02 Unrealized —

QQQ INVESCO QQQ TR 1.4%

Value ($000) $20,019 (+54.4%) Shares 32,588 (+50.9%) Est. Cost $568.99 Unrealized —

EFA ISHARES TR 1.1%

Value ($000) $16,307 (+75.6%) Shares 169,809 (+70.7%) Est. Cost $92.14 Unrealized —

EEM ISHARES TR 1.1%

Value ($000) $16,588 (+71.9%) Shares 303,202 (+67.8%) Est. Cost $50.85 Unrealized —

AVGO BROADCOM INC 0.5%

Value ($000) $7,830 (+583.8%) Shares 22,624 (+551.8%) Est. Cost $336.27 Unrealized +6.2%

SSO PROSHARES TR 1.4%

Value ($000) $20,567 (+48.0%) Shares 355,086 (+186.5%) Est. Cost $70.00 Unrealized —

IVW ISHARES TR 1.3%

Value ($000) $19,131 (+52.2%) Shares 155,206 (+49.1%) Est. Cost $109.27 Unrealized —

TSM TAIWAN SEMICONDUCTOR MFG LTD 0.4%

Value ($000) $5,632 (+2693.1%) Shares 18,534 (+2467.0%) Est. Cost $302.93 Unrealized —

DFAS DIMENSIONAL ETF TRUST 0.4%

Value ($000) $5,315 (+1761.8%) Shares 76,289 (+1729.5%) Est. Cost $69.60 Unrealized —

HYG ISHARES TR 0.4%

Value ($000) $6,460 (+256.0%) Shares 80,115 (+258.4%) Est. Cost $80.40 Unrealized —

LQD ISHARES TR 0.4%

Value ($000) $6,409 (+253.5%) Shares 58,161 (+257.6%) Est. Cost $109.76 Unrealized —

AMZN AMAZON COM INC 0.2%

Value ($000) $3,220 (+867.3%) Shares 13,949 (+820.1%) Est. Cost $226.16 Unrealized +1.2%

WBD WARNER BROS DISCOVERY INC 0.2%

Value ($000) $3,080 (+537.2%) Shares 106,865 (+331.8%) Est. Cost $21.11 Unrealized +10.7%

LRCX LAM RESEARCH CORP 0.2%

Value ($000) $2,648 (+1017.8%) Shares 15,467 (+774.3%) Est. Cost $149.66 Unrealized +3.8%

NEM NEWMONT CORP 0.2%

Value ($000) $2,418 (+148.9%) Shares 24,212 (+110.2%) Est. Cost $80.29 Unrealized +12.3%

APH AMPHENOL CORP NEW 0.2%

Value ($000) $2,269 (+135.9%) Shares 16,787 (+116.0%) Est. Cost $109.40 Unrealized +22.1%

WDC WESTERN DIGITAL CORP 0.2%

Value ($000) $2,570 (+74.2%) Shares 14,917 (+21.4%) Est. Cost $93.94 Unrealized +61.3%

AMD ADVANCED MICRO DEVICES INC 0.1%

Value ($000) $2,095 (+98.9%) Shares 9,781 (+50.3%) Est. Cost $182.53 Unrealized +23.0%

BA BOEING CO 0.1%

Value ($000) $1,316 (+71.3%) Shares 6,060 (+70.3%) Est. Cost $217.29 Unrealized -5.4%

APP APPLOVIN CORP 0.1%

Value ($000) $817 (+179.3%) Shares 1,212 (+197.8%) Est. Cost $503.46 Unrealized +25.2%

MP MP MATERIALS CORP 0.0%

Value ($000) $727 (+189.0%) Shares 14,395 (+283.7%) Est. Cost $53.54 Unrealized +18.4%

STX SEAGATE TECHNOLOGY HLDNGS PL 0.1%

Value ($000) $1,482 (+32.0%) Shares 5,383 (+13.2%) Est. Cost $180.10 Unrealized +43.8%

SOFI SOFI TECHNOLOGIES INC 0.0%

Value ($000) $731 (+96.2%) Shares 27,923 (+98.0%) Est. Cost $25.78 Unrealized +8.1%

HOOD ROBINHOOD MKTS INC 0.0%

Value ($000) $574 (+75.4%) Shares 5,073 (+122.1%) Est. Cost $86.04 Unrealized +51.2%

