JNBA Financial Advisors

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 25, 2025), JNBA Financial Advisors reported 646 stock positions worth $964.6 million. Its top holding was iShares Core S&P 500 ETF (IVV) at 12.9% of the portfolio, followed by Ste STR SPDR PT DW Eu ETF (SPDW, 7.7%) and SS SPDR BB 1-3M T-Bill ETF (BIL, 7.2%). Compared with Q4 2024, it opened 45 new positions, sold out of 44, added to 88 and reduced 187. The biggest buy was SS SPDR BB 1-3M T-Bill ETF (BIL, shares +16192%) and the biggest sale iShares Core S&P 500 ETF (IVV, shares −18%).

Most Recent 13F
Q2 2026
Location
BLOOMINGTON, MN
CIK
0001569118
Portfolio Value
$964.6M (Q1 2025)
SEC Filing
0001569118-25-000006 ↗ filed Apr 25, 2025

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $952.2M Q1 2024 Q2 2024: $947.8M Q2 2024 Q3 2024: $992.9M Q3 2024 Q4 2024: $979.3M Q4 2024 Q1 2025: $964.6M $964.6M Q1 2025 Q2 2025: $1.0B Q2 2025 Q3 2025: $1.1B Q3 2025 Q4 2025: $1.1B Q4 2025 Q1 2026: $1.2B Q1 2026 Q2 2026: $1.3B Q2 2026

