FULCRUM WEALTH ADVISORS, LLC

BELLEVUE, WA · CIK 2108790 · 13F filing filed 2026-04-22

SEC-registered investment adviser since 2024 · limited liability company

Assets managed$208.0m
Staff3 · 2 in investment roles
Main clients (by assets)High net worth individuals 84%, Individuals 16%
Form ADV · 2026-07-30SEC adviser record

$120.7m reported value -0.7% vs Q4 2025

71positions

55.5%in top 10

10 new 19 added 29 reduced 6 sold out vs Q4 2025

Options: 1 call positions ($65.6k notional), 0 put positions (— notional) – listed below, not included above.

Holdings, Q1 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	ETFS GOLD TR PHYSCL GOLD SHS SGOL	SGOL	300,863	$13.4m11.12%	11.12%	Added +18.5k	+18,495 6.5%
2	SPROTT PHYSICAL GOLD TR UNIT PHYS	PHYS	341,152	$12.1m10.02%	10.02%	Reduced -3.6k	-3,588 -1.0%
3	MICROSOFT CORP COM MSFT	MSFT	20,829	$7.7m6.39%	6.39%	Added +1.7k	+1,682 8.8%
4	VANGUARD INTL EQUITY INDEX F FTSE EUROPE ETF VGK	VGK	84,148	$6.9m5.75%	5.75%	Added +46.0k	+45,953 120.3%
5	NVIDIA CORPORATION COM NVDA	NVDA	33,555	$5.9m4.85%	4.85%	Reduced -1.8k	-1,780 -5.0%
6	VANGUARD INDEX FDS S&P 500 ETF SHS VOO	VOO	7,989	$4.8m3.95%	3.95%	Reduced -1.8k	-1,755 -18.0%
7	APPLE INC COM AAPL	AAPL	18,539	$4.7m3.90%	3.90%	Added +8.4k	+8,412 83.1%
8	AMAZON COM INC COM AMZN	AMZN	21,921	$4.6m3.78%	3.78%	Reduced -257	-257 -1.2%
9	CUMMINS INC COM CMI	CMI	6,530	$3.5m2.91%	2.91%	Reduced -2.2k	-2,219 -25.4%
10	TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS TSM	TSM	10,162	$3.4m2.84%	2.84%	Reduced -1.8k	-1,764 -14.8%
11	INTERNATIONAL BUSINESS MACHS COM IBM	IBM	13,469	$3.3m2.70%	2.70%	Added +784	+784 6.2%
12	ALPHABET INC CAP STK CL C GOOG	GOOG	11,347	$3.3m2.70%	2.70%	Reduced -3.3k	-3,266 -22.4%
13	NETFLIX INC COM NFLX	NFLX	32,664	$3.1m2.60%	2.60%	Added +11.5k	+11,530 54.6%
14	BROADCOM INC COM AVGO	AVGO	9,158	$2.8m2.35%	2.35%	Reduced -423	-423 -4.4%
15	MITSUBISHI UFJ FINL GROUP IN SPONSORED ADS MUFG	MUFG	157,661	$2.7m2.22%	2.22%	Reduced -34.5k	-34,515 -18.0%
16	ASTRAZENECA PLC ORD AZN	AZN	13,034	$2.6m2.13%	2.13%	New
17	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	5,114	$2.5m2.03%	2.03%	Reduced -258	-258 -4.8%
18	GE AEROSPACE COM NEW GE	GE	8,432	$2.4m1.98%	1.98%	Reduced -2.3k	-2,272 -21.2%
19	HONEYWELL INTL INC COM COM		10,072	$2.3m1.89%	1.89%	Reduced -2.8k	-2,764 -21.5%
