Denver PWM Portfolio holdings

AUM $321M

2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q1 2017 Q4 2017 Q3

This Quarter Return

+3.5%

1 Year Return

+9.17%

3 Year Return

+37.47%

5 Year Return

+54.09%

10 Year Return

–

AUM

$132M

AUM Growth

+$132M (+3.5%)

Cap. Flow

+$1.85M

Cap. Flow % of AUM

1.39%

Top 10 Holdings % Top 10 Hldgs %

62.87%

Holding

New

Increased

Reduced

Closed

Top Buys

1	WTPI WisdomTree Equity Premium Income Fund WTPI	$610K
2	WisdomTree Yield Enhanced US Aggregate Bond Fund AGGY	$491K
3	BSCI Invesco BulletShares 2018 Corporate Bond ETF BSCI	$342K
4	BSCK Invesco BulletShares 2020 Corporate Bond ETF BSCK	$262K
5	Schwab US Mid-Cap ETF SCHM	$242K

Top Sells

1	BSCH Guggenheim BulletShares 2017 Corporate Bond ETF BSCH	$1.42M
2	Schwab US Large-Cap Growth ETF SCHG	$663K
3	iShares Core S&P 500 ETF IVV	$279K
4	Bank of America BAC	$242K
5	Schwab US Large-Cap Value ETF SCHV	$240K

Sector Composition

1	Technology	1.07%
2	Financials	0.35%
3	Utilities	0.21%
4	Healthcare	0.17%
5	Materials	0.15%

Communication Services

Advertising Agencies

Broadcasting

Electronic Gaming & Multimedia

Entertainment

Internet Content & Information

Publishing

Telecom Services

Consumer Discretionary

Apparel Manufacturing

Apparel Retail

Auto Manufacturers

Auto Parts

Auto & Truck Dealerships

Department Stores

Footwear & Accessories

Furnishings, Fixtures & Appliances

Gambling

Home Improvement Retail

Internet Retail

Leisure

Lodging

Luxury Goods

Packaging & Containers

Personal Services

Recreational Vehicles

Residential Construction

Resorts & Casinos

Restaurants

Specialty Retail

Textile Manufacturing

Travel Services

Consumer Staples

Beverages - Brewers

Beverages - Non-Alcoholic

Beverages - Wineries & Distilleries

Confectioners

Discount Stores

Education & Training Services

Farm Products

Food Distribution

Grocery Stores

Household & Personal Products

Packaged Foods

Tobacco

Energy

Oil & Gas Drilling

Oil & Gas Equipment & Services

Oil & Gas Exploration & Production

Oil & Gas Integrated

Oil & Gas Midstream

Oil & Gas Refining & Marketing

Thermal Coal

Uranium

Financials

Asset Management

Banks - Diversified

Banks - Regional

Capital Markets

Credit Services

Diversified Insurance

Financial Conglomerates

Financial Data & Stock Exchanges

Insurance Brokers

Life Insurance

Mortgage Finance

Property & Casualty Insurance

Reinsurance

Shell Companies

Specialty - Insurance

Healthcare

Biotechnology

Diagnostics & Research

Drug Manufacturers - General

Drug Manufacturers - Specialty & Generic

Healthcare Plans

Health Information Services

Medical Care Facilities

Medical Devices

Medical Distribution

Medical Instruments & Supplies

Pharmaceutical Retailers

Industrials

Aerospace & Defense

Airlines

Airports & Air Services

Building Products & Equipment

Business Equipment & Supplies

Conglomerates

Consulting Services

Electrical Equipment & Parts

Engineering & Construction

Farm & Heavy Construction Machinery

Industrial Distribution

Infrastructure Operations

Integrated Freight & Logistics

Marine Shipping

Metal Fabrication

Pollution & Treatment Controls

Railroads

Rental & Leasing Services

Security & Protection Services

Specialty Business Services

Specialty Industrial Machinery

Staffing & Employment Services

Tools & Accessories

Trucking

Waste Management

Materials

Agricultural Inputs

Aluminum

Building Materials

Chemicals

Coking Coal

Copper

Gold

Lumber & Wood Production

Other Industrial Metals & Mining

Other Precious Metals & Mining

Paper & Paper Products

Silver

Specialty Chemicals

Steel

Real Estate

Diversified REIT

Healthcare Facilities REIT

Hotel & Motel REIT

Industrial REIT

Mortgage REIT

Office REIT

Real Estate Development

Real Estate Diversified

Real Estate Services

Residential REIT

Retail REIT

Specialty REIT

Technology

Communication Equipment

Computer Hardware

Consumer Electronics

Electronic Components

Electronics & Computer Distribution

Information Technology Services

Scientific & Technical Instruments

Semiconductor Equipment & Materials

Semiconductors

Software - Application

Software - Infrastructure

Solar

Utilities

Diversified Utilities

Electric Utilities

Gas Utilities

Independent Power Producers

Renewable Electricity

Water Utilities

#	Name	Market Value	Portfolio Weight	Shares or Principal	Shares Change %	Capital Flow
51	51 Xcel Energy XEL $42.8B	$275K	0.21%	6,253	–	–
52	52 iShares MSCI USA Min Vol Factor ETF USMV $23.4B	$270K	0.2%	5,134 -1,162	-18%	-$61.1K
53	53 Schwab Fundamental International Small Company Index ETF FNDC $2.99B	$252K	0.19%	6,981 +57	+0.8%	+$2.06K
54	54 Apple AAPL $3.45T	$242K	0.18%	1,408 -457	-25%	-$78.5K
55	55 Invesco S&P 500 Equal Weight Materials ETF RSPM $167M	$237K	0.18%	+2,129	New	+$237K
56	56 Invesco S&P 500 Equal Weight Financials ETF RSPF $326M	$235K	0.18%	+5,190	New	+$235K
57	57 Invesco S&P 500 Equal Weight Industrials ETF RSPN $686M	$235K	0.18%	+1,934	New	+$235K
58	58 Invesco S&P 500 Equal Weight Consumer Staples ETF RSPS $255M	$235K	0.18%	+1,800	New	+$235K
59	59 SPDR S&P 600 Small Cap Value ETF SLYV $4.03B	$227K	0.17%	1,829 -50	-3%	-$6.21K
60	60 Pfizer PFE $141B	$219K	0.17%	6,075 +49	+0.8%	+$1.77K
61	61 iShares S&P Mid-Cap 400 Growth ETF IJK $9.07B	$213K	0.16%	971 +3	+0.3%	+$658
62	62 IQ ARB Merger Arbitrage ETF MNA $258M	$205K	0.15%	+6,546	New	+$205K
63	63 iShares MSCI Emerging Markets ETF EEM $19B	$201K	0.15%	+4,104	New	+$201K
64	64 DuPont de Nemours DD $32.2B	$200K	0.15%	2,787 -2,903	-51%	-$208K
65	XOG 65 DELISTED Extraction Oil & Gas, Inc. Common Stock XOG	$177K	0.13%	14,095	–	–
66	66 Bank of America BAC $376B	–	–	-9,038	Closed	-$242K
67	BSCH 67 DELISTED Guggenheim BulletShares 2017 Corporate Bond ETF BSCH	–	–	-62,975	Closed	-$1.42M