# THEORY FINANCIAL LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1899158. Source: https://holderbook.com/funds/1899158-theory-financial-llc/

- Reported value: $317.3M
- Positions: 99
- Weight of the ten largest: 37.5%
- Filed: 2026-07-31

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| SCHWAB STRATEGIC TR | [SCHZ](https://holderbook.com/stocks/SCHZ/) | $22.9M | 988,119 | 7.2% | 16 |
| SELECT SECTOR SPDR TR | [XLC](https://holderbook.com/stocks/XLC/) | $21.1M | 197,004 | 6.7% | 10 |
| SPDR SERIES TRUST | [SPYM](https://holderbook.com/stocks/SPYM/) | $12.2M | 139,379 | 3.9% | 12 |
| ISHARES TR | [MBB](https://holderbook.com/stocks/MBB/) | $10.8M | 114,412 | 3.4% | 13 |
| DBX ETF TR | [HYLB](https://holderbook.com/stocks/HYLB/) | $9.4M | 257,512 | 3.0% | 6 |
| SIMPLIFY EXCHANGE TRADED FUN | [CTA](https://holderbook.com/stocks/CTA/) | $9.4M | 361,176 | 3.0% | 3 |
| ISHARES TR | [IGIB](https://holderbook.com/stocks/IGIB/) | $8.8M | 166,224 | 2.8% | 16 |
| WISDOMTREE TR | [EZM](https://holderbook.com/stocks/EZM/) | $8.3M | 109,393 | 2.6% | 18 |
| ETF OPPORTUNITIES TRUST | [FCTE](https://holderbook.com/stocks/FCTE/) | $8.2M | 281,444 | 2.6% | 8 |
| ISHARES TR | [SOXX](https://holderbook.com/stocks/SOXX/) | $7.9M | 12,271 | 2.5% | 18 |
| TIDAL TRUST I | [GRNY](https://holderbook.com/stocks/GRNY/) | $7.8M | 283,636 | 2.5% | 5 |
| ISHARES INC | [PICK](https://holderbook.com/stocks/PICK/) | $7.4M | 127,586 | 2.3% | 3 |
| ISHARES TR | [IUSB](https://holderbook.com/stocks/IUSB/) | $7.4M | 159,643 | 2.3% | 12 |
| INVESCO EXCHANGE TRADED FD T | [PTF](https://holderbook.com/stocks/PTF/) | $6.7M | 49,392 | 2.1% | 15 |
| VANGUARD STAR FDS | [VXUS](https://holderbook.com/stocks/VXUS/) | $6.7M | 78,191 | 2.1% | 14 |
| VANGUARD WORLD FD | [VGT](https://holderbook.com/stocks/VGT/) | $6.4M | 53,392 | 2.0% | 18 |
| SCHWAB STRATEGIC TR | [SCHP](https://holderbook.com/stocks/SCHP/) | $6.2M | 235,393 | 2.0% | 18 |
| VANGUARD WORLD FD | [VFH](https://holderbook.com/stocks/VFH/) | $6.2M | 46,809 | 1.9% | 17 |
| INVESCO EXCHANGE TRADED FD T | [XSMO](https://holderbook.com/stocks/XSMO/) | $6.0M | 63,567 | 1.9% | 11 |
| INVESCO EXCHANGE TRADED FD T | [RZV](https://holderbook.com/stocks/RZV/) | $5.9M | 39,779 | 1.9% | 18 |
| SPDR GOLD TR | [GLD](https://holderbook.com/stocks/GLD/) | $5.9M | 16,041 | 1.9% | 5 |
| INVESCO EXCH TRADED FD TR II | [QQQM](https://holderbook.com/stocks/QQQM/) | $5.9M | 19,452 | 1.9% | 13 |
| BLACKROCK ETF TRUST | [DYNF](https://holderbook.com/stocks/DYNF/) | $5.9M | 86,369 | 1.9% | 10 |
| VANGUARD INDEX FDS | [VBR](https://holderbook.com/stocks/VBR/) | $5.8M | 23,942 | 1.8% | 18 |
| SELECT SECTOR SPDR TR | [XLK](https://holderbook.com/stocks/XLK/) | $5.8M | 30,217 | 1.8% | 3 |
| ISHARES TR | [IVW](https://holderbook.com/stocks/IVW/) | $5.7M | 41,296 | 1.8% | 16 |
| INVESCO ACTVELY MNGD ETC FD | [PDBC](https://holderbook.com/stocks/PDBC/) | $5.6M | 352,441 | 1.8% | 3 |
| SELECT SECTOR SPDR TR | [XLV](https://holderbook.com/stocks/XLV/) | $4.9M | 30,610 | 1.5% | 4 |
| ISHARES TR | [IVE](https://holderbook.com/stocks/IVE/) | $4.8M | 21,138 | 1.5% | 10 |
| ROUNDHILL ETF TRUST | - | $3.8M | 51,118 | 1.2% | 1 |
| ISHARES TR | [ACWX](https://holderbook.com/stocks/ACWX/) | $3.7M | 48,483 | 1.2% | 2 |
| ISHARES TR | [EMB](https://holderbook.com/stocks/EMB/) | $3.7M | 37,995 | 1.2% | 1 |
| ISHARES TR | [GOVT](https://holderbook.com/stocks/GOVT/) | $3.6M | 159,136 | 1.1% | 8 |
