# EDGAR Filing Document

**Accession Number:** 0001737871
**File Stem:** 0001737871-26-000001
**Filing Date:** 2026-1
**Character Count:** 26232
**Document Hash:** 38704d93a6161350c1b3e9c2a2e0cab2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001737871-26-000001.hdr.sgml**: 20260129

**ACCESSION NUMBER**: 0001737871-26-000001

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260129

**DATE AS OF CHANGE**: 20260129

**EFFECTIVENESS DATE**: 20260129

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LFA - Lugano Financial Advisors SA
- **CENTRAL INDEX KEY:** 0001737871

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** V8
- **FISCAL YEAR END:** 1217

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-18897
- **FILM NUMBER:** 26575572

**BUSINESS ADDRESS:**
- **STREET 1:** VIA F. PELLI 3
- **CITY:** LUGANO
- **STATE:** V8
- **ZIP:** 6900
- **BUSINESS PHONE:** 0919124961

**MAIL ADDRESS:**
- **STREET 1:** VIA F. PELLI 3
- **CITY:** LUGANO
- **STATE:** V8
- **ZIP:** 6900

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**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:** LFA - Lugano Financial Advisors SA<br>**Address:** VIA F. PELLI 3<br>LUGANO, V8 6900

**Form 13F File Number:** 028-18897

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:** Riccardo De Marco<br>**Title:** Junior Portfolio Manager<br>**Phone:** 0041919226917

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

Riccardo De Marco  Lugano, V8  01-29-2026<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:** 235

