iShares Broad Usd High YieldUSHYETF
13F holders, Q3 2024 (September 30)At the end of Q3 2024, 501 institutions reported holding iShares Broad Usd High Yield (USHY) in their 13F filings, up 30 from Q2 2024. 78 opened new positions and 50 sold out. The largest holders were JPMorgan Chase & Co. ($2.4B), Prudential PLC ($2.3B) and BlackRock, Inc. ($2.0B). 5 famous investors held it, including Joel Greenblatt (0.0% of Gotham Asset Management's portfolio), Ken Fisher (0.0% of Fisher Asset Management's portfolio) and Ken Griffin (0.0% of Citadel Advisors's portfolio).
- Company
- iShares Broad Usd High Yield
- CUSIP
- 46435U853
- Latest filing quarter
- Q2 2026
History
Number of 13F holders
Total Exit/New Position Q2 2024 → Q3 2024
| Institutions | Total Value | |
|---|---|---|
| New Positions | 78 | $540.3M |
| Exits | 50 | $60.3M |
All 13F filers, Q2 2024 → Q3 2024: 157,977,773 shares bought and 27,621,069 shares sold, net +130,356,704 shares. Counts holders who added, trimmed, opened or closed a position; split-adjusted.
Ownership 501 holders
| JPMorgan Chase & Co. | 0.19% | Add +3566.0% | 63,967,523 | $2.4B |
| Prudential PLC | 11.39% | Add +256.1% | 59,786,038 | $2.3B |
| BlackRock, Inc. | 0.04% | — | 54,347,858 | $2.0B |
| Northern Trust Corp. | 0.24% | Add +3.8% | 38,890,644 | $1.5B |
| Wells Fargo & Company | 0.32% | Add +42.0% | 34,526,070 | $1.3B |
| Jones Financial Companies LLLP | 0.70% | Add +5.7% | 18,122,184 | $682.8M |
| Raymond James & Associates | 0.31% | Add +2.8% | 13,554,148 | $510.3M |
| Goldman Sachs Group Inc. | 0.10% | Add +310.4% | 13,476,765 | $507.4M |
| Japan Science & Technology Agency | 5.54% | No change | 11,130,157 | $419.1M |
| Thrivent Financial for Lutherans | 0.52% | Add +2.5% | 7,203,476 | $271.2M |
| Ocean Park Asset Management, LLC | 9.69% | Add +13.7% | 5,864,296 | $220.8M |
| Clark Capital Management Group, Inc. | 1.37% | Add +30.0% | 5,300,000 | $199.5M |
| BNP Paribas Financial Markets | 0.19% | Add +107.5% | 5,188,732 | $195.4M |
| Tiaa Trust, National Association | 0.53% | Reduce -73.3% | 4,693,226 | $176.7M |
| Kensington Asset Management, LLC | 9.64% | Add +22.2% | 4,734,160 | $175.8M |
| Bank of America Corp. | 0.01% | Add +9.4% | 4,563,831 | $171.8M |
| Toews Corp. | 21.49% | Reduce -0.6% | 4,257,100 | $160.3M |
| Envestnet Asset Management Inc. | 0.05% | Add +17.3% | 4,053,805 | $152.6M |
| State of Wisconsin Investment Board | 0.38% | New | 3,992,228 | $150.3M |
| LPL Financial LLC | 0.06% | Add +13.2% | 3,653,540 | $137.6M |
| Charles Schwab Investment Management Inc. | 0.03% | Reduce -30.5% | 3,583,654 | $134.9M |
| UBS Group AG | 0.04% | Reduce -1.3% | 3,355,642 | $126.3M |
| Liberty Mutual Group Asset Management Inc. | 13.12% | New | 2,300,000 | $86.6M |
| Morgan Stanley | 0.01% | Add +5.1% | 2,270,119 | $85.5M |
| Counterpoint Mutual Funds LLC | 15.85% | Reduce -6.2% | 2,221,763 | $83.6M |
| Angeles Investment Advisors, LLC | 4.18% | New | 2,171,000 | $81.7M |
| SigFig Wealth Management, LLC | 2.93% | Add +7.2% | 2,141,966 | $80.7M |
| Alaska Permanent Fund Corp | 1.16% | Reduce -40.7% | 2,111,619 | $79.5M |
| Allstate Corp. | 7.12% | No change | 1,988,000 | $74.8M |
| Nepc LLC | 2.15% | No change | 1,894,929 | $71.3M |
| Bricktown Capital, LLC | 13.24% | Add +28.2% | 1,888,389 | $71.1M |
| Roberts Financial Services LLC | 12.36% | Add +2.3% | 1,754,077 | $66.0M |
| Venturi Wealth Management, LLC | 3.40% | Add +79.7% | 1,724,784 | $64.9M |
| Partners Capital Investment Group, LLP | 1.03% | Reduce -1.8% | 1,715,964 | $64.6M |
| Shenkman Capital Management Inc. | 35.27% | New | 1,613,089 | $61.8M |
| Bank of New York Mellon Corp | 0.01% | Add +8.8% | 1,624,873 | $61.2M |
| Rebalance, LLC | 4.43% | Add +2.6% | 1,607,103 | $60.5M |
| One Capital Management, LLC | 1.90% | Add +15.4% | 1,582,681 | $59.6M |
| American Century Companies Inc. | 0.03% | No change | 1,480,560 | $55.7M |
| Assetmark, Inc. | 0.16% | Reduce -0.2% | 1,476,632 | $55.6M |
| Raymond James Financial Services Advisors, Inc. | 0.07% | Add +6.7% | 1,356,933 | $51.1M |
| Osaic Holdings, Inc. | 0.11% | Add +10.7% | 1,299,484 | $48.9M |
| Mercer Global Advisors Inc. | 0.11% | Add +25.3% | 1,287,676 | $48.2M |
| Nuveen Asset Management, LLC | 0.01% | New | 1,279,070 | $48.2M |
| Morningstar Investment Services LLC | 0.48% | Reduce -1.5% | 1,260,875 | $47.5M |
| Koss-Olinger Consulting, LLC | 4.09% | Add +1.1% | 1,251,597 | $47.1M |
