USA Financial Formulas
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 10, 2025), USA Financial Formulas reported 257 stock positions worth $567.6 million. Its top holding was iShares Core S&P 500 ETF (IVV) at 14.0% of the portfolio, followed by iShares MSCI Emerging Market (EEM, 11.9%) and iShares S&P 500 Growth ETF (IVW, 11.6%). Compared with Q2 2025, it opened 103 new positions, sold out of 86, added to 35 and reduced 115. The biggest buy was iShares Core S&P 500 ETF (IVV, shares +284%) and the biggest sale an exit from SS SPDR BB 1-3M T-Bill ETF (BIL).
- Most Recent 13F
- Q1 2026
- Location
- ADA, MI
- CIK
- 0001633716
- Portfolio Value
- $567.6M (Q3 2025)
- SEC Filing
- 0001633716-25-000006 ↗ filed Oct 10, 2025
Holdings Value
Holdings 257 stocks · $567.6M
| IVV iShares Core S&P 500 ETF | 14.00% | 118,728 | $79.5M | Add +284.4% |
| EEM iShares MSCI Emerging Market | 11.92% | 1,266,688 | $67.6M | Reduce -9.9% |
| IVW iShares S&P 500 Growth ETF | 11.64% | 547,462 | $66.1M | Reduce -4.5% |
| QQQ Invesco QQQ Trust Series 1 | 11.50% | 108,717 | $65.3M | Reduce -5.2% |
| SPY SS SPDR S&P 500 ETF Trust-US | 11.40% | 97,160 | $64.7M | Reduce -10.5% |
| EFA iShares MSCI Eafe ETF | 11.37% | 691,202 | $64.5M | Reduce -8.9% |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | 3.44% | 175,324 | $19.5M | Reduce -49.6% |
| GSG iShares S&P Gsci Commodity I | 1.43% | 354,248 | $8.1M | Reduce -64.9% |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | 1.28% | 89,225 | $7.2M | Reduce -14.8% |
| SIXJ Allian US Equ 6 Mon BU10-Usd | 0.85% | 144,269 | $4.8M | Reduce -17.3% |
| SIXO Allian US Equ 6 Mon BU10-Usd | 0.82% | 137,633 | $4.7M | Reduce -16.8% |
| IYZ iShares US Telecommunication | 0.52% | 92,291 | $3.0M | Reduce -24.4% |
| IYW iShares Ustechnology ETF | 0.52% | 15,201 | $3.0M | Reduce -25.6% |
| IYF iShares US Financials ETF | 0.51% | 22,880 | $2.9M | Reduce -22.6% |
| IDU iShares US Utilities ETF | 0.50% | 25,815 | $2.9M | New |
| WBD Warner Bros Discovery Inc. | 0.49% | 142,671 | $2.8M | New |
| CSCO Cisco Systems Inc. | 0.46% | 38,254 | $2.6M | Reduce -16.5% |
| ARLU Allianzim US BF15 Uncap Apr | 0.44% | 83,321 | $2.5M | Reduce -17.7% |
| JULU Allianzim US BF15 Uncap Jul | 0.43% | 84,317 | $2.5M | Reduce -17.6% |
| OCTU Allianzim US BF15 Uncap Oct | 0.43% | 87,664 | $2.5M | Reduce -17.3% |
| JANU Allianzim US BF15 Uncap Jan | 0.43% | 88,748 | $2.5M | Reduce -17.3% |
| IDXX Idexx Laboratories Inc. | 0.42% | 3,727 | $2.4M | New |
| EA Electronic Arts Inc. | 0.34% | 9,696 | $2.0M | New |
| RTX RTX Corp. | 0.32% | 10,912 | $1.8M | Reduce -15.8% |
