Magnus Financial Group LLC
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 3, 2024), Magnus Financial Group LLC reported 309 stock positions worth $836.1 million. Its top holding was SS SPDR P S&P 500 Value ETF (SPYV) at 9.0% of the portfolio, followed by iShares Core S&P Midcap ETF (IJH, 5.0%) and Vanguard Mrngstar GR ETF-Sui (VUG, 4.7%). Compared with Q4 2023, it opened 29 new positions, sold out of 4, added to 181 and reduced 82. The biggest buy was Invesco Optimum Yield Divers (PDBC, shares +4817%) and the biggest sale First Trust Global Tactical (FTGC, shares −48%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001765216
- Portfolio Value
- $836.1M (Q1 2024)
- SEC Filing
- 0001951757-24-000433 ↗ filed May 3, 2024
Holdings Value
Holdings 309 stocks · $836.1M
| SPYV SS SPDR P S&P 500 Value ETF | 9.05% | 1,509,721 | $75.6M | Add +1.8% |
| IJH iShares Core S&P Midcap ETF | 5.02% | 690,830 | $42.0M | Add +3.3% |
| VUG Vanguard Mrngstar GR ETF-Sui | 4.73% | 114,915 | $39.6M | Add +9.5% |
| JEPI JPMorgan Equity Premium Inco | 4.13% | 596,324 | $34.5M | Add +2.5% |
| IJR iShares Core S&P Small-Cap E | 3.88% | 293,606 | $32.4M | Add +4.6% |
| FPE FT-Preferred Secur & Inc. ETF | 2.88% | 1,391,222 | $24.1M | Add +1.7% |
| IEMG iShares Core MSCI Emerging | 2.82% | 457,708 | $23.6M | Add +3.8% |
| TPYP Managed Portfolio Series | 2.63% | 787,912 | $22.0M | Add +1.3% |
| AAPL Apple Inc. | 2.41% | 117,461 | $20.1M | Add +3.2% |
| USFR Wisdomtree Floating Rate Tre | 2.10% | 349,556 | $17.6M | Reduce -19.2% |
| IYF iShares US Financials ETF | 2.08% | 181,836 | $17.4M | Add +1.7% |
| FTGC First Trust Global Tactical | 1.52% | 536,309 | $12.7M | Reduce -47.6% |
| MSFT Microsoft Corp. | 1.47% | 29,127 | $12.3M | Add +2.0% |
| PDBC Invesco Optimum Yield Divers | 1.46% | 877,345 | $12.2M | Add +4816.8% |
| JPIE JPMorgan Income ETF | 1.37% | 251,079 | $11.4M | Add +5.0% |
| AMZN Amazon.com Inc. | 1.35% | 62,716 | $11.3M | Reduce -1.4% |
| IYR iShares US Real Estate ETF | 1.31% | 121,901 | $11.0M | Add +10.7% |
| JMUB JPMorgan Municipal ETF | 1.31% | 215,656 | $10.9M | Add +8.7% |
| SPYG SS SPDR P S&P 500 Growth ETF | 1.23% | 140,794 | $10.3M | Reduce -1.5% |
| JPM JPMorgan Chase & Co. | 1.22% | 50,734 | $10.2M | Add +10.3% |
| JHMD John Hancock MF Dev Intl ETF | 1.21% | 293,005 | $10.1M | Add +1.0% |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.10% | 17,618 | $9.2M | Add +6.7% |
| VOOG Vanguard S&P 500 Growth ETF | 1.10% | 30,160 | $9.2M | Reduce -0.8% |
| VCSH Vanguard S/T Corp. Bond ETF | 1.00% | 108,546 | $8.4M | Add +5.3% |
| VWO Vanguard Ftse Emerging Marke | 1.00% | 200,405 | $8.4M | Reduce -0.8% |
| EFAV iShares MSCI Eafe Min Vol Fa | 0.91% | 107,649 | $7.6M | Reduce -3.8% |
