Main Management LLC

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 12, 2025), Main Management LLC reported 104 stock positions worth $1.3 billion. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 11.8% of the portfolio, followed by Main Buywrite ETF (BUYW, 8.2%) and SS Comm Select Sector SPDR (XLC, 7.8%). Compared with Q1 2025, it opened 2 new positions, sold out of 12, added to 28 and reduced 24. The biggest buy was SS Financial Select Sector (XLF, shares +71%) and the biggest sale iShares S&P Mid-Cap 400 Grow (IJK, shares −95%).

Most Recent 13F
Q2 2026
Location
SAN FRANCISCO, CA
CIK
0001583092
Portfolio Value
$1.3B (Q2 2025)
SEC Filing
0001583092-25-000009 ↗ filed Aug 12, 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 Q1 2025 Q2 2025: $1.3B $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 104 stocks · $1.3B
SPY SS SPDR S&P 500 ETF Trust-US 11.80% 242,969 $150.1M Add +0.1%
BUYW Main Buywrite ETF 8.18% 7,408,266 $104.0M Add +2.5%
XLC SS Comm Select Sector SPDR 7.76% 908,983 $98.7M Add +0.8%
INTL Main International ETF 7.36% 3,633,161 $93.7M Add +0.3%
QQQ Invesco QQQ Trust Series 1 7.26% 167,416 $92.4M Reduce -6.3%
SMH Vaneck Semiconductor ETF 6.86% 312,654 $87.2M Add +4.8%
XLF SS Financial Select Sector 5.57% 1,353,931 $70.9M Add +70.6%
TMAT Main Thematic Innovation ETF 5.36% 2,920,503 $68.2M Add +0.1%
XLY SS Consumer Disc Select Sect 4.51% 263,854 $57.3M Add +40.5%
QQQM Invesco Nasdaq 100 ETF 4.10% 229,487 $52.1M Add +32.5%
XLK SS Technology Select Sector 3.92% 197,108 $49.9M Reduce -8.5%
IGV iShares Expanded Tech-Softwa 3.77% 438,233 $48.0M Add +0.8%
XLV SS Health Care Select Sector 3.06% 288,661 $38.9M Reduce -9.8%
RSP Invesco S&P 500 Equal Weight 2.54% 178,091 $32.4M Add +1.4%
BND Vanguard Total Bond Market 1.86% 320,713 $23.6M Add +1.6%
SECT Main Sector Rotation ETF 1.77% 387,494 $22.5M Reduce -0.8%
SGOV iShares 0-3 Month Treasury B 1.49% 188,618 $19.0M Add +31.5%
IEFA iShares Core MSCI Eafe ETF 1.37% 208,203 $17.4M Add +2.5%
VEU Vanguard Ftse All-World Ex-U 1.26% 238,435 $16.0M Add +1.7%
VHT Vanguard Health Care ETF 1.25% 64,208 $15.9M Reduce -3.3%
SUTXX Schwab US Treasury Money-Ult 1.12% 14,305,685 $14.3M Reduce -25.6%
XLU St Sr Utl SL SE SPDR ETF-Usd 1.10% 172,000 $14.0M No change
VXUS Vanguard Total Intl Stock 0.89% 163,347 $11.3M Add +0.5%
ITB iShares U.S. Home Constructi 0.84% 114,379 $10.7M Add +1603.3%
VGT Vanguard Info Tech ETF 0.74% 14,110 $9.4M Add +270.3%
IGSB iShares 1-5Y Inv Grade Corp. 0.63% 151,505 $8.0M Add +0.2%
AGG iShares Core U.S. Aggregate 0.59% 75,182 $7.5M Add +0.5%
SNSXX Schwab US Treasury Money-Inv 0.52% 6,675,464 $6.7M Reduce -6.5%
