Kapstone Financial Advisors LLC

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 11, 2025), Kapstone Financial Advisors LLC reported 120 stock positions worth $200.5 million. Its top holding was iShares Core S&P 500 ETF (IVV) at 16.5% of the portfolio, followed by Strategy (MSTR, 14.2%) and Apple (AAPL, 8.9%). Compared with Q1 2025, it opened 14 new positions, sold out of 6, added to 37 and reduced 27. The biggest buy was Strategy (MSTR, shares +3%) and the biggest sale iShares Core High Dividend E (HDV, shares −3%).

Most Recent 13F
Q2 2026
Location
LEBANON, OH
CIK
0001966087
Portfolio Value
$200.5M (Q2 2025)
SEC Filing
0001951757-25-000615 ↗ filed Jul 11, 2025

Holdings Value

0$50.0M$100.0M$150.0M$200.0M$250.0M Q1 2024: $146.9M Q1 2024 Q2 2024: $152.5M Q2 2024 Q3 2024: $165.0M Q3 2024 Q4 2024: $187.4M Q4 2024 Q1 2025: $176.8M Q1 2025 Q2 2025: $200.5M $200.5M Q2 2025 Q3 2025: $212.3M Q3 2025 Q4 2025: $201.2M Q4 2025 Q1 2026: $204.1M Q1 2026 Q2 2026: $238.8M Q2 2026

