# EDGAR Filing Document

**Accession Number:** 0001697333
**File Stem:** 0001697333-23-000002
**Filing Date:** 2023-2
**Character Count:** 17065
**Document Hash:** b0fbbc3f766a26229cf54a991c054aa6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001697333-23-000002.hdr.sgml**: 20230210

**ACCESSION NUMBER**: 0001697333-23-000002

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230210

**DATE AS OF CHANGE**: 20230209

**EFFECTIVENESS DATE**: 20230210

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** True Capital Management
- **CENTRAL INDEX KEY:** 0001697333
- **IRS NUMBER:** 208138813
- **STATE OF INCORPORATION:** CA

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-22879
- **FILM NUMBER:** 23607656

**BUSINESS ADDRESS:**
- **STREET 1:** 101 MONTGOMERY ST
- **STREET 2:** STE 2800
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94104
- **BUSINESS PHONE:** 4155383600

**MAIL ADDRESS:**
- **STREET 1:** 101 MONTGOMERY ST
- **STREET 2:** STE 2800
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94104

### 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:** True Capital Management<br>**Address:** 101 MONTGOMERY ST<br>STE 2800<br>SAN FRANCISCO, CA 94104

**Form 13F File Number:** 028-22879

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:** Heather Goodman<br>**Title:** Chief Compliance Officer<br>**Phone:** 415-538-3600

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

Heather Goodman  San Francisco, CA  02-09-2023<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:** 121

