Institutional Manager · CIK 0001599217

Capstone Financial Advisors, Inc.

DOWNERS GROVE, IL · File #028-15785

Latest AUM

$1.88B

Positions

186

Top-10 Concentration

77.0%

Filings

Portfolio Value Over Time

2024-03

2024-06

2024-09

2024-12

2025-03

2025-06

2025-09

2025-12

Biggest QoQ Changes

Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.

Action	Issuer	Ticker / CUSIP	Δ Shares	Flow ($)	Price Effect
ADD	FLEXSHARES TR	FLEX	+136,444	+$8.3M	-$5.2M
ADD	VANGUARD INDEX FDS	922908769	+12,842	+$4.3M	+$6.7M
ADD	DIMENSIONAL ETF TRUST	25434V708	+98,606	+$3.9M	+$5.5M
REDUCE	FLEXSHARES TR	FLEX	-15,639	-$3.9M	+$1.2M
ADD	VANGUARD BD INDEX FDS	921937835	+39,999	+$3.0M	-$517,783
REDUCE	ISHARES TR	464287622	-5,384	-$2.0M	+$5.2M
ADD	VANGUARD CHARLOTTE FDS	92203J407	+38,773	+$1.9M	-$1.2M
EXITED	UNILEVER PLC	904767704	-26,596	-$1.6M	$0
NEW	UNILEVER PLC	UNLYF	+23,640	+$1.5M	$0
REDUCE	APPLE INC	AAPL	-5,384	-$1.5M	+$2.6M

Sector Allocation

Technology

15.7%$295.3M

Consumer Discretionary

4.0%$74.2M

0.7%$12.2M

0.3%$6.1M

0.3%$5.7M

0.2%$4.6M

Communication Services

0.2%$4.2M

Energy

0.1%$2.2M

Materials

0.0%$688,854

Utilities

0.0%$413,652

Filing History

Feb 17, 202613F HOLDINGS REPORTQ/E Dec 2025186 pos · $1.88B
Nov 14, 202513F HOLDINGS REPORTQ/E Sep 2025184 pos · $1.85B
Aug 8, 202513F HOLDINGS REPORTQ/E Jun 2025178 pos · $1.73B
May 9, 202513F HOLDINGS REPORTQ/E Mar 2025158 pos · $1.59B
Feb 14, 202513F HOLDINGS REPORTQ/E Dec 2024157 pos · $1.62B
Nov 14, 202413F HOLDINGS REPORTQ/E Sep 2024158 pos · $1.63B
Aug 13, 202413F HOLDINGS REPORTQ/E Jun 2024158 pos · $1.51B
May 14, 202413F HOLDINGS REPORTQ/E Mar 2024151 pos · $1.49B
Nov 13, 202313F HOLDINGS REPORTQ/E Dec 2023146 pos · $1.27B

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	VANGUARD INDEX FDS	922908769	957,838	$321.1M	17.70%
2	ISHARES TR	464287622	649,033	$242.4M	13.36%
3	DIMENSIONAL ETF TRUST	25434V708	5,480,371	$217.0M	11.96%
4	FLEXSHARES TR	FLEX	2,290,009	$138.6M	7.64%
5	VANGUARD BD INDEX FDS	921937835	1,765,970	$130.8M	7.21%
6	VANGUARD STAR FDS	921909768	1,146,159	$86.5M	4.77%
7	ISHARES TR	46432F834	917,126	$77.6M	4.28%
8	DIMENSIONAL ETF TRUST	25434V880	2,090,889	$68.4M	3.77%
9	MCDONALDS CORP	MCD	198,057	$60.5M	3.34%
10	ISHARES TR	464287614	114,689	$54.3M	2.99%
11	VANGUARD CHARLOTTE FDS	92203J407	1,107,654	$53.5M	2.95%
12	FLEXSHARES TR	FLEX	459,789	$42.6M	2.35%
13	FLEXSHARES TR	FLEX	168,556	$41.9M	2.31%
14	APPLE INC	AAPL	144,979	$39.4M	2.17%
15	ISHARES TR	464287150	214,193	$31.8M	1.76%
16	ISHARES TR	46434V647	848,493	$21.2M	1.17%
17	JPMORGAN CHASE & CO.	VYLD	55,306	$17.8M	0.98%
18	AMERICAN CENTY ETF TR	025072356	317,407	$13.8M	0.76%
19	NVIDIA CORPORATION	NVDA	73,990	$13.8M	0.76%
20	SPDR S&P MIDCAP 400 ETF TR	MDY	15,181	$9.2M	0.50%