Main Management LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Main Management LLC reported 105 stock positions worth $1.4 billion. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 11.9% of the portfolio, followed by Main Buywrite ETF (BUYW, 7.9%) and SS Comm Select Sector SPDR (XLC, 7.9%). Compared with Q2 2025, it opened 7 new positions, sold out of 6, added to 29 and reduced 33. The biggest buy was SS Technology Select Sector (XLK, shares +65%) and the biggest sale Vaneck Semiconductor ETF (SMH, shares −47%).

Most Recent 13F
Q2 2026
Location
SAN FRANCISCO, CA
CIK
0001583092
Portfolio Value
$1.4B (Q3 2025)
SEC Filing
0001583092-25-000014 ↗ filed Nov 14, 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 Q2 2025 Q3 2025: $1.4B $1.4B Q3 2025 Q4 2025: $1.4B Q4 2025 Q1 2026: $1.4B Q1 2026 Q2 2026: $1.5B Q2 2026

Holdings 105 stocks · $1.4B
SPY SS SPDR S&P 500 ETF Trust-US 11.89% 243,581 $162.3M Add +0.3%
BUYW Main Buywrite ETF 7.95% 7,632,798 $108.5M Add +3.0%
XLC SS Comm Select Sector SPDR 7.86% 905,932 $107.2M Reduce -0.3%
INTL Main International ETF 7.43% 3,646,041 $101.4M Add +0.3%
XLK SS Technology Select Sector 6.73% 326,168 $91.9M Add +65.5%
TMAT Main Thematic Innovation ETF 5.81% 2,929,282 $79.3M Add +0.3%
XLV SS Health Care Select Sector 5.77% 565,733 $78.7M Add +96.0%
XLF SS Financial Select Sector 5.60% 1,418,309 $76.4M Add +4.8%
QQQ Invesco QQQ Trust Series 1 5.20% 118,228 $71.0M Reduce -29.4%
XLY SS Consumer Disc Select Sect 5.05% 287,880 $69.0M Add +9.1%
SMH Vaneck Semiconductor ETF 3.95% 165,357 $54.0M Reduce -47.1%
QQQM Invesco Nasdaq 100 ETF 3.47% 191,835 $47.4M Reduce -16.4%
IGV iShares Expanded Tech-Softwa 2.70% 320,105 $36.8M Reduce -27.0%
RSP Invesco S&P 500 Equal Weight 2.48% 178,712 $33.9M Add +0.3%
SECT Main Sector Rotation ETF 1.81% 391,167 $24.7M Add +0.9%
BND Vanguard Total Bond Market 1.75% 321,912 $23.9M Add +0.4%
SGOV iShares 0-3 Month Treasury B 1.33% 179,928 $18.1M Reduce -4.6%
IEFA iShares Core MSCI Eafe ETF 1.29% 201,940 $17.6M Reduce -3.0%
VEU Vanguard Ftse All-World Ex-U 1.25% 239,879 $17.1M Add +0.6%
ITB iShares U.S. Home Constructi 1.25% 159,023 $17.1M Add +39.0%
VGT Vanguard Info Tech ETF 1.22% 22,371 $16.7M Add +58.5%
VHT Vanguard Health Care ETF 1.19% 62,503 $16.2M Reduce -2.7%
XLU St Sr Utl SL SE SPDR ETF-Usd 1.10% 172,700 $15.1M Add +0.4%
SUTXX Schwab US Treasury Money-Ult 1.01% 13,822,988 $13.8M Reduce -3.4%
VXUS Vanguard Total Intl Stock 0.87% 162,312 $11.9M Reduce -0.6%
IGSB iShares 1-5Y Inv Grade Corp. 0.59% 150,767 $8.0M Reduce -0.5%
AGG iShares Core U.S. Aggregate 0.51% 69,672 $7.0M Reduce -7.3%
SNSXX Schwab US Treasury Money-Inv 0.38% 5,146,613 $5.1M Reduce -22.9%
VFH Vanguard Financials ETF 0.36% 36,970 $4.9M Reduce -6.2%
OIH Vaneck Oil Services ETF 0.29% 15,341 $4.0M No change
IJK iShares S&P Mid-Cap 400 Grow 0.21% 29,707 $2.8M Reduce -11.3%
