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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 Q3 2025 · Filed October 10, 2025 · Accession 0001633716-25-000006

Total Value
$567.6M
Positions
257
Other Managers
0
Confidential Omitted
No
View on SEC.gov

Holdings (257)

#IssuerTicker / CUSIPSharesValue% of Filing
1iShares Core S&P 500464287200118,728$79.5M14.00%
2iShares MSCI Emerging Markets ETF4642872341,266,688$67.6M11.92%
3iShares S&P 500 Growth ETF464287309547,462$66.1M11.64%
4Invesco QQQ Trust ETFIVZ108,717$65.3M11.50%
5SPDR S&P 500SPY97,160$64.7M11.40%
6iShares MSCI EAFE ETF464287465691,202$64.5M11.37%
7iShares iBoxx USD Inv Grade Corp Bond ETF464287242175,324$19.5M3.44%
8BlackRock Institutional Trust Company N.A. - BTC iShares S&P GSCI CommISMCF354,248$8.1M1.43%
9iShares iBoxx USD High Yield Corp Bond ETF46428851389,225$7.2M1.28%
10AIM ETF Products Trust - AllianzIM U.S. Large Cap 6 Month Buffer10 Jan/Jul ETF00888H869144,269$4.8M0.85%
11AIM ETF Products Trust - AllianzIM U.S. Large Cap 6 Month Buffer10 Apr/Oct ETF00888H877137,633$4.7M0.82%
12BlackRock Institutional Trust Company N.A. - BTC iShares U.S. Telecomm46428771392,291$3.0M0.52%
13iShares U.S. Technology ETF46428772115,201$3.0M0.52%
14iShares U.S. Financials ETF46428778822,880$2.9M0.51%
15BlackRock Institutional Trust Company N.A. - BTC iShares U.S. Utilitie46428769725,815$2.9M0.50%
16Warner Bros. Discovery Inc - Ordinary Shares - Class AWBD142,671$2.8M0.49%
17Cisco Systems, Inc.CSCO38,254$2.6M0.46%
18AIM ETF Products Trust - AllianzIM U.S. Equity Buffer15 Uncapped Apr ETF00888H61283,321$2.5M0.44%
19AIM ETF Products Trust - AllianzIM U.S. Equity Buffer15 Uncapped Jul ETF00888H57084,317$2.5M0.43%
20ALLIANZIM US BUFFER 15 UNCAPPED OCT ETF00888H54787,664$2.5M0.43%
21ALLIANZIM US BUFFERED 15 UNCAPPED JAN00888H51388,748$2.5M0.43%
22Idexx Laboratories, Inc.45168D1043,727$2.4M0.42%
23Electronic Arts, Inc.EA9,696$2.0M0.34%
24RTX CorpRTX10,912$1.8M0.32%
25Monster Beverage Corp.MNST26,794$1.8M0.32%
26Bank Of New York Mellon Corp06405810016,179$1.8M0.31%
27Intuit IncINTU2,452$1.7M0.30%
28Costar Group, Inc.CSGP18,757$1.6M0.28%
29Entergy Corp.ENO14,542$1.4M0.24%
30Citigroup IncC-PR12,616$1.3M0.23%
31Johnson Controls International plc - Registered SharesG5150210511,109$1.2M0.22%
32JPMorgan Chase & Co.VYLD3,857$1.2M0.21%
33Edwards Lifesciences CorpEW15,449$1.2M0.21%
34Western Digital Corp.WDC9,255$1.1M0.20%
35Goldman Sachs Group, Inc.GSCE1,273$1.0M0.18%
36Centerpoint Energy Inc.CNP26,069$1.0M0.18%
37Corning, Inc.GLW12,299$1.0M0.18%
38Vanguard FTSE All-World ex-US ETF92204277513,909$992,6850.17%
39BlackRock Institutional Trust Company N.A. - BTC iShares Europe ETF46428786115,015$983,1820.17%
