# EDGAR Filing Document

**Accession Number:** 0001633716
**File Stem:** 0001633716-25-000006
**Filing Date:** 2025-10
**Character Count:** 30139
**Document Hash:** 36132b1ec12a4d3dd7e2f387e1354e63
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001633716-25-000006.hdr.sgml**: 20251010

**ACCESSION NUMBER**: 0001633716-25-000006

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251010

**DATE AS OF CHANGE**: 20251010

**EFFECTIVENESS DATE**: 20251010

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** USA FINANCIAL FORMULAS
- **CENTRAL INDEX KEY:** 0001633716

**ORGANIZATION NAME:**
- **EIN:** 383397033
- **STATE OF INCORPORATION:** MI
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-16517
- **FILM NUMBER:** 251387963

**BUSINESS ADDRESS:**
- **STREET 1:** 6020 EAST FULTON STREET
- **CITY:** ADA
- **STATE:** MI
- **ZIP:** 49301
- **BUSINESS PHONE:** 888-407-8198

**MAIL ADDRESS:**
- **STREET 1:** 6020 EAST FULTON STREET
- **CITY:** ADA
- **STATE:** MI
- **ZIP:** 49301

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** USA Financial Portformulas Corp
- **DATE OF NAME CHANGE:** 20150212

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** USA FINANCIAL FORMULAS<br>**Address:** 6020 EAST FULTON STREET<br>ADA, MI 49301

**Form 13F File Number:** 028-16517

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Jason Clark<br>**Title:** Principal Account Manager<br>**Phone:** 8884440125

**Signature, Place, and Date of Signing:**

Jason Clark  Ada, MI  10-10-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 257

