Main Management LLC

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Main Management LLC reported 114 stock positions worth $1.1 billion. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 12.0% of the portfolio, followed by Main Buywrite ETF (BUYW, 8.7%) and SS Comm Select Sector SPDR (XLC, 7.7%). Compared with Q4 2024, it opened 6 new positions, sold out of 26, added to 22 and reduced 44. The biggest buy was SS Financial Select Sector (XLF, shares +1422%) and the biggest sale iShares Core S&P Small-Cap E (IJR, shares −100%).

Most Recent 13F
Q2 2026
Location
SAN FRANCISCO, CA
CIK
0001583092
Portfolio Value
$1.1B (Q1 2025)
SEC Filing
0001583092-25-000006 ↗ filed May 15, 2025

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $1.2B Q1 2024 Q2 2024: $1.2B Q2 2024 Q3 2024: $1.2B Q3 2024 Q4 2024: $1.2B Q4 2024 Q1 2025: $1.1B $1.1B Q1 2025 Q2 2025: $1.3B Q2 2025 Q3 2025: $1.4B Q3 2025 Q4 2025: $1.4B Q4 2025 Q1 2026: $1.4B Q1 2026 Q2 2026: $1.5B Q2 2026

Holdings 114 stocks · $1.1B
SPY SS SPDR S&P 500 ETF Trust-US 11.95% 242,681 $135.8M Reduce -9.1%
BUYW Main Buywrite ETF 8.74% 7,229,283 $99.3M Add +2.7%
XLC SS Comm Select Sector SPDR 7.65% 901,382 $86.9M Reduce -4.8%
INTL Main International ETF 7.41% 3,620,612 $84.2M Add +0.5%
QQQ Invesco QQQ Trust Series 1 7.38% 178,687 $83.8M Add +4.7%
SMH Vaneck Semiconductor ETF 5.56% 298,421 $63.1M Reduce -4.7%
IJK iShares S&P Mid-Cap 400 Grow 5.12% 698,743 $58.2M Reduce -3.1%
TMAT Main Thematic Innovation ETF 4.54% 2,916,238 $51.6M Add +0.3%
XLV SS Health Care Select Sector 4.12% 320,201 $46.8M Add +41.4%
XLK SS Technology Select Sector 3.91% 215,325 $44.5M Reduce -1.1%
XLF SS Financial Select Sector 3.48% 793,466 $39.5M Add +1422.3%
IGV iShares Expanded Tech-Softwa 3.40% 434,599 $38.7M Reduce -8.6%
XLY SS Consumer Disc Select Sect 3.26% 187,772 $37.1M Reduce -4.6%
QQQM Invesco Nasdaq 100 ETF 2.94% 173,198 $33.4M Reduce -8.1%
RSP Invesco S&P 500 Equal Weight 2.68% 175,592 $30.4M Add +0.3%
BND Vanguard Total Bond Market 2.04% 315,553 $23.2M Add +128.9%
SECT Main Sector Rotation ETF 1.76% 390,736 $20.0M Reduce -5.6%
SUTXX Schwab US Treasury Money-Ult 1.69% 19,227,904 $19.2M Reduce -24.0%
VHT Vanguard Health Care ETF 1.55% 66,363 $17.6M Add +0.2%
IEFA iShares Core MSCI Eafe ETF 1.35% 203,073 $15.4M Reduce -0.0%
SGOV iShares 0-3 Month Treasury B 1.27% 143,411 $14.4M Reduce -6.0%
VEU Vanguard Ftse All-World Ex-U 1.25% 234,421 $14.2M Add +0.2%
XLU St Sr Utl SL SE SPDR ETF-Usd 1.19% 172,000 $13.6M Reduce -16.6%
VXUS Vanguard Total Intl Stock 0.89% 162,589 $10.1M Reduce -1.1%
