Modern Wealth Management, LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), Modern Wealth Management, LLC reported 802 stock positions worth $5.1 billion. Its top holding was Janus Henderson Aaa Clo ETF (JAAA) at 2.6% of the portfolio, followed by Invesco QQQ Trust Series 1 (QQQ, 2.5%) and SS SPDR P S&P 1500 Comp ETF (SPTM, 2.4%). Compared with Q2 2025, it opened 74 new positions, sold out of 47, added to 369 and reduced 310. The biggest buy was Schwab US Large-Cap ETF (SCHX, shares +3179%) and the biggest sale iShares S&P 500 Growth ETF (IVW, shares −21%).

Most Recent 13F
Q2 2026
Location
KANSAS CITY, MO
CIK
0002001900
Portfolio Value
$5.1B (Q3 2025)
SEC Filing
0002001900-25-000023 ↗ filed Nov 12, 2025

Holdings Value

0$2.0B$4.0B$6.0B$8.0B$10.0B Q1 2024: $1.1B Q1 2024 Q2 2024: $1.4B Q2 2024 Q3 2024: $1.6B Q3 2024 Q4 2024: $2.7B Q4 2024 Q1 2025: $3.1B Q1 2025 Q2 2025: $4.1B Q2 2025 Q3 2025: $5.1B $5.1B Q3 2025 Q4 2025: $5.5B Q4 2025 Q1 2026: $5.8B Q1 2026 Q2 2026: $8.4B Q2 2026

