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

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $196.9M Q1 2024 Q2 2024: $200.4M Q2 2024 Q3 2024: $214.4M Q3 2024 Q4 2024: $215.4M Q4 2024 Q1 2025: $216.9M Q1 2025 Q2 2025: $237.8M $237.8M Q2 2025 Q3 2025: $258.8M Q3 2025 Q4 2025: $331.3M Q4 2025 Q1 2026: $326.5M Q1 2026 Q2 2026: $372.0M Q2 2026

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
SCHG Schwab US Large-Cap Growth 0.22% 18,226 $532K Add +0.1%
IWF iShares Russell 1000 Growth 0.22% 1,230 $522K No change
OEF iShares S&P 100 ETF 0.22% 1,700 $517K No change
SCHD Schwab US DVD Equity ETF 0.22% 19,509 $517K Add +14.9%
XLV SS Health Care Select Sector 0.21% 3,688 $497K Reduce -5.3%
VV Vngrd Mrgstr LRG-Cap ETF-Usd 0.21% 1,733 $494K No change
DON Wisdomtree US Midcap Dividen 0.20% 9,630 $483K No change
CRWD CrowdStrike Holdings Inc. Class A 0.20% 940 $479K New
DE Deere & Co. 0.20% 925 $470K No change
TTD Trade Desk Inc./the Class A filed as THE TRADE DESK INC 0.20% 6,491 $467K No change
IRM Iron Mountain Inc. filed as IRON MTN INC DEL 0.20% 4,535 $465K Add +0.1%
COP Conocophillips 0.19% 5,049 $453K Reduce -1.7%
ELV Elevance Health Inc. 0.19% 1,143 $445K Add +9.1%
MPC Marathon Petroleum Corp. 0.18% 2,622 $435K Add +0.0%
FTNT Fortinet Inc. 0.17% 3,817 $404K New
VIG Vanguard Dividend Apprec ETF 0.17% 1,939 $397K No change
CIBR First Trust Nasdaq Cybersecu 0.16% 5,064 $383K Add +12.2%
MNST Monster Beverage Corp. 0.16% 6,000 $376K Reduce -2.5%
TRV The Travelers Cos Inc. 0.16% 1,406 $376K Reduce -6.0%
XLF SS Financial Select Sector 0.16% 7,104 $372K Reduce -1.8%
BMY Bristol-Myers Squibb Co. 0.15% 7,764 $359K Reduce -5.7%
SLV iShares Silver Trust 0.15% 10,794 $354K New
MDT Medtronic PLC 0.15% 4,034 $352K Reduce -1.2%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.14% 2,757 $342K Reduce -6.2%
DOCU Docusign Inc. 0.14% 4,133 $322K Add +11.8%
C Citigroup Inc. 0.13% 3,739 $318K Reduce -7.4%
INTC Intel Corp. 0.13% 14,174 $317K Reduce -17.5%
SNOW Snowflake Inc. 0.12% 1,320 $295K New
XLI SS Industrial Select Sector 0.12% 1,996 $294K Reduce -89.2%
ONTO Onto Innovation Inc. 0.12% 2,900 $293K New
BROS Dutch Bros Inc. Class A 0.12% 4,240 $290K New
MSI Motorola Solutions Inc. 0.12% 690 $290K No change
PAYX Paychex Inc. 0.12% 1,909 $278K No change
DTE DTE Energy Company 0.12% 2,088 $277K No change
VYM Vanguard High DVD Yield ETF 0.12% 2,075 $277K No change
HCA HCA Healthcare Inc. 0.11% 706 $271K Add +1.0%
GEV GE Vernova Inc. 0.11% 505 $267K New
XSD SS SPDR S&P Semiconductor 0.11% 1,034 $265K No change
PFE Pfizer Inc. 0.11% 10,861 $263K Reduce -9.9%
MDY State Street SPDR S&P Midcap 0.11% 463 $262K Reduce -83.7%
SCHV Schwab US Large-Cap Value 0.11% 9,380 $260K Reduce -4.5%
OKTA Okta Inc. 0.11% 2,574 $257K New
IHDG Wisdomtree International Hed 0.11% 5,650 $255K No change
INFL Horizon Kinetics Infl Benef 0.10% 5,914 $249K No change
IWR iShares Russell Mid-Cap ETF 0.10% 2,700 $248K No change
RSG Republic Services Inc. 0.10% 945 $233K Reduce -2.6%
SHW The Sherwin-Williams Co. 0.09% 650 $223K No change

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

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 187$372.0MSPY, RSP, IWM, IEFA, AAPL
Q1 2026 171$326.5MSPY, RSP, IWM, IEFA, AAPL
Q4 2025 176$331.3MSPY, RSP, AAPL, MSFT, IWM
Q3 2025 149$258.8MSPY, RSP, MSFT, IWM, IEFA
Q2 2025 147$237.8MSPY, RSP, MSFT, IWM, IEFA
Q1 2025 146$216.9MSPY, RSP, IGIB, MSFT, IWM
Q4 2024 141$215.4MSPY, RSP, IWM, MSFT, IGIB
Q3 2024 147$214.4MSPY, RSP, IWM, MSFT, IGIB
Q2 2024 148$200.4MSPY, RSP, MSFT, IWM, IGIB
Q1 2024 153$196.9MSPY, MSFT, RSP, IWM, IEFA