# EDGAR Filing Document

**Accession Number:** 0001737871
**File Stem:** 0001737871-23-000001
**Filing Date:** 2023-2
**Character Count:** 15068
**Document Hash:** 192dff0db18d8be5ae6ec6bead8a8f32
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001737871-23-000001.hdr.sgml**: 20230208

**ACCESSION NUMBER**: 0001737871-23-000001

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230208

**DATE AS OF CHANGE**: 20230208

**EFFECTIVENESS DATE**: 20230208

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LFA - Lugano Financial Advisors SA
- **CENTRAL INDEX KEY:** 0001737871
- **IRS NUMBER:** 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:** 23597923

**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:** 12-31-2022

**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:** 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:** Tuomas Ahonen<br>**Title:** Portfolio Manager<br>**Phone:** 0041919226917

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

Tuomas Ahonen  Lugano, V8  02-08-2023<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:** 117

**Form 13F Information Table Value Total:** $134855029

      (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 |
| VANGUARD SCOTTSDALE FDS | SHRT TRM CORP BD | 92206C409 |  | 8156611 | 108480 | SH |  | SOLE |  | 108480 | 0 | 0 |
| ISHARES TR | A RATE CP BD ETF | 46429B291 |  | 2012312 | 43439 | SH |  | SOLE |  | 43439 | 0 | 0 |
| SPDR SER TR | BLOOMBERG SHT TE | 78468R408 |  | 2776207 | 114530 | SH |  | SOLE |  | 114530 | 0 | 0 |
| ISHARES TR | 7-10 YR TRSY BD | 464287440 |  | 5401609 | 56396 | SH |  | SOLE |  | 56396 | 0 | 0 |
| ISHARES TR | 1 3 YR TREAS BD | 464287457 |  | 3354188 | 41323 | SH |  | SOLE |  | 41323 | 0 | 0 |
| ISHARES TR | 3 7 YR TREAS BD | 464288661 |  | 3561130 | 30996 | SH |  | SOLE |  | 30996 | 0 | 0 |
| ISHARES TR | JPMORGAN USD EMG | 464288281 |  | 6053430 | 71562 | SH |  | SOLE |  | 71562 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | INT-TERM CORP | 92206C870 |  | 4667110 | 60213 | SH |  | SOLE |  | 60213 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | VAR RATE PFD | 46138G870 |  | 346530 | 15477 | SH |  | SOLE |  | 15477 | 0 | 0 |
| ISHARES TR | IBOXX HI YD ETF | 464288513 |  | 205133 | 2786 | SH |  | SOLE |  | 2786 | 0 | 0 |
| ISHARES TR | PFD AND INCM SEC | 464288687 |  | 207177 | 6786 | SH |  | SOLE |  | 6786 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | LG-TERM COR BD | 92206C813 |  | 682147 | 9010 | SH |  | SOLE |  | 9010 | 0 | 0 |
| VANGUARD CHARLOTTE FDS | TOTAL INT BD ETF | 92203J407 |  | 1218050 | 25681 | SH |  | SOLE |  | 25681 | 0 | 0 |
| FIRST TR EXCH TRADED FD III | INSTL PFD SECS | 33739P855 |  | 427440 | 24000 | SH |  | SOLE |  | 24000 | 0 | 0 |
| SPDR SER TR | BBG CONV SEC ETF | 78464A359 |  | 1324954 | 20593 | SH |  | SOLE |  | 20593 | 0 | 0 |
| ISHARES TR | USD GRN BOND ETF | 46435U440 |  | 273935 | 5959 | SH |  | SOLE |  | 5959 | 0 | 0 |
| PIMCO ETF TR | ENHANCD SHORT | 72201R643 |  | 1293611 | 13350 | SH |  | SOLE |  | 13350 | 0 | 0 |
| VANGUARD BD INDEX FDS | TOTAL BND MRKT | 921937835 |  | 549432 | 7648 | SH |  | SOLE |  | 7648 | 0 | 0 |
| VANECK ETF TRUST | IG FLOATING RATE | 92189F486 |  | 33688 | 1354 | SH |  | SOLE |  | 1354 | 0 | 0 |
