USA Financial Formulas
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 15, 2025), USA Financial Formulas reported 274 stock positions worth $605.7 million. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 20.5% of the portfolio, followed by iShares S&P 500 Growth ETF (IVW, 20.2%) and SS SPDR Dow Jones Indus Avg (DIA, 20.1%). Compared with Q4 2024, it opened 92 new positions, sold out of 105, added to 78 and reduced 104. The biggest buy was SS SPDR S&P 500 ETF Trust-US (SPY, shares +61%) and the biggest sale iShares S&P 500 Value ETF (IVE, shares −100%).
- Most Recent 13F
- Q1 2026
- Location
- ADA, MI
- CIK
- 0001633716
- Portfolio Value
- $605.7M (Q1 2025)
- SEC Filing
- 0001633716-25-000003 ↗ filed Apr 15, 2025
Holdings Value
Holdings 274 stocks · $605.7M
| SPY SS SPDR S&P 500 ETF Trust-US | 20.50% | 221,937 | $124.1M | Add +60.8% |
| IVW iShares S&P 500 Growth ETF | 20.17% | 1,315,807 | $122.1M | Add +59.1% |
| DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE | 20.15% | 290,626 | $122.0M | Add +53.4% |
| IVV iShares Core S&P 500 ETF | 5.63% | 60,692 | $34.1M | Reduce -2.6% |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | 5.53% | 308,139 | $33.5M | Reduce -22.5% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 3.76% | 248,255 | $22.8M | Reduce -1.7% |
| IEF iShares 7-10 Year Treasury B | 3.08% | 195,352 | $18.6M | New |
| QQQ Invesco QQQ Trust Series 1 | 0.84% | 10,909 | $5.1M | Add +454.9% |
| IJJ iShares S&P Mid-Cap 400 Valu | 0.73% | 36,877 | $4.4M | New |
| IJS iShares S&P Small-Cap 600 Va | 0.72% | 44,550 | $4.3M | New |
| TMUS T-Mobile US Inc. | 0.47% | 10,725 | $2.9M | Reduce -15.5% |
| GILD Gilead Sciences Inc. | 0.45% | 24,318 | $2.7M | Add +45.9% |
| CSCO Cisco Systems Inc. | 0.44% | 43,520 | $2.7M | Add +84.6% |
| FTNT Fortinet Inc. | 0.40% | 25,223 | $2.4M | Add +69.0% |
| NFLX Netflix Inc. | 0.38% | 2,462 | $2.3M | Add +74.5% |
| ISRG Intuitive Surgical Inc. | 0.37% | 4,476 | $2.2M | Add +90.6% |
| META Meta Platforms Inc. Class A | 0.36% | 3,758 | $2.2M | Add +76.8% |
| MA Mastercard Inc. Class A | 0.31% | 3,458 | $1.9M | Add +800.5% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.30% | 21,664 | $1.8M | Reduce -7.5% |
| BSX Boston Scientific Corp. | 0.30% | 17,937 | $1.8M | Add +23.4% |
| FOXA Fox Corp. Class A | 0.27% | 29,161 | $1.7M | Add +5.4% |
| AAPL Apple Inc. | 0.27% | 7,228 | $1.6M | Add +11.7% |
| V Visa Inc. Class A | 0.25% | 4,316 | $1.5M | New |
| EXC Exelon Corp. | 0.25% | 32,821 | $1.5M | New |
| ABT Abbott Laboratories | 0.25% | 11,251 | $1.5M | Add +191.8% |
| BKR Baker Hughes Co. | 0.24% | 33,565 | $1.5M | Add +7.3% |
| ETR Entergy Corp. | 0.24% | 17,080 | $1.5M | Add +4.3% |
| XEL Xcel Energy Inc. | 0.24% | 20,621 | $1.5M | Reduce -41.2% |
