Financial Advocates Investment Management

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 1, 2024), Financial Advocates Investment Management reported 753 stock positions worth $1.7 billion. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 4.1% of the portfolio, followed by Apple (AAPL, 4.0%) and Microsoft (MSFT, 3.2%). Compared with Q4 2023, it opened 70 new positions, sold out of 39, added to 361 and reduced 285. The biggest buy was SS SPDR S&P 500 ETF Trust-US (SPY, shares +43%) and the biggest sale Ishr CR Unvrse Usd BD ETF-Ui (IUSB, shares −33%).

Most Recent 13F
Q3 2025
Location
OLYMPIA, WA
CIK
0001730293
Portfolio Value
$1.7B (Q1 2024)
SEC Filing
0001730293-24-000002 ↗ filed May 1, 2024

Holdings Value

0$500.0M$1.0B$1.5B$2.0B Q1 2024: $1.7B $1.7B Q1 2024 Q2 2024: $1.6B Q2 2024 Q3 2024: $1.8B Q3 2024 Q4 2024: $1.8B Q4 2024 Q1 2025: $1.4B Q1 2025 Q2 2025: $1.2B Q2 2025 Q3 2025: $177.9M Q3 2025

Holdings 753 stocks · $1.7B
SPY SS SPDR S&P 500 ETF Trust-US 4.12% 135,896 $71.1M Add +43.1%
AAPL Apple Inc. 3.96% 398,256 $68.3M Add +4.2%
MSFT Microsoft Corp. 3.16% 129,363 $54.4M Reduce -4.1%
NVDA Nvidia Corp. 2.52% 48,108 $43.5M Reduce -6.3%
VUG Vanguard Mrngstar GR ETF-Sui 1.72% 86,255 $29.7M Reduce -1.4%
SPYG SS SPDR P S&P 500 Growth ETF 1.46% 343,425 $25.1M Add +5.7%
VTI VG Morningstar TS MKT ETF-US 1.39% 92,019 $23.9M Reduce -4.3%
AMZN Amazon.com Inc. 1.35% 129,280 $23.3M Reduce -0.2%
IEFA iShares Core MSCI Eafe ETF 1.27% 288,847 $21.8M Add +4.1%
IJH iShares Core S&P Midcap ETF 1.22% 346,743 $21.1M Add +1.4%
BND Vanguard Total Bond Market 0.95% 224,854 $16.3M Reduce -17.2%
AGG iShares Core U.S. Aggregate 0.93% 163,352 $16.0M Add +35.9%
COWZ Pacer US Cash Cows 100 ETF 0.91% 272,381 $15.7M Reduce -6.1%
IVW iShares S&P 500 Growth ETF 0.91% 183,642 $15.6M Reduce -0.1%
VTC Vanguard Total Corporate BND 0.89% 200,623 $15.4M Add +19.0%
QQQ Invesco QQQ Trust Series 1 0.87% 33,593 $14.9M Add +12.0%
UCON First Trust Smith Unconstrai 0.86% 600,605 $14.8M Add +89.9%
IUSG iShares Core S&P U.S. Growth 0.84% 122,178 $14.5M Add +2.3%
IVE iShares S&P 500 Value ETF 0.83% 78,389 $14.4M Add +1.6%
RDVY First Trust Rising Dividend 0.83% 254,203 $14.3M Reduce -5.1%
IUSV iShares Core S&P U.S. Value 0.79% 184,143 $13.6M Add +74.8%
RSP Invesco S&P 500 Equal Weight 0.77% 78,566 $13.3M Add +6.3%
LMBS First Trust Low Duration Opp 0.73% 260,638 $12.6M Add +77.5%
