Portfolio concentration
As of December 31, 2025 · N-PORT
Holdings
319
Top-10 weight
50.02%
Effective holdings
?
The number of equal-weight positions that would produce this portfolio's concentration (1 ÷ Herfindahl index). A 500-stock fund dominated by a few mega-caps might have only ~100 effective holdings.
12
Crowding
?
The value-weighted average number of funds that also own this fund's positions. High = consensus/crowded picks; low = holdings few other funds own.
101.1
Holdings
As of December 31, 2025 · N-PORT| # | Security | Ticker | Shares | Value | % of fund |
|---|---|---|---|---|---|
| 1 | Put Option 113 Feb 2026 on US Long Bond (CBT) Mar 2026 | USH6 | — | — | — |
| 2 | Put Option 112 Feb 2026 on US Long Bond (CBT) Mar 2026 | USH6 | — | — | — |
| 3 | Put Option 111 Feb 2026 on US Long Bond (CBT) Mar 2026 | USH6 | — | — | — |
| 4 | Put Option 109 Mar 2026 on US Long Bond (CBT) Jun 2026 | USM6 | — | — | — |
| 5 | Call Option 118 Jan 2026 on US Long Bond (CBT) Mar 2026 | USH6 | — | — | — |
| 6 | Put Option 112 Mar 2026 on US Long Bond (CBT) Jun 2026 | USM6 | — | — | — |
| 7 | Put Option 114 Jan 2026 on US Long Bond (CBT) Mar 2026 | USH6 | — | — | — |
| 8 | ISHARES US TREASURY BOND ETF | GOVT | 11,042,200 | $254.25M | 21.06% |
| 9 | Vanguard Scottsdale Funds INTERMEDIATE-TERM TREASURY | VGIT | 3,187,898 | $191.05M | 15.83% |
| 10 | STATE STREET INSTITUTIONAL TREASURY PLUS MMKT | — | 111,744,519 | $111.74M | 9.26% |
| 11 | US TREASURY N/B | — | 6,420,000 | $6.48M | 0.54% |
| 12 | US TREASURY N/B | — | 6,045,000 | $6.12M | 0.51% |
| 13 | US TREASURY N/B | — | 5,750,000 | $5.98M | 0.50% |
| 14 | US TREASURY N/B | — | 6,485,000 | $5.67M | 0.47% |
| 15 | US TREASURY N/B | — | 5,545,000 | $5.59M | 0.46% |
| 16 | US TREASURY N/B | — | 6,250,000 | $5.44M | 0.45% |
| 17 | US TREASURY N/B | — | 5,415,000 | $5.34M | 0.44% |
| 18 | US TREASURY N/B | — | 6,115,000 | $5.33M | 0.44% |
| 19 | US TREASURY N/B | — | 5,965,000 | $5.20M | 0.43% |
| 20 | US TREASURY N/B | — | 5,500,000 | $5.13M | 0.43% |
| 21 | US TREASURY N/B | — | 5,000,000 | $4.99M | 0.41% |
| 22 | US TREASURY N/B | — | 4,815,000 | $4.98M | 0.41% |
| 23 | US TREASURY N/B | — | 4,915,000 | $4.97M | 0.41% |
| 24 | US TREASURY N/B | — | 5,420,000 | $4.77M | 0.40% |
| 25 | US TREASURY N/B | — | 4,650,000 | $4.76M | 0.39% |
| 26 | US TREASURY N/B | — | 4,605,000 | $4.57M | 0.38% |
| 27 | US TREASURY N/B | — | 4,810,000 | $4.29M | 0.36% |
| 28 | US TREASURY N/B | — | 4,400,000 | $4.23M | 0.35% |
| 29 | US TREASURY N/B | — | 4,675,000 | $4.19M | 0.35% |
| 30 | US TREASURY N/B | — | 4,200,000 | $4.19M | 0.35% |
| 31 | US TREASURY N/B | — | 4,100,000 | $4.13M | 0.34% |
| 32 | US TREASURY N/B | — | 4,655,000 | $4.09M | 0.34% |
| 33 | US TREASURY N/B | — | 4,000,000 | $4.03M | 0.33% |
| 34 | US TREASURY N/B | — | 4,425,000 | $4.01M | 0.33% |
| 35 | US TREASURY N/B | — | 4,030,000 | $3.97M | 0.33% |
| 36 | US TREASURY N/B | — | 4,160,000 | $3.91M | 0.32% |
| 37 | US TREASURY N/B | — | 4,090,000 | $3.86M | 0.32% |
| 38 | US TREASURY N/B | — | 4,015,000 | $3.82M | 0.32% |
| 39 | US TREASURY N/B | — | 3,750,000 | $3.77M | 0.31% |
| 40 | US TREASURY N/B | — | 3,965,000 | $3.76M | 0.31% |
| 41 | US TREASURY N/B | — | 3,950,000 | $3.72M | 0.31% |
| 42 | US TREASURY N/B | — | 3,640,000 | $3.67M | 0.30% |
| 43 | US TREASURY N/B | — | 3,750,000 | $3.65M | 0.30% |
| 44 | US TREASURY N/B | — | 3,500,000 | $3.62M | 0.30% |
| 45 | US TREASURY N/B | — | 3,850,000 | $3.61M | 0.30% |
| 46 | US TREASURY N/B | — | 3,670,000 | $3.61M | 0.30% |
| 47 | US TREASURY N/B | — | 3,610,000 | $3.60M | 0.30% |
| 48 | US TREASURY N/B | — | 3,750,000 | $3.55M | 0.29% |
| 49 | US TREASURY N/B | — | 3,725,000 | $3.53M | 0.29% |
| 50 | US TREASURY N/B | — | 3,540,000 | $3.53M | 0.29% |
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Machine-readable: JSON · Markdown. Programmatic access via the agent surface.