Independent Financial Group, LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed May 15, 2026), Independent Financial Group, LLC reported 1,284 stock positions worth $3.6 billion. Its top holding was Nvidia (NVDA) at 7.2% of the portfolio, followed by Apple (AAPL, 2.7%) and Invesco QQQ Trust Series 1 (QQQ, 2.6%). Compared with Q1 2025, it opened 190 new positions, sold out of 79, added to 617 and reduced 410. The biggest buy was Pgim Aaa Clo ETF (PAAA, shares +388%) and the biggest sale Apple (AAPL, shares −0%).
- Most Recent 13F
- Q2 2026
- Location
- SAN DIEGO, CA
- CIK
- 0000275484
- Portfolio Value
- $3.6B (Q2 2025)
- SEC Filing
- 0000275484-26-000005 ↗ filed May 15, 2026
Holdings Value
Holdings 1,284 stocks · $3.6B
| NVDA Nvidia Corp. | 7.23% | 1,659,911 | $262.2M | Add +1.8% |
| AAPL Apple Inc. | 2.67% | 472,770 | $97.0M | Reduce -0.1% |
| QQQ Invesco QQQ Trust Series 1 | 2.63% | 173,105 | $95.5M | Add +6.9% |
| AVGO Broadcom Inc. | 2.60% | 341,604 | $94.2M | Reduce -7.1% |
| MSFT Microsoft Corp. | 2.29% | 167,281 | $83.2M | Add +5.3% |
| AMZN Amazon.com Inc. | 2.13% | 351,498 | $77.1M | Add +7.3% |
| PAAA Pgim Aaa Clo ETF | 1.85% | 1,304,511 | $67.1M | Add +387.6% |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.75% | 102,972 | $63.6M | Add +11.0% |
| IVV iShares Core S&P 500 ETF | 1.47% | 85,970 | $53.4M | Add +8.3% |
| PLTR Palantir Technologies Inc. Class A | 1.33% | 352,766 | $48.1M | Add +52.5% |
| VTI VG Morningstar TS MKT ETF-US | 1.20% | 143,696 | $43.7M | Add +7.8% |
| META Meta Platforms Inc. Class A | 0.94% | 46,328 | $34.2M | Add +8.3% |
| COST Costco Wholesale Corp. | 0.92% | 33,882 | $33.5M | Reduce -0.9% |
| RDVY First Trust Rising Dividend | 0.88% | 506,488 | $31.8M | Add +10.3% |
| SPYM Ste STR SPDR PT S&P 500 ETF | 0.76% | 380,324 | $27.6M | Add +19.8% |
| NFLX Netflix Inc. | 0.75% | 20,398 | $27.3M | Add +73.9% |
| XLK SS Technology Select Sector | 0.71% | 102,285 | $25.9M | Add +6.1% |
| TSLA Tesla Inc. | 0.71% | 80,763 | $25.7M | Add +3.2% |
| TIDAL TRUST II | 0.71% | 1,156,391 | $25.6M | Add +1314.1% |
| COWZ Pacer US Cash Cows 100 ETF | 0.67% | 440,900 | $24.3M | Reduce -10.2% |
| FSK FS KKR Capital Corp. | 0.66% | 1,159,542 | $24.1M | Reduce -33.0% |
| GOOG Alphabet Inc. Class C | 0.65% | 133,160 | $23.6M | Add +6.8% |
| GLD SPDR Gold Shares | 0.62% | 73,875 | $22.5M | Reduce -1.2% |
| GARP iShares MSCI USA Quality Gar | 0.62% | 371,680 | $22.4M | Add +0.6% |
| QQQE Dirx Nasdaq-100EQ Wi ETF-Usd | 0.55% | 204,643 | $20.1M | Reduce -3.7% |
| JAAA Janus Henderson Aaa Clo ETF | 0.53% | 377,916 | $19.2M | Add +33.1% |
| MSTR Strategy Inc. filed as MICROSTRATEGY INC | 0.52% | 46,401 | $18.8M | Add +21.7% |
| GOOGL Alphabet Inc. Class A | 0.51% | 105,187 | $18.5M | Add +7.0% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.51% | 38,087 | $18.5M | Add +15.5% |
