Foundations Investment Advisors, LLC
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 11, 2026), Foundations Investment Advisors, LLC reported 1,152 stock positions worth $8.1 billion. Its top holding was iShares S&P 500 Growth ETF (IVW) at 3.2% of the portfolio, followed by iShares S&P 500 Value ETF (IVE, 2.9%) and Ishr CR Unvrse Usd BD ETF-Ui (IUSB, 2.2%). Compared with Q4 2025, it opened 169 new positions, sold out of 112, added to 588 and reduced 368. The biggest buy was a new position in Ish Intl CTRY Rot Act ETF (CORO) and the biggest sale iShares S&P 100 ETF (OEF, shares −97%).
- Most Recent 13F
- Q2 2026
- Location
- PHOENIX, AZ
- CIK
- 0001743404
- Portfolio Value
- $8.1B (Q1 2026)
- SEC Filing
- 0001743404-26-000005 ↗ filed May 11, 2026
Holdings Value
Holdings 1,152 stocks · $8.1B
| IVW iShares S&P 500 Growth ETF | 3.20% | 2,276,795 | $257.5M | Add +12.0% |
| IVE iShares S&P 500 Value ETF | 2.91% | 1,111,650 | $234.7M | Add +11.0% |
| IUSB Ishr CR Unvrse Usd BD ETF-Ui | 2.16% | 3,776,645 | $174.4M | Add +12.3% |
| DYNF Ishrs US E F R A ETF-Usd Inc. | 1.94% | 2,693,034 | $156.7M | Reduce -16.7% |
| IVV iShares Core S&P 500 ETF | 1.85% | 228,629 | $149.3M | Add +181.6% |
| NVDA Nvidia Corp. | 1.82% | 841,973 | $146.8M | Add +9.2% |
| EFV iShares MSCI Eafe Value ETF | 1.81% | 1,959,652 | $145.7M | Add +8.5% |
| XLC SS Comm Select Sector SPDR | 1.74% | 1,264,131 | $140.1M | Add +7.7% |
| SOXX iShares Semiconductor ETF | 1.70% | 416,193 | $136.8M | Add +2.5% |
| TWO RDS SHARED TR | 1.55% | 12,459,908 | $124.9M | Add +8.0% |
| QUAL iShares MSCI USA Quality Fac | 1.42% | 597,656 | $114.6M | Add +11.5% |
| IEMG iShares Core MSCI Emerging | 1.42% | 1,642,001 | $114.5M | Reduce -23.0% |
| AAPL Apple Inc. | 1.39% | 441,530 | $112.1M | Add +5.5% |
| MTUM iShares MSCI USA Momentum Fa | 1.31% | 440,369 | $105.7M | Add +10.0% |
| CORO Ish Intl CTRY Rot Act ETF | 1.26% | 3,152,557 | $101.4M | New |
| CIEN Ciena Corp. | 1.24% | 256,498 | $99.6M | Reduce -0.7% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 1.23% | 1,083,618 | $99.3M | Add +18.8% |
| ANFIELD US EQUITY SECTOR ROT | 1.12% | 5,381,458 | $90.0M | Add +15.1% |
| MSFT Microsoft Corp. | 1.10% | 240,314 | $89.0M | Add +17.0% |
| GLD SPDR Gold Shares | 1.07% | 200,352 | $86.2M | Reduce -22.8% |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.00% | 124,014 | $80.7M | Reduce -18.8% |
| BAI Ishrs AI in and Tech Act ETF | 0.99% | 2,427,719 | $80.0M | Add +13.0% |
| GOOGL Alphabet Inc. Class A | 0.95% | 266,936 | $76.8M | Add +8.5% |
| ARKW ARK Next Generation Technolo | 0.90% | 599,691 | $72.3M | Add +11.6% |
| C Citigroup Inc. | 0.87% | 617,615 | $70.0M | Add +9.8% |
| QQQ Invesco QQQ Trust Series 1 | 0.85% | 119,311 | $68.9M | Reduce -18.9% |