VWO Vanguard Ftse Emerging Marke 0.21% 51,904 $2.8M No change
SWVXX Schwa Prime Adv Money FD-Inv filed as SCHWAB PRIME ADVANTAGE MONEY INVESTOR 0.14% 1,866,000 $1.9M New
TFLO iShares Treasury Floating Ra 0.13% 36,290 $1.8M Reduce -9.3%
XLI SS Industrial Select Sector 0.13% 11,347 $1.8M Reduce -26.1%
SHY iShares 1-3 Year Treasury Bo 0.13% 21,063 $1.7M Reduce -1.4%
SOXX iShares Semiconductor ETF 0.10% 4,982 $1.4M Reduce -10.8%
VEA Vanguard Ftse Developed ETF 0.09% 19,422 $1.2M Add +1.5%
IEMG iShares Core MSCI Emerging 0.08% 15,547 $1.0M Add +305.9%
VOO Vanguard S&P 500 ETF 0.05% 1,059 $649K No change
GDX Vaneck Gold Miners ETF 0.03% 6,000 $458K Reduce -25.0%
VYM Vanguard High DVD Yield ETF 0.03% 3,166 $446K No change
ACWX iShares MSCI Acwi Ex US ETF 0.03% 6,845 $445K Add +5.0%
IWF iShares Russell 1000 Growth 0.03% 915 $429K No change
GLD SPDR Gold Shares 0.03% 1,166 $414K No change
VCSH Vanguard S/T Corp. Bond ETF 0.03% 4,954 $396K No change
SNOXX Schwab Trsry Obl MNY-Inv 0.03% 385,852 $386K Add +7.0%
VT Vanguard Tot World STK ETF 0.03% 2,690 $371K Reduce -1.4%
TQQQ Proshares Ultrapro QQQ 0.03% 3,426 $354K New
IJH iShares Core S&P Midcap ETF 0.02% 4,825 $315K No change
BIL SS SPDR BB 1-3M T-Bill ETF 0.02% 3,306 $303K Reduce -24.6%
SCHB Schwab US Broad Market ETF 0.02% 11,220 $288K No change
EEM iShares MSCI Emerging Market 0.02% 5,000 $267K No change
IVV iShares Core S&P 500 ETF 0.02% 368 $246K Add +23.9%
IWM iShares Russell 2000 ETF 0.02% 921 $223K No change
VIG Vanguard Dividend Apprec ETF 0.01% 893 $193K Add +7.2%
XME SS SPDR S&P Metals Mining 0.01% 2,000 $186K No change
GSY Invesco Ultra Short Duration 0.01% 3,652 $183K No change
GDXJ Vaneck Junior Gold Miners 0.01% 1,764 $175K Reduce -53.1%
MSUXX Msilf Treasury Sec-Inst 0.01% 155,755 $156K Add +1.0%
VTI VG Morningstar TS MKT ETF-US 0.01% 469 $154K Add +0.2%
USFR Wisdomtree Floating Rate Tre 0.01% 2,904 $146K Reduce -4.6%
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.01% 459 $135K No change
EFA iShares MSCI Eafe ETF 0.01% 1,310 $122K Reduce -6.7%
VDE Vanguard Energy ETF 0.01% 950 $120K Reduce -44.8%
ARKF ARK Blockchain & Fintech Inn 0.01% 2,009 $114K Reduce -9.8%
PWZ Invesco California Amt-Free 0.01% 4,705 $113K No change
CMF iShares California Muni Bond 0.01% 1,976 $113K No change
JPST JPMorgan Ultra-Short Income 0.01% 2,167 $110K No change
SWGXX Schwab Govt MNY FND-SWP 0.01% 108,233 $108K Add +788.9%
XBI SS SPDR S&P Biotech ETF 0.01% 1,030 $103K No change
SPEU State Street SPDR Portfolio 0.01% 2,024 $101K No change
ESPO Vaneck Videogaming Esports 0.01% 767 $93K Reduce -10.1%
IBIT iShares Bitcoin Trust ETF 0.01% 1,350 $88K No change
KWEB Kranesh Csi China Internet 0.01% 2,068 $87K Add +1.9%
GRID First TRST Nasd Class Edg Sgiif 0.01% 487 $74K Add +0.2%
QTUM Defiance Quantum ETF 0.01% 663 $70K Reduce -20.5%
AIQ Global X Art Intel & Tech 0.01% 1,420 $70K Reduce -6.5%
