13F HOLDINGS REPORT

Kapstone Financial Advisors LLC

Quarter ended Q4 2025 · Filed February 5, 2026 · Accession 0001951757-26-000364

Total Value

$201.2M

Positions

133

Other Managers

Confidential Omitted

View on SEC.gov

Holdings (133)

#	Issuer	Ticker / CUSIP	Shares	Value	% of Filing
1	ISHARES TR	464287200	58,139	$39.8M	19.80%
2	APPLE INC	AAPL	83,423	$22.7M	11.27%
3	ISHARES TR	46429B663	99,257	$12.1M	6.00%
4	PALANTIR TECHNOLOGIES INC	PLTR	39,300	$7.0M	3.47%
5	META PLATFORMS INC	META	8,478	$5.6M	2.78%
6	ISHARES TR	464287309	45,327	$5.6M	2.78%
7	MICROSOFT CORP	MSFT	10,754	$5.2M	2.59%
8	ALPHABET INC	GOOG	15,967	$5.0M	2.48%
9	PROCTER AND GAMBLE CO	742718109	30,583	$4.4M	2.18%
10	INVESCO QQQ TR	IVZ	7,064	$4.3M	2.16%
11	VANGUARD WHITEHALL FDS	921946406	29,395	$4.2M	2.10%
12	NVIDIA CORPORATION	NVDA	19,664	$3.7M	1.82%
13	ISHARES TR	464287614	7,366	$3.5M	1.73%
14	ABBVIE INC	ABBV	13,743	$3.1M	1.56%
15	BERKSHIRE HATHAWAY INC DEL	BRK-A	5,964	$3.0M	1.49%
16	ALPHABET INC	GOOG	9,517	$3.0M	1.48%
17	ISHARES TR	464287168	20,794	$2.9M	1.46%
18	JPMORGAN CHASE & CO.	VYLD	8,864	$2.9M	1.42%
19	STRATEGY INC	STRK	16,934	$2.6M	1.28%
20	PHILIP MORRIS INTL INC	718172109	13,861	$2.2M	1.11%
21	ISHARES BITCOIN TRUST ETF	IBIT	40,965	$2.0M	1.01%
22	FIRST TR EXCHANGE-TRADED FD	33733E104	21,112	$2.0M	0.97%
23	AMAZON COM INC	AMZN	8,132	$1.9M	0.93%
24	ISHARES TR	46434V621	23,612	$1.6M	0.81%
25	SPDR S&P 500 ETF TR	SPY	2,344	$1.6M	0.79%
26	JOHNSON & JOHNSON	JNJ	7,247	$1.5M	0.75%
27	FIRST TR EXCHANGE-TRADED FD	33733E823	41,227	$1.5M	0.72%
28	EXXON MOBIL CORP	XOM	11,916	$1.4M	0.71%
29	LCNB CORP	LCNB	86,067	$1.4M	0.70%
30	CISCO SYS INC	CSCO	15,816	$1.2M	0.61%
31	UBER TECHNOLOGIES INC	UBER	14,482	$1.2M	0.59%
32	CARDINAL HEALTH INC	CAH	5,646	$1.2M	0.58%
33	VISA INC	V	3,003	$1.1M	0.52%
34	FIRST TR EXCHANGE TRADED FD	33738R506	14,635	$1.0M	0.51%
35	COSTCO WHSL CORP NEW	22160K105	1,047	$902,870	0.45%
36	MERCK & CO INC	MRK	8,575	$902,604	0.45%
37	ALTRIA GROUP INC	MO	15,195	$876,140	0.44%
38	FIDELITY WISE ORIGIN BITCOIN	FBTC	11,435	$871,690	0.43%
39	DUKE ENERGY CORP NEW	DUKB	7,282	$853,523	0.42%
40	MARATHON PETE CORP	MARA	5,240	$852,181	0.42%
41	ANALOG DEVICES INC	ADI	2,917	$791,090	0.39%
42	PAYCHEX INC	PAYX	7,045	$790,308	0.39%
43	INVESCO EXCHANGE TRADED FD T	IVZ	17,280	$786,413	0.39%