IGSB iShares 1-5Y Inv Grade Corp. 0.70% 151,241 $7.9M Add +0.0%
AGG iShares Core U.S. Aggregate 0.65% 74,791 $7.4M Add +141.6%
SNSXX Schwab US Treasury Money-Inv 0.63% 7,139,534 $7.1M Add +7.9%
VFH Vanguard Financials ETF 0.41% 39,353 $4.7M No change
OIH Vaneck Oil Services ETF 0.35% 15,341 $4.0M No change
VWO Vanguard Ftse Emerging Marke 0.20% 49,284 $2.2M No change
VGT Vanguard Info Tech ETF 0.18% 3,810 $2.1M Add +0.1%
TFLO iShares Treasury Floating Ra 0.18% 39,991 $2.0M Reduce -35.7%
XLI SS Industrial Select Sector 0.18% 15,347 $2.0M No change
SHY iShares 1-3 Year Treasury Bo 0.15% 21,214 $1.8M Reduce -90.8%
SOXX iShares Semiconductor ETF 0.09% 5,586 $1.1M Reduce -19.9%
VOO Vanguard S&P 500 ETF 0.08% 1,807 $929K No change
VEA Vanguard Ftse Developed ETF 0.08% 17,271 $878K Reduce -16.2%
IWF iShares Russell 1000 Growth 0.07% 2,126 $768K No change
ITB iShares U.S. Home Constructi 0.06% 6,715 $639K No change
DVY iShares Select Dividend ETF 0.04% 3,505 $471K No change
VYM Vanguard High DVD Yield ETF 0.04% 3,300 $426K Reduce -5.5%
BIL SS SPDR BB 1-3M T-Bill ETF 0.04% 4,620 $424K Reduce -86.2%
SNOXX Schwab Trsry Obl MNY-Inv 0.04% 421,993 $422K Reduce -19.7%
VCSH Vanguard S/T Corp. Bond ETF 0.03% 4,954 $391K No change
GDX Vaneck Gold Miners ETF 0.03% 8,000 $368K Reduce -86.5%
ACWX iShares MSCI Acwi Ex US ETF 0.03% 6,517 $361K Reduce -15.2%
GLD SPDR Gold Shares 0.03% 1,166 $336K No change
IEMG iShares Core MSCI Emerging 0.03% 6,057 $327K Add +35.5%
VT Vanguard Tot World STK ETF 0.03% 2,796 $324K Reduce -3.6%
VTI VG Morningstar TS MKT ETF-US 0.03% 1,133 $311K Add +0.2%
IJH iShares Core S&P Midcap ETF 0.02% 4,825 $282K No change
IDEV iShares Core MSCI Dev MKTS 0.02% 4,079 $281K New
IVV iShares Core S&P 500 ETF 0.02% 488 $274K Add +0.2%
SCHB Schwab US Broad Market ETF 0.02% 11,220 $242K No change
VDE Vanguard Energy ETF 0.02% 1,722 $223K Reduce -19.4%
EEM iShares MSCI Emerging Market 0.02% 5,000 $219K No change
GDXJ Vaneck Junior Gold Miners 0.02% 3,764 $215K No change
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.02% 807 $209K No change
IWM iShares Russell 2000 ETF 0.02% 921 $184K No change
GSY Invesco Ultra Short Duration 0.02% 3,652 $183K No change
USFR Wisdomtree Floating Rate Tre 0.01% 3,356 $169K Reduce -34.8%
VIG Vanguard Dividend Apprec ETF 0.01% 833 $162K No change
MSUXX Msilf Treasury Sec-Inst 0.01% 152,590 $153K Add +1.0%
KRE SS SPDR S&P Regional Bank 0.01% 2,637 $150K Reduce -99.0%
IWO iShares Russell 2000 Growth 0.01% 544 $139K No change
