Tradewinds Capital Management, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 21, 2025), Tradewinds Capital Management, LLC reported 675 stock positions worth $445.1 million. Its top holding was iShares MSCI Italy ETF (EWI) at 8.2% of the portfolio, followed by SPDR Gold Minishares Trust (GLDM, 8.0%) and iShares MSCI Spain ETF (EWP, 7.5%). Compared with Q2 2025, it opened 78 new positions, sold out of 43, added to 157 and reduced 74. The biggest buy was iShares Gsci Commodity Dynam (COMT, shares +14612%) and the biggest sale iShares MSCI South Africa Et (EZA, shares −100%).
- Most Recent 13F
- Q2 2026
- Location
- BELLINGHAM, WA
- CIK
- 0001616026
- Portfolio Value
- $445.1M (Q3 2025)
- SEC Filing
- 0001616026-25-000007 ↗ filed Oct 21, 2025
Holdings Value
Holdings 675 stocks · $445.1M
| EWI iShares MSCI Italy ETF | 8.23% | 704,794 | $36.6M | Add +11.6% |
| GLDM SPDR Gold Minishares Trust | 7.96% | 463,681 | $35.4M | Add +0.6% |
| EWP iShares MSCI Spain ETF | 7.53% | 677,221 | $33.5M | Reduce -1.8% |
| EWS iShares MSCI Singapore ETF | 7.30% | 1,146,502 | $32.5M | Reduce -11.2% |
| EWG iShares MSCI Germany ETF | 7.18% | 768,223 | $32.0M | Add +3.8% |
| COMT iShares Gsci Commodity Dynam | 6.71% | 1,111,648 | $29.8M | Add +14612.1% |
| XLI SS Industrial Select Sector | 5.49% | 158,505 | $24.4M | Add +27756.8% |
| XLY SS Consumer Disc Select Sect | 4.88% | 90,679 | $21.7M | Add +9842.9% |
| BSCU Invesco Bulletshares 2030 CB | 4.21% | 1,107,812 | $18.7M | New |
| SCHC Schwab Intl Small-Cap Equity | 3.62% | 353,728 | $16.1M | Add +734.8% |
| SPEM State Street SP PTF Em ETF | 3.35% | 318,601 | $14.9M | Add +3017.7% |
| MSFT Microsoft Corp. | 2.97% | 25,483 | $13.2M | Add +6.9% |
| SCHR Schwab Intermediate-Term US | 2.40% | 425,261 | $10.7M | Add +16032.8% |
| SCHP Schwab U.S. Tips ETF | 2.39% | 394,763 | $10.6M | New |
| SCHX Schwab US Large-Cap ETF | 1.86% | 314,287 | $8.3M | Reduce -0.7% |
| JPST JPMorgan Ultra-Short Income | 1.31% | 114,532 | $5.8M | Add +19.1% |
| SCHF Schwab Intl Equity ETF | 1.00% | 191,756 | $4.5M | Reduce -74.4% |
| AAPL Apple Inc. | 0.94% | 16,367 | $4.2M | Reduce -0.4% |
| SPBO SS SPDR P Corp. Bond ETF | 0.85% | 127,759 | $3.8M | Add +64.3% |
| SCHA Schwab US Small-Cap ETF | 0.77% | 122,543 | $3.4M | Add +1.8% |
| SPMD SS SPDR P S&P 400 Midcap ETF | 0.72% | 56,334 | $3.2M | Add +5.0% |
| AMZN Amazon.com Inc. | 0.68% | 13,708 | $3.0M | Add +4.7% |
| BKLN Invesco Senior Loan ETF | 0.55% | 117,179 | $2.5M | Add +1.6% |
| SPSB SS SPDR P St C Corp. ETF | 0.53% | 78,371 | $2.4M | Reduce -24.0% |
| JNJ Johnson & Johnson | 0.53% | 12,679 | $2.4M | Add +1.3% |
| HYMB SS SPDR N Ice HY Muni ETF | 0.48% | 86,176 | $2.1M | Add +8.7% |
| NVDA Nvidia Corp. | 0.48% | 11,398 | $2.1M | Add +3.3% |
| OILK Pros K-1 Free CR Oil ETF-Usd | 0.45% | 49,663 | $2.0M | New |
| SPYG SS SPDR P S&P 500 Growth ETF | 0.44% | 18,778 | $2.0M | Reduce -8.8% |
| VOO Vanguard S&P 500 ETF | 0.44% | 3,202 | $2.0M | Reduce -10.5% |
| SPYV SS SPDR P S&P 500 Value ETF | 0.42% | 34,044 | $1.9M | Add +0.2% |
| GOOG Alphabet Inc. Class C | 0.36% | 6,604 | $1.6M | Add +3.0% |
