Theory Financial LLC
In its 13F for Q2 2024 (holdings as of June 30, 2024, filed July 24, 2024), Theory Financial LLC reported 68 stock positions worth $211.6 million. Its top holding was Schwab US Aggregate Bond ETF (SCHZ) at 12.7% of the portfolio, followed by SS Comm Select Sector SPDR (XLC, 5.2%) and Vanguard Financials ETF (VFH, 4.9%). Compared with Q1 2024, it opened 7 new positions, sold out of 12, added to 31 and reduced 27. The biggest buy was SS Technology Select Sector (XLK, shares +2372%) and the biggest sale an exit from SS SPDR S&P Og Exp & Prod (XOP).
- Most Recent 13F
- Q2 2026
- Location
- FORT COLLINS, CO
- CIK
- 0001899158
- Portfolio Value
- $211.6M (Q2 2024)
- SEC Filing
- 0001085146-24-003186 ↗ filed Jul 24, 2024
Holdings Value
Holdings 68 stocks · $211.6M
| SCHZ Schwab US Aggregate Bond ETF | 12.71% | 589,729 | $26.9M | Add +2.0% |
| XLC SS Comm Select Sector SPDR | 5.18% | 127,992 | $11.0M | Add +144.8% |
| VFH Vanguard Financials ETF | 4.88% | 103,342 | $10.3M | Add +153.1% |
| MBB iShares MBS ETF | 4.16% | 95,958 | $8.8M | Add +3.6% |
| SPYM Ste STR SPDR PT S&P 500 ETF | 3.83% | 126,503 | $8.1M | Add +54.3% |
| XLK SS Technology Select Sector | 3.76% | 35,173 | $8.0M | Add +2371.8% |
| QUAL iShares MSCI USA Quality Fac | 3.61% | 44,751 | $7.6M | Add +26.6% |
| IGIB iShares 5-10Y Inv Grade Corp. | 3.27% | 135,094 | $6.9M | Reduce -7.6% |
| SCHP Schwab U.S. Tips ETF | 2.74% | 111,313 | $5.8M | Reduce -6.1% |
| VGIT Vanguard Intermediate-Term T | 2.57% | 93,290 | $5.4M | Reduce -8.5% |
| VGT Vanguard Info Tech ETF | 2.42% | 8,869 | $5.1M | Add +15.6% |
| PTF Invesco Dorsey Wright Tech | 2.37% | 80,951 | $5.0M | Add +13.1% |
| IUSB Ishr CR Unvrse Usd BD ETF-Ui | 2.25% | 105,491 | $4.8M | Add +79.2% |
| SOXX iShares Semiconductor ETF | 2.24% | 19,257 | $4.7M | Add +0.8% |
| QQQM Invesco Nasdaq 100 ETF | 2.14% | 23,004 | $4.5M | Add +5.4% |
| AIRR First Trust Rba American Ind | 2.06% | 63,818 | $4.4M | Reduce -3.9% |
| XLP SS Consumer Staples Sel Sect | 2.02% | 55,923 | $4.3M | New |
| SPTS SS SPDR P St Term TSY ETF | 1.99% | 146,133 | $4.2M | Reduce -7.8% |
| IVW iShares S&P 500 Growth ETF | 1.97% | 44,973 | $4.2M | Add +185.3% |
| XLE SS Energy Select Sector | 1.79% | 41,496 | $3.8M | Reduce -6.8% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 1.76% | 40,522 | $3.7M | New |
| EPI Wisdomtree India Earnings | 1.63% | 71,619 | $3.5M | Reduce -19.6% |
| DYNF Ishrs US E F R A ETF-Usd Inc. | 1.63% | 73,351 | $3.4M | Add +113.0% |
| VTV Vanguard Mrngstr Val ETF-Aui | 1.58% | 20,900 | $3.4M | Reduce -19.9% |
| QUS SS SPDR MSCI U Stratfact ETF | 1.55% | 22,308 | $3.3M | Reduce -20.4% |
| VBR Vngrd Mrngst SL-CP Val ETF-U | 1.55% | 17,934 | $3.3M | Reduce -19.0% |
| XSMO Invesco S&P Smallcap Momentu | 1.53% | 53,826 | $3.2M | Reduce -20.1% |
| MUB iShares National Muni Bond E | 1.49% | 29,650 | $3.2M | Add +49.5% |
