Kapstone Financial Advisors LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 5, 2026), Kapstone Financial Advisors LLC reported 133 stock positions worth $201.2 million. Its top holding was iShares Core S&P 500 ETF (IVV) at 19.8% of the portfolio, followed by Apple (AAPL, 11.3%) and iShares Core High Dividend E (HDV, 6.0%). Compared with Q3 2025, it opened 17 new positions, sold out of 6, added to 35 and reduced 39. The biggest buy was iShares Core S&P 500 ETF (IVV, shares +2%) and the biggest sale Strategy (MSTR, shares −76%).

Most Recent 13F
Q2 2026
Location
LEBANON, OH
CIK
0001966087
Portfolio Value
$201.2M (Q4 2025)
SEC Filing
0001951757-26-000364 ↗ filed Feb 5, 2026

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 Q3 2025 Q4 2025: $201.2M $201.2M Q4 2025 Q1 2026: $204.1M Q1 2026 Q2 2026: $238.8M Q2 2026

Holdings 133 stocks · $201.2M
IVV iShares Core S&P 500 ETF 19.80% 58,139 $39.8M Add +2.4%
AAPL Apple Inc. 11.27% 83,423 $22.7M Reduce -1.3%
HDV iShares Core High Dividend E 6.00% 99,257 $12.1M Reduce -1.5%
PLTR Palantir Technologies Inc. Class A 3.47% 39,300 $7.0M Reduce -2.5%
META Meta Platforms Inc. Class A 2.78% 8,478 $5.6M Add +0.7%
IVW iShares S&P 500 Growth ETF 2.78% 45,327 $5.6M Add +2.3%
MSFT Microsoft Corp. 2.59% 10,754 $5.2M Add +2.6%
GOOGL Alphabet Inc. Class A 2.48% 15,967 $5.0M Add +0.3%
PG The Procter & Gamble Co. 2.18% 30,583 $4.4M Reduce -1.9%
QQQ Invesco QQQ Trust Series 1 2.16% 7,064 $4.3M Add +1.5%
VYM Vanguard High DVD Yield ETF 2.10% 29,395 $4.2M Reduce -3.4%
NVDA Nvidia Corp. 1.82% 19,664 $3.7M Reduce -2.3%
IWF iShares Russell 1000 Growth 1.73% 7,366 $3.5M Reduce -0.0%
ABBV Abbvie Inc. 1.56% 13,743 $3.1M Add +0.0%
BRK.B Berkshire Hathaway Inc. Class B 1.49% 5,964 $3.0M Add +4.1%
GOOG Alphabet Inc. Class C 1.48% 9,517 $3.0M Reduce -0.2%
DVY iShares Select Dividend ETF 1.46% 20,794 $2.9M Reduce -5.5%
JPM JPMorgan Chase & Co. 1.42% 8,864 $2.9M Reduce -0.7%
MSTR Strategy Inc. 1.28% 16,934 $2.6M Reduce -76.5%
PM Philip Morris International 1.11% 13,861 $2.2M Reduce -1.0%
IBIT iShares Bitcoin Trust ETF 1.01% 40,965 $2.0M New
FTCS First Trust Capital Strength 0.97% 21,112 $2.0M Reduce -0.7%
AMZN Amazon.com Inc. 0.93% 8,132 $1.9M Reduce -5.2%
DGRO iShares Core Dividend Growth 0.81% 23,612 $1.6M No change
SPY SS SPDR S&P 500 ETF Trust-US 0.79% 2,344 $1.6M Add +12.8%
JNJ Johnson & Johnson 0.75% 7,247 $1.5M No change
FTGS First Trust Grwth Strgth ETF 0.72% 41,227 $1.5M Reduce -1.1%
XOM Exxon Mobil Corp. 0.71% 11,916 $1.4M Add +11.3%
LCNB LCNB Corporation 0.70% 86,067 $1.4M Reduce -3.2%
CSCO Cisco Systems Inc. 0.61% 15,816 $1.2M Add +1.8%
