DENVER WEALTH MANAGEMENT, INC.

Denver Wealth Management runs a $290.7 million book that barely holds a single stock outright — 75% of assets sit in ETFs, and the largest single holding, an S&P 500 momentum fund (SPYM), is still just 20.3% of the portfolio. That structure makes this filer's story less about picking companies and more about which factor bets it's dialing up or down. The biggest move this quarter was a retreat from cash-like credit: the AAA CLO fund JAAA was cut 81% in shares, pulling roughly $9.8 million out of short-duration income — nearly ten times the size of any other single flow in the book. The proceeds, plus new money, funded the quarter's largest new position: a $13.7 million stake in Lazard's international quality-growth ETF (IDEQ), a notable pivot toward non-U.S. equity for a portfolio otherwise dominated by large-cap U.S. index and factor funds (QQQM, RWL, IWF). Full exits from a high-yield bond ETF (SJNK), a clean-energy ETF (FENI) and a Dow Jones tracker (DIA) round out a quarter that reads as de-risking out of income and niche sector exposure and into core international equity.