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Comfortably expensive closet-index hugging a handful of house ETFs with training wheels still on

Report created on Apr 21, 2026

Risk profile

  • Secure
    Speculative

The risk profile, derived from past market volatility, reflects the level of risk the portfolio is exposed to. This assessment helps align your investments with your financial goals and comfort with market fluctuations.

Diversification profile

  • Focused
    Diversified

The diversification assessment evaluates the spread of investments across asset classes, regions, and sectors. This ensures a balanced mix, reducing risk and maximizing returns by not concentrating in any single area.

Positions

This isn’t a portfolio so much as a 6 Meridian fan club. Five funds, all from the same shop, all doing slightly different dances around the same equity theme. The top two holdings alone eat up 76% of the weight, so “diversification” here mostly means rotating which in-house wrapper you’re using to reach similar stuff. It looks like someone took a normal equity allocation, ran it through a house-brand filter, and called it a day. Structurally, that means one product lineup dominates everything: risk, style, and costs. When one provider effectively is the portfolio, the whole thing behaves like a single big bet with the illusion of choice.

Growth Info

Over the last few years, this portfolio has managed a 10.26% CAGR, which sounds good until it stands next to the US market’s 13.36%. That 3.10% annual lag is the quiet tax of “fancy” structure: hedging, factors, and high fees without the payoff. Against the global market, it only trails by 0.86%, so congratulations, it underperformed the easy US benchmark more than the harder global one. Max drawdown of -16.59% is gentler than broad markets, but it also recovered slower than you’d hope for such a “cautious” build. Past performance isn’t destiny, but so far the story is: you paid more, took less pain, and also got noticeably less gain.

Projection Info

The Monte Carlo projection basically says, “You’ll probably be fine, but don’t start shopping for yachts.” Simulations show a median outcome of $2,866 from $1,000 in 15 years, with the average annual return coming in at 8.24%. That’s decent, but noticeably lower than what the historical backtest dangled in front of you. The range is wide: roughly $900 to $7,600 in the more extreme scenarios. Monte Carlo is like rolling the market dice 1,000 times using the past as a rough script, and scripts can change. The theme is clear though: this portfolio trades some upside potential for a slightly smoother ride, and the trade isn’t exactly screaming “bargain.”

Asset classes Info

  • Stocks
    100%

Asset allocation here is aggressively simple: 100% stocks, 0% anything else. For a portfolio tagged “cautious” with a risk score of 3/7, that’s a bit of a joke. It’s like calling an all-chili diet “mild” because you used fewer peppers than your neighbor. No bonds, no cash, no real safety net—just layers of “low beta” and “hedged equity” labels wrapped around pure equity risk. Asset classes are the main knobs for dialing risk up or down; this setup ignores that and tries to solve everything with clever equity engineering. The result is still fundamentally a stock-only roller coaster, just with seat cushions bolted on.

Sectors Info

  • Consumer Staples
    20%
  • Technology
    17%
  • Health Care
    13%
  • Telecommunications
    12%
  • Financials
    12%
  • Industrials
    8%
  • Consumer Discretionary
    7%
  • Utilities
    6%
  • Real Estate
    3%
  • Energy
    1%

Sector exposure is a weird mix of conservative-sounding and quietly lopsided. Staples at 20%, telecom at 12%, and utilities at 6% give it a “grandma’s pantry” vibe, while tech at 17% and health care at 13% drag it back toward the modern world. Energy barely registers at 1%, so when that sector has a moment, this portfolio mostly just watches. Compared to broad equity indexes, this tilts toward defensives without fully committing. It’s like dressing half the portfolio in safety vests and the rest in casual Friday outfits. Not disastrous, but the sector mix feels more like marketing “stability” than a clearly thought-out risk/return design.

Regions Info

  • North America
    100%

Geographically, this thing is America and nothing else: 100% North America, full stop. For a world where half the market value and most of the demographic growth live elsewhere, that’s a pretty loud “no thanks.” It’s home bias turned up to 11, with zero attempt to tap into other regions’ cycles or currencies. When the US wins, this looks smart. When the US drags, there’s nowhere to hide and nowhere else working for you. Over time, that’s not diversification; it’s just patriotism with a ticker symbol. The global benchmark already beat this historically, and that’s with you refusing to even show up abroad.

