LPL Financial Portfolio holdings

AUM $299B

1-Year Return 15.17%

LPL Financial, founded in 1989 through the merger of Linsco and Private Ledger and headquartered in San Diego, California, is the largest independent broker-dealer in the U.S., supporting over 22,000 financial advisors who manage more than $1.4 trillion in advisory and brokerage assets as of late 2024. Serving independent advisors, banks, and credit unions, LPL provides a robust technology platform, research, and back-office support, enabling advisors to offer personalized wealth management, retirement planning, and investment services to clients without proprietary products. The firm, publicly traded since 2010 under CEO Dan Arnold, has grown through acquisitions like Waddell & Reed’s wealth management business in 2021, emphasizing flexibility and advisor autonomy. With additional offices in Fort Mill, South Carolina, and Boston, LPL Financial remains a leader in empowering advisors amid a shifting financial landscape.

2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2015 Q4 2015 Q3 2015 Q2 2015 Q1 2014 Q4 2014 Q3 2014 Q2 2014 Q1 2013 Q4 2013 Q3 2013 Q2

This Quarter Return

+2.13%

1 Year Return

+15.17%

3 Year Return

+54.04%

5 Year Return

+83.67%

10 Year Return

+161.11%

AUM

$38B

AUM Growth

+$1.76B (+4.8%)

Cap. Flow

+$1.16B

Cap. Flow % of AUM

3.04%

Top 10 Holdings % Top 10 Hldgs %

23.69%

Holding

3,356

New

197

Increased

1,569

Reduced

1,323

Closed

169

Top Buys

1	iShares TIPS Bond ETF TIP	+$210M
2	Vanguard Intermediate-Term Corporate Bond ETF VCIT	+$151M
3	iShares Russell 2000 ETF IWM	+$137M
4	iShares Core MSCI Emerging Markets ETF IEMG	+$129M
5	iShares Core S&P Mid-Cap ETF IJH	+$72.8M

Top Sells

1	SPDR Bloomberg High Yield Bond ETF JNK	+$135M
2	iShares Currency Hedged MSCI EAFE ETF HEFA	+$62M
3	iShares US Basic Materials ETF IYM	+$39.1M
4	SPDR S&P MidCap 400 ETF Trust MDY	+$37.8M
5	Vanguard Total Stock Market ETF VTI	+$31.3M