GLD SPDR Gold Shares 0.72% 60,121 $12.4M Reduce -1.2%
DFAI Dimensional International Co. 0.70% 400,436 $12.1M Reduce -5.4%
QUAL iShares MSCI USA Quality Fac 0.68% 73,511 $11.7M Add +6.3%
SPYV SS SPDR P S&P 500 Value ETF 0.66% 225,871 $11.3M Add +26.8%
JAAA Janus Henderson Aaa Clo ETF 0.64% 218,758 $11.1M Add +1247.9%
BIL SS SPDR BB 1-3M T-Bill ETF 0.62% 116,255 $10.7M Add +147.1%
SPHQ Invesco S&P 500 Quality ETF 0.62% 175,500 $10.6M Add +2.7%
JGRO JPMorgan Active Growth ETF 0.59% 144,949 $10.2M Add +581.3%
SPMD SS SPDR P S&P 400 Midcap ETF 0.57% 114,731 $9.7M Add +409.4%
CAT Caterpillar Inc. 0.56% 26,120 $9.6M Add +62.7%
SPSM SS SPDR P S&P 600 Small Cap 0.56% 222,325 $9.6M Add +19.3%
BRK.B Berkshire Hathaway Inc. Class B 0.55% 22,555 $9.5M Add +7.7%
TSLA Tesla Inc. 0.55% 53,752 $9.4M Add +7.5%
SPYM Ste STR SPDR PT S&P 500 ETF 0.55% 152,869 $9.4M Reduce -26.5%
ZROZ PIMCO 25+ YR Zero CPN US Tif 0.54% 118,374 $9.4M Add +41.0%
IWM iShares Russell 2000 ETF 0.54% 44,229 $9.3M Reduce -51.1%
PAVE Global X US Infrastructure 0.54% 240,146 $9.2M Add +19.3%
SPGP Invesco S&P 500 Garp ETF 0.52% 84,819 $9.0M Add +4.8%
MBB iShares MBS ETF 0.52% 96,266 $8.9M Add +0.9%
USMV iShares MSCI USA Min Vol Fac 0.51% 100,485 $8.8M Add +0.6%
COST Costco Wholesale Corp. 0.51% 11,885 $8.7M Reduce -1.6%
XLE SS Energy Select Sector 0.50% 91,836 $8.7M Reduce -14.2%
VTV Vanguard Mrngstr Val ETF-Aui 0.48% 51,028 $8.3M Add +0.6%
SDY SS SPDR S&P Dividend ETF 0.48% 63,396 $8.3M Reduce -3.4%
IQLT iShares MSCI International Q 0.47% 16,511 $8.2M New
IEMG iShares Core MSCI Emerging 0.47% 157,379 $8.1M Add +7.4%
IVV iShares Core S&P 500 ETF 0.46% 15,967 $8.0M Reduce -6.1%
XLK SS Technology Select Sector 0.46% 43,576 $8.0M Add +19.3%
VCIT Vanguard Int-Term Corporate 0.46% 97,557 $7.9M Add +6.9%
BILS SS Spdrb B 3-12M T-Bill ETF 0.45% 78,879 $7.8M Add +20.8%
AVUV Avantis US Small Cap Value 0.45% 82,671 $7.7M Add +0.5%
XLV SS Health Care Select Sector 0.45% 61,968 $7.7M Add +1.2%
IJR iShares Core S&P Small-Cap E 0.44% 69,847 $7.6M Add +5.5%
BUFD FT VST Lad Deep Buf ETF-Usdi 0.41% 297,402 $7.0M Reduce -24.6%
MOAT Vaneck Morningstar Wide Moat 0.41% 77,924 $7.0M Add +10.7%
GOVT iShares US Treasury Bond ETF 0.41% 297,937 $7.0M Add +3649.1%
VIG Vanguard Dividend Apprec ETF 0.40% 37,558 $6.9M Add +1.1%
CGDV Cap Group Dividend Value filed as CAPITAL GROUP DIVIDEND VALUE 0.39% 206,048 $6.7M Add +239.3%
