Exchange Capital Management, Inc.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 21, 2025), Exchange Capital Management, Inc. reported 206 stock positions worth $670.0 million. Its top holding was Microsoft (MSFT) at 5.3% of the portfolio, followed by Vanguard Info Tech ETF (VGT, 3.7%) and Amazon.com (AMZN, 3.2%). Compared with Q1 2025, it opened 5 new positions, sold out of 6, added to 75 and reduced 107. The biggest buy was State Street MY2030 Corporat (MYCJ, shares +184%) and the biggest sale Berkshire Hathaway Class B (BRK.B, shares −2%).
- Most Recent 13F
- Q2 2025
- Location
- Ann Arbor, MI
- CIK
- 0001317733
- Portfolio Value
- $670.0M (Q2 2025)
- SEC Filing
- 0001104659-25-069257 ↗ filed Jul 21, 2025
Holdings Value
Holdings 206 stocks · $670.0M
| MSFT Microsoft Corp. | 5.34% | 71,967 | $35.8M | Reduce -0.8% |
| VGT Vanguard Info Tech ETF | 3.67% | 37,090 | $24.6M | Reduce -0.8% |
| AMZN Amazon.com Inc. | 3.25% | 99,253 | $21.8M | Reduce -0.2% |
| GOOGL Alphabet Inc. Class A | 3.06% | 116,505 | $20.5M | Reduce -1.3% |
| DDWM Wisdomtree DY Inter Eq FD-US | 2.61% | 441,635 | $17.5M | Reduce -2.6% |
| BRK.B Berkshire Hathaway Inc. Class B | 2.23% | 30,692 | $14.9M | Reduce -2.0% |
| BLK BlackRock Inc. | 1.92% | 12,231 | $12.8M | Reduce -1.7% |
| VFH Vanguard Financials ETF | 1.90% | 100,023 | $12.7M | Reduce -0.1% |
| HEFA Isha Curr Hedged MSCI Eafe | 1.84% | 325,525 | $12.4M | Add +5.3% |
| SPMD SS SPDR P S&P 400 Midcap ETF | 1.81% | 222,550 | $12.1M | Add +8.1% |
| NOW ServiceNow Inc. | 1.74% | 11,308 | $11.6M | Reduce -1.6% |
| KLAC KLA Corp. | 1.70% | 12,683 | $11.4M | Reduce -3.0% |
| MDY State Street SPDR S&P Midcap | 1.68% | 19,852 | $11.2M | Reduce -0.9% |
| VHT Vanguard Health Care ETF | 1.63% | 44,069 | $10.9M | Add +9.2% |
| CRM Salesforce Inc. | 1.59% | 39,104 | $10.7M | Reduce -2.0% |
| VIS Vanguard Industrials ETF | 1.48% | 35,523 | $9.9M | Add +2.7% |
| VCR Vanguard Consumer Discre ETF | 1.48% | 27,449 | $9.9M | Add +6.8% |
| IJR iShares Core S&P Small-Cap E | 1.45% | 88,647 | $9.7M | Reduce -3.1% |
| JPM JPMorgan Chase & Co. | 1.42% | 32,762 | $9.5M | Reduce -1.7% |
| VOX Vanguard Communication Servi | 1.28% | 50,313 | $8.6M | Reduce -2.4% |
| VEEV Veeva Systems Inc. Class A | 1.26% | 29,276 | $8.4M | Reduce -1.1% |
| EMR Emerson Electric Co. | 1.26% | 63,212 | $8.4M | Reduce -2.0% |
| SPSM SS SPDR P S&P 600 Small Cap | 1.20% | 188,609 | $8.0M | Add +10.5% |
| MNST Monster Beverage Corp. | 1.17% | 124,804 | $7.8M | No change |
| SPTM SS SPDR P S&P 1500 Comp ETF | 1.15% | 102,545 | $7.7M | Add +7.3% |
| AAPL Apple Inc. | 1.08% | 35,149 | $7.2M | Add +10.7% |
| FTEC Fidelity MSCI Info Tech Indx | 1.03% | 34,927 | $6.9M | Reduce -5.1% |
| AGG iShares Core U.S. Aggregate | 1.02% | 68,910 | $6.8M | Add +4.0% |
| GWRE Guidewire Software Inc. | 0.97% | 27,564 | $6.5M | Reduce -33.1% |
| RTX RTX Corp. | 0.94% | 43,362 | $6.3M | Reduce -1.7% |
