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VOL. XII · NO. 117Established MMXIV · George Town, Grand CaymanAtlantic Edition · $4.50

The Cayman Journal

Finance · Business · Technology · Caribbean & Global Affairs
13F HOLDINGS REPORT

USA FINANCIAL FORMULAS

Quarter ended Q2 2025 · Filed July 18, 2025 · Accession 0001633716-25-000004

Total Value
$585.9M
Positions
240
Other Managers
0
Confidential Omitted
No
View on SEC.gov

Holdings (240)

#IssuerTicker / CUSIPSharesValue% of Filing
1iShares MSCI Emerging Markets ETF4642872341,406,662$67.9M11.58%
2iShares MSCI EAFE ETF464287465758,763$67.8M11.58%
3SPDR S&P 500SPY108,596$67.1M11.45%
4Invesco QQQ Trust ETFIVZ114,628$63.2M10.79%
5iShares S&P 500 Growth ETF464287309573,100$63.1M10.77%
6iShares iBoxx USD Inv Grade Corp Bond ETF464287242347,983$38.1M6.51%
7SPDR Series Trust - SPDR Bloomberg Barclays 1-3 Month T-Bill ETF78468R663252,044$23.1M3.95%
8BlackRock Institutional Trust Company N.A. - BTC iShares S&P GSCI CommISMCF1,009,519$22.2M3.80%
9iShares Core S&P 50046428720030,886$19.2M3.27%
10iShares iBoxx USD High Yield Corp Bond ETF464288513104,684$8.4M1.44%
11AIM ETF Products Trust - AllianzIM U.S. Large Cap 6 Month Buffer10 Jan/Jul ETF00888H869174,494$5.6M0.95%
12AIM ETF Products Trust - AllianzIM U.S. Large Cap 6 Month Buffer10 Apr/Oct ETF00888H877165,423$5.5M0.93%
13SPDR Dow Jones Industrial Average ETF78467X10911,326$5.0M0.85%
14BlackRock Institutional Trust Company N.A. - BTC iShares U.S. Real Est46428773944,386$4.2M0.72%
15BlackRock Institutional Trust Company N.A. - BTC iShares U.S. Telecomm464287713122,001$3.6M0.62%
16iShares U.S. Consumer Services ETF46428758035,895$3.6M0.61%
17iShares U.S. Financials ETF46428778829,559$3.6M0.61%
18iShares U.S. Technology ETF46428772120,429$3.5M0.60%
19Gilead Sciences, Inc.GILD30,176$3.3M0.57%
20Cisco Systems, Inc.CSCO45,834$3.2M0.54%
21American Electric Power Company Inc.02553710129,331$3.0M0.52%
22Verisk Analytics IncVRSK9,493$3.0M0.50%
23AIM ETF Products Trust - AllianzIM U.S. Equity Buffer15 Uncapped Apr ETF00888H612101,212$2.8M0.48%
24AIM ETF Products Trust - AllianzIM U.S. Equity Buffer15 Uncapped Jul ETF00888H570102,360$2.8M0.48%
25ALLIANZIM US BUFFERED 15 UNCAPPED JAN00888H513107,367$2.8M0.48%
26ALLIANZIM US BUFFER 15 UNCAPPED OCT ETF00888H547105,943$2.8M0.47%
27Monster Beverage Corp.MNST44,368$2.8M0.47%
28Exelon Corp.EXC58,460$2.5M0.43%
29Mastercard Incorporated - Ordinary Shares - Class AMA4,152$2.3M0.40%
30RTX CorpRTX12,952$1.9M0.32%
31Boston Scientific Corp.BSX15,331$1.6M0.28%
32Fox Corporation - Ordinary Shares - Class AFOX28,057$1.6M0.27%
33Visa Inc - Ordinary Shares - Class AV4,257$1.5M0.26%
34Abbott LaboratoriesABLZF11,031$1.5M0.26%
35Johnson Controls International plc - Registered SharesG5150210513,689$1.4M0.25%
36Entergy Corp.ENO17,353$1.4M0.25%
37CVS Health CorpCVS20,718$1.4M0.24%
38Waste Management, Inc.94106L1095,973$1.4M0.23%
39Edwards Lifesciences CorpEW17,034$1.3M0.23%
40Duke Energy Corp.DUKB10,302$1.2M0.21%
41Republic Services, Inc.7607591004,885$1.2M0.21%
42Atmos Energy Corp.ATO7,329$1.1M0.19%
43BlackRock Institutional Trust Company N.A. - BTC iShares Europe ETF46428786117,147$1.1M0.19%
44Tapestry IncTPR11,855$1.0M0.18%
45iShares Trust - iShare Inc iShares ESG Aware MSCI EM ETF46434G86325,371$993,7820.17%
