Finward Bancorp

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 21, 2026), Finward Bancorp reported 104 stock positions worth $128.8 million. Its top holding was Microsoft (MSFT) at 6.4% of the portfolio, followed by Vanguard S&P 500 ETF (VOO, 5.9%) and NT Crdscr US Corp. BD ETF (SKOR, 5.6%). Compared with Q3 2025, it opened 5 new positions, sold out of 7, added to 16 and reduced 47. The biggest buy was a new position in Direxion Daily S&P 500 Bull (SPXL) and the biggest sale Proshares Ultrapro QQQ (TQQQ, shares −65%).

Most Recent 13F
Q2 2026
Location
Munster, IN
CIK
0000919864
Portfolio Value
$128.8M (Q4 2025)
SEC Filing
0001628280-26-002810 ↗ filed Jan 21, 2026

Holdings Value

0$50.0M$100.0M$150.0M Q4 2024: $115.3M Q4 2024 Q1 2025: $115.4M Q1 2025 Q2 2025: $126.6M Q2 2025 Q3 2025: $131.6M Q3 2025 Q4 2025: $128.8M $128.8M Q4 2025 Q1 2026: $125.1M Q1 2026 Q2 2026: $131.9M Q2 2026

Holdings 104 stocks · $128.8M
MSFT Microsoft Corp. 6.35% 16,923 $8.2M Reduce -2.9%
VOO Vanguard S&P 500 ETF 5.93% 12,177 $7.6M Add +4.3%
SKOR NT Crdscr US Corp. BD ETF 5.55% 145,567 $7.2M Add +27.8%
CWB SS SPDR BB Conv Sec ETF 4.79% 69,170 $6.2M Reduce -1.9%
VUG Vanguard Mrngstar GR ETF-Sui 4.59% 12,118 $5.9M Reduce -2.3%
AAPL Apple Inc. 3.85% 18,258 $5.0M Reduce -0.9%
FNWD Finward Bancorp 3.72% 136,288 $4.8M Reduce -0.4%
QQQ Invesco QQQ Trust Series 1 3.47% 7,277 $4.5M Add +0.5%
SPXL Direxion Daily S&P 500 Bull 3.01% 17,600 $3.9M New
TQQQ Proshares Ultrapro QQQ 2.94% 71,744 $3.8M Reduce -64.7%
SPGP Invesco S&P 500 Garp ETF 2.53% 28,564 $3.3M Reduce -3.8%
VIG Vanguard Dividend Apprec ETF 2.23% 13,061 $2.9M Add +10.7%
MGK Vngrd Mrgstr MG CP GR ETF-Ui 2.03% 6,341 $2.6M Reduce -1.3%
JNJ Johnson & Johnson 1.70% 10,561 $2.2M Reduce -0.1%
JPM JPMorgan Chase & Co. 1.65% 6,609 $2.1M Reduce -1.0%
FVD First Trust Value Line DVD 1.65% 45,985 $2.1M Reduce -1.7%
VGT Vanguard Info Tech ETF 1.64% 2,808 $2.1M Reduce -2.6%
MGV Vngrd Mrgstr MG CP VL ETF-Ui 1.48% 13,502 $1.9M Reduce -0.8%
IJH iShares Core S&P Midcap ETF 1.46% 28,456 $1.9M Reduce -1.4%
XLK SS Technology Select Sector 1.38% 12,304 $1.8M Add +2.6%
NOBL Proshares S&P 500 Dividend A 1.36% 16,863 $1.8M Reduce -12.8%
ABBV Abbvie Inc. 1.16% 6,566 $1.5M No change
VIGI Vanguard Int Div App Indx FD 1.11% 15,619 $1.4M Add +8.2%
VYM Vanguard High DVD Yield ETF 1.04% 9,353 $1.3M Reduce -8.7%
WPM Wheaton Precious Metals Corp. 1.04% 11,400 $1.3M No change
MCD McDonald's Corp. 0.99% 4,189 $1.3M Reduce -0.3%
AMZN Amazon.com Inc. 0.95% 5,318 $1.2M Reduce -0.7%
NVDA Nvidia Corp. 0.95% 6,556 $1.2M Reduce -20.9%
NI Nisource Inc. 0.92% 28,258 $1.2M Add +3.7%
IJR iShares Core S&P Small-Cap E 0.90% 9,597 $1.2M Add +2.9%
PG The Procter & Gamble Co. 0.83% 7,483 $1.1M Reduce -7.6%
KO The Coca-Cola Co. 0.81% 14,852 $1.0M Reduce -0.4%
VOT Vngrd Mrngstr MC GRW ETF-Usd 0.77% 3,535 $987K No change
GLD SPDR Gold Shares 0.74% 2,390 $947K No change
WELL Welltower Inc. 0.73% 5,096 $946K Reduce -5.3%
V Visa Inc. Class A 0.71% 2,615 $917K No change
XOM Exxon Mobil Corp. 0.61% 6,512 $784K Reduce -7.8%
ETR Entergy Corp. 0.61% 8,460 $782K No change
DTE DTE Energy Company 0.60% 6,000 $774K No change
COST Costco Wholesale Corp. 0.60% 890 $767K Reduce -32.9%
XLI SS Industrial Select Sector 0.59% 4,888 $758K Add +2.7%
GOOGL Alphabet Inc. Class A 0.57% 2,348 $735K Reduce -2.1%
VTV Vanguard Mrngstr Val ETF-Aui 0.56% 3,791 $724K Add +4.5%