| BBBS BBLX BBB 1-5Y Corp. Bond ETF | 0.91% | 118,577 | $6.1M | Add +63.1% |
| HON Honeywell International Inc. | 0.87% | 25,074 | $5.8M | Add +5.4% |
| VPU Vanguard Utilities ETF | 0.85% | 32,423 | $5.7M | Add +4.3% |
| IJH iShares Core S&P Midcap ETF | 0.81% | 87,859 | $5.4M | Reduce -6.9% |
| MYCI State Street MY2029 Corporat | 0.80% | 213,531 | $5.3M | Add +42.0% |
| GILD Gilead Sciences Inc. | 0.76% | 46,147 | $5.1M | Add +0.1% |
| HD Home Depot Inc. | 0.76% | 13,948 | $5.1M | Reduce -1.7% |
| MYCH State Street MY2028 Corporat | 0.74% | 199,036 | $5.0M | Add +40.8% |
| VAW Vanguard Materials ETF | 0.73% | 25,045 | $4.9M | Reduce -0.4% |
| LNG Cheniere Energy Inc. | 0.72% | 19,899 | $4.8M | Add +5.7% |
| CMCSA Comcast Corp. Class A | 0.71% | 133,668 | $4.8M | Add +2.6% |
| V Visa Inc. Class A | 0.69% | 13,081 | $4.6M | Reduce -5.2% |
| AMGN Amgen Inc. | 0.69% | 16,466 | $4.6M | Reduce -1.6% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.67% | 36,091 | $4.5M | Reduce -15.8% |
| PG The Procter & Gamble Co. | 0.67% | 28,085 | $4.5M | Reduce -2.7% |
| VDC Vanguard Consumer Staple ETF | 0.66% | 20,170 | $4.4M | Add +8.5% |
| MRK Merck & Co. Inc. | 0.66% | 55,616 | $4.4M | Reduce -3.0% |
| CTVA Corteva Inc. | 0.63% | 56,901 | $4.2M | Add +0.3% |
| IEMG iShares Core MSCI Emerging | 0.63% | 70,571 | $4.2M | Add +1.7% |
| COST Costco Wholesale Corp. | 0.61% | 4,152 | $4.1M | Add +38.8% |
| KVUE Kenvue Inc. | 0.59% | 187,366 | $3.9M | Reduce -2.8% |
| XLK SS Technology Select Sector | 0.57% | 15,101 | $3.8M | Reduce -2.3% |
| JNJ Johnson & Johnson | 0.56% | 24,725 | $3.8M | Add +15.6% |
| SCHX Schwab US Large-Cap ETF | 0.55% | 151,666 | $3.7M | Reduce -10.0% |
| SBUX Starbucks Corp. | 0.55% | 40,253 | $3.7M | Reduce -2.9% |
| ADBE Adobe Inc. | 0.54% | 9,294 | $3.6M | Add +26.2% |
| MDT Medtronic PLC | 0.53% | 41,026 | $3.6M | Add +4.2% |
| IHDG Wisdomtree International Hed | 0.52% | 77,675 | $3.5M | Add +14.7% |
| XOM Exxon Mobil Corp. | 0.52% | 32,350 | $3.5M | Reduce -1.6% |
| BSCX Invesco Bulletshares 2033 CB | 0.51% | 161,506 | $3.4M | Reduce -2.7% |
| MYCN State Street MY2034 Corporat | 0.51% | 138,616 | $3.4M | Add +47.0% |
| MYCJ State Street MY2030 Corporat | 0.50% | 135,739 | $3.4M | Add +184.2% |
| MCD McDonald's Corp. | 0.49% | 11,245 | $3.3M | Add +1.5% |
| FHLC Fidelity MSCI Health Care | 0.47% | 49,599 | $3.2M | Reduce -2.9% |
| BSCV Invesco Bulletshares 2031 CB | 0.47% | 188,958 | $3.1M | Reduce -2.6% |
| GD General Dynamics Corp. | 0.46% | 10,528 | $3.1M | Reduce -2.8% |
| LMT Lockheed Martin Corp. | 0.46% | 6,610 | $3.1M | Add +0.1% |
| BSCW Invesco Bulletshares 2032 CB | 0.46% | 148,401 | $3.1M | Reduce -2.3% |
| XTWO Bondbloxx BBG 2Y US TSY ETF | 0.43% | 57,821 | $2.9M | Reduce -6.2% |
| USB US Bancorp | 0.41% | 61,329 | $2.8M | Reduce -18.8% |
| DDLS Wisdmtre DY Int Smlcap Ef-US | 0.41% | 69,995 | $2.8M | Add +6.1% |
| LRCX Lam Research Corp. | 0.40% | 27,541 | $2.7M | Reduce -3.4% |
