Kapstone Financial Advisors LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 7, 2025), Kapstone Financial Advisors LLC reported 122 stock positions worth $212.3 million. Its top holding was iShares Core S&P 500 ETF (IVV) at 17.9% of the portfolio, followed by Strategy (MSTR, 10.9%) and Apple (AAPL, 10.1%). Compared with Q2 2025, it opened 6 new positions, sold out of 4, added to 31 and reduced 51. The biggest buy was iShares Core S&P 500 ETF (IVV, shares +7%) and the biggest sale Meta Platforms Class A (META, shares −9%).

Most Recent 13F
Q2 2026
Location
LEBANON, OH
CIK
0001966087
Portfolio Value
$212.3M (Q3 2025)
SEC Filing
0001951757-25-001323 ↗ filed Nov 7, 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 Q2 2025 Q3 2025: $212.3M $212.3M Q3 2025 Q4 2025: $201.2M Q4 2025 Q1 2026: $204.1M Q1 2026 Q2 2026: $238.8M Q2 2026

Holdings 122 stocks · $212.3M
IVV iShares Core S&P 500 ETF 17.90% 56,790 $38.0M Add +6.6%
MSTR Strategy Inc. 10.93% 72,006 $23.2M Add +2.2%
AAPL Apple Inc. 10.14% 84,522 $21.5M Reduce -3.3%
HDV iShares Core High Dividend E 5.81% 100,730 $12.3M Add +1.0%
PLTR Palantir Technologies Inc. Class A 3.46% 40,286 $7.3M Add +2.4%
META Meta Platforms Inc. Class A 2.91% 8,418 $6.2M Reduce -9.4%
MSFT Microsoft Corp. 2.56% 10,479 $5.4M Add +0.3%
IVW iShares S&P 500 Growth ETF 2.52% 44,303 $5.3M Add +9.4%
PG The Procter & Gamble Co. 2.26% 31,178 $4.8M Reduce -1.1%
VYM Vanguard High DVD Yield ETF 2.02% 30,421 $4.3M Reduce -3.1%
QQQ Invesco QQQ Trust Series 1 1.97% 6,957 $4.2M Add +16.5%
GOOGL Alphabet Inc. Class A 1.82% 15,927 $3.9M Reduce -2.3%
NVDA Nvidia Corp. 1.77% 20,135 $3.8M Reduce -6.1%
IWF iShares Russell 1000 Growth 1.63% 7,369 $3.5M No change
ABBV Abbvie Inc. 1.50% 13,742 $3.2M Reduce -2.0%
DVY iShares Select Dividend ETF 1.47% 22,014 $3.1M Reduce -0.1%
BRK.B Berkshire Hathaway Inc. Class B 1.36% 5,729 $2.9M Reduce -2.6%
JPM JPMorgan Chase & Co. 1.33% 8,930 $2.8M Reduce -4.0%
GOOG Alphabet Inc. Class C 1.09% 9,533 $2.3M Reduce -2.7%
PM Philip Morris International 1.07% 14,000 $2.3M Add +74.8%
FTCS First Trust Capital Strength 0.94% 21,253 $2.0M Reduce -7.2%
AMZN Amazon.com Inc. 0.89% 8,581 $1.9M Reduce -2.9%
DGRO iShares Core Dividend Growth 0.76% 23,612 $1.6M Reduce -0.1%
FTGS First Trust Grwth Strgth ETF 0.71% 41,690 $1.5M Reduce -14.6%
SPY SS SPDR S&P 500 ETF Trust-US 0.65% 2,078 $1.4M Add +0.8%
JNJ Johnson & Johnson 0.63% 7,247 $1.3M Reduce -7.1%
LCNB LCNB Corporation 0.63% 88,936 $1.3M Reduce -0.6%
XOM Exxon Mobil Corp. 0.57% 10,706 $1.2M Reduce -7.0%
CSCO Cisco Systems Inc. 0.50% 15,541 $1.1M No change
V Visa Inc. Class A 0.49% 3,019 $1.0M Add +3.6%
MPC Marathon Petroleum Corp. 0.48% 5,240 $1.0M Reduce -19.6%
MO Altria Group Inc. 0.48% 15,275 $1.0M Reduce -0.8%
COST Costco Wholesale Corp. 0.47% 1,086 $1.0M No change
