Note Advisors, LLC

BUFFALO, NY · CIK 2056243 · 13F filing filed 2025-08-14

SEC-registered investment adviser since 2014 · limited liability company

Assets managed$437.0m
Staff11 · 6 in investment roles
Main clients (by assets)High net worth individuals 44%, Individuals 40%, Pension plans 17%
Websitenoteadvisor.com
Form ADV · 2026-03-30SEC adviser record

$144.6m reported value +19.4% vs Q1 2025

74positions

61.5%in top 10

4 new 33 added 29 reduced 4 sold out vs Q1 2025

Holdings, Q2 2025

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	DIMENSIONAL ETF TRUST US CORE EQT MKT DFAU	DFAU	773,824	$32.8m22.67%	22.67%	Added +170.6k	+170,636 28.3%
2	DIMENSIONAL ETF TRUST INTL CORE EQT MK DFAI	DFAI	336,987	$11.6m8.06%	8.06%	Added +54.8k	+54,817 19.4%
3	DIMENSIONAL ETF TRUST CORE FIXED INCOM DFCF	DFCF	274,299	$11.6m8.02%	8.02%	Added +84.4k	+84,384 44.4%
4	VANGUARD BD INDEX FDS TOTAL BND MRKT BND	BND	100,229	$7.4m5.10%	5.10%	Added +8.9k	+8,927 9.8%
5	VANGUARD SCOTTSDALE FDS VNG RUS1000IDX VONE	VONE	23,771	$6.7m4.62%	4.62%	Reduced -481	-481 -2.0%
6	DIMENSIONAL ETF TRUST EMGR CRE EQT MNG DFAE	DFAE	146,271	$4.2m2.93%	2.93%	Added +31.6k	+31,608 27.6%
7	VANGUARD INDEX FDS REAL ESTATE ETF VNQ	VNQ	43,933	$3.9m2.71%	2.71%	Added +4.4k	+4,424 11.2%
8	DIMENSIONAL ETF TRUST US CORE EQUITY 2 DFAC	DFAC	104,196	$3.7m2.58%	2.58%	Added +9.7k	+9,696 10.3%
9	VANGUARD CHARLOTTE FDS TOTAL INT BD ETF BNDX	BNDX	73,507	$3.6m2.52%	2.52%	Added +5.7k	+5,693 8.4%
10	VANGUARD WHITEHALL FDS INTL HIGH ETF VYMI	VYMI	41,892	$3.4m2.32%	2.32%	Added +3.1k	+3,150 8.1%
11	ISHARES TR NEW YORK MUN ETF NYF	NYF	54,628	$2.8m1.97%	1.97%	Added +2.7k	+2,724 5.2%
12	ISHARES TR IBOXX INV CP ETF LQD	LQD	25,595	$2.8m1.94%	1.94%	Added +901	+901 3.6%
13	VANGUARD TAX-MANAGED FDS VAN FTSE DEV MKT VEA	VEA	45,506	$2.6m1.79%	1.79%	Added +647	+647 1.4%
14	SPDR SER TR PORTFLI TIPS ETF SPIP	SPIP	96,573	$2.5m1.74%	1.74%	Added +3.4k	+3,368 3.6%
15	GLOBAL X FDS US PFD ETF PFFD	PFFD	129,976	$2.4m1.69%	1.69%	Added +9.7k	+9,749 8.1%
16	GLOBAL X FDS NASDAQ 100 COVER QYLD	QYLD	110,557	$1.8m1.28%	1.28%	Added +9.3k	+9,311 9.2%
17	DIMENSIONAL ETF TRUST US REAL ESTATE E US REAL ESTATE E		78,045	$1.8m1.27%	1.27%	Added +15.2k	+15,229 24.2%
18	ISHARES U S ETF TR GSCI CMDTY STGY COMT	COMT	66,886	$1.7m1.20%	1.20%	Added +8.7k	+8,671 14.9%
19	DIMENSIONAL ETF TRUST NATL MUN BD ETF DFNM	DFNM	35,837	$1.7m1.18%	1.18%	Added +16.9k	+16,880 89.0%
20	J P MORGAN EXCHANGE TRADED F EQUITY PREMIUM JEPI	JEPI	28,443	$1.6m1.12%	1.12%	Added +2.2k	+2,227 8.5%