| Cerity Partners LLC | 0.10% | Add +4.1% | 1,231,013 | $46.3M |
| 1832 Asset Management L.P. | 0.08% | Reduce -66.7% | 1,197,747 | $45.1M |
| Wealthfront Advisers LLC | 0.14% | Add +13.6% | 1,187,908 | $44.7M |
| Manning & Napier Advisors LLC | 0.49% | Add +1032.9% | 1,180,489 | $44.4M |
| Cwm, LLC | 0.19% | Reduce -2.4% | 1,146,453 | $43.2M |
| Prudential Financial Inc. | 0.05% | Add +89.4% | 1,018,609 | $38.4M |
| US Bancorp \de | 0.05% | Reduce -2.5% | 998,730 | $37.6M |
| Prime Capital Investment Advisors, LLC | 0.53% | Add +4.0% | 980,014 | $36.9M |
| Axxcess Wealth Management, LLC | 0.86% | Add +2.8% | 904,878 | $34.1M |
| Capital Asset Advisory Services LLC | 1.69% | Add +2.3% | 904,458 | $33.7M |
| DSC Meridian Capital LP | 26.79% | Add +0.5% | 790,228 | $29.8M |
| Cetera Investment Advisers | 0.06% | Reduce -7.2% | 721,715 | $27.2M |
| NEOS Investment Management LLC | 0.80% | New | 710,000 | $26.6M |
| Prestige Wealth Management Group LLC | 5.44% | Reduce -0.6% | 697,554 | $26.3M |
| FMR LLC | 0.00% | Add +14.1% | 691,254 | $26.0M |
| Royal Bank of Canada | 0.01% | Add +85.8% | 665,605 | $25.1M |
| Stifel Financial Corp. | 0.03% | Add +6.1% | 632,984 | $23.8M |
| Santa Clara Valley Transportation Authority | 22.15% | — | 614,225 | $23.1M |
| Trek Financial, LLC | 1.64% | Add +33.6% | 582,602 | $21.9M |
| Deutsche Bank AG | 0.01% | Add +52.4% | 536,664 | $20.2M |
| Commonwealth Equity Services, LLC | 0.03% | Add +6.9% | 519,114 | $19.5M |
| Baker Avenue Asset Management, LP | 0.62% | Add +3.0% | 516,378 | $19.4M |
| Phillips Financial Management, LLC | 1.38% | Add +1.3% | 473,726 | $17.8M |
| HRT Financial LP | 0.08% | Add +32.3% | 452,636 | $17.0M |
| Loomis Sayles & Co. L P | 0.02% | Add +17.9% | 444,473 | $16.7M |
| Equitable Holdings, Inc. | 0.16% | Add +4.3% | 437,940 | $16.5M |
| Citigroup Inc. | 0.01% | Add +4.0% | 418,200 | $15.7M |
| Clearstead Advisors, LLC | 0.22% | Add +3010.2% | 381,461 | $14.4M |
| Alliancebernstein L.P. | 0.00% | Add +52.9% | 374,146 | $14.1M |
| Wedmont Private Capital | 0.80% | Add +6.5% | 377,158 | $14.0M |
| Nisa Investment Advisors, LLC | 0.08% | New | 340,000 | $12.8M |
| First Command Advisory Services, Inc. | 0.12% | New | 336,342 | $12.7M |
| Allegiance Financial Group Advisory Services LLC | 4.21% | Add +6.2% | 321,345 | $12.1M |
| Rakuten Investment Management, Inc. | 0.07% | Add +3.9% | 317,541 | $12.0M |
| JTC Employer Solutions Trustee Ltd | 0.76% | No change | 310,219 | $11.7M |
| Financiere des Professionnels - Fonds d'investissement inc. | 0.80% | Reduce -2.9% | 309,800 | $11.7M |
| Y.D. More Investments Ltd | 1.21% | New | 307,063 | $11.6M |
| Neuberger Berman Group LLC | 0.01% | Reduce -5.8% | 293,290 | $11.0M |
| Sage Advisory Services, Ltd.Co. | 3.08% | No change | 302,099 | $11.0M |
| Fisher Asset Management | 0.00% | Reduce -22.0% | 283,882 | $10.7M |
| Alps Advisors Inc. | 0.07% | Reduce -1.7% | 266,369 | $10.0M |
| Townsquare Capital LLC | 0.12% | Add +5.5% | 263,594 | $9.9M |
| Baird Financial Group, Inc. | 0.02% | Add +39.7% | 263,518 | $9.9M |
| Principal Financial Group Inc. | 0.01% | Reduce -33.5% | 261,437 | $9.8M |
| BTS Asset Management, Inc. | 9.16% | Add +1078.8% | 255,101 | $9.6M |
| FC Advisory LLC | 3.22% | Add +4.8% | 254,691 | $9.6M |
| Avidian Wealth Enterprises, LLC | 0.43% | Add +3.8% | 248,783 | $9.4M |
| Truist Financial Corp. | 0.01% | Reduce -24.4% | 247,105 | $9.3M |
| American Trust | 0.76% | Add +35.2% | 246,199 | $9.3M |
| Betterment LLC | 0.02% | Add +67.2% | 245,743 | $9.3M |
| Heritage Family Offices, LLP | 4.72% | Add +0.8% | 242,974 | $9.1M |
| Destiny Wealth Partners, LLC | 1.54% | Reduce -1.2% | 233,426 | $8.8M |
| New York Life Investment Management LLC | 0.08% | Add +3.9% | 220,589 | $8.3M |
| Steward Partners Investment Advisory, LLC | 0.08% | Add +4.0% | 219,521 | $8.3M |
| Creative Planning | 0.01% | Add +2.0% | 216,530 | $8.2M |
| Trajan Wealth LLC | 0.47% | Add +5.8% | 213,354 | $8.0M |
| Northeast Financial Group, Inc. | 2.99% | Add +6.8% | 206,373 | $7.8M |
| Mechanics Bank Trust Department | 1.03% | Reduce -4.0% | 205,136 | $7.7M |
| San Luis Wealth Advisors LLC | 1.60% | Add +18.6% | 205,129 | $7.7M |
| &partners | 0.15% | Add +307.6% | 199,674 | $7.6M |
| Quantitative Strategies, Inc. | 4.01% | Add +2.3% | 200,729 | $7.6M |
| Principal Securities, Inc. | 0.18% | Add +176.4% | 192,915 | $7.3M |
| Howe & Rusling Inc. | 0.61% | Reduce -0.5% | 189,226 | $7.1M |
