LPL Financial Portfolio holdings
LPL Financial, founded in 1989 through the merger of Linsco and Private Ledger and headquartered in San Diego, California, is the largest independent broker-dealer in the U.S., supporting over 22,000 financial advisors who manage more than $1.4 trillion in advisory and brokerage assets as of late 2024. Serving independent advisors, banks, and credit unions, LPL provides a robust technology platform, research, and back-office support, enabling advisors to offer personalized wealth management, retirement planning, and investment services to clients without proprietary products. The firm, publicly traded since 2010 under CEO Dan Arnold, has grown through acquisitions like Waddell & Reed’s wealth management business in 2021, emphasizing flexibility and advisor autonomy. With additional offices in Fort Mill, South Carolina, and Boston, LPL Financial remains a leader in empowering advisors amid a shifting financial landscape.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares S&P 500 Value ETF
IVE
|
+$517M |
| 2 |
Capital Group Dividend Value ETF
CGDV
|
+$468M |
| 3 |
iShares Core MSCI Emerging Markets ETF
IEMG
|
+$367M |
| 4 |
Capital Group Growth ETF
CGGR
|
+$301M |
| 5 |
Vanguard S&P 500 ETF
VOO
|
+$293M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares MSCI USA Quality Factor ETF
QUAL
|
+$461M |
| 2 |
State Street Financial Select Sector SPDR ETF
XLF
|
+$130M |
| 3 |
BSCP
Invesco BulletShares 2025 Corporate Bond ETF
BSCP
|
+$119M |
| 4 |
Schwab US Dividend Equity ETF
SCHD
|
+$113M |
| 5 |
Pacer US Cash Cows 100 ETF
COWZ
|
+$103M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 8.6% |
| 2 | Financials | 3.6% |
| 3 | Consumer Discretionary | 2.68% |
| 4 | Communication Services | 2.56% |
| 5 | Healthcare | 2.4% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
226
Vanguard Mortgage-Backed Securities ETF
VMBS
$15.5B
| $296M | 0.08% |
6,291,178
+136,738
| +2% | +$6.44M |
|
227
JPMorgan US Quality Factor ETF
JQUA
$8.48B
| $296M | 0.08% |
4,681,419
-517,012
| -10% | -$32.5M |
|
228
Boeing
BA
$185B
| $295M | 0.08% |
1,359,689
+103,258
| +8% | +$21.2M |
|
229
iShares 3-7 Year Treasury Bond ETF
IEI
$17.8B
| $293M | 0.08% |
2,454,299
+250,345
| +11% | +$30M |
|
230
State Street US Sector Rotation ETF
XLSR
$1.05B
| $291M | 0.08% |
4,676,742
+55,879
| +1% | +$3.43M |
|
231
AT&T
T
$163B
| $289M | 0.08% |
11,650,757
+5,082
| +0% | +$129K |
|
232
GE Vernova
GEV
$264B
| $289M | 0.08% |
441,968
+100,787
| +30% | +$61.4M |
|
233
Avantis Emerging Markets Equity ETF
AVEM
$26.3B
| $288M | 0.08% |
3,740,586
+1,061,034
| +40% | +$81.2M |
|
234
FT Vest Fund of Deep Buffer ETFs
BUFD
$1.99B
| $288M | 0.08% |
10,197,399
+869,362
| +9% | +$24.3M |
|
235
iShares 0-5 Year TIPS Bond ETF
STIP
$15.8B
| $287M | 0.08% |
2,803,155
-517,378
| -16% | -$53.3M |
|
|
BDVL
236
iShares Disciplined Volatility Equity Active ETF
BDVL
$1.77B
| $287M | 0.08% |
11,561,985
+1,567,082
| +16% | +$39.2M |
|
237
Qualcomm
QCOM
$176B
| $286M | 0.08% |
1,674,646
+109,345
| +7% | +$18.7M |
|
238
Main Sector Rotation ETF
SECT
$2.88B
| $286M | 0.08% |
4,435,459
+706,583
| +19% | +$45M |
|
239
State Street SPDR Portfolio Short Term Corporate Bond ETF
SPSB
$10.7B
| $285M | 0.08% |
9,425,480
+1,518,271
| +19% | +$45.9M |
|
240
John Hancock Multifactor Mid Cap ETF
JHMM
$6.12B
| $280M | 0.08% |
4,281,549
+89,575
| +2% | +$5.82M |
|
241
FT Vest S&P 500 Dividend Aristocrats Target Income ETF
KNG
$3.46B
| $280M | 0.08% |
5,698,242
-327,532
| -5% | -$16.1M |
|
242
JPMorgan Municipal ETF
JMUB
$8.47B
| $279M | 0.08% |
5,531,924
+1,702,513
| +44% | +$86.1M |
|
243
Duke Energy
DUK
$97.3B
| $277M | 0.08% |
2,362,052
+74,053
| +3% | +$9.04M |
|
244
ServiceNow
NOW
$129B
| $277M | 0.08% |
1,806,172
+189,432
| +12% | +$32.5M |
|
245
iShares JPMorgan USD Emerging Markets Bond ETF
EMB
$14.7B
| $277M | 0.08% |
2,873,030
+405,248
| +16% | +$38.9M |
|
246
Vanguard Morningstar Small-Cap Growth ETF
VBK
$24.5B
| $275M | 0.08% |
909,819
+9,979
| +1% | +$3.01M |
|
247
Goldman Sachs Access US Aggregate Bond ETF
GCOR
$799M
| $275M | 0.08% |
6,612,495
+452,097
| +7% | +$18.9M |
|
248
First Trust NASDAQ Technology Dividend Index Fund
TDIV
$4.44B
| $275M | 0.08% |
2,834,906
+40,614
| +1% | +$3.99M |
|
249
American Century US Quality Growth ETF
QGRO
$2.02B
| $274M | 0.07% |
2,388,338
+246,445
| +12% | +$28.1M |
|
250
Vanguard Short-Term Corporate Bond ETF
VCSH
$44.7B
| $272M | 0.07% |
3,412,035
+66,477
| +2% | +$5.3M |
|
Similar funds
LPL Financial's Q4 2025 Portfolio in Review
As of Q4 2025, LPL Financial held 6,133 positions worth $366B, up 6.7% from $343B the previous quarter. Its ten largest holdings account for 15% of the portfolio.
LPL Financial deployed $17.7B of net new capital in Q4 2025, opening 355 new positions and adding to 3,269 existing holdings. Its largest new stake was Akre Focus ETF: 2,308,689 shares worth $151M.
By sector, the portfolio is most concentrated in Technology at 8.6% of assets, down from 8.8% a quarter earlier, followed by Financials and Consumer Discretionary.
On the sell side, the largest reduction was iShares MSCI USA Quality Factor ETF, an estimated $461M trimmed.
- LPL Financial's largest Q4 2025 buy was Akre Focus ETF: 2,308,689 shares worth $151M.
- LPL Financial added most to iShares S&P 500 Value ETF in Q4 2025, an estimated $517M increase.
- LPL Financial's biggest Q4 2025 reduction was iShares MSCI USA Quality Factor ETF, cutting an estimated $461M.
- LPL Financial fully exited Invesco BulletShares 2025 Corporate Bond ETF in Q4 2025, selling an estimated $119M.
- LPL Financial's ten largest holdings make up 15% of its $366B portfolio in Q4 2025.
- LPL Financial opened 355 new positions and closed 267 in Q4 2025.
- LPL Financial's portfolio value rose 6.7% quarter-over-quarter to $366B.
Based on LPL Financial's 13F filing for Q4 2025, filed 11 Feb 2026.