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| # | Issuer | Value | Shares | % Portfolio |
|---|---|---|---|---|
| 1 | ISHARES TR | $824.7M | 4545590 | 12.88% |
| 2 | VANGUARD WORLD FD | $574.5M | 823347 | 8.97% |
| 3 | SELECT SECTOR SPDR TR | $514.5M | 3871015 | 8.03% |
| 4 | VANGUARD WORLD FD | $360.6M | 2005336 | 5.63% |
| 5 | VANGUARD WORLD FD | $314.5M | 1007346 | 4.91% |
| 6 | SELECT SECTOR SPDR TR | $264.5M | 2427091 | 4.13% |
| 7 | SELECT SECTOR SPDR TR | $247.1M | 5005371 | 3.86% |
| 8 | VANGUARD WORLD FD | $240.5M | 883217 | 3.76% |
| 9 | VANGUARD WORLD FD | $196.2M | 1623706 | 3.06% |
| 10 | SELECT SECTOR SPDR TR | $191.0M | 1180767 | 2.98% |
| 11 | SELECT SECTOR SPDR TR | $182.5M | 1646421 | 2.85% |
| 12 | VANGUARD WORLD FD | $142.2M | 396125 | 2.22% |
| 13 | SELECT SECTOR SPDR TR | $140.9M | 961249 | 2.20% |
| 14 | ISHARES TR | $125.8M | 1069475 | 1.97% |
| 15 | SELECT SECTOR SPDR TR | $111.6M | 1821657 | 1.74% |
| 16 | ISHARES TR | $110.1M | 1101320 | 1.72% |
| 17 | VANGUARD WORLD FD | $105.3M | 468988 | 1.64% |
| 18 | ISHARES TR | $94.5M | 1459665 | 1.48% |
| 19 | ISHARES TR | $92.8M | 957813 | 1.45% |
| 20 | SELECT SECTOR SPDR TR | $77.6M | 946132 | 1.21% |
| 21 | ISHARES TR | $65.9M | 1068453 | 1.03% |
| 22 | SELECT SECTOR SPDR TR | $65.6M | 1428807 | 1.02% |
| 23 | ISHARES TR | $61.3M | 533933 | 0.96% |
| 24 | VANGUARD WORLD FD | $61.3M | 354019 | 0.96% |
| 25 | ISHARES TR | $56.9M | 385643 | 0.89% |
| 26 | ISHARES TR | $50.7M | 436338 | 0.79% |
| 27 | SELECT SECTOR SPDR TR | $49.7M | 994369 | 0.78% |
| 28 | ISHARES TR | $43.7M | 368785 | 0.68% |
| 29 | GLOBAL X FDS | $43.0M | 1633092 | 0.67% |
| 30 | VANGUARD WORLD FD | $42.3M | 213276 | 0.66% |
| 31 | VANGUARD WORLD FD | $38.4M | 170321 | 0.60% |
| 32 | VANGUARD INDEX FDS | $36.7M | 414124 | 0.57% |
| 33 | SPDR INDEX SHS FDS | $35.5M | 571784 | 0.55% |
| 34 | VANECK ETF TRUST | $34.5M | 1428576 | 0.54% |
| 35 | ISHARES TR | $33.6M | 348928 | 0.52% |
| 36 | VANECK ETF TRUST | $33.2M | 1386695 | 0.52% |
| 37 | GLOBAL X FDS | $32.8M | 1323400 | 0.51% |
| 38 | ISHARES INC | $32.6M | 340177 | 0.51% |
| 39 | SELECT SECTOR SPDR TR | $32.0M | 783471 | 0.50% |
| 40 | ISHARES INC | $31.5M | 503662 | 0.49% |
| 41 | ISHARES TR | $30.3M | 365312 | 0.47% |
| 42 | ISHARES INC | $26.7M | 316151 | 0.42% |
| 43 | GLOBAL X FDS | $26.2M | 1095893 | 0.41% |
| 44 | ISHARES TR | $25.6M | 141491 | 0.40% |
| 45 | ISHARES TR | $22.3M | 319027 | 0.35% |
| 46 | INVESCO QQQ TR | $21.7M | 37579 | 0.34% |
| 47 | VANECK ETF TRUST | $20.0M | 844145 | 0.31% |
| 48 | INVESCO EXCHANGE TRADED FD T | $18.7M | 412510 | 0.29% |
| 49 | GLOBAL X FDS | $17.6M | 638711 | 0.27% |
| 50 | APPLE INC | $15.9M | 62734 | 0.25% |
Values in USD (reported in $thousands on 13F). Source: SEC EDGAR.