Dover Advisors, LLC

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 8, 2025), Dover Advisors, LLC reported 163 stock positions worth $227.1 million. Its top holding was Microsoft (MSFT) at 8.1% of the portfolio, followed by Apple (AAPL, 6.1%) and Berkshire Hathaway Class A (BRK.A, 5.1%). Compared with Q1 2025, it opened 15 new positions, sold out of 14, added to 42 and reduced 85. The biggest buy was Broadcom (AVGO, shares +1%) and the biggest sale Udr (UDR, shares −82%).

Most Recent 13F
Q2 2026
Location
RICHMOND, VA
CIK
0001964541
Portfolio Value
$227.1M (Q2 2025)
SEC Filing
0001951757-25-000579 ↗ filed Jul 8, 2025

Holdings Value

0$100.0M$200.0M$300.0M Q1 2024: $146.0M Q1 2024 Q2 2024: $161.8M Q2 2024 Q3 2024: $176.3M Q3 2024 Q4 2024: $174.5M Q4 2024 Q1 2025: $229.6M Q1 2025 Q2 2025: $227.1M $227.1M Q2 2025 Q3 2025: $250.9M Q3 2025 Q4 2025: $258.1M Q4 2025 Q1 2026: $241.7M Q1 2026 Q2 2026: $244.2M Q2 2026

Holdings 163 stocks · $227.1M
MSFT Microsoft Corp. 8.07% 36,825 $18.3M Reduce -3.8%
AAPL Apple Inc. 6.09% 67,446 $13.8M Reduce -14.1%
BRK.A Berkshire Hathaway Inc. Class A 5.13% 16 $11.7M No change
JPM JPMorgan Chase & Co. 2.96% 23,176 $6.7M Reduce -12.5%
AMZN Amazon.com Inc. 2.70% 27,987 $6.1M Add +0.2%
GOOGL Alphabet Inc. Class A 2.65% 34,216 $6.0M Add +3.1%
KO The Coca-Cola Co. 2.18% 70,018 $5.0M Reduce -1.5%
ETN Eaton Corp. PLC 2.08% 13,262 $4.7M Reduce -2.0%
BRK.B Berkshire Hathaway Inc. Class B 2.06% 9,620 $4.7M Reduce -12.9%
RTX RTX Corp. 1.87% 29,015 $4.2M Add +0.7%
KLAC KLA Corp. 1.68% 4,256 $3.8M Reduce -10.3%
ABT Abbott Laboratories 1.48% 24,785 $3.4M Reduce -1.1%
TSM Taiwan Semiconductor-SP ADR 1.42% 14,220 $3.2M Add +1.1%
VGSH Vanguard Short-Term Treasury 1.40% 54,246 $3.2M Reduce -7.4%
UBSI United Bankshares Inc. 1.38% 86,052 $3.1M No change
HON Honeywell International Inc. 1.38% 13,455 $3.1M Reduce -2.3%
PANW Palo Alto Networks Inc. 1.36% 15,084 $3.1M Reduce -1.0%
AVGO Broadcom Inc. 1.17% 9,624 $2.7M Add +0.7%
IWR iShares Russell Mid-Cap ETF 1.16% 28,534 $2.6M Add +1.7%
AXP American Express Co. 1.15% 8,154 $2.6M Add +1.9%
XOM Exxon Mobil Corp. 1.14% 24,086 $2.6M Reduce -12.9%
JNJ Johnson & Johnson 1.09% 16,231 $2.5M Reduce -11.3%
IWY iShares Russell Top 200 Grow 1.07% 9,896 $2.4M Add +32.4%
DUK Duke Energy Corp. 1.02% 19,588 $2.3M Reduce -4.4%
UBER Uber Technologies Inc. 1.01% 24,471 $2.3M Reduce -8.2%
DIS The Walt Disney Co. filed as DISNEY WALT CO 1.00% 18,338 $2.3M Reduce -0.8%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 1.00% 7,714 $2.3M Reduce -20.5%
LOW Lowe's Cos Inc. 0.99% 10,156 $2.3M Reduce -1.1%
HD Home Depot Inc. 0.97% 5,999 $2.2M Reduce -21.3%