| VTIP Vanguard Short-Term Tips | 0.82% | 143,312 | $6.9M | Add +6.0% |
| DIVO Amplify CWP Enhan Divid ETF | 0.78% | 168,705 | $6.6M | Reduce -6.5% |
| JAAA Janus Henderson Aaa Clo ETF | 0.77% | 126,926 | $6.4M | Add +67.5% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.63% | 12,492 | $5.3M | Add +1.5% |
| FMB First Trust Managed Municipa | 0.63% | 101,997 | $5.2M | Reduce -9.4% |
| TSLA Tesla Inc. | 0.60% | 28,497 | $5.0M | Reduce -1.4% |
| XLV SS Health Care Select Sector | 0.59% | 33,504 | $4.9M | Add +14.9% |
| AVDV Avantis Intl S/C Value ETF | 0.58% | 74,027 | $4.9M | Add +3.3% |
| XLE SS Energy Select Sector | 0.55% | 49,136 | $4.6M | Reduce -9.3% |
| FMNY First Trust NY Muni High Inc. | 0.54% | 167,949 | $4.5M | Reduce -1.5% |
| GOOGL Alphabet Inc. Class A | 0.53% | 29,242 | $4.4M | Add +2.0% |
| XOM Exxon Mobil Corp. | 0.52% | 37,367 | $4.3M | Add +6.5% |
| QQQ Invesco QQQ Trust Series 1 | 0.52% | 9,759 | $4.3M | Add +6.4% |
| LLY Eli Lilly & Co. | 0.52% | 5,556 | $4.3M | Add +2.5% |
| QDF NT Qual Div ETF | 0.51% | 64,237 | $4.2M | Reduce -1.3% |
| V Visa Inc. Class A | 0.50% | 14,914 | $4.2M | Add +4.5% |
| RSP Invesco S&P 500 Equal Weight | 0.49% | 24,362 | $4.1M | Add +0.5% |
| JCPB JPMorgan Core Plus Bond ETF | 0.49% | 87,968 | $4.1M | New |
| GSAT Globalstar Inc. | 0.47% | 2,657,796 | $3.9M | Add +5.4% |
| IVV iShares Core S&P 500 ETF | 0.45% | 7,170 | $3.8M | Reduce -3.4% |
| IWD iShares Russell 1000 Value E | 0.45% | 21,041 | $3.8M | Reduce -10.2% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.44% | 16,058 | $3.7M | Reduce -2.5% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.44% | 22,410 | $3.6M | Add +2.0% |
| SCHG Schwab US Large-Cap Growth | 0.42% | 38,280 | $3.5M | Reduce -7.5% |
| UTG Reaves Utility Income Fund | 0.40% | 125,533 | $3.4M | Add +18.3% |
| XLI SS Industrial Select Sector | 0.40% | 26,345 | $3.3M | Add +30.3% |
| VOO Vanguard S&P 500 ETF | 0.39% | 6,705 | $3.2M | Add +34.3% |
| META Meta Platforms Inc. Class A | 0.38% | 6,463 | $3.1M | Reduce -3.4% |
| XLK SS Technology Select Sector | 0.35% | 14,033 | $2.9M | Add +7.1% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.35% | 11,658 | $2.9M | Reduce -0.1% |
| PANW Palo Alto Networks Inc. | 0.35% | 10,220 | $2.9M | Add +3.6% |
| IEFA iShares Core MSCI Eafe ETF | 0.35% | 38,953 | $2.9M | Add +4.4% |
| SPTL SS SPDR PF LNG TRM TSY E-Usd | 0.33% | 97,988 | $2.7M | Reduce -0.3% |
| SOXX iShares Semiconductor ETF | 0.32% | 11,972 | $2.7M | Add +9.5% |
| FPF First TR Interm Dur & Inc. | 0.32% | 149,662 | $2.7M | Add +29.5% |
| PEP Pepsico Inc. | 0.32% | 15,301 | $2.7M | Add +7.8% |
| QUAL iShares MSCI USA Quality Fac | 0.32% | 16,152 | $2.7M | Add +16.7% |
