NewEdge Advisors, LLC

Reported holdings as of Q2 2026, from 31 quarterly filings.

CIK

1633516

Reported value

$33.6B

Positions

4,198

Top 10 weight

18.7%

Filed

2026-08-12

Days after quarter end

Holdings

Security	Ticker	Value	Shares	Weight	Weight change	Held	Change
APPLE INC	AAPL	$1.0B	3,482,619	3.00%	-	new	NEW
ISHARES TR	IVV	$886.6M	1,183,931	2.64%	-	new	NEW
STATE STR SPDR S&P 500 ETF T	SPY	$749.8M	1,004,114	2.23%	-3.02pp	31q	+131.4%+$425.8M
NVIDIA CORPORATION	NVDA	$696.9M	3,483,179	2.08%	-	new	NEW
MICROSOFT CORP	MSFT	$619.7M	1,661,376	1.85%	-	new	NEW
AMAZON COM INC	AMZN	$516.9M	2,168,590	1.54%	-	new	NEW
JPMORGAN CHASE & CO	JPM	$476.4M	1,455,328	1.42%	-	new	NEW
VANGUARD INDEX FDS	VOO	$470.4M	684,968	1.40%	-3.42pp	31q	+58.6%+$173.7M
ALPHABET INC	GOOGL	$466.6M	1,305,569	1.39%	-	new	NEW
SPDR SERIES TRUST	SPYM	$387.2M	4,406,554	1.15%	-1.36pp	27q	+112.5%+$205.0M
BROADCOM INC	AVGO	$355.1M	939,989	1.06%	-	new	NEW
BERKSHIRE HATHAWAY INC DEL	BRKB	$334.4M	668,204	1.00%	-	new	NEW
WALMART INC	WMT	$324.0M	2,860,565	0.97%	-	new	NEW
BLACKROCK ETF TRUST	DYNF	$296.9M	4,366,134	0.88%	-2.04pp	13q	+30.6%+$69.5M
CISCO SYS INC	CSCO	$294.3M	2,505,809	0.88%	-0.90pp	31q	+25.4%+$59.6M
ADVANCED MICRO DEVICES INC	AMD	$294.1M	506,265	0.88%	-	new	NEW
ALPHABET INC	GOOG	$271.8M	769,336	0.81%	-	new	NEW
VISA INC	V	$261.0M	760,691	0.78%	-	new	NEW
ISHARES TR	IVW	$253.3M	1,841,602	0.75%	-	new	NEW
MICRON TECHNOLOGY INC	MU	$247.9M	214,739	0.74%	-	new	NEW
000000004		$246.7M	1,497,643	0.73%	-	new	NEW
META PLATFORMS INC	META	$237.8M	422,101	0.71%	-	new	NEW
ELI LILLY & CO	LLY	$233.6M	194,721	0.70%	-	new	NEW
JOHNSON & JOHNSON	JNJ	$233.1M	917,872	0.69%	-	new	NEW
VANGUARD INDEX FDS	VTV	$228.0M	1,046,231	0.68%	-2.37pp	31q	+29.1%+$51.4M
CATERPILLAR INC	CAT	$226.0M	212,215	0.67%	-	new	NEW
EXXON MOBIL CORP	XOMXXXX	$221.7M	1,621,680	0.66%	-	new	NEW
VANGUARD INDEX FDS	VUG	$210.3M	2,441,322	0.63%	-	new	NEW
DELL TECHNOLOGIES INC	DELL	$207.4M	480,589	0.62%	-	new	NEW
CHEVRON CORPORATION	CVX	$207.2M	1,249,960	0.62%	-	new	NEW
ISHARES TR	IUSB	$189.7M	4,110,503	0.57%	-	new	NEW
ISHARES TR	IVE	$183.6M	808,622	0.55%	-	new	NEW
TESLA INC	TSLA	$172.4M	409,932	0.51%	-	new	NEW
PIMCO ETF TR	PYLD	$171.0M	6,448,357	0.51%	-	new	NEW
VANGUARD TAX-MANAGED FDS	VEA	$168.4M	2,363,407	0.50%	-	new	NEW
HOME DEPOT INC	HD	$166.6M	472,273	0.50%	-	new	NEW
PALO ALTO NETWORKS INC	PANW	$159.4M	467,364	0.47%	-	new	NEW
TJX COS INC NEW	TJX	$158.6M	1,047,163	0.47%	-	new	NEW
VANGUARD INDEX FDS	VTI	$155.7M	420,754	0.46%	-0.55pp	31q	+33.8%+$39.3M
FIDELITY COVINGTON TRUST	FELC	$155.6M	3,712,785	0.46%	+0.04pp	9q	+119.8%+$84.8M
BLACKROCK ETF TRUST	BAI	$154.7M	2,934,791	0.46%	-0.94pp	6q	+19.9%+$25.7M
ISHARES INC	IEMG	$146.0M	1,762,151	0.43%	-	new	NEW
COSTCO WHOLESALE CORPORATION	COST	$145.8M	155,824	0.43%	-	new	NEW
PHILLIPS 66	PSX	$139.2M	823,275	0.41%	-	new	NEW
PIMCO ETF TR	BOND	$135.9M	1,474,136	0.40%	-	new	NEW
ISHARES TR	IEFA	$134.7M	1,394,259	0.40%	-	new	NEW
ISHARES TR	EFG	$134.5M	1,081,097	0.40%	-	new	NEW
FIRST TR EXCHANGE-TRADED FD	RDVY	$120.1M	1,481,721	0.36%	-0.58pp	21q	+28.0%+$26.2M
TAIWAN SEMICONDUCTOR MANUFAC	TSM	$116.3M	243,543	0.35%	-	new	NEW
BLACKROCK ETF TRUST	THRO	$113.4M	2,630,587	0.34%	-1.17pp	6q	-14.0%-$18.4M
INVESCO EXCHANGE TRADED FD T	RSP	$112.4M	528,103	0.33%	-0.65pp	31q	+54.1%+$39.5M
APPLIED MATLS INC	AMAT	$112.0M	154,918	0.33%	-	new	NEW
ABBVIE INC	ABBV	$110.5M	439,164	0.33%	-	new	NEW
VANGUARD INDEX FDS	VO	$109.6M	1,359,872	0.33%	-0.66pp	31q	+460.9%+$90.0M
ISHARES TR	MTUM	$109.0M	317,902	0.32%	-	new	NEW
