Matrix Trust Co
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 13, 2026), Matrix Trust Co reported 215 stock positions worth $605.9 million. Its top holding was iShares Morningstar Value Et (ILCV) at 10.4% of the portfolio, followed by Schwab Intl Equity ETF (SCHF, 8.0%) and Vanguard Ftse Developed ETF (VEA, 7.6%). Compared with Q3 2025, it opened 38 new positions, sold out of 65, added to 68 and reduced 98. The biggest buy was iShares Morningstar Value Et (ILCV, shares +1%) and the biggest sale Hartford Alpha Cap Val ETF (ACVU, shares −98%).
- Most Recent 13F
- Q2 2026
- Location
- DENVER, CO
- CIK
- 0001784277
- Portfolio Value
- $605.9M (Q4 2025)
- SEC Filing
- 0001784277-26-000001 ↗ filed Jan 13, 2026
Holdings Value
Holdings 215 stocks · $605.9M
| ILCV iShares Morningstar Value Et | 10.38% | 666,393 | $62.9M | Add +0.8% |
| SCHF Schwab Intl Equity ETF | 8.02% | 2,021,390 | $48.6M | Add +3.3% |
| VEA Vanguard Ftse Developed ETF | 7.63% | 739,497 | $46.2M | Add +2.0% |
| VWO Vanguard Ftse Emerging Marke | 6.70% | 755,382 | $40.6M | Add +2.1% |
| SCHP Schwab U.S. Tips ETF | 6.47% | 1,479,684 | $39.2M | Reduce -7.0% |
| SCHX Schwab US Large-Cap ETF | 6.47% | 1,456,441 | $39.2M | Add +1.1% |
| IVV iShares Core S&P 500 ETF | 5.06% | 44,766 | $30.7M | No change |
| VOO Vanguard S&P 500 ETF | 4.62% | 44,596 | $28.0M | Add +0.7% |
| AGG iShares Core U.S. Aggregate | 4.34% | 263,065 | $26.3M | Add +1.0% |
| VCSH Vanguard S/T Corp. Bond ETF | 3.26% | 247,837 | $19.8M | Add +1.1% |
| IMCV iShares Morningstar Mid-Cap | 2.81% | 206,652 | $17.0M | Add +1.3% |
| IMCG iShares Morningstar Mid-Cap | 2.68% | 203,324 | $16.2M | Add +0.7% |
| SCHA Schwab US Small-Cap ETF | 2.59% | 549,934 | $15.7M | Add +1.5% |
| IMCB iShares Morningstar Mid-Cap | 2.58% | 189,190 | $15.7M | Add +1.2% |
| VCIT Vanguard Int-Term Corporate | 2.41% | 174,321 | $14.6M | Add +1.0% |
| ISCV iShares Morningstar Small-Ca | 2.12% | 187,179 | $12.8M | Add +1.2% |
| ISCG iShares Morningstar Small-Ca | 1.63% | 178,213 | $9.9M | Add +0.8% |
| BND Vanguard Total Bond Market | 1.26% | 102,999 | $7.6M | Add +1.9% |
| GLD SPDR Gold Shares | 0.72% | 11,018 | $4.4M | Reduce -1.4% |
| XLC SS Comm Select Sector SPDR | 0.71% | 36,437 | $4.3M | Reduce -1.1% |
| XLE SS Energy Select Sector | 0.68% | 92,238 | $4.1M | Add +1.0% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 0.67% | 44,196 | $4.0M | Add +70.4% |
| VNQ Vanguard Real Estate ETF | 0.63% | 43,390 | $3.8M | Add +4.8% |
| AAPL Apple Inc. | 0.62% | 13,811 | $3.8M | Reduce -0.8% |