**Form 13F Information Table Value Total:** $567580492

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| Abbott Laboratories | COM | 002824100 |  | 130056 | 971 | SH |  | SOLE |  | 0 | 0 | 971 |
| Acadia Pharmaceuticals Inc | COM | 004225108 |  | 40503 | 1898 | SH |  | SOLE |  | 0 | 0 | 1898 |
| AECOM | COM | 00766T100 |  | 100201 | 768 | SH |  | SOLE |  | 0 | 0 | 768 |
| Automatic Data Processing Inc. | COM | 053015103 |  | 234800 | 800 | SH |  | SOLE |  | 0 | 0 | 800 |
| ADT Inc | COM | 00090Q103 |  | 182370 | 20938 | SH |  | SOLE |  | 0 | 0 | 20938 |
| Advanced Energy Industries Inc. | COM | 007973100 |  | 53764 | 316 | SH |  | SOLE |  | 0 | 0 | 316 |
| American Electric Power Company Inc. | COM | 025537101 |  | 105188 | 935 | SH |  | SOLE |  | 0 | 0 | 935 |
| Assurant Inc | COM | 04621X108 |  | 187576 | 866 | SH |  | SOLE |  | 0 | 0 | 866 |
| Allstate Corp (The) | COM | 020002101 |  | 224095 | 1044 | SH |  | SOLE |  | 0 | 0 | 1044 |
| Allegion plc | ORD SHS | G0176J109 |  | 844009 | 4759 | SH |  | SOLE |  | 0 | 0 | 4759 |
| Allient Inc | COM | 019330109 |  | 109056 | 2437 | SH |  | SOLE |  | 0 | 0 | 2437 |
| Applied Materials Inc. | COM | 038222105 |  | 23545 | 115 | SH |  | SOLE |  | 0 | 0 | 115 |
| Ametek Inc | COM | 031100100 |  | 83848 | 446 | SH |  | SOLE |  | 0 | 0 | 446 |
| Affiliated Managers Group Inc. | COM | 008252108 |  | 178346 | 748 | SH |  | SOLE |  | 0 | 0 | 748 |
| Artivion Inc | COM | 228903100 |  | 18206 | 430 | SH |  | SOLE |  | 0 | 0 | 430 |
| APi Group Corporation | COM STK | 00187Y100 |  | 236053 | 6868 | SH |  | SOLE |  | 0 | 0 | 6868 |
| Amphenol Corp. - Ordinary Shares - Class A | CL A | 032095101 |  | 920948 | 7442 | SH |  | SOLE |  | 0 | 0 | 7442 |
| Aptiv PLC | COM SHS | G3265R107 |  | 897292 | 10407 | SH |  | SOLE |  | 0 | 0 | 10407 |
| AIM ETF Products Trust - AllianzIM U.S. Equity Buffer15 Uncapped Apr ETF | ALLIANZIM US EQU | 00888H612 |  | 2481349 | 83321 | SH |  | SOLE |  | 0 | 0 | 83321 |
| Adtalem Global Education Inc | COM | 00737L103 |  | 21932 | 142 | SH |  | SOLE |  | 0 | 0 | 142 |
| Atmos Energy Corp. | COM | 049560105 |  | 873216 | 5114 | SH |  | SOLE |  | 0 | 0 | 5114 |
| Astronics Corp. | COM | 046433108 |  | 138974 | 3047 | SH |  | SOLE |  | 0 | 0 | 3047 |
| AngloGold Ashanti Plc. | COM SHS | G0378L100 |  | 282305 | 4014 | SH |  | SOLE |  | 0 | 0 | 4014 |
| Aurinia Pharmaceuticals Inc | COM | 05156V102 |  | 106765 | 9662 | SH |  | SOLE |  | 0 | 0 | 9662 |
| Avery Dennison Corp. | COM | 053611109 |  | 193631 | 1194 | SH |  | SOLE |  | 0 | 0 | 1194 |
| Armstrong World Industries Inc. | COM | 04247X102 |  | 174645 | 891 | SH |  | SOLE |  | 0 | 0 | 891 |
| Bank Of America Corp. | COM | 060505104 |  | 457191 | 8862 | SH |  | SOLE |  | 0 | 0 | 8862 |
| Build A Bear Workshop Inc | COM | 120076104 |  | 85751 | 1315 | SH |  | SOLE |  | 0 | 0 | 1315 |
| Becton Dickinson  Co. | COM | 075887109 |  | 149174 | 797 | SH |  | SOLE |  | 0 | 0 | 797 |
| Bank First Corp | COM | 06211J100 |  | 103235 | 851 | SH |  | SOLE |  | 0 | 0 | 851 |
| Bank Of New York Mellon Corp | COM | 064058100 |  | 1762864 | 16179 | SH |  | SOLE |  | 0 | 0 | 16179 |
| Broadridge Financial Solutions Inc. | COM | 11133T103 |  | 233168 | 979 | SH |  | SOLE |  | 0 | 0 | 979 |
| BorgWarner Inc | COM | 099724106 |  | 763058 | 17358 | SH |  | SOLE |  | 0 | 0 | 17358 |
| Citigroup Inc | COM NEW | 172967424 |  | 1280524 | 12616 | SH |  | SOLE |  | 0 | 0 | 12616 |
| Cardinal Health Inc. | COM | 14149Y108 |  | 180504 | 1150 | SH |  | SOLE |  | 0 | 0 | 1150 |
| Caterpillar Inc. | COM | 149123101 |  | 184657 | 387 | SH |  | SOLE |  | 0 | 0 | 387 |
| Chubb Limited | COM | H1467J104 |  | 145641 | 516 | SH |  | SOLE |  | 0 | 0 | 516 |
| CBRE Group Inc - Ordinary Shares - Class A | CL A | 12504L109 |  | 554139 | 3517 | SH |  | SOLE |  | 0 | 0 | 3517 |
