Potomac Fund Management Inc.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), Potomac Fund Management Inc. reported 103 stock positions worth $2.4 billion. Its top holding was iShares 0-3 Month Treasury B (SGOV) at 39.9% of the portfolio, followed by Bondbloxx BBG 6 MTH US Treas (XHLF, 19.0%) and Direxion Daily S&P 500 Bull (SPXL, 9.9%). Compared with Q2 2025, it opened 19 new positions, sold out of 13, added to 33 and reduced 51. The biggest buy was Bondbloxx BBG 6 MTH US Treas (XHLF, shares +106%) and the biggest sale Proshares Ultrapro S&P 500 (UPRO, shares −34%).
- Most Recent 13F
- Q2 2026
- Location
- BETHESDA, MD
- CIK
- 0000826000
- Portfolio Value
- $2.4B (Q3 2025)
- SEC Filing
- 0000826000-25-000012 ↗ filed Nov 12, 2025
Holdings Value
Holdings 103 stocks · $2.4B
| SGOV iShares 0-3 Month Treasury B | 39.88% | 9,354,069 | $942.0M | Add +55.6% |
| XHLF Bondbloxx BBG 6 MTH US Treas | 18.98% | 8,890,859 | $448.3M | Add +106.1% |
| SPXL Direxion Daily S&P 500 Bull | 9.92% | 1,105,270 | $234.2M | Reduce -34.2% |
| UPRO Proshares Ultrapro S&P 500 | 9.89% | 2,095,597 | $233.6M | Reduce -34.2% |
| SECT Main Sector Rotation ETF | 2.13% | 797,099 | $50.2M | Reduce -0.9% |
| XCCC Bondbloxx-CCC-Usd HY Corp. BD | 1.85% | 1,112,025 | $43.6M | New |
| CWB SS SPDR BB Conv Sec ETF | 1.80% | 470,038 | $42.5M | New |
| XBB Bondbloxx-BB Rated Usd HY CB | 1.76% | 1,004,960 | $41.6M | New |
| DBMF Imgp Dbi MFT STR ETF-Usd Inc. | 0.95% | 821,763 | $22.4M | New |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | 0.95% | 275,943 | $22.4M | Add +15.8% |
| FALN iShares Fallen Angels ETF | 0.95% | 805,526 | $22.4M | Add +11.6% |
| VTI VG Morningstar TS MKT ETF-US | 0.84% | 60,742 | $19.9M | Add +7.2% |
| DGRW Wisdomtree U.S. Quality Divi | 0.84% | 222,766 | $19.8M | New |
| JNK SS SPDR BB High Yield Bond | 0.84% | 201,975 | $19.8M | Add +15.7% |
| DXJ Wisdomtree Japan Hedged Eq | 0.83% | 153,686 | $19.7M | Add +4.7% |
| SIL Global X Silver Miners ETF | 0.53% | 175,358 | $12.6M | New |
| ARKK ARK Innovation ETF | 0.53% | 144,891 | $12.5M | New |
| XME SS SPDR S&P Metals Mining | 0.52% | 132,123 | $12.3M | New |
| ITA iShares U.S. Aerospace & Def | 0.52% | 58,686 | $12.3M | Add +8.1% |
| SMH Vaneck Semiconductor ETF | 0.52% | 37,627 | $12.3M | New |
| SDIV Global X Superdividend ETF | 0.51% | 504,970 | $12.1M | New |
| ILF iShares Latin America 40 ETF | 0.51% | 416,975 | $12.0M | New |
| BUYW Main Buywrite ETF | 0.33% | 549,923 | $7.8M | Add +7.0% |
| EDGI 3EDGE Dyna I National Eq ETF | 0.20% | 168,319 | $4.7M | Add +29.1% |
| EDGH 3EDGE Dynamic Hard Asset ETF | 0.17% | 138,942 | $4.0M | Add +52.5% |
| MSFT Microsoft Corp. | 0.13% | 5,926 | $3.1M | Add +2.6% |
| SPYM Ste STR SPDR PT S&P 500 ETF | 0.13% | 37,732 | $3.0M | Add +64.5% |
| TMAT Main Thematic Innovation ETF | 0.12% | 105,174 | $2.8M | Reduce -2.9% |
