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Livermore
Livermore
ZHEN

Summit Trail Advisors, LLC

SEC CIK
0001698478
Latest filing
Aug 11, 2026

Holdings in Q3 2025

Holdings as of Sep 30, 2025, filed Nov 14, 2025. Long positions only; changes compare share counts with Q2 2025.

Institution overview
Positions
1,328
+212 vs. Q2 2025
Portfolio value
$7.23B
+$1.41B (+24.1%) vs. Q2 2025
Filed
Nov 14, 2025
SEC
Holdings of Summit Trail Advisors, LLC in Q3 2025
SecurityClassSharesValue% of portfolioShare changeActionHistory
WisdomTree Tr97717Y527FLOATNG RAT TREA21,635,745$1.09B15.0%−701,752−3.1%Reduced–
Vanguard S&P 500 ETF922908363ETF1,177,727$723.3M10.0%+87,333+8.0%Added–
AVGOBroadcom Inc.Stock740,578$244.3M3.4%+13,012+1.8%AddedHistory
iShares Tr4642881253YRTB ETF2,352,066$179.2M2.5%+156,661+7.1%Added–
Invesco Exchange Traded FD T46137V357S&P500 EQL WGT888,239$168.5M2.3%+104,577+13.3%Added–
Vanguard Ftse Developed Markets ETF921943858ETF2,627,866$157.5M2.2%+488,068+22.8%Added–
AAPLApple Inc.Stock566,770$144.3M2.0%+56,761+11.1%AddedHistory
Vanguard Scottsdale FDS92206C102SHORT TERM TREAS2,376,345$139.8M1.9%+55,328+2.4%Added–
MSFTMicrosoft CorpStock265,271$137.4M1.9%+20,107+8.2%AddedHistory
NVDANVIDIA CorpStock649,216$121.1M1.7%+60,798+10.3%AddedHistory
APHAmphenol CorpCL A728,697$90.3M1.2%+9,507+1.3%AddedHistory
Vanguard Ftse Emerging Markets ETF922042858ETF1,626,147$88.1M1.2%+102,317+6.7%Added–
iShares Russell 1000 Growth ETF464287614ETF151,058$70.8M1.0%+27,705+22.5%Added–
AMZNAmazon Com IncStock312,396$68.6M0.9%+24,968+8.7%AddedHistory
GOOGAlphabet Inc.Stock280,413$68.3M0.9%+7,905+2.9%AddedHistory
EXPDExpeditors International of Washington IncCOM554,324$68.0M0.9%+180,010+48.1%AddedHistory
Vanguard Scottsdale FDS92206C706INTER TERM TREAS1,106,248$66.4M0.9%−228,269−17.1%Reduced–
GOOGLAlphabet Inc.Stock264,914$64.4M0.9%+18,198+7.4%AddedHistory
SPYSPDR S&P 500 ETF TrustETF93,751$62.6M0.9%−286−0.3%ReducedHistory
PLTRPalantir Technologies Inc.Stock290,421$53.0M0.7%−43,653−13.1%ReducedHistory
Invesco Exch Traded FD Tr II46138E628KBW BK ETF638,955$50.0M0.7%+165,793+35.0%Added–
Vanguard Morningstar Total Stock Market ETF922908769ETF151,802$50.0M0.7%+26,110+20.8%Added–
Invesco Exchange Traded FD T46137V100AEROSPACE DEFN299,392$46.5M0.6%−394−0.1%Reduced–
iShares Core U.S. Aggregate Bond ETF464287226ETF434,093$43.5M0.6%+36,559+9.2%Added–
METAMeta Platforms, Inc.Stock59,084$43.4M0.6%+7,511+14.6%AddedHistory
AONAon plcCL A112,301$40.0M0.6%−2,074−1.8%ReducedHistory
BRK.BBerkshire Hathaway IncStock75,419$37.9M0.5%+3,373+4.7%AddedHistory
