ES4, LLC

ES4 LLC is one of the few filers in the dataset with zero single-name equity exposure. Its $155 million book is built entirely from 32 exchange-traded funds — a mix of iShares core equity and bond sleeves, Franklin Templeton country and factor funds, and the complete set of SPDR sector ETFs. The Q1 2026 activity was modest in dollar terms but systematic in structure: reduce broad-market international and U.S. large-cap core weights, add sector-specific exposure, and plug a few gaps in fixed income and real estate.

The fund reduced its iShares Core Europe (IEUR) position by $2.1 million and its iShares Core MSCI Total International (IXUS) by $1.4 million, trimming the two largest non-U.S. sleeves. IShares S&P 100 (OEF) was cut by $1.5 million, reducing the large-cap core weight. On the SPDR side, every sector ETF was increased: XLK (technology) by $2.6 million, XLE (energy) by $1.5 million, XLV (healthcare) by $1.1 million, XLI (industrials) by $895,000, XLY (consumer discretionary) by $771,000, XLB (materials) by $715,000, XLP (consumer staples) by $615,000, XLF (financials) by $566,000, and XLC (communication services) by $449,000. The only sector not increased was XLC — it was already at 1.3% and received a smaller allocation.