FIRST TR EXCHNG TRADED FD VI	BUFR	$109.0M	2,983,447	0.32%	-0.29pp	19q	+14.3%+$13.6M
ISHARES TR	IWF	$104.9M	845,080	0.31%	-	new	NEW
SPDR GOLD TR	GLD	$102.9M	279,250	0.31%	-	new	NEW
SOUTHERN CO	SO	$102.1M	1,067,217	0.30%	-0.11pp	31q	+11.5%+$10.5M
DIMENSIONAL ETF TRUST	DFAC	$101.6M	2,291,061	0.30%	-0.02pp	21q	+5.5%+$5.3M
PGIM ETF TR	PULS	$101.6M	2,049,668	0.30%	+0.04pp	15q	+68.3%+$41.2M
BANK OF AMER CORP	BAC	$100.6M	1,764,963	0.30%	-	new	NEW
ANALOG DEVICES INC	ADI	$99.6M	250,858	0.30%	-	new	NEW
INVESCO EXCH TRADED FD TR II	QQQM	$99.2M	327,421	0.30%	-0.59pp	18q	+111.3%+$52.3M
PROLOGIS INC.	PLD	$95.7M	706,097	0.28%	-	new	NEW
ISHARES TR	EFV	$94.6M	1,235,409	0.28%	-	new	NEW
ISHARES TR	TLH	$93.4M	931,209	0.28%	-	new	NEW
ISHARES TR	MBB	$93.0M	984,369	0.28%	-	new	NEW
PHILIP MORRIS INTL INC	PM	$91.2M	504,103	0.27%	-	new	NEW
ISHARES TR	IJR	$89.5M	603,283	0.27%	-	new	NEW
ISHARES TR	AGG	$89.3M	901,815	0.27%	-	new	NEW
TD SYNNEX CORPORATION	SNX	$88.7M	331,768	0.26%	-	new	NEW
BLACKROCK ETF TRUST II	BRTR	$85.1M	1,691,938	0.25%	+0.25pp	4q	+1505.7%+$79.8M
GE HEALTHCARE TECHNOLOGIES I	GEHC	$84.4M	1,318,329	0.25%	-	new	NEW
ISHARES TR	GOVT	$84.1M	3,692,267	0.25%	-0.89pp	31q	+100.5%+$42.2M
AMERICAN CENTY ETF TR	AVEM	$84.1M	871,190	0.25%	+0.23pp	14q	+252.0%+$60.2M
LAM RESEARCH CORP	LRCX	$83.6M	192,888	0.25%	-	new	NEW
VANGUARD INTL EQUITY INDEX F	VT	$83.2M	530,329	0.25%	-0.39pp	25q	+354.0%+$64.9M
GE VERNOVA INC	GEV	$82.2M	69,996	0.24%	-	new	NEW
VANGUARD SPECIALIZED FUNDS	VIG	$78.3M	330,832	0.23%	-	new	NEW
PIMCO ETF TR	MINT	$78.2M	775,541	0.23%	-	new	NEW
CAPITAL GROUP GROWTH ETF	CGGR	$75.8M	1,604,940	0.23%	-	new	NEW
VANGUARD BD INDEX FDS	BND	$75.1M	1,022,639	0.22%	-1.10pp	31q	+68.3%+$30.5M
BOEING CO	BA	$73.6M	340,198	0.22%	-0.12pp	31q	+15.3%+$9.8M
BANK OF NY MELLON CORP	BNY	$72.7M	502,866	0.22%	-	new	NEW
CAPITAL GROUP GBL GROWTH EQT	CGGO	$72.5M	1,713,417	0.22%	-	new	NEW
VANGUARD INTL EQUITY INDEX F	VWO	$72.4M	1,213,432	0.22%	-	new	NEW
CUMMINS INC	CMI	$72.3M	101,415	0.22%	-	new	NEW
ISHARES TR	DGRO	$72.3M	953,486	0.22%	-	new	NEW
BLACKROCK INC	BLK	$70.9M	73,695	0.21%	-	new	NEW
SANDISK CORP	SNDK	$68.7M	30,221	0.20%	-	new	NEW
ISHARES TR	USMV	$68.1M	706,484	0.20%	-	new	NEW
WESTERN DIGITAL CORP	WDC	$67.8M	106,193	0.20%	-	new	NEW
EATON CORP PLC	ETN	$67.7M	158,898	0.20%	-	new	NEW
VANGUARD INDEX FDS	VB	$66.5M	219,247	0.20%	-0.12pp	31q	+29.4%+$15.1M
KIMBERLY-CLARK CORP	KMB	$65.4M	595,464	0.19%	-	new	NEW
GENUINE PARTS CO	GPC	$64.4M	546,151	0.19%	-	new	NEW
PALANTIR TECHNOLOGIES INC	PLTR	$64.0M	548,759	0.19%	-	new	NEW
J P MORGAN EXCHANGE TRADED F	JPST	$63.7M	1,260,051	0.19%	-1.42pp	31q	+165.7%+$39.7M
SMUCKER J M CO	SJM	$63.5M	564,096	0.19%	+0.16pp	17q	+5.0%+$3.0M
GOLDMAN SACHS GROUP INC	GS	$63.2M	62,498	0.19%	-	new	NEW
EMERSON ELEC CO	EMR	$62.7M	438,351	0.19%	-1.41pp	31q	+174.3%+$39.9M
CAPITAL GROUP DIVIDEND VALUE	CGDV	$62.4M	1,266,080	0.19%	-	new	NEW
J P MORGAN EXCHANGE TRADED F	JEPI	$62.0M	1,097,283	0.18%	+0.07pp	17q	+46.6%+$19.7M
ISHARES TR	IBTG	$61.8M	2,698,260	0.18%	-	new	NEW
ENTERGY CORP NEW	ETR	$61.1M	532,196	0.18%	-	new	NEW
ORACLE CORP	ORCL	$60.0M	409,753	0.18%	-	new	NEW
MASTERCARD INCORPORATED	MA	$59.5M	115,937	0.18%	-	new	NEW
HARTFORD INSURANCE GROUP INC	HIG	$59.2M	446,491	0.18%	-	new	NEW
BLACKROCK ETF TRUST	IALT	$59.1M	2,106,903	0.18%	-	new	NEW
000000007		$59.0M	264,881	0.18%	-	new	NEW
MERCK & CO INC	MRK	$58.5M	455,515	0.17%	-0.24pp	31q	+33.2%+$14.6M
MORGAN STANLEY	MS	$58.2M	278,364	0.17%	-	new	NEW
KLA CORP	KLAC	$58.1M	192,552	0.17%	-	new	NEW
