Aspen Investment Management Inc
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 6, 2026), Aspen Investment Management Inc reported 176 stock positions worth $331.3 million. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 7.3% of the portfolio, followed by Invesco S&P 500 Equal Weight (RSP, 3.6%) and Apple (AAPL, 3.6%). Compared with Q3 2025, it opened 32 new positions, sold out of 5, added to 84 and reduced 36. The biggest buy was Apple (AAPL, shares +187%) and the biggest sale Invesco S&P 500 Equal Weight (RSP, shares −0%).
- Most Recent 13F
- Q2 2026
- Location
- GRAND RAPIDS, MI
- CIK
- 0001541596
- Portfolio Value
- $331.3M (Q4 2025)
- SEC Filing
- 0001541596-26-000001 ↗ filed Feb 6, 2026
Holdings Value
Holdings 176 stocks · $331.3M
| SPY SS SPDR S&P 500 ETF Trust-US | 7.34% | 35,654 | $24.3M | Add +1.0% |
| RSP Invesco S&P 500 Equal Weight | 3.64% | 62,970 | $12.1M | Reduce -0.2% |
| AAPL Apple Inc. | 3.56% | 43,375 | $11.8M | Add +186.6% |
| MSFT Microsoft Corp. | 3.50% | 23,944 | $11.6M | Add +40.3% |
| IWM iShares Russell 2000 ETF | 2.85% | 38,329 | $9.4M | Add +5.2% |
| IEFA iShares Core MSCI Eafe ETF | 2.77% | 102,468 | $9.2M | Add +5.7% |
| IGIB iShares 5-10Y Inv Grade Corp. | 2.45% | 150,454 | $8.1M | Add +4.0% |
| IGSB iShares 1-5Y Inv Grade Corp. | 2.31% | 144,548 | $7.6M | Add +11.3% |
| JPM JPMorgan Chase & Co. | 2.01% | 20,670 | $6.7M | Add +12.8% |
| GOOGL Alphabet Inc. Class A | 1.97% | 20,890 | $6.5M | Add +81.2% |
| VIG Vanguard Dividend Apprec ETF | 1.95% | 29,415 | $6.5M | Add +585.8% |
| GS Goldman Sachs Group Inc. | 1.90% | 7,171 | $6.3M | Add +18.8% |
| VTI VG Morningstar TS MKT ETF-US | 1.47% | 14,562 | $4.9M | Add +399.0% |
| WMT Walmart Inc. | 1.47% | 43,700 | $4.9M | Reduce -1.1% |
| FPE FT-Preferred Secur & Inc. ETF | 1.36% | 247,954 | $4.5M | Add +1.5% |
| NVDA Nvidia Corp. | 1.27% | 22,497 | $4.2M | Add +323.7% |
| AMZN Amazon.com Inc. | 1.24% | 17,863 | $4.1M | Add +22.6% |
| BSCR Invesco Bulletshares 2027 CB | 1.14% | 192,045 | $3.8M | Reduce -0.2% |
| IVV iShares Core S&P 500 ETF | 1.14% | 5,527 | $3.8M | Reduce -4.7% |
| JNJ Johnson & Johnson | 1.13% | 18,170 | $3.8M | Add +89.9% |
| FTSL First Trust Senior Loan ETF | 1.03% | 74,346 | $3.4M | Reduce -11.2% |
| LLY Eli Lilly & Co. | 1.02% | 3,155 | $3.4M | Add +149.0% |
| BSCS Invesco Bulletshares 2028 CB | 1.02% | 163,710 | $3.4M | No change |
| SPYI Neos S&P 500 High Income ETF | 0.88% | 55,710 | $2.9M | Add +133.3% |
| ABBV Abbvie Inc. | 0.88% | 12,777 | $2.9M | Add +123.0% |
| GLW Corning Inc. | 0.87% | 33,026 | $2.9M | Add +21.4% |