| GOOG Alphabet Inc. Class C | 0.30% | 16,203 | $2.5M | Add +5.2% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.28% | 19,374 | $2.4M | Add +7.3% |
| SPOT Spotify Technology SA | 0.28% | 8,945 | $2.4M | Reduce -0.0% |
| UNH Unitedhealth Group Inc. | 0.28% | 4,766 | $2.4M | Add +6.2% |
| BX Blackstone Inc. | 0.28% | 17,851 | $2.3M | Add +5.9% |
| NVDA Nvidia Corp. | 0.28% | 2,579 | $2.3M | Add +7.1% |
| IVE iShares S&P 500 Value ETF | 0.28% | 12,339 | $2.3M | Add +11.0% |
| AVGO Broadcom Inc. | 0.27% | 1,730 | $2.3M | Reduce -4.7% |
| IVW iShares S&P 500 Growth ETF | 0.27% | 27,136 | $2.3M | Add +14.4% |
| CVX Chevron Corp. | 0.27% | 14,410 | $2.3M | Add +5.2% |
| AVUS Avantis U.S. Equity ETF | 0.27% | 24,911 | $2.2M | Reduce -11.2% |
| LMT Lockheed Martin Corp. | 0.26% | 4,804 | $2.2M | Add +4.3% |
| VOT Vngrd Mrngstr MC GRW ETF-Usd | 0.26% | 9,186 | $2.2M | Add +1.3% |
| VBR Vngrd Mrngst SL-CP Val ETF-U | 0.24% | 10,566 | $2.0M | Reduce -0.3% |
| HD Home Depot Inc. | 0.24% | 5,170 | $2.0M | Add +2.1% |
| VGT Vanguard Info Tech ETF | 0.23% | 3,671 | $1.9M | Add +41.5% |
| JNJ Johnson & Johnson | 0.23% | 12,034 | $1.9M | Add +4.5% |
| TMO Thermo Fisher Scientific Inc. | 0.23% | 3,264 | $1.9M | Add +6.1% |
| IEI iShares 3-7 Year Treasury Bo | 0.23% | 16,376 | $1.9M | Add +5.8% |
| DVY iShares Select Dividend ETF | 0.22% | 15,255 | $1.9M | Add +0.7% |
| GS Goldman Sachs Group Inc. | 0.22% | 4,337 | $1.8M | Add +26.1% |
| BA The Boeing Co. | 0.22% | 9,326 | $1.8M | Add +5.9% |
| XLY SS Consumer Disc Select Sect | 0.21% | 9,701 | $1.8M | Add +28.8% |
| VEA Vanguard Ftse Developed ETF | 0.21% | 34,692 | $1.7M | Add +4.6% |
| HON Honeywell International Inc. | 0.20% | 8,114 | $1.7M | Add +4.8% |
| NKE Nike Inc. Class B | 0.20% | 17,515 | $1.6M | Add +17.4% |
| HCP Hashicorp Inc. Class A | 0.19% | 59,199 | $1.6M | Reduce -24.3% |
| IBB iShares Biotechnology ETF | 0.19% | 11,556 | $1.6M | Add +7.8% |
| IYW iShares Ustechnology ETF | 0.19% | 11,573 | $1.6M | Add +5.0% |
| IWF iShares Russell 1000 Growth | 0.19% | 4,606 | $1.6M | Add +1.9% |
| ABBV Abbvie Inc. | 0.18% | 8,341 | $1.5M | Add +11.9% |
| SPGP Invesco S&P 500 Garp ETF | 0.18% | 14,191 | $1.5M | Add +7.8% |
| REGN Regeneron Pharmaceuticals | 0.18% | 1,567 | $1.5M | Add +0.5% |
| VTI VG Morningstar TS MKT ETF-US | 0.18% | 5,740 | $1.5M | Add +1.2% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.18% | 38,995 | $1.5M | Reduce -6.4% |
| GLD SPDR Gold Shares | 0.18% | 7,176 | $1.5M | Add +1.0% |
| FCAL First Trust California Munic | 0.17% | 28,933 | $1.4M | Add +2.9% |
Options reported separately and not counted above: NEW YORK CMNTY BANCORP INC calls ($11K).