GE AEROSPACE	GE	$57.9M	155,056	0.17%	-	new	NEW
DIMENSIONAL ETF TRUST	DFAI	$57.7M	1,398,059	0.17%	-0.93pp	16q	+102.0%+$29.1M
SELECT SECTOR SPDR TR	XLK	$57.4M	301,408	0.17%	-0.10pp	31q	+65.7%+$22.8M
ISHARES GOLD TR	IAU	$57.1M	756,577	0.17%	-	new	NEW
VANGUARD SCOTTSDALE FDS	VONG	$56.2M	440,091	0.17%	-	new	NEW
GILEAD SCIENCES INC	GILD	$55.9M	442,389	0.17%	-	new	NEW
BLACKROCK ETF TRUST	BLCR	$55.8M	1,108,317	0.17%	-0.62pp	2q	+91.1%+$26.6M
INTERNATIONAL BUSINESS MACHS	IBM	$55.7M	198,163	0.17%	-0.67pp	31q	+62.4%+$21.4M
ISHARES TR	QUAL	$54.6M	248,757	0.16%	-	new	NEW
VANGUARD WHITEHALL FDS	VYM	$54.1M	342,284	0.16%	-	new	NEW
WELLTOWER INC	WELL	$54.1M	238,162	0.16%	-	new	NEW
INVESCO QQQ TR	QQQ	$53.8M	73,032	0.16%	-	new	NEW
CAPITAL GROUP CORE EQUITY ET	CGUS	$53.2M	1,196,622	0.16%	-	new	NEW
FIRST TR EXCHANGE-TRADED FD	WCMI	$53.1M	2,712,219	0.16%	-1.05pp	5q	+151.3%+$32.0M
000000003		$52.7M	1,026,418	0.16%	-	new	NEW
ISHARES TR	IWB	$52.4M	128,083	0.16%	-	new	NEW
FIRST TR EXCHANGE-TRADED FD	SDVY	$51.7M	1,197,586	0.15%	-0.41pp	19q	+87.2%+$24.1M
WISDOMTREE TR	DGRW	$51.0M	533,206	0.15%	-0.57pp	15q	+37.0%+$13.8M
NISOURCE INC	NI	$50.9M	1,070,157	0.15%	-	new	NEW
ISHARES TR	IWY	$50.1M	172,484	0.15%	-	new	NEW
GSK PLC	GSK	$50.0M	953,574	0.15%	-	new	NEW
3M CO	MMM	$49.3M	304,215	0.15%	-	new	NEW
VANGUARD MUN BD FDS	VTEB	$48.9M	966,651	0.15%	-0.91pp	23q	+115.6%+$26.2M
COCA COLA CO	KO	$48.9M	601,604	0.15%	-0.27pp	31q	+40.1%+$14.0M
AT&T INC	T	$48.9M	2,360,407	0.15%	-	new	NEW
FIRST TR EXCHANGE-TRADED FD	TDIV	$48.8M	424,544	0.15%	-0.24pp	15q	+35.6%+$12.8M
UNION PAC CORP	UNP	$48.2M	177,077	0.14%	-0.14pp	31q	+32.7%+$11.9M
ISHARES TR	STIP	$48.1M	470,685	0.14%	-	new	NEW
LINDE PLC	LIN	$47.9M	92,399	0.14%	-	new	NEW
FIRST TR EXCHNG TRADED FD VI	FIXD	$46.8M	1,073,904	0.14%	-0.15pp	31q	+47.4%+$15.1M
PROCTER & GAMBLE CO	PG	$46.8M	318,850	0.14%	-	new	NEW
VANGUARD WORLD FD	VGT	$46.3M	387,394	0.14%	-	new	NEW
BRITISH AMERN TOB PLC	BTI	$46.2M	748,245	0.14%	-	new	NEW
BLACKROCK ETF TRUST	IDEF	$46.1M	1,450,258	0.14%	-0.69pp	2q	+126.3%+$25.7M
WELLS FARGO & CO	WFC	$45.9M	555,363	0.14%	-	new	NEW
VANECK ETF TRUST	SMH	$45.9M	69,964	0.14%	-0.25pp	15q	+52.2%+$15.7M
SPDR SERIES TRUST	SPYG	$45.7M	384,104	0.14%	-0.78pp	27q	+74.4%+$19.5M
ISHARES TR	IBTH	$45.6M	2,039,948	0.14%	-	new	NEW
SPDR INDEX SHS FDS	SPEM	$45.5M	879,360	0.14%	-0.98pp	31q	+438.3%+$37.1M
ISHARES TR	IYW	$45.5M	180,228	0.14%	-	new	NEW
VANGUARD INDEX FDS	VOT	$45.2M	147,426	0.13%	-0.80pp	31q	+130.3%+$25.5M
STATE STR SPDR DOW JONES IND	DIA	$44.6M	85,305	0.13%	-0.35pp	17q	+45.4%+$13.9M
NETFLIX INC	NFLX	$44.4M	621,731	0.13%	-	new	NEW
VANGUARD SCOTTSDALE FDS	VCIT	$44.1M	533,201	0.13%	-	new	NEW
FIRST TR EXCH TRADED FD III	FPEI	$43.8M	2,268,729	0.13%	-1.14pp	15q	+186.0%+$28.5M
ANHEUSER BUSCH INBEV SA/NV	BUD	$43.1M	522,643	0.13%	-	new	NEW
HONEYWELL INTL INC	HON	$43.0M	191,945	0.13%	-	new	NEW
VERTIV HOLDINGS CO	VRT	$43.0M	128,353	0.13%	-	new	NEW
MCDONALDS CORP	MCD	$43.0M	158,937	0.13%	-	new	NEW
SPDR SERIES TRUST	SPAB	$42.6M	1,667,791	0.13%	-1.27pp	15q	+210.5%+$28.9M
WISDOMTREE TR	USFR	$42.2M	838,877	0.13%	-	new	NEW
BLACKROCK ETF TRUST II	BINC	$42.1M	804,170	0.13%	-0.58pp	11q	+5.7%+$2.3M
HONEYWELL AEROSPACE INC	HONA	$42.1M	190,322	0.13%	-	new	NEW
FIRST TR EXCHANGE-TRADED FD	FV	$41.9M	552,680	0.12%	-0.72pp	30q	+118.6%+$22.8M
GLOBAL X FDS	EMBD	$41.2M	1,718,911	0.12%	-	new	NEW
INVESCO EXCHANGE TRADED FD T	XMHQ	$41.2M	364,659	0.12%	-0.59pp	22q	+96.4%+$20.2M
HASBRO INC	HAS	$40.8M	494,060	0.12%	-	new	NEW
VANGUARD CHARLOTTE FDS	BNDX	$40.7M	840,831	0.12%	-0.13pp	31q	+26.7%+$8.6M