CRM Salesforce Inc. 0.95% 7,899 $2.2M Reduce -5.8%
CVX Chevron Corp. 0.93% 14,760 $2.1M Reduce -1.8%
ORCL Oracle Corp. 0.93% 9,644 $2.1M Add +1.5%
PEP Pepsico Inc. 0.92% 15,850 $2.1M Reduce -5.5%
PH Parker Hannifin Corp. 0.89% 2,905 $2.0M Add +0.1%
PG The Procter & Gamble Co. 0.84% 12,018 $1.9M Reduce -9.8%
UNH Unitedhealth Group Inc. 0.82% 5,999 $1.9M Add +0.6%
NEE Nextera Energy Inc. 0.79% 25,939 $1.8M Reduce -3.6%
NKE Nike Inc. Class B 0.74% 23,697 $1.7M Reduce -1.9%
NFLX Netflix Inc. 0.74% 1,250 $1.7M No change
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.74% 5,228 $1.7M Reduce -1.6%
TMO Thermo Fisher Scientific Inc. 0.73% 4,064 $1.6M Reduce -6.3%
ASML ASML Holding NV-NY Reg SHS 0.72% 2,028 $1.6M Reduce -24.3%
EMR Emerson Electric Co. 0.71% 12,084 $1.6M Add +2.0%
PM Philip Morris International 0.63% 7,892 $1.4M Reduce -13.6%
APD Air Products & Chemicals Inc. 0.63% 5,041 $1.4M Add +1.9%
ACN Accenture PLC Class A 0.62% 4,692 $1.4M Reduce -0.3%
EXPE Expedia Group Inc. 0.58% 7,863 $1.3M Reduce -0.3%
ABBV Abbvie Inc. 0.56% 6,903 $1.3M Reduce -5.2%
BLK BlackRock Inc. 0.55% 1,199 $1.3M Reduce -1.1%
SCHO Schwab Short-Term US Treas 0.55% 50,959 $1.2M Reduce -54.0%
LLY Eli Lilly & Co. 0.53% 1,533 $1.2M Add +2.1%
COST Costco Wholesale Corp. 0.51% 1,159 $1.1M Add +1.4%
MCD McDonald's Corp. 0.49% 3,827 $1.1M Add +1.8%
V Visa Inc. Class A 0.49% 3,147 $1.1M Add +2.5%
LIN Linde PLC 0.47% 2,291 $1.1M Reduce -2.8%
MRK Merck & Co. Inc. 0.46% 13,277 $1.1M Reduce -2.3%
MDLZ Mondelez International Inc. Class A 0.46% 15,434 $1.0M Add +0.4%
META Meta Platforms Inc. Class A 0.44% 1,365 $1.0M Add +6.4%
FTNT Fortinet Inc. 0.44% 9,451 $999K Add +1.0%
SPY SS SPDR S&P 500 ETF Trust-US 0.44% 1,613 $997K Add +150.1%
VRT Vertiv Holdings Co. Class A 0.43% 7,555 $970K Add +11.0%
TFC Truist Financial Corp. 0.42% 22,409 $963K Reduce -5.7%
NVDA Nvidia Corp. 0.42% 5,975 $944K Add +11.6%
J Jacobs Solutions Inc. 0.40% 6,921 $910K Reduce -1.4%
NSC Norfolk Southern Corp. 0.39% 3,473 $889K Reduce -0.5%
JEPI JPMorgan Equity Premium Inco 0.39% 15,611 $887K Reduce -8.7%
GLDI UBS AG Et GL SHR Covr Class ETN 0.38% 5,369 $855K Add +74.6%
CARR Carrier Global Corp. 0.36% 11,312 $828K No change
BSCU Invesco Bulletshares 2030 CB 0.35% 47,882 $803K Reduce -2.4%
CP Canadian Pacific Kansas City 0.35% 9,990 $792K Add +3.3%
CME Cme Group Inc. 0.35% 2,863 $789K New
ADBE Adobe Inc. 0.34% 1,994 $771K Add +1.9%
GOOG Alphabet Inc. Class C 0.33% 4,266 $757K Reduce -0.1%
WMT Walmart Inc. 0.33% 7,625 $746K Add +3.0%
ZTS Zoetis Inc. 0.33% 4,744 $740K Reduce -0.6%
UDR Udr Inc. 0.32% 17,796 $727K Reduce -82.4%
