LFA - Lugano Financial Advisors SA Q4 2025 Filing

Filed January 29, 2026

Portfolio Value

$193.7M

Holdings

235

Report Date

Q4 2025

Filing Type

13F-HR

All Holdings (235 positions)

#	Stock	Shares	Value	% Portfolio
1	SPYSPDR S&P 500 ETF TR	38,944	$26.6M	13.71%
2	ESGDISHARES TR	229,552	$21.8M	11.27%
3	GQ9SPDR GOLD TR	31,384	$12.4M	6.42%
4	SUSBISHARES TR	457,113	$11.5M	5.96%
5	FNDESCHWAB STRATEGIC TR	213,157	$7.7M	3.97%
6	VWOBVANGUARD WHITEHALL FDS	76,896	$5.2M	2.68%
7	IGIBISHARES TR	91,298	$4.9M	2.54%
8	FTLSFIRST TR EXCH TRADED FD III	59,301	$4.2M	2.17%
9	SDVYFIRST TR EXCHANGE-TRADED FD	106,958	$4.1M	2.12%
10	IBNDSPDR SERIES TRUST	125,422	$4.0M	2.08%
11	VCSHVANGUARD SCOTTSDALE FDS	50,020	$4.0M	2.06%
12	IBDUISHARES TR	151,513	$3.5M	1.83%
13	SGOVISHARES TR	35,061	$3.5M	1.82%
14	TLHISHARES TR	33,915	$3.4M	1.78%
15	QAINEW YORK LIFE INVESTMENTS ET	99,176	$3.3M	1.72%
16	VGITVANGUARD SCOTTSDALE FDS	54,042	$3.2M	1.67%
17	SJNKSPDR SERIES TRUST	123,784	$3.1M	1.62%
18	MSFTMICROSOFT CORP	6,378	$3.1M	1.59%
19	NDQINVESCO QQQ TR	4,637	$2.8M	1.47%
20	IEFISHARES TR	28,863	$2.8M	1.43%
21	GDXVANECK ETF TRUST	32,318	$2.8M	1.43%
22	AMZNAMAZON COM INC	11,455	$2.6M	1.37%
23	CIBRFIRST TR EXCHANGE TRADED FD	36,927	$2.6M	1.36%
24	FEZSPDR INDEX SHS FDS	39,464	$2.5M	1.31%
25	IBDTISHARES TR	93,268	$2.4M	1.23%
26	SHYISHARES TR	24,548	$2.0M	1.05%
27	IBDVISHARES TR	87,762	$1.9M	1.00%
28	EFAISHARES TR	19,699	$1.9M	0.98%
29	QLTAISHARES TR	38,309	$1.8M	0.95%
30	EWLISHARES INC	29,095	$1.7M	0.90%
31	VSGXVANGUARD WORLD FD	23,684	$1.7M	0.88%
32	CWBSPDR SERIES TRUST	14,651	$1.3M	0.67%
33	EMBISHARES TR	12,937	$1.2M	0.64%
34	AAPLAPPLE INC	4,542	$1.2M	0.64%
35	GOOGALPHABET INC	3,447	$1.1M	0.56%
36	PSPINVESCO EXCHANGE TRADED FD T	15,906	$1.1M	0.55%
37	RNRGGLOBAL X FDS	31,504	$1.0M	0.54%
38	VGTVANGUARD WORLD FD	1,350	$1.0M	0.53%
39	GOOGLALPHABET INC	2,413	$755K	0.39%
40	SCHFSCHWAB STRATEGIC TR	31,104	$747K	0.39%
41	VHTVANGUARD WORLD FD	2,550	$734K	0.38%
42	CATCATERPILLAR INC	1,250	$714K	0.37%
43	EWUISHARES TR	15,869	$697K	0.36%
44	NVDANVIDIA CORPORATION	3,373	$629K	0.32%
45	PDBCINVESCO ACTVELY MNGD ETC FD	45,565	$603K	0.31%
46	XLISELECT SECTOR SPDR TR	3,500	$542K	0.28%
47	VCLTVANGUARD SCOTTSDALE FDS	7,004	$531K	0.27%
