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
Vanguard Russell 1000 Growth ETF	Exchange Traded Fund	92206C680	20,450,914	289,018	SH		DFND	1	0	0	0
VanEck Morningstar Wide Moat ETF	Exchange Traded Fund	92189F643	16,013,933	200,701	SH		DFND	1	0	0	0
WisdomTree Europe Quality Div Gr ETF	Exchange Traded Fund	97717X610	13,271,532	433,662	SH		DFND	1	0	0	0
WisdomTree Europe Hedged Equity ETF	Exchange Traded Fund	97717X701	10,923,832	133,429	SH		DFND	1	0	0	0
Vanguard Value ETF	Exchange Traded Fund	922908744	10,275,677	72,313	SH		DFND	1	0	0	0
iShares Semiconductor ETF	Exchange Traded Fund	464287523	10,049,835	19,812	SH		DFND	1	0	0	0
iShares Core US Aggregate Bond ETF	Exchange Traded Fund	464287226	7,653,558	78,137	SH		DFND	1	0	0	0
Invesco Aerospace & Defense ETF	Exchange Traded Fund	46137V100	7,499,331	88,781	SH		DFND	1	0	0	0
Health Care Select Sector SPDR(R) ETF	Exchange Traded Fund	81369Y209	7,107,692	53,550	SH		DFND	1	0	0	0
Vanguard S&P 500 ETF	Exchange Traded Fund	922908363	7,034,466	17,216	SH		DFND	1	0	0	0
SPDR(R) S&P Regional Banking ETF	Exchange Traded Fund	78464A698	6,681,299	163,637	SH		DFND	1	0	0	0
JPMorgan Ultra-Short Income ETF	Exchange Traded Fund	46641Q837	6,666,113	132,950	SH		DFND	1	0	0	0
iShares Core MSCI Pacific ETF	Exchange Traded Fund	46434V696	6,567,006	114,348	SH		DFND	1	0	0	0
SPDR(R) S&P Oil & Gas Explor & Prodtn ETF	Exchange Traded Fund	78468R556	6,315,633	49,023	SH		DFND	1	0	0	0
Vanguard Mid-Cap Growth ETF	Exchange Traded Fund	922908538	6,174,129	30,005	SH		DFND	1	0	0	0
SPDR(R) Portfolio S&P 600 Sm Cap ETF	Exchange Traded Fund	78468R853	5,817,106	149,771	SH		DFND	1	0	0	0
SPDR(R) Gold Shares	Exchange Traded Fund	78463V107	4,577,439	25,677	SH		DFND	1	0	0	0
Vanguard Total International Bond ETF	Exchange Traded Fund	92203J407	3,577,967	73,199	SH		DFND	1	0	0	0
First Trust Cloud Computing ETF	Exchange Traded Fund	33734X192	3,455,270	45,500	SH		DFND	1	0	0	0
Technology Select Sector SPDR(R) ETF	Exchange Traded Fund	81369Y803	3,384,011	19,464	SH		DFND	1	0	0	0
iShares 7-10 Year Treasury Bond ETF	Exchange Traded Fund	464287440	2,907,080	30,094	SH		DFND	1	0	0	0
iShares Expanded Tech-Software Sect ETF	Exchange Traded Fund	464287515	2,882,814	8,334	SH		DFND	1	0	0	0
Robo Global(R) Robotics&Automation ETF	Exchange Traded Fund	301505707	2,872,075	49,045	SH		DFND	1	0	0	0
VanEck Biotech ETF	Exchange Traded Fund	92189F726	2,754,595	17,652	SH		DFND	1	0	0	0
ETFMG Prime Cyber Security ETF	Exchange Traded Fund	26924G201	2,462,133	48,678	SH		DFND	1	0	0	0
iShares MBS ETF	Exchange Traded Fund	464288588	2,179,417	23,368	SH		DFND	1	0	0	0
Vanguard Short-Term Bond ETF	Exchange Traded Fund	921937827	1,847,082	24,442	SH		DFND	1	0	0	0
iShares US Medical Devices ETF	Exchange Traded Fund	464288810	1,709,270	30,274	SH		DFND	1	0	0	0
Fidelity(R) Total Bond ETF	Exchange Traded Fund	316188309	1,450,996	31,818	SH		DFND	1	0	0	0
First Trust Technology AlphaDEX(R) ETF	Exchange Traded Fund	33734X176	1,432,938	12,456	SH		DFND	1	0	0	0
Global X Artfcl Intlgc & Tech ETF	Exchange Traded Fund	37954Y632	1,409,478	50,356	SH		DFND	1	0	0	0
iShares Preferred&Income Securities ETF	Exchange Traded Fund	464288687	1,295,553	41,887	SH		DFND	1	0	0	0
Invesco Fundamental Hi Yld(R) Corp Bd ETF	Exchange Traded Fund	46138E719	1,039,501	59,468	SH		DFND	1	0	0	0
iShares Fallen Angels USD Bond ETF	Exchange Traded Fund	46435G474	887,722	34,991	SH		DFND	1	0	0	0
Schwab US Dividend Equity ETF(TM)	Exchange Traded Fund	808524797	884,221	12,176	SH		DFND	1	0	0	0
Global X SuperDividend(TM)US ETF	Exchange Traded Fund	37950E291	735,939	44,068	SH		DFND	1	0	0	0
Invesco QQQ Trust	Exchange Traded Fund	46090E103	425,043	1,149	SH		DFND	1	0	0	0
SPDR(R) Portfolio Aggregate Bond ETF	Exchange Traded Fund	78464A649	294,723	11,617	SH		DFND	1	0	0	0
iShares Russell 1000 Growth ETF	Exchange Traded Fund	464287614	173,363	630	SH		DFND	1	0	0	0
Vanguard Interm-Term Corp Bd ETF	Exchange Traded Fund	92206C870	38,409	486	SH		DFND	1	0	0	0
iShares Short Maturity Bond ETF	Exchange Traded Fund	46431W507	17,849	359	SH		DFND	1	0	0	0
iShares US Aerospace & Defense ETF	Exchange Traded Fund	464288760	4,550	39	SH		DFND	1	0	0	0