Ciovacco Capital Management LLC

Key Holdings

The portfolio is dominated by large-cap, U.S.-centric equity funds, with a heavy emphasis on the S&P 500.

• SPY (SPDR S&P 500 ETF): Remaining the largest position at $27.19M (31.55%), SPY serves as the core anchor, providing broad market exposure.
• SPYG (SPDR Portfolio S&P 500 Growth ETF): The second-largest holding at $23.25M (26.98%), signals a distinct growth tilt within the U.S. equity allocation. Combined with SPY, these two positions account for nearly 60% of the entire portfolio.
• Sector Specifics: The firm holds targeted positions in Communication Services (XLC), Technology (XLK, VGT, SMH), and Financials (XLF). The inclusion of SMH (VanEck Semiconductor ETF) is significant as it provides leveraged exposure to the semiconductor cycle, a high-beta segment of the market.
• GLD (SPDR Gold Trust): Representing 4.37% of the portfolio, gold serves as the primary defensive hedge against equity volatility and potential currency devaluation.
• Single Names: The individual stock positions are minimal. NVDA is the only notable single-name tech holding (1.08%), while GOOGL and GOSS are negligible in size, suggesting they are either residual positions or very small experimental bets.