| Topel & Distasi Wealth Management, LLC | 2.94% | Add +2.2% | 188,431 | $7.1M |
| Susquehanna International Group, LLP | 0.01% | New | 187,337 | $7.1M |
| Mackenzie Financial Corp. | 0.01% | Add +3.4% | 186,101 | $7.0M |
| Rwa Wealth Partners, LLC | 0.09% | Reduce -1.9% | 181,707 | $6.8M |
| Raymond James Trust N.A. | 0.15% | Add +1.5% | 181,440 | $6.8M |
| Northwestern Mutual Wealth Management Co. | 0.01% | Reduce -3.4% | 179,892 | $6.8M |
| Founders Financial Securities LLC | 0.62% | Reduce -22.8% | 177,980 | $6.7M |
| Riversedge Advisors, LLC | 1.51% | Add +6.8% | 177,248 | $6.7M |
| Wealth Enhancement Advisory Services, LLC | 0.01% | Add +7.4% | 174,894 | $6.6M |
| Cambridge Investment Research Advisors, Inc. | 0.02% | Add +37.3% | 171,593 | $6.5M |
| Ameriprise Financial Inc. | 0.00% | Reduce -62.2% | 172,114 | $6.4M |
| Forte Asset Management LLC | 3.40% | Reduce -16.2% | 169,341 | $6.4M |
| Tolleson Wealth Management, Inc. | 1.21% | Reduce -18.0% | 168,621 | $6.3M |
| Monument Capital Management | 1.75% | Reduce -2.0% | 167,768 | $6.3M |
| Aveo Capital Partners, LLC | 0.66% | Reduce -75.1% | 164,566 | $6.2M |
| Horizon Investments, LLC | 0.16% | Reduce -24.1% | 166,420 | $6.2M |
| OneDigital Investment Advisors LLC | 0.07% | Add +105.0% | 164,111 | $6.2M |
| Summit Global Investments | 0.39% | New | 160,911 | $6.1M |
| Grove Bank & Trust | 0.89% | Add +11.2% | 159,824 | $6.0M |
| Sigma Planning Corp | 0.18% | Add +13.2% | 159,758 | $6.0M |
| Fifth Third Securities, Inc. | 0.57% | Add +4.3% | 159,488 | $6.0M |
| Donoghue Forlines LLC | 1.68% | Add +4.1% | 156,710 | $5.9M |
| Sanctuary Advisors, LLC | 0.04% | Add +29.3% | 155,532 | $5.8M |
| Single Point Partners, LLC | 9.21% | Add +14.8% | 153,484 | $5.8M |
| Kestra Advisory Services, LLC | 0.03% | Add +93.0% | 149,631 | $5.6M |
| Grey Fox Wealth Advisors, LLC | 1.51% | Add +30.4% | 143,820 | $5.4M |
| Jane Street Group, LLC | 0.01% | Reduce -95.3% | 142,586 | $5.4M |
| David Kennon Inc | 2.08% | Add +1.9% | 140,443 | $5.3M |
| Cornerstone Management, Inc. | 1.09% | Reduce -0.1% | 138,144 | $5.2M |
| Two Sigma Securities, LLC | 0.40% | Add +238.6% | 136,102 | $5.1M |
| Comerica Bank | 0.02% | Add +3.8% | 132,842 | $5.0M |
| Pathstone Holdings, LLC | 0.02% | Add +38.7% | 128,162 | $4.8M |
| Flow Traders U.S. LLC | 0.24% | Add +151.7% | 128,034 | $4.8M |
| UMB Bank, n.a. | 0.07% | Add +8.7% | 127,878 | $4.8M |
| Vise Technologies, Inc. | 0.61% | Add +1.5% | 126,424 | $4.8M |
| Chesapeake Wealth Management | 1.60% | Add +3.6% | 124,811 | $4.7M |
| National Bank of Canada | 0.01% | Add +2.2% | 121,562 | $4.6M |
| Ellevest, Inc. | 0.24% | Add +8.7% | 117,208 | $4.4M |
| McKinley Carter Wealth Services, Inc. | 0.27% | Add +4.5% | 117,080 | $4.4M |
| Hohimer Wealth Management, LLC | 0.94% | Reduce -0.9% | 116,517 | $4.4M |
| Q3 Asset Management | 0.99% | New | 112,204 | $4.2M |
| Paragon Advisors, LLC | 1.36% | Add +3.6% | 110,975 | $4.2M |
| Blue Edge Capital, LLC | 0.62% | Add +0.6% | 105,262 | $4.0M |
| Ashton Thomas Securities, LLC | 0.75% | Reduce -26.3% | 102,998 | $3.9M |
| CreativeOne Wealth, LLC | 0.13% | Add +77.4% | 102,435 | $3.9M |
| HSBC Holdings PLC | 0.00% | Reduce -48.8% | 102,135 | $3.8M |
| Alera Investment Advisors, LLC | 0.42% | Add +1.2% | 96,115 | $3.6M |
| Edgestream Partners, L.P. | 0.16% | New | 94,485 | $3.6M |
| Moneta Group Investment Advisors LLC | 0.05% | Reduce -14.7% | 92,220 | $3.5M |
| Mutual Advisors, LLC | 0.10% | Reduce -52.3% | 92,442 | $3.4M |
| Focus Partners Wealth | 0.01% | Add +313.9% | 209,481 | $3.4M |
| Rockefeller Capital Management L.P. | 0.01% | Add +66.0% | 88,550 | $3.3M |
| Financial & Tax Architects, LLC | 0.83% | Add +9.3% | 86,023 | $3.2M |
| Wetzel Investment Advisors, Inc. | 1.55% | Add +178.6% | 81,576 | $3.1M |
| Signature Estate & Investment Advisors LLC | 0.07% | Add +14.8% | 81,402 | $3.1M |
| MML Investors Services, LLC | 0.01% | Reduce -14.4% | 81,085 | $3.1M |
| Mgo One Seven LLC | 0.13% | Add +805.4% | 80,627 | $3.0M |
| Wedbush Securities Inc. | 0.11% | New | 78,009 | $2.9M |
| Brookstone Capital Management | 0.04% | Add +0.1% | 77,278 | $2.9M |
| Kathmere Capital Management, LLC | 0.27% | Add +28.7% | 75,648 | $2.8M |
| Gibbs Wealth Management | 0.91% | Add +10.8% | 74,933 | $2.8M |
| Guggenheim Capital LLC | 0.02% | Reduce -6.1% | 72,472 | $2.7M |
| Envestnet Portfolio Solutions, Inc. | 0.01% | Reduce -38.4% | 70,943 | $2.7M |