JPMJPMorgan Chase & CoStock120,040$37.9M0.5%+6,790+6.0%AddedHistory
iShares MSCI Eafe ETF464287465ETF392,119$36.6M0.5%+23,738+6.4%Added–
iShares Russell 2000 ETF464287655ETF147,818$35.8M0.5%+5,074+3.6%Added–
TSLATesla, Inc.Stock78,502$34.9M0.5%+8,243+11.7%AddedHistory
HIMSHims & Hers Health, Inc.Stock590,596$33.5M0.5%+30,847+5.5%AddedHistory
Invesco S&P 500 Equal Weight Technology ETF46137V282ETF705,373$31.4M0.4%+689,124+4,241.0%Added–
iShares MSCI USA Quality Factor ETF46432F339ETF154,127$30.0M0.4%−133,130−46.3%Reduced–
IAUiShares Gold TrustETF385,315$28.0M0.4%+101,332+35.7%AddedHistory
Kraneshares Tr500767553CALIFORNIA CARB1,607,871$27.4M0.4%+61,078+3.9%Added–
Vanguard Morningstar Small-Cap ETF922908751ETF92,701$23.6M0.3%−13,220−12.5%Reduced–
APOApollo Global Management, Inc.COM174,122$23.2M0.3%+8,108+4.9%AddedHistory
iShares Core S&P Mid-Cap ETF464287507ETF346,058$22.6M0.3%+200,097+137.1%Added–
OKTAOkta, Inc.CL A225,737$20.7M0.3%+64,571+40.1%AddedHistory
iShares Core MSCI Eafe ETF46432F842ETF232,007$20.3M0.3%+86,580+59.5%Added–
CATCaterpillar IncStock42,171$20.1M0.3%−158−0.4%ReducedHistory
ARAntero Resources CorpCOM592,238$19.9M0.3%+13,165+2.3%AddedHistory
DDOGDatadog, Inc.CL A COM128,973$18.4M0.3%+15,026+13.2%AddedHistory
SCHWSchwab Charles CorpStock188,423$18.0M0.2%+8,852+4.9%AddedHistory
CRWDCrowdStrike Holdings, Inc.Stock36,422$17.9M0.2%+6,470+21.6%AddedHistory
State Street Industrial Select Sector SPDR ETF81369Y704ETF111,514$17.2M0.2%+111,514New–
State Street SPDR Portfolio S&P 400 Mid Cap ETF78464A847ETF299,577$17.1M0.2%−9,888−3.2%Reduced–
COINCoinbase Global, Inc.COM CL A50,625$17.1M0.2%−333−0.7%ReducedHistory
JNJJohnson & JohnsonStock89,368$16.6M0.2%+8,443+10.4%AddedHistory
iShares Core S&P 500 ETF464287200ETF24,645$16.5M0.2%+1,629+7.1%Added–
LLYEli Lilly & CoStock21,466$16.4M0.2%+2,244+11.7%AddedHistory
GSGoldman Sachs Group IncStock20,456$16.3M0.2%+1,282+6.7%AddedHistory
BILLBILL Holdings, Inc.Stock305,698$16.2M0.2%+52,445+20.7%AddedHistory
COSTCostco Wholesale CorpStock17,457$16.2M0.2%+1,470+9.2%AddedHistory
iShares Tr464288877EAFE VALUE ETF238,137$16.2M0.2%00.0%Unchanged–
Vanguard Total World Stock ETF922042742ETF115,903$16.0M0.2%−807−0.7%Reduced–
VVisa Inc.Stock46,593$15.9M0.2%+3,340+7.7%AddedHistory
UBERUber Technologies, IncStock162,173$15.9M0.2%+1,704+1.1%AddedHistory
MAMastercard IncStock27,473$15.6M0.2%+2,279+9.0%AddedHistory
HDHome Depot, Inc.Stock36,896$15.0M0.2%+4,240+13.0%AddedHistory
NFLXNetflix IncStock12,288$14.7M0.2%+1,453+13.4%AddedHistory
DASHDoorDash, Inc.Stock52,625$14.3M0.2%+1,580+3.1%AddedHistory
