CREDIT INDUSTRIEL ET COMMERCIAL

Energy and financial-sector ETFs dominated the new risk. SPDR's XLE energy fund held the top spot at $77.5M despite a 19.6% share reduction—rising oil prices drove the market value higher. The advisor added $23.1M in SPDR's KBE bank ETF and $7.9M in the XLF financial-sector fund, while iShares' KRE regional-bank ETF surged 65% to $32.8M on added shares. On the international side, iShares' FXI China large-cap gained 152% to $25.2M, EFA developed markets debuted at $16.8M, and EWZ Brazil entered at $21.5M—an explicit emerging-markets re-engagement after a sparse 2025.

The most notable cut was in semiconductors. iShares' SOXX fell 46% to $12.9M, while VanEck's SMH chip ETF also slipped 15.7% to $52.4M despite remaining a top-three holding. That divergence—selling SOXX while holding SMH—suggests a rotation out of broad semiconductor equipment into more concentrated semiconductor names or a relative-value call between the two products.