Theory Financial LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 2, 2025), Theory Financial LLC reported 81 stock positions worth $237.1 million. Its top holding was Schwab US Aggregate Bond ETF (SCHZ) at 11.4% of the portfolio, followed by Vanguard Financials ETF (VFH, 8.7%) and SS Health Care Select Sector (XLV, 6.5%). Compared with Q4 2024, it opened 15 new positions, sold out of 8, added to 33 and reduced 24. The biggest buy was a new position in SS Health Care Select Sector (XLV) and the biggest sale an exit from SS Consumer Disc Select Sect (XLY).
- Most Recent 13F
- Q2 2026
- Location
- FORT COLLINS, CO
- CIK
- 0001899158
- Portfolio Value
- $237.1M (Q1 2025)
- SEC Filing
- 0001085146-25-002548 ↗ filed May 2, 2025
Holdings Value
Holdings 81 stocks · $237.1M
| SCHZ Schwab US Aggregate Bond ETF | 11.41% | 1,168,241 | $27.1M | Reduce -12.0% |
| VFH Vanguard Financials ETF | 8.67% | 172,028 | $20.6M | Add +24.9% |
| XLV SS Health Care Select Sector | 6.53% | 106,100 | $15.5M | New |
| XLC SS Comm Select Sector SPDR | 6.46% | 158,754 | $15.3M | Add +28.5% |
| MBB iShares MBS ETF | 4.16% | 105,221 | $9.9M | Add +2.0% |
| SPYM Ste STR SPDR PT S&P 500 ETF | 3.24% | 116,786 | $7.7M | Reduce -8.4% |
| IGIB iShares 5-10Y Inv Grade Corp. | 3.17% | 143,212 | $7.5M | Add +1.6% |
| QUAL iShares MSCI USA Quality Fac | 2.83% | 39,232 | $6.7M | Reduce -30.6% |
| SCHP Schwab U.S. Tips ETF | 2.81% | 247,507 | $6.7M | Add +2.2% |
| VGIT Vanguard Intermediate-Term T | 2.60% | 103,873 | $6.2M | Add +4.6% |
| XLP SS Consumer Staples Sel Sect | 2.45% | 71,166 | $5.8M | New |
| IUSB Ishr CR Unvrse Usd BD ETF-Ui | 2.26% | 116,181 | $5.4M | Add +0.1% |
| HYLB Xtrackers Usd High Yield Cor | 2.21% | 145,241 | $5.3M | New |
| SPTS SS SPDR P St Term TSY ETF | 2.03% | 164,674 | $4.8M | Add +5.1% |
| FCTE Smi 3FOURTEEN Full-CYCL TRND | 2.00% | 188,649 | $4.7M | Add +4.1% |
| IVW iShares S&P 500 Growth ETF | 1.87% | 47,851 | $4.4M | Add +2.7% |
| DYNF Ishrs US E F R A ETF-Usd Inc. | 1.75% | 85,303 | $4.2M | Add +2.5% |
| EZM Wisdomtree US Midcap Fund | 1.71% | 67,911 | $4.0M | Add +29.5% |
| VTV Vanguard Mrngstr Val ETF-Aui | 1.45% | 19,959 | $3.4M | Reduce -1.4% |
| EPI Wisdomtree India Earnings | 1.42% | 77,159 | $3.4M | Add +9.4% |
| VBR Vngrd Mrngst SL-CP Val ETF-U | 1.39% | 17,692 | $3.3M | Reduce -0.9% |
| QUS SS SPDR MSCI U Stratfact ETF | 1.36% | 20,541 | $3.2M | Reduce -3.8% |
| IVE iShares S&P 500 Value ETF | 1.32% | 16,385 | $3.1M | Add +45.5% |
| XSMO Invesco S&P Smallcap Momentu | 1.31% | 49,499 | $3.1M | Add +0.7% |
| RZV Invesco S&P Smallcap 600 Pur | 1.29% | 31,003 | $3.1M | Add +4.1% |
| EFV iShares MSCI Eafe Value ETF | 1.25% | 50,375 | $3.0M | Reduce -20.5% |
| VTEB Vanguard Tax-Exempt Bond ETF | 1.18% | 56,138 | $2.8M | Add +66.5% |
| VXUS Vanguard Total Intl Stock | 1.11% | 42,466 | $2.6M | Add +40.7% |
| CTA Simplify Managed Futures St | 1.02% | 81,434 | $2.4M | New |
