USA Financial Formulas
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 18, 2025), USA Financial Formulas reported 240 stock positions worth $585.9 million. Its top holding was iShares MSCI Emerging Market (EEM) at 11.6% of the portfolio, followed by iShares MSCI Eafe ETF (EFA, 11.6%) and SS SPDR S&P 500 ETF Trust-US (SPY, 11.5%). Compared with Q1 2025, it opened 98 new positions, sold out of 132, added to 64 and reduced 78. The biggest buy was a new position in iShares MSCI Emerging Market (EEM) and the biggest sale SS SPDR Dow Jones Indus Avg (DIA, shares −96%).
- Most Recent 13F
- Q1 2026
- Location
- ADA, MI
- CIK
- 0001633716
- Portfolio Value
- $585.9M (Q2 2025)
- SEC Filing
- 0001633716-25-000004 ↗ filed Jul 18, 2025
Holdings Value
Holdings 240 stocks · $585.9M
| EEM iShares MSCI Emerging Market | 11.58% | 1,406,662 | $67.9M | New |
| EFA iShares MSCI Eafe ETF | 11.58% | 758,763 | $67.8M | Add +28554.2% |
| SPY SS SPDR S&P 500 ETF Trust-US | 11.45% | 108,596 | $67.1M | Reduce -51.1% |
| QQQ Invesco QQQ Trust Series 1 | 10.79% | 114,628 | $63.2M | Add +950.8% |
| IVW iShares S&P 500 Growth ETF | 10.77% | 573,100 | $63.1M | Reduce -56.4% |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | 6.51% | 347,983 | $38.1M | Add +12.9% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 3.95% | 252,044 | $23.1M | Add +1.5% |
| GSG iShares S&P Gsci Commodity I | 3.80% | 1,009,519 | $22.2M | New |
| IVV iShares Core S&P 500 ETF | 3.27% | 30,886 | $19.2M | Reduce -49.1% |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | 1.44% | 104,684 | $8.4M | Add +348846.7% |
| SIXJ Allian US Equ 6 Mon BU10-Usd | 0.95% | 174,494 | $5.6M | Add +215324.7% |
| SIXO Allian US Equ 6 Mon BU10-Usd | 0.93% | 165,423 | $5.5M | Add +214735.1% |
| DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE | 0.85% | 11,326 | $5.0M | Reduce -96.1% |
| IYR iShares US Real Estate ETF | 0.72% | 44,386 | $4.2M | Add +14895.3% |
| IYZ iShares US Telecommunication | 0.62% | 122,001 | $3.6M | New |
| IYC iShares US Consumer Discreti | 0.61% | 35,895 | $3.6M | New |
| IYF iShares US Financials ETF | 0.61% | 29,559 | $3.6M | New |
| IYW iShares Ustechnology ETF | 0.60% | 20,429 | $3.5M | New |
| GILD Gilead Sciences Inc. | 0.57% | 30,176 | $3.3M | Add +24.1% |
| CSCO Cisco Systems Inc. | 0.54% | 45,834 | $3.2M | Add +5.3% |
| AEP American Electric Power | 0.52% | 29,331 | $3.0M | New |
| VRSK Verisk Analytics Inc. | 0.50% | 9,493 | $3.0M | Add +101.1% |
| ARLU Allianzim US BF15 Uncap Apr | 0.48% | 101,212 | $2.8M | Add +224815.6% |
| JULU Allianzim US BF15 Uncap Jul | 0.48% | 102,360 | $2.8M | Add +217687.2% |
| JANU Allianzim US BF15 Uncap Jan | 0.48% | 107,367 | $2.8M | Add +219016.3% |