V Visa Inc. Class A 0.39% 23,917 $6.7M Add +1.3%
VZ Verizon Communications Inc. 0.38% 156,280 $6.6M Add +0.5%
SPAB SS SPDR P Agg Bond ETF 0.37% 251,014 $6.3M Reduce -1.2%
XMMO Invesco S&P Midcap Momentum 0.36% 61,258 $6.3M Add +38.4%
FMB First Trust Managed Municipa 0.36% 121,070 $6.2M Add +14.4%
CVX Chevron Corp. 0.36% 39,370 $6.2M Add +3.8%
LQD Ishr Ibx Usd Invgd CB ETF-Ui 0.36% 68,128 $6.2M Add +203.1%
XLG Invesco S&P 500 Top 50 ETF 0.36% 146,906 $6.2M Add +48.6%
FIXD First Trust Smith Opportunis 0.35% 139,795 $6.1M Reduce -58.8%
ABBV Abbvie Inc. 0.35% 33,345 $6.1M Add +1.5%
FDL First Trust Morn DVD Lead Inc. 0.35% 155,859 $6.0M Reduce -25.1%
BIBL Inspire 100 ETF 0.35% 153,535 $6.0M Add +1.7%
LLY Eli Lilly & Co. 0.35% 7,677 $6.0M Add +14.2%
BA The Boeing Co. 0.34% 30,469 $5.9M Reduce -2.3%
EFA iShares MSCI Eafe ETF 0.33% 114,880 $5.6M Add +713.7%
IGIB iShares 5-10Y Inv Grade Corp. 0.33% 109,131 $5.6M Add +35.0%
GOOG Alphabet Inc. Class C 0.32% 36,609 $5.6M Reduce -31.9%
JPSE JPM Diversified RT Small Cap filed as J P MORGAN EXCHANGE TRADED F 0.31% 118,472 $5.4M New
SPLV Invesco S&P 500 Low Volatili 0.31% 81,591 $5.3M Reduce -1.2%
FVD First Trust Value Line DVD 0.30% 122,685 $5.2M Reduce -21.3%
KXI iShares Global Consumer Stap 0.30% 60,646 $5.1M New
GOOGL Alphabet Inc. Class A 0.30% 33,830 $5.1M Reduce -0.6%
BSV Vanguard Short-Term Bond ETF 0.29% 65,633 $5.0M Reduce -5.3%
PG The Procter & Gamble Co. 0.29% 31,004 $5.0M Reduce -1.3%
PTLC Pacer Trendpilot US Large Ca 0.29% 103,722 $5.0M Add +1.4%
JPM JPMorgan Chase & Co. 0.28% 24,307 $4.9M Add +1.9%
AXON Axon Enterprise Inc. 0.28% 15,285 $4.8M Reduce -0.3%
META Meta Platforms Inc. Class A 0.27% 9,421 $4.6M Add +0.7%
XLF SS Financial Select Sector 0.27% 111,497 $4.6M Add +71.0%
IQDG Wisdomtree Intl QLTY DVD GRW 0.26% 117,852 $4.5M Add +7.3%
SLV iShares Silver Trust 0.26% 196,764 $4.5M Add +0.8%
XOM Exxon Mobil Corp. 0.25% 37,701 $4.4M Add +3.5%
IHDG Wisdomtree International Hed 0.25% 93,747 $4.3M New
GBIL Goldman Sachs Access Treasur 0.25% 42,697 $4.3M Reduce -31.1%
BIV Vanguard Intermediate-Term B 0.25% 57,100 $4.3M Reduce -3.5%
XCEM Columbia Em Core Ex-China 0.25% 137,134 $4.3M New
FTSM First Trust Enh Short Mat FD 0.24% 69,749 $4.1M Add +12.8%
JPST JPMorgan Ultra-Short Income 0.24% 82,390 $4.1M Reduce -8.5%
PTNQ Pacer Trendpilot 100 ETF 0.24% 59,128 $4.1M Add +3.2%