XOMExxonMobil Holdings CorpCOM123,596$13.9M0.2%+10,673+9.5%AddedHistory
WMTWalmart Inc.Stock131,967$13.6M0.2%+17,917+15.7%AddedHistory
DLOdLocal LtdCLASS A COM940,820$13.4M0.2%00.0%UnchangedHistory
ANETArista Networks, Inc.Stock90,474$13.2M0.2%−8,424−8.5%ReducedHistory
WisdomTree Tr97717W422INDIA ERNGS FD293,067$13.0M0.2%+49,026+20.1%Added–
J P Morgan Exchange Traded F46641Q217BETABULDRS JAPAN195,252$12.9M0.2%+195,252New–
Invesco QQQ Trust Series I46090E103ETF21,390$12.9M0.2%+516+2.5%Added–
ORCLOracle CorpStock45,224$12.7M0.2%+6,872+17.9%AddedHistory
BACBank of America CorpStock244,274$12.6M0.2%+29,395+13.7%AddedHistory
GLDSPDR Gold TrustETF34,531$12.3M0.2%+6,647+23.8%AddedHistory
PMPhilip Morris International Inc.Stock75,396$12.2M0.2%+7,087+10.4%AddedHistory
CRMSalesforce, Inc.Stock49,047$11.6M0.2%+567+1.2%AddedHistory
CVXChevron CorpStock73,735$11.5M0.2%+11,922+19.3%AddedHistory
BKNGBooking Holdings Inc.Stock2,098$11.3M0.2%+451+27.4%AddedHistory
ABBVAbbVie Inc.Stock48,893$11.3M0.2%+5,855+13.6%AddedHistory
iShares Core S&P Small Cap ETF464287804ETF94,780$11.3M0.2%+555+0.6%Added–
RTXRTX CorpStock66,252$11.1M0.2%+5,394+8.9%AddedHistory
Vanguard Total Bond Market ETF921937835ETF137,974$10.3M0.1%+23,768+20.8%Added–
Vanguard Morningstar Value ETF922908744ETF54,568$10.2M0.1%+20,246+59.0%Added–
iShares Tr46429B7470-5 YR TIPS ETF98,613$10.2M0.1%+30,199+44.1%Added–
LMTLockheed Martin CorpStock19,730$9.85M0.1%−1,296−6.2%ReducedHistory
UNHUnitedHealth Group IncStock28,132$9.71M0.1%+9,754+53.1%AddedHistory
ERIEErie Indemnity CoCL A29,605$9.42M0.1%+7,667+34.9%AddedHistory
WFCWells Fargo & CompanyStock112,114$9.40M0.1%+12,688+12.8%AddedHistory
CSCOCisco Systems, Inc.Stock136,427$9.33M0.1%+17,030+14.3%AddedHistory
GEGeneral Electric CoStock30,978$9.33M0.1%+4,610+17.5%AddedHistory
Vanguard Morningstar Large-Cap ETF922908637ETF29,458$9.09M0.1%00.0%Unchanged–
iShares Tr464287150CORE S&P TTL STK60,736$8.85M0.1%−2,696−4.3%Reduced–
TAT&T Inc.Stock302,654$8.55M0.1%+24,570+8.8%AddedHistory
PGProcter & Gamble CoStock55,051$8.46M0.1%+6,904+14.3%AddedHistory
ABTAbbott LaboratoriesStock61,210$8.20M0.1%+2,728+4.7%AddedHistory
TNETTrinet Group, Inc.COM121,485$8.13M0.1%−4,552−3.6%ReducedHistory
SPGSimon Property Group Inc.REIT43,268$8.12M0.1%+15,899+58.1%AddedHistory
Vanguard Scottsdale FDS92206C680VNG RUS1000GRW66,701$8.04M0.1%−776−1.2%Reduced–
AXPAmerican Express CoStock24,045$7.99M0.1%−627−2.5%ReducedHistory
iShares Core MSCI Emerging Markets ETF46434G103ETF120,521$7.94M0.1%+55,929+86.6%Added–
CCitigroup IncStock77,413$7.86M0.1%+6,681+9.4%AddedHistory