46Howmet Aerospace IncHWM5,260$979,0440.17%
47SPDR Series Trust - SPDR Bloomberg Barclays Emerging Markets Local Bon78464A39145,692$977,8090.17%
48Kroger Co.KR13,506$968,7850.17%
49AT&T, Inc.T-PC33,464$968,4480.17%
50EQT CorpEQT16,483$961,2890.16%
51BlackRock Institutional Trust Company N.A. - BTC iShares MSCI Canada E46428650920,636$953,3830.16%
52NiSource IncNI23,477$947,0620.16%
53Vanguard Short-Term TIPS ETF92202080518,782$944,1710.16%
54Vanguard Short-Term Bond ETF92193782711,975$942,4330.16%
55Vanguard International High Dividend Yield ETF92194679411,738$940,3310.16%
56iShares Trust - iShares Core MSCI International Developed Markets ETF46435G32612,297$935,0640.16%
57Darden Restaurants, Inc.DRI4,265$929,6420.16%
58CMS Energy CorporationCMS-PC13,218$915,7430.16%
59DTE Energy Co.DTK6,888$912,3840.16%
60NRG Energy Inc.NRG5,633$904,5470.15%
61Welltower Inc.WELL5,863$901,3190.15%
62Centerpoint Energy Inc.CNP24,525$901,0490.15%
63Charles Schwab Corp.SCHW-PJ9,864$899,9910.15%
64Cheniere Energy Inc.LNG3,689$898,3450.15%
65Insulet CorporationPODD2,805$881,2750.15%
66Ralph Lauren Corp - Ordinary Shares - Class ARL3,213$881,2620.15%
67Globe Life IncGL-PD6,989$868,6630.15%
68Travelers Companies Inc.TRV3,243$867,6320.15%
69Ameren Corp.AEE8,770$842,2710.14%
70W.R. Berkley Corp.WRB-PH11,440$840,4970.14%
71Deere & Co.DE1,600$813,5840.14%
72Vanguard Total Stock Market ETF9229087692,602$790,8260.13%
73iShares Russell 3000 ETF4642876892,246$788,3460.13%
74iShares Russell 1000 ETF4642876222,316$786,4440.13%
75BlackRock Institutional Trust Company N.A. - BTC iShares S&P 100 ETF4642871012,559$778,8320.13%
76Evergy IncEVRG10,499$723,6960.12%
77Quest Diagnostics, Inc.DGX3,855$692,4740.12%
78Labcorp Holdings Inc.LH2,620$687,7760.12%
793M Co.MMM4,514$687,2110.12%
80Southern CompanySOMN7,403$679,8170.12%
81Intercontinental Exchange Inc45866F1043,640$667,8310.11%
82Mosaic CompanyMOS18,257$666,0150.11%
83Ventas IncVTR10,434$658,9070.11%
84Rollins, Inc.ROL11,431$644,9370.11%
85Berkshire Hathaway Inc. - Ordinary Shares - Class BBRK-A1,247$605,7550.10%
86OSI ETF Trust - OwShares U.S. Quality Dividend ETF00162Q3879,934$536,1380.09%
87Marsh & McLennan Cos., Inc.5717481022,185$477,7280.08%
88TJX Companies, Inc.8725401093,626$447,7750.08%
89Vanguard Communication Services ETF92204A8842,513$429,7980.07%
90Technology Select Sector SPDR81369Y8031,693$428,7180.07%
91Industrial Select Sector SPDR81369Y7042,878$424,5630.07%
92Financial Select Sector SPDR81369Y6058,101$424,2490.07%
93Consumer Discretionary Select Sector SPDR81369Y4071,892$411,1880.07%
94Consumer Staples Select Sector SPDR81369Y3084,969$402,3400.07%
95Utilities Select Sector SPDR81369Y8864,920$401,7670.07%
96Chubb LimitedCB1,380$399,8140.07%
97W.W. Grainger Inc.384802104341$354,7220.06%
98Waste Connections IncWCN1,857$346,7390.06%
99CME Group Inc - Ordinary Shares - Class ACME1,098$302,6310.05%
100SLM Corp.SLMBP9,196$301,5370.05%
101Exelixis IncEXEL6,773$298,5210.05%
102Amdocs LtdDOX3,187$290,7820.05%
103OSI ETF Trust - O`Shares Global Internet Giants ETF00162Q3615,128$274,8180.05%
104Royal Gold, Inc.RGLD1,524$271,0280.05%
105OSI ETF Trust - OShares Europe Quality Dividend ETF00162Q3798,247$269,3010.05%
106LPL Financial Holdings Inc50212V100716$268,4790.05%
107Linde Plc.LIN572$268,3710.05%