Holdings 802 stocks · $5.1B
JAAA Janus Henderson Aaa Clo ETF 2.56% 2,551,175 $129.5M Add +12.5%
QQQ Invesco QQQ Trust Series 1 2.53% 212,798 $127.8M Reduce -7.3%
SPTM SS SPDR P S&P 1500 Comp ETF 2.37% 1,486,905 $119.9M Reduce -7.0%
AAPL Apple Inc. 2.32% 460,772 $117.3M Add +16.2%
IVW iShares S&P 500 Growth ETF 2.05% 858,560 $103.6M Reduce -20.8%
MSFT Microsoft Corp. 2.05% 199,978 $103.6M Add +34.5%
FBND Fidelity Total Bond ETF 1.99% 2,170,408 $100.4M Add +54.3%
QUAL iShares MSCI USA Quality Fac 1.97% 511,164 $99.4M Add +59.4%
VTI VG Morningstar TS MKT ETF-US 1.93% 297,692 $97.7M Add +0.9%
IVV iShares Core S&P 500 ETF 1.59% 119,775 $80.2M Reduce -0.2%
SPY SS SPDR S&P 500 ETF Trust-US 1.32% 122,094 $66.7M Reduce -23.7%
JCPB JPMorgan Core Plus Bond ETF 1.28% 1,356,707 $64.5M Add +67.0%
JMBS Janus Henderson Mortg Backed 1.27% 1,401,814 $64.0M Add +64.3%
VFLO Victoryshares Free Cash Flow 1.26% 1,694,698 $63.6M Add +67.4%
SPYM Ste STR SPDR PT S&P 500 ETF 1.16% 747,746 $58.6M Add +103.8%
STIP iShares 0-5 Year Tips Bond E 1.08% 530,231 $54.8M Reduce -13.6%
AVEM Avantis Emerging Markets Eq 1.02% 688,269 $51.7M Add +285.5%
SCHF Schwab Intl Equity ETF 1.02% 2,208,572 $51.4M Add +770.5%
SPTS SS SPDR P St Term TSY ETF 1.01% 1,745,879 $51.2M Add +74.9%
PVAL Putnam Focused LRG Cap Value 1.01% 1,196,507 $51.1M Add +93.6%
JPM JPMorgan Chase & Co. 0.97% 155,871 $49.2M Reduce -0.0%
TCAF T Rowe PRC Cap Appreciation 0.96% 1,286,942 $48.5M Add +0.7%
SCHX Schwab US Large-Cap ETF 0.95% 1,815,186 $47.8M Add +3179.2%
IVE iShares S&P 500 Value ETF 0.91% 222,823 $46.0M Add +1.1%
EFA iShares MSCI Eafe ETF 0.90% 487,087 $45.5M Reduce -33.3%
IQLT iShares MSCI International Q 0.90% 1,024,830 $45.3M Add +156.6%
BRK.B Berkshire Hathaway Inc. Class B 0.89% 89,757 $45.1M New
SPYV SS SPDR P S&P 500 Value ETF 0.89% 812,694 $45.0M Reduce -2.9%
LRGF iShares US Equity Factor ETF 0.89% 648,941 $44.8M Add +111.2%
EEM iShares MSCI Emerging Market 0.88% 833,302 $44.5M Reduce -36.1%
VOO Vanguard S&P 500 ETF 0.83% 68,824 $42.1M Reduce -11.1%
COWZ Pacer US Cash Cows 100 ETF 0.82% 721,438 $41.5M Reduce -9.6%
SCHB Schwab US Broad Market ETF 0.77% 1,518,936 $39.1M Add +422.7%
IOO iShares Global 100 ETF 0.75% 316,377 $38.0M Reduce -0.2%
GOOGL Alphabet Inc. Class A 0.73% 151,944 $36.9M Add +103.4%
TSM Taiwan Semiconductor-SP ADR 0.72% 129,827 $36.3M Add +1066.8%
SHY iShares 1-3 Year Treasury Bo 0.69% 417,575 $34.6M Reduce -10.1%
AMZN Amazon.com Inc. 0.68% 157,242 $34.5M Add +63.4%
AVDE Avantis International Equity 0.67% 429,746 $33.9M Add +304.4%
NVDA Nvidia Corp. 0.66% 177,961 $33.2M Add +7.4%
VTV Vanguard Mrngstr Val ETF-Aui 0.62% 168,282 $31.4M Add +0.9%
XLE SS Energy Select Sector 0.60% 341,215 $30.5M Add +0.2%
DFIS Dimensional International SM 0.60% 960,560 $30.4M Add +68.2%
VONE Vanguard Russell 1000 0.58% 96,533 $29.2M Reduce -0.8%
SHV iShares 0-1 Year Treasury Bo 0.57% 261,506 $28.9M Add +10.7%
INTF iShares International Equity 0.55% 773,258 $27.8M Reduce -0.3%
SPGP Invesco S&P 500 Garp ETF 0.55% 243,512 $27.7M Add +644.9%
SCHZ Schwab US Aggregate Bond ETF 0.54% 1,153,141 $27.1M New
SNSR Global X Internet of Things 0.53% 692,320 $27.0M Add +1.0%
VV Vngrd Mrgstr LRG-Cap ETF-Usd 0.53% 87,717 $27.0M Reduce -0.7%