RDVY First Trust Rising Dividend 0.46% 14,591 $981K Reduce -1.8%
PAYX Paychex Inc. 0.45% 7,505 $951K No change
DUK Duke Energy Corp. 0.40% 6,892 $853K Reduce -3.2%
CAH Cardinal Health Inc. 0.40% 5,401 $848K No change
MLM Martin Marietta Materials 0.38% 1,292 $814K Reduce -1.8%
UBER Uber Technologies Inc. 0.38% 8,143 $798K Add +83.2%
VMC Vulcan Materials Co. 0.37% 2,525 $777K Reduce -6.5%
RSPT Invesco S&P 500 Equal Weight 0.36% 17,280 $770K No change
BRK.A Berkshire Hathaway Inc. Class A 0.36% 1 $754K No change
MRK Merck & Co. Inc. 0.33% 8,455 $710K Reduce -11.0%
HD Home Depot Inc. 0.33% 1,734 $703K No change
AXON Axon Enterprise Inc. 0.33% 969 $695K Add +3.2%
HBAN Huntington Bancshares Inc. 0.33% 40,122 $693K No change
ADI Analog Devices Inc. 0.32% 2,734 $672K No change
CSX CSX Corp. 0.31% 18,778 $667K No change
F Ford Motor Co. filed as FORD MTR CO 0.28% 50,566 $605K Reduce -12.4%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.28% 11,547 $596K No change
CVX Chevron Corp. 0.27% 3,662 $569K Add +2.1%
LMT Lockheed Martin Corp. 0.26% 1,126 $562K Reduce -1.3%
ISRG Intuitive Surgical Inc. 0.26% 1,248 $558K Add +11.2%
SO The Southern Co. 0.25% 5,663 $537K Reduce -3.8%
IRM Iron Mountain Inc. filed as IRON MTN INC DEL 0.25% 5,195 $530K Reduce -10.3%
CMI Cummins Inc. 0.24% 1,222 $516K No change
SDY SS SPDR S&P Dividend ETF 0.24% 3,663 $513K No change
KO The Coca-Cola Co. 0.24% 7,612 $505K Reduce -0.9%
DHI D.R. Horton Inc. 0.22% 2,771 $470K Reduce -7.2%
MU Micron Technology Inc. 0.21% 2,628 $440K Reduce -16.1%
TIDAL TRUST II 0.20% 31,047 $433K Add +71.8%
AXP American Express Co. 0.20% 1,304 $433K No change
PGR Progressive Corp. 0.19% 1,632 $403K Reduce -19.9%
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 0.19% 869 $403K Add +33.1%
CINF Cincinnati Financial Corp. 0.19% 2,539 $401K No change
XLE SS Energy Select Sector 0.19% 4,455 $398K Reduce -20.9%
CRWV Coreweave Inc. Class A 0.18% 2,867 $392K Add +43.5%
MA Mastercard Inc. Class A 0.18% 683 $388K Add +9.6%
ELV Elevance Health Inc. 0.17% 1,133 $366K Reduce -16.4%
NVS Novartis AG-Sponsored ADR 0.16% 2,695 $346K No change
QTEC First Trust Nasdq 100 Tech I 0.16% 1,463 $336K No change
KR Kroger Co. 0.16% 4,983 $336K Reduce -2.3%
NOBL Proshares S&P 500 Dividend A 0.15% 3,169 $327K Reduce -1.1%
NBIS Nebius Group NV 0.15% 2,777 $312K New
MCD McDonald's Corp. 0.15% 1,018 $309K No change
FPX First Trust US Equity Opport 0.14% 1,848 $307K Add +14.4%
IWB iShares Russell 1000 ETF 0.14% 810 $296K Add +15.7%
BA The Boeing Co. 0.14% 1,367 $295K Reduce -15.7%
DTD Wisdomtree US Total Dividend 0.14% 3,500 $294K No change
VZ Verizon Communications Inc. 0.14% 6,677 $293K Reduce -5.0%
LOW Lowe's Cos Inc. 0.14% 1,160 $292K Add +12.6%
BMY Bristol-Myers Squibb Co. 0.14% 6,375 $288K Reduce -11.1%