108WEC Energy Group IncWEC2,569$267,6900.05%
109Grand Canyon Education IncLOPE1,408$266,1120.05%
110Verisign Inc.VRSN918$265,1180.05%
111Automatic Data Processing Inc.ADP859$264,9160.05%
112Unilever plc - ADRUNLYF4,326$264,6210.05%
113OSI ETF Trust - OShares U.S. Small-Cap Quality Dividend ETF00162Q3956,079$262,6740.04%
114Johnson & JohnsonJNJ1,709$261,0500.04%
115Spotify Technology S.A.SPOT338$259,3610.04%
116Virtu Financial Inc - Ordinary Shares - Class A9282541015,778$258,7970.04%
117Axis Capital Holdings LtdG0692U1092,488$258,3040.04%
118Encompass Health CorpEHC2,103$257,8910.04%
119S&P Global IncSPGI475$250,4630.04%
120Broadridge Financial Solutions, Inc.11133T1031,026$249,3490.04%
121Carvana Co. - Ordinary Shares - Class ACVNA737$248,3400.04%
122Allstate Corp (The)ALL-PJ1,227$247,0070.04%
123Procter & Gamble Co.7427181091,545$246,1490.04%
124MSCI IncMSCI426$245,6910.04%
125Microsoft CorporationMSFT484$240,7460.04%
126VICI Properties Inc9256521097,374$240,3920.04%
127BJ`s Wholesale Club Holdings Inc05550J1012,203$237,5490.04%
128Cardinal Health, Inc.CAH1,410$236,8800.04%
129Lowe`s Cos., Inc.5486611071,047$232,2980.04%
130International Business Machines Corp.INTR770$226,9810.04%
131Motorola Solutions IncMSI526$221,1620.04%
132Progressive Corp.743315103811$216,4230.04%
133T-Mobile US IncTMUSZ903$215,1490.04%
134Equitable Holdings IncEQH-PC3,697$207,4020.04%
135Okta Inc - Ordinary Shares - Class AOKTA2,072$207,1380.04%
136Consolidated Edison, Inc.ED2,035$204,2120.03%
137Cintas CorporationCTAS912$203,2570.03%
138Assurant IncAIZN1,027$202,8220.03%
139Fastenal Co.FAST4,785$200,9700.03%
140Ecolab, Inc.ECL740$199,3860.03%
141Veeva Systems Inc - Ordinary Shares - Class AVEEV669$192,6590.03%
142Idacorp, Inc.IDA1,644$189,8000.03%
143Emerson Electric Co.EMR1,420$189,3290.03%
144Albertsons Companies Inc - Ordinary Shares - Class A0130911038,771$188,6640.03%
145Avery Dennison Corp.AVY1,063$186,5250.03%
146Nucor Corp.NUE1,421$184,0760.03%
147Hanover Insurance Group Inc4108671051,081$183,6290.03%
148Cincinnati Financial Corp.1720621011,230$183,1720.03%
149Pentair plcPNR1,762$180,8870.03%
150Caterpillar Inc.CAT460$178,5770.03%
151General Dynamics Corp.GD598$174,4130.03%
152Sherwin-Williams Co.SHW507$174,0840.03%
153Dover Corp.DOV912$167,1060.03%
154Nordson Corp.NDSN752$161,2060.03%
155Becton Dickinson & Co.BDX934$160,8820.03%
156Vanguard FTSE Emerging Markets ETF9220428583,123$154,4640.03%
157Vanguard FTSE All-World Ex-US Small Capital Index9220427181,146$154,0110.03%
158iShares MSCI Hong Kong ETF4642868717,706$153,0410.03%
159Walmart IncWMT1,563$152,8300.03%
160Vanguard FTSE All-World ex-US ETF9220427752,262$152,0520.03%
161BlackRock Institutional Trust Company N.A. - BTC iShares MSCI Pacific4642866653,061$151,1220.03%
162iShares MSCI Japan ETF46434G8221,969$147,6160.03%
163NIAGEN BIOSCIENCE INCNAGE10,106$145,6270.02%
164Mr. Cooper Group Inc62482R107883$131,7520.02%
165StoneX Group IncSNEX1,433$130,6040.02%
166National Vision Holdings IncEYE5,578$128,3500.02%
167Esquire Financial Holdings Inc29667J1011,338$126,6550.02%
168Target CorpTGT1,253$123,6080.02%
169Red Violet IncRDVT2,467$121,3760.02%
170Urban Outfitters, Inc.URBN1,608$116,6440.02%
171Lincoln Educational Services Corp5335351004,948$114,0510.02%
172Chefs` Warehouse Inc1630861011,787$114,0280.02%
