| Stock | Ownership Trend | Portfolio % | Prev Q % | Q3 2025 Value | Q3 2025 Shares | Prev Q Value | Prev Q Shares | Shares Change | Action |
|---|---|---|---|---|---|---|---|---|---|
| SSTATE STR SPDR S&P 500 ETF TSPY | 97.85% | 93.67% | $1.37B | 2.1M | $973.1M | 1.6M | +475,000+30.16% | Add | |
| IISHARES TRHYG | 1.45% | 3.88% | $20.3M | 250,000 | $40.3M | 500,000 | -250,000-50.00% | Reduce | |
| IISHARES RUSSELLIWM | 0.69% | 1.45% | $9.7M | 40,000 | $15.1M | 70,000 | -30,000-42.86% | Reduce |