| BUFR FT Vest Lad Buffervetf-Usd I | 0.50% | 570,245 | $18.1M | Add +12.1% |
| IJH iShares Core S&P Midcap ETF | 0.48% | 279,418 | $17.3M | Reduce -1.3% |
| BIZD Vaneck BDC Income ETF | 0.47% | 1,043,444 | $17.0M | Add +13.8% |
| VOO Vanguard S&P 500 ETF | 0.43% | 27,415 | $15.6M | Add +9.7% |
| JEPQ JPM Nasdaq Equity Premium filed as J P MORGAN EXCHANGE TRADED F | 0.42% | 283,161 | $15.4M | Reduce -4.6% |
| PDI PIMCO Dynamic Income Fund | 0.42% | 803,505 | $15.2M | Reduce -30.6% |
| WMT Walmart Inc. | 0.41% | 153,827 | $15.0M | Add +3.4% |
| SMH Vaneck Semiconductor ETF | 0.41% | 52,861 | $14.7M | Add +33.2% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 0.40% | 156,282 | $14.3M | Add +38.1% |
| JPST JPMorgan Ultra-Short Income | 0.39% | 281,700 | $14.3M | Add +28.1% |
| SDVY First Trust Smid Cap Rising | 0.39% | 403,178 | $14.2M | Reduce -27.6% |
| VOT Vngrd Mrngstr MC GRW ETF-Usd | 0.38% | 48,922 | $13.9M | Add +2.7% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.36% | 29,590 | $13.0M | Reduce -1.7% |
| JPM JPMorgan Chase & Co. | 0.36% | 44,584 | $12.9M | Reduce -1.5% |
| SPYG SS SPDR P S&P 500 Growth ETF | 0.35% | 135,095 | $12.9M | Add +74.2% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.35% | 25,166 | $12.8M | Add +19.9% |
| MOAT Vaneck Morningstar Wide Moat | 0.35% | 133,461 | $12.5M | Reduce -0.6% |
| SCHD Schwab US DVD Equity ETF | 0.33% | 456,275 | $12.1M | Add +7.3% |
| ITOT iShares Core S&P Total U.S. | 0.33% | 89,194 | $12.0M | Add +9.1% |
| V Visa Inc. Class A | 0.32% | 32,788 | $11.6M | Reduce -3.9% |
| PANW Palo Alto Networks Inc. | 0.32% | 56,442 | $11.6M | Add +13.9% |
| SCHG Schwab US Large-Cap Growth | 0.31% | 381,734 | $11.2M | Add +31.8% |
| BKNG Booking Holdings Inc. | 0.30% | 1,855 | $10.7M | Reduce -0.3% |
| AMD Advanced Micro Devices | 0.30% | 75,473 | $10.7M | Add +64.8% |
| HD Home Depot Inc. | 0.29% | 28,266 | $10.4M | Add +10.6% |
| FETH Fidelity Ethereum Fund | 0.29% | 411,096 | $10.3M | Add +13.7% |
| BALT Inn Defined Wealth Shield | 0.28% | 318,438 | $10.2M | Reduce -2.1% |
| SHV iShares 0-1 Year Treasury Bo | 0.28% | 90,542 | $10.0M | Add +10.7% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.27% | 33,733 | $9.9M | Add +10.9% |
| QQQI Neos Nasdaq-100 High Inc. ETF | 0.27% | 184,862 | $9.6M | New |
| VGT Vanguard Info Tech ETF | 0.26% | 14,469 | $9.6M | Add +26.6% |
| BX Blackstone Inc. | 0.26% | 63,545 | $9.5M | Add +11.2% |
| CIBR First Trust Nasdaq Cybersecu | 0.26% | 124,987 | $9.4M | Add +13.7% |
| TQQQ Proshares Ultrapro QQQ | 0.26% | 113,592 | $9.4M | Add +12.8% |
| EFV iShares MSCI Eafe Value ETF | 0.26% | 148,459 | $9.4M | Add +113.0% |
| XLF SS Financial Select Sector | 0.26% | 179,744 | $9.4M | Add +9.3% |
| DYNF Ishrs US E F R A ETF-Usd Inc. | 0.26% | 171,744 | $9.4M | Add +123.1% |
