Managers / Q1 2026
Note Advisors, LLC
CIK 0002056243 · 50 LAKEFRONT BLVD., SUITE 215, BUFFALO, NY, 14202 · 716-256-1682
Summary
Note Advisors, LLC reported $200M in U.S.-listed holdings across 85 positions for Q1 2026.
The portfolio is heavily concentrated: DFAU alone accounts for 21.1% of reported value.
Compared with Q4 2025, the fund opened 4 new positions and exited 1.
Portfolio Metrics
Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.
Reported Value by Quarter
Portfolio Composition
- ETP · 94.5% · $189M
- Common Stock · 5.5% · $11M
Quarter-over-Quarter Changes full breakdown →
vs Q4 2025 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| FIRST TR EXCH TRADED FD III | NEW | +214.2K | 214.2K | +$4M | $4M |
| BCDABRDN ETFS | NEW | +7.0K | 7.0K | +$250,210 | $250,210 |
| NVDANVIDIA CORPORATION | NEW | +1.4K | 1.4K | +$249,335 | $249,335 |
| VANECK ETF TRUST | NEW | +7.5K | 7.5K | +$214,596 | $214,596 |
| SPDR SERIES TRUST | SOLD OUT | −2.5K | 0 | −$201,923 | $0 |
| ABGCENCORA INC | TRIMMED | −72.5K | 733 | −$1M | $230,265 |
| GLOBAL X FDS | TRIMMED | −123.8K | 21.4K | −$2M | $394,054 |
| GOLDMAN SACHS ETF TR | ADDED | +5.0K | 22.6K | +$219,944 | $1M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q1 2026
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | DFAUDIMENSIONAL ETF TRUST | US CORE EQT MKT · CORE FIXED INCOM · INTL CORE EQT MK · US CORE EQUITY 2 · EMGR CRE EQT MNG · DIMENSIONAL INTE · NATL MUN BD ETF · US REAL ESTATE E · US CORE EQUITY 1 · INTL CORE EQUITY | 52.95% | $106M | 2.54M |
| 2 | ISHARES TR | NEW YORK MUN ETF · IBOXX INV CP ETF · TIPS BD ETF · CORE MSCI TOTAL · RUS 1000 ETF · NATIONAL MUN ETF · CORE INTL AGGR | 7.28% | $15M | 189.5K |
| 3 | VANGUARD BD INDEX FDS | TOTAL BND MRKT | 4.30% | $9M | 116.8K |
| 4 | VANGUARD SCOTTSDALE FDS | VNG RUS1000IDX · TOTAL CORP BND | 3.61% | $7M | 31.4K |
| 5 | VANGUARD INDEX FDS | REAL ESTATE ETF · TOTAL STK MKT | 2.99% | $6M | 62.8K |
| 6 | VANGUARD WHITEHALL FDS | INTL HIGH ETF · EM MK GOV BD ETF | 2.81% | $6M | 62.9K |
| 7 | SPDR SERIES TRUST | STATE STREET SPD | 2.05% | $4M | 162.7K |
| 8 | FIRST TR EXCH TRADED FD III | PFD SECS INC ETF | 1.90% | $4M | 214.2K |
| 9 | VANGUARD CHARLOTTE FDS | TOTAL INT BD ETF | 1.78% | $4M | 74.0K |
| 10 | GLOBAL X FDS | NASDAQ 100 COVER · S&P 500 COVERED | 1.51% | $3M | 161.2K |
| 11 | VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 1.44% | $3M | 44.9K |
| 12 | ISHARES U S ETF TR | GSCI CMDTY STGY | 1.25% | $3M | 74.0K |
| 13 | GOOGALPHABET INC | CAP STK CL C · CAP STK CL A | 1.16% | $2M | 8.1K |
| 14 | SCHWAB STRATEGIC TR | US DIVIDEND EQ | 1.14% | $2M | 74.5K |
| 15 | J P MORGAN EXCHANGE TRADED F | EQUITY PREMIUM | 1.11% | $2M | 39.3K |
| 16 | VANGUARD SPECIALIZED FUNDS | DIV APP ETF | 1.01% | $2M | 9.4K |
| 17 | VANGUARD MUN BD FDS | TAX EXEMPT BD | 0.89% | $2M | 35.5K |
| 18 | INVESCO EXCH TRADED FD TR II | NY AMT FRE MUN | 0.81% | $2M | 73.2K |
| 19 | SSGA ACTIVE TR | STATE STREET DOU | 0.70% | $1M | 32.9K |
| 20 | MCDMCDONALDS CORP | COM | 0.63% | $1M | 4.0K |
| 21 | GOLDMAN SACHS ETF TR | ACCESS INVT GR | 0.52% | $1M | 22.6K |
| 22 | AAPLAPPLE INC | COM | 0.49% | $982,525 | 3.9K |
| 23 | BONDBLOXX ETF TRUST | BLOOMBERG SIX MN | 0.47% | $940,516 | 18.7K |
| 24 | MSFTMICROSOFT CORP | COM | 0.46% | $913,754 | 2.5K |
| 25 | NBTBNBT BANCORP INC | COM | 0.38% | $761,306 | 17.9K |
| 26 | VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 0.29% | $575,469 | 10.6K |
| 27 | UALUNITED AIRLS HLDGS INC | COM | 0.27% | $541,740 | 5.9K |
| 28 | AVGOBROADCOM INC | COM | 0.23% | $463,336 | 1.5K |
| 29 | VANGUARD STAR FDS | VG TL INTL STK F | 0.22% | $438,447 | 5.7K |
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q1 2026 | $200M | 85 | May 15, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q4 2025 | $195M | 83 | Feb 18, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q3 2025 | $168M | 83 | Nov 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q2 2025 | $145M | 74 | Aug 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q1 2025 | $121M | 74 | May 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q4 2024 | $113M | 75 | Feb 18, 2025 | 13F-HR | changes · EDGAR ↗ |
13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.