| PTF Invesco Dorsey Wright Tech | 0.90% | 36,135 | $2.1M | Reduce -59.1% |
| VGT Vanguard Info Tech ETF | 0.89% | 3,869 | $2.1M | Reduce -62.8% |
| QQQM Invesco Nasdaq 100 ETF | 0.87% | 10,733 | $2.1M | Reduce -64.3% |
| SOXX iShares Semiconductor ETF | 0.87% | 10,945 | $2.1M | Reduce -49.5% |
| MUB iShares National Muni Bond E | 0.85% | 19,223 | $2.0M | Reduce -37.5% |
| EFG iShares MSCI Eafe Growth ETF | 0.82% | 19,368 | $1.9M | Reduce -45.4% |
| BINC iShares Flex I A ETF-Usd Inc. | 0.82% | 36,943 | $1.9M | Add +4.5% |
| XTEN Bondbloxx BBG 10Y US TSY ETF | 0.73% | 37,184 | $1.7M | New |
| IVV iShares Core S&P 500 ETF | 0.72% | 3,019 | $1.7M | Reduce -9.7% |
| IEMG iShares Core MSCI Emerging | 0.64% | 27,890 | $1.5M | Add +82.2% |
| IYW iShares Ustechnology ETF | 0.62% | 10,460 | $1.5M | Add +2.5% |
| EMXC iShares MSCI Emr MRK Ex Chna | 0.60% | 26,035 | $1.4M | Reduce -26.0% |
| GLDM SPDR Gold Minishares Trust | 0.48% | 18,422 | $1.1M | Add +95.1% |
| SPMO Invesco S&P 500 Momentum ETF | 0.44% | 11,349 | $1.1M | Add +1.9% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.43% | 1,807 | $1.0M | Reduce -9.0% |
| XLG Invesco S&P 500 Top 50 ETF | 0.42% | 21,763 | $1.0M | New |
| IWF iShares Russell 1000 Growth | 0.39% | 2,567 | $927K | No change |
| OEF iShares S&P 100 ETF | 0.37% | 3,269 | $885K | Reduce -2.9% |
| LCTU iShares U.S. Carbon Transiti | 0.34% | 13,295 | $806K | Reduce -2.2% |
| EAGG iShares ESG Aware US Aggrega | 0.33% | 16,524 | $785K | Add +32.2% |
| SUSC iShares ESG Aware Usd Corpor | 0.33% | 33,409 | $770K | Add +1.9% |
| USXF iShares ESG Advance MSCI USA | 0.32% | 16,327 | $762K | Add +0.8% |
| EMB iShares JP Morgan Usd Emergi | 0.27% | 7,185 | $651K | Add +51.1% |
| EUSB Ishr ESG Advn Universal BD-$ | 0.26% | 14,476 | $627K | Add +1.9% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.25% | 1,108 | $590K | No change |
| DSI iShares ESG MSCI KLD 400 ETF | 0.24% | 5,654 | $579K | Add +3.5% |
| HEFA Isha Curr Hedged MSCI Eafe | 0.23% | 14,932 | $542K | New |
| TLH iShares 10-20 Year Treasury | 0.20% | 4,562 | $473K | Reduce -16.6% |
| AAPL Apple Inc. | 0.19% | 2,031 | $451K | No change |
| AMZN Amazon.com Inc. | 0.18% | 2,263 | $431K | Add +3.0% |
| SCHV Schwab US Large-Cap Value | 0.18% | 15,618 | $415K | No change |
| CVX Chevron Corp. | 0.17% | 2,465 | $412K | Add +18.7% |
| GBTC Grayscale Bitcoin Trust ETF | 0.17% | 6,106 | $398K | New |
| ILCV iShares Morningstar Value Et | 0.17% | 4,831 | $393K | New |
| XOM Exxon Mobil Corp. | 0.16% | 3,183 | $379K | Reduce -0.9% |
| HIMU iShares High Yild Muni A ETF | 0.16% | 7,612 | $377K | New |
| ESGU iShares ESG Aware MSCI USA | 0.16% | 3,059 | $373K | Reduce -39.4% |
| IEFA iShares Core MSCI Eafe ETF | 0.15% | 4,604 | $348K | Reduce -7.1% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.15% | 934 | $346K | No change |
| GOOGL Alphabet Inc. Class A | 0.14% | 2,124 | $328K | Add +10.4% |
| THRO iShares U.S. Thematic Rotati | 0.13% | 9,885 | $313K | New |