Holdings 646 stocks · $964.6M
IVV iShares Core S&P 500 ETF 12.88% 221,167 $124.3M Reduce -17.5%
SPDW Ste STR SPDR PT DW Eu ETF 7.75% 2,053,058 $74.8M Reduce -5.7%
BIL SS SPDR BB 1-3M T-Bill ETF 7.21% 758,389 $69.6M Add +16191.9%
MOAT Vaneck Morningstar Wide Moat 5.93% 649,504 $57.2M Reduce -20.8%
IJH iShares Core S&P Midcap ETF 4.81% 794,715 $46.4M Add +3.0%
SPMD SS SPDR P S&P 400 Midcap ETF 4.42% 833,243 $42.6M Add +9.2%
SPEM State Street SP PTF Em ETF 4.12% 1,010,439 $39.8M Reduce -3.0%
VUG Vanguard Mrngstar GR ETF-Sui 3.50% 90,922 $33.7M Add +8.4%
AFL Aflac Inc. 2.50% 216,612 $24.1M Reduce -0.3%
VEA Vanguard Ftse Developed ETF 2.40% 455,580 $23.2M Add +8.8%
SCHD Schwab US DVD Equity ETF 2.33% 804,897 $22.5M Reduce -4.8%
VIG Vanguard Dividend Apprec ETF 2.05% 102,119 $19.8M Reduce -15.7%
SPYG SS SPDR P S&P 500 Growth ETF 1.99% 238,751 $19.2M Reduce -5.2%
FNDF Schwab Fndmn Intl LRG Co. ETF 1.68% 448,764 $16.2M Reduce -19.0%
SPSM SS SPDR P S&P 600 Small Cap 1.62% 384,094 $15.7M Reduce -27.2%
VWO Vanguard Ftse Emerging Marke 1.43% 304,456 $13.8M Add +3.9%
IJR iShares Core S&P Small-Cap E 1.25% 114,860 $12.0M Reduce -1.5%
APG Api Group Corp. 1.18% 317,650 $11.4M Reduce -1.6%
PRF Invesco Rafi US 1000 ETF 1.04% 247,768 $10.0M Reduce -12.1%
MSFT Microsoft Corp. 1.02% 26,161 $9.8M Add +0.7%
IAU iShares Gold Trust 0.98% 160,052 $9.4M Reduce -3.6%
VIGI Vanguard Int Div App Indx FD 0.98% 113,638 $9.4M Reduce -8.0%
MDYV SS SPDR S&P 400 MC Val ETF 0.94% 117,815 $9.1M Reduce -7.0%
MDYG SS SPDR S&P 400 MC GR ETF 0.92% 111,675 $8.9M Reduce -4.6%
VV Vngrd Mrgstr LRG-Cap ETF-Usd 0.86% 32,446 $8.3M Add +5.5%
IVLU iShares MSCI International V 0.85% 271,981 $8.2M Reduce -19.1%
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.82% 30,663 $7.9M Add +12.9%
AAPL Apple Inc. 0.70% 30,399 $6.8M Reduce -1.0%
GLDM SPDR Gold Minishares Trust 0.64% 100,282 $6.2M Reduce -14.3%
IJK iShares S&P Mid-Cap 400 Grow 0.63% 73,118 $6.1M Reduce -2.4%
VTEB Vanguard Tax-Exempt Bond ETF 0.61% 119,422 $5.9M Reduce -3.1%
SPYV SS SPDR P S&P 500 Value ETF 0.57% 108,263 $5.5M Reduce -28.0%
ESGD iShares Trust iShares ESG Aw 0.55% 64,417 $5.3M Reduce -5.9%
CF CF Industries Holdings Inc. filed as CF INDS HLDGS INC 0.53% 65,853 $5.1M No change
GGG Graco Inc. 0.47% 54,441 $4.5M No change
AVEM Avantis Emerging Markets Eq 0.46% 73,398 $4.4M Reduce -16.6%
IJJ iShares S&P Mid-Cap 400 Valu 0.45% 36,420 $4.4M Reduce -2.4%
VCSH Vanguard S/T Corp. Bond ETF 0.45% 54,410 $4.3M Reduce -0.4%
VOE Vngrd Mrngstr MD-Cap Val ETF 0.42% 25,367 $4.1M Reduce -3.2%
BNDX Vanguard Total Intl Bond ETF 0.41% 81,522 $4.0M Reduce -14.8%
XVV iShares ESG Select Screened 0.39% 87,589 $3.7M Reduce -7.4%
XJH Ishare ESG SS S&P Midcap ETF 0.35% 86,388 $3.4M Add +10.3%
VEU Vanguard Ftse All-World Ex-U 0.35% 55,637 $3.4M Reduce -3.0%
EFG iShares MSCI Eafe Growth ETF 0.33% 31,476 $3.1M Reduce -17.2%
DON Wisdomtree US Midcap Dividen 0.32% 62,960 $3.1M Reduce -11.6%
DFEM Dimensional Emrg MRKT Core 0.32% 116,985 $3.1M Reduce -12.9%
EAGG iShares ESG Aware US Aggrega 0.32% 64,876 $3.1M Add +11.4%
VTI VG Morningstar TS MKT ETF-US 0.29% 10,344 $2.8M Add +0.6%
