Ellenbecker Investment Group

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 22, 2025), Ellenbecker Investment Group reported 118 stock positions worth $618.2 million. Its top holding was iShares Core S&P 500 ETF (IVV) at 30.3% of the portfolio, followed by iShares Core U.S. Aggregate (AGG, 9.6%) and iShares Russell 1000 Growth (IWF, 9.3%). Compared with Q1 2025, it opened 10 new positions, sold out of 3, added to 56 and reduced 43. The biggest buy was Vanguard Ftse Developed ETF (VEA, shares +86%) and the biggest sale iShares Core S&P 500 ETF (IVV, shares −10%).

Most Recent 13F
Q2 2026
Location
WAUKESHA, WI
CIK
0001731497
Portfolio Value
$618.2M (Q2 2025)
SEC Filing
0001731497-25-000004 ↗ filed Jul 22, 2025

Holdings Value

0$200.0M$400.0M$600.0M$800.0M$1.0B Q1 2024: $475.8M Q1 2024 Q2 2024: $496.5M Q2 2024 Q3 2024: $528.7M Q3 2024 Q4 2024: $558.6M Q4 2024 Q1 2025: $555.8M Q1 2025 Q2 2025: $618.2M $618.2M Q2 2025 Q3 2025: $676.8M Q3 2025 Q4 2025: $713.5M Q4 2025 Q1 2026: $741.7M Q1 2026 Q2 2026: $858.9M Q2 2026