| VOD Vodafone Group PLC-SP ADR | 0.25% | 861,696 | $9.2M | Add +1516.6% |
| JQUA JPMorgan US Quality Factor | 0.25% | 150,276 | $9.0M | Add +208.4% |
| TSM Taiwan Semiconductor-SP ADR | 0.25% | 39,341 | $8.9M | Reduce -1.1% |
| FLRT Pacer Aristotle Pacific Floa | 0.24% | 186,447 | $8.9M | Reduce -15.9% |
| SPDW Ste STR SPDR PT DW Eu ETF | 0.24% | 219,070 | $8.9M | Add +12.6% |
| ITA iShares U.S. Aerospace & Def | 0.24% | 46,803 | $8.8M | Reduce -8.9% |
| SPTM SS SPDR P S&P 1500 Comp ETF | 0.24% | 116,606 | $8.7M | Add +11.0% |
| SSO Proshares Ultra S&P500 | 0.24% | 88,267 | $8.6M | Add +75.5% |
| SMA Smartstop Self Storage REIT | 0.23% | 234,694 | $8.5M | New |
| ZALT Innovator US Eq 10 Buffer | 0.23% | 275,239 | $8.5M | Add +3.1% |
| MGK Vngrd Mrgstr MG CP GR ETF-Ui | 0.23% | 22,829 | $8.4M | Add +21.9% |
| VIG Vanguard Dividend Apprec ETF | 0.23% | 40,692 | $8.3M | Add +1.6% |
| VYM Vanguard High DVD Yield ETF | 0.23% | 62,199 | $8.3M | Add +8.1% |
| ABBV Abbvie Inc. | 0.22% | 43,749 | $8.1M | Reduce -36.0% |
| QUAL iShares MSCI USA Quality Fac | 0.22% | 43,834 | $8.0M | Reduce -0.1% |
| UBER Uber Technologies Inc. | 0.22% | 83,823 | $7.8M | Add +15.7% |
| JEPI JPMorgan Equity Premium Inco | 0.22% | 137,443 | $7.8M | Reduce -9.9% |
| SMIG Bahl & Gaynor S/M Inc. Growth | 0.21% | 269,775 | $7.8M | Reduce -9.8% |
| IAU iShares Gold Trust | 0.21% | 122,567 | $7.6M | Add +1.7% |
| VBK Van Morst SML-Cap Gro-Usd Inc. | 0.21% | 27,590 | $7.6M | Add +42.6% |
| DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE | 0.21% | 17,325 | $7.6M | Add +10.9% |
| XOM Exxon Mobil Corp. | 0.21% | 70,692 | $7.6M | Add +0.8% |
| FTSM First Trust Enh Short Mat FD | 0.21% | 126,916 | $7.6M | Add +139.0% |
| NET Cloudflare Inc. Class A | 0.21% | 38,744 | $7.6M | Add +80.5% |
| BXSL Blackstone Secured Lending F | 0.21% | 246,633 | $7.6M | Reduce -14.1% |
| RWJ Invesco S&P Smallcap 600 | 0.21% | 172,622 | $7.5M | Add +54.6% |
| VYMI Vanguard Int High DVD YLD Inc. | 0.20% | 90,649 | $7.3M | Add +7.3% |
| TSPA T Rowe Price US Eqy Research | 0.20% | 186,719 | $7.3M | Add +2.9% |
| QCOM Qualcomm Inc. | 0.20% | 45,286 | $7.2M | Reduce -1.7% |
| VZ Verizon Communications Inc. | 0.20% | 166,491 | $7.2M | Reduce -10.5% |
| SPYI Neos S&P 500 High Income ETF | 0.20% | 142,064 | $7.1M | Add +96.6% |
| RSP Invesco S&P 500 Equal Weight | 0.20% | 39,167 | $7.1M | Add +16.8% |
| LLY Eli Lilly & Co. | 0.19% | 9,065 | $7.1M | Reduce -56.9% |
| SPYV SS SPDR P S&P 500 Value ETF | 0.19% | 134,353 | $7.0M | Add +75.2% |
Other holdings (2): bonds, preferreds, convertibles and warrants · $2.1M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| STRATEGY INC (MSTR 8 PERP) | SERIES A PERP PF | 15,205 | $1.8M | Add +9.4% |
| EL PASO ENERGY CAP TRST (KMI 4.75 03/31/28) | PFD CV TR SEC 28 | 7,658 | $225K | New |
Total filed on the 13F, all lines: $3.6B.
