Theory Financial LLC — Inside Their 13F Portfolio

CIK: 0001899158

Diversified strategyMomentum followerQuality / disciplined sizing

Total reported value

$284.9M

Reporting period: 2026-03-31 · Number of holdings: 94

THEORY FINANCIAL LLC disclosed 94 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $284.9M and a quarterly turnover rate of 36.4%.

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Personality snowflake

Concentration: 10.63
Portfolio Stability: 36.42
Momentum/Contrarian: 100
Sector conviction: 56.93
Diversification: 100
Sizing Uniformity: 87.7

Theory Financial LLC's disclosed holdings carry a Herfindahl concentration index of 0.027 — mathematically equivalent to about 38 equally-sized positions, well below its 94 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.

Position sizes vary widely across the portfolio (a coefficient of variation of 1.23), with a handful of outsized bets alongside many smaller positions.

No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.

Sector classification currently covers about 2% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.

Recent moves

Trim VFH
-66.6%　-$13.0M
Add XLP
+1853.2%　$6.8M
Add FCTE
+243.9%　$5.1M
Add CTA
+71.5%　$4.6M
Trim SCHZ
-16.9%　-$4.8M
Add PICK
+117.6%　$3.0M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	SCHZ	Schwab US Aggregate Bond ETF	ETF-Other	7.71%	-1.29%	-16.93%
2	XLC	Ss Comm Select Sector Spdr	ETF-Other	7.23%	-0.91%	-9.40%
3	MBB	Ishares Mbs ETF	ETF-Other	3.73%	—	+1.24%
4	CTA	Simplify Managed Futures St	ETF-Other	3.59%	+1.70%	+71.55%
5	IGIB	Ishares 5-10y Inv Grade CORP	ETF-Corp Bonds	3.14%	—	-1.02%
6	HYLB	Xtrackers Usd High Yield Cor	ETF-High Yield	3.13%	—	+6.94%
7	GRNY	Fundstr Gran Sh US Lrg Cap	ETF-Other	2.68%	-0.47%	-12.38%
8	FCTE	Smi 3fourteen Full-cycl Trnd	ETF-Other	2.64%	+1.83%	+243.93%
9	XLP	Ss Consumer Staples Sel Sect	ETF-Other	2.53%	+2.40%	+1853.21%
10	XLV	Ss Health Care Select Sector	ETF-Other	2.30%	+0.85%	+64.37%
11	GLD	Spdr Gold Shares	ETF-Commodities	2.27%	+0.53%	+35.10%
12	SPYM	Ste Str Spdr Pt S&p 500 ETF	ETF-Large Cap & Growth	2.24%	+0.41%	+25.19%
13	EZM	Wisdomtree US Midcap Fund	ETF-Other	2.11%	+0.45%	+26.81%
14	VFH	Vanguard Financials ETF	ETF-Other	2.03%	-4.30%	-66.58%
15	PICK	Ishares Msci Global Metals &	ETF-Other	2.03%	+1.09%	+117.58%
16	IVE	Ishares S&p 500 Value ETF	ETF-Large Cap & Growth	1.90%	-0.10%	-5.77%
17	VXUS	Vanguard Total Intl Stock	ETF-Other	1.89%	-0.12%	-6.50%
18	SCHP	Schwab U.s. Tips ETF	ETF-Other	1.86%	-0.18%	-12.60%
19	DYNF	Ishrs US E F R A Etf-usd INC	ETF-Other	1.80%	-0.39%	-16.95%
20	PDBC	Invesco Optimum Yield Divers	ETF-Other	1.73%	+0.92%	+71.25%
21	VBR	Vanguard Small-cap Value ETF	ETF-Other	1.71%	+0.40%	+29.44%
22	IVW	Ishares S&p 500 Growth ETF	ETF-Large Cap & Growth	1.69%	-0.08%	+0.89%
23	XSMO	Invesco S&p Smallcap Momentu	ETF-Other	1.65%	+0.41%	+29.94%
24	RZV	Invesco S&p Smallcap 600 Pur	ETF-Other	1.65%	+0.42%	+33.41%
25	SOXX	Ishares Semiconductor ETF	ETF-Other	1.54%	-0.43%	-21.97%
26	PTF	Invesco Dorsey Wright Tech	ETF-Tech	1.53%	-0.37%	-25.32%
27	VGT	Vanguard Info Tech ETF	ETF-Tech	1.49%	-0.34%	-15.02%
28	IUSB	Ishr Cr Unvrse Usd Bd Etf-ui	ETF-Other	1.45%	—	+5.48%
29	XTEN	Bondbloxx Bbg 10y US Tsy ETF	ETF-Other	1.43%	—	+4.00%
30	QQQM	Invesco Nasdaq 100 ETF	ETF-Tech	1.43%	-0.37%	-17.58%
31	XLK	Ss Technology Select Sector	ETF-Tech	1.31%	-0.19%	-7.88%
32	GOVT	Ishares US Treasury Bond ETF	ETF-Gov Bonds	1.16%	+1.02%	+700.86%
33	CORO	Ish Intl Ctry Rot Act ETF	ETF-Other	1.02%	+1.02%	NEW
34	QUAL	Ishares Msci USA Quality Fac	ETF-Other	1.02%	-1.03%	-49.43%
35	NLR	Vaneck Urani & Nuclr Etf-usd	ETF-Other	1.00%	-0.10%	-2.93%
36	VTV	Vanguard Value ETF	ETF-Other	0.97%	+0.33%	+46.50%
37	ACWX	Ishares Msci Acwi Ex US ETF	ETF-Other	0.90%	+0.90%	NEW
38	VTEB	Vanguard Tax-exempt Bond ETF	ETF-Other	0.88%	—	—
39	MUB	Ishares National Muni Bond E	ETF-Other	0.86%	—	+3.64%
40	EFV	Ishares Msci Eafe Value ETF	ETF-Other	0.82%	-0.52%	-41.20%
41	THRO	Ishares U.s. Thematic Rotati	ETF-Other	0.80%	—	+0.84%
42	BAI	Ishrs Ai In And Tech Act ETF	ETF-Tech	0.79%	—	+0.45%
43	SPEM	State Street Sp Ptf Em ETF	ETF-Other	0.77%	+0.33%	+76.30%
44	AVEM	Avantis Emerging Markets Eq	ETF-Emerging Markets	0.76%	—	+25.35%
45	IAGG	Ishares Intl Aggregate Bond	ETF-Other	0.73%	—	+7.20%
46	SPMO	Invesco S&p 500 Momentum ETF	ETF-Large Cap & Growth	0.72%	—	-0.71%
47	LMUB	Ishares Lt National Muni Bd	ETF-Other	0.66%	+0.66%	NEW
48	BINC	Ishares Flex I A Etf-usd INC	ETF-Other	0.66%	-0.19%	-24.21%
49	IVV	Ishares Core S&p 500 ETF	ETF-Large Cap & Growth	0.64%	—	+2.51%
50	BLCR	Ishares Lrg Cp Cr Act Etf-ui	ETF-Other	0.64%	+0.64%	NEW