GLOBAL X FDS	SHLD	$40.3M	675,460	0.12%	-	new	NEW
CAPITAL GRP FIXED INCM ETF T	CGCB	$40.0M	1,527,732	0.12%	-	new	NEW
UNITEDHEALTH GROUP INC	UNH	$39.3M	94,610	0.12%	-	new	NEW
ISHARES TR	ITOT	$39.1M	238,148	0.12%	-	new	NEW
NEXTERA ENERGY INC	NEE	$38.9M	443,671	0.12%	-	new	NEW
J P MORGAN EXCHANGE TRADED F	JEPQ	$38.9M	632,916	0.12%	-0.10pp	15q	+32.8%+$9.6M
VANGUARD INDEX FDS	VBR	$38.4M	158,217	0.11%	-0.91pp	31q	+201.9%+$25.7M
AMERICAN EXPRESS CO	AXP	$38.0M	112,398	0.11%	-	new	NEW
CITIGROUP INC	C	$38.0M	271,355	0.11%	-	new	NEW
VANGUARD INDEX FDS	VOE	$37.9M	191,598	0.11%	-0.76pp	31q	+96.9%+$18.6M
VERIZON COMMUNICATIONS INC	VZ	$37.7M	889,596	0.11%	-	new	NEW
FRANKLIN TEMPLETON ETF TR	DIVI	$37.4M	876,397	0.11%	-	new	NEW
LISTED FDS TR	HEGD	$37.3M	1,397,996	0.11%	-0.41pp	9q	+40.9%+$10.8M
ISHARES TR	IJH	$36.9M	479,069	0.11%	-	new	NEW
VANGUARD BD INDEX FDS	BSV	$36.9M	473,565	0.11%	-0.31pp	31q	+50.7%+$12.4M
VANGUARD INDEX FDS	VBK	$36.6M	100,187	0.11%	-0.99pp	31q	+322.7%+$28.0M
SELECT SECTOR SPDR TR	XLE	$36.3M	683,316	0.11%	-0.26pp	31q	+84.8%+$16.7M
ISHARES TR	IEF	$36.2M	382,730	0.11%	-	new	NEW
VANGUARD STAR FDS	VXUS	$35.9M	420,091	0.11%	-0.12pp	31q	+154.5%+$21.8M
AMERICAN CENTY ETF TR	QGRO	$35.5M	300,483	0.11%	-	new	NEW
RBB FUND TRUST	FEOE	$34.8M	650,933	0.10%	-	new	NEW
FIRST TR EXCHNG TRADED FD VI	BUFQ	$34.8M	884,967	0.10%	-0.04pp	13q	+15.5%+$4.7M
ISHARES TR	IAGG	$34.7M	685,777	0.10%	-	new	NEW
SPDR SERIES TRUST	SPYV	$34.4M	565,797	0.10%	-0.96pp	21q	+378.4%+$27.2M
NASDAQ INC	NDAQ	$34.4M	436,020	0.10%	-	new	NEW
VANGUARD WHITEHALL FDS	VIGI	$34.2M	366,196	0.10%	-	new	NEW
AB ACTIVE ETFS INC	SYFI	$34.2M	957,335	0.10%	-1.01pp	9q	+262.1%+$24.7M
FIRST TR EXCHANGE TRADED FD	AIRR	$34.0M	255,007	0.10%	-0.34pp	15q	+105.4%+$17.4M
CHUBB LIMITED	CB	$33.9M	99,590	0.10%	-	new	NEW
TEXAS INSTRS INC	TXN	$33.9M	113,810	0.10%	-0.17pp	31q	+83.8%+$15.5M
CAPITAL GROUP GLOBAL EQUITY	CGGE	$33.7M	957,504	0.10%	-	new	NEW
AMGEN INC	AMGN	$33.7M	93,040	0.10%	-	new	NEW
BLACKROCK ETF TRUST	CORO	$33.4M	912,834	0.10%	+0.09pp	2q	+414.0%+$26.9M
FIRST TR EXCHANGE-TRADED FD	FTXL	$33.3M	116,690	0.10%	-0.49pp	15q	+236.3%+$23.4M
SPDR INDEX SHS FDS	SPDW	$33.1M	656,092	0.10%	-0.82pp	31q	+281.0%+$24.4M
DOUBLELINE ETF TRUST	DBND	$33.1M	725,049	0.10%	-0.93pp	2q	+254.4%+$23.7M
SCHWAB STRATEGIC TR	SCHD	$32.9M	1,039,042	0.10%	-0.54pp	30q	+112.0%+$17.4M
ASML HLDG NV	ASML	$32.8M	16,486	0.10%	-0.09pp	15q	+27.8%+$7.1M
ISHARES TR	SGOV	$32.8M	325,651	0.10%	-	new	NEW
ISHARES TR	IWM	$32.8M	109,040	0.10%	-	new	NEW
PACER FDS TR	COWZ	$32.6M	524,646	0.10%	flat	19q	+3.5%+$1.1M
ALPS ETF TR	AMLP	$32.6M	627,920	0.10%	-	new	NEW
INVESCO EXCH TRADED FD TR II	SPMO	$32.4M	200,379	0.10%	-0.41pp	10q	+360.6%+$25.3M
INTEL CORP	INTC	$32.2M	230,420	0.10%	-	new	NEW
CORNING INC	GLW	$31.9M	124,723	0.09%	-	new	NEW
WILLIAMS COS INC	WMB	$31.5M	423,693	0.09%	-	new	NEW
PEPSICO INC	PEP	$31.4M	231,826	0.09%	-	new	NEW
PIMCO ETF TR	MUNI	$31.3M	595,078	0.09%	-0.04pp	19q	+27.6%+$6.8M
MARVELL TECHNOLOGY INC	MRVL	$31.2M	104,723	0.09%	-	new	NEW
J P MORGAN EXCHANGE TRADED F	JQUA	$31.2M	431,073	0.09%	+0.05pp	13q	-1.2%-$368.1K
ISHARES TR	IWR	$31.1M	282,266	0.09%	-	new	NEW
SELECT SECTOR SPDR TR	XLV	$30.5M	192,131	0.09%	-0.38pp	31q	+51.8%+$10.4M
TIDAL TRUST I	GRNY	$30.5M	1,102,432	0.09%	-	new	NEW
SCHWAB STRATEGIC TR	SCHF	$30.4M	1,096,983	0.09%	-	new	NEW
ISHARES U S ETF TR	NEAR	$30.3M	598,998	0.09%	-	new	NEW
UNITED PARCEL SVCS INC	UPS	$30.3M	281,884	0.09%	-	new	NEW
FIDELITY MERRIMACK STR TR	FBND	$30.0M	659,694	0.09%	-0.71pp	26q	-28.4%-$11.9M