Portfolio Sells Q1 2025 → Q2 2025
| AAPL Apple Inc. | Reduce -0.1% | 2.67% | −0.94 |
| FSK FS KKR Capital Corp. | Reduce -33.0% | 0.66% | −0.58 |
| LLY Eli Lilly & Co. | Reduce -56.9% | 0.19% | −0.40 |
| PDI PIMCO Dynamic Income Fund | Reduce -30.6% | 0.42% | −0.37 |
| ABBV Abbvie Inc. | Reduce -36.0% | 0.22% | −0.27 |
| COWZ Pacer US Cash Cows 100 ETF | Reduce -10.2% | 0.67% | −0.25 |
| SDVY First Trust Smid Cap Rising | Reduce -27.6% | 0.39% | −0.25 |
| BND Vanguard Total Bond Market | Reduce -43.8% | 0.16% | −0.20 |
| COST Costco Wholesale Corp. | Reduce -0.9% | 0.92% | −0.19 |
| CALF PCR US SM CP CSH CWS ETF-Usd | Reduce -55.1% | 0.10% | −0.16 |
| QYLD Global X Nasd 100 Cov Call | Reduce -43.2% | 0.13% | −0.16 |
| GLD SPDR Gold Shares | Reduce -1.2% | 0.62% | −0.12 |
| FLRT Pacer Aristotle Pacific Floa | Reduce -15.9% | 0.24% | −0.11 |
| GAUG FT Vest US Equity Moderate B | Reduce -47.0% | 0.09% | −0.11 |
| BXSL Blackstone Secured Lending F | Reduce -14.1% | 0.21% | −0.11 |
| XLE SS Energy Select Sector | Reduce -10.8% | 0.19% | −0.10 |
| JEPQ JPM Nasdaq Equity Premium | Reduce -4.6% | 0.42% | −0.10 |
| PHYS Sprott Physical Gold Trust | Reduce -87.9% | 0.01% | −0.10 |
| VZ Verizon Communications Inc. | Reduce -10.5% | 0.20% | −0.09 |
| IJH iShares Core S&P Midcap ETF | Reduce -1.3% | 0.48% | −0.09 |
| V Visa Inc. Class A | Reduce -3.9% | 0.32% | −0.09 |
| BINC iShares Flex I A ETF-Usd Inc. | Reduce -34.2% | 0.10% | −0.09 |
| JEPI JPMorgan Equity Premium Inco | Reduce -9.9% | 0.22% | −0.08 |
| QQQE Dirx Nasdaq-100EQ Wi ETF-Usd | Reduce -3.7% | 0.55% | −0.08 |
| XYLD Global X S&P 500 Cove Call E | Reduce -58.6% | 0.04% | −0.08 |
| SMIG Bahl & Gaynor S/M Inc. Growth | Reduce -9.8% | 0.21% | −0.08 |
| KWEB Kranesh Csi China Internet | Reduce -53.7% | 0.04% | −0.08 |
| CVX Chevron Corp. | Reduce -12.7% | 0.11% | −0.08 |
| TBIL F/M US Treasury 3 Month Bill | Reduce -25.9% | 0.11% | −0.07 |
| FSCO FS Credit Opportunities Corp. | Reduce -15.5% | 0.17% | −0.07 |
| XLV SS Health Care Select Sector | Reduce -5.7% | 0.17% | −0.07 |
| T AT&T Inc. | Reduce -24.1% | 0.12% | −0.07 |
| BALT Inn Defined Wealth Shield | Reduce -2.1% | 0.28% | −0.07 |
| TLT iShares 20+ Year Treasury BD | Reduce -24.7% | 0.10% | −0.07 |
| KRE SS SPDR S&P Regional Bank | Reduce -74.4% | 0.02% | −0.07 |
| PECO Phillips Edison & Company Inc. | Reduce -31.8% | 0.07% | −0.07 |
