Theory Financial LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 29, 2025), Theory Financial LLC reported 90 stock positions worth $283.7 million. Its top holding was Schwab US Aggregate Bond ETF (SCHZ) at 10.1% of the portfolio, followed by SS Comm Select Sector SPDR (XLC, 9.0%) and Vanguard Financials ETF (VFH, 6.7%). Compared with Q2 2025, it opened 9 new positions, sold out of 3, added to 38 and reduced 28. The biggest buy was a new position in Vaneck Urani & Nuclr ETF-Usd (NLR) and the biggest sale Vanguard Financials ETF (VFH, shares −39%).
- Most Recent 13F
- Q2 2026
- Location
- FORT COLLINS, CO
- CIK
- 0001899158
- Portfolio Value
- $283.7M (Q3 2025)
- SEC Filing
- 0001899158-25-000002 ↗ filed Oct 29, 2025
Holdings Value
Holdings 90 stocks · $283.7M
| SCHZ Schwab US Aggregate Bond ETF | 10.09% | 1,210,096 | $28.6M | Add +4.9% |
| XLC SS Comm Select Sector SPDR | 9.02% | 220,192 | $25.6M | Reduce -11.2% |
| VFH Vanguard Financials ETF | 6.66% | 147,051 | $18.9M | Reduce -38.5% |
| MBB iShares MBS ETF | 4.02% | 118,779 | $11.4M | Add +6.0% |
| IGIB iShares 5-10Y Inv Grade Corp. | 3.44% | 179,217 | $9.8M | Add +7.7% |
| QUAL iShares MSCI USA Quality Fac | 3.10% | 44,906 | $8.8M | Reduce -0.9% |
| HYLB Xtrackers Usd High Yield Cor | 2.89% | 222,052 | $8.2M | Add +6.5% |
| SCHP Schwab U.S. Tips ETF | 2.85% | 298,973 | $8.1M | Add +2.7% |
| GRNY Fundstr Gran SH US LRG Cap | 2.66% | 296,365 | $7.5M | Add +56.9% |
| VXUS Vanguard Total Intl Stock | 2.36% | 89,528 | $6.7M | Add +17.0% |
| DYNF Ishrs US E F R A ETF-Usd Inc. | 2.18% | 103,969 | $6.2M | Add +16.2% |
| EZM Wisdomtree US Midcap Fund | 1.91% | 82,844 | $5.4M | Reduce -1.1% |
| SPYM Ste STR SPDR PT S&P 500 ETF | 1.81% | 64,964 | $5.1M | Add +15.2% |
| IVW iShares S&P 500 Growth ETF | 1.77% | 41,350 | $5.0M | Reduce -7.3% |
| SOXX iShares Semiconductor ETF | 1.74% | 16,814 | $4.9M | Add +27.2% |
| PTF Invesco Dorsey Wright Tech | 1.70% | 60,914 | $4.8M | Add +30.9% |
| VGT Vanguard Info Tech ETF | 1.63% | 6,062 | $4.6M | Add +27.5% |
| QQQM Invesco Nasdaq 100 ETF | 1.57% | 17,699 | $4.5M | Add +30.6% |
| XLG Invesco S&P 500 Top 50 ETF | 1.48% | 72,229 | $4.2M | Add +101.3% |
| IVE iShares S&P 500 Value ETF | 1.47% | 20,062 | $4.2M | Add +5.6% |
| XTEN Bondbloxx BBG 10Y US TSY ETF | 1.44% | 86,046 | $4.1M | Add +6.8% |
| SPTS SS SPDR P St Term TSY ETF | 1.42% | 137,078 | $4.0M | Add +0.0% |
| EFV iShares MSCI Eafe Value ETF | 1.42% | 58,677 | $4.0M | Reduce -22.2% |
| VBR Vngrd Mrngst SL-CP Val ETF-U | 1.37% | 18,640 | $3.9M | Add +15.3% |
| XSMO Invesco S&P Smallcap Momentu | 1.32% | 51,125 | $3.8M | Add +14.5% |
| EPI Wisdomtree India Earnings | 1.31% | 79,769 | $3.7M | Add +84.3% |
| RZV Invesco S&P Smallcap 600 Pur | 1.30% | 31,388 | $3.7M | Add +11.7% |
| IUSB Ishr CR Unvrse Usd BD ETF-Ui | 1.27% | 76,407 | $3.6M | Reduce -22.2% |
| XLP SS Consumer Staples Sel Sect | 1.23% | 43,973 | $3.5M | Add +13.7% |
| FCTE Smi 3FOURTEEN Full-CYCL TRND | 1.22% | 134,351 | $3.5M | Reduce -26.8% |
| IEMG iShares Core MSCI Emerging | 1.17% | 48,966 | $3.3M | Reduce -9.0% |
