Aspen Investment Management Inc
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), Aspen Investment Management Inc reported 149 stock positions worth $258.8 million. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 9.1% of the portfolio, followed by Invesco S&P 500 Equal Weight (RSP, 4.6%) and Microsoft (MSFT, 3.4%). Compared with Q2 2025, it opened 11 new positions, sold out of 9, added to 59 and reduced 44. The biggest buy was a new position in Neos S&P 500 High Income ETF (SPYI) and the biggest sale Costco Wholesale (COST, shares −51%).
- Most Recent 13F
- Q2 2026
- Location
- GRAND RAPIDS, MI
- CIK
- 0001541596
- Portfolio Value
- $258.8M (Q3 2025)
- SEC Filing
- 0001541596-25-000007 ↗ filed Nov 12, 2025
Holdings Value
Holdings 149 stocks · $258.8M
| SPY SS SPDR S&P 500 ETF Trust-US | 9.09% | 35,310 | $23.5M | Add +4.8% |
| RSP Invesco S&P 500 Equal Weight | 4.63% | 63,110 | $12.0M | Add +2.5% |
| MSFT Microsoft Corp. | 3.42% | 17,067 | $8.8M | Add +3.4% |
| IWM iShares Russell 2000 ETF | 3.41% | 36,451 | $8.8M | Add +5.9% |
| IEFA iShares Core MSCI Eafe ETF | 3.27% | 96,923 | $8.5M | Add +8.9% |
| IGIB iShares 5-10Y Inv Grade Corp. | 3.02% | 144,631 | $7.8M | Add +8.3% |
| IGSB iShares 1-5Y Inv Grade Corp. | 2.66% | 129,869 | $6.9M | Add +11.9% |
| JPM JPMorgan Chase & Co. | 2.23% | 18,316 | $5.8M | Add +2.3% |
| GS Goldman Sachs Group Inc. | 1.86% | 6,037 | $4.8M | Add +1.9% |
| WMT Walmart Inc. | 1.76% | 44,192 | $4.6M | Reduce -5.8% |
| FPE FT-Preferred Secur & Inc. ETF | 1.72% | 244,378 | $4.5M | Add +1.3% |
| IVV iShares Core S&P 500 ETF | 1.50% | 5,800 | $3.9M | Add +0.1% |
| AAPL Apple Inc. | 1.49% | 15,135 | $3.9M | Reduce -6.0% |
| FTSL First Trust Senior Loan ETF | 1.48% | 83,755 | $3.8M | Reduce -0.5% |
| BSCR Invesco Bulletshares 2027 CB | 1.46% | 192,345 | $3.8M | Reduce -0.5% |
| VNQ Vanguard Real Estate ETF | 1.31% | 37,180 | $3.4M | Add +2.0% |
| BSCS Invesco Bulletshares 2028 CB | 1.30% | 163,710 | $3.4M | Add +1.6% |
| HOOD Robinhood Markets Inc. Class A | 1.28% | 23,192 | $3.3M | Reduce -20.6% |
| AMZN Amazon.com Inc. | 1.24% | 14,573 | $3.2M | Add +12.5% |
| BSCT Invesco Bulletshares 2029 CB | 1.09% | 150,655 | $2.8M | Add +1.0% |
| GOOGL Alphabet Inc. Class A | 1.08% | 11,526 | $2.8M | Add +14.7% |
| BSCQ Invesco Bulletshares 2026 CB | 1.05% | 139,045 | $2.7M | Reduce -1.6% |
| XLE SS Energy Select Sector | 1.05% | 30,435 | $2.7M | Reduce -5.4% |
| HYS PIMCO 0-5 Year H/Y Corp. Bond | 1.04% | 28,125 | $2.7M | Add +2.1% |
| QQQ Invesco QQQ Trust Series 1 | 1.00% | 4,294 | $2.6M | Add +20.5% |
| HD Home Depot Inc. | 0.96% | 6,154 | $2.5M | Reduce -0.3% |
| V Visa Inc. Class A | 0.96% | 7,303 | $2.5M | Reduce -1.3% |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.96% | 28,579 | $2.5M | Add +1.5% |
