# EDGAR Filing Document

**Accession Number:** 0001966087
**File Stem:** 0001966087-23-000001
**Filing Date:** 2023-2
**Character Count:** 13112
**Document Hash:** 2e5124f38d054d8ac4904ffc158a7098
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001966087-23-000001.hdr.sgml**: 20230215

**ACCESSION NUMBER**: 0001966087-23-000001

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230215

**DATE AS OF CHANGE**: 20230215

**EFFECTIVENESS DATE**: 20230215

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Kapstone Financial Advisors LLC
- **CENTRAL INDEX KEY:** 0001966087
- **IRS NUMBER:** 823392456
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-23110
- **FILM NUMBER:** 23635937

**BUSINESS ADDRESS:**
- **STREET 1:** 7501 EAST PARAGON ROAD
- **STREET 2:** SUITE 200
- **CITY:** DAYTON
- **STATE:** OH
- **ZIP:** 45459
- **BUSINESS PHONE:** (937) 751-1000

**MAIL ADDRESS:**
- **STREET 1:** 7501 EAST PARAGON ROAD
- **STREET 2:** SUITE 200
- **CITY:** DAYTON
- **STATE:** OH
- **ZIP:** 45459

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Kapstone Financial Advisors LLC<br>**Address:** 7501 EAST PARAGON ROAD<br>SUITE 200<br>DAYTON, OH 45459

**Form 13F File Number:** 028-23110

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** DAVID KRONOUR<br>**Title:** MANAGING DIRECTOR CHIEF COMPLIANCE OFFICER<br>**Phone:** (937)751-1000

**Signature, Place, and Date of Signing:**

DAVID KRONOUR  DAYTON, OH  02-15-2023<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 99

