Theory Financial LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 11, 2025), Theory Financial LLC reported 84 stock positions worth $263.6 million. Its top holding was Vanguard Financials ETF (VFH) at 11.6% of the portfolio, followed by Schwab US Aggregate Bond ETF (SCHZ, 10.1%) and SS Comm Select Sector SPDR (XLC, 10.1%). Compared with Q1 2025, it opened 13 new positions, sold out of 10, added to 44 and reduced 19. The biggest buy was SS Comm Select Sector SPDR (XLC, shares +56%) and the biggest sale an exit from SS Health Care Select Sector (XLV).
- Most Recent 13F
- Q2 2026
- Location
- FORT COLLINS, CO
- CIK
- 0001899158
- Portfolio Value
- $263.6M (Q2 2025)
- SEC Filing
- 0001085146-25-004772 ↗ filed Aug 11, 2025
Holdings Value
Holdings 84 stocks · $263.6M
| VFH Vanguard Financials ETF | 11.59% | 239,151 | $30.6M | Add +39.0% |
| SCHZ Schwab US Aggregate Bond ETF | 10.11% | 1,153,479 | $26.6M | Reduce -1.3% |
| XLC SS Comm Select Sector SPDR | 10.10% | 247,839 | $26.6M | Add +56.1% |
| MBB iShares MBS ETF | 3.96% | 112,049 | $10.4M | Add +6.5% |
| IGIB iShares 5-10Y Inv Grade Corp. | 3.35% | 166,345 | $8.8M | Add +16.1% |
| QUAL iShares MSCI USA Quality Fac | 3.17% | 45,323 | $8.3M | Add +15.5% |
| SCHP Schwab U.S. Tips ETF | 2.94% | 291,024 | $7.7M | Add +17.6% |
| HYLB Xtrackers Usd High Yield Cor | 2.91% | 208,465 | $7.7M | Add +43.5% |
| EZM Wisdomtree US Midcap Fund | 1.99% | 83,787 | $5.2M | Add +23.4% |
| VXUS Vanguard Total Intl Stock | 1.99% | 76,505 | $5.2M | Add +80.2% |
| IVW iShares S&P 500 Growth ETF | 1.93% | 44,632 | $5.1M | Reduce -6.7% |
| DYNF Ishrs US E F R A ETF-Usd Inc. | 1.90% | 89,493 | $5.0M | Add +4.9% |
| EFV iShares MSCI Eafe Value ETF | 1.81% | 75,433 | $4.8M | Add +49.7% |
| FCTE Smi 3FOURTEEN Full-CYCL TRND | 1.80% | 183,431 | $4.8M | Reduce -2.8% |
| IUSB Ishr CR Unvrse Usd BD ETF-Ui | 1.71% | 98,183 | $4.5M | Reduce -15.5% |
| GRNY Fundstr Gran SH US LRG Cap | 1.68% | 188,853 | $4.4M | New |
| SPYM Ste STR SPDR PT S&P 500 ETF | 1.59% | 56,404 | $4.2M | Reduce -51.7% |
| SPTS SS SPDR P St Term TSY ETF | 1.52% | 137,065 | $4.0M | Reduce -16.8% |
| IVE iShares S&P 500 Value ETF | 1.42% | 18,992 | $3.7M | Add +15.9% |
| XTEN Bondbloxx BBG 10Y US TSY ETF | 1.40% | 80,538 | $3.7M | Add +116.6% |
| VGT Vanguard Info Tech ETF | 1.25% | 4,755 | $3.3M | Add +22.9% |
| PTF Invesco Dorsey Wright Tech | 1.24% | 46,524 | $3.3M | Add +28.8% |
| IEMG iShares Core MSCI Emerging | 1.23% | 53,803 | $3.2M | Add +92.9% |
| VBR Vngrd Mrngst SL-CP Val ETF-U | 1.22% | 16,172 | $3.2M | Reduce -8.6% |
| SOXX iShares Semiconductor ETF | 1.20% | 13,219 | $3.2M | Add +20.8% |
| QQQM Invesco Nasdaq 100 ETF | 1.20% | 13,551 | $3.2M | Add +26.3% |
| XLP SS Consumer Staples Sel Sect | 1.17% | 38,681 | $3.1M | Reduce -45.6% |
| XSMO Invesco S&P Smallcap Momentu | 1.15% | 44,660 | $3.0M | Reduce -9.8% |
| RZV Invesco S&P Smallcap 600 Pur | 1.13% | 28,104 | $3.0M | Reduce -9.3% |
| VTEB Vanguard Tax-Exempt Bond ETF | 1.03% | 55,834 | $2.7M | Reduce -0.5% |
