13F HOLDINGS REPORT
FIRST BUSINESS FINANCIAL SERVICES, INC.
Quarter ended Q1 2025 · Filed May 2, 2025 · Accession 0001140361-25-017037
Total Value
$1.02B
Positions
170
Other Managers
0
Confidential Omitted
No
Holdings (170)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | Vanguard Total Stock Market ET | 922908769 | 902,459 | $248.0M | 24.39% |
| 2 | iShares Core MSCI EAFE ETF | 46432F842 | 1,710,950 | $129.4M | 12.73% |
| 3 | iShares Russell 1000 Growth ET | 464287614 | 205,734 | $74.3M | 7.30% |
| 4 | iShares Core S&P Small-Cap ETF | 464287804 | 569,509 | $59.6M | 5.86% |
| 5 | iShares Core Dividend Growth | 46434V621 | 936,380 | $57.8M | 5.69% |
| 6 | iShares Russell 1000 Value ETF | 464287598 | 296,034 | $55.7M | 5.48% |
| 7 | iShares Core S&P Mid-Cap ETF | 464287507 | 793,501 | $46.3M | 4.55% |
| 8 | iShares Core US Aggregate Bond | 464287226 | 379,765 | $37.6M | 3.69% |
| 9 | SPDR S&P 500 ETF | SPY | 43,995 | $24.6M | 2.42% |
| 10 | First Business Financial Servi | 319390100 | 393,819 | $18.6M | 1.83% |
| 11 | Apple Inc | AAPL | 61,193 | $13.6M | 1.34% |
| 12 | JPMorgan Ultra-Short Income ET | 46641Q837 | 207,948 | $10.5M | 1.04% |
| 13 | Nvidia Corp | NVDA | 90,986 | $9.9M | 0.97% |
| 14 | JPMorgan Chase & Co | VYLD | 33,072 | $8.1M | 0.80% |
| 15 | Microsoft Corp | MSFT | 19,306 | $7.2M | 0.71% |
| 16 | Broadcom Inc | AVGO | 40,983 | $6.9M | 0.67% |
| 17 | Alphabet Inc Cap Stk Cl A | GOOG | 39,630 | $6.1M | 0.60% |
| 18 | Lilly Eli Co | LLY | 6,530 | $5.4M | 0.53% |
| 19 | Arista Networks Inc | ANET | 64,524 | $5.0M | 0.49% |
| 20 | Caterpillar Inc | CAT | 14,667 | $4.8M | 0.48% |
| 21 | Berkshire Hathaway Inc Class A | BRK-A | 6 | $4.8M | 0.47% |
| 22 | Deere & Co Com | DE | 10,040 | $4.7M | 0.46% |
| 23 | iShares National Muni Bond ETF | 464288414 | 43,532 | $4.6M | 0.45% |
| 24 | MGE Energy Inc | MGEE | 46,276 | $4.3M | 0.42% |
| 25 | T Mobile US Inc | TMUSZ | 16,094 | $4.3M | 0.42% |
| 26 | Costco Wholesale Corp | 22160K105 | 4,508 | $4.3M | 0.42% |
| 27 | iShares Edge MSCI USA Momentum | 46432F396 | 20,335 | $4.1M | 0.40% |
| 28 | CENCORA INC | COR | 14,559 | $4.0M | 0.40% |
| 29 | Stryker Corp | SYK | 9,550 | $3.6M | 0.35% |
| 30 | Exxon Mobil Corp | XOM | 29,024 | $3.5M | 0.34% |
| 31 | Quanta Services Inc | 74762E102 | 13,352 | $3.4M | 0.33% |
| 32 | Cisco Systems Inc | CSCO | 54,432 | $3.4M | 0.33% |
| 33 | iShares S&P 500 Core | 464287200 | 5,873 | $3.3M | 0.32% |
| 34 | Republic Services Inc | 760759100 | 13,557 | $3.3M | 0.32% |
| 35 | Citigroup Inc | C-PR | 45,303 | $3.2M | 0.32% |
| 36 | Intercontinental Exchange Inc | 45866F104 | 16,629 | $2.9M | 0.28% |
| 37 | Corteva Inc Com | CTVA | 45,403 | $2.9M | 0.28% |
| 38 | Analog Devices Inc | ADI | 14,148 | $2.9M | 0.28% |
| 39 | General Dynamics Corp | GD | 10,327 | $2.8M | 0.28% |