| ISHARES INC | US INTL HGH YLD | 464286178 |  | 227156 | 5487 | SH |  | SOLE |  | 5487 | 0 | 0 |
| VANECK ETF TRUST | EMERGING MRKT HI | 92189F353 |  | 63407 | 3482 | SH |  | SOLE |  | 3482 | 0 | 0 |
| ISHARES TR | CORE US AGGBD ET | 464287226 |  | 60134 | 620 | SH |  | SOLE |  | 620 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 1166141 | 15655 | SH |  | SOLE |  | 15655 | 0 | 0 |
| ISHARES TR | US CONSM STAPLES | 464287812 |  | 1534639 | 7568 | SH |  | SOLE |  | 7568 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 18755897 | 49044 | SH |  | SOLE |  | 49044 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 1282557 | 5348 | SH |  | SOLE |  | 5348 | 0 | 0 |
| ISHARES TR | GL CLEAN ENE ETF | 464288224 |  | 2533436 | 127629 | SH |  | SOLE |  | 127629 | 0 | 0 |
| ISHARES INC | ESG AWR MSCI EM | 46434G863 |  | 4457487 | 148237 | SH |  | SOLE |  | 148237 | 0 | 0 |
| DBX ETF TR | XTRACK HRVST CSI | 233051879 |  | 3860708 | 137784 | SH |  | SOLE |  | 137784 | 0 | 0 |
| FIRST TR EXCHANGE TRADED FD | NASDAQ CYB ETF | 33734X846 |  | 3065019 | 79179 | SH |  | SOLE |  | 79179 | 0 | 0 |
| ISHARES TR | MSCI EURO FL ETF | 464289180 |  | 752738 | 42940 | SH |  | SOLE |  | 42940 | 0 | 0 |
| ISHARES TR | GLB CNSM STP ETF | 464288737 |  | 933485 | 15652 | SH |  | SOLE |  | 15652 | 0 | 0 |
| ISHARES TR | MSCI EMG MKT ETF | 464287234 |  | 790329 | 20853 | SH |  | SOLE |  | 20853 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 936768 | 11152 | SH |  | SOLE |  | 11152 | 0 | 0 |
| SELECT SECTOR SPDR TR | FINANCIAL | 81369Y605 |  | 2624371 | 76736 | SH |  | SOLE |  | 76736 | 0 | 0 |
| ISHARES INC | MSCI SWITZERLAND | 464286749 |  | 348271 | 8306 | SH |  | SOLE |  | 8306 | 0 | 0 |
| ISHARES INC | MSCI GERMANY ETF | 464286806 |  | 74141 | 2998 | SH |  | SOLE |  | 2998 | 0 | 0 |
| ISHARES TR | MSCI GBL SUS DEV | 46435G532 |  | 98638 | 1250 | SH |  | SOLE |  | 1250 | 0 | 0 |
| ISHARES TR | HDG MSCI JAPAN | 46434V886 |  | 367443 | 14046 | SH |  | SOLE |  | 14046 | 0 | 0 |
| SPDR INDEX SHS FDS | EURO STOXX 50 | 78463X202 |  | 3088221 | 79799 | SH |  | SOLE |  | 79799 | 0 | 0 |
| 3M CO | COM | 88579Y101 |  | 15230 | 127 | SH |  | SOLE |  | 127 | 0 | 0 |
| NIKE INC | CL B | 654106103 |  | 18488 | 158 | SH |  | SOLE |  | 158 | 0 | 0 |
| CVS HEALTH CORP | COM | 126650100 |  | 444703 | 4772 | SH |  | SOLE |  | 4772 | 0 | 0 |
| ISHARES TR | MSCI AC ASIA ETF | 464288182 |  | 65503 | 1011 | SH |  | SOLE |  | 1011 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 458268 | 1721 | SH |  | SOLE |  | 1721 | 0 | 0 |
| ISHARES TR | MSCI USA ESG SLC | 464288802 |  | 1815321 | 22052 | SH |  | SOLE |  | 22052 | 0 | 0 |
| GLOBAL X FDS | RENEWABLE ENERGY | 37954Y707 |  | 672282 | 51241 | SH |  | SOLE |  | 51241 | 0 | 0 |
| NUSHARES ETF TR | NUVEEN ESG MIDCP | 67092P409 |  | 1079373 | 30664 | SH |  | SOLE |  | 30664 | 0 | 0 |
| GLOBAL X FDS | GLOBAL X URANIUM | 37954Y871 |  | 8735 | 435 | SH |  | SOLE |  | 435 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | WILDERHIL CLAN | 46137V134 |  | 191650 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | GLOBAL WATER | 46138E651 |  | 375377 | 11497 | SH |  | SOLE |  | 11497 | 0 | 0 |
