Merit Financial Group, LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 7, 2025), Merit Financial Group, LLC reported 1,779 stock positions worth $10.9 billion. Its top holding was Vanguard Mrngstar GR ETF-Sui (VUG) at 3.6% of the portfolio, followed by GMO U.S. Quality ETF (QLTY, 2.3%) and iShares Core S&P U.S. Value (IUSV, 2.2%). Compared with Q2 2025, it opened 171 new positions, sold out of 85, added to 942 and reduced 635. The biggest buy was Victoryshares Short-Term Bon (USTB, shares +5778%) and the biggest sale SS SPDR P St Term TSY ETF (SPTS, shares −92%).

Most Recent 13F
Q2 2026
Location
ALPHARETTA, GA
CIK
0001621225
Portfolio Value
$10.9B (Q3 2025)
SEC Filing
0001621225-25-000008 ↗ filed Nov 7, 2025

Holdings Value

0$5.0B$10.0B$15.0B$20.0B Q1 2024: $4.2B Q1 2024 Q2 2024: $4.5B Q2 2024 Q3 2024: $4.5B Q3 2024 Q4 2024: $5.6B Q4 2024 Q1 2025: $6.7B Q1 2025 Q2 2025: $9.0B Q2 2025 Q3 2025: $10.9B $10.9B Q3 2025 Q4 2025: $12.5B Q4 2025 Q1 2026: $13.4B Q1 2026 Q2 2026: $16.1B Q2 2026