**Form 13F Information Table Value Total:** $193688625

      (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 |
| AT INC | COM | 00206R102 |  | 42844 | 1745 | SH |  | SOLE |  | 1745 | 0 | 0 |
| ABBOTT LABS | COM | 002824100 |  | 337451 | 2707 | SH |  | SOLE |  | 2707 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 281066 | 1240 | SH |  | SOLE |  | 1240 | 0 | 0 |
| ADOBE INC | COM | 00724F101 |  | 29749 | 85 | SH |  | SOLE |  | 85 | 0 | 0 |
| ADVENT CONV  INCOME FD | COM | 00764C109 |  | 34283 | 2759 | SH |  | SOLE |  | 2759 | 0 | 0 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 50328 | 235 | SH |  | SOLE |  | 235 | 0 | 0 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 |  | 51010 | 348 | SH |  | SOLE |  | 348 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 1081669 | 3447 | SH |  | SOLE |  | 3447 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 755269 | 2413 | SH |  | SOLE |  | 2413 | 0 | 0 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 121086 | 2100 | SH |  | SOLE |  | 2100 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 2644043 | 11455 | SH |  | SOLE |  | 11455 | 0 | 0 |
| AMEREN CORP | COM | 023608102 |  | 6391 | 64 | SH |  | SOLE |  | 64 | 0 | 0 |
| AMERICAN ELEC PWR CO INC | COM | 025537101 |  | 162818 | 1412 | SH |  | SOLE |  | 1412 | 0 | 0 |
| AMPHENOL CORP NEW | CL A | 032095101 |  | 35136 | 260 | SH |  | SOLE |  | 260 | 0 | 0 |
| ANALOG DEVICES INC | COM | 032654105 |  | 36612 | 135 | SH |  | SOLE |  | 135 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 1234788 | 4542 | SH |  | SOLE |  | 4542 | 0 | 0 |
| APPLIED MATLS INC | COM | 038222105 |  | 7196 | 28 | SH |  | SOLE |  | 28 | 0 | 0 |
| APPLOVIN CORP | COM CL A | 03831W108 |  | 50537 | 75 | SH |  | SOLE |  | 75 | 0 | 0 |
| ASTRAZENECA PLC | SPONSORED ADR | 046353108 |  | 174667 | 1900 | SH |  | SOLE |  | 1900 | 0 | 0 |
| AUTODESK INC | COM | 052769106 |  | 113372 | 383 | SH |  | SOLE |  | 383 | 0 | 0 |
| AUTOZONE INC | COM | 053332102 |  | 6783 | 2 | SH |  | SOLE |  | 2 | 0 | 0 |
| BAIDU INC | SPON ADR REP A | 056752108 |  | 13066 | 100 | SH |  | SOLE |  | 100 | 0 | 0 |
| BAKER HUGHES COMPANY | CL A | 05722G100 |  | 43400 | 953 | SH |  | SOLE |  | 953 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 251405 | 4571 | SH |  | SOLE |  | 4571 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 54789 | 109 | SH |  | SOLE |  | 109 | 0 | 0 |
| BLACKSTONE INC | COM | 09260D107 |  | 308280 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| BLACKROCK INC | COM | 09290D101 |  | 32110 | 30 | SH |  | SOLE |  | 30 | 0 | 0 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 283832 | 53 | SH |  | SOLE |  | 53 | 0 | 0 |
| BOOZ ALLEN HAMILTON HLDG COR | CL A | 099502106 |  | 4049 | 48 | SH |  | SOLE |  | 48 | 0 | 0 |
| BROADRIDGE FINL SOLUTIONS IN | COM | 11133T103 |  | 132563 | 594 | SH |  | SOLE |  | 594 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 185510 | 536 | SH |  | SOLE |  | 536 | 0 | 0 |
| CSX CORP | COM | 126408103 |  | 12071 | 333 | SH |  | SOLE |  | 333 | 0 | 0 |
| CVS HEALTH CORP | COM | 126650100 |  | 11020 | 140 | SH |  | SOLE |  | 140 | 0 | 0 |
| CARRIER GLOBAL CORPORATION | COM | 14448C104 |  | 46827 | 890 | SH |  | SOLE |  | 890 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 |  | 714416 | 1250 | SH |  | SOLE |  | 1250 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 44961 | 295 | SH |  | SOLE |  | 295 | 0 | 0 |
