Kestra Investment Management, LLC
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed January 31, 2025), Kestra Investment Management, LLC reported 1,152 stock positions worth $2.5 billion. Its top holding was iShares Core S&P U.S. Value (IUSV) at 9.4% of the portfolio, followed by SS SPDR P S&P 500 Growth ETF (SPYG, 8.2%) and Ishr CR Unvrse Usd BD ETF-Ui (IUSB, 7.4%). Compared with Q3 2024, it opened 823 new positions, sold out of 8, added to 213 and reduced 114. The biggest buy was iShares 10+ Year Inv GR (IGLB, shares +145%) and the biggest sale Ishr CR Unvrse Usd BD ETF-Ui (IUSB, shares −10%).
- Most Recent 13F
- Q2 2026
- Location
- AUSTIN, TX
- CIK
- 0001962449
- Portfolio Value
- $2.5B (Q4 2024)
- SEC Filing
- 0001962449-25-000001 ↗ filed Jan 31, 2025
Holdings Value
Holdings 1,152 stocks · $2.5B
| IUSV iShares Core S&P U.S. Value | 9.41% | 2,586,389 | $239.5M | Add +11.4% |
| SPYG SS SPDR P S&P 500 Growth ETF | 8.25% | 2,387,215 | $209.8M | Add +6.0% |
| IUSB Ishr CR Unvrse Usd BD ETF-Ui | 7.38% | 4,153,526 | $187.7M | Reduce -10.1% |
| IUSG iShares Core S&P U.S. Growth | 4.79% | 874,688 | $121.9M | Add +4.0% |
| QUAL iShares MSCI USA Quality Fac | 4.20% | 600,125 | $106.9M | Add +12.8% |
| VEU Vanguard Ftse All-World Ex-U | 4.06% | 1,801,697 | $103.4M | Add +10.0% |
| DFIC Dimensional International Co. | 2.53% | 2,493,128 | $64.4M | Reduce -5.7% |
| IGLB iShares 10+ Year Inv GR Corp. | 2.10% | 1,082,317 | $53.5M | Add +145.2% |
| MUB iShares National Muni Bond E | 2.06% | 493,112 | $52.5M | Add +22.4% |
| DFIV Dimensional International Va | 2.06% | 1,477,499 | $52.4M | Add +38.8% |
| TOTL SS Doubleline TR Tact ETF | 2.00% | 1,288,872 | $50.8M | Add +1.6% |
| EFG iShares MSCI Eafe Growth ETF | 1.93% | 508,010 | $49.2M | Add +9.9% |
| DEM Wisdomtree Emerging Markets | 1.72% | 1,078,965 | $43.7M | Add +4.5% |
| CGGR Cap Group Growth Equity | 1.66% | 1,138,267 | $42.3M | Add +3.5% |
| IEMG iShares Core MSCI Emerging | 1.58% | 768,885 | $40.2M | Add +18.1% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 1.56% | 150,133 | $39.7M | Add +8.7% |
| CGDV Cap Group Dividend Value filed as CAPITAL GROUP DIVIDEND VALUE | 1.54% | 1,110,623 | $39.2M | Add +17.2% |
| VTEB Vanguard Tax-Exempt Bond ETF | 1.51% | 767,016 | $38.5M | Add +8.8% |
| BINC iShares Flex I A ETF-Usd Inc. | 1.49% | 727,374 | $37.8M | Add +7.8% |
| SMMD iShares Russell 2500 ETF | 1.47% | 549,769 | $37.4M | Add +66.5% |
| FTEC Fidelity MSCI Info Tech Indx | 1.40% | 192,219 | $35.5M | Add +13.9% |
| INTF iShares International Equity | 1.39% | 1,229,373 | $35.3M | Add +2.2% |
| VMBS Vanguard Mortgage-Backed Sec | 1.38% | 775,541 | $35.2M | Add +19.5% |
| JAAA Janus Henderson Aaa Clo ETF | 1.38% | 689,958 | $35.0M | Add +62.6% |