| 40 | Bank of America Corp | 060505104 | 65,965 | $2.8M | 0.27% |
| 41 | Technology Select Sector SPDR | 81369Y803 | 13,135 | $2.7M | 0.27% |
| 42 | TJX Companies Inc | 872540109 | 21,013 | $2.6M | 0.25% |
| 43 | Energy Select Sector SPDR ETF | 81369Y506 | 27,252 | $2.5M | 0.25% |
| 44 | Darden Restaurants Inc | DRI | 12,070 | $2.5M | 0.25% |
| 45 | Electronic Arts Inc | EA | 17,216 | $2.5M | 0.24% |
| 46 | UnitedHealth Group Inc | UNH | 4,721 | $2.5M | 0.24% |
| 47 | Texas Instruments Inc | 882508104 | 13,522 | $2.4M | 0.24% |
| 48 | Equinix Inc | EQIX | 2,964 | $2.4M | 0.24% |
| 49 | Lam Research Corporation | LRCX | 31,433 | $2.3M | 0.22% |
| 50 | Walt Disney Company | 254687106 | 22,481 | $2.2M | 0.22% |
| 51 | Prudential Financial Inc | PUKPF | 19,756 | $2.2M | 0.22% |
| 52 | Lowe's Companies Inc | 548661107 | 9,290 | $2.2M | 0.21% |
| 53 | Expedia Group Inc New | EXPE | 11,309 | $1.9M | 0.19% |
| 54 | CSX Corp Com | CSX | 64,310 | $1.9M | 0.19% |
| 55 | Nextera Energy Inc | NEE-PW | 26,501 | $1.9M | 0.18% |
| 56 | Kroger Co | KR | 27,409 | $1.9M | 0.18% |
| 57 | Industrials Select Sector SPDR | 81369Y704 | 14,013 | $1.8M | 0.18% |
| 58 | Iqvia Holdings Inc | IQV | 10,309 | $1.8M | 0.18% |
| 59 | Schlumberger Ltd | SLB | 42,657 | $1.8M | 0.18% |
| 60 | Hilton Worldwide Hldgs Inc | HLT | 7,688 | $1.7M | 0.17% |
| 61 | Amazon.com Inc | AMZN | 9,169 | $1.7M | 0.17% |
| 62 | iShares Russell 1000 ETF | 464287622 | 5,578 | $1.7M | 0.17% |
| 63 | Spdr Gold Trust Shs | GLD | 5,900 | $1.7M | 0.17% |
| 64 | Qualcomm Inc | QCOM | 10,989 | $1.7M | 0.17% |
| 65 | Philip Morris International In | 718172109 | 10,487 | $1.7M | 0.16% |
| 66 | Coca-Cola Co | KO | 22,918 | $1.6M | 0.16% |
| 67 | EOG Res Inc | EOG | 12,420 | $1.6M | 0.16% |
| 68 | Abbvie Inc Com | ABBV | 7,409 | $1.6M | 0.15% |
| 69 | Ciena Corp | CIEN | 24,301 | $1.5M | 0.14% |
| 70 | Thermo Fisher Scientific Inc | TMO | 2,887 | $1.4M | 0.14% |
| 71 | Lululemon Athletica Inc | LULU | 4,670 | $1.3M | 0.13% |
| 72 | Accenture PLC | ACN | 4,167 | $1.3M | 0.13% |
| 73 | Procter & Gamble Co | 742718109 | 7,245 | $1.2M | 0.12% |
| 74 | Financial Select Sector SPDR E | 81369Y605 | 24,095 | $1.2M | 0.12% |
| 75 | iShares Russell 2000 | 464287655 | 5,923 | $1.2M | 0.12% |
| 76 | Alphabet Inc Cap Stk Cl C | GOOG | 7,476 | $1.2M | 0.11% |
| 77 | Berkshire Hathaway INC-CL B | BRK-A | 2,172 | $1.2M | 0.11% |
| 78 | Adobe Inc | ADBE | 3,012 | $1.2M | 0.11% |
| 79 | Vanguard Small-Cap ETF | 922908751 | 5,129 | $1.1M | 0.11% |
| 80 | Ameren Corporation | AEE | 11,155 | $1.1M | 0.11% |
| 81 | Consumer Discr Select Sect SPD | 81369Y407 | 5,651 | $1.1M | 0.11% |
| 82 | Alliant Energy Corp | LNT | 15,614 | $1.0M | 0.10% |
| 83 | Chevron Corp | CVX | 5,822 | $973,962 | 0.10% |
| 84 | Vanguard Communication SVCS ET | 92204A884 | 6,200 | $920,018 | 0.09% |
