Aspen Investment Management Inc
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 11, 2025), Aspen Investment Management Inc reported 147 stock positions worth $237.8 million. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 8.8% of the portfolio, followed by Invesco S&P 500 Equal Weight (RSP, 4.7%) and Microsoft (MSFT, 3.5%). Compared with Q1 2025, it opened 11 new positions, sold out of 10, added to 54 and reduced 57. The biggest buy was a new position in Invesco Bulletshares 2029 CB (BSCT) and the biggest sale SS Industrial Select Sector (XLI, shares −89%).
- Most Recent 13F
- Q2 2026
- Location
- GRAND RAPIDS, MI
- CIK
- 0001541596
- Portfolio Value
- $237.8M (Q2 2025)
- SEC Filing
- 0001541596-25-000005 ↗ filed Aug 11, 2025
Holdings Value
Holdings 147 stocks · $237.8M
| SPY SS SPDR S&P 500 ETF Trust-US | 8.76% | 33,705 | $20.8M | Reduce -1.9% |
| RSP Invesco S&P 500 Equal Weight | 4.71% | 61,603 | $11.2M | Reduce -7.4% |
| MSFT Microsoft Corp. | 3.45% | 16,511 | $8.2M | Reduce -7.3% |
| IWM iShares Russell 2000 ETF | 3.12% | 34,417 | $7.4M | Add +6.9% |
| IEFA iShares Core MSCI Eafe ETF | 3.12% | 88,969 | $7.4M | Add +16.4% |
| IGIB iShares 5-10Y Inv Grade Corp. | 2.99% | 133,545 | $7.1M | Add +4.6% |
| IGSB iShares 1-5Y Inv Grade Corp. | 2.57% | 116,009 | $6.1M | Add +9.8% |
| JPM JPMorgan Chase & Co. | 2.18% | 17,898 | $5.2M | Reduce -0.2% |
| WMT Walmart Inc. | 1.93% | 46,893 | $4.6M | Reduce -1.3% |
| FPE FT-Preferred Secur & Inc. ETF | 1.81% | 241,246 | $4.3M | Reduce -0.6% |
| GS Goldman Sachs Group Inc. | 1.76% | 5,923 | $4.2M | Reduce -0.2% |
| FTSL First Trust Senior Loan ETF | 1.62% | 84,158 | $3.9M | Add +0.9% |
| BSCR Invesco Bulletshares 2027 CB | 1.60% | 193,320 | $3.8M | Add +14.6% |
| IVV iShares Core S&P 500 ETF | 1.51% | 5,792 | $3.6M | No change |
| AAPL Apple Inc. | 1.39% | 16,106 | $3.3M | Add +2.2% |
| BSCS Invesco Bulletshares 2028 CB | 1.39% | 161,155 | $3.3M | Add +32.2% |
| VNQ Vanguard Real Estate ETF | 1.36% | 36,434 | $3.2M | Add +8.8% |
| AMZN Amazon.com Inc. | 1.20% | 12,954 | $2.8M | Reduce -20.2% |
| BSCT Invesco Bulletshares 2029 CB | 1.17% | 149,170 | $2.8M | New |
| BSCQ Invesco Bulletshares 2026 CB | 1.16% | 141,285 | $2.8M | Add +24.5% |
| HOOD Robinhood Markets Inc. Class A | 1.15% | 29,228 | $2.7M | Reduce -24.7% |
| XLE SS Energy Select Sector | 1.15% | 32,159 | $2.7M | Add +143.7% |
| V Visa Inc. Class A | 1.10% | 7,400 | $2.6M | Add +0.9% |
| HYS PIMCO 0-5 Year H/Y Corp. Bond | 1.10% | 27,538 | $2.6M | Add +2.0% |
| ICE Intercontinental Exchange Inc. | 1.01% | 13,119 | $2.4M | Add +0.4% |
| FICO Fair Isaac Corp. | 1.00% | 1,297 | $2.4M | Reduce -0.8% |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.97% | 28,159 | $2.3M | Add +3.6% |
| HD Home Depot Inc. | 0.95% | 6,172 | $2.3M | Add +0.6% |
| TT Trane Technologies PLC | 0.94% | 5,127 | $2.2M | Add +0.8% |