Other holdings (4): bonds, preferreds, convertibles and warrants · $6.9M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| DJTWW Trump Media & Technology Gro | *W EXP 03/25/202 | 120,000 | $3.3M | New |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | 1,502 | $1.8M | Add +20.3% |
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | 1,456 | $1.7M | Add +1.0% |
| LILWF Lilium NV -CW26 | *W EXP 09/14/202 | 40,000 | $3K | No change |
Total filed on the 13F, all lines: $842.9M.
Portfolio Sells Q4 2023 → Q1 2024
| FTGC First Trust Global Tactical | Reduce -47.6% | 1.52% | −1.51 |
| USFR Wisdomtree Floating Rate Tre | Reduce -19.2% | 2.10% | −0.76 |
| TSLA Tesla Inc. | Reduce -1.4% | 0.60% | −0.35 |
| SHY iShares 1-3 Year Treasury Bo | Reduce -73.5% | 0.09% | −0.28 |
| FMB First Trust Managed Municipa | Reduce -9.4% | 0.63% | −0.14 |
| EFAV iShares MSCI Eafe Min Vol Fa | Reduce -3.8% | 0.91% | −0.11 |
| VWO Vanguard Ftse Emerging Marke | Reduce -0.8% | 1.00% | −0.09 |
| DIVO Amplify CWP Enhan Divid ETF | Reduce -6.5% | 0.78% | −0.08 |
| OPER Clearshares Ultra-Short Matu | Reduce -25.1% | 0.17% | −0.08 |
| IWN iShares Russell 2000 Value E | Reduce -41.0% | 0.09% | −0.07 |
| FMNY First Trust NY Muni High Inc. | Reduce -1.5% | 0.54% | −0.07 |
| IWD iShares Russell 1000 Value E | Reduce -10.2% | 0.45% | −0.06 |
| HCP Hashicorp Inc. Class A | Reduce -24.3% | 0.19% | −0.05 |
| SPTL SS SPDR PF LNG TRM TSY E-Usd | Reduce -0.3% | 0.33% | −0.05 |
| IEUR iShares Core MSCI Europe ETF | Sold out | 0.00% | −0.05 |
| AEP American Electric Power | Sold out | 0.00% | −0.04 |
| XLE SS Energy Select Sector | Reduce -9.3% | 0.55% | −0.04 |
| DKNG Draftkings Inc. Class A | Sold out | 0.00% | −0.04 |
| AVUS Avantis U.S. Equity ETF | Reduce -11.2% | 0.27% | −0.03 |
| AVDE Avantis International Equity | Reduce -14.9% | 0.15% | −0.03 |
| SCHV Schwab US Large-Cap Value | Reduce -52.5% | 0.03% | −0.03 |
| SCHG Schwab US Large-Cap Growth | Reduce -7.5% | 0.42% | −0.03 |
| VB Vanguard Most SM-Cap ETF-Usd | Reduce -2.5% | 0.44% | −0.02 |
| RC Ready Capital Corp. | Reduce -2.5% | 0.09% | −0.02 |
| ESGU iShares ESG Aware MSCI USA | Reduce -13.2% | 0.14% | −0.02 |
| FRDM Freedom 100 Emeging MRKT ETF | Reduce -7.8% | 0.13% | −0.02 |
| XLF SS Financial Select Sector | Reduce -18.2% | 0.11% | −0.02 |
| QDF NT Qual Div ETF | Reduce -1.3% | 0.51% | −0.02 |
| IVOL Quadratic Int Rte Vol Infl H | Reduce -5.8% | 0.07% | −0.02 |
| EEM iShares MSCI Emerging Market | Reduce -4.6% | 0.13% | −0.02 |
| DIA SS SPDR Dow Jones Indus Avg | Reduce -7.2% | 0.14% | −0.02 |
| IVV iShares Core S&P 500 ETF | Reduce -3.4% | 0.45% | −0.02 |