| EZM Wisdomtree US Midcap Fund | 1.48% | 54,317 | $3.1M | Reduce -20.4% |
| RZV Invesco S&P Smallcap 600 Pur | 1.45% | 31,003 | $3.1M | Reduce -18.4% |
| EFG iShares MSCI Eafe Growth ETF | 1.37% | 28,232 | $2.9M | Add +168.7% |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 1.36% | 42,324 | $2.9M | New |
| XLV SS Health Care Select Sector | 1.25% | 18,208 | $2.7M | Reduce -35.5% |
| VXUS Vanguard Total Intl Stock | 0.98% | 34,229 | $2.1M | Reduce -47.2% |
| IVE iShares S&P 500 Value ETF | 0.81% | 9,432 | $1.7M | Add +86.5% |
| IVV iShares Core S&P 500 ETF | 0.79% | 3,045 | $1.7M | Add +71.9% |
| IYW iShares Ustechnology ETF | 0.73% | 10,280 | $1.5M | Add +69.4% |
| VTEB Vanguard Tax-Exempt Bond ETF | 0.73% | 30,870 | $1.5M | Add +1.5% |
| EWJ iShares MSCI Japan ETF | 0.73% | 22,667 | $1.5M | New |
| EMXC iShares MSCI Emr MRK Ex Chna | 0.61% | 21,890 | $1.3M | Add +82.3% |
| TLT iShares 20+ Year Treasury BD | 0.60% | 13,810 | $1.3M | Add +105.1% |
| EFV iShares MSCI Eafe Value ETF | 0.55% | 21,806 | $1.2M | Add +24.1% |
| IEMG iShares Core MSCI Emerging | 0.53% | 21,058 | $1.1M | Add +215.9% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.49% | 1,905 | $1.0M | Add +1.8% |
| BINC iShares Flex I A ETF-Usd Inc. | 0.49% | 19,809 | $1.0M | Add +99.1% |
| SCHV Schwab US Large-Cap Value | 0.46% | 13,032 | $965K | Reduce -46.4% |
| IWF iShares Russell 1000 Growth | 0.40% | 2,326 | $848K | No change |
| OEF iShares S&P 100 ETF | 0.33% | 2,662 | $704K | Add +22.1% |
| HEFA Isha Curr Hedged MSCI Eafe | 0.27% | 16,041 | $570K | Add +27.4% |
| TLH iShares 10-20 Year Treasury | 0.24% | 4,887 | $502K | Add +5.7% |
| SUB iShares Short-Term National | 0.22% | 4,471 | $467K | Reduce -14.7% |
| AMZN Amazon.com Inc. | 0.21% | 2,276 | $440K | Reduce -2.5% |
| ESGU iShares ESG Aware MSCI USA | 0.19% | 3,421 | $408K | Reduce -29.4% |
| EMB iShares JP Morgan Usd Emergi | 0.19% | 4,607 | $408K | Add +48.1% |
| LCTU iShares U.S. Carbon Transiti | 0.18% | 6,426 | $382K | Reduce -5.3% |
| GOOGL Alphabet Inc. Class A | 0.17% | 1,989 | $362K | No change |
| IFRA iShares US Infrastructure | 0.15% | 7,663 | $323K | New |
| IEFA iShares Core MSCI Eafe ETF | 0.15% | 4,356 | $316K | Reduce -43.2% |
| CVX Chevron Corp. | 0.14% | 1,877 | $294K | Reduce -1.4% |
| DSI iShares ESG MSCI KLD 400 ETF | 0.13% | 2,682 | $279K | Reduce -0.9% |
| USXF iShares ESG Advance MSCI USA | 0.12% | 5,544 | $258K | Reduce -1.3% |
| QQQ Invesco QQQ Trust Series 1 | 0.12% | 528 | $253K | Add +11.4% |
| IWS iShares Russell Mid-Cap Valu | 0.12% | 2,093 | $253K | Reduce -25.5% |
| MSFT Microsoft Corp. | 0.12% | 562 | $251K | Reduce -3.9% |
| GIGB Goldman Sachs Inv GRD Corp. | 0.12% | 5,474 | $248K | New |
| SUSC iShares ESG Aware Usd Corpor | 0.11% | 10,135 | $230K | Reduce -6.9% |
| AAPL Apple Inc. | 0.10% | 1,031 | $217K | New |