AGG iShares Core U.S. Aggregate 0.55% 7,132 $712K No change
DUK Duke Energy Corp. 0.54% 5,943 $697K Reduce -1.7%
FDL First Trust Morn DVD Lead Inc. 0.54% 15,656 $694K Reduce -1.6%
ABT Abbott Laboratories 0.54% 5,501 $689K No change
META Meta Platforms Inc. Class A 0.52% 1,021 $674K Add +1.8%
BND Vanguard Total Bond Market 0.47% 8,231 $610K Reduce -3.5%
HD Home Depot Inc. 0.47% 1,754 $604K No change
BRK.B Berkshire Hathaway Inc. Class B 0.46% 1,188 $597K Reduce -3.5%
XLF SS Financial Select Sector 0.46% 10,881 $596K Add +4.5%
EFA iShares MSCI Eafe ETF 0.46% 6,137 $589K Reduce -1.3%
TRV The Travelers Cos Inc. 0.45% 2,000 $580K No change
VHT Vanguard Health Care ETF 0.45% 2,002 $576K No change
SO The Southern Co. 0.45% 6,586 $574K Reduce -1.5%
SPY SS SPDR S&P 500 ETF Trust-US 0.42% 793 $541K Reduce -3.4%
MDT Medtronic PLC 0.42% 5,600 $538K No change
VBK Van Morst SML-Cap Gro-Usd Inc. 0.41% 1,743 $527K Reduce -3.2%
VZ Verizon Communications Inc. 0.41% 12,922 $526K Reduce -1.0%
AEP American Electric Power 0.40% 4,412 $509K Reduce -4.1%
BP BP PLC-Spons ADR 0.39% 14,438 $501K Reduce -1.1%
PEP Pepsico Inc. 0.38% 3,429 $492K Reduce -5.0%
ENB Enbridge Inc. 0.37% 9,865 $472K Reduce -0.2%
T AT&T Inc. 0.37% 18,948 $471K Add +4.3%
ELV Elevance Health Inc. 0.35% 1,303 $457K No change
WMT Walmart Inc. 0.35% 4,059 $452K No change
VB Vanguard Most SM-Cap ETF-Usd 0.34% 1,717 $443K Add +6.2%
EXC Exelon Corp. 0.32% 9,576 $417K No change
PM Philip Morris International 0.31% 2,521 $404K Reduce -2.0%
LLY Eli Lilly & Co. 0.30% 355 $382K No change
PAYX Paychex Inc. 0.29% 3,344 $375K No change
VOE Vngrd Mrngstr MD-Cap Val ETF 0.28% 2,007 $356K Reduce -1.5%
UPS United Parcel Service Class B 0.28% 3,570 $354K No change
MAR Marriott International Class A 0.27% 1,131 $351K Reduce -4.5%
VBR Vngrd Mrngst SL-CP Val ETF-U 0.27% 1,626 $344K No change
QCOM Qualcomm Inc. 0.26% 1,980 $339K No change
CMG Chipotle Mexican Grill Inc. 0.26% 9,000 $333K Reduce -51.2%
VWO Vanguard Ftse Emerging Marke 0.25% 6,090 $327K Reduce -4.8%
NOC Northrop Grumman Corp. 0.25% 570 $325K No change
SPHD Invesco S&P 500 High Dividen 0.25% 6,721 $323K Reduce -10.9%
INTC Intel Corp. 0.23% 7,874 $291K No change
AZN Astrazeneca PLC-Spons ADR 0.22% 3,098 $285K No change
PFE Pfizer Inc. 0.22% 11,412 $284K No change
KWR Quaker Chemical Corporation 0.22% 2,065 $284K No change
VTI VG Morningstar TS MKT ETF-US 0.22% 841 $282K Add +3.7%
BNTX Biontech SE-ADR 0.22% 2,940 $280K Reduce -0.3%
EMR Emerson Electric Co. 0.21% 2,060 $273K No change
TAXF American Century Diver Muni 0.21% 5,379 $271K New
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.21% 900 $267K No change
VRP Invesco Variable Rate Prefer 0.21% 10,945 $266K Add +8.0%
MO Altria Group Inc. 0.21% 4,607 $266K Reduce -0.8%
DTM DT Midstream Inc. 0.20% 2,185 $262K No change
VNQ Vanguard Real Estate ETF 0.20% 2,862 $253K Reduce -3.0%
CVX Chevron Corp. 0.19% 1,609 $245K No change
DHR Danaher Corp. 0.18% 1,000 $229K New
IWF iShares Russell 1000 Growth 0.17% 468 $222K No change
LMT Lockheed Martin Corp. 0.17% 456 $221K No change
LIN Linde PLC 0.17% 517 $220K No change
CSX CSX Corp. 0.17% 6,072 $220K No change
GS Goldman Sachs Group Inc. 0.17% 243 $214K New
DLTR Dollar Tree Inc. 0.17% 1,730 $213K New
TIP iShares Tips Bond ETF 0.16% 1,856 $204K No change
BITF Bitfarms Ltd./Canada 0.02% 13,485 $32K No change

