Every position is the strategy's: names it does not select, including ones outside the index such as AAOI, are sold at the next rebalance, and sizing uses the full NAV less the cash buffer. A position that is not a USD stock cannot be traded as a SMART/USD order, so rebalance refuses to run while one exists. Co-Authored-By: Claude Opus 5.5 <noreply@anthropic.com>