Hughes Financial Services Increases Treasury ETF Holdings Amid Strategic Shift

As reported by Hughes Financial Services, the portfolio held by this investor entity as of June 30, 2026, reflects a dynamic mix of fixed income and equity investments. The total portfolio value stood at $753,613,916.

Major Purchases This Quarter

The most significant buying activity during this period involved several ETFs focused on U.S. Treasury securities:

• SPDR Portfolio Short Term Treasury ETF (SPTS) was added with a full increase of shares, representing approximately $16 million in value and now accounting for about 2.1% of the portfolio.
• Vanguard Intermediate-Term Treasury ETF (VGIT) was also added with a full increase, contributing $10.6 million in value and currently holding about 1.4% of the assets.

In addition to these fixed income additions, there were notable increases in other equity holdings:

• JPMorgan Core Plus Bond ETF (JCPB) saw a modest increase of about 7.5%.

The investor also increased its position in the SPDR Portfolio S&P 1500 ETF (SPTM) by a small percentage, maintaining one of its largest allocations.

Significant Sales and Reductions

The second quarter also witnessed substantial reductions in certain fixed income positions:

• iShares 1-3 Year Treasury Bond ETF (SHY) was completely liquidated, with a staggering -99.9% change in shares.
• iShares 10-20 Year Treasury Bond ETF (TLH) also experienced near liquidation, with a -99.95% reduction in shares.

This suggests a clear shift away from long-duration fixed income investments towards shorter-term ones or other asset classes during this quarter.

Other Notable Changes

Besides the major shifts, Hughes Financial Services made several smaller adjustments:

• The allocation to emerging markets ex-China (EMC ETF) decreased by about 10%.
• Positions in several JPMorgan bond and equity funds, including the International Bond Opportunities Fund (JPIB) and U.S. Quality Factor ETF (JQUA), were increased slightly but modestly.
• The Vanguard Dividend Growth ETF (DGRO) allocation also saw a small increase of about 4.7%.

Furthermore, the investor added exposure to other sectors through funds like International Research Enhanced Equity (JIRE), which increased by approximately 6.2%, and Technology Leaders ETF (JTEK), up slightly by around 0.4%. Conversely, there were reductions in holdings of certain equity-focused ETFs.

Overall Portfolio Dynamics

The portfolio's structure as of June 30th shows a heavy concentration in fixed income and specific equity strategies:

• Hughes Financial Services holds approximately $723 million, or 95.9%, in 'Unknown' sector holdings (likely direct stock positions not captured by ETF sectors).
• The remaining allocation is distributed across various sectors including Technology (~1.2%), Healthcare (~0.3%), and others.

This filing indicates active management, with changes occurring in over half of the holding count (859 positions out of 1744 changed). The portfolio maintains a diversified approach despite its large allocation to fixed income vehicles.