Holdings 118 stocks · $618.2M
IVV iShares Core S&P 500 ETF 30.28% 301,512 $187.2M Reduce -9.9%
AGG iShares Core U.S. Aggregate 9.60% 598,277 $59.3M Add +16.8%
IWF iShares Russell 1000 Growth 9.29% 135,310 $57.5M Add +7.6%
VB Vanguard Most SM-Cap ETF-Usd 7.68% 200,427 $47.5M Reduce -2.0%
VEA Vanguard Ftse Developed ETF 6.10% 661,191 $37.7M Add +86.4%
PYLD PIMCO Multisector Bond Actv 5.78% 1,345,126 $35.7M Add +10.5%
IWD iShares Russell 1000 Value E 3.72% 118,409 $23.0M Add +15.7%
VWO Vanguard Ftse Emerging Marke 3.58% 447,742 $22.1M Add +10.6%
SPMD SS SPDR P S&P 400 Midcap ETF 2.59% 294,863 $16.0M Add +23.7%
AOA iShares Core 80/20 Aggressiv 1.85% 136,981 $11.4M Add +6.6%
IJR iShares Core S&P Small-Cap E 1.32% 74,590 $8.2M Reduce -4.6%
AAPL Apple Inc. 1.24% 37,312 $7.7M Add +1.7%
SPY SS SPDR S&P 500 ETF Trust-US 1.04% 10,419 $6.4M Reduce -11.2%
AOR iShares Core 60/40 Balanced 0.98% 98,383 $6.1M Reduce -1.3%
MSFT Microsoft Corp. 0.94% 11,706 $5.8M Add +11.7%
PM Philip Morris International 0.68% 22,960 $4.2M Add +0.5%
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.64% 14,154 $4.0M Reduce -4.6%
PHYL Pgim Active High Yield Bond 0.54% 94,744 $3.4M Add +24.0%
NVDA Nvidia Corp. 0.54% 21,221 $3.4M Add +5.5%
SCHD Schwab US DVD Equity ETF 0.53% 123,380 $3.3M Reduce -5.3%
FISV Fiserv Inc. 0.50% 17,784 $3.1M Reduce -0.1%
AOM iShares Core 40/60 Moderate 0.37% 49,991 $2.3M Add +1.2%
IWR iShares Russell Mid-Cap ETF 0.34% 22,851 $2.1M Reduce -3.7%
WEC WEC Energy Group Inc. 0.34% 20,022 $2.1M Add +6.6%
MO Altria Group Inc. 0.33% 34,780 $2.0M Reduce -1.9%
VV Vngrd Mrgstr LRG-Cap ETF-Usd 0.33% 7,131 $2.0M Reduce -1.5%
AMZN Amazon.com Inc. 0.31% 8,668 $1.9M Add +2.0%
SDY SS SPDR S&P Dividend ETF 0.30% 13,858 $1.9M Reduce -0.7%
USRT iShares Core US REIT ETF 0.29% 31,210 $1.8M Reduce -25.7%
BND Vanguard Total Bond Market 0.26% 22,101 $1.6M Reduce -29.6%
BRK.B Berkshire Hathaway Inc. Class B 0.26% 3,282 $1.6M Add +27.9%
PULS Pgim Ultra Short Bond ETF 0.26% 31,861 $1.6M Reduce -6.7%
WMT Walmart Inc. 0.23% 14,514 $1.4M Add +2.5%
HON Honeywell International Inc. 0.22% 5,800 $1.4M Add +0.0%
IWM iShares Russell 2000 ETF 0.21% 5,972 $1.3M Add +0.2%
UNH Unitedhealth Group Inc. 0.19% 3,724 $1.2M Reduce -13.0%
VEU Vanguard Ftse All-World Ex-U 0.18% 16,991 $1.1M Reduce -13.5%
ETN Eaton Corp. PLC 0.17% 2,984 $1.1M Reduce -4.1%
TSLA Tesla Inc. 0.16% 3,157 $1.0M Add +23.7%
ABBV Abbvie Inc. 0.16% 5,290 $982K Add +0.1%
XOM Exxon Mobil Corp. 0.16% 8,972 $967K Add +2.9%
IEFA iShares Core MSCI Eafe ETF 0.15% 11,275 $941K Add +0.1%
META Meta Platforms Inc. Class A 0.14% 1,198 $885K No change
SYY Sysco Corp. 0.14% 11,612 $880K No change
PEP Pepsico Inc. 0.14% 6,361 $840K Reduce -6.7%
DFIV Dimensional International Va 0.13% 19,399 $831K Add +1.1%
VONG Vanguard Russell 1000 Growth 0.13% 7,287 $796K Add +77.9%
GOOG Alphabet Inc. Class C 0.13% 4,434 $787K Add +1.4%
HD Home Depot Inc. 0.13% 2,139 $784K Reduce -0.7%
EPD Enterprise Products Partners 0.13% 25,208 $782K Add +0.2%
DGRO iShares Core Dividend Growth 0.12% 11,913 $762K Reduce -29.1%
BRK.A Berkshire Hathaway Inc. Class A 0.12% 1 $729K No change
ABT Abbott Laboratories 0.11% 5,071 $690K Add +1.7%
ROK Rockwell Automation Inc. 0.11% 2,017 $670K Add +0.3%
V Visa Inc. Class A 0.11% 1,882 $668K Add +0.3%
BMI Badger Meter Inc. 0.11% 2,723 $667K Add +0.1%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.11% 2,259 $666K Add +7.0%