Holdings 1,779 stocks · $10.9B
VUG Vanguard Mrngstar GR ETF-Sui 3.58% 810,877 $388.9M Reduce -0.8%
QLTY GMO U.S. Quality ETF 2.34% 7,024,080 $254.2M Add +2.9%
IUSV iShares Core S&P U.S. Value 2.15% 2,343,492 $234.2M Add +2.4%
IUSG iShares Core S&P U.S. Growth 2.14% 1,412,197 $232.4M Reduce -8.3%
MGK Vngrd Mrgstr MG CP GR ETF-Ui 1.99% 538,959 $216.9M Add +50.6%
AAPL Apple Inc. 1.83% 781,670 $199.0M Add +6.2%
VOO Vanguard S&P 500 ETF 1.66% 294,519 $180.4M Reduce -1.8%
IVV iShares Core S&P 500 ETF 1.62% 263,998 $176.7M Add +4.0%
MSFT Microsoft Corp. 1.59% 334,756 $173.4M Add +10.3%
VTV Vanguard Mrngstr Val ETF-Aui 1.53% 892,908 $166.5M Add +1.9%
SPTI SS SPDR P Int Term TSY ETF 1.43% 5,380,575 $155.5M Add +5.7%
EFV iShares MSCI Eafe Value ETF 1.43% 2,286,227 $155.1M Add +33.6%
DYNF Ishrs US E F R A ETF-Usd Inc. 1.36% 2,492,196 $147.5M Add +40.1%
NVDA Nvidia Corp. 1.31% 764,127 $142.6M Add +8.7%
QUAL iShares MSCI USA Quality Fac 1.25% 697,503 $135.7M Add +6.6%
VTI VG Morningstar TS MKT ETF-US 1.20% 396,272 $130.0M Add +6.8%
IEMG iShares Core MSCI Emerging 1.17% 1,926,789 $127.0M Add +40.1%
AVNM Avantis All Intl MKTS Eq ETF 1.16% 1,782,622 $125.9M Add +4.1%
USTB Victoryshares Short-Term Bon 1.14% 2,430,797 $123.9M Add +5778.3%
UBND Victoryshares Core Plus Bond 1.11% 5,472,002 $120.7M New
MGV Vngrd Mrgstr MG CP VL ETF-Ui 1.05% 831,915 $114.6M Add +30.2%
MBB iShares MBS ETF 1.04% 1,184,090 $112.7M Add +3.9%
QQQ Invesco QQQ Trust Series 1 1.02% 184,939 $111.0M Add +11.4%
BINC iShares Flex I A ETF-Usd Inc. 0.98% 2,006,972 $106.9M Add +48.9%
CWI State Street SPDR MSCI Acwi 0.90% 2,795,582 $97.6M Add +911.3%
VFLO Victoryshares Free Cash Flow 0.83% 2,419,736 $90.7M Add +3.7%
AMZN Amazon.com Inc. 0.83% 409,544 $89.9M Add +7.3%
CGUS Cap Group Core Equity filed as CAPITAL GROUP CORE EQUITY ET 0.77% 2,107,661 $83.3M Add +1624.4%
BND Vanguard Total Bond Market 0.71% 1,036,609 $77.1M Add +13.8%
JAAA Janus Henderson Aaa Clo ETF 0.70% 1,492,094 $75.8M Add +75.1%
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.69% 254,121 $74.6M Add +29.0%
CGDV Cap Group Dividend Value filed as CAPITAL GROUP DIVIDEND VALUE 0.65% 1,690,161 $71.0M Add +465.4%
UPS United Parcel Service Class B 0.64% 838,845 $70.1M Reduce -2.5%
AVGO Broadcom Inc. 0.64% 209,664 $69.2M Add +1.9%
GOOGL Alphabet Inc. Class A 0.63% 283,964 $69.0M Add +8.3%
CGGR Cap Group Growth Equity 0.61% 1,510,100 $66.3M Add +474.3%
VB Vanguard Most SM-Cap ETF-Usd 0.60% 258,587 $65.8M Add +21.2%
USIG iShares Broad Usd Investment 0.59% 1,235,503 $64.5M Add +2.7%
GOVT iShares US Treasury Bond ETF 0.59% 2,753,378 $63.7M Add +57.7%
META Meta Platforms Inc. Class A 0.57% 84,670 $62.2M Add +8.0%
BRK.B Berkshire Hathaway Inc. Class B 0.55% 119,564 $60.1M Add +6.8%
SCHG Schwab US Large-Cap Growth 0.54% 1,834,030 $58.5M Reduce -4.3%
THRO iShares U.S. Thematic Rotati 0.53% 1,513,495 $57.3M Add +43.4%
BAI Ishrs AI in and Tech Act ETF 0.52% 1,659,696 $56.7M Add +152.0%
IEFA iShares Core MSCI Eafe ETF 0.51% 639,047 $55.8M Reduce -8.3%
VEA Vanguard Ftse Developed ETF 0.51% 929,372 $55.7M Add +0.7%
SPYG SS SPDR P S&P 500 Growth ETF 0.47% 494,220 $51.7M Reduce -5.9%
CGCB Cap Group Core Bond 0.47% 1,935,910 $51.5M Add +1580.2%
