LFA - Lugano Financial Advisors SA
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 5, 2025), LFA - Lugano Financial Advisors SA reported 229 stock positions worth $189.7 million. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 14.2% of the portfolio, followed by iShares Trust iShares ESG Aw (ESGD, 11.3%) and iShares ESG Aware 1-5 Year U (SUSB, 6.1%). Compared with Q2 2025, it opened 12 new positions, sold out of 28, added to 44 and reduced 30. The biggest buy was a new position in Schwab Fndmntl Em MRK Eq ETF (FNDE) and the biggest sale an exit from iShares 0-1 Year Treasury Bo (SHV).
- Most Recent 13F
- Q2 2026
- Location
- LUGANO, V8
- CIK
- 0001737871
- Portfolio Value
- $189.7M (Q3 2025)
- SEC Filing
- 0001737871-25-000006 ↗ filed Nov 5, 2025
Holdings Value
Holdings 229 stocks · $189.7M
| SPY SS SPDR S&P 500 ETF Trust-US | 14.18% | 40,378 | $26.9M | Add +1.4% |
| ESGD iShares Trust iShares ESG Aw | 11.25% | 229,552 | $21.3M | No change |
| SUSB iShares ESG Aware 1-5 Year U | 6.08% | 457,113 | $11.5M | No change |
| GLD SPDR Gold Shares | 5.74% | 30,638 | $10.9M | Add +6.4% |
| FNDE Schwab Fndmntl Em MRK Eq ETF | 4.08% | 213,903 | $7.7M | New |
| VWOB Vanguard Emerg MKTS Gov BND | 2.71% | 77,220 | $5.1M | Add +13.5% |
| IGIB iShares 5-10Y Inv Grade Corp. | 2.53% | 88,985 | $4.8M | Add +0.9% |
| SDVY First Trust Smid Cap Rising | 2.40% | 119,647 | $4.5M | Reduce -5.7% |
| FTLS First Trust Long/Short Eqty | 2.28% | 61,711 | $4.3M | Reduce -4.0% |
| SGOV iShares 0-3 Month Treasury B | 2.13% | 40,204 | $4.0M | New |
| IBND SS SPDR BB Intl Corp. BD ETF | 2.12% | 124,787 | $4.0M | Add +0.3% |
| VCSH Vanguard S/T Corp. Bond ETF | 2.11% | 50,172 | $4.0M | Add +4.5% |
| IBDU iShares Ibonds Dec 2029 Term | 1.94% | 157,043 | $3.7M | Add +0.5% |
| QAI Nylim HDG MLT-STR TRC ETF-Ui filed as NEW YORK LIFE INVESTMENTS ET | 1.90% | 107,168 | $3.6M | Add +3.9% |
| TLH iShares 10-20 Year Treasury | 1.81% | 33,525 | $3.4M | Reduce -17.6% |
| VGIT Vanguard Intermediate-Term T | 1.78% | 56,528 | $3.4M | Add +4.7% |
| FEZ State Street SPDR Euro Stoxx | 1.77% | 54,118 | $3.4M | Add +1.0% |
| MSFT Microsoft Corp. | 1.74% | 6,381 | $3.3M | Reduce -1.4% |
| SJNK SS SPDR BB St Hi Yield ETF | 1.61% | 119,615 | $3.0M | Add +5.0% |
| CIBR First Trust Nasdaq Cybersecu | 1.55% | 38,609 | $2.9M | Add +6.7% |
| IEF iShares 7-10 Year Treasury B | 1.46% | 28,863 | $2.8M | No change |
| QQQ Invesco QQQ Trust Series 1 | 1.46% | 4,619 | $2.8M | New |
| AMZN Amazon.com Inc. | 1.37% | 11,841 | $2.6M | Reduce -1.6% |
| IBDT iShares Ibonds Dec 2028 ETF | 1.25% | 93,268 | $2.4M | Add +2.1% |
| GDX Vaneck Gold Miners ETF | 1.18% | 29,340 | $2.2M | Add +11.3% |
| SHY iShares 1-3 Year Treasury Bo | 1.06% | 24,389 | $2.0M | Add +4.4% |
| QLTA iShares Aaa - A Rated Corpor | 1.00% | 39,172 | $1.9M | Reduce -1.1% |
| EFA iShares MSCI Eafe ETF | 0.95% | 19,219 | $1.8M | No change |
