Goal, account wrapper, tax brackets, state treatment, risk bands, and time horizon go through a constrained optimizer with factor-model covariance and Black-Litterman return blending.
| VTI | Total U.S. stock market | 33.1% |
|---|---|---|
| VTEB | Tax-exempt municipal bonds | 17.5% |
| VXUS | Total international stock | 15.4% |
| SGOV | 0–3 month T-bills | 11.1% |
| VGIT | Intermediate Treasuries | 10.6% |
Goal, account wrapper, capital, cash reserve, and horizon.
Federal bracket, filing status, state treatment, NIIT, and LTCG.
Factor-model covariance, after-tax utility, and hard constraints.
Holdings, risk, frontier, stress, and the evidence behind each line.