VTI VANGUARD INDEX FDS 0.0%

Value ($000) $488 (+86.0%) Shares 1,455 (+82.1%) Est. Cost $310.29 Unrealized —

PEP PEPSICO INC 0.0%

Value ($000) $247 (+5.6%) Shares 1,722 (+3.4%) Est. Cost $156.21 Unrealized -6.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	MICROSOFT CORP	421,099 (+92246.3%)	$203,652 (+86114.9%)	13.9%	$500.51	+0.0%	COM	594918104
SCHX	SCHWAB STRATEGIC TR	1,188,906 (+7639.3%)	$31,993 (+7806.7%)	2.2%	$26.89	—	US LRG CAP ETF	808524201
SPY	SPDR S&P 500 ETF TR	55,483 (+203.0%)	$37,835 (+210.2%)	2.6%	$652.68	—	TR UNIT	78462F103
SCHF	SCHWAB STRATEGIC TR	1,081,058 (+6231.2%)	$25,989 (+6437.9%)	1.8%	$24.02	—	INTL EQTY ETF	808524805
QQQ	INVESCO QQQ TR	32,588 (+50.9%)	$20,019 (+54.4%)	1.4%	$568.99	—	UNIT SER 1	46090E103
EFA	ISHARES TR	169,809 (+70.7%)	$16,307 (+75.6%)	1.1%	$92.14	—	MSCI EAFE ETF	464287465
EEM	ISHARES TR	303,202 (+67.8%)	$16,588 (+71.9%)	1.1%	$50.85	—	MSCI EMG MKT ETF	464287234
AVGO	BROADCOM INC	22,624 (+551.8%)	$7,830 (+583.8%)	0.5%	$336.27	+6.2%	COM	11135F101
SSO	PROSHARES TR	355,086 (+186.5%)	$20,567 (+48.0%)	1.4%	$70.00	—	PSHS ULT S&P 500	74347R107
IVW	ISHARES TR	155,206 (+49.1%)	$19,131 (+52.2%)	1.3%	$109.27	—	S&P 500 GRWT ETF	464287309
TSM	TAIWAN SEMICONDUCTOR MFG LTD	18,534 (+2467.0%)	$5,632 (+2693.1%)	0.4%	$302.93	—	SPONSORED ADS	874039100
DFAS	DIMENSIONAL ETF TRUST	76,289 (+1729.5%)	$5,315 (+1761.8%)	0.4%	$69.60	—	US SMALL CAP ETF	25434V500
HYG	ISHARES TR	80,115 (+258.4%)	$6,460 (+256.0%)	0.4%	$80.40	—	IBOXX HI YD ETF	464288513
LQD	ISHARES TR	58,161 (+257.6%)	$6,409 (+253.5%)	0.4%	$109.76	—	IBOXX INV CP ETF	464287242
AMZN	AMAZON COM INC	13,949 (+820.1%)	$3,220 (+867.3%)	0.2%	$226.16	+1.2%	COM	023135106
WBD	WARNER BROS DISCOVERY INC	106,865 (+331.8%)	$3,080 (+537.2%)	0.2%	$21.11	+10.7%	COM SER A	934423104
LRCX	LAM RESEARCH CORP	15,467 (+774.3%)	$2,648 (+1017.8%)	0.2%	$149.66	+3.8%	COM NEW	512807306
NEM	NEWMONT CORP	24,212 (+110.2%)	$2,418 (+148.9%)	0.2%	$80.29	+12.3%	COM	651639106
APH	AMPHENOL CORP NEW	16,787 (+116.0%)	$2,269 (+135.9%)	0.2%	$109.40	+22.1%	CL A	032095101
WDC	WESTERN DIGITAL CORP	14,917 (+21.4%)	$2,570 (+74.2%)	0.2%	$93.94	+61.3%	COM	958102105
AMD	ADVANCED MICRO DEVICES INC	9,781 (+50.3%)	$2,095 (+98.9%)	0.1%	$182.53	+23.0%	COM	007903107
BA	BOEING CO	6,060 (+70.3%)	$1,316 (+71.3%)	0.1%	$217.29	-5.4%	COM	097023105
APP	APPLOVIN CORP	1,212 (+197.8%)	$817 (+179.3%)	0.1%	$503.46	+25.2%	COM CL A	03831W108
MP	MP MATERIALS CORP	14,395 (+283.7%)	$727 (+189.0%)	0.0%	$53.54	+18.4%	COM CL A	553368101
STX	SEAGATE TECHNOLOGY HLDNGS PL	5,383 (+13.2%)	$1,482 (+32.0%)	0.1%	$180.10	+43.8%	ORD SHS	G7997R103
SOFI	SOFI TECHNOLOGIES INC	27,923 (+98.0%)	$731 (+96.2%)	0.0%	$25.78	+8.1%	COM	83406F102
HOOD	ROBINHOOD MKTS INC	5,073 (+122.1%)	$574 (+75.4%)	0.0%	$86.04	+51.2%	COM CL A	770700102
VTI	VANGUARD INDEX FDS	1,455 (+82.1%)	$488 (+86.0%)	0.0%	$310.29	—	TOTAL STK MKT	922908769
PEP	PEPSICO INC	1,722 (+3.4%)	$247 (+5.6%)	0.0%	$156.21	-6.6%	COM	713448108