| Coastal Financial Corp | COM NEW | 19046P209 |  | 102112 | 944 | SH |  | SOLE |  | 0 | 0 | 944 |
| Carnival Corp. - Ordinary Shares (Paired Stock) | ADS | 143658300 |  | 556546 | 19251 | SH |  | SOLE |  | 0 | 0 | 19251 |
| Coeur Mining Inc | COM NEW | 192108504 |  | 110346 | 5882 | SH |  | SOLE |  | 0 | 0 | 5882 |
| Chefs` Warehouse Inc | COM | 163086101 |  | 40948 | 702 | SH |  | SOLE |  | 0 | 0 | 702 |
| C.H. Robinson Worldwide Inc. | COM NEW | 12541W209 |  | 793606 | 5994 | SH |  | SOLE |  | 0 | 0 | 5994 |
| CIENA Corp. | COM NEW | 171779309 |  | 655078 | 4497 | SH |  | SOLE |  | 0 | 0 | 4497 |
| Cincinnati Financial Corp. | COM | 172062101 |  | 159523 | 1009 | SH |  | SOLE |  | 0 | 0 | 1009 |
| Colgate-Palmolive Co. | COM | 194162103 |  | 16947 | 212 | SH |  | SOLE |  | 0 | 0 | 212 |
| CME Group Inc - Ordinary Shares - Class A | COM | 12572Q105 |  | 261274 | 967 | SH |  | SOLE |  | 0 | 0 | 967 |
| Centerpoint Energy Inc. | COM | 15189T107 |  | 1011477 | 26069 | SH |  | SOLE |  | 0 | 0 | 26069 |
| Mr. Cooper Group Inc | COM | 62482R107 |  | 307753 | 1460 | SH |  | SOLE |  | 0 | 0 | 1460 |
| Cencora Inc. | COM | 03073E105 |  | 591307 | 1892 | SH |  | SOLE |  | 0 | 0 | 1892 |
| Cisco Systems Inc. | COM | 17275R102 |  | 2617339 | 38254 | SH |  | SOLE |  | 0 | 0 | 38254 |
| Costar Group Inc. | COM | 22160N109 |  | 1582528 | 18757 | SH |  | SOLE |  | 0 | 0 | 18757 |
| CSX Corp. | COM | 126408103 |  | 193991 | 5463 | SH |  | SOLE |  | 0 | 0 | 5463 |
| Cintas Corporation | COM | 172908105 |  | 152508 | 743 | SH |  | SOLE |  | 0 | 0 | 743 |
| CVS Health Corp | COM | 126650100 |  | 487321 | 6464 | SH |  | SOLE |  | 0 | 0 | 6464 |
| Curtiss-Wright Corp. | COM | 231561101 |  | 187857 | 346 | SH |  | SOLE |  | 0 | 0 | 346 |
| Dominion Energy Inc | COM | 25746U109 |  | 98117 | 1604 | SH |  | SOLE |  | 0 | 0 | 1604 |
| Dana Inc | COM | 235825205 |  | 80922 | 4038 | SH |  | SOLE |  | 0 | 0 | 4038 |
| Donaldson Co. Inc. | COM | 257651109 |  | 98793 | 1207 | SH |  | SOLE |  | 0 | 0 | 1207 |
| Ducommun Inc. | COM | 264147109 |  | 19130 | 199 | SH |  | SOLE |  | 0 | 0 | 199 |
| Dollar General Corp. | COM | 256677105 |  | 766444 | 7416 | SH |  | SOLE |  | 0 | 0 | 7416 |
| SPDR Dow Jones Industrial Average ETF | UT SER 1 | 78467X109 |  | 696074 | 1501 | SH |  | SOLE |  | 0 | 0 | 1501 |
| Dollar Tree Inc | COM | 256746108 |  | 769682 | 8156 | SH |  | SOLE |  | 0 | 0 | 8156 |
| Dover Corp. | COM | 260003108 |  | 123955 | 743 | SH |  | SOLE |  | 0 | 0 | 743 |
| Amdocs Ltd | SHS | G02602103 |  | 217679 | 2653 | SH |  | SOLE |  | 0 | 0 | 2653 |
| DTE Energy Co. | COM | 233331107 |  | 580146 | 4102 | SH |  | SOLE |  | 0 | 0 | 4102 |
| Duke Energy Corp. | COM NEW | 26441C204 |  | 424463 | 3430 | SH |  | SOLE |  | 0 | 0 | 3430 |
| Dycom Industries Inc. | COM | 267475101 |  | 20715 | 71 | SH |  | SOLE |  | 0 | 0 | 71 |
| Electronic Arts Inc. | COM | 285512109 |  | 1955683 | 9696 | SH |  | SOLE |  | 0 | 0 | 9696 |
| EBay Inc. | COM | 278642103 |  | 500498 | 5503 | SH |  | SOLE |  | 0 | 0 | 5503 |
| Ecolab Inc. | COM | 278865100 |  | 164864 | 602 | SH |  | SOLE |  | 0 | 0 | 602 |
| iShares MSCI Emerging Markets ETF | MSCI EMG MKT ETF | 464287234 |  | 67641139 | 1266688 | SH |  | SOLE |  | 0 | 0 | 1266688 |
| iShares MSCI EAFE ETF | MSCI EAFE ETF | 464287465 |  | 64537531 | 691202 | SH |  | SOLE |  | 0 | 0 | 691202 |
| Elanco Animal Health Inc | COM | 28414H103 |  | 203172 | 10088 | SH |  | SOLE |  | 0 | 0 | 10088 |
| Emerson Electric Co. | COM | 291011104 |  | 154661 | 1179 | SH |  | SOLE |  | 0 | 0 | 1179 |
| BlackRock Institutional Trust Company N.A. - BTC iShares MSCI Pacific | PAC JP ETF | 464286665 |  | 129673 | 2515 | SH |  | SOLE |  | 0 | 0 | 2515 |