Holdings 120 stocks · $200.5M
IVV iShares Core S&P 500 ETF 16.50% 53,283 $33.1M Add +6.4%
MSTR Strategy Inc. filed as MICROSTRATEGY INC 14.21% 70,485 $28.5M Add +2.6%
AAPL Apple Inc. 8.95% 87,445 $17.9M Add +0.5%
HDV iShares Core High Dividend E 5.83% 99,751 $11.7M Reduce -3.0%
META Meta Platforms Inc. Class A 3.42% 9,290 $6.9M Add +2.0%
PLTR Palantir Technologies Inc. Class A 2.67% 39,339 $5.4M Add +5.6%
MSFT Microsoft Corp. 2.59% 10,443 $5.2M Add +5.5%
PG The Procter & Gamble Co. 2.50% 31,524 $5.0M Reduce -1.9%
IVW iShares S&P 500 Growth ETF 2.22% 40,490 $4.5M Add +7.0%
VYM Vanguard High DVD Yield ETF 2.09% 31,408 $4.2M Reduce -0.8%
NVDA Nvidia Corp. 1.69% 21,450 $3.4M Add +6.5%
QQQ Invesco QQQ Trust Series 1 1.64% 5,970 $3.3M Add +3.9%
IWF iShares Russell 1000 Growth 1.56% 7,369 $3.1M Reduce -0.6%
DVY iShares Select Dividend ETF 1.46% 22,031 $2.9M Reduce -0.5%
GOOGL Alphabet Inc. Class A 1.43% 16,302 $2.9M Reduce -3.6%
BRK.B Berkshire Hathaway Inc. Class B 1.43% 5,883 $2.9M Add +19.1%
JPM JPMorgan Chase & Co. 1.35% 9,306 $2.7M Reduce -0.2%
ABBV Abbvie Inc. 1.30% 14,021 $2.6M Add +0.0%
FTCS First Trust Capital Strength 1.04% 22,897 $2.1M Add +3.2%
AMZN Amazon.com Inc. 0.97% 8,833 $1.9M Add +1.7%
GOOG Alphabet Inc. Class C 0.87% 9,801 $1.7M Add +2.0%
FTGS First Trust Grwth Strgth ETF 0.83% 48,827 $1.7M Reduce -4.0%
DGRO iShares Core Dividend Growth 0.75% 23,632 $1.5M Reduce -6.4%
PM Philip Morris International 0.73% 8,009 $1.5M Add +4.8%
LCNB LCNB Corporation 0.65% 89,436 $1.3M Reduce -2.3%
SPY SS SPDR S&P 500 ETF Trust-US 0.64% 2,061 $1.3M Add +7.0%
XOM Exxon Mobil Corp. 0.62% 11,510 $1.2M No change
JNJ Johnson & Johnson 0.59% 7,804 $1.2M Add +4.5%
PAYX Paychex Inc. 0.54% 7,505 $1.1M No change
MPC Marathon Petroleum Corp. 0.54% 6,515 $1.1M Reduce -10.3%
CSCO Cisco Systems Inc. 0.54% 15,541 $1.1M Reduce -1.9%
COST Costco Wholesale Corp. 0.54% 1,086 $1.1M No change
V Visa Inc. Class A 0.52% 2,913 $1.0M Add +0.7%
RDVY First Trust Rising Dividend 0.46% 14,854 $932K Add +16.1%
CAH Cardinal Health Inc. 0.45% 5,401 $907K Add +12.4%
MO Altria Group Inc. 0.45% 15,395 $903K Add +7.8%
DUK Duke Energy Corp. 0.42% 7,117 $840K Add +11.9%
AXON Axon Enterprise Inc. 0.39% 939 $777K Add +6.7%
MRK Merck & Co. Inc. 0.38% 9,502 $752K Add +5.1%
BRK.A Berkshire Hathaway Inc. Class A 0.36% 1 $729K No change
MLM Martin Marietta Materials 0.36% 1,315 $722K No change
RSPT Invesco S&P 500 Equal Weight 0.35% 17,280 $705K No change
VMC Vulcan Materials Co. 0.35% 2,700 $704K No change
HBAN Huntington Bancshares Inc. 0.34% 40,122 $672K No change
CRM Salesforce Inc. 0.33% 2,408 $657K No change
ADI Analog Devices Inc. 0.32% 2,734 $651K No change
HD Home Depot Inc. 0.32% 1,734 $636K Reduce -0.3%
F Ford Motor Co. filed as FORD MTR CO 0.31% 57,754 $627K Add +16.5%
FITB Fifth Third Bancorp 0.31% 15,068 $620K No change
CSX CSX Corp. 0.31% 18,778 $613K No change
ISRG Intuitive Surgical Inc. 0.30% 1,122 $610K No change
IRM Iron Mountain Inc. filed as IRON MTN INC DEL 0.30% 5,792 $594K No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.27% 11,547 $546K Reduce -1.0%
PGR Progressive Corp. 0.27% 2,038 $544K Add +31.5%
KO The Coca-Cola Co. 0.27% 7,684 $544K No change
SO The Southern Co. 0.27% 5,885 $540K No change
LMT Lockheed Martin Corp. 0.26% 1,141 $528K No change
ELV Elevance Health Inc. 0.26% 1,355 $527K Reduce -1.7%
CVX Chevron Corp. 0.26% 3,585 $513K Reduce -4.0%
SDY SS SPDR S&P Dividend ETF 0.25% 3,663 $497K No change
XLE SS Energy Select Sector 0.24% 5,632 $478K Reduce -29.2%
AXP American Express Co. 0.21% 1,304 $416K Add +6.3%
UBER Uber Technologies Inc. 0.21% 4,445 $415K New
TIDAL TRUST II 0.20% 18,077 $401K New
CMI Cummins Inc. 0.20% 1,222 $400K No change
MU Micron Technology Inc. 0.19% 3,132 $386K No change
DHI D.R. Horton Inc. 0.19% 2,986 $385K Reduce -5.1%
CINF Cincinnati Financial Corp. 0.19% 2,539 $378K No change
KR Kroger Co. 0.18% 5,098 $366K Reduce -8.1%
MA Mastercard Inc. Class A 0.17% 623 $350K Add +2.8%
BA The Boeing Co. 0.17% 1,621 $340K No change
BMY Bristol-Myers Squibb Co. 0.17% 7,171 $332K Reduce -4.0%
NVS Novartis AG-Sponsored ADR 0.16% 2,695 $326K No change
CRWV Coreweave Inc. Class A 0.16% 1,998 $326K New
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.16% 2,613 $324K Reduce -0.4%
NOBL Proshares S&P 500 Dividend A 0.16% 3,205 $323K Reduce -14.7%
WMT Walmart Inc. 0.16% 3,297 $322K No change
QTEC First Trust Nasdq 100 Tech I 0.16% 1,463 $311K No change
VZ Verizon Communications Inc. 0.15% 7,030 $304K Reduce -4.3%
MCD McDonald's Corp. 0.15% 1,018 $297K No change
DAL Delta Air Lines Inc. 0.15% 6,016 $296K Reduce -3.4%
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 0.14% 653 $288K New
ARM Arm Holdings PLC-ADR 0.14% 1,743 $282K New
QYLD Global X Nasd 100 Cov Call 0.14% 16,767 $280K Add +1.8%
DTD Wisdomtree US Total Dividend 0.14% 3,500 $278K No change
IVE iShares S&P 500 Value ETF 0.13% 1,376 $269K New
KMB Kimberly-Clark Corp. 0.13% 2,071 $267K Reduce -1.7%
XLF SS Financial Select Sector 0.13% 5,055 $265K Add +2.7%
FDX FedEx Corp. 0.13% 1,161 $264K No change
MCK McKesson Corp. 0.13% 357 $262K Reduce -3.0%
VTI VG Morningstar TS MKT ETF-US 0.13% 845 $257K No change
DOCU Docusign Inc. 0.13% 3,285 $256K New
CAG Conagra Brands Inc. 0.12% 11,934 $244K No change
BX Blackstone Inc. 0.12% 1,615 $242K No change
TMUS T-Mobile US Inc. 0.12% 1,000 $238K No change
IWB iShares Russell 1000 ETF 0.12% 700 $238K No change
XFOFX Cohen & Steers Closed-End Op 0.12% 18,590 $235K Add +36.2%
FPX First Trust US Equity Opport 0.12% 1,616 $234K New
LOW Lowe's Cos Inc. 0.11% 1,030 $229K No change
IJR iShares Core S&P Small-Cap E 0.11% 2,085 $228K No change