40Vanguard FTSE All-World Ex-US Small Capital Index9220427186,845$975,7550.17%
41Nasdaq Inc - Ordinary Shares - 144ANDAQ10,665$943,3190.17%
42Amphenol Corp. - Ordinary Shares - Class A0320951017,442$920,9480.16%
43Aptiv PLCAPTV10,407$897,2920.16%
44Newmont CorpNEMCL10,628$896,0470.16%
45iShares Trust - iShare Inc iShares ESG Aware MSCI EM ETF46434G86320,543$891,9770.16%
46Howmet Aerospace IncHWM4,537$890,2960.16%
47Johnson & JohnsonJNJ4,741$879,0760.15%
48Atmos Energy Corp.ATO5,114$873,2160.15%
49Invesco Capital Management LLC - Invesco Aerospace & Defense ETFIVZ5,551$862,9030.15%
50Evergy IncEVRG11,139$846,7870.15%
51Allegion plcALLE4,759$844,0090.15%
52Globe Life IncGL-PD5,843$835,3740.15%
53Vanguard International High Dividend Yield ETF9219467949,838$833,0820.15%
54C.H. Robinson Worldwide, Inc.CHRW5,994$793,6060.14%
55NiSource IncNI18,296$792,2170.14%
56State Street Corp.STT-PG6,649$771,3500.14%
57Dollar Tree IncDLTR8,156$769,6820.14%
58Labcorp Holdings Inc.LH2,679$769,0340.14%
59Dollar General Corp.2566771057,416$766,4440.14%
60Jabil IncJBL3,527$765,9590.13%
61BorgWarner IncBWA17,358$763,0580.13%
62Rollins, Inc.ROL12,832$753,7520.13%
63Ulta Beauty IncULTA1,366$746,8610.13%
64iShares Russell 2000 ETF4642876552,997$725,1540.13%
65Ralph Lauren Corp - Ordinary Shares - Class ARL2,310$724,3240.13%
66BlackRock Institutional Trust Company N.A. - BTC iShares S&P 100 ETF4642871012,173$723,2610.13%
67Northrop Grumman Corp.NOC1,171$713,5140.13%
68iShares Russell 3000 ETF4642876891,877$711,2700.13%
69iShares Russell 1000 ETF4642876221,939$708,6660.12%
70Vanguard Total Stock Market ETF9229087692,158$708,1910.12%
71SPDR Dow Jones Industrial Average ETF78467X1091,501$696,0740.12%
72OSI ETF Trust - OwShares U.S. Quality Dividend ETF00162Q38712,105$684,4170.12%
73CIENA Corp.CIEN4,497$655,0780.12%
74Royal Caribbean GroupV7780T1032,017$652,6610.11%
75L3Harris Technologies IncLHX2,003$611,7360.11%
76TE Connectivity Ltd - Registered SharesTEL2,760$605,9030.11%
77Mosaic CompanyMOS17,470$605,8600.11%
78Morgan StanleyMS-PQ3,797$603,5710.11%
79Cencora Inc.COR1,892$591,3070.10%
80Charles Schwab Corp.SCHW-PJ6,096$581,9850.10%
81DTE Energy Co.DTK4,102$580,1460.10%
82Republic Services, Inc.7607591002,459$564,2910.10%
83Rockwell Automation IncROK1,594$557,1510.10%
84Carnival Corp. - Ordinary Shares (Paired Stock)CUKPF19,251$556,5460.10%
85Live Nation Entertainment IncLYV3,392$554,2530.10%
86CBRE Group Inc - Ordinary Shares - Class ACBRE3,517$554,1390.10%
87Resmed Inc.RSMDF2,022$553,4820.10%
88Kroger Co.KR8,171$550,8070.10%
89EBay Inc.EBAY5,503$500,4980.09%
90CVS Health CorpCVS6,464$487,3210.09%
91Insulet CorporationPODD1,575$486,2500.09%
92Cheniere Energy Inc.LNG2,003$470,6650.08%
