Valmark Advisers, Inc.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 24, 2025), Valmark Advisers, Inc. reported 642 stock positions worth $7.7 billion. Its top holding was Vanguard Ftse Developed ETF (VEA) at 9.1% of the portfolio, followed by SS SPDR P S&P 500 Growth ETF (SPYG, 6.3%) and SS SPDR P S&P 500 Value ETF (SPYV, 6.1%). Compared with Q2 2025, it opened 41 new positions, sold out of 35, added to 322 and reduced 207. The biggest buy was iShares US Smallcap Equity F (SMLF, shares +186%) and the biggest sale SS SPDR P S&P 600 Small Cap (SPSM, shares −15%).
- Most Recent 13F
- Q2 2026
- Location
- AKRON, OH
- CIK
- 0001380443
- Portfolio Value
- $7.7B (Q3 2025)
- SEC Filing
- 0001380443-25-000005 ↗ filed Oct 24, 2025
Holdings Value
Holdings 642 stocks · $7.7B
| VEA Vanguard Ftse Developed ETF | 9.12% | 11,756,315 | $704.4M | Add +2.6% |
| SPYG SS SPDR P S&P 500 Growth ETF | 6.28% | 4,645,016 | $485.5M | Add +1.1% |
| SPYV SS SPDR P S&P 500 Value ETF | 6.09% | 8,508,257 | $470.8M | Add +2.9% |
| SPMD SS SPDR P S&P 400 Midcap ETF | 5.06% | 6,837,085 | $391.0M | Add +2.9% |
| VOO Vanguard S&P 500 ETF | 4.49% | 566,109 | $346.7M | Add +1.3% |
| VTIP Vanguard Short-Term Tips | 4.20% | 6,401,575 | $324.1M | Add +4.3% |
| SPSB SS SPDR P St C Corp. ETF | 3.29% | 8,397,084 | $254.3M | Add +4.7% |
| SPSM SS SPDR P S&P 600 Small Cap | 3.19% | 5,315,886 | $246.2M | Reduce -15.1% |
| VWO Vanguard Ftse Emerging Marke | 3.05% | 4,343,901 | $235.4M | Add +1.2% |
| SPTM SS SPDR P S&P 1500 Comp ETF | 2.94% | 2,818,606 | $227.3M | Add +2.8% |
| VGIT Vanguard Intermediate-Term T | 2.34% | 3,013,313 | $180.9M | Add +4.3% |
| HYLB Xtrackers Usd High Yield Cor | 2.34% | 4,872,623 | $180.8M | Add +4.6% |
| GUNR NT Mstar GLBL NR ETF | 2.00% | 3,536,526 | $154.8M | Add +1.4% |
| REET iShares Global REIT ETF | 2.00% | 6,045,409 | $154.5M | Add +3.9% |
| USIG iShares Broad Usd Investment | 1.98% | 2,929,124 | $153.0M | Add +5.4% |
| EMXC iShares MSCI Emr MRK Ex Chna | 1.53% | 1,756,280 | $118.6M | Add +2.1% |
| BSV Vanguard Short-Term Bond ETF | 1.49% | 1,461,575 | $115.3M | Add +3.8% |
| EMLC Vaneck JPM Em Local Curr BND | 1.41% | 4,269,337 | $108.9M | Add +4.0% |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | 1.21% | 836,215 | $93.2M | Add +4.0% |
| SMLF iShares US Smallcap Equity F | 1.02% | 1,061,478 | $78.9M | Add +185.9% |
| VGSH Vanguard Short-Term Treasury | 1.00% | 1,311,756 | $77.2M | Add +3.0% |
| EFA iShares MSCI Eafe ETF | 0.99% | 819,865 | $76.6M | Add +1.6% |
| SCHD Schwab US DVD Equity ETF | 0.99% | 2,798,648 | $76.4M | Add +2.6% |
| IVW iShares S&P 500 Growth ETF | 0.97% | 619,350 | $74.8M | Reduce -2.0% |
| VMBS Vanguard Mortgage-Backed Sec | 0.92% | 1,507,168 | $70.8M | Add +4.5% |
| XSOE Wisdmtree Emerg MKT Ex-St Ow | 0.82% | 1,661,130 | $63.0M | Add +1.5% |
| IVE iShares S&P 500 Value ETF | 0.79% | 295,843 | $61.1M | Reduce -1.3% |