| IBDV iShares Ibonds Dec 2030 Corp. | 0.88% | 75,223 | $1.7M | Add +22.2% |
| CWB SS SPDR BB Conv Sec ETF | 0.67% | 13,981 | $1.3M | No change |
| AAPL Apple Inc. | 0.64% | 4,762 | $1.2M | No change |
| EWL iShares MSCI Switzerland ETF | 0.62% | 21,318 | $1.2M | Reduce -20.9% |
| PSP Invesco Global Listed Privat | 0.60% | 16,422 | $1.1M | Reduce -6.6% |
| EMB iShares JP Morgan Usd Emergi | 0.59% | 11,768 | $1.1M | Add +0.3% |
| VGT Vanguard Info Tech ETF | 0.53% | 1,350 | $1.0M | No change |
| RNRG Global X Renewable Ener Prod | 0.53% | 31,504 | $1.0M | No change |
| GOOG Alphabet Inc. Class C | 0.44% | 3,447 | $840K | No change |
| SCHF Schwab Intl Equity ETF | 0.38% | 31,104 | $724K | No change |
| EWU iShares MSCI United Kingdom | 0.35% | 15,869 | $666K | Add +15.3% |
| VHT Vanguard Health Care ETF | 0.35% | 2,550 | $662K | No change |
| NVDA Nvidia Corp. | 0.33% | 3,321 | $620K | Reduce -0.8% |
| PDBC Invesco Optimum Yield Divers | 0.32% | 45,565 | $612K | Reduce -57.5% |
| CAT Caterpillar Inc. | 0.31% | 1,250 | $595K | No change |
| GOOGL Alphabet Inc. Class A | 0.30% | 2,332 | $567K | No change |
| VCLT Vanguard Long-Term Corp. Bond | 0.30% | 7,297 | $564K | Add +0.4% |
| XLI SS Industrial Select Sector | 0.28% | 3,500 | $540K | No change |
| PIO Invesco Global Water ETF | 0.27% | 11,497 | $516K | No change |
| JPM JPMorgan Chase & Co. | 0.26% | 1,593 | $500K | Add +0.6% |
| FPEI First Trust Institutional PR | 0.24% | 24,000 | $464K | No change |
| XLF SS Financial Select Sector | 0.21% | 7,300 | $393K | No change |
| V Visa Inc. Class A | 0.20% | 1,091 | $372K | No change |
| KKR KKR & Co. Inc. | 0.20% | 2,850 | $370K | No change |
| ABT Abbott Laboratories | 0.19% | 2,707 | $361K | No change |
| XLE SS Energy Select Sector | 0.19% | 4,018 | $359K | No change |
| RSP Invesco S&P 500 Equal Weight | 0.19% | 1,878 | $356K | No change |
| META Meta Platforms Inc. Class A | 0.18% | 468 | $344K | Reduce -1.1% |
| BX Blackstone Inc. | 0.18% | 2,000 | $342K | No change |
| HEWJ Isha Curr Hedged MSCI Japan | 0.18% | 6,868 | $338K | No change |
| EA Electronic Arts Inc. | 0.17% | 1,556 | $314K | Add +0.9% |
| XLP SS Consumer Staples Sel Sect | 0.17% | 4,000 | $313K | No change |
| XLY SS Consumer Disc Select Sect | 0.16% | 1,300 | $312K | No change |
| VWO Vanguard Ftse Emerging Marke | 0.16% | 5,621 | $305K | No change |
| ITA iShares U.S. Aerospace & Def | 0.16% | 1,437 | $301K | No change |
| IVE iShares S&P 500 Value ETF | 0.15% | 1,400 | $289K | No change |
| ABBV Abbvie Inc. | 0.15% | 1,240 | $285K | No change |
| BKNG Booking Holdings Inc. | 0.14% | 50 | $270K | Add +6.4% |
| RMD Resmed Inc. | 0.14% | 981 | $269K | Add +14.9% |
| IAU iShares Gold Trust | 0.14% | 3,684 | $268K | Add +77.9% |
| EMXC iShares MSCI Emr MRK Ex Chna | 0.13% | 3,547 | $239K | No change |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.12% | 4,571 | $236K | Add +3.3% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.12% | 800 | $235K | No change |