21	SCHWAB STRATEGIC TR US DIVIDEND EQ SCHD	SCHD	59,718	$1.6m1.09%	1.09%	Added +5.2k	+5,242 9.6%
22	DIMENSIONAL ETF TRUST US CORE EQUITY 1 US CORE EQUITY 1		23,129	$1.5m1.07%	1.07%	Added +17.2k	+17,203 290.3%
23	VANGUARD SPECIALIZED FUNDS DIV APP ETF VIG	VIG	7,554	$1.5m1.07%	1.07%	Added +559	+559 8.0%
24	VANGUARD MUN BD FDS TAX EXEMPT BD VTEB	VTEB	27,041	$1.3m0.92%	0.92%	Reduced -6.7k	-6,653 -19.8%
25	INVESCO EXCH TRADED FD TR II NY AMT FRE MUN PZT	PZT	60,973	$1.3m0.91%	0.91%	Added +1.1k	+1,100 1.8%
26	DIMENSIONAL ETF TRUST GLOBAL EX US COR DFGX	DFGX	23,434	$1.3m0.86%	0.86%	Added +3.5k	+3,547 17.8%
27	MCDONALDS CORP COM MCD	MCD	3,982	$1.2m0.80%	0.80%	Unchanged
28	ISHARES TR NATIONAL MUN ETF MUB	MUB	10,737	$1.1m0.78%	0.78%	Reduced -1.2k	-1,201 -10.1%
29	ALPHABET INC CAP STK CL C GOOG	GOOG	6,311	$1.1m0.77%	0.77%	Reduced -339	-339 -5.1%
30	ISHARES TR RUS 1000 ETF IWB	IWB	3,267	$1.1m0.77%	0.77%	Reduced -133	-133 -3.9%
31	SSGA ACTIVE TR SPDR DBLELN EMRG EMTL	EMTL	25,640	$1.1m0.77%	0.77%	Added +82	+82 0.3%
32	ISHARES TR CORE MSCI TOTAL IXUS	IXUS	14,017	$1.1m0.75%	0.75%	Reduced -4.1k	-4,133 -22.8%
33	ISHARES TR CORE INTL AGGR IAGG	IAGG	20,056	$1.0m0.71%	0.71%	Added +1.9k	+1,923 10.6%
34	MICROSOFT CORP COM MSFT	MSFT	1,762	$876.7k0.61%	0.61%	Reduced -84	-84 -4.5%
35	FIRST TR EXCH TRADED FD III PFD SECS INC ETF FPE	FPE	49,022	$872.6k0.60%	0.60%	Added +4.2k	+4,155 9.3%
36	SPDR SERIES TRUST PORTFLI HIGH YLD SPHY	SPHY	34,259	$815.4k0.56%	0.56%	Added +6.9k	+6,857 25.0%
37	NBT BANCORP INC COM NBTB	NBTB	19,293	$801.6k0.55%	0.55%	New
38	ISHARES TR TIPS BD ETF TIP	TIP	7,249	$797.7k0.55%	0.55%	Reduced -34	-34 -0.5%
39	APPLE INC COM AAPL	AAPL	3,786	$776.9k0.54%	0.54%	Added +11	+11 0.3%
40	GOLDMAN SACHS ETF TR ACCESS INVT GR GIGB	GIGB	16,433	$756.2k0.52%	0.52%	Added +964	+964 6.2%
41	VANGUARD SCOTTSDALE FDS TOTAL CORP BND VTC	VTC	9,310	$719.9k0.50%	0.50%	Unchanged
42	VANGUARD WHITEHALL FDS EM MK GOV BD ETF VWOB	VWOB	11,001	$718.9k0.50%	0.50%	Reduced -2.2k	-2,176 -16.5%
43	UNITED AIRLS HLDGS INC COM UAL	UAL	6,260	$498.5k0.34%	0.34%	Unchanged
44	VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF VWO	VWO	9,425	$466.2k0.32%	0.32%	Reduced -5.6k	-5,558 -37.1%
45	GLOBAL X FDS S&P 500 COVERED XYLD	XYLD	11,944	$465.1k0.32%	0.32%	Reduced -18	-18 -0.1%
46	DIMENSIONAL ETF TRUST INFLATION PROTE DFIP	DFIP	10,250	$428.6k0.30%	0.30%	Reduced -359	-359 -3.4%
47	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	860	$417.6k0.29%	0.29%	Reduced -17	-17 -1.9%