**Form 13F Information Table Value Total:** $109808746

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 113274 | 12600 | SH |  | SOLE |  | 0 | 0 | 12600 |
| EATON VANCE TAX-MANAGED GLOB | COM | 27829C105 |  | 83391 | 10035 | SH |  | SOLE |  | 0 | 0 | 10035 |
| AMAZON COM INC | COM | 023135106 |  | 776821 | 6880 | SH |  | SOLE |  | 0 | 0 | 6880 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 235284 | 1359 | SH |  | SOLE |  | 0 | 0 | 1359 |
| ANALOG DEVICES INC | COM | 032654105 |  | 455422 | 2540 | SH |  | SOLE |  | 0 | 0 | 2540 |
| ELEVANCE HEALTH INC | COM | 036752103 |  | 535395 | 1114 | SH |  | SOLE |  | 0 | 0 | 1114 |
| APPLE INC | COM | 037833100 |  | 14661128 | 97209 | SH |  | SOLE |  | 0 | 0 | 97209 |
| BANK AMERICA CORP | COM | 060505104 |  | 437981 | 12122 | SH |  | SOLE |  | 0 | 0 | 12122 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 1214695 | 3895 | SH |  | SOLE |  | 0 | 0 | 3895 |
| BOEING CO | COM | 097023105 |  | 557987 | 2665 | SH |  | SOLE |  | 0 | 0 | 2665 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 990723 | 13614 | SH |  | SOLE |  | 0 | 0 | 13614 |
| CSX CORP | COM | 126408103 |  | 665693 | 20395 | SH |  | SOLE |  | 0 | 0 | 20395 |
| CVS HEALTH CORP | COM | 126650100 |  | 298442 | 3463 | SH |  | SOLE |  | 0 | 0 | 3463 |
| CHEVRON CORP NEW | COM | 166764100 |  | 637844 | 3774 | SH |  | SOLE |  | 0 | 0 | 3774 |
| CINCINNATI FINL CORP | COM | 172062101 |  | 307885 | 2668 | SH |  | SOLE |  | 0 | 0 | 2668 |
| COCA COLA CO | COM | 191216100 |  | 466759 | 7743 | SH |  | SOLE |  | 0 | 0 | 7743 |
| CONAGRA BRANDS INC | COM | 205887102 |  | 436570 | 12040 | SH |  | SOLE |  | 0 | 0 | 12040 |
| CONSOLIDATED EDISON INC | COM | 209115104 |  | 200883 | 2111 | SH |  | SOLE |  | 0 | 0 | 2111 |
| CUMMINS INC | COM | 231021106 |  | 377462 | 1472 | SH |  | SOLE |  | 0 | 0 | 1472 |
| DELTA AIR LINES INC DEL | COM NEW | 247361702 |  | 292692 | 7336 | SH |  | SOLE |  | 0 | 0 | 7336 |
| DISNEY WALT CO | COM | 254687106 |  | 970369 | 8571 | SH |  | SOLE |  | 0 | 0 | 8571 |
| DOCUSIGN INC | COM | 256163106 |  | 241339 | 3558 | SH |  | SOLE |  | 0 | 0 | 3558 |
| FIFTH THIRD BANCORP | COM | 316773100 |  | 234556 | 6197 | SH |  | SOLE |  | 0 | 0 | 6197 |
| FIRST TR EXCHANGE TRADED FD | US EQTY OPPT ETF | 336920103 |  | 231071 | 2627 | SH |  | SOLE |  | 0 | 0 | 2627 |
| FORD MTR CO DEL | COM | 345370860 |  | 686658 | 47951 | SH |  | SOLE |  | 0 | 0 | 47951 |
| HASBRO INC | COM | 418056107 |  | 218655 | 3457 | SH |  | SOLE |  | 0 | 0 | 3457 |
| HOME DEPOT INC | COM | 437076102 |  | 613661 | 1806 | SH |  | SOLE |  | 0 | 0 | 1806 |
| HUNTINGTON BANCSHARES INC | COM | 446150104 |  | 756741 | 48822 | SH |  | SOLE |  | 0 | 0 | 48822 |
| ISHARES TR | SELECT DIVID ETF | 464287168 |  | 3063198 | 24238 | SH |  | SOLE |  | 0 | 0 | 24238 |
| ISHARES TR | CORE S ETF | 464287200 |  | 13604234 | 32495 | SH |  | SOLE |  | 0 | 0 | 32495 |
| ISHARES TR | S 500 GRWT ETF | 464287309 |  | 1613248 | 25518 | SH |  | SOLE |  | 0 | 0 | 25518 |
| ISHARES TR | ISHARES BIOTECH | 464287556 |  | 298070 | 2173 | SH |  | SOLE |  | 0 | 0 | 2173 |
| ISHARES TR | RUS 1000 GRW ETF | 464287614 |  | 1897712 | 7846 | SH |  | SOLE |  | 0 | 0 | 7846 |