UBER Uber Technologies Inc. 0.59% 14,482 $1.2M Add +77.8%
CAH Cardinal Health Inc. 0.58% 5,646 $1.2M Add +4.5%
V Visa Inc. Class A 0.52% 3,003 $1.1M Reduce -0.5%
RDVY First Trust Rising Dividend 0.51% 14,635 $1.0M Add +0.3%
COST Costco Wholesale Corp. 0.45% 1,047 $903K Reduce -3.6%
MRK Merck & Co. Inc. 0.45% 8,575 $903K Add +1.4%
MO Altria Group Inc. 0.44% 15,195 $876K Reduce -0.5%
FBTC Fidelity Wise Origin Bitcoin 0.43% 11,435 $872K New
DUK Duke Energy Corp. 0.42% 7,282 $854K Add +5.7%
MPC Marathon Petroleum Corp. 0.42% 5,240 $852K No change
ADI Analog Devices Inc. 0.39% 2,917 $791K Add +6.7%
PAYX Paychex Inc. 0.39% 7,045 $790K Reduce -6.1%
RSPT Invesco S&P 500 Equal Weight 0.39% 17,280 $786K No change
MLM Martin Marietta Materials 0.39% 1,258 $783K Reduce -2.6%
BRK.A Berkshire Hathaway Inc. Class A 0.38% 1 $755K No change
MU Micron Technology Inc. 0.37% 2,628 $750K No change
VMC Vulcan Materials Co. 0.36% 2,505 $714K Reduce -0.8%
ISRG Intuitive Surgical Inc. 0.35% 1,248 $707K No change
HBAN Huntington Bancshares Inc. 0.35% 40,122 $696K No change
CSX CSX Corp. 0.34% 18,715 $678K Reduce -0.3%
F Ford Motor Co. filed as FORD MTR CO 0.33% 50,566 $663K No change
CMI Cummins Inc. 0.31% 1,222 $624K No change
HD Home Depot Inc. 0.30% 1,734 $597K No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.29% 10,722 $590K Reduce -7.1%
KO The Coca-Cola Co. 0.29% 8,239 $576K Add +8.2%
AXON Axon Enterprise Inc. 0.29% 1,010 $574K Add +4.2%
CVX Chevron Corp. 0.28% 3,642 $555K Reduce -0.6%
LMT Lockheed Martin Corp. 0.27% 1,126 $545K No change
SDY SS SPDR S&P Dividend ETF 0.26% 3,806 $530K Add +3.9%
SO The Southern Co. 0.25% 5,663 $494K No change
AXP American Express Co. 0.24% 1,304 $482K No change
GLD SPDR Gold Shares 0.23% 1,143 $453K New
IRM Iron Mountain Inc. filed as IRON MTN INC DEL 0.21% 5,095 $423K Reduce -1.9%
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 0.21% 869 $418K No change
CINF Cincinnati Financial Corp. 0.21% 2,539 $415K No change
DHI D.R. Horton Inc. 0.20% 2,771 $399K No change
MA Mastercard Inc. Class A 0.20% 689 $393K Add +0.9%
IEFA iShares Core MSCI Eafe ETF 0.18% 4,158 $372K Add +52.8%
NVS Novartis AG-Sponsored ADR 0.18% 2,695 $372K No change
XLE SS Energy Select Sector 0.18% 8,176 $366K Reduce -8.2%
VTI VG Morningstar TS MKT ETF-US 0.18% 1,074 $360K Add +27.1%
PGR Progressive Corp. 0.17% 1,515 $345K Reduce -7.2%
BMY Bristol-Myers Squibb Co. 0.17% 6,375 $344K No change
QTEC First Trust Nasdq 100 Tech I 0.16% 1,441 $332K Reduce -1.5%
NOBL Proshares S&P 500 Dividend A 0.16% 3,169 $330K No change
FDX FedEx Corp. 0.16% 1,099 $317K Reduce -4.3%
ELV Elevance Health Inc. 0.16% 894 $313K Reduce -21.1%