| HON Honeywell International Inc. | 0.35% | 7,408 | $1.6M | No change |
| XOM Exxon Mobil Corp. | 0.35% | 13,755 | $1.6M | Add +1.7% |
| IEUR iShares Core MSCI Europe ETF | 0.34% | 22,492 | $1.5M | Reduce -92.9% |
| FLRN SS SPDR BB Ig Float RT ETF | 0.34% | 49,211 | $1.5M | Reduce -1.5% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.34% | 2 | $1.5M | No change |
| QQQ Invesco QQQ Trust Series 1 | 0.29% | 2,135 | $1.3M | Add +0.2% |
| COST Costco Wholesale Corp. | 0.28% | 1,366 | $1.3M | Reduce -3.4% |
| ABT Abbott Laboratories | 0.26% | 8,754 | $1.2M | No change |
| ICSH iShares Ultra Short Duration | 0.26% | 23,018 | $1.2M | Add +1.2% |
| XEL Xcel Energy Inc. | 0.25% | 13,987 | $1.1M | No change |
| HD Home Depot Inc. | 0.25% | 2,766 | $1.1M | Add +2.4% |
| VMI Valmont Industries | 0.24% | 2,800 | $1.1M | No change |
| BRK.B Berkshire Hathaway Inc. Class B | 0.24% | 2,151 | $1.1M | Add +23.0% |
| EWW iShares MSCI Mexico ETF | 0.22% | 14,406 | $983K | No change |
| ONEQ Fidelity Nasdaq Comp Indx | 0.22% | 10,826 | $965K | Reduce -4.0% |
| SBUX Starbucks Corp. | 0.21% | 10,929 | $925K | Add +13.5% |
| XLK SS Technology Select Sector | 0.21% | 3,262 | $919K | Reduce -0.7% |
| MU Micron Technology Inc. | 0.21% | 5,476 | $916K | Add +2.9% |
| ABBV Abbvie Inc. | 0.19% | 3,660 | $847K | Reduce -6.8% |
| PG The Procter & Gamble Co. | 0.17% | 4,961 | $762K | Add +11.6% |
| SMCI Super Micro Computer Inc. | 0.17% | 15,718 | $754K | Add +4.3% |
| TRV The Travelers Cos Inc. | 0.14% | 2,215 | $618K | Add +9.1% |
| WFC Wells Fargo & Co. | 0.14% | 7,349 | $616K | No change |
| NSC Norfolk Southern Corp. | 0.14% | 2,004 | $602K | No change |
| JPM JPMorgan Chase & Co. | 0.13% | 1,892 | $597K | Add +84.8% |
| OKE Oneok Inc. | 0.13% | 8,146 | $594K | Add +0.3% |
| MCD McDonald's Corp. | 0.13% | 1,914 | $582K | Reduce -2.0% |
| GOOGL Alphabet Inc. Class A | 0.13% | 2,370 | $576K | Add +26.7% |
| WAFD Wafd Inc. | 0.13% | 19,000 | $576K | No change |
| XLE SS Energy Select Sector | 0.13% | 6,351 | $567K | Add +1.2% |
| ITOT iShares Core S&P Total U.S. | 0.13% | 3,847 | $560K | No change |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.12% | 10,266 | $530K | Add +5.0% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.11% | 1,734 | $509K | Reduce -0.1% |
| GWW WW Grainger Inc. filed as GRAINGER W W INC | 0.11% | 530 | $505K | No change |
| UPS United Parcel Service Class B | 0.11% | 6,000 | $501K | No change |
| TEL Te Connectivity PLC | 0.11% | 2,236 | $491K | No change |
| WMT Walmart Inc. | 0.11% | 4,752 | $490K | Add +1.6% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.11% | 4,439 | $484K | No change |
| BANR Banner Corporation | 0.10% | 6,992 | $458K | No change |
| BA The Boeing Co. | 0.10% | 2,120 | $458K | Reduce -2.2% |
| UNP Union Pacific Corp. | 0.10% | 1,853 | $438K | No change |
| ENB Enbridge Inc. | 0.09% | 8,214 | $414K | Add +1.0% |
| TSLA Tesla Inc. | 0.09% | 910 | $405K | Add +4.8% |
| EWZ iShares MSCI Brazil ETF | 0.09% | 12,959 | $402K | No change |
| ORCL Oracle Corp. | 0.08% | 1,338 | $376K | Add +19.9% |