| MNST Monster Beverage Corp. | 0.32% | 26,794 | $1.8M | Reduce -39.6% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.31% | 16,179 | $1.8M | Add +10831.8% |
| INTU Intuit Inc. | 0.29% | 2,452 | $1.7M | New |
| CSGP Costar Group Inc. | 0.28% | 18,757 | $1.6M | New |
| ETR Entergy Corp. | 0.24% | 14,542 | $1.4M | Reduce -16.2% |
| C Citigroup Inc. | 0.23% | 12,616 | $1.3M | New |
| JCI Johnson Controls Internation | 0.22% | 11,109 | $1.2M | Reduce -18.9% |
| JPM JPMorgan Chase & Co. | 0.21% | 3,857 | $1.2M | New |
| EW Edwards Lifesciences Corp. | 0.21% | 15,449 | $1.2M | Reduce -9.3% |
| WDC Western Digital Corp. | 0.20% | 9,255 | $1.1M | New |
| GS Goldman Sachs Group Inc. | 0.18% | 1,273 | $1.0M | New |
| CNP Centerpoint Energy Inc. | 0.18% | 26,069 | $1.0M | Add +6.3% |
| GLW Corning Inc. | 0.18% | 12,299 | $1.0M | New |
| VEU Vanguard Ftse All-World Ex-U | 0.17% | 13,909 | $993K | Add +514.9% |
| IEV iShares Europe ETF | 0.17% | 15,015 | $983K | Reduce -12.4% |
| VSS Vanguard Ftse All Wo X-US SC | 0.17% | 6,845 | $976K | Add +497.3% |
| NDAQ Nasdaq Inc. | 0.17% | 10,665 | $943K | New |
| APH Amphenol Corp. Class A | 0.16% | 7,442 | $921K | New |
| APTV Aptiv PLC | 0.16% | 10,407 | $897K | New |
| NEM Newmont Corp. | 0.16% | 10,628 | $896K | New |
| ESGE iShares Inc. iShares ESG Awar | 0.16% | 20,543 | $892K | Reduce -19.0% |
| HWM Howmet Aerospace Inc. | 0.16% | 4,537 | $890K | Reduce -13.8% |
| JNJ Johnson & Johnson | 0.15% | 4,741 | $879K | Add +177.4% |
| ATO Atmos Energy Corp. | 0.15% | 5,114 | $873K | Reduce -30.2% |
| PPA Invesco Aerospace & Defense | 0.15% | 5,551 | $863K | New |
| EVRG Evergy Inc. | 0.15% | 11,139 | $847K | Add +6.1% |
| ALLE Allegion PLC | 0.15% | 4,759 | $844K | New |
| GL Globe Life Inc. | 0.15% | 5,843 | $835K | Reduce -16.4% |
| VYMI Vanguard Int High DVD YLD Inc. | 0.15% | 9,838 | $833K | Reduce -16.2% |
| CHRW C.H. Robinson Worldwide Inc. | 0.14% | 5,994 | $794K | New |
| NI Nisource Inc. | 0.14% | 18,296 | $792K | Reduce -22.1% |
| STT State Street Corp. | 0.14% | 6,649 | $771K | New |
| DLTR Dollar Tree Inc. | 0.14% | 8,156 | $770K | New |
| LH Labcorp Holdings Inc. | 0.14% | 2,679 | $769K | Add +2.3% |
| DG Dollar General Corp. | 0.14% | 7,416 | $766K | New |
| JBL Jabil Inc. | 0.14% | 3,527 | $766K | New |
| BWA Borgwarner Inc. | 0.13% | 17,358 | $763K | New |
| ROL Rollins Inc. | 0.13% | 12,832 | $754K | Add +12.3% |
| ULTA Ulta Beauty Inc. | 0.13% | 1,366 | $747K | New |
| IWM iShares Russell 2000 ETF | 0.13% | 2,997 | $725K | Add +18631.3% |
| RL Ralph Lauren Corp. | 0.13% | 2,310 | $724K | Reduce -28.1% |
| OEF iShares S&P 100 ETF | 0.13% | 2,173 | $723K | Reduce -15.1% |
| NOC Northrop Grumman Corp. | 0.13% | 1,171 | $714K | New |
