PAX Expands ETF Portfolio
PAX Financial Group Expands ETF Portfolio, Acquiring New Positions in Key Funds
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Key Points
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In ICLO, PAX’s new 26,079-share stake is complemented by broader activity in the ETF: NewEdge Advisors and Jane Street Group opened new positions in the first quarter, while Bank of America increased its ICLO stake by 9.1% to 84,142 shares (~$2.15M) in the second quarter; Asset Allocation Strategies LLC and Modern Wealth Management LLC also added positions in subsequent periods.
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For EFG, PAX acquired 110,422 shares valued at about $12.3M, and the position accounts for roughly 2.1% of the portfolio, making it the 11th-largest holding; the stock opened at $123.63 on Friday.
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In IUSB, PAX increased its stake by 21,407 shares to 553,788, worth about $25.58M, positioning it as the 3rd-biggest holding and about 4.4% of the portfolio.
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For IVE, PAX boosted its position by 4,640 shares to 144,883, valued at about $30.59M; the holding represents roughly 5.2% of the portfolio and is its 2nd-largest; IVE opened at $230.20 on Friday.
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In RPV, PAX acquired 11,715 shares, worth approximately $1.26M, adding a relatively small stake of about 0.07% of the fund.
PAX Financial Group LLC made several notable moves in its ETF portfolio during the first quarter, opening new positions and expanding existing ones across five funds. Ticker Report reported that the firm's biggest shift was a boost to its iShares S&P 500 Value ETF (IVE) stake, pushing that holding to about $30.6 million — its second-largest position overall.
The San Antonio-based investment firm also took fresh positions in two Invesco ETFs — ICLO and RPV — while growing its bond and international equity exposure. The moves signal a broad repositioning across fixed income, value stocks, and global growth assets.
IVE and IUSB Lead PAX's Largest New Commitments
PAX's biggest holding by dollar value is now iShares S&P 500 Value ETF (IVE). The firm added 4,640 shares during the quarter, bringing its total to 144,883 shares. That stake is worth about $30.6 million and makes up roughly 5.2% of the portfolio, according to Ticker Report. IVE opened at $230.20 on Friday.
Close behind is the firm's bond position. PAX added 21,407 shares of iShares Core Total USD Bond Market ETF (IUSB), lifting its total to 553,788 shares. That stake is now worth about $25.6 million. It ranks as PAX's third-largest holding and accounts for about 4.4% of the overall portfolio.
PAX Opens Fresh Position in iShares International Growth ETF
PAX also made a significant new bet on international stocks. The firm bought 110,422 shares of iShares MSCI EAFE Growth ETF (EFG), valued at roughly $12.3 million. That makes EFG about 2.1% of PAX's total portfolio and its 11th-largest holding. The ETF, which tracks large-cap growth stocks in Europe, Asia, and Australia, opened at $123.63 on Friday.
The EFG buy stands out because it is a completely new position — not a top-up of an existing stake. It shows PAX is deliberately adding exposure to developed international markets, which have lagged U.S. stocks in recent years but have gained momentum in early 2025.
Smaller Bets on CLO Notes and Pure Value Round Out the Quarter
PAX opened two smaller positions to close out its Q1 moves. It bought 26,079 shares of Invesco AAA CLO Floating Rate Note ETF (ICLO), worth about $665,000. CLOs — collateralized loan obligations — are bundles of floating-rate corporate loans. The AAA rating means these carry the lowest risk tier. PAX was not alone: NewEdge Advisors and Jane Street Group also opened new ICLO positions in Q1, and Bank of America raised its ICLO stake by 9.1% in Q2.
PAX also picked up 11,715 shares of Invesco S&P 500 Pure Value ETF (RPV), worth about $1.26 million. That is a small bet — roughly 0.07% of the fund's total assets. RPV tracks the deepest-value stocks in the S&P 500, making it a more aggressive value play than the broader IVE position PAX already holds.
PAX Trims Other ETF Positions Even as It Adds New Ones
Not all of PAX's Q1 moves were additions. The firm cut its stake in Invesco Russell 1000 Dynamic Multifactor ETF (OMFL) by 24.6%, leaving it with 94,797 shares worth about $5.7 million, according to Ticker Report. That reduction suggests PAX is shifting away from multifactor strategies and toward more straightforward value and bond exposure.
On the other side, PAX sharply boosted its position in State Street SPDR Portfolio S&P 500 ETF (SPYM) — up 1,848% — to 117,505 shares. Taken together, the Q1 moves show a firm leaning into broad U.S. equity exposure, core bonds, and value-oriented strategies while trimming more complex factor-based products.
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