**Form 13F Information Table Value Total:** $123033024

      (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 |
| Airbnb Inc CL A Com | Common Stock | 009066101 |  | 804213 | 9406 | SH |  | SOLE |  | 9406 | 0 | 0 |
| Alphabet Inc Cap STK CL A | Common Stock | 02079K305 |  | 2890415 | 32760 | SH |  | SOLE |  | 32760 | 0 | 0 |
| Alphabet Inc Cap STK CL C | Common Stock | 02079K107 |  | 3157102 | 35581 | SH |  | SOLE |  | 35581 | 0 | 0 |
| Altria Group Inc | Common Stock | 02209S103 |  | 409687 | 8963 | SH |  | SOLE |  | 8963 | 0 | 0 |
| Amazon Com Inc | Common Stock | 023135106 |  | 2509500 | 29875 | SH |  | SOLE |  | 29875 | 0 | 0 |
| Apple Inc | Common Stock | 037833100 |  | 9792479 | 75367 | SH |  | SOLE |  | 75367 | 0 | 0 |
| Ark ETF TR Genomic Revolution Multi Sector ETF | Funds | 00214Q302 |  | 294806 | 10443 | SH |  | SOLE |  | 10443 | 0 | 0 |
| Ark ETF TR Innovation ETF | Funds | 00214Q104 |  | 1118221 | 35795 | SH |  | SOLE |  | 35795 | 0 | 0 |
| Berkshire Hathaway B New Class B | Common Stock | 084670702 |  | 500727 | 1621 | SH |  | SOLE |  | 1621 | 0 | 0 |
| Boeing Co | Common Stock | 097023105 |  | 213158 | 1119 | SH |  | SOLE |  | 1119 | 0 | 0 |
| Broadcom Inc Com | Common Stock | 11135F101 |  | 358590 | 641 | SH |  | SOLE |  | 641 | 0 | 0 |
| C S X Corp | Common Stock | 126408103 |  | 337279 | 10887 | SH |  | SOLE |  | 10887 | 0 | 0 |
| Caterpillar Inc | Common Stock | 149123101 |  | 265063 | 1106 | SH |  | SOLE |  | 1106 | 0 | 0 |
| Cel-Sci Corp Com Par $0 001 New | Common Stock | 150837607 |  | 29084 | 12376 | SH |  | SOLE |  | 12376 | 0 | 0 |
| Chevron Corporation | Common Stock | 166764100 |  | 273827 | 1526 | SH |  | SOLE |  | 1526 | 0 | 0 |
| Clorox | Common Stock | 189054109 |  | 1084470 | 7728 | SH |  | SOLE |  | 7728 | 0 | 0 |
| Coinbase Global Inc Com CL A | Common Stock | 19260Q107 |  | 1811189 | 51178 | SH |  | SOLE |  | 51178 | 0 | 0 |
| Consolidated Edison Inc | Common Stock | 209115104 |  | 290219 | 3045 | SH |  | SOLE |  | 3045 | 0 | 0 |
| Consumers Staples Sector SPDR Trust SHS | Funds | 81369Y308 |  | 782775 | 10500 | SH |  | SOLE |  | 10500 | 0 | 0 |
| Costco Wholesale Corp | Common Stock | 22160K105 |  | 368753 | 808 | SH |  | SOLE |  | 808 | 0 | 0 |
| Cumberland Pharmaceuticals Inc Com | Common Stock | 230770109 |  | 27056 | 12025 | SH |  | SOLE |  | 12025 | 0 | 0 |
| Danaher Corp Del | Common Stock | 235851102 |  | 301517 | 1136 | SH |  | SOLE |  | 1136 | 0 | 0 |
| Dimensional ETF TR U S Target Value ETF | Funds | 25434V609 |  | 2700200 | 61438 | SH |  | SOLE |  | 61438 | 0 | 0 |
| Dimensional ETF TR World Ex U S Core Equity 2 ETF | Funds | 25434V880 |  | 995976 | 46110 | SH |  | SOLE |  | 46110 | 0 | 0 |
| Disney Walt Co | Common Stock | 254687106 |  | 271555 | 3126 | SH |  | SOLE |  | 3126 | 0 | 0 |
| Duke Energy | Common Stock | 26441C204 |  | 201203 | 1954 | SH |  | SOLE |  | 1954 | 0 | 0 |
| Energy Vault HLDGS Inc Com | Common Stock | 29280W109 |  | 364185 | 116726 | SH |  | SOLE |  | 116726 | 0 | 0 |
| Facebook Inc CL A | Common Stock | 30303M102 |  | 3311636 | 27519 | SH |  | SOLE |  | 27519 | 0 | 0 |
| FB Finl Corp Com | Common Stock | 30257X104 |  | 1213653 | 33582 | SH |  | SOLE |  | 33582 | 0 | 0 |
| First TR Exchange Traded FD III Managed Mun ETF | Funds | 33739N108 |  | 241105 | 4812 | SH |  | SOLE |  | 4812 | 0 | 0 |