| THRO iShares U.S. Thematic Rotati | 0.83% | 1,851,404 | $67.1M | Add +11.9% |
| VRT Vertiv Holdings Co. Class A | 0.83% | 266,048 | $66.7M | Add +6.3% |
| TDSC Exchange Listed Funds Trust | 0.81% | 2,505,336 | $65.1M | Reduce -10.3% |
| AMZN Amazon.com Inc. | 0.77% | 299,617 | $62.4M | Add +9.1% |
| JPM JPMorgan Chase & Co. | 0.77% | 210,748 | $62.0M | Add +9.4% |
| IHE iShares US Pharmaceuticals E | 0.74% | 689,274 | $59.7M | Add +7.3% |
| DFAC Dimensional US Core Equity 2 | 0.73% | 1,516,278 | $58.9M | Reduce -4.0% |
| IDEF Ishars Def Ind TC Ac ETF-Ui | 0.72% | 1,771,126 | $58.0M | New |
| MS Morgan Stanley | 0.71% | 349,847 | $57.6M | Add +10.3% |
| GS Goldman Sachs Group Inc. | 0.70% | 66,921 | $56.6M | Add +8.8% |
| IAU iShares Gold Trust | 0.68% | 625,626 | $55.2M | Reduce -23.6% |
| CLSM Exchange Listed Funds Trust | 0.68% | 2,350,832 | $54.6M | Reduce -9.7% |
| LLY Eli Lilly & Co. | 0.68% | 59,340 | $54.6M | Add +7.9% |
| VOO Vanguard S&P 500 ETF | 0.63% | 84,978 | $50.8M | Add +5.1% |
| ORCL Oracle Corp. | 0.61% | 335,257 | $49.3M | Add +25.0% |
| ASML ASML Holding NV-NY Reg SHS filed as ASML HLDG NV | 0.59% | 36,247 | $47.9M | Add +2.7% |
| MBB iShares MBS ETF | 0.59% | 500,518 | $47.5M | Add +11.4% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.59% | 108,645 | $47.5M | Reduce -3.0% |
| BALT Inn Defined Wealth Shield | 0.58% | 1,399,847 | $46.8M | Add +14.1% |
| TLH iShares 10-20 Year Treasury | 0.56% | 451,692 | $45.5M | Reduce -12.9% |
| TWO RDS SHARED TR | 0.56% | 5,327,856 | $45.2M | Add +12.1% |
| HOOD Robinhood Markets Inc. Class A | 0.56% | 645,966 | $44.8M | Add +28.6% |
| DBND Doubleline Oppor Cor BND-Usd | 0.55% | 967,316 | $44.3M | Add +38.0% |
| SHV iShares 0-1 Year Treasury Bo | 0.54% | 393,978 | $43.5M | Add +10.5% |
| ICF iShares Select U.S. REIT ETF | 0.54% | 700,801 | $43.4M | Add +11.9% |
| DCOR Dimensional US Core Eq 1 ETF | 0.53% | 594,014 | $42.8M | Add +14.3% |
| META Meta Platforms Inc. Class A | 0.53% | 74,594 | $42.7M | Add +6.2% |
| AVDE Avantis International Equity | 0.52% | 489,854 | $41.6M | Add +3.8% |
| DCRE DBL Comm Real Est Debt | 0.51% | 785,389 | $40.8M | Add +50.6% |
| TWO RDS SHARED TR | 0.49% | 4,044,667 | $39.2M | Add +8.2% |
| MSTR Strategy Inc. | 0.47% | 305,448 | $38.1M | Add +14.9% |
| RTX RTX Corp. | 0.47% | 197,399 | $38.1M | Add +53.0% |
| GOVT iShares US Treasury Bond ETF | 0.46% | 1,634,267 | $37.4M | Add +328.1% |
| IAGG iShares Intl Aggregate Bond | 0.46% | 737,294 | $36.9M | Add +14.0% |
| STOT SS DL St Dur TR Tact ETF | 0.43% | 740,512 | $34.9M | Add +33.0% |
| XOM Exxon Mobil Corp. | 0.42% | 197,174 | $33.5M | Add +7.3% |
| TDSB Etc Cabana Target Beta ETF | 0.41% | 1,372,548 | $33.4M | Reduce -10.5% |
| XLI SS Industrial Select Sector | 0.40% | 199,595 | $32.3M | Add +21.0% |