1–50 of 94

Portfolio Performance

Performance for Q3 2026

+0.8%

Performance Last 4 Quarters

+13.4%

Based on 80% of reported portfolio value with available pricing

Stdev: +9.6%
Beta: +0.69
Alpha: -1.1%
Max Drawdown: -5.8%
Annualized Perf: +11.7%
Batting Avg vs S&P: +44.4%
Sortino: +2.33
Stutzer: +0.35
Treynor: +0.17
Sterling: +0.79
Calmar: +2.01
Information Ratio: -1.3
Tracking Error: +5.3%
Stdev Down: +5%
Winning Months %: +63.9%
Losing Months %: +36.1%
Best 12 Months: +23.5%
Worst 12 Months: +5.9%
Efficiency Ratio: +0.46
Sharpe: +1.2
Stdev Sectors: +6.2%
Skewness: +0.01
Kurtosis: -0.61
Upside Potential: +4.03

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	94	$284.9M	36	1SCHZ 2XLC 3MBB Top holdings2026-03-31 1.SCHZ 2.XLC 3.MBB 4.CTA 5.IGIB 6.HYLB 7.GRNY 8.FCTE 9.XLP 10.XLV
2025-12-31	101	$296.9M	21	1SCHZ 2XLC 3VFH Top holdings2025-12-31 1.SCHZ 2.XLC 3.VFH 4.MBB 5.GRNY 6.IGIB 7.HYLB 8.DYNF 9.QUAL 10.SCHP
2025-09-30	90	$283.7M	45	1SCHZ 2XLC 3VFH Top holdings2025-09-30 1.SCHZ 2.XLC 3.VFH 4.MBB 5.IGIB 6.QUAL 7.HYLB 8.SCHP 9.GRNY 10.VXUS
2025-06-30	84	$263.6M	0	1VFH 2SCHZ 3XLC Top holdings2025-06-30 1.VFH 2.SCHZ 3.XLC 4.MBB 5.IGIB 6.QUAL 7.SCHP 8.HYLB 9.EZM 10.VXUS
2025-03-31	81	$237.1M	0	1SCHZ 2VFH 3XLV Top holdings2025-03-31 1.SCHZ 2.VFH 3.XLV 4.XLC 5.MBB 6.SPYM 7.IGIB 8.QUAL 9.SCHP 10.VGIT
2024-12-31	74	$239.1M	0	1SCHZ 2VFH 3XLC Top holdings2024-12-31 1.SCHZ 2.VFH 3.XLC 4.XLY 5.QUAL 6.MBB 7.SPYM 8.IGIB 9.VGT 10.PTF
2024-09-30	66	$226.9M	0	1SCHZ 2VFH 3XLC Top holdings2024-09-30 1.SCHZ 2.VFH 3.XLC 4.QUAL 5.MBB 6.SPYM 7.IGIB 8.XLP 9.IUSB 10.PTF
2024-06-30	68	$211.6M	0	1SCHZ 2XLC 3VFH Top holdings2024-06-30 1.SCHZ 2.XLC 3.VFH 4.MBB 5.SPYM 6.XLK 7.QUAL 8.IGIB 9.SCHP 10.VGIT
2024-03-31	73	$196.4M	0	1SCHZ 2MBB 3IGIB Top holdings2024-03-31 1.SCHZ 2.MBB 3.IGIB 4.SCHP 5.VGIT 6.QUAL 7.SPYM 8.SPTS 9.AIRR 10.SOXX
2023-12-31	69	$187.2M	0	1SCHZ 2MBB 3IGIB Top holdings2023-12-31 1.SCHZ 2.MBB 3.IGIB 4.SCHP 5.VGIT 6.QUAL 7.SPTS 8.SOXX 9.RZV 10.VBR
2023-09-30	67	$170.5M	0	1SCHZ 2MBB 3IGIB Top holdings2023-09-30 1.SCHZ 2.MBB 3.IGIB 4.SCHP 5.VGIT 6.SPTS 7.QUAL 8.XLE 9.VTV 10.IGE
2023-06-30	60	$173.7M	0	1SCHZ 2IGIB 3MBB Top holdings2023-06-30 1.SCHZ 2.IGIB 3.MBB 4.SCHP 5.VGIT 6.SPTS 7.SOXX 8.XSD 9.PSCT 10.AIRR
2023-03-31	60	$166.7M	0	1SCHZ 2IGIB 3SPTS Top holdings2023-03-31 1.SCHZ 2.IGIB 3.SPTS 4.VGIT 5.SCHP 6.SOXX 7.VGT 8.XSD 9.AIRR 10.VTV
2022-12-31	56	$151.0M	0	1SCHZ 2SPTS 3SCHP Top holdings2022-12-31 1.SCHZ 2.SPTS 3.SCHP 4.FLOT 5.IGIB 6.VTV 7.AIRR 8.VBR 9.XLE 10.SCHD
2022-06-30	58	$139.3M	0	1SCHZ 2SPTS 3SCHP Top holdings2022-06-30 1.SCHZ 2.SPTS 3.SCHP 4.FLOT 5.IGIB 6.VTV 7.AIRR 8.VBR 9.SMDV 10.SCHD
2022-03-31	59	$151.0M	0	1USIG 2SHAG 3SCHP Top holdings2022-03-31 1.USIG 2.SHAG 3.SCHP 4.HYLB 5.FLOT 6.PDBC 7.INFL 8.VBR 9.XLE 10.VTV
2021-12-31	48	$153.3M	0	1USIG 2SHAG 3SCHP Top holdings2021-12-31 1.USIG 2.SHAG 3.SCHP 4.HYLB 5.SOXX 6.XSD 7.XHB 8.VGT 9.PSCT 10.AIRR

Holding changes this quarter

Theory Financial LLC's most significant position changes for 2026-03-31: Sold out: Invesco S&p 500 Top 50 ETF (XLG); New buy: Ish Intl Ctry Rot Act ETF (CORO); New buy: Ishares Msci Acwi Ex US ETF (ACWX); New buy: Ishares Lt National Muni Bd (LMUB); New buy: Ishares Lrg Cp Cr Act Etf-ui (BLCR).