| CHIPOTLE MEXICAN GRILL INC | COM | 169656105 |  | 11100 | 300 | SH |  | SOLE |  | 300 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 38310 | 500 | SH |  | SOLE |  | 500 | 0 | 0 |
| CITIGROUP INC | COM NEW | 172967424 |  | 163366 | 1400 | SH |  | SOLE |  | 1400 | 0 | 0 |
| COCA COLA CO | COM | 191216100 |  | 244126 | 3492 | SH |  | SOLE |  | 3492 | 0 | 0 |
| COINBASE GLOBAL INC | COM CL A | 19260Q107 |  | 69651 | 308 | SH |  | SOLE |  | 308 | 0 | 0 |
| CORNING INC | COM | 219350105 |  | 30208 | 345 | SH |  | SOLE |  | 345 | 0 | 0 |
| CORTEVA INC | COM | 22052L104 |  | 7843 | 117 | SH |  | SOLE |  | 117 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 26733 | 31 | SH |  | SOLE |  | 31 | 0 | 0 |
| DBX ETF TR | XTRACK HRVST CSI | 233051879 |  | 18068 | 550 | SH |  | SOLE |  | 550 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 |  | 25181 | 110 | SH |  | SOLE |  | 110 | 0 | 0 |
| DEERE  CO | COM | 244199105 |  | 41901 | 90 | SH |  | SOLE |  | 90 | 0 | 0 |
| DIGITAL RLTY TR INC | COM | 253868103 |  | 6498 | 42 | SH |  | SOLE |  | 42 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 17862 | 157 | SH |  | SOLE |  | 157 | 0 | 0 |
| DOLLAR TREE INC | COM | 256746108 |  | 9103 | 74 | SH |  | SOLE |  | 74 | 0 | 0 |
| EOG RES INC | COM | 26875P101 |  | 11026 | 106 | SH |  | SOLE |  | 106 | 0 | 0 |
| EBAY INC. | COM | 278642103 |  | 14372 | 165 | SH |  | SOLE |  | 165 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 126477 | 1051 | SH |  | SOLE |  | 1051 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 308922 | 468 | SH |  | SOLE |  | 468 | 0 | 0 |
| FIRST TR EXCHANGE TRADED FD | CLOUD COMPUTING | 33734X192 |  | 35122 | 270 | SH |  | SOLE |  | 270 | 0 | 0 |
| FIRST TR EXCHANGE TRADED FD | NASDAQ CYB ETF | 33734X846 |  | 2638434 | 36927 | SH |  | SOLE |  | 36927 | 0 | 0 |
| FIRST TR EXCHANGE-TRADED FD | SENIOR LN FD | 33738D309 |  | 149245 | 3270 | SH |  | SOLE |  | 3270 | 0 | 0 |
| FIRST TR EXCH TRADED FD III | LNG/SHT EQUITY | 33739P103 |  | 4209778 | 59301 | SH |  | SOLE |  | 59301 | 0 | 0 |
| FIRST TR EXCH TRADED FD III | INSTL PFD SECS | 33739P855 |  | 463174 | 24000 | SH |  | SOLE |  | 24000 | 0 | 0 |
| FIRST TR EXCHANGE-TRADED FD | SMID RISNG ETF | 33741X102 |  | 4098631 | 106958 | SH |  | SOLE |  | 106958 | 0 | 0 |
| FORTINET INC | COM | 34959E109 |  | 33829 | 426 | SH |  | SOLE |  | 426 | 0 | 0 |
| FRANKLIN TEMPLETON ETF TR | FRANKLIN INDIA | 35473P769 |  | 17366 | 450 | SH |  | SOLE |  | 450 | 0 | 0 |
| GALLAGHER ARTHUR J  CO | COM | 363576109 |  | 75308 | 291 | SH |  | SOLE |  | 291 | 0 | 0 |
| GE VERNOVA INC | COM | 36828A101 |  | 20899 | 32 | SH |  | SOLE |  | 32 | 0 | 0 |
| GLOBAL X FDS | DAX GERMANY ETF | 37954Y491 |  | 20666 | 453 | SH |  | SOLE |  | 453 | 0 | 0 |
| GLOBAL X FDS | RBTCS ARTFL INTE | 37954Y715 |  | 39310 | 1085 | SH |  | SOLE |  | 1085 | 0 | 0 |
| GLOBAL X FDS | GLOBAL X URANIUM | 37954Y871 |  | 30552 | 715 | SH |  | SOLE |  | 715 | 0 | 0 |
| GLOBAL X FDS | RENEWABLE ENERGY | 37960A180 |  | 1046887 | 31504 | SH |  | SOLE |  | 31504 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 63288 | 72 | SH |  | SOLE |  | 72 | 0 | 0 |