44	MARTIN MARIETTA MATLS INC	573284106	1,258	$783,306	0.39%
45	BERKSHIRE HATHAWAY INC DEL	BRK-A	1	$754,800	0.38%
46	MICRON TECHNOLOGY INC	MU	2,628	$750,057	0.37%
47	VULCAN MATLS CO	929160109	2,505	$714,476	0.36%
48	INTUITIVE SURGICAL INC	ISRG	1,248	$706,817	0.35%
49	HUNTINGTON BANCSHARES INC	HBANP	40,122	$696,117	0.35%
50	CSX CORP	CSX	18,715	$678,419	0.34%
51	FORD MTR CO	345370860	50,566	$663,426	0.33%
52	CUMMINS INC	CMI	1,222	$623,529	0.31%
53	HOME DEPOT INC	HD	1,734	$596,669	0.30%
54	BANK AMERICA CORP	060505104	10,722	$589,710	0.29%
55	COCA COLA CO	KO	8,239	$576,001	0.29%
56	AXON ENTERPRISE INC	AXON	1,010	$573,609	0.29%
57	CHEVRON CORP NEW	CVX	3,642	$555,077	0.28%
58	LOCKHEED MARTIN CORP	LMT	1,126	$544,612	0.27%
59	SPDR SERIES TRUST	78464A763	3,806	$529,643	0.26%
60	SOUTHERN CO	SOMN	5,663	$493,814	0.25%
61	AMERICAN EXPRESS CO	AXP	1,304	$482,415	0.24%
62	SPDR GOLD TR	GLD	1,143	$452,982	0.23%
63	IRON MTN INC DEL	46284V101	5,095	$422,630	0.21%
64	SPDR DOW JONES INDL AVERAGE	78467X109	869	$417,615	0.21%
65	CINCINNATI FINL CORP	172062101	2,539	$414,628	0.21%
66	D R HORTON INC	23331A109	2,771	$399,107	0.20%
67	MASTERCARD INCORPORATED	MA	689	$393,336	0.20%
68	ISHARES TR	46432F842	4,158	$371,975	0.18%
69	NOVARTIS AG	NVSEF	2,695	$371,560	0.18%
70	SELECT SECTOR SPDR TR	81369Y506	8,176	$365,549	0.18%
71	VANGUARD INDEX FDS	922908769	1,074	$360,080	0.18%
72	PROGRESSIVE CORP	743315103	1,515	$344,996	0.17%
73	BRISTOL-MYERS SQUIBB CO	CELG-RI	6,375	$343,887	0.17%
74	FIRST TR EXCHANGE-TRADED FD	337345102	1,441	$331,733	0.16%
75	PROSHARES TR	74348A467	3,169	$329,798	0.16%
76	FEDEX CORP	FDX	1,099	$317,457	0.16%
77	ELEVANCE HEALTH INC FORMERLY	ELV	894	$313,392	0.16%
78	KROGER CO	KR	4,983	$311,338	0.15%
79	DELTA AIR LINES INC DEL	DAL	4,375	$303,625	0.15%
80	ISHARES TR	464287622	810	$302,486	0.15%
81	J P MORGAN EXCHANGE TRADED F	46654Q203	5,197	$302,050	0.15%
82	WISDOMTREE TR	WT	3,500	$297,080	0.15%
83	ABRDN GLOBAL DYNAMIC DIVIDEN	AGD	25,325	$295,290	0.15%
84	BLACKSTONE INC	BX	1,911	$294,562	0.15%
85	BLACKROCK ENHANCED EQUITY DI	BLK	30,936	$293,273	0.15%
86	ISHARES TR	464287408	1,379	$292,474	0.15%
87	BOEING CO	BA-PA	1,347	$292,461	0.15%
88	CITIGROUP INC	C-PR	2,505	$292,308	0.15%
89	GLOBAL X FDS	37954Y483	16,397	$289,735	0.14%