| AXON Axon Enterprise Inc. | 0.24% | 2,756 | $1.4M | Add +58.6% |
| HON Honeywell International Inc. | 0.23% | 6,712 | $1.4M | Add +18.5% |
| VRSK Verisk Analytics Inc. | 0.23% | 4,721 | $1.4M | Add +6.9% |
| ADSK Autodesk Inc. | 0.23% | 5,302 | $1.4M | Add +21.1% |
| NDAQ Nasdaq Inc. | 0.22% | 17,842 | $1.4M | Add +61.1% |
| AMZN Amazon.com Inc. | 0.22% | 7,010 | $1.3M | Add +12.9% |
| DDOG Datadog Inc. Class A | 0.21% | 12,747 | $1.3M | Add +49.9% |
| C Citigroup Inc. | 0.20% | 17,471 | $1.2M | New |
| DRI Darden Restaurants Inc. | 0.20% | 5,874 | $1.2M | New |
| T AT&T Inc. | 0.20% | 42,038 | $1.2M | New |
| KMI Kinder Morgan Inc. | 0.20% | 41,562 | $1.2M | Reduce -13.9% |
| GL Globe Life Inc. | 0.19% | 8,934 | $1.2M | New |
| WMB Williams Cos Inc. | 0.19% | 19,405 | $1.2M | Reduce -15.7% |
| NI Nisource Inc. | 0.19% | 28,779 | $1.2M | Reduce -12.5% |
| WTW Willis Towers Watson PLC | 0.19% | 3,373 | $1.1M | New |
| PODD Insulet Corp. | 0.19% | 4,283 | $1.1M | Reduce -9.3% |
| MMM 3M Co. | 0.18% | 7,605 | $1.1M | Add +20.3% |
| GLW Corning Inc. | 0.18% | 24,322 | $1.1M | New |
| CBRE CBRE Group Inc. Class A | 0.18% | 8,415 | $1.1M | New |
| WMT Walmart Inc. | 0.18% | 12,221 | $1.1M | Reduce -11.7% |
| FISV Fiserv Inc. | 0.18% | 4,836 | $1.1M | Add +23.7% |
| LYV Live Nation Entertainment Inc. | 0.18% | 8,140 | $1.1M | New |
| STT State Street Corp. | 0.17% | 11,761 | $1.1M | New |
| WELL Welltower Inc. | 0.17% | 6,850 | $1.0M | Reduce -24.1% |
| EXPE Expedia Group Inc. | 0.17% | 6,096 | $1.0M | New |
| TDY Teledyne Technologies Inc. | 0.17% | 2,020 | $1.0M | New |
| TPR Tapestry Inc. | 0.16% | 13,943 | $982K | New |
| RL Ralph Lauren Corp. | 0.16% | 4,408 | $973K | New |
| COF Capital One Financial Corp. | 0.16% | 5,376 | $964K | Add +295.9% |
| CMI Cummins Inc. | 0.15% | 2,857 | $895K | New |
| KR Kroger Co. | 0.14% | 12,860 | $870K | New |
| OEF iShares S&P 100 ETF | 0.14% | 3,161 | $856K | Reduce -8.6% |
| IWB iShares Russell 1000 ETF | 0.14% | 2,786 | $855K | Reduce -8.3% |
| VTI VG Morningstar TS MKT ETF-US | 0.14% | 3,089 | $849K | Reduce -8.2% |
| IWV iShares Russell 3000 ETF | 0.14% | 2,668 | $847K | Reduce -8.2% |
| HWM Howmet Aerospace Inc. | 0.14% | 6,430 | $834K | Reduce -14.8% |
| TRGP Targa Resources Corp. | 0.14% | 4,152 | $832K | Reduce -35.2% |
| LNG Cheniere Energy Inc. | 0.14% | 3,585 | $830K | New |
| IWM iShares Russell 2000 ETF | 0.14% | 4,125 | $823K | Reduce -3.8% |
| ATO Atmos Energy Corp. | 0.13% | 5,233 | $809K | Reduce -36.6% |
| REG Regency Centers Corp. | 0.13% | 10,843 | $800K | New |
| AEE Ameren Corporation | 0.13% | 7,810 | $784K | Reduce -15.4% |
| MS Morgan Stanley | 0.12% | 6,289 | $734K | Reduce -33.8% |
| INCY Incyte Corp. | 0.12% | 11,937 | $723K | New |