DGRW Wisdomtree U.S. Quality Divi 0.53% 303,375 $27.0M Add +2.6%
JIRE JPMorgan Int Res Enh Eqty 0.53% 366,043 $26.9M New
LQD Ishr Ibx Usd Invgd CB ETF-Ui 0.53% 241,181 $26.9M Add +14.1%
SMLF iShares US Smallcap Equity F 0.53% 360,524 $26.8M Add +430.1%
CGDV Cap Group Dividend Value filed as CAPITAL GROUP DIVIDEND VALUE 0.50% 606,756 $25.5M Reduce -1.1%
HON Honeywell International Inc. 0.50% 118,958 $25.0M Add +3.3%
VEA Vanguard Ftse Developed ETF 0.49% 417,008 $25.0M Add +1.8%
SPSB SS SPDR P St C Corp. ETF 0.49% 821,996 $24.9M Add +16.6%
IAGG iShares Intl Aggregate Bond 0.47% 467,934 $24.0M Add +90.4%
OUNZ Vaneck Merk Gold ETF 0.46% 625,796 $23.3M Add +3.9%
GOOG Alphabet Inc. Class C 0.45% 94,002 $22.9M Add +0.8%
QQQM Invesco Nasdaq 100 ETF 0.45% 91,151 $22.5M Add +32.0%
PID Invesco International Divide 0.43% 1,032,733 $22.0M Add +2.5%
JPST JPMorgan Ultra-Short Income 0.43% 424,963 $21.6M Add +282.8%
SPYG SS SPDR P S&P 500 Growth ETF 0.41% 196,154 $20.5M Reduce -3.7%
AVUV Avantis US Small Cap Value 0.40% 204,791 $20.4M Reduce -7.5%
ITOT iShares Core S&P Total U.S. 0.40% 138,883 $20.2M Reduce -2.4%
USMV iShares MSCI USA Min Vol Fac 0.40% 212,469 $20.2M Add +254.8%
EMLP First Trust North American E 0.39% 519,303 $19.9M Add +0.5%
USFR Wisdomtree Floating Rate Tre 0.39% 389,116 $19.6M Reduce -18.7%
TLH iShares 10-20 Year Treasury 0.39% 188,901 $19.5M Reduce -12.6%
NEE Nextera Energy Inc. 0.38% 257,199 $19.4M Add +4.5%
HEWJ Isha Curr Hedged MSCI Japan 0.37% 383,981 $18.9M New
CVX Chevron Corp. 0.37% 121,469 $18.9M Add +4.8%
CIBR First Trust Nasdaq Cybersecu 0.37% 248,047 $18.9M Add +1.1%
HFSI Hartfor Strateg Income ETF-U 0.36% 518,208 $18.4M Add +54.9%
IDEV iShares Core MSCI Dev MKTS 0.36% 228,358 $18.3M Add +12.5%
CALF PCR US SM CP CSH CWS ETF-Usd 0.36% 413,065 $18.1M Reduce -12.2%
BKGI BNY Mellon GLBL Infra Inc. 0.35% 454,450 $17.7M New
EIPI FT Energy Income ETF 0.33% 833,521 $16.5M Add +2.3%
BIL SS SPDR BB 1-3M T-Bill ETF 0.32% 174,463 $16.0M Reduce -3.8%
SCHA Schwab US Small-Cap ETF 0.31% 569,122 $15.9M New
VGIT Vanguard Intermediate-Term T 0.31% 259,862 $15.6M Add +8.3%
IAU iShares Gold Trust 0.31% 214,303 $15.6M Add +26.6%
IEF iShares 7-10 Year Treasury B 0.31% 160,552 $15.5M Reduce -4.3%
XLK SS Technology Select Sector 0.30% 54,324 $15.3M Add +2.7%
XLRE SS Real Estate Select Sector 0.30% 360,694 $15.2M Reduce -23.0%
AXP American Express Co. 0.30% 45,591 $15.1M Add +755.9%
BTI British American Tob-SP ADR 0.29% 278,285 $14.8M New
JQUA JPMorgan US Quality Factor 0.29% 232,448 $14.6M Add +1.2%
JMTG Mortgage-Backed Securities filed as J P MORGAN EXCHANGE TRADED F 0.28% 275,942 $14.1M Add +1.2%
DIVO Amplify CWP Enhan Divid ETF 0.28% 315,659 $14.1M Reduce -15.7%
PPA Invesco Aerospace & Defense 0.28% 89,910 $14.0M New
ISCF iShares International Small 0.27% 337,659 $13.9M Reduce -0.9%
IJR iShares Core S&P Small-Cap E 0.27% 116,722 $13.9M Reduce -7.5%
IEMG iShares Core MSCI Emerging 0.27% 206,255 $13.6M Add +1.2%
CORP PIMCO Inv Grade Corp. BD ETF 0.27% 136,531 $13.5M New
XOM Exxon Mobil Corp. 0.27% 118,773 $13.4M Add +1.6%
QJUN FT Vest Nasdaq-100 Buffer Et 0.26% 425,599 $13.2M New
AGG iShares Core U.S. Aggregate 0.26% 131,352 $13.2M Add +0.8%