CGCP Cap Group Core Plus Income 0.47% 2,259,377 $51.3M Add +1078.9%
SPY SS SPDR S&P 500 ETF Trust-US 0.47% 76,490 $51.0M Reduce -4.4%
JPM JPMorgan Chase & Co. 0.46% 157,871 $49.8M Add +4.2%
CGSD Cap Group Short Duration 0.44% 1,822,843 $47.4M Add +8823.7%
VMBS Vanguard Mortgage-Backed Sec 0.39% 909,795 $42.7M Add +45.4%
IAU iShares Gold Trust 0.39% 578,361 $42.1M Add +64.8%
MTUM iShares MSCI USA Momentum Fa 0.38% 160,608 $41.2M Add +27.5%
VYM Vanguard High DVD Yield ETF 0.35% 271,703 $38.3M Add +4.5%
SCHO Schwab Short-Term US Treas 0.35% 1,562,292 $38.1M Add +42.9%
GOOG Alphabet Inc. Class C 0.35% 155,017 $37.8M Add +2.7%
CGMM Cap Group Small and Mid Cap 0.34% 1,316,034 $37.4M Add +3215.7%
TSLA Tesla Inc. 0.34% 83,957 $37.3M Add +8.9%
IAGG iShares Intl Aggregate Bond 0.33% 710,280 $36.4M Add +53.2%
BIL SS SPDR BB 1-3M T-Bill ETF 0.33% 396,427 $36.4M Add +509.8%
XOM Exxon Mobil Corp. 0.33% 318,099 $35.9M Add +16.5%
SPYM Ste STR SPDR PT S&P 500 ETF 0.32% 444,895 $34.9M Reduce -1.9%
JNJ Johnson & Johnson 0.32% 186,501 $34.6M Add +3.8%
PG The Procter & Gamble Co. 0.31% 221,319 $34.0M Add +63.1%
VBR Vngrd Mrngst SL-CP Val ETF-U 0.31% 160,742 $33.5M Reduce -5.2%
CGIC Cap Group Intl Core Eq filed as CAPITAL GROUP INTERNATIONAL 0.31% 1,082,709 $33.4M New
SHLD Global X Defense Tech ETF 0.30% 465,545 $32.7M Add +486.8%
FPEI First Trust Institutional PR 0.29% 1,653,787 $32.0M Add +6.3%
WMT Walmart Inc. 0.29% 308,438 $31.8M Add +21.9%
HD Home Depot Inc. 0.29% 77,729 $31.5M Add +4.4%
COST Costco Wholesale Corp. 0.28% 32,724 $30.3M Add +1.6%
PLTR Palantir Technologies Inc. Class A 0.27% 160,562 $29.3M Add +4.7%
IVW iShares S&P 500 Growth ETF 0.26% 235,085 $28.4M Add +2.0%
V Visa Inc. Class A 0.26% 81,286 $27.7M Reduce -1.9%
FVAL Fidelity Value Factor ETF 0.25% 401,738 $27.7M New
VBK Van Morst SML-Cap Gro-Usd Inc. 0.25% 91,973 $27.4M Reduce -5.0%
CGUI Cap Group Ultra Short Income 0.25% 1,066,035 $27.0M New
QQQI Neos Nasdaq-100 High Inc. ETF 0.25% 492,567 $26.7M New
OEF iShares S&P 100 ETF 0.25% 80,172 $26.7M Add +13.9%
LLY Eli Lilly & Co. 0.24% 34,469 $26.3M Add +6.3%
ACWX iShares MSCI Acwi Ex US ETF 0.23% 381,609 $24.8M Reduce -85.4%
CGIE Cap Group Intl Equity filed as CAPITAL GROUP INTERNATIONAL 0.22% 722,975 $24.4M New
PM Philip Morris International 0.22% 149,678 $24.3M Add +5.6%
SCHV Schwab US Large-Cap Value 0.22% 814,992 $23.7M Reduce -4.3%
ORCL Oracle Corp. 0.22% 83,417 $23.5M Add +12.9%
VOOG Vanguard S&P 500 Growth ETF 0.21% 53,369 $23.2M Reduce -0.6%
KBDC Kayne Anderson BDC Inc. 0.21% 1,738,174 $23.2M No change
IWY iShares Russell Top 200 Grow 0.21% 84,050 $23.0M Reduce -1.4%
SCHD Schwab US DVD Equity ETF 0.21% 830,507 $22.7M Reduce -14.3%
QQQM Invesco Nasdaq 100 ETF 0.20% 89,895 $22.2M Add +11.6%
GE General Electric filed as GE AEROSPACE 0.20% 73,236 $22.0M Add +3.9%
DFAC Dimensional US Core Equity 2 0.20% 569,250 $22.0M Add +9.1%
CVX Chevron Corp. 0.20% 139,451 $21.7M Add +10.7%
BFC Bank First Corp. 0.20% 177,398 $21.5M Reduce -0.3%
SPYI Neos S&P 500 High Income ETF 0.20% 409,522 $21.4M New
MUB iShares National Muni Bond E 0.19% 193,622 $20.6M Reduce -1.4%
IYW iShares Ustechnology ETF 0.19% 105,137 $20.6M Reduce -56.2%
NFLX Netflix Inc. 0.19% 17,069 $20.5M Add +5.3%