| JPM JPMorgan Chase & Co. | 0.10% | 7,691 | $2.4M | Reduce -5.2% |
| ABT Abbott Laboratories | 0.10% | 17,691 | $2.4M | Reduce -1.4% |
| LHX L3HARRIS Technologies Inc. | 0.10% | 7,729 | $2.4M | Reduce -3.8% |
| WFC Wells Fargo & Co. | 0.10% | 26,939 | $2.3M | Reduce -4.3% |
| GILD Gilead Sciences Inc. | 0.09% | 18,939 | $2.1M | Reduce -2.8% |
| EDGF 3EDGE Dynamic Fixed Incm ETF | 0.09% | 81,110 | $2.0M | Add +122.8% |
| HD Home Depot Inc. | 0.08% | 4,900 | $2.0M | Reduce -2.3% |
| SHEL Shell PLC-ADR | 0.08% | 27,145 | $1.9M | Reduce -2.1% |
| MCD McDonald's Corp. | 0.08% | 6,162 | $1.9M | Reduce -1.9% |
| DD Dupont DE Nemours Inc. | 0.08% | 23,787 | $1.9M | Reduce -1.3% |
| HON Honeywell International Inc. | 0.08% | 8,517 | $1.8M | Reduce -1.9% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 0.07% | 5,527 | $1.7M | Reduce -0.7% |
| PG The Procter & Gamble Co. | 0.07% | 11,057 | $1.7M | Reduce -1.3% |
| AZN Astrazeneca PLC-Spons ADR | 0.07% | 21,523 | $1.7M | Reduce -0.8% |
| EDGU 3EDGE US Equity | 0.07% | 55,788 | $1.6M | Add +1.7% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.07% | 29,898 | $1.5M | Reduce -4.3% |
| ACN Accenture PLC Class A | 0.06% | 6,082 | $1.5M | Add +4.5% |
| CMCSA Comcast Corp. Class A | 0.06% | 47,167 | $1.5M | Add +0.1% |
| PNC PNC Financial Services Group | 0.06% | 7,015 | $1.4M | Reduce -2.4% |
| USB US Bancorp | 0.06% | 29,069 | $1.4M | Reduce -3.1% |
| ADI Analog Devices Inc. | 0.06% | 5,593 | $1.4M | Reduce -2.8% |
| IVV iShares Core S&P 500 ETF | 0.05% | 1,902 | $1.3M | Reduce -6.8% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.05% | 19,477 | $1.1M | Add +7.0% |
| EQIX Equinix Inc. | 0.05% | 1,374 | $1.1M | Reduce -1.4% |
| PEP Pepsico Inc. | 0.04% | 7,514 | $1.1M | Reduce -1.0% |
| COP Conocophillips | 0.04% | 11,151 | $1.1M | Reduce -0.9% |
| UPS United Parcel Service Class B | 0.04% | 11,234 | $938K | Add +1.1% |
| VEA Vanguard Ftse Developed ETF | 0.04% | 14,251 | $854K | Reduce -4.0% |
| AGG iShares Core U.S. Aggregate | 0.04% | 8,316 | $834K | Reduce -0.0% |
| AMZN Amazon.com Inc. | 0.03% | 3,732 | $819K | Add +19.6% |
| MCHP Microchip Technology Inc. | 0.03% | 12,681 | $814K | Reduce -8.3% |
| ORCL Oracle Corp. | 0.03% | 2,844 | $800K | Add +8.6% |
| JNJ Johnson & Johnson | 0.03% | 4,082 | $757K | Reduce -5.3% |
| RTX RTX Corp. | 0.03% | 4,438 | $743K | Reduce -3.4% |
| CVX Chevron Corp. | 0.03% | 4,687 | $728K | Reduce -13.0% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.03% | 1,504 | $722K | Reduce -4.9% |
| WM Waste Management Inc. | 0.03% | 3,199 | $706K | New |
| TFLO iShares Treasury Floating Ra | 0.03% | 13,212 | $668K | Reduce -2.8% |
| STIP iShares 0-5 Year Tips Bond E | 0.03% | 6,447 | $666K | Reduce -0.3% |
| SRE Sempra | 0.03% | 7,092 | $638K | Reduce -1.2% |