FCNCA First Citizens Bcshs Class A 0.32% 368 $720K No change
TLTW iShares 20+ Bond Buywrite 0.31% 29,984 $695K Add +6.6%
JEPQ JPM Nasdaq Equity Premium filed as J P MORGAN EXCHANGE TRADED F 0.30% 12,673 $689K Add +15.2%
GE General Electric filed as GE AEROSPACE 0.30% 2,656 $684K No change
PLD Prologis Inc. 0.30% 6,484 $682K Add +12.5%
GLD SPDR Gold Shares 0.30% 2,229 $679K Add +9.6%
MRSH Marsh & McLennan Cos 0.30% 3,102 $678K Reduce -41.2%
D Dominion Energy Inc. 0.30% 11,920 $674K Reduce -29.4%
KNSL Kinsale Capital Group Inc. 0.29% 1,383 $669K Reduce -46.1%
CGIE Cap Group Intl Equity filed as CAPITAL GROUP INTERNATIONAL 0.28% 19,343 $637K New
BDX Becton Dickinson and Co. 0.27% 3,625 $624K Add +1.3%
PFF iShares Preferred & Income S 0.27% 20,172 $619K Reduce -10.3%
GD General Dynamics Corp. 0.27% 2,100 $612K Add +1.1%
VZ Verizon Communications Inc. 0.27% 14,049 $608K Reduce -43.3%
STZ Constellation Brands Inc. Class A 0.27% 3,734 $607K Reduce -0.4%
VUG Vanguard Mrngstar GR ETF-Sui 0.26% 1,357 $595K Reduce -1.2%
BRX Brixmor Property Group Inc. 0.26% 22,500 $586K Reduce -32.3%
INCO Columbia India Consumer ETF 0.24% 8,370 $543K New
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.23% 11,145 $527K Reduce -15.8%
MCHP Microchip Technology Inc. 0.23% 7,477 $526K Reduce -5.8%
BSCX Invesco Bulletshares 2033 CB 0.23% 24,600 $522K Reduce -1.6%
AGG iShares Core U.S. Aggregate 0.23% 5,166 $512K New
BSMS Invesco Bulletshares 2028 MB 0.22% 21,890 $509K No change
FSK FS KKR Capital Corp. 0.22% 24,400 $506K Add +4.5%
VTV Vanguard Mrngstr Val ETF-Aui 0.22% 2,805 $496K No change
MKL Markel Group Inc. 0.21% 239 $477K Reduce -2.5%
BX Blackstone Inc. 0.21% 3,188 $477K Reduce -5.9%
VYMI Vanguard Int High DVD YLD Inc. 0.20% 5,601 $449K Reduce -2.3%
AVEM Avantis Emerging Markets Eq 0.20% 6,534 $448K New
T AT&T Inc. 0.20% 15,473 $448K Reduce -33.9%
FLS Flowserve Corp. 0.19% 8,442 $442K New
VWO Vanguard Ftse Emerging Marke 0.19% 8,732 $432K Add +2.6%
MCK McKesson Corp. 0.19% 585 $429K No change
MGK Vngrd Mrgstr MG CP GR ETF-Ui 0.18% 1,131 $414K No change
IVV iShares Core S&P 500 ETF 0.17% 640 $397K Reduce -10.5%
CAT Caterpillar Inc. 0.17% 1,012 $393K Add +7.3%
VIG Vanguard Dividend Apprec ETF 0.17% 1,891 $387K Reduce -24.9%
COIN Coinbase Global Inc. Class A 0.17% 1,074 $376K New
PFE Pfizer Inc. 0.16% 14,690 $356K Reduce -35.1%
IJK iShares S&P Mid-Cap 400 Grow 0.15% 3,827 $348K Reduce -7.9%
EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC 0.15% 4,303 $348K Reduce -5.3%
UTG Reaves Utility Income Fund 0.15% 9,600 $347K Add +9.7%
IYW iShares Ustechnology ETF 0.15% 2,000 $347K No change