| SCHW Schwab (charles) Corp. | 0.90% | 24,364 | $2.3M | Reduce -0.4% |
| GLD SPDR Gold Shares | 0.90% | 6,518 | $2.3M | Reduce -6.6% |
| ICE Intercontinental Exchange Inc. | 0.87% | 13,341 | $2.2M | Add +1.7% |
| GLW Corning Inc. | 0.86% | 27,203 | $2.2M | Add +7.9% |
| SCHA Schwab US Small-Cap ETF | 0.86% | 79,895 | $2.2M | Add +0.2% |
| TT Trane Technologies PLC | 0.85% | 5,222 | $2.2M | Add +1.9% |
| SCHX Schwab US Large-Cap ETF | 0.78% | 76,304 | $2.0M | Add +0.2% |
| FICO Fair Isaac Corp. | 0.77% | 1,337 | $2.0M | Add +3.1% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.76% | 6,960 | $2.0M | Reduce -1.7% |
| DES Wisdomtree US Smallcap Divid | 0.76% | 58,322 | $2.0M | Reduce -0.4% |
| SYK Stryker Corp. | 0.75% | 5,220 | $1.9M | Add +1.8% |
| WM Waste Management Inc. | 0.74% | 8,714 | $1.9M | Add +2.1% |
| JNJ Johnson & Johnson | 0.69% | 9,570 | $1.8M | Add +2.8% |
| SCHF Schwab Intl Equity ETF | 0.67% | 74,805 | $1.7M | No change |
| PEP Pepsico Inc. | 0.67% | 12,376 | $1.7M | Reduce -9.0% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.66% | 33,171 | $1.7M | Reduce -4.2% |
| CSX CSX Corp. | 0.66% | 48,183 | $1.7M | Add +0.0% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.66% | 5,802 | $1.7M | No change |
| XOM Exxon Mobil Corp. | 0.66% | 15,109 | $1.7M | Add +2.5% |
| JCI Johnson Controls Internation | 0.64% | 15,080 | $1.7M | No change |
| AMGN Amgen Inc. | 0.62% | 5,709 | $1.6M | Add +3.5% |
| ADP Automatic Data Processing | 0.62% | 5,487 | $1.6M | No change |
| ITW Illinois Tool Works | 0.62% | 6,161 | $1.6M | Reduce -2.9% |
| CVX Chevron Corp. | 0.60% | 9,938 | $1.5M | Add +0.1% |
| BSCP Invesco Bulletshares 2025 CB | 0.59% | 74,318 | $1.5M | Reduce -7.5% |
| CSCO Cisco Systems Inc. | 0.56% | 21,308 | $1.5M | Add +1.2% |
| PWR Quanta Services Inc. | 0.56% | 3,518 | $1.5M | Add +3.6% |
| WMB Williams Cos Inc. | 0.55% | 22,354 | $1.4M | Add +1.7% |
| CAT Caterpillar Inc. | 0.54% | 2,930 | $1.4M | No change |
| SCHD Schwab US DVD Equity ETF | 0.53% | 49,926 | $1.4M | Add +155.9% |
| ETN Eaton Corp. PLC | 0.52% | 3,579 | $1.3M | Add +3.3% |
| ABBV Abbvie Inc. | 0.51% | 5,730 | $1.3M | Add +18.8% |
| AXP American Express Co. | 0.49% | 3,857 | $1.3M | Add +4.9% |
| IWB iShares Russell 1000 ETF | 0.49% | 3,442 | $1.3M | No change |
| SPYI Neos S&P 500 High Income ETF | 0.48% | 23,880 | $1.2M | New |
| VWO Vanguard Ftse Emerging Marke | 0.47% | 22,552 | $1.2M | Add +3.0% |
| NEE Nextera Energy Inc. | 0.45% | 15,525 | $1.2M | Reduce -0.5% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.45% | 10,593 | $1.2M | Reduce -10.1% |
| PG The Procter & Gamble Co. | 0.44% | 7,460 | $1.1M | Add +1.4% |
| EFA iShares MSCI Eafe ETF | 0.44% | 12,180 | $1.1M | No change |
| XLI SS Industrial Select Sector | 0.43% | 7,203 | $1.1M | Add +260.9% |