| WISDOMTREE TR | EUROPE HEDGED EQ | 97717X701 |  | 42396 | 606 | SH |  | SOLE |  | 606 | 0 | 0 |
| ISHARES TR | MSCI ACWI EX US | 464288240 |  | 32942 | 724 | SH |  | SOLE |  | 724 | 0 | 0 |
| WISDOMTREE TR | JAPN HEDGE EQT | 97717W851 |  | 24430 | 380 | SH |  | SOLE |  | 380 | 0 | 0 |
| SCHLUMBERGER LTD | COM STK | 806857108 |  | 658788 | 12323 | SH |  | SOLE |  | 12323 | 0 | 0 |
| KELLOGG CO | COM | 487836108 |  | 84063 | 1180 | SH |  | SOLE |  | 1180 | 0 | 0 |
| PACCAR INC | COM | 693718108 |  | 61691 | 935 | SH |  | SOLE |  | 935 | 0 | 0 |
| ISHARES TR | U.S. TECH ETF | 464287721 |  | 367981 | 4940 | SH |  | SOLE |  | 4940 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EUROPE ETF | 922042874 |  | 186168 | 3358 | SH |  | SOLE |  | 3358 | 0 | 0 |
| FIRST TR EXCHANGE TRADED FD | TECH ALPHADEX | 33734X176 |  | 48522 | 530 | SH |  | SOLE |  | 530 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | INVESCO MSCI | 46137V407 |  | 49691 | 1040 | SH |  | SOLE |  | 1040 | 0 | 0 |
| GLOBAL X FDS | FINTECH ETF | 37954Y814 |  | 50050 | 2600 | SH |  | SOLE |  | 2600 | 0 | 0 |
| GLOBAL X FDS | INTERNET OF THNG | 37954Y780 |  | 52905 | 1830 | SH |  | SOLE |  | 1830 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 52844 | 429 | SH |  | SOLE |  | 429 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 123820 | 1116 | SH |  | SOLE |  | 1116 | 0 | 0 |
| PROSHARES TR | SHT 7-10 YR TR | 74348A608 |  | 144052 | 5028 | SH |  | SOLE |  | 5028 | 0 | 0 |
| SPDR DOW JONES INDL AVERAGE | UT SER 1 | 78467X109 |  | 241871 | 730 | SH |  | SOLE |  | 730 | 0 | 0 |
| SPDR SER TR | PRTFLO S HI | 78468R788 |  | 131287 | 3317 | SH |  | SOLE |  | 3317 | 0 | 0 |
| INDEXIQ ETF TR | HEDGE MLTI ETF | 45409B107 |  | 5890537 | 206976 | SH |  | SOLE |  | 206976 | 0 | 0 |
| FIRST TR EXCH TRADED FD III | LNG/SHT EQUITY | 33739P103 |  | 8507925 | 174093 | SH |  | SOLE |  | 174093 | 0 | 0 |
| LISTED FD TR | MORGAN CREEK EXO | 53656F185 |  | 3424486 | 134212 | SH |  | SOLE |  | 134212 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | GBL LISTED PVT | 46137V589 |  | 2703607 | 286399 | SH |  | SOLE |  | 286399 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 3402978 | 20060 | SH |  | SOLE |  | 20060 | 0 | 0 |
| INVESCO ACTVELY MNGD ETC FD | OPTIMUM YIELD | 46090F100 |  | 7918518 | 535759 | SH |  | SOLE |  | 535759 | 0 | 0 |
| BLOCK INC | CL A | 852234103 |  | 7227 | 115 | SH |  | SOLE |  | 115 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 |  | 137628 | 1038 | SH |  | SOLE |  | 1038 | 0 | 0 |
| CORNING INC | COM | 219350105 |  | 11019 | 345 | SH |  | SOLE |  | 345 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 49424 | 160 | SH |  | SOLE |  | 160 | 0 | 0 |
| SPDR SER TR | BLOOMBERG SHORT | 78464A334 |  | 193668 | 7157 | SH |  | SOLE |  | 7157 | 0 | 0 |
| ISHARES TR | MSCI UK ETF NEW | 46435G334 |  | 366356 | 11949 | SH |  | SOLE |  | 11949 | 0 | 0 |
| ISHARES TR | MSCI EAFE ETF | 464287465 |  | 1813305 | 27625 | SH |  | SOLE |  | 27625 | 0 | 0 |
| ABRDN INCOME CREDIT STRATEGI | COM | 003057106 |  | 43616 | 6433 | SH |  | SOLE |  | 6433 | 0 | 0 |
| FIRST TR STOXX EUROPEAN SELE | COMMON SHS | 33735T109 |  | 94652 | 8332 | SH |  | SOLE |  | 8332 | 0 | 0 |
