# EDGAR Filing Document

**Accession Number:** 0002065974
**File Stem:** 0002065974-25-000004
**Filing Date:** 2025-11
**Character Count:** 11950
**Document Hash:** 0bd08b7c71201e302ef483f770ac2716
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002065974-25-000004.hdr.sgml**: 20251104

**ACCESSION NUMBER**: 0002065974-25-000004

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251104

**DATE AS OF CHANGE**: 20251104

**EFFECTIVENESS DATE**: 20251104

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Aspen Capital Management, LLC
- **CENTRAL INDEX KEY:** 0002065974

**ORGANIZATION NAME:**
- **EIN:** 841612641
- **STATE OF INCORPORATION:** ID
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-25531
- **FILM NUMBER:** 251450786

**BUSINESS ADDRESS:**
- **STREET 1:** 101 S CAPITOL BLVD
- **STREET 2:** SUITE 610
- **CITY:** BOISE
- **STATE:** ID
- **ZIP:** 83702
- **BUSINESS PHONE:** 208-345-0174

**MAIL ADDRESS:**
- **STREET 1:** 101 S CAPITOL BLVD
- **STREET 2:** SUITE 610
- **CITY:** BOISE
- **STATE:** ID
- **ZIP:** 83702

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2025

**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:** Aspen Capital Management LLC<br>**Address:** 101 S CAPITOL BLVD<br>SUITE 610<br>BOISE, ID 83702

**Form 13F File Number:** 028-25531

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:** Rachel Lysne<br>**Title:** Chief Compliance Officer<br>**Phone:** 2083914547

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

Rachel Lysne  Boise, ID  11-04-2025<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:** 81