Show all 753 holdings

Options reported separately and not counted above: NVDA puts ($1.1M), SPY puts ($575K), QQQ puts ($444K), IFRA puts ($217K), AMZN puts ($180K), GLD calls ($165K), SLV calls ($116K), JPM calls ($100K), AAPL puts ($69K), XOM puts ($58K), PLTR calls ($46K), JPM puts ($40K), and 7 more.

Other holdings (1): bonds, preferreds, convertibles and warrants · $209K (not counted above)
SecurityClassShares / PrincipalValueChange
WELLS FARGO & COMPANY (WFC 7.5 PERP L) PERP PFD CNV A 172$209KAdd +0.6%

Total filed on the 13F, all lines: $1.7B.

Portfolio Sells Q4 2023 → Q1 2024
IUSB Ishr CR Unvrse Usd BD ETF-Ui Reduce -32.6% 0.14% −0.65
FIXD First Trust Smith Opportunis Reduce -58.8% 0.35% −0.63
LVHD Franklin U.S. Low Volatility Sold out 0.00% −0.42
QGRO American Century US Quality Reduce -73.5% 0.14% −0.39
BND Vanguard Total Bond Market Reduce -17.2% 0.95% −0.36
SPYM Ste STR SPDR PT S&P 500 ETF Reduce -26.5% 0.55% −0.34
DFAE Dimensional Emerging Core Eq Reduce -80.9% 0.06% −0.27
EXI iShares Global Industrials E Sold out 0.00% −0.26
IXN iShares Global Tech ETF Reduce -89.4% 0.03% −0.22
PANW Palo Alto Networks Inc. Reduce -66.8% 0.09% −0.21
BA The Boeing Co. Reduce -2.3% 0.34% −0.19
IEF iShares 7-10 Year Treasury B Reduce -88.2% 0.05% −0.19
IWM iShares Russell 2000 ETF Reduce -51.1% 0.54% −0.19
BUFD FT VST Lad Deep Buf ETF-Usdi Reduce -24.6% 0.41% −0.18
GOOG Alphabet Inc. Class C Reduce -31.9% 0.32% −0.17
USFR Wisdomtree Floating Rate Tre Reduce -71.7% 0.05% −0.16
MSFT Microsoft Corp. Reduce -4.1% 3.16% −0.16
SPXL Direxion Daily S&P 500 Bull Sold out 0.00% −0.16
GBIL Goldman Sachs Access Treasur Reduce -31.1% 0.25% −0.15
FDL First Trust Morn DVD Lead Inc. Reduce -25.1% 0.35% −0.14
VNLA Janus Henderson Short Durati Reduce -38.9% 0.15% −0.13
VBR Vngrd Mrngst SL-CP Val ETF-U Reduce -27.6% 0.15% −0.13
SCHG Schwab US Large-Cap Growth Reduce -37.6% 0.19% −0.12
IXC iShares Global Energy ETF Sold out 0.00% −0.12
FVD First Trust Value Line DVD Reduce -21.3% 0.30% −0.11
XHB SS SPDR S&P Homebldrs ETF Sold out 0.00% −0.11
TOTL SS Doubleline TR Tact ETF Reduce -69.6% 0.04% −0.11
FAB First Trust Multi Cap Value Reduce -53.8% 0.08% −0.11
VTI VG Morningstar TS MKT ETF-US Reduce -4.3% 1.39% −0.10
DFAI Dimensional International Co. Reduce -5.4% 0.70% −0.09
XLI SS Industrial Select Sector Reduce -30.9% 0.13% −0.09
PXF Invesco Rafi Developed Marke Reduce -59.5% 0.05% −0.09
XLE SS Energy Select Sector Reduce -14.2% 0.50% −0.08
SECT Main Sector Rotation ETF Reduce -65.2% 0.04% −0.08
FTGC First Trust Global Tactical Reduce -43.1% 0.09% −0.08
LPLA LPL Financial Holdings Inc. Sold out 0.00% −0.08
PFF iShares Preferred & Income S Reduce -18.0% 0.04% −0.08
RDVY First Trust Rising Dividend Reduce -5.1% 0.83% −0.08
MUB iShares National Muni Bond E Reduce -20.8% 0.15% −0.07
IYR iShares US Real Estate ETF Sold out 0.00% −0.07
COWZ Pacer US Cash Cows 100 ETF Reduce -6.1% 0.91% −0.07
IAU iShares Gold Trust Reduce -42.8% 0.08% −0.07
TIP iShares Tips Bond ETF Reduce -25.0% 0.11% −0.07
FXN First Trust Energy Alphadex Sold out 0.00% −0.06
IWB iShares Russell 1000 ETF Reduce -83.4% 0.04% −0.06
SPAB SS SPDR P Agg Bond ETF Reduce -1.2% 0.37% −0.06
LEGG MASON ETF INVT Sold out 0.00% −0.06
JPST JPMorgan Ultra-Short Income Reduce -8.5% 0.24% −0.06
BSV Vanguard Short-Term Bond ETF Reduce -5.3% 0.29% −0.06
QQQM Invesco Nasdaq 100 ETF Reduce -22.9% 0.16% −0.06