Portfolio Sells Q3 2025 → Q4 2025
TQQQ Proshares Ultrapro QQQ Reduce -64.7% 2.94% −5.05
MSFT Microsoft Corp. Reduce -2.9% 6.35% −0.50
COST Costco Wholesale Corp. Reduce -32.9% 0.60% −0.34
CMG Chipotle Mexican Grill Inc. Reduce -51.2% 0.26% −0.29
FISV Fiserv Inc. Sold out 0.00% −0.27
MFC Manulife Financial Corp. Sold out 0.00% −0.26
NVDA Nvidia Corp. Reduce -20.9% 0.95% −0.23
ADBE Adobe Inc. Sold out 0.00% −0.23
NSC Norfolk Southern Corp. Sold out 0.00% −0.16
WEC WEC Energy Group Inc. Sold out 0.00% −0.16
LOW Lowe's Cos Inc. Sold out 0.00% −0.16
NOBL Proshares S&P 500 Dividend A Reduce -12.8% 1.36% −0.15
MUA BlackRock Muniassets Fund Sold out 0.00% −0.13
PG The Procter & Gamble Co. Reduce -7.6% 0.83% −0.11
CWB SS SPDR BB Conv Sec ETF Reduce -1.9% 4.79% −0.06
VYM Vanguard High DVD Yield ETF Reduce -8.7% 1.04% −0.05
SPGP Invesco S&P 500 Garp ETF Reduce -3.8% 2.53% −0.04
SO The Southern Co. Reduce -1.5% 0.45% −0.04
SPHD Invesco S&P 500 High Dividen Reduce -10.9% 0.25% −0.03
DUK Duke Energy Corp. Reduce -1.7% 0.54% −0.03
VZ Verizon Communications Inc. Reduce -1.0% 0.41% −0.03
MO Altria Group Inc. Reduce -0.8% 0.21% −0.03
ENB Enbridge Inc. Reduce -0.2% 0.37% −0.01
VWO Vanguard Ftse Emerging Marke Reduce -4.8% 0.25% −0.01
BND Vanguard Total Bond Market Reduce -3.5% 0.47% −0.01
VNQ Vanguard Real Estate ETF Reduce -3.0% 0.20% −0.01
BRK.B Berkshire Hathaway Inc. Class B Reduce -3.5% 0.46% −0.01
BNTX Biontech SE-ADR Reduce -0.3% 0.22% −0.00
PEP Pepsico Inc. Reduce -5.0% 0.38% −0.00
PM Philip Morris International Reduce -2.0% 0.31% −0.00
FVD First Trust Value Line DVD Reduce -1.7% 1.65% +0.00
VBK Van Morst SML-Cap Gro-Usd Inc. Reduce -3.2% 0.41% +0.00
AEP American Electric Power Reduce -4.1% 0.40% +0.00
XOM Exxon Mobil Corp. Reduce -7.8% 0.61% +0.00
SPY SS SPDR S&P 500 ETF Trust-US Reduce -3.4% 0.42% +0.00
VOE Vngrd Mrngstr MD-Cap Val ETF Reduce -1.5% 0.28% +0.01
WELL Welltower Inc. Reduce -5.3% 0.73% +0.01
BP BP PLC-Spons ADR Reduce -1.1% 0.39% +0.01
VGT Vanguard Info Tech ETF Reduce -2.6% 1.64% +0.01
FDL First Trust Morn DVD Lead Inc. Reduce -1.6% 0.54% +0.01
EFA iShares MSCI Eafe ETF Reduce -1.3% 0.46% +0.02
MCD McDonald's Corp. Reduce -0.3% 0.99% +0.02
IJH iShares Core S&P Midcap ETF Reduce -1.4% 1.46% +0.03
MAR Marriott International Class A Reduce -4.5% 0.27% +0.04
JPM JPMorgan Chase & Co. Reduce -1.0% 1.65% +0.05
KO The Coca-Cola Co. Reduce -0.4% 0.81% +0.05
MGV Vngrd Mrgstr MG CP VL ETF-Ui Reduce -0.8% 1.48% +0.06
AMZN Amazon.com Inc. Reduce -0.7% 0.95% +0.06
MGK Vngrd Mrgstr MG CP GR ETF-Ui Reduce -1.3% 2.03% +0.07
VUG Vanguard Mrngstar GR ETF-Sui Reduce -2.3% 4.59% +0.07

