Estate Counselors, LLC

The manager demonstrated exceptionally high turnover this quarter. The filing indicates a complete overhaul of the portfolio's periphery, with 28 new positions and 28 sold positions. Only 19 positions saw an increase in stake, and only 2 saw a reduction, while just 1 remained unchanged. This aggressive reshuffling suggests a significant strategic pivot or rebalancing event rather than mere portfolio trimming.

2. Key Holdings

The portfolio is dominated by two massive positions labeled "ETF SER SOLUTIONS," which together account for approximately 73.1% of the total assets under management (AUM).

• ETF SER SOLUTIONS (Position 1): $373.88 million (38.69% of portfolio). The manager increased this stake by 12.4%, adding $59.49 million.
• ETF SER SOLUTIONS (Position 2): $332.36 million (34.39% of portfolio). This position saw a negligible reduction of 0.02%.