MDT Medtronic PLC 0.27% 28,560 $2.6M Reduce -0.0%
VGT Vanguard Info Tech ETF 0.26% 4,575 $2.5M Reduce -0.5%
UNH Unitedhealth Group Inc. 0.25% 4,619 $2.4M Reduce -0.3%
BRK.A Berkshire Hathaway Inc. Class A 0.25% 3 $2.4M New
SPYM Ste STR SPDR PT S&P 500 ETF 0.23% 33,320 $2.2M Reduce -3.8%
AMZN Amazon.com Inc. 0.22% 11,189 $2.1M Reduce -7.1%
AMAT Applied Materials Inc. 0.22% 14,589 $2.1M Reduce -1.8%
JPM JPMorgan Chase & Co. 0.22% 8,626 $2.1M Reduce -0.0%
SPY SS SPDR S&P 500 ETF Trust-US 0.21% 3,635 $2.0M Add +8.5%
VB Vanguard Most SM-Cap ETF-Usd 0.20% 8,880 $2.0M Add +13.1%
ABBV Abbvie Inc. 0.20% 9,296 $1.9M Add +2.5%
JPST JPMorgan Ultra-Short Income 0.20% 38,111 $1.9M Reduce -11.3%
JHMM John Hancock Multi Fact Mid 0.20% 32,821 $1.9M Reduce -0.4%
SLYG SS SPDR S&P 600 SC GR ETF 0.19% 22,350 $1.9M Reduce -35.8%
DES Wisdomtree US Smallcap Divid 0.18% 54,414 $1.7M Reduce -4.8%
JNJ Johnson & Johnson 0.18% 10,287 $1.7M Add +1.0%
ABT Abbott Laboratories 0.18% 12,858 $1.7M Reduce -2.5%
INTC Intel Corp. 0.17% 71,420 $1.6M Add +0.0%
GOOG Alphabet Inc. Class C 0.17% 10,306 $1.6M Add +0.1%
IDV iShares International Select 0.17% 51,777 $1.6M Reduce -15.4%
MCD McDonald's Corp. 0.16% 4,987 $1.6M Reduce -2.3%
QCOM Qualcomm Inc. 0.16% 10,115 $1.6M No change
NVDA Nvidia Corp. 0.16% 14,230 $1.5M Add +13.9%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.16% 15,451 $1.5M Add +3.0%
GOOGL Alphabet Inc. Class A 0.16% 9,758 $1.5M Reduce -2.6%
AVUV Avantis US Small Cap Value 0.15% 16,775 $1.5M Reduce -18.9%
ESGE iShares Inc. iShares ESG Awar 0.15% 41,335 $1.4M Reduce -6.4%
VSGX Vanguard ESG Intl Stock ETF 0.13% 21,858 $1.3M Add +9.8%
PWV Invesco Large Cap Value ETF 0.13% 21,265 $1.3M Reduce -16.2%
MUB iShares National Muni Bond E 0.13% 11,498 $1.2M No change
SUSC iShares ESG Aware Usd Corpor 0.12% 51,814 $1.2M Reduce -6.7%
BBY Best Buy Co. Inc. 0.12% 16,000 $1.2M No change
SCHW Schwab (charles) Corp. 0.12% 14,923 $1.2M Reduce -2.3%
CRM Salesforce Inc. 0.12% 4,327 $1.2M Add +145.4%
XOM Exxon Mobil Corp. 0.12% 9,449 $1.1M Reduce -0.9%
META Meta Platforms Inc. Class A 0.11% 1,794 $1.0M Reduce -10.5%
IEFA iShares Core MSCI Eafe ETF 0.10% 13,349 $1.0M Reduce -2.5%
SLYV SS SPDR S&P 600 SC Val ETF 0.10% 12,765 $1.0M Reduce -31.2%
IJT iShares S&P Small-Cap 600 GR 0.10% 7,663 $954K Reduce -5.8%
MOTI Vaneck Mstar Int Moat ETF 0.10% 28,509 $949K Reduce -19.4%
VOT Vngrd Mrngstr MC GRW ETF-Usd 0.10% 3,844 $940K No change
CSCO Cisco Systems Inc. 0.10% 15,163 $936K Reduce -9.7%
KO The Coca-Cola Co. 0.09% 12,662 $907K Reduce -5.3%
SUSB iShares ESG Aware 1-5 Year U 0.09% 35,616 $890K Reduce -16.5%
ORCL Oracle Corp. 0.09% 6,267 $876K Add +1.6%
JMST JPM Ultra-Short Muni Income filed as J P MORGAN EXCHANGE TRADED F 0.09% 16,935 $861K No change
IVW iShares S&P 500 Growth ETF 0.09% 9,088 $844K Reduce -0.5%
XJR Ishr ESG SS S&P Smal-Cap-Usd 0.09% 21,816 $821K Reduce -13.4%
DE Deere & Co. 0.08% 1,722 $808K Reduce -4.2%
DEM Wisdomtree Emerging Markets 0.08% 18,964 $798K Reduce -11.6%
NVS Novartis AG-Sponsored ADR 0.08% 7,074 $789K Reduce -8.2%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.08% 18,896 $789K Reduce -0.6%