| BSCT Invesco Bulletshares 2029 CB | 0.86% | 150,655 | $2.8M | No change |
| GLD SPDR Gold Shares | 0.85% | 7,111 | $2.8M | Add +9.1% |
| XLE SS Energy Select Sector | 0.83% | 61,801 | $2.8M | Add +1.5% |
| BSCQ Invesco Bulletshares 2026 CB | 0.81% | 137,545 | $2.7M | Reduce -1.1% |
| HYS PIMCO 0-5 Year H/Y Corp. Bond | 0.81% | 28,129 | $2.7M | Add +0.0% |
| QQQ Invesco QQQ Trust Series 1 | 0.80% | 4,323 | $2.7M | Add +0.7% |
| HOOD Robinhood Markets Inc. Class A | 0.79% | 23,016 | $2.6M | Reduce -0.8% |
| V Visa Inc. Class A | 0.78% | 7,361 | $2.6M | Add +0.8% |
| PLTR Palantir Technologies Inc. Class A | 0.75% | 13,902 | $2.5M | Add +1010.4% |
| SCHW Schwab (charles) Corp. | 0.75% | 24,721 | $2.5M | Add +1.5% |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.74% | 57,529 | $2.5M | Add +0.7% |
| AMGN Amgen Inc. | 0.74% | 7,451 | $2.4M | Add +30.5% |
| SYK Stryker Corp. | 0.72% | 6,823 | $2.4M | Add +30.7% |
| PEP Pepsico Inc. | 0.70% | 16,131 | $2.3M | Add +30.3% |
| SCHA Schwab US Small-Cap ETF | 0.69% | 80,611 | $2.3M | Add +0.9% |
| PG The Procter & Gamble Co. | 0.69% | 15,987 | $2.3M | Add +114.3% |
| CAT Caterpillar Inc. | 0.67% | 3,867 | $2.2M | Add +32.0% |
| HD Home Depot Inc. | 0.66% | 6,392 | $2.2M | Add +3.9% |
| ICE Intercontinental Exchange Inc. | 0.65% | 13,292 | $2.2M | Reduce -0.4% |
| SCHX Schwab US Large-Cap ETF | 0.64% | 78,497 | $2.1M | Add +2.9% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.64% | 7,122 | $2.1M | Add +2.3% |
| TT Trane Technologies PLC | 0.62% | 5,258 | $2.0M | Add +0.7% |
| IWB iShares Russell 1000 ETF | 0.61% | 5,386 | $2.0M | Add +56.5% |
| WM Waste Management Inc. | 0.59% | 8,859 | $1.9M | Add +1.7% |
| DES Wisdomtree US Smallcap Divid | 0.58% | 57,925 | $1.9M | Reduce -0.7% |
| XOM Exxon Mobil Corp. | 0.58% | 16,029 | $1.9M | Add +6.1% |
| GOOG Alphabet Inc. Class C | 0.58% | 6,143 | $1.9M | Add +58.3% |
| CVX Chevron Corp. | 0.57% | 12,381 | $1.9M | Add +24.6% |
| SCHF Schwab Intl Equity ETF | 0.55% | 75,459 | $1.8M | Add +0.9% |
| CSCO Cisco Systems Inc. | 0.55% | 23,521 | $1.8M | Add +10.4% |
| VNQ Vanguard Real Estate ETF | 0.54% | 20,098 | $1.8M | Reduce -45.9% |
| JCI Johnson Controls Internation | 0.53% | 14,780 | $1.8M | Reduce -2.0% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.53% | 31,872 | $1.8M | Reduce -3.9% |
| FICO Fair Isaac Corp. | 0.52% | 1,028 | $1.7M | Reduce -23.1% |
| CSX CSX Corp. | 0.51% | 46,384 | $1.7M | Reduce -3.7% |
| ABT Abbott Laboratories | 0.50% | 13,258 | $1.7M | Add +131.1% |
| VOX Vanguard Communication Servi | 0.48% | 8,127 | $1.6M | New |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.47% | 5,328 | $1.5M | Reduce -8.2% |
