Keystone Wealth Services, LLC

Keystone Wealth Services runs a $468 million mandate built around iShares, Vanguard, SPDR, and a heavy First Trust ETF overlay. The first quarter of 2026 was dominated by a single structural change: the fund closed its entire $55 million First Trust RSSE position — previously its third-largest holding — and redistributed the capital across a dozen smaller First Trust sleeves, while also adding energy names and trimming its largest single-stock weights.

The RSSE exit was the largest dollar move of the quarter. Joining it out the door were First Trust’s PMAY, XNTK, QJUN, FAD, GJUN, BUFY, DOCT, and FNDC sleeves — together the fund eliminated ten First Trust positions that had previously accounted for roughly $100 million of assets. In their place, the fund opened twelve new First Trust entries: FJUN, FMAY, FMAR, FSEP, BUFR, FFEB, FJUL, FDEC, and others, most of them structured as defined-outcome or short-duration equity products. The rotation was not a mandate change — it was a product-migration within the same issuer.