| VTI VG Morningstar TS MKT ETF-US | 0.40% | 100,287 | $32.2M | Reduce -4.4% |
| BABA Alibaba Group Holding-SP ADR | 0.40% | 255,916 | $32.1M | Add +13.5% |
| DMBS Doubleline Mortgage ETF | 0.39% | 637,231 | $31.5M | Add +10.5% |
| SLV iShares Silver Trust | 0.39% | 460,320 | $31.4M | Reduce -45.7% |
| SO The Southern Co. | 0.36% | 304,223 | $29.4M | Add +18.3% |
| LNG Cheniere Energy Inc. | 0.35% | 100,380 | $28.5M | Add +9.5% |
| FLRT Pacer Aristotle Pacific Floa | 0.34% | 591,845 | $27.4M | Reduce -0.8% |
| RDVY First Trust Rising Dividend | 0.34% | 399,315 | $27.3M | Add +12.4% |
| MO Altria Group Inc. | 0.33% | 407,749 | $26.9M | Add +3.4% |
| V Visa Inc. Class A | 0.33% | 88,539 | $26.8M | Add +4.9% |
| VGIT Vanguard Intermediate-Term T | 0.33% | 448,021 | $26.7M | Add +21.0% |
| IBIT iShares Bitcoin Trust ETF | 0.33% | 694,028 | $26.7M | Add +27.5% |
| DCMT Doubleline Commodity ETF | 0.33% | 798,491 | $26.6M | Add +10.6% |
| AOM iShares Core 40/60 Moderate | 0.33% | 559,991 | $26.5M | Add +5.3% |
| VCIT Vanguard Int-Term Corporate | 0.33% | 319,243 | $26.4M | Add +15.8% |
| EFG iShares MSCI Eafe Growth ETF | 0.32% | 235,080 | $26.2M | Add +135.6% |
| WMB Williams Cos Inc. | 0.31% | 348,469 | $25.4M | Add +11.6% |
| DXJ Wisdomtree Japan Hedged Eq | 0.31% | 156,067 | $24.7M | Add +23.5% |
| DFIC Dimensional International Co. | 0.30% | 686,966 | $24.4M | Add +12.0% |
| XLY SS Consumer Disc Select Sect | 0.30% | 221,312 | $24.1M | Add +12.8% |
| AOR iShares Core 60/40 Balanced | 0.28% | 353,886 | $22.8M | Add +10.0% |
| CAPE Doubleline Shiller Cape US | 0.28% | 732,383 | $22.6M | Add +28.1% |
| MA Mastercard Inc. Class A | 0.28% | 44,676 | $22.3M | Add +10.1% |
| VZ Verizon Communications Inc. | 0.27% | 436,658 | $21.9M | Add +13.9% |
| VFMV Vanguard US Minimum Volatili | 0.27% | 163,235 | $21.7M | Add +9.8% |
| VALE Vale SA-SP ADR | 0.27% | 1,361,607 | $21.7M | Add +7.7% |
| VFQY Vanguard U.S. Quality Factor | 0.27% | 144,063 | $21.5M | Add +11.0% |
| DMX Doubleline Multi-Sec Inc. ETF | 0.27% | 426,790 | $21.4M | Add +70.8% |
| PM Philip Morris International | 0.26% | 128,599 | $21.3M | Add +6.6% |
| BINC iShares Flex I A ETF-Usd Inc. | 0.26% | 405,976 | $21.1M | Reduce -49.9% |
| CRM Salesforce Inc. | 0.26% | 111,987 | $20.9M | Add +16.4% |
| T AT&T Inc. | 0.25% | 685,471 | $19.9M | Add +14.9% |
| VGSH Vanguard Short-Term Treasury | 0.24% | 336,662 | $19.7M | Add +11.3% |
| VCRB Vanguard Core Bond ETF | 0.24% | 251,328 | $19.4M | Add +15.0% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.23% | 77,707 | $18.8M | Add +13.1% |
| AVGO Broadcom Inc. | 0.23% | 60,576 | $18.7M | Add +7.5% |
Options reported separately and not counted above: SPY puts ($6.9M), PYPL calls ($5.0M), ACHV calls ($392K), OPEN calls ($374K), RIVN calls ($188K), DNN calls ($124K), BB calls ($89K).