VGSH Vanguard Short-Term Treasury 0.01% 2,125 $125K Add +122.3%
EFA iShares MSCI Eafe ETF 0.01% 1,497 $122K No change
PWZ Invesco California Amt-Free 0.01% 4,745 $113K Reduce -2.6%
IJR iShares Core S&P Small-Cap E 0.01% 1,078 $113K Reduce -99.5%
CMF iShares California Muni Bond 0.01% 2,016 $113K Reduce -3.7%
XME SS SPDR S&P Metals Mining 0.01% 2,000 $112K No change
SWVXX Schwa Prime Adv Money FD-Inv filed as SCHWAB VALUE ADVANTAGE MONEY INV 0.01% 104,726 $105K Add +1.0%
JPST JPMorgan Ultra-Short Income 0.01% 1,959 $99K No change
SPEU State Street SPDR Portfolio 0.01% 2,024 $89K New
XBI SS SPDR S&P Biotech ETF 0.01% 1,030 $84K Reduce -97.8%
ARKG ARK Genomic Revolution ETF 0.01% 3,571 $74K Reduce -25.8%
ARKF ARK Blockchain & Fintech Inn 0.01% 2,228 $74K Reduce -26.4%
ESPO Vaneck Videogaming Esports 0.01% 853 $74K Reduce -19.0%
KWEB Kranesh Csi China Internet 0.01% 2,030 $71K Add +407.5%
IWB iShares Russell 1000 ETF 0.01% 208 $64K No change
IBIT iShares Bitcoin Trust ETF 0.01% 1,350 $63K Add +48.4%
QTUM Defiance Quantum ETF 0.01% 834 $62K No change
IWD iShares Russell 1000 Value E 0.01% 323 $61K No change
GRID First TRST Nasd Class Edg Sgiif 0.00% 483 $55K No change
AIQ Global X Art Intel & Tech 0.00% 1,518 $55K Reduce -60.7%
PAVE Global X US Infrastructure 0.00% 1,439 $54K No change
SKYY First Trust Cloud Computing 0.00% 502 $51K No change
VB Vanguard Most SM-Cap ETF-Usd 0.00% 229 $51K No change
SWGXX Schwab Govt MNY FND-SWP 0.00% 49,522 $50K Reduce -45.4%
SPEM State Street SP PTF Em ETF 0.00% 1,146 $45K New
ROBT First Trust Nasdaq Artificia 0.00% 1,087 $44K Reduce -42.4%
ONLN Proshares Online Retail ETF 0.00% 994 $43K Reduce -42.4%
EXCHANGE TRADED CONCEPTS TRU 0.00% 3,286 $40K No change
IBB iShares Biotechnology ETF 0.00% 300 $38K No change
TAN Invesco Solar ETF 0.00% 1,225 $37K No change
VPL Vanguard Ftse Pacific ETF 0.00% 516 $37K New
FLMX Franklin Ftse Mexico ETF 0.00% 1,308 $33K New
HYS PIMCO 0-5 Year H/Y Corp. Bond 0.00% 316 $30K No change
FLCA Franklin Ftse Canada ETF 0.00% 446 $17K New
XNEAX Nuveen Amt-FR QLTY Muni Inc. 0.00% 1,541 $17K Reduce -39.4%
FNDX Schwab Fndmntl US LRG Co. ETF 0.00% 720 $17K No change
CQQQ Invesco China Technology ETF 0.00% 347 $15K No change
IAU iShares Gold Trust 0.00% 250 $15K No change
SCZ iShares MSCI Eafe Small-Cap 0.00% 221 $14K No change
ASHR Xtrackers Harvest Csi 300 CH 0.00% 500 $13K Reduce -28.6%
EMB iShares JP Morgan Usd Emergi 0.00% 142 $13K No change
IWR iShares Russell Mid-Cap ETF 0.00% 144 $12K Reduce -13.8%
EMLC Vaneck JPM Em Local Curr BND 0.00% 522 $12K No change