| GRAYSCALE BITCOIN TRUST ETF | SHS REP COM UT | 389637109 |  | 125441 | 1835 | SH |  | SOLE |  | 1835 | 0 | 0 |
| GRAYSCALE BITCOIN MINI TR ET | SHS NEW | 389930207 |  | 14136 | 365 | SH |  | SOLE |  | 365 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 53680 | 156 | SH |  | SOLE |  | 156 | 0 | 0 |
| HONEYWELL INTL INC | COM | 438516106 |  | 139684 | 716 | SH |  | SOLE |  | 716 | 0 | 0 |
| HUMANA INC | COM | 444859102 |  | 11526 | 45 | SH |  | SOLE |  | 45 | 0 | 0 |
| HUNTINGTON BANCSHARES INC | COM | 446150104 |  | 35741 | 2060 | SH |  | SOLE |  | 2060 | 0 | 0 |
| NEW YORK LIFE INVESTMENTS ET | NYLI HEDGE MULTI | 45409B107 |  | 3323388 | 99176 | SH |  | SOLE |  | 99176 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 48339 | 1310 | SH |  | SOLE |  | 1310 | 0 | 0 |
| INTERACTIVE BROKERS GROUP IN | COM CL A | 45841N107 |  | 37043 | 576 | SH |  | SOLE |  | 576 | 0 | 0 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 31102 | 105 | SH |  | SOLE |  | 105 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 2848555 | 4637 | SH |  | SOLE |  | 4637 | 0 | 0 |
| INVESCO ACTVELY MNGD ETC FD | OPTIMUM YIELD | 46090F100 |  | 603736 | 45565 | SH |  | SOLE |  | 45565 | 0 | 0 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 62300 | 110 | SH |  | SOLE |  | 110 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | GBL LISTED PVT | 46137V118 |  | 1066879 | 15906 | SH |  | SOLE |  | 15906 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | S EQL WGT | 46137V357 |  | 359750 | 1878 | SH |  | SOLE |  | 1878 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | S GBL WATER | 46138E263 |  | 129992 | 2063 | SH |  | SOLE |  | 2063 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | PFD ETF | 46138E511 |  | 106519 | 9530 | SH |  | SOLE |  | 9530 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | GLOBAL WATER | 46138E651 |  | 507619 | 11497 | SH |  | SOLE |  | 11497 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | SR LN ETF | 46138G508 |  | 74586 | 3570 | SH |  | SOLE |  | 3570 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | VAR RATE PFD | 46138G870 |  | 122766 | 5067 | SH |  | SOLE |  | 5067 | 0 | 0 |
| ISHARES SILVER TR | ISHARES | 46428Q109 |  | 107388 | 1667 | SH |  | SOLE |  | 1667 | 0 | 0 |
| ISHARES GOLD TR | ISHARES NEW | 464285204 |  | 315995 | 3893 | SH |  | SOLE |  | 3893 | 0 | 0 |
| ISHARES INC | US INTL HGH YLD | 464286178 |  | 155596 | 3373 | SH |  | SOLE |  | 3373 | 0 | 0 |
| ISHARES INC | EURO HIGH YIELD | 464286210 |  | 16681 | 313 | SH |  | SOLE |  | 313 | 0 | 0 |
| ISHARES INC | MSCI WORLD ETF | 464286392 |  | 111276 | 599 | SH |  | SOLE |  | 599 | 0 | 0 |
| ISHARES INC | MSCI EURZONE ETF | 464286608 |  | 12628 | 197 | SH |  | SOLE |  | 197 | 0 | 0 |
| ISHARES INC | MSCI SWITZERLAND | 464286749 |  | 1744536 | 29095 | SH |  | SOLE |  | 29095 | 0 | 0 |
| ISHARES INC | MSCI GERMANY ETF | 464286806 |  | 94478 | 2223 | SH |  | SOLE |  | 2223 | 0 | 0 |
| ISHARES TR | CORE S TTL STK | 464287150 |  | 73899 | 497 | SH |  | SOLE |  | 497 | 0 | 0 |
| ISHARES TR | TIPS BD ETF | 464287176 |  | 36270 | 330 | SH |  | SOLE |  | 330 | 0 | 0 |
| ISHARES TR | CORE S ETF | 464287200 |  | 176030 | 257 | SH |  | SOLE |  | 257 | 0 | 0 |
| ISHARES TR | MSCI EMG MKT ETF | 464287234 |  | 61713 | 1128 | SH |  | SOLE |  | 1128 | 0 | 0 |