| ISHARES TR | CORE S SCP ETF | 464287804 |  | 226666 | 2105 | SH |  | SOLE |  | 0 | 0 | 2105 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 1445661 | 8733 | SH |  | SOLE |  | 0 | 0 | 8733 |
| KIMBERLY-CLARK CORP | COM | 494368103 |  | 324539 | 2493 | SH |  | SOLE |  | 0 | 0 | 2493 |
| LAMB WESTON HLDGS INC | COM | 513272104 |  | 668687 | 6888 | SH |  | SOLE |  | 0 | 0 | 6888 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 544970 | 1192 | SH |  | SOLE |  | 0 | 0 | 1192 |
| LOWES COS INC | COM | 548661107 |  | 392612 | 1772 | SH |  | SOLE |  | 0 | 0 | 1772 |
| MARTIN MARIETTA MATLS INC | COM | 573284106 |  | 599773 | 1620 | SH |  | SOLE |  | 0 | 0 | 1620 |
| MCDONALDS CORP | COM | 580135101 |  | 260841 | 991 | SH |  | SOLE |  | 0 | 0 | 991 |
| MICROSOFT CORP | COM | 594918104 |  | 2420521 | 9148 | SH |  | SOLE |  | 0 | 0 | 9148 |
| NIKE INC | CL B | 654106103 |  | 416864 | 3230 | SH |  | SOLE |  | 0 | 0 | 3230 |
| NORFOLK SOUTHN CORP | COM | 655844108 |  | 226808 | 890 | SH |  | SOLE |  | 0 | 0 | 890 |
| NUCOR CORP | COM | 670346105 |  | 227917 | 1290 | SH |  | SOLE |  | 0 | 0 | 1290 |
| PAYCHEX INC | COM | 704326107 |  | 894370 | 7416 | SH |  | SOLE |  | 0 | 0 | 7416 |
| PEPSICO INC | COM | 713448108 |  | 318694 | 1875 | SH |  | SOLE |  | 0 | 0 | 1875 |
| PFIZER INC | COM | 717081103 |  | 434709 | 9804 | SH |  | SOLE |  | 0 | 0 | 9804 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 405759 | 3920 | SH |  | SOLE |  | 0 | 0 | 3920 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 5256247 | 36972 | SH |  | SOLE |  | 0 | 0 | 36972 |
| SOUTHERN CO | COM | 842587107 |  | 402799 | 5870 | SH |  | SOLE |  | 0 | 0 | 5870 |
| T-MOBILE US INC | COM | 872590104 |  | 253048 | 1722 | SH |  | SOLE |  | 0 | 0 | 1722 |
| VANGUARD WHITEHALL FDS | HIGH DIV YLD | 921946406 |  | 3571868 | 32228 | SH |  | SOLE |  | 0 | 0 | 32228 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 204760 | 975 | SH |  | SOLE |  | 0 | 0 | 975 |
| VULCAN MATLS CO | COM | 929160109 |  | 532182 | 2838 | SH |  | SOLE |  | 0 | 0 | 2838 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 220186 | 4662 | SH |  | SOLE |  | 0 | 0 | 4662 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 449189 | 1441 | SH |  | SOLE |  | 0 | 0 | 1441 |
| FIRST TR EXCHANGE-TRADED FD | CAP STRENGTH ETF | 33719L106 |  | 1784136 | 23656 | SH |  | SOLE |  | 0 | 0 | 23656 |
| AT INC | COM | 00206R102 |  | 393199 | 19389 | SH |  | SOLE |  | 0 | 0 | 19389 |
| ABBVIE INC | COM | 00287Y109 |  | 2007472 | 13860 | SH |  | SOLE |  | 0 | 0 | 13860 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 1048288 | 9635 | SH |  | SOLE |  | 0 | 0 | 9635 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 2178072 | 20216 | SH |  | SOLE |  | 0 | 0 | 20216 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 677915 | 14433 | SH |  | SOLE |  | 0 | 0 | 14433 |
| CARDINAL HEALTH INC | COM | 14149Y108 |  | 271407 | 3558 | SH |  | SOLE |  | 0 | 0 | 3558 |
| CISCO SYS INC | COM | 17275R102 |  | 982257 | 19916 | SH |  | SOLE |  | 0 | 0 | 19916 |
| DOMINION ENERGY INC | COM | 25746U109 |  | 288610 | 4655 | SH |  | SOLE |  | 0 | 0 | 4655 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 |  | 644076 | 6312 | SH |  | SOLE |  | 0 | 0 | 6312 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 1092696 | 9831 | SH |  | SOLE |  | 0 | 0 | 9831 |