Show all 120 holdings

Portfolio Sells Q1 2025 → Q2 2025
HDV iShares Core High Dividend E Reduce -3.0% 5.83% −1.22
AEM Agnico Eagle Mines Ltd. Sold out 0.00% −0.74
PG The Procter & Gamble Co. Reduce -1.9% 2.50% −0.59
RSPH Invesco S&P 500 Equal Weight Sold out 0.00% −0.27
JEPQ JPM Nasdaq Equity Premium Sold out 0.00% −0.25
DVY iShares Select Dividend ETF Reduce -0.5% 1.46% −0.22
VYM Vanguard High DVD Yield ETF Reduce -0.8% 2.09% −0.22
XLE SS Energy Select Sector Reduce -29.2% 0.24% −0.18
DGRO iShares Core Dividend Growth Reduce -6.4% 0.75% −0.13
LLY Eli Lilly & Co. Sold out 0.00% −0.12
LCNB LCNB Corporation Reduce -2.3% 0.65% −0.12
PEP Pepsico Inc. Sold out 0.00% −0.12
CVX Chevron Corp. Reduce -4.0% 0.26% −0.10
BMY Bristol-Myers Squibb Co. Reduce -4.0% 0.17% −0.09
ELV Elevance Health Inc. Reduce -1.7% 0.26% −0.08
MPC Marathon Petroleum Corp. Reduce -10.3% 0.54% −0.06
NOBL Proshares S&P 500 Dividend A Reduce -14.7% 0.16% −0.06
ETW Eaton Vance T/M GLBL Buy-WR Sold out 0.00% −0.05
GOOGL Alphabet Inc. Class A Reduce -3.6% 1.43% −0.05
HD Home Depot Inc. Reduce -0.3% 0.32% −0.04
VZ Verizon Communications Inc. Reduce -4.3% 0.15% −0.04
KMB Kimberly-Clark Corp. Reduce -1.7% 0.13% −0.04
DHI D.R. Horton Inc. Reduce -5.1% 0.19% −0.03
KR Kroger Co. Reduce -8.1% 0.18% −0.03
THW Abrdn World Healthcare Fund Reduce -6.3% 0.08% −0.03
FTGS First Trust Grwth Strgth ETF Reduce -4.0% 0.83% −0.02
CSCO Cisco Systems Inc. Reduce -1.9% 0.54% −0.02
MCK McKesson Corp. Reduce -3.0% 0.13% −0.01
DAL Delta Air Lines Inc. Reduce -3.4% 0.15% −0.01
BAC Bank of America Corp. Reduce -1.0% 0.27% −0.00
DIS The Walt Disney Co. Reduce -0.4% 0.16% +0.02
IWF iShares Russell 1000 Growth Reduce -0.6% 1.56% +0.05
JPM JPMorgan Chase & Co. Reduce -0.2% 1.35% +0.05