| SPG Simon Property Group Inc. | 0.12% | 4,317 | $717K | New |
| LH Labcorp Holdings Inc. | 0.12% | 3,079 | $717K | New |
| DFS Discover Financial Services | 0.12% | 4,191 | $715K | New |
| RTX RTX Corp. | 0.12% | 5,337 | $707K | Add +1.2% |
| RCL Royal Caribbean Cruises Ltd. | 0.11% | 3,304 | $679K | Reduce -33.5% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.11% | 15,842 | $661K | Reduce -39.9% |
| MDT Medtronic PLC | 0.11% | 7,330 | $659K | Add +161.1% |
| ACN Accenture PLC Class A | 0.10% | 1,975 | $616K | New |
| NOW ServiceNow Inc. | 0.10% | 751 | $598K | New |
| RSG Republic Services Inc. | 0.09% | 2,353 | $570K | Add +55.7% |
| HPE Hewlett Packard Enterprise | 0.09% | 36,539 | $564K | Add +26.5% |
| MRSH Marsh & McLennan Cos | 0.07% | 1,809 | $441K | Add +82.2% |
| AIZ Assurant Inc. | 0.07% | 2,056 | $431K | Add +138.5% |
| CIEN Ciena Corp. | 0.07% | 7,126 | $431K | New |
| CTAS Cintas Corp. | 0.07% | 2,034 | $418K | Reduce -84.5% |
| CB Chubb Ltd. | 0.07% | 1,376 | $416K | Reduce -23.0% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.07% | 3,279 | $399K | Add +85.3% |
| XLE SS Energy Select Sector | 0.06% | 4,179 | $391K | Reduce -6.2% |
| XLP SS Consumer Staples Sel Sect | 0.06% | 4,589 | $375K | Reduce -8.3% |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.06% | 4,662 | $368K | Reduce -8.6% |
| EXEL Exelixis Inc. | 0.06% | 9,930 | $367K | Add +925.8% |
| VNQ Vanguard Real Estate ETF | 0.06% | 4,029 | $365K | Reduce -6.4% |
| EVRG Evergy Inc. | 0.06% | 5,284 | $364K | Add +344.0% |
| XLV SS Health Care Select Sector | 0.06% | 2,484 | $363K | New |
| XLF SS Financial Select Sector | 0.06% | 7,157 | $356K | Reduce -17.1% |
| XLI SS Industrial Select Sector | 0.06% | 2,686 | $352K | Reduce -10.2% |
| CUZ Cousins Properties Inc. | 0.06% | 11,525 | $340K | Add +19.4% |
| JAZZ Jazz Pharmaceuticals PLC | 0.06% | 2,710 | $336K | New |
Portfolio Sells Q4 2024 → Q1 2025
| IVE iShares S&P 500 Value ETF | Reduce -100.0% | 0.00% | −12.12 |
| IYR iShares US Real Estate ETF | Reduce -100.0% | 0.00% | −11.72 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | Reduce -100.0% | 0.00% | −1.54 |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | Reduce -22.5% | 5.53% | −1.15 |
| CTAS Cintas Corp. | Reduce -84.5% | 0.07% | −0.31 |
| PYPL PayPal Holdings Inc. | Reduce -99.8% | 0.00% | −0.25 |
| ILMN Illumina Inc. | Sold out | 0.00% | −0.23 |
| TT Trane Technologies PLC | Sold out | 0.00% | −0.20 |
| TXN Texas Instruments Inc. | Reduce -99.8% | 0.00% | −0.19 |
| SRE Sempra | Reduce -99.9% | 0.00% | −0.19 |
| SYF Synchrony Financial | Reduce -99.9% | 0.00% | −0.19 |
| VTR Ventas Inc. | Reduce -99.9% | 0.00% | −0.19 |
| TTD Trade Desk Inc./the Class A | Reduce -99.8% | 0.00% | −0.18 |