Market capitalization Info

  • Large-cap
    59%
  • Mega-cap
    17%
  • Micro-cap
    10%
  • Mid-cap
    9%
  • Small-cap
    6%

Market cap exposure is mostly large and mega caps at 76%, but then someone jammed 10% into micro caps and another 6% into small caps like a dare. So the portfolio is “cautious” with one foot on blue-chip land and the other dangling over the small-company cliff. Micro caps are the drunk uncles of the market: exciting, unpredictable, and not great for a calm experience. This barbell between huge and tiny names adds complexity and noise without a clear payoff. It’s neither a clean large-cap core nor a deliberate small-cap tilt; it’s more like an accidental side quest into volatility country.

True holdings Info

  • Altria Group
    3.76%
    Part of fund(s):
    • 6 Meridian Mega Cap Equity ETF
    • ETC 6 Meridian Hedged Equity-Index Option Strategy ETF
  • PepsiCo Inc
    2.94%
    Part of fund(s):
    • 6 Meridian Mega Cap Equity ETF
    • ETC 6 Meridian Hedged Equity-Index Option Strategy ETF
  • Verizon Communications Inc
    2.69%
    Part of fund(s):
    • 6 Meridian Mega Cap Equity ETF
    • ETC 6 Meridian Hedged Equity-Index Option Strategy ETF
  • AT&T Inc
    2.65%
    Part of fund(s):
    • 6 Meridian Mega Cap Equity ETF
    • ETC 6 Meridian Hedged Equity-Index Option Strategy ETF
  • NVIDIA Corporation
    2.51%
    Part of fund(s):
    • 6 Meridian Mega Cap Equity ETF
    • 6 Meridian Quality Growth ETF
    • ETC 6 Meridian Hedged Equity-Index Option Strategy ETF
  • Lam Research Corp
    2.42%
    Part of fund(s):
    • 6 Meridian Mega Cap Equity ETF
    • ETC 6 Meridian Hedged Equity-Index Option Strategy ETF
  • U.S. Bancorp
    2.11%
    Part of fund(s):
    • 6 Meridian Mega Cap Equity ETF
    • ETC 6 Meridian Hedged Equity-Index Option Strategy ETF
  • CVS Health Corp
    2.08%
    Part of fund(s):
    • 6 Meridian Mega Cap Equity ETF
    • ETC 6 Meridian Hedged Equity-Index Option Strategy ETF
  • Qualcomm Incorporated
    2.04%
    Part of fund(s):
    • 6 Meridian Mega Cap Equity ETF
    • ETC 6 Meridian Hedged Equity-Index Option Strategy ETF
  • SPDR S&P 500 ETF Trust
    1.96%
    Part of fund(s):
    • ETC 6 Meridian Hedged Equity-Index Option Strategy ETF
  • Top 10 total 25.17%

The look-through holdings scream overlap and concentration, even with only ~31% ETF coverage. The same names show up again and again: Altria, Pepsi, Verizon, AT&T, NVIDIA, Lam Research, Qualcomm, CVS, U.S. Bancorp. When almost a third of what’s visible is dominated by a small handful of repeat guests, you know the unseen 69% isn’t magically unique. You’re paying multiple ETF fees to stack similar exposures to the same big companies. That’s the illusion of having “many funds” when, underneath, it’s the same usual suspects wearing different labels. Overlap isn’t evil, but pretending it’s diversification absolutely is.

Factors Info

Value
Preference for undervalued stocks
High
Data availability: 64%
Size
Exposure to smaller companies
Low
Data availability: 100%
Momentum
Exposure to recently outperforming stocks
Neutral
Data availability: 64%
Quality
Preference for financially healthy companies
High
Data availability: 64%
Yield
Preference for dividend-paying stocks
Neutral
Data availability: 100%
Low Volatility
Preference for stable, lower-risk stocks
Very high
Data availability: 100%

Factor exposures are estimated using statistical models based on historical data and measure systematic (market-relative) tilts, not absolute portfolio characteristics. Results may vary depending on the analysis period, data availability, and currency of the underlying assets.