VFH Vanguard Financials ETF 0.39% 39,430 $5.0M Add +0.2%
OIH Vaneck Oil Services ETF 0.28% 15,341 $3.5M No change
IJK iShares S&P Mid-Cap 400 Grow 0.24% 33,498 $3.0M Reduce -95.2%
VWO Vanguard Ftse Emerging Marke 0.20% 51,904 $2.6M Add +5.3%
XLI SS Industrial Select Sector 0.18% 15,347 $2.3M No change
TFLO iShares Treasury Floating Ra 0.16% 40,004 $2.0M Add +0.0%
SHY iShares 1-3 Year Treasury Bo 0.14% 21,371 $1.8M Add +0.7%
SOXX iShares Semiconductor ETF 0.10% 5,586 $1.3M No change
VEA Vanguard Ftse Developed ETF 0.09% 19,136 $1.1M Add +10.8%
VOO Vanguard S&P 500 ETF 0.05% 1,059 $602K Reduce -41.4%
VYM Vanguard High DVD Yield ETF 0.03% 3,166 $422K Reduce -4.1%
GDX Vaneck Gold Miners ETF 0.03% 8,000 $416K No change
BIL SS SPDR BB 1-3M T-Bill ETF 0.03% 4,386 $402K Reduce -5.1%
ACWX iShares MSCI Acwi Ex US ETF 0.03% 6,517 $397K No change
VCSH Vanguard S/T Corp. Bond ETF 0.03% 4,954 $394K No change
IWF iShares Russell 1000 Growth 0.03% 915 $388K Reduce -57.0%
SNOXX Schwab Trsry Obl MNY-Inv 0.03% 360,489 $360K Reduce -14.6%
GLD SPDR Gold Shares 0.03% 1,166 $355K No change
VT Vanguard Tot World STK ETF 0.03% 2,727 $350K Reduce -2.5%
IJH iShares Core S&P Midcap ETF 0.02% 4,825 $299K No change
SCHB Schwab US Broad Market ETF 0.02% 11,220 $267K No change
GDXJ Vaneck Junior Gold Miners 0.02% 3,764 $254K No change
EEM iShares MSCI Emerging Market 0.02% 5,000 $241K No change
IEMG iShares Core MSCI Emerging 0.02% 3,830 $230K Reduce -36.8%
VDE Vanguard Energy ETF 0.02% 1,722 $205K No change
IWM iShares Russell 2000 ETF 0.02% 921 $199K No change
IVV iShares Core S&P 500 ETF 0.01% 297 $184K Reduce -39.1%
GSY Invesco Ultra Short Duration 0.01% 3,652 $183K No change
VIG Vanguard Dividend Apprec ETF 0.01% 833 $170K No change
KRE SS SPDR S&P Regional Bank 0.01% 2,637 $157K No change
MSUXX Msilf Treasury Sec-Inst 0.01% 154,163 $154K Add +1.0%
USFR Wisdomtree Floating Rate Tre 0.01% 3,043 $153K Reduce -9.3%
VTI VG Morningstar TS MKT ETF-US 0.01% 468 $142K Reduce -58.7%
XME SS SPDR S&P Metals Mining 0.01% 2,000 $134K No change
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.01% 459 $128K Reduce -43.1%
EFA iShares MSCI Eafe ETF 0.01% 1,404 $126K Reduce -6.2%
ARKF ARK Blockchain & Fintech Inn 0.01% 2,228 $112K No change
PWZ Invesco California Amt-Free 0.01% 4,705 $110K Reduce -0.8%
CMF iShares California Muni Bond 0.01% 1,976 $110K Reduce -2.0%
JPST JPMorgan Ultra-Short Income 0.01% 2,167 $110K Add +10.6%
IJR iShares Core S&P Small-Cap E 0.01% 905 $99K Reduce -16.1%
SPEU State Street SPDR Portfolio 0.01% 2,024 $98K No change
ESPO Vaneck Videogaming Esports 0.01% 853 $93K No change
ARKG ARK Genomic Revolution ETF 0.01% 3,571 $87K No change