48	BROADCOM INC COM AVGO	AVGO	1,450	$399.7k0.28%	0.28%	Unchanged
49	VANGUARD STAR FDS VG TL INTL STK F VXUS	VXUS	5,686	$392.8k0.27%	0.27%	Reduced -3	-3 -0.1%
50	VANGUARD INDEX FDS VALUE ETF VTV	VTV	2,218	$392.0k0.27%	0.27%	Reduced -1.5k	-1,507 -40.5%
51	ISHARES TR 0-3 MNTH TREASRY SGOV	SGOV	3,632	$365.7k0.25%	0.25%	Unchanged
52	SCHWAB STRATEGIC TR INT-TRM U.S TRES SCHR	SCHR	14,518	$363.4k0.25%	0.25%	Reduced -1.3k	-1,320 -8.3%
53	VANGUARD INDEX FDS MCAP VL IDXVIP VOE	VOE	2,190	$360.2k0.25%	0.25%	Reduced -1.2k	-1,186 -35.1%
54	SCHWAB STRATEGIC TR US AGGREGATE B SCHZ	SCHZ	15,068	$350.2k0.24%	0.24%	Reduced -706	-706 -4.5%
55	VANGUARD SCOTTSDALE FDS VNG RUS2000VAL VTWV	VTWV	2,505	$348.4k0.24%	0.24%	Reduced -1.6k	-1,563 -38.4%
56	ISHARES TR CORE US AGGBD ET AGG	AGG	3,391	$336.4k0.23%	0.23%	Reduced -406	-406 -10.7%
57	HOME DEPOT INC COM HD	HD	878	$321.9k0.22%	0.22%	Unchanged
58	M & T BK CORP COM MTB	MTB	1,635	$317.2k0.22%	0.22%	Reduced -133	-133 -7.5%
59	META PLATFORMS INC CL A META	META	419	$309.3k0.21%	0.21%	Added +3	+3 0.7%
60	AMAZON COM INC COM AMZN	AMZN	1,408	$308.8k0.21%	0.21%	Added +3	+3 0.2%
61	ISHARES TR CORE HIGH DV ETF HDV	HDV	2,511	$294.2k0.20%	0.20%	Reduced -23	-23 -0.9%
62	INVESCO QQQ TR UNIT SER 1 QQQ	QQQ	529	$291.8k0.20%	0.20%	Reduced -87	-87 -14.1%
63	ALPHABET INC CAP STK CL A GOOGL	GOOGL	1,542	$271.7k0.19%	0.19%	Unchanged
64	ISHARES TR ESG AWR MSCI USA ESGU	ESGU	1,974	$267.1k0.18%	0.18%	Reduced -25	-25 -1.2%
65	UNITED RENTALS INC COM URI	URI	350	$263.7k0.18%	0.18%	Unchanged
66	ISHARES TR CORE DIV GRWTH DGRO	DGRO	4,022	$257.2k0.18%	0.18%	Added +24	+24 0.6%
67	ANALOG DEVICES INC COM ADI	ADI	1,056	$251.4k0.17%	0.17%	Reduced -49	-49 -4.4%
68	ISHARES TR EAFE SML CP ETF SCZ	SCZ	3,236	$235.2k0.16%	0.16%	Reduced -1.7k	-1,689 -34.3%
69	ISHARES TR MSCI EMG MKT ETF EEM	EEM	4,762	$229.7k0.16%	0.16%	Reduced -183	-183 -3.7%
70	JPMORGAN CHASE & CO COM JPM	JPM	771	$223.5k0.15%	0.15%	New
71	CENCORA INC COM COR	COR	737	$221.0k0.15%	0.15%	Reduced -66	-66 -8.2%
72	SPDR SERIES TRUST PRTFLO S&P500 VL SPYV	SPYV	3,950	$206.7k0.14%	0.14%	New
73	EXXON MOBIL CORP COM XOM	XOM	1,883	$203.0k0.14%	0.14%	Reduced -96	-96 -4.8%
74	WALMART INC COM WMT	WMT	2,052	$200.7k0.14%	0.14%	New

Sold out since Q1 2025

Security	Ticker	Shares held before	Value then
EVANS BANCORP INC EVBN	EVBN	12,597	$490.9k12.6k shares
WISDOMTREE TR EZM	EZM	5,718	$340.8k5.7k shares
VANECK ETF TRUST ANGL	ANGL	11,084	$319.9k11.1k shares
VANGUARD INDEX FDS VTI	VTI	1,118	$307.3k1.1k shares