93Mastercard Incorporated - Ordinary Shares - Class AMA805$457,8920.08%
94Bank Of America Corp.0605051048,862$457,1910.08%
95Linde Plc.LIN936$444,6000.08%
96Duke Energy Corp.DUKB3,430$424,4630.07%
97Marsh & McLennan Cos., Inc.5717481021,943$391,5730.07%
98OSI ETF Trust - O`Shares Global Internet Giants ETF00162Q3616,208$356,7120.06%
99Verisk Analytics IncVRSK1,403$352,8690.06%
100OSI ETF Trust - OShares U.S. Small-Cap Quality Dividend ETF00162Q3957,578$339,4940.06%
101OSI ETF Trust - OShares Europe Quality Dividend ETF00162Q37910,106$334,0270.06%
102Portland General Electric Co7365088477,492$329,6480.06%
103Waste Connections IncWCN1,758$309,0560.05%
104Mr. Cooper Group Inc62482R1071,460$307,7530.05%
105Waste Management, Inc.94106L1091,374$303,4200.05%
106Technology Select Sector SPDR81369Y8031,074$302,7180.05%
107Consumer Discretionary Select Sector SPDR81369Y4071,259$301,7070.05%
108Vanguard Communication Services ETF92204A8841,605$301,3070.05%
109Financial Select Sector SPDR81369Y6055,557$299,3560.05%
110W.W. Grainger Inc.384802104314$299,2290.05%
111Xcel Energy, Inc.XELLL3,625$292,3560.05%
112Energy Select Sector SPDR81369Y5063,260$291,2480.05%
113Materials Select Sector SPDR81369Y1003,247$290,9960.05%
114Vanguard Real Estate Index Fund ETF9229085533,164$289,2530.05%
115Industrial Select Sector SPDR81369Y7041,872$288,7190.05%
116Utilities Select Sector SPDR81369Y8863,279$285,9620.05%
117AngloGold Ashanti Plc.AU4,014$282,3050.05%
118Consumer Staples Select Sector SPDR81369Y3083,551$278,2920.05%
119Halozyme Therapeutics Inc.HALO3,632$266,3710.05%
120TJX Companies, Inc.8725401091,841$266,0980.05%
121CME Group Inc - Ordinary Shares - Class ACME967$261,2740.05%
122Millicom International Cellular S.A.L6388F1105,374$260,8540.05%
123Woodward IncWWD1,030$260,2910.05%
124Royalty Pharma plc - Ordinary Shares - Class ARPRX7,321$258,2850.05%
125National Fuel Gas Co.NFG2,745$253,5560.04%
126Lumentum Holdings IncLITE1,551$252,3630.04%
127McDonald`s CorpMCD812$246,7590.04%
128Somnigroup Intl IncSGI2,874$242,3640.04%
129APi Group CorporationAPG6,868$236,0530.04%
130Unilever plc - ADRUNLYF3,964$234,9860.04%
131Automatic Data Processing Inc.ADP800$234,8000.04%
132Broadridge Financial Solutions, Inc.11133T103979$233,1680.04%
133Lowe`s Cos., Inc.548661107896$225,1740.04%
134Allstate Corp (The)ALL-PJ1,044$224,0950.04%
135Amdocs LtdDOX2,653$217,6790.04%
136Roku Inc - Ordinary Shares - Class AROKU2,127$212,9770.04%
137Five Below IncFIVE1,350$208,8450.04%
138MSCI IncMSCI368$208,8070.04%
139Elanco Animal Health IncELAN10,088$203,1720.04%
140Fastenal Co.FAST3,974$194,8850.03%
141CSX Corp.CSX5,463$193,9910.03%
142Avery Dennison Corp.AVY1,194$193,6310.03%
143Sysco Corp.SYY2,349$193,4170.03%
