# EDGAR Filing Document

**Accession Number:** 0000826000
**File Stem:** 0000826000-25-000012
**Filing Date:** 2025-11
**Character Count:** 14532
**Document Hash:** 03327b395465feafdd7173558831d945
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000826000-25-000012.hdr.sgml**: 20251112

**ACCESSION NUMBER**: 0000826000-25-000012

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251112

**DATE AS OF CHANGE**: 20251112

**EFFECTIVENESS DATE**: 20251112

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** POTOMAC FUND MANAGEMENT INC /ADV
- **CENTRAL INDEX KEY:** 0000826000

**ORGANIZATION NAME:**
- **EIN:** 521542454
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-24973
- **FILM NUMBER:** 251471337

**BUSINESS ADDRESS:**
- **STREET 1:** 7373 WISCONSIN AVE.
- **STREET 2:** SUITE 750
- **CITY:** BETHESDA
- **STATE:** MD
- **ZIP:** 20814
- **BUSINESS PHONE:** 3014503090

**MAIL ADDRESS:**
- **STREET 1:** 7373 WISCONSIN AVE.
- **STREET 2:** SUITE 750
- **CITY:** BETHESDA
- **STATE:** MD
- **ZIP:** 20814

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** POTOMAC FUND MANAGEMENT INC                             /ADV
- **DATE OF NAME CHANGE:** 19871207

### 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:** POTOMAC FUND MANAGEMENT INC /ADV<br>**Address:** 7373 WISCONSIN AVE.<br>SUITE 750<br>BETHESDA, MD 20814

**Form 13F File Number:** 028-24973

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:** Jeffrey Schropp<br>**Title:** Chief Compliance Officer<br>**Phone:** 3014503090

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

Jeffrey Schropp  Bethesda, MD  11-12-2025<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:** 103

