SMIF Holdings

$1,485,000Invested at fundingAll capital except target cash goes into the sector ETFs within five days.

11Sector ETFsOne for each S&P 500 sector, at index weights.

0Student stocksFirst proposals are due in March 2027.

20%Replacement limitShare of each sector budget students may hold in stocks in semester 1.

Sector ETFs

Every dollar starts in a Select Sector SPDR ETF, at its weight in the S&P 500.

Target allocation if the Fund were funded at the close on October 30, 2026. Weights and share counts change with the market; budgets reset to current weights each semester.

Ticker	Sector	Team	S&P 500 weight	Target budget	Close, Oct 30	Day	Shares
XLK	Information Technology	1	39.7%	$589,545	179.51	4.89%	3,284
XLB	Materials	1	1.7%	$25,245	52.74	0.40%	478
XLF	Financials	2	11.4%	$169,290	56.51	0.76%	2,995
XLRE	Real Estate	2	1.7%	$25,245	43.17	0.26%	584
XLC	Communication Services	3	9.9%	$147,015	99.90	1.29%	1,471
XLP	Consumer Staples	3	4.4%	$65,340	89.42	1.41%	730
XLY	Consumer Discretionary	4	8.6%	$127,710	115.38	0.71%	1,106
XLE	Energy	4	3.4%	$50,490	70.02	1.91%	721
XLV	Health Care	5	9.3%	$138,105	184.87	0.45%	747
XLU	Utilities	5	1.9%	$28,215	43.43	0.67%	649
XLI	Industrials	6	8.0%	$118,800	167.40	1.60%	709
Cash	Money market		1.0%	$15,000
Total			100.0%	$1,500,000

Sector weights from Charles Schwab, as of October 30, 2026; they differ slightly from the illustrative Table 1 in the IPS. Prices are closing prices on October 30, 2026. Shares are rounded down.

Performance metrics

Reported against the Russell 3000 Total Return Index from the first month after funding.

These are the measures the IPS requires. Each will show the Fund's actual figure once it has a full month of history.

Fund total return—

Time-weighted, net of fees, trading costs and cash drag.

Monthly

Russell 3000 Total Return—

The benchmark: nearly the whole U.S. stock market.

Monthly

Excess return—

Fund minus benchmark, split into what student picks add and what the large-cap core adds.

Monthly

Tracking error—

Annualized standard deviation of monthly excess returns.

Quarterly

Information ratio—

Excess return divided by tracking error.

Annually

Maximum drawdown—

Largest peak-to-trough fall in time-weighted value.

Quarterly

Annual withdrawal—

4% of the trailing twelve-month average value, paid from sector ETFs.

Annually

Cash level—

Target 1%; must stay under 2% normally and 5% at all times.

Monthly

Stock holdings

Student picks replace part of each sector ETF as proposals pass a team vote.

No student holdings yet

The first cohort starts in spring 2027. Buy proposals are submitted in weeks 8 to 13, so the first holdings are expected in March 2027.

Reported for every holdingTickerTeam and sectorSharesCost basisMarket valueWeight in sector budgetReturn vs sector ETFDays heldReview flag at 25% below cost

Team	Sectors	Sector budget	Room for picks, semester 1
1	Information Technology, Materials	$614,790	$122,958
2	Financials, Real Estate	$194,535	$38,907
3	Communication Services, Consumer Staples	$212,355	$42,471
4	Consumer Discretionary, Energy	$178,200	$35,640
5	Health Care, Utilities	$166,320	$33,264
6	Industrials	$118,800	$23,760

Room for picks is 20% of each team's sector budget during the first semester, rising to 40%, 60% and then 80% in later semesters.