CAPITAL GROUP NEW GEOGRAPHY	CGNG	$29.8M	795,666	0.09%	-	new	NEW
SPDR SERIES TRUST	BIL	$29.8M	325,208	0.09%	-0.09pp	31q	-23.2%-$9.0M
FIRST TR EXCHANGE-TRADED FD	QTEC	$29.4M	87,942	0.09%	-0.06pp	31q	+130.2%+$16.6M
ARISTA NETWORKS INC	ANET	$29.3M	172,549	0.09%	-	new	NEW
VANGUARD INDEX FDS	VV	$29.2M	85,041	0.09%	-0.21pp	31q	+44.8%+$9.0M
DUKE ENERGY CORP NEW	DUK	$29.2M	230,694	0.09%	-	new	NEW
VANECK ETF TRUST	MOAT	$29.1M	279,802	0.09%	-0.26pp	19q	+42.1%+$8.6M
ALTRIA GROUP INC	MO	$28.9M	401,497	0.09%	-	new	NEW
VANGUARD INDEX FDS	VXF	$28.9M	117,214	0.09%	-	new	NEW
SEAGATE TECHNOLOGY HLDNGS PL	STX	$28.4M	29,426	0.08%	-	new	NEW
ISHARES TR	IWD	$28.3M	116,785	0.08%	-	new	NEW
FIRST TR EXCHANGE-TRADED FD	FVD	$28.2M	584,925	0.08%	-0.07pp	31q	+13.5%+$3.4M
DEERE & CO	DE	$27.6M	43,459	0.08%	-	new	NEW
ISHARES TR	IBDR	$27.5M	1,136,875	0.08%	-	new	DEBT
QUALCOMM INC	QCOM	$27.5M	148,610	0.08%	-	new	NEW
CAPITAL GROUP EQUITY ETF TR	CGMM	$27.2M	824,209	0.08%	-	new	NEW
ETFS GOLD TR	SGOL	$26.6M	695,666	0.08%	-	new	NEW
ISHARES TR	IBDV	$26.6M	1,219,208	0.08%	-	new	NEW
INVESCO EXCHANGE TRADED FD T	XMMO	$26.5M	155,686	0.08%	-0.04pp	31q	+153.9%+$16.1M
ISHARES TR	MUB	$26.4M	245,557	0.08%	-	new	NEW
AMERICAN CENTY ETF TR	AVUV	$26.3M	210,495	0.08%	+0.05pp	17q	+8.3%+$2.0M
FIRST TR EXCH TRADED FD III	FMB	$25.6M	497,684	0.08%	-0.13pp	31q	+42.7%+$7.7M
ISHARES TR	SLQD	$25.4M	503,384	0.08%	-	new	NEW
CONOCOPHILLIPS	COP	$25.3M	243,708	0.08%	-	new	NEW
MIAMI INTL HLDGS INC	MIAX	$25.3M	681,610	0.08%	-	new	NEW
ISHARES TR	IBDW	$25.2M	1,210,400	0.08%	-	new	NEW
ISHARES SILVER TR	SLV	$25.0M	467,435	0.07%	-	new	NEW
CAPITAL GROUP INTL FOCUS EQT	CGXU	$24.6M	710,858	0.07%	-	new	NEW
INNOVATOR ETFS TRUST	BALT	$24.6M	716,670	0.07%	-	new	NEW
INNOVATOR ETFS TRUST	NJAN	$24.5M	414,401	0.07%	+0.05pp	14q	+3.4%+$815.3K
INVESCO EXCHANGE TRADED FD T	EQWL	$24.4M	189,430	0.07%	+0.06pp	17q	+86.4%+$11.3M
CAMBRIA ETF TR	EYLD	$24.4M	537,367	0.07%	-	new	NEW
ROCKWELL AUTOMATION INC	ROK	$23.7M	47,895	0.07%	-	new	NEW
WASTE MGMT INC DEL	WM	$23.6M	105,928	0.07%	-	new	NEW
LOWES COS INC	LOW	$23.3M	105,610	0.07%	-	new	NEW
SELECT SECTOR SPDR TR	XLF	$23.1M	431,724	0.07%	-0.08pp	31q	HELD
SCHWAB STRATEGIC TR	SCHG	$22.6M	668,557	0.07%	-0.28pp	20q	+69.5%+$9.3M
INVESCO EXCH TRADED FD TR II	SPHB	$22.4M	143,770	0.07%	+0.06pp	23q	+1.9%+$414.0K
CROWDSTRIKE HLDGS INC	CRWD	$22.2M	29,035	0.07%	-0.10pp	17q	+15.7%+$3.0M
ISHARES TR	IBDX	$22.1M	876,466	0.07%	-	new	NEW
CAMECO CORP	CCJ	$22.0M	216,241	0.07%	-	new	NEW
TRANE TECHNOLOGIES PLC	TT	$21.9M	44,647	0.07%	-	new	NEW
MARATHON PETE CORP	MPC	$21.9M	85,748	0.07%	-0.16pp	31q	+40.6%+$6.3M
CSX CORP	CSX	$21.8M	458,205	0.06%	-	new	NEW
SSGA ACTIVE TR	FISR	$21.8M	848,331	0.06%	-0.15pp	22q	+21.4%+$3.8M
FREEPORT-MCMORAN INC	FCX	$21.7M	345,568	0.06%	-	new	NEW
INNOVATOR ETFS TRUST	ZALT	$21.6M	636,780	0.06%	+0.04pp	10q	+15.6%+$2.9M
ISHARES TR	IBDT	$21.5M	850,687	0.06%	-	new	NEW
AMERICAN CENTY ETF TR	AVDE	$21.5M	240,553	0.06%	-0.01pp	15q	+23.3%+$4.1M
DIMENSIONAL ETF TRUST	DFIC	$21.5M	575,840	0.06%	flat	16q	+9.6%+$1.9M
SELECT SECTOR SPDR TR	XLC	$21.4M	200,007	0.06%	-0.50pp	26q	+106.9%+$11.1M
AMPLIFY ETF TR	DIVO	$21.4M	468,004	0.06%	-	new	NEW
FIRST TR EXCHANGE-TRADED FD	IFV	$21.4M	793,139	0.06%	-0.59pp	31q	+235.8%+$15.0M
LOCKHEED MARTIN CORP	LMT	$21.3M	41,792	0.06%	-	new	NEW
ALIBABA GROUP HLDG LTD	BABA	$21.3M	221,809	0.06%	-	new	NEW
ISHARES TR	IBHI	$21.2M	907,747	0.06%	-	new	NEW
FIRST TR EXCHANGE-TRADED FD	FTSM	$21.2M	355,145	0.06%	-0.05pp	31q	+19.4%+$3.4M