ONLN Proshares Online Retail ETF 0.00% 994 $60K No change
SPEM State Street SP PTF Em ETF 0.00% 1,274 $60K Add +11.2%
SKYY First Trust Cloud Computing 0.00% 426 $57K Reduce -15.1%
ROBT First Trust Nasdaq Artificia 0.00% 1,087 $57K No change
BITQ Bitwise Crypto Indu Inno ETF 0.00% 2,096 $53K New
TAN Invesco Solar ETF 0.00% 1,225 $53K No change
FLMX Franklin Ftse Mexico ETF 0.00% 1,453 $48K Add +11.1%
URA Global X Uranium ETF 0.00% 1,000 $48K No change
VPL Vanguard Ftse Pacific ETF 0.00% 516 $45K No change
IBB iShares Biotechnology ETF 0.00% 300 $43K No change
PAVE Global X US Infrastructure 0.00% 858 $41K Reduce -40.4%
ARKG ARK Genomic Revolution ETF 0.00% 1,137 $32K Reduce -68.2%
FETH Fidelity Ethereum Fund 0.00% 738 $31K New
FBTC Fidelity Wise Origin Bitcoin 0.00% 219 $22K New
ICLN iShares Global Clean Energy 0.00% 1,340 $21K Add +10.2%
FLCA Franklin Ftse Canada ETF 0.00% 446 $20K No change
CQQQ Invesco China Technology ETF 0.00% 347 $20K No change
FNDX Schwab Fndmntl US LRG Co. ETF 0.00% 720 $19K No change
IAU iShares Gold Trust 0.00% 250 $18K No change
ASHR Xtrackers Harvest Csi 300 CH 0.00% 500 $16K No change
IWR iShares Russell Mid-Cap ETF 0.00% 144 $14K No change
EMB iShares JP Morgan Usd Emergi 0.00% 142 $14K No change
SCHX Schwab US Large-Cap ETF 0.00% 456 $12K No change
SSO Proshares Ultra S&P500 0.00% 99 $11K New
CLOU Global X Cloud Computing ETF 0.00% 409 $10K No change
VNQ Vanguard Real Estate ETF 0.00% 100 $9K New
XCEM Columbia Em Core Ex-China 0.00% 125 $5K No change

Portfolio Sells Q2 2025 → Q3 2025
SMH Vaneck Semiconductor ETF Reduce -47.1% 3.95% −2.90
QQQ Invesco QQQ Trust Series 1 Reduce -29.4% 5.20% −2.06
IGV iShares Expanded Tech-Softwa Reduce -27.0% 2.70% −1.08
QQQM Invesco Nasdaq 100 ETF Reduce -16.4% 3.47% −0.62
SGOV iShares 0-3 Month Treasury B Reduce -4.6% 1.33% −0.17
SNSXX Schwab US Treasury Money-Inv Reduce -22.9% 0.38% −0.15
SUTXX Schwab US Treasury Money-Ult Reduce -3.4% 1.01% −0.11
IEFA iShares Core MSCI Eafe ETF Reduce -3.0% 1.29% −0.07
AGG iShares Core U.S. Aggregate Reduce -7.3% 0.51% −0.07
VHT Vanguard Health Care ETF Reduce -2.7% 1.19% −0.06
XLI SS Industrial Select Sector Reduce -26.1% 0.13% −0.05
IGSB iShares 1-5Y Inv Grade Corp. Reduce -0.5% 0.59% −0.04
VFH Vanguard Financials ETF Reduce -6.2% 0.36% −0.04
IJK iShares S&P Mid-Cap 400 Grow Reduce -11.3% 0.21% −0.03
TFLO iShares Treasury Floating Ra Reduce -9.3% 0.13% −0.02
VXUS Vanguard Total Intl Stock Reduce -0.6% 0.87% −0.01
KRE SS SPDR S&P Regional Bank Sold out 0.00% −0.01
SHY iShares 1-3 Year Treasury Bo Reduce -1.4% 0.13% −0.01
BIL SS SPDR BB 1-3M T-Bill ETF Reduce -24.6% 0.02% −0.01
IJR iShares Core S&P Small-Cap E Sold out 0.00% −0.01
VDE Vanguard Energy ETF Reduce -44.8% 0.01% −0.01
GDXJ Vaneck Junior Gold Miners Reduce -53.1% 0.01% −0.01
SOXX iShares Semiconductor ETF Reduce -10.8% 0.10% −0.01