KR Kroger Co. 0.15% 4,983 $311K No change
DAL Delta Air Lines Inc. 0.15% 4,375 $304K No change
IWB iShares Russell 1000 ETF 0.15% 810 $302K No change
JEPQ JPM Nasdaq Equity Premium filed as J P MORGAN EXCHANGE TRADED F 0.15% 5,197 $302K Add +10.9%
DTD Wisdomtree US Total Dividend 0.15% 3,500 $297K No change
XAGDX Abrdn GLBL DYNM Divid 0.15% 25,325 $295K Add +28.2%
BX Blackstone Inc. 0.15% 1,911 $295K Add +18.3%
BDJ BlackRock Enhanced Eqty DVD 0.15% 30,936 $293K Add +13.9%
IVE iShares S&P 500 Value ETF 0.15% 1,379 $292K Add +0.1%
BA The Boeing Co. 0.15% 1,347 $292K Reduce -1.5%
C Citigroup Inc. 0.15% 2,505 $292K New
QYLD Global X Nasd 100 Cov Call 0.14% 16,397 $290K Add +4.3%
MCK McKesson Corp. 0.14% 350 $287K Reduce -0.8%
VV Vngrd Mrgstr LRG-Cap ETF-Usd 0.14% 904 $285K New
FITB Fifth Third Bancorp 0.14% 6,068 $284K No change
XFOFX Cohen & Steers Closed-End Op 0.14% 21,390 $282K Add +3.7%
LOW Lowe's Cos Inc. 0.14% 1,160 $280K No change
XLF SS Financial Select Sector 0.14% 5,055 $277K No change
LLY Eli Lilly & Co. 0.13% 252 $271K New
MCD McDonald's Corp. 0.13% 868 $265K Reduce -14.7%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.13% 2,258 $257K No change
FTQI First Trust Nasdaq Buywrite 0.12% 12,050 $251K New
ORCL Oracle Corp. 0.12% 1,275 $249K Add +25.3%
WMT Walmart Inc. 0.12% 2,210 $246K Reduce -2.4%
FPX First Trust US Equity Opport 0.12% 1,481 $242K Reduce -19.9%
HQL Abrdn Life Sciences Investor 0.12% 14,406 $242K Add +3.0%
VZ Verizon Communications Inc. 0.12% 5,901 $240K Reduce -11.6%
WFC Wells Fargo & Co. 0.12% 2,557 $238K No change
IJR iShares Core S&P Small-Cap E 0.11% 1,904 $229K Add +4.3%
DIAX Nuveen Dow 30 Dynamic Overwr 0.11% 14,535 $222K Add +3.3%
AVGO Broadcom Inc. 0.11% 635 $220K New
QQQI Neos Nasdaq-100 High Inc. ETF 0.11% 4,069 $219K New
AZN Astrazeneca PLC-Spons ADR 0.11% 2,368 $218K New
SPGI S&P Global Inc. 0.11% 416 $217K No change
UNP Union Pacific Corp. 0.11% 930 $215K No change
DOCU Docusign Inc. 0.11% 3,145 $215K Reduce -5.1%
XYLD Global X S&P 500 Cove Call E 0.11% 5,231 $213K New
MDY State Street SPDR S&P Midcap 0.11% 352 $212K No change
LRCX Lam Research Corp. 0.10% 1,230 $211K New
NUE Nucor Corp. 0.10% 1,290 $210K New
ED Consolidated Edison Inc. 0.10% 2,111 $210K No change
SPYM Ste STR SPDR PT S&P 500 ETF 0.10% 2,610 $209K No change
IYY iShares Dow Jones U.S. ETF 0.10% 1,251 $207K New
BUZZ Vaneck Social Sentiment ETF 0.10% 6,331 $206K New
CRWV Coreweave Inc. Class A 0.10% 2,867 $205K No change
GM General Motors Co. 0.10% 2,495 $203K New
THW Abrdn World Healthcare Fund 0.10% 15,370 $196K No change
CAG Conagra Brands Inc. 0.09% 10,184 $176K No change
