CAPITAL WEALTH MANAGEMENT, LLC Long-Term Concentrated

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FBND	FIDELITY MERRIMACK STR TR	572,115 (+29.1%)	$26,340 (+28.5%)	8.5%	$45.74	—	TOTAL BD ETF	316188309
IHDG	WISDOMTREE TR	375,483 (+25.4%)	$18,271 (+32.4%)	5.9%	$41.99	—	ITL HDG QTLY DIV	97717X594
SPSB	SPDR SERIES TRUST	1,098,274 (+6.7%)	$33,168 (+6.4%)	10.7%	$29.78	—	STATE STREET SPD	78464A474
XLRE	SELECT SECTOR SPDR TR	306,083 (+23.4%)	$12,350 (+18.2%)	4.0%	$39.51	—	STATE STREET REA	81369Y860
VTV	VANGUARD INDEX FDS	146,777 (+3.6%)	$28,033 (+6.1%)	9.1%	$119.26	—	VALUE ETF	922908744
IMCG	ISHARES TR	198,645 (+12.2%)	$15,860 (+8.3%)	5.1%	$71.98	—	MRGSTR MD CP GRW	464288307
FNDF	SCHWAB STRATEGIC TR	426,086 (+1.1%)	$19,263 (+6.4%)	6.2%	$31.63	—	FUNDAMENTAL INTL	808524755
ICVT	ISHARES TR	48,484 (+30.0%)	$4,776 (+27.9%)	1.5%	$85.49	—	CONV BD ETF	46435G102
BUFB	INNOVATOR ETFS TRUST	191,320 (+11.6%)	$7,009 (+14.4%)	2.3%	$29.40	—	LADDERED ALC BFR	45783Y756
VBR	VANGUARD INDEX FDS	77,159 (+3.9%)	$16,341 (+5.5%)	5.3%	$149.10	—	SM CP VAL ETF	922908611
MDYV	SPDR SERIES TRUST	90,908 (+8.3%)	$7,695 (+9.9%)	2.5%	$70.07	—	STATE STREET SPD	78464A839
FALN	ISHARES TR	194,153 (+11.2%)	$5,300 (+9.3%)	1.7%	$25.89	—	FALN ANGLS USD	46435G474
TIPX	SPDR SERIES TRUST	57,232 (+26.6%)	$1,092 (+25.2%)	0.4%	$18.89	—	STATE STRET SPDR	78468R861
VIOG	VANGUARD ADMIRAL FDS INC	13,007 (+15.0%)	$1,578 (+14.5%)	0.5%	$143.83	—	SMLCP 600 GRTH	921932794
PWRD	TCW ETF TRUST	13,687 (+18.0%)	$1,316 (+16.1%)	0.4%	$81.87	—	TRANSFORM SYSTEM	29287L205
IEMG	ISHARES INC	5,887 (+28.6%)	$396 (+31.1%)	0.1%	$58.62	—	CORE MSCI EMKT	46434G103
QQQ	INVESCO QQQ TR	1,535 (+5.5%)	$943 (+7.9%)	0.3%	$395.83	—	UNIT SER 1	46090E103
AMZN	AMAZON COM INC	1,141 (+4.4%)	$263 (+9.7%)	0.1%	$226.45	+1.0%	COM	023135106

Exited Positions (5)

BKNG BOOKING HOLDINGS INC 0.2%

Value ($000) $697 Shares 129 Est. Cost $2394.16 Unrealized +114.6%

AAPL APPLE INC 0.2%

Value ($000) $583 Shares 2,291 Est. Cost $164.99 Unrealized +62.6%

CMG CHIPOTLE MEXICAN GRILL INC 0.1%

Value ($000) $392 Shares 10,000 Est. Cost $61.51 Unrealized -41.2%

GOOG ALPHABET INC 0.1%

Value ($000) $360 Shares 1,480 Est. Cost $168.24 Unrealized +70.2%

BK BANK NEW YORK MELLON CORP 0.1%

Value ($000) $236 Shares 2,170 Est. Cost $101.35 Unrealized +9.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BKNG	BOOKING HOLDINGS INC	129	$697	0.2%	$2394.16	+114.6%	—	09857L108
AAPL	APPLE INC	2,291	$583	0.2%	$164.99	+62.6%	—	037833100
CMG	CHIPOTLE MEXICAN GRILL INC	10,000	$392	0.1%	$61.51	-41.2%	—	169656105
GOOG	ALPHABET INC	1,480	$360	0.1%	$168.24	+70.2%	—	02079K107
BK	BANK NEW YORK MELLON CORP	2,170	$236	0.1%	$101.35	+9.0%	—	064058100

Decreased Positions (10)

VUG VANGUARD INDEX FDS 9.7%

Value ($000) $30,049 (-3.4%) Shares 61,594 (-5.1%) Est. Cost $169.27 Unrealized —