144Curtiss-Wright Corp.CW346$187,8570.03%
145Assurant IncAIZN866$187,5760.03%
146Microsoft CorporationMSFT362$187,4980.03%
147Host Hotels & Resorts IncHST10,862$184,8710.03%
148Caterpillar Inc.CAT387$184,6570.03%
149International Business Machines Corp.INTR652$183,9680.03%
150ADT IncADT20,938$182,3700.03%
151Cardinal Health, Inc.CAH1,150$180,5040.03%
152Affiliated Managers Group Inc.MGRE748$178,3460.03%
153Armstrong World Industries Inc.04247X102891$174,6450.03%
154Molson Coors Beverage Company - Ordinary Shares - Class BTAP-A3,798$171,8600.03%
155VICI Properties Inc9256521095,267$171,7570.03%
156S&P Global IncSPGI348$169,3750.03%
157RB Global IncRBA1,555$168,5000.03%
158Ecolab, Inc.ECL602$164,8640.03%
159Tyson Foods, Inc. - Ordinary Shares - Class ATSN3,034$164,7460.03%
160General Dynamics Corp.GD474$161,6340.03%
161Transdigm Group IncorporatedTDG122$160,7980.03%
162Cincinnati Financial Corp.1720621011,009$159,5230.03%
163Pentair plcPNR1,436$159,0510.03%
164Nucor Corp.NUE1,171$158,5890.03%
165Emerson Electric Co.EMR1,179$154,6610.03%
166West Pharmaceutical Services, Inc.955306105588$154,2500.03%
167Cintas CorporationCTAS743$152,5080.03%
168Kratos Defense & Security Solutions Inc50077B2071,660$151,6740.03%
169Becton Dickinson & Co.BDX797$149,1740.03%
170Chubb LimitedCB516$145,6410.03%
171TTM Technologies IncTTMI2,445$140,8320.02%
172Astronics Corp.ATROB3,047$138,9740.02%
173Nordson Corp.NDSN610$138,4400.02%
174BlackRock Institutional Trust Company N.A. - BTC iShares Latin America4642873904,679$135,1760.02%
175National Vision Holdings IncEYE4,629$135,1210.02%
176Vanguard FTSE Emerging Markets ETF9220428582,473$133,9870.02%
177iShares MSCI Japan ETF46434G8221,670$133,9510.02%
178SSR Mining IncSSRGF5,451$133,1130.02%
179iShares MSCI Hong Kong ETF4642868716,147$132,4680.02%
180OptimizeRx CorpOPRX6,409$131,3850.02%
181Abbott LaboratoriesABLZF971$130,0560.02%
182Walmart IncWMT1,260$129,8560.02%
183BlackRock Institutional Trust Company N.A. - BTC iShares MSCI Pacific4642866652,515$129,6730.02%
184Interdigital IncIDCC371$128,0800.02%
185Dover Corp.DOV743$123,9550.02%
186Pricesmart Inc.PSMT987$119,6150.02%
187FirstCash Holdings IncFCFS725$114,8550.02%
188OSI Systems, Inc.OSIS450$112,1580.02%
189Trimas CorporationTRS2,876$111,1290.02%
190Coeur Mining Inc1921085045,882$110,3460.02%
191Allient IncALNT2,437$109,0560.02%
192StoneX Group IncSNEX1,079$108,8930.02%
193Aurinia Pharmaceuticals IncAUPH9,662$106,7650.02%
194American Electric Power Company Inc.025537101935$105,1880.02%
195Bank First CorpBFC851$103,2350.02%
196Coastal Financial Corp19046P209944$102,1120.02%
197Progyny IncPGNY4,670$100,4980.02%
198Oge Energy Corp.OGE2,166$100,2210.02%
199AECOMACM768$100,2010.02%