JNJ Johnson & Johnson 0.11% 4,282 $654K Reduce -3.0%
NFLX Netflix Inc. 0.10% 481 $644K No change
MRK Merck & Co. Inc. 0.09% 6,975 $552K Reduce -0.1%
UCON First Trust Smith Unconstrai 0.09% 22,056 $549K Reduce -39.6%
COST Costco Wholesale Corp. 0.09% 552 $547K Add +0.2%
MTG Mgic Investment Corp. 0.09% 19,597 $546K Reduce -41.4%
GOOGL Alphabet Inc. Class A 0.09% 3,092 $545K Add +37.7%
MAR Marriott International Class A 0.09% 1,983 $542K Add +0.1%
HYG Ishr Ibx Usd Hiyld CB ETF-Ui 0.09% 6,630 $535K Reduce -5.5%
LNT Alliant Energy Corp. 0.09% 8,749 $529K Reduce -1.2%
AXON Axon Enterprise Inc. 0.08% 617 $511K Reduce -30.4%
CVX Chevron Corp. 0.08% 3,498 $501K Reduce -0.6%
BMO Bank of Montreal filed as BANK MONTREAL QUE 0.08% 4,505 $498K No change
AVGO Broadcom Inc. 0.08% 1,800 $496K Add +0.4%
MCD McDonald's Corp. 0.08% 1,686 $493K Reduce -10.0%
KO The Coca-Cola Co. 0.08% 6,862 $486K Add +5.9%
SCHP Schwab U.S. Tips ETF 0.08% 17,408 $464K Reduce -18.7%
KMI Kinder Morgan Inc. 0.07% 15,387 $452K No change
T AT&T Inc. 0.07% 15,214 $440K Reduce -2.3%
JCI Johnson Controls Internation 0.06% 3,697 $391K Add +0.4%
GLD SPDR Gold Shares 0.06% 1,241 $378K Add +10.3%
FIS Fidelity National Info Serv 0.06% 4,598 $374K Add +0.2%
MUB iShares National Muni Bond E 0.06% 3,552 $371K Add +0.7%
MDLZ Mondelez International Inc. Class A 0.06% 5,333 $360K Add +0.0%
ORCL Oracle Corp. 0.06% 1,631 $357K Add +2.8%
XVV iShares ESG Select Screened 0.06% 7,291 $348K Add +1.0%
SCHX Schwab US Large-Cap ETF 0.05% 13,850 $339K Reduce -1.4%
PG The Procter & Gamble Co. 0.05% 2,097 $334K Add +0.4%
UNP Union Pacific Corp. 0.05% 1,449 $333K Reduce -5.5%
VONV Vanguard Russell 1000 Value 0.05% 3,895 $332K New
WFC Wells Fargo & Co. 0.05% 3,964 $318K Add +0.5%
RTX RTX Corp. 0.05% 2,173 $317K Add +1.0%
SRE Sempra 0.05% 4,173 $316K New
CAT Caterpillar Inc. 0.05% 791 $307K Reduce -6.1%
LIN Linde PLC 0.05% 629 $295K No change
USB US Bancorp 0.05% 6,413 $290K Reduce -9.8%
AXP American Express Co. 0.05% 884 $282K Add +0.1%
APG Api Group Corp. 0.04% 5,192 $265K New
SNV Synovus Financial Corp. 0.04% 5,082 $263K Add +0.8%
ET Energy Transfer LP 0.04% 14,486 $263K New
MMM 3M Co. 0.04% 1,706 $260K New
IVW iShares S&P 500 Growth ETF 0.04% 2,347 $258K Reduce -36.8%
PFE Pfizer Inc. 0.04% 10,371 $251K Add +1.4%
WY Weyerhaeuser Co. 0.04% 9,600 $247K No change
DFAT Dimensional US Target Value 0.04% 4,555 $246K Add +0.2%
SHW The Sherwin-Williams Co. 0.04% 714 $245K No change
LLY Eli Lilly & Co. 0.04% 309 $242K Add +10.4%
EFIV SS SPDR S&P 500 ESG ETF 0.04% 4,115 $241K Add +3.8%
VTI VG Morningstar TS MKT ETF-US 0.04% 782 $238K Reduce -11.5%
DFAS Dimensional US Small Cap ETF 0.04% 3,682 $235K Add +0.1%
ADI Analog Devices Inc. 0.04% 980 $233K Reduce -3.1%
SPMO Invesco S&P 500 Momentum ETF 0.04% 1,993 $224K New
TMO Thermo Fisher Scientific Inc. 0.04% 551 $224K Reduce -6.5%
VOO Vanguard S&P 500 ETF 0.04% 387 $220K Reduce -4.0%
IGIB iShares 5-10Y Inv Grade Corp. 0.04% 4,122 $220K Add +1.2%
DE Deere & Co. 0.04% 425 $216K New
PLTR Palantir Technologies Inc. Class A 0.03% 1,562 $213K New
LOW Lowe's Cos Inc. 0.03% 950 $211K Reduce -7.2%
TIP iShares Tips Bond ETF 0.03% 1,910 $210K Reduce -9.7%
MA Mastercard Inc. Class A 0.03% 370 $208K New
KLAC KLA Corp. 0.03% 225 $202K New
Other holdings (1): bonds, preferreds, convertibles and warrants · $870K (not counted above)
SecurityClassShares / PrincipalValueChange
JPMORGAN CHASE & CO (JPM 5.45 PERP P) PFD 2,999$870KAdd +10.2%