| IWV iShares Russell 3000 ETF | 0.13% | 1,877 | $711K | Reduce -16.4% |
| IWB iShares Russell 1000 ETF | 0.12% | 1,939 | $709K | Reduce -16.3% |
| VTI VG Morningstar TS MKT ETF-US | 0.12% | 2,158 | $708K | Reduce -17.1% |
| DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE | 0.12% | 1,501 | $696K | Reduce -86.8% |
| OUSA Alps Oshares US Quality Divi | 0.12% | 12,105 | $684K | Add +21.9% |
| CIEN Ciena Corp. | 0.12% | 4,497 | $655K | New |
| RCL Royal Caribbean Cruises Ltd. | 0.12% | 2,017 | $653K | New |
| LHX L3HARRIS Technologies Inc. | 0.11% | 2,003 | $612K | New |
| TEL Te Connectivity PLC | 0.11% | 2,760 | $606K | New |
| MOS The Mosaic Co. | 0.11% | 17,470 | $606K | Reduce -4.3% |
| MS Morgan Stanley | 0.11% | 3,797 | $604K | New |
| COR Cencora Inc. | 0.10% | 1,892 | $591K | New |
| SCHW Schwab (charles) Corp. | 0.10% | 6,096 | $582K | Reduce -38.2% |
| DTE DTE Energy Company | 0.10% | 4,102 | $580K | Reduce -40.5% |
| RSG Republic Services Inc. | 0.10% | 2,459 | $564K | Reduce -49.7% |
| ROK Rockwell Automation Inc. | 0.10% | 1,594 | $557K | New |
| CCL Carnival Corp. | 0.10% | 19,251 | $557K | New |
| LYV Live Nation Entertainment Inc. | 0.10% | 3,392 | $554K | New |
| CBRE CBRE Group Inc. Class A | 0.10% | 3,517 | $554K | New |
| RMD Resmed Inc. | 0.10% | 2,022 | $553K | New |
| KR Kroger Co. | 0.10% | 8,171 | $551K | Reduce -39.5% |
| EBAY eBay Inc. | 0.09% | 5,503 | $500K | Add +3062.6% |
| CVS CVS Health Corp. | 0.09% | 6,464 | $487K | Reduce -68.8% |
| PODD Insulet Corp. | 0.09% | 1,575 | $486K | Reduce -43.9% |
| LNG Cheniere Energy Inc. | 0.08% | 2,003 | $471K | Reduce -45.7% |
| MA Mastercard Inc. Class A | 0.08% | 805 | $458K | Reduce -80.6% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.08% | 8,862 | $457K | Add +2924.6% |
| LIN Linde PLC | 0.08% | 936 | $445K | Add +63.6% |
| DUK Duke Energy Corp. | 0.07% | 3,430 | $424K | Reduce -66.7% |
| MRSH Marsh & McLennan Cos | 0.07% | 1,943 | $392K | Reduce -11.1% |
| OGIG Alps Oshares Global Internet | 0.06% | 6,208 | $357K | Add +21.1% |
| VRSK Verisk Analytics Inc. | 0.06% | 1,403 | $353K | Reduce -85.2% |
| OUSM Alps Oshares US Small-Cap Qu | 0.06% | 7,578 | $339K | Add +24.7% |
Portfolio Sells Q2 2025 → Q3 2025
| BIL SS SPDR BB 1-3M T-Bill ETF | Sold out | 0.00% | −3.95 |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | Reduce -49.6% | 3.44% | −3.07 |
| GSG iShares S&P Gsci Commodity I | Reduce -64.9% | 1.43% | −2.36 |
| DIA SS SPDR Dow Jones Indus Avg | Reduce -86.8% | 0.12% | −0.73 |
| IYR iShares US Real Estate ETF | Sold out | 0.00% | −0.72 |
| IYC iShares US Consumer Discreti | Sold out | 0.00% | −0.61 |