| First TR Exchange Traded FD IV First TR Enhanced Short Maturity ETF New | Funds | 33739Q408 |  | 950683 | 15994 | SH |  | SOLE |  | 15994 | 0 | 0 |
| First TR Exchange Traded FD IV FT CBOE Vest S 500 Divid Aristocrats Target Aristocrats Target Income ETF | Funds | 33739Q705 |  | 263924 | 5166 | SH |  | SOLE |  | 5166 | 0 | 0 |
| First TR Exchange Traded FD VI Dorsey Wright Focus 5 ETF | Funds | 33738R605 |  | 202525 | 4351 | SH |  | SOLE |  | 4351 | 0 | 0 |
| First TR Exchange-Traded FD Cap Strength ETF | Funds | 33733E104 |  | 790340 | 10545 | SH |  | SOLE |  | 10545 | 0 | 0 |
| First TR Exchange-Traded FD III First TR PFD Secs  Income ETF | Funds | 33739E108 |  | 508459 | 30265 | SH |  | SOLE |  | 30265 | 0 | 0 |
| First TR Exchange-Traded FD IV North Amern Energy Infrastructure FD | Funds | 33738D101 |  | 204276 | 7654 | SH |  | SOLE |  | 7654 | 0 | 0 |
| First TR Exchange-Traded FD VI Rising Divid Achievers ETF | Funds | 33738R506 |  | 400121 | 9110 | SH |  | SOLE |  | 9110 | 0 | 0 |
| First TR Exchange-Traded FD VIII CBOE Vest Nasdaq 100 Buffer | Funds | 33740F649 |  | 207705 | 11350 | SH |  | SOLE |  | 11350 | 0 | 0 |
| First TR Exchange-Traded FD VIII TCW Unconstrained Plus | Funds | 33740F888 |  | 408658 | 16950 | SH |  | SOLE |  | 16950 | 0 | 0 |
| First TR High Yield Opportunities 2027 Term FD Com | Funds | 33741Q107 |  | 173565 | 12876 | SH |  | SOLE |  | 12876 | 0 | 0 |
| First TR Ipox Index FD SHS | Funds | 336920103 |  | 319675 | 4063 | SH |  | SOLE |  | 4063 | 0 | 0 |
| First TR Large Cap Core Alphadex FD Com SHS | Funds | 33734K109 |  | 360914 | 4507 | SH |  | SOLE |  | 4507 | 0 | 0 |
| First TR Large Cap Growth Alphadex FD Com SHS | Funds | 33735K108 |  | 813320 | 8897 | SH |  | SOLE |  | 8897 | 0 | 0 |
| First TR Large Cap Value Alphadex FD Com SHS | Funds | 33735J101 |  | 293806 | 4464 | SH |  | SOLE |  | 4464 | 0 | 0 |
| First TR Low Duration Opportunities ETF | Funds | 33739Q200 |  | 298683 | 6300 | SH |  | SOLE |  | 6300 | 0 | 0 |
| First TR Morningstar Divid Leaders Index FD SHS | Funds | 336917109 |  | 563261 | 15406 | SH |  | SOLE |  | 15406 | 0 | 0 |
| First TR Value Line Divid Index FD SHS | Funds | 33734H106 |  | 1220425 | 30579 | SH |  | SOLE |  | 30579 | 0 | 0 |
| First Trust Dow Jones Inet.Idx.FD. | Funds | 33733E302 |  | 934955 | 7592 | SH |  | SOLE |  | 7592 | 0 | 0 |
| Global X FDS Cybersecurity ETF | Funds | 37954Y384 |  | 622479 | 29999 | SH |  | SOLE |  | 29999 | 0 | 0 |
| Golub Capital BDC | Funds | 38173M102 |  | 525900 | 39962 | SH |  | SOLE |  | 39962 | 0 | 0 |
| Home Depot Inc | Common Stock | 437076102 |  | 239649 | 759 | SH |  | SOLE |  | 759 | 0 | 0 |
| Industrial Sector SPDR Trust Shares | Funds | 81369Y704 |  | 1356378 | 13811 | SH |  | SOLE |  | 13811 | 0 | 0 |
| Invesco Exchange-Traded FD TR II S Smallcap Information Technology ETF | Funds | 46138E115 |  | 1001383 | 8356 | SH |  | SOLE |  | 8356 | 0 | 0 |
| Invesco Exchanged Traded FD TR II Nasdaq Next Gen 100 ETF | Funds | 46138G631 |  | 1124870 | 47046 | SH |  | SOLE |  | 47046 | 0 | 0 |
| Invesco QQQ TR Unit Ser 1 | Funds | 46090E103 |  | 6385258 | 23979 | SH |  | SOLE |  | 23979 | 0 | 0 |
| iShares DJ Select Divid Index Fund | Funds | 464287168 |  | 425510 | 3528 | SH |  | SOLE |  | 3528 | 0 | 0 |
| iShares Gold TR iShares New | Funds | 464285204 |  | 1958935 | 56633 | SH |  | SOLE |  | 56633 | 0 | 0 |
| iShares Nasdaq Biotechnology Index Fund | Funds | 464287556 |  | 1110188 | 8456 | SH |  | SOLE |  | 8456 | 0 | 0 |