200Donaldson Co. Inc.DCI1,207$98,7930.02%
201Dominion Energy IncD1,604$98,1170.02%
202Willdan Group IncWLDN1,012$97,8500.02%
203Target CorpTGT1,045$93,7370.02%
204Otter Tail CorporationOTTR1,136$93,1180.02%
205Tutor Perini CorpTPC1,372$89,9890.02%
206Heritage Insurance Holdings Inc.HRTG3,487$87,8030.02%
207Westinghouse Air Brake Technologies Corp929740108431$86,4030.02%
208Build A Bear Workshop IncBBW1,315$85,7510.02%
209Graco Inc.GGG1,002$85,1300.01%
210Home Depot, Inc.HD207$83,8740.01%
211Ametek IncAME446$83,8480.01%
212Openlane Inc.OPLN2,873$82,6850.01%
213Franklin Electric Co., Inc.FELE861$81,9670.01%
214Par Pacific Holdings IncPARR2,314$81,9620.01%
215TXNM Energy Inc.TXNM1,449$81,9410.01%
216Dana IncDAN4,038$80,9220.01%
217Turning Point Brands Inc90041L105814$80,4720.01%
218REV Group Inc7495271071,387$78,6010.01%
219Bank of N T Butterfield & Son Ltd.G0772R2081,784$76,5690.01%
220PPG Industries, Inc.693506107699$73,4720.01%
221StoneCo Ltd - Ordinary Shares - Class ASTNE2,883$54,5180.01%
222Advanced Energy Industries Inc.007973100316$53,7640.01%
223Supernus Pharmaceuticals IncSUPN1,051$50,2270.01%
224VSE Corp.VSECU299$49,7060.01%
225Urban Outfitters, Inc.URBN666$47,5720.01%
226Monarch Casino & Resort, Inc.MCRI448$47,4160.01%
227Visteon Corp.VC366$43,8690.01%
228Groupon IncGRPN1,800$42,0300.01%
229Chefs` Warehouse Inc163086101702$40,9480.01%
230Acadia Pharmaceuticals IncACAD1,898$40,5030.01%
231Magnite IncMGNI1,835$39,9660.01%
232Gilat Satellite NetworksGILT2,971$38,6820.01%
233NVR Inc.NVR4$32,1390.01%
234Kiniksa Pharmaceuticals International Plc. - Ordinary Shares - Class AG52694109816$31,6850.01%
235NetEase Inc - ADRNETTF207$31,4620.01%
236Centrus Energy Corp - Ordinary Shares - Class ALEU85$26,3560.00%
237Ryanair Holdings Plc - ADRRYAOF437$26,3160.00%
238Elbit Systems Ltd.ESLT51$26,0000.00%
239BeiGene Ltd - ADRBEIGF76$25,8930.00%
240Hecla Mining Co.4227041062,084$25,2160.00%
241Applied Materials Inc.038222105115$23,5450.00%
242Idaho Strategic Resources IncIDR678$22,9100.00%
243Adtalem Global Education IncADT142$21,9320.00%
244Dycom Industries, Inc.26747510171$20,7150.00%
245Union Pacific Corp.UNP83$19,6190.00%
246Ducommun Inc.DCO199$19,1300.00%
247Nicolet Bankshares Inc.NIC138$18,5610.00%
248ServiceNow IncNOW20$18,4060.00%
249Rush Street Interactive Inc - Ordinary Shares - Class ARSI897$18,3710.00%
250Artivion IncAORT430$18,2060.00%
251Verizon Communications IncVZ412$18,1070.00%
252Douglas Dynamics IncPLOW564$17,6310.00%
253Colgate-Palmolive Co.CL212$16,9470.00%
254Exelon Corp.EXC153$6,8870.00%
255Gilead Sciences, Inc.GILD60$6,6600.00%
256BlackRock Institutional Trust Company N.A. - BTC iShares MSCI Canada E46428650974$3,7410.00%
257Oneok Inc.OKE1$360.00%