Total filed on the 13F, all lines: $619.0M.

Portfolio Sells Q1 2025 → Q2 2025
IVV iShares Core S&P 500 ETF Reduce -9.9% 30.28% −3.57
VB Vanguard Most SM-Cap ETF-Usd Reduce -2.0% 7.68% −0.48
UNH Unitedhealth Group Inc. Reduce -13.0% 0.19% −0.22
FISV Fiserv Inc. Reduce -0.1% 0.50% −0.21
IJR iShares Core S&P Small-Cap E Reduce -4.6% 1.32% −0.15
BND Vanguard Total Bond Market Reduce -29.6% 0.26% −0.15
USRT iShares Core US REIT ETF Reduce -25.7% 0.29% −0.15
SPY SS SPDR S&P 500 ETF Trust-US Reduce -11.2% 1.04% −0.14
SCHD Schwab US DVD Equity ETF Reduce -5.3% 0.53% −0.13
AMP Ameriprise Financial Inc. Sold out 0.00% −0.10
UCON First Trust Smith Unconstrai Reduce -39.6% 0.09% −0.07
DGRO iShares Core Dividend Growth Reduce -29.1% 0.12% −0.06
VOOG Vanguard S&P 500 Growth ETF Sold out 0.00% −0.06
MTG Mgic Investment Corp. Reduce -41.4% 0.09% −0.06
MO Altria Group Inc. Reduce -1.9% 0.33% −0.05
AOR iShares Core 60/40 Balanced Reduce -1.3% 0.98% −0.05
VO Vngrd Mrngstr MD-Cap ETF-Usd Reduce -4.6% 0.64% −0.05
PULS Pgim Ultra Short Bond ETF Reduce -6.7% 0.26% −0.05
PEP Pepsico Inc. Reduce -6.7% 0.14% −0.05
XEL Xcel Energy Inc. Sold out 0.00% −0.04
SDY SS SPDR S&P Dividend ETF Reduce -0.7% 0.30% −0.04
VEU Vanguard Ftse All-World Ex-U Reduce -13.5% 0.18% −0.03
SCHP Schwab U.S. Tips ETF Reduce -18.7% 0.08% −0.03
JNJ Johnson & Johnson Reduce -3.0% 0.11% −0.03
MCD McDonald's Corp. Reduce -10.0% 0.08% −0.03
CVX Chevron Corp. Reduce -0.6% 0.08% −0.02
MRK Merck & Co. Inc. Reduce -0.1% 0.09% −0.02
IWR iShares Russell Mid-Cap ETF Reduce -3.7% 0.34% −0.02
IVW iShares S&P 500 Growth ETF Reduce -36.8% 0.04% −0.02
LNT Alliant Energy Corp. Reduce -1.2% 0.09% −0.02
TMO Thermo Fisher Scientific Inc. Reduce -6.5% 0.04% −0.02
HD Home Depot Inc. Reduce -0.7% 0.13% −0.02
HYG Ishr Ibx Usd Hiyld CB ETF-Ui Reduce -5.5% 0.09% −0.01
UNP Union Pacific Corp. Reduce -5.5% 0.05% −0.01
LOW Lowe's Cos Inc. Reduce -7.2% 0.03% −0.01
TIP iShares Tips Bond ETF Reduce -9.7% 0.03% −0.01
T AT&T Inc. Reduce -2.3% 0.07% −0.01
USB US Bancorp Reduce -9.8% 0.05% −0.01
VV Vngrd Mrgstr LRG-Cap ETF-Usd Reduce -1.5% 0.33% −0.01
VTI VG Morningstar TS MKT ETF-US Reduce -11.5% 0.04% −0.01
VOO Vanguard S&P 500 ETF Reduce -4.0% 0.04% −0.00
AXON Axon Enterprise Inc. Reduce -30.4% 0.08% −0.00
SCHX Schwab US Large-Cap ETF Reduce -1.4% 0.05% −0.00
CAT Caterpillar Inc. Reduce -6.1% 0.05% −0.00
ADI Analog Devices Inc. Reduce -3.1% 0.04% +0.00
ETN Eaton Corp. PLC Reduce -4.1% 0.17% +0.02