| 85 | Transdigm Group Inc | TDG | 652 | $901,905 | 0.09% |
| 86 | Johnson & Johnson | JNJ | 5,364 | $889,566 | 0.09% |
| 87 | Mondelez Intl Inc Class A | 609207105 | 12,980 | $880,693 | 0.09% |
| 88 | Nuveen ESG Large Cap Value | NU | 20,949 | $848,225 | 0.08% |
| 89 | Merck & Co Inc | MRK | 9,320 | $836,563 | 0.08% |
| 90 | iShares Edge MSCI Min Vol USA | 46429B697 | 8,694 | $814,280 | 0.08% |
| 91 | iShares Russell 2000 Growth | 464287648 | 3,132 | $800,320 | 0.08% |
| 92 | Illinois Tool Works Inc | 452308109 | 3,206 | $795,120 | 0.08% |
| 93 | Pepsico Inc | PEP | 5,293 | $793,632 | 0.08% |
| 94 | Blackrock Inc New | BLK | 831 | $786,525 | 0.08% |
| 95 | Palantir Technologies Inc | PLTR | 9,198 | $776,311 | 0.08% |
| 96 | Vanguard Mid-Cap ETF | 922908629 | 2,969 | $767,843 | 0.08% |
| 97 | Wal-Mart Inc | WMT | 8,610 | $755,872 | 0.07% |
| 98 | Abbott Laboratories | ABLZF | 5,443 | $722,014 | 0.07% |
| 99 | McDonald's Corp | MCD | 2,229 | $696,273 | 0.07% |
| 100 | iShares Russell 2000 Value | 464287630 | 4,604 | $695,112 | 0.07% |
| 101 | Thomson Reuters Corp. | TMSOF | 3,942 | $681,099 | 0.07% |
| 102 | Communication Sector Select SP | 81369Y852 | 7,057 | $680,648 | 0.07% |
| 103 | Home Depot Inc | HD | 1,795 | $657,850 | 0.06% |
| 104 | Southern Company | SOMN | 7,050 | $648,248 | 0.06% |
| 105 | Vanguard Mun Bd Fd Tax Exempt | 922907746 | 12,678 | $629,082 | 0.06% |
| 106 | Intuitive Surgical Inc | ISRG | 1,251 | $619,583 | 0.06% |
| 107 | Allegheny Technologies Inc | ATI | 11,739 | $610,780 | 0.06% |
| 108 | PNC Financial Services Group I | 693475105 | 3,341 | $587,248 | 0.06% |
| 109 | Eaton Corp PLC | ETN | 2,062 | $560,513 | 0.06% |
| 110 | Vanguard Index Growth | 922908736 | 1,502 | $556,972 | 0.05% |
| 111 | Aon PLC Shs Cl A | AON | 1,384 | $552,341 | 0.05% |
| 112 | Meta Platforms Inc | META | 938 | $540,626 | 0.05% |
| 113 | US Bancorp | USB-PS | 12,571 | $530,748 | 0.05% |
| 114 | Ameriprise Financial Inc | 03076C106 | 1,093 | $529,132 | 0.05% |
| 115 | Tetra Tech Inc New | TTEK | 17,555 | $513,484 | 0.05% |
| 116 | ASML Holding N V N Y Registry | ASMLF | 737 | $488,358 | 0.05% |
| 117 | SPDRA S&P MidCap 400 ETF | MDY | 915 | $488,134 | 0.05% |
| 118 | Mastercard Inc Cl A | MA | 885 | $485,086 | 0.05% |
| 119 | Visa Inc | V | 1,352 | $473,822 | 0.05% |
| 120 | Douglas Dynamics Inc | PLOW | 20,000 | $464,600 | 0.05% |
| 121 | Vanguard Index Value | 922908744 | 2,689 | $464,498 | 0.05% |
| 122 | Altria Group Inc | MO | 7,116 | $427,102 | 0.04% |
| 123 | Cintas Corporation | CTAS | 2,064 | $424,214 | 0.04% |
| 124 | iShares MSCI EAFE ETF | 464287465 | 5,128 | $419,111 | 0.04% |
| 125 | Waste Mgmt Inc Del | 94106L109 | 1,759 | $407,226 | 0.04% |
| 126 | Amdocs Ltd ADR | DOX | 4,450 | $407,175 | 0.04% |
| 127 | Duke Energy Corp | DUKB | 3,316 | $404,453 | 0.04% |
