Avantax Advisory Services, Inc.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 8, 2025), Avantax Advisory Services, Inc. reported 2,354 stock positions worth $18.2 billion. Its top holding was iShares Core S&P 500 ETF (IVV) at 6.3% of the portfolio, followed by Vanguard Russell 1000 Growth (VONG, 6.1%) and iShares Core U.S. Aggregate (AGG, 5.1%). Compared with Q1 2025, it opened 226 new positions, sold out of 95, added to 1,268 and reduced 821. The biggest buy was Nvidia (NVDA, shares +6%) and the biggest sale Apple (AAPL, shares −1%).
- Most Recent 13F
- Q2 2025
- Location
- DALLAS, TX
- CIK
- 0001303042
- Portfolio Value
- $18.2B (Q2 2025)
- SEC Filing
- 0001085146-25-004753 ↗ filed Aug 8, 2025
Holdings Value
Holdings 2,354 stocks · $18.2B
| IVV iShares Core S&P 500 ETF | 6.29% | 1,842,537 | $1.1B | Reduce -1.3% |
| VONG Vanguard Russell 1000 Growth | 6.08% | 10,133,619 | $1.1B | Reduce -2.5% |
| AGG iShares Core U.S. Aggregate | 5.05% | 9,265,056 | $919.1M | Add +0.3% |
| SCHD Schwab US DVD Equity ETF | 4.14% | 28,436,927 | $753.6M | Add +2.9% |
| VTV Vanguard Mrngstr Val ETF-Aui | 3.21% | 3,301,015 | $583.4M | Reduce -0.0% |
| IEFA iShares Core MSCI Eafe ETF | 3.02% | 6,585,558 | $549.8M | Reduce -0.1% |
| VUG Vanguard Mrngstar GR ETF-Sui | 1.63% | 676,316 | $296.5M | Add +0.4% |
| NVDA Nvidia Corp. | 1.62% | 1,862,277 | $294.2M | Add +5.7% |
| QQQ Invesco QQQ Trust Series 1 | 1.48% | 489,209 | $269.9M | Add +4.2% |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.47% | 433,504 | $267.8M | Add +5.4% |
| MSFT Microsoft Corp. | 1.42% | 519,005 | $258.2M | Add +6.2% |
| AAPL Apple Inc. | 1.40% | 1,239,536 | $254.3M | Reduce -1.0% |
| IWM iShares Russell 2000 ETF | 1.09% | 916,552 | $197.8M | Add +1.8% |
| AMZN Amazon.com Inc. | 0.93% | 771,600 | $169.3M | Add +5.6% |
| SCHG Schwab US Large-Cap Growth | 0.88% | 5,466,642 | $159.7M | Add +8.3% |
| IWF iShares Russell 1000 Growth | 0.71% | 305,748 | $129.8M | Add +3.4% |
| IEMG iShares Core MSCI Emerging | 0.71% | 2,145,093 | $128.8M | Add +4.9% |
| IVE iShares S&P 500 Value ETF | 0.60% | 560,577 | $109.5M | Add +3.4% |
| SPTL SS SPDR PF LNG TRM TSY E-Usd | 0.60% | 4,113,903 | $109.3M | Add +2.5% |
| VOO Vanguard S&P 500 ETF | 0.60% | 191,870 | $109.0M | Add +2.6% |
| COWZ Pacer US Cash Cows 100 ETF | 0.59% | 1,932,701 | $106.5M | Reduce -23.4% |
| IJR iShares Core S&P Small-Cap E | 0.59% | 974,377 | $106.5M | Add +5.4% |
| IVW iShares S&P 500 Growth ETF | 0.58% | 958,227 | $105.5M | Reduce -2.9% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.57% | 214,602 | $104.2M | Add +6.0% |
| MUB iShares National Muni Bond E | 0.54% | 943,092 | $98.5M | Reduce -12.6% |
| IWR iShares Russell Mid-Cap ETF | 0.53% | 1,054,593 | $97.0M | Add +3.7% |
| JPM JPMorgan Chase & Co. | 0.52% | 328,596 | $95.3M | Add +1.6% |
| META Meta Platforms Inc. Class A | 0.52% | 128,906 | $95.1M | Add +6.6% |
| VTI VG Morningstar TS MKT ETF-US | 0.47% | 282,434 | $85.8M | Add +5.6% |