| VOE Vngrd Mrngstr MD-Cap Val ETF | 0.10% | 1,406 | $212K | No change |
Portfolio Sells Q1 2024 → Q2 2024
| XOP SS SPDR S&P Og Exp & Prod | Sold out | 0.00% | −2.09 |
| XSD SS SPDR S&P Semiconductor | Sold out | 0.00% | −2.04 |
| DGRO iShares Core Dividend Growth | Sold out | 0.00% | −2.04 |
| VIG Vanguard Dividend Apprec ETF | Sold out | 0.00% | −2.03 |
| HDV iShares Core High Dividend E | Sold out | 0.00% | −2.00 |
| QQQE Dirx Nasdaq-100EQ Wi ETF-Usd | Sold out | 0.00% | −1.95 |
| ARTY iShares Future AI & Tech ETF | Sold out | 0.00% | −1.90 |
| VXUS Vanguard Total Intl Stock | Reduce -47.2% | 0.98% | −1.02 |
| XLV SS Health Care Select Sector | Reduce -35.5% | 1.25% | −0.87 |
| EZM Wisdomtree US Midcap Fund | Reduce -20.4% | 1.48% | −0.64 |
| RZV Invesco S&P Smallcap 600 Pur | Reduce -18.4% | 1.45% | −0.62 |
| VBR Vngrd Mrngst SL-CP Val ETF-U | Reduce -19.0% | 1.55% | −0.62 |
| VTV Vanguard Mrngstr Val ETF-Aui | Reduce -19.9% | 1.58% | −0.58 |
| IGIB iShares 5-10Y Inv Grade Corp. | Reduce -7.6% | 3.27% | −0.57 |
| XSMO Invesco S&P Smallcap Momentu | Reduce -20.1% | 1.53% | −0.54 |
| QUS SS SPDR MSCI U Stratfact ETF | Reduce -20.4% | 1.55% | −0.52 |
| SCHV Schwab US Large-Cap Value | Reduce -46.4% | 0.46% | −0.48 |
| VGIT Vanguard Intermediate-Term T | Reduce -8.5% | 2.57% | −0.47 |
| SCHP Schwab U.S. Tips ETF | Reduce -6.1% | 2.74% | −0.41 |
| XLE SS Energy Select Sector | Reduce -6.8% | 1.79% | −0.35 |
| EPI Wisdomtree India Earnings | Reduce -19.6% | 1.63% | −0.34 |
| SPTS SS SPDR P St Term TSY ETF | Reduce -7.8% | 1.99% | −0.34 |
| AIRR First Trust Rba American Ind | Reduce -3.9% | 2.06% | −0.22 |
| GWW WW Grainger Inc. | Sold out | 0.00% | −0.21 |
| IXC iShares Global Energy ETF | Sold out | 0.00% | −0.15 |
| IEFA iShares Core MSCI Eafe ETF | Reduce -43.2% | 0.15% | −0.14 |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | Sold out | 0.00% | −0.13 |
| IVLU iShares MSCI International V | Sold out | 0.00% | −0.12 |
| IWP iShares Russell Mid-Cap Grow | Sold out | 0.00% | −0.11 |
| ESGU iShares ESG Aware MSCI USA | Reduce -29.4% | 0.19% | −0.09 |
| IWS iShares Russell Mid-Cap Valu | Reduce -25.5% | 0.12% | −0.06 |
| SUB iShares Short-Term National | Reduce -14.7% | 0.22% | −0.06 |
| SUSC iShares ESG Aware Usd Corpor | Reduce -6.9% | 0.11% | −0.02 |
| LCTU iShares U.S. Carbon Transiti | Reduce -5.3% | 0.18% | −0.02 |
| CVX Chevron Corp. | Reduce -1.4% | 0.14% | −0.01 |
| DSI iShares ESG MSCI KLD 400 ETF | Reduce -0.9% | 0.13% | −0.01 |
| USXF iShares ESG Advance MSCI USA | Reduce -1.3% | 0.12% | −0.01 |
| AMZN Amazon.com Inc. | Reduce -2.5% | 0.21% | −0.01 |
| MSFT Microsoft Corp. | Reduce -3.9% | 0.12% | −0.01 |
Portfolio Buys Q1 2024 → Q2 2024
| XLK SS Technology Select Sector | Add +2371.8% | 3.76% | +3.61 |
| XLC SS Comm Select Sector SPDR | Add +144.8% | 5.18% | +3.01 |