| OCTU Allianzim US BF15 Uncap Oct | 0.47% | 105,943 | $2.8M | Add +216110.2% |
| MNST Monster Beverage Corp. | 0.47% | 44,368 | $2.8M | New |
| EXC Exelon Corp. | 0.43% | 58,460 | $2.5M | Add +78.1% |
| MA Mastercard Inc. Class A | 0.40% | 4,152 | $2.3M | Add +20.1% |
| RTX RTX Corp. | 0.32% | 12,952 | $1.9M | Add +142.7% |
| BSX Boston Scientific Corp. | 0.28% | 15,331 | $1.6M | Reduce -14.5% |
| FOXA Fox Corp. Class A | 0.27% | 28,057 | $1.6M | Reduce -3.8% |
| V Visa Inc. Class A | 0.26% | 4,257 | $1.5M | Reduce -1.4% |
| ABT Abbott Laboratories | 0.26% | 11,031 | $1.5M | Reduce -2.0% |
| JCI Johnson Controls Internation | 0.25% | 13,689 | $1.4M | Add +367.0% |
| ETR Entergy Corp. | 0.25% | 17,353 | $1.4M | Add +1.6% |
| CVS CVS Health Corp. | 0.24% | 20,718 | $1.4M | New |
| WM Waste Management Inc. | 0.23% | 5,973 | $1.4M | Add +361.6% |
| EW Edwards Lifesciences Corp. | 0.23% | 17,034 | $1.3M | New |
| DUK Duke Energy Corp. | 0.21% | 10,302 | $1.2M | New |
| RSG Republic Services Inc. | 0.21% | 4,885 | $1.2M | Add +107.6% |
| ATO Atmos Energy Corp. | 0.19% | 7,329 | $1.1M | Add +40.0% |
| IEV iShares Europe ETF | 0.19% | 17,147 | $1.1M | New |
| TPR Tapestry Inc. | 0.18% | 11,855 | $1.0M | Reduce -15.0% |
| ESGE iShares Inc. iShares ESG Awar | 0.17% | 25,371 | $994K | New |
| HWM Howmet Aerospace Inc. | 0.17% | 5,260 | $979K | Reduce -18.2% |
| EBND State Street SPDR Bloomberg | 0.17% | 45,692 | $978K | New |
| KR Kroger Co. | 0.17% | 13,506 | $969K | Add +5.0% |
| T AT&T Inc. | 0.17% | 33,464 | $968K | Reduce -20.4% |
| EQT Eqt Corp. | 0.16% | 16,483 | $961K | New |
| EWC iShares MSCI Canada ETF | 0.16% | 20,636 | $953K | New |
| NI Nisource Inc. | 0.16% | 23,477 | $947K | Reduce -18.4% |
| VTIP Vanguard Short-Term Tips | 0.16% | 18,782 | $944K | New |
| BSV Vanguard Short-Term Bond ETF | 0.16% | 11,975 | $942K | New |
| VYMI Vanguard Int High DVD YLD Inc. | 0.16% | 11,738 | $940K | New |
| IDEV iShares Core MSCI Dev MKTS | 0.16% | 12,297 | $935K | New |
| DRI Darden Restaurants Inc. | 0.16% | 4,265 | $930K | Reduce -27.4% |
| CMS CMS Energy Corp. | 0.16% | 13,218 | $916K | New |
| DTE DTE Energy Company | 0.16% | 6,888 | $912K | New |
| NRG NRG Energy Inc. | 0.15% | 5,633 | $905K | New |
| WELL Welltower Inc. | 0.15% | 5,863 | $901K | Reduce -14.4% |
| CNP Centerpoint Energy Inc. | 0.15% | 24,525 | $901K | New |
| SCHW Schwab (charles) Corp. | 0.15% | 9,864 | $900K | New |
| LNG Cheniere Energy Inc. | 0.15% | 3,689 | $898K | Add +2.9% |
| PODD Insulet Corp. | 0.15% | 2,805 | $881K | Reduce -34.5% |
| RL Ralph Lauren Corp. | 0.15% | 3,213 | $881K | Reduce -27.1% |
| GL Globe Life Inc. | 0.15% | 6,989 | $869K | Reduce -21.8% |