| VGIT Vanguard Intermediate-Term T | 1.01% | 44,670 | $2.7M | Reduce -57.0% |
| VTV Vanguard Mrngstr Val ETF-Aui | 1.01% | 14,972 | $2.7M | Reduce -25.0% |
| QUS SS SPDR MSCI U Stratfact ETF | 0.94% | 15,235 | $2.5M | Reduce -25.8% |
| MUB iShares National Muni Bond E | 0.85% | 21,691 | $2.3M | Add +12.8% |
| THRO iShares U.S. Thematic Rotati | 0.85% | 62,262 | $2.3M | Add +529.9% |
| BINC iShares Flex I A ETF-Usd Inc. | 0.82% | 40,812 | $2.2M | Add +10.5% |
| EFG iShares MSCI Eafe Growth ETF | 0.80% | 19,735 | $2.1M | Add +1.9% |
| IVV iShares Core S&P 500 ETF | 0.74% | 3,080 | $2.0M | Add +2.0% |
| EPI Wisdomtree India Earnings | 0.73% | 43,292 | $1.9M | Reduce -43.9% |
| XLG Invesco S&P 500 Top 50 ETF | 0.73% | 35,891 | $1.9M | Add +64.9% |
| IYW iShares Ustechnology ETF | 0.73% | 10,605 | $1.9M | Add +1.4% |
| IAGG iShares Intl Aggregate Bond | 0.66% | 34,123 | $1.7M | New |
| BTC Grayscale Bitcoin Mini ETF | 0.63% | 31,916 | $1.7M | New |
| GLD SPDR Gold Shares | 0.60% | 5,203 | $1.6M | New |
| SPMO Invesco S&P 500 Momentum ETF | 0.50% | 11,434 | $1.3M | Add +0.8% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.43% | 1,808 | $1.1M | Add +0.1% |
| IWF iShares Russell 1000 Growth | 0.43% | 2,567 | $1.1M | No change |
| OEF iShares S&P 100 ETF | 0.39% | 3,290 | $1.0M | Add +0.6% |
| LCTU iShares U.S. Carbon Transiti | 0.37% | 14,194 | $978K | Add +6.8% |
| SUSC iShares ESG Aware Usd Corpor | 0.36% | 41,235 | $954K | Add +23.4% |
| EAGG iShares ESG Aware US Aggrega | 0.36% | 20,098 | $950K | Add +21.6% |
| GLDM SPDR Gold Minishares Trust | 0.33% | 13,342 | $869K | Reduce -27.6% |
| EMB iShares JP Morgan Usd Emergi | 0.29% | 8,326 | $773K | Add +15.9% |
| BAI Ishrs AI in and Tech Act ETF | 0.29% | 24,304 | $759K | New |
| XLI SS Industrial Select Sector | 0.28% | 4,800 | $730K | New |
| DSI iShares ESG MSCI KLD 400 ETF | 0.27% | 5,913 | $708K | Add +4.6% |
| EUSB Ishr ESG Advn Universal BD-$ | 0.26% | 15,671 | $679K | Add +8.3% |
| USXF iShares ESG Advance MSCI USA | 0.26% | 12,188 | $675K | Reduce -25.4% |
| TLH iShares 10-20 Year Treasury | 0.23% | 6,080 | $611K | Add +33.3% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.22% | 1,208 | $570K | Add +9.0% |
| AMZN Amazon.com Inc. | 0.20% | 2,298 | $538K | Add +1.6% |
| STIP iShares 0-5 Year Tips Bond E | 0.18% | 4,631 | $476K | New |
| SCHV Schwab US Large-Cap Value | 0.16% | 15,618 | $435K | No change |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.16% | 934 | $425K | No change |
| ESGU iShares ESG Aware MSCI USA | 0.16% | 3,069 | $424K | Add +0.3% |
| AAPL Apple Inc. | 0.16% | 2,023 | $420K | Reduce -0.4% |
| GOOGL Alphabet Inc. Class A | 0.15% | 2,064 | $396K | Reduce -2.8% |
| IEFA iShares Core MSCI Eafe ETF | 0.14% | 4,604 | $377K | No change |
| CVX Chevron Corp. | 0.14% | 2,485 | $377K | Add +0.8% |
| XOM Exxon Mobil Corp. | 0.13% | 3,183 | $355K | No change |
| MSFT Microsoft Corp. | 0.12% | 587 | $313K | Add +4.5% |