| EVRG Evergy Inc. | 0.03% | 8,010 | $609K | Reduce -0.1% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.02% | 3,044 | $568K | Reduce -2.8% |
| NVDA Nvidia Corp. | 0.02% | 2,885 | $538K | New |
| SHY iShares 1-3 Year Treasury Bo | 0.02% | 6,445 | $535K | Reduce -2.2% |
| AVGO Broadcom Inc. | 0.02% | 1,568 | $517K | New |
| MA Mastercard Inc. Class A | 0.02% | 887 | $504K | Add +32.6% |
| VMBS Vanguard Mortgage-Backed Sec | 0.02% | 10,718 | $503K | Add +0.9% |
| SHOP Shopify Inc. Class A | 0.02% | 3,377 | $502K | Add +11.3% |
| DEO Diageo PLC-Sponsored ADR | 0.02% | 5,046 | $482K | Reduce -0.4% |
| IAU iShares Gold Trust | 0.02% | 6,576 | $479K | Reduce -11.5% |
| V Visa Inc. Class A | 0.02% | 1,387 | $474K | Add +10.8% |
| BNDX Vanguard Total Intl Bond ETF | 0.02% | 9,360 | $463K | Reduce -0.3% |
| SNPE Xtrckr S&P 500 Scor&scrn ETF | 0.02% | 7,566 | $454K | Reduce -3.1% |
| BSV Vanguard Short-Term Bond ETF | 0.02% | 5,601 | $442K | Reduce -0.8% |
| EAGG iShares ESG Aware US Aggrega | 0.02% | 8,548 | $411K | Add +4.2% |
| EMN Eastman Chemical Co. | 0.02% | 6,483 | $409K | Add +1.1% |
| LLY Eli Lilly & Co. | 0.02% | 519 | $396K | Add +39.5% |
| GOOG Alphabet Inc. Class C | 0.02% | 1,555 | $379K | Reduce -2.6% |
| ZTS Zoetis Inc. | 0.02% | 2,480 | $363K | Add +42.3% |
| IEI iShares 3-7 Year Treasury Bo | 0.01% | 2,960 | $354K | Add +1.8% |
| VWO Vanguard Ftse Emerging Marke | 0.01% | 6,380 | $346K | Reduce -3.0% |
| IJR iShares Core S&P Small-Cap E | 0.01% | 2,892 | $344K | Reduce -9.9% |
| NOW ServiceNow Inc. | 0.01% | 358 | $329K | Add +39.3% |
| IJH iShares Core S&P Midcap ETF | 0.01% | 4,727 | $308K | Reduce -12.5% |
| MSCI MSCI Inc. | 0.01% | 515 | $292K | Add +37.3% |
| XLV SS Health Care Select Sector | 0.01% | 2,084 | $290K | Reduce -2.8% |
| AON Aon PLC Class A | 0.01% | 731 | $261K | New |
| IDXX Idexx Laboratories Inc. | 0.01% | 404 | $258K | New |
| SBUX Starbucks Corp. | 0.01% | 2,896 | $245K | New |
| SPIB SS SPDR P Int C Corp. ETF | 0.01% | 6,689 | $227K | Add +2.7% |
| XLF SS Financial Select Sector | 0.01% | 4,126 | $222K | New |
| BIV Vanguard Intermediate-Term B | 0.01% | 2,676 | $209K | Reduce -0.7% |
Portfolio Sells Q2 2025 → Q3 2025
| UPRO Proshares Ultrapro S&P 500 | Reduce -34.2% | 9.89% | −6.76 |
| SPXL Direxion Daily S&P 500 Bull | Reduce -34.2% | 9.92% | −6.74 |
| EMB iShares JP Morgan Usd Emergi | Sold out | 0.00% | −1.10 |
| SPLV Invesco S&P 500 Low Volatili | Sold out | 0.00% | −0.96 |
| XLP SS Consumer Staples Sel Sect | Sold out | 0.00% | −0.95 |
| FDN First Trust DJ Internet Ind | Sold out | 0.00% | −0.58 |
| IAI iShares U.S. Broker-Dealers | Sold out | 0.00% | −0.58 |
| EFG iShares MSCI Eafe Growth ETF | Sold out | 0.00% | −0.58 |
| SILJ Amplify Junior Silver Miners | Sold out | 0.00% | −0.58 |
| IGF iShares Global Infrastructur | Sold out | 0.00% | −0.57 |
| EFV iShares MSCI Eafe Value ETF | Sold out | 0.00% | −0.57 |