Show all 802 holdings

Other holdings (2): bonds, preferreds, convertibles and warrants · $712K (not counted above)
SecurityClassShares / PrincipalValueChange
BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A 10,215$711KReduce -0.1%
COHEN & STEERS INFRASTRU RIGHT 10/16/2025 12,495$975New

Total filed on the 13F, all lines: $5.1B.

Portfolio Sells Q2 2025 → Q3 2025
IVW iShares S&P 500 Growth ETF Reduce -20.8% 2.05% −0.89
BRK.A Berkshire Hathaway Inc. Class A Reduce -100.0% 0.09% −0.81
SPY SS SPDR S&P 500 ETF Trust-US Reduce -23.7% 1.32% −0.78
EFA iShares MSCI Eafe ETF Reduce -33.3% 0.90% −0.71
EEM iShares MSCI Emerging Market Reduce -36.1% 0.88% −0.67
QQQ Invesco QQQ Trust Series 1 Reduce -7.3% 2.53% −0.59
SPTM SS SPDR P S&P 1500 Comp ETF Reduce -7.0% 2.37% −0.57
STIP iShares 0-5 Year Tips Bond E Reduce -13.6% 1.08% −0.47
IUSB Ishr CR Unvrse Usd BD ETF-Ui Reduce -52.9% 0.26% −0.42
QDEC FT Vest Nasdaq-100 Buffer Et Sold out 0.00% −0.32
COWZ Pacer US Cash Cows 100 ETF Reduce -9.6% 0.82% −0.26
SHY iShares 1-3 Year Treasury Bo Reduce -10.1% 0.69% −0.26
IVV iShares Core S&P 500 ETF Reduce -0.2% 1.59% −0.25
VOO Vanguard S&P 500 ETF Reduce -11.1% 0.83% −0.25
SPSM SS SPDR P S&P 600 Small Cap Reduce -78.2% 0.06% −0.23
USFR Wisdomtree Floating Rate Tre Reduce -18.7% 0.39% −0.21
SPYV SS SPDR P S&P 500 Value ETF Reduce -2.9% 0.89% −0.19
XLRE SS Real Estate Select Sector Reduce -23.0% 0.30% −0.18
BSCP Invesco Bulletshares 2025 CB Sold out 0.00% −0.17
IUSV iShares Core S&P U.S. Value Reduce -52.8% 0.11% −0.16
TLH iShares 10-20 Year Treasury Reduce -12.6% 0.39% −0.16
MBB iShares MBS ETF Reduce -25.9% 0.22% −0.15
JPM JPMorgan Chase & Co. Reduce -0.0% 0.97% −0.14
USIG iShares Broad Usd Investment Reduce -16.3% 0.26% −0.12
DIVO Amplify CWP Enhan Divid ETF Reduce -15.7% 0.28% −0.11
INTF iShares International Equity Reduce -0.3% 0.55% −0.10
CALF PCR US SM CP CSH CWS ETF-Usd Reduce -12.2% 0.36% −0.10
VONE Vanguard Russell 1000 Reduce -0.8% 0.58% −0.10
FNCL Fidelity MSCI Financial Indx Reduce -25.1% 0.16% −0.10
AVUV Avantis US Small Cap Value Reduce -7.5% 0.40% −0.09
BIL SS SPDR BB 1-3M T-Bill ETF Reduce -3.8% 0.32% −0.09
CGDV Cap Group Dividend Value Reduce -1.1% 0.50% −0.09
IXC iShares Global Energy ETF Reduce -65.0% 0.04% −0.09
IOO iShares Global 100 ETF Reduce -0.2% 0.75% −0.09
IEF iShares 7-10 Year Treasury B Reduce -4.3% 0.31% −0.09
FTEC Fidelity MSCI Info Tech Indx Reduce -59.8% 0.05% −0.09
FSK FS KKR Capital Corp. Reduce -1.6% 0.11% −0.09
VV Vngrd Mrgstr LRG-Cap ETF-Usd Reduce -0.7% 0.53% −0.09
GOVT iShares US Treasury Bond ETF Reduce -7.0% 0.25% −0.08
GRPM Invesco S&P Midcap 400 Garp Reduce -90.2% 0.01% −0.08
ITOT iShares Core S&P Total U.S. Reduce -2.4% 0.40% −0.07
SPYG SS SPDR P S&P 500 Growth ETF Reduce -3.7% 0.41% −0.07
AVLV Avantis US Large Cap Value Reduce -10.9% 0.21% −0.07
FIDU Fidelity MSCI Indust Indx Reduce -59.6% 0.03% −0.07
IYW iShares Ustechnology ETF Reduce -73.6% 0.02% −0.07
IJR iShares Core S&P Small-Cap E Reduce -7.5% 0.27% −0.07
TLT iShares 20+ Year Treasury BD Reduce -45.0% 0.05% −0.06
EFG iShares MSCI Eafe Growth ETF Reduce -75.7% 0.02% −0.06
IEI iShares 3-7 Year Treasury Bo Reduce -72.0% 0.02% −0.06
FHLC Fidelity MSCI Health Care Reduce -13.7% 0.15% −0.06

