Level Financial Advisors

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 26, 2026), Level Financial Advisors reported 95 stock positions worth $378.2 million. Its top holding was Vanguard S&P 500 ETF (VOO) at 15.0% of the portfolio, followed by Vanguard Short-Term Treasury (VGSH, 7.8%) and Vanguard Ftse Developed ETF (VEA, 7.2%). Compared with Q3 2025, it opened 2 new positions, sold out of 1, added to 44 and reduced 35. The biggest buy was Vanguard Short-Term Treasury (VGSH, shares +12%) and the biggest sale SS SPDR S&P 500 ETF Trust-US (SPY, shares −40%).

Most Recent 13F
Q2 2026
Location
EAST AMHERST, NY
CIK
0001871734
Portfolio Value
$378.2M (Q4 2025)
SEC Filing
0001871734-26-000001 ↗ filed Jan 26, 2026

Holdings Value

0$100.0M$200.0M$300.0M$400.0M$500.0M Q1 2024: $220.5M Q1 2024 Q2 2024: $230.8M Q2 2024 Q3 2024: $262.0M Q3 2024 Q4 2024: $272.5M Q4 2024 Q1 2025: $294.1M Q1 2025 Q2 2025: $321.4M Q2 2025 Q3 2025: $354.8M Q3 2025 Q4 2025: $378.2M $378.2M Q4 2025 Q1 2026: $392.1M Q1 2026 Q2 2026: $447.5M Q2 2026