| SCHW Schwab (charles) Corp. | 0.94% | 24,470 | $2.2M | Add +1.3% |
| GLD SPDR Gold Shares | 0.89% | 6,978 | $2.1M | Add +19.1% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.88% | 7,079 | $2.1M | Add +8.0% |
| SYK Stryker Corp. | 0.85% | 5,127 | $2.0M | Add +4.1% |
| SCHA Schwab US Small-Cap ETF | 0.85% | 79,769 | $2.0M | Add +3.5% |
| QQQ Invesco QQQ Trust Series 1 | 0.83% | 3,564 | $2.0M | New |
| WM Waste Management Inc. | 0.82% | 8,532 | $2.0M | Reduce -0.1% |
| SCHX Schwab US Large-Cap ETF | 0.78% | 76,179 | $1.9M | Add +0.5% |
| DES Wisdomtree US Smallcap Divid | 0.78% | 58,570 | $1.9M | Reduce -0.5% |
| PEP Pepsico Inc. | 0.75% | 13,595 | $1.8M | Reduce -1.8% |
| GOOGL Alphabet Inc. Class A | 0.74% | 10,051 | $1.8M | Reduce -21.9% |
| ADP Automatic Data Processing | 0.71% | 5,487 | $1.7M | Add +1.5% |
| BSCP Invesco Bulletshares 2025 CB | 0.70% | 80,355 | $1.7M | Reduce -1.6% |
| SCHF Schwab Intl Equity ETF | 0.70% | 74,805 | $1.7M | Reduce -0.1% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.69% | 34,620 | $1.6M | Reduce -0.3% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.68% | 5,802 | $1.6M | Reduce -0.1% |
| JCI Johnson Controls Internation | 0.67% | 15,080 | $1.6M | Reduce -1.6% |
| XOM Exxon Mobil Corp. | 0.67% | 14,748 | $1.6M | Reduce -0.0% |
| CSX CSX Corp. | 0.66% | 48,182 | $1.6M | Reduce -1.5% |
| ITW Illinois Tool Works | 0.66% | 6,345 | $1.6M | Add +1.8% |
| AMGN Amgen Inc. | 0.65% | 5,515 | $1.5M | Reduce -0.7% |
| CSCO Cisco Systems Inc. | 0.61% | 21,057 | $1.5M | Add +1.0% |
| JNJ Johnson & Johnson | 0.60% | 9,314 | $1.4M | Reduce -5.0% |
| CVX Chevron Corp. | 0.60% | 9,932 | $1.4M | Reduce -0.1% |
| WMB Williams Cos Inc. | 0.58% | 21,974 | $1.4M | Add +6.3% |
| GLW Corning Inc. | 0.56% | 25,214 | $1.3M | Add +0.8% |
| PWR Quanta Services Inc. | 0.54% | 3,397 | $1.3M | Add +11.2% |
| ETN Eaton Corp. PLC | 0.52% | 3,464 | $1.2M | Add +0.5% |
| AXP American Express Co. | 0.49% | 3,678 | $1.2M | Add +11.9% |
| PG The Procter & Gamble Co. | 0.49% | 7,357 | $1.2M | Reduce -2.0% |
| HBAN Huntington Bancshares Inc. | 0.49% | 69,829 | $1.2M | Reduce -1.3% |
| IWB iShares Russell 1000 ETF | 0.49% | 3,442 | $1.2M | Reduce -2.8% |
| CAT Caterpillar Inc. | 0.48% | 2,930 | $1.1M | Reduce -1.2% |
| BSX Boston Scientific Corp. | 0.47% | 10,474 | $1.1M | Add +20.4% |
| EFA iShares MSCI Eafe ETF | 0.46% | 12,180 | $1.1M | Reduce -0.2% |
| COST Costco Wholesale Corp. | 0.46% | 1,098 | $1.1M | Add +3.3% |
| NEE Nextera Energy Inc. | 0.46% | 15,600 | $1.1M | Add +0.9% |
| VWO Vanguard Ftse Emerging Marke | 0.46% | 21,892 | $1.1M | Add +1.9% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.45% | 11,783 | $1.1M | Reduce -1.4% |
| ABT Abbott Laboratories | 0.44% | 7,755 | $1.1M | Reduce -1.2% |
| MDLZ Mondelez International Inc. Class A | 0.44% | 15,468 | $1.0M | Add +0.0% |
| PYPL PayPal Holdings Inc. | 0.42% | 13,284 | $987K | Reduce -1.1% |
