Navigation Wealth Management, Inc.

The composition is heavily skewed toward Exchange Traded Funds (ETFs), which comprise approximately 84.2% ($51.57M) of the total assets. The remaining capital is allocated to "Unknown" tickers (specifically Zacks Trust units) and a negligible position in a single equity, Modular Med Inc. The portfolio management style appears highly active, evidenced by the fact that not a single position remained unchanged during the quarter. The firm executed significant turnover, exiting 11 positions while initiating 3 new ones.

2. Key Holdings

The portfolio is dominated by a massive core position in U.S. equities.

• SPDR S&P 500 ETF Trust (SPY): This is the cornerstone holding, valued at $42.00 million and representing 68.61% of the entire portfolio. While the firm reduced this stake by 14.6% (selling $3.62 million worth of shares), its overwhelming size suggests a conviction in the long-term performance of the broad U.S. market or a use of SPY as a liquidity anchor.
• SPDR Bloomberg High Yield Bond ETF (JNK): The second-largest holding, valued at $5.98 million (9.77%), saw a dramatic increase of 304.8%. This indicates a significant pivot toward high-yield fixed income, likely in search of yield or defensive positioning away from pure equity growth.
• Zacks Trust Units: The firm holds four distinct positions in Zacks Trust units (likely proprietary or actively managed ETFs), totaling approximately $9.6 million or 15.7% of the portfolio. These are concentrated in the top 5 holdings, suggesting a reliance on active management strategies for a portion of the assets.