| SWS Partners | 0.81% | Reduce -6.8% | 67,945 | $2.6M |
| Counterweight Ventures, LLC | 1.79% | Add +22.5% | 67,253 | $2.5M |
| Vicus Capital | 0.22% | Add +13.6% | 67,064 | $2.5M |
| Oppenheimer & Co. Inc. | 0.04% | Reduce -23.6% | 66,610 | $2.5M |
| Merit Financial Group, LLC | 0.06% | Reduce -2.3% | 66,573 | $2.5M |
| Concurrent Investment Advisors, LLC | 0.07% | Add +15.7% | 65,665 | $2.5M |
| Verdence Capital Advisors LLC | 0.20% | Add +15.8% | 65,025 | $2.4M |
| Sumitomo Life Insurance Co. | 0.05% | Reduce -93.7% | 64,300 | $2.4M |
| Balefire, LLC | 0.81% | New | 64,090 | $2.4M |
| Octavia Wealth Advisors, LLC | 0.30% | Add +36.1% | 63,988 | $2.4M |
| Level Four Advisory Services, LLC | 0.10% | Add +10.2% | 62,492 | $2.3M |
| Consolidated Portfolio Review Corp | 0.51% | Add +5.3% | 60,801 | $2.3M |
| Dodds Wealth, LLC | 0.75% | Reduce -42.6% | 60,553 | $2.3M |
| Marcum Wealth, LLC | 0.20% | Add +38.4% | 58,519 | $2.2M |
| Orion Porfolio Solutions, LLC | 0.02% | Add +14.3% | 57,780 | $2.2M |
| Orion Portfolio Solutions, LLC | 0.02% | Add +14.3% | 57,780 | $2.2M |
| Hilltop Holdings Inc. | 0.14% | Add +68.4% | 57,169 | $2.2M |
| Integrated Advisors Network LLC | 0.10% | Add +14.4% | 56,230 | $2.1M |
| Simplicity Wealth,LLC | 0.20% | Reduce -68.3% | 56,197 | $2.1M |
| Stratos Wealth Partners, LTD. | 0.03% | Add +13.4% | 54,811 | $2.1M |
| Unison Advisors LLC | 0.25% | Add +3.3% | 54,755 | $2.1M |
| Natixis Advisors, LLC | 0.00% | Add +13.4% | 54,672 | $2.1M |
| HighTower Advisors, LLC | 0.00% | Reduce -60.5% | 53,735 | $2.0M |
| Gerber Kawasaki Wealth & Investment Management | 0.09% | Add +104.7% | 53,566 | $2.0M |
| New England Asset Management Inc. | 0.33% | No change | 53,145 | $2.0M |
| New Wave Wealth Advisors LLC | 0.92% | Add +2.7% | 52,946 | $2.0M |
| Heritage Oak Wealth Advisors LLC | 0.92% | New | 52,946 | $2.0M |
| NewEdge Advisors, LLC | 0.01% | Reduce -35.0% | 52,861 | $2.0M |
| Verus Capital Partners, LLC | 0.19% | Add +9.4% | 52,494 | $2.0M |
| World Investment Advisors | 0.06% | Add +589.9% | 51,528 | $1.9M |
| Clarity Capital Partners LLC | 1.09% | Add +14.9% | 48,990 | $1.8M |
| State of Wisconsin - Board of Commissioners of Public Lands | 1.12% | Reduce -93.8% | 48,550 | $1.8M |
| Leeward Financial Partners, LLC | 0.69% | Add +4.2% | 48,442 | $1.8M |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | 0.00% | New | 48,333 | $1.8M |
| Cordgrass Capital Advisors, LLC | 0.52% | Add +14.1% | 47,781 | $1.8M |
| Great Valley Advisor Group, Inc. | 0.04% | Add +196.9% | 47,334 | $1.8M |
| Atria Investments, Inc | 0.02% | Add +82.5% | 47,163 | $1.8M |
| High Net Worth Advisory Group LLC | 0.47% | Add +6.1% | 44,882 | $1.7M |
| Braun-Bostich & Associates Inc. | 1.15% | Add +10.1% | 43,778 | $1.6M |
| Kestra Private Wealth Services, LLC | 0.03% | Add +39.1% | 43,592 | $1.6M |
| Goldstone Financial Group, LLC | 0.27% | Add +30.7% | 41,586 | $1.6M |
| WealthCare Investment Partners, LLC | 0.67% | Add +10.0% | 41,143 | $1.5M |
| Dorsey & Whitney Trust CO LLC | 0.08% | Add +150.1% | 40,012 | $1.5M |
| Park Avenue Securities LLC | 0.02% | Reduce -6.4% | 38,586 | $1.5M |
| Advisory Alpha, LLC | 0.05% | Reduce -78.0% | 38,399 | $1.4M |
| Gotham Asset Management | 0.01% | Add +0.9% | 38,133 | $1.4M |
| Exchange Traded Concepts, LLC | 0.03% | New | 35,696 | $1.3M |
| Patriot Investment Management Group, Inc. | 0.10% | Add +10.6% | 35,376 | $1.3M |
| Ashton Thomas Private Wealth, LLC | 0.07% | Reduce -6.8% | 35,116 | $1.3M |
| PNC Financial Services Group, Inc. | 0.00% | Reduce -7.5% | 34,931 | $1.3M |
| Ausdal Financial Partners, Inc. | 0.14% | Add +9.2% | 34,658 | $1.3M |
| M&T Bank Corp | 0.00% | Reduce -5.1% | 34,426 | $1.3M |
| Litman Gregory Wealth Management LLC | 0.11% | Reduce -3.8% | 33,980 | $1.3M |
| Lake Street Advisors Group, LLC | 0.06% | New | 33,677 | $1.3M |
| Sunbelt Securities, Inc. | 0.12% | Add +833.5% | 33,233 | $1.3M |
| TFB Advisors LLC | 0.37% | Reduce -0.0% | 33,228 | $1.3M |
| Valeo Financial Advisors, LLC | 0.04% | New | 32,500 | $1.2M |
| Legacy Edge Advisors, LLC | 0.20% | Add +30.8% | 32,488 | $1.2M |
| Citadel Advisors | 0.00% | Add +201.4% | 31,247 | $1.2M |
| Private Advisor Group, LLC | 0.01% | Add +2.9% | 30,948 | $1.2M |
| Mission Wealth Management, LP | 0.03% | Reduce -11.1% | 30,379 | $1.1M |
| Fiducient Advisors LLC | 0.13% | Add +119.2% | 30,002 | $1.1M |
| Good Life Advisors, LLC | 0.07% | New | 28,828 | $1.1M |