| IJH iShares Core S&P Midcap ETF | 0.78% | 920,049 | $60.0M | Add +0.4% |
| GTR Wisdomtree Target Range Fund | 0.74% | 2,222,057 | $57.3M | Add +1.8% |
| AAPL Apple Inc. | 0.67% | 202,452 | $51.6M | Add +0.2% |
| VEU Vanguard Ftse All-World Ex-U | 0.59% | 639,957 | $45.7M | Reduce -1.2% |
| JPST JPMorgan Ultra-Short Income | 0.59% | 892,217 | $45.3M | Reduce -3.8% |
| IVV iShares Core S&P 500 ETF | 0.54% | 62,064 | $41.5M | Add +3.5% |
| VTI VG Morningstar TS MKT ETF-US | 0.53% | 125,242 | $41.1M | Add +0.1% |
| CGDV Cap Group Dividend Value filed as CAPITAL GROUP DIVIDEND VALUE | 0.51% | 943,458 | $39.7M | Add +7.5% |
| IJR iShares Core S&P Small-Cap E | 0.47% | 308,523 | $36.7M | Reduce -11.4% |
| ITOT iShares Core S&P Total U.S. | 0.47% | 247,503 | $36.0M | Reduce -1.7% |
| BNDX Vanguard Total Intl Bond ETF | 0.44% | 684,969 | $33.9M | Add +4.2% |
| IUSG iShares Core S&P U.S. Growth | 0.44% | 204,385 | $33.6M | Reduce -0.1% |
| VIG Vanguard Dividend Apprec ETF | 0.43% | 152,631 | $32.9M | Add +0.3% |
| MSFT Microsoft Corp. | 0.39% | 58,503 | $30.3M | Reduce -4.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.39% | 59,199 | $29.8M | Add +0.9% |
| FLRN SS SPDR BB Ig Float RT ETF | 0.38% | 941,746 | $29.1M | Add +3.9% |
| VYM Vanguard High DVD Yield ETF | 0.38% | 205,606 | $29.0M | Add +2.6% |
| IWY iShares Russell Top 200 Grow | 0.37% | 104,307 | $28.5M | Add +0.5% |
| VXF Vanguard Extended Market ETF | 0.36% | 134,429 | $28.1M | Add +2.3% |
| CGGR Cap Group Growth Equity | 0.33% | 577,629 | $25.4M | Add +12.5% |
| CGCB Cap Group Core Bond | 0.32% | 923,308 | $24.5M | Add +5.3% |
| SPEM State Street SP PTF Em ETF | 0.31% | 512,049 | $24.0M | Add +0.1% |
| AGG iShares Core U.S. Aggregate | 0.30% | 229,072 | $23.0M | Add +6.9% |
| DVY iShares Select Dividend ETF | 0.28% | 152,046 | $21.6M | Add +1.0% |
| CGGO Cap Group Global Growth filed as CAPITAL GROUP GBL GROWTH EQT | 0.28% | 624,784 | $21.3M | Add +13.0% |
| RDVY First Trust Rising Dividend | 0.27% | 314,879 | $21.2M | Reduce -1.1% |
| CGDG Cap Group Dividend Growers filed as CAPITAL GROUP DIVIDEND GROWE | 0.27% | 597,914 | $20.7M | Add +6.2% |
| USMV iShares MSCI USA Min Vol Fac | 0.27% | 216,971 | $20.6M | Reduce -1.4% |
| VNQ Vanguard Real Estate ETF | 0.26% | 222,528 | $20.3M | Add +1.4% |
| DWM Wisdomtree International Equ | 0.26% | 304,969 | $20.2M | Add +1.3% |
| SPDW Ste STR SPDR PT DW Eu ETF | 0.25% | 442,581 | $18.9M | Add +1.5% |
| CGUS Cap Group Core Equity filed as CAPITAL GROUP CORE EQUITY ET | 0.24% | 478,224 | $18.9M | Add +18.8% |
| XSVM Invesco S&P Smallcap Value W | 0.23% | 311,203 | $17.6M | Add +5.4% |
| FBND Fidelity Total Bond ETF | 0.22% | 369,244 | $17.1M | Add +32.7% |
| XLV SS Health Care Select Sector | 0.21% | 117,270 | $16.3M | Reduce -4.4% |
| SGOV iShares 0-3 Month Treasury B | 0.20% | 153,944 | $15.5M | Add +29.2% |