Other holdings (1): bonds, preferreds, convertibles and warrants · $450K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| ARQQW Arqit Quantum Inc. -CW26 | *W EXP 09/03/202 | 3,038,621 | $450K | No change |
Total filed on the 13F, all lines: $8.1B.
Portfolio Sells Q4 2025 → Q1 2026
| OEF iShares S&P 100 ETF | Reduce -97.3% | 0.04% | −1.65 |
| DYNF Ishrs US E F R A ETF-Usd Inc. | Reduce -16.7% | 1.94% | −0.63 |
| ITA iShares U.S. Aerospace & Def | Reduce -92.6% | 0.04% | −0.46 |
| IEMG iShares Core MSCI Emerging | Reduce -23.0% | 1.42% | −0.46 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -18.8% | 1.00% | −0.36 |
| QQQ Invesco QQQ Trust Series 1 | Reduce -18.9% | 0.85% | −0.33 |
| SLV iShares Silver Trust | Reduce -45.7% | 0.39% | −0.33 |
| BINC iShares Flex I A ETF-Usd Inc. | Reduce -49.9% | 0.26% | −0.30 |
| GLD SPDR Gold Shares | Reduce -22.8% | 1.07% | −0.28 |
| SMLF iShares US Smallcap Equity F | Sold out | 0.00% | −0.23 |
| XMHQ Invesco S&P Midcap Qual ETF | Reduce -98.6% | 0.00% | −0.22 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | Reduce -89.1% | 0.02% | −0.21 |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | Reduce -90.1% | 0.02% | −0.20 |
| IAU iShares Gold Trust | Reduce -23.6% | 0.68% | −0.19 |
| GDX Vaneck Gold Miners ETF | Reduce -89.0% | 0.02% | −0.14 |
| SIL Global X Silver Miners ETF | Reduce -93.8% | 0.01% | −0.14 |
| VUG Vanguard Mrngstar GR ETF-Sui | Reduce -3.0% | 0.59% | −0.13 |
| TLH iShares 10-20 Year Treasury | Reduce -12.9% | 0.56% | −0.13 |
| TDSC Exchange Listed Funds Trust | Reduce -10.3% | 0.81% | −0.12 |
| CLSM Exchange Listed Funds Trust | Reduce -9.7% | 0.68% | −0.12 |
| FLDR Fidelity Low Durat Fact ETF | Sold out | 0.00% | −0.11 |
| NOBL Proshares S&P 500 Dividend A | Reduce -93.5% | 0.01% | −0.10 |
| AVUS Avantis U.S. Equity ETF | Reduce -43.8% | 0.10% | −0.09 |
| EWY iShares MSCI South Korea ETF | Sold out | 0.00% | −0.09 |
| DFAC Dimensional US Core Equity 2 | Reduce -4.0% | 0.73% | −0.09 |
| SCHX Schwab US Large-Cap ETF | Reduce -47.3% | 0.07% | −0.08 |
| FLOT iShares Floating Rate Bond E | Reduce -95.5% | 0.00% | −0.08 |
| FDLO Fidelity Low Volat Fact ETF | Sold out | 0.00% | −0.08 |
| SPYM Ste STR SPDR PT S&P 500 ETF | Reduce -32.0% | 0.11% | −0.07 |
| EWJ iShares MSCI Japan ETF | Reduce -62.2% | 0.04% | −0.07 |
| TDSB Etc Cabana Target Beta ETF | Reduce -10.5% | 0.41% | −0.07 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -4.4% | 0.40% | −0.06 |
| FNDA Schwab Fndmntl US SM Co. ETF | Reduce -95.1% | 0.00% | −0.06 |
| QQQM Invesco Nasdaq 100 ETF | Reduce -11.5% | 0.18% | −0.05 |