SCHX Schwab US Large-Cap ETF 0.00% 456 $10K No change
CLOU Global X Cloud Computing ETF 0.00% 409 $9K Reduce -80.8%
IEO iShares U.S. Oil & Gas Explo 0.00% 100 $9K No change
XLE SS Energy Select Sector 0.00% 100 $9K Reduce -93.2%
VTV Vanguard Mrngstr Val ETF-Aui 0.00% 38 $7K No change
XCEM Columbia Em Core Ex-China 0.00% 125 $4K Reduce -94.0%

Portfolio Sells Q4 2024 → Q1 2025
IJR iShares Core S&P Small-Cap E Reduce -99.5% 0.01% −2.03
SHY iShares 1-3 Year Treasury Bo Reduce -90.8% 0.15% −1.38
KRE SS SPDR S&P Regional Bank Reduce -99.0% 0.01% −1.26
SPY SS SPDR S&P 500 ETF Trust-US Reduce -9.1% 11.95% −0.83
SMH Vaneck Semiconductor ETF Reduce -4.7% 5.56% −0.64
IGV iShares Expanded Tech-Softwa Reduce -8.6% 3.40% −0.49
SUTXX Schwab US Treasury Money-Ult Reduce -24.0% 1.69% −0.38
XLY SS Consumer Disc Select Sect Reduce -4.6% 3.26% −0.35
XBI SS SPDR S&P Biotech ETF Reduce -97.8% 0.01% −0.33
QQQM Invesco Nasdaq 100 ETF Reduce -8.1% 2.94% −0.30
IJK iShares S&P Mid-Cap 400 Grow Reduce -3.1% 5.12% −0.24
XLK SS Technology Select Sector Reduce -1.1% 3.91% −0.22
BIL SS SPDR BB 1-3M T-Bill ETF Reduce -86.2% 0.04% −0.21
GDX Vaneck Gold Miners ETF Reduce -86.5% 0.03% −0.13
SECT Main Sector Rotation ETF Reduce -5.6% 1.76% −0.10
XLU St Sr Utl SL SE SPDR ETF-Usd Reduce -16.6% 1.19% −0.08
TFLO iShares Treasury Floating Ra Reduce -35.7% 0.18% −0.08
SOXX iShares Semiconductor ETF Reduce -19.9% 0.09% −0.03
XLE SS Energy Select Sector Reduce -93.2% 0.00% −0.01
FLJP Franklin Ftse Japan ETF Sold out 0.00% −0.01
AIQ Global X Art Intel & Tech Reduce -60.7% 0.00% −0.01
FLCH Franklin Ftse China ETF Sold out 0.00% −0.01
EIS iShares MSCI Israel ETF Sold out 0.00% −0.01
USFR Wisdomtree Floating Rate Tre Reduce -34.8% 0.01% −0.01
GBTC Grayscale Bitcoin Trust ETF Sold out 0.00% −0.01
SNOXX Schwab Trsry Obl MNY-Inv Reduce -19.7% 0.04% −0.01
FLKR Franklin Ftse South Korea Sold out 0.00% −0.01
EWN iShares MSCI Netherlands ETF Sold out 0.00% −0.01
XCEM Columbia Em Core Ex-China Reduce -94.0% 0.00% −0.00
FLIN Franklin Ftse India ETF Sold out 0.00% −0.00
IREN Iren Ltd. Sold out 0.00% −0.00
EWG iShares MSCI Germany ETF Sold out 0.00% −0.00
CLOU Global X Cloud Computing ETF Reduce -80.8% 0.00% −0.00
VEA Vanguard Ftse Developed ETF Reduce -16.2% 0.08% −0.00
ROBT First Trust Nasdaq Artificia Reduce -42.4% 0.00% −0.00
XRT SS SPDR S&P Retail ETF Sold out 0.00% −0.00
SWGXX Schwab Govt MNY FND-SWP Reduce -45.4% 0.00% −0.00
EWT iShares MSCI Taiwan ETF Sold out 0.00% −0.00
ARKG ARK Genomic Revolution ETF Reduce -25.8% 0.01% −0.00