Position changes disclosed by Theory Financial LLC for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	XLP	Ss Consumer Staples Sel Sect	+2.4%	+1853.21%	Add
2	FCTE	Smi 3fourteen Full-cycl Trnd	+1.8%	+243.93%	Add
3	CTA	Simplify Managed Futures St	+1.7%	+71.55%	Add
4	PICK	Ishares Msci Global Metals &	+1.1%	+117.58%	Add
5	GOVT	Ishares US Treasury Bond ETF	+1%	+700.86%	Add
6	PDBC	Invesco Optimum Yield Divers	+0.9%	+71.25%	Add
7	XLV	Ss Health Care Select Sector	+0.9%	+64.37%	Add
8	GLD	Spdr Gold Shares	+0.5%	+35.10%	Add
9	EZM	Wisdomtree US Midcap Fund	+0.5%	+26.81%	Add
10	RZV	Invesco S&p Smallcap 600 Pur	+0.4%	+33.41%	Add
11	XSMO	Invesco S&p Smallcap Momentu	+0.4%	+29.94%	Add
12	SPYM	Ste Str Spdr Pt S&p 500 ETF	+0.4%	+25.19%	Add
13	VBR	Vanguard Small-cap Value ETF	+0.4%	+29.44%	Add
14	SPEM	State Street Sp Ptf Em ETF	+0.3%	+76.30%	Add
15	VTV	Vanguard Value ETF	+0.3%	+46.50%	Add
16	SHLD	Global X Defense Tech ETF	+0.2%	+71.50%	Add
17	IVW	Ishares S&p 500 Growth ETF	-0.1%	+0.89%	Add
18	IVE	Ishares S&p 500 Value ETF	-0.1%	-5.77%	Trim
19	NLR	Vaneck Urani & Nuclr Etf-usd	-0.1%	-2.93%	Trim
20	VXUS	Vanguard Total Intl Stock	-0.1%	-6.50%	Trim
21	SCHP	Schwab U.s. Tips ETF	-0.2%	-12.60%	Trim
22	XLK	Ss Technology Select Sector	-0.2%	-7.88%	Trim
23	BINC	Ishares Flex I A Etf-usd INC	-0.2%	-24.21%	Trim
24	BTC	Grayscale Bitcoin Mini ETF	-0.3%	-18.59%	Trim
25	SPTS	Ss Spdr P St Term Tsy ETF	-0.3%	-64.86%	Trim
26	VGT	Vanguard Info Tech ETF	-0.3%	-15.02%	Trim
27	QQQM	Invesco Nasdaq 100 ETF	-0.4%	-17.58%	Trim
28	PTF	Invesco Dorsey Wright Tech	-0.4%	-25.32%	Trim
29	DYNF	Ishrs US E F R A Etf-usd INC	-0.4%	-16.95%	Trim
30	VGIT	Vanguard Intermediate-term T	-0.4%	-66.38%	Trim
31	SOXX	Ishares Semiconductor ETF	-0.4%	-21.97%	Trim
32	GLDM	Spdr Gold Minishares Trust	-0.5%	-65.22%	Trim
33	GRNY	Fundstr Gran Sh US Lrg Cap	-0.5%	-12.38%	Trim
34	EFV	Ishares Msci Eafe Value ETF	-0.5%	-41.20%	Trim
35	EPI	Wisdomtree India Earnings	-0.7%	-62.27%	Trim
36	XLC	Ss Comm Select Sector Spdr	-0.9%	-9.40%	Trim
37	IEMG	Ishares Core Msci Emerging	-1%	-78.13%	Trim
38	QUAL	Ishares Msci USA Quality Fac	-1%	-49.43%	Trim
39	SCHZ	Schwab US Aggregate Bond ETF	-1.3%	-16.93%	Trim
40	VFH	Vanguard Financials ETF	-4.3%	-66.58%	Trim
41	XLG	Invesco S&p 500 Top 50 ETF	—	EXIT	Sold out
42	CORO	Ish Intl Ctry Rot Act ETF	—	NEW	New buy
43	ACWX	Ishares Msci Acwi Ex US ETF	—	NEW	New buy
44	LMUB	Ishares Lt National Muni Bd	—	NEW	New buy
45	BLCR	Ishares Lrg Cp Cr Act Etf-ui	—	NEW	New buy
46	EMB	Ishares Jp Morgan Usd Emergi	—	EXIT	Sold out
47	TLH	Ishares 10-20 Year Treasury	—	EXIT	Sold out
48	HIMU	Ishares High Yild Muni A ETF	—	EXIT	Sold out
49	IAU	Ishares Gold Trust	—	EXIT	Sold out
50	TLT	Ishares 20+ Year Treasury Bd	—	EXIT	Sold out

Filing History

Period	Filed	Type	EDGAR
2026-03-31	2026-05-05	13F-HR	View on EDGAR
2025-12-31	2026-02-10	13F-HR	View on EDGAR
2025-09-30	2025-10-29	13F-HR	View on EDGAR
2025-06-30	2025-08-11	13F-HR	View on EDGAR
2025-03-31	2025-05-02	13F-HR	View on EDGAR
2024-12-31	2025-02-04	13F-HR	View on EDGAR
2024-09-30	2024-11-07	13F-HR	View on EDGAR
2024-06-30	2024-07-24	13F-HR	View on EDGAR
2024-03-31	2024-05-13	13F-HR	View on EDGAR
2023-12-31	2024-02-07	13F-HR	View on EDGAR
2023-09-30	2023-11-15	13F-HR	View on EDGAR
2023-06-30	2023-08-08	13F-HR	View on EDGAR
2023-03-31	2023-05-12	13F-HR	View on EDGAR
2022-12-31	2023-02-08	13F-HR	View on EDGAR
2022-06-30	2022-08-10	13F-HR	View on EDGAR
2022-03-31	2022-05-12	13F-HR	View on EDGAR
2021-12-31	2022-02-14	13F-HR	View on EDGAR

FAQ

What is Theory Financial LLC and what type of investor is it?

Theory Financial LLC is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $284.9M, spread across 94 disclosed positions.

What are Theory Financial LLC's largest equity positions?

Based on the latest 13F filing, Theory Financial LLC's top holdings by market value are: 1. Schwab US Aggregate Bond ETF (SCHZ) — $22.0M (7.7%) 2. Ss Comm Select Sector Spdr (XLC) — $20.6M (7.2%) 3. Ishares Mbs ETF (MBB) — $10.6M (3.7%) 4. Simplify Managed Futures St (CTA) — $10.2M (3.6%) 5. Ishares 5-10y Inv Grade CORP (IGIB) — $9.0M (3.1%)

What changes did Theory Financial LLC make in its most recent portfolio filing?