| FTGC First Trust Global Tactical | 0.20% | 592,500 | $15.3M | Add +1.0% |
| CGMS Cap Group US Multi-Sect Bond | 0.19% | 538,456 | $14.9M | Add +4.7% |
| NVDA Nvidia Corp. | 0.19% | 77,608 | $14.5M | Reduce -28.7% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.18% | 76,119 | $14.2M | Add +11.5% |
| SPYM Ste STR SPDR PT S&P 500 ETF | 0.18% | 176,900 | $13.9M | Add +0.3% |
| VCSH Vanguard S/T Corp. Bond ETF | 0.17% | 163,793 | $13.1M | Add +2.7% |
| DBMF Imgp Dbi MFT STR ETF-Usd Inc. | 0.17% | 474,151 | $12.9M | Reduce -0.2% |
| STIP iShares 0-5 Year Tips Bond E | 0.17% | 125,056 | $12.9M | Reduce -1.6% |
| JPM JPMorgan Chase & Co. | 0.17% | 40,850 | $12.9M | Add +0.5% |
| TDTT NT Iboxx 3Y Dur Tips ETF | 0.16% | 513,808 | $12.5M | Add +0.3% |
| CGCP Cap Group Core Plus Income | 0.16% | 533,240 | $12.1M | Add +35.7% |
| PG The Procter & Gamble Co. | 0.15% | 77,164 | $11.9M | Add +21.0% |
| AMZN Amazon.com Inc. | 0.15% | 51,457 | $11.3M | Reduce -16.5% |
| DES Wisdomtree US Smallcap Divid | 0.14% | 328,919 | $11.1M | Add +1.8% |
| DEM Wisdomtree Emerging Markets | 0.14% | 236,881 | $10.9M | Add +1.8% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.13% | 34,387 | $10.1M | Add +1.3% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.13% | 15,138 | $10.1M | Add +0.1% |
| VSS Vanguard Ftse All Wo X-US SC | 0.13% | 69,901 | $10.0M | Reduce -2.0% |
| SCHF Schwab Intl Equity ETF | 0.12% | 409,977 | $9.5M | Add +60.4% |
| MUB iShares National Muni Bond E | 0.12% | 87,767 | $9.3M | Add +3.2% |
| FTCS First Trust Capital Strength | 0.12% | 98,222 | $9.2M | Reduce -2.3% |
| DGRO iShares Core Dividend Growth | 0.11% | 130,104 | $8.9M | Add +14.8% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.11% | 34,142 | $8.7M | Add +4.6% |
| XLE SS Energy Select Sector | 0.11% | 97,071 | $8.7M | Add +1.4% |
| HDEF Xtrackers MSCI Eafe High Div | 0.11% | 291,611 | $8.6M | Add +1.3% |
| SCHR Schwab Intermediate-Term US | 0.11% | 332,263 | $8.3M | Reduce -1.6% |
| VTEB Vanguard Tax-Exempt Bond ETF | 0.11% | 164,439 | $8.2M | Add +6.6% |
| XOM Exxon Mobil Corp. | 0.11% | 71,998 | $8.1M | Add +2.0% |
| BILS SS Spdrb B 3-12M T-Bill ETF | 0.10% | 77,623 | $7.7M | Reduce -2.0% |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | 0.10% | 93,512 | $7.6M | Reduce -0.2% |
| SCHB Schwab US Broad Market ETF | 0.10% | 289,055 | $7.4M | Reduce -0.6% |
| SCHC Schwab Intl Small-Cap Equity | 0.09% | 160,861 | $7.3M | Add +17.6% |
| IUSV iShares Core S&P U.S. Value | 0.09% | 72,916 | $7.3M | Add +5.8% |
| TSLA Tesla Inc. | 0.09% | 16,286 | $7.2M | Reduce -15.7% |
| QQQ Invesco QQQ Trust Series 1 | 0.09% | 12,016 | $7.2M | Add +9.9% |
| CUT Invesco MSCI Global Timber E | 0.09% | 237,438 | $7.0M | Add +1.4% |
| HOLA JPM Intll HDG Eq LDDR Ovrly filed as J P MORGAN EXCHANGE TRADED F | 0.09% | 133,769 | $6.9M | New |
Options reported separately and not counted above: SPY puts ($5.1M).