| iShares Trust - iShare Inc iShares ESG Aware MSCI EM ETF | ESG AWR MSCI EM | 46434G863 |  | 891977 | 20543 | SH |  | SOLE |  | 0 | 0 | 20543 |
| Elbit Systems Ltd. | ORD | M3760D101 |  | 26000 | 51 | SH |  | SOLE |  | 0 | 0 | 51 |
| Entergy Corp. | COM | 29364G103 |  | 1355169 | 14542 | SH |  | SOLE |  | 0 | 0 | 14542 |
| Evergy Inc | COM | 30034W106 |  | 846787 | 11139 | SH |  | SOLE |  | 0 | 0 | 11139 |
| Edwards Lifesciences Corp | COM | 28176E108 |  | 1201469 | 15449 | SH |  | SOLE |  | 0 | 0 | 15449 |
| BlackRock Institutional Trust Company N.A. - BTC iShares MSCI Canada E | MSCI CDA ETF | 464286509 |  | 3741 | 74 | SH |  | SOLE |  | 0 | 0 | 74 |
| iShares MSCI Hong Kong ETF | MSCI HONG KG ETF | 464286871 |  | 132468 | 6147 | SH |  | SOLE |  | 0 | 0 | 6147 |
| iShares MSCI Japan ETF | MSCI JPN ETF NEW | 46434G822 |  | 133951 | 1670 | SH |  | SOLE |  | 0 | 0 | 1670 |
| Exelon Corp. | COM | 30161N101 |  | 6887 | 153 | SH |  | SOLE |  | 0 | 0 | 153 |
| National Vision Holdings Inc | COM | 63845R107 |  | 135121 | 4629 | SH |  | SOLE |  | 0 | 0 | 4629 |
| Fastenal Co. | COM | 311900104 |  | 194885 | 3974 | SH |  | SOLE |  | 0 | 0 | 3974 |
| FirstCash Holdings Inc | COM | 33768G107 |  | 114855 | 725 | SH |  | SOLE |  | 0 | 0 | 725 |
| Franklin Electric Co. Inc. | COM | 353514102 |  | 81967 | 861 | SH |  | SOLE |  | 0 | 0 | 861 |
| Five Below Inc | COM | 33829M101 |  | 208845 | 1350 | SH |  | SOLE |  | 0 | 0 | 1350 |
| General Dynamics Corp. | COM | 369550108 |  | 161634 | 474 | SH |  | SOLE |  | 0 | 0 | 474 |
| Graco Inc. | COM | 384109104 |  | 85130 | 1002 | SH |  | SOLE |  | 0 | 0 | 1002 |
| Gilead Sciences Inc. | COM | 375558103 |  | 6660 | 60 | SH |  | SOLE |  | 0 | 0 | 60 |
| Gilat Satellite Networks | SHS NEW | M51474118 |  | 38682 | 2971 | SH |  | SOLE |  | 0 | 0 | 2971 |
| Globe Life Inc | COM | 37959E102 |  | 835374 | 5843 | SH |  | SOLE |  | 0 | 0 | 5843 |
| Corning Inc. | COM | 219350105 |  | 1008887 | 12299 | SH |  | SOLE |  | 0 | 0 | 12299 |
| Groupon Inc | COM NEW | 399473206 |  | 42030 | 1800 | SH |  | SOLE |  | 0 | 0 | 1800 |
| Goldman Sachs Group Inc. | COM | 38141G104 |  | 1013754 | 1273 | SH |  | SOLE |  | 0 | 0 | 1273 |
| BlackRock Institutional Trust Company N.A. - BTC iShares S GSCI Comm | UNIT BEN INT | 46428R107 |  | 8137077 | 354248 | SH |  | SOLE |  | 0 | 0 | 354248 |
| W.W. Grainger Inc. | COM | 384802104 |  | 299229 | 314 | SH |  | SOLE |  | 0 | 0 | 314 |
| Halozyme Therapeutics Inc. | COM | 40637H109 |  | 266371 | 3632 | SH |  | SOLE |  | 0 | 0 | 3632 |
| Home Depot Inc. | COM | 437076102 |  | 83874 | 207 | SH |  | SOLE |  | 0 | 0 | 207 |
| Hecla Mining Co. | COM | 422704106 |  | 25216 | 2084 | SH |  | SOLE |  | 0 | 0 | 2084 |
| Heritage Insurance Holdings Inc. | COM | 42727J102 |  | 87803 | 3487 | SH |  | SOLE |  | 0 | 0 | 3487 |
| Host Hotels  Resorts Inc | COM | 44107P104 |  | 184871 | 10862 | SH |  | SOLE |  | 0 | 0 | 10862 |
| Howmet Aerospace Inc | COM | 443201108 |  | 890296 | 4537 | SH |  | SOLE |  | 0 | 0 | 4537 |
| iShares iBoxx USD High Yield Corp Bond ETF | IBOXX HI YD ETF | 464288513 |  | 7244178 | 89225 | SH |  | SOLE |  | 0 | 0 | 89225 |
| International Business Machines Corp. | COM | 459200101 |  | 183968 | 652 | SH |  | SOLE |  | 0 | 0 | 652 |
| Interdigital Inc | COM | 45867G101 |  | 128080 | 371 | SH |  | SOLE |  | 0 | 0 | 371 |
| Idaho Strategic Resources Inc | COM NEW | 645827205 |  | 22910 | 678 | SH |  | SOLE |  | 0 | 0 | 678 |
| BlackRock Institutional Trust Company N.A. - BTC iShares U.S. Utilitie | U.S. UTILITS ETF | 464287697 |  | 2862884 | 25815 | SH |  | SOLE |  | 0 | 0 | 25815 |
| Idexx Laboratories Inc. | COM | 45168D104 |  | 2381143 | 3727 | SH |  | SOLE |  | 0 | 0 | 3727 |
| BlackRock Institutional Trust Company N.A. - BTC iShares Europe ETF | EUROPE ETF | 464287861 |  | 983182 | 15015 | SH |  | SOLE |  | 0 | 0 | 15015 |