Show all 1,779 holdings

Options reported separately and not counted above: SPY puts ($5.8M), AVGO puts ($1.2M), UPS puts ($388K), SOXL calls ($272K), MARA calls ($163K), GME calls ($158K), SFM puts ($144K), AAPL puts ($135K), NVDA calls ($17K).

Other holdings (3): bonds, preferreds, convertibles and warrants · $88K (not counted above)
SecurityClassShares / PrincipalValueChange
YDESW YD Bio Ltd. -30 *W EXP 08/28/203 40,000$85KNew
COHEN & STEERS INFRASTRU RIGHT 10/16/2025 16,504$1KReduce -18.6%
LIBERTY INTERACTIVE LLC (LINTA 4 11/15/29) DEB 4.000%11/1 · principal 15,000$1KNo change

Total filed on the 13F, all lines: $10.9B.

Portfolio Sells Q2 2025 → Q3 2025
SPTS SS SPDR P St Term TSY ETF Reduce -91.6% 0.12% −1.57
ACWX iShares MSCI Acwi Ex US ETF Reduce -85.4% 0.23% −1.55
EFG iShares MSCI Eafe Growth ETF Reduce -71.9% 0.16% −0.53
IUSG iShares Core S&P U.S. Growth Reduce -8.3% 2.14% −0.45
VUG Vanguard Mrngstar GR ETF-Sui Reduce -0.8% 3.58% −0.42
VGSH Vanguard Short-Term Treasury Reduce -84.3% 0.06% −0.38
UPS United Parcel Service Class B Reduce -2.5% 0.64% −0.32
MINT PIMCO Enhanced Short Maturit Reduce -82.2% 0.05% −0.30
IYW iShares Ustechnology ETF Reduce -56.2% 0.19% −0.27
VOO Vanguard S&P 500 ETF Reduce -1.8% 1.66% −0.24
IEFA iShares Core MSCI Eafe ETF Reduce -8.3% 0.51% −0.14
SCHG Schwab US Large-Cap Growth Reduce -4.3% 0.54% −0.09
SPYG SS SPDR P S&P 500 Growth ETF Reduce -5.9% 0.47% −0.08
SPY SS SPDR S&P 500 ETF Trust-US Reduce -4.4% 0.47% −0.08
SCHD Schwab US DVD Equity ETF Reduce -14.3% 0.21% −0.08
FTNT Fortinet Inc. Reduce -11.2% 0.11% −0.08
V Visa Inc. Class A Reduce -1.9% 0.26% −0.07
VBR Vngrd Mrngst SL-CP Val ETF-U Reduce -5.2% 0.31% −0.06
EMXC iShares MSCI Emr MRK Ex Chna Reduce -49.4% 0.05% −0.06
VTEB Vanguard Tax-Exempt Bond ETF Reduce -13.0% 0.14% −0.05
LMT Lockheed Martin Corp. Reduce -34.5% 0.07% −0.05
IUSB Ishr CR Unvrse Usd BD ETF-Ui Reduce -11.8% 0.13% −0.05
VBK Van Morst SML-Cap Gro-Usd Inc. Reduce -5.0% 0.25% −0.05
SPYM Ste STR SPDR PT S&P 500 ETF Reduce -1.9% 0.32% −0.05
SCHV Schwab US Large-Cap Value Reduce -4.3% 0.22% −0.04
BIV Vanguard Intermediate-Term B Reduce -16.1% 0.10% −0.04
CRM Salesforce Inc. Reduce -17.1% 0.06% −0.04
MUB iShares National Muni Bond E Reduce -1.4% 0.19% −0.04
SPSM SS SPDR P S&P 600 Small Cap Reduce -11.1% 0.15% −0.04
NVO Novo-Nordisk A/S-Spons ADR Reduce -66.7% 0.01% −0.04
BFC Bank First Corp. Reduce -0.3% 0.20% −0.04
SPYV SS SPDR P S&P 500 Value ETF Reduce -14.4% 0.10% −0.04
SPDW Ste STR SPDR PT DW Eu ETF Reduce -15.7% 0.10% −0.03
AVDV Avantis Intl S/C Value ETF Reduce -30.6% 0.06% −0.03
XLC SS Comm Select Sector SPDR Reduce -26.9% 0.06% −0.03
VOOV Vanguard S&P 500 Value ETF Reduce -7.6% 0.14% −0.03
TMUS T-Mobile US Inc. Reduce -16.7% 0.07% −0.03
AVEM Avantis Emerging Markets Eq Reduce -14.4% 0.10% −0.03
XLF SS Financial Select Sector Reduce -5.9% 0.11% −0.03
ICF iShares Select U.S. REIT ETF Reduce -28.0% 0.04% −0.03
PTF Invesco Dorsey Wright Tech Reduce -39.8% 0.03% −0.03
IDHQ Invesco S&P International DE Reduce -63.3% 0.01% −0.03
FSEP FT Vest U.S. Equity Buffer E Reduce -52.5% 0.02% −0.03
HMOP Hartford Municipal Opp ETF Reduce -65.0% 0.01% −0.02
SCHX Schwab US Large-Cap ETF Reduce -9.0% 0.10% −0.02
PAYX Paychex Inc. Reduce -2.3% 0.06% −0.02
CMG Chipotle Mexican Grill Inc. Reduce -20.5% 0.02% −0.02
SNPS Synopsys Inc. Reduce -1.4% 0.09% −0.02
VOOG Vanguard S&P 500 Growth ETF Reduce -0.6% 0.21% −0.02
HEFA Isha Curr Hedged MSCI Eafe Reduce -48.9% 0.02% −0.02