Holdings 95 stocks · $378.2M
VOO Vanguard S&P 500 ETF 15.04% 90,688 $56.9M Add +1.9%
VGSH Vanguard Short-Term Treasury 7.78% 500,842 $29.4M Add +12.2%
VEA Vanguard Ftse Developed ETF 7.17% 434,155 $27.1M Add +5.6%
BSV Vanguard Short-Term Bond ETF 4.37% 209,820 $16.5M Add +6.4%
DUHP Dimensional US High Profi Et 4.08% 405,407 $15.4M Add +5.3%
VCSH Vanguard S/T Corp. Bond ETF 3.78% 179,485 $14.3M Add +6.3%
DFGR Dim Global Real Estate ETF 3.70% 529,668 $14.0M Add +12.9%
DFIP Dimensional Inflation-Protec 3.52% 320,062 $13.3M Add +12.4%
DFEM Dimensional Emrg MRKT Core 3.16% 361,010 $11.9M Add +15.1%
VMBS Vanguard Mortgage-Backed Sec 2.95% 237,034 $11.2M Add +8.9%
VUG Vanguard Mrngstar GR ETF-Sui 2.69% 20,890 $10.2M Add +13.2%
DFLV Dim US Large Cap Value ETF 2.48% 274,575 $9.4M Add +12.7%
VTV Vanguard Mrngstr Val ETF-Aui 2.45% 48,459 $9.3M Add +4.9%
DFUV Dimensional US Marketwide Va 2.40% 194,861 $9.1M Reduce -1.5%
BNDX Vanguard Total Intl Bond ETF 2.30% 180,161 $8.7M Add +14.9%
DFIS Dimensional International SM 2.25% 258,264 $8.5M Add +11.0%
AVRE Avantis Real Estate ETF 1.99% 173,215 $7.5M Add +5.6%
VTI VG Morningstar TS MKT ETF-US 1.86% 20,936 $7.0M Reduce -0.5%
AVEM Avantis Emerging Markets Eq 1.38% 67,978 $5.2M Add +1.1%
PG The Procter & Gamble Co. 1.38% 36,520 $5.2M Reduce -0.4%
VWO Vanguard Ftse Emerging Marke 1.34% 94,182 $5.1M Add +7.3%
SHYG iShares 0-5 YR HY Corp. Bond 1.33% 117,618 $5.0M Add +1.9%
AVSC Avantis US Small Cap Equity 1.32% 85,082 $5.0M Add +15.8%
DFAT Dimensional US Target Value 1.10% 69,631 $4.1M Reduce -1.6%
DFSV Dimensional US Small Cap Val 1.09% 125,763 $4.1M Add +16.2%
BLV Vanguard Long-Term Bond ETF 0.92% 50,144 $3.5M Reduce -0.2%
DFAE Dimensional Emerging Core Eq 0.84% 97,542 $3.2M Reduce -2.4%
AVUV Avantis US Small Cap Value 0.82% 30,465 $3.1M Add +3.1%
DFSU Dimensional US Sus CORE1 ETF 0.80% 69,265 $3.0M Add +2.5%
AVDE Avantis International Equity 0.68% 31,255 $2.6M Add +5.0%
BIV Vanguard Intermediate-Term B 0.68% 32,939 $2.6M Add +25.2%
VB Vanguard Most SM-Cap ETF-Usd 0.57% 8,402 $2.2M Add +15.2%
AAPL Apple Inc. 0.57% 7,936 $2.2M Reduce -7.8%
VSS Vanguard Ftse All Wo X-US SC 0.56% 14,884 $2.1M Reduce -3.6%
NYF iShares New York Muni Bond E 0.51% 35,924 $1.9M Reduce -0.4%
QUAL iShares MSCI USA Quality Fac 0.50% 9,463 $1.9M Reduce -0.5%
VTIP Vanguard Short-Term Tips 0.48% 36,832 $1.8M Reduce -4.3%
IWC iShares Micro-Cap ETF 0.41% 9,948 $1.6M Reduce -0.2%
VCEB Vanguard ESG US Corp. Bond 0.41% 24,529 $1.6M Add +27.9%
SPY SS SPDR S&P 500 ETF Trust-US 0.41% 2,267 $1.5M Reduce -40.5%
DFSI Dimensional Int Sus COR1 ETF 0.36% 31,549 $1.4M Add +5.2%
UPS United Parcel Service Class B 0.32% 12,382 $1.2M No change
LRCX Lam Research Corp. 0.32% 7,052 $1.2M Reduce -0.9%
VBR Vngrd Mrngst SL-CP Val ETF-U 0.30% 5,418 $1.1M Reduce -5.6%
REET iShares Global REIT ETF 0.29% 44,076 $1.1M Reduce -1.4%
MSFT Microsoft Corp. 0.29% 2,274 $1.1M Reduce -15.4%
VGSR Vert GLB Sust Re ETF filed as MANAGER DIRECTED PORTFOLIOS 0.29% 105,452 $1.1M Add +7.4%
BRK.B Berkshire Hathaway Inc. Class B 0.27% 2,069 $1.0M Reduce -2.5%
NVDA Nvidia Corp. 0.27% 5,560 $1.0M Add +17.8%
DFIV Dimensional International Va 0.26% 19,984 $997K Reduce -5.1%
AVDV Avantis Intl S/C Value ETF 0.25% 10,204 $959K Add +3.0%
JPM JPMorgan Chase & Co. 0.24% 2,829 $912K Reduce -0.6%
SUSB iShares ESG Aware 1-5 Year U 0.23% 34,826 $879K Add +0.9%
GOOGL Alphabet Inc. Class A 0.20% 2,462 $770K Reduce -11.3%
AGG iShares Core U.S. Aggregate 0.20% 7,570 $756K No change
ESGD iShares Trust iShares ESG Aw 0.20% 7,843 $746K No change
AMZN Amazon.com Inc. 0.17% 2,850 $658K Add +0.0%
QQQ Invesco QQQ Trust Series 1 0.17% 1,034 $635K Reduce -2.6%
IVV iShares Core S&P 500 ETF 0.17% 916 $627K Add +2.2%
AVLV Avantis US Large Cap Value 0.14% 7,174 $544K Add +1.8%
NEE Nextera Energy Inc. 0.14% 6,484 $521K No change
DFSB Dim GLB Sustain Fix Inc. ETF 0.14% 10,019 $519K Add +16.2%
ESGV Vanguard ESG US Stock ETF 0.14% 4,225 $511K No change
META Meta Platforms Inc. Class A 0.13% 756 $499K No change
ITOT iShares Core S&P Total U.S. 0.13% 3,315 $493K Add +0.1%
LLY Eli Lilly & Co. 0.13% 458 $492K No change
NOC Northrop Grumman Corp. 0.12% 768 $438K Reduce -1.9%
DFSE Dimensional Em Sus CORE1 ETF 0.10% 9,036 $375K Add +9.8%
AVSE Avantis Resp Emerg MKTS Eq-E 0.10% 5,614 $365K Add +0.1%
GOOG Alphabet Inc. Class C 0.10% 1,146 $360K Reduce -18.1%
NFLX Netflix Inc. 0.09% 3,710 $348K No change
MA Mastercard Inc. Class A 0.09% 609 $348K Reduce -49.5%
MTB M & T Bank Corp. filed as M & T BK CORP 0.09% 1,689 $340K Add +0.1%
XOM Exxon Mobil Corp. 0.09% 2,733 $329K Reduce -62.2%
ESGU iShares ESG Aware MSCI USA 0.09% 2,191 $326K No change
VNQ Vanguard Real Estate ETF 0.08% 3,498 $310K Reduce -43.1%
IAGG iShares Intl Aggregate Bond 0.08% 5,700 $285K Add +0.6%
VSGX Vanguard ESG Intl Stock ETF 0.08% 3,965 $284K Reduce -14.0%
DFNM Dimensional National Muni BD 0.07% 5,775 $278K No change
GBTC Grayscale Bitcoin Trust ETF 0.07% 4,041 $276K No change
HD Home Depot Inc. 0.07% 802 $276K Add +33.4%
TSLA Tesla Inc. 0.07% 590 $265K Reduce -12.5%
GE General Electric filed as GE AEROSPACE 0.07% 840 $259K Reduce -2.3%
VONG Vanguard Russell 1000 Growth 0.07% 2,063 $251K Reduce -1.3%
GNMA iShares Gnma Bond ETF 0.07% 5,602 $250K Add +0.5%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.06% 818 $242K Reduce -16.6%
VIG Vanguard Dividend Apprec ETF 0.06% 1,101 $242K Reduce -1.5%
VTEB Vanguard Tax-Exempt Bond ETF 0.06% 4,771 $240K No change
BA The Boeing Co. 0.06% 1,082 $235K No change
VTES Vanguard SH Term Tax-Ex Bond 0.06% 2,292 $233K No change
DFGX Dimsnl Intr CF in ETF-Usd Inc. 0.06% 4,288 $226K New
SUSC iShares ESG Aware Usd Corpor 0.06% 9,195 $215K Reduce -0.7%
VOE Vngrd Mrngstr MD-Cap Val ETF 0.06% 1,186 $210K Add +0.1%
CVX Chevron Corp. 0.06% 1,374 $209K Reduce -42.5%
FTNY FR New York Muni Inc. ETF 0.03% 15,162 $119K New

