US BANCORP \DE\

U.S. Bancorp's $82.4B wealth-management 13F is built primarily from ETFs — iShares Core U.S. Aggregate Bond (AGG, 5.1%), iShares Core S&P 500 (IVV, 4.6%), Schwab U.S. Large-Cap (SCHX, 4.5%) and iShares Core MSCI EAFE (IEFA) lead, with Apple the first single stock. The Q1 rebalance was defensive and diversifying: the firm cut SCHX sharply (-$1.7B), trimmed Apple, Eli Lilly and the SPDR S&P 500 (SPY), and added small-cap (IWM) and emerging-market (IEMG) exposure. Notable new positions span Treasuries (GOVT), the Nasdaq-100 (QQQ), energy (Chevron, Marathon Petroleum) and gold (GLD). Assets eased from $85.3B to $82.4B.