**Form 13F Information Table Value Total:** $2361807749

      (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 |
| ABBOTT LABS | COM | 002824100 |  | 2369523 | 17691 | SH |  | SOLE |  | 0 | 0 | 17691 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 1499889 | 6082 | SH |  | SOLE |  | 0 | 0 | 6082 |
| ADOBE INC | COM | 00724F101 |  | 204948 | 581 | SH |  | SOLE |  | 0 | 0 | 581 |
| ADVISORS INNER CIRCLE FD II | 3EDGE DYNAMIC FI | 00791R830 |  | 2015579 | 81110 | SH |  | SOLE |  | 0 | 0 | 81110 |
| ADVISORS INNER CIRCLE FD II | 3EDGE DYNAMIC HA | 00791R822 |  | 4005692 | 138942 | SH |  | SOLE |  | 0 | 0 | 138942 |
| ADVISORS INNER CIRCLE FD II | 3EDGE DYNAMIC IN | 00791R814 |  | 4666060 | 168319 | SH |  | SOLE |  | 0 | 0 | 168319 |
| ADVISORS INNER CIRCLE FD II | 3EDGE DYNAMIC US | 00791R798 |  | 1559767 | 55788 | SH |  | SOLE |  | 0 | 0 | 55788 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 378797 | 1555 | SH |  | SOLE |  | 0 | 0 | 1555 |
| AMAZON COM INC | COM | 023135106 |  | 819435 | 3732 | SH |  | SOLE |  | 0 | 0 | 3732 |
| ANALOG DEVICES INC | COM | 032654105 |  | 1374179 | 5593 | SH |  | SOLE |  | 0 | 0 | 5593 |
| AON PLC | SHS CL A | G0403H108 |  | 260552 | 731 | SH |  | SOLE |  | 0 | 0 | 731 |
| ASTRAZENECA PLC | SPONSORED ADR | 046353108 |  | 1651225 | 21523 | SH |  | SOLE |  | 0 | 0 | 21523 |
| BANK AMERICA CORP | COM | 060505104 |  | 1542448 | 29898 | SH |  | SOLE |  | 0 | 0 | 29898 |
| BROADCOM INC | COM | 11135F101 |  | 517151 | 1568 | SH |  | SOLE |  | 0 | 0 | 1568 |
| CHEVRON CORP NEW | COM | 166764100 |  | 727793 | 4687 | SH |  | SOLE |  | 0 | 0 | 4687 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 1481998 | 47167 | SH |  | SOLE |  | 0 | 0 | 47167 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 1054735 | 11151 | SH |  | SOLE |  | 0 | 0 | 11151 |
| DBX ETF TR | XTRACKRS S 500 | 233051143 |  | 454210 | 7566 | SH |  | SOLE |  | 0 | 0 | 7566 |
| DIAGEO PLC | SPON ADR NEW | 25243Q205 |  | 481563 | 5046 | SH |  | SOLE |  | 0 | 0 | 5046 |
| DUPONT DE NEMOURS INC | COM | 26614N102 |  | 1853043 | 23787 | SH |  | SOLE |  | 0 | 0 | 23787 |
| EASTMAN CHEM CO | COM | 277432100 |  | 408736 | 6483 | SH |  | SOLE |  | 0 | 0 | 6483 |
| ELI LILLY  CO | COM | 532457108 |  | 395987 | 519 | SH |  | SOLE |  | 0 | 0 | 519 |
| EQUINIX INC | COM | 29444U700 |  | 1076339 | 1374 | SH |  | SOLE |  | 0 | 0 | 1374 |
| EVERGY INC | COM | 30034W106 |  | 608954 | 8010 | SH |  | SOLE |  | 0 | 0 | 8010 |
| GALLAGHER ARTHUR J  CO | COM | 363576109 |  | 1712041 | 5527 | SH |  | SOLE |  | 0 | 0 | 5527 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 2102209 | 18939 | SH |  | SOLE |  | 0 | 0 | 18939 |
| HOME DEPOT INC | COM | 437076102 |  | 1985280 | 4900 | SH |  | SOLE |  | 0 | 0 | 4900 |
| HONEYWELL INTL INC | COM | 438516106 |  | 1792737 | 8517 | SH |  | SOLE |  | 0 | 0 | 8517 |
| IDEXX LABS INC | COM | 45168D104 |  | 258112 | 404 | SH |  | SOLE |  | 0 | 0 | 404 |
| ISHARES GOLD TR | ISHARES NEW | 464285204 |  | 478536 | 6576 | SH |  | SOLE |  | 0 | 0 | 6576 |
| ISHARES TR | 3 7 YR TREAS BD | 464288661 |  | 353751 | 2960 | SH |  | SOLE |  | 0 | 0 | 2960 |
| ISHARES TR | TRS FLT RT BD | 46434V860 |  | 668393 | 13212 | SH |  | SOLE |  | 0 | 0 | 13212 |
| ISHARES TR | CORE US AGGBD ET | 464287226 |  | 833714 | 8316 | SH |  | SOLE |  | 0 | 0 | 8316 |
| ISHARES TR | CORE S ETF | 464287200 |  | 1272788 | 1902 | SH |  | SOLE |  | 0 | 0 | 1902 |
| ISHARES TR | CORE S MCP ETF | 464287507 |  | 308464 | 4727 | SH |  | SOLE |  | 0 | 0 | 4727 |
| ISHARES TR | 0-5 YR TIPS ETF | 46429B747 |  | 666411 | 6447 | SH |  | SOLE |  | 0 | 0 | 6447 |