| TRV The Travelers Cos Inc. | 0.15% | 3,243 | $868K | New |
| AEE Ameren Corporation | 0.14% | 8,770 | $842K | Add +12.3% |
| WRB WR Berkley Corp. filed as BERKLEY W R CORP | 0.14% | 11,440 | $840K | New |
| DE Deere & Co. | 0.14% | 1,600 | $814K | New |
| VTI VG Morningstar TS MKT ETF-US | 0.14% | 2,602 | $791K | Reduce -15.8% |
| IWV iShares Russell 3000 ETF | 0.13% | 2,246 | $788K | Reduce -15.8% |
| IWB iShares Russell 1000 ETF | 0.13% | 2,316 | $786K | Reduce -16.9% |
| OEF iShares S&P 100 ETF | 0.13% | 2,559 | $779K | Reduce -19.0% |
| EVRG Evergy Inc. | 0.12% | 10,499 | $724K | Add +98.7% |
| DGX Quest Diagnostics Inc. | 0.12% | 3,855 | $692K | New |
| LH Labcorp Holdings Inc. | 0.12% | 2,620 | $688K | Reduce -14.9% |
| MMM 3M Co. | 0.12% | 4,514 | $687K | Reduce -40.6% |
| SO The Southern Co. | 0.12% | 7,403 | $680K | New |
| ICE Intercontinental Exchange Inc. | 0.11% | 3,640 | $668K | New |
| MOS The Mosaic Co. | 0.11% | 18,257 | $666K | New |
| VTR Ventas Inc. | 0.11% | 10,434 | $659K | Add +65112.5% |
| ROL Rollins Inc. | 0.11% | 11,431 | $645K | New |
| BRK.B Berkshire Hathaway Inc. Class B | 0.10% | 1,247 | $606K | Add +174.7% |
| OUSA Alps Oshares US Quality Divi | 0.09% | 9,934 | $536K | New |
| MRSH Marsh & McLennan Cos | 0.08% | 2,185 | $478K | Add +20.8% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.08% | 3,626 | $448K | Add +10.6% |
| VOX Vanguard Communication Servi | 0.07% | 2,513 | $430K | Add +13.7% |
| XLK SS Technology Select Sector | 0.07% | 1,693 | $429K | Add +4.3% |
| XLI SS Industrial Select Sector | 0.07% | 2,878 | $425K | Add +7.2% |
| XLF SS Financial Select Sector | 0.07% | 8,101 | $424K | Add +13.2% |
| XLY SS Consumer Disc Select Sect | 0.07% | 1,892 | $411K | Add +15.9% |
| XLP SS Consumer Staples Sel Sect | 0.07% | 4,969 | $402K | Add +8.3% |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.07% | 4,920 | $402K | Add +5.5% |
| CB Chubb Ltd. | 0.07% | 1,380 | $400K | Add +0.3% |
| GWW WW Grainger Inc. filed as GRAINGER W W INC | 0.06% | 341 | $355K | Add +103.0% |
| WCN Waste Connections Inc. | 0.06% | 1,857 | $347K | Add +279.8% |
| CME Cme Group Inc. | 0.05% | 1,098 | $303K | Add +26.8% |
| SLM SLM Corp. | 0.05% | 9,196 | $302K | Reduce -14.4% |
Portfolio Sells Q1 2025 → Q2 2025
| DIA SS SPDR Dow Jones Indus Avg | Reduce -96.1% | 0.85% | −19.30 |
| IVW iShares S&P 500 Growth ETF | Reduce -56.4% | 10.77% | −9.40 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -51.1% | 11.45% | −9.05 |
| IEF iShares 7-10 Year Treasury B | Reduce -99.6% | 0.01% | −3.06 |
| IVV iShares Core S&P 500 ETF | Reduce -49.1% | 3.27% | −2.36 |
| IJJ iShares S&P Mid-Cap 400 Valu | Sold out | 0.00% | −0.73 |
| IJS iShares S&P Small-Cap 600 Va | Sold out | 0.00% | −0.72 |