EXCHANGE TRADED CONCEPTS TRU Sold out 0.00% −0.01
ARKG ARK Genomic Revolution ETF Reduce -68.2% 0.00% −0.00
PAVE Global X US Infrastructure Reduce -40.4% 0.00% −0.00
XNEAX Nuveen Amt-FR QLTY Muni Inc. Sold out 0.00% −0.00
USFR Wisdomtree Floating Rate Tre Reduce -4.6% 0.01% −0.00
EFA iShares MSCI Eafe ETF Reduce -6.7% 0.01% −0.00
QTUM Defiance Quantum ETF Reduce -20.5% 0.01% −0.00
IEO iShares U.S. Oil & Gas Explo Sold out 0.00% −0.00
SKYY First Trust Cloud Computing Reduce -15.1% 0.00% −0.00
XLE SS Energy Select Sector Sold out 0.00% −0.00
ARKF ARK Blockchain & Fintech Inn Reduce -9.8% 0.01% −0.00
ESPO Vaneck Videogaming Esports Reduce -10.1% 0.01% −0.00
VT Vanguard Tot World STK ETF Reduce -1.4% 0.03% −0.00
AIQ Global X Art Intel & Tech Reduce -6.5% 0.01% −0.00
GDX Vaneck Gold Miners ETF Reduce -25.0% 0.03% +0.00
XLC SS Comm Select Sector SPDR Reduce -0.3% 7.86% +0.10

Portfolio Buys Q2 2025 → Q3 2025
XLK SS Technology Select Sector Add +65.5% 6.73% +2.81
XLV SS Health Care Select Sector Add +96.0% 5.77% +2.71
XLY SS Consumer Disc Select Sect Add +9.1% 5.05% +0.55
VGT Vanguard Info Tech ETF Add +58.5% 1.22% +0.49
TMAT Main Thematic Innovation ETF Add +0.3% 5.81% +0.45
ITB iShares U.S. Home Constructi Add +39.0% 1.25% +0.41
SWVXX Schwa Prime Adv Money FD-Inv New 0.14% +0.14
SPY SS SPDR S&P 500 ETF Trust-US Add +0.3% 11.89% +0.09
INTL Main International ETF Add +0.3% 7.43% +0.06
IEMG iShares Core MSCI Emerging Add +305.9% 0.08% +0.06
SECT Main Sector Rotation ETF Add +0.9% 1.81% +0.04
TQQQ Proshares Ultrapro QQQ New 0.03% +0.03
XLF SS Financial Select Sector Add +4.8% 5.60% +0.02
SWGXX Schwab Govt MNY FND-SWP Add +788.9% 0.01% +0.01
BITQ Bitwise Crypto Indu Inno ETF New 0.00% +0.00
IVV iShares Core S&P 500 ETF Add +23.9% 0.02% +0.00
FETH Fidelity Ethereum Fund New 0.00% +0.00
FBTC Fidelity Wise Origin Bitcoin New 0.00% +0.00
ACWX iShares MSCI Acwi Ex US ETF Add +5.0% 0.03% +0.00
KWEB Kranesh Csi China Internet Add +1.9% 0.01% +0.00
SSO Proshares Ultra S&P500 New 0.00% +0.00
VIG Vanguard Dividend Apprec ETF Add +7.2% 0.01% +0.00
VNQ Vanguard Real Estate ETF New 0.00% +0.00
FLMX Franklin Ftse Mexico ETF Add +11.1% 0.00% +0.00
SPEM State Street SP PTF Em ETF Add +11.2% 0.00% +0.00
ICLN iShares Global Clean Energy Add +10.2% 0.00% +0.00
GRID First TRST Nasd Class Edg Sgiif Add +0.2% 0.01% +0.00
VTI VG Morningstar TS MKT ETF-US Add +0.2% 0.01% +0.00
SNOXX Schwab Trsry Obl MNY-Inv Add +7.0% 0.03% 0.00
VEA Vanguard Ftse Developed ETF Add +1.5% 0.09% −0.00
MSUXX Msilf Treasury Sec-Inst Add +1.0% 0.01% −0.00
XLU St Sr Utl SL SE SPDR ETF-Usd Add +0.4% 1.10% −0.00
VEU Vanguard Ftse All-World Ex-U Add +0.6% 1.25% −0.01
RSP Invesco S&P 500 Equal Weight Add +0.3% 2.48% −0.06
BND Vanguard Total Bond Market Add +0.4% 1.75% −0.10
BUYW Main Buywrite ETF Add +3.0% 7.95% −0.23

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