Other holdings (3): bonds, preferreds, convertibles and warrants · $10.0M (not counted above)
Total filed on the 13F, all lines: $7.7B.
Portfolio Sells Q2 2025 → Q3 2025
| SPSM SS SPDR P S&P 600 Small Cap | Reduce -15.1% | 3.19% | −0.53 |
| JPST JPMorgan Ultra-Short Income | Reduce -3.8% | 0.59% | −0.07 |
| IJR iShares Core S&P Small-Cap E | Reduce -11.4% | 0.47% | −0.06 |
| BJ Bj's Wholesale Club Holdings | Sold out | 0.00% | −0.05 |
| NVDA Nvidia Corp. | Reduce -28.7% | 0.19% | −0.05 |
| GMS GMS Inc. | Sold out | 0.00% | −0.05 |
| AMZN Amazon.com Inc. | Reduce -16.5% | 0.15% | −0.04 |
| UBER Uber Technologies Inc. | Reduce -89.0% | 0.00% | −0.04 |
| MSFT Microsoft Corp. | Reduce -4.7% | 0.39% | −0.03 |
| CASY Casey's General Stores Inc. | Sold out | 0.00% | −0.03 |
| GLD SPDR Gold Shares | Reduce -55.5% | 0.03% | −0.03 |
| TDG Transdigm Group Inc. | Sold out | 0.00% | −0.03 |
| IVE iShares S&P 500 Value ETF | Reduce -1.3% | 0.79% | −0.03 |
| CVNA Carvana Co. | Sold out | 0.00% | −0.02 |
| CWST Casella Waste Systems Inc. Class A | Sold out | 0.00% | −0.02 |
| CELH Celsius Holdings Inc. | Sold out | 0.00% | −0.02 |
| BLD Topbuild Corp. | Sold out | 0.00% | −0.02 |
| USMV iShares MSCI USA Min Vol Fac | Reduce -1.4% | 0.27% | −0.02 |
| AGM Federal Agric MTG Corp. Class C | Sold out | 0.00% | −0.02 |
| XLV SS Health Care Select Sector | Reduce -4.4% | 0.21% | −0.02 |
| ROOT Root Inc./Oh Class A | Sold out | 0.00% | −0.02 |
| TMDX Transmedics Group Inc. | Sold out | 0.00% | −0.02 |
| ESE Esco Technologies Inc. | Sold out | 0.00% | −0.02 |
| VEU Vanguard Ftse All-World Ex-U | Reduce -1.2% | 0.59% | −0.02 |
| STIP iShares 0-5 Year Tips Bond E | Reduce -1.6% | 0.17% | −0.02 |
| MSI Motorola Solutions Inc. | Reduce -68.3% | 0.01% | −0.02 |
| ACN Accenture PLC Class A | Reduce -0.9% | 0.04% | −0.01 |
| AZEK The Azek Co. Inc. | Sold out | 0.00% | −0.01 |
| PYPL PayPal Holdings Inc. | Sold out | 0.00% | −0.01 |
| GOOG Alphabet Inc. Class C | Reduce -31.9% | 0.07% | −0.01 |
| ODFL Old Dominion Freight Line | Sold out | 0.00% | −0.01 |
| TLH iShares 10-20 Year Treasury | Sold out | 0.00% | −0.01 |
| QTRX Quanterix Corp. | Sold out | 0.00% | −0.01 |
| BILS SS Spdrb B 3-12M T-Bill ETF | Reduce -2.0% | 0.10% | −0.01 |
| SCHR Schwab Intermediate-Term US | Reduce -1.6% | 0.11% | −0.01 |
| ELF Elf Beauty Inc. | Sold out | 0.00% | −0.01 |
| ABNB Airbnb Inc. Class A | Sold out | 0.00% | −0.01 |
| KRUS Kura Sushi USA Inc. Class A | Sold out | 0.00% | −0.01 |
