Theory Financial LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 10, 2026), Theory Financial LLC reported 101 stock positions worth $296.9 million. Its top holding was Schwab US Aggregate Bond ETF (SCHZ) at 9.0% of the portfolio, followed by SS Comm Select Sector SPDR (XLC, 8.1%) and Vanguard Financials ETF (VFH, 6.3%). Compared with Q3 2025, it opened 12 new positions, sold out of 1, added to 40 and reduced 36. The biggest buy was a new position in Simplify Managed Futures St (CTA) and the biggest sale SS Consumer Staples Sel Sect (XLP, shares −90%).

Most Recent 13F
Q2 2026
Location
FORT COLLINS, CO
CIK
0001899158
Portfolio Value
$296.9M (Q4 2025)
SEC Filing
0001899158-26-000001 ↗ filed Feb 10, 2026

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $196.4M Q1 2024 Q2 2024: $211.6M Q2 2024 Q3 2024: $226.9M Q3 2024 Q4 2024: $239.1M Q4 2024 Q1 2025: $237.1M Q1 2025 Q2 2025: $263.6M Q2 2025 Q3 2025: $283.7M Q3 2025 Q4 2025: $296.9M $296.9M Q4 2025 Q1 2026: $284.9M Q1 2026 Q2 2026: $317.3M Q2 2026

Holdings 101 stocks · $296.9M
SCHZ Schwab US Aggregate Bond ETF 9.00% 1,139,188 $26.7M Reduce -5.9%
XLC SS Comm Select Sector SPDR 8.14% 205,097 $24.2M Reduce -6.9%
VFH Vanguard Financials ETF 6.33% 143,424 $18.8M Reduce -2.5%
MBB iShares MBS ETF 3.57% 110,574 $10.6M Reduce -6.9%
GRNY Fundstr Gran SH US LRG Cap 3.15% 364,683 $9.4M Add +23.1%
IGIB iShares 5-10Y Inv Grade Corp. 3.09% 170,072 $9.2M Reduce -5.1%
HYLB Xtrackers Usd High Yield Cor 2.88% 230,286 $8.5M Add +3.7%
DYNF Ishrs US E F R A ETF-Usd Inc. 2.19% 106,128 $6.5M Add +2.1%
QUAL iShares MSCI USA Quality Fac 2.05% 29,937 $6.1M Reduce -33.3%
SCHP Schwab U.S. Tips ETF 2.04% 227,768 $6.1M Reduce -23.8%
VXUS Vanguard Total Intl Stock 2.01% 74,792 $6.0M Reduce -16.5%
IVE iShares S&P 500 Value ETF 2.00% 27,279 $5.9M Add +36.0%
SOXX iShares Semiconductor ETF 1.97% 17,075 $5.9M Add +1.6%
PTF Invesco Dorsey Wright Tech 1.90% 67,775 $5.6M Add +11.3%
CTA Simplify Managed Futures St 1.89% 197,148 $5.6M New
SPYM Ste STR SPDR PT S&P 500 ETF 1.83% 66,662 $5.4M Add +2.6%
VGT Vanguard Info Tech ETF 1.83% 7,144 $5.4M Add +17.9%
QQQM Invesco Nasdaq 100 ETF 1.80% 20,753 $5.3M Add +17.3%
IVW iShares S&P 500 Growth ETF 1.77% 42,237 $5.3M Add +2.1%
GLD SPDR Gold Shares 1.74% 11,110 $5.2M Add +71.8%
EZM Wisdomtree US Midcap Fund 1.66% 70,629 $4.9M Reduce -14.7%
XLK SS Technology Select Sector 1.50% 30,514 $4.5M New
XLG Invesco S&P 500 Top 50 ETF 1.47% 73,847 $4.4M Add +2.2%