| BWZ State Street SPDR Bloomberg | 0.12% | 8,394 | $233K | Add +5.1% |
| DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE | 0.12% | 500 | $232K | No change |
| KO The Coca-Cola Co. | 0.12% | 3,492 | $232K | Reduce -3.6% |
| XLK SS Technology Select Sector | 0.12% | 813 | $229K | No change |
| TSLA Tesla Inc. | 0.12% | 506 | $225K | Add +6.3% |
| VYM Vanguard High DVD Yield ETF | 0.12% | 1,555 | $219K | No change |
| MA Mastercard Inc. Class A | 0.11% | 364 | $207K | No change |
| BND Vanguard Total Bond Market | 0.10% | 2,622 | $194K | No change |
| IWM iShares Russell 2000 ETF | 0.10% | 795 | $192K | Reduce -13.4% |
| VEU Vanguard Ftse All-World Ex-U | 0.10% | 2,680 | $191K | Add +64.8% |
| SUSA iShares ESG Optimized MSCI U | 0.10% | 1,343 | $182K | No change |
| GHYG iShares Us&intl High Yield C | 0.09% | 3,847 | $178K | No change |
| AVGO Broadcom Inc. | 0.09% | 536 | $177K | Reduce -3.6% |
| IBB iShares Biotechnology ETF | 0.09% | 1,200 | $173K | No change |
| IVV iShares Core S&P 500 ETF | 0.09% | 257 | $172K | No change |
| GBTC Grayscale Bitcoin Trust ETF | 0.09% | 1,835 | $165K | No change |
| BNDX Vanguard Total Intl Bond ETF | 0.09% | 3,283 | $162K | Add +7.5% |
| BSV Vanguard Short-Term Bond ETF | 0.09% | 2,056 | $162K | Reduce -8.5% |
| AEP American Electric Power | 0.08% | 1,412 | $159K | Add +6.8% |
| EBND State Street SPDR Bloomberg | 0.08% | 7,185 | $153K | No change |
| VNQ Vanguard Real Estate ETF | 0.08% | 1,669 | $153K | No change |
| MCD McDonald's Corp. | 0.08% | 500 | $152K | No change |
| HON Honeywell International Inc. | 0.08% | 716 | $151K | Reduce -23.2% |
| SDG Ish MSCI Glob Sust Deve Goal | 0.08% | 1,810 | $151K | No change |
| FTSL First Trust Senior Loan ETF | 0.08% | 3,270 | $149K | No change |
| YUM Yum! Brands Inc. | 0.08% | 970 | $147K | No change |
| ZTS Zoetis Inc. | 0.08% | 1,000 | $146K | Reduce -2.6% |
| AZN Astrazeneca PLC-Spons ADR | 0.08% | 1,900 | $146K | No change |
| SCHP Schwab U.S. Tips ETF | 0.08% | 5,398 | $145K | No change |
Portfolio Sells Q2 2025 → Q3 2025
| SHV iShares 0-1 Year Treasury Bo | Sold out | 0.00% | −1.62 |
| TLH iShares 10-20 Year Treasury | Reduce -17.6% | 1.81% | −0.62 |
| PDBC Invesco Optimum Yield Divers | Reduce -57.5% | 0.32% | −0.50 |
| SDVY First Trust Smid Cap Rising | Reduce -5.7% | 2.40% | −0.26 |
| EWL iShares MSCI Switzerland ETF | Reduce -20.9% | 0.62% | −0.25 |
| FTLS First Trust Long/Short Eqty | Reduce -4.0% | 2.28% | −0.25 |
| BIV Vanguard Intermediate-Term B | Reduce -86.4% | 0.03% | −0.22 |
| AMZN Amazon.com Inc. | Reduce -1.6% | 1.37% | −0.19 |
| MSFT Microsoft Corp. | Reduce -1.4% | 1.74% | −0.16 |
| DBMF Imgp Dbi MFT STR ETF-Usd Inc. | Reduce -82.6% | 0.03% | −0.15 |
| PSP Invesco Global Listed Privat | Reduce -6.6% | 0.60% | −0.12 |
| QLTA iShares Aaa - A Rated Corpor | Reduce -1.1% | 1.00% | −0.12 |