Portfolio Buys Q2 2025 → Q3 2025
SCHX Schwab US Large-Cap ETF Add +3179.2% 0.95% +0.91
BRK.B Berkshire Hathaway Inc. Class B New 0.89% +0.89
SCHF Schwab Intl Equity ETF Add +770.5% 1.02% +0.88
AVEM Avantis Emerging Markets Eq Add +285.5% 1.02% +0.72
TSM Taiwan Semiconductor-SP ADR Add +1066.8% 0.72% +0.66
SCHB Schwab US Broad Market ETF Add +422.7% 0.77% +0.60
SCHZ Schwab US Aggregate Bond ETF New 0.54% +0.54
JIRE JPMorgan Int Res Enh Eqty New 0.53% +0.53
QUAL iShares MSCI USA Quality Fac Add +59.4% 1.97% +0.52
SPYM Ste STR SPDR PT S&P 500 ETF Add +103.8% 1.16% +0.50
AVDE Avantis International Equity Add +304.4% 0.67% +0.48
IQLT iShares MSCI International Q Add +156.6% 0.90% +0.47
SPGP Invesco S&P 500 Garp ETF Add +644.9% 0.55% +0.46
SMLF iShares US Smallcap Equity F Add +430.1% 0.53% +0.42
GOOGL Alphabet Inc. Class A Add +103.4% 0.73% +0.41
FBND Fidelity Total Bond ETF Add +54.3% 1.99% +0.40
LRGF iShares US Equity Factor ETF Add +111.2% 0.89% +0.40
PVAL Putnam Focused LRG Cap Value Add +93.6% 1.01% +0.40
VFLO Victoryshares Free Cash Flow Add +67.4% 1.26% +0.38
HEWJ Isha Curr Hedged MSCI Japan New 0.37% +0.37
BKGI BNY Mellon GLBL Infra Inc. New 0.35% +0.35
JCPB JPMorgan Core Plus Bond ETF Add +67.0% 1.28% +0.34
JMBS Janus Henderson Mortg Backed Add +64.3% 1.27% +0.32
AAPL Apple Inc. Add +16.2% 2.32% +0.32
SCHA Schwab US Small-Cap ETF New 0.31% +0.31
SPTS SS SPDR P St Term TSY ETF Add +74.9% 1.01% +0.29
BTI British American Tob-SP ADR New 0.29% +0.29
JPST JPMorgan Ultra-Short Income Add +282.8% 0.43% +0.29
PPA Invesco Aerospace & Defense New 0.28% +0.28
CORP PIMCO Inv Grade Corp. BD ETF New 0.27% +0.27
QJUN FT Vest Nasdaq-100 Buffer Et New 0.26% +0.26
USMV iShares MSCI USA Min Vol Fac Add +254.8% 0.40% +0.26
AXP American Express Co. Add +755.9% 0.30% +0.26
MSFT Microsoft Corp. Add +34.5% 2.05% +0.23
XLV SS Health Care Select Sector Add +917.3% 0.23% +0.20
ICLO Invesco Aaa Clo F/R Note ETF New 0.20% +0.20
DFIS Dimensional International SM Add +68.2% 0.60% +0.18
IAGG iShares Intl Aggregate Bond Add +90.4% 0.47% +0.17
AMZN Amazon.com Inc. Add +63.4% 0.68% +0.16
GBCI Glacier Bancorp Inc. New 0.13% +0.13
VMBS Vanguard Mortgage-Backed Sec New 0.13% +0.13
DIA SS SPDR Dow Jones Indus Avg Add +254.3% 0.16% +0.11
VBIL Vanguard 0-3M T-Bill ETF New 0.10% +0.10
SCHC Schwab Intl Small-Cap Equity New 0.08% +0.08
HFSI Hartfor Strateg Income ETF-U Add +54.9% 0.36% +0.08
SCHM Schwab US Mid Cap ETF New 0.08% +0.08
EEMV iShares MSCI Emg MKT Min Vol Add +70.7% 0.25% +0.07
QQQM Invesco Nasdaq 100 ETF Add +32.0% 0.45% +0.06
TSLA Tesla Inc. Add +21.7% 0.22% +0.06
OEF iShares S&P 100 ETF Add +97.8% 0.12% +0.05

Notes & Other Activity Q2 2025 → Q3 2025
BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A Reduce -0.1% 10,215 $711K
COHEN & STEERS INFRASTRU RIGHT 10/16/2025 New 12,495 $975

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

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 1,098$8.4BFBND, JCPB, SPYM, PVAL, AAPL
Q1 2026 869$5.8BFBND, JAAA, AAPL, SPTM, PVAL
Q4 2025 840$5.5BFBND, AAPL, JAAA, SPTM, QQQ
Q3 2025 802$5.1BJAAA, QQQ, SPTM, AAPL, IVW
Q2 2025Amended 775$4.1BQQQ, SPTM, IVW, JAAA, VTI
Q1 2025Amended 675$3.1BSPTM, SPY, IVW, JAAA, DIA
Q4 2024Amended 579$2.7BSPTM, IVW, SPY, AAPL, IVE
Q3 2024Amended 433$1.6BSTIP, QQQ, SPY, IVW, EFA
Q2 2024Amended 404$1.4BQQQ, STIP, IVW, SPY, IJK
Q1 2024Amended 297$1.1BSTIP, INVESCO QQQ TR, SPY, IVW, IVE