| CCB Coastal Financial Corp. | Reduce -19.4% | 0.03% | −0.01 |
| FPEI First Trust Institutional PR | Reduce -5.8% | 0.10% | −0.01 |
| PXD Pioneer Natural Resources Co. | Reduce -36.6% | 0.03% | −0.01 |
| USMV iShares MSCI USA Min Vol Fac | Reduce -19.6% | 0.04% | −0.01 |
| MPC Marathon Petroleum Corp. | Reduce -41.2% | 0.03% | −0.01 |
| OEF iShares S&P 100 ETF | Reduce -28.5% | 0.03% | −0.01 |
| RTX RTX Corp. | Reduce -13.3% | 0.10% | −0.01 |
| T AT&T Inc. | Reduce -14.3% | 0.04% | −0.01 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Reduce -0.1% | 0.35% | −0.01 |
| VBR Vngrd Mrngst SL-CP Val ETF-U | Reduce -0.3% | 0.24% | −0.01 |
| SCHQ Schwab Long-Term US Treasury | Reduce -3.1% | 0.05% | −0.01 |
| EOG EOG Resources Inc. | Reduce -12.8% | 0.04% | −0.01 |
| BAC Bank of America Corp. | Reduce -6.4% | 0.18% | −0.01 |
| XLP SS Consumer Staples Sel Sect | Reduce -1.0% | 0.15% | −0.01 |
| INTC Intel Corp. | Reduce -0.4% | 0.03% | −0.01 |
| ACWX iShares MSCI Acwi Ex US ETF | Reduce -6.6% | 0.06% | −0.01 |
| SPLV Invesco S&P 500 Low Volatili | Reduce -1.6% | 0.10% | −0.01 |
| VRP Invesco Variable Rate Prefer | Reduce -11.6% | 0.03% | −0.01 |
Portfolio Buys Q4 2023 → Q1 2024
| PDBC Invesco Optimum Yield Divers | Add +4816.8% | 1.46% | +1.42 |
| JCPB JPMorgan Core Plus Bond ETF | New | 0.49% | +0.49 |
| VUG Vanguard Mrngstar GR ETF-Sui | Add +9.5% | 4.73% | +0.43 |
| JAAA Janus Henderson Aaa Clo ETF | Add +67.5% | 0.77% | +0.27 |
| JPM JPMorgan Chase & Co. | Add +10.3% | 1.22% | +0.18 |
| IJH iShares Core S&P Midcap ETF | Add +3.3% | 5.02% | +0.14 |
| NVDA Nvidia Corp. | Add +7.1% | 0.28% | +0.12 |
| MSTR Strategy Inc. | New | 0.11% | +0.11 |
| LLY Eli Lilly & Co. | Add +2.5% | 0.52% | +0.10 |
| VOO Vanguard S&P 500 ETF | Add +34.3% | 0.39% | +0.10 |
| XLI SS Industrial Select Sector | Add +30.3% | 0.40% | +0.09 |
| FPF First TR Interm Dur & Inc. | Add +29.5% | 0.32% | +0.07 |
| AXON Axon Enterprise Inc. | New | 0.07% | +0.07 |
| IYF iShares US Financials ETF | Add +1.7% | 2.08% | +0.07 |
| DIS The Walt Disney Co. | Add +7.3% | 0.28% | +0.07 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +6.7% | 1.10% | +0.07 |
| XLV SS Health Care Select Sector | Add +14.9% | 0.59% | +0.07 |
| VGT Vanguard Info Tech ETF | Add +41.5% | 0.23% | +0.06 |
| XOM Exxon Mobil Corp. | Add +6.5% | 0.52% | +0.06 |
| MSFT Microsoft Corp. | Add +2.0% | 1.47% | +0.05 |
| CGGR Cap Group Growth Equity | New | 0.05% | +0.05 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +1.5% | 0.63% | +0.05 |
| QUAL iShares MSCI USA Quality Fac | Add +16.7% | 0.32% | +0.05 |
