Tradewinds Capital Management, LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 14, 2026), Tradewinds Capital Management, LLC reported 684 stock positions worth $474.2 million. Its top holding was Abrdn Physical Silver Shares (SIVR) at 9.9% of the portfolio, followed by SPDR Gold Minishares Trust (GLDM, 8.1%) and SS Technology Select Sector (XLK, 7.6%). Compared with Q3 2025, it opened 63 new positions, sold out of 57, added to 117 and reduced 118. The biggest buy was Abrdn Physical Silver Shares (SIVR, shares +65522%) and the biggest sale iShares MSCI Singapore ETF (EWS, shares −100%).

Most Recent 13F
Q2 2026
Location
BELLINGHAM, WA
CIK
0001616026
Portfolio Value
$474.2M (Q4 2025)
SEC Filing
0001616026-26-000002 ↗ filed Jan 14, 2026

Holdings Value

0$200.0M$400.0M$600.0M Q1 2024: $361.8M Q1 2024 Q2 2024: $339.0M Q2 2024 Q3 2024: $373.8M Q3 2024 Q4 2024: $378.9M Q4 2024 Q1 2025: $373.1M Q1 2025 Q2 2025: $397.7M Q2 2025 Q3 2025: $445.1M Q3 2025 Q4 2025: $474.2M $474.2M Q4 2025 Q1 2026: $503.5M Q1 2026 Q2 2026: $562.6M Q2 2026