| AMPLIFY ETF TR | BLOCKCHAIN LDR | 032108607 |  | 18144 | 1200 | SH |  | SOLE |  | 1200 | 0 | 0 |
| GEVO INC | COM PAR | 374396406 |  | 2850 | 1500 | SH |  | SOLE |  | 1500 | 0 | 0 |
| SPDR INDEX SHS FDS | S GBLINF ETF | 78463X855 |  | 17403 | 332 | SH |  | SOLE |  | 332 | 0 | 0 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 53138 | 625 | SH |  | SOLE |  | 625 | 0 | 0 |
| BARCLAYS BANK PLC | ETN LKD 48 | 06746P555 |  | 20693 | 1068 | SH |  | SOLE |  | 1068 | 0 | 0 |
| GLOBAL X FDS | US INFR DEV ETF | 37954Y673 |  | 30146 | 1138 | SH |  | SOLE |  | 1138 | 0 | 0 |
| ISHARES SILVER TR | ISHARES | 46428Q109 |  | 28868 | 1311 | SH |  | SOLE |  | 1311 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | SR LN ETF | 46138G508 |  | 46398 | 2260 | SH |  | SOLE |  | 2260 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 78866 | 488 | SH |  | SOLE |  | 488 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 64367 | 141 | SH |  | SOLE |  | 141 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 92900 | 715 | SH |  | SOLE |  | 715 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 62093 | 863 | SH |  | SOLE |  | 863 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 57171 | 181 | SH |  | SOLE |  | 181 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 315497 | 1786 | SH |  | SOLE |  | 1786 | 0 | 0 |
| HONEYWELL INTL INC | COM | 438516106 |  | 48646 | 227 | SH |  | SOLE |  | 227 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 49560 | 327 | SH |  | SOLE |  | 327 | 0 | 0 |
| STARBUCKS CORP | COM | 855244109 |  | 68448 | 690 | SH |  | SOLE |  | 690 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 87684 | 600 | SH |  | SOLE |  | 600 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 204694 | 2320 | SH |  | SOLE |  | 2320 | 0 | 0 |
| BIOGEN INC | COM | 09062X103 |  | 243690 | 880 | SH |  | SOLE |  | 880 | 0 | 0 |
| CITIGROUP INC | COM NEW | 172967424 |  | 171784 | 3798 | SH |  | SOLE |  | 3798 | 0 | 0 |
| DOMINION ENERGY INC | COM | 25746U109 |  | 213762 | 3486 | SH |  | SOLE |  | 3486 | 0 | 0 |
| FIDELITY NATL INFORMATION SV | COM | 31620M106 |  | 153680 | 2265 | SH |  | SOLE |  | 2265 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 92060 | 765 | SH |  | SOLE |  | 765 | 0 | 0 |
| SKYWORKS SOLUTIONS INC | COM | 83088M102 |  | 139611 | 1532 | SH |  | SOLE |  | 1532 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 140095 | 5665 | SH |  | SOLE |  | 5665 | 0 | 0 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 241629 | 5852 | SH |  | SOLE |  | 5852 | 0 | 0 |
| WILLIAMS SONOMA INC | COM | 969904101 |  | 203983 | 1775 | SH |  | SOLE |  | 1775 | 0 | 0 |
| YUM CHINA HLDGS INC | COM | 98850P109 |  | 227563 | 4164 | SH |  | SOLE |  | 4164 | 0 | 0 |
| AT INC | COM | 00206R102 |  | 37 | 2 | SH |  | SOLE |  | 2 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 48 | 1 | SH |  | SOLE |  | 1 | 0 | 0 |
| OTIS WORLDWIDE CORP | COM | 68902V107 |  | 28192 | 360 | SH |  | SOLE |  | 360 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 |  | 10291 | 264 | SH |  | SOLE |  | 264 | 0 | 0 |
| VANECK ETF TRUST | BIOTECH ETF | 92189F726 |  | 11981 | 75 | SH |  | SOLE |  | 75 | 0 | 0 |

---