Portfolio Buys Q4 2023 → Q1 2024
SPY SS SPDR S&P 500 ETF Trust-US Add +43.1% 4.12% +1.17
JAAA Janus Henderson Aaa Clo ETF Add +1247.9% 0.64% +0.59
JGRO JPMorgan Active Growth ETF Add +581.3% 0.59% +0.52
SPMD SS SPDR P S&P 400 Midcap ETF Add +409.4% 0.57% +0.49
IQLT iShares MSCI International Q New 0.47% +0.47
GOVT iShares US Treasury Bond ETF Add +3649.1% 0.41% +0.38
UCON First Trust Smith Unconstrai Add +89.9% 0.86% +0.35
BIL SS SPDR BB 1-3M T-Bill ETF Add +147.1% 0.62% +0.34
JPSE JPM Diversified RT Small Cap New 0.31% +0.31
KXI iShares Global Consumer Stap New 0.30% +0.30
CGDV Cap Group Dividend Value Add +239.3% 0.39% +0.27
LMBS First Trust Low Duration Opp Add +77.5% 0.73% +0.27
EFA iShares MSCI Eafe ETF Add +713.7% 0.33% +0.26
IHDG Wisdomtree International Hed New 0.25% +0.25
XCEM Columbia Em Core Ex-China New 0.25% +0.25
CAT Caterpillar Inc. Add +62.7% 0.56% +0.24
LQD Ishr Ibx Usd Invgd CB ETF-Ui Add +203.1% 0.36% +0.20
IUSV iShares Core S&P U.S. Value Add +74.8% 0.79% +0.18
VPU Vanguard Utilities ETF New 0.15% +0.15
AGG iShares Core U.S. Aggregate Add +35.9% 0.93% +0.15
XLRE SS Real Estate Select Sector Add +176.9% 0.20% +0.14
VV Vngrd Mrgstr LRG-Cap ETF-Usd New 0.13% +0.13
IWN iShares Russell 2000 Value E Add +3217.2% 0.15% +0.13
SPYV SS SPDR P S&P 500 Value ETF Add +26.8% 0.66% +0.12
XLG Invesco S&P 500 Top 50 ETF Add +48.6% 0.36% +0.12
AOA iShares Core 80/20 Aggressiv Add +100.1% 0.21% +0.11
XMMO Invesco S&P Midcap Momentum Add +38.4% 0.36% +0.10
XLF SS Financial Select Sector Add +71.0% 0.27% +0.10
IWY iShares Russell Top 200 Grow Add +642.9% 0.10% +0.09
LLY Eli Lilly & Co. Add +14.2% 0.35% +0.09
DYNF Ishrs US E F R A ETF-Usd Inc. New 0.09% +0.09
PAVE Global X US Infrastructure Add +19.3% 0.54% +0.08
SPYG SS SPDR P S&P 500 Growth ETF Add +5.7% 1.46% +0.08
ZROZ PIMCO 25+ YR Zero CPN US Tif Add +41.0% 0.54% +0.08
IXJ iShares Global Healthcare Et Add +121.2% 0.11% +0.07
HYFI AB High Yield ETF New 0.07% +0.07
WTV Wisdomtree U.S. Value Fund New 0.07% +0.07
MXI iShares Global Materials ETF New 0.07% +0.07
SPIB SS SPDR P Int C Corp. ETF Add +98.1% 0.16% +0.07
IAUM iShares Gold Trust Micro New 0.07% +0.07
SNPS Synopsys Inc. New 0.07% +0.07
AMD Advanced Micro Devices Add +33.5% 0.21% +0.07
SPMO Invesco S&P 500 Momentum ETF Add +64.9% 0.15% +0.07
QQQ Invesco QQQ Trust Series 1 Add +12.0% 0.87% +0.06
BRK.B Berkshire Hathaway Inc. Class B Add +7.7% 0.55% +0.06
ESGE iShares Inc. iShares ESG Awar New 0.05% +0.05
AMAT Applied Materials Inc. Add +98.4% 0.10% +0.05
SWAV Shockwave Medical Inc. Add +7.2% 0.14% +0.05
IGIB iShares 5-10Y Inv Grade Corp. Add +35.0% 0.33% +0.05
JEPI JPMorgan Equity Premium Inco New 0.05% +0.05