Holdings 684 stocks · $474.2M
SIVR Abrdn Physical Silver Shares 9.93% 696,246 $47.1M Add +65521.7%
GLDM SPDR Gold Minishares Trust 8.05% 447,394 $38.2M Reduce -3.5%
XLK SS Technology Select Sector 7.59% 249,895 $36.0M Add +3730.4%
SPYG SS SPDR P S&P 500 Growth ETF 7.13% 317,021 $33.8M Add +1588.3%
SPEM State Street SP PTF Em ETF 6.86% 694,989 $32.5M Add +118.1%
SCHX Schwab US Large-Cap ETF 6.73% 1,186,560 $31.9M Add +277.5%
EWY iShares MSCI South Korea ETF 6.65% 324,352 $31.5M New
EWP iShares MSCI Spain ETF 6.20% 544,962 $29.4M Reduce -19.5%
SPBO SS SPDR P Corp. Bond ETF 4.67% 755,118 $22.2M Add +491.1%
ICVT iShares Convertible Bond ETF 3.94% 189,666 $18.7M Add +9488.8%
EWI iShares MSCI Italy ETF 3.38% 294,688 $16.0M Reduce -58.2%
FLJP Franklin Ftse Japan ETF 2.97% 409,282 $14.1M New
MSFT Microsoft Corp. 2.60% 25,480 $12.3M Reduce -0.0%
JPST JPMorgan Ultra-Short Income 1.61% 151,009 $7.6M Add +31.9%
SCHF Schwab Intl Equity ETF 1.05% 206,464 $5.0M Add +7.7%
AAPL Apple Inc. 0.95% 16,503 $4.5M Add +0.8%
SPMD SS SPDR P S&P 400 Midcap ETF 0.78% 64,165 $3.7M Add +13.9%
SCHA Schwab US Small-Cap ETF 0.76% 125,767 $3.6M Add +2.6%
AMZN Amazon.com Inc. 0.68% 13,910 $3.2M Add +1.5%
JNJ Johnson & Johnson 0.55% 12,679 $2.6M No change
BKLN Invesco Senior Loan ETF 0.53% 119,769 $2.5M Add +2.2%
SPSB SS SPDR P St C Corp. ETF 0.53% 83,259 $2.5M Add +6.2%
HYMB SS SPDR N Ice HY Muni ETF 0.47% 90,050 $2.2M Add +4.5%
SCHC Schwab Intl Small-Cap Equity 0.47% 48,745 $2.2M Reduce -86.2%
GOOG Alphabet Inc. Class C 0.46% 6,929 $2.2M Add +4.9%
NVDA Nvidia Corp. 0.43% 10,890 $2.0M Reduce -4.5%
SPYV SS SPDR P S&P 500 Value ETF 0.41% 34,120 $1.9M Add +0.2%
VOO Vanguard S&P 500 ETF 0.38% 2,889 $1.8M Reduce -9.8%
XOM Exxon Mobil Corp. 0.34% 13,519 $1.6M Reduce -1.7%
IEUR iShares Core MSCI Europe ETF 0.34% 22,476 $1.6M Reduce -0.1%
FLRN SS SPDR BB Ig Float RT ETF 0.32% 49,934 $1.5M Add +1.5%
BRK.A Berkshire Hathaway Inc. Class A 0.32% 2 $1.5M No change
HON Honeywell International Inc. 0.30% 7,408 $1.4M No change
SCHG Schwab US Large-Cap Growth 0.29% 41,444 $1.4M Add +876.1%
EWG iShares MSCI Germany ETF 0.28% 31,454 $1.3M Reduce -95.9%
QQQ Invesco QQQ Trust Series 1 0.28% 2,145 $1.3M Add +0.5%
COST Costco Wholesale Corp. 0.26% 1,444 $1.2M Add +5.7%
MU Micron Technology Inc. 0.26% 4,315 $1.2M Reduce -21.2%
ICSH iShares Ultra Short Duration 0.25% 23,358 $1.2M Add +1.5%
BRK.B Berkshire Hathaway Inc. Class B 0.25% 2,319 $1.2M Add +7.8%
VMI Valmont Industries 0.24% 2,800 $1.1M No change
BSCU Invesco Bulletshares 2030 CB 0.23% 65,828 $1.1M Reduce -94.1%
ABT Abbott Laboratories 0.23% 8,754 $1.1M No change
ONEQ Fidelity Nasdaq Comp Indx 0.21% 10,841 $991K Add +0.1%
SBUX Starbucks Corp. 0.19% 10,830 $912K Reduce -0.9%
EWW iShares MSCI Mexico ETF 0.19% 12,943 $897K Reduce -10.2%
FLKR Franklin Ftse South Korea 0.17% 25,719 $824K New
ABBV Abbvie Inc. 0.17% 3,522 $805K Reduce -3.8%