SPEM SPDR INDEX SHS FDS 6.3%

Value ($000) $19,393 (-4.4%) Shares 414,297 (-4.4%) Est. Cost $36.49 Unrealized —

NANR SPDR INDEX SHS FDS 7.4%

Value ($000) $22,844 (+2.3%) Shares 336,780 (-2.5%) Est. Cost $54.21 Unrealized —

FLBL FRANKLIN TEMPLETON ETF TR 0.3%

Value ($000) $809 (-37.7%) Shares 34,550 (-36.1%) Est. Cost $24.44 Unrealized —

MSFT MICROSOFT CORP 0.1%

Value ($000) $399 (-41.0%) Shares 824 (-36.8%) Est. Cost $251.10 Unrealized +99.4%

SPY SPDR S&P 500 ETF TR 2.7%

Value ($000) $8,511 (-2.1%) Shares 12,480 (-4.4%) Est. Cost $304.88 Unrealized —

NVDA NVIDIA CORPORATION 0.7%

Value ($000) $2,122 (-6.7%) Shares 11,380 (-6.7%) Est. Cost $94.70 Unrealized +96.5%

VOO VANGUARD INDEX FDS 1.8%

Value ($000) $5,723 (+1.1%) Shares 9,126 (-1.3%) Est. Cost $353.17 Unrealized —

SPHY SPDR SERIES TRUST 0.3%

Value ($000) $1,074 (-2.2%) Shares 45,389 (-1.1%) Est. Cost $23.48 Unrealized —

GRNB VANECK ETF TRUST 0.1%

Value ($000) $356 (-4.5%) Shares 14,636 (-4.1%) Est. Cost $23.71 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VUG	VANGUARD INDEX FDS	61,594 (-5.1%)	$30,049 (-3.4%)	9.7%	$169.27	—	GROWTH ETF	922908736
SPEM	SPDR INDEX SHS FDS	414,297 (-4.4%)	$19,393 (-4.4%)	6.3%	$36.49	—	PORTFOLIO EMG MK	78463X509
NANR	SPDR INDEX SHS FDS	336,780 (-2.5%)	$22,844 (+2.3%)	7.4%	$54.21	—	S&P NORTH AMER	78463X152
FLBL	FRANKLIN TEMPLETON ETF TR	34,550 (-36.1%)	$809 (-37.7%)	0.3%	$24.44	—	SENIOR LOAN ETF	35473P595
MSFT	MICROSOFT CORP	824 (-36.8%)	$399 (-41.0%)	0.1%	$251.10	+99.4%	COM	594918104
SPY	SPDR S&P 500 ETF TR	12,480 (-4.4%)	$8,511 (-2.1%)	2.7%	$304.88	—	TR UNIT	78462F103
NVDA	NVIDIA CORPORATION	11,380 (-6.7%)	$2,122 (-6.7%)	0.7%	$94.70	+96.5%	COM	67066G104
VOO	VANGUARD INDEX FDS	9,126 (-1.3%)	$5,723 (+1.1%)	1.8%	$353.17	—	S&P 500 ETF SHS	922908363
SPHY	SPDR SERIES TRUST	45,389 (-1.1%)	$1,074 (-2.2%)	0.3%	$23.48	—	STATE STREET SPD	78468R606
GRNB	VANECK ETF TRUST	14,636 (-4.1%)	$356 (-4.5%)	0.1%	$23.71	—	GREEN BOND ETF	92189F171

Unchanged Positions (5)

HSCZ ISHARES TR 3.5%

Value ($000) $10,744 Shares 276,104 Est. Cost $31.91 Unrealized —

HAS HASBRO INC 0.2%

Value ($000) $728 Shares 8,872 Est. Cost $62.34 Unrealized +25.2%

IAGG ISHARES TR 0.3%

Value ($000) $877 Shares 17,543 Est. Cost $50.15 Unrealized —

VIGI VANGUARD WHITEHALL FDS 0.6%

Value ($000) $1,920 Shares 20,993 Est. Cost $75.60 Unrealized —

IJH ISHARES TR 0.1%

Value ($000) $360 Shares 5,454 Est. Cost $108.17 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
HSCZ	ISHARES TR	276,104	$10,744	3.5%	$31.91	—	MSCI EAFE SMCP	46435G839
HAS	HASBRO INC	8,872	$728	0.2%	$62.34	+25.2%	COM	418056107
IAGG	ISHARES TR	17,543	$877	0.3%	$50.15	—	CORE INTL AGGR	46435G672
VIGI	VANGUARD WHITEHALL FDS	20,993	$1,920	0.6%	$75.60	—	INTL DVD ETF	921946810
IJH	ISHARES TR	5,454	$360	0.1%	$108.17	—	CORE S&P MCP ETF	464287507