| VNQ Vanguard Real Estate ETF | 0.46% | 936,792 | $83.4M | Add +2.5% |
| XOM Exxon Mobil Corp. | 0.45% | 760,847 | $82.0M | Add +0.4% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.43% | 333,977 | $79.1M | Reduce -2.4% |
| AVGO Broadcom Inc. | 0.43% | 284,839 | $78.5M | Add +9.2% |
| MOAT Vaneck Morningstar Wide Moat | 0.40% | 774,216 | $72.6M | Reduce -5.4% |
| VOOV Vanguard S&P 500 Value ETF | 0.39% | 377,023 | $71.1M | Add +1.1% |
| WMT Walmart Inc. | 0.38% | 715,450 | $70.0M | Add +1.1% |
| JEPI JPMorgan Equity Premium Inco | 0.38% | 1,219,339 | $69.3M | Add +2.2% |
| GOOGL Alphabet Inc. Class A | 0.36% | 373,850 | $65.9M | Add +5.3% |
| VEA Vanguard Ftse Developed ETF | 0.35% | 1,122,532 | $64.0M | Add +5.6% |
| V Visa Inc. Class A | 0.35% | 178,702 | $63.4M | Reduce -8.3% |
| JPST JPMorgan Ultra-Short Income | 0.34% | 1,203,845 | $61.0M | Add +34.7% |
| QQQM Invesco Nasdaq 100 ETF | 0.33% | 265,759 | $60.4M | Add +8.8% |
| GOOG Alphabet Inc. Class C | 0.32% | 332,625 | $59.0M | Add +1.1% |
| TSLA Tesla Inc. | 0.32% | 183,083 | $58.2M | Add +10.9% |
| IYW iShares Ustechnology ETF | 0.31% | 327,678 | $56.8M | Add +0.1% |
| JEPQ JPM Nasdaq Equity Premium filed as J P MORGAN EXCHANGE TRADED F | 0.31% | 1,029,437 | $56.0M | Add +6.2% |
| IWY iShares Russell Top 200 Grow | 0.31% | 226,275 | $55.8M | Reduce -2.0% |
| DFSV Dimensional US Small Cap Val | 0.31% | 1,888,085 | $55.6M | Reduce -11.0% |
| DFLV Dim US Large Cap Value ETF | 0.30% | 1,773,795 | $55.0M | Add +2.7% |
| PLTR Palantir Technologies Inc. Class A | 0.30% | 398,700 | $54.4M | Add +23.0% |
| SCZ iShares MSCI Eafe Small-Cap | 0.30% | 741,134 | $53.9M | Add +2.3% |
| SCHV Schwab US Large-Cap Value | 0.28% | 1,815,693 | $50.2M | Add +3.2% |
| QUAL iShares MSCI USA Quality Fac | 0.26% | 263,620 | $48.2M | Add +4.0% |
| IUSB Ishr CR Unvrse Usd BD ETF-Ui | 0.26% | 1,024,270 | $47.4M | Reduce -1.1% |
| VWO Vanguard Ftse Emerging Marke | 0.26% | 949,158 | $46.9M | Add +24.1% |
| JMUB JPMorgan Municipal ETF | 0.24% | 897,843 | $44.6M | Add +2438.3% |
| RSP Invesco S&P 500 Equal Weight | 0.24% | 244,644 | $44.5M | Add +2.1% |
| DSTL Distillate US Fundamental St | 0.24% | 801,110 | $44.3M | Add +3.7% |
| CVX Chevron Corp. | 0.24% | 306,855 | $43.9M | Add +18.3% |
| LLY Eli Lilly & Co. | 0.24% | 56,224 | $43.8M | Reduce -0.1% |
| DFAE Dimensional Emerging Core Eq | 0.24% | 1,506,344 | $43.6M | Add +115.9% |
| IMCG iShares Morningstar Mid-Cap | 0.24% | 541,319 | $43.4M | Reduce -0.9% |
| PULS Pgim Ultra Short Bond ETF | 0.24% | 863,066 | $42.9M | Add +9.0% |
| COST Costco Wholesale Corp. | 0.23% | 42,784 | $42.4M | Reduce -6.8% |
| VGT Vanguard Info Tech ETF | 0.23% | 63,431 | $42.1M | Reduce -3.1% |
| VYM Vanguard High DVD Yield ETF | 0.23% | 314,722 | $42.0M | Add +6.1% |
| EFG iShares MSCI Eafe Growth ETF | 0.23% | 374,190 | $41.9M | Add +2.4% |
| GLD SPDR Gold Shares | 0.23% | 137,441 | $41.9M | Add +3.5% |
| ABBV Abbvie Inc. | 0.23% | 222,399 | $41.3M | Add +1.1% |