XLV SS Health Care Select Sector 1.45% 27,233 $4.3M Add +34.4%
EFV iShares MSCI Eafe Value ETF 1.34% 53,710 $4.0M Reduce -8.5%
XTEN Bondbloxx BBG 10Y US TSY ETF 1.34% 85,604 $4.0M Reduce -0.5%
IUSB Ishr CR Unvrse Usd BD ETF-Ui 1.33% 84,657 $4.0M Add +10.8%
VBR Vngrd Mrngst SL-CP Val ETF-U 1.31% 17,327 $3.9M Reduce -7.0%
XSMO Invesco S&P Smallcap Momentu 1.24% 47,708 $3.7M Reduce -6.7%
RZV Invesco S&P Smallcap 600 Pur 1.23% 28,319 $3.6M Reduce -9.8%
IEMG iShares Core MSCI Emerging 1.22% 49,824 $3.6M Add +1.8%
NLR Vaneck Urani & Nuclr ETF-Usd 1.10% 21,934 $3.3M Add +12.6%
EPI Wisdomtree India Earnings 1.05% 70,557 $3.1M Reduce -11.6%
PICK iShares MSCI Global Metals & 0.94% 46,922 $2.8M New
VTEB Vanguard Tax-Exempt Bond ETF 0.86% 50,438 $2.5M Add +6.0%
BINC iShares Flex I A ETF-Usd Inc. 0.85% 47,672 $2.5M Add +5.1%
THRO iShares U.S. Thematic Rotati 0.83% 62,697 $2.5M Add +2.1%
PDBC Invesco Optimum Yield Divers 0.81% 166,475 $2.4M New
FCTE Smi 3FOURTEEN Full-CYCL TRND 0.81% 88,649 $2.4M Reduce -34.0%
MUB iShares National Muni Bond E 0.80% 22,157 $2.4M Add +14.9%
BAI Ishrs AI in and Tech Act ETF 0.79% 68,212 $2.4M Add +7.7%
BTC Grayscale Bitcoin Mini ETF 0.78% 59,542 $2.3M Reduce -7.5%
SPMO Invesco S&P 500 Momentum ETF 0.74% 18,386 $2.2M Add +72.7%
GLDM SPDR Gold Minishares Trust 0.67% 19,853 $2.0M Reduce -5.5%
IAGG iShares Intl Aggregate Bond 0.65% 38,657 $1.9M Add +4.1%
VTV Vanguard Mrngstr Val ETF-Aui 0.64% 9,630 $1.9M Reduce -19.6%
IVV iShares Core S&P 500 ETF 0.63% 2,705 $1.9M Add +1.8%
VGIT Vanguard Intermediate-Term T 0.63% 31,269 $1.9M Reduce -33.4%
AVEM Avantis Emerging Markets Eq 0.60% 21,561 $1.8M Add +85.0%
SPEM State Street SP PTF Em ETF 0.44% 26,595 $1.3M New
SPY SS SPDR S&P 500 ETF Trust-US 0.42% 1,821 $1.3M Add +0.7%
SPTS SS SPDR P St Term TSY ETF 0.42% 43,036 $1.3M Reduce -68.6%
IWF iShares Russell 1000 Growth 0.41% 2,567 $1.2M No change
OEF iShares S&P 100 ETF 0.38% 3,296 $1.1M Add +13.0%
LCTU iShares U.S. Carbon Transiti 0.36% 14,226 $1.1M Add +2.7%
SUSC iShares ESG Aware Usd Corpor 0.34% 43,488 $1.0M Reduce -0.7%
ALNY Alnylam Pharmaceuticals Inc. 0.33% 2,744 $992K New
EAGG iShares ESG Aware US Aggrega 0.33% 20,166 $969K Add +0.9%
EMB iShares JP Morgan Usd Emergi 0.30% 9,185 $889K Add +5.2%
SHLD Global X Defense Tech ETF 0.29% 11,479 $874K Add +2.8%
ESGU iShares ESG Aware MSCI USA 0.27% 5,271 $797K Reduce -4.3%
DSI iShares ESG MSCI KLD 400 ETF 0.26% 5,882 $774K Add +2.5%
TLH iShares 10-20 Year Treasury 0.26% 7,453 $764K Reduce -25.9%