| AMLP Alerian MLP ETF | Reduce -17.7% | 0.11% | −0.07 |
| MCD McDonald's Corp. | Reduce -16.2% | 0.10% | −0.06 |
| FTSL First Trust Senior Loan ETF | Reduce -68.1% | 0.02% | −0.06 |
| MOAT Vaneck Morningstar Wide Moat | Reduce -0.6% | 0.35% | −0.06 |
| IEZ iShares U.S. Oil Equipment & | Reduce -26.3% | 0.06% | −0.06 |
| SPLV Invesco S&P 500 Low Volatili | Reduce -17.6% | 0.11% | −0.06 |
| AHR American Healthcare REIT Inc. | Reduce -27.3% | 0.14% | −0.06 |
| JGRO JPMorgan Active Growth ETF | Reduce -43.8% | 0.06% | −0.06 |
| VFLO Victoryshares Free Cash Flow | Reduce -41.0% | 0.05% | −0.06 |
| JNJ Johnson & Johnson | Reduce -11.0% | 0.11% | −0.06 |
| FBRT Franklin BSP Realty Trust Inc. | Reduce -14.9% | 0.07% | −0.05 |
| XLP SS Consumer Staples Sel Sect | Reduce -3.7% | 0.16% | −0.05 |
| IJS iShares S&P Small-Cap 600 Va | Reduce -66.9% | 0.02% | −0.05 |
| PFF iShares Preferred & Income S | Reduce -5.0% | 0.15% | −0.05 |
Portfolio Buys Q1 2025 → Q2 2025
| PAAA Pgim Aaa Clo ETF | Add +387.6% | 1.85% | +1.38 |
| NVDA Nvidia Corp. | Add +1.8% | 7.23% | +1.15 |
| PLTR Palantir Technologies Inc. Class A | Add +52.5% | 1.33% | +0.65 |
| TIDAL TRUST II | Add +1314.1% | 0.71% | +0.65 |
| NFLX Netflix Inc. | Add +73.9% | 0.75% | +0.38 |
| QQQI Neos Nasdaq-100 High Inc. ETF | New | 0.27% | +0.27 |
| MSFT Microsoft Corp. | Add +5.3% | 2.29% | +0.24 |
| VOD Vodafone Group PLC-SP ADR | Add +1516.6% | 0.25% | +0.24 |
| SMA Smartstop Self Storage REIT | New | 0.23% | +0.23 |
| SNTH MRP Synthequity ETF | New | 0.17% | +0.17 |
| JQUA JPMorgan US Quality Factor | Add +208.4% | 0.25% | +0.15 |
| SPYG SS SPDR P S&P 500 Growth ETF | Add +74.2% | 0.35% | +0.14 |
| MSTR Strategy Inc. | Add +21.7% | 0.52% | +0.14 |
| AMD Advanced Micro Devices | Add +64.8% | 0.30% | +0.13 |
| DYNF Ishrs US E F R A ETF-Usd Inc. | Add +123.1% | 0.26% | +0.13 |
| NET Cloudflare Inc. Class A | Add +80.5% | 0.21% | +0.13 |
| EFV iShares MSCI Eafe Value ETF | Add +113.0% | 0.26% | +0.12 |
| SMH Vaneck Semiconductor ETF | Add +33.2% | 0.41% | +0.12 |
| SPOT Spotify Technology SA | Add +272.1% | 0.15% | +0.11 |
| CGCB Cap Group Core Bond | Add +235.9% | 0.18% | +0.11 |
| AFRM Affirm Holdings Inc. | New | 0.11% | +0.11 |
| CVNA Carvana Co. | New | 0.11% | +0.11 |
| NBIS Nebius Group NV | Add +179.5% | 0.13% | +0.11 |
| FTSM First Trust Enh Short Mat FD | Add +139.0% | 0.21% | +0.10 |
| CRWD CrowdStrike Holdings Inc. Class A | Add +19.9% | 0.35% | +0.10 |