Exited Positions (33)

IYF ISHARES TR 1.8%

Value ($000) $25,695 Shares 202,895 Est. Cost $111.08 Unrealized —

DIA SPDR DOW JONES INDL AVERAGE 0.1%

Value ($000) $1,224 Shares 2,639 Est. Cost $425.50 Unrealized —

TPR TAPESTRY INC 0.1%

Value ($000) $1,177 Shares 10,398 Est. Cost $75.83 Unrealized +50.4%

SGOV ISHARES TR 0.1%

Value ($000) $1,132 Shares 11,244 Est. Cost $100.70 Unrealized —

IYR ISHARES TR 0.1%

Value ($000) $1,057 Shares 10,889 Est. Cost $93.06 Unrealized —

IVE ISHARES TR 0.1%

Value ($000) $1,040 Shares 5,037 Est. Cost $190.88 Unrealized —

ORCL ORACLE CORP 0.1%

Value ($000) $951 Shares 3,381 Est. Cost $254.17 Unrealized -6.3%

GE GE AEROSPACE 0.1%

Value ($000) $935 Shares 3,109 Est. Cost $218.59 Unrealized +37.6%

GEV GE VERNOVA INC 0.1%

Value ($000) $893 Shares 1,452 Est. Cost $415.97 Unrealized +46.4%

VST VISTRA CORP 0.1%

Value ($000) $883 Shares 4,508 Est. Cost $137.88 Unrealized +31.9%

RCL ROYAL CARIBBEAN GROUP 0.1%

Value ($000) $808 Shares 2,497 Est. Cost $332.02 Unrealized -15.2%

HWM HOWMET AEROSPACE INC 0.1%

Value ($000) $734 Shares 3,739 Est. Cost $109.18 Unrealized +82.3%

NRG NRG ENERGY INC 0.0%

Value ($000) $695 Shares 4,294 Est. Cost $130.97 Unrealized +26.2%

JBL JABIL INC 0.0%

Value ($000) $660 Shares 3,040 Est. Cost $161.93 Unrealized +31.7%

DG DOLLAR GEN CORP NEW 0.0%

Value ($000) $628 Shares 6,072 Est. Cost $108.94 Unrealized +2.4%

MRVL MARVELL TECHNOLOGY INC 0.0%

Value ($000) $599 Shares 7,129 Est. Cost $73.50 Unrealized +19.0%

DLTR DOLLAR TREE INC 0.0%

Value ($000) $580 Shares 6,150 Est. Cost $107.01 Unrealized +0.1%

ORLY OREILLY AUTOMOTIVE INC 0.0%

Value ($000) $577 Shares 5,355 Est. Cost $91.18 Unrealized +7.2%

CELH CELSIUS HLDGS INC 0.0%

Value ($000) $460 Shares 7,997 Est. Cost $52.29 Unrealized -3.7%

DASH DOORDASH INC 0.0%

Value ($000) $404 Shares 1,487 Est. Cost $168.41 Unrealized +39.3%

CAR AVIS BUDGET GROUP 0.0%

Value ($000) $294 Shares 1,829 Est. Cost $168.52 Unrealized -17.2%

RBLX ROBLOX CORP 0.0%

Value ($000) $291 Shares 2,104 Est. Cost $78.55 Unrealized +35.2%

HIMS HIMS & HERS HEALTH INC 0.0%

Value ($000) $280 Shares 4,934 Est. Cost $45.77 Unrealized -6.4%

TLN TALEN ENERGY CORP 0.0%

Value ($000) $261 Shares 613 Est. Cost $361.29 Unrealized +7.6%

RKLB ROCKET LAB CORP 0.0%

Value ($000) $257 Shares 5,370 Est. Cost $45.36 Unrealized +26.4%

APG API GROUP CORP 0.0%

Value ($000) $240 Shares 6,995 Est. Cost $34.90 Unrealized +5.9%

IYC ISHARES TR 0.0%

Value ($000) $235 Shares 2,241 Est. Cost $96.14 Unrealized —

CVNA CARVANA CO 0.0%

Value ($000) $225 Shares 597 Est. Cost $357.61 Unrealized +3.9%