| FDIS Fidelity MSCI Cons Discr Ind | 0.40% | 28,357 | $2.7M | Reduce -2.5% |
| MYCG State Street MY2027 Corporat | 0.39% | 104,012 | $2.6M | Add +257.9% |
| MYCF State Street MY2026 Corporat | 0.38% | 101,977 | $2.6M | Add +349.6% |
| SCHM Schwab US Mid Cap ETF | 0.38% | 90,793 | $2.5M | Reduce -11.1% |
| BMY Bristol-Myers Squibb Co. | 0.38% | 54,893 | $2.5M | Add +0.4% |
| XONE Bondbloxx BBG 1 Dur US Treas | 0.38% | 50,949 | $2.5M | Reduce -8.9% |
| VTI VG Morningstar TS MKT ETF-US | 0.37% | 8,120 | $2.5M | Reduce -11.6% |
| MCHP Microchip Technology Inc. | 0.37% | 34,857 | $2.5M | Reduce -5.6% |
| PEP Pepsico Inc. | 0.36% | 18,502 | $2.4M | Reduce -9.4% |
| FNCL Fidelity MSCI Financial Indx | 0.35% | 31,955 | $2.4M | Reduce -2.8% |
| FIDU Fidelity MSCI Indust Indx | 0.35% | 30,156 | $2.3M | Reduce -2.5% |
| LOW Lowe's Cos Inc. | 0.35% | 10,521 | $2.3M | Reduce -0.8% |
| MCO Moody's Corp. | 0.34% | 4,548 | $2.3M | Reduce -4.1% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.34% | 48,105 | $2.3M | Reduce -6.6% |
| CNRG SS SPDR S&P Kensho CLP ETF | 0.32% | 36,344 | $2.2M | Add +28.7% |
| EFX Equifax Inc. | 0.30% | 7,857 | $2.0M | Reduce -0.9% |
| VWO Vanguard Ftse Emerging Marke | 0.30% | 41,177 | $2.0M | Reduce -2.5% |
| FCOM Fidelity MSCI Comm Serv Indx | 0.30% | 30,879 | $2.0M | Reduce -6.3% |
| ECL Ecolab Inc. | 0.29% | 7,224 | $1.9M | Add +2.1% |
| ZBH Zimmer Biomet Holdings Inc. | 0.29% | 21,301 | $1.9M | Reduce -22.4% |
| ACN Accenture PLC Class A | 0.29% | 6,474 | $1.9M | Reduce -2.4% |
| FTNT Fortinet Inc. | 0.28% | 17,588 | $1.9M | Add +5.8% |
| GOOG Alphabet Inc. Class C | 0.27% | 10,361 | $1.8M | Reduce -1.1% |
| ROP Roper Technologies Inc. | 0.26% | 3,122 | $1.8M | Add +5.5% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.26% | 2,821 | $1.7M | Reduce -5.5% |
| BSCP Invesco Bulletshares 2025 CB | 0.26% | 84,095 | $1.7M | Reduce -35.8% |
| VLO Valero Energy Corp. | 0.26% | 12,775 | $1.7M | Reduce -0.5% |
| IVV iShares Core S&P 500 ETF | 0.25% | 2,693 | $1.7M | Reduce -10.0% |
Portfolio Sells Q1 2025 → Q2 2025
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -2.0% | 2.23% | −0.48 |
| BSCQ Invesco Bulletshares 2026 CB | Reduce -79.4% | 0.09% | −0.37 |
| BSCR Invesco Bulletshares 2027 CB | Reduce -78.4% | 0.08% | −0.33 |
| GWRE Guidewire Software Inc. | Reduce -33.1% | 0.97% | −0.28 |
| BSCU Invesco Bulletshares 2030 CB | Reduce -46.8% | 0.21% | −0.22 |
| ZBH Zimmer Biomet Holdings Inc. | Reduce -22.4% | 0.29% | −0.21 |
| BSCP Invesco Bulletshares 2025 CB | Reduce -35.8% | 0.26% | −0.18 |
| MRK Merck & Co. Inc. | Reduce -3.0% | 0.66% | −0.18 |
| KVUE Kenvue Inc. | Reduce -2.8% | 0.59% | −0.16 |
| AMGN Amgen Inc. | Reduce -1.6% | 0.69% | −0.16 |
| CRM Salesforce Inc. | Reduce -2.0% | 1.59% | −0.14 |
| PEP Pepsico Inc. | Reduce -9.4% | 0.36% | −0.13 |
| PG The Procter & Gamble Co. | Reduce -2.7% | 0.67% | −0.13 |