**Form 13F Information Table Value Total:** $392312119

      (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 |
| ABBVIE INC | COM | 00287Y109 |  | 289193 | 1249 | SH |  | SOLE | 0 | 0 | 0 | 1249 |
| AGILENT TECHNOLOGIES INC | COM | 00846U101 |  | 330247 | 2573 | SH |  | SOLE | 0 | 0 | 0 | 2573 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 747289 | 3074 | SH |  | SOLE | 0 | 0 | 0 | 3074 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 736252 | 3023 | SH |  | SOLE | 0 | 0 | 0 | 3023 |
| AMAZON COM INC | COM | 023135106 |  | 1230690 | 5605 | SH |  | SOLE | 0 | 0 | 0 | 5605 |
| AMERICAN CENTY ETF TR | US SML CP VALU | 025072877 |  | 970617 | 9752 | SH |  | SOLE | 0 | 0 | 0 | 9752 |
| AMERICAN CENTY ETF TR | US EQT ETF | 025072885 |  | 1593759 | 14662 | SH |  | SOLE | 0 | 0 | 0 | 14662 |
| AMERICAN CENTY ETF TR | INTL EQT ETF | 025072703 |  | 3284811 | 41633 | SH |  | SOLE | 0 | 0 | 0 | 41633 |
| AMERICAN CENTY ETF TR | AVANTIS EMGMKT | 025072604 |  | 218585 | 2910 | SH |  | SOLE | 0 | 0 | 0 | 2910 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 244802 | 737 | SH |  | SOLE | 0 | 0 | 0 | 737 |
| APPLE INC | COM | 037833100 |  | 5680482 | 22309 | SH |  | SOLE | 0 | 0 | 0 | 22309 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 |  | 754200 | 1 | SH |  | SOLE | 0 | 0 | 0 | 1 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 541954 | 1078 | SH |  | SOLE | 0 | 0 | 0 | 1078 |
| BLACKROCK INC | COM | 09290D101 |  | 240169 | 206 | SH |  | SOLE | 0 | 0 | 0 | 206 |
| BROADCOM INC | COM | 11135F101 |  | 202025 | 612 | SH |  | SOLE | 0 | 0 | 0 | 612 |
| CAPITAL GROUP CORE EQUITY ET | SHS CREATION UNI | 14020V108 |  | 205885 | 5207 | SH |  | SOLE | 0 | 0 | 0 | 5207 |
| CAPITAL GROUP GBL GROWTH EQT | SHS CREATION UNI | 14020X104 |  | 340812 | 9974 | SH |  | SOLE | 0 | 0 | 0 | 9974 |
| CAPITAL GROUP GROWTH ETF | SHS CREATION UNI | 14020G101 |  | 201066 | 4578 | SH |  | SOLE | 0 | 0 | 0 | 4578 |
| CASEYS GEN STORES INC | COM | 147528103 |  | 396855 | 702 | SH |  | SOLE | 0 | 0 | 0 | 702 |
| CATERPILLAR INC | COM | 149123101 |  | 278656 | 584 | SH |  | SOLE | 0 | 0 | 0 | 584 |
| CHIPOTLE MEXICAN GRILL INC | COM | 169656105 |  | 229262 | 5850 | SH |  | SOLE | 0 | 0 | 0 | 5850 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 480049 | 519 | SH |  | SOLE | 0 | 0 | 0 | 519 |
| DEERE  CO | COM | 244199105 |  | 210797 | 461 | SH |  | SOLE | 0 | 0 | 0 | 461 |
| DIMENSIONAL ETF TRUST | US SMALL CAP VAL | 25434V815 |  | 8296354 | 260564 | SH |  | SOLE | 0 | 0 | 0 | 260564 |
| DIMENSIONAL ETF TRUST | INTL CORE EQUITY | 25434V799 |  | 72404299 | 2208121 | SH |  | SOLE | 0 | 0 | 0 | 2208121 |
| DIMENSIONAL ETF TRUST | EMERGING MKTS CO | 25434V732 |  | 16240726 | 506415 | SH |  | SOLE | 0 | 0 | 0 | 506415 |
| DIMENSIONAL ETF TRUST | US MKTWIDE VALUE | 25434V724 |  | 3356098 | 75097 | SH |  | SOLE | 0 | 0 | 0 | 75097 |
| DIMENSIONAL ETF TRUST | INTERNATIONAL | 25434V690 |  | 3493636 | 85314 | SH |  | SOLE | 0 | 0 | 0 | 85314 |
| DIMENSIONAL ETF TRUST | EMERGING MARKETS | 25434V682 |  | 763365 | 18578 | SH |  | SOLE | 0 | 0 | 0 | 18578 |
| DIMENSIONAL ETF TRUST | US SUSTAINABILTY | 25434V716 |  | 4958072 | 116736 | SH |  | SOLE | 0 | 0 | 0 | 116736 |
| DIMENSIONAL ETF TRUST | GLOBAL SUSTAINA | 25434V674 |  | 525735 | 9869 | SH |  | SOLE | 0 | 0 | 0 | 9869 |
| DIMENSIONAL ETF TRUST | GLOBAL REAL EST | 25434V658 |  | 13658931 | 500144 | SH |  | SOLE | 0 | 0 | 0 | 500144 |
| DIMENSIONAL ETF TRUST | US CORE EQUITY 1 | 25434V625 |  | 7260308 | 100922 | SH |  | SOLE | 0 | 0 | 0 | 100922 |
| DIMENSIONAL ETF TRUST | WORLD EQUITY ETF | 25434V617 |  | 1160717 | 16152 | SH |  | SOLE | 0 | 0 | 0 | 16152 |
| DIMENSIONAL ETF TRUST | US CORE EQUITY 2 | 25434V708 |  | 50065389 | 1298040 | SH |  | SOLE | 0 | 0 | 0 | 1298040 |
| DIMENSIONAL ETF TRUST | US SMALL CAP ETF | 25434V500 |  | 15199483 | 222020 | SH |  | SOLE | 0 | 0 | 0 | 222020 |
| DIMENSIONAL ETF TRUST | US TARGETED VLU | 25434V609 |  | 17164693 | 294875 | SH |  | SOLE | 0 | 0 | 0 | 294875 |
| DIMENSIONAL ETF TRUST | WORLD EX US CORE | 25434V880 |  | 6111985 | 194773 | SH |  | SOLE | 0 | 0 | 0 | 194773 |
| DIMENSIONAL ETF TRUST | CORE FIXED INCOM | 25434V872 |  | 29463094 | 689034 | SH |  | SOLE | 0 | 0 | 0 | 689034 |
