HolderBook

First Business Financial Services, Inc.

Reported holdings as of Q2 2026, from 31 quarterly filings.

CIK
1521951
Reported value
$1.3B
Positions
201
Top 10 weight
68.7%
Filed
2026-07-28
Days after quarter end
28

Holdings

SecurityTickerValue SharesWeightWeight change Held Change
VANGUARD INDEX FDSVTI$294.1M794,85322.81%+0.07pp31qHELD
ISHARES TRIEFA$151.4M1,567,57811.74%-0.78pp31q+0.7%+$1.1M
ISHARES TRIWF$90.9M731,8847.05%+0.10pp31q+299.3%+$68.1M
ISHARES TRIJR$74.5M502,0025.77%+0.24pp31qHELD
ISHARES TRIWD$64.4M265,8355.00%-0.06pp31qHELD
ISHARES TRDGRO$63.6M839,0614.93%-0.28pp17qHELD
ISHARES TRIJH$54.9M711,6924.26%+0.01pp31q+0.6%+$320.6K
ISHARES TRAGG$38.5M388,6362.98%-0.33pp31q+3.4%+$1.3M
STATE STR SPDR S&P 500 ETF TSPY$32.6M43,6842.53%flat31qHELD
FIRST BUSINESS FINL SVCS INCFBIZ$21.5M340,1891.67%-0.07pp31q-5.8%-$1.3M
NVIDIA CORPORATIONNVDA$20.5M102,5461.59%+0.04pp24q+2.6%+$519.4K
J P MORGAN EXCHANGE TRADED FJPST$18.4M363,8031.43%-0.15pp15q+4.0%+$713.0K
APPLE INCAAPL$17.3M59,9541.35%flat31q+0.8%+$140.3K
BROADCOM INCAVGO$15.6M41,2481.21%+0.06pp31q-1.0%-$150.7K
ALPHABET INCGOOGL$15.6M43,5891.21%+0.13pp31q+3.4%+$510.3K
CIENA CORPCIEN$14.1M28,8081.10%+0.06pp13q-4.1%-$609.3K
LAM RESEARCH CORPLRCX$14.1M32,5151.09%+0.51pp7q+5.4%+$725.4K
JPMORGAN CHASE & COJPM$11.8M36,1210.92%-0.01pp31q+2.2%+$255.6K
ARISTA NETWORKS INCANET$11.7M68,7500.91%+0.18pp7q+3.9%+$437.8K
QUANTA SVCS INCPWR$11.2M15,5940.87%+0.11pp29qHELD
ELI LILLY & COLLY$8.0M6,6420.62%+0.09pp27q+3.5%+$271.1K
VANGUARD MALVERN FDSVTIP$7.5M150,1710.59%flat2q+13.1%+$871.4K
ISHARES TRMTUM$7.0M20,3350.54%+0.11pp26qHELD
MICROSOFT CORPMSFT$7.0M18,6440.54%-0.05pp31q+3.3%+$222.7K
SELECT SECTOR SPDR TRXLK$7.0M36,4980.54%+0.11pp26qHELD
ISHARES TRIVV$6.5M8,6390.50%+0.13pp31q+33.4%+$1.6M
ISHARES TRMUB$5.9M54,7360.46%-0.04pp7q+3.3%+$189.0K
CITIGROUP INCC$5.8M41,4530.45%+0.05pp21q+3.5%+$196.2K
ANALOG DEVICES INCADI$5.5M13,8740.43%+0.05pp31q+3.7%+$198.6K
BANK OF AMER CORPBAC$4.6M80,0300.35%+0.02pp25q+3.1%+$135.6K
NUCOR CORPNUE$4.6M20,4570.35%+0.06pp5q+4.1%+$180.9K
CENCORA INCCOR$4.5M16,0220.35%-0.08pp31q+4.4%+$192.7K
BERKSHIRE HATHAWAY INC DELBRKA$4.5M60.35%-0.03pp6qHELD
COSTCO WHOLESALE CORPORATIONCOST$4.4M4,7230.34%-0.07pp25q+1.6%+$69.2K