| HIMU iShares High Yild Muni A ETF | Reduce -90.0% | 0.00% | −0.05 |
| AVDV Avantis Intl S/C Value ETF | Reduce -93.9% | 0.00% | −0.04 |
| TLT iShares 20+ Year Treasury BD | Reduce -70.2% | 0.02% | −0.04 |
| SCHZ Schwab US Aggregate Bond ETF | Reduce -91.1% | 0.00% | −0.04 |
| INFQ Infleqtion Inc. | Sold out | 0.00% | −0.04 |
| HYDB iShares High Yield Systemati | Sold out | 0.00% | −0.04 |
| EEMV iShares MSCI Emg MKT Min Vol | Sold out | 0.00% | −0.03 |
| PINK Simplify Health Care ETF | Sold out | 0.00% | −0.03 |
| BLOK Amplify Blockchain Tech ETF | Reduce -67.3% | 0.01% | −0.03 |
| IJS iShares S&P Small-Cap 600 Va | Reduce -80.1% | 0.01% | −0.03 |
| FLRT Pacer Aristotle Pacific Floa | Reduce -0.8% | 0.34% | −0.03 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -1.9% | 0.22% | −0.03 |
| EIDO iShares MSCI Indonesia ETF | Sold out | 0.00% | −0.03 |
| QTUM Defiance Quantum ETF | Reduce -70.7% | 0.01% | −0.03 |
| FDMO Fidelity Momentum Factor ETF | Sold out | 0.00% | −0.03 |
| HL Hecla Mining Co. | Sold out | 0.00% | −0.02 |
Portfolio Buys Q4 2025 → Q1 2026
| CORO Ish Intl CTRY Rot Act ETF | New | 1.26% | +1.26 |
| IVV iShares Core S&P 500 ETF | Add +181.6% | 1.85% | +1.12 |
| IDEF Ishars Def Ind TC Ac ETF-Ui | New | 0.72% | +0.72 |
| GOVT iShares US Treasury Bond ETF | Add +328.1% | 0.46% | +0.35 |
| VRT Vertiv Holdings Co. Class A | Add +6.3% | 0.83% | +0.30 |
| XMVM Invesco S&P Midcap Value Wit | New | 0.23% | +0.23 |
| AVUV Avantis US Small Cap Value | Add +662.7% | 0.21% | +0.18 |
| ISCG iShares Morningstar Small-Ca | New | 0.18% | +0.18 |
| EFG iShares MSCI Eafe Growth ETF | Add +135.6% | 0.32% | +0.18 |
| RTX RTX Corp. | Add +53.0% | 0.47% | +0.16 |
| LMUB iShares LT National Muni BD | New | 0.16% | +0.16 |
| DCRE DBL Comm Real Est Debt | Add +50.6% | 0.51% | +0.15 |
| AIRR First Trust Rba American Ind | Add +649.0% | 0.17% | +0.15 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Add +18.8% | 1.23% | +0.14 |
| IVE iShares S&P 500 Value ETF | Add +11.0% | 2.91% | +0.13 |
| IEF iShares 7-10 Year Treasury B | Add +178.3% | 0.20% | +0.13 |
| XOM Exxon Mobil Corp. | Add +7.3% | 0.42% | +0.13 |
| DBND Doubleline Oppor Cor BND-Usd | Add +38.0% | 0.55% | +0.12 |
| XLF SS Financial Select Sector | Add +733.2% | 0.14% | +0.12 |
| LNG Cheniere Energy Inc. | Add +9.5% | 0.35% | +0.12 |
| EFV iShares MSCI Eafe Value ETF | Add +8.5% | 1.81% | +0.12 |
| STXD Strive 1000 Dividend Growth | Add +1367.0% | 0.12% | +0.11 |
| IUSB Ishr CR Unvrse Usd BD ETF-Ui | Add +12.3% | 2.16% | +0.11 |
| XLE SS Energy Select Sector | Add +42.8% | 0.23% | +0.10 |
| BUFR FT Vest Lad Buffervetf-Usd I | Add +115.3% | 0.21% | +0.10 |