| ELI LILLY  CO | COM | 532457108 |  | 244160 | 320 | SH |  | SOLE | 0 | 0 | 0 | 320 |
| FIRST TR EXCHANGE-TRADED ALP | COM SHS | 33735B108 |  | 261345 | 2084 | SH |  | SOLE | 0 | 0 | 0 | 2084 |
| FIRST TR EXCHANGE-TRADED ALP | COM SHS | 33734Y109 |  | 215129 | 1974 | SH |  | SOLE | 0 | 0 | 0 | 1974 |
| FIRST TR EXCHANGE-TRADED FD | DJ INTERNT IDX | 33733E302 |  | 337207 | 1205 | SH |  | SOLE | 0 | 0 | 0 | 1205 |
| HEWLETT PACKARD ENTERPRISE C | COM | 42824C109 |  | 297422 | 12110 | SH |  | SOLE | 0 | 0 | 0 | 12110 |
| HOME DEPOT INC | COM | 437076102 |  | 247166 | 610 | SH |  | SOLE | 0 | 0 | 0 | 610 |
| HP INC | COM | 40434L105 |  | 483550 | 17758 | SH |  | SOLE | 0 | 0 | 0 | 17758 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 496873 | 1111 | SH |  | SOLE | 0 | 0 | 0 | 1111 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 4437849 | 7392 | SH |  | SOLE | 0 | 0 | 0 | 7392 |
| ISHARES TR | CORE S MCP ETF | 464287507 |  | 233820 | 3583 | SH |  | SOLE | 0 | 0 | 0 | 3583 |
| ISHARES TR | CORE S ETF | 464287200 |  | 2426213 | 3625 | SH |  | SOLE | 0 | 0 | 0 | 3625 |
| ISHARES TR | RUS 1000 ETF | 464287622 |  | 5575087 | 15254 | SH |  | SOLE | 0 | 0 | 0 | 15254 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 1864201 | 7705 | SH |  | SOLE | 0 | 0 | 0 | 7705 |
| ISHARES TR | MSCI EAFE ETF | 464287465 |  | 1307136 | 14000 | SH |  | SOLE | 0 | 0 | 0 | 14000 |
| ISHARES TR | MSCI EMG MKT ETF | 464287234 |  | 390588 | 7314 | SH |  | SOLE | 0 | 0 | 0 | 7314 |
| ISHARES TR | 0-3 MNTH TREASRY | 46436E718 |  | 68347466 | 678724 | SH |  | SOLE | 0 | 0 | 0 | 678724 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 1465513 | 4646 | SH |  | SOLE | 0 | 0 | 0 | 4646 |
| KINSALE CAP GROUP INC | COM | 49714P108 |  | 216883 | 510 | SH |  | SOLE | 0 | 0 | 0 | 510 |
| MERCK  CO INC | COM | 58933Y105 |  | 202355 | 2411 | SH |  | SOLE | 0 | 0 | 0 | 2411 |
| META PLATFORMS INC | CL A | 30303M102 |  | 258502 | 352 | SH |  | SOLE | 0 | 0 | 0 | 352 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 207621 | 1241 | SH |  | SOLE | 0 | 0 | 0 | 1241 |
| MICROSOFT CORP | COM | 594918104 |  | 4193304 | 8096 | SH |  | SOLE | 0 | 0 | 0 | 8096 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 5277192 | 28284 | SH |  | SOLE | 0 | 0 | 0 | 28284 |
| ORACLE CORP | COM | 68389X105 |  | 266957 | 949 | SH |  | SOLE | 0 | 0 | 0 | 949 |
| PAYONEER GLOBAL INC | COM | 70451X104 |  | 1175043 | 194222 | SH |  | SOLE | 0 | 0 | 0 | 194222 |
| ROBLOX CORP | CL A | 771049103 |  | 972964 | 7024 | SH |  | SOLE | 0 | 0 | 0 | 7024 |
| SCHWAB STRATEGIC TR | US BRD MKT ETF | 808524102 |  | 249050 | 9687 | SH |  | SOLE | 0 | 0 | 0 | 9687 |
| SCHWAB STRATEGIC TR | INTL EQTY ETF | 808524805 |  | 283646 | 12184 | SH |  | SOLE | 0 | 0 | 0 | 12184 |
| SCHWAB STRATEGIC TR | US LRG CAP ETF | 808524201 |  | 403389 | 15315 | SH |  | SOLE | 0 | 0 | 0 | 15315 |
| SHOPIFY INC | CL A SUB VTG SHS | 82509L107 |  | 341803 | 2300 | SH |  | SOLE | 0 | 0 | 0 | 2300 |
| SPDR DOW JONES INDL AVERAGE | UT SER 1 | 78467X109 |  | 1321659 | 2850 | SH |  | SOLE | 0 | 0 | 0 | 2850 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 1582178 | 2375 | SH |  | SOLE | 0 | 0 | 0 | 2375 |
| TESLA INC | COM | 88160R101 |  | 269500 | 606 | SH |  | SOLE | 0 | 0 | 0 | 606 |
| US BANCORP DEL | COM NEW | 902973304 |  | 11409115 | 236067 | SH |  | SOLE | 0 | 0 | 0 | 236067 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 1387165 | 4227 | SH |  | SOLE | 0 | 0 | 0 | 4227 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 |  | 356692 | 1403 | SH |  | SOLE | 0 | 0 | 0 | 1403 |
| VANGUARD INDEX FDS | VALUE ETF | 922908744 |  | 1245443 | 6678 | SH |  | SOLE | 0 | 0 | 0 | 6678 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 501470 | 819 | SH |  | SOLE | 0 | 0 | 0 | 819 |
| VANGUARD INTL EQUITY INDEX F | TT WRLD ST ETF | 922042742 |  | 1096891 | 7960 | SH |  | SOLE | 0 | 0 | 0 | 7960 |
| VANGUARD SCOTTSDALE FDS | VNG RUS1000GRW | 92206C680 |  | 204971 | 1701 | SH |  | SOLE | 0 | 0 | 0 | 1701 |
| VANGUARD STAR FDS | VG TL INTL STK F | 921909768 |  | 260416 | 3545 | SH |  | SOLE | 0 | 0 | 0 | 3545 |
| VANGUARD WORLD FD | ESG US STK ETF | 921910733 |  | 465843 | 3933 | SH |  | SOLE | 0 | 0 | 0 | 3933 |

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