| BlackRock Institutional Trust Company N.A. - BTC iShares Latin America | LATN AMER 40 ETF | 464287390 |  | 135176 | 4679 | SH |  | SOLE |  | 0 | 0 | 4679 |
| Intuit Inc | COM | 461202103 |  | 1674495 | 2452 | SH |  | SOLE |  | 0 | 0 | 2452 |
| iShares Core S 500 | CORE S ETF | 464287200 |  | 79464650 | 118728 | SH |  | SOLE |  | 0 | 0 | 118728 |
| iShares S 500 Growth ETF | S 500 GRWT ETF | 464287309 |  | 66089613 | 547462 | SH |  | SOLE |  | 0 | 0 | 547462 |
| iShares Russell 1000 ETF | RUS 1000 ETF | 464287622 |  | 708666 | 1939 | SH |  | SOLE |  | 0 | 0 | 1939 |
| iShares Russell 2000 ETF | RUSSELL 2000 ETF | 464287655 |  | 725154 | 2997 | SH |  | SOLE |  | 0 | 0 | 2997 |
| iShares Russell 3000 ETF | RUSSELL 3000 ETF | 464287689 |  | 711270 | 1877 | SH |  | SOLE |  | 0 | 0 | 1877 |
| iShares U.S. Financials ETF | U.S. FINLS ETF | 464287788 |  | 2897523 | 22880 | SH |  | SOLE |  | 0 | 0 | 22880 |
| iShares U.S. Technology ETF | U.S. TECH ETF | 464287721 |  | 2977268 | 15201 | SH |  | SOLE |  | 0 | 0 | 15201 |
| BlackRock Institutional Trust Company N.A. - BTC iShares U.S. Telecomm | US TELECOM ETF | 464287713 |  | 2977308 | 92291 | SH |  | SOLE |  | 0 | 0 | 92291 |
| ALLIANZIM US BUFFERED 15 UNCAPPED JAN | ALLIANZIM US EQU | 00888H513 |  | 2452107 | 88748 | SH |  | SOLE |  | 0 | 0 | 88748 |
| Jabil Inc | COM | 466313103 |  | 765959 | 3527 | SH |  | SOLE |  | 0 | 0 | 3527 |
| Johnson Controls International plc - Registered Shares | SHS | G51502105 |  | 1221435 | 11109 | SH |  | SOLE |  | 0 | 0 | 11109 |
| Johnson  Johnson | COM | 478160104 |  | 879076 | 4741 | SH |  | SOLE |  | 0 | 0 | 4741 |
| JPMorgan Chase  Co. | COM | 46625H100 |  | 1216614 | 3857 | SH |  | SOLE |  | 0 | 0 | 3857 |
| AIM ETF Products Trust - AllianzIM U.S. Equity Buffer15 Uncapped Jul ETF | ALLIANZIM US EQU | 00888H570 |  | 2467115 | 84317 | SH |  | SOLE |  | 0 | 0 | 84317 |
| Openlane Inc. | COM | 48238T109 |  | 82685 | 2873 | SH |  | SOLE |  | 0 | 0 | 2873 |
| Kiniksa Pharmaceuticals International Plc. - Ordinary Shares - Class A | ORD SHS CL A | G52694109 |  | 31685 | 816 | SH |  | SOLE |  | 0 | 0 | 816 |
| Kroger Co. | COM | 501044101 |  | 550807 | 8171 | SH |  | SOLE |  | 0 | 0 | 8171 |
| Kratos Defense  Security Solutions Inc | COM NEW | 50077B207 |  | 151674 | 1660 | SH |  | SOLE |  | 0 | 0 | 1660 |
| Centrus Energy Corp - Ordinary Shares - Class A | CL A | 15643U104 |  | 26356 | 85 | SH |  | SOLE |  | 0 | 0 | 85 |
| Labcorp Holdings Inc. | COM SHS | 504922105 |  | 769034 | 2679 | SH |  | SOLE |  | 0 | 0 | 2679 |
| L3Harris Technologies Inc | COM | 502431109 |  | 611736 | 2003 | SH |  | SOLE |  | 0 | 0 | 2003 |
| Linde Plc. | SHS | G54950103 |  | 444600 | 936 | SH |  | SOLE |  | 0 | 0 | 936 |
| Lumentum Holdings Inc | COM | 55024U109 |  | 252363 | 1551 | SH |  | SOLE |  | 0 | 0 | 1551 |
| Cheniere Energy Inc. | COM NEW | 16411R208 |  | 470665 | 2003 | SH |  | SOLE |  | 0 | 0 | 2003 |
| Lowe`s Cos. Inc. | COM | 548661107 |  | 225174 | 896 | SH |  | SOLE |  | 0 | 0 | 896 |
| iShares iBoxx USD Inv Grade Corp Bond ETF | IBOXX INV CP ETF | 464287242 |  | 19543366 | 175324 | SH |  | SOLE |  | 0 | 0 | 175324 |
| Live Nation Entertainment Inc | COM | 538034109 |  | 554253 | 3392 | SH |  | SOLE |  | 0 | 0 | 3392 |
| Mastercard Incorporated - Ordinary Shares - Class A | CL A | 57636Q104 |  | 457892 | 805 | SH |  | SOLE |  | 0 | 0 | 805 |
| McDonald`s Corp | COM | 580135101 |  | 246759 | 812 | SH |  | SOLE |  | 0 | 0 | 812 |
| Monarch Casino  Resort Inc. | COM | 609027107 |  | 47416 | 448 | SH |  | SOLE |  | 0 | 0 | 448 |
| Magnite Inc | COM | 55955D100 |  | 39966 | 1835 | SH |  | SOLE |  | 0 | 0 | 1835 |
| Marsh  McLennan Cos. Inc. | COM | 571748102 |  | 391573 | 1943 | SH |  | SOLE |  | 0 | 0 | 1943 |