| ISHARES TR | CORE S SCP ETF | 464287804 |  | 343622 | 2892 | SH |  | SOLE |  | 0 | 0 | 2892 |
| ISHARES TR | 1 3 YR TREAS BD | 464287457 |  | 534698 | 6445 | SH |  | SOLE |  | 0 | 0 | 6445 |
| ISHARES TR | ESG AWR US AGRGT | 46435U549 |  | 410560 | 8548 | SH |  | SOLE |  | 0 | 0 | 8548 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 756816 | 4082 | SH |  | SOLE |  | 0 | 0 | 4082 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 2425904 | 7691 | SH |  | SOLE |  | 0 | 0 | 7691 |
| L3HARRIS TECHNOLOGIES INC | COM | 502431109 |  | 2360457 | 7729 | SH |  | SOLE |  | 0 | 0 | 7729 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 504365 | 887 | SH |  | SOLE |  | 0 | 0 | 887 |
| MCDONALDS CORP | COM | 580135101 |  | 1872520 | 6162 | SH |  | SOLE |  | 0 | 0 | 6162 |
| MICROCHIP TECHNOLOGY INC. | COM | 595017104 |  | 814351 | 12681 | SH |  | SOLE |  | 0 | 0 | 12681 |
| MICROSOFT CORP | COM | 594918104 |  | 3069371 | 5926 | SH |  | SOLE |  | 0 | 0 | 5926 |
| MSCI INC | COM | 55354G100 |  | 292447 | 515 | SH |  | SOLE |  | 0 | 0 | 515 |
| NORTHERN LTS FD TR IV | MAIN SECTR ROTN | 66538H591 |  | 50233153 | 797099 | SH |  | SOLE |  | 0 | 0 | 797099 |
| NORTHERN LTS FD TR IV | MAIN BUYWRITE | 66538H179 |  | 7814400 | 549923 | SH |  | SOLE |  | 0 | 0 | 549923 |
| NORTHERN LTS FD TR IV | MAIN THEMATC IN | 66538H278 |  | 2846527 | 105174 | SH |  | SOLE |  | 0 | 0 | 105174 |
| NOVO-NORDISK A S | ADR | 670100205 |  | 1080803 | 19477 | SH |  | SOLE |  | 0 | 0 | 19477 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 538302 | 2885 | SH |  | SOLE |  | 0 | 0 | 2885 |
| ORACLE CORP | COM | 68389X105 |  | 799712 | 2844 | SH |  | SOLE |  | 0 | 0 | 2844 |
| PEPSICO INC | COM | 713448108 |  | 1055210 | 7514 | SH |  | SOLE |  | 0 | 0 | 7514 |
| PNC FINL SVCS GROUP INC | COM | 693475105 |  | 1409479 | 7015 | SH |  | SOLE |  | 0 | 0 | 7015 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 1698928 | 11057 | SH |  | SOLE |  | 0 | 0 | 11057 |
| RTX CORPORATION | COM | 75513E101 |  | 742628 | 4438 | SH |  | SOLE |  | 0 | 0 | 4438 |
| SELECT SECTOR SPDR TR | SBI HEALTHCARE | 81369Y209 |  | 290056 | 2084 | SH |  | SOLE |  | 0 | 0 | 2084 |
| SELECT SECTOR SPDR TR | FINANCIAL | 81369Y605 |  | 222241 | 4126 | SH |  | SOLE |  | 0 | 0 | 4126 |
| SEMPRA | COM | 816851109 |  | 638096 | 7092 | SH |  | SOLE |  | 0 | 0 | 7092 |
| SERVICENOW INC | COM | 81762P102 |  | 329460 | 358 | SH |  | SOLE |  | 0 | 0 | 358 |
| SHELL PLC | SPON ADS | 780259305 |  | 1941702 | 27145 | SH |  | SOLE |  | 0 | 0 | 27145 |
| SHOPIFY INC | CL A SUB VTG SHS | 82509L107 |  | 501856 | 3377 | SH |  | SOLE |  | 0 | 0 | 3377 |
| SPDR SERIES TRUST | PORTFOLIO INTRMD | 78464A375 |  | 226675 | 6689 | SH |  | SOLE |  | 0 | 0 | 6689 |
| SPDR SERIES TRUST | PORTFOLIO S | 78464A854 |  | 2955925 | 37732 | SH |  | SOLE |  | 0 | 0 | 37732 |
| STARBUCKS CORP | COM | 855244109 |  | 245039 | 2896 | SH |  | SOLE |  | 0 | 0 | 2896 |
| SYNOPSYS INC | COM | 871607107 |  | 204757 | 415 | SH |  | SOLE |  | 0 | 0 | 415 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 938397 | 11234 | SH |  | SOLE |  | 0 | 0 | 11234 |
| US BANCORP DEL | COM NEW | 902973304 |  | 1404909 | 29069 | SH |  | SOLE |  | 0 | 0 | 29069 |
| VANGUARD BD INDEX FDS | LONG TERM BOND | 921937793 |  | 208086 | 2937 | SH |  | SOLE |  | 0 | 0 | 2937 |
| VANGUARD BD INDEX FDS | SHORT TRM BOND | 921937827 |  | 441961 | 5601 | SH |  | SOLE |  | 0 | 0 | 5601 |
| VANGUARD BD INDEX FDS | INTERMED TERM | 921937819 |  | 208936 | 2676 | SH |  | SOLE |  | 0 | 0 | 2676 |
| VANGUARD CHARLOTTE FDS | TOTAL INT BD ETF | 92203J407 |  | 462956 | 9360 | SH |  | SOLE |  | 0 | 0 | 9360 |