| CLB Core Laboratories Inc. | Reduce -51.8% | 0.06% | −0.12 |
| XOM Exxon Mobil Corp. | Reduce -1.6% | 0.52% | −0.11 |
| SBUX Starbucks Corp. | Reduce -2.9% | 0.55% | −0.11 |
| XHLF Bondbloxx BBG 6 MTH US Treas | Reduce -51.1% | 0.09% | −0.11 |
| IJR iShares Core S&P Small-Cap E | Reduce -3.1% | 1.45% | −0.10 |
| USB US Bancorp | Reduce -18.8% | 0.41% | −0.10 |
| FHLC Fidelity MSCI Health Care | Reduce -2.9% | 0.47% | −0.09 |
| V Visa Inc. Class A | Reduce -5.2% | 0.69% | −0.09 |
| DDWM Wisdomtree DY Inter Eq FD-US | Reduce -2.6% | 2.61% | −0.09 |
| SPMB SS SPDR P Mort Back Bond ETF | Sold out | 0.00% | −0.08 |
| HD Home Depot Inc. | Reduce -1.7% | 0.76% | −0.08 |
| IJH iShares Core S&P Midcap ETF | Reduce -6.9% | 0.81% | −0.08 |
| XONE Bondbloxx BBG 1 Dur US Treas | Reduce -8.9% | 0.38% | −0.07 |
| IBDQ iShares Ibonds Dec 2025 Term | Reduce -21.3% | 0.18% | −0.07 |
| XTWO Bondbloxx BBG 2Y US TSY ETF | Reduce -6.2% | 0.43% | −0.07 |
| ETSY Etsy Inc. | Sold out | 0.00% | −0.06 |
| MDY State Street SPDR S&P Midcap | Reduce -0.9% | 1.68% | −0.05 |
| SCHM Schwab US Mid Cap ETF | Reduce -11.1% | 0.38% | −0.05 |
| LOW Lowe's Cos Inc. | Reduce -0.8% | 0.35% | −0.05 |
| BSCX Invesco Bulletshares 2033 CB | Reduce -2.7% | 0.51% | −0.05 |
| SCHX Schwab US Large-Cap ETF | Reduce -10.0% | 0.55% | −0.05 |
| BSCV Invesco Bulletshares 2031 CB | Reduce -2.6% | 0.47% | −0.05 |
| ACN Accenture PLC Class A | Reduce -2.4% | 0.29% | −0.05 |
| BAB Invesco Taxable Municipal Bo | Sold out | 0.00% | −0.05 |
| BSCW Invesco Bulletshares 2032 CB | Reduce -2.3% | 0.46% | −0.05 |
| VTEB Vanguard Tax-Exempt Bond ETF | Reduce -23.9% | 0.10% | −0.04 |
| CMS CMS Energy Corp. | Reduce -22.1% | 0.09% | −0.04 |
| LLY Eli Lilly & Co. | Reduce -5.8% | 0.20% | −0.04 |
| VAW Vanguard Materials ETF | Reduce -0.4% | 0.73% | −0.04 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -11.6% | 0.37% | −0.04 |
| VFH Vanguard Financials ETF | Reduce -0.1% | 1.90% | −0.04 |
| WEC WEC Energy Group Inc. | Sold out | 0.00% | −0.04 |
| KO The Coca-Cola Co. | Reduce -16.4% | 0.12% | −0.04 |
| SCHZ Schwab US Aggregate Bond ETF | Sold out | 0.00% | −0.03 |
| AEE Ameren Corporation | Sold out | 0.00% | −0.03 |
| SCHA Schwab US Small-Cap ETF | Reduce -11.4% | 0.24% | −0.03 |
| IVV iShares Core S&P 500 ETF | Reduce -10.0% | 0.25% | −0.02 |
Portfolio Buys Q1 2025 → Q2 2025
| MYCJ State Street MY2030 Corporat | Add +184.2% | 0.50% | +0.31 |
| BBBS BBLX BBB 1-5Y Corp. Bond ETF | Add +63.1% | 0.91% | +0.31 |
| MYCF State Street MY2026 Corporat | Add +349.6% | 0.38% | +0.29 |
| MYCG State Street MY2027 Corporat | Add +257.9% | 0.39% | +0.27 |
| MYCI State Street MY2029 Corporat | Add +42.0% | 0.80% | +0.19 |
| MYCH State Street MY2028 Corporat | Add +40.8% | 0.74% | +0.17 |
| COST Costco Wholesale Corp. | Add +38.8% | 0.61% | +0.15 |
| MYCN State Street MY2034 Corporat | Add +47.0% | 0.51% | +0.14 |
| GSK GSK PLC-Spon ADR | Add +239.0% | 0.19% | +0.13 |