Show all 646 holdings

Other holdings (1): bonds, preferreds, convertibles and warrants · $21 (not counted above)
SecurityClassShares / PrincipalValueChange
VAL.WS Valaris Ltd. -CW28 *W EXP 04/29/202 4$21No change

Total filed on the 13F, all lines: $964.6M.

Portfolio Sells Q4 2024 → Q1 2025
IVV iShares Core S&P 500 ETF Reduce -17.5% 12.88% −3.24
MOAT Vaneck Morningstar Wide Moat Reduce -20.8% 5.93% −1.84
SPSM SS SPDR P S&P 600 Small Cap Reduce -27.2% 1.62% −0.80
VIG Vanguard Dividend Apprec ETF Reduce -15.7% 2.05% −0.37
SPYG SS SPDR P S&P 500 Growth ETF Reduce -5.2% 1.99% −0.27
SPYV SS SPDR P S&P 500 Value ETF Reduce -28.0% 0.57% −0.21
FNDF Schwab Fndmn Intl LRG Co. ETF Reduce -19.0% 1.68% −0.20
SLYG SS SPDR S&P 600 SC GR ETF Reduce -35.8% 0.19% −0.13
IJR iShares Core S&P Small-Cap E Reduce -1.5% 1.25% −0.13
PRF Invesco Rafi US 1000 ETF Reduce -12.1% 1.04% −0.12
MDYG SS SPDR S&P 400 MC GR ETF Reduce -4.6% 0.92% −0.12
MDYV SS SPDR S&P 400 MC Val ETF Reduce -7.0% 0.94% −0.10
AAPL Apple Inc. Reduce -1.0% 0.70% −0.08
IVLU iShares MSCI International V Reduce -19.1% 0.85% −0.08
AVEM Avantis Emerging Markets Eq Reduce -16.6% 0.46% −0.07
BNDX Vanguard Total Intl Bond ETF Reduce -14.8% 0.41% −0.07
IJK iShares S&P Mid-Cap 400 Grow Reduce -2.4% 0.63% −0.06
SLYV SS SPDR S&P 600 SC Val ETF Reduce -31.2% 0.10% −0.06
AVUV Avantis US Small Cap Value Reduce -18.9% 0.15% −0.05
EFG iShares MSCI Eafe Growth ETF Reduce -17.2% 0.33% −0.05
AMZN Amazon.com Inc. Reduce -7.1% 0.22% −0.05
XVV iShares ESG Select Screened Reduce -7.4% 0.39% −0.05
DON Wisdomtree US Midcap Dividen Reduce -11.6% 0.32% −0.05
DFEM Dimensional Emrg MRKT Core Reduce -12.9% 0.32% −0.04
GOOGL Alphabet Inc. Class A Reduce -2.6% 0.16% −0.04
VGT Vanguard Info Tech ETF Reduce -0.5% 0.26% −0.03
NKE Nike Inc. Class B Reduce -32.7% 0.04% −0.03
VIGI Vanguard Int Div App Indx FD Reduce -8.0% 0.98% −0.03
AMAT Applied Materials Inc. Reduce -1.8% 0.22% −0.03
SCHD Schwab US DVD Equity ETF Reduce -4.8% 2.33% −0.02
IJJ iShares S&P Mid-Cap 400 Valu Reduce -2.4% 0.45% −0.02
TSLA Tesla Inc. Reduce -8.9% 0.03% −0.02
RAFE PIMCO Rafi ESG US ETF Reduce -35.2% 0.04% −0.02
HTLF Heartland Financial USA Inc. Sold out 0.00% −0.02
JPST JPMorgan Ultra-Short Income Reduce -11.3% 0.20% −0.02
XJR Ishr ESG SS S&P Smal-Cap-Usd Reduce -13.4% 0.09% −0.02
DES Wisdomtree US Smallcap Divid Reduce -4.8% 0.18% −0.02
SPYM Ste STR SPDR PT S&P 500 ETF Reduce -3.8% 0.23% −0.02
VTEB Vanguard Tax-Exempt Bond ETF Reduce -3.1% 0.61% −0.02
PWV Invesco Large Cap Value ETF Reduce -16.2% 0.13% −0.02
SUSB iShares ESG Aware 1-5 Year U Reduce -16.5% 0.09% −0.02
SUSA iShares ESG Optimized MSCI U Reduce -13.3% 0.08% −0.02
IJT iShares S&P Small-Cap 600 GR Reduce -5.8% 0.10% −0.01
META Meta Platforms Inc. Class A Reduce -10.5% 0.11% −0.01
BX Blackstone Inc. Reduce -12.8% 0.03% −0.01
MOTI Vaneck Mstar Int Moat ETF Reduce -19.4% 0.10% −0.01
WFC Wells Fargo & Co. Reduce -17.1% 0.07% −0.01
JHSC John Hancock Multi Small Cap Reduce -7.8% 0.08% −0.01
VOE Vngrd Mrngstr MD-Cap Val ETF Reduce -3.2% 0.42% −0.01
TGT Target Corp. Reduce -1.5% 0.04% −0.01