| Monster Beverage Corp. | COM | 61174X109 |  | 1803504 | 26794 | SH |  | SOLE |  | 0 | 0 | 26794 |
| Mosaic Company | COM | 61945C103 |  | 605860 | 17470 | SH |  | SOLE |  | 0 | 0 | 17470 |
| Morgan Stanley | COM NEW | 617446448 |  | 603571 | 3797 | SH |  | SOLE |  | 0 | 0 | 3797 |
| MSCI Inc | COM | 55354G100 |  | 208807 | 368 | SH |  | SOLE |  | 0 | 0 | 368 |
| Microsoft Corporation | COM | 594918104 |  | 187498 | 362 | SH |  | SOLE |  | 0 | 0 | 362 |
| Nasdaq Inc - Ordinary Shares - 144A | COM | 631103108 |  | 943319 | 10665 | SH |  | SOLE |  | 0 | 0 | 10665 |
| Nordson Corp. | COM | 655663102 |  | 138440 | 610 | SH |  | SOLE |  | 0 | 0 | 610 |
| Newmont Corp | COM | 651639106 |  | 896047 | 10628 | SH |  | SOLE |  | 0 | 0 | 10628 |
| National Fuel Gas Co. | COM | 636180101 |  | 253556 | 2745 | SH |  | SOLE |  | 0 | 0 | 2745 |
| NiSource Inc | COM | 65473P105 |  | 792217 | 18296 | SH |  | SOLE |  | 0 | 0 | 18296 |
| Nicolet Bankshares Inc. | COM | 65406E102 |  | 18561 | 138 | SH |  | SOLE |  | 0 | 0 | 138 |
| Northrop Grumman Corp. | COM | 666807102 |  | 713514 | 1171 | SH |  | SOLE |  | 0 | 0 | 1171 |
| ServiceNow Inc | COM | 81762P102 |  | 18406 | 20 | SH |  | SOLE |  | 0 | 0 | 20 |
| Bank of N T Butterfield  Son Ltd. | SHS NEW | G0772R208 |  | 76569 | 1784 | SH |  | SOLE |  | 0 | 0 | 1784 |
| NetEase Inc - ADR | SPONSORED ADS | 64110W102 |  | 31462 | 207 | SH |  | SOLE |  | 0 | 0 | 207 |
| Nucor Corp. | COM | 670346105 |  | 158589 | 1171 | SH |  | SOLE |  | 0 | 0 | 1171 |
| NVR Inc. | COM | 62944T105 |  | 32139 | 4 | SH |  | SOLE |  | 0 | 0 | 4 |
| ALLIANZIM US BUFFER 15 UNCAPPED OCT ETF | ALLIANZIM US EQU | 00888H547 |  | 2453391 | 87664 | SH |  | SOLE |  | 0 | 0 | 87664 |
| BlackRock Institutional Trust Company N.A. - BTC iShares S 100 ETF | S 100 ETF | 464287101 |  | 723261 | 2173 | SH |  | SOLE |  | 0 | 0 | 2173 |
| OSI ETF Trust - OShares Europe Quality Dividend ETF | OSHARES EUR QLT | 00162Q379 |  | 334027 | 10106 | SH |  | SOLE |  | 0 | 0 | 10106 |
| Oge Energy Corp. | COM | 670837103 |  | 100221 | 2166 | SH |  | SOLE |  | 0 | 0 | 2166 |
| OSI ETF Trust - O`Shares Global Internet Giants ETF | OSHS GBL INTER | 00162Q361 |  | 356712 | 6208 | SH |  | SOLE |  | 0 | 0 | 6208 |
| Oneok Inc. | COM | 682680103 |  | 36 | 1 | SH |  | SOLE |  | 0 | 0 | 1 |
| BeiGene Ltd - ADR | SPONSORED ADS | 07725L102 |  | 25893 | 76 | SH |  | SOLE |  | 0 | 0 | 76 |
| OptimizeRx Corp | COM NEW | 68401U204 |  | 131385 | 6409 | SH |  | SOLE |  | 0 | 0 | 6409 |
| OSI Systems Inc. | COM | 671044105 |  | 112158 | 450 | SH |  | SOLE |  | 0 | 0 | 450 |
| Otter Tail Corporation | COM | 689648103 |  | 93118 | 1136 | SH |  | SOLE |  | 0 | 0 | 1136 |
| OSI ETF Trust - OwShares U.S. Quality Dividend ETF | OSHARES US QUALT | 00162Q387 |  | 684417 | 12105 | SH |  | SOLE |  | 0 | 0 | 12105 |
| OSI ETF Trust - OShares U.S. Small-Cap Quality Dividend ETF | OSHARES US SMLCP | 00162Q395 |  | 339494 | 7578 | SH |  | SOLE |  | 0 | 0 | 7578 |
| Par Pacific Holdings Inc | COM NEW | 69888T207 |  | 81962 | 2314 | SH |  | SOLE |  | 0 | 0 | 2314 |
| Progyny Inc | COM | 74340E103 |  | 100498 | 4670 | SH |  | SOLE |  | 0 | 0 | 4670 |
| Douglas Dynamics Inc | COM | 25960R105 |  | 17631 | 564 | SH |  | SOLE |  | 0 | 0 | 564 |
| Pentair plc | SHS | G7S00T104 |  | 159051 | 1436 | SH |  | SOLE |  | 0 | 0 | 1436 |
| Insulet Corporation | COM | 45784P101 |  | 486250 | 1575 | SH |  | SOLE |  | 0 | 0 | 1575 |
| Portland General Electric Co | COM NEW | 736508847 |  | 329648 | 7492 | SH |  | SOLE |  | 0 | 0 | 7492 |
| Invesco Capital Management LLC - Invesco Aerospace  Defense ETF | AEROSPACE DEFN | 46137V100 |  | 862903 | 5551 | SH |  | SOLE |  | 0 | 0 | 5551 |
| PPG Industries Inc. | COM | 693506107 |  | 73472 | 699 | SH |  | SOLE |  | 0 | 0 | 699 |
| Pricesmart Inc. | COM | 741511109 |  | 119615 | 987 | SH |  | SOLE |  | 0 | 0 | 987 |