| IVE iShares S&P 500 Value ETF | 1.07% | 142,042 | $27.1M | Add +16.0% |
| USIG iShares Broad Usd Investment | 1.00% | 505,956 | $25.4M | Add +15.1% |
| MBB iShares MBS ETF | 0.98% | 270,756 | $24.8M | Add +8.6% |
| LRGF iShares US Equity Factor ETF | 0.96% | 405,247 | $24.5M | Add +8.0% |
| SPSM SS SPDR P S&P 600 Small Cap | 0.93% | 525,508 | $23.6M | Add +9.2% |
| VBR Vngrd Mrngst SL-CP Val ETF-U | 0.90% | 115,407 | $22.9M | Add +34.7% |
| VWOB Vanguard Emerg MKTS Gov BND | 0.89% | 359,180 | $22.7M | Add +11.3% |
| HYDB iShares High Yield Systemati | 0.85% | 458,093 | $21.5M | Add +6.1% |
| FBND Fidelity Total Bond ETF | 0.82% | 466,733 | $20.9M | Add +2.6% |
| NVDA Nvidia Corp. | 0.73% | 138,732 | $18.6M | Add +1.3% |
| MSFT Microsoft Corp. | 0.73% | 44,195 | $18.6M | Add +6.2% |
| MTUM iShares MSCI USA Momentum Fa | 0.73% | 89,426 | $18.5M | New |
| FELG Fidelity Enh LRG Cap GWTH | 0.61% | 438,745 | $15.5M | Reduce -1.4% |
| AAPL Apple Inc. | 0.60% | 60,851 | $15.2M | Add +3.5% |
| IFRA iShares US Infrastructure | 0.60% | 327,475 | $15.2M | Add +5.8% |
| MEAR Ishrs Short Mat Muni Act ETF | 0.58% | 297,105 | $14.8M | Add +22.4% |
| TDIV FT Nasdaq Tech DVD Index FD | 0.55% | 178,317 | $14.0M | Reduce -1.9% |
| CGCP Cap Group Core Plus Income | 0.54% | 619,739 | $13.8M | Add +35.4% |
| FDVV Fidelity High Dividend ETF | 0.54% | 273,157 | $13.6M | Add +0.3% |
| JMBS Janus Henderson Mortg Backed | 0.51% | 294,867 | $13.0M | Add +2.4% |
| AVLV Avantis US Large Cap Value | 0.51% | 195,004 | $13.0M | Reduce -0.1% |
| EFV iShares MSCI Eafe Value ETF | 0.45% | 215,995 | $11.3M | Add +16.5% |
| SPEM State Street SP PTF Em ETF | 0.44% | 289,201 | $11.1M | Add +19.4% |
| MLN Vaneck Long Muni ETF | 0.43% | 617,629 | $11.0M | Add +48.9% |
| HYD Vaneck High Yield Muni ETF | 0.37% | 181,311 | $9.4M | Add +10.8% |
| MUNI PIMCO Intermediate Municipal | 0.36% | 176,765 | $9.1M | Add +1.2% |
| META Meta Platforms Inc. Class A | 0.35% | 15,058 | $8.8M | Add +5.1% |
| DFAI Dimensional International Co. | 0.32% | 282,649 | $8.3M | Add +46.9% |
| AMZN Amazon.com Inc. | 0.29% | 33,859 | $7.4M | Add +1.3% |
| ONEY SS SPDR R1000 Yield Foc ETF | 0.29% | 67,339 | $7.3M | Add +0.5% |
| JPM JPMorgan Chase & Co. | 0.25% | 26,820 | $6.4M | Reduce -14.7% |
| MGC Vngrd Mrngstr MG Cap ETF-Usd | 0.25% | 29,948 | $6.4M | Add +16.3% |
| GOVT iShares US Treasury Bond ETF | 0.25% | 274,724 | $6.3M | Add +5.1% |
| AVGO Broadcom Inc. | 0.24% | 26,868 | $6.2M | Reduce -5.9% |
| CGGO Cap Group Global Growth filed as CAPITAL GROUP GBL GROWTH EQT | 0.21% | 178,958 | $5.2M | Add +19.6% |
| EFA iShares MSCI Eafe ETF | 0.20% | 66,204 | $5.0M | New |
| UNH Unitedhealth Group Inc. | 0.19% | 9,460 | $4.8M | Reduce -0.4% |
| GOOGL Alphabet Inc. Class A | 0.19% | 24,952 | $4.7M | Add +30.2% |