20	HUNTINGTON INGALLS INDS INC COM HII	HII	5,660	$2.2m1.78%	1.78%	New
21	MCKESSON CORP COM MCK	MCK	2,169	$1.9m1.55%	1.55%	Reduced -1.1k	-1,106 -33.8%
22	ALPHABET INC CAP STK CL A GOOGL	GOOGL	6,482	$1.9m1.54%	1.54%	Reduced -6	-6 -0.1%
23	UNUM GROUP COM UNM	UNM	25,197	$1.8m1.52%	1.52%	Reduced -5.3k	-5,328 -17.4%
24	JANUS DETROIT STR TR HENDRSON AAA CL JAAA	JAAA	28,022	$1.4m1.17%	1.17%	Reduced -236	-236 -0.8%
25	SPROTT PHYSICAL SILVER TR TR UNIT PSLV	PSLV	52,807	$1.3m1.07%	1.07%	Reduced -1.8k	-1,834 -3.4%
26	TESLA INC COM TSLA	TSLA	2,635	$979.6k0.81%	0.81%	Added +3	+3 0.1%
27	COSTCO WHSL CORP NEW COM COST	COST	886	$882.8k0.73%	0.73%	Unchanged
28	BOEING CO COM BA	BA	3,943	$784.8k0.65%	0.65%	Reduced -25	-25 -0.6%
29	WALMART INC COM WMT	WMT	6,069	$754.3k0.62%	0.62%	Added +258	+258 4.4%
30	VANGUARD INDEX FDS SMALL CP ETF VB	VB	2,639	$691.2k0.57%	0.57%	Added +510	+510 23.9%
31	WISDOMTREE TR EUROPE HEDGED EQ HEDJ	HEDJ	11,875	$621.1k0.51%	0.51%	Added +5.1k	+5,110 75.5%
32	CALAMOS ETF TR AUTOCALLABLE INC CAIE	CAIE	24,363	$612.5k0.51%	0.51%	New
33	JOHNSON & JOHNSON COM JNJ	JNJ	2,076	$507.5k0.42%	0.42%	Unchanged
34	FASTENAL CO COM FAST	FAST	10,933	$507.3k0.42%	0.42%	Added +38	+38 0.3%
35	CISCO SYS INC COM CSCO	CSCO	6,380	$495.0k0.41%	0.41%	Unchanged
36	ENERGY TRANSFER L P COM UT LTD PTN ET	ET	25,039	$483.3k0.40%	0.40%	Added +905	+905 3.8%
37	SELLAS LIFE SCIENCES GROUP I COM NEW SLS	SLS	109,251	$462.1k0.38%	0.38%	Added +60.6k	+60,587 124.5%
38	VANGUARD INDEX FDS MID CAP ETF VO	VO	1,563	$448.9k0.37%	0.37%	Reduced -607	-607 -28.0%
39	ABBVIE INC COM ABBV	ABBV	2,021	$439.5k0.36%	0.36%	Reduced -50	-50 -2.4%
40	POWELL INDS INC COM POWL	POWL	810	$438.3k0.36%	0.36%	Unchanged
41	BOOKING HOLDINGS INC COM BKNG	BKNG	100	$421.0k0.35%	0.35%	Unchanged
42	JANUS DETROIT STR TR B-BBB CLO ETF JBBB	JBBB	8,891	$414.4k0.34%	0.34%	Added +3.3k	+3,321 59.6%
43	ORACLE CORP COM ORCL	ORCL	2,778	$408.7k0.34%	0.34%	Reduced -1.1k	-1,098 -28.3%
44	META PLATFORMS INC CL A META	META	708	$405.1k0.34%	0.34%	Unchanged
45	TEVA PHARMACEUTICAL INDS LTD SPONSORED ADS SPONSORED ADS		13,405	$403.8k0.33%	0.33%	Reduced -595	-595 -4.2%
46	CHEVRON CORP NEW COM CVX	CVX	1,867	$386.3k0.32%	0.32%	Reduced -431	-431 -18.8%
47	VISA INC COM CL A V	V	1,187	$358.7k0.30%	0.30%	Reduced -19	-19 -1.6%
48	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	546	$355.1k0.29%	0.29%	Reduced -234	-234 -30.0%
