Valley Financial Management 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL

OMB Number:		3235-0006
Expires:	Oct 31, 2018
Estimated average burden
hours per response:		23.8

COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
Invesco Aerospace & Defense ETF	Exchange Traded Fund	46137V100	17,041,102	217,361	SH		DFND	1	0	0	0
iShares Core US Aggregate Bond	Exchange Traded Fund	464287226	14,014,275	144,492	SH		DFND	1	0	0	0
WisdomTree Europe Quality Div Gr ETF	Exchange Traded Fund	97717X610	12,280,880	450,235	SH		DFND	1	0	0	0
Vanguard Russell 1000 Growth ETF	Exchange Traded Fund	92206C680	11,137,768	202,064	SH		DFND	1	0	0	0
Amplify CWP Enhanced Dividend Income ETF	Exchange Traded Fund	032108409	11,330,433	315,963	SH		DFND	1	0	0	0
Invesco S&P 500 Equal Weight ETF	Exchange Traded Fund	46137V357	10,321,985	73,076	SH		DFND	1	0	0	0
Vanguard 500 ETF	Exchange Traded Fund	922908363	10,113,322	28,785	SH		DFND	1	0	0	0
Core Alternative ETF	Exchange Traded Fund	53656F847	9,673,333	306,312	SH		DFND	1	0	0	0
Select Sector Spdr Trust The Health Care Select Sector Spdr Fund	Exchange Traded Fund	81369Y209	9,208,185	67,782	SH		DFND	1	0	0	0
WisdomTree Floating Rate Treasury ETF	Exchange Traded Fund	97717Y527	6,518,360	129,667	SH		DFND	1	0	0	0
iShares Edge MSCI Min Vol USA	Exchange Traded Fund	46429B697	6,738,466	93,460	SH		DFND	1	0	0	0
iShares US Financial Services ETF	Exchange Traded Fund	464287770	6,810,062	43,233	SH		DFND	1	0	0	0
ProShares S&P 500 Dividend Aristocrats	Exchange Traded Fund	74348A467	6,247,196	69,421	SH		DFND	1	0	0	0
SPDR MSCI USA StrategicFactors ETF	Exchange Traded Fund	78468R812	6,376,028	57,801	SH		DFND	1	0	0	0
iShares Core MSCI Pacific ETF	Exchange Traded Fund	46434V696	5,950,125	110,865	SH		DFND	1	0	0	0
SPDR S&P Oil & Gas Explor & Prodtn ETF	Exchange Traded Fund	78468R556	5,170,370	38,051	SH		DFND	1	0	0	0
iShares Semiconductor ETF	Exchange Traded Fund	464287523	2,716,680	7,807	SH		DFND	1	0	0	0
Schwab US Dividend Equity ETF	Exchange Traded Fund	808524797	2,538,673	33,607	SH		DFND	1	0	0	0
Vanguard Intmdt-Term Trs ETF	Exchange Traded Fund	92206C706	2,366,042	40,459	SH		DFND	1	0	0	0
ETFMG Prime Cyber Security ETF	Exchange Traded Fund	26924G201	2,210,209	50,175	SH		DFND	1	0	0	0
iShares Expanded Tech-Software Sect ETF	Exchange Traded Fund	464287515	2,112,298	8,256	SH		DFND	1	0	0	0
VanEck Biotech ETF	Exchange Traded Fund	92189F726	2,099,143	13,141	SH		DFND	1	0	0	0
Global X SuperDividend US ETF	Exchange Traded Fund	37950E291	1,651,930	87,413	SH		DFND	1	0	0	0
Robo Global Robotics&Automation ETF	Exchange Traded Fund	301505707	1,638,970	35,376	SH		DFND	1	0	0	0
Vanguard Short-Term Bond ETF	Exchange Traded Fund	921937827	1,537,594	20,425	SH		DFND	1	0	0	0
First Trust Cloud Computing ETF	Exchange Traded Fund	33734X192	1,527,529	26,515	SH		DFND	1	0	0	0
Invesco Fundamental Hi Yld Corp Bd ETF	Exchange Traded Fund	46138E719	1,521,591	88,878	SH		DFND	1	0	0	0
Technology Select Sector SPDR ETF	Exchange Traded Fund	81369Y803	1,336,112	10,737	SH		DFND	1	0	0	0
iShares Fallen Angels USD Bond ETF	Exchange Traded Fund	46435G474	1,261,632	51,265	SH		DFND	1	0	0	0
Fidelity Total Bond ETF	Exchange Traded Fund	316188309	1,213,275	26,859	SH		DFND	1	0	0	0
iShares US Medical Devices	Exchange Traded Fund	464288810	1,136,826	21,625	SH		DFND	1	0	0	0
SPDR S&P Kensho Smart Mobility ETF	Exchange Traded Fund	78468R689	1,116,004	37,882	SH		DFND	1	0	0	0
iShares Preferred&Income Securities ETF	Exchange Traded Fund	464288687	889,578	29,138	SH		DFND	1	0	0	0
Invesco Financial Preferred ETF	Exchange Traded Fund	46137V621	789,280	54,811	SH		DFND	1	0	0	0
Invesco QQQ Trust	Exchange Traded Fund	46090E103	367,200	1,379	SH		DFND	1	0	0	0
SPDR Portfolio Aggregate Bond ETF	Exchange Traded Fund	78464A649	291,935	11,617	SH		DFND	1	0	0	0
SPDR Gold Shares	Exchange Traded Fund	78463V107	218,157	1,286	SH		DFND	1	0	0	0
iShares Russell 1000 Growth	Exchange Traded Fund	464287614	135,828	634	SH		DFND	1	0	0	0
Vanguard Intermediate-Term Corp Bd ETF	Exchange Traded Fund	92206C870	37,670	486	SH		DFND	1	0	0	0
iShares Russell 2000	Exchange Traded Fund	464287655	25,282	145	SH		DFND	1	0	0	0
iShares Short Maturity Bond ETF	Exchange Traded Fund	46431W507	17,688	359	SH		DFND	1	0	0	0
SPDR S&P Regional Banking ETF	Exchange Traded Fund	78464A698	16,623	283	SH		DFND	1	0	0	0