| BTC Grayscale Bitcoin Mini ETF | 1.11% | 64,345 | $3.2M | Add +101.6% |
| NLR Vaneck Urani & Nuclr ETF-Usd | 1.04% | 19,480 | $2.9M | New |
| XLV SS Health Care Select Sector | 1.03% | 20,270 | $2.9M | New |
| VGIT Vanguard Intermediate-Term T | 1.00% | 46,945 | $2.8M | Add +5.1% |
| GLD SPDR Gold Shares | 0.92% | 6,465 | $2.6M | Add +24.3% |
| BINC iShares Flex I A ETF-Usd Inc. | 0.85% | 45,342 | $2.4M | Add +11.1% |
| VTEB Vanguard Tax-Exempt Bond ETF | 0.85% | 47,574 | $2.4M | Reduce -14.8% |
| THRO iShares U.S. Thematic Rotati | 0.82% | 61,387 | $2.3M | Reduce -1.4% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.79% | 11,971 | $2.2M | Reduce -20.0% |
| BAI Ishrs AI in and Tech Act ETF | 0.78% | 63,332 | $2.2M | Add +160.6% |
| MUB iShares National Muni Bond E | 0.73% | 19,287 | $2.1M | Reduce -11.1% |
| QUS SS SPDR MSCI U Stratfact ETF | 0.72% | 11,861 | $2.0M | Reduce -22.1% |
| IAGG iShares Intl Aggregate Bond | 0.68% | 37,137 | $1.9M | Add +8.8% |
| GLDM SPDR Gold Minishares Trust | 0.64% | 20,998 | $1.8M | Add +57.4% |
| IVV iShares Core S&P 500 ETF | 0.63% | 2,656 | $1.8M | Reduce -13.8% |
| SPMO Invesco S&P 500 Momentum ETF | 0.46% | 10,649 | $1.3M | Reduce -6.9% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.43% | 1,808 | $1.2M | No change |
| IWF iShares Russell 1000 Growth | 0.43% | 2,567 | $1.2M | No change |
| TLH iShares 10-20 Year Treasury | 0.37% | 10,059 | $1.1M | Add +65.4% |
| SUSC iShares ESG Aware Usd Corpor | 0.37% | 43,788 | $1.0M | Add +6.2% |
| LCTU iShares U.S. Carbon Transiti | 0.36% | 13,846 | $1.0M | Reduce -2.5% |
| OEF iShares S&P 100 ETF | 0.35% | 2,917 | $982K | Reduce -11.3% |
| EAGG iShares ESG Aware US Aggrega | 0.34% | 19,993 | $968K | Reduce -0.5% |
| AVEM Avantis Emerging Markets Eq | 0.32% | 11,656 | $898K | New |
| EMB iShares JP Morgan Usd Emergi | 0.30% | 8,734 | $840K | Add +4.9% |
| ESGU iShares ESG Aware MSCI USA | 0.28% | 5,506 | $808K | Add +79.4% |
| SHLD Global X Defense Tech ETF | 0.26% | 11,168 | $750K | New |
| DSI iShares ESG MSCI KLD 400 ETF | 0.26% | 5,739 | $729K | Reduce -2.9% |
| HIMU iShares High Yild Muni A ETF | 0.24% | 13,841 | $683K | New |
| STIP iShares 0-5 Year Tips Bond E | 0.22% | 6,017 | $622K | Add +29.9% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.21% | 1,223 | $604K | Add +1.2% |
| AAPL Apple Inc. | 0.19% | 2,023 | $531K | No change |
| GOOGL Alphabet Inc. Class A | 0.18% | 2,020 | $518K | Reduce -2.1% |
| EUSB Ishr ESG Advn Universal BD-$ | 0.18% | 11,493 | $509K | Reduce -26.7% |
| AMZN Amazon.com Inc. | 0.17% | 2,268 | $491K | Reduce -1.3% |
| USXF iShares ESG Advance MSCI USA | 0.16% | 8,084 | $465K | Reduce -33.7% |
| SCHV Schwab US Large-Cap Value | 0.16% | 15,618 | $456K | No change |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.16% | 934 | $453K | No change |
| IEFA iShares Core MSCI Eafe ETF | 0.14% | 4,604 | $409K | No change |
| CVX Chevron Corp. | 0.14% | 2,485 | $384K | No change |
| GOVT iShares US Treasury Bond ETF | 0.13% | 16,265 | $379K | Add +36.9% |
| XOM Exxon Mobil Corp. | 0.13% | 3,183 | $359K | No change |