| VANGUARD INDEX FDS | GROWTH ETF | 922908736 |  | 721503 | 1504 | SH |  | SOLE |  | 0 | 0 | 1504 |
| VANGUARD INDEX FDS | VALUE ETF | 922908744 |  | 567618 | 3044 | SH |  | SOLE |  | 0 | 0 | 3044 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 |  | 345682 | 6380 | SH |  | SOLE |  | 0 | 0 | 6380 |
| VANGUARD SCOTTSDALE FDS | MTG-BKD SECS ETF | 92206C771 |  | 503340 | 10718 | SH |  | SOLE |  | 0 | 0 | 10718 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 |  | 853894 | 14251 | SH |  | SOLE |  | 0 | 0 | 14251 |
| VISA INC | COM CL A | 92826C839 |  | 473604 | 1387 | SH |  | SOLE |  | 0 | 0 | 1387 |
| WASTE MGMT INC DEL | COM | 94106L109 |  | 706435 | 3199 | SH |  | SOLE |  | 0 | 0 | 3199 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 2258014 | 26939 | SH |  | SOLE |  | 0 | 0 | 26939 |
| ZOETIS INC | CL A | 98978V103 |  | 362858 | 2480 | SH |  | SOLE |  | 0 | 0 | 2480 |
| BondBloxx BB Rated USD High Yield Corporate Bond ETF | BB RT USD HI YLD | 09789C705 |  | 41550071 | 1004960 | SH |  | SOLE |  | 1004960 | 0 | 0 |
| BondBloxx CCC Rated USD High Yield Corporate Bond ETF | CCC RT USD HI YL | 09789C887 |  | 43646981 | 1112025 | SH |  | SOLE |  | 1112025 | 0 | 0 |
| IMGP DBI Managed Futures Strategy ETF | IMGP DBI MANAGED | 53700T827 |  | 22442348 | 821763 | SH |  | SOLE |  | 821763 | 0 | 0 |
| SPDR Bloomberg Convertible Securities ETF | BBG CONV SEC ETF | 78464A359 |  | 42538439 | 470038 | SH |  | SOLE |  | 470038 | 0 | 0 |
| The iShares U.S. Fallen Angels USD Bond ETF | FALN ANGLS USD | 46435G474 |  | 22377512 | 805526 | SH |  | SOLE |  | 805526 | 0 | 0 |
| iShares iBoxx High Yield Corporate Bond ETF | IBOXX HI YD ETF | 464288513 |  | 22403812 | 275943 | SH |  | SOLE |  | 275943 | 0 | 0 |
| Bondbloxx Bloomberg Six Month Target Duration US Treasury ETF | BLOOMBERG SIX MN | 09789C788 |  | 448277111 | 8890859 | SH |  | SOLE |  | 731042 | 0 | 0 |
| SPDR Bloomberg Barclays High Yield Bond ETF | BLOOMBERG HIGH Y | 78468R622 |  | 19791530 | 201975 | SH |  | SOLE |  | 201975 | 0 | 0 |
| Vanguard Total Stock Market ETF | TOTAL STK MKT | 922908769 |  | 19933702 | 60742 | SH |  | SOLE |  | 60742 | 0 | 0 |
| WisdomTree Japan Hedged Equity Fund | JAPN HEDGE EQT | 97717W851 |  | 19676419 | 153686 | SH |  | SOLE |  | 153686 | 0 | 0 |
| WisdomTree U.S. Quality Dividend Growth Fund | US QTLY DIV GRT | 97717X669 |  | 19817263 | 222766 | SH |  | SOLE |  | 222766 | 0 | 0 |
| iShares 0-3 Month Treasury Bond ETF | 0-3 MNTH TREASRY | 46436E718 |  | 941954748 | 9354069 | SH |  | SOLE |  | 455064 | 0 | 0 |
| ARK Innovation ETF | INNOVATION ETF | 00214Q104 |  | 12504093 | 144891 | SH |  | SOLE |  | 144891 | 0 | 0 |
| Global X SuperDividend ETF | SUPERDIVIDEND | 37960A669 |  | 12109181 | 504970 | SH |  | SOLE |  | 504970 | 0 | 0 |
| SPDR S Metals  Mining ETF | S METALS MNG | 78464A755 |  | 12312542 | 132123 | SH |  | SOLE |  | 132123 | 0 | 0 |
| The Global X Silvers Miners ETF | GLOBAL X SILVER | 37954Y848 |  | 12560894 | 175358 | SH |  | SOLE |  | 175358 | 0 | 0 |
| VanEck Vectors Semiconductor ETF | SEMICONDUCTR ETF | 92189F676 |  | 12279948 | 37627 | SH |  | SOLE |  | 37627 | 0 | 0 |
| iShares Latin America 40 ETF | LATN AMER 40 ETF | 464287390 |  | 12046408 | 416975 | SH |  | SOLE |  | 416975 | 0 | 0 |
| iShares U.S. Aerospace  Defense ETF | US AER DEF ETF | 464288760 |  | 12280632 | 58686 | SH |  | SOLE |  | 58686 | 0 | 0 |
| Direxion Daily S 500 3X Bull Shares ETF | DRX S | 25459W862 |  | 234206713 | 1105270 | SH |  | SOLE |  | 1105270 | 0 | 0 |
| ProShares UltraPro S 500 | ULTRPRO S | 74347X864 |  | 233638110 | 2095597 | SH |  | SOLE |  | 2095597 | 0 | 0 |

---