| ISHARES TR | S 500 VAL ETF | 464287408 |  | 296898 | 1400 | SH |  | SOLE |  | 1400 | 0 | 0 |
| ISHARES TR | 7-10 YR TRSY BD | 464287440 |  | 2775466 | 28863 | SH |  | SOLE |  | 28863 | 0 | 0 |
| ISHARES TR | 1 3 YR TREAS BD | 464287457 |  | 2033065 | 24548 | SH |  | SOLE |  | 24548 | 0 | 0 |
| ISHARES TR | MSCI EAFE ETF | 464287465 |  | 1891695 | 19699 | SH |  | SOLE |  | 19699 | 0 | 0 |
| ISHARES TR | ISHARES BIOTECH | 464287556 |  | 202524 | 1200 | SH |  | SOLE |  | 1200 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 195697 | 795 | SH |  | SOLE |  | 795 | 0 | 0 |
| ISHARES TR | GL CLEAN ENE ETF | 464288224 |  | 256620 | 15619 | SH |  | SOLE |  | 15619 | 0 | 0 |
| ISHARES TR | MSCI ACWI EX US | 464288240 |  | 33498 | 499 | SH |  | SOLE |  | 499 | 0 | 0 |
| ISHARES TR | JPMORGAN USD EMG | 464288281 |  | 1245574 | 12937 | SH |  | SOLE |  | 12937 | 0 | 0 |
| ISHARES TR | IBOXX HI YD ETF | 464288513 |  | 19271 | 239 | SH |  | SOLE |  | 239 | 0 | 0 |
| ISHARES TR | USD INV GRDE ETF | 464288620 |  | 109597 | 2117 | SH |  | SOLE |  | 2117 | 0 | 0 |
| ISHARES TR | ISHS 5-10YR INVT | 464288638 |  | 4919136 | 91298 | SH |  | SOLE |  | 91298 | 0 | 0 |
| ISHARES TR | 10-20 YR TRS ETF | 464288653 |  | 3448138 | 33915 | SH |  | SOLE |  | 33915 | 0 | 0 |
| ISHARES TR | 3 7 YR TREAS BD | 464288661 |  | 99657 | 835 | SH |  | SOLE |  | 835 | 0 | 0 |
| ISHARES TR | TRUST ISHARE 0-1 | 464288679 |  | 39213 | 356 | SH |  | SOLE |  | 356 | 0 | 0 |
| ISHARES TR | PFD AND INCM SEC | 464288687 |  | 122602 | 3960 | SH |  | SOLE |  | 3960 | 0 | 0 |
| ISHARES TR | US AER DEF ETF | 464288760 |  | 308510 | 1437 | SH |  | SOLE |  | 1437 | 0 | 0 |
| ISHARES TR | ESG OPTIMIZED | 464288802 |  | 187140 | 1343 | SH |  | SOLE |  | 1343 | 0 | 0 |
| ISHARES TR | A RATE CP BD ETF | 46429B291 |  | 1842280 | 38309 | SH |  | SOLE |  | 38309 | 0 | 0 |
| ISHARES TR | CORE MSCI TOTAL | 46432F834 |  | 31232 | 369 | SH |  | SOLE |  | 369 | 0 | 0 |
| ISHARES TR | CORE MSCI EAFE | 46432F842 |  | 145641 | 1628 | SH |  | SOLE |  | 1628 | 0 | 0 |
| ISHARES INC | CORE MSCI EMKT | 46434G103 |  | 44365 | 660 | SH |  | SOLE |  | 660 | 0 | 0 |
| ISHARES INC | MSCI EMRG CHN | 46434G764 |  | 257796 | 3547 | SH |  | SOLE |  | 3547 | 0 | 0 |
| ISHARES INC | MSCI JAPAN ETF | 46434G822 |  | 56195 | 696 | SH |  | SOLE |  | 696 | 0 | 0 |
| ISHARES INC | ESG AWR MSCI EM | 46434G863 |  | 387548 | 8774 | SH |  | SOLE |  | 8774 | 0 | 0 |
| ISHARES TR | 0-5YR HI YL CP | 46434V407 |  | 44585 | 1040 | SH |  | SOLE |  | 1040 | 0 | 0 |
| ISHARES TR | HDG MSCI JAPAN | 46434V886 |  | 361933 | 6868 | SH |  | SOLE |  | 6868 | 0 | 0 |
| ISHARES TR | ESG AWRE 1 5 YR | 46435G243 |  | 11537532 | 457113 | SH |  | SOLE |  | 457113 | 0 | 0 |
| ISHARES TR | MSCI UK ETF NEW | 46435G334 |  | 697919 | 15869 | SH |  | SOLE |  | 15869 | 0 | 0 |
| ISHARES TR | ESG AW MSCI EAFE | 46435G516 |  | 21828100 | 229552 | SH |  | SOLE |  | 229552 | 0 | 0 |
| ISHARES TR | MSCI GBL SUS DEV | 46435G532 |  | 212414 | 2522 | SH |  | SOLE |  | 2522 | 0 | 0 |
| ISHARES TR | IBDS DEC28 ETF | 46435U515 |  | 2374137 | 93268 | SH |  | SOLE |  | 93268 | 0 | 0 |
| ISHARES TR | IBONDS DEC 29 | 46436E205 |  | 3546162 | 151513 | SH |  | SOLE |  | 151513 | 0 | 0 |
| ISHARES TR | 0-3 MNTH TREASRY | 46436E718 |  | 3519423 | 35061 | SH |  | SOLE |  | 35061 | 0 | 0 |