| iShares TR | Funds | 46432F834 |  | 348264 | 6017 | SH |  | SOLE |  | 6017 | 0 | 0 |
| iShares TR Cohen  Steers REIT ETF | Funds | 464287564 |  | 286262 | 5220 | SH |  | SOLE |  | 5220 | 0 | 0 |
| iShares TR Core High Divid ETF | Funds | 46429B663 |  | 910895 | 8738 | SH |  | SOLE |  | 8738 | 0 | 0 |
| iShares TR Global Clean Energy ETF | Funds | 464288224 |  | 1023625 | 51568 | SH |  | SOLE |  | 51568 | 0 | 0 |
| iShares TR MSCI USA Minimum Volatility ETF | Funds | 46429B697 |  | 937281 | 13000 | SH |  | SOLE |  | 13000 | 0 | 0 |
| iShares TR Natl Amt Free Muni BD ETF | Funds | 464288414 |  | 256822 | 2434 | SH |  | SOLE |  | 2434 | 0 | 0 |
| iShares TR Russell 1000 ETF | Funds | 464287622 |  | 2321541 | 11028 | SH |  | SOLE |  | 11028 | 0 | 0 |
| iShares TR Russell 200 Growth Ndex FD | Funds | 464289438 |  | 316297 | 2624 | SH |  | SOLE |  | 2624 | 0 | 0 |
| iShares TR Russell 2000 | Common Stock | 464287655 |  | 340162 | 1951 | SH |  | SOLE |  | 1951 | 0 | 0 |
| iShares TR S 500 Growth ETF | Funds | 464287309 |  | 292138 | 4994 | SH |  | SOLE |  | 4994 | 0 | 0 |
| iShares TR S 500 Index | Funds | 464287200 |  | 1202565 | 3130 | SH |  | SOLE |  | 3130 | 0 | 0 |
| iShares Trust Dow Jones Technology | Funds | 464287721 |  | 525142 | 7050 | SH |  | SOLE |  | 7050 | 0 | 0 |
| iShares Trust S Smallcap 600 Index | Funds | 464287804 |  | 245415 | 2593 | SH |  | SOLE |  | 2593 | 0 | 0 |
| Johnson  Johnson | Common Stock | 478160104 |  | 365773 | 2071 | SH |  | SOLE |  | 2071 | 0 | 0 |
| JPMorgan Chase  Co | Common Stock | 46625H100 |  | 575085 | 4288 | SH |  | SOLE |  | 4288 | 0 | 0 |
| Lowes Companies Inc | Common Stock | 548661107 |  | 223349 | 1121 | SH |  | SOLE |  | 1121 | 0 | 0 |
| Luminar Tech Inc Com CL A | Common Stock | 550424105 |  | 497579 | 100521 | SH |  | SOLE |  | 100521 | 0 | 0 |
| Marathon Pete Corp | Common Stock | 56585A102 |  | 213357 | 1833 | SH |  | SOLE |  | 1833 | 0 | 0 |
| MC Donalds Corp | Common Stock | 580135101 |  | 460914 | 1749 | SH |  | SOLE |  | 1749 | 0 | 0 |
| Microsoft Corp | Common Stock | 594918104 |  | 2000705 | 8343 | SH |  | SOLE |  | 8343 | 0 | 0 |
| Mondelez Intl Inc CL A | Common Stock | 609207105 |  | 332960 | 4996 | SH |  | SOLE |  | 4996 | 0 | 0 |
| Netflix Inc | Common Stock | 64110L106 |  | 575606 | 1952 | SH |  | SOLE |  | 1952 | 0 | 0 |
| Nvidia Corp | Common Stock | 67066G104 |  | 1990281 | 13619 | SH |  | SOLE |  | 13619 | 0 | 0 |
| Oaktree Strategic Income Corp Com | Common Stock | 67401P108 |  | 735811 | 107105 | SH |  | SOLE |  | 107105 | 0 | 0 |
| Palantir Technologies Inc CL A | Common Stock | 69608A108 |  | 6247893 | 973192 | SH |  | SOLE |  | 973192 | 0 | 0 |
| Pepsico Incorporated | Common Stock | 713448108 |  | 220977 | 1223 | SH |  | SOLE |  | 1223 | 0 | 0 |
| Philip Morris Intl Inc | Common Stock | 718172109 |  | 790990 | 7815 | SH |  | SOLE |  | 7815 | 0 | 0 |
| Procter  Gamble | Common Stock | 742718109 |  | 2345471 | 15476 | SH |  | SOLE |  | 15476 | 0 | 0 |
| Salesforce Com | Common Stock | 79466L302 |  | 349109 | 2633 | SH |  | SOLE |  | 2633 | 0 | 0 |
| Schwab Strategic TR US Broad MKT ETF | Funds | 808524102 |  | 594584 | 13269 | SH |  | SOLE |  | 13269 | 0 | 0 |
| Sector SPDR Technology | Common Stock | 81369Y803 |  | 681931 | 5480 | SH |  | SOLE |  | 5480 | 0 | 0 |
| Sector SPDR TR SHS Ben Int Financial | Funds | 81369Y605 |  | 1388144 | 40589 | SH |  | SOLE |  | 40589 | 0 | 0 |