Factor-wise, this portfolio is loudly obsessed with low volatility at 85% and pretty serious about value (70%) and quality (62%). It’s the investor equivalent of driving under the speed limit while double-checking every receipt. High low-vol exposure means it’s heavily tilted toward “boring but steady” stocks, which can help in rough patches but often lags when markets run hot. Strong value and quality tilts say it likes “cheap-ish and decent” companies, not flashy growth rockets. Factor exposure is like checking the seasoning in the soup: this one is loaded with “safety” spices, but that also helps explain why it keeps trailing the straightforward US market when things are upbeat.

Risk contribution Info

  • 6 Meridian Mega Cap Equity ETF
    Weight: 40.00%
    43.4%
  • ETC 6 Meridian Hedged Equity-Index Option Strategy ETF
    Weight: 36.00%
    29.0%
  • 6 Meridian Small Cap Equity ETF
    Weight: 12.00%
    15.1%
  • 6 Meridian Low Beta Equity Strategy ETF
    Weight: 7.00%
    6.4%
  • 6 Meridian Quality Growth ETF
    Weight: 5.00%
    6.1%

Risk contribution exposes who’s really steering the ship, and it’s basically a two-driver situation. The mega cap equity ETF (40% weight) contributes 43.36% of risk, and the hedged equity ETF (36% weight) adds another 29.02%. Toss in the small cap ETF at 15.06%, and the top three positions control 87.44% of total portfolio risk. Everything else is background noise. Those “low beta” and “quality growth” funds are decorative trim, not real risk movers. When so few positions dominate the risk budget, diversification is largely cosmetic. The portfolio’s emotional mood swings are going to track those top funds, whether the rest agree or not.

Risk vs. return

This chart shows the Efficient Frontier, calculated using your current assets with different allocation combinations. It highlights the best balance between risk and return based on historical data. "Efficient" portfolios maximize returns for a given risk or minimize risk for a given return. Portfolios below the curve are less efficient. This is informational and not a recommendation to buy or sell any assets.

Click on the colored dots to explore allocations.

On the efficient frontier, this portfolio is phoning it in from below the line. With a Sharpe ratio of 0.56 versus an optimal 0.94 and a minimum-variance 0.79, it’s leaving a lot of risk-adjusted return on the table using the exact same building blocks. Being 1.55 percentage points below the frontier at the current risk level is basically the math equivalent of, “You’re making this harder than it needs to be.” The efficient frontier shows the best trade-offs you could get just by changing weights, no new funds required. This setup proves you picked the right ingredients, then arranged them in a pretty inefficient way.

Dividends Info

  • 6 Meridian Mega Cap Equity ETF 2.00%
  • ETC 6 Meridian Hedged Equity-Index Option Strategy ETF 1.90%
  • 6 Meridian Low Beta Equity Strategy ETF 2.30%
  • 6 Meridian Small Cap Equity ETF 1.80%
  • 6 Meridian Quality Growth ETF 0.20%
  • Weighted yield (per year) 1.87%

A 1.87% total yield is the definition of “fine, I guess.” It’s not a serious income engine, especially given the strong low-vol and value tilt that could have delivered more if income was truly the point. The payouts are more of a side effect than a designed feature: mid-pack yields from the core funds, then a growth sleeve at 0.20% quietly dragging the average down. Dividends can be a nice ballast when markets wobble, but here they’re more of a light snack than a stabilizing pillar. For all the “defensive” flavor, this isn’t exactly a cash-flow machine.

Ongoing product costs Info

  • 6 Meridian Mega Cap Equity ETF 0.78%
  • ETC 6 Meridian Hedged Equity-Index Option Strategy ETF 1.01%
  • 6 Meridian Low Beta Equity Strategy ETF 0.79%
  • 6 Meridian Small Cap Equity ETF 0.85%
  • 6 Meridian Quality Growth ETF 1.00%
  • Weighted costs total (per year) 0.88%

Total TER of 0.88% in an ETF-only, mostly vanilla equity setup is… ambitious. You’re paying active-fund pricing for what often behaves suspiciously like a dressed-up equity index with some options sprinkled on top. The hedged equity and quality growth funds crack 1.00% on their own, which is impressive in the same way luxury bottled tap water is impressive. Fees are the one thing that’s guaranteed, unlike returns, and here they’re eating a chunky slice of that already lower-than-market performance. Costs aren’t just a line item; they’re one of the main villains in this underperformance story.

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