| PWR Quanta Services Inc. | 0.46% | 3,593 | $1.5M | Add +2.1% |
| SCHD Schwab US DVD Equity ETF | 0.45% | 54,244 | $1.5M | Add +8.7% |
| TLTW iShares 20+ Bond Buywrite | 0.44% | 64,960 | $1.5M | New |
| KO The Coca-Cola Co. | 0.44% | 21,040 | $1.5M | Add +116.3% |
| JEPI JPMorgan Equity Premium Inco | 0.44% | 25,707 | $1.5M | New |
| ITW Illinois Tool Works | 0.44% | 5,962 | $1.5M | Reduce -3.2% |
| AXP American Express Co. | 0.43% | 3,839 | $1.4M | Reduce -0.5% |
| XLI SS Industrial Select Sector | 0.41% | 8,763 | $1.4M | Add +21.7% |
| WMB Williams Cos Inc. | 0.41% | 22,615 | $1.4M | Add +1.2% |
| MU Micron Technology Inc. | 0.41% | 4,717 | $1.3M | No change |
| ADP Automatic Data Processing | 0.39% | 5,062 | $1.3M | Reduce -7.8% |
| COST Costco Wholesale Corp. | 0.39% | 1,494 | $1.3M | Add +175.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.39% | 2,543 | $1.3M | New |
| VYM Vanguard High DVD Yield ETF | 0.38% | 8,735 | $1.3M | Add +321.0% |
| VWO Vanguard Ftse Emerging Marke | 0.38% | 23,128 | $1.2M | Add +2.5% |
| MCD McDonald's Corp. | 0.37% | 4,064 | $1.2M | New |
| NEE Nextera Energy Inc. | 0.37% | 15,446 | $1.2M | Reduce -0.5% |
| VOO Vanguard S&P 500 ETF | 0.37% | 1,964 | $1.2M | New |
| EFA iShares MSCI Eafe ETF | 0.37% | 12,680 | $1.2M | Add +4.1% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.37% | 10,482 | $1.2M | Reduce -1.1% |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | 0.36% | 3,833 | $1.2M | Add +121.2% |
| ORCL Oracle Corp. | 0.35% | 5,870 | $1.1M | Add +96.4% |
| ETN Eaton Corp. PLC | 0.34% | 3,578 | $1.1M | Reduce -0.0% |
| BSX Boston Scientific Corp. | 0.34% | 11,694 | $1.1M | Add +4.3% |
| QLTY GMO U.S. Quality ETF | 0.31% | 26,590 | $1.0M | New |
| WFC Wells Fargo & Co. | 0.30% | 10,738 | $1.0M | No change |
| XLK SS Technology Select Sector | 0.30% | 6,935 | $998K | Add +35.8% |
| GE General Electric filed as GE AEROSPACE | 0.29% | 3,110 | $958K | Add +28.6% |
| SCHC Schwab Intl Small-Cap Equity | 0.29% | 20,978 | $955K | Add +1.9% |
| EW Edwards Lifesciences Corp. | 0.27% | 10,381 | $885K | Add +1.5% |
| LMT Lockheed Martin Corp. | 0.27% | 1,819 | $880K | No change |
| IEMG iShares Core MSCI Emerging | 0.25% | 12,543 | $843K | Add +11.7% |
| SLV iShares Silver Trust | 0.25% | 13,034 | $840K | Add +34.1% |
| AVGO Broadcom Inc. | 0.24% | 2,335 | $808K | Add +13.8% |
| MDLZ Mondelez International Inc. Class A | 0.24% | 14,687 | $791K | Reduce -4.2% |
| PYPL PayPal Holdings Inc. | 0.23% | 13,222 | $772K | Reduce -0.1% |
Options reported separately and not counted above: AMZN calls ($462K).