EXXON MOBIL CORPXOMXXXX$4.2M30,8110.33%-0.11pp31q+5.4%+$214.0K
TEXAS INSTRS INCTXN$4.2M13,9690.32%+0.09pp31q+2.7%+$111.2K
GENERAL DYNAMICS CORPGD$3.6M10,3010.28%-0.02pp17q+4.5%+$155.5K
CISCO SYS INCCSCO$3.6M31,0380.28%+0.07pp31qHELD
TIDAL TRUST IIRSSB$3.6M118,1080.28%+0.09pp2q+51.0%+$1.2M
EQUINIX INCEQIX$3.6M3,4180.28%-0.01pp9q+3.7%+$126.1K
EXPEDIA GROUP INCEXPE$3.2M12,6700.25%flat27q+3.8%+$119.8K
COCA COLA COKO$3.2M39,7720.25%-0.01pp31q+2.6%+$81.8K
STRYKER CORPORATIONSYK$3.2M10,0250.24%-0.04pp31q+3.7%+$113.3K
REPUBLIC SVCS INCRSG$3.1M14,4590.24%-0.04pp27q+1.6%+$49.2K
PRUDENTIAL FINL INCPRU$3.1M28,5400.24%flat17q+1.8%+$53.3K
AMAZON COM INCAMZN$3.1M12,8870.24%+0.01pp25q+4.2%+$124.2K
TJX COS INC NEWTJX$3.1M20,1590.24%-0.04pp31q+3.5%+$104.2K
NEXTERA ENERGY INCNEE$3.0M34,6580.24%-0.04pp28q+4.0%+$117.1K
TOLL BROTHERS INCTOL$3.0M18,0860.23%+0.03pp5q+6.5%+$181.7K
T-MOBILE US INCTMUS$2.9M17,4730.23%-0.09pp27q+3.4%+$95.4K
ELECTRONIC ARTS INCEA$2.9M14,1270.22%-0.03pp27qHELD
SELECT SECTOR SPDR TRXLE$2.9M54,2440.22%-0.07pp26qHELD
SELECT SECTOR SPDR TRXLI$2.6M14,0130.20%flat26qHELD
META PLATFORMS INCMETA$2.6M4,5530.20%-0.02pp22q+5.4%+$130.7K
ALPHABET INCGOOG$2.5M7,0190.19%+0.02pp31q+2.0%+$47.7K
DARDEN RESTAURANTS INCDRI$2.3M11,0960.18%-0.01pp27q+3.9%+$84.9K
OSHKOSH CORPOSK$2.3M14,7780.18%-0.01pp5q+5.0%+$108.8K
INTERCONTINENTAL EXCHANGE INICE$2.2M17,8070.17%-0.07pp31q+3.1%+$65.2K
CORNING INCGLW$2.2M8,5380.17%+0.06pp29q-4.7%-$108.3K
LOWES COS INCLOW$2.1M9,7260.17%-0.03pp31q+4.0%+$81.8K
ADVANCED MICRO DEVICES INCAMD$2.1M3,6000.16%+0.10pp21q+2.7%+$54.6K
HOWMET AEROSPACE INCHWM$2.1M7,6380.16%-newNEW
QUALCOMM INCQCOM$1.9M10,5460.15%+0.04pp27q+4.1%+$77.2K
PHILIP MORRIS INTL INCPM$1.9M10,5480.15%-0.01pp31q+0.9%+$16.3K
AMERICAN ELEC PWR CO INCAEP$1.9M13,8450.15%flat4q+6.3%+$111.9K
SLB LIMITEDSLB$1.9M40,3680.15%-0.03pp19q+4.1%+$73.9K
IQVIA HLDGS INCIQV$1.8M9,3400.14%flat13q+4.2%+$72.7K
ABBVIE INCABBV$1.8M7,0470.14%flat25q-1.7%-$29.9K
ISHARES TRIWB$1.7M4,2440.13%flat31qHELD
NETFLIX INCNFLX$1.6M22,0650.12%-0.06pp5q+4.4%+$67.0K
SPDR GOLD TRGLD$1.6M4,2470.12%-0.04pp30qHELD
VANGUARD INDEX FDSVB$1.5M5,0700.12%flat31qHELD
KROGER COKR$1.5M27,5770.12%-0.05pp31q+4.7%+$68.2K
SELECT SECTOR SPDR TRXLY$1.5M12,9020.12%-0.01pp18qHELD
COLGATE PALMOLIVE COCL$1.5M16,2940.12%flat5q+7.8%+$108.5K