| IYW iShares Ustechnology ETF | 0.12% | 1,773 | $354K | Reduce -83.3% |
| IAU iShares Gold Trust | 0.12% | 4,177 | $345K | Add +25.0% |
| EFG iShares MSCI Eafe Growth ETF | 0.12% | 2,850 | $335K | Reduce -85.6% |
| IWS iShares Russell Mid-Cap Valu | 0.11% | 2,293 | $320K | No change |
| EXAS Exact Sciences Corp. | 0.11% | 5,007 | $314K | New |
| AVGO Broadcom Inc. | 0.11% | 878 | $307K | Reduce -7.3% |
| ESGE iShares Inc. iShares ESG Awar | 0.11% | 6,868 | $306K | Add +5.9% |
| MSFT Microsoft Corp. | 0.11% | 587 | $303K | No change |
| IVLU iShares MSCI International V | 0.10% | 8,133 | $291K | Reduce -2.9% |
| JPM JPMorgan Chase & Co. | 0.10% | 935 | $283K | No change |
| VOE Vngrd Mrngstr MD-Cap Val ETF | 0.09% | 1,406 | $244K | No change |
| VEA Vanguard Ftse Developed ETF | 0.09% | 3,937 | $241K | No change |
| ABBV Abbvie Inc. | 0.08% | 944 | $219K | New |
| QQQ Invesco QQQ Trust Series 1 | 0.08% | 356 | $218K | No change |
| IWP iShares Russell Mid-Cap Grow | 0.07% | 1,464 | $209K | No change |
| GOOG Alphabet Inc. Class C | 0.07% | 807 | $207K | New |
| LLY Eli Lilly & Co. | 0.07% | 255 | $206K | New |
Portfolio Sells Q2 2025 → Q3 2025
| VFH Vanguard Financials ETF | Reduce -38.5% | 6.66% | −4.94 |
| XLC SS Comm Select Sector SPDR | Reduce -11.2% | 9.02% | −1.08 |
| EFG iShares MSCI Eafe Growth ETF | Reduce -85.6% | 0.12% | −0.69 |
| IYW iShares Ustechnology ETF | Reduce -83.3% | 0.12% | −0.60 |
| FCTE Smi 3FOURTEEN Full-CYCL TRND | Reduce -26.8% | 1.22% | −0.58 |
| IUSB Ishr CR Unvrse Usd BD ETF-Ui | Reduce -22.2% | 1.27% | −0.45 |
| EFV iShares MSCI Eafe Value ETF | Reduce -22.2% | 1.42% | −0.39 |
| XLI SS Industrial Select Sector | Sold out | 0.00% | −0.28 |
| QUS SS SPDR MSCI U Stratfact ETF | Reduce -22.1% | 0.72% | −0.22 |
| VTV Vanguard Mrngstr Val ETF-Aui | Reduce -20.0% | 0.79% | −0.22 |
| VTEB Vanguard Tax-Exempt Bond ETF | Reduce -14.8% | 0.85% | −0.18 |
| IVW iShares S&P 500 Growth ETF | Reduce -7.3% | 1.77% | −0.16 |
| MUB iShares National Muni Bond E | Reduce -11.1% | 0.73% | −0.12 |
| IVV iShares Core S&P 500 ETF | Reduce -13.8% | 0.63% | −0.11 |
| DMXF iShares ESG Advanc MSCI Eafe | Sold out | 0.00% | −0.10 |
| USXF iShares ESG Advance MSCI USA | Reduce -33.7% | 0.16% | −0.09 |
| EZM Wisdomtree US Midcap Fund | Reduce -1.1% | 1.91% | −0.08 |
| EUSB Ishr ESG Advn Universal BD-$ | Reduce -26.7% | 0.18% | −0.08 |
| LCTD iShares World Ex U.S. Carbon | Sold out | 0.00% | −0.08 |
| QUAL iShares MSCI USA Quality Fac | Reduce -0.9% | 3.10% | −0.07 |
| IEMG iShares Core MSCI Emerging | Reduce -9.0% | 1.17% | −0.06 |
| SPMO Invesco S&P 500 Momentum ETF | Reduce -6.9% | 0.46% | −0.05 |
| OEF iShares S&P 100 ETF | Reduce -11.3% | 0.35% | −0.05 |
| THRO iShares U.S. Thematic Rotati | Reduce -1.4% | 0.82% | −0.03 |
| AMZN Amazon.com Inc. | Reduce -1.3% | 0.17% | −0.03 |
| EAGG iShares ESG Aware US Aggrega | Reduce -0.5% | 0.34% | −0.02 |
| LCTU iShares U.S. Carbon Transiti | Reduce -2.5% | 0.36% | −0.01 |
| DSI iShares ESG MSCI KLD 400 ETF | Reduce -2.9% | 0.26% | −0.01 |
| IVLU iShares MSCI International V | Reduce -2.9% | 0.10% | −0.00 |
| AVGO Broadcom Inc. | Reduce -7.3% | 0.11% | +0.00 |
