Institutional Manager · CIK 0001569118

JNBA Financial Advisors

BLOOMINGTON, MN · File #028-15159

Latest AUM

$1.14B

Positions

796

Top-10 Concentration

65.6%

Filings

Portfolio Value Over Time

2024-03

2024-06

2024-09

2024-12

2025-03

2025-06

2025-09

2025-12

Biggest QoQ Changes

Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.

Action	Issuer	Ticker / CUSIP	Δ Shares	Flow ($)	Price Effect
ADD	ISHARES TR	464287200	+11,824	+$8.1M	+$5.5M
ADD	SPDR INDEX SHS FDS	78463X889	+160,863	+$7.1M	+$3.4M
ADD	SPDR SERIES TRUST	78464A854	+40,992	+$3.3M	+$79,255
ADD	ISHARES TR	464287507	+35,958	+$2.4M	+$579,685
REDUCE	API GROUP CORP	APG	-52,106	-$2.0M	+$1.8M
ADD	SPDR SERIES TRUST	78464A847	+24,186	+$1.4M	+$619,923
REDUCE	SPDR SERIES TRUST	78468R663	-13,052	-$1.2M	-$9,209
REDUCE	SCHWAB STRATEGIC TR	808524797	-41,890	-$1.1M	+$37,455
REDUCE	VANGUARD MUN BD FDS	922907746	-19,926	-$1.0M	+$25,850
NEW	QXO INC	QXO-PB	+51,413	+$991,757	$0

Sector Allocation

5.6%$64.6M

3.2%$36.7M

2.1%$24.7M

1.5%$16.8M

Consumer Discretionary

0.7%$7.6M

Energy

0.2%$2.4M

Consumer Staples

0.2%$2.3M

Communication Services

0.1%$1.5M

Utilities

0.1%$1.2M

Materials

0.0%$553,136

Real Estate

0.0%$175,402

Filing History

Jan 26, 202613F HOLDINGS REPORTQ/E Dec 2025796 pos · $1.14B
Oct 28, 202513F HOLDINGS REPORTQ/E Sep 2025651 pos · $1.10B
Jul 24, 202513F HOLDINGS REPORTQ/E Jun 2025651 pos · $1.04B
Apr 25, 202513F HOLDINGS REPORTQ/E Mar 2025647 pos · $964.6M
Jan 30, 202513F HOLDINGS REPORTQ/E Dec 2024648 pos · $979.3M
Oct 31, 202413F HOLDINGS REPORTQ/E Sep 2024652 pos · $992.9M
Jul 22, 202413F HOLDINGS REPORTQ/E Jun 2024640 pos · $947.8M
Apr 26, 202413F HOLDINGS REPORTQ/E Mar 2024668 pos · $952.2M
Nov 2, 202313F HOLDINGS REPORTQ/E Dec 2023749 pos · $800.9M

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	ISHARES TR	464287200	364,404	$249.6M	24.95%
2	SPDR INDEX SHS FDS	78463X889	2,257,447	$100.3M	10.02%
3	ISHARES TR	464287507	819,258	$54.1M	5.40%
4	SPDR SERIES TRUST	78464A847	885,173	$51.3M	5.12%
5	VANGUARD INDEX FDS	922908736	94,079	$45.9M	4.59%
6	VANECK ETF TRUST	92189F643	374,604	$38.8M	3.88%
7	SPDR INDEX SHS FDS	78463X509	803,623	$37.6M	3.76%
8	VANGUARD TAX-MANAGED FDS	921943858	472,679	$29.5M	2.95%
9	SPDR SERIES TRUST	78464A409	240,445	$25.7M	2.56%
10	AFLAC INC	AFL	214,894	$23.7M	2.37%
11	VANGUARD SPECIALIZED FUNDS	921908844	96,219	$21.1M	2.11%
12	VANGUARD INDEX FDS	922908637	62,597	$19.7M	1.97%
13	SCHWAB STRATEGIC TR	808524755	386,322	$17.5M	1.75%
14	INVESCO EXCHANGE TRADED FD T	IVZ	222,779	$16.7M	1.67%
15	VANGUARD INTL EQUITY INDEX F	922042858	302,683	$16.3M	1.63%
16	API GROUP CORP	APG	419,794	$16.1M	1.61%
17	MICROSOFT CORP	MSFT	32,497	$15.7M	1.57%
18	SPDR SERIES TRUST	78468R853	331,663	$15.5M	1.55%
19	VANGUARD INDEX FDS	922908629	50,375	$14.6M	1.46%
20	ISHARES TR	464287804	102,013	$12.3M	1.23%