GOOGL Alphabet Inc. Class A 0.16% 2,370 $742K No change
WFC Wells Fargo & Co. 0.14% 7,349 $685K No change
PG The Procter & Gamble Co. 0.14% 4,748 $680K Reduce -4.3%
XEL Xcel Energy Inc. 0.13% 8,469 $626K Reduce -39.5%
EWJ iShares MSCI Japan ETF 0.13% 7,686 $621K Add +2578.1%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.13% 11,266 $620K Add +9.7%
WAFD Wafd Inc. 0.13% 19,000 $609K No change
JPM JPMorgan Chase & Co. 0.13% 1,857 $598K Reduce -1.9%
FTEC Fidelity MSCI Info Tech Indx 0.13% 2,659 $597K New
UPS United Parcel Service Class B 0.13% 6,000 $595K No change
ITOT iShares Core S&P Total U.S. 0.12% 3,847 $572K No change
XLE SS Energy Select Sector 0.12% 12,653 $566K Reduce -0.4%
TLRY Tilray Brands Inc. 0.12% 60,404 $545K Add +197.5%
MCD McDonald's Corp. 0.11% 1,767 $540K Reduce -7.7%
WMT Walmart Inc. 0.11% 4,752 $529K No change
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.11% 1,747 $507K Add +0.8%
GWW WW Grainger Inc. 0.11% 500 $505K Reduce -5.7%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.11% 4,339 $504K Reduce -2.3%
TEL Te Connectivity PLC 0.11% 2,196 $500K Reduce -1.8%
BA The Boeing Co. 0.10% 2,120 $460K No change
SMCI Super Micro Computer Inc. 0.10% 15,718 $460K No change
TSLA Tesla Inc. 0.10% 1,015 $456K Add +11.5%
OKE Oneok Inc. 0.09% 6,118 $450K Reduce -24.9%
TRV The Travelers Cos Inc. 0.09% 1,532 $444K Reduce -30.8%
BANR Banner Corporation 0.09% 6,992 $438K No change
UNP Union Pacific Corp. 0.09% 1,853 $429K No change
EWZ iShares MSCI Brazil ETF 0.09% 12,959 $412K No change
ENB Enbridge Inc. 0.08% 8,314 $398K Add +1.2%
CCB Coastal Financial Corp. 0.07% 3,100 $355K No change
SPMO Invesco S&P 500 Momentum ETF 0.07% 2,733 $326K Add +294.9%
IVV iShares Core S&P 500 ETF 0.07% 474 $325K Add +0.4%
SPY SS SPDR S&P 500 ETF Trust-US 0.07% 460 $314K Add +96.6%
RTX RTX Corp. 0.07% 1,696 $311K Reduce -23.7%
NSC Norfolk Southern Corp. 0.06% 1,053 $304K Reduce -47.5%
ORCL Oracle Corp. 0.06% 1,558 $304K Add +16.4%
CAT Caterpillar Inc. 0.06% 527 $302K Add +39.8%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.06% 2,635 $300K Reduce -4.3%
PEP Pepsico Inc. 0.06% 2,073 $298K No change
LLY Eli Lilly & Co. 0.06% 274 $294K Add +2.2%
VV Vngrd Mrgstr LRG-Cap ETF-Usd 0.06% 935 $294K No change
XLF SS Financial Select Sector 0.06% 5,204 $285K Reduce -10.3%
STIP iShares 0-5 Year Tips Bond E 0.06% 2,735 $280K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.06% 900 $267K Reduce -2.9%
CSCO Cisco Systems Inc. 0.06% 3,443 $265K Add +21.1%
HD Home Depot Inc. 0.06% 766 $264K Reduce -72.3%
GLW Corning Inc. 0.06% 3,000 $263K No change
NVO Novo-Nordisk A/S-Spons ADR 0.05% 4,860 $247K No change
META Meta Platforms Inc. Class A 0.05% 340 $224K No change
PANW Palo Alto Networks Inc. 0.05% 1,185 $218K No change
DUK Duke Energy Corp. 0.05% 1,835 $215K No change
ADX Adams Diversified Equity 0.04% 8,873 $207K No change
DE Deere & Co. 0.04% 435 $202K Add +52.6%