| BLACKROCK ETF TRUST | [CORO](https://holderbook.com/stocks/CORO/) | $3.3M | 90,283 | 1.0% | 2 |
| VANGUARD INDEX FDS | [VTV](https://holderbook.com/stocks/VTV/) | $3.2M | 14,542 | 1.0% | 18 |
| VANECK ETF TRUST | [NLR](https://holderbook.com/stocks/NLR/) | $3.1M | 26,873 | 1.0% | 4 |
| BLACKROCK ETF TRUST | [BAI](https://holderbook.com/stocks/BAI/) | $2.7M | 51,700 | 0.9% | 5 |
| SPDR INDEX SHS FDS | [SPEM](https://holderbook.com/stocks/SPEM/) | $2.6M | 50,696 | 0.8% | 3 |
| VANGUARD MUN BD FDS | [VTEB](https://holderbook.com/stocks/VTEB/) | $2.6M | 51,756 | 0.8% | 12 |
| BONDBLOXX ETF TRUST | [XTEN](https://holderbook.com/stocks/XTEN/) | $2.5M | 55,634 | 0.8% | 6 |
| ISHARES TR | [MUB](https://holderbook.com/stocks/MUB/) | $2.5M | 23,102 | 0.8% | 18 |
| BLACKROCK ETF TRUST | [BLCR](https://holderbook.com/stocks/BLCR/) | $2.3M | 46,213 | 0.7% | 2 |
| BLACKROCK ETF TRUST | [IALT](https://holderbook.com/stocks/IALT/) | $2.3M | 80,322 | 0.7% | 1 |
| INVESCO EXCH TRADED FD TR II | [SPMO](https://holderbook.com/stocks/SPMO/) | $2.2M | 13,395 | 0.7% | 7 |
| ISHARES TR | [IVV](https://holderbook.com/stocks/IVV/) | $2.1M | 2,869 | 0.7% | 15 |
| BLACKROCK ETF TRUST II | [GGOV](https://holderbook.com/stocks/GGOV/) | $2.0M | 39,852 | 0.6% | 1 |
| ISHARES TR | [LMUB](https://holderbook.com/stocks/LMUB/) | $2.0M | 38,963 | 0.6% | 2 |
| BLACKROCK ETF TRUST | [THRO](https://holderbook.com/stocks/THRO/) | $1.9M | 43,363 | 0.6% | 6 |
| GLOBAL X FDS | [SHLD](https://holderbook.com/stocks/SHLD/) | $1.5M | 24,468 | 0.5% | 4 |
| AMERICAN CENTY ETF TR | [AVEM](https://holderbook.com/stocks/AVEM/) | $1.4M | 14,911 | 0.5% | 4 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $1.3M | 1,806 | 0.4% | 18 |
| ISHARES TR | [IWF](https://holderbook.com/stocks/IWF/) | $1.3M | 10,524 | 0.4% | 18 |
| GRAYSCALE BITCOIN MINI TR ET | [BTC](https://holderbook.com/stocks/BTC/) | $1.3M | 48,919 | 0.4% | 5 |
| ISHARES TR | [EAGG](https://holderbook.com/stocks/EAGG/) | $1.1M | 23,298 | 0.3% | 7 |
| BLACKROCK ETF TRUST | [LCTU](https://holderbook.com/stocks/LCTU/) | $1.1M | 13,720 | 0.3% | 10 |
| ISHARES TR | [OEF](https://holderbook.com/stocks/OEF/) | $987.8K | 2,700 | 0.3% | 11 |
| ISHARES TR | [SUSC](https://holderbook.com/stocks/SUSC/) | $957.8K | 41,371 | 0.3% | 10 |
| ISHARES INC | [IEMG](https://holderbook.com/stocks/IEMG/) | $903.6K | 10,908 | 0.3% | 12 |
| ISHARES TR | [ESGU](https://holderbook.com/stocks/ESGU/) | $901.0K | 5,505 | 0.3% | 12 |
| ISHARES TR | [QUAL](https://holderbook.com/stocks/QUAL/) | $819.6K | 3,735 | 0.3% | 14 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $721.9K | 2,020 | 0.2% | 14 |
| ISHARES TR | [DSI](https://holderbook.com/stocks/DSI/) | $686.7K | 4,823 | 0.2% | 10 |
| WORLD GOLD TR | [GLDM](https://holderbook.com/stocks/GLDM/) | $672.7K | 8,470 | 0.2% | 7 |
| BLACKROCK ETF TRUST II | [BINC](https://holderbook.com/stocks/BINC/) | $627.2K | 11,984 | 0.2% | 10 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $604.5K | 1,208 | 0.2% | 7 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $563.7K | 1,948 | 0.2% | 9 |
| SCHWAB STRATEGIC TR | [SCHV](https://holderbook.com/stocks/SCHV/) | $543.7K | 15,618 | 0.2% | 17 |
| ISHARES TR | [SUSB](https://holderbook.com/stocks/SUSB/) | $537.2K | 21,495 | 0.2% | 1 |
| ISHARES TR | [EUSB](https://holderbook.com/stocks/EUSB/) | $531.0K | 12,220 | 0.2% | 7 |