| META PLATFORMS INC | CL A | 30303M102 |  | 1800299 | 9537 | SH |  | SOLE |  | 0 | 0 | 9537 |
| FEDEX CORP | COM | 31428X106 |  | 403475 | 1881 | SH |  | SOLE |  | 0 | 0 | 1881 |
| FIRST TR EXCHANGE-TRADED FD | RISNG DIVD ACHIV | 33738R506 |  | 439840 | 8991 | SH |  | SOLE |  | 0 | 0 | 8991 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 304470 | 1167 | SH |  | SOLE |  | 0 | 0 | 1167 |
| INVESCO EXCHANGE TRADED FD T | S EQL UTL | 46137V274 |  | 249384 | 2141 | SH |  | SOLE |  | 0 | 0 | 2141 |
| INVESCO EXCHANGE TRADED FD T | S EQL TEC | 46137V282 |  | 523002 | 1870 | SH |  | SOLE |  | 0 | 0 | 1870 |
| INVESCO EXCHANGE TRADED FD T | S EQL HLT | 46137V332 |  | 595352 | 1959 | SH |  | SOLE |  | 0 | 0 | 1959 |
| IRON MTN INC DEL | COM | 46284V101 |  | 327774 | 5788 | SH |  | SOLE |  | 0 | 0 | 5788 |
| ISHARES TR | CORE HIGH DV ETF | 46429B663 |  | 10627852 | 101208 | SH |  | SOLE |  | 0 | 0 | 101208 |
| ISHARES TR | CORE TOTAL USD | 46434V613 |  | 319733 | 6848 | SH |  | SOLE |  | 0 | 0 | 6848 |
| ISHARES TR | CORE DIV GRWTH | 46434V621 |  | 1400920 | 27050 | SH |  | SOLE |  | 0 | 0 | 27050 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 1286517 | 9260 | SH |  | SOLE |  | 0 | 0 | 9260 |
| LCNB CORP | COM | 50181P100 |  | 1771436 | 94527 | SH |  | SOLE |  | 0 | 0 | 94527 |
| MARATHON PETE CORP | COM | 56585A102 |  | 849971 | 7089 | SH |  | SOLE |  | 0 | 0 | 7089 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 278205 | 742 | SH |  | SOLE |  | 0 | 0 | 742 |
| MERCK  CO INC | COM | 58933Y105 |  | 958350 | 9263 | SH |  | SOLE |  | 0 | 0 | 9263 |
| NOVARTIS AG | SPONSORED ADR | 66987V109 |  | 223430 | 2595 | SH |  | SOLE |  | 0 | 0 | 2595 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 306531 | 1412 | SH |  | SOLE |  | 0 | 0 | 1412 |
| PROSHARES TR | S 500 DV ARIST | 74348A467 |  | 416392 | 4410 | SH |  | SOLE |  | 0 | 0 | 4410 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 716028 | 1718 | SH |  | SOLE |  | 0 | 0 | 1718 |
| SPDR SER TR | S DIVID ETF | 78464A763 |  | 539691 | 4083 | SH |  | SOLE |  | 0 | 0 | 4083 |
| SALESFORCE INC | COM | 79466L302 |  | 536494 | 3072 | SH |  | SOLE |  | 0 | 0 | 3072 |
| SELECT SECTOR SPDR TR | ENERGY | 81369Y506 |  | 1298884 | 15077 | SH |  | SOLE |  | 0 | 0 | 15077 |
| SELECT SECTOR SPDR TR | FINANCIAL | 81369Y605 |  | 209109 | 5704 | SH |  | SOLE |  | 0 | 0 | 5704 |
| TELADOC HEALTH INC | COM | 87918A105 |  | 219784 | 6620 | SH |  | SOLE |  | 0 | 0 | 6620 |
| TESLA INC | COM | 88160R101 |  | 380494 | 2021 | SH |  | SOLE |  | 0 | 0 | 2021 |
| TRAVELCENTERS OF AMERICA INC | COM NEW | 89421B109 |  | 767437 | 16025 | SH |  | SOLE |  | 0 | 0 | 16025 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 577463 | 13805 | SH |  | SOLE |  | 0 | 0 | 13805 |
| VISA INC | COM CL A | 92826C839 |  | 773887 | 3371 | SH |  | SOLE |  | 0 | 0 | 3371 |
| WISDOMTREE TR | US TOTAL DIVIDND | 97717W109 |  | 221130 | 3500 | SH |  | SOLE |  | 0 | 0 | 3500 |
| GENCO SHIPPING  TRADING LTD | SHS | Y2685T131 |  | 241771 | 13575 | SH |  | SOLE |  | 0 | 0 | 13575 |

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