In the latest reported quarter, Theory Financial LLC made 50 notable position adjustments: 4 new positions were initiated, 17 existing holdings were added to, 23 positions were partially reduced, and 6 were completely exited. The largest of these moves: Sold out: Invesco S&p 500 Top 50 ETF (XLG); New buy: Ish Intl Ctry Rot Act ETF (CORO); New buy: Ishares Msci Acwi Ex US ETF (ACWX); New buy: Ishares Lt National Muni Bd (LMUB); New buy: Ishares Lrg Cp Cr Act Etf-ui (BLCR)

What sectors does Theory Financial LLC focus on?

Theory Financial LLC is concentrated in the following sectors based on its current disclosed equity portfolio: • Health Care: 25.6% • Information Technology: 23.3% • Energy: 16.6% • Financials: 15.6% • Communication Services: 10.5% • Consumer Discretionary: 8.4%

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Theory Financial LLC — Inside Their 13F Portfolio

CIK: 0001899158

Diversified strategyMomentum followerQuality / disciplined sizing

Total reported value

$284.9M

Reporting period: 2026-03-31 · Number of holdings: 94

THEORY FINANCIAL LLC disclosed 94 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $284.9M and a quarterly turnover rate of 36.4%.

Browse other institutions with $100M to $1B AUM Browse other institutions starting with "T"

Personality snowflake

Concentration: 10.63
Portfolio Stability: 36.42
Momentum/Contrarian: 100
Sector conviction: 56.93
Diversification: 100
Sizing Uniformity: 87.7

Position sizes vary widely across the portfolio (a coefficient of variation of 1.23), with a handful of outsized bets alongside many smaller positions.

No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.