HIMU iShares High Yild Muni A ETF 0.23% 14,043 $689K Add +1.5%
GOOGL Alphabet Inc. Class A 0.23% 2,020 $673K No change
BRK.B Berkshire Hathaway Inc. Class B 0.20% 1,223 $591K No change
AMZN Amazon.com Inc. 0.18% 2,218 $529K Reduce -2.2%
AAPL Apple Inc. 0.17% 1,978 $505K Reduce -2.2%
EUSB Ishr ESG Advn Universal BD-$ 0.17% 11,478 $505K Reduce -0.1%
USXF iShares ESG Advance MSCI USA 0.16% 8,251 $486K Add +2.1%
SCHV Schwab US Large-Cap Value 0.16% 15,618 $482K No change
VUG Vanguard Mrngstar GR ETF-Sui 0.15% 934 $455K No change
IEFA iShares Core MSCI Eafe ETF 0.15% 4,604 $432K No change
XOM Exxon Mobil Corp. 0.14% 3,183 $429K No change
ESGE iShares Inc. iShares ESG Awar 0.14% 8,825 $420K Add +28.5%
GOVT iShares US Treasury Bond ETF 0.14% 18,087 $417K Add +11.2%
IAU iShares Gold Trust 0.14% 4,234 $403K Add +1.4%
CVX Chevron Corp. 0.14% 2,403 $403K Reduce -3.3%
TLT iShares 20+ Year Treasury BD 0.13% 4,374 $386K New
XLP SS Consumer Staples Sel Sect 0.13% 4,505 $373K Reduce -89.8%
IYW iShares Ustechnology ETF 0.12% 1,842 $371K Add +3.9%
SYSB iShares Systematic Bond ETF 0.12% 3,817 $344K New
IWS iShares Russell Mid-Cap Valu 0.11% 2,293 $340K No change
QUS SS SPDR MSCI U Stratfact ETF 0.11% 1,899 $338K Reduce -84.0%
MSFT Microsoft Corp. 0.11% 712 $335K Add +21.3%
EFG iShares MSCI Eafe Growth ETF 0.11% 2,720 $327K Reduce -4.6%
IVLU iShares MSCI International V 0.11% 8,051 $323K Reduce -1.0%
EVUS iShares ESG Aw MSCI US Value 0.11% 9,648 $320K New
JPM JPMorgan Chase & Co. 0.10% 939 $283K Add +0.4%
AVGO Broadcom Inc. 0.09% 854 $277K Reduce -2.7%
LLY Eli Lilly & Co. 0.09% 247 $262K Reduce -3.1%
VOE Vngrd Mrngstr MD-Cap Val ETF 0.09% 1,406 $260K No change
VEA Vanguard Ftse Developed ETF 0.09% 3,937 $260K No change
EXAS Exact Sciences Corp. 0.09% 2,498 $256K Reduce -50.1%
NVDA Nvidia Corp. 0.08% 1,313 $245K New
QQQ Invesco QQQ Trust Series 1 0.07% 356 $223K No change
META Meta Platforms Inc. Class A 0.07% 320 $215K New
FGDL Franklin Resp Sourced Gold 0.07% 3,160 $213K New
GOOG Alphabet Inc. Class C 0.07% 627 $209K Reduce -22.3%
ABBV Abbvie Inc. 0.07% 944 $208K No change
IWP iShares Russell Mid-Cap Grow 0.07% 1,464 $204K No change

Portfolio Sells Q3 2025 → Q4 2025
XLP SS Consumer Staples Sel Sect Reduce -89.8% 0.13% −1.11
SCHZ Schwab US Aggregate Bond ETF Reduce -5.9% 9.00% −1.09
QUAL iShares MSCI USA Quality Fac Reduce -33.3% 2.05% −1.04
SPTS SS SPDR P St Term TSY ETF Reduce -68.6% 0.42% −0.99