ISHARES TRIWM$1.5M4,9500.12%+0.01pp31qHELD
ASML HLDG NVASML$1.5M7340.11%+0.03pp6qHELD
BERKSHIRE HATHAWAY INC DELBRKB$1.4M2,8380.11%+0.02pp19q+29.1%+$319.7K
ATI INCATI$1.4M7,1580.11%+0.01pp29q-4.4%-$64.3K
APOLLO GLOBAL MGMT INCAPO$1.4M11,6070.11%flat5q+6.5%+$83.4K
SELECT SECTOR SPDR TRXLF$1.3M24,0950.10%-0.01pp26qHELD
ISHARES TRIWO$1.2M3,1320.10%+0.01pp31qHELD
JOHNSON & JOHNSONJNJ$1.2M4,7760.09%-0.01pp31q+2.8%+$32.8K
MERCK & CO INCMRK$1.2M9,0620.09%flat31q+2.9%+$33.2K
VANGUARD WORLD FDVOX$1.1M6,2000.09%-0.01pp26qHELD
WALMART INCWMT$1.1M9,6010.08%-0.01pp31q+8.9%+$89.1K
EATON CORP PLCETN$1.0M2,4460.08%+0.01pp21q+12.6%+$116.3K
VANGUARD INDEX FDSVO$1.0M12,8200.08%flat22q+300.0%+$774.7K
PALANTIR TECHNOLOGIES INCPLTR$1.0M8,7580.08%-0.04pp19q-0.6%-$6.7K
ISHARES TRIWN$1.0M4,6040.08%flat31qHELD
NUSHARES ETF TRNULV$950.1K19,0060.07%flat16qHELD
SIMPLIFY EXCHANGE TRADED FUNCTA$930.0K35,8510.07%+0.01pp2q+48.3%+$302.8K
MARVELL TECHNOLOGY INCMRVL$894.0K3,0010.07%+0.04pp5q-3.6%-$33.4K
SALESFORCE INCCRM$876.4K5,5940.07%-0.02pp5q+5.4%+$44.6K
TRANSDIGM GROUP INCTDG$871.2K6540.07%flat25qHELD
APPLIED MATLS INCAMAT$865.4K1,1970.07%+0.03pp5q+9.9%+$78.1K
ISHARES TRUSMV$838.6K8,6940.07%-0.01pp28qHELD
BLACKROCK INCBLK$804.8K8370.06%-0.01pp7qHELD
PROCTER & GAMBLE COPG$802.6K5,4730.06%-0.01pp31q+2.1%+$16.6K
SELECT SECTOR SPDR TRXLC$783.9K7,3170.06%-0.01pp18qHELD
VANGUARD INDEX FDSVUG$776.3K9,0120.06%flat31q+481.4%+$642.8K
MASTERCARD INCORPORATEDMA$731.9K1,4250.06%flat22q+3.1%+$22.1K
MONDELEZ INTL INCMDLZ$705.1K12,1910.05%-0.01pp31q+0.6%+$4.2K
INTERNATIONAL BUSINESS MACHSIBM$684.5K2,4340.05%+0.01pp7q+21.5%+$120.9K
ILLINOIS TOOL WKS INCITW$683.5K2,5270.05%flat15q+0.8%+$5.7K
CATERPILLAR INCCAT$640.0K6010.05%+0.01pp10q+2.0%+$12.8K
STATE STR SPDR S&P MIDCAP 40MDY$623.9K8870.05%flat25qHELD
MGE ENERGY INCMGEE$608.1K7,4580.05%flat26qHELD
ALTRIA GROUP INCMO$603.2K8,3840.05%flat31q+0.9%+$5.6K
CUMMINS INCCMI$595.5K8350.05%+0.01pp15q+1.3%+$7.8K
VANGUARD INDEX FDSVTV$586.0K2,6890.05%flat31qHELD
GE AEROSPACEGE$586.0K1,5680.05%+0.02pp6q+31.9%+$141.6K
HOME DEPOT INCHD$570.3K1,6170.04%flat31q+1.7%+$9.5K
CINTAS CORPCTAS$569.9K3,3510.04%flat19q+16.9%+$82.3K
WEYCO GROUP INCWEYS$556.8K14,1560.04%flat20qHELD
ISHARES SILVER TRSLV$552.3K10,3300.04%-0.02pp6qHELD