Show all 684 holdings

Lines left out (2) · $37 — a value with no share or principal amount
SecurityClassSharesValue
SPXL Direxion Daily S&P 500 Bull DA 500 BU 3X ETF0$28
EXE Expand Energy Corp. COM0$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: $474.2M.

Portfolio Sells Q3 2025 → Q4 2025
EWS iShares MSCI Singapore ETF Reduce -99.5% 0.03% −7.27
EWG iShares MSCI Germany ETF Reduce -95.9% 0.28% −6.90
COMT iShares Gsci Commodity Dynam Reduce -100.0% 0.00% −6.70
XLI SS Industrial Select Sector Reduce -99.6% 0.02% −5.47
XLY SS Consumer Disc Select Sect Reduce -99.9% 0.00% −4.88
EWI iShares MSCI Italy ETF Reduce -58.2% 3.38% −4.85
BSCU Invesco Bulletshares 2030 CB Reduce -94.1% 0.23% −3.97
SCHC Schwab Intl Small-Cap Equity Reduce -86.2% 0.47% −3.15
SCHR Schwab Intermediate-Term US Reduce -99.7% 0.01% −2.39
SCHP Schwab U.S. Tips ETF Reduce -100.0% 0.00% −2.39
EWP iShares MSCI Spain ETF Reduce -19.5% 6.20% −1.34
OILK Pros K-1 Free CR Oil ETF-Usd Sold out 0.00% −0.45
MSFT Microsoft Corp. Reduce -0.0% 2.60% −0.37
HD Home Depot Inc. Reduce -72.3% 0.06% −0.20
XEL Xcel Energy Inc. Reduce -39.5% 0.13% −0.12
NSC Norfolk Southern Corp. Reduce -47.5% 0.06% −0.07
DELL Dell Technologies -C Reduce -93.9% 0.00% −0.06
VOO Vanguard S&P 500 ETF Reduce -9.8% 0.38% −0.06
NVDA Nvidia Corp. Reduce -4.5% 0.43% −0.05
TRV The Travelers Cos Inc. Reduce -30.8% 0.09% −0.05
CVX Chevron Corp. Reduce -46.2% 0.04% −0.04
OKE Oneok Inc. Reduce -24.9% 0.09% −0.04
EWW iShares MSCI Mexico ETF Reduce -10.2% 0.19% −0.03
PG The Procter & Gamble Co. Reduce -4.3% 0.14% −0.03
LHX L3HARRIS Technologies Inc. Reduce -98.8% 0.00% −0.03
GS Goldman Sachs Group Inc. Reduce -94.9% 0.00% −0.03
ABBV Abbvie Inc. Reduce -3.8% 0.17% −0.02
ITT Itt Inc. Sold out 0.00% −0.02
RTX RTX Corp. Reduce -23.7% 0.07% −0.02
MCD McDonald's Corp. Reduce -7.7% 0.11% −0.02
SBUX Starbucks Corp. Reduce -0.9% 0.19% −0.02
XLP SS Consumer Staples Sel Sect Reduce -75.0% 0.00% −0.01
FIX Comfort Systems USA Inc. Reduce -69.9% 0.01% −0.01
SDY SS SPDR S&P Dividend ETF Sold out 0.00% −0.01
GE General Electric Reduce -51.1% 0.01% −0.01
ACA Arcosa Inc. Reduce -45.0% 0.02% −0.01
PSK SS SPDR Ice Pref Sec ETF Reduce -13.6% 0.04% −0.01
IWM iShares Russell 2000 ETF Sold out 0.00% −0.01
XLF SS Financial Select Sector Reduce -10.3% 0.06% −0.01
SOXX iShares Semiconductor ETF Reduce -96.3% 0.00% −0.01
SHW The Sherwin-Williams Co. Reduce -96.0% 0.00% −0.01
IJT iShares S&P Small-Cap 600 GR Sold out 0.00% −0.01
CORP PIMCO Inv Grade Corp. BD ETF Reduce -27.0% 0.02% −0.01
CRSP Crispr Therapeutics AG Reduce -26.6% 0.01% −0.01
HBI Hanesbrands Inc. Sold out 0.00% −0.01
STWD Starwood Property Trust Inc. Sold out 0.00% −0.01
XLE SS Energy Select Sector Reduce -0.4% 0.12% −0.01
SPTL SS SPDR PF LNG TRM TSY E-Usd Reduce -52.7% 0.01% −0.01
INTU Intuit Inc. Reduce -91.1% 0.00% −0.01
JPM JPMorgan Chase & Co. Reduce -1.9% 0.13% −0.01

