Midwest Heritage Bank, FSB

RIA/Wealth

Midwest Heritage Bank, FSB is a RIA/Wealth based in West Des Moines, IA led by Matthew Graham Watters, reporting $314.2M in AUM as of Q3 2025 with 97% ETF concentration, 76% concentrated in top 10 holdings, and 17% allocation to DFAC.

PresidentMatthew Graham Watters

Portfolio Value: $282.1M
Positions: 58
Top Holding: DFAC at 16.94%
Last Reported: Q3 2025

Address3580 Ep True Parkway, West Des Moines, IA, 50265, United States

Top Holdings

Largest long holdings in Midwest Heritage Bank, FSB's portfolio (76.5% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Dimensional U.S. Core Equity 2 DFAC	ETF ETF	$47.8M	16.94%	-$132.8K Sold	— 1.2M shares	Q4 2021 Held for 3y 11m
2 CGUS Capital Group Core Equity CGUS	ETF ETF	$38.6M	13.69%	-$64.0K Sold	— 976.5K shares	Q2 2022 Held for 3y 5m
3 CGDV Capital Group Dividend Value CGDV	ETF ETF	$27.1M	9.62%	+$169.1K Bought	— 645.9K shares	Q2 2022 Held for 3y 5m
4 CGCP Capital Group Core Plus Income CGCP	ETF ETF	$23.4M	8.29%	+$429.0K Bought	— 1.0M shares	Q2 2022 Held for 3y 5m
5 Dimensional US High Profitability DUHP	ETF ETF	$18.3M	6.49%	+$1.1K Bought	— 485.0K shares	Q1 2022 Held for 3y 8m
6 Dimensional Global Core Plus Fixed Income DFGP	ETF ETF	$14.1M	4.99%	+$391.2K Bought	— 253.3K shares	Q3 2024 Held for 1y 2m
7 Dimensional International Core Equity Market DFAI	ETF ETF	$13.8M	4.91%	-$83.2K Sold	— 380.9K shares	Q4 2021 Held for 3y 11m
8 Dimensional U.S. Small Cap DFAS	ETF ETF	$12.8M	4.54%	-$31.1K Sold	— 187.1K shares	Q1 2022 Held for 3y 8m
9 Capital Group Growth CGGR	ETF ETF	$12.4M	4.41%	+$144.6K Bought	— 283.4K shares	Q2 2022 Held for 3y 5m
10 SPDR Portfolio S&P 500 ETF SPLG	ETF ETF	$7.4M	2.61%	-$57.3K Sold	— 94.0K shares	Q4 2021 Held for 3y 11m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Midwest Heritage Bank, FSB's latest filing

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Market Value

$282.1M

Prior: $265.5M

Q/Q Change

+6.24%

+$16.6M

Net Flows % of MV

+0.322%

Turnover Ratio

0.528%

New Purchases

0 stocks

Added To

27 stocks

+$1.8M

Sold Out Of

0 stocks

Reduced Holdings

20 stocks

-$926.9K

Increased Positions

Position	Shares Δ	Change
1 Capital Group U.S. Multi-Sector Income CGMS	+34.31%	10.9K → 14.6K +$103.5K
2 CGHM Capital Group Municipal High-Income CGHM	+33.38%	11.1K → 14.8K +$93.6K
3 iShares Core MSCI Emerging Markets IEMG	+5.34%	3.5K → 3.7K +$12.4K
4 CGCV Capital Group Conservative Equity CGCV	+4.47%	128.0K → 133.8K +$172.4K
5 Dimensional Global Core Plus Fixed Income DFGP	+2.86%	246.2K → 253.3K +$391.2K

Decreased Positions

Position	Shares Δ	Change
1 First Trust Senior Loan Fund FTSL	-21.82%	14.5K → 11.3K −$144.9K
2 DFCF Dimensional Core Fixed Income DFCF	-15.92%	14.4K → 12.1K −$98.1K
3 Ford Motor Company F	-10.21%	11.1K → 10.0K −$13.6K
4 iShares Core Total USD Bond Market IUSB	-4.39%	10.0K → 9.6K −$20.5K
5 First Trust Large Cap Value AlphaDEX Fund FTA	-3.77%	60.8K → 58.5K −$191.2K