Portfolio Sells Q3 2025 → Q4 2025
SPY SS SPDR S&P 500 ETF Trust-US Reduce -40.5% 0.41% −0.31
PG The Procter & Gamble Co. Reduce -0.4% 1.38% −0.20
XOM Exxon Mobil Corp. Reduce -62.2% 0.09% −0.14
SCHJ Schwab 1-5 YR Corp. BND ETF Sold out 0.00% −0.12
MA Mastercard Inc. Class A Reduce -49.5% 0.09% −0.10
MSFT Microsoft Corp. Reduce -15.4% 0.29% −0.10
DFUV Dimensional US Marketwide Va Reduce -1.5% 2.40% −0.09
VTI VG Morningstar TS MKT ETF-US Reduce -0.5% 1.86% −0.09
BLV Vanguard Long-Term Bond ETF Reduce -0.2% 0.92% −0.08
VNQ Vanguard Real Estate ETF Reduce -43.1% 0.08% −0.08
VTIP Vanguard Short-Term Tips Reduce -4.3% 0.48% −0.07
DFAT Dimensional US Target Value Reduce -1.6% 1.10% −0.06
VSS Vanguard Ftse All Wo X-US SC Reduce -3.6% 0.56% −0.06
CVX Chevron Corp. Reduce -42.5% 0.06% −0.05
DFAE Dimensional Emerging Core Eq Reduce -2.4% 0.84% −0.05
AAPL Apple Inc. Reduce -7.8% 0.57% −0.05
NYF iShares New York Muni Bond E Reduce -0.4% 0.51% −0.03
VBR Vngrd Mrngst SL-CP Val ETF-U Reduce -5.6% 0.30% −0.03
REET iShares Global REIT ETF Reduce -1.4% 0.29% −0.03
BRK.B Berkshire Hathaway Inc. Class B Reduce -2.5% 0.27% −0.03
QUAL iShares MSCI USA Quality Fac Reduce -0.5% 0.50% −0.02
NOC Northrop Grumman Corp. Reduce -1.9% 0.12% −0.02
VSGX Vanguard ESG Intl Stock ETF Reduce -14.0% 0.08% −0.02
TSLA Tesla Inc. Reduce -12.5% 0.07% −0.01
IBM Intl Business Machines Corp. Reduce -16.6% 0.06% −0.01
JPM JPMorgan Chase & Co. Reduce -0.6% 0.24% −0.01
QQQ Invesco QQQ Trust Series 1 Reduce -2.6% 0.17% −0.01
DFIV Dimensional International Va Reduce -5.1% 0.26% −0.01
SUSC iShares ESG Aware Usd Corpor Reduce -0.7% 0.06% −0.00
VONG Vanguard Russell 1000 Growth Reduce -1.3% 0.07% −0.00
GE General Electric Reduce -2.3% 0.07% −0.00
IWC iShares Micro-Cap ETF Reduce -0.2% 0.41% −0.00
VIG Vanguard Dividend Apprec ETF Reduce -1.5% 0.06% −0.00
GOOG Alphabet Inc. Class C Reduce -18.1% 0.10% −0.00
GOOGL Alphabet Inc. Class A Reduce -11.3% 0.20% +0.01
LRCX Lam Research Corp. Reduce -0.9% 0.32% +0.05