Options (16)

Puts and calls in the same filing. Amounts are the market value of the underlying shares, which is what 13F reports.

Option positions of Summit Trail Advisors, LLC in Q3 2025
SecurityClassPutsCalls
Broadcom Inc11135F901CALL–$4.01M
Western Digital Corp.958102905CALL–$842.1K
Target Corp87612E956PUT$449.9K–
Philip Morris Intl Inc718172909CALL–$446.0K
Tapestry Inc876030907CALL–$390.1K
Schlumberger Ltd806857958PUT$331.1K–
Sandisk Corp80004C900CALL–$306.5K
Akamai Technologies Inc00971T951PUT$299.8K–
United Parcel Service Inc911312956PUT$293.3K–
Citigroup Inc172967904CALL–$224.0K
Qualcomm Inc747525953PUT$213.4K–
Kraft Heinz Co500754956PUT$203.7K–
Bristol-Myers Squibb Co110122958PUT$182.5K–
Whirlpool Corp963320956COM$180.9K–
Constellation Brands Inc21036P958PUT$155.9K–
Broadcom Inc11135F951PUT$71.6K–

Sold out since Q2 2025 (30)

Positions held at the end of Q2 2025 that are gone from this filing.

Positions of Summit Trail Advisors, LLC sold out since Q2 2025
SecurityClassShares in Q2 2025Value in Q2 2025% of portfolio in Q2 2025History
WisdomTree Tr97717Y691CLOUD COMPUTNG178,271$6.44M0.1%–
WBAWalgreens Boots Alliance, Inc.COM148,143$1.70M<0.1%History
Vanguard Mun BD FDS922907746TAX EXEMPT BD14,276$700.0K<0.1%–
HESHess CorpStock4,428$613.4K<0.1%History
SKXSkechers USA IncCL A9,563$603.4K<0.1%History
AMEDAmedisys IncCOM6,019$592.2K<0.1%History
CHHChoice Hotels International IncCOM4,574$580.3K<0.1%History
AZEKAZEK Co Inc.CL A8,742$475.1K<0.1%History
ANSSAnsys IncCOM1,130$396.9K<0.1%History
JNPRJuniper Networks IncCOM9,634$384.7K<0.1%History
PPBIPacific Premier Bancorp IncCOM15,969$336.8K<0.1%History
State Street SPDR Portfolio S&P 500 Value ETF78464A508ETF6,422$336.1K<0.1%–
CLSKCleanspark, Inc.COM NEW29,882$329.6K<0.1%History
HUTHut 8 Corp.COM16,298$303.1K<0.1%History
TET1 Energy Inc.COM NEW238,717$293.6K<0.1%History
ONDSOndas Inc.COM NEW145,000$278.4K<0.1%History
MYIBlackRock Muniyield Quality Fund III, Inc.COM23,664$249.5K<0.1%History
CSWCCapital Southwest CorpCOM10,630$234.3K<0.1%History
RELXRELX PLCSPONSORED ADR4,090$222.3K<0.1%History
Global X FDS37954Y475S&P 500 COVERED5,500$214.2K<0.1%–
CRWVCoreWeave, Inc.Stock1,300$212.0K<0.1%History
Global X FDS37954Y657US PFD ETF11,250$211.8K<0.1%–
Neos ETF Trust78433H675NASDAQ 100 HIGH4,000$208.0K<0.1%–
Paramount Global92556H206CL B15,497$200.7K<0.1%–
Advisorshares Tr00768Y453PURE US CANN ETF31,675$76.3K<0.1%–
PMXPIMCO Municipal Income Fund IIICOM10,494$72.3K<0.1%History
AIRSAirsculpt Technologies, Inc.COM14,236$68.8K<0.1%History
LCIDLucid Group, Inc.COM17,347$36.6K<0.1%History
STTKShattuck Labs, Inc.COM23,629$18.7K<0.1%History
BORRBorr Drilling LtdSHS10,000$18.3K<0.1%History