| DGRW Wisdomtree U.S. Quality Divi | 0.22% | 487,073 | $40.8M | Add +7.0% |
| IJH iShares Core S&P Midcap ETF | 0.22% | 640,753 | $39.7M | Reduce -0.3% |
| SCHF Schwab Intl Equity ETF | 0.22% | 1,781,173 | $39.4M | Add +1.5% |
| IOO iShares Global 100 ETF | 0.21% | 362,722 | $39.1M | Reduce -5.3% |
| OUSM Alps Oshares US Small-Cap Qu | 0.21% | 902,661 | $39.0M | Add +9.4% |
| FBND Fidelity Total Bond ETF | 0.21% | 838,606 | $38.4M | Add +16.5% |
| VIG Vanguard Dividend Apprec ETF | 0.21% | 185,215 | $37.9M | Add +4.0% |
| ILCG iShares Morningstar Growth E | 0.20% | 383,000 | $37.1M | Add +2.3% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.20% | 129,743 | $36.3M | Add +9.4% |
| NFLX Netflix Inc. | 0.20% | 27,030 | $36.2M | Add +6.9% |
| HD Home Depot Inc. | 0.20% | 98,439 | $36.1M | Reduce -4.9% |
| PG The Procter & Gamble Co. | 0.20% | 224,479 | $35.8M | Reduce -9.6% |
| JHMM John Hancock Multi Fact Mid | 0.19% | 579,175 | $35.4M | Reduce -2.1% |
| BSV Vanguard Short-Term Bond ETF | 0.19% | 435,969 | $34.3M | Reduce -3.8% |
| RDVY First Trust Rising Dividend | 0.19% | 545,836 | $34.2M | Reduce -5.6% |
| MCD McDonald's Corp. | 0.18% | 114,866 | $33.6M | Add +5.2% |
| JNJ Johnson & Johnson | 0.18% | 216,409 | $33.1M | Add +1.4% |
| EFV iShares MSCI Eafe Value ETF | 0.18% | 520,069 | $33.0M | Add +31.0% |
| TSM Taiwan Semiconductor-SP ADR | 0.18% | 145,264 | $32.9M | Add +1.1% |
| VZ Verizon Communications Inc. | 0.18% | 751,808 | $32.5M | Add +6.6% |
| IUSG iShares Core S&P U.S. Growth | 0.17% | 209,690 | $31.5M | Reduce -1.2% |
| XMHQ Invesco S&P Midcap Qual ETF | 0.17% | 316,369 | $31.1M | Add +7.0% |
| IWV iShares Russell 3000 ETF | 0.17% | 87,409 | $30.7M | Reduce -0.2% |
| DYNF Ishrs US E F R A ETF-Usd Inc. | 0.17% | 562,647 | $30.6M | Reduce -1.7% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 0.17% | 332,526 | $30.5M | Reduce -10.3% |
| SPHQ Invesco S&P 500 Quality ETF | 0.17% | 427,025 | $30.4M | Add +9.4% |
| IUSV iShares Core S&P U.S. Value | 0.16% | 317,175 | $30.0M | Add +1.9% |
| NOBL Proshares S&P 500 Dividend A | 0.16% | 295,547 | $29.8M | Reduce -4.7% |
| CGDV Cap Group Dividend Value filed as CAPITAL GROUP DIVIDEND VALUE | 0.16% | 746,269 | $29.5M | Reduce -23.5% |
| BOND PIMCO Active Bond Exchange-T | 0.16% | 317,898 | $29.3M | Add +20.9% |
| CSCO Cisco Systems Inc. | 0.16% | 420,336 | $29.2M | Add +1.1% |
Other holdings (5): bonds, preferreds, convertibles and warrants · $1.1M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| KKR & CO INC (KKR 6.25 03/01/28 D) | 6.25 CON SER D | 5,457 | $292K | New |
| NEXTERA ENERGY INC (NEE 7.299 06/01/27) | UNIT 06/01/2027 | 6,022 | $284K | Add +28.9% |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | 206 | $242K | No change |
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | 3,450 | $235K | Reduce -12.9% |
| AMPX.WS Amprius Technologies Inc. | *W EXP 09/14/202 | 10,000 | $5K | No change |
Total filed on the 13F, all lines: $18.2B.