| SECT Main Sector Rotation ETF | Reduce -0.9% | 2.13% | −0.56 |
| HON Honeywell International Inc. | Reduce -1.9% | 0.08% | −0.04 |
| AMGN Amgen Inc. | Sold out | 0.00% | −0.04 |
| ABT Abbott Laboratories | Reduce -1.4% | 0.10% | −0.03 |
| GILD Gilead Sciences Inc. | Reduce -2.8% | 0.09% | −0.03 |
| WFC Wells Fargo & Co. | Reduce -4.3% | 0.10% | −0.03 |
| TMAT Main Thematic Innovation ETF | Reduce -2.9% | 0.12% | −0.03 |
| JPM JPMorgan Chase & Co. | Reduce -5.2% | 0.10% | −0.03 |
| SHEL Shell PLC-ADR | Reduce -2.1% | 0.08% | −0.03 |
| MCD McDonald's Corp. | Reduce -1.9% | 0.08% | −0.03 |
| PG The Procter & Gamble Co. | Reduce -1.3% | 0.07% | −0.03 |
| AJG Arthur J Gallagher & Co. | Reduce -0.7% | 0.07% | −0.03 |
| MCHP Microchip Technology Inc. | Reduce -8.3% | 0.03% | −0.02 |
| DD Dupont DE Nemours Inc. | Reduce -1.3% | 0.08% | −0.02 |
| LHX L3HARRIS Technologies Inc. | Reduce -3.8% | 0.10% | −0.02 |
| ADI Analog Devices Inc. | Reduce -2.8% | 0.06% | −0.02 |
| PNC PNC Financial Services Group | Reduce -2.4% | 0.06% | −0.02 |
| IVV iShares Core S&P 500 ETF | Reduce -6.8% | 0.05% | −0.02 |
| USB US Bancorp | Reduce -3.1% | 0.06% | −0.02 |
| HD Home Depot Inc. | Reduce -2.3% | 0.08% | −0.02 |
| AZN Astrazeneca PLC-Spons ADR | Reduce -0.8% | 0.07% | −0.02 |
| BAC Bank of America Corp. | Reduce -4.3% | 0.07% | −0.02 |
| EQIX Equinix Inc. | Reduce -1.4% | 0.05% | −0.02 |
| CVX Chevron Corp. | Reduce -13.0% | 0.03% | −0.02 |
| COP Conocophillips | Reduce -0.9% | 0.04% | −0.01 |
| XAR SS SPDR S&P Aerospace Def | Sold out | 0.00% | −0.01 |
| PEP Pepsico Inc. | Reduce -1.0% | 0.04% | −0.01 |
| NFLX Netflix Inc. | Sold out | 0.00% | −0.01 |
| ABNB Airbnb Inc. Class A | Sold out | 0.00% | −0.01 |
| VEA Vanguard Ftse Developed ETF | Reduce -4.0% | 0.04% | −0.01 |
| AGG iShares Core U.S. Aggregate | Reduce -0.0% | 0.04% | −0.01 |
| TFLO iShares Treasury Floating Ra | Reduce -2.8% | 0.03% | −0.01 |
| STIP iShares 0-5 Year Tips Bond E | Reduce -0.3% | 0.03% | −0.01 |
| VUG Vanguard Mrngstar GR ETF-Sui | Reduce -4.9% | 0.03% | −0.01 |
| DEO Diageo PLC-Sponsored ADR | Reduce -0.4% | 0.02% | −0.01 |
| JNJ Johnson & Johnson | Reduce -5.3% | 0.03% | −0.01 |
| SHY iShares 1-3 Year Treasury Bo | Reduce -2.2% | 0.02% | −0.01 |
| RTX RTX Corp. | Reduce -3.4% | 0.03% | −0.01 |
| VTV Vanguard Mrngstr Val ETF-Aui | Reduce -2.8% | 0.02% | −0.01 |
Portfolio Buys Q2 2025 → Q3 2025
| XHLF Bondbloxx BBG 6 MTH US Treas | Add +106.1% | 18.98% | +6.57 |
| SGOV iShares 0-3 Month Treasury B | Add +55.6% | 39.88% | +5.30 |
| XCCC Bondbloxx-CCC-Usd HY Corp. BD | New | 1.85% | +1.85 |
| CWB SS SPDR BB Conv Sec ETF | New | 1.80% | +1.80 |
| XBB Bondbloxx-BB Rated Usd HY CB | New | 1.76% | +1.76 |
| DBMF Imgp Dbi MFT STR ETF-Usd Inc. | New | 0.95% | +0.95 |
| DGRW Wisdomtree U.S. Quality Divi | New | 0.84% | +0.84 |
| SIL Global X Silver Miners ETF | New | 0.53% | +0.53 |
