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

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 Q2 2025 Q3 2025: $258.8M $258.8M Q3 2025 Q4 2025: $331.3M Q4 2025 Q1 2026: $326.5M Q1 2026 Q2 2026: $372.0M Q2 2026

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%
SCHG Schwab US Large-Cap Growth 0.22% 18,236 $582K Add +0.1%
IWF iShares Russell 1000 Growth 0.22% 1,230 $576K No change
EMLP First Trust North American E 0.22% 14,870 $569K No change
OEF iShares S&P 100 ETF 0.22% 1,700 $566K No change
AIG American International Group 0.22% 7,124 $559K Add +0.1%
VV Vngrd Mrgstr LRG-Cap ETF-Usd 0.21% 1,733 $534K No change
CRWD CrowdStrike Holdings Inc. Class A 0.20% 1,037 $509K Add +10.3%
MPC Marathon Petroleum Corp. 0.20% 2,622 $505K No change
DON Wisdomtree US Midcap Dividen 0.19% 9,630 $504K No change
COST Costco Wholesale Corp. 0.19% 543 $503K Reduce -50.5%
AMD Advanced Micro Devices 0.18% 2,951 $477K New
COP Conocophillips 0.18% 4,939 $467K Reduce -2.2%
INTC Intel Corp. 0.18% 13,924 $467K Reduce -1.8%
IRM Iron Mountain Inc. filed as IRON MTN INC DEL 0.18% 4,539 $463K Add +0.1%
CIBR First Trust Nasdaq Cybersecu 0.17% 5,802 $441K Add +14.6%
DE Deere & Co. 0.16% 925 $423K No change
SLV iShares Silver Trust 0.16% 9,719 $412K Reduce -10.0%
TRV The Travelers Cos Inc. 0.15% 1,406 $393K No change
XLF SS Financial Select Sector 0.15% 7,183 $387K Add +1.1%
C Citigroup Inc. 0.15% 3,739 $380K No change
MDT Medtronic PLC 0.15% 3,989 $380K Reduce -1.1%
MTZ Mastec Inc. 0.14% 1,645 $350K New
XLV SS Health Care Select Sector 0.13% 2,428 $338K Reduce -34.2%
XSD SS SPDR S&P Semiconductor 0.13% 1,034 $330K No change
XHB SS SPDR S&P Homebldrs ETF 0.13% 2,920 $324K New
MNST Monster Beverage Corp. 0.12% 4,768 $321K Reduce -20.5%
URA Global X Uranium ETF 0.12% 6,700 $319K New
TTD Trade Desk Inc./the Class A filed as THE TRADE DESK INC 0.12% 6,491 $318K No change
META Meta Platforms Inc. Class A 0.12% 431 $317K New
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.12% 2,757 $316K No change
MSI Motorola Solutions Inc. 0.12% 690 $316K No change
BMY Bristol-Myers Squibb Co. 0.12% 6,939 $313K Reduce -10.6%
GEV GE Vernova Inc. 0.12% 505 $311K No change
DOCU Docusign Inc. 0.12% 4,133 $298K No change
HCA HCA Healthcare Inc. 0.12% 699 $298K Reduce -1.0%
VYM Vanguard High DVD Yield ETF 0.11% 2,075 $292K No change
MDY State Street SPDR S&P Midcap 0.11% 463 $276K No change
SCHV Schwab US Large-Cap Value 0.10% 9,237 $269K Reduce -1.5%
IWR iShares Russell Mid-Cap ETF 0.10% 2,700 $261K No change
SMH Vaneck Semiconductor ETF 0.10% 799 $261K New
IHDG Wisdomtree International Hed 0.10% 5,650 $260K No change
IGPT Invesco AI and Next Gen Soft 0.10% 4,618 $249K New
SNOW Snowflake Inc. 0.10% 1,105 $249K Reduce -16.3%
PAYX Paychex Inc. 0.09% 1,909 $242K No change
SHOP Shopify Inc. Class A 0.09% 1,595 $237K New
VTV Vanguard Mrngstr Val ETF-Aui 0.09% 1,260 $235K New
PLTR Palantir Technologies Inc. Class A 0.09% 1,252 $228K New
SHW The Sherwin-Williams Co. 0.09% 650 $225K No change
RSG Republic Services Inc. 0.08% 945 $217K No change

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

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