| RTX RTX Corp. | 0.08% | 2,223 | $372K | Add +0.1% |
| CVX Chevron Corp. | 0.08% | 2,291 | $356K | Add +0.0% |
| TLRY Tilray Brands Inc. | 0.08% | 203,061 | $351K | Reduce -0.2% |
| CCB Coastal Financial Corp. | 0.08% | 3,100 | $335K | No change |
| IVV iShares Core S&P 500 ETF | 0.07% | 472 | $316K | Reduce -2.3% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.07% | 2,753 | $315K | Reduce -0.0% |
| XLF SS Financial Select Sector | 0.07% | 5,801 | $313K | Reduce -36.5% |
| DELL Dell Technologies -C | 0.07% | 2,130 | $302K | No change |
| PEP Pepsico Inc. | 0.07% | 2,073 | $291K | Add +0.8% |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | 0.06% | 935 | $288K | Add +3.8% |
| STIP iShares 0-5 Year Tips Bond E | 0.06% | 2,735 | $283K | No change |
| NVO Novo-Nordisk A/S-Spons ADR | 0.06% | 4,860 | $270K | No change |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.06% | 927 | $262K | Add +1.9% |
| META Meta Platforms Inc. Class A | 0.06% | 340 | $250K | Add +51.1% |
| GLW Corning Inc. | 0.06% | 3,000 | $246K | No change |
| PANW Palo Alto Networks Inc. | 0.05% | 1,185 | $241K | Add +2.2% |
| DUK Duke Energy Corp. | 0.05% | 1,835 | $227K | Add +1.4% |
| PSK SS SPDR Ice Pref Sec ETF | 0.05% | 6,693 | $221K | No change |
| LLY Eli Lilly & Co. | 0.05% | 268 | $204K | Add +5.5% |
| ICVT iShares Convertible Bond ETF | 0.04% | 1,978 | $198K | Reduce -98.3% |
| ADX Adams Diversified Equity | 0.04% | 8,873 | $198K | Add +0.0% |
| CSCO Cisco Systems Inc. | 0.04% | 2,843 | $195K | Add +1.2% |
| MDYV SS SPDR S&P 400 MC Val ETF | 0.04% | 2,305 | $192K | Add +0.5% |
Options reported separately and not counted above: NKE calls ($70K).
Other holdings (1): bonds, preferreds, convertibles and warrants · $2 (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| DSX.WS Diana Shipping Inc.-28 | *W EXP 12/14/202 | 20 | $2 | New |
Lines left out (2) · $36 — a value with no share or principal amount
| Security | Class | Shares | Value |
|---|---|---|---|
| SPXL Direxion Daily S&P 500 Bull | DA 500 BU 3X ETF | 0 | $27 |
| EXE Expand Energy Corp. | COM | 0 | $9 |
Filed with a value but no share or principal amount (a cash line, a holding rounded to 0 shares), so they are kept out of the holdings, totals and percentages.
Total filed on the 13F, all lines: $445.1M.
Portfolio Sells Q2 2025 → Q3 2025
| EZA iShares MSCI South Africa Et | Reduce -99.9% | 0.01% | −7.36 |
| IEUR iShares Core MSCI Europe ETF | Reduce -92.9% | 0.34% | −4.91 |
| FLGB Franklin Ftse United Kingdom | Reduce -99.9% | 0.01% | −4.81 |
| BWX SS SPDR BB Intl Treasury BD | Reduce -99.9% | 0.01% | −4.45 |
| BBCA JPMorgan Betabuilders Canada | Reduce -99.8% | 0.01% | −3.18 |
| SCHF Schwab Intl Equity ETF | Reduce -74.4% | 1.00% | −3.16 |
| ICVT iShares Convertible Bond ETF | Reduce -98.3% | 0.04% | −2.64 |
| EWS iShares MSCI Singapore ETF | Reduce -11.2% | 7.30% | −1.13 |
| XLP SS Consumer Staples Sel Sect | Reduce -97.2% | 0.02% | −0.79 |
| SPSB SS SPDR P St C Corp. ETF | Reduce -24.0% | 0.53% | −0.25 |
| INDA iShares MSCI India ETF | Reduce -80.7% | 0.03% | −0.14 |