| JNJ Johnson & Johnson | 0.14% | 24,422 | $3.5M | Add +16.7% |
| VTI VG Morningstar TS MKT ETF-US | 0.14% | 12,063 | $3.5M | Add +7.7% |
| ORCL Oracle Corp. | 0.13% | 20,224 | $3.4M | Reduce -10.8% |
| SPMB SS SPDR P Mort Back Bond ETF | 0.13% | 151,390 | $3.3M | Add +4.8% |
| VZ Verizon Communications Inc. | 0.13% | 79,600 | $3.2M | Add +5.9% |
| CALM Cal-Maine Foods Inc. | 0.12% | 29,959 | $3.1M | Reduce -13.7% |
| IXC iShares Global Energy ETF | 0.12% | 79,225 | $3.0M | Add +21.7% |
| ACN Accenture PLC Class A | 0.11% | 8,066 | $2.8M | Add +11.2% |
| STWD Starwood Property Trust Inc. | 0.10% | 140,621 | $2.7M | Add +27.4% |
| VOO Vanguard S&P 500 ETF | 0.10% | 4,884 | $2.6M | Add +230.4% |
| TFSL TFS Financial Corp. | 0.10% | 205,393 | $2.6M | Add +56.0% |
| XOM Exxon Mobil Corp. | 0.09% | 22,355 | $2.4M | Reduce -14.3% |
| TSLA Tesla Inc. | 0.09% | 5,683 | $2.3M | Add +70.0% |
| ABR Arbor Realty Trust Inc. | 0.09% | 161,879 | $2.2M | Add +38.2% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.09% | 4,837 | $2.2M | Add +232.0% |
| SJNK SS SPDR BB St Hi Yield ETF | 0.09% | 86,785 | $2.2M | Add +24.6% |
| MRK Merck & Co. Inc. | 0.08% | 21,355 | $2.1M | Reduce -8.8% |
| V Visa Inc. Class A | 0.08% | 6,709 | $2.1M | Reduce -6.9% |
| LLY Eli Lilly & Co. | 0.08% | 2,731 | $2.1M | Reduce -8.1% |
| CSCO Cisco Systems Inc. | 0.08% | 35,373 | $2.1M | Add +18.5% |
| ICVT iShares Convertible Bond ETF | 0.08% | 24,635 | $2.1M | Add +1.6% |
| APAM Artisan Partners Asset Ma -A | 0.08% | 48,086 | $2.1M | Add +53.2% |
| SPHD Invesco S&P 500 High Dividen | 0.08% | 42,750 | $2.1M | No change |
| IVV iShares Core S&P 500 ETF | 0.08% | 3,447 | $2.0M | Add +46.5% |
| VST Vistra Corp. | 0.07% | 13,429 | $1.9M | Reduce -15.2% |
| VRT Vertiv Holdings Co. Class A | 0.07% | 16,160 | $1.8M | Reduce -28.9% |
| MSI Motorola Solutions Inc. | 0.07% | 3,953 | $1.8M | Add +36.5% |
| CMCSA Comcast Corp. Class A | 0.07% | 47,724 | $1.8M | Reduce -21.6% |
| CW Curtiss-Wright Corp. | 0.07% | 4,971 | $1.8M | Add +140.1% |
| PG The Procter & Gamble Co. | 0.07% | 10,518 | $1.8M | Add +26.2% |
| AXP American Express Co. | 0.07% | 5,849 | $1.7M | Add +49.5% |
| AMP Ameriprise Financial Inc. | 0.07% | 3,255 | $1.7M | Add +33.8% |
| FIBK First Interstate Bancsys-A | 0.07% | 52,757 | $1.7M | Add +105.1% |
| ANET Arista Networks Inc. | 0.07% | 15,171 | $1.7M | Add +27.2% |
| CPA Copa Holdings SA Class A | 0.06% | 18,568 | $1.6M | Add +119.3% |
| AM Antero Midstream Corp. | 0.06% | 107,460 | $1.6M | Add +46.6% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.06% | 3,922 | $1.6M | Add +39.4% |
| OGS One Gas Inc. | 0.06% | 22,886 | $1.6M | Add +95.9% |
Options reported separately and not counted above: NVIDIA CORPORATION calls ($282K).