| EW Edwards Lifesciences Corp. | Sold out | 0.00% | −0.06 |
| HON Honeywell International Inc. | Reduce -23.2% | 0.08% | −0.05 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Sold out | 0.00% | −0.04 |
| KO The Coca-Cola Co. | Reduce -3.6% | 0.12% | −0.03 |
| OIH Vaneck Oil Services ETF | Sold out | 0.00% | −0.03 |
| META Meta Platforms Inc. Class A | Reduce -1.1% | 0.18% | −0.03 |
| LLY Eli Lilly & Co. | Reduce -21.7% | 0.05% | −0.02 |
| BSV Vanguard Short-Term Bond ETF | Reduce -8.5% | 0.09% | −0.02 |
| ZTS Zoetis Inc. | Reduce -2.6% | 0.08% | −0.02 |
| FUTU Futu Holdings Ltd.-ADR | Sold out | 0.00% | −0.02 |
| IWM iShares Russell 2000 ETF | Reduce -13.4% | 0.10% | −0.02 |
| CI The Cigna Group | Reduce -12.5% | 0.03% | −0.02 |
| ECL Ecolab Inc. | Sold out | 0.00% | −0.01 |
| NVO Novo-Nordisk A/S-Spons ADR | Sold out | 0.00% | −0.01 |
| JNJ Johnson & Johnson | Sold out | 0.00% | −0.01 |
| CRM Salesforce Inc. | Reduce -1.2% | 0.04% | −0.01 |
| ISRG Intuitive Surgical Inc. | Reduce -3.5% | 0.03% | −0.01 |
| NFLX Netflix Inc. | Reduce -10.6% | 0.03% | −0.01 |
| UNH Unitedhealth Group Inc. | Reduce -58.8% | 0.01% | −0.01 |
| CVS CVS Health Corp. | Reduce -12.3% | 0.04% | −0.01 |
| IQV Iqvia Holdings Inc. | Sold out | 0.00% | −0.01 |
| TLT iShares 20+ Year Treasury BD | Sold out | 0.00% | −0.01 |
| CMCSA Comcast Corp. Class A | Sold out | 0.00% | −0.01 |
| PLD Prologis Inc. | Sold out | 0.00% | −0.01 |
| MRK Merck & Co. Inc. | Reduce -8.9% | 0.03% | −0.01 |
| FISV Fiserv Inc. | Sold out | 0.00% | −0.01 |
| TMO Thermo Fisher Scientific Inc. | Sold out | 0.00% | −0.01 |
| HSY The Hershey Co. | Sold out | 0.00% | −0.00 |
| SBUX Starbucks Corp. | Reduce -24.8% | 0.01% | −0.00 |
| WAT Waters Corp. | Sold out | 0.00% | −0.00 |
| CMG Chipotle Mexican Grill Inc. | Reduce -7.1% | 0.01% | −0.00 |
| HUBS HubSpot Inc. | Sold out | 0.00% | −0.00 |
| REGN Regeneron Pharmaceuticals | Sold out | 0.00% | −0.00 |
| CVX Chevron Corp. | Reduce -4.8% | 0.02% | −0.00 |
| H Hyatt Hotels Corp. Class A | Sold out | 0.00% | −0.00 |
| PCAR Paccar Inc. | Sold out | 0.00% | −0.00 |
| HCA HCA Healthcare Inc. | Sold out | 0.00% | −0.00 |
| CPRT Copart Inc. | Sold out | 0.00% | −0.00 |
Portfolio Buys Q2 2025 → Q3 2025
| FNDE Schwab Fndmntl Em MRK Eq ETF | New | 4.08% | +4.08 |
| SGOV iShares 0-3 Month Treasury B | New | 2.13% | +2.13 |
| QQQ Invesco QQQ Trust Series 1 | New | 1.46% | +1.46 |
| GLD SPDR Gold Shares | Add +6.4% | 5.74% | +0.54 |
| GDX Vaneck Gold Miners ETF | Add +11.3% | 1.18% | +0.37 |
| VWOB Vanguard Emerg MKTS Gov BND | Add +13.5% | 2.71% | +0.10 |
| IBDV iShares Ibonds Dec 2030 Corp. | Add +22.2% | 0.88% | +0.08 |
| IAU iShares Gold Trust | Add +77.9% | 0.14% | +0.06 |
| URTH iShares MSCI World ETF | Add +454.6% | 0.06% | +0.05 |
| VEU Vanguard Ftse All-World Ex-U | Add +64.8% | 0.10% | +0.04 |
| SLV iShares Silver Trust | New | 0.03% | +0.03 |
| TSLA Tesla Inc. | Add +6.3% | 0.12% | +0.03 |