| TMUS T-Mobile US Inc. | Reduce -91.6% | 0.04% | −0.44 |
| FTNT Fortinet Inc. | Sold out | 0.00% | −0.40 |
| NFLX Netflix Inc. | Sold out | 0.00% | −0.38 |
| ISRG Intuitive Surgical Inc. | Sold out | 0.00% | −0.37 |
| META Meta Platforms Inc. Class A | Sold out | 0.00% | −0.36 |
| BNY Bank of New York Mellon Corp. | Reduce -99.3% | 0.00% | −0.30 |
| AAPL Apple Inc. | Sold out | 0.00% | −0.27 |
| BKR Baker Hughes Co. | Sold out | 0.00% | −0.24 |
| XEL Xcel Energy Inc. | Sold out | 0.00% | −0.24 |
| AXON Axon Enterprise Inc. | Sold out | 0.00% | −0.24 |
| HON Honeywell International Inc. | Sold out | 0.00% | −0.23 |
| ADSK Autodesk Inc. | Sold out | 0.00% | −0.23 |
| NDAQ Nasdaq Inc. | Sold out | 0.00% | −0.22 |
| AMZN Amazon.com Inc. | Sold out | 0.00% | −0.22 |
| DDOG Datadog Inc. Class A | Sold out | 0.00% | −0.21 |
| C Citigroup Inc. | Sold out | 0.00% | −0.20 |
| KMI Kinder Morgan Inc. | Sold out | 0.00% | −0.20 |
| WMB Williams Cos Inc. | Sold out | 0.00% | −0.19 |
| WTW Willis Towers Watson PLC | Sold out | 0.00% | −0.19 |
| GLW Corning Inc. | Sold out | 0.00% | −0.18 |
| CBRE CBRE Group Inc. Class A | Sold out | 0.00% | −0.18 |
| FISV Fiserv Inc. | Sold out | 0.00% | −0.18 |
| LYV Live Nation Entertainment Inc. | Sold out | 0.00% | −0.18 |
| STT State Street Corp. | Sold out | 0.00% | −0.17 |
| EXPE Expedia Group Inc. | Sold out | 0.00% | −0.17 |
| TDY Teledyne Technologies Inc. | Sold out | 0.00% | −0.17 |
| COF Capital One Financial Corp. | Sold out | 0.00% | −0.16 |
| WMT Walmart Inc. | Reduce -87.2% | 0.03% | −0.15 |
| CMI Cummins Inc. | Sold out | 0.00% | −0.15 |
| TRGP Targa Resources Corp. | Sold out | 0.00% | −0.14 |
| IWM iShares Russell 2000 ETF | Reduce -99.6% | 0.00% | −0.14 |
| REG Regency Centers Corp. | Sold out | 0.00% | −0.13 |
| MS Morgan Stanley | Sold out | 0.00% | −0.12 |
| INCY Incyte Corp. | Sold out | 0.00% | −0.12 |
| SPG Simon Property Group Inc. | Sold out | 0.00% | −0.12 |
| DFS Discover Financial Services | Sold out | 0.00% | −0.12 |
| RCL Royal Caribbean Cruises Ltd. | Sold out | 0.00% | −0.11 |
| MDT Medtronic PLC | Sold out | 0.00% | −0.11 |
| BAC Bank of America Corp. | Reduce -98.2% | 0.00% | −0.11 |
| ACN Accenture PLC Class A | Sold out | 0.00% | −0.10 |
| NOW ServiceNow Inc. | Reduce -98.4% | 0.00% | −0.10 |
| HPE Hewlett Packard Enterprise | Sold out | 0.00% | −0.09 |
| CIEN Ciena Corp. | Sold out | 0.00% | −0.07 |
Portfolio Buys Q1 2025 → Q2 2025
| EEM iShares MSCI Emerging Market | New | 11.58% | +11.58 |
| EFA iShares MSCI Eafe ETF | Add +28554.2% | 11.58% | +11.54 |
| QQQ Invesco QQQ Trust Series 1 | Add +950.8% | 10.79% | +9.95 |