| CGDV Cap Group Dividend Value | New | 0.05% | +0.05 |
| SOXX iShares Semiconductor ETF | Add +9.5% | 0.32% | +0.05 |
| DYNF Ishrs US E F R A ETF-Usd Inc. | New | 0.05% | +0.05 |
| TT Trane Technologies PLC | New | 0.04% | +0.04 |
| GS Goldman Sachs Group Inc. | Add +26.1% | 0.22% | +0.04 |
| GBTC Grayscale Bitcoin Trust ETF | New | 0.04% | +0.04 |
| MUB iShares National Muni Bond E | Add +65.6% | 0.12% | +0.04 |
| IVW iShares S&P 500 Growth ETF | Add +14.4% | 0.27% | +0.04 |
| XVV iShares ESG Select Screened | New | 0.04% | +0.04 |
| AXP American Express Co. | Add +23.2% | 0.15% | +0.04 |
| GDX Vaneck Gold Miners ETF | New | 0.04% | +0.04 |
| BINC iShares Flex I A ETF-Usd Inc. | Add +145.2% | 0.07% | +0.04 |
| JBBB Janus Henderson B-BBB Clo Et | New | 0.04% | +0.04 |
| XLY SS Consumer Disc Select Sect | Add +28.8% | 0.21% | +0.04 |
| XJH Ishare ESG SS S&P Midcap ETF | New | 0.04% | +0.04 |
| DMXF iShares ESG Advanc MSCI Eafe | New | 0.04% | +0.04 |
| JEPQ JPM Nasdaq Equity Premium | New | 0.03% | +0.03 |
| MLPA Global X MLP ETF | New | 0.03% | +0.03 |
| NFLX Netflix Inc. | Add +15.2% | 0.14% | +0.03 |
| MTUM iShares MSCI USA Momentum Fa | Add +27.7% | 0.11% | +0.03 |
| DAL Delta Air Lines Inc. | New | 0.03% | +0.03 |
| XJR Ishr ESG SS S&P Smal-Cap-Usd | New | 0.03% | +0.03 |
| UTG Reaves Utility Income Fund | Add +18.3% | 0.40% | +0.03 |
| MU Micron Technology Inc. | New | 0.03% | +0.03 |
| HYD Vaneck High Yield Muni ETF | Add +111.5% | 0.06% | +0.03 |
| ABBV Abbvie Inc. | Add +11.9% | 0.18% | +0.03 |
| KYN Kayne Anderson Energy Infra | Add +18.4% | 0.16% | +0.03 |
Options Activity Q4 2023 → Q1 2024
| TESLA INC | call | Sold out | 10,000 | $994Kbefore exit |
| NEW YORK CMNTY BANCORP INC | call | New | 15,000 | $11K |
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
| DJTWW Trump Media & Technology Gro | *W EXP 03/25/202 | New | 120,000 | $3.3M |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | Add +20.3% | 1,502 | $1.8M |
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | Add +1.0% | 1,456 | $1.7M |
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 | 383 | $1.4B | SPYV, VUG, IJH, IEMG, IJR |
| Q1 2026 | 365 | $1.2B | SPYV, VUG, IJH, IEMG, IJR |
| Q4 2025 | 412 | $1.3B | SPYV, VUG, IJH, AAPL, IEMG |
| Q3 2025 | 395 | $1.3B | SPYV, VUG, IJH, IJR, IEMG |
| Q2 2025 | 375 | $1.1B | SPYV, VUG, IJH, IJR, IEMG |
| Q1 2025 | 360 | $1.0B | SPYV, VUG, IJH, JEPI, IJR |
| Q4 2024 | 357 | $1.0B | SPYV, VUG, IJH, IJR, JEPI |
| Q3 2024 | 336 | $979.9M | SPYV, VUG, IJH, IJR, JEPI |
| Q2 2024 | 314 | $886.9M | SPYV, VUG, IJH, IJR, AAPL |
| Q1 2024 | 309 | $836.1M | SPYV, IJH, VUG, JEPI, IJR |