| IWS iShares Russell Mid-Cap Valu | 0.12% | 2,293 | $309K | No change |
| AVGO Broadcom Inc. | 0.11% | 947 | $278K | New |
| JPM JPMorgan Chase & Co. | 0.11% | 935 | $277K | Add +1.1% |
| IVLU iShares MSCI International V | 0.10% | 8,377 | $276K | Add +2.5% |
| GOVT iShares US Treasury Bond ETF | 0.10% | 11,882 | $271K | Add +25.3% |
| DMXF iShares ESG Advanc MSCI Eafe | 0.10% | 3,671 | $264K | Add +3.3% |
| ESGE iShares Inc. iShares ESG Awar | 0.10% | 6,483 | $256K | New |
| VOE Vngrd Mrngstr MD-Cap Val ETF | 0.09% | 1,406 | $235K | No change |
| VEA Vanguard Ftse Developed ETF | 0.08% | 3,937 | $221K | No change |
| IAU iShares Gold Trust | 0.08% | 3,341 | $207K | New |
| IWP iShares Russell Mid-Cap Grow | 0.08% | 1,464 | $207K | New |
| LCTD iShares World Ex U.S. Carbon | 0.08% | 4,052 | $202K | New |
| QQQ Invesco QQQ Trust Series 1 | 0.08% | 356 | $201K | New |
Portfolio Sells Q1 2025 → Q2 2025
| XLV SS Health Care Select Sector | Sold out | 0.00% | −6.53 |
| SPYM Ste STR SPDR PT S&P 500 ETF | Reduce -51.7% | 1.59% | −1.65 |
| VGIT Vanguard Intermediate-Term T | Reduce -57.0% | 1.01% | −1.60 |
| SCHZ Schwab US Aggregate Bond ETF | Reduce -1.3% | 10.11% | −1.30 |
| XLP SS Consumer Staples Sel Sect | Reduce -45.6% | 1.17% | −1.28 |
| CTA Simplify Managed Futures St | Sold out | 0.00% | −1.02 |
| EPI Wisdomtree India Earnings | Reduce -43.9% | 0.73% | −0.69 |
| EMXC iShares MSCI Emr MRK Ex Chna | Sold out | 0.00% | −0.60 |
| IUSB Ishr CR Unvrse Usd BD ETF-Ui | Reduce -15.5% | 1.71% | −0.55 |
| SPTS SS SPDR P St Term TSY ETF | Reduce -16.8% | 1.52% | −0.51 |
| VTV Vanguard Mrngstr Val ETF-Aui | Reduce -25.0% | 1.01% | −0.45 |
| QUS SS SPDR MSCI U Stratfact ETF | Reduce -25.8% | 0.94% | −0.41 |
| HEFA Isha Curr Hedged MSCI Eafe | Sold out | 0.00% | −0.23 |
| FCTE Smi 3FOURTEEN Full-CYCL TRND | Reduce -2.8% | 1.80% | −0.20 |
| VBR Vngrd Mrngst SL-CP Val ETF-U | Reduce -8.6% | 1.22% | −0.17 |
| GBTC Grayscale Bitcoin Trust ETF | Sold out | 0.00% | −0.17 |
| ILCV iShares Morningstar Value Et | Sold out | 0.00% | −0.17 |
| RZV Invesco S&P Smallcap 600 Pur | Reduce -9.3% | 1.13% | −0.16 |
| HIMU iShares High Yild Muni A ETF | Sold out | 0.00% | −0.16 |
| XSMO Invesco S&P Smallcap Momentu | Reduce -9.8% | 1.15% | −0.16 |
| GLDM SPDR Gold Minishares Trust | Reduce -27.6% | 0.33% | −0.15 |
| VTEB Vanguard Tax-Exempt Bond ETF | Reduce -0.5% | 1.03% | −0.14 |
| LLY Eli Lilly & Co. | Sold out | 0.00% | −0.10 |
| ABBV Abbvie Inc. | Sold out | 0.00% | −0.09 |
| USXF iShares ESG Advance MSCI USA | Reduce -25.4% | 0.26% | −0.07 |
| AAPL Apple Inc. | Reduce -0.4% | 0.16% | −0.03 |
| BITF Bitfarms Ltd./Canada | Sold out | 0.00% | −0.02 |
| GOOGL Alphabet Inc. Class A | Reduce -2.8% | 0.15% | +0.01 |
| IVW iShares S&P 500 Growth ETF | Reduce -6.7% | 1.93% | +0.05 |
Portfolio Buys Q1 2025 → Q2 2025
| XLC SS Comm Select Sector SPDR | Add +56.1% | 10.10% | +3.64 |
| VFH Vanguard Financials ETF | Add +39.0% | 11.59% | +2.92 |
| GRNY Fundstr Gran SH US LRG Cap | New | 1.68% | +1.68 |
