Disclosure Stays Contained

The July reshuffle is treated as a large but explainable portfolio-management event, with advisers attributing most of the 1,156 trades to automated rebalancing, tax-loss harvesting, or mandate changes. Ethics officials request clarifications but do not find a clear violation tied to tariffs, AI policy, or federal procurement.

Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.