| Atria Wealth Solutions, Inc. | 0.01% | Reduce -52.9% | 28,687 | $1.1M |
| Charles Schwab Trust Co | 0.09% | Reduce -18.6% | 28,593 | $1.1M |
| DAVENPORT & Co LLC | 0.01% | Add +25.2% | 28,501 | $1.1M |
| United Capital Financial Advisors, LLC | 0.01% | Reduce -2.1% | 27,152 | $1.0M |
| Millennium Management | 0.00% | Add +26.1% | 27,151 | $1.0M |
| Spectrum Wealth Counsel, LLC | 0.12% | Add +35.8% | 27,027 | $1.0M |
| Sowell Financial Services LLC | 0.05% | Reduce -3.3% | 26,968 | $1.0M |
| Westfuller Advisors, LLC | 0.71% | — | 26,447 | $996K |
| Avantax Advisory Services, Inc. | 0.01% | Reduce -68.8% | 26,343 | $992K |
| Polen Capital Management LLC | 0.00% | New | 26,300 | $990K |
| Naples Global Advisors, LLC | 0.09% | Reduce -9.4% | 26,266 | $989K |
| Engineers Gate Manager LP | 0.02% | New | 26,123 | $984K |
| Flagship Harbor Advisors, LLC | 0.05% | Add +2.1% | 25,783 | $971K |
| RVW Wealth, LLC | 0.09% | No change | 25,174 | $948K |
| Benjamin Edwards Inc. | 0.01% | New | 24,926 | $938K |
| Winch Advisory Services, LLC | 0.26% | Add +11.5% | 24,804 | $934K |
| Titleist Asset Management, LLC | 0.13% | Add +4.4% | 24,327 | $916K |
| Independent Wealth Network Inc. | 0.39% | Add +19.7% | 23,441 | $883K |
| Condor Capital Management | 0.08% | Reduce -0.1% | 22,954 | $864K |
| Apollon Wealth Management, LLC | 0.02% | Reduce -6.3% | 22,538 | $849K |
| Twele Capital Management, Inc. | 0.17% | Add +54.9% | 21,947 | $826K |
| CAP Partners, LLC | 0.62% | Add +2.7% | 21,876 | $824K |
| Strategic Advocates LLC | 0.29% | Reduce -14.7% | 21,832 | $822K |
| Neumann Capital Management, LLC | 0.27% | Add +12.1% | 21,750 | $819K |
| Compound Planning, Inc. | 0.05% | Reduce -13.4% | 21,657 | $815K |
| Family Asset Management, LLC | 0.49% | Reduce -1.4% | 21,450 | $808K |
| Brighton Jones LLC | 0.03% | Reduce -4.7% | 21,436 | $807K |
| CGN Advisors LLC | 0.08% | Add +1.0% | 21,023 | $792K |
| Petix & Botte Co | 0.20% | Reduce -2.4% | 20,442 | $770K |
| Defined Wealth Management, LLC | 0.48% | Add +2.3% | 19,741 | $743K |
| Portside Wealth Group, LLC | 0.13% | Add +18.3% | 19,520 | $735K |
| Arkadios Wealth Advisors | 0.04% | Add +92.2% | 19,110 | $720K |
| Hexagon Capital Partners LLC | 0.14% | Reduce -0.9% | 18,763 | $706K |
| Windsor Capital Management, LLC | 0.20% | Add +62.9% | 18,734 | $705K |
| Advisory Services Network, LLC | 0.01% | No change | 19,410 | $704K |
| Avior Wealth Management, LLC | 0.03% | Reduce -4.8% | 18,672 | $703K |
| Ethos Financial Group, LLC | 0.11% | Add +9.3% | 18,174 | $684K |
| BTG Pactual Asset Management US LLC | 0.10% | Add +2.7% | 18,551 | $678K |
| Provident Wealth Management, LLC | 0.22% | Reduce -2.2% | 17,392 | $655K |
| PFG Investments, LLC | 0.04% | Add +17.9% | 16,967 | $639K |
| First PREMIER Bank | 0.16% | New | 16,800 | $633K |
| Modera Wealth Management, LLC | 0.01% | Reduce -3.1% | 16,737 | $630K |
| Argent Trust Co | 0.03% | Add +25.0% | 16,582 | $624K |
| Kestra Investment Management, LLC | 0.03% | New | 16,439 | $619K |
| Mariner, LLC | 0.00% | Add +0.7% | 16,222 | $611K |
| Summit Financial, LLC | 0.02% | Reduce -18.7% | 15,831 | $596K |
| Euro Pacific Asset Management, LLC | 0.10% | New | 14,875 | $557K |
| Bank of Montreal | 0.00% | Add +4.8% | 14,497 | $546K |
| MMBG Investment Advisors Co. | 0.06% | New | 14,440 | $544K |
| Primoris Wealth Advisors, LLC | 0.39% | Reduce -2.0% | 14,400 | $542K |
| Chicago Partners Investment Group LLC | 0.02% | Reduce -45.0% | 14,502 | $538K |
| Corient Private Wealth LP | 0.00% | Add +0.9% | 14,269 | $537K |
| Wakefield Asset Management LLLP | 0.17% | Add +8.4% | 14,198 | $535K |
| Strategic Blueprint, LLC | 0.03% | Add +100.7% | 14,023 | $528K |
| Genesee Capital Advisors, LLC | 0.25% | Reduce -5.9% | 13,740 | $517K |
| Prospera Financial Services Inc | 0.01% | Reduce -1.6% | 13,394 | $504K |
| L & S Advisors Inc | 0.06% | Add +2.6% | 13,234 | $498K |
| Lido Advisors, LLC | 0.00% | Reduce -1.2% | 13,106 | $493K |
| Harbour Investments, Inc. | 0.01% | Reduce -9.2% | 12,904 | $486K |
| Adams Wealth Management | 0.10% | Reduce -6.1% | 12,553 | $473K |
| CacheTech Inc. | 0.10% | Reduce -6.1% | 12,553 | $473K |
| NorthCrest Asset Manangement, LLC | 0.01% | New | 12,469 | $469K |
| Farnam Financial LLC | 0.51% | — | 12,433 | $468K |
| RFG Advisory, LLC | 0.01% | Reduce -5.8% | 12,289 | $463K |
| AQR Capital Management | 0.00% | New | 12,149 | $457K |