XLC SS Comm Select Sector SPDR Reduce -6.9% 8.14% −0.89
SCHP Schwab U.S. Tips ETF Reduce -23.8% 2.04% −0.81
QUS SS SPDR MSCI U Stratfact ETF Reduce -84.0% 0.11% −0.60
MBB iShares MBS ETF Reduce -6.9% 3.57% −0.45
FCTE Smi 3FOURTEEN Full-CYCL TRND Reduce -34.0% 0.81% −0.41
VGIT Vanguard Intermediate-Term T Reduce -33.4% 0.63% −0.37
VXUS Vanguard Total Intl Stock Reduce -16.5% 2.01% −0.35
IGIB iShares 5-10Y Inv Grade Corp. Reduce -5.1% 3.09% −0.34
BTC Grayscale Bitcoin Mini ETF Reduce -7.5% 0.78% −0.34
VFH Vanguard Financials ETF Reduce -2.5% 6.33% −0.33
EPI Wisdomtree India Earnings Reduce -11.6% 1.05% −0.26
EZM Wisdomtree US Midcap Fund Reduce -14.7% 1.66% −0.25
STIP iShares 0-5 Year Tips Bond E Sold out 0.00% −0.22
VTV Vanguard Mrngstr Val ETF-Aui Reduce -19.6% 0.64% −0.15
TLH iShares 10-20 Year Treasury Reduce -25.9% 0.26% −0.11
XTEN Bondbloxx BBG 10Y US TSY ETF Reduce -0.5% 1.34% −0.10
XSMO Invesco S&P Smallcap Momentu Reduce -6.7% 1.24% −0.09
RZV Invesco S&P Smallcap 600 Pur Reduce -9.8% 1.23% −0.08
EFV iShares MSCI Eafe Value ETF Reduce -8.5% 1.34% −0.07
VBR Vngrd Mrngst SL-CP Val ETF-U Reduce -7.0% 1.31% −0.06
EXAS Exact Sciences Corp. Reduce -50.1% 0.09% −0.02
SUSC iShares ESG Aware Usd Corpor Reduce -0.7% 0.34% −0.02
AAPL Apple Inc. Reduce -2.2% 0.17% −0.02
ESGU iShares ESG Aware MSCI USA Reduce -4.3% 0.27% −0.02
AVGO Broadcom Inc. Reduce -2.7% 0.09% −0.01
EUSB Ishr ESG Advn Universal BD-$ Reduce -0.1% 0.17% −0.01
EFG iShares MSCI Eafe Growth ETF Reduce -4.6% 0.11% −0.01
GOOG Alphabet Inc. Class C Reduce -22.3% 0.07% −0.00
CVX Chevron Corp. Reduce -3.3% 0.14% +0.00
AMZN Amazon.com Inc. Reduce -2.2% 0.18% +0.01
IVLU iShares MSCI International V Reduce -1.0% 0.11% +0.01
LLY Eli Lilly & Co. Reduce -3.1% 0.09% +0.02
GLDM SPDR Gold Minishares Trust Reduce -5.5% 0.67% +0.03

Portfolio Buys Q3 2025 → Q4 2025
CTA Simplify Managed Futures St New 1.89% +1.89
XLK SS Technology Select Sector New 1.50% +1.50
PICK iShares MSCI Global Metals & New 0.94% +0.94
GLD SPDR Gold Shares Add +71.8% 1.74% +0.82
PDBC Invesco Optimum Yield Divers New 0.81% +0.81
IVE iShares S&P 500 Value ETF Add +36.0% 2.00% +0.52
GRNY Fundstr Gran SH US LRG Cap Add +23.1% 3.15% +0.49
SPEM State Street SP PTF Em ETF New 0.44% +0.44
XLV SS Health Care Select Sector Add +34.4% 1.45% +0.42
ALNY Alnylam Pharmaceuticals Inc. New 0.33% +0.33
AVEM Avantis Emerging Markets Eq Add +85.0% 0.60% +0.29
SPMO Invesco S&P 500 Momentum ETF Add +72.7% 0.74% +0.28
