Institutional Manager · CIK 0001633716

USA FINANCIAL FORMULAS

ADA, MI · File #028-16517

Latest AUM

$549.6M

Positions

414

Top-10 Concentration

89.0%

Filings

Portfolio Value Over Time

2024-03

2024-06

2024-09

2024-12

2025-03

2025-06

2025-09

2025-12

Biggest QoQ Changes

Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.

Action	Issuer	Ticker / CUSIP	Δ Shares	Flow ($)	Price Effect
REDUCE	BlackRock Institutional Trust Company N.A. - BTC iShares S&P GSCI Comm	ISMCF	-338,351	-$7.8M	+$31,886
ADD	iShares iBoxx USD Inv Grade Corp Bond ETF	464287242	+58,136	+$6.4M	-$224,415
REDUCE	Warner Bros. Discovery Inc - Ordinary Shares - Class A	WBD	-142,011	-$4.1M	+$1.3M
REDUCE	iShares MSCI Emerging Markets ETF	464287234	-71,139	-$3.9M	+$1.7M
EXITED	iShares U.S. Financials ETF	464287788	-22,880	-$2.9M	$0
REDUCE	iShares S&P 500 Growth ETF	464287309	-23,153	-$2.9M	+$1.4M
NEW	iShares U.S. Healthcare ETF	464287762	+39,109	+$2.5M	$0
NEW	Micron Technology Inc.	MU	+7,417	+$2.1M	$0
REDUCE	iShares MSCI EAFE ETF	464287465	-20,754	-$2.0M	+$1.8M
EXITED	Electronic Arts, Inc.	285512109	-9,696	-$2.0M	$0

Sector Allocation

12.4%$68.0M

2.9%$16.1M

1.6%$8.9M

1.1%$6.1M

0.7%$3.7M

0.6%$3.2M

Consumer Discretionary

0.6%$3.2M

Energy

0.3%$1.5M

Materials

0.1%$726,628

Real Estate

0.1%$704,474

Communication Services

0.0%$163,894

Filing History

Jan 14, 202613F HOLDINGS REPORTQ/E Dec 2025414 pos · $549.6M
Oct 10, 202513F HOLDINGS REPORTQ/E Sep 2025257 pos · $567.6M
Jul 18, 202513F HOLDINGS REPORTQ/E Jun 2025240 pos · $585.9M
Apr 15, 202513F HOLDINGS REPORTQ/E Mar 2025274 pos · $605.7M
Jan 14, 202513F HOLDINGS REPORTQ/E Dec 2024286 pos · $636.4M
Oct 8, 202413F HOLDINGS REPORTQ/E Sep 2024256 pos · $643.1M
Jul 12, 202413F HOLDINGS REPORTQ/E Jun 2024297 pos · $616.7M
Apr 30, 202413F HOLDINGS REPORTQ/E Mar 2024300 pos · $616.8M
Nov 27, 202313F HOLDINGS REPORTQ/E Dec 2023494 pos · $66.9M
Nov 27, 202313F HOLDINGS REPORTQ/E Dec 2023424 pos · $61.7M
Nov 27, 202313F HOLDINGS REPORTQ/E Dec 2023490 pos · $65.1M

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	iShares Core S&P 500	464287200	118,799	$81.4M	16.25%
2	iShares MSCI Emerging Markets ETF	464287234	1,195,549	$65.4M	13.06%
3	Invesco QQQ Trust ETF	IVZ	106,196	$65.2M	13.02%
4	iShares S&P 500 Growth ETF	464287309	524,309	$64.6M	12.90%
5	SPDR S&P 500	SPY	94,596	$64.5M	12.88%
6	iShares MSCI EAFE ETF	464287465	670,448	$64.4M	12.85%
7	iShares iBoxx USD Inv Grade Corp Bond ETF	464287242	233,460	$25.7M	5.14%
8	iShares iBoxx USD High Yield Corp Bond ETF	464288513	81,181	$6.5M	1.31%
9	AIM ETF Products Trust - AllianzIM U.S. Large Cap 6 Month Buffer10 Jan/Jul ETF	00888H869	121,073	$4.2M	0.83%
10	AIM ETF Products Trust - AllianzIM U.S. Large Cap 6 Month Buffer10 Apr/Oct ETF	00888H877	116,963	$4.1M	0.81%
11	BlackRock Institutional Trust Company N.A. - BTC iShares U.S. Telecomm	464287713	80,884	$2.7M	0.55%
12	iShares U.S. Technology ETF	464287721	13,126	$2.6M	0.52%
13	iShares U.S. Healthcare ETF	464287762	39,109	$2.5M	0.51%
14	BlackRock Institutional Trust Company N.A. - BTC iShares U.S. Utilitie	464287697	23,319	$2.5M	0.50%
15	Micron Technology Inc.	MU	7,417	$2.1M	0.42%
16	AIM ETF Products Trust - AllianzIM U.S. Equity Buffer15 Uncapped Apr ETF	00888H612	68,867	$2.1M	0.42%
17	AIM ETF Products Trust - AllianzIM U.S. Equity Buffer15 Uncapped Jul ETF	00888H570	69,897	$2.1M	0.41%
18	ALLIANZIM US BUFFERED 15 UNCAPPED JAN	00888H513	73,761	$2.1M	0.41%
19	ALLIANZIM US BUFFER 15 UNCAPPED OCT ETF	00888H547	72,839	$2.1M	0.41%
20	Alphabet Inc - Ordinary Shares - Class C	GOOG	6,026	$1.9M	0.38%