ALGM ALLEGRO MICROSYSTEMS INC 0.0%

Value ($000) $225 Shares 7,698 Est. Cost $32.34 Unrealized -14.9%

NET CLOUDFLARE INC 0.0%

Value ($000) $203 Shares 946 Est. Cost $204.15 Unrealized +3.6%

IBKR INTERACTIVE BROKERS GROUP IN 0.0%

Value ($000) $202 Shares 2,931 Est. Cost $62.79 Unrealized +6.5%

COIN COINBASE GLOBAL INC 0.0%

Value ($000) $200 Shares 594 Est. Cost $339.07 Unrealized -12.1%

SRFM SURF AIR MOBILITY INC 0.0%

Value ($000) $125 Shares 29,219 Est. Cost $4.69 Unrealized -31.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IYF	ISHARES TR	202,895	$25,695	1.8%	$111.08	—	—	464287788
DIA	SPDR DOW JONES INDL AVERAGE	2,639	$1,224	0.1%	$425.50	—	—	78467X109
TPR	TAPESTRY INC	10,398	$1,177	0.1%	$75.83	+50.4%	—	876030107
SGOV	ISHARES TR	11,244	$1,132	0.1%	$100.70	—	—	46436E718
IYR	ISHARES TR	10,889	$1,057	0.1%	$93.06	—	—	464287739
IVE	ISHARES TR	5,037	$1,040	0.1%	$190.88	—	—	464287408
ORCL	ORACLE CORP	3,381	$951	0.1%	$254.17	-6.3%	—	68389X105
GE	GE AEROSPACE	3,109	$935	0.1%	$218.59	+37.6%	—	369604301
GEV	GE VERNOVA INC	1,452	$893	0.1%	$415.97	+46.4%	—	36828A101
VST	VISTRA CORP	4,508	$883	0.1%	$137.88	+31.9%	—	92840M102
RCL	ROYAL CARIBBEAN GROUP	2,497	$808	0.1%	$332.02	-15.2%	—	V7780T103
HWM	HOWMET AEROSPACE INC	3,739	$734	0.1%	$109.18	+82.3%	—	443201108
NRG	NRG ENERGY INC	4,294	$695	0.0%	$130.97	+26.2%	—	629377508
JBL	JABIL INC	3,040	$660	0.0%	$161.93	+31.7%	—	466313103
DG	DOLLAR GEN CORP NEW	6,072	$628	0.0%	$108.94	+2.4%	—	256677105
MRVL	MARVELL TECHNOLOGY INC	7,129	$599	0.0%	$73.50	+19.0%	—	573874104
DLTR	DOLLAR TREE INC	6,150	$580	0.0%	$107.01	+0.1%	—	256746108
ORLY	OREILLY AUTOMOTIVE INC	5,355	$577	0.0%	$91.18	+7.2%	—	67103H107
CELH	CELSIUS HLDGS INC	7,997	$460	0.0%	$52.29	-3.7%	—	15118V207
DASH	DOORDASH INC	1,487	$404	0.0%	$168.41	+39.3%	—	25809K105
CAR	AVIS BUDGET GROUP	1,829	$294	0.0%	$168.52	-17.2%	—	053774105
RBLX	ROBLOX CORP	2,104	$291	0.0%	$78.55	+35.2%	—	771049103
HIMS	HIMS & HERS HEALTH INC	4,934	$280	0.0%	$45.77	-6.4%	—	433000106
TLN	TALEN ENERGY CORP	613	$261	0.0%	$361.29	+7.6%	—	87422Q109
RKLB	ROCKET LAB CORP	5,370	$257	0.0%	$45.36	+26.4%	—	773121108
APG	API GROUP CORP	6,995	$240	0.0%	$34.90	+5.9%	—	00187Y100
IYC	ISHARES TR	2,241	$235	0.0%	$96.14	—	—	464287580
CVNA	CARVANA CO	597	$225	0.0%	$357.61	+3.9%	—	146869102
ALGM	ALLEGRO MICROSYSTEMS INC	7,698	$225	0.0%	$32.34	-14.9%	—	01749D105
NET	CLOUDFLARE INC	946	$203	0.0%	$204.15	+3.6%	—	18915M107
IBKR	INTERACTIVE BROKERS GROUP IN	2,931	$202	0.0%	$62.79	+6.5%	—	45841N107
COIN	COINBASE GLOBAL INC	594	$200	0.0%	$339.07	-12.1%	—	19260Q107
SRFM	SURF AIR MOBILITY INC	29,219	$125	0.0%	$4.69	-31.7%	—	868927203

