Capstone Financial Advisors, Inc.

RIA/Wealth

Capstone Financial Advisors, Inc. is a RIA/Wealth based in Downers Grove, IL led by Troy E. Bute, reporting $2.4B in AUM as of Q3 2025 with 86% ETF concentration, 74% concentrated in top 10 holdings, 17% allocation to VTI, and minimal technology exposure.

PresidentTroy E. Bute

Portfolio Value: $1.8B
Positions: 181
Top Holding: VTI at 16.81%
Last Reported: Q3 2025

Address2001 Butterfield Road, Suite 1750, Downers Grove, IL, 60515, United States

Top Holdings

Largest long holdings in Capstone Financial Advisors, Inc.'s portfolio (73.8% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Vanguard Total Stock Market VTI	ETF ETF	$310.1M	16.81%	+$892.6K Bought	— 945.0K shares	Q4 2014 Held for 10y 11m
2 iShares Russell 1000 IWB	ETF ETF	$239.2M	12.96%	-$2.5M Sold	— 654.4K shares	Q1 2020 Held for 5y 8m
3 Dimensional U.S. Core Equity 2 DFAC	ETF ETF	$207.6M	11.25%	+$943.3K Bought	— 5.4M shares	Q2 2021 Held for 4y 5m
4 FlexShares STOXX Global Broad Infrastructure Index Fund NFRA	ETF ETF	$135.5M	7.34%	+$1.8M Bought	— 2.2M shares	Q2 2021 Held for 4y 5m
5 Vanguard Total Bond Market BND	ETF ETF	$128.4M	6.96%	+$2.4M Bought	— 1.7M shares	Q1 2017 Held for 8y 8m
6 Vanguard Total International Stock VXUS	ETF ETF	$84.2M	4.56%	+$2.5K Bought	— 1.1M shares	Q2 2017 Held for 8y 5m
7 iShares Core MSCI Total International Stock IXUS	ETF ETF	$75.7M	4.10%	-$328.3K Sold	— 916.7K shares	Q4 2018 Held for 6y 11m
8 Dimensional World ex U.S. Core Equity 2 DFAX	ETF ETF	$65.7M	3.56%	+$192.1K Bought	— 2.1M shares	Q3 2021 Held for 4y 2m
9 McDonald's MCD	Restaurants Consumer Cyclical	$61.3M	3.32%	-$1.7M Sold	0.03% 201.7K shares	Q4 2024 Held for 11 months
10 iShares Russell 1000 Growth IWF	ETF ETF	$53.8M	2.92%	-$134.0K Sold	— 114.8K shares	Q4 2014 Held for 10y 11m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Capstone Financial Advisors, Inc.'s latest filing

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Market Value

$1.8B

Prior: $1.7B

Q/Q Change

+6.95%

+$120.0M

Net Flows % of MV

+0.717%

Turnover Ratio

1.21%

New Purchases

12 stocks

$4.4M

Added To

84 stocks

+$23.6M

Sold Out Of

12 stocks

$3.6M

Reduced Holdings

50 stocks

-$11.3M

Increased Positions

Position	Shares Δ	Change
1 Caledonia Mining Corporation CMCL	New	0 → 25.7K +$930.6K
2 J.P. Morgan Nasdaq Equity Premium Income JEPQ	New	0 → 9.8K +$564.4K
3 Opendoor Technologies Inc OPEN	New	0 → 65.3K +$520.1K
4 Huntington Bancshares HBAN	New	0 → 22.4K +$387.5K
5 IFRA iShares U.S. Infrastructure IFRA	New	0 → 6.5K +$342.4K

Decreased Positions

Position	Shares Δ	Change
1 Walgreens Boots Alliance WBA	Sold	126.0K → 0 −$1.4M
2 Vistra VST	Sold	4.6K → 0 −$890.9K
3 SPYV SPDR Portfolio S&P 500 Value ETF SPYV	Sold	5.4K → 0 −$282.0K
4 Vanguard FTSE Emerging Markets VWO	Sold	4.5K → 0 −$223.5K
5 Celanese Corporation CE	Sold	4.0K → 0 −$221.3K

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Analytics

Portfolio insights and performance metrics for Capstone Financial Advisors, Inc.

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Sector Allocation

ETF

86.40%

Technology

4.30%

Consumer Cyclical

4.10%

Financial Services

2.10%

Consumer Defensive

0.60%

Communication Services

0.50%

Industrials

0.40%

Healthcare

0.40%

Energy

0.10%

Basic Materials

0.10%

Market Cap Distribution

Mega Cap (> $200B)

10.29%

Large Cap ($10B - $200B)

1.96%

Mid Cap ($2B - $10B)

0.32%

Small Cap ($300M - $2B)

0.13%

Micro Cap ($50M - $300M)

0.00%

Nano Cap (< $50M)

0.00%

N/A (ETF or Unknown)

87.30%

Portfolio Concentration

Top 10 Holdings %

73.78%

Top 20 Holdings %

89.18%

Top 50 Holdings %

96.52%

Top 100 Holdings %

98.78%