Portfolio Buys Q2 2025 → Q3 2025
USTB Victoryshares Short-Term Bon Add +5778.3% 1.14% +1.12
UBND Victoryshares Core Plus Bond New 1.11% +1.11
CWI State Street SPDR MSCI Acwi Add +911.3% 0.90% +0.80
CGUS Cap Group Core Equity Add +1624.4% 0.77% +0.72
MGK Vngrd Mrgstr MG CP GR ETF-Ui Add +50.6% 1.99% +0.53
CGDV Cap Group Dividend Value Add +465.4% 0.65% +0.52
CGGR Cap Group Growth Equity Add +474.3% 0.61% +0.49
CGCB Cap Group Core Bond Add +1580.2% 0.47% +0.44
CGSD Cap Group Short Duration Add +8823.7% 0.44% +0.43
CGCP Cap Group Core Plus Income Add +1078.9% 0.47% +0.42
CGMM Cap Group Small and Mid Cap Add +3215.7% 0.34% +0.33
BAI Ishrs AI in and Tech Act ETF Add +152.0% 0.52% +0.31
CGIC Cap Group Intl Core Eq New 0.31% +0.31
DYNF Ishrs US E F R A ETF-Usd Inc. Add +40.1% 1.36% +0.28
BIL SS SPDR BB 1-3M T-Bill ETF Add +509.8% 0.33% +0.27
FVAL Fidelity Value Factor ETF New 0.25% +0.25
CGUI Cap Group Ultra Short Income New 0.25% +0.25
SHLD Global X Defense Tech ETF Add +486.8% 0.30% +0.25
IEMG iShares Core MSCI Emerging Add +40.1% 1.17% +0.25
QQQI Neos Nasdaq-100 High Inc. ETF New 0.25% +0.25
CGIE Cap Group Intl Equity New 0.22% +0.22
EFV iShares MSCI Eafe Value ETF Add +33.6% 1.43% +0.21
JAAA Janus Henderson Aaa Clo ETF Add +75.1% 0.70% +0.21
SPYI Neos S&P 500 High Income ETF New 0.20% +0.20
BINC iShares Flex I A ETF-Usd Inc. Add +48.9% 0.98% +0.19
HOLA JPM Intll HDG Eq LDDR Ovrly New 0.18% +0.18
DIVO Amplify CWP Enhan Divid ETF New 0.16% +0.16
QDVO Amplify CWP GRW & Inc. ETF New 0.16% +0.16
OMAH Vistashares TRG 15 Berkshire New 0.16% +0.16
RDVI FT Vest Rising Dividend Achi New 0.15% +0.15
AAPL Apple Inc. Add +6.2% 1.83% +0.15
IAU iShares Gold Trust Add +64.8% 0.39% +0.14
GOVT iShares US Treasury Bond ETF Add +57.7% 0.59% +0.14
CGNG Cap Group New Geography Eq Add +1633.2% 0.14% +0.13
GOOGL Alphabet Inc. Class A Add +8.3% 0.63% +0.12
MGV Vngrd Mrgstr MG CP VL ETF-Ui Add +30.2% 1.05% +0.12
THRO iShares U.S. Thematic Rotati Add +43.4% 0.53% +0.11
CGIB Cap Group Intl Bond HDG New 0.08% +0.08
NVDA Nvidia Corp. Add +8.7% 1.31% +0.07
PG The Procter & Gamble Co. Add +63.1% 0.31% +0.07
VO Vngrd Mrngstr MD-Cap ETF-Usd Add +29.0% 0.69% +0.07
IAGG iShares Intl Aggregate Bond Add +53.2% 0.33% +0.07
TSLA Tesla Inc. Add +8.9% 0.34% +0.07
VMBS Vanguard Mortgage-Backed Sec Add +45.4% 0.39% +0.07
SCHO Schwab Short-Term US Treas Add +42.9% 0.35% +0.05
QALT Sei Dbi Multstrt Alt ETF New 0.05% +0.05
GOOG Alphabet Inc. Class C Add +2.7% 0.35% +0.05
MTUM iShares MSCI USA Momentum Fa Add +27.5% 0.38% +0.04
VB Vanguard Most SM-Cap ETF-Usd Add +21.2% 0.60% +0.04
FTLS First Trust Long/Short Eqty Add +207.6% 0.06% +0.04