| Invesco QQQ Trust ETF | UNIT SER 1 | 46090E103 |  | 65270425 | 108717 | SH |  | SOLE |  | 0 | 0 | 108717 |
| RB Global Inc | COM | 74935Q107 |  | 168500 | 1555 | SH |  | SOLE |  | 0 | 0 | 1555 |
| Royal Caribbean Group | COM | V7780T103 |  | 652661 | 2017 | SH |  | SOLE |  | 0 | 0 | 2017 |
| REV Group Inc | COM | 749527107 |  | 78601 | 1387 | SH |  | SOLE |  | 0 | 0 | 1387 |
| Ralph Lauren Corp - Ordinary Shares - Class A | CL A | 751212101 |  | 724324 | 2310 | SH |  | SOLE |  | 0 | 0 | 2310 |
| Resmed Inc. | COM | 761152107 |  | 553482 | 2022 | SH |  | SOLE |  | 0 | 0 | 2022 |
| Rockwell Automation Inc | COM | 773903109 |  | 557151 | 1594 | SH |  | SOLE |  | 0 | 0 | 1594 |
| Roku Inc - Ordinary Shares - Class A | COM CL A | 77543R102 |  | 212977 | 2127 | SH |  | SOLE |  | 0 | 0 | 2127 |
| Rollins Inc. | COM | 775711104 |  | 753752 | 12832 | SH |  | SOLE |  | 0 | 0 | 12832 |
| Royalty Pharma plc - Ordinary Shares - Class A | SHS CLASS A | G7709Q104 |  | 258285 | 7321 | SH |  | SOLE |  | 0 | 0 | 7321 |
| Republic Services Inc. | COM | 760759100 |  | 564291 | 2459 | SH |  | SOLE |  | 0 | 0 | 2459 |
| Rush Street Interactive Inc - Ordinary Shares - Class A | COM | 782011100 |  | 18371 | 897 | SH |  | SOLE |  | 0 | 0 | 897 |
| RTX Corp | COM | 75513E101 |  | 1825905 | 10912 | SH |  | SOLE |  | 0 | 0 | 10912 |
| Ryanair Holdings Plc - ADR | SPONSORED ADR | 783513203 |  | 26316 | 437 | SH |  | SOLE |  | 0 | 0 | 437 |
| Charles Schwab Corp. | COM | 808513105 |  | 581985 | 6096 | SH |  | SOLE |  | 0 | 0 | 6096 |
| Somnigroup Intl Inc | COM | 88023U101 |  | 242364 | 2874 | SH |  | SOLE |  | 0 | 0 | 2874 |
| AIM ETF Products Trust - AllianzIM U.S. Large Cap 6 Month Buffer10 Jan/Jul ETF | ALLIANZIM US EQU | 00888H869 |  | 4809928 | 144269 | SH |  | SOLE |  | 0 | 0 | 144269 |
| AIM ETF Products Trust - AllianzIM U.S. Large Cap 6 Month Buffer10 Apr/Oct ETF | ALLIANZIM US EQU | 00888H877 |  | 4665896 | 137633 | SH |  | SOLE |  | 0 | 0 | 137633 |
| StoneX Group Inc | COM | 861896108 |  | 108893 | 1079 | SH |  | SOLE |  | 0 | 0 | 1079 |
| S Global Inc | COM | 78409V104 |  | 169375 | 348 | SH |  | SOLE |  | 0 | 0 | 348 |
| SPDR S 500 | TR UNIT | 78462F103 |  | 64726049 | 97160 | SH |  | SOLE |  | 0 | 0 | 97160 |
| SSR Mining Inc | COM | 784730103 |  | 133113 | 5451 | SH |  | SOLE |  | 0 | 0 | 5451 |
| StoneCo Ltd - Ordinary Shares - Class A | COM CL A | G85158106 |  | 54518 | 2883 | SH |  | SOLE |  | 0 | 0 | 2883 |
| State Street Corp. | COM | 857477103 |  | 771350 | 6649 | SH |  | SOLE |  | 0 | 0 | 6649 |
| Supernus Pharmaceuticals Inc | COM | 868459108 |  | 50227 | 1051 | SH |  | SOLE |  | 0 | 0 | 1051 |
| Sysco Corp. | COM | 871829107 |  | 193417 | 2349 | SH |  | SOLE |  | 0 | 0 | 2349 |
| Molson Coors Beverage Company - Ordinary Shares - Class B | CL A | 60871R209 |  | 171860 | 3798 | SH |  | SOLE |  | 0 | 0 | 3798 |
| Transdigm Group Incorporated | COM | 893641100 |  | 160798 | 122 | SH |  | SOLE |  | 0 | 0 | 122 |
| TE Connectivity Ltd - Registered Shares | ORD SHS | G87052109 |  | 605903 | 2760 | SH |  | SOLE |  | 0 | 0 | 2760 |
| Target Corp | COM | 87612E106 |  | 93737 | 1045 | SH |  | SOLE |  | 0 | 0 | 1045 |
| Millicom International Cellular S.A. | COM STK | L6388F110 |  | 260854 | 5374 | SH |  | SOLE |  | 0 | 0 | 5374 |
| TJX Companies Inc. | COM | 872540109 |  | 266098 | 1841 | SH |  | SOLE |  | 0 | 0 | 1841 |
| Turning Point Brands Inc | COM | 90041L105 |  | 80472 | 814 | SH |  | SOLE |  | 0 | 0 | 814 |
| Tutor Perini Corp | COM | 901109108 |  | 89989 | 1372 | SH |  | SOLE |  | 0 | 0 | 1372 |
| Trimas Corporation | COM NEW | 896215209 |  | 111129 | 2876 | SH |  | SOLE |  | 0 | 0 | 2876 |
| Tyson Foods Inc. - Ordinary Shares - Class A | CL A | 902494103 |  | 164746 | 3034 | SH |  | SOLE |  | 0 | 0 | 3034 |