ORCL Oracle Corp. 0.13% 1,018 $286K Add +0.1%
IVE iShares S&P 500 Value ETF 0.13% 1,378 $284K Add +0.1%
VTI VG Morningstar TS MKT ETF-US 0.13% 845 $277K No change
BX Blackstone Inc. 0.13% 1,615 $276K No change
MCK McKesson Corp. 0.13% 353 $273K Reduce -1.1%
XLF SS Financial Select Sector 0.13% 5,055 $272K No change
FDX FedEx Corp. 0.13% 1,149 $271K Reduce -1.0%
FITB Fifth Third Bancorp 0.13% 6,068 $270K Reduce -59.7%
JEPQ JPM Nasdaq Equity Premium filed as J P MORGAN EXCHANGE TRADED F 0.13% 4,687 $270K New
XFOFX Cohen & Steers Closed-End Op 0.13% 20,620 $269K Add +10.9%
QYLD Global X Nasd 100 Cov Call 0.13% 15,722 $267K Reduce -6.2%
XAGDX Abrdn GLBL DYNM Divid 0.12% 19,750 $263K Add +9.4%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.12% 2,258 $259K Reduce -13.6%
KMB Kimberly-Clark Corp. 0.12% 2,071 $258K No change
DAL Delta Air Lines Inc. 0.12% 4,375 $248K Reduce -27.3%
BDJ BlackRock Enhanced Eqty DVD 0.12% 27,161 $247K Add +8.8%
ARM Arm Holdings PLC-ADR 0.12% 1,743 $247K No change
DOCU Docusign Inc. 0.11% 3,315 $239K Add +0.9%

Show all 122 holdings

Portfolio Sells Q2 2025 → Q3 2025
META Meta Platforms Inc. Class A Reduce -9.4% 2.91% −0.51
CRM Salesforce Inc. Sold out 0.00% −0.33
PG The Procter & Gamble Co. Reduce -1.1% 2.26% −0.25
FITB Fifth Third Bancorp Reduce -59.7% 0.13% −0.18
FTGS First Trust Grwth Strgth ETF Reduce -14.6% 0.71% −0.13
GILD Gilead Sciences Inc. Sold out 0.00% −0.10
EPD Enterprise Products Partners Sold out 0.00% −0.10
FTCS First Trust Capital Strength Reduce -7.2% 0.94% −0.10
ABFL Abacus FCF Leaders ETF Sold out 0.00% −0.10
ELV Elevance Health Inc. Reduce -16.4% 0.17% −0.09
PGR Progressive Corp. Reduce -19.9% 0.19% −0.08
AMZN Amazon.com Inc. Reduce -2.9% 0.89% −0.08
BRK.B Berkshire Hathaway Inc. Class B Reduce -2.6% 1.36% −0.07
VYM Vanguard High DVD Yield ETF Reduce -3.1% 2.02% −0.07
MPC Marathon Petroleum Corp. Reduce -19.6% 0.48% −0.06
WMT Walmart Inc. Reduce -31.3% 0.11% −0.05
XLE SS Energy Select Sector Reduce -20.9% 0.19% −0.05
XOM Exxon Mobil Corp. Reduce -7.0% 0.57% −0.05
IRM Iron Mountain Inc. Reduce -10.3% 0.25% −0.05
MRK Merck & Co. Inc. Reduce -11.0% 0.33% −0.04
DIS The Walt Disney Co. Reduce -13.6% 0.12% −0.04
CAG Conagra Brands Inc. Reduce -14.7% 0.09% −0.03
KO The Coca-Cola Co. Reduce -0.9% 0.24% −0.03
DAL Delta Air Lines Inc. Reduce -27.3% 0.12% −0.03
BA The Boeing Co. Reduce -15.7% 0.14% −0.03
BMY Bristol-Myers Squibb Co. Reduce -11.1% 0.14% −0.03
F Ford Motor Co. Reduce -12.4% 0.28% −0.03
KR Kroger Co. Reduce -2.3% 0.16% −0.02
LCNB LCNB Corporation Reduce -0.6% 0.63% −0.02
JPM JPMorgan Chase & Co. Reduce -4.0% 1.33% −0.02
DUK Duke Energy Corp. Reduce -3.2% 0.40% −0.02
SO The Southern Co. Reduce -3.8% 0.25% −0.02
TMUS T-Mobile US Inc. Reduce -8.3% 0.10% −0.02
