Gladstone Institutional Advisory’s State Street SPDR MSCI USA StrategicFactors ETF QUS Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2025 Q3	–	Sell	-1,279	Closed	-$209K	–	813
2025 Q2	$209K	Sell	1,279 -924	-42%	-$144K	0.01%	705
2025 Q1	$345K	Sell	2,203 -848	-28%	-$135K	0.02%	549
2024 Q4	$472K	Buy	3,051 +568	+23%	+$90.5K	0.02%	482
2024 Q3	$391K	Sell	2,483 -433	-15%	-$65.8K	0.02%	512
2024 Q2	$430K	Sell	2,916 -214	-7%	-$30.8K	0.02%	454
2024 Q1	$456K	Sell	3,130 -2,139	-41%	-$296K	0.03%	435
2023 Q4	$696K	Sell	5,269 -1,873	-26%	-$234K	0.04%	355
2023 Q3	$862K	Sell	7,142 -2,277	-24%	-$283K	0.06%	285
2023 Q2	$1.16M	Sell	9,419 -1,608	-15%	-$190K	0.07%	252
2023 Q1	$1.28M	Sell	11,027 -775	-7%	-$87.8K	0.08%	245
2022 Q4	$1.3M	Sell	11,802 -868	-7%	-$95.5K	0.09%	249
2022 Q3	$1.29M	Buy	12,670 +1,079	+9%	+$121K	0.1%	235
2022 Q2	$1.25M	Buy	11,591 +620	+6%	+$71.6K	0.1%	235
2022 Q1	$1.37M	Buy	10,971 +6,636	+153%	+$814K	0.09%	241
2021 Q4	$566K	Buy	4,335 +2,613	+152%	+$330K	0.04%	356
2021 Q3	$205K	Buy	+1,722	New	+$212K	0.02%	504
2021 Q2	–	Sell	-3,148	Closed	-$350K	–	542
2021 Q1	$350K	Buy	+3,148	New	+$338K	0.05%	295