Portfolio Sells Q3 2025 → Q4 2025
| RSP Invesco S&P 500 Equal Weight | Reduce -0.2% | 3.64% | −0.98 |
| VNQ Vanguard Real Estate ETF | Reduce -45.9% | 0.54% | −0.78 |
| BSCP Invesco Bulletshares 2025 CB | Sold out | 0.00% | −0.59 |
| HOOD Robinhood Markets Inc. Class A | Reduce -0.8% | 0.79% | −0.50 |
| FTSL First Trust Senior Loan ETF | Reduce -11.2% | 1.03% | −0.45 |
| IVV iShares Core S&P 500 ETF | Reduce -4.7% | 1.14% | −0.36 |
| BSCR Invesco Bulletshares 2027 CB | Reduce -0.2% | 1.14% | −0.32 |
| WMT Walmart Inc. | Reduce -1.1% | 1.47% | −0.29 |
| FICO Fair Isaac Corp. | Reduce -23.1% | 0.52% | −0.25 |
| BSCQ Invesco Bulletshares 2026 CB | Reduce -1.1% | 0.81% | −0.24 |
| ADP Automatic Data Processing | Reduce -7.8% | 0.39% | −0.23 |
| ICE Intercontinental Exchange Inc. | Reduce -0.4% | 0.65% | −0.22 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Reduce -8.2% | 0.47% | −0.19 |
| ITW Illinois Tool Works | Reduce -3.2% | 0.44% | −0.18 |
| DES Wisdomtree US Smallcap Divid | Reduce -0.7% | 0.58% | −0.17 |
| ETN Eaton Corp. PLC | Reduce -0.0% | 0.34% | −0.17 |
| HBAN Huntington Bancshares Inc. | Reduce -29.0% | 0.21% | −0.17 |
| CSX CSX Corp. | Reduce -3.7% | 0.51% | −0.15 |
| BCI Abrdn Bloomberg All Commodit | Reduce -30.9% | 0.13% | −0.14 |
| BAC Bank of America Corp. | Reduce -3.9% | 0.53% | −0.13 |
| MDLZ Mondelez International Inc. Class A | Reduce -4.2% | 0.24% | −0.13 |
| XHB SS SPDR S&P Homebldrs ETF | Sold out | 0.00% | −0.13 |
| MNST Monster Beverage Corp. | Sold out | 0.00% | −0.12 |
| PYPL PayPal Holdings Inc. | Reduce -0.1% | 0.23% | −0.11 |
| JCI Johnson Controls Internation | Reduce -2.0% | 0.53% | −0.11 |
| ETD Ethan Allen Interiors Inc. | Reduce -2.2% | 0.14% | −0.10 |
| PAYX Paychex Inc. | Sold out | 0.00% | −0.09 |
| RSG Republic Services Inc. | Sold out | 0.00% | −0.08 |
| NEE Nextera Energy Inc. | Reduce -0.5% | 0.37% | −0.08 |
| BNY Bank of New York Mellon Corp. | Reduce -1.1% | 0.37% | −0.08 |
| IRM Iron Mountain Inc. | Reduce -4.3% | 0.11% | −0.07 |
| AXP American Express Co. | Reduce -0.5% | 0.43% | −0.07 |
| IJH iShares Core S&P Midcap ETF | Reduce -1.4% | 0.20% | −0.06 |
| SCHM Schwab US Mid Cap ETF | Reduce -0.9% | 0.20% | −0.05 |
| CRWD CrowdStrike Holdings Inc. Class A | Reduce -1.4% | 0.14% | −0.05 |
| EMLP First Trust North American E | Reduce -1.3% | 0.17% | −0.05 |
| SCHG Schwab US Large-Cap Growth | Reduce -2.1% | 0.18% | −0.05 |
| INTC Intel Corp. | Reduce -7.3% | 0.14% | −0.04 |
| DIS The Walt Disney Co. | Reduce -7.3% | 0.09% | −0.03 |
| TRV The Travelers Cos Inc. | Reduce -1.3% | 0.12% | −0.03 |
| SCHV Schwab US Large-Cap Value | Reduce -3.1% | 0.08% | −0.02 |
Portfolio Buys Q3 2025 → Q4 2025
| AAPL Apple Inc. | Add +186.6% | 3.56% | +2.07 |
| VIG Vanguard Dividend Apprec ETF | Add +585.8% | 1.95% | +1.59 |
| VTI VG Morningstar TS MKT ETF-US | Add +399.0% | 1.47% | +1.10 |