Other holdings (1): bonds, preferreds, convertibles and warrants · $496 (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| OXY.WS Occidental Petroleum-CW27 | *W EXP 08/03/202 | 18 | $496 | New |
Lines left out (1) · $24 — a value with no share or principal amount
| Security | Class | Shares | Value |
|---|---|---|---|
| FCOM Fidelity MSCI Comm Serv Indx | MSCI COMMNTN SVC | 0 | $24 |
Filed with a value but no share or principal amount (a cash line, a holding rounded to 0 shares), so they are kept out of the holdings, totals and percentages.
Total filed on the 13F, all lines: $2.5B.
Portfolio Sells Q3 2024 → Q4 2024
| IUSB Ishr CR Unvrse Usd BD ETF-Ui | Reduce -10.1% | 7.38% | −1.97 |
| USRT iShares Core US REIT ETF | Reduce -100.0% | 0.00% | −1.45 |
| DFIC Dimensional International Co. | Reduce -5.7% | 2.53% | −0.66 |
| TDIV FT Nasdaq Tech DVD Index FD | Reduce -1.9% | 0.55% | −0.08 |
| IIPR Innovative Industrial Proper | Reduce -14.6% | 0.04% | −0.06 |
| UNH Unitedhealth Group Inc. | Reduce -0.4% | 0.19% | −0.05 |
| AVLV Avantis US Large Cap Value | Reduce -0.1% | 0.51% | −0.04 |
| CMCSA Comcast Corp. Class A | Reduce -21.6% | 0.07% | −0.04 |
| SCHD Schwab US DVD Equity ETF | Reduce -53.6% | 0.03% | −0.04 |
| LIN Linde PLC | Reduce -41.9% | 0.03% | −0.04 |
| XOM Exxon Mobil Corp. | Reduce -14.3% | 0.09% | −0.04 |
| ERIE Erie Indemnity Company Class A | Reduce -48.6% | 0.02% | −0.04 |
| FL Foot Locker Inc. | Reduce -37.5% | 0.03% | −0.04 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -68.4% | 0.01% | −0.03 |
| GVI iShares Intermediate Governm | Sold out | 0.00% | −0.03 |
| ORCL Oracle Corp. | Reduce -10.8% | 0.13% | −0.03 |
| SBRA Sabra Health Care REIT Inc. | Reduce -58.2% | 0.02% | −0.03 |
| JPM JPMorgan Chase & Co. | Reduce -14.7% | 0.25% | −0.03 |
| CGSD Cap Group Short Duration | Reduce -58.9% | 0.02% | −0.03 |
| JXN Jackson Financial Inc. Class A | Reduce -45.0% | 0.03% | −0.03 |
| MRK Merck & Co. Inc. | Reduce -8.8% | 0.08% | −0.03 |
| LLY Eli Lilly & Co. | Reduce -8.1% | 0.08% | −0.03 |
| SLG SL Green Realty Corp. | Reduce -73.4% | 0.01% | −0.03 |
| GNTX Gentex Corp. | Reduce -40.1% | 0.03% | −0.03 |
| VRT Vertiv Holdings Co. Class A | Reduce -28.9% | 0.07% | −0.03 |
| HSY The Hershey Co. | Reduce -95.6% | 0.00% | −0.02 |
| FELG Fidelity Enh LRG Cap GWTH | Reduce -1.4% | 0.61% | −0.02 |
| AGR Avangrid Inc. | Sold out | 0.00% | −0.02 |
| MMM 3M Co. | Reduce -29.0% | 0.04% | −0.02 |
| RTX RTX Corp. | Reduce -27.7% | 0.04% | −0.02 |
| CEG Constellation Energy | Reduce -42.7% | 0.02% | −0.02 |
| VMC Vulcan Materials Co. | Reduce -50.1% | 0.02% | −0.02 |
| SPGI S&P Global Inc. | Reduce -25.6% | 0.04% | −0.02 |