XETYX Eaton Vance Tax-MGD Div Eqty 0.09% 11,266 $173K No change
ETV Eaton Vance T/M Buy-Writ Opp 0.08% 11,185 $161K No change
GAB Gabelli Equity Trust 0.07% 24,380 $150K No change
GOF Guggenheim Strategic Opport 0.06% 10,070 $130K Reduce -9.0%
XAODX Abrdn Total Dynamic Dividend 0.06% 13,050 $127K New
USA Liberty All Star Equity Fund 0.06% 20,000 $126K Add +8.1%
ASG Liberty All-Star Growth FD 0.05% 18,763 $99K No change
NPWR Net Power Inc. 0.02% 17,395 $40K No change

Portfolio Sells Q3 2025 → Q4 2025
MSTR Strategy Inc. Reduce -76.5% 1.28% −9.65
TIDAL TRUST II Sold out 0.00% −0.20
NBIS Nebius Group NV Sold out 0.00% −0.15
KMB Kimberly-Clark Corp. Sold out 0.00% −0.12
ARM Arm Holdings PLC-ADR Sold out 0.00% −0.12
TMUS T-Mobile US Inc. Sold out 0.00% −0.10
MTUM iShares MSCI USA Momentum Fa Sold out 0.00% −0.09
PG The Procter & Gamble Co. Reduce -1.9% 2.18% −0.08
PAYX Paychex Inc. Reduce -6.1% 0.39% −0.06
MO Altria Group Inc. Reduce -0.5% 0.44% −0.04
IRM Iron Mountain Inc. Reduce -1.9% 0.21% −0.04
COST Costco Wholesale Corp. Reduce -3.6% 0.45% −0.02
FPX First Trust US Equity Opport Reduce -19.9% 0.12% −0.02
VZ Verizon Communications Inc. Reduce -11.6% 0.12% −0.02
PGR Progressive Corp. Reduce -7.2% 0.17% −0.02
ELV Elevance Health Inc. Reduce -21.1% 0.16% −0.02
DVY iShares Select Dividend ETF Reduce -5.5% 1.46% −0.01
MCD McDonald's Corp. Reduce -14.7% 0.13% −0.01
GOF Guggenheim Strategic Opport Reduce -9.0% 0.06% −0.01
VMC Vulcan Materials Co. Reduce -0.8% 0.36% −0.01
XLE SS Energy Select Sector Reduce -8.2% 0.18% −0.01
DOCU Docusign Inc. Reduce -5.1% 0.11% −0.01
MLM Martin Marietta Materials Reduce -2.6% 0.39% +0.01
BA The Boeing Co. Reduce -1.5% 0.15% +0.01
QTEC First Trust Nasdq 100 Tech I Reduce -1.5% 0.16% +0.01
CVX Chevron Corp. Reduce -0.6% 0.28% +0.01
PLTR Palantir Technologies Inc. Class A Reduce -2.5% 3.47% +0.01
WMT Walmart Inc. Reduce -2.4% 0.12% +0.01
BAC Bank of America Corp. Reduce -7.1% 0.29% +0.01
MCK McKesson Corp. Reduce -0.8% 0.14% +0.01
FTGS First Trust Grwth Strgth ETF Reduce -1.1% 0.72% +0.02
CSX CSX Corp. Reduce -0.3% 0.34% +0.02
FDX FedEx Corp. Reduce -4.3% 0.16% +0.03
FTCS First Trust Capital Strength Reduce -0.7% 0.97% +0.03
PM Philip Morris International Reduce -1.0% 1.11% +0.04
V Visa Inc. Class A Reduce -0.5% 0.52% +0.04
AMZN Amazon.com Inc. Reduce -5.2% 0.93% +0.05
NVDA Nvidia Corp. Reduce -2.3% 1.82% +0.05
LCNB LCNB Corporation Reduce -3.2% 0.70% +0.07
VYM Vanguard High DVD Yield ETF Reduce -3.4% 2.10% +0.08
JPM JPMorgan Chase & Co. Reduce -0.7% 1.42% +0.09
IWF iShares Russell 1000 Growth Reduce -0.0% 1.73% +0.11