173Palomar Holdings IncPLMR659$101,6510.02%
174Dominion Energy IncD1,608$90,8840.02%
175Westinghouse Air Brake Technologies Corp929740108431$90,2300.02%
176TXNM Energy Inc.TXNM1,599$90,0560.02%
177Pinnacle West Capital Corp.PNW996$89,1120.02%
178Brinker International, Inc.109641100493$88,9030.02%
179Turning Point Brands Inc90041L1051,171$88,7270.02%
180AECOMACM781$88,1440.02%
181Otter Tail CorporationOTTR1,141$87,9600.02%
182Graco Inc.GGG1,006$86,4860.01%
183Donaldson Co. Inc.DCI1,210$83,9140.01%
184Adtalem Global Education IncADT659$83,8450.01%
185Grindr Inc - Ordinary Shares - Class AGRND3,669$83,2860.01%
186Universal Technical Institute IncUTI2,444$82,8270.01%
187Ametek IncAME447$80,8890.01%
188PPG Industries, Inc.693506107698$79,3980.01%
189HCI Group IncHCIIP518$78,8400.01%
190Portland General Electric Co7365088471,935$78,6190.01%
191Home Depot, Inc.HD213$78,0940.01%
192Stride IncLRN536$77,8220.01%
193Franklin Electric Co., Inc.FELE861$77,2660.01%
194Gogo IncGOGO5,184$76,1010.01%
195iShares 7-10 Year Treasury Bond ETF464287440758$72,5940.01%
196Kratos Defense & Security Solutions Inc50077B2071,435$66,6560.01%
197Willdan Group IncWLDN1,032$64,5100.01%
198Healthcare Services Group, Inc.4219061083,989$59,9550.01%
199American Public Education Inc02913V1031,917$58,3920.01%
200Groupon IncGRPN1,698$56,7980.01%
201Corcept Therapeutics IncCORT767$56,2980.01%
202OSI Systems, Inc.OSIS246$55,3160.01%
203CorMedix IncCRMD4,461$54,9600.01%
204CSG Systems International Inc.126349109832$54,3380.01%
205TG Therapeutics IncTGTX1,497$53,8770.01%
206NorthWestern Energy Group IncNWE1,038$53,2490.01%
207Pricesmart Inc.PSMT505$53,0450.01%
208Huron Consulting Group IncHURN373$51,3020.01%
209Centrus Energy Corp - Ordinary Shares - Class ALEU191$34,9870.01%
210Royalty Pharma plc - Ordinary Shares - Class ARPRX893$32,1750.01%
211Himax Technologies - ADRHIMX3,573$31,9070.01%
212Infusive US Trust - Infusive Compounding Global Equities ETFJOYY621$31,6150.01%
213Qifu Technology Inc. - ADRQFNHF722$31,3060.01%
214EZCorp, Inc. - Ordinary Shares - Class AEZPW2,231$30,9660.01%
215NetEase Inc - ADRNETTF226$30,4150.01%
216Millicom International Cellular S.A.L6388F110803$30,0880.01%
217NVR Inc.NVR4$29,5430.01%
218H World Group Limited - ADRHWLDF834$28,2890.00%
219SiriusPoint LtdSPNT1,321$26,9350.00%
220Dana IncDAN1,570$26,9260.00%
221Nicolet Bankshares Inc.NIC217$26,7950.00%
222Bank of N T Butterfield & Son Ltd.G0772R208602$26,6570.00%
223Option Care Health Inc. - Registered SharesOPCH806$26,1790.00%
224Evertec IncEVTC715$25,7760.00%
225Lindsay CorporationLNN177$25,5320.00%
226Delcath Systems IncDCTH1,828$24,8610.00%
227Heritage Insurance Holdings Inc.HRTG983$24,5160.00%
228Applied Materials Inc.03822210584$15,3780.00%
229Nike, Inc. - Ordinary Shares - Class BNKE208$14,7760.00%
230Cigna Group (The)12552310042$13,8840.00%
231Bank Of America Corp.060505104293$13,8650.00%
232Alphabet Inc - Ordinary Shares - Class CGOOG78$13,8360.00%
233Union Pacific Corp.UNP59$13,5750.00%
234Bank Of New York Mellon Corp064058100148$13,4840.00%
235EBay Inc.EBAY174$12,9560.00%
236Verizon Communications IncVZ299$12,9380.00%
237Colgate-Palmolive Co.CL140$12,7260.00%
238ServiceNow IncNOW12$12,3370.00%
239iShares Russell 2000 ETF46428765516$3,4530.00%
240Oneok Inc.OKE1$410.00%