| VCR Vanguard Consumer Discre ETF | Add +6.8% | 1.48% | +0.13 |
| SPMD SS SPDR P S&P 400 Midcap ETF | Add +8.1% | 1.81% | +0.10 |
| VIS Vanguard Industrials ETF | Add +2.7% | 1.48% | +0.10 |
| SPTM SS SPDR P S&P 1500 Comp ETF | Add +7.3% | 1.15% | +0.09 |
| CNRG SS SPDR S&P Kensho CLP ETF | Add +28.7% | 0.32% | +0.09 |
| MYCK State Street MY2031 Corporat | Add +86.6% | 0.20% | +0.09 |
| ADBE Adobe Inc. | Add +26.2% | 0.54% | +0.08 |
| MYCM State Street MY2033 Corporat | Add +57.4% | 0.24% | +0.08 |
| MYCL State Street MY2032 Corporat | Add +63.1% | 0.22% | +0.07 |
| SPSM SS SPDR P S&P 600 Small Cap | Add +10.5% | 1.20% | +0.07 |
| HON Honeywell International Inc. | Add +5.4% | 0.87% | +0.05 |
| CTVA Corteva Inc. | Add +0.3% | 0.63% | +0.05 |
| GEV GE Vernova Inc. | New | 0.05% | +0.05 |
| IHDG Wisdomtree International Hed | Add +14.7% | 0.52% | +0.05 |
| ICE Intercontinental Exchange Inc. | Add +28.4% | 0.22% | +0.05 |
| MYMI State Street MY2029 Municipa | Add +102.6% | 0.09% | +0.04 |
| NVDA Nvidia Corp. | New | 0.04% | +0.04 |
| IBTI iShares Ibonds Dec 2028 Term | New | 0.04% | +0.04 |
| PANW Palo Alto Networks Inc. | New | 0.04% | +0.04 |
| ACWI iShares MSCI Acwi ETF | New | 0.04% | +0.04 |
| DDLS Wisdmtre DY Int Smlcap Ef-US | Add +6.1% | 0.41% | +0.03 |
| MYMH State Street MY2028 Municipa | Add +59.4% | 0.10% | +0.03 |
| ADSK Autodesk Inc. | Add +17.1% | 0.14% | +0.03 |
| MYMJ State Street MY2030 Municipa | Add +39.9% | 0.12% | +0.03 |
| HEFA Isha Curr Hedged MSCI Eafe | Add +5.3% | 1.84% | +0.02 |
| IEMG iShares Core MSCI Emerging | Add +1.7% | 0.63% | +0.02 |
| DGS Wisdomtree Em Small Cap | Add +13.2% | 0.15% | +0.02 |
| ICLN iShares Global Clean Energy | Add +17.3% | 0.12% | +0.02 |
| XTRE Bondbloxx BBG 3Y US TSY ETF | Add +23.8% | 0.17% | +0.02 |
| DGRE Wisdomtree Emerging Markets | Add +9.0% | 0.16% | +0.02 |
| FTNT Fortinet Inc. | Add +5.8% | 0.28% | +0.02 |
| LNG Cheniere Energy Inc. | Add +5.7% | 0.72% | +0.02 |
| XSOE Wisdmtree Emerg MKT Ex-St Ow | Add +4.3% | 0.24% | +0.02 |
| SCHW Schwab (charles) Corp. | Add +9.3% | 0.10% | +0.01 |
| MYMF State Street MY2026 Municipa | Add +18.7% | 0.14% | +0.01 |
| TER Teradyne Inc. | Add +18.3% | 0.07% | +0.01 |
| CAT Caterpillar Inc. | Add +7.8% | 0.06% | +0.01 |
| MYMG State Street MY2027 Municipa | Add +16.8% | 0.13% | +0.01 |
| VDE Vanguard Energy ETF | Add +25.2% | 0.12% | +0.01 |
| UL Unilever PLC | Add +9.6% | 0.17% | +0.01 |
| IWF iShares Russell 1000 Growth | Add +7.0% | 0.04% | +0.01 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2025 | 206 | $670.0M | MSFT, VGT, AMZN, GOOGL, DDWM |
| Q1 2025 | 207 | $616.7M | MSFT, VGT, AMZN, GOOGL, BRK.B |
| Q4 2024 | 211 | $629.6M | MSFT, GOOGL, AMZN, VGT, DDWM |
| Q3 2024 | 194 | $628.0M | MSFT, VGT, GOOGL, AMZN, BRK.B |
| Q2 2024 | 193 | $613.9M | MSFT, GOOGL, AMZN, VGT, DDWM |
| Q1 2024 | 188 | $614.6M | MSFT, AMZN, GOOGL, VGT, BRK.B |