| ISHARES TR | IBONDS DEC 2030 | 46436E726 |  | 1936907 | 87762 | SH |  | SOLE |  | 87762 | 0 | 0 |
| ISHARES BITCOIN TRUST ETF | SHS BEN INT | 46438F101 |  | 59232 | 1193 | SH |  | SOLE |  | 1193 | 0 | 0 |
| ISHARES ETHEREUM TR | SHS | 46438R105 |  | 12337 | 550 | SH |  | SOLE |  | 550 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 520936 | 1624 | SH |  | SOLE |  | 1624 | 0 | 0 |
| KLA CORP | COM NEW | 482480100 |  | 37667 | 31 | SH |  | SOLE |  | 31 | 0 | 0 |
| KKR  CO INC | COM | 48251W104 |  | 363318 | 2850 | SH |  | SOLE |  | 2850 | 0 | 0 |
| KINDER MORGAN INC DEL | COM | 49456B101 |  | 24604 | 895 | SH |  | SOLE |  | 895 | 0 | 0 |
| KRANESHARES TRUST | MSCI CHINA CLEAN | 500767850 |  | 126745 | 4696 | SH |  | SOLE |  | 4696 | 0 | 0 |
| LABCORP HOLDINGS INC | COM SHS | 504922105 |  | 6774 | 27 | SH |  | SOLE |  | 27 | 0 | 0 |
| LENNAR CORP | CL A | 526057104 |  | 31765 | 309 | SH |  | SOLE |  | 309 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 135410 | 126 | SH |  | SOLE |  | 126 | 0 | 0 |
| LITMAN GREGORY FDS TR | IMGP DBI MANAGED | 53700T827 |  | 85106 | 3033 | SH |  | SOLE |  | 3033 | 0 | 0 |
| LULULEMON ATHLETICA INC | COM | 550021109 |  | 20158 | 97 | SH |  | SOLE |  | 97 | 0 | 0 |
| MARRIOTT INTL INC NEW | CL A | 571903202 |  | 56464 | 182 | SH |  | SOLE |  | 182 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 238270 | 418 | SH |  | SOLE |  | 418 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 152815 | 500 | SH |  | SOLE |  | 500 | 0 | 0 |
| MCKESSON CORP | COM | 58155Q103 |  | 12304 | 15 | SH |  | SOLE |  | 15 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 82945 | 788 | SH |  | SOLE |  | 788 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 3084528 | 6378 | SH |  | SOLE |  | 6378 | 0 | 0 |
| MONDELEZ INTL INC | CL A | 609207105 |  | 123809 | 2300 | SH |  | SOLE |  | 2300 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 39379 | 420 | SH |  | SOLE |  | 420 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 629065 | 3373 | SH |  | SOLE |  | 3373 | 0 | 0 |
| OREILLY AUTOMOTIVE INC | COM | 67103H107 |  | 1368 | 15 | SH |  | SOLE |  | 15 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 21189 | 109 | SH |  | SOLE |  | 109 | 0 | 0 |
| OTIS WORLDWIDE CORP | COM | 68902V107 |  | 6551 | 75 | SH |  | SOLE |  | 75 | 0 | 0 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 35550 | 200 | SH |  | SOLE |  | 200 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 100033 | 697 | SH |  | SOLE |  | 697 | 0 | 0 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 73784 | 460 | SH |  | SOLE |  | 460 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 53789 | 378 | SH |  | SOLE |  | 378 | 0 | 0 |
| PROGRESSIVE CORP | COM | 743315103 |  | 11563 | 54 | SH |  | SOLE |  | 54 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 138551 | 810 | SH |  | SOLE |  | 810 | 0 | 0 |
| RTX CORPORATION | COM | 75513E101 |  | 36863 | 201 | SH |  | SOLE |  | 201 | 0 | 0 |
| RESMED INC | COM | 761152107 |  | 245206 | 1018 | SH |  | SOLE |  | 1018 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 8884 | 17 | SH |  | SOLE |  | 17 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 26556692 | 38944 | SH |  | SOLE |  | 38944 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 12437793 | 31384 | SH |  | SOLE |  | 31384 | 0 | 0 |