| GOOGL Alphabet Inc. Class A | Reduce -2.1% | 0.18% | +0.03 |
Portfolio Buys Q2 2025 → Q3 2025
| NLR Vaneck Urani & Nuclr ETF-Usd | New | 1.04% | +1.04 |
| XLV SS Health Care Select Sector | New | 1.03% | +1.03 |
| GRNY Fundstr Gran SH US LRG Cap | Add +56.9% | 2.66% | +0.97 |
| XLG Invesco S&P 500 Top 50 ETF | Add +101.3% | 1.48% | +0.75 |
| EPI Wisdomtree India Earnings | Add +84.3% | 1.31% | +0.57 |
| SOXX iShares Semiconductor ETF | Add +27.2% | 1.74% | +0.53 |
| BAI Ishrs AI in and Tech Act ETF | Add +160.6% | 0.78% | +0.50 |
| BTC Grayscale Bitcoin Mini ETF | Add +101.6% | 1.11% | +0.49 |
| PTF Invesco Dorsey Wright Tech | Add +30.9% | 1.70% | +0.46 |
| VGT Vanguard Info Tech ETF | Add +27.5% | 1.63% | +0.38 |
| VXUS Vanguard Total Intl Stock | Add +17.0% | 2.36% | +0.38 |
| QQQM Invesco Nasdaq 100 ETF | Add +30.6% | 1.57% | +0.38 |
| GLD SPDR Gold Shares | Add +24.3% | 0.92% | +0.32 |
| AVEM Avantis Emerging Markets Eq | New | 0.32% | +0.32 |
| GLDM SPDR Gold Minishares Trust | Add +57.4% | 0.64% | +0.31 |
| DYNF Ishrs US E F R A ETF-Usd Inc. | Add +16.2% | 2.18% | +0.28 |
| SHLD Global X Defense Tech ETF | New | 0.26% | +0.26 |
| HIMU iShares High Yild Muni A ETF | New | 0.24% | +0.24 |
| SPYM Ste STR SPDR PT S&P 500 ETF | Add +15.2% | 1.81% | +0.22 |
| XSMO Invesco S&P Smallcap Momentu | Add +14.5% | 1.32% | +0.17 |
| RZV Invesco S&P Smallcap 600 Pur | Add +11.7% | 1.30% | +0.17 |
| VBR Vngrd Mrngst SL-CP Val ETF-U | Add +15.3% | 1.37% | +0.15 |
| TLH iShares 10-20 Year Treasury | Add +65.4% | 0.37% | +0.14 |
| ESGU iShares ESG Aware MSCI USA | Add +79.4% | 0.28% | +0.12 |
| EXAS Exact Sciences Corp. | New | 0.11% | +0.11 |
| IGIB iShares 5-10Y Inv Grade Corp. | Add +7.7% | 3.44% | +0.08 |
| ABBV Abbvie Inc. | New | 0.08% | +0.08 |
| GOOG Alphabet Inc. Class C | New | 0.07% | +0.07 |
| LLY Eli Lilly & Co. | New | 0.07% | +0.07 |
| XLP SS Consumer Staples Sel Sect | Add +13.7% | 1.23% | +0.06 |
| MBB iShares MBS ETF | Add +6.0% | 4.02% | +0.06 |
| IVE iShares S&P 500 Value ETF | Add +5.6% | 1.47% | +0.05 |
| IAU iShares Gold Trust | Add +25.0% | 0.12% | +0.04 |
| XTEN Bondbloxx BBG 10Y US TSY ETF | Add +6.8% | 1.44% | +0.04 |
| STIP iShares 0-5 Year Tips Bond E | Add +29.9% | 0.22% | +0.04 |
| BINC iShares Flex I A ETF-Usd Inc. | Add +11.1% | 0.85% | +0.04 |
| GOVT iShares US Treasury Bond ETF | Add +36.9% | 0.13% | +0.03 |
| IAGG iShares Intl Aggregate Bond | Add +8.8% | 0.68% | +0.02 |
| ESGE iShares Inc. iShares ESG Awar | Add +5.9% | 0.11% | +0.01 |
| SUSC iShares ESG Aware Usd Corpor | Add +6.2% | 0.37% | +0.00 |
| EMB iShares JP Morgan Usd Emergi | Add +4.9% | 0.30% | +0.00 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +1.2% | 0.21% | −0.00 |
| VGIT Vanguard Intermediate-Term T | Add +5.1% | 1.00% | −0.01 |
| SCHZ Schwab US Aggregate Bond ETF | Add +4.9% | 10.09% | −0.02 |
| HYLB Xtrackers Usd High Yield Cor | Add +6.5% | 2.89% | −0.02 |
| SCHP Schwab U.S. Tips ETF | Add +2.7% | 2.85% | −0.09 |
| SPTS SS SPDR P St Term TSY ETF | Add +0.0% | 1.42% | −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 |