| ABBV Abbvie Inc. | 0.38% | 4,823 | $895K | Add +6.4% |
| LMT Lockheed Martin Corp. | 0.36% | 1,869 | $866K | No change |
| SCHC Schwab Intl Small-Cap Equity | 0.36% | 20,278 | $864K | Add +2.5% |
| WFC Wells Fargo & Co. | 0.36% | 10,738 | $860K | Add +5.7% |
| EW Edwards Lifesciences Corp. | 0.34% | 10,231 | $800K | Reduce -1.3% |
| LLY Eli Lilly & Co. | 0.33% | 1,017 | $793K | Add +4.5% |
| VTI VG Morningstar TS MKT ETF-US | 0.33% | 2,567 | $780K | Reduce -3.8% |
| TXN Texas Instruments Inc. | 0.32% | 3,695 | $767K | No change |
| NVDA Nvidia Corp. | 0.32% | 4,819 | $761K | Reduce -37.1% |
| BCI Abrdn Bloomberg All Commodit filed as ABRDN ETFS | 0.30% | 33,885 | $704K | Reduce -11.0% |
| KO The Coca-Cola Co. | 0.29% | 9,727 | $688K | No change |
| SCHE Schwab Emrg Mrkts Eqty ETF | 0.28% | 22,457 | $677K | Add +0.0% |
| IEMG iShares Core MSCI Emerging | 0.28% | 11,245 | $675K | Reduce -0.4% |
| XLK SS Technology Select Sector | 0.28% | 2,658 | $673K | Reduce -3.4% |
| ORCL Oracle Corp. | 0.27% | 2,989 | $653K | No change |
| GOOG Alphabet Inc. Class C | 0.27% | 3,636 | $645K | No change |
| DUK Duke Energy Corp. | 0.26% | 5,319 | $628K | Add +9.2% |
| GE General Electric filed as GE AEROSPACE | 0.26% | 2,419 | $623K | Add +7.8% |
| SCHM Schwab US Mid Cap ETF | 0.26% | 21,825 | $612K | Reduce -4.4% |
| AIG American International Group | 0.26% | 7,120 | $609K | Add +17.7% |
| MU Micron Technology Inc. | 0.26% | 4,942 | $609K | Reduce -2.0% |
| VGT Vanguard Info Tech ETF | 0.25% | 908 | $602K | No change |
| ETD Ethan Allen Interiors Inc. | 0.25% | 21,296 | $593K | No change |
| CMF iShares California Muni Bond | 0.25% | 10,631 | $593K | Reduce -2.3% |
| MRVL Marvell Technology Inc. | 0.24% | 7,495 | $580K | Add +6.9% |
| MET Metlife Inc. | 0.24% | 7,025 | $565K | Reduce -2.3% |
| EMLP First Trust North American E | 0.23% | 14,870 | $558K | No change |
| IJH iShares Core S&P Midcap ETF | 0.23% | 8,999 | $558K | Add +64.4% |
| AVGO Broadcom Inc. | 0.23% | 2,012 | $555K | New |
Portfolio Sells Q1 2025 → Q2 2025
| XLI SS Industrial Select Sector | Reduce -89.2% | 0.12% | −1.00 |
| RSP Invesco S&P 500 Equal Weight | Reduce -7.4% | 4.71% | −0.60 |
| MDY State Street SPDR S&P Midcap | Reduce -83.7% | 0.11% | −0.59 |
| XLY SS Consumer Disc Select Sect | Sold out | 0.00% | −0.49 |
| META Meta Platforms Inc. Class A | Sold out | 0.00% | −0.38 |
| MAR Marriott International Class A | Sold out | 0.00% | −0.27 |
| AMZN Amazon.com Inc. | Reduce -20.2% | 1.20% | −0.23 |
| PEP Pepsico Inc. | Reduce -1.8% | 0.75% | −0.20 |
| GOOGL Alphabet Inc. Class A | Reduce -21.9% | 0.74% | −0.17 |
| CVX Chevron Corp. | Reduce -0.1% | 0.60% | −0.17 |
| FPE FT-Preferred Secur & Inc. ETF | Reduce -0.6% | 1.81% | −0.16 |
| JNJ Johnson & Johnson | Reduce -5.0% | 0.60% | −0.15 |
| AMGN Amgen Inc. | Reduce -0.7% | 0.65% | −0.15 |
| XLC SS Comm Select Sector SPDR | Sold out | 0.00% | −0.15 |