| VFH Vanguard Financials ETF | Add +153.1% | 4.88% | +2.75 |
| XLP SS Consumer Staples Sel Sect | New | 2.02% | +2.02 |
| BIL SS SPDR BB 1-3M T-Bill ETF | New | 1.76% | +1.76 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | New | 1.36% | +1.36 |
| IVW iShares S&P 500 Growth ETF | Add +185.3% | 1.97% | +1.29 |
| SPYM Ste STR SPDR PT S&P 500 ETF | Add +54.3% | 3.83% | +1.26 |
| IUSB Ishr CR Unvrse Usd BD ETF-Ui | Add +79.2% | 2.25% | +0.89 |
| DYNF Ishrs US E F R A ETF-Usd Inc. | Add +113.0% | 1.63% | +0.85 |
| EFG iShares MSCI Eafe Growth ETF | Add +168.7% | 1.37% | +0.81 |
| EWJ iShares MSCI Japan ETF | New | 0.73% | +0.73 |
| QUAL iShares MSCI USA Quality Fac | Add +26.6% | 3.61% | +0.65 |
| MUB iShares National Muni Bond E | Add +49.5% | 1.49% | +0.41 |
| VGT Vanguard Info Tech ETF | Add +15.6% | 2.42% | +0.37 |
| IEMG iShares Core MSCI Emerging | Add +215.9% | 0.53% | +0.36 |
| IVE iShares S&P 500 Value ETF | Add +86.5% | 0.81% | +0.33 |
| IYW iShares Ustechnology ETF | Add +69.4% | 0.73% | +0.31 |
| IVV iShares Core S&P 500 ETF | Add +71.9% | 0.79% | +0.31 |
| PTF Invesco Dorsey Wright Tech | Add +13.1% | 2.37% | +0.28 |
| TLT iShares 20+ Year Treasury BD | Add +105.1% | 0.60% | +0.27 |
| EMXC iShares MSCI Emr MRK Ex Chna | Add +82.3% | 0.61% | +0.26 |
| BINC iShares Flex I A ETF-Usd Inc. | Add +99.1% | 0.49% | +0.22 |
| IFRA iShares US Infrastructure | New | 0.15% | +0.15 |
| GIGB Goldman Sachs Inv GRD Corp. | New | 0.12% | +0.12 |
| QQQM Invesco Nasdaq 100 ETF | Add +5.4% | 2.14% | +0.11 |
| AAPL Apple Inc. | New | 0.10% | +0.10 |
| EFV iShares MSCI Eafe Value ETF | Add +24.1% | 0.55% | +0.06 |
| OEF iShares S&P 100 ETF | Add +22.1% | 0.33% | +0.06 |
| EMB iShares JP Morgan Usd Emergi | Add +48.1% | 0.19% | +0.05 |
| SOXX iShares Semiconductor ETF | Add +0.8% | 2.24% | +0.05 |
| HEFA Isha Curr Hedged MSCI Eafe | Add +27.4% | 0.27% | +0.05 |
| QQQ Invesco QQQ Trust Series 1 | Add +11.4% | 0.12% | +0.01 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +1.8% | 0.49% | −0.01 |
| TLH iShares 10-20 Year Treasury | Add +5.7% | 0.24% | −0.01 |
| VTEB Vanguard Tax-Exempt Bond ETF | Add +1.5% | 0.73% | −0.05 |
| MBB iShares MBS ETF | Add +3.6% | 4.16% | −0.19 |
| SCHZ Schwab US Aggregate Bond ETF | Add +2.0% | 12.71% | −0.84 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 99 | $317.3M | SCHZ, XLC, SPYM, MBB, HYLB |
| Q1 2026 | 94 | $284.9M | SCHZ, XLC, MBB, CTA, IGIB |
| Q4 2025 | 101 | $296.9M | SCHZ, XLC, VFH, MBB, GRNY |
| Q3 2025 | 90 | $283.7M | SCHZ, XLC, VFH, MBB, IGIB |
| Q2 2025 | 84 | $263.6M | VFH, SCHZ, XLC, MBB, IGIB |
| Q1 2025 | 81 | $237.1M | SCHZ, VFH, XLV, XLC, MBB |
| Q4 2024 | 74 | $239.1M | SCHZ, VFH, XLC, XLY, QUAL |
| Q3 2024 | 66 | $226.9M | SCHZ, VFH, XLC, QUAL, MBB |
| Q2 2024 | 68 | $211.6M | SCHZ, XLC, VFH, MBB, SPYM |
| Q1 2024 | 73 | $196.4M | SCHZ, MBB, IGIB, SCHP, VGIT |