BSCQ Invesco Bulletshares 2026 CB 0.15% 17,718 $346K Reduce -4.6%
ALB Albemarle Corp. 0.15% 5,488 $344K Reduce -0.3%
NVO Novo-Nordisk A/S-Spons ADR 0.15% 4,850 $335K Reduce -32.2%
FSLR First Solar Inc. 0.14% 1,977 $327K No change
AUB Atlantic Union Bankshares Co. 0.14% 10,406 $326K No change
AMLP Alerian MLP ETF 0.14% 6,578 $321K Add +24.6%
DLR Digital Realty Trust Inc. 0.14% 1,838 $320K Add +5.8%
K Kellanova 0.14% 4,000 $318K No change
ASGI Abrdn Global Infrastructure 0.14% 15,600 $318K Add +11.8%
BSCR Invesco Bulletshares 2027 CB 0.14% 16,051 $315K Reduce -5.1%
MO Altria Group Inc. 0.14% 5,377 $315K Reduce -59.6%
BSCW Invesco Bulletshares 2032 CB 0.13% 14,724 $303K Reduce -14.2%
GEV GE Vernova Inc. 0.13% 573 $303K New
ELV Elevance Health Inc. 0.13% 773 $301K Reduce -0.3%
CSCO Cisco Systems Inc. 0.13% 4,245 $295K No change
SYY Sysco Corp. 0.13% 3,875 $293K Reduce -9.4%
VTI VG Morningstar TS MKT ETF-US 0.13% 956 $291K New
DIHP Dimensional International Hi 0.13% 9,729 $287K Add +2.6%
CMCSA Comcast Corp. Class A 0.13% 8,023 $286K No change
CB Chubb Ltd. 0.13% 984 $285K No change
IBB iShares Biotechnology ETF 0.12% 2,222 $281K Reduce -1.7%
NUE Nucor Corp. 0.12% 2,069 $268K Reduce -43.1%
OTIS Otis Worldwide Corp. 0.12% 2,702 $268K Reduce -8.0%
SO The Southern Co. 0.12% 2,911 $267K Reduce -7.6%
VYM Vanguard High DVD Yield ETF 0.12% 1,996 $266K Reduce -13.0%
IEUR iShares Core MSCI Europe ETF 0.12% 3,986 $264K New
YUM Yum! Brands Inc. 0.11% 1,741 $258K Reduce -5.4%
CMI Cummins Inc. 0.11% 775 $254K Reduce -26.2%
MGV Vngrd Mrgstr MG CP VL ETF-Ui 0.10% 1,816 $238K No change
MAS Masco Corp. 0.10% 3,690 $237K Reduce -8.0%
BALL Ball Corp. 0.10% 4,117 $231K Add +3.4%
VPL Vanguard Ftse Pacific ETF 0.10% 2,736 $225K New
BSCT Invesco Bulletshares 2029 CB 0.10% 11,929 $223K Reduce -9.3%
AON Aon PLC Class A 0.10% 625 $223K No change
ADP Automatic Data Processing 0.10% 720 $222K No change
VGK Vanguard Ftse Europe ETF 0.10% 2,843 $220K New
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.10% 1,770 $219K Reduce -11.5%
BWXT BWX Technologies Inc. 0.10% 1,517 $219K New
HAL Halliburton Co. 0.09% 10,544 $215K Reduce -9.7%
GIS General Mills Inc. 0.09% 4,060 $210K Reduce -2.4%
MTRN Materion Corp. 0.09% 2,638 $209K New
IEF iShares 7-10 Year Treasury B 0.09% 2,179 $209K No change
KMB Kimberly-Clark Corp. 0.09% 1,603 $207K Reduce -31.4%
CGDV Cap Group Dividend Value filed as CAPITAL GROUP DIVIDEND VALUE 0.09% 5,162 $204K New

Portfolio Sells Q1 2025 → Q2 2025
UDR Udr Inc. Reduce -82.4% 0.32% −1.67
AAPL Apple Inc. Reduce -14.1% 6.09% −1.50
SCHO Schwab Short-Term US Treas Reduce -54.0% 0.55% −0.63
