Stonebridge's ETF Shifts
Stonebridge Financial Group Rebalances Portfolio, Trims PRF While Boosting COPX and Bond ETFs
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Key Points
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Stonebridge's stake in Invesco RAFI US 1000 ETF (PRF) was about 0.15% of the ETF's outstanding shares and valued at roughly $14.37 million as of the latest SEC filing, highlighting PRF's role as a meaningful but not dominant holding in the portfolio.
2
In Global X Copper Miners ETF (COPX), Stonebridge acquired 64,507 shares valued at about $4.97 million, representing a 0.07% stake in COPX as of the SEC filing.
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COPX saw notable activity from other large funds in Q2, including Qube Research & Technologies increasing to 41,357 shares (+3,106%), Raymond James Financial expanding by 7,160 shares to 71,656, and Ameriprise Financial lifting its COPX stake to 255,960 shares (+29,596).
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Stonebridge's stake in VictoryShares Short-Term Bond ETF (USTB) represented about 3.6% of its portfolio and totaled 927,201 shares after adding 45,870 in the quarter, with a market value around $46.9 million.
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In Capital Group Municipal Income ETF (CGMU), Stonebridge raised its stake by 8.8% to 356,633 shares, which accounted for roughly 0.16% of the ETF and was valued at about $9.8 million.
Stonebridge Financial Group LLC made a series of notable ETF moves in the second quarter, cutting its stake in the Invesco RAFI US 1000 ETF (PRF) by 12.8% while opening a brand-new position in the Global X Copper Miners ETF (COPX), according to Watchlist News.
The firm ended Q2 holding 265,962 shares of PRF, valued at roughly $14.37 million. At the same time, it snapped up 64,507 shares of COPX worth about $4.97 million — a fresh bet on copper mining at a time when several other large investors were also piling into the fund.
Stonebridge Opens Copper Bet, Trims Equity ETF
Stonebridge's new COPX position gives it a 0.07% stake in the Global X Copper Miners ETF, per Watchlist News. The copper mining fund attracted heavy interest across the board in Q2. Qube Research & Technologies grew its COPX stake by a staggering 3,106%, reaching 41,357 shares. Ameriprise Financial added 29,596 shares to hit 255,960 total. Raymond James Financial expanded by 7,160 shares to reach 71,656.
Meanwhile, PRF — a fund tracking roughly 1,000 large U.S. stocks weighted by fundamentals like sales and dividends — slipped to Stonebridge's 27th-largest holding. It now makes up just 1.1% of the portfolio. The 12.8% trim suggests the firm is rotating away from broad U.S. equity exposure and toward commodity and income plays.
Short-Term Bonds Stay a Core Holding After Q2 Add
Stonebridge also added to its VictoryShares Short-Term Bond ETF (USTB) position in Q2, buying 45,870 more shares. It now holds 927,201 shares worth about $46.9 million, making USTB its fourth-largest holding and roughly 3.6% of its total portfolio, according to Watchlist News.
The 5.2% increase signals continued confidence in short-term fixed income. Short-term bond ETFs like USTB tend to hold up better when interest rates are high or uncertain. They offer steady income with less risk than longer-dated bonds — a common defensive play for wealth managers.
Municipal Income ETF Gets an 8.8% Boost in Q2
Stonebridge added 28,883 shares to its Capital Group Municipal Income ETF (CGMU) stake during Q2, lifting its total to 356,633 shares, per Watchlist News. The position is now worth about $9.8 million and represents roughly 0.16% of the ETF's outstanding shares.
Municipal bond ETFs like CGMU appeal to investors in higher tax brackets because the income is often exempt from federal taxes. The 8.8% increase in CGMU mirrors Stonebridge's broader tilt toward income-generating assets. Combined with the USTB expansion, fixed income now appears to anchor a growing share of the firm's strategy.
Portfolio Shift Points to Commodities and Income Over Equities
Taken together, Stonebridge's Q2 moves tell a clear story: less broad U.S. equity exposure, more copper and fixed income. PRF was trimmed. COPX was started fresh. USTB and CGMU were both grown. The firm is spreading its bets across commodity miners, short-term bonds, and tax-advantaged income — three very different risk profiles.
The rebalancing also coincides with wider institutional interest in copper, which many analysts tie to long-term demand from electric vehicles and power grids. With rivals like Ameriprise also boosting COPX stakes sharply, Stonebridge's new copper position fits a broader Q2 trend among large money managers, according to Watchlist News.
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