ABBOTT LABORATORIESABT$543.4K5,9880.04%-0.01pp20q+2.9%+$15.4K
INTUITIVE SURGICAL INCISRG$540.0K1,3580.04%-0.01pp22q+1.3%+$7.2K
ISHARES TREFA$532.7K5,1280.04%flat12qHELD
PEPSICO INCPEP$519.4K3,8360.04%-0.01pp31q+0.7%+$3.7K
CHEVRON CORPORATIONCVX$508.7K3,0690.04%-0.01pp31q+12.4%+$56.0K
SOUTHERN COSO$508.3K5,3110.04%-0.01pp7q+1.0%+$4.8K
AMERICAN EXPRESS COAXP$498.9K1,4750.04%flat21qHELD
VANGUARD WORLD FDVGT$496.2K4,1520.04%+0.01pp14q+700.0%+$434.2K
ALLIANT ENERGY CORPLNT$495.2K6,4910.04%flat8q+19.2%+$79.9K
BANK MONTREAL MEDIUMBMO$492.1K2,7850.04%flat6qHELD
TETRA TECH INC NEWTTEK$485.9K16,8200.04%-0.01pp29qHELD
ACCENTURE PLC IRELANDACN$484.8K3,8960.04%-0.03pp31qHELD
TE CONNECTIVITY PLCTEL$478.8K2,3750.04%-0.01pp8qHELD
MICRON TECHNOLOGY INCMU$477.9K4140.04%-newNEW
VISA INCV$471.4K1,3740.04%flat22q+12.0%+$50.4K
VANGUARD TAX-MANAGED FDSVEA$467.5K6,5620.04%flat15qHELD
AMERIPRISE FINL INCAMP$465.6K1,0150.04%flat22qHELD
PARKER-HANNIFIN CORPPH$459.7K4700.04%flat11qHELD
ISHARES TRIXN$454.1K3,1430.04%+0.01pp11qHELD
ISHARES TRACWX$449.4K5,9050.03%flat25qHELD
MORGAN STANLEYMS$444.4K2,1260.03%flat7q+2.4%+$10.5K
WOODWARD INCWWD$425.4K1,0000.03%flat5qHELD
DUKE ENERGY CORP NEWDUK$420.4K3,3210.03%flat7q+8.1%+$31.4K
AON PLCAON$412.0K1,2420.03%-0.01pp23q-10.3%-$47.1K
MCKESSON CORPMCK$402.7K5330.03%-0.01pp13q+1.9%+$7.6K
UNION PAC CORPUNP$390.9K1,4370.03%flat25q+1.1%+$4.1K
GLOBAL X FDSPAVE$388.3K6,5910.03%+0.01pp6q+22.0%+$70.1K
WASTE MGMT INC DELWM$375.6K1,6850.03%flat21q+1.6%+$5.8K
GOLDMAN SACHS GROUP INCGS$375.2K3710.03%flat6qHELD
GE VERNOVA INCGEV$363.0K3090.03%+0.01pp2q+20.2%+$61.1K
PULTE GROUP INCPHM$360.3K2,6260.03%flat2q+0.8%+$2.9K
SELECT SECTOR SPDR TRXLU$358.4K7,9040.03%flat6qHELD
ROCKWELL AUTOMATION INCROK$352.5K7120.03%+0.01pp15q+8.7%+$28.2K
OKLO INCOKLO$348.0K6,6500.03%flat5qHELD
HILTON WORLDWIDE HLDGS INCHLT$345.3K1,0450.03%+0.01pp2q+48.2%+$112.4K
INTEL CORPINTC$342.1K2,4500.03%-newNEW
XCEL ENERGY INCXEL$335.5K4,1780.03%flat8qHELD
SPDR INDEX SHS FDSSPDW$324.7K6,4440.03%flat2qHELD
UNITED STS COMMODITY INDEX FUSCI$322.1K3,4770.02%flat2qHELD
THOMSON REUTERS CORPTRI$321.9K3,9420.02%-newNEW
UNITEDHEALTH GROUP INCUNH$320.5K7710.02%+0.01pp31q+2.8%+$8.7K
CAPITAL ONE FINL CORPCOF$315.6K1,5730.02%flat5q+1.1%+$3.4K