49	SCHWAB STRATEGIC TR INTL EQTY ETF SCHF	SCHF	14,158	$350.4k0.29%	0.29%	Unchanged
50	ROYAL GOLD INC COM RGLD	RGLD	1,353	$344.2k0.29%	0.29%	Added +3	+3 0.2%
51	SCHWAB STRATEGIC TR 1000 INDEX ETF SCHK	SCHK	10,862	$340.3k0.28%	0.28%	Unchanged
52	SCHWAB CHARLES CORP COM SCHW	SCHW	3,605	$338.8k0.28%	0.28%	Added +10	+10 0.3%
53	INVESCO QQQ TR UNIT SER 1 QQQ	QQQ	586	$338.2k0.28%	0.28%	Unchanged
54	J P MORGAN EXCHANGE TRADED F NASDAQ EQT PREM JEPQ	JEPQ	5,989	$332.5k0.28%	0.28%	New
55	ADVANCED MICRO DEVICES INC COM AMD	AMD	1,600	$325.5k0.27%	0.27%	Reduced -50	-50 -3.0%
56	VANGUARD STAR FDS VG TL INTL STK F VXUS	VXUS	4,202	$324.0k0.27%	0.27%	New
57	SOLSTICE ADVANCED MATLS INC COM SHS SOLS	SOLS	4,124	$314.1k0.26%	0.26%	New
58	NEXSTAR MEDIA GROUP INC COMMON STOCK NXST	NXST	1,619	$292.8k0.24%	0.24%	Unchanged
59	RTX CORPORATION COM RTX	RTX	1,451	$279.8k0.23%	0.23%	Unchanged
60	CATALYST PHARMACEUTICALS INC COM CPRX	CPRX	10,938	$270.8k0.22%	0.22%	Unchanged
61	WISDOMTREE TR JAPN HEDGE EQT DXJ	DXJ	1,700	$269.6k0.22%	0.22%	Unchanged
62	SNOWFLAKE INC CL A SNOW	SNOW	1,755	$264.7k0.22%	0.22%	Reduced -100	-100 -5.4%
63	GE HEALTHCARE TECHNOLOGIES I COMMON STOCK GEHC	GEHC	3,699	$263.3k0.22%	0.22%	Reduced -780	-780 -17.4%
64	JPMORGAN CHASE & CO COM JPM	JPM	884	$260.0k0.22%	0.22%	New
65	VAIL RESORTS INC COM MTN	MTN	1,905	$244.4k0.20%	0.20%	Added +30	+30 1.6%
66	GOLDMAN SACHS ETF TR ACCES TREASURY GBIL	GBIL	2,239	$224.3k0.19%	0.19%	Added +108	+108 5.1%
67	ADDUS HOMECARE CORP COM ADUS	ADUS	2,334	$218.6k0.18%	0.18%	New
68	UNIVERSAL DISPLAY CORP COM OLED	OLED	2,324	$213.0k0.18%	0.18%	Added +13	+13 0.6%
69	AGNICO EAGLE MINES LTD COM AEM	AEM	1,024	$207.9k0.17%	0.17%	New
70	BLUE OWL CAPITAL CORPORATION COM OBDC	OBDC	10,351	$114.5k0.09%	0.09%	Reduced -37.1k	-37,099 -78.2%
71	QUANTUM EMOTION CORP COM QNC	QNC	12,000	$27.5k0.02%	0.02%	New

Sold out since Q4 2025

Security	Ticker	Shares held before	Value then
RELIANCE INC RS	RS	8,754	$2.5m8.8k shares
UNITEDHEALTH GROUP INC UNH	UNH	7,369	$2.4m7.4k shares
COREWEAVE INC CRWV	CRWV	3,209	$229.8k3.2k shares
PAYPAL HLDGS INC PYPL	PYPL	3,695	$215.7k3.7k shares
GENERAL MTRS CO GM	GM	2,550	$207.4k2.5k shares
MIZUHO FINANCIAL GROUP INC MFG	MFG	15,000	$109.8k15.0k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
SELLAS LIFE SCIENCES GROUP I SLS · Call	SLS	Call	15,500	$65.6k15.5k shares	Added