| BSX Boston Scientific Corp. | 0.42% | 11,214 | $1.1M | Add +7.1% |
| NVDA Nvidia Corp. | 0.38% | 5,310 | $991K | Add +10.2% |
| HBAN Huntington Bancshares Inc. | 0.38% | 56,909 | $983K | Reduce -18.5% |
| LLY Eli Lilly & Co. | 0.37% | 1,267 | $967K | Add +24.6% |
| MDLZ Mondelez International Inc. Class A | 0.37% | 15,325 | $957K | Reduce -0.9% |
| VTI VG Morningstar TS MKT ETF-US | 0.37% | 2,918 | $957K | Add +13.7% |
| GOOG Alphabet Inc. Class C | 0.37% | 3,881 | $945K | Add +6.7% |
| SCHC Schwab Intl Small-Cap Equity | 0.36% | 20,578 | $937K | Add +1.5% |
| VIG Vanguard Dividend Apprec ETF | 0.36% | 4,289 | $926K | Add +121.2% |
| LMT Lockheed Martin Corp. | 0.35% | 1,819 | $908K | Reduce -2.7% |
| WFC Wells Fargo & Co. | 0.35% | 10,738 | $900K | No change |
| PYPL PayPal Holdings Inc. | 0.34% | 13,228 | $887K | Reduce -0.4% |
| ORCL Oracle Corp. | 0.32% | 2,989 | $841K | No change |
| EW Edwards Lifesciences Corp. | 0.31% | 10,231 | $796K | No change |
| MU Micron Technology Inc. | 0.30% | 4,717 | $789K | Reduce -4.5% |
| ABT Abbott Laboratories | 0.30% | 5,738 | $769K | Reduce -26.0% |
| IEMG iShares Core MSCI Emerging | 0.29% | 11,230 | $740K | Reduce -0.1% |
| SCHE Schwab Emrg Mrkts Eqty ETF | 0.28% | 21,957 | $733K | Reduce -2.2% |
| GE General Electric filed as GE AEROSPACE | 0.28% | 2,419 | $728K | No change |
| XLK SS Technology Select Sector | 0.28% | 2,553 | $720K | Reduce -4.0% |
| BCI Abrdn Bloomberg All Commodit filed as ABRDN ETFS | 0.27% | 32,921 | $709K | Reduce -2.8% |
| CMF iShares California Muni Bond | 0.27% | 12,410 | $708K | Add +16.7% |
| VGT Vanguard Info Tech ETF | 0.26% | 908 | $678K | No change |
| AVGO Broadcom Inc. | 0.26% | 2,052 | $677K | Add +2.0% |
| TXN Texas Instruments Inc. | 0.26% | 3,610 | $663K | Reduce -2.3% |
| MRVL Marvell Technology Inc. | 0.25% | 7,836 | $659K | Add +4.5% |
| IJH iShares Core S&P Midcap ETF | 0.25% | 9,971 | $651K | Add +10.8% |
| SCHM Schwab US Mid Cap ETF | 0.25% | 21,789 | $646K | Reduce -0.2% |
| KO The Coca-Cola Co. | 0.25% | 9,727 | $645K | No change |
| DUK Duke Energy Corp. | 0.25% | 5,161 | $639K | Reduce -3.0% |
| ETD Ethan Allen Interiors Inc. | 0.24% | 20,796 | $613K | Reduce -2.4% |
Portfolio Sells Q2 2025 → Q3 2025
| COST Costco Wholesale Corp. | Reduce -50.5% | 0.19% | −0.26 |
| MET Metlife Inc. | Sold out | 0.00% | −0.24 |
| ELV Elevance Health Inc. | Sold out | 0.00% | −0.19 |
| FTNT Fortinet Inc. | Sold out | 0.00% | −0.17 |
| WMT Walmart Inc. | Reduce -5.8% | 1.76% | −0.17 |
| ABT Abbott Laboratories | Reduce -26.0% | 0.30% | −0.15 |
| V Visa Inc. Class A | Reduce -1.3% | 0.96% | −0.14 |
| FTSL First Trust Senior Loan ETF | Reduce -0.5% | 1.48% | −0.14 |
| BSCR Invesco Bulletshares 2027 CB | Reduce -0.5% | 1.46% | −0.13 |