AUTOMATIC DATA PROCESSING IN	ADP	$21.2M	94,658	0.06%	-	new	NEW
ENBRIDGE INC	ENB	$21.2M	390,485	0.06%	-	new	NEW
CAPITAL GROUP INTERNATIONAL	CGIC	$21.0M	576,001	0.06%	-	new	NEW
ISHARES TR	SHY	$21.0M	255,245	0.06%	-	new	NEW
GOLDMAN SACHS ETF TR	GBIL	$20.9M	209,004	0.06%	-	new	NEW
PIMCO ETF TR	MINO	$20.9M	456,505	0.06%	-0.05pp	12q	+25.1%+$4.2M
DIMENSIONAL ETF TRUST	DUHP	$20.8M	499,261	0.06%	flat	16q	+8.8%+$1.7M
ISHARES TR	ESGU	$20.8M	127,139	0.06%	-	new	NEW
FIRST TR EXCHNG TRADED FD VI	BUFS	$20.7M	824,063	0.06%	+0.03pp	8q	+12.2%+$2.3M
ABBOTT LABORATORIES	ABT	$20.6M	227,122	0.06%	-	new	NEW
SELECT SECTOR SPDR TR	XLU	$20.5M	452,132	0.06%	-0.14pp	31q	+34.4%+$5.2M
FIRST TR EXCHANGE-TRADED ALP	FNY	$20.3M	182,925	0.06%	-1.05pp	13q	+655.4%+$17.6M
000000008		$20.2M	159,003	0.06%	-	new	NEW
INTUITIVE SURGICAL INC	ISRG	$20.2M	50,825	0.06%	-	new	NEW
PIMCO ETF TR	CORP	$20.2M	208,319	0.06%	-0.08pp	10q	+4.3%+$830.4K
GLOBAL X FDS	AIQ	$20.1M	306,890	0.06%	-	new	NEW
FIRST TR EXCHANGE-TRADED FD	LMBS	$20.1M	403,638	0.06%	-0.47pp	31q	+144.6%+$11.9M
ISHARES TR	IBDS	$20.1M	827,982	0.06%	-	new	DEBT
ISHARES TR	ACWX	$20.0M	262,509	0.06%	-	new	NEW
SSGA ACTIVE TR	XLSR	$19.9M	307,442	0.06%	-0.48pp	21q	+257.9%+$14.4M
DISNEY WALT CO	DIS	$19.9M	206,758	0.06%	-0.06pp	31q	+15.6%+$2.7M
AMERICAN CENTY ETF TR	AVDV	$19.6M	189,877	0.06%	flat	15q	+167.0%+$12.2M
JOHNSON CONTROLS INTERNATION	JCI	$19.5M	133,595	0.06%	-	new	NEW
FIRST TR EXCHANGE TRADED FD	FXL	$19.4M	89,362	0.06%	+0.03pp	17q	+296.2%+$14.5M
AMERICAN CENTY ETF TR	AVLV	$19.2M	210,461	0.06%	-0.08pp	11q	+33.2%+$4.8M
PIMCO ETF TR	PMBS	$19.1M	387,779	0.06%	-0.08pp	8q	+72.2%+$8.0M
HOWMET AEROSPACE INC	HWM	$18.9M	70,463	0.06%	-	new	NEW
VANGUARD SCOTTSDALE FDS	VCSH	$18.9M	238,784	0.06%	-0.04pp	31q	+13.3%+$2.2M
DIMENSIONAL ETF TRUST	DFSV	$18.9M	486,019	0.06%	flat	15q	HELD
CVS HEALTH CORP	CVS	$18.8M	182,038	0.06%	-	new	NEW
ISHARES TR	IBMO	$18.8M	732,003	0.06%	-	new	NEW
ISHARES TR	SOXX	$18.7M	29,227	0.06%	-	new	NEW
BERKSHIRE HATHAWAY INC DEL	BRKA	$18.7M	25	0.06%	-	new	NEW
ISHARES TR	IBHH	$18.7M	795,441	0.06%	-	new	NEW
CAPITAL GROUP CORE BALANCED	CGBL	$18.7M	491,913	0.06%	-	new	NEW
GOLDMAN SACHS ETF TR	GSUS	$18.6M	180,502	0.06%	-	new	NEW
FIRST TR EXCHANGE-TRADED FD	FTXR	$18.6M	408,346	0.06%	-0.41pp	24q	+227.0%+$12.9M
ISHARES TR	IEI	$18.6M	158,124	0.06%	-	new	NEW
ISHARES TR	OEF	$18.6M	50,754	0.06%	-	new	NEW
PACER FDS TR	PTLC	$18.6M	318,441	0.06%	-0.08pp	31q	+16.2%+$2.6M
GOLDMAN SACHS ETF TR	GVIP	$18.5M	98,015	0.06%	-	new	NEW
UBER TECHNOLOGIES INC	UBER	$18.4M	255,446	0.05%	-	new	NEW
SPDR SERIES TRUST	BILS	$18.4M	185,409	0.05%	-0.38pp	16q	-15.9%-$3.5M
ISHARES TR	IWX	$18.3M	174,263	0.05%	-	new	NEW
PNC FINL SVCS GROUP INC	PNC	$18.3M	74,358	0.05%	-	new	NEW
BLACKROCK ETF TRUST II	GGOV	$18.2M	361,983	0.05%	-	new	NEW
FIRST TR EXCHANGE TRADED FD	GRID	$18.2M	94,748	0.05%	-0.04pp	16q	+168.3%+$11.4M
INVESCO EXCH TRADED FD TR II	RWL	$18.2M	142,067	0.05%	-0.03pp	25q	+25.9%+$3.7M
FIRST TR EXCHANGE TRADED FD	CIBR	$18.1M	201,338	0.05%	-0.02pp	22q	-4.9%-$936.8K
FIRST TR EXCHANGE-TRADED FD	FTCB	$18.1M	865,944	0.05%	-0.15pp	6q	+54.6%+$6.4M
TEXAS PACIFIC LAND CORPORATI	TPL	$17.9M	40,904	0.05%	-	new	NEW
VANGUARD SCOTTSDALE FDS	VTHR	$17.8M	53,773	0.05%	-	new	NEW
J P MORGAN EXCHANGE TRADED F	JBND	$17.8M	332,801	0.05%	-0.11pp	7q	+39.6%+$5.1M
ENERGY TRANSFER L P	ET	$17.8M	928,614	0.05%	-	new	NEW
VANGUARD BD INDEX FDS	BLV	$17.6M	254,760	0.05%	-0.05pp	31q	+60.6%+$6.6M
GOLDMAN SACHS ETF TR	GSC	$17.6M	253,524	0.05%	+0.04pp	7q	-0.6%-$108.8K
VALERO ENERGY CORP	VLO	$17.5M	67,092	0.05%	-	new	NEW