| AVGO Broadcom Inc. | 0.60% | 10,455 | $3.6M | Reduce -10.7% |
| MSFT Microsoft Corp. | 0.52% | 6,500 | $3.1M | Add +2.4% |
| ABBV Abbvie Inc. | 0.50% | 13,240 | $3.0M | Reduce -7.2% |
| JPM JPMorgan Chase & Co. | 0.50% | 9,368 | $3.0M | Reduce -2.2% |
| SOXX iShares Semiconductor ETF | 0.47% | 9,382 | $2.8M | Reduce -0.9% |
| MRK Merck & Co. Inc. | 0.43% | 24,938 | $2.6M | Reduce -8.6% |
| MS Morgan Stanley | 0.42% | 14,462 | $2.6M | Reduce -4.2% |
| LLY Eli Lilly & Co. | 0.39% | 2,205 | $2.4M | Add +234.1% |
| RTX RTX Corp. | 0.36% | 12,013 | $2.2M | Reduce -2.4% |
| GS Goldman Sachs Group Inc. | 0.36% | 2,502 | $2.2M | Reduce -1.0% |
| C Citigroup Inc. | 0.36% | 18,820 | $2.2M | Reduce -11.7% |
| XOM Exxon Mobil Corp. | 0.35% | 17,637 | $2.1M | Reduce -14.1% |
| MCD McDonald's Corp. | 0.34% | 6,660 | $2.0M | Reduce -10.2% |
| COST Costco Wholesale Corp. | 0.32% | 2,251 | $1.9M | Reduce -4.0% |
| SO The Southern Co. | 0.32% | 21,988 | $1.9M | Add +15.0% |
| GD General Dynamics Corp. | 0.31% | 5,527 | $1.9M | New |
| SPEM State Street SP PTF Em ETF | 0.30% | 38,952 | $1.8M | Add +3.7% |
| FAST Fastenal Co. | 0.29% | 44,503 | $1.8M | Reduce -3.9% |
| XHLF Bondbloxx BBG 6 MTH US Treas | 0.29% | 35,062 | $1.8M | Reduce -18.1% |
| IEF iShares 7-10 Year Treasury B | 0.29% | 18,270 | $1.8M | Reduce -4.0% |
| HD Home Depot Inc. | 0.29% | 5,072 | $1.7M | Reduce -2.9% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.26% | 5,282 | $1.6M | Reduce -9.1% |
| STIP iShares 0-5 Year Tips Bond E | 0.25% | 14,947 | $1.5M | Add +1.6% |
| WEC WEC Energy Group Inc. | 0.25% | 14,300 | $1.5M | Add +0.7% |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 0.24% | 13,989 | $1.4M | Reduce -4.2% |
| AOR iShares Core 60/40 Balanced | 0.24% | 21,965 | $1.4M | New |
| COR Cencora Inc. | 0.23% | 4,153 | $1.4M | New |
| PAYX Paychex Inc. | 0.22% | 11,768 | $1.3M | Reduce -3.4% |
| DGRO iShares Core Dividend Growth | 0.22% | 18,984 | $1.3M | New |
| XEL Xcel Energy Inc. | 0.22% | 17,736 | $1.3M | New |
| TLT iShares 20+ Year Treasury BD | 0.21% | 14,419 | $1.3M | No change |
| GLDM SPDR Gold Minishares Trust | 0.21% | 14,558 | $1.2M | Reduce -62.5% |
| HDB HDFC Bank Ltd.-ADR | 0.19% | 31,490 | $1.2M | Add +10.5% |
| ICSH iShares Ultra Short Duration | 0.19% | 22,320 | $1.1M | Add +11.5% |
| SGI Somnigroup International Inc. | 0.18% | 12,188 | $1.1M | Add +6.7% |
| HGER Harbor Commodity All Weather | 0.18% | 43,446 | $1.1M | Add +117.3% |