Recent moves

Trim VFH
-66.6%　-$13.0M
Add XLP
+1853.2%　$6.8M
Add FCTE
+243.9%　$5.1M
Add CTA
+71.5%　$4.6M
Trim SCHZ
-16.9%　-$4.8M
Add PICK
+117.6%　$3.0M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	SCHZ	Schwab US Aggregate Bond ETF	ETF-Other	7.71%	-1.29%	-16.93%
2	XLC	Ss Comm Select Sector Spdr	ETF-Other	7.23%	-0.91%	-9.40%
3	MBB	Ishares Mbs ETF	ETF-Other	3.73%	—	+1.24%
4	CTA	Simplify Managed Futures St	ETF-Other	3.59%	+1.70%	+71.55%
5	IGIB	Ishares 5-10y Inv Grade CORP	ETF-Corp Bonds	3.14%	—	-1.02%
6	HYLB	Xtrackers Usd High Yield Cor	ETF-High Yield	3.13%	—	+6.94%
7	GRNY	Fundstr Gran Sh US Lrg Cap	ETF-Other	2.68%	-0.47%	-12.38%
8	FCTE	Smi 3fourteen Full-cycl Trnd	ETF-Other	2.64%	+1.83%	+243.93%
9	XLP	Ss Consumer Staples Sel Sect	ETF-Other	2.53%	+2.40%	+1853.21%
10	XLV	Ss Health Care Select Sector	ETF-Other	2.30%	+0.85%	+64.37%
11	GLD	Spdr Gold Shares	ETF-Commodities	2.27%	+0.53%	+35.10%
12	SPYM	Ste Str Spdr Pt S&p 500 ETF	ETF-Large Cap & Growth	2.24%	+0.41%	+25.19%
13	EZM	Wisdomtree US Midcap Fund	ETF-Other	2.11%	+0.45%	+26.81%
14	VFH	Vanguard Financials ETF	ETF-Other	2.03%	-4.30%	-66.58%
15	PICK	Ishares Msci Global Metals &	ETF-Other	2.03%	+1.09%	+117.58%
16	IVE	Ishares S&p 500 Value ETF	ETF-Large Cap & Growth	1.90%	-0.10%	-5.77%
17	VXUS	Vanguard Total Intl Stock	ETF-Other	1.89%	-0.12%	-6.50%
18	SCHP	Schwab U.s. Tips ETF	ETF-Other	1.86%	-0.18%	-12.60%
19	DYNF	Ishrs US E F R A Etf-usd INC	ETF-Other	1.80%	-0.39%	-16.95%
20	PDBC	Invesco Optimum Yield Divers	ETF-Other	1.73%	+0.92%	+71.25%
21	VBR	Vanguard Small-cap Value ETF	ETF-Other	1.71%	+0.40%	+29.44%
22	IVW	Ishares S&p 500 Growth ETF	ETF-Large Cap & Growth	1.69%	-0.08%	+0.89%
23	XSMO	Invesco S&p Smallcap Momentu	ETF-Other	1.65%	+0.41%	+29.94%
24	RZV	Invesco S&p Smallcap 600 Pur	ETF-Other	1.65%	+0.42%	+33.41%
25	SOXX	Ishares Semiconductor ETF	ETF-Other	1.54%	-0.43%	-21.97%
26	PTF	Invesco Dorsey Wright Tech	ETF-Tech	1.53%	-0.37%	-25.32%
27	VGT	Vanguard Info Tech ETF	ETF-Tech	1.49%	-0.34%	-15.02%
28	IUSB	Ishr Cr Unvrse Usd Bd Etf-ui	ETF-Other	1.45%	—	+5.48%