Portfolio Sells Q1 2025 → Q2 2025
| AAPL Apple Inc. | Reduce -1.0% | 1.40% | −0.29 |
| VTV Vanguard Mrngstr Val ETF-Aui | Reduce -0.0% | 3.21% | −0.26 |
| COWZ Pacer US Cash Cows 100 ETF | Reduce -23.4% | 0.59% | −0.25 |
| FMB First Trust Managed Municipa | Reduce -79.2% | 0.04% | −0.15 |
| MUB iShares National Muni Bond E | Reduce -12.6% | 0.54% | −0.15 |
| IVV iShares Core S&P 500 ETF | Reduce -1.3% | 6.29% | −0.08 |
| V Visa Inc. Class A | Reduce -8.3% | 0.35% | −0.07 |
| PG The Procter & Gamble Co. | Reduce -9.6% | 0.20% | −0.06 |
| TMO Thermo Fisher Scientific Inc. | Reduce -36.0% | 0.05% | −0.06 |
| DFSV Dimensional US Small Cap Val | Reduce -11.0% | 0.31% | −0.06 |
| EMXC iShares MSCI Emr MRK Ex Chna | Reduce -77.5% | 0.02% | −0.05 |
| CGDV Cap Group Dividend Value | Reduce -23.5% | 0.16% | −0.05 |
| PFF iShares Preferred & Income S | Reduce -56.4% | 0.03% | −0.05 |
| COP Conocophillips | Reduce -27.4% | 0.06% | −0.05 |
| SH Proshares Short S&P500 | Sold out | 0.00% | −0.05 |
| CALF PCR US SM CP CSH CWS ETF-Usd | Reduce -17.7% | 0.16% | −0.04 |
| LLY Eli Lilly & Co. | Reduce -0.1% | 0.24% | −0.04 |
| AMGN Amgen Inc. | Reduce -3.9% | 0.14% | −0.04 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Reduce -10.3% | 0.17% | −0.04 |
| MOAT Vaneck Morningstar Wide Moat | Reduce -5.4% | 0.40% | −0.04 |
| FTCS First Trust Capital Strength | Reduce -20.6% | 0.10% | −0.04 |
| HEFA Isha Curr Hedged MSCI Eafe | Reduce -22.7% | 0.10% | −0.04 |
| XLE SS Energy Select Sector | Reduce -1.4% | 0.15% | −0.04 |
| VFH Vanguard Financials ETF | Reduce -28.9% | 0.07% | −0.03 |
| HD Home Depot Inc. | Reduce -4.9% | 0.20% | −0.03 |
| BMY Bristol-Myers Squibb Co. | Reduce -6.8% | 0.06% | −0.03 |
| COST Costco Wholesale Corp. | Reduce -6.8% | 0.23% | −0.03 |
| LYB Lyondellbasell Indu Class A | Reduce -67.0% | 0.01% | −0.03 |
| IUSB Ishr CR Unvrse Usd BD ETF-Ui | Reduce -1.1% | 0.26% | −0.03 |
| NOBL Proshares S&P 500 Dividend A | Reduce -4.7% | 0.16% | −0.03 |
| EMB iShares JP Morgan Usd Emergi | Reduce -31.8% | 0.05% | −0.03 |
| FVD First Trust Value Line DVD | Reduce -11.9% | 0.11% | −0.03 |
| BSV Vanguard Short-Term Bond ETF | Reduce -3.8% | 0.19% | −0.03 |
| ACN Accenture PLC Class A | Reduce -11.5% | 0.09% | −0.03 |
| VB Vanguard Most SM-Cap ETF-Usd | Reduce -2.4% | 0.43% | −0.03 |
| FIXD First Trust Smith Opportunis | Reduce -18.0% | 0.07% | −0.02 |
