BNP PARIBAS FINANCIAL MARKETS

The single-name top is shrinking. NVIDIA (4.28%), Tesla (3.21%), Microsoft (3.13%), Amazon (2.43%) and Apple (2.22%) head the book, but four of those megacaps were among the largest reductions: Apple (-$2.3B), Microsoft (-$1.6B), Amazon (-$1.4B), Meta (-$1.4B) and AMD (-$1.2B). A roughly $8.4B reduction tied to a QQQ-related CUSIP underscores heavy index repositioning.

Toward index and credit. The new-position list is dominated by funds and credit: Invesco QQQ ($4.1B) was the single largest add, followed by iShares iBoxx High Yield (HYG, $1.8B), iShares Investment Grade Corporate (LQD, $997M) and Walmart ($1.1B). Increases in the SPDR XBI biotech ETF (+$677M), Oracle (+$649M), Tesla (+$506M) and the iShares Russell 2000 (IWM, +$472M) reinforce a tilt toward broad index and credit instruments.