Freestate Advisors LLC

2. Key Holdings

The portfolio is characterized by high concentration in its top positions, with the top five holdings accounting for approximately 58.9% of the total assets.

• SPYV (SPDR Portfolio S&P 500 Value ETF): This is the largest holding at $19.40M (15.77%). As a value-oriented fund, it anchors the portfolio with exposure to large-cap U.S. equities trading at lower valuations.
• VOO (Vanguard S&P 500 ETF): A new position and the second-largest holding at $15.14M (12.30%), providing blended core exposure to the U.S. large-cap market.
• SCHF (Schwab International Large-Cap ETF): Also a new position, this $14.66M (11.92%) allocation provides significant international diversification, reducing the portfolio's reliance on the U.S. economy.
• AGG (iShares Core U.S. Aggregate Bond ETF): Representing 10.80% of the portfolio ($13.29M), this position acts as a stabilizer, offering broad exposure to the U.S. investment-grade bond market.
• SHYG (iShares 0-5 Year High Yield Bond ETF): This $11.19M (9.09%) position indicates a tilt toward higher yield within the fixed income space, albeit with a shorter duration to manage interest rate risk.