| STX Seagate Technology Holdings | Reduce -86.7% | 0.00% | −0.02 |
| BAC Bank of America Corp. | Reduce -40.2% | 0.03% | −0.02 |
| STR Sitio Royalties Corp. Class A | Reduce -37.0% | 0.02% | −0.02 |
| PFE Pfizer Inc. | Reduce -7.7% | 0.06% | −0.02 |
| WMB Williams Cos Inc. | Reduce -45.7% | 0.03% | −0.02 |
| FCX Freeport-McMoran Inc. | Reduce -51.0% | 0.01% | −0.02 |
| TMO Thermo Fisher Scientific Inc. | Reduce -60.5% | 0.01% | −0.02 |
| MPT Medical Properties Trust Inc. | Reduce -0.8% | 0.02% | −0.01 |
| EIX Edison International | Sold out | 0.00% | −0.01 |
| CRWD CrowdStrike Holdings Inc. Class A | Reduce -59.5% | 0.01% | −0.01 |
| MRSH Marsh & McLennan Cos | Reduce -35.9% | 0.02% | −0.01 |
| DELL Dell Technologies -C | Reduce -8.6% | 0.06% | −0.01 |
| HASI Ha Sustainable Infrastructur | Reduce -15.1% | 0.02% | −0.01 |
| SYK Stryker Corp. | Reduce -88.5% | 0.00% | −0.01 |
| MU Micron Technology Inc. | Reduce -87.3% | 0.00% | −0.01 |
| UBER Uber Technologies Inc. | Reduce -70.0% | 0.00% | −0.01 |
| ELV Elevance Health Inc. | Reduce -11.1% | 0.02% | −0.01 |
Portfolio Buys Q3 2024 → Q4 2024
| IGLB iShares 10+ Year Inv GR Corp. | Add +145.2% | 2.10% | +1.09 |
| MTUM iShares MSCI USA Momentum Fa | New | 0.73% | +0.73 |
| SMMD iShares Russell 2500 ETF | Add +66.5% | 1.47% | +0.51 |
| JAAA Janus Henderson Aaa Clo ETF | Add +62.6% | 1.38% | +0.45 |
| DFIV Dimensional International Va | Add +38.8% | 2.06% | +0.32 |
| SPYG SS SPDR P S&P 500 Growth ETF | Add +6.0% | 8.25% | +0.23 |
| EFA iShares MSCI Eafe ETF | New | 0.20% | +0.20 |
| MUB iShares National Muni Bond E | Add +22.4% | 2.06% | +0.19 |
| VBR Vngrd Mrngst SL-CP Val ETF-U | Add +34.7% | 0.90% | +0.16 |
| FTEC Fidelity MSCI Info Tech Indx | Add +13.9% | 1.40% | +0.13 |
| MLN Vaneck Long Muni ETF | Add +48.9% | 0.43% | +0.11 |
| QUAL iShares MSCI USA Quality Fac | Add +12.8% | 4.20% | +0.10 |
| CGCP Cap Group Core Plus Income | Add +35.4% | 0.54% | +0.09 |
| VOO Vanguard S&P 500 ETF | Add +230.4% | 0.10% | +0.07 |
| VMBS Vanguard Mortgage-Backed Sec | Add +19.5% | 1.38% | +0.07 |
| DFAI Dimensional International Co. | Add +46.9% | 0.32% | +0.06 |
| MEAR Ishrs Short Mat Muni Act ETF | Add +22.4% | 0.58% | +0.06 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +232.0% | 0.09% | +0.06 |
| CGDV Cap Group Dividend Value | Add +17.2% | 1.54% | +0.06 |
| VWO Vanguard Ftse Emerging Marke | New | 0.06% | +0.06 |
| TSLA Tesla Inc. | Add +70.0% | 0.09% | +0.05 |
| GOOGL Alphabet Inc. Class A | Add +30.2% | 0.19% | +0.05 |
| PM Philip Morris International | Add +518.4% | 0.06% | +0.05 |
| CW Curtiss-Wright Corp. | Add +140.1% | 0.07% | +0.04 |
| UAL United Airlines Holdings Inc. | New | 0.04% | +0.04 |