| 128 | Weyco Group Inc | WEYS | 13,096 | $399,166 | 0.04% |
| 129 | TE Connectivity PLC ADR | TEL | 2,800 | $395,696 | 0.04% |
| 130 | American Express CO | AXP | 1,468 | $394,965 | 0.04% |
| 131 | Corning Inc | GLW | 8,369 | $383,133 | 0.04% |
| 132 | Union Pacific Corp | UNP | 1,619 | $382,473 | 0.04% |
| 133 | Toro Co | TORO | 5,000 | $363,750 | 0.04% |
| 134 | Advanced Micro Devices Inc | AMD | 3,536 | $363,289 | 0.04% |
| 135 | Arthur J. Gallagher & Co | 363576109 | 1,037 | $358,014 | 0.04% |
| 136 | McKesson Corp | MCK | 523 | $351,974 | 0.03% |
| 137 | Vanguard FTSE Developed Market | 921943858 | 6,514 | $331,107 | 0.03% |
| 138 | iShares MSCI ACWI ex US | 464288240 | 5,905 | $327,432 | 0.03% |
| 139 | Ishares Silver Trust | SLV | 10,400 | $322,296 | 0.03% |
| 140 | Servicenow Inc | NOW | 403 | $320,844 | 0.03% |
| 141 | The Charles Schwab Corp | SCHW-PJ | 3,931 | $307,719 | 0.03% |
| 142 | Fidelity National Information | 31620M106 | 3,963 | $295,957 | 0.03% |
| 143 | Xcel Energy Inc. | XELLL | 4,162 | $294,628 | 0.03% |
| 144 | Utilities Select Sector SPDR E | 81369Y886 | 3,677 | $289,931 | 0.03% |
| 145 | Parker Hannifin Corp | PH | 470 | $285,690 | 0.03% |
| 146 | Vanguard Information Technolog | 92204A702 | 519 | $281,495 | 0.03% |
| 147 | Cummins Inc | CMI | 824 | $258,275 | 0.03% |
| 148 | International Business Machine | INTR | 1,030 | $256,120 | 0.03% |
| 149 | Oracle Corp | ORCL-PD | 1,814 | $253,615 | 0.02% |
| 150 | Nice Ltd Sponsored ADR | NCSYF | 1,625 | $250,526 | 0.02% |
| 151 | Morgan Stanley | MS-PQ | 2,084 | $243,140 | 0.02% |
| 152 | GE Aerospace | 369604301 | 1,192 | $238,579 | 0.02% |
| 153 | Ishares Tr Global Tech ETF | 464287291 | 3,143 | $238,051 | 0.02% |
| 154 | Bank Of Montreal ADR | 063671101 | 2,492 | $238,011 | 0.02% |
| 155 | AT&T Inc | T-PC | 8,396 | $237,439 | 0.02% |
| 156 | Starbucks Corp | SBUX | 2,309 | $226,490 | 0.02% |
| 157 | Paypal Hldgs Inc | PYPL | 3,449 | $225,047 | 0.02% |
| 158 | Goldman Sachs Group Inc | GSCE | 411 | $224,525 | 0.02% |
| 159 | Rockwell Automation Inc | ROK | 867 | $224,015 | 0.02% |
| 160 | Nike Inc | NKE | 3,522 | $223,577 | 0.02% |
| 161 | Intel Corp | INTC | 9,601 | $218,039 | 0.02% |
| 162 | Fiserv Inc | FISV | 979 | $216,193 | 0.02% |
| 163 | Howmet Aerospace Inc | HWM | 1,666 | $216,130 | 0.02% |
| 164 | Amgen Inc | AMGN | 687 | $214,035 | 0.02% |
| 165 | Novo Nordisk A/S ADR | NONOF | 2,964 | $205,820 | 0.02% |
| 166 | Hca Healthcare Inc Com | HCA | 591 | $204,220 | 0.02% |
| 167 | Global X US Infr Dev ETF | 37954Y673 | 5,401 | $203,780 | 0.02% |
| 168 | Wisdomtree Tr US Qtly Div Grt | WT | 2,543 | $203,084 | 0.02% |
| 169 | Ford Motor Co | 345370860 | 14,443 | $144,863 | 0.01% |
| 170 | iShares Global Clean Energy ET | 464288224 | 11,960 | $136,583 | 0.01% |