| GSG iShares S&P Gsci Commodity I | New | 3.80% | +3.80 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | Add +348846.7% | 1.44% | +1.44 |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | Add +12.9% | 6.51% | +0.98 |
| SIXJ Allian US Equ 6 Mon BU10-Usd | Add +215324.7% | 0.95% | +0.95 |
| SIXO Allian US Equ 6 Mon BU10-Usd | Add +214735.1% | 0.93% | +0.93 |
| IYR iShares US Real Estate ETF | Add +14895.3% | 0.72% | +0.71 |
| IYZ iShares US Telecommunication | New | 0.62% | +0.62 |
| IYC iShares US Consumer Discreti | New | 0.61% | +0.61 |
| IYF iShares US Financials ETF | New | 0.61% | +0.61 |
| IYW iShares Ustechnology ETF | New | 0.60% | +0.60 |
| AEP American Electric Power | New | 0.52% | +0.52 |
| ARLU Allianzim US BF15 Uncap Apr | Add +224815.6% | 0.48% | +0.48 |
| JULU Allianzim US BF15 Uncap Jul | Add +217687.2% | 0.48% | +0.48 |
| JANU Allianzim US BF15 Uncap Jan | Add +219016.3% | 0.48% | +0.48 |
| OCTU Allianzim US BF15 Uncap Oct | Add +216110.2% | 0.47% | +0.47 |
| MNST Monster Beverage Corp. | New | 0.47% | +0.47 |
| VRSK Verisk Analytics Inc. | Add +101.1% | 0.50% | +0.27 |
| CVS CVS Health Corp. | New | 0.24% | +0.24 |
| EW Edwards Lifesciences Corp. | New | 0.23% | +0.23 |
| JCI Johnson Controls Internation | Add +367.0% | 0.25% | +0.21 |
| DUK Duke Energy Corp. | New | 0.21% | +0.21 |
| RTX RTX Corp. | Add +142.7% | 0.32% | +0.21 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Add +1.5% | 3.95% | +0.19 |
| IEV iShares Europe ETF | New | 0.19% | +0.19 |
| WM Waste Management Inc. | Add +361.6% | 0.23% | +0.18 |
| EXC Exelon Corp. | Add +78.1% | 0.43% | +0.18 |
| ESGE iShares Inc. iShares ESG Awar | New | 0.17% | +0.17 |
| EBND State Street SPDR Bloomberg | New | 0.17% | +0.17 |
| EQT Eqt Corp. | New | 0.16% | +0.16 |
| EWC iShares MSCI Canada ETF | New | 0.16% | +0.16 |
| VTIP Vanguard Short-Term Tips | New | 0.16% | +0.16 |
| BSV Vanguard Short-Term Bond ETF | New | 0.16% | +0.16 |
| VYMI Vanguard Int High DVD YLD Inc. | New | 0.16% | +0.16 |
| IDEV iShares Core MSCI Dev MKTS | New | 0.16% | +0.16 |
| CMS CMS Energy Corp. | New | 0.16% | +0.16 |
| DTE DTE Energy Company | New | 0.16% | +0.16 |
| NRG NRG Energy Inc. | New | 0.15% | +0.15 |
| CNP Centerpoint Energy Inc. | New | 0.15% | +0.15 |
| SCHW Schwab (charles) Corp. | New | 0.15% | +0.15 |
| TRV The Travelers Cos Inc. | New | 0.15% | +0.15 |
| WRB WR Berkley Corp. | New | 0.14% | +0.14 |
| DE Deere & Co. | New | 0.14% | +0.14 |
| GILD Gilead Sciences Inc. | Add +24.1% | 0.57% | +0.12 |
| DGX Quest Diagnostics Inc. | New | 0.12% | +0.12 |
| SO The Southern Co. | New | 0.12% | +0.12 |
| ICE Intercontinental Exchange Inc. | New | 0.11% | +0.11 |
| MOS The Mosaic Co. | New | 0.11% | +0.11 |
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 |