QYLD Global X Nasd 100 Cov Call Reduce -6.2% 0.13% −0.01
VZ Verizon Communications Inc. Reduce -5.0% 0.14% −0.01
IJR iShares Core S&P Small-Cap E Reduce -12.5% 0.10% −0.01
NOBL Proshares S&P 500 Dividend A Reduce -1.1% 0.15% −0.01
FDX FedEx Corp. Reduce -1.0% 0.13% −0.00
RDVY First Trust Rising Dividend Reduce -1.8% 0.46% −0.00
MCK McKesson Corp. Reduce -1.1% 0.13% −0.00
LMT Lockheed Martin Corp. Reduce -1.3% 0.26% +0.00
DGRO iShares Core Dividend Growth Reduce -0.1% 0.76% +0.00
HQL Abrdn Life Sciences Investor Reduce -0.0% 0.10% +0.01
DVY iShares Select Dividend ETF Reduce -0.1% 1.47% +0.01
MU Micron Technology Inc. Reduce -16.1% 0.21% +0.01
VMC Vulcan Materials Co. Reduce -6.5% 0.37% +0.01
MLM Martin Marietta Materials Reduce -1.8% 0.38% +0.02
MO Altria Group Inc. Reduce -0.8% 0.48% +0.03
DHI D.R. Horton Inc. Reduce -7.2% 0.22% +0.03
JNJ Johnson & Johnson Reduce -7.1% 0.63% +0.04

Portfolio Buys Q2 2025 → Q3 2025
IVV iShares Core S&P 500 ETF Add +6.6% 17.90% +1.41
PLTR Palantir Technologies Inc. Class A Add +2.4% 3.46% +0.79
PM Philip Morris International Add +74.8% 1.07% +0.34
QQQ Invesco QQQ Trust Series 1 Add +16.5% 1.97% +0.33
IVW iShares S&P 500 Growth ETF Add +9.4% 2.52% +0.30
UBER Uber Technologies Inc. Add +83.2% 0.38% +0.17
NBIS Nebius Group NV New 0.15% +0.15
JEPQ JPM Nasdaq Equity Premium New 0.13% +0.13
MDY State Street SPDR S&P Midcap New 0.10% +0.10
SPYM Ste STR SPDR PT S&P 500 ETF New 0.10% +0.10
SPGI S&P Global Inc. New 0.10% +0.10
MTUM iShares MSCI USA Momentum Fa New 0.09% +0.09
DIA SS SPDR Dow Jones Indus Avg Add +33.1% 0.19% +0.05
FPX First Trust US Equity Opport Add +14.4% 0.14% +0.03
XAGDX Abrdn GLBL DYNM Divid Add +9.4% 0.12% +0.02
ORCL Oracle Corp. Add +0.1% 0.13% +0.02
LOW Lowe's Cos Inc. Add +12.6% 0.14% +0.02
CRWV Coreweave Inc. Class A Add +43.5% 0.18% +0.02
IWB iShares Russell 1000 ETF Add +15.7% 0.14% +0.02
SPY SS SPDR S&P 500 ETF Trust-US Add +0.8% 0.65% +0.02
CVX Chevron Corp. Add +2.1% 0.27% +0.01
XFOFX Cohen & Steers Closed-End Op Add +10.9% 0.13% +0.01
GAB Gabelli Equity Trust Add +15.7% 0.07% +0.01
MA Mastercard Inc. Class A Add +9.6% 0.18% +0.01
DIAX Nuveen Dow 30 Dynamic Overwr Add +11.1% 0.10% +0.01
BDJ BlackRock Enhanced Eqty DVD Add +8.8% 0.12% +0.01
TIDAL TRUST II Add +71.8% 0.20% +0.00
USA Liberty All Star Equity Fund Add +22.6% 0.06% +0.00
IVE iShares S&P 500 Value ETF Add +0.1% 0.13% −0.00
ASG Liberty All-Star Growth FD Add +2.2% 0.05% −0.00
DOCU Docusign Inc. Add +0.9% 0.11% −0.01
HDV iShares Core High Dividend E Add +1.0% 5.81% −0.02
V Visa Inc. Class A Add +3.6% 0.49% −0.03
MSFT Microsoft Corp. Add +0.3% 2.56% −0.03
ISRG Intuitive Surgical Inc. Add +11.2% 0.26% −0.04
AXON Axon Enterprise Inc. Add +3.2% 0.33% −0.06
MSTR Strategy Inc. Add +2.2% 10.93% −3.28

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