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
iShares Core US Aggregate Bond ETF	Exchange Traded Fund	464287226	21,309,025	221,186	SH		DFND		0	0	221,186
Vanguard S&P 500 ETF	Exchange Traded Fund	922908363	16,327,345	49,515	SH		DFND		0	0	49,515
Invesco S&P 500(R) Equal Weight ETF	Exchange Traded Fund	46137V357	12,693,125	99,726	SH		DFND		0	0	99,726
WisdomTree Floating Rate Treasury ETF	Exchange Traded Fund	97717Y527	12,303,868	244,707	SH		DFND		0	0	244,707
Invesco Aerospace & Defense ETF	Exchange Traded Fund	46137V100	12,182,473	188,817	SH		DFND		0	0	188,817
ProShares S&P 500 Dividend Aristocrats	Exchange Traded Fund	74348A467	9,029,643	112,927	SH		DFND		0	0	112,927
SPDR(R) MSCI USA StrategicFactors ETF	Exchange Traded Fund	78468R812	8,724,558	85,897	SH		DFND		0	0	85,897
iShares Semiconductor ETF	Exchange Traded Fund	464287523	6,652,533	20,872	SH		DFND		0	0	20,872
iShares US Financial Services ETF	Exchange Traded Fund	464287770	6,081,229	43,056	SH		DFND		0	0	43,056
iShares Expanded Tech-Software Sect ETF	Exchange Traded Fund	464287515	5,636,429	22,534	SH		DFND		0	0	22,534
Select Sector Spdr Trust The Health Care Select Sector Spdr Fund	Exchange Traded Fund	81369Y209	5,532,305	45,680	SH		DFND		0	0	45,680
SPDR(R) Gold Shares	Exchange Traded Fund	78463V107	3,654,543	23,628	SH		DFND		0	0	23,628
Amplify CWP Enhanced Dividend Income ETF	Exchange Traded Fund	032108409	3,619,307	113,068	SH		DFND		0	0	113,068
iShares Edge MSCI USA Min Vol	Exchange Traded Fund	46429B697	3,542,497	53,593	SH		DFND		0	0	53,593
iShares Russell 2000	Exchange Traded Fund	464287655	3,373,109	20,453	SH		DFND		0	0	20,453
VanEck Retail ETF	Exchange Traded Fund	92189F684	3,309,175	21,333	SH		DFND		0	0	21,333
Listed Funds Trust Core Alternative ETF	Exchange Traded Fund	53656F847	3,308,750	111,387	SH		DFND		0	0	111,387
Vanguard Short-Term Bond ETF	Exchange Traded Fund	921937827	3,073,306	41,076	SH		DFND		0	0	41,076
SPDR(R) S&P Oil & Gas Explor & Prodtn ETF	Exchange Traded Fund	78468R556	3,025,084	24,255	SH		DFND		0	0	24,255
Schwab US Dividend Equity ETF(TM)	Exchange Traded Fund	808524797	2,169,537	32,659	SH		DFND		0	0	32,659
ETF Managers Trust Prime Cyber Security ETF	Exchange Traded Fund	26924G201	1,775,481	40,938	SH		DFND		0	0	40,938
First Trust Cloud Computing ETF	Exchange Traded Fund	33734X192	1,744,339	28,875	SH		DFND		0	0	28,875
VanEck Biotech ETF	Exchange Traded Fund	92189F726	1,730,749	12,294	SH		DFND		0	0	12,294
Exchange Traded Concepts Trust Robo Global(R) Robotics&Automation ETF	Exchange Traded Fund	301505707	1,614,391	39,061	SH		DFND		0	0	39,061
Global X SuperDividend(TM) US ETF	Exchange Traded Fund	37950E291	1,483,436	84,143	SH		DFND		0	0	84,143
Technology Select Sector SPDR(R) ETF	Exchange Traded Fund	81369Y803	1,438,069	12,107	SH		DFND		0	0	12,107
iShares Fallen Angels USD Bond ETF	Exchange Traded Fund	46435G474	1,417,820	59,323	SH		DFND		0	0	59,323
Fidelity(R) Total Bond ETF	Exchange Traded Fund	316188309	1,406,327	31,561	SH		DFND		0	0	31,561
Vanguard Russell 1000 Growth ETF	Exchange Traded Fund	92206C680	1,397,616	25,710	SH		DFND		0	0	25,710
SPDR(R) S&P Kensho Smart Mobility ETF	Exchange Traded Fund	78468R689	1,320,656	41,899	SH		DFND		0	0	41,899
Invesco Fundamental Hi Yld(R) Corp Bd ETF	Exchange Traded Fund	46138E719	1,300,829	79,174	SH		DFND		0	0	79,174
Global X FinTech ETF	Exchange Traded Fund	37954Y814	1,260,483	62,154	SH		DFND		0	0	62,154
Invesco QQQ Trust Unit Ser 1	Exchange Traded Fund	46090E103	1,073,792	4,010	SH		DFND		0	0	4,010
iShares Preferred&Income Securities ETF	Exchange Traded Fund	464288687	832,112	26,274	SH		DFND		0	0	26,274
Invesco Financial Preferred ETF	Exchange Traded Fund	46137V621	761,588	50,637	SH		DFND		0	0	50,637
iShares Russell 1000 Growth	Exchange Traded Fund	464287614	457,830	2,176	SH		DFND		0	0	2,176
SPDR(R) Portfolio Aggregate Bond ETF	Exchange Traded Fund	78464A649	274,350	10,996	SH		DFND		0	0	10,996