| UNH Unitedhealth Group Inc. | Sold out | 0.00% | −0.14 |
| XOM Exxon Mobil Corp. | Reduce -0.0% | 0.67% | −0.14 |
| DSTL Distillate US Fundamental St | Sold out | 0.00% | −0.13 |
| FICO Fair Isaac Corp. | Reduce -0.8% | 1.00% | −0.11 |
| IYY iShares Dow Jones U.S. ETF | Sold out | 0.00% | −0.11 |
| VTV Vanguard Mrngstr Val ETF-Aui | Sold out | 0.00% | −0.10 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -1.9% | 8.76% | −0.10 |
| AVUV Avantis US Small Cap Value | Sold out | 0.00% | −0.10 |
| PG The Procter & Gamble Co. | Reduce -2.0% | 0.49% | −0.10 |
| WM Waste Management Inc. | Reduce -0.1% | 0.82% | −0.09 |
| DES Wisdomtree US Smallcap Divid | Reduce -0.5% | 0.78% | −0.09 |
| BCI Abrdn Bloomberg All Commodit | Reduce -11.0% | 0.30% | −0.08 |
| BMY Bristol-Myers Squibb Co. | Reduce -5.7% | 0.15% | −0.08 |
| BSCP Invesco Bulletshares 2025 CB | Reduce -1.6% | 0.70% | −0.08 |
| NVDA Nvidia Corp. | Reduce -37.1% | 0.32% | −0.06 |
| RIVN Rivian Automotive Inc. Class A | Sold out | 0.00% | −0.06 |
| COP Conocophillips | Reduce -1.7% | 0.19% | −0.06 |
| XLV SS Health Care Select Sector | Reduce -5.3% | 0.21% | −0.05 |
| INTC Intel Corp. | Reduce -17.5% | 0.13% | −0.05 |
| ABT Abbott Laboratories | Reduce -1.2% | 0.44% | −0.04 |
| CMF iShares California Muni Bond | Reduce -2.3% | 0.25% | −0.03 |
| PFE Pfizer Inc. | Reduce -9.9% | 0.11% | −0.03 |
| MET Metlife Inc. | Reduce -2.3% | 0.24% | −0.03 |
| TRV The Travelers Cos Inc. | Reduce -6.0% | 0.16% | −0.02 |
| MDT Medtronic PLC | Reduce -1.2% | 0.15% | −0.02 |
| SCHM Schwab US Mid Cap ETF | Reduce -4.4% | 0.26% | −0.02 |
| SCHV Schwab US Large-Cap Value | Reduce -4.5% | 0.11% | −0.01 |
| RSG Republic Services Inc. | Reduce -2.6% | 0.10% | −0.01 |
| BNY Bank of New York Mellon Corp. | Reduce -1.4% | 0.45% | −0.01 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -3.8% | 0.33% | −0.01 |
| EW Edwards Lifesciences Corp. | Reduce -1.3% | 0.34% | −0.01 |
| XLF SS Financial Select Sector | Reduce -1.8% | 0.16% | −0.01 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Reduce -0.1% | 0.68% | −0.01 |
| IWB iShares Russell 1000 ETF | Reduce -2.8% | 0.49% | −0.01 |
| MNST Monster Beverage Corp. | Reduce -2.5% | 0.16% | −0.01 |
| CSX CSX Corp. | Reduce -1.5% | 0.66% | −0.00 |
Portfolio Buys Q1 2025 → Q2 2025
| BSCT Invesco Bulletshares 2029 CB | New | 1.17% | +1.17 |
| QQQ Invesco QQQ Trust Series 1 | New | 0.83% | +0.83 |
| XLE SS Energy Select Sector | Add +143.7% | 1.15% | +0.58 |
| IEFA iShares Core MSCI Eafe ETF | Add +16.4% | 3.12% | +0.46 |
| BSCS Invesco Bulletshares 2028 CB | Add +32.2% | 1.39% | +0.24 |
| AVGO Broadcom Inc. | New | 0.23% | +0.23 |
| CRWD CrowdStrike Holdings Inc. Class A | New | 0.20% | +0.20 |
| PWR Quanta Services Inc. | Add +11.2% | 0.54% | +0.18 |
| FTNT Fortinet Inc. | New | 0.17% | +0.17 |
| IWM iShares Russell 2000 ETF | Add +6.9% | 3.12% | +0.16 |
| TT Trane Technologies PLC | Add +0.8% | 0.94% | +0.15 |