VANGUARD BD INDEX FDS	BIV	$17.4M	227,199	0.05%	-0.05pp	31q	+29.5%+$4.0M
VANECK ETF TRUST	GDX	$17.4M	230,834	0.05%	-0.19pp	31q	+50.2%+$5.8M
PARKER-HANNIFIN CORP	PH	$17.4M	17,785	0.05%	-	new	NEW
SELECT SECTOR SPDR TR	XLI	$17.3M	93,540	0.05%	-0.20pp	31q	+43.2%+$5.2M
AFLAC INC	AFL	$17.2M	146,345	0.05%	-	new	NEW
SPACE EXPLORATION TECHN CORP	SPCX	$17.1M	99,886	0.05%	-	new	NEW
SELECT SECTOR SPDR TR	XLP	$17.0M	205,226	0.05%	-0.13pp	30q	+28.5%+$3.8M
INVESCO EXCH TRADED FD TR II	PZA	$17.0M	724,358	0.05%	-0.08pp	19q	+39.0%+$4.8M
CAPITAL GRP FIXED INCM ETF T	CGMS	$16.8M	613,158	0.05%	-	new	NEW
000000009		$16.7M	505,026	0.05%	-	new	NEW
VANGUARD INTL EQUITY INDEX F	VEU	$16.7M	199,350	0.05%	-	new	NEW
PROSHARES TR	NOBL	$16.6M	296,162	0.05%	-	new	NEW
PFIZER INC	PFE	$16.6M	687,769	0.05%	-	new	NEW
MARRIOTT INTL INC NEW	MAR	$16.5M	44,583	0.05%	-	new	NEW
ISHARES TR	SHV	$16.5M	149,301	0.05%	-	new	NEW
FIRST TR EXCHANGE-TRADED FD	FBT	$16.5M	66,409	0.05%	-	new	NEW
JANUS DETROIT STR TR	JSMD	$16.5M	162,525	0.05%	-	new	NEW
FIRST TR EXCHANGE-TRADED FD	FSCS	$16.4M	444,338	0.05%	-0.59pp	9q	+1544.5%+$15.4M
VICTORY PORTFOLIOS II	SFLO	$16.3M	476,806	0.05%	-0.70pp	4q	+761.9%+$14.4M
ABRDN SILVER ETF TRUST	SIVR	$16.3M	289,887	0.05%	-	new	NEW
ONEOK INC NEW	OKE	$16.2M	186,541	0.05%	-	new	NEW
VANGUARD SCOTTSDALE FDS	VMBS	$15.9M	339,899	0.05%	-	new	NEW
RTX CORPORATION	RTX	$15.7M	82,703	0.05%	-	new	NEW
FIRST TR EXCHANGE-TRADED ALP	FTA	$15.6M	160,678	0.05%	-0.05pp	17q	+18.0%+$2.4M
VANGUARD MALVERN FDS	VCRB	$15.5M	200,752	0.05%	-	new	NEW
SCHWAB CHARLES CORP	SCHW	$15.3M	165,885	0.05%	-	new	NEW
BOOKING HOLDINGS INC	BKNG	$15.3M	85,813	0.05%	-	new	NEW
AIR PRODUCTS AND CHEMICALS I	APD	$15.3M	52,155	0.05%	-	new	NEW
SCHWAB STRATEGIC TR	SCHB	$15.3M	526,748	0.05%	-0.08pp	28q	+38.3%+$4.2M
ISHARES INC	EMXC	$15.2M	148,979	0.05%	-0.01pp	23q	+9.9%+$1.4M
ENTERPRISE PRODS PARTNERS L	EPD	$15.2M	414,550	0.05%	-0.13pp	31q	+37.2%+$4.1M
GENERAL DYNAMICS CORP	GD	$15.2M	42,991	0.05%	-	new	NEW
ISHARES TR	IQLT	$15.1M	305,078	0.05%	-	new	NEW
SPDR INDEX SHS FDS	CWI	$15.0M	369,468	0.04%	+0.02pp	15q	+2.1%+$312.5K
CAPITAL GROUP DIVIDEND GROWE	CGDG	$15.0M	400,573	0.04%	-	new	NEW
SERVICENOW INC	NOW	$14.9M	150,324	0.04%	-	new	NEW
ISHARES BITCOIN TRUST ETF	IBIT	$14.9M	447,830	0.04%	-	new	NEW
VISTRA CORP	VST	$14.9M	93,940	0.04%	-	new	NEW
INNOVATOR ETFS TRUST	ZJUN	$14.9M	542,788	0.04%	-	new	NEW
EMCOR GROUP INC	EME	$14.8M	17,873	0.04%	-	new	NEW
PRINCIPAL EXCHANGE TRADED FD	USMC	$14.8M	199,956	0.04%	-0.56pp	26q	+98.9%+$7.4M
VANGUARD SCOTTSDALE FDS	VGLT	$14.8M	268,341	0.04%	-	new	NEW
INVESCO EXCH TRD SLF IDX FD	BSCT	$14.7M	791,027	0.04%	-	new	NEW
SELECT SECTOR SPDR TR	XLY	$14.7M	125,225	0.04%	-0.22pp	31q	+53.3%+$5.1M
ISHARES TR	IGIB	$14.7M	276,207	0.04%	-	new	NEW
INVESCO EXCHANGE TRADED FD T	SPHQ	$14.7M	162,662	0.04%	-0.21pp	15q	+113.7%+$7.8M
FIRST TR EXCH TRADED FD III	FMHI	$14.4M	296,778	0.04%	-0.04pp	31q	+25.8%+$3.0M
T-MOBILE US INC	TMUS	$14.4M	85,790	0.04%	-	new	NEW
ISHARES TR	IUSV	$14.3M	130,015	0.04%	-	new	NEW
MOTOROLA SOLUTIONS INC	MSI	$14.3M	34,422	0.04%	-	new	NEW
JANUS DETROIT STR TR	JIII	$14.3M	286,316	0.04%	+0.03pp	2q	+26.1%+$3.0M
J P MORGAN EXCHANGE TRADED F	JMST	$14.2M	278,708	0.04%	-0.05pp	16q	+17.8%+$2.1M
SALESFORCE INC	CRM	$14.1M	90,082	0.04%	-	new	NEW
PACER FDS TR	PTNQ	$14.1M	158,702	0.04%	-0.08pp	25q	+34.2%+$3.6M
DIMENSIONAL ETF TRUST	DFEM	$14.0M	343,954	0.04%	-	new	NEW
AMERICAN ELEC PWR CO INC	AEP	$13.9M	101,934	0.04%	-0.04pp	31q	+59.7%+$5.2M
GLOBAL X FDS	URA	$13.9M	318,494	0.04%	-	new	NEW