HDV iShares Core High Dividend E Reduce -1.5% 6.00% +0.19
GOOG Alphabet Inc. Class C Reduce -0.2% 1.48% +0.39
AAPL Apple Inc. Reduce -1.3% 11.27% +1.14

Portfolio Buys Q3 2025 → Q4 2025
IVV iShares Core S&P 500 ETF Add +2.4% 19.80% +1.89
IBIT iShares Bitcoin Trust ETF New 1.01% +1.01
GOOGL Alphabet Inc. Class A Add +0.3% 2.48% +0.66
FBTC Fidelity Wise Origin Bitcoin New 0.43% +0.43
IVW iShares S&P 500 Growth ETF Add +2.3% 2.78% +0.26
GLD SPDR Gold Shares New 0.23% +0.23
UBER Uber Technologies Inc. Add +77.8% 0.59% +0.21
QQQ Invesco QQQ Trust Series 1 Add +1.5% 2.16% +0.19
CAH Cardinal Health Inc. Add +4.5% 0.58% +0.18
C Citigroup Inc. New 0.15% +0.15
XOM Exxon Mobil Corp. Add +11.3% 0.71% +0.14
SPY SS SPDR S&P 500 ETF Trust-US Add +12.8% 0.79% +0.14
VV Vngrd Mrgstr LRG-Cap ETF-Usd New 0.14% +0.14
LLY Eli Lilly & Co. New 0.13% +0.13
BRK.B Berkshire Hathaway Inc. Class B Add +4.1% 1.49% +0.13
FTQI First Trust Nasdaq Buywrite New 0.12% +0.12
MRK Merck & Co. Inc. Add +1.4% 0.45% +0.11
AVGO Broadcom Inc. New 0.11% +0.11
QQQI Neos Nasdaq-100 High Inc. ETF New 0.11% +0.11
AZN Astrazeneca PLC-Spons ADR New 0.11% +0.11
XYLD Global X S&P 500 Cove Call E New 0.11% +0.11
CSCO Cisco Systems Inc. Add +1.8% 0.61% +0.10
LRCX Lam Research Corp. New 0.10% +0.10
NUE Nucor Corp. New 0.10% +0.10
IYY iShares Dow Jones U.S. ETF New 0.10% +0.10
BUZZ Vaneck Social Sentiment ETF New 0.10% +0.10
GM General Motors Co. New 0.10% +0.10
ADI Analog Devices Inc. Add +6.7% 0.39% +0.08
IEFA iShares Core MSCI Eafe ETF Add +52.8% 0.18% +0.07
XAODX Abrdn Total Dynamic Dividend New 0.06% +0.06
ABBV Abbvie Inc. Add +0.0% 1.56% +0.06
KO The Coca-Cola Co. Add +8.2% 0.29% +0.05
VTI VG Morningstar TS MKT ETF-US Add +27.1% 0.18% +0.05
RDVY First Trust Rising Dividend Add +0.3% 0.51% +0.04
BDJ BlackRock Enhanced Eqty DVD Add +13.9% 0.15% +0.03
MSFT Microsoft Corp. Add +2.6% 2.59% +0.03
JEPQ JPM Nasdaq Equity Premium Add +10.9% 0.15% +0.02
XAGDX Abrdn GLBL DYNM Divid Add +28.2% 0.15% +0.02
DUK Duke Energy Corp. Add +5.7% 0.42% +0.02
SDY SS SPDR S&P Dividend ETF Add +3.9% 0.26% +0.02
QYLD Global X Nasd 100 Cov Call Add +4.3% 0.14% +0.02
HQL Abrdn Life Sciences Investor Add +3.0% 0.12% +0.02
BX Blackstone Inc. Add +18.3% 0.15% +0.02
XFOFX Cohen & Steers Closed-End Op Add +3.7% 0.14% +0.01
MA Mastercard Inc. Class A Add +0.9% 0.20% +0.01
IJR iShares Core S&P Small-Cap E Add +4.3% 0.11% +0.01
DIAX Nuveen Dow 30 Dynamic Overwr Add +3.3% 0.11% +0.01
IVE iShares S&P 500 Value ETF Add +0.1% 0.15% +0.01
USA Liberty All Star Equity Fund Add +8.1% 0.06% +0.01
ORCL Oracle Corp. Add +25.3% 0.12% −0.01

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