| IBTF iShares Ibonds Dec 2025 Term | Reduce -12.7% | 0.04% | −0.01 |
| TATT Tat Technologies Ltd. | Sold out | 0.00% | −0.01 |
| FTCS First Trust Capital Strength | Reduce -2.3% | 0.12% | −0.01 |
| INTU Intuit Inc. | Reduce -2.6% | 0.03% | −0.01 |
| IGLB iShares 10+ Year Inv GR Corp. | Reduce -58.8% | 0.00% | −0.01 |
| HNST The Honest Co. Inc. | Sold out | 0.00% | −0.01 |
| SHV iShares 0-1 Year Treasury Bo | Sold out | 0.00% | −0.01 |
| ITOT iShares Core S&P Total U.S. | Reduce -1.7% | 0.47% | −0.01 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | Reduce -0.2% | 0.10% | −0.01 |
| IBTG iShares Ibonds Dec 2026 Term | Reduce -9.8% | 0.04% | −0.01 |
| FVAL Fidelity Value Factor ETF | Reduce -31.8% | 0.01% | −0.01 |
| IBTI iShares Ibonds Dec 2028 Term | Reduce -19.2% | 0.02% | −0.01 |
Portfolio Buys Q2 2025 → Q3 2025
| SMLF iShares US Smallcap Equity F | Add +185.9% | 1.02% | +0.67 |
| SPYG SS SPDR P S&P 500 Growth ETF | Add +1.1% | 6.28% | +0.18 |
| AAPL Apple Inc. | Add +0.2% | 0.67% | +0.09 |
| HOLA JPM Intll HDG Eq LDDR Ovrly | New | 0.09% | +0.09 |
| VWO Vanguard Ftse Emerging Marke | Add +1.2% | 3.05% | +0.09 |
| SPTM SS SPDR P S&P 1500 Comp ETF | Add +2.8% | 2.94% | +0.08 |
| VOO Vanguard S&P 500 ETF | Add +1.3% | 4.49% | +0.06 |
| SPYV SS SPDR P S&P 500 Value ETF | Add +2.9% | 6.09% | +0.06 |
| GUNR NT Mstar GLBL NR ETF | Add +1.4% | 2.00% | +0.05 |
| SCHF Schwab Intl Equity ETF | Add +60.4% | 0.12% | +0.04 |
| FBND Fidelity Total Bond ETF | Add +32.7% | 0.22% | +0.04 |
| CGUS Cap Group Core Equity | Add +18.8% | 0.24% | +0.04 |
| CGGR Cap Group Growth Equity | Add +12.5% | 0.33% | +0.04 |
| CGCP Cap Group Core Plus Income | Add +35.7% | 0.16% | +0.03 |
| SGOV iShares 0-3 Month Treasury B | Add +29.2% | 0.20% | +0.03 |
| CGDV Cap Group Dividend Value | Add +7.5% | 0.51% | +0.03 |
| CGGO Cap Group Global Growth | Add +13.0% | 0.28% | +0.03 |
| XSOE Wisdmtree Emerg MKT Ex-St Ow | Add +1.5% | 0.82% | +0.03 |
| SPMD SS SPDR P S&P 400 Midcap ETF | Add +2.9% | 5.06% | +0.02 |
| FELG Fidelity Enh LRG Cap GWTH | Add +37.8% | 0.08% | +0.02 |
| EMXC iShares MSCI Emr MRK Ex Chna | Add +2.1% | 1.53% | +0.02 |
| IVV iShares Core S&P 500 ETF | Add +3.5% | 0.54% | +0.02 |
| CGGE Cap Group Global Eq | Add +168.4% | 0.03% | +0.02 |
| USTB Victoryshares Short-Term Bon | Add +112.2% | 0.04% | +0.02 |
| CGMM Cap Group Small and Mid Cap | Add +383.0% | 0.02% | +0.02 |
| GOOGL Alphabet Inc. Class A | Add +4.6% | 0.07% | +0.02 |