| COST Costco Wholesale Corp. | Reduce -99.8% | 0.00% | −0.18 |
| OKE Oneok Inc. | Reduce -99.9% | 0.00% | −0.18 |
| EA Electronic Arts Inc. | Reduce -99.8% | 0.00% | −0.18 |
| ZBRA Zebra Technologies Corp. Class A | Reduce -99.9% | 0.00% | −0.18 |
| PEG Public Service Enterprise GP | Reduce -99.9% | 0.00% | −0.18 |
| LNT Alliant Energy Corp. | Reduce -97.4% | 0.01% | −0.17 |
| KKR KKR & Co. Inc. | Reduce -99.9% | 0.00% | −0.17 |
| AVB Avalonbay Communities Inc. | Reduce -99.9% | 0.00% | −0.17 |
| FITB Fifth Third Bancorp | Reduce -81.7% | 0.04% | −0.17 |
| TYL Tyler Technologies Inc. | Reduce -99.9% | 0.00% | −0.17 |
| LHX L3HARRIS Technologies Inc. | Reduce -99.9% | 0.00% | −0.17 |
| MSI Motorola Solutions Inc. | Reduce -83.3% | 0.03% | −0.16 |
| UAL United Airlines Holdings Inc. | Reduce -99.9% | 0.00% | −0.14 |
| APD Air Products & Chemicals Inc. | Sold out | 0.00% | −0.14 |
| GS Goldman Sachs Group Inc. | Reduce -80.2% | 0.03% | −0.14 |
| GDDY GoDaddy Inc. Class A | Reduce -99.9% | 0.00% | −0.14 |
| MTB M & T Bank Corp. | Reduce -77.9% | 0.04% | −0.13 |
| IVV iShares Core S&P 500 ETF | Reduce -2.6% | 5.63% | −0.13 |
| XEL Xcel Energy Inc. | Reduce -41.2% | 0.24% | −0.13 |
| WAB Wabtec Corp. | Reduce -90.4% | 0.01% | −0.13 |
| WFC Wells Fargo & Co. | Sold out | 0.00% | −0.13 |
| DUK Duke Energy Corp. | Sold out | 0.00% | −0.13 |
| DOV Dover Corp. | Reduce -99.9% | 0.00% | −0.12 |
| VST Vistra Corp. | Reduce -99.8% | 0.00% | −0.12 |
| PGR Progressive Corp. | Reduce -83.1% | 0.03% | −0.12 |
| ECL Ecolab Inc. | Reduce -76.1% | 0.04% | −0.10 |
| GM General Motors Co. | Sold out | 0.00% | −0.09 |
| BBY Best Buy Co. Inc. | Sold out | 0.00% | −0.09 |
| DIS The Walt Disney Co. | Sold out | 0.00% | −0.09 |
| VZ Verizon Communications Inc. | Sold out | 0.00% | −0.09 |
| KEYS Keysight Technologies Inc. | Reduce -96.3% | 0.00% | −0.09 |
| PG The Procter & Gamble Co. | Reduce -72.9% | 0.04% | −0.09 |
| OUSA Alps Oshares US Quality Divi | Sold out | 0.00% | −0.09 |
| PNC PNC Financial Services Group | Reduce -68.7% | 0.04% | −0.09 |
| HAS Hasbro Inc. | Sold out | 0.00% | −0.08 |
| BAC Bank of America Corp. | Reduce -39.9% | 0.11% | −0.07 |
| RCL Royal Caribbean Cruises Ltd. | Reduce -33.5% | 0.11% | −0.07 |
Portfolio Buys Q4 2024 → Q1 2025
| SPY SS SPDR S&P 500 ETF Trust-US | Add +60.8% | 20.50% | +7.79 |
| DIA SS SPDR Dow Jones Indus Avg | Add +53.4% | 20.15% | +7.48 |
| IVW iShares S&P 500 Growth ETF | Add +59.1% | 20.17% | +6.97 |
| IEF iShares 7-10 Year Treasury B | New | 3.08% | +3.08 |
| IJJ iShares S&P Mid-Cap 400 Valu | New | 0.73% | +0.73 |
| IJS iShares S&P Small-Cap 600 Va | New | 0.72% | +0.72 |
| QQQ Invesco QQQ Trust Series 1 | Add +454.9% | 0.84% | +0.69 |