| SLV iShares Silver Trust | New | 0.15% | +0.15 |
| BSCQ Invesco Bulletshares 2026 CB | Add +24.5% | 1.16% | +0.14 |
| IBM Intl Business Machines Corp. | Add +8.0% | 0.88% | +0.13 |
| SNOW Snowflake Inc. | New | 0.12% | +0.12 |
| ONTO Onto Innovation Inc. | New | 0.12% | +0.12 |
| BROS Dutch Bros Inc. Class A | New | 0.12% | +0.12 |
| GLD SPDR Gold Shares | Add +19.1% | 0.89% | +0.12 |
| GEV GE Vernova Inc. | New | 0.11% | +0.11 |
| OKTA Okta Inc. | New | 0.11% | +0.11 |
| ETN Eaton Corp. PLC | Add +0.5% | 0.52% | +0.09 |
| IJH iShares Core S&P Midcap ETF | Add +64.4% | 0.23% | +0.09 |
| AXP American Express Co. | Add +11.9% | 0.49% | +0.09 |
| BSCR Invesco Bulletshares 2027 CB | Add +14.6% | 1.60% | +0.07 |
| BSX Boston Scientific Corp. | Add +20.4% | 0.47% | +0.07 |
| SCHW Schwab (charles) Corp. | Add +1.3% | 0.94% | +0.07 |
| GE General Electric | Add +7.8% | 0.26% | +0.06 |
| MRVL Marvell Technology Inc. | Add +6.9% | 0.24% | +0.04 |
| SCHC Schwab Intl Small-Cap Equity | Add +2.5% | 0.36% | +0.04 |
| CIBR First Trust Nasdaq Cybersecu | Add +12.2% | 0.16% | +0.03 |
| GLW Corning Inc. | Add +0.8% | 0.56% | +0.03 |
| WFC Wells Fargo & Co. | Add +5.7% | 0.36% | +0.03 |
| IGSB iShares 1-5Y Inv Grade Corp. | Add +9.8% | 2.57% | +0.02 |
| CSCO Cisco Systems Inc. | Add +1.0% | 0.61% | +0.02 |
| SCHA Schwab US Small-Cap ETF | Add +3.5% | 0.85% | +0.02 |
| IRM Iron Mountain Inc. | Add +0.1% | 0.20% | +0.02 |
| AIG American International Group | Add +17.7% | 0.26% | +0.01 |
| SCHG Schwab US Large-Cap Growth | Add +0.1% | 0.22% | +0.01 |
| WMB Williams Cos Inc. | Add +6.3% | 0.58% | +0.01 |
| SCHX Schwab US Large-Cap ETF | Add +0.5% | 0.78% | +0.01 |
| SYK Stryker Corp. | Add +4.1% | 0.85% | +0.01 |
| VWO Vanguard Ftse Emerging Marke | Add +1.9% | 0.46% | +0.01 |
| MPC Marathon Petroleum Corp. | Add +0.0% | 0.18% | +0.01 |
| HCA HCA Healthcare Inc. | Add +1.0% | 0.11% | +0.00 |
| SCHE Schwab Emrg Mrkts Eqty ETF | Add +0.0% | 0.28% | −0.00 |
| SCHD Schwab US DVD Equity ETF | Add +14.9% | 0.22% | −0.00 |
| DOCU Docusign Inc. | Add +11.8% | 0.14% | −0.00 |
| COST Costco Wholesale Corp. | Add +3.3% | 0.46% | −0.01 |
| DUK Duke Energy Corp. | Add +9.2% | 0.26% | −0.01 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Add +3.6% | 0.97% | −0.02 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 187 | $372.0M | SPY, RSP, IWM, IEFA, AAPL |
| Q1 2026 | 171 | $326.5M | SPY, RSP, IWM, IEFA, AAPL |
| Q4 2025 | 176 | $331.3M | SPY, RSP, AAPL, MSFT, IWM |
| Q3 2025 | 149 | $258.8M | SPY, RSP, MSFT, IWM, IEFA |
| Q2 2025 | 147 | $237.8M | SPY, RSP, MSFT, IWM, IEFA |
| Q1 2025 | 146 | $216.9M | SPY, RSP, IGIB, MSFT, IWM |
| Q4 2024 | 141 | $215.4M | SPY, RSP, IWM, MSFT, IGIB |
| Q3 2024 | 147 | $214.4M | SPY, RSP, IWM, MSFT, IGIB |
| Q2 2024 | 148 | $200.4M | SPY, RSP, MSFT, IWM, IGIB |
| Q1 2024 | 153 | $196.9M | SPY, MSFT, RSP, IWM, IEFA |