| Swmg, LLC | 0.19% | Add +36.9% | 12,259 | $457K |
| Atlanta Consulting Group Advisors, LLC | 0.11% | Add +23.8% | 12,094 | $455K |
| Balyasny Asset Management L.P. | 0.00% | Reduce -42.4% | 11,784 | $444K |
| AE Wealth Management LLC | 0.00% | Add +3.5% | 11,504 | $433K |
| Norden Group LLC | 0.05% | Add +16.6% | 11,259 | $424K |
| Venture Visionary Partners LLC | 0.02% | No change | 11,160 | $420K |
| Syntegra Private Wealth Group, LLC | 0.05% | Add +0.1% | 11,028 | $415K |
| 1607 Capital Partners, LLC | 0.04% | New | 11,000 | $414K |
| Vantage Financial Partners, LLC | 0.10% | New | 10,957 | $413K |
| Sheridan Capital Management, LLC | 0.29% | No change | 10,890 | $410K |
| Beacon Financial Group | 0.04% | Reduce -0.4% | 10,763 | $405K |
| Berkshire Asset Management LLC | 0.02% | No change | 11,066 | $401K |
| Captrust Financial Advisors | 0.00% | New | 10,627 | $400K |
| IFP Advisors, Inc | 0.01% | Reduce -10.0% | 10,560 | $398K |
| CPA Asset Management Group, LLC | 0.19% | No change | 10,545 | $397K |
| Moors & Cabot, Inc. | 0.02% | Add +49.0% | 10,511 | $396K |
| Choreo, LLC | 0.01% | New | 10,428 | $392K |
| Narus Financial Partners, LLC | 0.13% | Reduce -37.8% | 9,845 | $371K |
| USAdvisors Wealth Management, LLC | 0.13% | No change | 9,706 | $365K |
| Occidental Asset Management, LLC | 0.06% | Reduce -46.1% | 9,350 | $352K |
| Koshinski Asset Management, Inc. | 0.03% | Reduce -15.8% | 9,340 | $352K |
| Private Trust Co. NA | 0.04% | Add +0.8% | 9,282 | $349K |
| Rothschild Wealth LLC | 0.10% | Reduce -1.6% | 9,045 | $341K |
| Brooklyn FI, LLC | 0.12% | Add +47.6% | 8,886 | $335K |
| Foundations Investment Advisors, LLC | 0.01% | Add +3.9% | 8,881 | $334K |
| GYL Financial Synergies, LLC | 0.03% | No change | 8,867 | $334K |
| Kingsview Wealth Management, LLC | 0.01% | Add +29.0% | 8,836 | $333K |
| Mattern Wealth Management LLC | 0.07% | Add +30.0% | 8,673 | $327K |
| Peak Planning Group, LLC | 0.14% | New | 8,657 | $326K |
| Wilson & Boucher Capital Management, LLC | 0.22% | No change | 8,400 | $316K |
| My Legacy Advisors, LLC | 0.12% | No change | 8,314 | $313K |
| Continuum Advisory, LLC | 0.04% | Add +11.4% | 8,401 | $312K |
| Raymond James Trust Co. of NH | 2.57% | No change | 8,276 | $312K |
| Covestor Ltd | 0.20% | Add +10.7% | 8,247 | $311K |
| Dynamic Advisor Solutions LLC | 0.01% | Add +8.4% | 8,035 | $303K |
| Capital Analysts, LLC | 0.01% | Add +4.6% | 8,025 | $302K |
| Davidson Trust Co. | 0.15% | Reduce -4.0% | 7,950 | $299K |
| Diversified Portfolios, Inc. | 0.03% | Add +4.5% | 7,795 | $293K |
| Diversify Wealth Management, LLC | 0.03% | Reduce -10.4% | 7,577 | $281K |
| IRON Financial LLC | 0.15% | No change | 7,453 | $281K |
| Lifeworks Advisors, LLC | 0.06% | New | 7,430 | $280K |
| CW Advisors, LLC | 0.00% | Add +0.6% | 7,369 | $277K |
| Ameritas Advisory Services, LLC | 0.01% | New | 7,358 | $277K |
| Moloney Securities Asset Management, LLC | 0.04% | New | 7,061 | $266K |
| Richardson Financial Services Inc. | 0.17% | No change | 7,282 | $264K |
| Aire Advisors, LLC | 0.06% | Add +7.6% | 7,007 | $264K |
| Emergent Wealth Advisors, LLC | 0.19% | Reduce -52.3% | 6,996 | $263K |
| FDx Advisors, Inc. | 0.07% | Reduce -4.2% | 6,950 | $262K |
| Baltimore-Washington Financial Advisors, Inc. | 0.01% | Reduce -9.0% | 6,936 | $261K |
| Financial Network Wealth Advisors LLC | 0.22% | Add +1.6% | 6,933 | $261K |
| Bragg Financial Advisors, Inc | 0.01% | Reduce -16.2% | 6,866 | $259K |
| Kohmann Bosshard Financial Services, LLC | 0.03% | Add +0.3% | 6,831 | $257K |
| Snowden Capital Advisors LLC | 0.01% | Add +1.3% | 6,761 | $255K |
| MRP Capital Investments, LLC | 0.24% | Reduce -77.2% | 6,735 | $254K |
| Maia Wealth LLC | 0.06% | New | 6,785 | $252K |
| TAGStone Capital, Inc. | 0.12% | Add +1.7% | 6,490 | $244K |
| Wrapmanager Inc. | 0.06% | New | 6,426 | $242K |
| Patten Group, Inc. | 0.05% | Reduce -3.0% | 6,405 | $241K |
| Beacon Capital Management, LLC | 0.03% | Add +53.2% | 6,250 | $235K |
| Global Retirement Partners, LLC | 0.01% | Add +6.1% | 6,224 | $234K |
| United Advisor Group, LLC | 0.05% | New | 6,130 | $231K |
| SWP Financial LLC | 0.14% | Reduce -95.5% | 6,034 | $227K |
| Icon Wealth Advisors, LLC | 0.02% | New | 6,022 | $227K |
| FWG Investments, LLC. | 0.20% | New | 6,003 | $226K |
| Alpha Financial Partners LLC | 0.16% | New | 5,919 | $223K |
| Ehrlich Financial Group | 0.16% | New | 5,919 | $223K |