Portfolio Buys Q3 2025 → Q4 2025
VGSH Vanguard Short-Term Treasury Add +12.2% 7.78% +0.37
DFEM Dimensional Emrg MRKT Core Add +15.1% 3.16% +0.32
VEA Vanguard Ftse Developed ETF Add +5.6% 7.17% +0.23
DFLV Dim US Large Cap Value ETF Add +12.7% 2.48% +0.22
VUG Vanguard Mrngstar GR ETF-Sui Add +13.2% 2.69% +0.20
DFIS Dimensional International SM Add +11.0% 2.25% +0.18
AVSC Avantis US Small Cap Equity Add +15.8% 1.32% +0.14
DFIP Dimensional Inflation-Protec Add +12.4% 3.52% +0.13
DFSV Dimensional US Small Cap Val Add +16.2% 1.09% +0.12
BNDX Vanguard Total Intl Bond ETF Add +14.9% 2.30% +0.12
BIV Vanguard Intermediate-Term B Add +25.2% 0.68% +0.10
DFGR Dim Global Real Estate ETF Add +12.9% 3.70% +0.09
VMBS Vanguard Mortgage-Backed Sec Add +8.9% 2.95% +0.07
VCEB Vanguard ESG US Corp. Bond Add +27.9% 0.41% +0.07
DFGX Dimsnl Intr CF in ETF-Usd Inc. New 0.06% +0.06
VB Vanguard Most SM-Cap ETF-Usd Add +15.2% 0.57% +0.05
FTNY FR New York Muni Inc. ETF New 0.03% +0.03
NVDA Nvidia Corp. Add +17.8% 0.27% +0.03
AVDE Avantis International Equity Add +5.0% 0.68% +0.02
VTV Vanguard Mrngstr Val ETF-Aui Add +4.9% 2.45% +0.02
DFSI Dimensional Int Sus COR1 ETF Add +5.2% 0.36% +0.01
DFSB Dim GLB Sustain Fix Inc. ETF Add +16.2% 0.14% +0.01
AVDV Avantis Intl S/C Value ETF Add +3.0% 0.25% +0.00
HD Home Depot Inc. Add +33.4% 0.07% +0.00
DFSE Dimensional Em Sus CORE1 ETF Add +9.8% 0.10% +0.00
AVLV Avantis US Large Cap Value Add +1.8% 0.14% +0.00
VWO Vanguard Ftse Emerging Marke Add +7.3% 1.34% −0.00
AMZN Amazon.com Inc. Add +0.0% 0.17% −0.00
VOE Vngrd Mrngstr MD-Cap Val ETF Add +0.1% 0.06% −0.00
IVV iShares Core S&P 500 ETF Add +2.2% 0.17% −0.00
GNMA iShares Gnma Bond ETF Add +0.5% 0.07% −0.00
AVSE Avantis Resp Emerg MKTS Eq-E Add +0.1% 0.10% −0.00
MTB M & T Bank Corp. Add +0.1% 0.09% −0.00
VGSR Vert GLB Sust Re ETF Add +7.4% 0.29% −0.00
ITOT iShares Core S&P Total U.S. Add +0.1% 0.13% −0.01
IAGG iShares Intl Aggregate Bond Add +0.6% 0.08% −0.01
AVUV Avantis US Small Cap Value Add +3.1% 0.82% −0.01
DFSU Dimensional US Sus CORE1 ETF Add +2.5% 0.80% −0.01
SUSB iShares ESG Aware 1-5 Year U Add +0.9% 0.23% −0.01
BSV Vanguard Short-Term Bond ETF Add +6.4% 4.37% −0.02
VCSH Vanguard S/T Corp. Bond ETF Add +6.3% 3.78% −0.02
DUHP Dimensional US High Profi Et Add +5.3% 4.08% −0.02
AVEM Avantis Emerging Markets Eq Add +1.1% 1.38% −0.04
AVRE Avantis Real Estate ETF Add +5.6% 1.99% −0.06
SHYG iShares 0-5 YR HY Corp. Bond Add +1.9% 1.33% −0.08
VOO Vanguard S&P 500 ETF Add +1.9% 15.04% −0.33

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 95$447.5MVOO, VEA, VGSH, BSV, DUHP
Q1 2026 92$392.1MVOO, VGSH, VEA, BSV, DFGR
Q4 2025 95$378.2MVOO, VGSH, VEA, BSV, DUHP
Q3 2025 94$354.8MVOO, VGSH, VEA, BSV, DUHP
Q2 2025 90$321.4MVOO, VGSH, VEA, BSV, DUHP
Q1 2025 85$294.1MVOO, VGSH, VEA, BSV, VCSH
Q4 2024 79$272.5MVOO, VGSH, VEA, BSV, VCSH
Q3 2024 75$262.0MVOO, VGSH, VEA, BSV, VCSH
Q2 2024 67$230.8MVOO, VGSH, VEA, BSV, VCSH
Q1 2024 72$220.5MVOO, VGSH, VEA, BSV, VCSH