| VXUS Vanguard Total Intl Stock | Add +80.2% | 1.99% | +0.87 |
| THRO iShares U.S. Thematic Rotati | Add +529.9% | 0.85% | +0.72 |
| HYLB Xtrackers Usd High Yield Cor | Add +43.5% | 2.91% | +0.69 |
| XTEN Bondbloxx BBG 10Y US TSY ETF | Add +116.6% | 1.40% | +0.67 |
| IAGG iShares Intl Aggregate Bond | New | 0.66% | +0.66 |
| BTC Grayscale Bitcoin Mini ETF | New | 0.63% | +0.63 |
| GLD SPDR Gold Shares | New | 0.60% | +0.60 |
| IEMG iShares Core MSCI Emerging | Add +92.9% | 1.23% | +0.60 |
| EFV iShares MSCI Eafe Value ETF | Add +49.7% | 1.81% | +0.56 |
| VGT Vanguard Info Tech ETF | Add +22.9% | 1.25% | +0.36 |
| PTF Invesco Dorsey Wright Tech | Add +28.8% | 1.24% | +0.34 |
| QUAL iShares MSCI USA Quality Fac | Add +15.5% | 3.17% | +0.34 |
| SOXX iShares Semiconductor ETF | Add +20.8% | 1.20% | +0.34 |
| QQQM Invesco Nasdaq 100 ETF | Add +26.3% | 1.20% | +0.32 |
| XLG Invesco S&P 500 Top 50 ETF | Add +64.9% | 0.73% | +0.31 |
| BAI Ishrs AI in and Tech Act ETF | New | 0.29% | +0.29 |
| EZM Wisdomtree US Midcap Fund | Add +23.4% | 1.99% | +0.28 |
| XLI SS Industrial Select Sector | New | 0.28% | +0.28 |
| IGIB iShares 5-10Y Inv Grade Corp. | Add +16.1% | 3.35% | +0.18 |
| STIP iShares 0-5 Year Tips Bond E | New | 0.18% | +0.18 |
| DYNF Ishrs US E F R A ETF-Usd Inc. | Add +4.9% | 1.90% | +0.15 |
| SCHP Schwab U.S. Tips ETF | Add +17.6% | 2.94% | +0.13 |
| IYW iShares Ustechnology ETF | Add +1.4% | 0.73% | +0.11 |
| AVGO Broadcom Inc. | New | 0.11% | +0.11 |
| IVE iShares S&P 500 Value ETF | Add +15.9% | 1.42% | +0.10 |
| ESGE iShares Inc. iShares ESG Awar | New | 0.10% | +0.10 |
| IAU iShares Gold Trust | New | 0.08% | +0.08 |
| IWP iShares Russell Mid-Cap Grow | New | 0.08% | +0.08 |
| LCTD iShares World Ex U.S. Carbon | New | 0.08% | +0.08 |
| QQQ Invesco QQQ Trust Series 1 | New | 0.08% | +0.08 |
| SPMO Invesco S&P 500 Momentum ETF | Add +0.8% | 0.50% | +0.06 |
| SUSC iShares ESG Aware Usd Corpor | Add +23.4% | 0.36% | +0.04 |
| TLH iShares 10-20 Year Treasury | Add +33.3% | 0.23% | +0.03 |
| LCTU iShares U.S. Carbon Transiti | Add +6.8% | 0.37% | +0.03 |
| MSFT Microsoft Corp. | Add +4.5% | 0.12% | +0.03 |
| EAGG iShares ESG Aware US Aggrega | Add +21.6% | 0.36% | +0.03 |
| IVV iShares Core S&P 500 ETF | Add +2.0% | 0.74% | +0.03 |
| DSI iShares ESG MSCI KLD 400 ETF | Add +4.6% | 0.27% | +0.02 |
| AMZN Amazon.com Inc. | Add +1.6% | 0.20% | +0.02 |
| EMB iShares JP Morgan Usd Emergi | Add +15.9% | 0.29% | +0.02 |
| OEF iShares S&P 100 ETF | Add +0.6% | 0.39% | +0.02 |
| GOVT iShares US Treasury Bond ETF | Add +25.3% | 0.10% | +0.01 |
| JPM JPMorgan Chase & Co. | Add +1.1% | 0.11% | +0.01 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +0.1% | 0.43% | +0.01 |
| ESGU iShares ESG Aware MSCI USA | Add +0.3% | 0.16% | +0.00 |
| BINC iShares Flex I A ETF-Usd Inc. | Add +10.5% | 0.82% | +0.00 |
| IVLU iShares MSCI International V | Add +2.5% | 0.10% | +0.00 |
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 |