| IBD Inspire Corporate Bond ETF | Add +48.6% | 0.06% | +0.02 |
| VTV Vanguard Mrngstr Val ETF-Aui | Add +11.5% | 0.18% | +0.02 |
| DGRO iShares Core Dividend Growth | Add +14.8% | 0.11% | +0.01 |
| SCHC Schwab Intl Small-Cap Equity | Add +17.6% | 0.09% | +0.01 |
| XSVM Invesco S&P Smallcap Value W | Add +5.4% | 0.23% | +0.01 |
| CGIE Cap Group Intl Equity | New | 0.01% | +0.01 |
| DYNF Ishrs US E F R A ETF-Usd Inc. | Add +26.7% | 0.06% | +0.01 |
| JEPQ JPM Nasdaq Equity Premium | Add +96.8% | 0.03% | +0.01 |
| VUG Vanguard Mrngstar GR ETF-Sui | Add +18.5% | 0.08% | +0.01 |
| IWY iShares Russell Top 200 Grow | Add +0.5% | 0.37% | +0.01 |
| GLDM SPDR Gold Minishares Trust | Add +34.6% | 0.04% | +0.01 |
| PG The Procter & Gamble Co. | Add +21.0% | 0.15% | +0.01 |
| HDV iShares Core High Dividend E | Add +85.8% | 0.03% | +0.01 |
| TDTF NT Iboxx 5Y Dur Tips ETF | New | 0.01% | +0.01 |
| CGBL Cap Group Core Balanced | Add +43.0% | 0.04% | +0.01 |
| VXF Vanguard Extended Market ETF | Add +2.3% | 0.36% | +0.01 |
| JAAA Janus Henderson Aaa Clo ETF | Add +39.8% | 0.05% | +0.01 |
| VTEC Vanguard Ca Tax-Ex Bond | New | 0.01% | +0.01 |
| CALI Ishrs SH-TRM Ca Muni Act ETF | New | 0.01% | +0.01 |
| SLYG SS SPDR S&P 600 SC GR ETF | New | 0.01% | +0.01 |
| JPIB JPMorgan Intl BND ETF | Add +218.0% | 0.01% | +0.01 |
| QQQ Invesco QQQ Trust Series 1 | Add +9.9% | 0.09% | +0.01 |
| SLYV SS SPDR S&P 600 SC Val ETF | Add +47.5% | 0.03% | +0.01 |
| CGNG Cap Group New Geography Eq | New | 0.01% | +0.01 |
Notes & Other Activity Q2 2025 → Q3 2025
| IBDR iShares Ibonds Dec 2026 Term | IBONDS DEC2026 · principal | Reduce -3.8% | 152,465 | $3.7M |
| IBDQ iShares Ibonds Dec 2025 Term | IBONDS DEC25 ETF · principal | Reduce -2.5% | 141,075 | $3.6M |
| IBDS Ishrs Ibnds Dec 27 Corp. ETF | IBONDS 27 ETF · principal | Reduce -1.9% | 111,958 | $2.7M |
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 | 724 | $9.4B | VEA, SPYG, SPYV, SPMD, VTIP |
| Q1 2026 | 673 | $8.4B | VEA, SPYV, SPYG, SPMD, VTIP |
| Q4 2025 | 653 | $8.1B | VEA, SPYG, SPYV, SPMD, VOO |
| Q3 2025 | 642 | $7.7B | VEA, SPYG, SPYV, SPMD, VOO |
| Q2 2025 | 636 | $7.2B | VEA, SPYG, SPYV, SPMD, VOO |
| Q1 2025 | 598 | $6.6B | VEA, SPYV, SPYG, SPMD, VTIP |
| Q4 2024 | 587 | $6.4B | VEA, SPYG, SPYV, SPMD, VOO |
| Q3 2024 | 577 | $6.4B | VEA, SPYV, SPYG, SPMD, VOO |
| Q2 2024 | 553 | $5.9B | VEA, SPYG, SPYV, SPMD, VTIP |
| Q1 2024 | 531 | $5.7B | VEA, SPYV, SPYG, SPMD, VOO |