XBI SS SPDR S&P Biotech ETF 0.01% 1,030 $85K No change
IBIT iShares Bitcoin Trust ETF 0.01% 1,350 $83K No change
QTUM Defiance Quantum ETF 0.01% 834 $77K No change
KWEB Kranesh Csi China Internet 0.01% 2,030 $70K No change
GRID First TRST Nasd Class Edg Sgiif 0.01% 486 $68K Add +0.6%
AIQ Global X Art Intel & Tech 0.01% 1,518 $66K No change
EXCHANGE TRADED CONCEPTS TRU 0.01% 3,286 $65K No change
PAVE Global X US Infrastructure 0.01% 1,439 $63K No change
SKYY First Trust Cloud Computing 0.00% 502 $61K No change
ROBT First Trust Nasdaq Artificia 0.00% 1,087 $53K No change
ONLN Proshares Online Retail ETF 0.00% 994 $50K No change
SPEM State Street SP PTF Em ETF 0.00% 1,146 $49K No change
TAN Invesco Solar ETF 0.00% 1,225 $42K No change
VPL Vanguard Ftse Pacific ETF 0.00% 516 $42K No change
FLMX Franklin Ftse Mexico ETF 0.00% 1,308 $39K No change
URA Global X Uranium ETF 0.00% 1,000 $39K New
IBB iShares Biotechnology ETF 0.00% 300 $38K No change
FLCA Franklin Ftse Canada ETF 0.00% 446 $19K No change
FNDX Schwab Fndmntl US LRG Co. ETF 0.00% 720 $18K No change
XNEAX Nuveen Amt-FR QLTY Muni Inc. 0.00% 1,541 $17K No change
IAU iShares Gold Trust 0.00% 250 $16K No change
ICLN iShares Global Clean Energy 0.00% 1,216 $16K New
CQQQ Invesco China Technology ETF 0.00% 347 $15K No change
ASHR Xtrackers Harvest Csi 300 CH 0.00% 500 $14K No change
IWR iShares Russell Mid-Cap ETF 0.00% 144 $13K No change
EMB iShares JP Morgan Usd Emergi 0.00% 142 $13K No change
SWGXX Schwab Govt MNY FND-SWP 0.00% 12,176 $12K Reduce -75.4%
SCHX Schwab US Large-Cap ETF 0.00% 456 $11K No change

Show all 104 holdings

Portfolio Sells Q1 2025 → Q2 2025
IJK iShares S&P Mid-Cap 400 Grow Reduce -95.2% 0.24% −4.88
XLV SS Health Care Select Sector Reduce -9.8% 3.06% −1.06
SUTXX Schwab US Treasury Money-Ult Reduce -25.6% 1.12% −0.57
VHT Vanguard Health Care ETF Reduce -3.3% 1.25% −0.29
QQQ Invesco QQQ Trust Series 1 Reduce -6.3% 7.26% −0.12
SNSXX Schwab US Treasury Money-Inv Reduce -6.5% 0.52% −0.10
DVY iShares Select Dividend ETF Sold out 0.00% −0.04
IWF iShares Russell 1000 Growth Reduce -57.0% 0.03% −0.04
VOO Vanguard S&P 500 ETF Reduce -41.4% 0.05% −0.03
IDEV iShares Core MSCI Dev MKTS Sold out 0.00% −0.02
VTI VG Morningstar TS MKT ETF-US Reduce -58.7% 0.01% −0.02
IWO iShares Russell 2000 Growth Sold out 0.00% −0.01
VGSH Vanguard Short-Term Treasury Sold out 0.00% −0.01
IEMG iShares Core MSCI Emerging Reduce -36.8% 0.02% −0.01
IVV iShares Core S&P 500 ETF Reduce -39.1% 0.01% −0.01
SWVXX Schwa Prime Adv Money FD-Inv Sold out 0.00% −0.01
SNOXX Schwab Trsry Obl MNY-Inv Reduce -14.6% 0.03% −0.01
VO Vngrd Mrngstr MD-Cap ETF-Usd Reduce -43.1% 0.01% −0.01