90	MCKESSON CORP	MCK	350	$287,102	0.14%
91	VANGUARD INDEX FDS	922908637	904	$284,579	0.14%
92	FIFTH THIRD BANCORP	FITBM	6,068	$284,043	0.14%
93	COHEN & STEERS CLOSED-END OP	19248P106	21,390	$282,348	0.14%
94	LOWES COS INC	548661107	1,160	$279,746	0.14%
95	SELECT SECTOR SPDR TR	81369Y605	5,055	$276,862	0.14%
96	ELI LILLY & CO	LLY	252	$270,819	0.13%
97	MCDONALDS CORP	MCD	868	$265,287	0.13%
98	DISNEY WALT CO	254687106	2,258	$256,893	0.13%
99	FIRST TR EXCHANGE TRADED FD	33738R407	12,050	$250,881	0.12%
100	ORACLE CORP	ORCL-PD	1,275	$248,510	0.12%
101	WALMART INC	WMT	2,210	$246,216	0.12%
102	FIRST TR EXCHANGE-TRADED FD	336920103	1,481	$242,277	0.12%
103	ABRDN LIFE SCIENCES INVESTOR	HQL	14,406	$241,733	0.12%
104	VERIZON COMMUNICATIONS INC	VZ	5,901	$240,348	0.12%
105	WELLS FARGO CO NEW	949746101	2,557	$238,312	0.12%
106	ISHARES TR	464287804	1,904	$228,823	0.11%
107	NUVEEN DOW 30 DYNMC OVERWRT	NU	14,535	$221,804	0.11%
108	BROADCOM INC	AVGO	635	$219,774	0.11%
109	NEOS ETF TRUST	78433H675	4,069	$219,156	0.11%
110	ASTRAZENECA PLC	AZN	2,368	$217,690	0.11%
111	S&P GLOBAL INC	SPGI	416	$217,397	0.11%
112	UNION PAC CORP	UNP	930	$215,128	0.11%
113	DOCUSIGN INC	DOCU	3,145	$215,118	0.11%
114	GLOBAL X FDS	37954Y475	5,231	$212,536	0.11%
115	SPDR S&P MIDCAP 400 ETF TR	MDY	352	$212,355	0.11%
116	LAM RESEARCH CORP	LRCX	1,230	$210,551	0.10%
117	NUCOR CORP	NUE	1,290	$210,412	0.10%
118	CONSOLIDATED EDISON INC	ED	2,111	$209,665	0.10%
119	SPDR SERIES TRUST	78464A854	2,610	$209,374	0.10%
120	ISHARES TR	464287846	1,251	$207,428	0.10%
121	VANECK ETF TRUST	92189H839	6,331	$205,694	0.10%
122	COREWEAVE INC	CRWV	2,867	$205,306	0.10%
123	GENERAL MTRS CO	37045V100	2,495	$202,893	0.10%
124	ABRDN WORLD HEALTHCARE FUND	THW	15,370	$196,429	0.10%
125	CONAGRA BRANDS INC	CAG	10,184	$176,285	0.09%
126	EATON VANCE TAX-MANAGED DIVE	ETN	11,266	$172,820	0.09%
127	EATON VANCE TAX-MANAGED BUY-	ETN	11,185	$160,617	0.08%
128	GABELLI EQUITY TR INC	GAB-PK	24,380	$150,425	0.07%
129	GUGGENHEIM STRATEGIC OPPORTU	GOF	10,070	$129,702	0.06%
130	ABRDN TOTAL DYNAMIC DIVIDEND	AOD	13,050	$127,238	0.06%
131	LIBERTY ALL STAR EQUITY FD	530158104	20,000	$125,600	0.06%
132	LIBERTY ALL-STAR GROWTH FD I	529900102	18,763	$99,444	0.05%
133	NET POWER INC	NPWR-WT	17,395	$39,661	0.02%