ESL Trust Services, LLC

That is the arithmetic of ESL Trust Services' Q1 2026 13F: ten ETFs carry roughly 90% of the $523.6M book, led by iShares Core S&P 500 (IVV) at 25.2%, the Avantis US Large Cap Value ETF (AVLV) at 13.0%, and Avantis International Equity (AVDE) at 12.1%. The other 258 line items split what is left — an average position of about $210,000, or roughly four basis points of the portfolio each. SONY has sat at exactly 43,000 shares for two straight quarters; NKE at 15,500; KO at 8,050. Those are held accounts, not trades. Anyone screening this filing for single-stock conviction is reading the dust, not the book.

The signal lives in the ETF sleeve, and this quarter it moved once — but decisively. Vanguard International Dividend Appreciation (VIGI), a 9.5% position worth $49.3M in December, was cut 97.9% to $1.0M. In its place, iShares Core MSCI International Developed Markets (IDEV) appears as a new $47.2M position at 9.0% of the book. That is a near dollar-for-dollar sleeve swap: out of an international dividend-growth screen, into plain developed-market core beta. And it was not isolated — Schwab US Dividend Equity (SCHD) was trimmed 81.5% in the same filing, from 64,113 shares to 11,867. In one quarter, the dividend-quality factor was dismantled on both the US and international sides of the book.