Decreased Positions (8)

IYW ISHARES TR 1.2%

Value ($000) $17,993 (-32.7%) Shares 90,109 (-34.0%) Est. Cost $171.43 Unrealized —

XLE SELECT SECTOR SPDR TR 0.4%

Value ($000) $6,406 (-57.2%) Shares 143,270 (-14.5%) Est. Cost $84.99 Unrealized —

GLD SPDR GOLD TR 1.8%

Value ($000) $26,597 (-23.7%) Shares 67,112 (-31.6%) Est. Cost $245.47 Unrealized —

IDU ISHARES TR 1.2%

Value ($000) $17,548 (-31.7%) Shares 161,938 (-30.1%) Est. Cost $110.90 Unrealized —

IYZ ISHARES TR 1.3%

Value ($000) $18,772 (-28.8%) Shares 553,761 (-32.3%) Est. Cost $26.93 Unrealized —

BND VANGUARD BD INDEX FDS 0.8%

Value ($000) $11,528 (-29.7%) Shares 155,636 (-29.4%) Est. Cost $72.63 Unrealized —

NVDA NVIDIA CORPORATION 0.0%

Value ($000) $243 (-80.7%) Shares 1,304 (-80.7%) Est. Cost $166.44 Unrealized +11.8%

PLTR PALANTIR TECHNOLOGIES INC 0.2%

Value ($000) $2,641 (-26.6%) Shares 14,856 (-24.7%) Est. Cost $65.97 Unrealized +174.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IYW	ISHARES TR	90,109 (-34.0%)	$17,993 (-32.7%)	1.2%	$171.43	—	U.S. TECH ETF	464287721
XLE	SELECT SECTOR SPDR TR	143,270 (-14.5%)	$6,406 (-57.2%)	0.4%	$84.99	—	STATE STREET ENE	81369Y506
GLD	SPDR GOLD TR	67,112 (-31.6%)	$26,597 (-23.7%)	1.8%	$245.47	—	GOLD SHS	78463V107
IDU	ISHARES TR	161,938 (-30.1%)	$17,548 (-31.7%)	1.2%	$110.90	—	U.S. UTILITS ETF	464287697
IYZ	ISHARES TR	553,761 (-32.3%)	$18,772 (-28.8%)	1.3%	$26.93	—	US TELECOM ETF	464287713
BND	VANGUARD BD INDEX FDS	155,636 (-29.4%)	$11,528 (-29.7%)	0.8%	$72.63	—	TOTAL BND MRKT	921937835
NVDA	NVIDIA CORPORATION	1,304 (-80.7%)	$243 (-80.7%)	0.0%	$166.44	+11.8%	COM	67066G104
PLTR	PALANTIR TECHNOLOGIES INC	14,856 (-24.7%)	$2,641 (-26.6%)	0.2%	$65.97	+174.4%	CL A	69608A108