Portfolio Buys Q3 2025 → Q4 2025
SPXL Direxion Daily S&P 500 Bull New 3.01% +3.01
SKOR NT Crdscr US Corp. BD ETF Add +27.8% 5.55% +1.29
VOO Vanguard S&P 500 ETF Add +4.3% 5.93% +0.50
VIG Vanguard Dividend Apprec ETF Add +10.7% 2.23% +0.29
TAXF American Century Diver Muni New 0.21% +0.21
DHR Danaher Corp. New 0.18% +0.18
QQQ Invesco QQQ Trust Series 1 Add +0.5% 3.47% +0.17
GS Goldman Sachs Group Inc. New 0.17% +0.17
DLTR Dollar Tree Inc. New 0.17% +0.17
VIGI Vanguard Int Div App Indx FD Add +8.2% 1.11% +0.13
XLK SS Technology Select Sector Add +2.6% 1.38% +0.09
IJR iShares Core S&P Small-Cap E Add +2.9% 0.90% +0.05
VTV Vanguard Mrngstr Val ETF-Aui Add +4.5% 0.56% +0.05
XLF SS Financial Select Sector Add +4.5% 0.46% +0.04
VB Vanguard Most SM-Cap ETF-Usd Add +6.2% 0.34% +0.03
XLI SS Industrial Select Sector Add +2.7% 0.59% +0.03
NI Nisource Inc. Add +3.7% 0.92% +0.02
VTI VG Morningstar TS MKT ETF-US Add +3.7% 0.22% +0.02
VRP Invesco Variable Rate Prefer Add +8.0% 0.21% +0.02
T AT&T Inc. Add +4.3% 0.37% −0.02
META Meta Platforms Inc. Class A Add +1.8% 0.52% −0.04

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 107$131.9MVOO, SKOR, CWB, MSFT, VUG
Q1 2026 104$125.1MSKOR, VOO, CWB, MSFT, VUG
Q4 2025 104$128.8MMSFT, VOO, SKOR, CWB, VUG
Q3 2025 106$131.6MTQQQ, MSFT, VOO, CWB, VUG
Q2 2025 101$126.6MTQQQ, MSFT, VOO, CWB, VUG
Q1 2025 104$115.4MTQQQ, MSFT, CWB, VOO, VUG
Q4 2024 103$115.3MTQQQ, MSFT, CWB, VOO, VUG