BIL SS SPDR BB 1-3M T-Bill ETF Reduce -5.1% 0.03% −0.01
IWB iShares Russell 1000 ETF Sold out 0.00% −0.01
IWD iShares Russell 1000 Value E Sold out 0.00% −0.01
VB Vanguard Most SM-Cap ETF-Usd Sold out 0.00% −0.00
VYM Vanguard High DVD Yield ETF Reduce -4.1% 0.03% −0.00
SWGXX Schwab Govt MNY FND-SWP Reduce -75.4% 0.00% −0.00
USFR Wisdomtree Floating Rate Tre Reduce -9.3% 0.01% −0.00
HYS PIMCO 0-5 Year H/Y Corp. Bond Sold out 0.00% −0.00
IJR iShares Core S&P Small-Cap E Reduce -16.1% 0.01% −0.00
PWZ Invesco California Amt-Free Reduce -0.8% 0.01% −0.00
CMF iShares California Muni Bond Reduce -2.0% 0.01% −0.00
SCZ iShares MSCI Eafe Small-Cap Sold out 0.00% −0.00
EMLC Vaneck JPM Em Local Curr BND Sold out 0.00% −0.00
VT Vanguard Tot World STK ETF Reduce -2.5% 0.03% −0.00
EFA iShares MSCI Eafe ETF Reduce -6.2% 0.01% −0.00
VTV Vanguard Mrngstr Val ETF-Aui Sold out 0.00% −0.00
XLK SS Technology Select Sector Reduce -8.5% 3.92% +0.01
SECT Main Sector Rotation ETF Reduce -0.8% 1.77% +0.01

Portfolio Buys Q1 2025 → Q2 2025
XLF SS Financial Select Sector Add +70.6% 5.57% +2.10
SMH Vaneck Semiconductor ETF Add +4.8% 6.86% +1.30
XLY SS Consumer Disc Select Sect Add +40.5% 4.51% +1.24
QQQM Invesco Nasdaq 100 ETF Add +32.5% 4.10% +1.15
TMAT Main Thematic Innovation ETF Add +0.1% 5.36% +0.82
ITB iShares U.S. Home Constructi Add +1603.3% 0.84% +0.78
VGT Vanguard Info Tech ETF Add +270.3% 0.74% +0.55
IGV iShares Expanded Tech-Softwa Add +0.8% 3.77% +0.37
SGOV iShares 0-3 Month Treasury B Add +31.5% 1.49% +0.22
XLC SS Comm Select Sector SPDR Add +0.8% 7.76% +0.10
IEFA iShares Core MSCI Eafe ETF Add +2.5% 1.37% +0.01
VEA Vanguard Ftse Developed ETF Add +10.8% 0.09% +0.01
VEU Vanguard Ftse All-World Ex-U Add +1.7% 1.26% +0.01
VWO Vanguard Ftse Emerging Marke Add +5.3% 0.20% +0.01
URA Global X Uranium ETF New 0.00% +0.00
ICLN iShares Global Clean Energy New 0.00% +0.00
GRID First TRST Nasd Class Edg Sgiif Add +0.6% 0.01% +0.00
JPST JPMorgan Ultra-Short Income Add +10.6% 0.01% −0.00
MSUXX Msilf Treasury Sec-Inst Add +1.0% 0.01% −0.00
VXUS Vanguard Total Intl Stock Add +0.5% 0.89% −0.00
SHY iShares 1-3 Year Treasury Bo Add +0.7% 0.14% −0.02
TFLO iShares Treasury Floating Ra Add +0.0% 0.16% −0.02
VFH Vanguard Financials ETF Add +0.2% 0.39% −0.02
INTL Main International ETF Add +0.3% 7.36% −0.05
AGG iShares Core U.S. Aggregate Add +0.5% 0.59% −0.06
IGSB iShares 1-5Y Inv Grade Corp. Add +0.2% 0.63% −0.07
RSP Invesco S&P 500 Equal Weight Add +1.4% 2.54% −0.13
SPY SS SPDR S&P 500 ETF Trust-US Add +0.1% 11.80% −0.15
BND Vanguard Total Bond Market Add +1.6% 1.86% −0.18
BUYW Main Buywrite ETF Add +2.5% 8.18% −0.56

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