| SPDR INDEX SHS FDS | EURO STOXX 50 | 78463X202 |  | 2541087 | 39464 | SH |  | SOLE |  | 39464 | 0 | 0 |
| SPDR SERIES TRUST | BLOOMBERG INTL | 78464A151 |  | 4027300 | 125422 | SH |  | SOLE |  | 125422 | 0 | 0 |
| SPDR SERIES TRUST | BLOOMBERG SHORT | 78464A334 |  | 176986 | 6457 | SH |  | SOLE |  | 6457 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A359 |  | 1306869 | 14651 | SH |  | SOLE |  | 14651 | 0 | 0 |
| SPDR SERIES TRUST | BLOOMBERG EMERGI | 78464A391 |  | 153543 | 7185 | SH |  | SOLE |  | 7185 | 0 | 0 |
| SPDR DOW JONES INDL AVERAGE | UT SER 1 | 78467X109 |  | 240198 | 500 | SH |  | SOLE |  | 500 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78468R408 |  | 3134211 | 123784 | SH |  | SOLE |  | 123784 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 |  | 86361 | 326 | SH |  | SOLE |  | 326 | 0 | 0 |
| SLB LIMITED | COM STK | 806857108 |  | 3070 | 80 | SH |  | SOLE |  | 80 | 0 | 0 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 23479 | 235 | SH |  | SOLE |  | 235 | 0 | 0 |
| SCHWAB STRATEGIC TR | FUNDAMENTAL EMER | 808524730 |  | 7686441 | 213157 | SH |  | SOLE |  | 213157 | 0 | 0 |
| SCHWAB STRATEGIC TR | INTL EQTY ETF | 808524805 |  | 747740 | 31104 | SH |  | SOLE |  | 31104 | 0 | 0 |
| SCHWAB STRATEGIC TR | US TIPS ETF | 808524870 |  | 142993 | 5398 | SH |  | SOLE |  | 5398 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET CON | 81369Y308 |  | 310720 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET CON | 81369Y407 |  | 310466 | 2600 | SH |  | SOLE |  | 2600 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET FIN | 81369Y605 |  | 399821 | 7300 | SH |  | SOLE |  | 7300 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET IND | 81369Y704 |  | 542920 | 3500 | SH |  | SOLE |  | 3500 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET TEC | 81369Y803 |  | 234095 | 1626 | SH |  | SOLE |  | 1626 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET COM | 81369Y852 |  | 94294 | 801 | SH |  | SOLE |  | 801 | 0 | 0 |
| SERVICENOW INC | COM | 81762P102 |  | 27574 | 180 | SH |  | SOLE |  | 180 | 0 | 0 |
| SOLSTICE ADVANCED MATLS INC | COM SHS | 83443Q103 |  | 7287 | 150 | SH |  | SOLE |  | 150 | 0 | 0 |
| SOUTHERN CO | COM | 842587107 |  | 21451 | 246 | SH |  | SOLE |  | 246 | 0 | 0 |
| STARBUCKS CORP | COM | 855244109 |  | 14316 | 170 | SH |  | SOLE |  | 170 | 0 | 0 |
| T-MOBILE US INC | COM | 872590104 |  | 11979 | 59 | SH |  | SOLE |  | 59 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 47103 | 155 | SH |  | SOLE |  | 155 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 227558 | 506 | SH |  | SOLE |  | 506 | 0 | 0 |
| 3M CO | COM | 88579Y101 |  | 84853 | 530 | SH |  | SOLE |  | 530 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 11930 | 146 | SH |  | SOLE |  | 146 | 0 | 0 |
| UNITED RENTALS INC | COM | 911363109 |  | 7284 | 9 | SH |  | SOLE |  | 9 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 10894 | 33 | SH |  | SOLE |  | 33 | 0 | 0 |
| VANECK ETF TRUST | GOLD MINERS ETF | 92189F106 |  | 2771915 | 32318 | SH |  | SOLE |  | 32318 | 0 | 0 |
| VANECK ETF TRUST | BIOTECH ETF | 92189F726 |  | 58672 | 310 | SH |  | SOLE |  | 310 | 0 | 0 |