| PCAR Paccar Inc. | 0.18% | 9,703 | $1.1M | Add +229.1% |
| VXUS Vanguard Total Intl Stock | 0.17% | 14,000 | $1.1M | Reduce -13.5% |
| CVX Chevron Corp. | 0.16% | 6,270 | $956K | Add +0.0% |
| VPU Vanguard Utilities ETF | 0.12% | 4,007 | $741K | Reduce -15.3% |
| ETN Eaton Corp. PLC | 0.12% | 2,328 | $741K | Reduce -52.3% |
| VEU Vanguard Ftse All-World Ex-U | 0.10% | 8,184 | $602K | Reduce -78.1% |
| NVDA Nvidia Corp. | 0.10% | 3,110 | $580K | Add +7.5% |
| UBER Uber Technologies Inc. | 0.09% | 7,034 | $575K | Add +33.5% |
| MELI MercadoLibre Inc. | 0.09% | 285 | $574K | Add +38.4% |
| TSM Taiwan Semiconductor-SP ADR | 0.09% | 1,888 | $574K | Reduce -6.4% |
| GOOGL Alphabet Inc. Class A | 0.09% | 1,826 | $572K | Reduce -15.5% |
| PGR Progressive Corp. | 0.09% | 2,512 | $572K | Add +25.2% |
| APP AppLovin Corp. Class A | 0.09% | 841 | $567K | Reduce -8.0% |
| BKNG Booking Holdings Inc. | 0.09% | 105 | $562K | Add +18.0% |
| META Meta Platforms Inc. Class A | 0.09% | 852 | $562K | Add +33.3% |
| GE General Electric filed as GE AEROSPACE | 0.09% | 1,823 | $562K | Add +1.1% |
| V Visa Inc. Class A | 0.09% | 1,601 | $561K | Add +10.5% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.09% | 33,506 | $561K | New |
| MA Mastercard Inc. Class A | 0.09% | 979 | $559K | Add +17.5% |
| USFR Wisdomtree Floating Rate Tre | 0.09% | 11,062 | $557K | Reduce -12.4% |
| MCO Moody's Corp. | 0.09% | 1,072 | $548K | Add +11.0% |
| AMZN Amazon.com Inc. | 0.09% | 2,360 | $545K | Add +10.0% |
| TIP iShares Tips Bond ETF | 0.07% | 3,686 | $405K | Add +7.6% |
| VT Vanguard Tot World STK ETF | 0.06% | 2,484 | $350K | Reduce -72.6% |
| FPE FT-Preferred Secur & Inc. ETF | 0.06% | 18,690 | $341K | Reduce -77.8% |
| VTIP Vanguard Short-Term Tips | 0.06% | 6,885 | $341K | Reduce -76.1% |
| FLTR Vaneck Ig Floating Rate ETF | 0.06% | 13,333 | $340K | Reduce -76.6% |
| REET iShares Global REIT ETF | 0.06% | 13,532 | $338K | Reduce -74.9% |
| RLY SS Multi-Asset Real Ret ETF | 0.05% | 10,287 | $324K | Reduce -77.3% |
| INDA iShares MSCI India ETF | 0.05% | 5,846 | $316K | Reduce -1.7% |
| ACVU Hartford Alpha Cap Val ETF | 0.05% | 10,922 | $299K | Reduce -98.0% |
| VSS Vanguard Ftse All Wo X-US SC | 0.04% | 1,866 | $267K | Reduce -78.3% |
| ASA ASA Gold and Precious Metals | 0.04% | 3,958 | $236K | Reduce -86.9% |
| QAI Nylim HDG MLT-STR TRC ETF-Ui filed as NEW YORK LIFE INVESTMENTS ET | 0.04% | 7,000 | $235K | Reduce -77.1% |
| DBMF Imgp Dbi MFT STR ETF-Usd Inc. | 0.04% | 8,251 | $232K | Reduce -78.8% |