| GILD Gilead Sciences Inc. | Reduce -99.8% | 0.00% | −0.57 |
| AEP American Electric Power | Reduce -96.8% | 0.02% | −0.50 |
| VRSK Verisk Analytics Inc. | Reduce -85.2% | 0.06% | −0.44 |
| EXC Exelon Corp. | Reduce -99.7% | 0.00% | −0.43 |
| MA Mastercard Inc. Class A | Reduce -80.6% | 0.08% | −0.32 |
| BSX Boston Scientific Corp. | Sold out | 0.00% | −0.28 |
| FOXA Fox Corp. Class A | Sold out | 0.00% | −0.27 |
| V Visa Inc. Class A | Sold out | 0.00% | −0.26 |
| ABT Abbott Laboratories | Reduce -91.2% | 0.02% | −0.23 |
| EFA iShares MSCI Eafe ETF | Reduce -8.9% | 11.37% | −0.20 |
| WM Waste Management Inc. | Reduce -77.0% | 0.05% | −0.18 |
| TPR Tapestry Inc. | Sold out | 0.00% | −0.18 |
| EBND State Street SPDR Bloomberg | Sold out | 0.00% | −0.17 |
| T AT&T Inc. | Sold out | 0.00% | −0.17 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | Reduce -14.8% | 1.28% | −0.16 |
| EQT Eqt Corp. | Sold out | 0.00% | −0.16 |
| EWC iShares MSCI Canada ETF | Reduce -99.6% | 0.00% | −0.16 |
| VTIP Vanguard Short-Term Tips | Sold out | 0.00% | −0.16 |
| BSV Vanguard Short-Term Bond ETF | Sold out | 0.00% | −0.16 |
| IDEV iShares Core MSCI Dev MKTS | Sold out | 0.00% | −0.16 |
| DRI Darden Restaurants Inc. | Sold out | 0.00% | −0.16 |
| CVS CVS Health Corp. | Reduce -68.8% | 0.09% | −0.16 |
| MNST Monster Beverage Corp. | Reduce -39.6% | 0.32% | −0.16 |
| CMS CMS Energy Corp. | Sold out | 0.00% | −0.16 |
| NRG NRG Energy Inc. | Sold out | 0.00% | −0.15 |
| WELL Welltower Inc. | Sold out | 0.00% | −0.15 |
| TRV The Travelers Cos Inc. | Sold out | 0.00% | −0.15 |
| AEE Ameren Corporation | Sold out | 0.00% | −0.14 |
| WRB WR Berkley Corp. | Sold out | 0.00% | −0.14 |
| DE Deere & Co. | Sold out | 0.00% | −0.14 |
| DUK Duke Energy Corp. | Reduce -66.7% | 0.07% | −0.13 |
| DGX Quest Diagnostics Inc. | Sold out | 0.00% | −0.12 |
| MMM 3M Co. | Sold out | 0.00% | −0.12 |
| SO The Southern Co. | Sold out | 0.00% | −0.12 |
| ICE Intercontinental Exchange Inc. | Sold out | 0.00% | −0.11 |
| SIXO Allian US Equ 6 Mon BU10-Usd | Reduce -16.8% | 0.82% | −0.11 |
| VTR Ventas Inc. | Sold out | 0.00% | −0.11 |
| RSG Republic Services Inc. | Reduce -49.7% | 0.10% | −0.11 |
| SIXJ Allian US Equ 6 Mon BU10-Usd | Reduce -17.3% | 0.85% | −0.11 |
| BRK.B Berkshire Hathaway Inc. Class B | Sold out | 0.00% | −0.10 |
| IYF iShares US Financials ETF | Reduce -22.6% | 0.51% | −0.10 |
| IYZ iShares US Telecommunication | Reduce -24.4% | 0.52% | −0.10 |
| CSCO Cisco Systems Inc. | Reduce -16.5% | 0.46% | −0.08 |
| IYW iShares Ustechnology ETF | Reduce -25.6% | 0.52% | −0.08 |
Portfolio Buys Q2 2025 → Q3 2025