| ISHARES TR | [USXF](https://holderbook.com/stocks/USXF/) | $530.7K | 7,642 | 0.2% | 10 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $528.6K | 2,218 | 0.2% | 18 |
| ALNYLAM PHARMACEUTICALS INC | [ALNY](https://holderbook.com/stocks/ALNY/) | $517.5K | 1,719 | 0.2% | 3 |
| VANGUARD INDEX FDS | [VUG](https://holderbook.com/stocks/VUG/) | $483.5K | 5,613 | 0.2% | 7 |
| ISHARES TR | [IEFA](https://holderbook.com/stocks/IEFA/) | $476.6K | 4,935 | 0.2% | 14 |
| ISHARES TR | [EFG](https://holderbook.com/stocks/EFG/) | $440.6K | 3,541 | 0.1% | 12 |
| SPDR SERIES TRUST | [SPTS](https://holderbook.com/stocks/SPTS/) | $436.2K | 15,037 | 0.1% | 16 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $424.6K | 354 | 0.1% | 4 |
| ISHARES TR | [EFV](https://holderbook.com/stocks/EFV/) | $419.0K | 5,473 | 0.1% | 12 |
| ISHARES TR | [SYSB](https://holderbook.com/stocks/SYSB/) | $401.6K | 4,527 | 0.1% | 3 |
| ISHARES INC | [ESGE](https://holderbook.com/stocks/ESGE/) | $392.7K | 7,180 | 0.1% | 5 |
| ISHARES TR | [IWS](https://holderbook.com/stocks/IWS/) | $377.4K | 2,293 | 0.1% | 14 |
| ISHARES TR | [IYW](https://holderbook.com/stocks/IYW/) | $331.9K | 1,316 | 0.1% | 12 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $331.2K | 1,304 | 0.1% | 1 |
| ISHARES TR | [EVUS](https://holderbook.com/stocks/EVUS/) | $330.3K | 9,408 | 0.1% | 3 |
| ISHARES TR | [IVLU](https://holderbook.com/stocks/IVLU/) | $324.6K | 7,762 | 0.1% | 8 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $307.4K | 939 | 0.1% | 7 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $305.6K | 809 | 0.1% | 5 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $303.0K | 1,828 | 0.1% | 12 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $286.5K | 1,432 | 0.1% | 3 |
| VANGUARD TAX-MANAGED FDS | [VEA](https://holderbook.com/stocks/VEA/) | $280.5K | 3,937 | 0.1% | 6 |
| ISHARES TR | [DMXF](https://holderbook.com/stocks/DMXF/) | $279.6K | 3,305 | 0.1% | 2 |
| VANGUARD INDEX FDS | [VOE](https://holderbook.com/stocks/VOE/) | $277.8K | 1,406 | 0.1% | 11 |
| INVESCO QQQ TR | [QQQ](https://holderbook.com/stocks/QQQ/) | $262.2K | 356 | 0.1% | 5 |
| ISHARES TR | [STIP](https://holderbook.com/stocks/STIP/) | $250.5K | 2,452 | 0.1% | 1 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $237.5K | 944 | 0.1% | 4 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $217.5K | 583 | 0.1% | 18 |
| ISHARES TR | [IWP](https://holderbook.com/stocks/IWP/) | $214.3K | 1,464 | 0.1% | 1 |
| SCHWAB STRATEGIC TR | [FNDX](https://holderbook.com/stocks/FNDX/) | $207.0K | 6,657 | 0.1% | 1 |
| FATE THERAPEUTICS INC | [FATE](https://holderbook.com/stocks/FATE/) | $60.0K | 22,222 | 0.0% | 1 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +8.9% | +14.8% | -5.9% | 100% |
| Q1 2026 | -1.6% | -4.6% | +3.0% | 98% |
| Q4 2025 | +0.8% | +2.4% | -1.5% | 99% |
| Q3 2025 | +4.9% | +7.8% | -2.9% | 100% |
| Q2 2025 | +5.5% | +10.5% | -5.0% | 100% |
| Q1 2025 | -2.3% | -4.6% | +2.3% | 100% |
| Q4 2024 | -1.3% | +2.1% | -3.4% | 118% |
| Q3 2024 | +4.7% | +5.4% | -0.7% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $317.3M | 99 |
| Q1 2026 | $284.9M | 94 |
| Q4 2025 | $296.9M | 101 |
| Q3 2025 | $283.7M | 90 |
| Q2 2025 | $263.6M | 84 |
| Q1 2025 | $237.1M | 81 |
| Q4 2024 | $239.1M | 74 |
| Q3 2024 | $226.9M | 66 |
| Q2 2024 | $211.6M | 68 |
| Q1 2024 | $196.4M | 73 |
| Q4 2023 | $187.2M | 69 |
| Q3 2023 | $170.5M | 67 |