WINEBRENNER CAPITAL MANAGEMENT LLC

Winebrenner Capital Management spent Q2 2026 swapping traditional credit yield for derivative-based income, pulling over $2.3 million from credit sleeves of a $164.2 million, 153-position book that runs on an income-ETF chassis — JPIE, JSI, DFCF, FLRT, JAAA and CLOI anchor the credit core, with a smaller satellite of direct megacap stocks (Nvidia at 3.4%, Apple at 3.2%, Chevron, Berkshire) layered on top. The quarter's clearest signal is a retreat from traditional credit income: First Trust High Yield Opportunities was cut 38.7% (a $1.05 million flow, the book's largest single move), Pacer's floating-rate fund fell 12.3% (-$680,518), and Dimensional's quality fixed income ETF dropped 9.4% (-$594,612) — over $2.3 million pulled from credit sleeves in a single quarter. That capital shows up in two new, structurally different positions: Roundhill's weekly options-income ETF (WPAY, $1.35 million) and First Trust's defined-outcome buffer fund (BUFZ, $968,333) — a swap of traditional bond-credit yield for derivative-based income and downside-buffered equity exposure. Netflix was closed out entirely, alongside full exits from two international-dividend ETFs (DWX, PID), leaving the equity satellite even more concentrated in U.S. megacaps.