| IVV iShares Core S&P 500 ETF | Add +284.4% | 14.00% | +10.73 |
| IDU iShares US Utilities ETF | New | 0.50% | +0.50 |
| WBD Warner Bros Discovery Inc. | New | 0.49% | +0.49 |
| IDXX Idexx Laboratories Inc. | New | 0.42% | +0.42 |
| EA Electronic Arts Inc. | New | 0.34% | +0.34 |
| BNY Bank of New York Mellon Corp. | Add +10831.8% | 0.31% | +0.31 |
| INTU Intuit Inc. | New | 0.29% | +0.29 |
| CSGP Costar Group Inc. | New | 0.28% | +0.28 |
| C Citigroup Inc. | New | 0.23% | +0.23 |
| JPM JPMorgan Chase & Co. | New | 0.21% | +0.21 |
| WDC Western Digital Corp. | New | 0.20% | +0.20 |
| GS Goldman Sachs Group Inc. | New | 0.18% | +0.18 |
| GLW Corning Inc. | New | 0.18% | +0.18 |
| NDAQ Nasdaq Inc. | New | 0.17% | +0.17 |
| APH Amphenol Corp. Class A | New | 0.16% | +0.16 |
| APTV Aptiv PLC | New | 0.16% | +0.16 |
| NEM Newmont Corp. | New | 0.16% | +0.16 |
| PPA Invesco Aerospace & Defense | New | 0.15% | +0.15 |
| VEU Vanguard Ftse All-World Ex-U | Add +514.9% | 0.17% | +0.15 |
| ALLE Allegion PLC | New | 0.15% | +0.15 |
| VSS Vanguard Ftse All Wo X-US SC | Add +497.3% | 0.17% | +0.15 |
| CHRW C.H. Robinson Worldwide Inc. | New | 0.14% | +0.14 |
| STT State Street Corp. | New | 0.14% | +0.14 |
| DLTR Dollar Tree Inc. | New | 0.14% | +0.14 |
| DG Dollar General Corp. | New | 0.14% | +0.14 |
| JBL Jabil Inc. | New | 0.14% | +0.14 |
| BWA Borgwarner Inc. | New | 0.13% | +0.13 |
| ULTA Ulta Beauty Inc. | New | 0.13% | +0.13 |
| IWM iShares Russell 2000 ETF | Add +18631.3% | 0.13% | +0.13 |
| NOC Northrop Grumman Corp. | New | 0.13% | +0.13 |
| CIEN Ciena Corp. | New | 0.12% | +0.12 |
| RCL Royal Caribbean Cruises Ltd. | New | 0.12% | +0.12 |
| JNJ Johnson & Johnson | Add +177.4% | 0.15% | +0.11 |
| LHX L3HARRIS Technologies Inc. | New | 0.11% | +0.11 |
| TEL Te Connectivity PLC | New | 0.11% | +0.11 |
| MS Morgan Stanley | New | 0.11% | +0.11 |
| COR Cencora Inc. | New | 0.10% | +0.10 |
| ROK Rockwell Automation Inc. | New | 0.10% | +0.10 |
| CCL Carnival Corp. | New | 0.10% | +0.10 |
| LYV Live Nation Entertainment Inc. | New | 0.10% | +0.10 |
| CBRE CBRE Group Inc. Class A | New | 0.10% | +0.10 |
| RMD Resmed Inc. | New | 0.10% | +0.10 |
| EBAY eBay Inc. | Add +3062.6% | 0.09% | +0.09 |
| BAC Bank of America Corp. | Add +2924.6% | 0.08% | +0.08 |
| XEL Xcel Energy Inc. | New | 0.05% | +0.05 |
| XLB SS Materials Select Sector | New | 0.05% | +0.05 |
| XLE SS Energy Select Sector | New | 0.05% | +0.05 |
| VNQ Vanguard Real Estate ETF | New | 0.05% | +0.05 |
| AU Anglogold Ashanti PLC | New | 0.05% | +0.05 |
| HALO Halozyme Therapeutics Inc. | New | 0.05% | +0.05 |
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 |