| VCR Vanguard Consumer Discre ETF | Reduce -64.7% | 0.01% | −0.02 |
| VTEB Vanguard Tax-Exempt Bond ETF | Reduce -39.6% | 0.03% | −0.02 |
| CB Chubb Ltd. | Reduce -6.3% | 0.10% | −0.02 |
| GDX Vaneck Gold Miners ETF | Reduce -49.0% | 0.02% | −0.02 |
| OKE Oneok Inc. | Reduce -19.1% | 0.03% | −0.02 |
| XSVM Invesco S&P Smallcap Value W | Reduce -18.2% | 0.07% | −0.02 |
| GBTC Grayscale Bitcoin Trust ETF | Reduce -75.8% | 0.01% | −0.02 |
| MGV Vngrd Mrgstr MG CP VL ETF-Ui | Reduce -5.5% | 0.13% | −0.02 |
| T AT&T Inc. | Reduce -4.9% | 0.14% | −0.02 |
| FDL First Trust Morn DVD Lead Inc. | Reduce -30.1% | 0.03% | −0.02 |
| VHT Vanguard Health Care ETF | Reduce -0.5% | 0.10% | −0.02 |
| TLT iShares 20+ Year Treasury BD | Reduce -2.7% | 0.10% | −0.02 |
| RDVY First Trust Rising Dividend | Reduce -5.6% | 0.19% | −0.02 |
| ONEV SS SPDR R1000 Lo Vol Foc ETF | Reduce -13.9% | 0.07% | −0.02 |
Portfolio Buys Q1 2025 → Q2 2025
| NVDA Nvidia Corp. | Add +5.7% | 1.62% | +0.46 |
| MSFT Microsoft Corp. | Add +6.2% | 1.42% | +0.31 |
| JMUB JPMorgan Municipal ETF | Add +2438.3% | 0.24% | +0.23 |
| AVGO Broadcom Inc. | Add +9.2% | 0.43% | +0.17 |
| QQQ Invesco QQQ Trust Series 1 | Add +4.2% | 1.48% | +0.15 |
| PLTR Palantir Technologies Inc. Class A | Add +23.0% | 0.30% | +0.13 |
| DFAE Dimensional Emerging Core Eq | Add +115.9% | 0.24% | +0.13 |
| VUG Vanguard Mrngstar GR ETF-Sui | Add +0.4% | 1.63% | +0.11 |
| SCHG Schwab US Large-Cap Growth | Add +8.3% | 0.88% | +0.11 |
| META Meta Platforms Inc. Class A | Add +6.6% | 0.52% | +0.10 |
| AMZN Amazon.com Inc. | Add +5.6% | 0.93% | +0.09 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +5.4% | 1.47% | +0.08 |
| IWF iShares Russell 1000 Growth | Add +3.4% | 0.71% | +0.07 |
| JPST JPMorgan Ultra-Short Income | Add +34.7% | 0.34% | +0.06 |
| TSLA Tesla Inc. | Add +10.9% | 0.32% | +0.06 |
| XLC SS Comm Select Sector SPDR | Add +466.6% | 0.07% | +0.06 |
| THRO iShares U.S. Thematic Rotati | Add +731.0% | 0.06% | +0.06 |
| NFLX Netflix Inc. | Add +6.9% | 0.20% | +0.06 |
| PVAL Putnam Focused LRG Cap Value | Add +114.9% | 0.11% | +0.05 |
| BUFR FT Vest Lad Buffervetf-Usd I | Add +68.5% | 0.13% | +0.05 |
| JIRE JPMorgan Int Res Enh Eqty | Add +1495.9% | 0.05% | +0.05 |
| ORCL Oracle Corp. | Add +5.9% | 0.15% | +0.05 |
| IBIT iShares Bitcoin Trust ETF | Add +215.2% | 0.07% | +0.05 |