Options Activity Q4 2023 → Q1 2024
NVDA Nvidia Corp. put New 1,200 $1.1M
SPY SS SPDR S&P 500 ETF Trust-US put Add +8361.5% 1,100 $575K
QQQ Invesco QQQ Trust Series 1 put Add +9900.0% 1,000 $444K
IFRA iShares US Infrastructure put New 5,000 $217K
AMZN Amazon.com Inc. put New 1,000 $180K
GLD SPDR Gold Shares call Add +9900.0% 800 $165K
SLV iShares Silver Trust call Add +9900.0% 5,100 $116K
JPM JPMorgan Chase & Co. call New 500 $100K
AAPL Apple Inc. put New 400 $69K
XOM Exxon Mobil Corp. put New 500 $58K
PLTR Palantir Technologies Inc. Class A call New 2,000 $46K
JPM JPMorgan Chase & Co. put New 200 $40K
CRM Salesforce Inc. put New 100 $30K
RDFN Redfin Corp. put Add +39900.0% 4,000 $27K
IDR Idaho Strategic Resources Inc. put New 3,000 $25K
VZ Verizon Communications Inc. put New 600 $25K
SCHW Schwab (charles) Corp. put New 300 $22K
FTNT Fortinet Inc. put New 200 $14K
RIVN Rivian Automotive Inc. Class A call Sold out 8 $5Kbefore exit
S Sentinelone Inc. Class A call New 100 $2K
IVE iShares S&P 500 Value ETF put Sold out 5 $475before exit
GLD SPDR Gold Shares put Sold out 1 $22before exit
AGG iShares Core U.S. Aggregate put Sold out 2 $15before exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q4 2023 → Q1 2024
WELLS FARGO & COMPANY (WFC 7.5 PERP L) PERP PFD CNV A Add +0.6% 172 $209K

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q3 2025 104$177.9MAAPL, GLD, AOA, MINT, IVV
Q2 2025 609$1.2BAAPL, SPY, NVDA, VTI, MSFT
Q1 2025 706$1.4BNVDA, SPY, SPYG, VTI, XME
Q4 2024 732$1.8BAAPL, NVDA, SPY, MSFT, SPYG
Q3 2024 749$1.8BAAPL, NVDA, SPY, MSFT, SPYG
Q2 2024 715$1.6BAAPL, NVDA, SPY, MSFT, SPYG
Q1 2024 753$1.7BSPY, AAPL, MSFT, NVDA, VUG