Portfolio Buys Q1 2025 → Q2 2025
VEA Vanguard Ftse Developed ETF Add +86.4% 6.10% +2.85
IWF iShares Russell 1000 Growth Add +7.6% 9.29% +1.13
AGG iShares Core U.S. Aggregate Add +16.8% 9.60% +0.49
SPMD SS SPDR P S&P 400 Midcap ETF Add +23.7% 2.59% +0.40
VWO Vanguard Ftse Emerging Marke Add +10.6% 3.58% +0.29
IWD iShares Russell 1000 Value E Add +15.7% 3.72% +0.26
MSFT Microsoft Corp. Add +11.7% 0.94% +0.23
NVDA Nvidia Corp. Add +5.5% 0.54% +0.15
AOA iShares Core 80/20 Aggressiv Add +6.6% 1.85% +0.08
PHYL Pgim Active High Yield Bond Add +24.0% 0.54% +0.07
VONG Vanguard Russell 1000 Growth Add +77.9% 0.13% +0.06
VONV Vanguard Russell 1000 Value New 0.05% +0.05
SRE Sempra New 0.05% +0.05
TSLA Tesla Inc. Add +23.7% 0.16% +0.04
APG Api Group Corp. New 0.04% +0.04
ET Energy Transfer LP New 0.04% +0.04
MMM 3M Co. New 0.04% +0.04
SPMO Invesco S&P 500 Momentum ETF New 0.04% +0.04
DE Deere & Co. New 0.04% +0.04
PLTR Palantir Technologies Inc. Class A New 0.03% +0.03
MA Mastercard Inc. Class A New 0.03% +0.03
KLAC KLA Corp. New 0.03% +0.03
AVGO Broadcom Inc. Add +0.4% 0.08% +0.03
GOOGL Alphabet Inc. Class A Add +37.7% 0.09% +0.03
PM Philip Morris International Add +0.5% 0.68% +0.02
ORCL Oracle Corp. Add +2.8% 0.06% +0.02
AMZN Amazon.com Inc. Add +2.0% 0.31% +0.02
ROK Rockwell Automation Inc. Add +0.3% 0.11% +0.01
BMI Badger Meter Inc. Add +0.1% 0.11% +0.01
IBM Intl Business Machines Corp. Add +7.0% 0.11% +0.01
BRK.B Berkshire Hathaway Inc. Class B Add +27.9% 0.26% +0.01
JCI Johnson Controls Internation Add +0.4% 0.06% +0.01
PYLD PIMCO Multisector Bond Actv Add +10.5% 5.78% +0.01
WMT Walmart Inc. Add +2.5% 0.23% +0.01
GOOG Alphabet Inc. Class C Add +1.4% 0.13% +0.00
AXP American Express Co. Add +0.1% 0.05% +0.00
GLD SPDR Gold Shares Add +10.3% 0.06% +0.00
MAR Marriott International Class A Add +0.1% 0.09% +0.00
EFIV SS SPDR S&P 500 ESG ETF Add +3.8% 0.04% +0.00
XVV iShares ESG Select Screened Add +1.0% 0.06% +0.00
WFC Wells Fargo & Co. Add +0.5% 0.05% +0.00
SNV Synovus Financial Corp. Add +0.8% 0.04% +0.00
RTX RTX Corp. Add +1.0% 0.05% +0.00
FIS Fidelity National Info Serv Add +0.2% 0.06% −0.00
IEFA iShares Core MSCI Eafe ETF Add +0.1% 0.15% −0.00
DFIV Dimensional International Va Add +1.1% 0.13% −0.00
DFAS Dimensional US Small Cap ETF Add +0.1% 0.04% −0.00
DFAT Dimensional US Target Value Add +0.2% 0.04% −0.00
HON Honeywell International Inc. Add +0.0% 0.22% −0.00
LLY Eli Lilly & Co. Add +10.4% 0.04% −0.00

Notes & Other Activity Q1 2025 → Q2 2025
JPMORGAN CHASE & CO (JPM 5.45 PERP P) PFD Add +10.2% 2,999 $870K

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 147$858.9MIVV, AGG, VEA, IWF, VB
Q1 2026 132$741.7MIVV, AGG, VEA, IWF, VB
Q4 2025 131$713.5MIVV, AGG, IWF, VEA, VB
Q3 2025 127$676.8MIVV, IWF, AGG, VB, VEA
Q2 2025 118$618.2MIVV, AGG, IWF, VB, VEA
Q1 2025 111$555.8MIVV, AGG, IWF, VB, PYLD
Q4 2024 111$558.6MIVV, VB, IWF, AGG, VEA
Q3 2024 108$528.7MIVV, VB, AGG, IWF, VEA
Q2 2024 116$496.5MIVV, VB, AGG, IWF, VEA
Q1 2024 104$475.8MIVV, VB, AGG, IWF, VEA