| META Meta Platforms Inc. Class A | Add +8.3% | 0.94% | +0.09 |
| SSO Proshares Ultra S&P500 | Add +75.5% | 0.24% | +0.09 |
| COIN Coinbase Global Inc. Class A | Add +118.8% | 0.13% | +0.09 |
| ADX Adams Diversified Equity | New | 0.09% | +0.09 |
| PMAY Innovator U.S. Equity Power | Add +1126.1% | 0.09% | +0.08 |
| IEF iShares 7-10 Year Treasury B | Add +236.1% | 0.13% | +0.08 |
| SPYI Neos S&P 500 High Income ETF | Add +96.6% | 0.20% | +0.08 |
| OEF iShares S&P 100 ETF | Add +278.2% | 0.11% | +0.08 |
| FXE Invesco Currencyshares Euro | New | 0.08% | +0.08 |
| ASTS Ast Spacemobile Inc. | Add +55.9% | 0.12% | +0.08 |
| VRIG Invesco Variable Rate Invest | New | 0.07% | +0.07 |
| APP AppLovin Corp. Class A | Add +189.9% | 0.11% | +0.07 |
| GEV GE Vernova Inc. | Add +48.7% | 0.13% | +0.07 |
| TEM Tempus AI Inc. Class A | New | 0.07% | +0.07 |
| MRVL Marvell Technology Inc. | Add +286.0% | 0.08% | +0.06 |
| TQQQ Proshares Ultrapro QQQ | Add +12.8% | 0.26% | +0.06 |
| DBEF Xtrackers MSCI Eafe Hedged E | Add +260.7% | 0.09% | +0.06 |
| SPYV SS SPDR P S&P 500 Value ETF | Add +75.2% | 0.19% | +0.06 |
| FETH Fidelity Ethereum Fund | Add +13.7% | 0.29% | +0.06 |
| SCHG Schwab US Large-Cap Growth | Add +31.8% | 0.31% | +0.06 |
| THRO iShares U.S. Thematic Rotati | New | 0.06% | +0.06 |
| VEA Vanguard Ftse Developed ETF | Add +103.9% | 0.12% | +0.06 |
| CGIC Cap Group Intl Core Eq | New | 0.05% | +0.05 |
| COF Capital One Financial Corp. | New | 0.05% | +0.05 |
| SGOV iShares 0-3 Month Treasury B | Add +92.0% | 0.15% | +0.05 |
Notes & Other Activity Q1 2025 → Q2 2025
| STRATEGY INC (MSTR 8 PERP) | SERIES A PERP PF | Add +9.4% | 15,205 | $1.8M |
| EL PASO ENERGY CAP TRST (KMI 4.75 03/31/28) | PFD CV TR SEC 28 | New | 7,658 | $225K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 1,541 | $5.3B | NVDA, QQQ, AAPL, MU, AVGO |
| Q1 2026Amended | 1,444 | $4.5B | NVDA, AAPL, QQQ, AVGO, AMZN |
| Q4 2025 | 1,404 | $4.5B | NVDA, AAPL, QQQ, AVGO, MSFT |
| Q3 2025 | 1,353 | $4.2B | NVDA, AAPL, AVGO, QQQ, MSFT |
| Q2 2025 | 1,284 | $3.6B | NVDA, AAPL, QQQ, AVGO, MSFT |
| Q1 2025 | 1,173 | $2.9B | NVDA, AAPL, QQQ, AMZN, AVGO |
| Q4 2024 | 1,155 | $3.0B | NVDA, AAPL, AVGO, AMZN, MSFT |
| Q3 2024 | 1,126 | $2.7B | NVDA, AAPL, AVGO, MSFT, QQQ |
| Q2 2024 | 1,087 | $2.5B | NVDA, AAPL, MSFT, QQQ, AMZN |
| Q1 2024 | 1,014 | $2.2B | NVDA, AAPL, MSFT, AMZN, QQQ |