29	XTEN	Bondbloxx Bbg 10y US Tsy ETF	ETF-Other	1.43%	—	+4.00%
30	QQQM	Invesco Nasdaq 100 ETF	ETF-Tech	1.43%	-0.37%	-17.58%
31	XLK	Ss Technology Select Sector	ETF-Tech	1.31%	-0.19%	-7.88%
32	GOVT	Ishares US Treasury Bond ETF	ETF-Gov Bonds	1.16%	+1.02%	+700.86%
33	CORO	Ish Intl Ctry Rot Act ETF	ETF-Other	1.02%	+1.02%	NEW
34	QUAL	Ishares Msci USA Quality Fac	ETF-Other	1.02%	-1.03%	-49.43%
35	NLR	Vaneck Urani & Nuclr Etf-usd	ETF-Other	1.00%	-0.10%	-2.93%
36	VTV	Vanguard Value ETF	ETF-Other	0.97%	+0.33%	+46.50%
37	ACWX	Ishares Msci Acwi Ex US ETF	ETF-Other	0.90%	+0.90%	NEW
38	VTEB	Vanguard Tax-exempt Bond ETF	ETF-Other	0.88%	—	—
39	MUB	Ishares National Muni Bond E	ETF-Other	0.86%	—	+3.64%
40	EFV	Ishares Msci Eafe Value ETF	ETF-Other	0.82%	-0.52%	-41.20%
41	THRO	Ishares U.s. Thematic Rotati	ETF-Other	0.80%	—	+0.84%
42	BAI	Ishrs Ai In And Tech Act ETF	ETF-Tech	0.79%	—	+0.45%
43	SPEM	State Street Sp Ptf Em ETF	ETF-Other	0.77%	+0.33%	+76.30%
44	AVEM	Avantis Emerging Markets Eq	ETF-Emerging Markets	0.76%	—	+25.35%
45	IAGG	Ishares Intl Aggregate Bond	ETF-Other	0.73%	—	+7.20%
46	SPMO	Invesco S&p 500 Momentum ETF	ETF-Large Cap & Growth	0.72%	—	-0.71%
47	LMUB	Ishares Lt National Muni Bd	ETF-Other	0.66%	+0.66%	NEW
48	BINC	Ishares Flex I A Etf-usd INC	ETF-Other	0.66%	-0.19%	-24.21%
49	IVV	Ishares Core S&p 500 ETF	ETF-Large Cap & Growth	0.64%	—	+2.51%
50	BLCR	Ishares Lrg Cp Cr Act Etf-ui	ETF-Other	0.64%	+0.64%	NEW

1–50 of 94

Portfolio Performance

Performance for Q3 2026

+0.8%

Performance Last 4 Quarters

+13.4%

Based on 80% of reported portfolio value with available pricing

Stdev: +9.6%
Beta: +0.69
Alpha: -1.1%
Max Drawdown: -5.8%
Annualized Perf: +11.7%
Batting Avg vs S&P: +44.4%
Sortino: +2.33
Stutzer: +0.35
Treynor: +0.17
Sterling: +0.79
Calmar: +2.01
Information Ratio: -1.3
Tracking Error: +5.3%
Stdev Down: +5%
Winning Months %: +63.9%
Losing Months %: +36.1%
Best 12 Months: +23.5%
Worst 12 Months: +5.9%
Efficiency Ratio: +0.46
Sharpe: +1.2
Stdev Sectors: +6.2%
Skewness: +0.01
Kurtosis: -0.61
Upside Potential: +4.03