| VANGUARD WORLD FD | ESG INTL STK ETF | 921910725 |  | 1696248 | 23684 | SH |  | SOLE |  | 23684 | 0 | 0 |
| VANGUARD BD INDEX FDS | LONG TERM BOND | 921937793 |  | 85510 | 1230 | SH |  | SOLE |  | 1230 | 0 | 0 |
| VANGUARD BD INDEX FDS | INTERMED TERM | 921937819 |  | 57242 | 735 | SH |  | SOLE |  | 735 | 0 | 0 |
| VANGUARD BD INDEX FDS | SHORT TRM BOND | 921937827 |  | 162033 | 2056 | SH |  | SOLE |  | 2056 | 0 | 0 |
| VANGUARD BD INDEX FDS | TOTAL BND MRKT | 921937835 |  | 190730 | 2575 | SH |  | SOLE |  | 2575 | 0 | 0 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 |  | 127439 | 2040 | SH |  | SOLE |  | 2040 | 0 | 0 |
| VANGUARD WHITEHALL FDS | HIGH DIV YLD | 921946406 |  | 223174 | 1555 | SH |  | SOLE |  | 1555 | 0 | 0 |
| VANGUARD WHITEHALL FDS | EM MK GOV BD ETF | 921946885 |  | 5185097 | 76896 | SH |  | SOLE |  | 76896 | 0 | 0 |
| VANGUARD CHARLOTTE FDS | TOTAL INT BD ETF | 92203J407 |  | 169748 | 3513 | SH |  | SOLE |  | 3513 | 0 | 0 |
| VANGUARD WORLD FD | HEALTH CAR ETF | 92204A504 |  | 734018 | 2550 | SH |  | SOLE |  | 2550 | 0 | 0 |
| VANGUARD WORLD FD | INF TECH ETF | 92204A702 |  | 1017603 | 1350 | SH |  | SOLE |  | 1350 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | ALLWRLD EX US | 922042775 |  | 197141 | 2680 | SH |  | SOLE |  | 2680 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 |  | 302185 | 5621 | SH |  | SOLE |  | 5621 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | SHRT TRM CORP BD | 92206C409 |  | 3988095 | 50020 | SH |  | SOLE |  | 50020 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | VNG RUS2000IDX | 92206C664 |  | 99520 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | INTER TERM TREAS | 92206C706 |  | 3238737 | 54042 | SH |  | SOLE |  | 54042 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | LG-TERM COR BD | 92206C813 |  | 531253 | 7004 | SH |  | SOLE |  | 7004 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | INT-TERM CORP | 92206C870 |  | 120684 | 1441 | SH |  | SOLE |  | 1441 | 0 | 0 |
| VANGUARD INDEX FDS | REAL ESTATE ETF | 922908553 |  | 147690 | 1669 | SH |  | SOLE |  | 1669 | 0 | 0 |
| VANGUARD INDEX FDS | MID CAP ETF | 922908629 |  | 232176 | 800 | SH |  | SOLE |  | 800 | 0 | 0 |
| VERALTO CORP | COM SHS | 92338C103 |  | 11974 | 120 | SH |  | SOLE |  | 120 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 86837 | 2169 | SH |  | SOLE |  | 2169 | 0 | 0 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 |  | 10427 | 23 | SH |  | SOLE |  | 23 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 382625 | 1091 | SH |  | SOLE |  | 1091 | 0 | 0 |
| WEC ENERGY GROUP INC | COM | 92939U106 |  | 8964 | 85 | SH |  | SOLE |  | 85 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 70857 | 636 | SH |  | SOLE |  | 636 | 0 | 0 |
| WASTE MGMT INC DEL | COM | 94106L109 |  | 15819 | 72 | SH |  | SOLE |  | 72 | 0 | 0 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 59182 | 635 | SH |  | SOLE |  | 635 | 0 | 0 |
| WISDOMTREE TR | JAPN HEDGE EQT | 97717W851 |  | 46131 | 320 | SH |  | SOLE |  | 320 | 0 | 0 |
| WISDOMTREE TR | EUROPE HEDGED EQ | 97717X701 |  | 54227 | 1022 | SH |  | SOLE |  | 1022 | 0 | 0 |
| YUM BRANDS INC | COM | 988498101 |  | 146742 | 970 | SH |  | SOLE |  | 970 | 0 | 0 |
| ZOETIS INC | CL A | 98978V103 |  | 125285 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |

---