| ONTO Onto Innovation Inc. | Sold out | 0.00% | −0.12 |
| BROS Dutch Bros Inc. Class A | Sold out | 0.00% | −0.12 |
| IBM Intl Business Machines Corp. | Reduce -1.7% | 0.76% | −0.12 |
| DTE DTE Energy Company | Sold out | 0.00% | −0.12 |
| HBAN Huntington Bancshares Inc. | Reduce -18.5% | 0.38% | −0.11 |
| PFE Pfizer Inc. | Sold out | 0.00% | −0.11 |
| BSCQ Invesco Bulletshares 2026 CB | Reduce -1.6% | 1.05% | −0.11 |
| OKTA Okta Inc. | Sold out | 0.00% | −0.11 |
| BSCP Invesco Bulletshares 2025 CB | Reduce -7.5% | 0.59% | −0.10 |
| INFL Horizon Kinetics Infl Benef | Sold out | 0.00% | −0.10 |
| XLE SS Energy Select Sector | Reduce -5.4% | 1.05% | −0.10 |
| PEP Pepsico Inc. | Reduce -9.0% | 0.67% | −0.08 |
| XLV SS Health Care Select Sector | Reduce -34.2% | 0.13% | −0.08 |
| PYPL PayPal Holdings Inc. | Reduce -0.4% | 0.34% | −0.07 |
| MDLZ Mondelez International Inc. Class A | Reduce -0.9% | 0.37% | −0.07 |
| TXN Texas Instruments Inc. | Reduce -2.3% | 0.26% | −0.07 |
| SCHW Schwab (charles) Corp. | Reduce -0.4% | 0.90% | −0.04 |
| ITW Illinois Tool Works | Reduce -2.9% | 0.62% | −0.04 |
| MNST Monster Beverage Corp. | Reduce -20.5% | 0.12% | −0.03 |
| BMY Bristol-Myers Squibb Co. | Reduce -10.6% | 0.12% | −0.03 |
| SNOW Snowflake Inc. | Reduce -16.3% | 0.10% | −0.03 |
| BAC Bank of America Corp. | Reduce -4.2% | 0.66% | −0.03 |
| DES Wisdomtree US Smallcap Divid | Reduce -0.4% | 0.76% | −0.02 |
| BCI Abrdn Bloomberg All Commodit | Reduce -2.8% | 0.27% | −0.02 |
| DUK Duke Energy Corp. | Reduce -3.0% | 0.25% | −0.02 |
| LMT Lockheed Martin Corp. | Reduce -2.7% | 0.35% | −0.01 |
| ETD Ethan Allen Interiors Inc. | Reduce -2.4% | 0.24% | −0.01 |
| COP Conocophillips | Reduce -2.2% | 0.18% | −0.01 |
| SCHM Schwab US Mid Cap ETF | Reduce -0.2% | 0.25% | −0.01 |
| BNY Bank of New York Mellon Corp. | Reduce -10.1% | 0.45% | −0.01 |
| SCHV Schwab US Large-Cap Value | Reduce -1.5% | 0.10% | −0.01 |
| XLK SS Technology Select Sector | Reduce -4.0% | 0.28% | −0.00 |
| NEE Nextera Energy Inc. | Reduce -0.5% | 0.45% | −0.00 |
| SCHE Schwab Emrg Mrkts Eqty ETF | Reduce -2.2% | 0.28% | −0.00 |
| MDT Medtronic PLC | Reduce -1.1% | 0.15% | −0.00 |
| GLD SPDR Gold Shares | Reduce -6.6% | 0.90% | +0.00 |
| HCA HCA Healthcare Inc. | Reduce -1.0% | 0.12% | +0.00 |
| IEMG iShares Core MSCI Emerging | Reduce -0.1% | 0.29% | +0.00 |
| SLV iShares Silver Trust | Reduce -10.0% | 0.16% | +0.01 |
| HD Home Depot Inc. | Reduce -0.3% | 0.96% | +0.01 |
| INTC Intel Corp. | Reduce -1.8% | 0.18% | +0.05 |
Portfolio Buys Q2 2025 → Q3 2025
| SPYI Neos S&P 500 High Income ETF | New | 0.48% | +0.48 |
| GOOGL Alphabet Inc. Class A | Add +14.7% | 1.08% | +0.34 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +4.8% | 9.09% | +0.33 |
| SCHD Schwab US DVD Equity ETF | Add +155.9% | 0.53% | +0.31 |