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	94	$284.9M	36	1SCHZ 2XLC 3MBB Top holdings2026-03-31 1.SCHZ 2.XLC 3.MBB 4.CTA 5.IGIB 6.HYLB 7.GRNY 8.FCTE 9.XLP 10.XLV
2025-12-31	101	$296.9M	21	1SCHZ 2XLC 3VFH Top holdings2025-12-31 1.SCHZ 2.XLC 3.VFH 4.MBB 5.GRNY 6.IGIB 7.HYLB 8.DYNF 9.QUAL 10.SCHP
2025-09-30	90	$283.7M	45	1SCHZ 2XLC 3VFH Top holdings2025-09-30 1.SCHZ 2.XLC 3.VFH 4.MBB 5.IGIB 6.QUAL 7.HYLB 8.SCHP 9.GRNY 10.VXUS
2025-06-30	84	$263.6M	0	1VFH 2SCHZ 3XLC Top holdings2025-06-30 1.VFH 2.SCHZ 3.XLC 4.MBB 5.IGIB 6.QUAL 7.SCHP 8.HYLB 9.EZM 10.VXUS
2025-03-31	81	$237.1M	0	1SCHZ 2VFH 3XLV Top holdings2025-03-31 1.SCHZ 2.VFH 3.XLV 4.XLC 5.MBB 6.SPYM 7.IGIB 8.QUAL 9.SCHP 10.VGIT
2024-12-31	74	$239.1M	0	1SCHZ 2VFH 3XLC Top holdings2024-12-31 1.SCHZ 2.VFH 3.XLC 4.XLY 5.QUAL 6.MBB 7.SPYM 8.IGIB 9.VGT 10.PTF
2024-09-30	66	$226.9M	0	1SCHZ 2VFH 3XLC Top holdings2024-09-30 1.SCHZ 2.VFH 3.XLC 4.QUAL 5.MBB 6.SPYM 7.IGIB 8.XLP 9.IUSB 10.PTF
2024-06-30	68	$211.6M	0	1SCHZ 2XLC 3VFH Top holdings2024-06-30 1.SCHZ 2.XLC 3.VFH 4.MBB 5.SPYM 6.XLK 7.QUAL 8.IGIB 9.SCHP 10.VGIT
2024-03-31	73	$196.4M	0	1SCHZ 2MBB 3IGIB Top holdings2024-03-31 1.SCHZ 2.MBB 3.IGIB 4.SCHP 5.VGIT 6.QUAL 7.SPYM 8.SPTS 9.AIRR 10.SOXX
2023-12-31	69	$187.2M	0	1SCHZ 2MBB 3IGIB Top holdings2023-12-31 1.SCHZ 2.MBB 3.IGIB 4.SCHP 5.VGIT 6.QUAL 7.SPTS 8.SOXX 9.RZV 10.VBR
2023-09-30	67	$170.5M	0	1SCHZ 2MBB 3IGIB Top holdings2023-09-30 1.SCHZ 2.MBB 3.IGIB 4.SCHP 5.VGIT 6.SPTS 7.QUAL 8.XLE 9.VTV 10.IGE
2023-06-30	60	$173.7M	0	1SCHZ 2IGIB 3MBB Top holdings2023-06-30 1.SCHZ 2.IGIB 3.MBB 4.SCHP 5.VGIT 6.SPTS 7.SOXX 8.XSD 9.PSCT 10.AIRR
2023-03-31	60	$166.7M	0	1SCHZ 2IGIB 3SPTS Top holdings2023-03-31 1.SCHZ 2.IGIB 3.SPTS 4.VGIT 5.SCHP 6.SOXX 7.VGT 8.XSD 9.AIRR 10.VTV
2022-12-31	56	$151.0M	0	1SCHZ 2SPTS 3SCHP Top holdings2022-12-31 1.SCHZ 2.SPTS 3.SCHP 4.FLOT 5.IGIB 6.VTV 7.AIRR 8.VBR 9.XLE 10.SCHD
2022-06-30	58	$139.3M	0	1SCHZ 2SPTS 3SCHP Top holdings2022-06-30 1.SCHZ 2.SPTS 3.SCHP 4.FLOT 5.IGIB 6.VTV 7.AIRR 8.VBR 9.SMDV 10.SCHD
2022-03-31	59	$151.0M	0	1USIG 2SHAG 3SCHP Top holdings2022-03-31 1.USIG 2.SHAG 3.SCHP 4.HYLB 5.FLOT 6.PDBC 7.INFL 8.VBR 9.XLE 10.VTV
2021-12-31	48	$153.3M	0	1USIG 2SHAG 3SCHP Top holdings2021-12-31 1.USIG 2.SHAG 3.SCHP 4.HYLB 5.SOXX 6.XSD 7.XHB 8.VGT 9.PSCT 10.AIRR

