PHILLIPS FINANCIAL MANAGEMENT, LLC

Holding activity is moderate: 1 new position, 1 full exit, 26 increased stakes, 18 reduced stakes and 5 unchanged. Net changes show active reweighting within ETF sleeves rather than broad reallocation into new securities.

Key Holdings

• Dimensional ETF Trust cluster: The top positions are predominantly Dimensional ETFs—DFCF ($101.35M, 12.30%), DFIC ($88.92M, 10.79%), DFSD ($73.67M, 8.94%), DFLV ($46.34M, 5.62%), DUHP ($46.18M, 5.60%), DFAT ($44.45M, 5.39%) and several others (DFEM, DFAS, DFAC, DFIV). Together these Dimensional funds account for a very large share of assets—roughly half the portfolio—showing a clear manager preference for Dimensional’s factor/strategy ETFs as the primary building blocks.
• Broad market ETFs: IXUS ($40.72M, 4.94%) and SPY ($9.63M, 1.17%) provide broad international and U.S. large‑cap equity exposure. SPY was materially increased this quarter (+62.5%, $4.13M added).
• Fixed income and hedged ETFs: BNDX ($31.62M, 3.84%), VCIT ($13.18M, 1.60%), IAGG ($11.99M, 1.45%), VCSH ($3.43M, 0.42%) and a suite of short/intermediate ETFs (ICSH, ISTB, STIP, VMBS, etc.) show diversified duration and credit exposures across domestic and international bond markets.
• Direct equities (small positions): Largest single-stock positions are JPM ($9.52M, 1.16%), NVDA ($4.37M, 0.53%), GOOGL/GOOG combined ~$3.64M (0.44%), and TSLA ($1.78M, 0.22%). These individual-stock holdings are small relative to the ETF sleeve and represent less than ~3.5% of the portfolio in aggregate.