| MA Mastercard Inc. Class A | Add +800.5% | 0.31% | +0.28 |
| EXC Exelon Corp. | New | 0.25% | +0.25 |
| V Visa Inc. Class A | New | 0.25% | +0.25 |
| CSCO Cisco Systems Inc. | Add +84.6% | 0.44% | +0.22 |
| GILD Gilead Sciences Inc. | Add +45.9% | 0.45% | +0.21 |
| C Citigroup Inc. | New | 0.20% | +0.20 |
| DRI Darden Restaurants Inc. | New | 0.20% | +0.20 |
| T AT&T Inc. | New | 0.20% | +0.20 |
| GL Globe Life Inc. | New | 0.19% | +0.19 |
| WTW Willis Towers Watson PLC | New | 0.19% | +0.19 |
| GLW Corning Inc. | New | 0.18% | +0.18 |
| CBRE CBRE Group Inc. Class A | New | 0.18% | +0.18 |
| NFLX Netflix Inc. | Add +74.5% | 0.38% | +0.18 |
| FTNT Fortinet Inc. | Add +69.0% | 0.40% | +0.18 |
| ABT Abbott Laboratories | Add +191.8% | 0.25% | +0.18 |
| LYV Live Nation Entertainment Inc. | New | 0.18% | +0.18 |
| STT State Street Corp. | New | 0.17% | +0.17 |
| ISRG Intuitive Surgical Inc. | Add +90.6% | 0.37% | +0.17 |
| EXPE Expedia Group Inc. | New | 0.17% | +0.17 |
| TDY Teledyne Technologies Inc. | New | 0.17% | +0.17 |
| META Meta Platforms Inc. Class A | Add +76.8% | 0.36% | +0.16 |
| TPR Tapestry Inc. | New | 0.16% | +0.16 |
| RL Ralph Lauren Corp. | New | 0.16% | +0.16 |
| CMI Cummins Inc. | New | 0.15% | +0.15 |
| KR Kroger Co. | New | 0.14% | +0.14 |
| LNG Cheniere Energy Inc. | New | 0.14% | +0.14 |
| REG Regency Centers Corp. | New | 0.13% | +0.13 |
| COF Capital One Financial Corp. | Add +295.9% | 0.16% | +0.12 |
| INCY Incyte Corp. | New | 0.12% | +0.12 |
| SPG Simon Property Group Inc. | New | 0.12% | +0.12 |
| LH Labcorp Holdings Inc. | New | 0.12% | +0.12 |
| DFS Discover Financial Services | New | 0.12% | +0.12 |
| ACN Accenture PLC Class A | New | 0.10% | +0.10 |
| NOW ServiceNow Inc. | New | 0.10% | +0.10 |
| BSX Boston Scientific Corp. | Add +23.4% | 0.30% | +0.09 |
| NDAQ Nasdaq Inc. | Add +61.1% | 0.22% | +0.09 |
| AXON Axon Enterprise Inc. | Add +58.6% | 0.24% | +0.08 |
| MDT Medtronic PLC | Add +161.1% | 0.11% | +0.07 |
| CIEN Ciena Corp. | New | 0.07% | +0.07 |
| FOXA Fox Corp. Class A | Add +5.4% | 0.27% | +0.06 |
| XLV SS Health Care Select Sector | New | 0.06% | +0.06 |
| MMM 3M Co. | Add +20.3% | 0.18% | +0.06 |
| EXEL Exelixis Inc. | Add +925.8% | 0.06% | +0.06 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q1 2026 | 437 | $530.5M | IJS, IWM, IJK, IVV, BIL |
| Q4 2025 | 414 | $549.6M | IVV, EEM, QQQ, IVW, SPY |
| Q3 2025 | 257 | $567.6M | IVV, EEM, IVW, QQQ, SPY |
| Q2 2025 | 240 | $585.9M | EEM, EFA, SPY, QQQ, IVW |
| Q1 2025 | 274 | $605.7M | SPY, IVW, DIA, IVV, LQD |
| Q4 2024 | 286 | $636.4M | IVW, SPY, DIA, IVE, IYR |
| Q3 2024 | 256 | $643.1M | EFA, SPY, IVW, QQQ, IJK |
| Q2 2024 | 297 | $616.7M | IVW, QQQ, SPY, IJK, MDY |
| Q1 2024 | 300 | $616.8M | IVW, QQQ, SPY, IVE, DIA |