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

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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
WisdomTree Europe Quality Div Gr ETF	Exchange Traded Fund	97717X610	12,304,723	408,037	SH		DFND	1	0	0	0
Invesco Aerospace & Defense ETF	Exchange Traded Fund	46137V100	12,149,598	150,833	SH		DFND	1	0	0	0
Vanguard Russell 1000 Growth ETF	Exchange Traded Fund	92206C680	11,145,995	177,230	SH		DFND	1	0	0	0
Invesco S&P 500(R) Equal Weight ETF	Exchange Traded Fund	46137V357	8,927,682	61,732	SH		DFND	1	0	0	0
Wisdomtree Europe Hedged Equity ETF	Exchange Traded Fund	97717X701	8,842,508	107,560	SH		DFND	1	0	0	0
Core Alternative ETF	Exchange Traded Fund	53656F847	7,881,742	264,222	SH		DFND	1	0	0	0
Amplify CWP Enhanced Dividend Income ETF	Exchange Traded Fund	032108409	7,680,248	216,528	SH		DFND	1	0	0	0
Vanguard 500 ETF	Exchange Traded Fund	922908363	6,690,285	17,790	SH		DFND	1	0	0	0
Select Sector Spdr Trust The Health Care Select Sector Spdr Fund	Exchange Traded Fund	81369Y209	6,514,816	50,323	SH		DFND	1	0	0	0
JPMorgan Ultra-Short Income ETF	Exchange Traded Fund	46641Q837	5,653,653	112,354	SH		DFND	1	0	0	0
iShares US Financial Services ETF	Exchange Traded Fund	464287770	5,643,338	37,383	SH		DFND	1	0	0	0
iShares Core MSCI Pacific ETF	Exchange Traded Fund	46434V696	5,369,851	94,924	SH		DFND	1	0	0	0
ProShares S&P 500 Dividend Aristocrats	Exchange Traded Fund	74348A467	5,172,304	56,689	SH		DFND	1	0	0	0
JPMorgan Active Growth ETF	Exchange Traded Fund	46654Q609	4,447,682	90,492	SH		DFND	1	0	0	0
SPDR(R) S&P Oil & Gas Explor & Prodtn ETF	Exchange Traded Fund	78468R556	4,192,352	32,858	SH		DFND	1	0	0	0
VanEck Morningstar Wide Moat ETF	Exchange Traded Fund	92189F643	3,424,383	46,382	SH		DFND	1	0	0	0
iShares Semiconductor ETF	Exchange Traded Fund	464287523	3,245,202	7,298	SH		DFND	1	0	0	0
iShares Core US Aggregate Bond ETF	Exchange Traded Fund	464287226	3,036,840	30,478	SH		DFND	1	0	0	0
Vanguard Total International Bond ETF	Exchange Traded Fund	92203J407	2,991,067	61,142	SH		DFND	1	0	0	0
SPDR(R) S&P Regional Banking ETF	Exchange Traded Fund	78464A698	2,950,462	67,270	SH		DFND	1	0	0	0
Technology Select Sector SPDR(R) ETF	Exchange Traded Fund	81369Y803	2,870,549	19,009	SH		DFND	1	0	0	0
VanEck Biotech ETF	Exchange Traded Fund	92189F726	2,815,179	17,368	SH		DFND	1	0	0	0
iShares Expanded Tech-Software Sect ETF	Exchange Traded Fund	464287515	2,593,911	8,513	SH		DFND	1	0	0	0
SPDR(R) Portfolio S&P 600 Sm Cap ETF	Exchange Traded Fund	78468R853	2,549,815	67,509	SH		DFND	1	0	0	0
Ishares 20 Plus Year Treasury Bond ETF	Exchange Traded Fund	464287432	2,501,610	23,518	SH		DFND	1	0	0	0
ETF Managers Trust Prime Cyber Security ETF	Exchange Traded Fund	26924G201	2,352,170	49,188	SH		DFND	1	0	0	0
Exchange Traded Concepts Trust Robo Global(R) Robotics&Automation ETF	Exchange Traded Fund	301505707	2,004,886	36,639	SH		DFND	1	0	0	0
First Trust Cloud Computing ETF	Exchange Traded Fund	33734X192	1,840,151	27,506	SH		DFND	1	0	0	0
Schwab US Dividend Equity ETF(TM)	Exchange Traded Fund	808524797	1,809,320	24,731	SH		DFND	1	0	0	0
Vanguard Short-Term Bond ETF	Exchange Traded Fund	921937827	1,798,280	23,510	SH		DFND	1	0	0	0
iShares US Medical Device ETF	Exchange Traded Fund	464288810	1,664,905	30,843	SH		DFND	1	0	0	0
iShares 7-10 Year Treasury Bond ETF	Exchange Traded Fund	464287440	1,592,660	16,068	SH		DFND	1	0	0	0
Fidelity(R) Total Bond ETF	Exchange Traded Fund	316188309	1,416,820	30,695	SH		DFND	1	0	0	0
Global X SuperDividend(TM) US ETF	Exchange Traded Fund	37950E291	1,161,395	66,556	SH		DFND	1	0	0	0
Invesco Fundamental Hi Yld(R) Corp Bd ETF	Exchange Traded Fund	46138E719	1,106,439	63,189	SH		DFND	1	0	0	0
iShares Fallen Angels USD Bond ETF	Exchange Traded Fund	46435G474	938,705	37,147	SH		DFND	1	0	0	0
iShares Preferred&Income Securities ETF	Exchange Traded Fund	464288687	640,737	20,523	SH		DFND	1	0	0	0
Invesco Financial Preferred ETF	Exchange Traded Fund	46137V621	542,244	37,345	SH		DFND	1	0	0	0
Invesco QQQ Trust Unit Ser 1	Exchange Traded Fund	46090E103	439,035	1,366	SH		DFND	1	0	0	0
SPDR(R) Portfolio Aggregate Bond ETF	Exchange Traded Fund	78464A649	299,602	11,617	SH		DFND	1	0	0	0
SPDR(R) Gold Shares	Exchange Traded Fund	78463V107	256,142	1,398	SH		DFND	1	0	0	0
iShares Russell 1000 Growth ETF	Exchange Traded Fund	464287614	154,905	634	SH		DFND	1	0	0	0
JPMorgan Equity Premium Income ETF	Exchange Traded Fund	46641Q332	61,971	1,135	SH		DFND	1	0	0	0
Vanguard Intermediate-Term Corp Bd ETF	Exchange Traded Fund	92206C870	38,987	486	SH		DFND	1	0	0	0
iShares Edge MSCI Min Vol USA	Exchange Traded Fund	46429B697	20,585	283	SH		DFND	1	0	0	0
iShares BlackRock Short Maturity Bond ETF	Exchange Traded Fund	46431W507	17,806	359	SH		DFND	1	0	0	0