BRK.B Berkshire Hathaway Inc. Class B Reduce -12.9% 2.06% −0.50
SHY iShares 1-3 Year Treasury Bo Sold out 0.00% −0.37
SRLN SS Blackstone Sr Loan ETF Sold out 0.00% −0.31
XOM Exxon Mobil Corp. Reduce -12.9% 1.14% −0.29
MRSH Marsh & McLennan Cos Reduce -41.2% 0.30% −0.26
KNSL Kinsale Capital Group Inc. Reduce -46.1% 0.29% −0.25
HD Home Depot Inc. Reduce -21.3% 0.97% −0.25
JNJ Johnson & Johnson Reduce -11.3% 1.09% −0.23
VZ Verizon Communications Inc. Reduce -43.3% 0.27% −0.22
MO Altria Group Inc. Reduce -59.6% 0.14% −0.22
TMO Thermo Fisher Scientific Inc. Reduce -6.3% 0.73% −0.21
PEP Pepsico Inc. Reduce -5.5% 0.92% −0.17
TTD Trade Desk Inc./the Class A Sold out 0.00% −0.16
CVX Chevron Corp. Reduce -1.8% 0.93% −0.16
WM Waste Management Inc. Sold out 0.00% −0.16
PDI PIMCO Dynamic Income Fund Sold out 0.00% −0.16
PG The Procter & Gamble Co. Reduce -9.8% 0.84% −0.15
OKE Oneok Inc. Sold out 0.00% −0.13
BRX Brixmor Property Group Inc. Reduce -32.3% 0.26% −0.13
NCDL Nuveen Churchill Direct Lend Sold out 0.00% −0.13
D Dominion Energy Inc. Reduce -29.4% 0.30% −0.12
TLT iShares 20+ Year Treasury BD Sold out 0.00% −0.11
ATI Ati Inc. Sold out 0.00% −0.11
ABBV Abbvie Inc. Reduce -5.2% 0.56% −0.10
EPD Enterprise Products Partners Sold out 0.00% −0.09
VGSH Vanguard Short-Term Treasury Reduce -7.4% 1.40% −0.09
PFE Pfizer Inc. Reduce -35.1% 0.16% −0.09
JAAA Janus Henderson Aaa Clo ETF Sold out 0.00% −0.09
AEP American Electric Power Sold out 0.00% −0.09
T AT&T Inc. Reduce -33.9% 0.20% −0.09
MET Metlife Inc. Sold out 0.00% −0.09
MRK Merck & Co. Inc. Reduce -2.3% 0.46% −0.07
NUE Nucor Corp. Reduce -43.1% 0.12% −0.07
NVO Novo-Nordisk A/S-Spons ADR Reduce -32.2% 0.15% −0.07
DUK Duke Energy Corp. Reduce -4.4% 1.02% −0.07
AJG Arthur J Gallagher & Co. Reduce -1.6% 0.74% −0.06
ASML ASML Holding NV-NY Reg SHS Reduce -24.3% 0.72% −0.06
KMB Kimberly-Clark Corp. Reduce -31.4% 0.09% −0.05
F Ford Motor Co. Sold out 0.00% −0.05
KO The Coca-Cola Co. Reduce -1.5% 2.18% −0.05
LOW Lowe's Cos Inc. Reduce -1.1% 0.99% −0.05
IBM Intl Business Machines Corp. Reduce -20.5% 1.00% −0.05
VIG Vanguard Dividend Apprec ETF Reduce -24.9% 0.17% −0.04
NEE Nextera Energy Inc. Reduce -3.6% 0.79% −0.04
JEPI JPMorgan Equity Premium Inco Reduce -8.7% 0.39% −0.03
HAL Halliburton Co. Reduce -9.7% 0.09% −0.03
STZ Constellation Brands Inc. Class A Reduce -0.4% 0.27% −0.03

Portfolio Buys Q1 2025 → Q2 2025
AVGO Broadcom Inc. Add +0.7% 1.17% +0.47
GOOGL Alphabet Inc. Class A Add +3.1% 2.65% +0.42
TSM Taiwan Semiconductor-SP ADR Add +1.1% 1.42% +0.40
AMZN Amazon.com Inc. Add +0.2% 2.70% +0.39
IWY iShares Russell Top 200 Grow Add +32.4% 1.07% +0.39