| VWO Vanguard Ftse Emerging Marke | Add +24.1% | 0.26% | +0.05 |
| QQQM Invesco Nasdaq 100 ETF | Add +8.8% | 0.33% | +0.05 |
| IAGG iShares Intl Aggregate Bond | New | 0.04% | +0.04 |
| MCHP Microchip Technology Inc. | Add +122.3% | 0.07% | +0.04 |
| CGGR Cap Group Growth Equity | Add +37.7% | 0.13% | +0.04 |
| JPM JPMorgan Chase & Co. | Add +1.6% | 0.52% | +0.04 |
| CGDG Cap Group Dividend Growers | Add +274.5% | 0.05% | +0.04 |
| EFV iShares MSCI Eafe Value ETF | Add +31.0% | 0.18% | +0.04 |
| IEMG iShares Core MSCI Emerging | Add +4.9% | 0.71% | +0.04 |
| HCA HCA Healthcare Inc. | Add +223.0% | 0.05% | +0.04 |
| TSM Taiwan Semiconductor-SP ADR | Add +1.1% | 0.18% | +0.04 |
| IYW iShares Ustechnology ETF | Add +0.1% | 0.31% | +0.03 |
| CGNG Cap Group New Geography Eq | Add +323.0% | 0.04% | +0.03 |
| FELG Fidelity Enh LRG Cap GWTH | Add +124.0% | 0.06% | +0.03 |
| ETN Eaton Corp. PLC | Add +17.9% | 0.11% | +0.03 |
| SPMO Invesco S&P 500 Momentum ETF | Add +66.0% | 0.07% | +0.03 |
| GOOGL Alphabet Inc. Class A | Add +5.3% | 0.36% | +0.03 |
| CGGO Cap Group Global Growth | Add +70.9% | 0.07% | +0.03 |
| RECS Columbia Resear Enh Cor ETF | Add +173.5% | 0.04% | +0.03 |
| FBCG Fidelity Blue Chip Grow ETF | Add +21.2% | 0.11% | +0.03 |
| VTI VG Morningstar TS MKT ETF-US | Add +5.6% | 0.47% | +0.03 |
| MSTR Strategy Inc. | Add +2.7% | 0.11% | +0.03 |
| CRWD CrowdStrike Holdings Inc. Class A | Add +40.7% | 0.06% | +0.03 |
| IEF iShares 7-10 Year Treasury B | Add +40.5% | 0.12% | +0.03 |
| OEF iShares S&P 100 ETF | Add +21.5% | 0.13% | +0.02 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Add +37.1% | 0.11% | +0.02 |
| INTU Intuit Inc. | Add +7.5% | 0.12% | +0.02 |
Notes & Other Activity Q1 2025 → Q2 2025
| KKR & CO INC (KKR 6.25 03/01/28 D) | 6.25 CON SER D | New | 5,457 | $292K |
| NEXTERA ENERGY INC (NEE 7.299 06/01/27) | UNIT 06/01/2027 | Add +28.9% | 6,022 | $284K |
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | Reduce -12.9% | 3,450 | $235K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2025 | 2,354 | $18.2B | IVV, VONG, AGG, SCHD, VTV |
| Q1 2025 | 2,223 | $16.5B | IVV, VONG, AGG, SCHD, VTV |
| Q4 2024 | 2,176 | $15.9B | VONG, IVV, AGG, SCHD, VTV |
| Q3 2024 | 2,117 | $15.2B | IVV, VONG, AGG, SCHD, VTV |
| Q2 2024 | 2,070 | $14.0B | VONG, IVV, SCHD, BSV, IEFA |
| Q1 2024 | 1,638 | $11.3B | VONG, IVV, SCHD, IEFA, BSV |