| TTM Technologies Inc | COM | 87305R109 |  | 140832 | 2445 | SH |  | SOLE |  | 0 | 0 | 2445 |
| TXNM Energy Inc. | COM | 69349H107 |  | 81941 | 1449 | SH |  | SOLE |  | 0 | 0 | 1449 |
| Unilever plc - ADR | SPON ADR NEW | 904767704 |  | 234986 | 3964 | SH |  | SOLE |  | 0 | 0 | 3964 |
| Ulta Beauty Inc | COM | 90384S303 |  | 746861 | 1366 | SH |  | SOLE |  | 0 | 0 | 1366 |
| Union Pacific Corp. | COM | 907818108 |  | 19619 | 83 | SH |  | SOLE |  | 0 | 0 | 83 |
| Urban Outfitters Inc. | COM | 917047102 |  | 47572 | 666 | SH |  | SOLE |  | 0 | 0 | 666 |
| Visteon Corp. | COM NEW | 92839U206 |  | 43869 | 366 | SH |  | SOLE |  | 0 | 0 | 366 |
| Vanguard FTSE All-World ex-US ETF | ALLWRLD EX US | 922042775 |  | 992685 | 13909 | SH |  | SOLE |  | 0 | 0 | 13909 |
| VICI Properties Inc | COM | 925652109 |  | 171757 | 5267 | SH |  | SOLE |  | 0 | 0 | 5267 |
| Vanguard Real Estate Index Fund ETF | REAL ESTATE ETF | 922908553 |  | 289253 | 3164 | SH |  | SOLE |  | 0 | 0 | 3164 |
| Vanguard Communication Services ETF | COMM SRVC ETF | 92204A884 |  | 301307 | 1605 | SH |  | SOLE |  | 0 | 0 | 1605 |
| Verisk Analytics Inc | COM | 92345Y106 |  | 352869 | 1403 | SH |  | SOLE |  | 0 | 0 | 1403 |
| VSE Corp. | COM | 918284100 |  | 49706 | 299 | SH |  | SOLE |  | 0 | 0 | 299 |
| Vanguard FTSE All-World Ex-US Small Capital Index | FTSE SMCAP ETF | 922042718 |  | 975755 | 6845 | SH |  | SOLE |  | 0 | 0 | 6845 |
| Vanguard Total Stock Market ETF | TOTAL STK MKT | 922908769 |  | 708191 | 2158 | SH |  | SOLE |  | 0 | 0 | 2158 |
| Vanguard FTSE Emerging Markets ETF | FTSE EMR MKT ETF | 922042858 |  | 133987 | 2473 | SH |  | SOLE |  | 0 | 0 | 2473 |
| Vanguard International High Dividend Yield ETF | INTL HIGH ETF | 921946794 |  | 833082 | 9838 | SH |  | SOLE |  | 0 | 0 | 9838 |
| Verizon Communications Inc | COM | 92343V104 |  | 18107 | 412 | SH |  | SOLE |  | 0 | 0 | 412 |
| Westinghouse Air Brake Technologies Corp | COM | 929740108 |  | 86403 | 431 | SH |  | SOLE |  | 0 | 0 | 431 |
| Warner Bros. Discovery Inc - Ordinary Shares - Class A | COM SER A | 934423104 |  | 2786365 | 142671 | SH |  | SOLE |  | 0 | 0 | 142671 |
| Waste Connections Inc | COM | 94106B101 |  | 309056 | 1758 | SH |  | SOLE |  | 0 | 0 | 1758 |
| Western Digital Corp. | COM | 958102105 |  | 1111155 | 9255 | SH |  | SOLE |  | 0 | 0 | 9255 |
| Willdan Group Inc | COM | 96924N100 |  | 97850 | 1012 | SH |  | SOLE |  | 0 | 0 | 1012 |
| Waste Management Inc. | COM | 94106L109 |  | 303420 | 1374 | SH |  | SOLE |  | 0 | 0 | 1374 |
| Walmart Inc | COM | 931142103 |  | 129856 | 1260 | SH |  | SOLE |  | 0 | 0 | 1260 |
| West Pharmaceutical Services Inc. | COM | 955306105 |  | 154250 | 588 | SH |  | SOLE |  | 0 | 0 | 588 |
| Woodward Inc | COM | 980745103 |  | 260291 | 1030 | SH |  | SOLE |  | 0 | 0 | 1030 |
| Xcel Energy Inc. | COM | 98389B100 |  | 292356 | 3625 | SH |  | SOLE |  | 0 | 0 | 3625 |
| Materials Select Sector SPDR | SBI MATERIALS | 81369Y100 |  | 290996 | 3247 | SH |  | SOLE |  | 0 | 0 | 3247 |
| Energy Select Sector SPDR | ENERGY | 81369Y506 |  | 291248 | 3260 | SH |  | SOLE |  | 0 | 0 | 3260 |
| Financial Select Sector SPDR | FINANCIAL | 81369Y605 |  | 299356 | 5557 | SH |  | SOLE |  | 0 | 0 | 5557 |
| Industrial Select Sector SPDR | INDL | 81369Y704 |  | 288719 | 1872 | SH |  | SOLE |  | 0 | 0 | 1872 |
| Technology Select Sector SPDR | TECHNOLOGY | 81369Y803 |  | 302718 | 1074 | SH |  | SOLE |  | 0 | 0 | 1074 |
| Consumer Staples Select Sector SPDR | SBI CONS STPLS | 81369Y308 |  | 278292 | 3551 | SH |  | SOLE |  | 0 | 0 | 3551 |
| Utilities Select Sector SPDR | SBI INT-UTILS | 81369Y886 |  | 285962 | 3279 | SH |  | SOLE |  | 0 | 0 | 3279 |
| Consumer Discretionary Select Sector SPDR | SBI CONS DISCR | 81369Y407 |  | 301707 | 1259 | SH |  | SOLE |  | 0 | 0 | 1259 |

---