Envestnet Portfolio Solutions, Inc.

2. Key Holdings

The portfolio is dominated by "mega-cap" ETFs that serve as proxies for broad market indices. The top ten positions account for nearly 40% of the total portfolio value, underscoring a passive, index-hugging core.

• Top Positions: The largest holding is iShares Core S&P 500 ETF (IVV) at $2.05B (7.56%), followed closely by a generic "iShares TR" position ($1.31B) and Vanguard S&P 500 ETF (VOO) at $1.12B (4.12%). This heavy weighting toward S&P 500 trackers indicates a primary objective of tracking US large-cap equity performance.
• Individual Stocks: Direct equity holdings are present but rank lower in the top 50. Microsoft (MSFT) is the top individual stock at rank 28 ($241.44M), followed by NVIDIA (NVDA) at rank 30 ($224.98M) and Apple (AAPL) at rank 31 ($194.66M). Notably, these positions are likely held indirectly via the ETFs as well, but the direct holdings suggest a tactical overlay or specific client mandates.
• Fixed Income: iShares Core U.S. Aggregate Bond ETF (AGG) remains a top 10 holding ($749.01M), though it saw significant reduction this quarter (discussed below).