Institutional Bond ETF Acquisition: A Reflection of Systemic Fragility

The filing reveals 248,946 shares entered the firm’s custody on the appointed date, their valuation oscillating at $20.94 million-a sum sufficient to construct 13.7 median-priced American dwellings, though insufficient to alter the cosmic indifference of bond markets. This position now anchors the firm’s portfolio, second only to the omnipresent Vanguard Total Stock Market ETF (VTI).