| QIS Simplify Multi-Qis Alt ETF | 0.04% | 15,518 | $230K | Reduce -63.3% |
| IOO iShares Global 100 ETF | 0.03% | 1,588 | $201K | Reduce -80.1% |
| SLV iShares Silver Trust | 0.02% | 2,063 | $133K | Reduce -86.6% |
| EMR Emerson Electric Co. | 0.02% | 857 | $114K | Reduce -65.5% |
| TXN Texas Instruments Inc. | 0.02% | 638 | $111K | Reduce -95.2% |
Portfolio Sells Q3 2025 → Q4 2025
| ACVU Hartford Alpha Cap Val ETF | Reduce -98.0% | 0.05% | −2.27 |
| FXI iShares China Large-Cap ETF | Sold out | 0.00% | −0.49 |
| TXN Texas Instruments Inc. | Reduce -95.2% | 0.02% | −0.37 |
| VEU Vanguard Ftse All-World Ex-U | Reduce -78.1% | 0.10% | −0.32 |
| UNH Unitedhealth Group Inc. | Sold out | 0.00% | −0.30 |
| WM Waste Management Inc. | Sold out | 0.00% | −0.26 |
| GLDM SPDR Gold Minishares Trust | Reduce -62.5% | 0.21% | −0.26 |
| SCHP Schwab U.S. Tips ETF | Reduce -7.0% | 6.47% | −0.25 |
| FPE FT-Preferred Secur & Inc. ETF | Reduce -77.8% | 0.06% | −0.18 |
| ASA ASA Gold and Precious Metals | Reduce -86.9% | 0.04% | −0.18 |
| FLTR Vaneck Ig Floating Rate ETF | Reduce -76.6% | 0.06% | −0.17 |
| VTIP Vanguard Short-Term Tips | Reduce -76.1% | 0.06% | −0.17 |
| PEP Pepsico Inc. | Reduce -95.3% | 0.01% | −0.17 |
| RLY SS Multi-Asset Real Ret ETF | Reduce -77.3% | 0.05% | −0.17 |
| ETN Eaton Corp. PLC | Reduce -52.3% | 0.12% | −0.16 |
| REET iShares Global REIT ETF | Reduce -74.9% | 0.06% | −0.16 |
| VSS Vanguard Ftse All Wo X-US SC | Reduce -78.3% | 0.04% | −0.15 |
| VT Vanguard Tot World STK ETF | Reduce -72.6% | 0.06% | −0.14 |
| DBMF Imgp Dbi MFT STR ETF-Usd Inc. | Reduce -78.8% | 0.04% | −0.13 |
| QAI Nylim HDG MLT-STR TRC ETF-Ui | Reduce -77.1% | 0.04% | −0.12 |
| PSK SS SPDR Ice Pref Sec ETF | Sold out | 0.00% | −0.12 |
| IOO iShares Global 100 ETF | Reduce -80.1% | 0.03% | −0.12 |
| SRLN SS Blackstone Sr Loan ETF | Sold out | 0.00% | −0.11 |
| QIS Simplify Multi-Qis Alt ETF | Reduce -63.3% | 0.04% | −0.09 |
| SLV iShares Silver Trust | Reduce -86.6% | 0.02% | −0.08 |
| NFLX Netflix Inc. | Sold out | 0.00% | −0.08 |
| EOG EOG Resources Inc. | Sold out | 0.00% | −0.07 |
| CAIE Calamos Autocallable Inc. ETF | Sold out | 0.00% | −0.06 |
| IAU iShares Gold Trust | Reduce -80.8% | 0.02% | −0.06 |
| FAST Fastenal Co. | Reduce -3.9% | 0.29% | −0.06 |
| OKE Oneok Inc. | Sold out | 0.00% | −0.06 |
| SWKS Skyworks Solutions Inc. | Reduce -82.2% | 0.01% | −0.06 |
| CSCO Cisco Systems Inc. | Reduce -86.3% | 0.01% | −0.06 |
| APAM Artisan Partners Asset Ma -A | Sold out | 0.00% | −0.05 |