SOXX iShares Semiconductor ETF Add +1.6% 1.97% +0.24
QQQM Invesco Nasdaq 100 ETF Add +17.3% 1.80% +0.23
PTF Invesco Dorsey Wright Tech Add +11.3% 1.90% +0.20
VGT Vanguard Info Tech ETF Add +17.9% 1.83% +0.20
TLT iShares 20+ Year Treasury BD New 0.13% +0.13
SYSB iShares Systematic Bond ETF New 0.12% +0.12
EVUS iShares ESG Aw MSCI US Value New 0.11% +0.11
NVDA Nvidia Corp. New 0.08% +0.08
MUB iShares National Muni Bond E Add +14.9% 0.80% +0.07
META Meta Platforms Inc. Class A New 0.07% +0.07
FGDL Franklin Resp Sourced Gold New 0.07% +0.07
IUSB Ishr CR Unvrse Usd BD ETF-Ui Add +10.8% 1.33% +0.06
NLR Vaneck Urani & Nuclr ETF-Usd Add +12.6% 1.10% +0.06
IEMG iShares Core MSCI Emerging Add +1.8% 1.22% +0.05
OEF iShares S&P 100 ETF Add +13.0% 0.38% +0.04
ESGE iShares Inc. iShares ESG Awar Add +28.5% 0.14% +0.03
SHLD Global X Defense Tech ETF Add +2.8% 0.29% +0.03
SPYM Ste STR SPDR PT S&P 500 ETF Add +2.6% 1.83% +0.02
IAU iShares Gold Trust Add +1.4% 0.14% +0.01
VTEB Vanguard Tax-Exempt Bond ETF Add +6.0% 0.86% +0.01
BAI Ishrs AI in and Tech Act ETF Add +7.7% 0.79% +0.01
DYNF Ishrs US E F R A ETF-Usd Inc. Add +2.1% 2.19% +0.01
GOVT iShares US Treasury Bond ETF Add +11.2% 0.14% +0.01
MSFT Microsoft Corp. Add +21.3% 0.11% +0.01
THRO iShares U.S. Thematic Rotati Add +2.1% 0.83% +0.01
DSI iShares ESG MSCI KLD 400 ETF Add +2.5% 0.26% +0.00
EMB iShares JP Morgan Usd Emergi Add +5.2% 0.30% +0.00
IVV iShares Core S&P 500 ETF Add +1.8% 0.63% +0.00
LCTU iShares U.S. Carbon Transiti Add +2.7% 0.36% +0.00
IYW iShares Ustechnology ETF Add +3.9% 0.12% +0.00
BINC iShares Flex I A ETF-Usd Inc. Add +5.1% 0.85% 0.00
USXF iShares ESG Advance MSCI USA Add +2.1% 0.16% −0.00
IVW iShares S&P 500 Growth ETF Add +2.1% 1.77% −0.00
SPY SS SPDR S&P 500 ETF Trust-US Add +0.7% 0.42% −0.00
JPM JPMorgan Chase & Co. Add +0.4% 0.10% −0.00
HIMU iShares High Yild Muni A ETF Add +1.5% 0.23% −0.01
XLG Invesco S&P 500 Top 50 ETF Add +2.2% 1.47% −0.01
HYLB Xtrackers Usd High Yield Cor Add +3.7% 2.88% −0.01

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 99$317.3MSCHZ, XLC, SPYM, MBB, HYLB
Q1 2026 94$284.9MSCHZ, XLC, MBB, CTA, IGIB
Q4 2025 101$296.9MSCHZ, XLC, VFH, MBB, GRNY
Q3 2025 90$283.7MSCHZ, XLC, VFH, MBB, IGIB
Q2 2025 84$263.6MVFH, SCHZ, XLC, MBB, IGIB
Q1 2025 81$237.1MSCHZ, VFH, XLV, XLC, MBB
Q4 2024 74$239.1MSCHZ, VFH, XLC, XLY, QUAL
Q3 2024 66$226.9MSCHZ, VFH, XLC, QUAL, MBB
Q2 2024 68$211.6MSCHZ, XLC, VFH, MBB, SPYM
Q1 2024 73$196.4MSCHZ, MBB, IGIB, SCHP, VGIT