Options Activity Q2 2025 → Q3 2025
SPY SS SPDR S&P 500 ETF Trust-US put Add +10.7% 296,300 $5.8M
AVGO Broadcom Inc. put New 60,000 $1.2M
ZIM Zim Integrated Shipping Serv call Sold out 1,000,000 $312Kbefore exit
MARA Mara Holdings Inc. call New 89,000 $163K
GME Gamestop Corp. Class A call New 90,000 $158K
SFM Sprouts Farmers Market Inc. put New 16,600 $144K
AAPL Apple Inc. put New 12,800 $135K
IWM iShares Russell 2000 ETF put Sold out 23,500 $28Kbefore exit
NVDA Nvidia Corp. call New 10,500 $17K

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q2 2025 → Q3 2025
YDESW YD Bio Ltd. -30 *W EXP 08/28/203 New 40,000 $85K
COHEN & STEERS INFRASTRU RIGHT 10/16/2025 Reduce -18.6% 16,504 $1K

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026Amended 2,317$16.1BVUG, IUSG, AAPL, QLTY, IUSV
Q1 2026 2,106$13.4BVUG, IUSG, QLTY, IUSV, AAPL
Q4 2025 1,939$12.5BVUG, QLTY, IUSG, IUSV, MGK
Q3 2025Amended 1,779$10.9BVUG, QLTY, IUSV, IUSG, MGK
Q2 2025 1,693$9.0BVUG, QLTY, IUSG, IUSV, VOO
Q1 2025 1,394$6.7BIUSV, VOO, VUG, IVV, AAPL
Q4 2024 1,145$5.6BVUG, VOO, IUSV, AAPL, IEFA
Q3 2024 825$4.5BVOO, IUSV, VUG, IEFA, UPS
Q2 2024 909$4.5BVOO, VUG, IUSV, IEFA, SPTI
Q1 2024 860$4.2BVOO, VUG, IUSV, SPTI, IEFA