MOULTON WEALTH MANAGEMENT, INC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
KOMP	SPDR SERIES TRUST	143,653	$11,548	10.9%	$80.39	—	STATE STREET SPD	78468R648
JNK	SPDR SERIES TRUST	396,498	$10,039	9.5%	$25.32	—	STATE STREET SPD	78468R622
IUSB	ISHARES TR	184,615	$9,319	8.8%	$50.48	—	CORE UNIVRSL USD	46434V613
ONEY	SPDR SERIES TRUST	198,524	$8,199	7.8%	$41.30	—	STATE STREET SPD	78468R770
XME	SPDR SERIES TRUST	23,338	$2,510	2.4%	$107.53	—	STATE STREET SPD	78464A755
SOXX	ISHARES TR	19,171	$2,480	2.4%	$129.37	—	ISHARES SEMICDTR	464287523
IGV	ISHARES TR	12,397	$2,478	2.3%	$199.88	—	EXPANDED TECH	464287515
BOTZ	GLOBAL X FDS	25,544	$2,120	2.0%	$83.01	—	RBTCS ARTFL INTE	37954Y715
HYZD	WISDOMTREE TR	12,702	$1,842	1.7%	$144.99	—	HEDGED HI YLD BD	97717W430
VWO	VANGUARD INTL EQUITY INDEX F	11,428	$1,049	1.0%	$91.80	—	FTSE EMR MKT ETF	922042858
SPHY	SPDR SERIES TRUST	7,359	$348	0.3%	$47.30	—	STATE STREET SPD	78468R606
IWM	ISHARES TR	1,323	$329	0.3%	$248.78	—	RUSSELL 2000 ETF	464287655

Increased Positions (10)

GDX VANECK ETF TRUST 5.2%

Value ($000) $5,529 (+15.9%) Shares 64,492 (+3.3%) Est. Cost $44.40 Unrealized —

COPX GLOBAL X FDS 1.6%

Value ($000) $1,679 (+44.0%) Shares 22,977 (+17.9%) Est. Cost $61.82 Unrealized —

XLV SELECT SECTOR SPDR TR 2.4%

Value ($000) $2,520 (+15.5%) Shares 16,208 (+3.4%) Est. Cost $145.95 Unrealized —

XLK SELECT SECTOR SPDR TR 3.1%

Value ($000) $3,314 (+3.5%) Shares 22,966 (+102.3%) Est. Cost $201.76 Unrealized —

XLE SELECT SECTOR SPDR TR 0.8%

Value ($000) $839 (+11.4%) Shares 18,370 (+118.0%) Est. Cost $64.70 Unrealized —

NOBL PROSHARES TR 1.7%

Value ($000) $1,795 (+3.3%) Shares 17,188 (+1.9%) Est. Cost $101.59 Unrealized —

VUG VANGUARD INDEX FDS 0.9%

Value ($000) $973 (+2.6%) Shares 2,002 (+1.2%) Est. Cost $479.57 Unrealized —

CVX CHEVRON CORP NEW 0.7%

Value ($000) $769 (+2.0%) Shares 4,930 (+1.6%) Est. Cost $91.31 Unrealized +65.8%

XLY SELECT SECTOR SPDR TR 0.9%

Value ($000) $958 (-1.5%) Shares 8,099 (+99.4%) Est. Cost $170.09 Unrealized —

XLU SELECT SECTOR SPDR TR 0.7%

Value ($000) $770 (-1.6%) Shares 17,835 (+98.8%) Est. Cost $60.67 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GDX	VANECK ETF TRUST	64,492 (+3.3%)	$5,529 (+15.9%)	5.2%	$44.40	—	GOLD MINERS ETF	92189F106
COPX	GLOBAL X FDS	22,977 (+17.9%)	$1,679 (+44.0%)	1.6%	$61.82	—	GLOBAL X COPPER	37954Y830
XLV	SELECT SECTOR SPDR TR	16,208 (+3.4%)	$2,520 (+15.5%)	2.4%	$145.95	—	STATE STREET HEA	81369Y209
XLK	SELECT SECTOR SPDR TR	22,966 (+102.3%)	$3,314 (+3.5%)	3.1%	$201.76	—	STATE STREET TEC	81369Y803
XLE	SELECT SECTOR SPDR TR	18,370 (+118.0%)	$839 (+11.4%)	0.8%	$64.70	—	STATE STREET ENE	81369Y506
NOBL	PROSHARES TR	17,188 (+1.9%)	$1,795 (+3.3%)	1.7%	$101.59	—	S&P 500 DV ARIST	74348A467
VUG	VANGUARD INDEX FDS	2,002 (+1.2%)	$973 (+2.6%)	0.9%	$479.57	—	GROWTH ETF	922908736
CVX	CHEVRON CORP NEW	4,930 (+1.6%)	$769 (+2.0%)	0.7%	$91.31	+65.8%	COM	166764100
XLY	SELECT SECTOR SPDR TR	8,099 (+99.4%)	$958 (-1.5%)	0.9%	$170.09	—	STATE STREET CON	81369Y407
XLU	SELECT SECTOR SPDR TR	17,835 (+98.8%)	$770 (-1.6%)	0.7%	$60.67	—	STATE STREET UTI	81369Y886