SEAGATE TECHNOLOGY HLDNGS PLSTX$309.8K3210.02%-newNEW
US BANCORPUSB$305.2K5,0530.02%flat23qHELD
BLACKSTONE INCBX$295.8K2,5140.02%-0.01pp2q-13.8%-$47.4K
CHARLES RIV LABS INTL INCCRL$294.8K1,3000.02%flat4qHELD
STRATTEC SEC CORPSTRT$293.1K3,5980.02%flat5qHELD
ORACLE CORPORCL$292.1K1,9930.02%flat9q+11.1%+$29.2K
PHILLIPS 66PSX$291.6K1,7250.02%flat2q+17.3%+$42.9K
MICROCHIP TECHNOLOGY INC.MCHP$286.0K3,1360.02%flat2qHELD
PNC FINL SVCS GROUP INCPNC$278.2K1,1300.02%flat24q-16.9%-$56.6K
SCHWAB CHARLES CORPSCHW$278.1K3,0140.02%flat18q+4.6%+$12.3K
GILEAD SCIENCES INCGILD$278.1K2,2010.02%flat4q+18.1%+$42.7K
TAIWAN SEMICONDUCTOR MANUFACTSM$270.8K5670.02%-newNEW
ISHARES TRIVW$256.2K1,8630.02%flat5q-3.6%-$9.6K
VANGUARD WORLD FDMGV$247.0K1,5110.02%flat2q+7.1%+$16.3K
NORFOLK SOUTHN CORPNSC$244.1K7760.02%flat2q+2.4%+$5.7K
WISDOMTREE TRDGRW$243.2K2,5430.02%flat8qHELD
GOLDMAN SACHS ETF TRGPIQ$241.5K4,0710.02%flat2qHELD
FIDELITY COVINGTON TRUSTFELG$240.6K5,5000.02%flat5q-3.5%-$8.8K
TRUIST FINL CORPTFC$240.0K4,8180.02%flat3q+10.1%+$22.0K
CVS HEALTH CORPCVS$239.2K2,3120.02%-newNEW
GALLAGHER ARTHUR J & COAJG$238.1K1,0370.02%flat19qHELD
FIRST TR EXCHANGE-TRADED FDRDVI$236.7K8,0520.02%flat2qHELD
THERMO FISHER SCIENTIFIC INCTMO$234.1K4670.02%-0.01pp10q-12.7%-$34.1K
ETFS GOLD TRSGOL$233.1K6,0960.02%-0.01pp2qHELD
MCDONALDS CORPMCD$232.2K8590.02%-0.03pp31q-46.0%-$198.1K
PPL CORPPPL$230.5K6,3400.02%flat2q+14.2%+$28.6K
ESSENTIAL UTILS INCWTRG$229.9K6,0000.02%-0.03pp2q-57.6%-$312.1K
ISHARES TRIWS$226.7K1,3770.02%flat2qHELD
GOLDMAN SACHS ETF TRGPIX$226.5K4,0760.02%flat2qHELD
KEYCORPKEY$225.7K9,7910.02%-newNEW
WEC ENERGY GROUP INCWEC$225.4K1,9300.02%-newNEW
WELLS FARGO & COWFC$224.4K2,7150.02%-newNEW
SERVICENOW INCNOW$219.4K2,2100.02%flat8q-2.6%-$6.0K
MARATHON PETE CORPMPC$219.1K8570.02%flat2qHELD
ENBRIDGE INCENB$213.9K3,9460.02%-newNEW
VERIZON COMMUNICATIONS INCVZ$213.2K5,0360.02%flat2q+11.4%+$21.8K
CHUBB LIMITEDCB$213.0K6250.02%flat2q+1.8%+$3.7K
UBER TECHNOLOGIES INCUBER$210.9K2,9220.02%-newNEW
EOG RES INCEOG$210.8K1,6250.02%-0.01pp2q-15.8%-$39.4K
SIMON PPTY GROUP INC NEWSPG$208.2K9310.02%-newNEW
CONSTELLATION ENERGY CORPCEG$206.6K8320.02%-newNEW
GENERAC HLDGS INCGNRC$205.0K7000.02%-newNEW
AMDOCS LTDDOX$204.5K4,0460.02%-0.01pp29q-9.1%-$20.4K