Portfolio Buys Q3 2025 → Q4 2025
SIVR Abrdn Physical Silver Shares Add +65521.7% 9.93% +9.92
XLK SS Technology Select Sector Add +3730.4% 7.59% +7.38
SPYG SS SPDR P S&P 500 Growth ETF Add +1588.3% 7.13% +6.69
EWY iShares MSCI South Korea ETF New 6.65% +6.65
SCHX Schwab US Large-Cap ETF Add +277.5% 6.73% +4.87
ICVT iShares Convertible Bond ETF Add +9488.8% 3.94% +3.90
SPBO SS SPDR P Corp. Bond ETF Add +491.1% 4.67% +3.82
SPEM State Street SP PTF Em ETF Add +118.1% 6.86% +3.51
FLJP Franklin Ftse Japan ETF New 2.97% +2.97
JPST JPMorgan Ultra-Short Income Add +31.9% 1.61% +0.31
SCHG Schwab US Large-Cap Growth Add +876.1% 0.29% +0.25
FLKR Franklin Ftse South Korea New 0.17% +0.17
FTEC Fidelity MSCI Info Tech Indx New 0.13% +0.13
EWJ iShares MSCI Japan ETF Add +2578.1% 0.13% +0.13
GOOG Alphabet Inc. Class C Add +4.9% 0.46% +0.10
SPMD SS SPDR P S&P 400 Midcap ETF Add +13.9% 0.78% +0.06
SPMO Invesco S&P 500 Momentum ETF Add +294.9% 0.07% +0.05
SCHF Schwab Intl Equity ETF Add +7.7% 1.05% +0.04
COWG Pacer US LRG Cap Cows GR LD New 0.04% +0.04
DFUS Dimensional US Eq MKT ETF New 0.04% +0.04
TLRY Tilray Brands Inc. Add +197.5% 0.12% +0.04
VICR Vicor Corp. New 0.03% +0.03
SPY SS SPDR S&P 500 ETF Trust-US Add +96.6% 0.07% +0.03
XNTK SS SPDR Nyse Tech ETF New 0.03% +0.03
VOT Vngrd Mrngstr MC GRW ETF-Usd Add +570.1% 0.03% +0.03
ALLW State Street Brgwtr All WTHR New 0.03% +0.03
VOE Vngrd Mrngstr MD-Cap Val ETF Add +34050.0% 0.03% +0.03
CALF PCR US SM CP CSH CWS ETF-Usd New 0.02% +0.02
VFLO Victoryshares Free Cash Flow New 0.02% +0.02
CAT Caterpillar Inc. Add +39.8% 0.06% +0.02
SCHD Schwab US DVD Equity ETF Add +467.9% 0.03% +0.02
DFAI Dimensional International Co. New 0.02% +0.02
DFSD Dimensional Short Duration New 0.02% +0.02
AKRE Akre Focus ETF New 0.02% +0.02
LLY Eli Lilly & Co. Add +2.2% 0.06% +0.02
DFIS Dimensional International SM New 0.01% +0.01
DFAT Dimensional US Target Value Add +221.3% 0.02% +0.01
DE Deere & Co. Add +52.6% 0.04% +0.01
XLV SS Health Care Select Sector New 0.01% +0.01
DFAS Dimensional US Small Cap ETF Add +142.3% 0.02% +0.01
CSCO Cisco Systems Inc. Add +21.1% 0.06% +0.01
DFCF Dimensional Core Fixed Inc. New 0.01% +0.01
BAC Bank of America Corp. Add +9.7% 0.13% +0.01
DFIP Dimensional Inflation-Protec New 0.01% +0.01
SCCO Southern Copper Corp. New 0.01% +0.01
MTBA Simplify MBS ETF New 0.01% +0.01
AAPL Apple Inc. Add +0.8% 0.95% +0.01
AVB Avalonbay Communities Inc. New 0.01% +0.01
CSX CSX Corp. New 0.01% +0.01
XRPT Volatility SHS TR New 0.01% +0.01

Options Activity Q3 2025 → Q4 2025
NKE Nike Inc. Class B call Sold out 1,000 $70Kbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q3 2025 → Q4 2025
DSX.WS Diana Shipping Inc.-28 *W EXP 12/14/202 Sold out 20 $2before exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 713$562.6MEWY, XLE, ICLN, BBCA, COMT
Q1 2026 717$503.5MCOMT, GNR, GLDM, EWY, EWP
Q4 2025 684$474.2MSIVR, GLDM, XLK, SPYG, SPEM
Q3 2025 675$445.1MEWI, GLDM, EWP, EWS, EWG
Q2 2025 640$397.7MEWS, EWG, EWI, EWP, GLDM
Q1 2025 663$373.1MGLDM, EWS, XLF, COMT, XLY
Q4 2024 669$378.9MSCHX, SPYG, EWS, XLU, EWH
Q3 2024 616$373.8MSPYG, XLF, RWO, INDA, SCHM
Q2 2024 591$339.0MSCHX, SCHA, SPYV, IAU, EWJ
Q1 2024 553$361.8MSPTL, MDYG, XLF, SLYG, XLK