SEC Filing Analysis: Level Financial Advisors (13F-HR)

Executive Summary

• Trading Significance: Low
• Key Takeaway: Level Financial Advisors reported $354.76 million in assets under management across 94 holdings as of Q3 2025, with a portfolio heavily weighted towards diversified, low-cost ETFs from Vanguard and Dimensional Fund Advisors.
• Market Impact: This filing is unlikely to have a significant market impact. It provides a routine transparency report on the holdings of a registered investment advisor, offering insight into their allocation strategy rather than signaling a specific directional bet by a corporate insider.

Filer Information

Field	Value
Filer Name	Level Financial Advisors
CIK	0001871734
Type	Registered Investment Advisor
Total AUM Reported	$354,763,448

Filing Details

Field	Value
Form Type	13F-HR
Filing Date	2025-10-15
Period of Report	2025-09-30
Accession Number	0001871734-25-000006
Total Holdings	94

Portfolio Analysis

Top 5 Holdings by Market Value

Issuer	Ticker/Security	Market Value	Shares
VANGUARD INDEX FDS	S&P 500 ETF (VOO)	$54,516,870	89,025
VANGUARD SCOTTSDALE FDS	Short-Term Treasury ETF (VGSH)	$26,266,199	446,325
VANGUARD TAX-MANAGED FDS	FTSE Developed Markets ETF (VEA)	$24,632,713	411,093
VANGUARD BD INDEX FDS	Short-Term Bond ETF (BSV)	$15,563,688	197,233
DIMENSIONAL ETF TRUST	US High Profitability ETF (DUHP)	$14,548,912	385,198

Portfolio Composition

• The portfolio is dominated by Exchange-Traded Funds (ETFs), indicating a strategy focused on broad diversification and passive management.
• The top holdings consist of a mix of US large-cap equity, short-term government treasuries, developed international equity, and short-term corporate bonds. This suggests a balanced, risk-managed approach suitable for typical advisory clients.
• The largest single holding, the Vanguard S&P 500 ETF (VOO), accounts for approximately 15.4% of the reported assets, showing significant but not excessive concentration in US large-cap stocks.
• The presence of multiple fixed-income and treasury ETFs (VGSH, BSV) highlights a focus on capital preservation and income generation within the portfolio.

Investment Insights

Strategy Indicators

• Passive Management Focus: The heavy reliance on broad-market ETFs from Vanguard, Dimensional, and iShares points to a core-satellite or primarily passive investment philosophy.
• Factor Tilts: The inclusion of Dimensional and Avantis ETFs (e.g., US Targeted Value, US High Profitability) suggests a strategic tilt towards specific factors like value and profitability, which is a common "smart beta" strategy.
• Global Diversification: The portfolio holds significant positions in international and emerging market ETFs, demonstrating a globally diversified asset allocation model.

Notable Holdings

• Individual Stocks: While dominated by ETFs, the firm holds positions in mega-cap stocks like Apple ($AAPL), Microsoft ($MSFT), Amazon ($AMZN), and Alphabet ($GOOGL), likely as core long-term holdings.
• Bitcoin Exposure: A position in Grayscale Bitcoin Trust ETF ($GBTC) worth approximately $363k indicates a small, tactical allocation to cryptocurrency for some clients.

Contextual Analysis

This Form 13F-HR is a mandatory quarterly report required for institutional investment managers with over $100 million in qualifying assets under management. The filing by Level Financial Advisors provides a snapshot of their holdings at the end of the third quarter of 2025. It reflects a standard, diversified approach common among financial advisors, prioritizing long-term growth and risk management through low-cost funds. It does not represent insider trading but rather the collective investment positions managed on behalf of their clients.

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IMPORTANT DISCLAIMER: This analysis is for informational purposes only and is not intended as investment advice. The information presented is based on publicly available SEC filings and should not be construed as a recommendation to buy, sell, or hold any securities. Past performance does not guarantee future results. All investments carry risk, including the potential loss of principal. Please consult with a qualified financial advisor before making any investment decisions.

Analysis generated on 2025-10-15 | Data source: SEC EDGAR