Exited Positions (17)

SPYM SPDR SERIES TRUST 12.3%

Value ($000) $12,934 Shares 165,096 Est. Cost $73.57 Unrealized —

USFR WISDOMTREE TR 9.9%

Value ($000) $10,397 Shares 206,829 Est. Cost $50.33 Unrealized —

TFLO ISHARES TR 9.8%

Value ($000) $10,371 Shares 205,004 Est. Cost $50.55 Unrealized —

SJNK SPDR SERIES TRUST 9.3%

Value ($000) $9,816 Shares 383,449 Est. Cost $25.33 Unrealized —

FLOT ISHARES TR 9.2%

Value ($000) $9,735 Shares 190,557 Est. Cost $50.94 Unrealized —

SRLN SSGA ACTIVE ETF TR 7.6%

Value ($000) $7,980 Shares 191,910 Est. Cost $41.35 Unrealized —

AAAU GOLDMAN SACHS PHYSICAL GOLD 6.7%

Value ($000) $7,044 Shares 184,797 Est. Cost $24.68 Unrealized —

IYW ISHARES TR 2.7%

Value ($000) $2,839 Shares 14,493 Est. Cost $195.86 Unrealized —

IGM ISHARES TR 2.7%

Value ($000) $2,832 Shares 22,489 Est. Cost $125.95 Unrealized —

DXJ WISDOMTREE TR 2.2%

Value ($000) $2,320 Shares 18,122 Est. Cost $112.86 Unrealized —

VEU VANGUARD INTL EQUITY INDEX F 1.9%

Value ($000) $2,014 Shares 28,220 Est. Cost $67.57 Unrealized —

SLV ISHARES SILVER TR 1.8%

Value ($000) $1,933 Shares 45,618 Est. Cost $42.37 Unrealized —

IAU ISHARES GOLD TR 1.3%

Value ($000) $1,365 Shares 18,759 Est. Cost $37.17 Unrealized —

SIL GLOBAL X FDS 1.1%

Value ($000) $1,213 Shares 16,929 Est. Cost $71.63 Unrealized —

EFAV ISHARES TR 1.0%

Value ($000) $1,026 Shares 12,090 Est. Cost $78.29 Unrealized —

VPL VANGUARD INTL EQUITY INDEX F 0.9%

Value ($000) $986 Shares 11,222 Est. Cost $87.84 Unrealized —

SPDN DIREXION SHS ETF TR 0.3%

Value ($000) $290 Shares 30,161 Est. Cost $11.59 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPYM	SPDR SERIES TRUST	165,096	$12,934	12.3%	$73.57	—	—	78464A854
USFR	WISDOMTREE TR	206,829	$10,397	9.9%	$50.33	—	—	97717Y527
TFLO	ISHARES TR	205,004	$10,371	9.8%	$50.55	—	—	46434V860
SJNK	SPDR SERIES TRUST	383,449	$9,816	9.3%	$25.33	—	—	78468R408
FLOT	ISHARES TR	190,557	$9,735	9.2%	$50.94	—	—	46429B655
SRLN	SSGA ACTIVE ETF TR	191,910	$7,980	7.6%	$41.35	—	—	78467V608
AAAU	GOLDMAN SACHS PHYSICAL GOLD	184,797	$7,044	6.7%	$24.68	—	—	38150K103
IYW	ISHARES TR	14,493	$2,839	2.7%	$195.86	—	—	464287721
IGM	ISHARES TR	22,489	$2,832	2.7%	$125.95	—	—	464287549
DXJ	WISDOMTREE TR	18,122	$2,320	2.2%	$112.86	—	—	97717W851
VEU	VANGUARD INTL EQUITY INDEX F	28,220	$2,014	1.9%	$67.57	—	—	922042775
SLV	ISHARES SILVER TR	45,618	$1,933	1.8%	$42.37	—	—	46428Q109
IAU	ISHARES GOLD TR	18,759	$1,365	1.3%	$37.17	—	—	464285204
SIL	GLOBAL X FDS	16,929	$1,213	1.1%	$71.63	—	—	37954Y848
EFAV	ISHARES TR	12,090	$1,026	1.0%	$78.29	—	—	46429B689
VPL	VANGUARD INTL EQUITY INDEX F	11,222	$986	0.9%	$87.84	—	—	922042866
SPDN	DIREXION SHS ETF TR	30,161	$290	0.3%	$11.59	—	—	25460E869

Decreased Positions (8)

FXI ISHARES TR 1.5%

Value ($000) $1,584 (-31.0%) Shares 39,788 (-28.7%) Est. Cost $36.08 Unrealized —