| EZU iShares MSCI Eurozone ETF | New | 0.03% | +0.03 |
| EWU iShares MSCI United Kingdom | Add +15.3% | 0.35% | +0.03 |
| EEM iShares MSCI Emerging Market | New | 0.02% | +0.02 |
| EA Electronic Arts Inc. | Add +0.9% | 0.17% | +0.02 |
| BABA Alibaba Group Holding-SP ADR | Add +31.3% | 0.03% | +0.01 |
| RMD Resmed Inc. | Add +14.9% | 0.14% | +0.01 |
| IBIT iShares Bitcoin Trust ETF | Add +71.3% | 0.03% | +0.01 |
| ETHA iShares Ethereum Trust ETF | New | 0.01% | +0.01 |
| AMD Advanced Micro Devices | Add +74.1% | 0.02% | +0.01 |
| BOTZ Global X Robotics & Artifici | Add +75.0% | 0.02% | +0.01 |
| URA Global X Uranium ETF | Add +64.4% | 0.02% | +0.01 |
| ADI Analog Devices Inc. | Add +92.9% | 0.02% | +0.01 |
| BIDU Baidu Inc. - Spon ADR | New | 0.01% | +0.01 |
| DAX Global X Dax Germany ETF | New | 0.01% | +0.01 |
| UBER Uber Technologies Inc. | Add +71.9% | 0.01% | +0.00 |
| VEA Vanguard Ftse Developed ETF | New | 0.00% | +0.00 |
| EUHY iShares Euro High Yield Corp. | New | 0.00% | +0.00 |
| FLIN Franklin Ftse India ETF | New | 0.00% | +0.00 |
| APH Amphenol Corp. Class A | Add +18.2% | 0.02% | +0.00 |
| XOM Exxon Mobil Corp. | Add +13.9% | 0.05% | +0.00 |
| AEP American Electric Power | Add +6.8% | 0.08% | +0.00 |
| BAC Bank of America Corp. | Add +3.3% | 0.12% | +0.00 |
| ADBE Adobe Inc. | Add +19.7% | 0.02% | −0.00 |
| PEP Pepsico Inc. | Add +3.7% | 0.05% | −0.00 |
| LULU Lululemon Athletica Inc. | Add +24.4% | 0.01% | −0.00 |
| VZ Verizon Communications Inc. | Add +6.8% | 0.06% | −0.00 |
| BNDX Vanguard Total Intl Bond ETF | Add +7.5% | 0.09% | −0.00 |
| JPM JPMorgan Chase & Co. | Add +0.6% | 0.26% | −0.01 |
| BWZ State Street SPDR Bloomberg | Add +5.1% | 0.12% | −0.01 |
| BKNG Booking Holdings Inc. | Add +6.4% | 0.14% | −0.02 |
| VCLT Vanguard Long-Term Corp. Bond | Add +0.4% | 0.30% | −0.03 |
| EMB iShares JP Morgan Usd Emergi | Add +0.3% | 0.59% | −0.05 |
| CIBR First Trust Nasdaq Cybersecu | Add +6.7% | 1.55% | −0.07 |
| QAI Nylim HDG MLT-STR TRC ETF-Ui | Add +3.9% | 1.90% | −0.08 |
| SHY iShares 1-3 Year Treasury Bo | Add +4.4% | 1.06% | −0.08 |
| SJNK SS SPDR BB St Hi Yield ETF | Add +5.0% | 1.61% | −0.09 |
| IBDT iShares Ibonds Dec 2028 ETF | Add +2.1% | 1.25% | −0.12 |
| VGIT Vanguard Intermediate-Term T | Add +4.7% | 1.78% | −0.12 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 274 | $166.2M | SPY, FNDE, GLD, IGIB, VCSH |
| Q1 2026 | 223 | $196.6M | SPY, ESGD, GLD, FNDE, SUSB |
| Q4 2025 | 235 | $193.7M | SPY, ESGD, GLD, SUSB, FNDE |
| Q3 2025 | 229 | $189.7M | SPY, ESGD, SUSB, GLD, FNDE |
| Q2 2025 | 245 | $168.8M | SPY, ESGD, SUSB, GLD, IGIB |
| Q1 2025 | 191 | $147.1M | SPY, GLD, SDVY, SUSB, SUSA |
| Q4 2024 | 193 | $153.0M | SPY, SDVY, GLD, SUSA, SUSB |
| Q3 2024 | 183 | $147.1M | SPY, GLD, SUSB, SUSA, CIBR |
| Q2 2024 | 172 | $131.3M | SPY, GLD, SUSA, SUSB, PDBC |
| Q1 2024 | 160 | $137.4M | SPY, SUSB, GLD, PDBC, CIBR |