| EWP iShares MSCI Spain ETF | Reduce -1.8% | 7.53% | −0.10 |
| SCHX Schwab US Large-Cap ETF | Reduce -0.7% | 1.86% | −0.09 |
| AMD Advanced Micro Devices | Reduce -98.7% | 0.00% | −0.08 |
| VOO Vanguard S&P 500 ETF | Reduce -10.5% | 0.44% | −0.07 |
| COST Costco Wholesale Corp. | Reduce -3.4% | 0.28% | −0.07 |
| SPYG SS SPDR P S&P 500 Growth ETF | Reduce -8.8% | 0.44% | −0.05 |
| XLF SS Financial Select Sector | Reduce -36.5% | 0.07% | −0.05 |
| FLRN SS SPDR BB Ig Float RT ETF | Reduce -1.5% | 0.34% | −0.05 |
| SIVR Abrdn Physical Silver Shares | Reduce -76.8% | 0.01% | −0.03 |
| DIS The Walt Disney Co. | Reduce -0.0% | 0.07% | −0.02 |
| MCD McDonald's Corp. | Reduce -2.0% | 0.13% | −0.01 |
| BA The Boeing Co. | Reduce -2.2% | 0.10% | −0.01 |
| ONEQ Fidelity Nasdaq Comp Indx | Reduce -4.0% | 0.22% | −0.01 |
| PWR Quanta Services Inc. | Reduce -72.5% | 0.00% | −0.01 |
| NAD Nuveen Quality Municipal Inc. | Reduce -50.5% | 0.01% | −0.01 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Reduce -0.1% | 0.11% | −0.01 |
| IT Gartner Inc. | Sold out | 0.00% | −0.01 |
| ACN Accenture PLC Class A | Reduce -96.8% | 0.00% | −0.01 |
| MPC Marathon Petroleum Corp. | Reduce -56.5% | 0.01% | −0.01 |
| NICE Nice Ltd. - Spon ADR | Sold out | 0.00% | −0.01 |
| IVV iShares Core S&P 500 ETF | Reduce -2.3% | 0.07% | −0.00 |
| CORP PIMCO Inv Grade Corp. BD ETF | Reduce -3.9% | 0.03% | −0.00 |
| IJJ iShares S&P Mid-Cap 400 Valu | Sold out | 0.00% | −0.00 |
| VST Vistra Corp. | Sold out | 0.00% | −0.00 |
| SPTL SS SPDR PF LNG TRM TSY E-Usd | Reduce -12.1% | 0.01% | −0.00 |
| NUV Nuveen Municipal Value | Reduce -21.0% | 0.01% | −0.00 |
| NKE Nike Inc. Class B | Reduce -13.3% | 0.01% | −0.00 |
| KO The Coca-Cola Co. | Reduce -1.6% | 0.01% | −0.00 |
| IVW iShares S&P 500 Growth ETF | Reduce -12.3% | 0.02% | −0.00 |
| MPLX MPLX LP | Sold out | 0.00% | −0.00 |
| XLK SS Technology Select Sector | Reduce -0.7% | 0.21% | −0.00 |
| OKTA Okta Inc. | Sold out | 0.00% | −0.00 |
| SHOP Shopify Inc. Class A | Reduce -41.7% | 0.00% | −0.00 |
| GLOB Globant SA | Sold out | 0.00% | −0.00 |
| MGK Vngrd Mrgstr MG CP GR ETF-Ui | Reduce -64.5% | 0.00% | −0.00 |
| VUG Vanguard Mrngstar GR ETF-Sui | Reduce -7.1% | 0.02% | −0.00 |
| DXCM Dexcom Inc. | Sold out | 0.00% | −0.00 |
| VWO Vanguard Ftse Emerging Marke | Reduce -33.1% | 0.00% | −0.00 |
| VTV Vanguard Mrngstr Val ETF-Aui | Reduce -8.6% | 0.01% | −0.00 |
Portfolio Buys Q2 2025 → Q3 2025
| COMT iShares Gsci Commodity Dynam | Add +14612.1% | 6.71% | +6.66 |
| XLI SS Industrial Select Sector | Add +27756.8% | 5.49% | +5.47 |
| XLY SS Consumer Disc Select Sect | Add +9842.9% | 4.88% | +4.83 |
| BSCU Invesco Bulletshares 2030 CB | New | 4.21% | +4.21 |
| SPEM State Street SP PTF Em ETF | Add +3017.7% | 3.35% | +3.24 |
| SCHC Schwab Intl Small-Cap Equity | Add +734.8% | 3.62% | +3.16 |
| SCHP Schwab U.S. Tips ETF | New | 2.39% | +2.39 |
| SCHR Schwab Intermediate-Term US | Add +16032.8% | 2.40% | +2.38 |
| EWI iShares MSCI Italy ETF | Add +11.6% | 8.23% | +0.58 |
| OILK Pros K-1 Free CR Oil ETF-Usd | New | 0.45% | +0.45 |
