Stillwater Diversifies ETF Portfolio
Stillwater Private Wealth Acquires Major Stakes in Diverse ETFs, Including SPYM and Physical Gold
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Key Points
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SPYM is a 2x leveraged ETF that seeks to provide double the monthly return of SPY through swap agreements with major global financial institutions; Stillwater Private Wealth LLC added 64,433 shares, making SPYM about 4.2% of its portfolio and its 6th-largest holding.
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SGOL sits in a favorable gold backdrop, with the World Gold Council noting stronger central-bank gold buying and the Fed’s decision to keep rates unchanged, which supported gold sentiment and the case for physical gold and SGOL.
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STIP opened at 101.36, with a 50-day moving average of 101.93 and a 200-day moving average of 102.78, and has traded within a 12-month range of 101.10 to 104.16.
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DBEF opened at 54.95 and is Stillwater’s 28th-largest holding at about $1.07 million; the ETF’s fundamentals include a market cap around $9.17 billion, a P/E of 16.43, and a 50-day moving average near 54.08.
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DJP, the iPath Bloomberg Commodity Index Total Return ETN, was acquired for about $1.14 million (23,589 shares) and ranks as Stillwater’s 26th largest holding.
Stillwater Private Wealth LLC, a newly independent advisory firm based in Glen Mills, Pennsylvania, deployed capital across five major ETFs and ETNs in Q1 2026, according to its first SEC filing. The firm's largest new stakes — $6.32 million in physical gold and $4.87 million in S&P 500 index exposure — signal a defensive, inflation-conscious strategy for its high-net-worth clients. Watchlist News reported the disclosures as part of Stillwater's first Form 13F, covering roughly $117.83 million in total assets.
The Glen Mills, Pennsylvania firm was founded in November 2025 by Bruce Ohrenich and Seth Bittner. Its Q1 moves span five asset classes: U.S. equities, physical gold, inflation-protected bonds, currency-hedged international stocks, and broad commodities. Inflation has hovered at 3.5% through mid-2026, driven by energy supply shocks and Middle East tensions.
Physical Gold Tops Stillwater's New Portfolio Positions
The firm's biggest new bet is on gold. Stillwater bought 141,751 shares of the abrdn Physical Gold Shares ETF (SGOL), worth about $6.32 million. That makes it the fund's 3rd-largest holder and gives gold a 5.37% share of its total portfolio. The timing lines up with a surge in central bank buying. Watchlist News noted that the World Gold Council reported central banks purchased a net 289 tonnes of gold in Q2 2026 alone — a record high.
Gold analysts point to a structural shift. Central banks are rotating out of dollar-denominated assets and into physical gold, regardless of short-term price moves. The Federal Reserve held its benchmark rate steady at 3.50%–3.75% in late July 2026. That decision, made in a contentious 9–3 vote, also supported the case for holding physical gold as a hedge against persistent inflation.
SPYM Ticker Caused Confusion After October 2025 Rebrand
Stillwater also bought 64,433 shares of the State Street SPDR Portfolio S&P 500 ETF, ticker SPYM, worth about $4.87 million. That stake ranks as its 6th-largest holding and about 4.13% of its portfolio, according to Watchlist News. The fund carries an ultra-low expense ratio of just 0.02%, making it one of the cheapest S&P 500 trackers available.
The SPYM ticker has caused confusion. Some automated platforms still list it as the old Tradr 2X Long SPY Monthly ETF — a leveraged, high-risk product that stopped trading in February 2025. State Street rebranded its plain-vanilla index fund under that same ticker on October 31, 2025. Stillwater's purchase is a straightforward core equity allocation, not a speculative leveraged bet.
Short-Duration TIPS Guard Against a Possible Rate Hike
To protect against inflation without taking on heavy interest rate risk, Stillwater bought 27,173 shares of the iShares 0-5 Year TIPS Bond ETF (STIP), worth about $2.81 million. TIPS are bonds whose value rises with inflation. The short-duration version limits losses if rates go up. STIP has traded in a tight 12-month range of $101.10 to $104.16, with a 50-day moving average of $101.93.
The move looks prescient given the Fed's current stance. Three FOMC members — Beth Hammack, Neel Kashkari, and Lorie Logan — voted to raise rates at the July 2026 meeting. If the Fed does hike in September, longer-duration bond funds would lose value fast. Short-duration STIP acts as a buffer, keeping client capital relatively safe while still beating cash on an inflation-adjusted basis.
International Stocks and Commodities Round Out the Hedge
Stillwater added two smaller but strategically important positions. It bought 21,676 shares of the Xtrackers MSCI EAFE Hedged Equity ETF (DBEF) for about $1.07 million, its 28th-largest holding. DBEF tracks developed-market international stocks but removes currency risk by hedging against swings in non-U.S. currencies. The fund has a market cap of roughly $9.17 billion and trades at a price-to-earnings ratio of 16.43.
The firm also acquired 23,589 shares of the iPath Bloomberg Commodity Index Total Return ETN (DJP) for about $1.14 million, its 26th-largest position. DJP tracks a broad basket of commodities including energy, metals, and agriculture. Together, SGOL and DJP give Stillwater roughly 6.33% of its portfolio in real assets — a clear signal that the firm expects inflation to stay well above the Fed's 2% target for some time.
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