48	JPMJPMORGAN CHASE & CO.	1,624	$520K	0.27%
49	PIOINVESCO EXCH TRADED FD TR II	11,497	$507K	0.26%
50	FPEIFIRST TR EXCH TRADED FD III	24,000	$463K	0.24%
51	XLFSELECT SECTOR SPDR TR	7,300	$399K	0.21%
52	ESGEISHARES INC	8,774	$387K	0.20%
53	VVISA INC	1,091	$382K	0.20%
54	KKRKKR & CO INC	2,850	$363K	0.19%
55	HEWJISHARES TR	6,868	$361K	0.19%
56	RSPINVESCO EXCHANGE TRADED FD T	1,878	$359K	0.19%
57	ABTABBOTT LABS	2,707	$337K	0.17%
58	IAU*ISHARES GOLD TR	3,893	$315K	0.16%
59	XLYSELECT SECTOR SPDR TR	2,600	$310K	0.16%
60	XLFISELECT SECTOR SPDR TR	4,000	$310K	0.16%
61	BXBLACKSTONE INC	2,000	$308K	0.16%
62	METAMETA PLATFORMS INC	468	$308K	0.16%
63	ITA*ISHARES TR	1,437	$308K	0.16%
64	VWOVANGUARD INTL EQUITY INDEX F	5,621	$302K	0.16%
65	IVEISHARES TR	1,400	$296K	0.15%
66	BKNGBOOKING HOLDINGS INC	53	$283K	0.15%
67	ABBVABBVIE INC	1,240	$281K	0.15%
68	EMXCISHARES INC	3,547	$257K	0.13%
69	ICLNISHARES TR	15,619	$256K	0.13%
70	BACBANK AMERICA CORP	4,571	$251K	0.13%
71	RMERESMED INC	1,018	$245K	0.13%
72	KOCOCA COLA CO	3,492	$244K	0.13%
73	DONSPDR DOW JONES INDL AVERAGE	500	$240K	0.12%
74	MAMASTERCARD INCORPORATED	418	$238K	0.12%
75	XLKSELECT SECTOR SPDR TR	1,626	$234K	0.12%
76	VOVANGUARD INDEX FDS	800	$232K	0.12%
77	TSLATESLA INC	506	$227K	0.12%
78	VYMVANGUARD WHITEHALL FDS	1,555	$223K	0.12%
79	SDGISHARES TR	2,522	$212K	0.11%
80	IBBISHARES TR	1,200	$202K	0.10%
81	VEUVANGUARD INTL EQUITY INDEX F	2,680	$197K	0.10%
82	IWMISHARES TR	795	$195K	0.10%
83	BNDVANGUARD BD INDEX FDS	2,575	$190K	0.10%
84	SUSAISHARES TR	1,343	$187K	0.10%
85	AVGOBROADCOM INC	536	$185K	0.10%
86	BWZSPDR SERIES TRUST	6,457	$176K	0.09%
87	IVVISHARES TR	257	$176K	0.09%
88	AZNASTRAZENECA PLC	1,900	$174K	0.09%
89	BNDXVANGUARD CHARLOTTE FDS	3,513	$169K	0.09%
90	TRVCCITIGROUP INC	1,400	$163K	0.08%
91	AEPAMERICAN ELEC PWR CO INC	1,412	$162K	0.08%
92	BSVVANGUARD BD INDEX FDS	2,056	$162K	0.08%
93	GHYGISHARES INC	3,373	$155K	0.08%
94	EBNDSPDR SERIES TRUST	7,185	$153K	0.08%
95	MCDMCDONALDS CORP	500	$152K	0.08%
96	FTSLFIRST TR EXCHANGE-TRADED FD	3,270	$149K	0.08%
97	VNQVANGUARD INDEX FDS	1,669	$147K	0.08%
98	YUMYUM BRANDS INC	970	$146K	0.08%
99	AQLTISHARES TR	1,628	$145K	0.07%
100	SCHPSCHWAB STRATEGIC TR	5,398	$142K	0.07%

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