| GLDM SPDR Gold Minishares Trust | Add +0.6% | 7.96% | +0.37 |
| SPBO SS SPDR P Corp. Bond ETF | Add +64.3% | 0.85% | +0.28 |
| JPST JPMorgan Ultra-Short Income | Add +19.1% | 1.31% | +0.08 |
| GOOG Alphabet Inc. Class C | Add +3.0% | 0.36% | +0.08 |
| JPM JPMorgan Chase & Co. | Add +84.8% | 0.13% | +0.06 |
| JNJ Johnson & Johnson | Add +1.3% | 0.53% | +0.05 |
| GOOGL Alphabet Inc. Class A | Add +26.7% | 0.13% | +0.05 |
| MU Micron Technology Inc. | Add +2.9% | 0.21% | +0.04 |
| NVDA Nvidia Corp. | Add +3.3% | 0.48% | +0.04 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +23.0% | 0.24% | +0.03 |
| PCAR Paccar Inc. | New | 0.03% | +0.03 |
| ORCL Oracle Corp. | Add +19.9% | 0.08% | +0.02 |
| TSLA Tesla Inc. | Add +4.8% | 0.09% | +0.02 |
| MS Morgan Stanley | New | 0.02% | +0.02 |
| META Meta Platforms Inc. Class A | Add +51.1% | 0.06% | +0.01 |
| TSM Taiwan Semiconductor-SP ADR | Add +51.5% | 0.03% | +0.01 |
| ALL Allstate Corp. | Add +493.3% | 0.01% | +0.01 |
| GRMN Garmin Ltd. | New | 0.01% | +0.01 |
| SCHW Schwab (charles) Corp. | Add +230.3% | 0.01% | +0.01 |
| SPMO Invesco S&P 500 Momentum ETF | Add +95.5% | 0.02% | +0.01 |
| T AT&T Inc. | Add +82.9% | 0.02% | +0.01 |
| PSA Public Storage | New | 0.01% | +0.01 |
| LULU Lululemon Athletica Inc. | Add +18400.0% | 0.01% | +0.01 |
| NJR New Jersey Resources Corp. | New | 0.01% | +0.01 |
| GDX Vaneck Gold Miners ETF | Add +162.5% | 0.01% | +0.01 |
| UNH Unitedhealth Group Inc. | Add +33.5% | 0.03% | +0.01 |
| BLSH Bullish | New | 0.01% | +0.01 |
| JCI Johnson Controls Internation | Add +61.4% | 0.02% | +0.01 |
| WY Weyerhaeuser Co. | Add +401.3% | 0.01% | +0.01 |
| PLTR Palantir Technologies Inc. Class A | Add +35.7% | 0.01% | +0.01 |
| VGIT Vanguard Intermediate-Term T | New | 0.00% | +0.00 |
| CAT Caterpillar Inc. | Add +2.2% | 0.04% | +0.00 |
| AEP American Electric Power | Add +1073.3% | 0.00% | +0.00 |
| BX Blackstone Inc. | New | 0.00% | +0.00 |
| LRCX Lam Research Corp. | Add +6.0% | 0.02% | +0.00 |
| AVAV Aerovironment Inc. | New | 0.00% | +0.00 |
| FCX Freeport-McMoran Inc. | New | 0.00% | +0.00 |
| SCHE Schwab Emrg Mrkts Eqty ETF | Add +74.8% | 0.01% | +0.00 |
| BN Brookfield Corp. | New | 0.00% | +0.00 |
| ZS Zscaler Inc. | Add +145.7% | 0.01% | +0.00 |
Options Activity Q2 2025 → Q3 2025
| NKE Nike Inc. Class B | call | New | 1,000 | $70K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2025 → Q3 2025
| DSX.WS Diana Shipping Inc.-28 | *W EXP 12/14/202 | New | 20 | $2 |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 713 | $562.6M | EWY, XLE, ICLN, BBCA, COMT |
| Q1 2026 | 717 | $503.5M | COMT, GNR, GLDM, EWY, EWP |
| Q4 2025 | 684 | $474.2M | SIVR, GLDM, XLK, SPYG, SPEM |
| Q3 2025 | 675 | $445.1M | EWI, GLDM, EWP, EWS, EWG |
| Q2 2025 | 640 | $397.7M | EWS, EWG, EWI, EWP, GLDM |
| Q1 2025 | 663 | $373.1M | GLDM, EWS, XLF, COMT, XLY |
| Q4 2024 | 669 | $378.9M | SCHX, SPYG, EWS, XLU, EWH |
| Q3 2024 | 616 | $373.8M | SPYG, XLF, RWO, INDA, SCHM |
| Q2 2024 | 591 | $339.0M | SCHX, SCHA, SPYV, IAU, EWJ |
| Q1 2024 | 553 | $361.8M | SPTL, MDYG, XLF, SLYG, XLK |