| IWS iShares Russell Mid-Cap Valu | 0.12% | 2,293 | $289K | No change |
| IVLU iShares MSCI International V | 0.10% | 8,174 | $248K | Reduce -2.5% |
| DMXF iShares ESG Advanc MSCI Eafe | 0.10% | 3,554 | $239K | Reduce -35.8% |
| LLY Eli Lilly & Co. | 0.10% | 280 | $231K | New |
| JPM JPMorgan Chase & Co. | 0.10% | 925 | $227K | No change |
| VOE Vngrd Mrngstr MD-Cap Val ETF | 0.10% | 1,406 | $226K | No change |
| GOVT iShares US Treasury Bond ETF | 0.09% | 9,481 | $218K | Add +4.2% |
| MSFT Microsoft Corp. | 0.09% | 562 | $211K | No change |
| ABBV Abbvie Inc. | 0.09% | 983 | $206K | New |
| VEA Vanguard Ftse Developed ETF | 0.08% | 3,937 | $200K | New |
| BITF Bitfarms Ltd./Canada | 0.02% | 60,268 | $48K | New |
Portfolio Sells Q4 2024 → Q1 2025
| XLY SS Consumer Disc Select Sect | Sold out | 0.00% | −4.89 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Sold out | 0.00% | −1.93 |
| VGT Vanguard Info Tech ETF | Reduce -62.8% | 0.89% | −1.82 |
| PTF Invesco Dorsey Wright Tech | Reduce -59.1% | 0.90% | −1.78 |
| QQQM Invesco Nasdaq 100 ETF | Reduce -64.3% | 0.87% | −1.77 |
| AIRR First Trust Rba American Ind | Sold out | 0.00% | −1.40 |
| QUAL iShares MSCI USA Quality Fac | Reduce -30.6% | 2.83% | −1.38 |
| SCHZ Schwab US Aggregate Bond ETF | Reduce -12.0% | 11.41% | −1.18 |
| SOXX iShares Semiconductor ETF | Reduce -49.5% | 0.87% | −1.08 |
| EFG iShares MSCI Eafe Growth ETF | Reduce -45.4% | 0.82% | −0.62 |
| MUB iShares National Muni Bond E | Reduce -37.5% | 0.85% | −0.51 |
| TLT iShares 20+ Year Treasury BD | Sold out | 0.00% | −0.50 |
| SPYM Ste STR SPDR PT S&P 500 ETF | Reduce -8.4% | 3.24% | −0.44 |
| XLE SS Energy Select Sector | Sold out | 0.00% | −0.39 |
| EMXC iShares MSCI Emr MRK Ex Chna | Reduce -26.0% | 0.60% | −0.21 |
| IFRA iShares US Infrastructure | Sold out | 0.00% | −0.17 |
| EFV iShares MSCI Eafe Value ETF | Reduce -20.5% | 1.25% | −0.14 |
| SUB iShares Short-Term National | Sold out | 0.00% | −0.12 |
| ESGU iShares ESG Aware MSCI USA | Reduce -39.4% | 0.16% | −0.11 |
| IVV iShares Core S&P 500 ETF | Reduce -9.7% | 0.72% | −0.11 |
| ESGE iShares Inc. iShares ESG Awar | Sold out | 0.00% | −0.09 |
| VBR Vngrd Mrngst SL-CP Val ETF-U | Reduce -0.9% | 1.39% | −0.09 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -9.0% | 0.43% | −0.06 |
| DMXF iShares ESG Advanc MSCI Eafe | Reduce -35.8% | 0.10% | −0.05 |
| OEF iShares S&P 100 ETF | Reduce -2.9% | 0.37% | −0.03 |
| TLH iShares 10-20 Year Treasury | Reduce -16.6% | 0.20% | −0.03 |
| QUS SS SPDR MSCI U Stratfact ETF | Reduce -3.8% | 1.36% | −0.02 |
| LCTU iShares U.S. Carbon Transiti | Reduce -2.2% | 0.34% | −0.02 |
| IEFA iShares Core MSCI Eafe ETF | Reduce -7.1% | 0.15% | +0.00 |
| IVLU iShares MSCI International V | Reduce -2.5% | 0.10% | +0.01 |
| XOM Exxon Mobil Corp. | Reduce -0.9% | 0.16% | +0.02 |
| VTV Vanguard Mrngstr Val ETF-Aui | Reduce -1.4% | 1.45% | +0.02 |
Portfolio Buys Q4 2024 → Q1 2025
| XLV SS Health Care Select Sector | New | 6.53% | +6.53 |