Sector Composition

1	Technology	3.14%
2	Financials	2.74%
3	Healthcare	2.25%
4	Industrials	2.19%
5	Communication Services	2.09%

Communication Services

Advertising Agencies

Broadcasting

Electronic Gaming & Multimedia

Entertainment

Internet Content & Information

Publishing

Telecom Services

Consumer Discretionary

Apparel Manufacturing

Apparel Retail

Auto Manufacturers

Auto Parts

Auto & Truck Dealerships

Department Stores

Footwear & Accessories

Furnishings, Fixtures & Appliances

Gambling

Home Improvement Retail

Internet Retail

Leisure

Lodging

Luxury Goods

Packaging & Containers

Personal Services

Recreational Vehicles

Residential Construction

Resorts & Casinos

Restaurants

Specialty Retail

Textile Manufacturing

Travel Services

Consumer Staples

Beverages - Brewers

Beverages - Non-Alcoholic

Beverages - Wineries & Distilleries

Confectioners

Discount Stores

Education & Training Services

Farm Products

Food Distribution

Grocery Stores

Household & Personal Products

Packaged Foods

Tobacco

Energy

Oil & Gas Drilling

Oil & Gas Equipment & Services

Oil & Gas Exploration & Production

Oil & Gas Integrated

Oil & Gas Midstream

Oil & Gas Refining & Marketing

Thermal Coal

Uranium

Financials

Asset Management

Banks - Diversified

Banks - Regional

Capital Markets

Credit Services

Diversified Insurance

Financial Conglomerates

Financial Data & Stock Exchanges

Insurance Brokers

Life Insurance

Mortgage Finance

Property & Casualty Insurance

Reinsurance

Shell Companies

Specialty - Insurance

Healthcare

Biotechnology

Diagnostics & Research

Drug Manufacturers - General

Drug Manufacturers - Specialty & Generic

Healthcare Plans

Health Information Services

Medical Care Facilities

Medical Devices

Medical Distribution

Medical Instruments & Supplies

Pharmaceutical Retailers

Industrials

Aerospace & Defense

Airlines

Airports & Air Services

Building Products & Equipment

Business Equipment & Supplies

Conglomerates

Consulting Services

Electrical Equipment & Parts

Engineering & Construction

Farm & Heavy Construction Machinery

Industrial Distribution

Infrastructure Operations

Integrated Freight & Logistics

Marine Shipping

Metal Fabrication

Pollution & Treatment Controls

Railroads

Rental & Leasing Services

Security & Protection Services

Specialty Business Services

Specialty Industrial Machinery

Staffing & Employment Services

Tools & Accessories

Trucking

Waste Management

Materials

Agricultural Inputs

Aluminum

Building Materials

Chemicals

Coking Coal

Copper

Gold

Lumber & Wood Production

Other Industrial Metals & Mining

Other Precious Metals & Mining

Paper & Paper Products

Silver

Specialty Chemicals

Steel

Real Estate

Diversified REIT

Healthcare Facilities REIT

Hotel & Motel REIT

Industrial REIT

Mortgage REIT

Office REIT

Real Estate Development

Real Estate Diversified

Real Estate Services

Residential REIT

Retail REIT

Specialty REIT

Technology

Communication Equipment

Computer Hardware

Consumer Electronics

Electronic Components

Electronics & Computer Distribution

Information Technology Services

Scientific & Technical Instruments

Semiconductor Equipment & Materials

Semiconductors

Software - Application

Software - Infrastructure

Solar

Utilities

Diversified Utilities

Electric Utilities

Gas Utilities

Independent Power Producers

Renewable Electricity

Water Utilities

#	Name	Market Value	Portfolio Weight	Shares or Principal	Shares Change %	Capital Flow
476	476 Eaton ETN $141B	$9.47M	0.02%	126,723 +4,916	+4%	+$367K
477	477 ARK Web x.0 ETF ARKW $2.39B	$9.38M	0.02%	169,113 +68,299	+68%	+$3.79M
478	478 iShares California Muni Bond ETF CMF $3.38B	$9.38M	0.02%	160,177 -1,840	-1%	-$108K
479	479 Xcel Energy XEL $42.8B	$9.34M	0.02%	204,405 +4,707	+2%	+$215K
480	DWIN 480 DELISTED Invesco DWA Tactical Multi-Asset Income ETF DWIN	$9.31M	0.02%	365,286 -51,816	-12%	-$1.32M
481	WBA 481 DELISTED Walgreens Boots Alliance WBA	$9.3M	0.02%	155,035 +1,924	+1%	+$115K
482	482 ALPS O'Shares US Quality Dividend ETF OUSA $822M	$9.29M	0.02%	302,787 -23,347	-7%	-$716K
483	483 iShares Mortgage Real Estate ETF REM $615M	$9.27M	0.02%	213,381 -507	-0.2%	-$22K
484	484 Cheniere Energy LNG $52.1B	$9.24M	0.02%	141,780 +30,928	+28%	+$2.02M
485	485 Schwab US TIPS ETF SCHP $14.1B	$9.22M	0.02%	335,660 +17,732	+6%	+$487K
486	486 First Trust Dow Jones Global Select Dividend Index Fund FGD $888M	$9.2M	0.02%	372,045 +16,845	+5%	+$417K
487	BSJJ 487 DELISTED Invesco BulletShares 2019 High Yield Corporate Bond ETF BSJJ	$9.18M	0.02%	379,664 +24,100	+7%	+$583K
488	488 iShares US Regional Banks ETF IAT $650M	$9.15M	0.02%	186,022 -1,237	-0.7%	-$60.8K
489	489 Novartis NVS $245B	$9.14M	0.02%	135,068 +11,997	+10%	+$812K
490	490 Automatic Data Processing ADP $118B	$9.11M	0.02%	67,926 +99	+0.1%	+$13.3K
491	491 Las Vegas Sands LVS $37.4B	$9.09M	0.02%	119,070 -2,099	-2%	-$160K
492	492 Enbridge ENB $106B	$9.08M	0.02%	254,467 +19,484	+8%	+$695K
493	XYZ 493 Block, Inc. XYZ $45B	$9.07M	0.02%	147,198 +53,070	+56%	+$3.27M
494	LVHB 494 DELISTED Innovator Lunt Low Vol/High Beta Tactical ETF LVHB	$9.02M	0.02%	298,001 +140,815	+90%	+$4.26M
495	495 Invesco S&P SmallCap 600 Pure Growth ETF RZG $102M	$9M	0.02%	212,457 -14,571	-6%	-$617K
496	496 Invesco S&P 500 Equal Weight Technology ETF RSPT $3.79B	$8.97M	0.02%	566,090 +75,290	+15%	+$1.19M
497	ESRX 497 DELISTED Express Scripts Holding Company ESRX	$8.95M	0.02%	115,900 +17,302	+18%	+$1.34M
498	498 Invesco Zacks Mid-Cap ETF CZA $181M	$8.92M	0.02%	137,850 +8,666	+7%	+$561K
499	499 iShares Expanded Tech-Software Sector ETF IGV $10.3B	$8.92M	0.02%	244,015 +32,370	+15%	+$1.18M
500	500 Yum! Brands YUM $40.5B	$8.89M	0.02%	113,692 +7,115	+7%	+$557K