ARKF ARK Blockchain & Fintech Inn Reduce -26.4% 0.01% −0.00
FLTW Franklin Ftse Taiwan ETF Sold out 0.00% −0.00
EPOL iShares MSCI Poland ETF Sold out 0.00% −0.00
ONLN Proshares Online Retail ETF Reduce -42.4% 0.00% −0.00
ETHE Grayscale Ethereum Staking E Sold out 0.00% −0.00
SCJ iShares MSCI Japan Small-Cap Sold out 0.00% −0.00
SMIN iShares MSCI India Small-Cap Sold out 0.00% −0.00
FLGR Franklin Ftse Germany ETF Sold out 0.00% −0.00
IHI iShares U.S. Medical Devices Sold out 0.00% −0.00
VDE Vanguard Energy ETF Reduce -19.4% 0.02% −0.00
ARKK ARK Innovation ETF Sold out 0.00% −0.00

Portfolio Buys Q4 2024 → Q1 2025
XLF SS Financial Select Sector Add +1422.3% 3.48% +3.27
XLV SS Health Care Select Sector Add +41.4% 4.12% +1.57
BND Vanguard Total Bond Market Add +128.9% 2.04% +1.23
INTL Main International ETF Add +0.5% 7.41% +0.90
BUYW Main Buywrite ETF Add +2.7% 8.74% +0.72
AGG iShares Core U.S. Aggregate Add +141.6% 0.65% +0.41
QQQ Invesco QQQ Trust Series 1 Add +4.7% 7.38% +0.25
VHT Vanguard Health Care ETF Add +0.2% 1.55% +0.17
RSP Invesco S&P 500 Equal Weight Add +0.3% 2.68% +0.17
VEU Vanguard Ftse All-World Ex-U Add +0.2% 1.25% +0.15
SNSXX Schwab US Treasury Money-Inv Add +7.9% 0.63% +0.09
IGSB iShares 1-5Y Inv Grade Corp. Add +0.0% 0.70% +0.06
IDEV iShares Core MSCI Dev MKTS New 0.02% +0.02
IEMG iShares Core MSCI Emerging Add +35.5% 0.03% +0.01
SPEU State Street SPDR Portfolio New 0.01% +0.01
VGSH Vanguard Short-Term Treasury Add +122.3% 0.01% +0.01
KWEB Kranesh Csi China Internet Add +407.5% 0.01% +0.01
SPEM State Street SP PTF Em ETF New 0.00% +0.00
VPL Vanguard Ftse Pacific ETF New 0.00% +0.00
FLMX Franklin Ftse Mexico ETF New 0.00% +0.00
IBIT iShares Bitcoin Trust ETF Add +48.4% 0.01% +0.00
FLCA Franklin Ftse Canada ETF New 0.00% +0.00
MSUXX Msilf Treasury Sec-Inst Add +1.0% 0.01% +0.00
IVV iShares Core S&P 500 ETF Add +0.2% 0.02% +0.00
SWVXX Schwa Prime Adv Money FD-Inv Add +1.0% 0.01% +0.00
VTI VG Morningstar TS MKT ETF-US Add +0.2% 0.03% +0.00
VGT Vanguard Info Tech ETF Add +0.1% 0.18% −0.01
TMAT Main Thematic Innovation ETF Add +0.3% 4.54% −0.41

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 95$1.5BXLK, SPY, BUYW, INTL, TMAT
Q1 2026 102$1.4BSPY, BUYW, XLK, INTL, XLF
Q4 2025 104$1.4BSPY, BUYW, XLF, XLV, XLC
Q3 2025 105$1.4BSPY, BUYW, XLC, INTL, XLK
Q2 2025 104$1.3BSPY, BUYW, XLC, INTL, QQQ
Q1 2025 114$1.1BSPY, BUYW, XLC, INTL, QQQ
Q4 2024 134$1.2BSPY, BUYW, XLC, QQQ, INTL
Q3 2024 140$1.2BSPY, BUYW, XLC, INTL, QQQ
Q2 2024 143$1.2BSPY, BUYW, INTL, XLC, IJK
Q1 2024 154$1.2BSPY, INTL, BUYW, XLC, IJK