| HUB Investment Partners, LLC | 0.01% | Add +0.3% | 5,867 | $221K |
| Ascentis Independent Advisors | 0.03% | New | 5,856 | $220K |
| Harbour Capital Advisors, LLC | 0.05% | New | 5,784 | $215K |
| Secure Asset Management, LLC | 0.04% | New | 5,667 | $213K |
| Nations Financial Group Inc, /Ia/ | 0.02% | New | 5,664 | $213K |
| Integrated Wealth Concepts LLC | 0.00% | Reduce -37.3% | 5,650 | $213K |
| Commerce Bank | 0.00% | Reduce -16.9% | 5,623 | $212K |
| Saxon Interests, Inc. | 0.10% | Reduce -83.9% | 5,580 | $210K |
| G&S Capital LLC | 0.09% | Add +1.1% | 5,569 | $210K |
| Robertson Stephens Wealth Management, LLC | 0.01% | Reduce -89.4% | 5,567 | $210K |
| United Asset Strategies, Inc. | 0.02% | Reduce -4.0% | 5,535 | $208K |
| Noesis Capital Mangement Corp. | 0.04% | New | 5,484 | $206K |
| Concourse Financial Group Securities, Inc. | 0.01% | Reduce -83.1% | 5,469 | $206K |
| Milestone Asset Management, LLC | 0.05% | New | 5,457 | $205K |
| Twin City Private Wealth, LLC | 0.18% | New | 5,414 | $204K |
| Sound Income Strategies, LLC | 0.01% | Add +1220.8% | 5,402 | $203K |
| HBW Advisory Services LLC | 0.03% | New | 5,395 | $203K |
| Bigelow Investment Advisors, LLC | 0.09% | Reduce -9.8% | 5,376 | $202K |
| Insigneo Advisory Services, LLC | 0.02% | New | 5,330 | $201K |
| Geneos Wealth Management Inc. | 0.01% | Add +93.9% | 5,131 | $193K |
| Concord Wealth Partners | 0.03% | Add +0.1% | 4,989 | $188K |
| Boyd Watterson Asset Management LLC | 0.05% | Reduce -7.2% | 4,781 | $180K |
| NBT Bank, N.A. | 0.01% | Add +2976.3% | 3,630 | $137K |
| Aptus Capital Advisors, LLC | 0.00% | Reduce -9.7% | 3,570 | $134K |
| Eastern Bank | 0.00% | New | 3,270 | $123K |
| GW&K Investment Management, LLC | 0.00% | No change | 3,280 | $123K |
| Blair William & Co. | 0.00% | Reduce -6.0% | 3,083 | $116K |
| Allworth Financial LP | 0.00% | Reduce -42.6% | 2,718 | $102K |
| Bessemer Group Inc. | 0.00% | Reduce -49.7% | 2,592 | $98K |
| Householder Group Estate & Retirement Specialist, LLC | 0.03% | Reduce -47.9% | 2,544 | $95K |
| Dunhill Financial, LLC | 0.05% | Reduce -70.7% | 2,515 | $95K |
| First Horizon Advisors, Inc. | 0.00% | Reduce -39.5% | 2,411 | $91K |
| MassMutual Private Wealth & Trust, FSB | 0.00% | Add +606.5% | 2,381 | $90K |
| Farther Finance Advisors, LLC | 0.00% | Reduce -5.3% | 2,345 | $88K |
| ORG Partners LLC | 0.01% | Reduce -1.9% | 2,178 | $82K |
| AdvisorNet Financial, Inc | 0.01% | Add +14.6% | 2,162 | $81K |
| Wilmington Savings Fund Society, FSB | 0.00% | New | 1,959 | $74K |
| Robinswood Financial LLC | 0.03% | No change | 1,931 | $73K |
| Bell Investment Advisors, Inc | 0.01% | Add +1.7% | 1,837 | $69K |
| Investors Research Corp | 0.01% | No change | 1,784 | $67K |
| Olistico Wealth, LLC | 0.04% | No change | 1,684 | $63K |
| GeoWealth Management, LLC | 0.00% | New | 1,661 | $63K |
| Empirical Asset Management, LLC | 0.02% | Reduce -10.2% | 12,335 | $61K |
| Operose Advisors LLC | 0.02% | New | 1,606 | $60K |
| EverSource Wealth Advisors, LLC | 0.00% | Reduce -6.5% | 1,591 | $60K |
| Capital Investment Advisory Services, LLC | 0.01% | No change | 1,564 | $59K |
| Whittier Trust Co. | 0.00% | No change | 1,560 | $59K |
| NorthRock Partners, LLC | 0.00% | New | 1,523 | $57K |
| NFSG Corp | 0.02% | Add +50.0% | 1,500 | $56K |
| Elevation Wealth Partners, LLC | 0.02% | Add +1.7% | 1,450 | $55K |
| Foster Dykema Cabot & Partners, LLC | 0.00% | No change | 1,422 | $54K |
| Castleview Partners, LLC | 0.03% | Add +77.3% | 1,383 | $52K |
| Transcendent Capital Group LLC | 0.03% | New | 1,292 | $49K |
| Pinnacle Bancorp, Inc. | 0.01% | Add +429.1% | 1,238 | $47K |
| Fifth Third Bancorp | 0.00% | Add +35.8% | 1,173 | $44K |
| CoreCap Advisors, LLC | 0.00% | Add +1126.1% | 1,079 | $41K |
| HHM Wealth Advisors, LLC | 0.01% | No change | 1,025 | $39K |
| GPS Wealth Strategies Group, LLC | 0.01% | Add +6.1% | 1,022 | $38K |
| Pacifica Partners Inc. | 0.02% | No change | 1,000 | $38K |
| Headlands Technologies LLC | 0.00% | Reduce -95.1% | 958 | $36K |
| O'shaughnessy Asset Management, LLC | 0.00% | Add +73.7% | 945 | $35K |
| Key Financial Inc | 0.01% | No change | 930 | $35K |
| Avion Wealth | 0.01% | Add +1477.6% | 915 | $34K |
| TD Capital Management LLC | 0.00% | Add +1.3% | 857 | $32K |
| Marquette Asset Management, LLC | 0.00% | New | 818 | $31K |
| Whittier Trust Co. of Nevada Inc. | 0.00% | No change | 812 | $31K |
| Proffitt & Goodson Inc. | 0.01% | New | 810 | $30K |