| HI Hillenbrand Inc. | Sold out | 0.00% | −0.05 |
| BEN Franklin Templeton Inc. | Sold out | 0.00% | −0.05 |
| RBIL US Treasury Ultra Short Tips | Sold out | 0.00% | −0.05 |
| XHLF Bondbloxx BBG 6 MTH US Treas | Reduce -18.1% | 0.29% | −0.05 |
| HD Home Depot Inc. | Reduce -2.9% | 0.29% | −0.04 |
| CLF Cleveland-Cliffs Inc. | Reduce -80.4% | 0.01% | −0.04 |
| BWA Borgwarner Inc. | Reduce -74.0% | 0.02% | −0.04 |
| HOG Harley-Davidson Inc. | Reduce -71.1% | 0.01% | −0.04 |
| TRN Trinity Industries Inc. | Reduce -79.8% | 0.01% | −0.04 |
| CC The Chemours Co. | Reduce -71.0% | 0.01% | −0.04 |
| CR Crane Co. | Reduce -77.6% | 0.01% | −0.04 |
| BDC Belden Inc. | Reduce -80.2% | 0.01% | −0.04 |
| JBL Jabil Inc. | Reduce -68.8% | 0.02% | −0.03 |
| VSH Vishay Intertechnology Inc. | Reduce -78.6% | 0.01% | −0.03 |
| EMR Emerson Electric Co. | Reduce -65.5% | 0.02% | −0.03 |
| ATKR Atkore Inc. | Reduce -75.7% | 0.01% | −0.03 |
Portfolio Buys Q3 2025 → Q4 2025
| ILCV iShares Morningstar Value Et | Add +0.8% | 10.38% | +1.06 |
| SCHF Schwab Intl Equity ETF | Add +3.3% | 8.02% | +0.89 |
| VEA Vanguard Ftse Developed ETF | Add +2.0% | 7.63% | +0.82 |
| SCHX Schwab US Large-Cap ETF | Add +1.1% | 6.47% | +0.53 |
| VWO Vanguard Ftse Emerging Marke | Add +2.1% | 6.70% | +0.43 |
| VOO Vanguard S&P 500 ETF | Add +0.7% | 4.62% | +0.37 |
| LLY Eli Lilly & Co. | Add +234.1% | 0.39% | +0.31 |
| GD General Dynamics Corp. | New | 0.31% | +0.31 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Add +70.4% | 0.67% | +0.29 |
| AGG iShares Core U.S. Aggregate | Add +1.0% | 4.34% | +0.25 |
| IMCV iShares Morningstar Mid-Cap | Add +1.3% | 2.81% | +0.24 |
| AOR iShares Core 60/40 Balanced | New | 0.24% | +0.24 |
| COR Cencora Inc. | New | 0.23% | +0.23 |
| SCHA Schwab US Small-Cap ETF | Add +1.5% | 2.59% | +0.22 |
| DGRO iShares Core Dividend Growth | New | 0.22% | +0.22 |
| XEL Xcel Energy Inc. | New | 0.22% | +0.22 |
| VCSH Vanguard S/T Corp. Bond ETF | Add +1.1% | 3.26% | +0.19 |
| ISCV iShares Morningstar Small-Ca | Add +1.2% | 2.12% | +0.19 |
| IMCB iShares Morningstar Mid-Cap | Add +1.2% | 2.58% | +0.15 |
| VCIT Vanguard Int-Term Corporate | Add +1.0% | 2.41% | +0.14 |
| PCAR Paccar Inc. | Add +229.1% | 0.18% | +0.13 |
| ISCG iShares Morningstar Small-Ca | Add +0.8% | 1.63% | +0.13 |
| HGER Harbor Commodity All Weather | Add +117.3% | 0.18% | +0.10 |
| NU Nu Holdings Ltd./Cayman Isl-A | New | 0.09% | +0.09 |
| BND Vanguard Total Bond Market | Add +1.9% | 1.26% | +0.08 |
| IMCG iShares Morningstar Mid-Cap | Add +0.7% | 2.68% | +0.07 |