| ARKK ARK Innovation ETF | New | 0.53% | +0.53 |
| XME SS SPDR S&P Metals Mining | New | 0.52% | +0.52 |
| SMH Vaneck Semiconductor ETF | New | 0.52% | +0.52 |
| SDIV Global X Superdividend ETF | New | 0.51% | +0.51 |
| ILF iShares Latin America 40 ETF | New | 0.51% | +0.51 |
| EDGF 3EDGE Dynamic Fixed Incm ETF | Add +122.8% | 0.09% | +0.03 |
| EDGH 3EDGE Dynamic Hard Asset ETF | Add +52.5% | 0.17% | +0.03 |
| WM Waste Management Inc. | New | 0.03% | +0.03 |
| SPYM Ste STR SPDR PT S&P 500 ETF | Add +64.5% | 0.13% | +0.03 |
| NVDA Nvidia Corp. | New | 0.02% | +0.02 |
| AVGO Broadcom Inc. | New | 0.02% | +0.02 |
| AON Aon PLC Class A | New | 0.01% | +0.01 |
| IDXX Idexx Laboratories Inc. | New | 0.01% | +0.01 |
| SBUX Starbucks Corp. | New | 0.01% | +0.01 |
| XLF SS Financial Select Sector | New | 0.01% | +0.01 |
| SNPS Synopsys Inc. | New | 0.01% | +0.01 |
| EDGI 3EDGE Dyna I National Eq ETF | Add +29.1% | 0.20% | +0.00 |
| SHOP Shopify Inc. Class A | Add +11.3% | 0.02% | +0.00 |
| ZTS Zoetis Inc. | Add +42.3% | 0.02% | +0.00 |
| MSCI MSCI Inc. | Add +37.3% | 0.01% | +0.00 |
| MA Mastercard Inc. Class A | Add +32.6% | 0.02% | +0.00 |
| LLY Eli Lilly & Co. | Add +39.5% | 0.02% | 0.00 |
| NOW ServiceNow Inc. | Add +39.3% | 0.01% | −0.00 |
| ORCL Oracle Corp. | Add +8.6% | 0.03% | −0.00 |
| SPIB SS SPDR P Int C Corp. ETF | Add +2.7% | 0.01% | −0.00 |
| IEI iShares 3-7 Year Treasury Bo | Add +1.8% | 0.01% | −0.00 |
| EAGG iShares ESG Aware US Aggrega | Add +4.2% | 0.02% | −0.00 |
| V Visa Inc. Class A | Add +10.8% | 0.02% | −0.01 |
| AMZN Amazon.com Inc. | Add +19.6% | 0.03% | −0.01 |
| VMBS Vanguard Mortgage-Backed Sec | Add +0.9% | 0.02% | −0.01 |
| EMN Eastman Chemical Co. | Add +1.1% | 0.02% | −0.01 |
| EDGU 3EDGE US Equity | Add +1.7% | 0.07% | −0.02 |
| UPS United Parcel Service Class B | Add +1.1% | 0.04% | −0.02 |
| NVO Novo-Nordisk A/S-Spons ADR | Add +7.0% | 0.05% | −0.02 |
| ACN Accenture PLC Class A | Add +4.5% | 0.06% | −0.03 |
| CMCSA Comcast Corp. Class A | Add +0.1% | 0.06% | −0.03 |
| MSFT Microsoft Corp. | Add +2.6% | 0.13% | −0.04 |
| ITA iShares U.S. Aerospace & Def | Add +8.1% | 0.52% | −0.07 |
| BUYW Main Buywrite ETF | Add +7.0% | 0.33% | −0.08 |
| DXJ Wisdomtree Japan Hedged Eq | Add +4.7% | 0.83% | −0.13 |
| JNK SS SPDR BB High Yield Bond | Add +15.7% | 0.84% | −0.13 |
| VTI VG Morningstar TS MKT ETF-US | Add +7.2% | 0.84% | −0.14 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 109 | $4.0B | IVV, XHLF, SPYM, SGOV, SECT |
| Q1 2026 | 105 | $2.9B | IVV, XHLF, SGOV, SECT, PDBC |
| Q4 2025 | 108 | $2.7B | VOO, XHLF, SGOV, SECT, XBB |
| Q3 2025 | 103 | $2.4B | SGOV, XHLF, SPXL, UPRO, SECT |
| Q2 2025Amended | 97 | $1.7B | SGOV, SPXL, UPRO, XHLF, SECT |
| Q1 2025Amended | 72 | $227.5M | QQQ, SECT, VWOB, EMB, USHY |
| Q4 2024Amended | 96 | $1.7B | IVV, SPXL, SPMD, QQQ, SECT |