ORCL Oracle Corp. Add +1.5% 0.93% +0.35
CME Cme Group Inc. New 0.35% +0.35
SPY SS SPDR S&P 500 ETF Trust-US Add +150.1% 0.44% +0.28
CGIE Cap Group Intl Equity New 0.28% +0.28
INCO Columbia India Consumer ETF New 0.24% +0.24
AGG iShares Core U.S. Aggregate New 0.23% +0.23
VRT Vertiv Holdings Co. Class A Add +11.0% 0.43% +0.21
AXP American Express Co. Add +1.9% 1.15% +0.21
RTX RTX Corp. Add +0.7% 1.87% +0.20
AVEM Avantis Emerging Markets Eq New 0.20% +0.20
FLS Flowserve Corp. New 0.19% +0.19
COIN Coinbase Global Inc. Class A New 0.17% +0.17
NVDA Nvidia Corp. Add +11.6% 0.42% +0.16
GLDI UBS AG Et GL SHR Covr Class ETN Add +74.6% 0.38% +0.16
EMR Emerson Electric Co. Add +2.0% 0.71% +0.14
GEV GE Vernova Inc. New 0.13% +0.13
VTI VG Morningstar TS MKT ETF-US New 0.13% +0.13
PH Parker Hannifin Corp. Add +0.1% 0.89% +0.13
META Meta Platforms Inc. Class A Add +6.4% 0.44% +0.12
IEUR iShares Core MSCI Europe ETF New 0.12% +0.12
IWR iShares Russell Mid-Cap ETF Add +1.7% 1.16% +0.12
VPL Vanguard Ftse Pacific ETF New 0.10% +0.10
VGK Vanguard Ftse Europe ETF New 0.10% +0.10
BWXT BWX Technologies Inc. New 0.10% +0.10
MTRN Materion Corp. New 0.09% +0.09
CGDV Cap Group Dividend Value New 0.09% +0.09
JEPQ JPM Nasdaq Equity Premium Add +15.2% 0.30% +0.06
CP Canadian Pacific Kansas City Add +3.3% 0.35% +0.05
FTNT Fortinet Inc. Add +1.0% 0.44% +0.05
WMT Walmart Inc. Add +3.0% 0.33% +0.04
GLD SPDR Gold Shares Add +9.6% 0.30% +0.04
CAT Caterpillar Inc. Add +7.3% 0.17% +0.04
COST Costco Wholesale Corp. Add +1.4% 0.51% +0.03
DLR Digital Realty Trust Inc. Add +5.8% 0.14% +0.03
UTG Reaves Utility Income Fund Add +9.7% 0.15% +0.03
ASGI Abrdn Global Infrastructure Add +11.8% 0.14% +0.03
V Visa Inc. Class A Add +2.5% 0.49% +0.02
GD General Dynamics Corp. Add +1.1% 0.27% +0.02
VWO Vanguard Ftse Emerging Marke Add +2.6% 0.19% +0.02
AMLP Alerian MLP ETF Add +24.6% 0.14% +0.02
PLD Prologis Inc. Add +12.5% 0.30% +0.02
DIHP Dimensional International Hi Add +2.6% 0.13% +0.02
ADBE Adobe Inc. Add +1.9% 0.34% +0.01
BALL Ball Corp. Add +3.4% 0.10% +0.01
TLTW iShares 20+ Bond Buywrite Add +6.6% 0.31% +0.01

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 153$244.2MMSFT, AAPL, BRK.A, GOOGL, JPM
Q1 2026 159$241.7MAAPL, MSFT, SHV, BRK.A, GOOGL
Q4 2025 165$258.1MAAPL, MSFT, BRK.A, GOOGL, JPM
Q3 2025 165$250.9MMSFT, AAPL, BRK.A, GOOGL, JPM
Q2 2025 163$227.1MMSFT, AAPL, BRK.A, JPM, AMZN
Q1 2025 162$229.6MAAPL, MSFT, BRK.A, JPM, BRK.B
Q4 2024 129$174.5MMSFT, AAPL, AMZN, GOOGL, UDR
Q3 2024 133$176.3MMSFT, AAPL, AMZN, UDR, GOOGL
Q2 2024 126$161.8MMSFT, AAPL, AMZN, UDR, GOOGL
Q1 2024 113$146.0MMSFT, AAPL, AMZN, UDR, ETN