| XLP SS Consumer Staples Sel Sect | New | 2.45% | +2.45 |
| HYLB Xtrackers Usd High Yield Cor | New | 2.21% | +2.21 |
| VFH Vanguard Financials ETF | Add +24.9% | 8.67% | +1.87 |
| XLC SS Comm Select Sector SPDR | Add +28.5% | 6.46% | +1.46 |
| CTA Simplify Managed Futures St | New | 1.02% | +1.02 |
| XTEN Bondbloxx BBG 10Y US TSY ETF | New | 0.73% | +0.73 |
| VTEB Vanguard Tax-Exempt Bond ETF | Add +66.5% | 1.18% | +0.47 |
| XLG Invesco S&P 500 Top 50 ETF | New | 0.42% | +0.42 |
| IVE iShares S&P 500 Value ETF | Add +45.5% | 1.32% | +0.42 |
| VXUS Vanguard Total Intl Stock | Add +40.7% | 1.11% | +0.37 |
| EZM Wisdomtree US Midcap Fund | Add +29.5% | 1.71% | +0.34 |
| IEMG iShares Core MSCI Emerging | Add +82.2% | 0.64% | +0.30 |
| GLDM SPDR Gold Minishares Trust | Add +95.1% | 0.48% | +0.28 |
| HEFA Isha Curr Hedged MSCI Eafe | New | 0.23% | +0.23 |
| MBB iShares MBS ETF | Add +2.0% | 4.16% | +0.21 |
| VGIT Vanguard Intermediate-Term T | Add +4.6% | 2.60% | +0.19 |
| SCHP Schwab U.S. Tips ETF | Add +2.2% | 2.81% | +0.19 |
| GBTC Grayscale Bitcoin Trust ETF | New | 0.17% | +0.17 |
| ILCV iShares Morningstar Value Et | New | 0.17% | +0.17 |
| HIMU iShares High Yild Muni A ETF | New | 0.16% | +0.16 |
| IGIB iShares 5-10Y Inv Grade Corp. | Add +1.6% | 3.17% | +0.14 |
| THRO iShares U.S. Thematic Rotati | New | 0.13% | +0.13 |
| SPTS SS SPDR P St Term TSY ETF | Add +5.1% | 2.03% | +0.13 |
| LLY Eli Lilly & Co. | New | 0.10% | +0.10 |
| EMB iShares JP Morgan Usd Emergi | Add +51.1% | 0.27% | +0.10 |
| EAGG iShares ESG Aware US Aggrega | Add +32.2% | 0.33% | +0.09 |
| EPI Wisdomtree India Earnings | Add +9.4% | 1.42% | +0.09 |
| ABBV Abbvie Inc. | New | 0.09% | +0.09 |
| VEA Vanguard Ftse Developed ETF | New | 0.08% | +0.08 |
| IUSB Ishr CR Unvrse Usd BD ETF-Ui | Add +0.1% | 2.26% | +0.06 |
| CVX Chevron Corp. | Add +18.7% | 0.17% | +0.05 |
| BINC iShares Flex I A ETF-Usd Inc. | Add +4.5% | 0.82% | +0.05 |
| FCTE Smi 3FOURTEEN Full-CYCL TRND | Add +4.1% | 2.00% | +0.03 |
| BITF Bitfarms Ltd./Canada | New | 0.02% | +0.02 |
| SUSC iShares ESG Aware Usd Corpor | Add +1.9% | 0.33% | +0.01 |
| EUSB Ishr ESG Advn Universal BD-$ | Add +1.9% | 0.26% | +0.01 |
| GOVT iShares US Treasury Bond ETF | Add +4.2% | 0.09% | +0.00 |
| SPMO Invesco S&P 500 Momentum ETF | Add +1.9% | 0.44% | +0.00 |
| DSI iShares ESG MSCI KLD 400 ETF | Add +3.5% | 0.24% | −0.01 |
| GOOGL Alphabet Inc. Class A | Add +10.4% | 0.14% | −0.01 |
| USXF iShares ESG Advance MSCI USA | Add +0.8% | 0.32% | −0.02 |
| AMZN Amazon.com Inc. | Add +3.0% | 0.18% | −0.02 |
| DYNF Ishrs US E F R A ETF-Usd Inc. | Add +2.5% | 1.75% | −0.03 |
| XSMO Invesco S&P Smallcap Momentu | Add +0.7% | 1.31% | −0.05 |
| IYW iShares Ustechnology ETF | Add +2.5% | 0.62% | −0.06 |
| RZV Invesco S&P Smallcap 600 Pur | Add +4.1% | 1.29% | −0.09 |
| IVW iShares S&P 500 Growth ETF | Add +2.7% | 1.87% | −0.10 |
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 |