| GOOGL Alphabet Inc. Class A | Add +81.2% | 1.97% | +0.89 |
| NVDA Nvidia Corp. | Add +323.7% | 1.27% | +0.88 |
| PLTR Palantir Technologies Inc. Class A | Add +1010.4% | 0.75% | +0.66 |
| LLY Eli Lilly & Co. | Add +149.0% | 1.02% | +0.65 |
| VOX Vanguard Communication Servi | New | 0.48% | +0.48 |
| JNJ Johnson & Johnson | Add +89.9% | 1.13% | +0.45 |
| TLTW iShares 20+ Bond Buywrite | New | 0.44% | +0.44 |
| JEPI JPMorgan Equity Premium Inco | New | 0.44% | +0.44 |
| SPYI Neos S&P 500 High Income ETF | Add +133.3% | 0.88% | +0.40 |
| BRK.B Berkshire Hathaway Inc. Class B | New | 0.39% | +0.39 |
| MCD McDonald's Corp. | New | 0.37% | +0.37 |
| VOO Vanguard S&P 500 ETF | New | 0.37% | +0.37 |
| ABBV Abbvie Inc. | Add +123.0% | 0.88% | +0.37 |
| QLTY GMO U.S. Quality ETF | New | 0.31% | +0.31 |
| VYM Vanguard High DVD Yield ETF | Add +321.0% | 0.38% | +0.27 |
| PG The Procter & Gamble Co. | Add +114.3% | 0.69% | +0.25 |
| GOOG Alphabet Inc. Class C | Add +58.3% | 0.58% | +0.22 |
| ABT Abbott Laboratories | Add +131.1% | 0.50% | +0.20 |
| UNM Unum Group | New | 0.20% | +0.20 |
| KO The Coca-Cola Co. | Add +116.3% | 0.44% | +0.19 |
| COST Costco Wholesale Corp. | Add +175.1% | 0.39% | +0.19 |
| IYW iShares Ustechnology ETF | New | 0.19% | +0.19 |
| MRK Merck & Co. Inc. | New | 0.19% | +0.19 |
| IVW iShares S&P 500 Growth ETF | New | 0.17% | +0.17 |
| EBAY eBay Inc. | New | 0.16% | +0.16 |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | Add +121.2% | 0.36% | +0.16 |
| NVS Novartis AG-Sponsored ADR | New | 0.16% | +0.16 |
| UBER Uber Technologies Inc. | New | 0.14% | +0.14 |
| IAU iShares Gold Trust | New | 0.13% | +0.13 |
| PANW Palo Alto Networks Inc. | New | 0.13% | +0.13 |
| CAT Caterpillar Inc. | Add +32.0% | 0.67% | +0.13 |
| GMOI GMO International Value ETF | New | 0.13% | +0.13 |
| SBUX Starbucks Corp. | New | 0.13% | +0.13 |
| IWB iShares Russell 1000 ETF | Add +56.5% | 0.61% | +0.12 |
| BX Blackstone Inc. | New | 0.12% | +0.12 |
| DEM Wisdomtree Emerging Markets | New | 0.11% | +0.11 |
| AMGN Amgen Inc. | Add +30.5% | 0.74% | +0.11 |
| VIGI Vanguard Int Div App Indx FD | New | 0.11% | +0.11 |
| IWP iShares Russell Mid-Cap Grow | New | 0.11% | +0.11 |
| YOU Clear Secure Inc. Class A | New | 0.10% | +0.10 |
| GMOV GMO U.S. Value ETF | New | 0.10% | +0.10 |
| IVE iShares S&P 500 Value ETF | New | 0.10% | +0.10 |
| SMH Vaneck Semiconductor ETF | Add +125.9% | 0.20% | +0.10 |
| SLV iShares Silver Trust | Add +34.1% | 0.25% | +0.09 |
| ONTO Onto Innovation Inc. | New | 0.09% | +0.09 |
| META Meta Platforms Inc. Class A | Add +142.7% | 0.21% | +0.09 |
| MSFT Microsoft Corp. | Add +40.3% | 3.50% | +0.08 |
Options Activity Q3 2025 → Q4 2025
| AMZN Amazon.com Inc. | call | New | 2,000 | $462K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
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 |