| Bokf, NA | 0.00% | No change | 795 | $30K |
| Fortitude Family Office, LLC | 0.01% | New | 708 | $27K |
| CIBC Private Wealth Group LLC | 0.00% | Add +59.8% | 687 | $26K |
| Farmers & Merchants Investments Inc. | 0.00% | Reduce -23.9% | 671 | $25K |
| Coppell Advisory Solutions LLC | 0.00% | Reduce -4.2% | 636 | $24K |
| Blume Capital Management, Inc. | 0.01% | New | 613 | $23K |
| Cullen/Frost Bankers, Inc. | 0.00% | Reduce -92.3% | 584 | $22K |
| Realta Investment Advisors | 0.01% | Reduce -95.5% | 582 | $22K |
| Glen Eagle Advisors, LLC | 0.00% | No change | 576 | $22K |
| Cape Investment Advisory, Inc. | 0.01% | Add +20.3% | 568 | $21K |
| Front Row Advisors LLC | 0.01% | New | 550 | $21K |
| Tucker Asset Management LLC | 0.00% | Reduce -3.6% | 541 | $20K |
| Arax Advisory Partners | 0.00% | No change | 507 | $19K |
| Raleigh Capital Management Inc. | 0.01% | Add +2.6% | 465 | $18K |
| Bank & Trust Co | 0.01% | No change | 464 | $17K |
| Caldwell Trust Co | 0.00% | New | 400 | $15K |
| Spire Wealth Management | 0.00% | Reduce -43.6% | 371 | $14K |
| Carmichael Hill & Associates, Inc. | 0.01% | Reduce -16.4% | 371 | $14K |
| Bogart Wealth, LLC | 0.00% | No change | 294 | $11K |
| Stephens Consulting, LLC | 0.00% | Add +1.8% | 284 | $11K |
| Pflug Koory, LLC | 0.00% | — | 277 | $10K |
| Activest Wealth Management | 0.00% | Add +1.6% | 252 | $9K |
| Cornerstone Planning Group LLC | 0.00% | Add +0.8% | 243 | $9K |
| PFG Private Wealth Management, LLC | 0.01% | No change | 240 | $9K |
| Lanark Financial, Inc. | 0.00% | No change | 253 | $9K |
| Atlantic Edge Private Wealth Management, LLC | 0.00% | No change | 227 | $9K |
| Thurston, Springer, Miller, Herd & Titak, Inc. | 0.00% | No change | 225 | $8K |
| Caldwell Sutter Capital, Inc. | 0.00% | No change | 223 | $8K |
| Duncker Streett & Co. Inc. | 0.00% | No change | 213 | $8K |
| Alaska Wealth Advisors, LLC | 0.00% | Reduce -0.5% | 200 | $8K |
| Hazlett, Burt & Watson, Inc. | 0.00% | Reduce -72.4% | 175 | $7K |
| Simplex Trading, LLC | 0.00% | New | 187 | $7K |
| Archer Investment Corp | 0.00% | Add +198.4% | 182 | $7K |
| Piscataqua Savings Bank | 0.01% | No change | 168 | $6K |
| Blue Trust, Inc. | 0.00% | Add +35.5% | 149 | $5K |
| Wolff Wiese Magana LLC | 0.00% | Reduce -12.6% | 139 | $5K |
| Federation des caisses Desjardins du Quebec | 0.00% | New | 130 | $5K |
| DHJJ Financial Advisors, Ltd. | 0.00% | No change | 116 | $4K |
| Mather Group, Llc. | 0.00% | New | 115 | $4K |
| Independence Bank of Kentucky | 0.00% | Add +40.5% | 111 | $4K |
| Mark Sheptoff Financial Planning, LLC | 0.00% | No change | 109 | $4K |
| PSI Advisors, LLC | 0.00% | No change | 86 | $3K |
| St. Johns Investment Management Company, LLC | 0.00% | New | 83 | $3K |
| Winthrop Capital Management, LLC | 0.00% | No change | 84 | $3K |
| Rosenberg Matthew Hamilton | 0.00% | No change | 78 | $3K |
| Carolinas Wealth Consulting LLC | 0.00% | New | 77 | $3K |
| CNB Bank | 0.00% | No change | 60 | $2K |
| Parallel Advisors, LLC | 0.00% | Reduce -67.4% | 56 | $2K |
| BOK Financial Private Wealth, Inc. | 0.00% | No change | 50 | $2K |
| Ascentis Wealth Management, LLC | 0.00% | — | 45 | $2K |
| Kiely Wealth Advisory Group, Inc. | 0.00% | No change | 40 | $1K |
| LRI Investments, LLC | 0.00% | No change | 39 | $1K |
| Uncommon Cents Investing LLC | 0.00% | New | 38 | $1K |
| Glass Jacobson Investment Advisors llc | 0.00% | No change | 31 | $1K |
| Richard W. Paul & Associates, LLC | 0.00% | No change | 31 | $1K |
| Transamerica Financial Advisors, LLC | 0.00% | New | 2 | $1K |
| Sandy Spring Bank | 0.00% | New | 24 | $904 |
| Hollencrest Capital Management | 0.00% | New | 20 | $753 |
| Aspire Private Capital, LLC | 0.00% | No change | 16 | $602 |
| Creative Financial Designs Inc. | 0.00% | Reduce -93.6% | 15 | $565 |
| Global Trust Asset Management, LLC | 0.00% | No change | 13 | $489 |
| Darwin Wealth Management, LLC | 0.00% | New | 12 | $452 |
| Signaturefd, LLC | 0.00% | Reduce -94.5% | 8 | $301 |
| Asset Management One Co., Ltd. | 0.00% | New | 5 | $188 |
| Larson Financial Group LLC | 0.00% | No change | 4 | $151 |
| Earned Wealth Advisors, LLC | 0.00% | New | 3 | $113 |
| Asset Dedication, LLC | 0.00% | Reduce -97.3% | 2 | $76 |
| Salomon & Ludwin, LLC | 0.00% | No change | 1 | $38 |
"% of holder's portfolio" is USHY's weight in each manager's 13F, not the share of iShares Broad Usd High Yield the manager owns.