| SPDR Gold TR Gold SHS | Common Stock | 78463V107 |  | 295343 | 1741 | SH |  | SOLE |  | 1741 | 0 | 0 |
| SPDR S 500 ETF TST. | Funds | 78462F103 |  | 3590139 | 9388 | SH |  | SOLE |  | 9388 | 0 | 0 |
| Spire Global Inc Com CL A | Common Stock | 848560108 |  | 189423 | 197316 | SH |  | SOLE |  | 197316 | 0 | 0 |
| Square Inc CL A | Common Stock | 852234103 |  | 2377363 | 37832 | SH |  | SOLE |  | 37832 | 0 | 0 |
| Starbucks Corp | Common Stock | 855244109 |  | 285207 | 2875 | SH |  | SOLE |  | 2875 | 0 | 0 |
| Stitch Fix Inc CL A Com | Common Stock | 860897107 |  | 37426 | 12034 | SH |  | SOLE |  | 12034 | 0 | 0 |
| Strategy SHS Nasdaq 7 Handl Index ETF | Funds | 86280R506 |  | 232716 | 11885 | SH |  | SOLE |  | 11885 | 0 | 0 |
| T J X Cos Inc | Common Stock | 872540109 |  | 206205 | 2591 | SH |  | SOLE |  | 2591 | 0 | 0 |
| Target Corporation | Common Stock | 87612E106 |  | 500178 | 3356 | SH |  | SOLE |  | 3356 | 0 | 0 |
| Tesla Motors | Common Stock | 88160R101 |  | 922125 | 7486 | SH |  | SOLE |  | 7486 | 0 | 0 |
| Texas Instruments Inc | Common Stock | 882508104 |  | 232793 | 1409 | SH |  | SOLE |  | 1409 | 0 | 0 |
| Uber Technologies Inc Com | Common Stock | 90353T100 |  | 601087 | 24306 | SH |  | SOLE |  | 24306 | 0 | 0 |
| Unitedhealth Group Inc | Common Stock | 91324P102 |  | 230427 | 435 | SH |  | SOLE |  | 435 | 0 | 0 |
| Vaneck Vectors ETF TR Gaming ETF | Funds | 92189F882 |  | 432861 | 11219 | SH |  | SOLE |  | 11219 | 0 | 0 |
| Vanguard Bond Index Fund Total Bond Market | Common Stock | 921937835 |  | 383482 | 5338 | SH |  | SOLE |  | 5338 | 0 | 0 |
| Vanguard DIV.Apprec.Idx. FD. | Funds | 921908844 |  | 7004340 | 46127 | SH |  | SOLE |  | 46127 | 0 | 0 |
| Vanguard GW.Idx.FD. | Funds | 922908736 |  | 1996217 | 9367 | SH |  | SOLE |  | 9367 | 0 | 0 |
| Vanguard Intl Equity Index FD Emerging Mar | Funds | 922042858 |  | 283931 | 7284 | SH |  | SOLE |  | 7284 | 0 | 0 |
| Vanguard Mega Cap Value ETF | Funds | 921910840 |  | 409629 | 3983 | SH |  | SOLE |  | 3983 | 0 | 0 |
| Vanguard Mid.Cap ETF | Funds | 922908629 |  | 352999 | 1732 | SH |  | SOLE |  | 1732 | 0 | 0 |
| Vanguard REIT ETF | Funds | 922908553 |  | 1035787 | 12558 | SH |  | SOLE |  | 12558 | 0 | 0 |
| Vanguard S 500 ETF | Funds | 922908363 |  | 338861 | 964 | SH |  | SOLE |  | 964 | 0 | 0 |
| Vanguard Sector Index FD Vanguard Health C | Funds | 92204A504 |  | 1304430 | 5259 | SH |  | SOLE |  | 5259 | 0 | 0 |
| Vanguard SML.Cap ETF | Funds | 922908751 |  | 339996 | 1852 | SH |  | SOLE |  | 1852 | 0 | 0 |
| Vanguard Tax-Managed Intl FD FTSE Developed MKTS ETF | Funds | 921943858 |  | 367196 | 8749 | SH |  | SOLE |  | 8749 | 0 | 0 |
| Vanguard TTL.STK.MKT. Idx.FD. | Funds | 922908769 |  | 963122 | 5038 | SH |  | SOLE |  | 5038 | 0 | 0 |
| Vanguard Value ETF | Funds | 922908744 |  | 3421142 | 24372 | SH |  | SOLE |  | 24372 | 0 | 0 |
| Vanguard Whitehall FDS High Dividend Yield ETF SHS | Funds | 921946406 |  | 727871 | 6726 | SH |  | SOLE |  | 6726 | 0 | 0 |
| Vanguard World FDS Vanguard Finls ETF | Funds | 92204A405 |  | 387333 | 4682 | SH |  | SOLE |  | 4682 | 0 | 0 |
| Visa Inc CL A Class A | Common Stock | 92826C839 |  | 1096889 | 5280 | SH |  | SOLE |  | 5280 | 0 | 0 |
| Wal-Mart Stores Inc | Common Stock | 931142103 |  | 2304090 | 16250 | SH |  | SOLE |  | 16250 | 0 | 0 |

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