Portfolio Buys Q4 2024 → Q1 2025
BIL SS SPDR BB 1-3M T-Bill ETF Add +16191.9% 7.21% +7.17
VEA Vanguard Ftse Developed ETF Add +8.8% 2.40% +0.36
BRK.A Berkshire Hathaway Inc. Class A New 0.25% +0.25
SPMD SS SPDR P S&P 400 Midcap ETF Add +9.2% 4.42% +0.16
VWO Vanguard Ftse Emerging Marke Add +3.9% 1.43% +0.11
VO Vngrd Mrngstr MD-Cap ETF-Usd Add +12.9% 0.82% +0.09
CRM Salesforce Inc. Add +145.4% 0.12% +0.06
EAGG iShares ESG Aware US Aggrega Add +11.4% 0.32% +0.04
ABBV Abbvie Inc. Add +2.5% 0.20% +0.04
SGOV iShares 0-3 Month Treasury B New 0.03% +0.03
JNJ Johnson & Johnson Add +1.0% 0.18% +0.03
INTC Intel Corp. Add +0.0% 0.17% +0.02
UMBF Umb Financial Corp. New 0.02% +0.02
VSGX Vanguard ESG Intl Stock ETF Add +9.8% 0.13% +0.02
VV Vngrd Mrgstr LRG-Cap ETF-Usd Add +5.5% 0.86% +0.02
XJH Ishare ESG SS S&P Midcap ETF Add +10.3% 0.35% +0.02
CVX Chevron Corp. Add +4.0% 0.08% +0.01
PSX Phillips 66 Add +155.6% 0.02% +0.01
VB Vanguard Most SM-Cap ETF-Usd Add +13.1% 0.20% +0.01
QQQ Invesco QQQ Trust Series 1 Add +29.2% 0.06% +0.01
EFA iShares MSCI Eafe ETF Add +8.6% 0.07% +0.01
SPY SS SPDR S&P 500 ETF Trust-US Add +8.5% 0.21% +0.01
V Visa Inc. Class A Add +0.1% 0.07% +0.01
VKTX Viking Therapeutics Inc. New 0.01% +0.01
FDN First Trust DJ Internet Ind New 0.00% +0.00
BMY Bristol-Myers Squibb Co. Add +3.0% 0.04% +0.00
RGTI Rigetti Computing Inc. New 0.00% +0.00
PLUG Plug Power Inc. New 0.00% +0.00
GBCI Glacier Bancorp Inc. New 0.00% +0.00
SMOG Vaneck Low Carbon Energy ETF Add +1.5% 0.07% +0.00
T AT&T Inc. Add +0.6% 0.02% +0.00
ADBE Adobe Inc. Add +360.0% 0.00% +0.00
HIMX Himax Technologies Inc.-ADR New 0.00% +0.00
PSO Pearson PLC-Sponsored ADR Add +7.0% 0.05% +0.00
DOW Dow Inc. Add +118.6% 0.01% +0.00
FIBK First Interstate Bancsys-A New 0.00% +0.00
COP Conocophillips Add +16.2% 0.01% +0.00
FDX FedEx Corp. Add +50.7% 0.01% +0.00
USMV iShares MSCI USA Min Vol Fac Add +27.3% 0.01% +0.00
CAT Caterpillar Inc. Add +41.8% 0.01% +0.00
COST Costco Wholesale Corp. Add +5.3% 0.03% +0.00
KMI Kinder Morgan Inc. Add +669.2% 0.00% +0.00
VTIP Vanguard Short-Term Tips Add +8.3% 0.02% +0.00
OLN Olin Corp. New 0.00% +0.00
SYK Stryker Corp. Add +60.0% 0.01% +0.00
IWB iShares Russell 1000 ETF Add +46.5% 0.01% +0.00
XLE SS Energy Select Sector New 0.00% +0.00
WM Waste Management Inc. New 0.00% +0.00
BA The Boeing Co. Add +29.2% 0.01% +0.00
LOW Lowe's Cos Inc. Add +147.1% 0.00% +0.00

Notes & Other Activity Q4 2024 → Q1 2025
PLMWF Plum Acquisition Corp. III-CW *W EXP 03/31/202 Sold out 833 $150before exit
OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 Sold out 3 $83before exit

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

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 827$1.3BIVV, SPDW, SGOV, AVDE, IJH
Q1 2026 817$1.2BIVV, SPDW, SGOV, AVDE, IJH
Q4 2025 795$1.1BIVV, SPDW, IJH, SPMD, VUG
Q3 2025 650$1.1BIVV, SPDW, IJH, SPMD, VUG
Q2 2025 650$1.0BIVV, SPDW, BIL, IJH, SPMD
Q1 2025 646$964.6MIVV, SPDW, BIL, MOAT, IJH
Q4 2024 645$979.3MIVV, MOAT, SPDW, IJH, SPMD
Q3 2024 649$992.9MIVV, SPDW, MOAT, IJH, SPEM
Q2 2024 637$947.8MIVV, SPDW, MOAT, SPMD, IJH
Q1 2024 665$952.2MIVV, MOAT, SPDW, IJH, SCHD