Portfolio Buys Q1 2025 → Q2 2025
MSTR Strategy Inc. Add +2.6% 14.21% +3.01
PLTR Palantir Technologies Inc. Class A Add +5.6% 2.67% +0.90
IVV iShares Core S&P 500 ETF Add +6.4% 16.50% +0.58
MSFT Microsoft Corp. Add +5.5% 2.59% +0.49
NVDA Nvidia Corp. Add +6.5% 1.69% +0.45
META Meta Platforms Inc. Class A Add +2.0% 3.42% +0.45
IVW iShares S&P 500 Growth ETF Add +7.0% 2.22% +0.24
UBER Uber Technologies Inc. New 0.21% +0.21
TIDAL TRUST II New 0.20% +0.20
CRWV Coreweave Inc. Class A New 0.16% +0.16
DIA SS SPDR Dow Jones Indus Avg New 0.14% +0.14
ARM Arm Holdings PLC-ADR New 0.14% +0.14
IVE iShares S&P 500 Value ETF New 0.13% +0.13
DOCU Docusign Inc. New 0.13% +0.13
AXON Axon Enterprise Inc. Add +6.7% 0.39% +0.13
QQQ Invesco QQQ Trust Series 1 Add +3.9% 1.64% +0.12
FPX First Trust US Equity Opport New 0.12% +0.12
ORCL Oracle Corp. New 0.11% +0.11
WFC Wells Fargo & Co. New 0.10% +0.10
ABFL Abacus FCF Leaders ETF New 0.10% +0.10
DIAX Nuveen Dow 30 Dynamic Overwr New 0.09% +0.09
GOF Guggenheim Strategic Opport New 0.08% +0.08
CAH Cardinal Health Inc. Add +12.4% 0.45% +0.08
USA Liberty All Star Equity Fund New 0.05% +0.05
PM Philip Morris International Add +4.8% 0.73% +0.04
RDVY First Trust Rising Dividend Add +16.1% 0.46% +0.04
AMZN Amazon.com Inc. Add +1.7% 0.97% +0.03
F Ford Motor Co. Add +16.5% 0.31% +0.03
SPY SS SPDR S&P 500 ETF Trust-US Add +7.0% 0.64% +0.03
XAGDX Abrdn GLBL DYNM Divid Add +37.3% 0.10% +0.03
GAB Gabelli Equity Trust Add +80.9% 0.06% +0.02
XFOFX Cohen & Steers Closed-End Op Add +36.2% 0.12% +0.02
PGR Progressive Corp. Add +31.5% 0.27% +0.02
BDJ BlackRock Enhanced Eqty DVD Add +37.4% 0.11% +0.02
AXP American Express Co. Add +6.3% 0.21% +0.02
GOOG Alphabet Inc. Class C Add +2.0% 0.87% +0.02
ASG Liberty All-Star Growth FD Add +1.9% 0.05% +0.00
XETYX Eaton Vance Tax-MGD Div Eqty Add +2.7% 0.09% −0.00
XLF SS Financial Select Sector Add +2.7% 0.13% −0.01
HQL Abrdn Life Sciences Investor Add +2.9% 0.09% −0.01
MA Mastercard Inc. Class A Add +2.8% 0.17% −0.01
QYLD Global X Nasd 100 Cov Call Add +1.8% 0.14% −0.02
DUK Duke Energy Corp. Add +11.9% 0.42% −0.02
MO Altria Group Inc. Add +7.8% 0.45% −0.03
V Visa Inc. Class A Add +0.7% 0.52% −0.06
BRK.B Berkshire Hathaway Inc. Class B Add +19.1% 1.43% −0.06
MRK Merck & Co. Inc. Add +5.1% 0.38% −0.08
FTCS First Trust Capital Strength Add +3.2% 1.04% −0.09
JNJ Johnson & Johnson Add +4.5% 0.59% −0.11
ABBV Abbvie Inc. Add +0.0% 1.30% −0.36

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 175$238.8MIVV, AAPL, HDV, IVW, QQQ
Q1 2026 154$204.1MIVV, AAPL, HDV, PLTR, IVW
Q4 2025 133$201.2MIVV, AAPL, HDV, PLTR, META
Q3 2025 122$212.3MIVV, MSTR, AAPL, HDV, PLTR
Q2 2025 120$200.5MIVV, MSTR, AAPL, HDV, META
Q1 2025 112$176.8MIVV, MSTR, AAPL, HDV, PG
Q4 2024 114$187.4MIVV, MSTR, AAPL, HDV, META
Q3 2024 108$165.0MIVV, AAPL, MSTR, HDV, PG
Q2 2024 108$152.5MIVV, AAPL, HDV, MSTR, PG
Q1 2024 102$146.9MIVV, AAPL, MSTR, HDV, PG