Showing the largest 400 of 4,198 positions.

By sector

Industry comes from the SIC code on each company's own SEC filings, which is self-reported and sometimes out of date. Derivative exposure is counted with the shares. Securities the SEC assigns no industry - funds, trusts, foreign issues - are shown as not classified rather than dropped.

Sector	Value	Share
Semiconductors & Electronics	$2.5B	7.4%
Software & IT Services	$2.0B	5.8%
Computer Hardware	$1.9B	5.8%
Retail & Consumer	$1.5B	4.6%
Funds & ETFs	$1.0B	3.1%
Banks & Lending	$1.0B	3.0%
Biotech & Pharma	$935.4M	2.8%
Industrials	$753.9M	2.2%
Energy	$642.9M	1.9%
Insurance	$629.3M	1.9%
Capital Markets	$620.6M	1.8%
Other sectors	$3.6B	10.8%
Not classified	$16.4B	48.8%

Quarter by quarter

Quarter	Value	Positions	New	Added	Trimmed	Exited	Top 10	Days to file
Q2 2026	$33.6B	4,198	3,083	743	255	102	18.7%	43
Q1 2026	$2.2B	1,217	100	306	658	3,097	26.5%	48
Q4 2025	$27.6B	4,214	360	1,851	1,139	244	19.4%	49
Q3 2025	$22.0B	4,098	314	1,660	1,154	206	18.4%	48
Q2 2025	$19.4B	3,990	262	1,544	1,183	228	18.4%	45
Q1 2025	$16.8B	3,956	268	1,418	1,252	211	18.0%	45
Q4 2024	$16.6B	3,899	312	1,594	1,000	215	20.0%	44
Q3 2024	$15.4B	3,802	244	1,308	1,224	224	19.4%	45
Q2 2024	$13.7B	3,782	285	1,501	1,203	325	20.2%	47
Q1 2024	$11.5B	3,822	307	1,320	1,375	229	18.8%	44
Q4 2023	$10.5B	3,744	494	1,538	999	204	18.6%	44
Q3 2023	$9.1B	3,454	270	1,243	1,147	293	17.2%	45
Q2 2023	$8.9B	3,477	302	1,238	1,097	240	16.8%	45
Q1 2023	$8.0B	3,415	254	976	1,720	913	16.1%	42
Q4 2022	$3.7B	4,074	2,589	897	493	35	16.4%	45
Q3 2022	$6.1B	1,520	152	702	518	187	17.7%	45
Q2 2022	$6.0B	1,555	498	553	404	87	18.0%	40
Q1 2022	$6.2B	1,144	99	558	409	586	20.1%	43
Q4 2021	$6.6B	1,631	596	740	241	94	19.4%	48
Q3 2021	$4.0B	1,129	137	532	351	139	18.7%	29
Q2 2021	$3.8B	1,131	193	537	325	90	17.9%	22
Q1 2021	$3.4B	1,028	174	420	369	118	17.9%	26
Q4 2020	$3.1B	972	191	342	363	140	18.7%	27
Q3 2020	$2.9B	921	153	377	322	88	18.7%	34
Q2 2020	$2.6B	856	172	360	283	107	17.8%	29
Q1 2020	$2.1B	791	120	356	281	143	19.0%	34
Q4 2019	$2.5B	814	75	371	266	76	18.3%	31
Q3 2019	$2.3B	815	203	442	127	42	17.8%	37
Q2 2019	$1.6B	654	53	319	224	68	17.3%	36
Q1 2019	$1.5B	669	101	305	209	57	16.8%	44
Q4 2018	$1.6B	625	0	0	0	0	27.8%	29

Rows marked UNVERIFIED ID, PLACEHOLDER ID, TICKER AS ID or NON-CUSIP ID carry an identifier that is not a valid CUSIP. They are shown because the filer reported that money, but treat the security named with caution - hover the chip for what is wrong with it, and see the methodology.

Held counts consecutive filings in which this manager reported the position, and can reach further back than the quarters listed above: the tabs begin at Q4 2018 because earlier coverage is too sparse to describe a market, but tenure is counted over every filing we hold, some reaching to 2007. A position sold and later rebought starts again from one.

Weight change is the shift in this position's share of the whole book, in percentage points. It is the more useful column: when money flows into or out of a broad fund, almost every holding is bought or sold at once, so added and trimmed largely track flows. A weight that rose while the book shrank is a decision. Both compare with the previous quarter this filer reported, not the previous calendar quarter.