| DMX Doubleline Multi-Sec Inc. ETF | Add +70.8% | 0.27% | +0.10 |
| ASML ASML Holding NV-NY Reg SHS | Add +2.7% | 0.59% | +0.10 |
| URA Global X Uranium ETF | Add +182.9% | 0.15% | +0.10 |
| XLK SS Technology Select Sector | Add +164.7% | 0.17% | +0.10 |
| SOXX iShares Semiconductor ETF | Add +2.5% | 1.70% | +0.09 |
| STOT SS DL St Dur TR Tact ETF | Add +33.0% | 0.43% | +0.09 |
| STXF Strive 500 ETF | New | 0.09% | +0.09 |
| SGOV iShares 0-3 Month Treasury B | Add +80.0% | 0.20% | +0.08 |
| DCMT Doubleline Commodity ETF | Add +10.6% | 0.33% | +0.08 |
| XTL SS SPDR S&P Telecom ETF | New | 0.08% | +0.08 |
| ANFIELD US EQUITY SECTOR ROT | Add +15.1% | 1.12% | +0.08 |
| SO The Southern Co. | Add +18.3% | 0.36% | +0.07 |
| STXK Strive Small-Cap ETF | New | 0.07% | +0.07 |
| WMB Williams Cos Inc. | Add +11.6% | 0.31% | +0.07 |
| DXJ Wisdomtree Japan Hedged Eq | Add +23.5% | 0.31% | +0.07 |
| VZ Verizon Communications Inc. | Add +13.9% | 0.27% | +0.07 |
| XLI SS Industrial Select Sector | Add +21.0% | 0.40% | +0.07 |
| PDBA Invesco Agriculture Cmdtyk-1 | New | 0.06% | +0.06 |
| BILS SS Spdrb B 3-12M T-Bill ETF | Add +414.0% | 0.08% | +0.06 |
| BAI Ishrs AI in and Tech Act ETF | Add +13.0% | 0.99% | +0.05 |
| VALE Vale SA-SP ADR | Add +7.7% | 0.27% | +0.05 |
| T AT&T Inc. | Add +14.9% | 0.25% | +0.05 |
| VLO Valero Energy Corp. | Add +7.5% | 0.14% | +0.05 |
| ICF iShares Select U.S. REIT ETF | Add +11.9% | 0.54% | +0.05 |
| FBND Fidelity Total Bond ETF | Add +229.3% | 0.07% | +0.04 |
Options Activity Q4 2025 → Q1 2026
| SPY SS SPDR S&P 500 ETF Trust-US | put | New | 10,580 | $6.9M |
| PYPL PayPal Holdings Inc. | call | New | 110,000 | $5.0M |
| VPU Vanguard Utilities ETF | call | Sold out | 20,000 | $3.7Mbefore exit |
| LPL LG Display Co. Ltd.-ADR | call | Sold out | 149,000 | $627Kbefore exit |
| ACHV Achieve Life Sciences Inc. | call | New | 133,300 | $392K |
| NVTS Navitas Semiconductor Corp. | call | Sold out | 25,000 | $179Kbefore exit |
| BULL Webull Corp. | call | Sold out | 10,000 | $78Kbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 1,196 | $9.7B | IVV, IVW, IVE, SOXX, IUSB |
| Q1 2026 | 1,152 | $8.1B | IVW, IVE, IUSB, DYNF, IVV |
| Q4 2025 | 1,095 | $7.6B | IVW, IVE, DYNF, IUSB, NVDA |
| Q3 2025 | 1,032 | $6.9B | IVW, DYNF, QUAL, BIL, IUSB |
| Q2 2025 | 913 | $6.3B | IVW, SPY, QUAL, IUSB, DYNF |
| Q1 2025 | 851 | $5.4B | IVW, IVV, SPY, IUSB, QUAL |
| Q4 2024 | 832 | $5.2B | IVW, IVV, IUSB, SPY, QUAL |
| Q3 2024 | 813 | $4.8B | IUSB, IVW, IVV, TDSC, QUAL |
| Q2 2024 | 752 | $4.1B | IVV, TDSC, BIL, CLSM, IVW |
| Q1 2024 | 702 | $3.8B | TDSC, IVV, CLSM, BIL, SPY |