| CAFX Congress Intermediate Bond | New | 0.04% | +0.04 |
| DFUS Dimensional US Eq MKT ETF | New | 0.03% | +0.03 |
| AVUS Avantis U.S. Equity ETF | New | 0.03% | +0.03 |
| FIBK First Interstate Bancsys-A | Add +105.1% | 0.07% | +0.03 |
| BKH Black Hills Corp. | New | 0.03% | +0.03 |
| CPA Copa Holdings SA Class A | Add +119.3% | 0.06% | +0.03 |
| TFSL TFS Financial Corp. | Add +56.0% | 0.10% | +0.03 |
| IVE iShares S&P 500 Value ETF | Add +16.0% | 1.07% | +0.03 |
| IUSG iShares Core S&P U.S. Growth | Add +4.0% | 4.79% | +0.03 |
| EXPE Expedia Group Inc. | New | 0.02% | +0.02 |
| OGS One Gas Inc. | Add +95.9% | 0.06% | +0.02 |
| AMZN Amazon.com Inc. | Add +1.3% | 0.29% | +0.02 |
| EPR Epr Properties | New | 0.02% | +0.02 |
| UTHR United Therapeutics Corp. | New | 0.02% | +0.02 |
| APAM Artisan Partners Asset Ma -A | Add +53.2% | 0.08% | +0.02 |
| AXP American Express Co. | Add +49.5% | 0.07% | +0.02 |
| MTN Vail Resorts Inc. | Add +134.5% | 0.04% | +0.02 |
| MGC Vngrd Mrngstr MG Cap ETF-Usd | Add +16.3% | 0.25% | +0.02 |
| IVV iShares Core S&P 500 ETF | Add +46.5% | 0.08% | +0.02 |
| AGG iShares Core U.S. Aggregate | New | 0.02% | +0.02 |
| PEGA Pegasystems Inc. | Add +32.8% | 0.06% | +0.02 |
| BURL Burlington Stores Inc. | New | 0.02% | +0.02 |
| CGGR Cap Group Growth Equity | Add +3.5% | 1.66% | +0.02 |
| NJR New Jersey Resources Corp. | New | 0.02% | +0.02 |
| ESAB Esab Corp. | New | 0.02% | +0.02 |
Options Activity Q3 2024 → Q4 2024
| NVIDIA CORPORATION | call | New | 2,100 | $282K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2024 → Q4 2024
| OXY.WS Occidental Petroleum-CW27 | *W EXP 08/03/202 | New | 18 | $496 |
| FCOM Fidelity MSCI Comm Serv Indx | MSCI COMMNTN SVC | New | 0 | $24 |
| IEF iShares 7-10 Year Treasury B | 7-10 YR TRSY BD | New | 0 | $0 |
| BBJP JPMorgan Betabuilders Japan | BETABULDRS JAPAN | New | 0 | $0 |
| BBCA JPMorgan Betabuilders Canada | BETA CDA ETF NEW | New | 0 | $0 |
| BBAX JPMorgan Betabuilders Develo | BETA DEVE EX ETF | New | 0 | $0 |
| MDY State Street SPDR S&P Midcap | UTSER1 S&PDCRP | New | 0 | $0 |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 519 | $5.2B | IUSV, SPYG, VEU, IUSB, IUSG |
| Q1 2026 | 439 | $5.8B | IUSV, VEU, IUSB, SPYG, AVEM |
| Q4 2025 | 429 | $4.1B | IUSV, SPYG, IUSB, VEU, IUSG |
| Q3 2025 | 433 | $3.7B | IUSV, SPYG, IUSB, VEU, QUAL |
| Q2 2025Amended | 721 | $3.3B | IUSV, SPYG, IUSB, VEU, QUAL |
| Q1 2025Amended | 897 | $5.2B | IUSV, IUSB, SPYG, VEU, QUAL |
| Q4 2024 | 1,152 | $2.5B | IUSV, SPYG, IUSB, IUSG, QUAL |
| Q3 2024 | 337 | $2.3B | IUSV, IUSB, SPYG, IUSG, VEU |
| Q2 2024 | 98 | $1.5B | IUSV, IUSB, SPYG, IUSG, QUAL |