VTI VANGUARD INDEX FDS 8.6%

Value ($000) $9,079 (-2.7%) Shares 26,996 (-5.1%) Est. Cost $301.90 Unrealized —

SMH VANECK ETF TRUST 2.6%

Value ($000) $2,781 (-4.6%) Shares 7,448 (-16.6%) Est. Cost $326.36 Unrealized —

BIL SPDR SERIES TRUST 1.7%

Value ($000) $1,788 (-6.4%) Shares 19,555 (-6.0%) Est. Cost $91.50 Unrealized —

MTUM ISHARES TR 1.8%

Value ($000) $1,930 (-4.0%) Shares 7,636 (-2.6%) Est. Cost $240.52 Unrealized —

QQQ INVESCO QQQ TR 1.1%

Value ($000) $1,144 (-4.2%) Shares 1,866 (-6.2%) Est. Cost $502.76 Unrealized —

QUAL ISHARES TR 1.8%

Value ($000) $1,865 (-1.6%) Shares 9,361 (-3.9%) Est. Cost $185.58 Unrealized —

ITA ISHARES TR 2.0%

Value ($000) $2,126 (-0.5%) Shares 9,577 (-6.2%) Est. Cost $186.86 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FXI	ISHARES TR	39,788 (-28.7%)	$1,584 (-31.0%)	1.5%	$36.08	—	CHINA LG-CAP ETF	464287184
VTI	VANGUARD INDEX FDS	26,996 (-5.1%)	$9,079 (-2.7%)	8.6%	$301.90	—	TOTAL STK MKT	922908769
SMH	VANECK ETF TRUST	7,448 (-16.6%)	$2,781 (-4.6%)	2.6%	$326.36	—	SEMICONDUCTR ETF	92189F676
BIL	SPDR SERIES TRUST	19,555 (-6.0%)	$1,788 (-6.4%)	1.7%	$91.50	—	STATE STREET SPD	78468R663
MTUM	ISHARES TR	7,636 (-2.6%)	$1,930 (-4.0%)	1.8%	$240.52	—	MSCI USA MMENTM	46432F396
QQQ	INVESCO QQQ TR	1,866 (-6.2%)	$1,144 (-4.2%)	1.1%	$502.76	—	UNIT SER 1	46090E103
QUAL	ISHARES TR	9,361 (-3.9%)	$1,865 (-1.6%)	1.8%	$185.58	—	MSCI USA QLT FCT	46432F339
ITA	ISHARES TR	9,577 (-6.2%)	$2,126 (-0.5%)	2.0%	$186.86	—	US AER DEF ETF	464288760

Unchanged Positions (10)

GLD SPDR GOLD TR 2.0%

Value ($000) $2,144 Shares 5,383 Est. Cost $182.40 Unrealized —

XOM EXXON MOBIL CORP 1.6%

Value ($000) $1,646 Shares 13,424 Est. Cost $51.33 Unrealized +125.0%

XLI SELECT SECTOR SPDR TR 1.9%

Value ($000) $1,958 Shares 12,392 Est. Cost $135.32 Unrealized —

XLF SELECT SECTOR SPDR TR 1.2%

Value ($000) $1,250 Shares 22,754 Est. Cost $46.92 Unrealized —

COST COSTCO WHSL CORP NEW 0.3%

Value ($000) $367 Shares 429 Est. Cost $288.52 Unrealized +213.9%

MTH MERITAGE HOMES CORP 0.2%

Value ($000) $209 Shares 3,148 Est. Cost $72.06 Unrealized -3.9%

XLC SELECT SECTOR SPDR TR 0.8%

Value ($000) $880 Shares 7,532 Est. Cost $94.62 Unrealized —

SPY SPDR S&P 500 ETF TR 0.3%

Value ($000) $314 Shares 460 Est. Cost $474.12 Unrealized —

XLP SELECT SECTOR SPDR TR 1.4%

Value ($000) $1,497 Shares 19,270 Est. Cost $80.30 Unrealized —

IWR ISHARES TR 1.5%

Value ($000) $1,545 Shares 15,871 Est. Cost $94.14 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GLD	SPDR GOLD TR	5,383	$2,144	2.0%	$182.40	—	GOLD SHS	78463V107
XOM	EXXON MOBIL CORP	13,424	$1,646	1.6%	$51.33	+125.0%	COM	30231G102
XLI	SELECT SECTOR SPDR TR	12,392	$1,958	1.9%	$135.32	—	STATE STREET IND	81369Y704
XLF	SELECT SECTOR SPDR TR	22,754	$1,250	1.2%	$46.92	—	STATE STREET FIN	81369Y605
COST	COSTCO WHSL CORP NEW	429	$367	0.3%	$288.52	+213.9%	COM	22160K105
MTH	MERITAGE HOMES CORP	3,148	$209	0.2%	$72.06	-3.9%	COM	59001A102
XLC	SELECT SECTOR SPDR TR	7,532	$880	0.8%	$94.62	—	STATE STREET COM	81369Y852
SPY	SPDR S&P 500 ETF TR	460	$314	0.3%	$474.12	—	TR UNIT	78462F103
XLP	SELECT SECTOR SPDR TR	19,270	$1,497	1.4%	$80.30	—	STATE STREET CON	81369Y308
IWR	ISHARES TR	15,871	$1,545	1.5%	$94.14	—	RUS MID CAP ETF	464287499