By sector

Industry comes from the SIC code on each company's own SEC filings, which is self-reported and sometimes out of date. Derivative exposure is counted with the shares. Securities the SEC assigns no industry - funds, trusts, foreign issues - are shown as not classified rather than dropped.

Semiconductors & Electronics 5.3%Banks & Lending 3.6%Computer Hardware 2.6%Funds & ETFs 2.6%Software & IT Services 2.6%Other sectors 11.8%Not classified 71.5%
 
SectorValueShare
Semiconductors & Electronics$68.7M5.3%
Banks & Lending$46.3M3.6%
Computer Hardware$33.7M2.6%
Funds & ETFs$33.2M2.6%
Software & IT Services$33.1M2.6%
Other sectors$152.5M11.8%
Not classified$921.9M71.5%

Quarter by quarter

QuarterValuePositions NewAddedTrimmed ExitedTop 10 Days to file
Q2 2026$1.3B2011510419668.7%28
Q1 2026$1.1B192278411369.8%31
Q4 2025$1.1B168251581972.6%37
Q3 2025$1.1B18591771972.1%30
Q2 2025$1.1B185203144573.4%31
Q1 2025$1.0B170157221773.9%32
Q4 2024$1.0B162145591174.5%37
Q3 2024$999.2M159105740875.7%37
Q2 2024$943.3M157857301677.0%33
Q1 2024$932.5M16594439677.6%45
Q4 2023$860.2M162939621578.0%45
Q3 2023$784.8M16868420576.3%45
Q2 2023$810.7M1671238351377.1%38
Q1 2023$796.8M16887215376.8%39
Q4 2022$744.2K163113243976.0%33
Q3 2022$700.3M1611261251077.8%46
Q2 2022$742.4M1591426672678.3%33
Q1 2022$904.4M171106313980.9%39
Q4 2021$945.1M17018777481.1%41
Q3 2021$873.9M15697412882.3%26
Q2 2021$855.5M155228413182.3%20
Q1 2021$753.4M134108213183.3%20
Q4 2020$688.2M12545220284.3%28
Q3 2020$599.1M12322938082.2%35
Q2 2020$557.9M121134037782.1%43
Q1 2020$502.3M115817641784.0%31
Q4 2019$631.9M1242322321784.2%41
Q3 2019$585.0M11862326585.4%36
Q2 2019$575.6M117151643385.8%24
Q1 2019$561.0M105310615286.8%33
Q4 2018$587.8M154000073.4%37

Rows marked UNVERIFIED ID, PLACEHOLDER ID, TICKER AS ID or NON-CUSIP ID carry an identifier that is not a valid CUSIP. They are shown because the filer reported that money, but treat the security named with caution - hover the chip for what is wrong with it, and see the methodology.

Held counts consecutive filings in which this manager reported the position, and can reach further back than the quarters listed above: the tabs begin at Q4 2018 because earlier coverage is too sparse to describe a market, but tenure is counted over every filing we hold, some reaching to 2007. A position sold and later rebought starts again from one.

Weight change is the shift in this position's share of the whole book, in percentage points. It is the more useful column: when money flows into or out of a broad fund, almost every holding is bought or sold at once, so added and trimmed largely track flows. A weight that rose while the book shrank is a decision. Both compare with the previous quarter this filer reported, not the previous calendar quarter.