| XLI SS Industrial Select Sector | Add +260.9% | 0.43% | +0.31 |
| GLW Corning Inc. | Add +7.9% | 0.86% | +0.30 |
| IWM iShares Russell 2000 ETF | Add +5.9% | 3.41% | +0.28 |
| VIG Vanguard Dividend Apprec ETF | Add +121.2% | 0.36% | +0.19 |
| AMD Advanced Micro Devices | New | 0.18% | +0.18 |
| QQQ Invesco QQQ Trust Series 1 | Add +20.5% | 1.00% | +0.17 |
| IEFA iShares Core MSCI Eafe ETF | Add +8.9% | 3.27% | +0.15 |
| ABBV Abbvie Inc. | Add +18.8% | 0.51% | +0.14 |
| MTZ Mastec Inc. | New | 0.14% | +0.14 |
| XHB SS SPDR S&P Homebldrs ETF | New | 0.13% | +0.13 |
| URA Global X Uranium ETF | New | 0.12% | +0.12 |
| META Meta Platforms Inc. Class A | New | 0.12% | +0.12 |
| SMH Vaneck Semiconductor ETF | New | 0.10% | +0.10 |
| IGPT Invesco AI and Next Gen Soft | New | 0.10% | +0.10 |
| GS Goldman Sachs Group Inc. | Add +1.9% | 1.86% | +0.09 |
| GOOG Alphabet Inc. Class C | Add +6.7% | 0.37% | +0.09 |
| SHOP Shopify Inc. Class A | New | 0.09% | +0.09 |
| VTV Vanguard Mrngstr Val ETF-Aui | New | 0.09% | +0.09 |
| PLTR Palantir Technologies Inc. Class A | New | 0.09% | +0.09 |
| JNJ Johnson & Johnson | Add +2.8% | 0.69% | +0.09 |
| IGSB iShares 1-5Y Inv Grade Corp. | Add +11.9% | 2.66% | +0.09 |
| NVDA Nvidia Corp. | Add +10.2% | 0.38% | +0.06 |
| JPM JPMorgan Chase & Co. | Add +2.3% | 2.23% | +0.05 |
| VTI VG Morningstar TS MKT ETF-US | Add +13.7% | 0.37% | +0.04 |
| AMZN Amazon.com Inc. | Add +12.5% | 1.24% | +0.04 |
| LLY Eli Lilly & Co. | Add +24.6% | 0.37% | +0.04 |
| IGIB iShares 5-10Y Inv Grade Corp. | Add +8.3% | 3.02% | +0.03 |
| AVGO Broadcom Inc. | Add +2.0% | 0.26% | +0.03 |
| CMF iShares California Muni Bond | Add +16.7% | 0.27% | +0.02 |
| PWR Quanta Services Inc. | Add +3.6% | 0.56% | +0.02 |
| IJH iShares Core S&P Midcap ETF | Add +10.8% | 0.25% | +0.02 |
| VWO Vanguard Ftse Emerging Marke | Add +3.0% | 0.47% | +0.02 |
| SCHA Schwab US Small-Cap ETF | Add +0.2% | 0.86% | +0.01 |
| MRVL Marvell Technology Inc. | Add +4.5% | 0.25% | +0.01 |
| CIBR First Trust Nasdaq Cybersecu | Add +14.6% | 0.17% | +0.01 |
| AXP American Express Co. | Add +4.9% | 0.49% | +0.00 |
| SCHG Schwab US Large-Cap Growth | Add +0.1% | 0.22% | +0.00 |
| CSX CSX Corp. | Add +0.0% | 0.66% | 0.00 |
| SCHC Schwab Intl Small-Cap Equity | Add +1.5% | 0.36% | −0.00 |
| CVX Chevron Corp. | Add +0.1% | 0.60% | −0.00 |
| ETN Eaton Corp. PLC | Add +3.3% | 0.52% | −0.00 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Add +1.5% | 0.96% | −0.00 |
| CRWD CrowdStrike Holdings Inc. Class A | Add +10.3% | 0.20% | −0.00 |
| SCHX Schwab US Large-Cap ETF | Add +0.2% | 0.78% | −0.01 |
| XLF SS Financial Select Sector | Add +1.1% | 0.15% | −0.01 |
| XOM Exxon Mobil Corp. | Add +2.5% | 0.66% | −0.01 |
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 |