JONES FINANCIAL COMPANIES LLLP

This is an allocation book, not a stock-picking one. ETFs make up $138.9B of the total. The top sleeve reads like a model-portfolio menu: Vanguard Growth (VUG) at 7.96%, iShares Core U.S. Aggregate Bond (AGG) at 6.26%, iShares Core S&P 500 (IVV) at 5.79%, Vanguard S&P 500 (VOO) at 4.79% and Vanguard Value (VTV) at 4.77%.

The rotation that matters. The largest single change was a $3.6B addition to SPDR Portfolio S&P 500 (SPYM), one of the cheapest large-cap core funds available, while the growth-tilted VUG was trimmed by $2.6B. AGG (-$814M) and iShares Russell 1000 (IWB, -$686M) were also reduced. The pattern — into low-cost core S&P beta, out of growth and aggregate bonds — suggests a cost-and-style reallocation across the advisory base rather than a market call.