Holding changes this quarter

Position changes disclosed by Theory Financial LLC for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	XLP	Ss Consumer Staples Sel Sect	+2.4%	+1853.21%	Add
2	FCTE	Smi 3fourteen Full-cycl Trnd	+1.8%	+243.93%	Add
3	CTA	Simplify Managed Futures St	+1.7%	+71.55%	Add
4	PICK	Ishares Msci Global Metals &	+1.1%	+117.58%	Add
5	GOVT	Ishares US Treasury Bond ETF	+1%	+700.86%	Add
6	PDBC	Invesco Optimum Yield Divers	+0.9%	+71.25%	Add
7	XLV	Ss Health Care Select Sector	+0.9%	+64.37%	Add
8	GLD	Spdr Gold Shares	+0.5%	+35.10%	Add
9	EZM	Wisdomtree US Midcap Fund	+0.5%	+26.81%	Add
10	RZV	Invesco S&p Smallcap 600 Pur	+0.4%	+33.41%	Add
11	XSMO	Invesco S&p Smallcap Momentu	+0.4%	+29.94%	Add
12	SPYM	Ste Str Spdr Pt S&p 500 ETF	+0.4%	+25.19%	Add
13	VBR	Vanguard Small-cap Value ETF	+0.4%	+29.44%	Add
14	SPEM	State Street Sp Ptf Em ETF	+0.3%	+76.30%	Add
15	VTV	Vanguard Value ETF	+0.3%	+46.50%	Add
16	SHLD	Global X Defense Tech ETF	+0.2%	+71.50%	Add
17	IVW	Ishares S&p 500 Growth ETF	-0.1%	+0.89%	Add
18	IVE	Ishares S&p 500 Value ETF	-0.1%	-5.77%	Trim
19	NLR	Vaneck Urani & Nuclr Etf-usd	-0.1%	-2.93%	Trim
20	VXUS	Vanguard Total Intl Stock	-0.1%	-6.50%	Trim
21	SCHP	Schwab U.s. Tips ETF	-0.2%	-12.60%	Trim
22	XLK	Ss Technology Select Sector	-0.2%	-7.88%	Trim
23	BINC	Ishares Flex I A Etf-usd INC	-0.2%	-24.21%	Trim
24	BTC	Grayscale Bitcoin Mini ETF	-0.3%	-18.59%	Trim
25	SPTS	Ss Spdr P St Term Tsy ETF	-0.3%	-64.86%	Trim
26	VGT	Vanguard Info Tech ETF	-0.3%	-15.02%	Trim
27	QQQM	Invesco Nasdaq 100 ETF	-0.4%	-17.58%	Trim
28	PTF	Invesco Dorsey Wright Tech	-0.4%	-25.32%	Trim
29	DYNF	Ishrs US E F R A Etf-usd INC	-0.4%	-16.95%	Trim
30	VGIT	Vanguard Intermediate-term T	-0.4%	-66.38%	Trim
31	SOXX	Ishares Semiconductor ETF	-0.4%	-21.97%	Trim
32	GLDM	Spdr Gold Minishares Trust	-0.5%	-65.22%	Trim
33	GRNY	Fundstr Gran Sh US Lrg Cap	-0.5%	-12.38%	Trim
34	EFV	Ishares Msci Eafe Value ETF	-0.5%	-41.20%	Trim
35	EPI	Wisdomtree India Earnings	-0.7%	-62.27%	Trim
36	XLC	Ss Comm Select Sector Spdr	-0.9%	-9.40%	Trim
37	IEMG	Ishares Core Msci Emerging	-1%	-78.13%	Trim
38	QUAL	Ishares Msci USA Quality Fac	-1%	-49.43%	Trim
39	SCHZ	Schwab US Aggregate Bond ETF	-1.3%	-16.93%	Trim
40	VFH	Vanguard Financials ETF	-4.3%	-66.58%	Trim
41	XLG	Invesco S&p 500 Top 50 ETF	—	EXIT	Sold out
42	CORO	Ish Intl Ctry Rot Act ETF	—	NEW	New buy
43	ACWX	Ishares Msci Acwi Ex US ETF	—	NEW	New buy
44	LMUB	Ishares Lt National Muni Bd	—	NEW	New buy
45	BLCR	Ishares Lrg Cp Cr Act Etf-ui	—	NEW	New buy
46	EMB	Ishares Jp Morgan Usd Emergi	—	EXIT	Sold out
47	TLH	Ishares 10-20 Year Treasury	—	EXIT	Sold out
48	HIMU	Ishares High Yild Muni A ETF	—	EXIT	Sold out
49	IAU	Ishares Gold Trust	—	EXIT	Sold out
50	TLT	Ishares 20+ Year Treasury Bd	—	EXIT	Sold out

Filing History

Period	Filed	Type	EDGAR
2026-03-31	2026-05-05	13F-HR	View on EDGAR
2025-12-31	2026-02-10	13F-HR	View on EDGAR
2025-09-30	2025-10-29	13F-HR	View on EDGAR
2025-06-30	2025-08-11	13F-HR	View on EDGAR
2025-03-31	2025-05-02	13F-HR	View on EDGAR
2024-12-31	2025-02-04	13F-HR	View on EDGAR
2024-09-30	2024-11-07	13F-HR	View on EDGAR
2024-06-30	2024-07-24	13F-HR	View on EDGAR
2024-03-31	2024-05-13	13F-HR	View on EDGAR
2023-12-31	2024-02-07	13F-HR	View on EDGAR
2023-09-30	2023-11-15	13F-HR	View on EDGAR
2023-06-30	2023-08-08	13F-HR	View on EDGAR
2023-03-31	2023-05-12	13F-HR	View on EDGAR
2022-12-31	2023-02-08	13F-HR	View on EDGAR
2022-06-30	2022-08-10	13F-HR	View on EDGAR
2022-03-31	2022-05-12	13F-HR	View on EDGAR
2021-12-31	2022-02-14	13F-HR	View on EDGAR