| XLE SS Energy Select Sector | Add +1.0% | 0.68% | +0.04 |
| VNQ Vanguard Real Estate ETF | Add +4.8% | 0.63% | +0.04 |
| HDB HDFC Bank Ltd.-ADR | Add +10.5% | 0.19% | +0.04 |
| SO The Southern Co. | Add +15.0% | 0.32% | +0.03 |
| SGI Somnigroup International Inc. | Add +6.7% | 0.18% | +0.03 |
| ICSH iShares Ultra Short Duration | Add +11.5% | 0.19% | +0.03 |
| SPEM State Street SP PTF Em ETF | Add +3.7% | 0.30% | +0.03 |
| MELI MercadoLibre Inc. | Add +38.4% | 0.09% | +0.02 |
| META Meta Platforms Inc. Class A | Add +33.3% | 0.09% | +0.02 |
| MCO Moody's Corp. | Add +11.0% | 0.09% | +0.02 |
| MA Mastercard Inc. Class A | Add +17.5% | 0.09% | +0.02 |
| BKNG Booking Holdings Inc. | Add +18.0% | 0.09% | +0.02 |
| PGR Progressive Corp. | Add +25.2% | 0.09% | +0.02 |
| AMZN Amazon.com Inc. | Add +10.0% | 0.09% | +0.02 |
| V Visa Inc. Class A | Add +10.5% | 0.09% | +0.02 |
| STIP iShares 0-5 Year Tips Bond E | Add +1.6% | 0.25% | +0.01 |
| UBER Uber Technologies Inc. | Add +33.5% | 0.09% | +0.01 |
| NVDA Nvidia Corp. | Add +7.5% | 0.10% | +0.01 |
| GE General Electric | Add +1.1% | 0.09% | +0.01 |
| TIP iShares Tips Bond ETF | Add +7.6% | 0.07% | +0.01 |
| CVX Chevron Corp. | Add +0.0% | 0.16% | +0.01 |
| MSFT Microsoft Corp. | Add +2.4% | 0.52% | +0.00 |
| AMKR Amkor Technology Inc. | New | 0.00% | +0.00 |
| BRKR Bruker Corp. | New | 0.00% | +0.00 |
Notes & Other Activity Q3 2025 → Q4 2025
| XBXMX Nuveen S&P 500 Buy-WR Inc. | COM | Reduce -100.0% | 0 | $0 |
| DBL Doubleline Opport Credit | COM | Reduce -100.0% | 0 | $0 |
| FGD First Trust DJ GL Sel DVD | DJ GLBL DIVID | Reduce -100.0% | 0 | $0 |
| CHRW C.H. Robinson Worldwide Inc. | COM NEW | Reduce -100.0% | 0 | $0 |
| PPL PPL Corp. | COM | Reduce -100.0% | 0 | $0 |
| FMNB Farmers Natl Banc Corp. | COM | Reduce -100.0% | 0 | $0 |
| MBIN Merchants Bancorp | COM | Reduce -100.0% | 0 | $0 |
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 | 100 | $689.5M | ILCV, SCHF, VEA, VWO, SCHX |
| Q1 2026 | 178 | $602.1M | ILCV, SCHF, VEA, VWO, SCHX |
| Q4 2025 | 215 | $605.9M | ILCV, SCHF, VEA, VWO, SCHP |
| Q3 2025 | 249 | $638.8M | ILCV, SCHF, VEA, SCHP, VWO |
| Q2 2025 | 255 | $628.2M | ILCV, SCHF, VEA, SCHP, VWO |
| Q1 2025 | 255 | $592.8M | ILCV, SCHF, VEA, VWO, SCHX |
| Q4 2024 | 251 | $575.4M | ILCV, SCHF, VEA, USFR, VWO |
| Q3 2024 | 239 | $534.8M | ILCV, SCHF, VEA, VWO, SCHX |
| Q2 2024 | 171 | $442.9M | SCHF, ILCV, SCHX, VWO, SCHP |
| Q1 2024 | 83 | $442.1M | SCHF, ILCV, SCHX, VWO, SCHP |