SCHOOL EMPLOYEES RETIREMENT BOARD OF OHIO

2. Key Holdings

The portfolio is dominated by iShares Gold Trust (IAUM), which constitutes 69.00% of the total value ($99.07 million). This massive overweight position indicates a strong conviction in gold as a defensive asset or an inflation hedge. The second largest holding is the ALPS ETF Trust (AMLP), representing 16.56% of the portfolio ($23.79 million). AMLP is typically associated with energy infrastructure and master limited partnerships (MLPs), providing exposure to the midstream energy sector. The third position is Global X Funds, accounting for 14.44% ($20.73M). While the specific ticker for the Global X Fund is not detailed in the provided data, the sizeable entry suggests a strategic shift toward a new asset class or strategy distinct from the other two holdings.