Main Management LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 10, 2026), Main Management LLC reported 104 stock positions worth $1.4 billion. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 11.6% of the portfolio, followed by Main Buywrite ETF (BUYW, 8.3%) and SS Financial Select Sector (XLF, 8.1%). Compared with Q3 2025, it opened 5 new positions, sold out of 6, added to 33 and reduced 37. The biggest buy was SS Financial Select Sector (XLF, shares +44%) and the biggest sale Vaneck Semiconductor ETF (SMH, shares −89%).

Most Recent 13F
Q2 2026
Location
SAN FRANCISCO, CA
CIK
0001583092
Portfolio Value
$1.4B (Q4 2025)
SEC Filing
0001583092-26-000002 ↗ filed Feb 10, 2026

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 Q3 2025 Q4 2025: $1.4B $1.4B Q4 2025 Q1 2026: $1.4B Q1 2026 Q2 2026: $1.5B Q2 2026

Holdings 104 stocks · $1.4B
SPY SS SPDR S&P 500 ETF Trust-US 11.61% 236,536 $161.3M Reduce -2.9%
BUYW Main Buywrite ETF 8.28% 8,036,358 $115.1M Add +5.3%
XLF SS Financial Select Sector 8.07% 2,047,301 $112.1M Add +44.4%
XLV SS Health Care Select Sector 8.02% 720,318 $111.5M Add +27.3%
XLC SS Comm Select Sector SPDR 7.66% 904,512 $106.5M Reduce -0.2%
INTL Main International ETF 7.50% 3,735,118 $104.2M Add +2.4%
XLK SS Technology Select Sector 6.98% 673,373 $96.9M Add +3.2%
TMAT Main Thematic Innovation ETF 5.26% 2,925,306 $73.2M Reduce -0.1%
QQQ Invesco QQQ Trust Series 1 5.20% 117,654 $72.3M Reduce -0.5%
XLY SS Consumer Disc Select Sect 4.35% 506,118 $60.4M Reduce -12.1%
QQQM Invesco Nasdaq 100 ETF 3.51% 192,645 $48.7M Add +0.4%
RSP Invesco S&P 500 Equal Weight 2.58% 187,430 $35.9M Add +4.9%
SECT Main Sector Rotation ETF 1.89% 406,208 $26.2M Add +3.9%
BND Vanguard Total Bond Market 1.69% 317,481 $23.5M Reduce -1.4%
VHT Vanguard Health Care ETF 1.38% 66,650 $19.2M Add +6.6%
SGOV iShares 0-3 Month Treasury B 1.36% 188,907 $19.0M Add +5.0%
VEU Vanguard Ftse All-World Ex-U 1.32% 248,909 $18.3M Add +3.8%
IEFA iShares Core MSCI Eafe ETF 1.30% 201,920 $18.1M Reduce -0.0%
VGT Vanguard Info Tech ETF 1.27% 23,472 $17.7M Add +4.9%
XLB SS Materials Select Sector 1.26% 384,829 $17.5M New
ITB iShares U.S. Home Constructi 1.19% 171,371 $16.5M Add +7.8%
XLE SS Energy Select Sector 1.11% 345,000 $15.4M New
VXUS Vanguard Total Intl Stock 1.00% 183,780 $13.9M Add +13.2%
SUTXX Schwab US Treasury Money-Ult 0.90% 12,494,243 $12.5M Reduce -9.6%
IGV iShares Expanded Tech-Softwa 0.67% 87,600 $9.3M Reduce -72.6%
IGSB iShares 1-5Y Inv Grade Corp. 0.61% 160,853 $8.5M Add +6.7%
AGG iShares Core U.S. Aggregate 0.54% 75,780 $7.6M Add +8.8%
VFH Vanguard Financials ETF 0.49% 50,726 $6.8M Add +37.2%
SMH Vaneck Semiconductor ETF 0.45% 17,409 $6.3M Reduce -89.5%
SNSXX Schwab US Treasury Money-Inv 0.37% 5,078,970 $5.1M Reduce -1.3%
VWO Vanguard Ftse Emerging Marke 0.33% 84,478 $4.5M Add +62.8%
XLI SS Industrial Select Sector 0.24% 21,347 $3.3M Add +88.1%
OIH Vaneck Oil Services ETF 0.21% 10,341 $2.9M Reduce -32.6%
IJK iShares S&P Mid-Cap 400 Grow 0.18% 25,214 $2.4M Reduce -15.1%
SWVXX Schwa Prime Adv Money FD-Inv filed as SCHWAB PRIME ADVANTAGE MONEY INVESTOR 0.16% 2,258,835 $2.3M Add +21.1%
SHY iShares 1-3 Year Treasury Bo 0.13% 22,183 $1.8M Add +5.3%
TFLO iShares Treasury Floating Ra 0.12% 34,304 $1.7M Reduce -5.5%
VEA Vanguard Ftse Developed ETF 0.10% 21,530 $1.3M Add +10.8%
IEMG iShares Core MSCI Emerging 0.08% 15,705 $1.1M Add +1.0%
VOO Vanguard S&P 500 ETF 0.05% 1,059 $664K No change
ACWX iShares MSCI Acwi Ex US ETF 0.04% 7,597 $510K Add +11.0%
GLD SPDR Gold Shares 0.03% 1,166 $462K No change
VYM Vanguard High DVD Yield ETF 0.03% 3,166 $454K No change
VCSH Vanguard S/T Corp. Bond ETF 0.03% 4,954 $395K No change
VT Vanguard Tot World STK ETF 0.03% 2,612 $368K Reduce -2.9%
GDX Vaneck Gold Miners ETF 0.02% 4,000 $343K Reduce -33.3%
IJH iShares Core S&P Midcap ETF 0.02% 4,825 $318K No change
IVV iShares Core S&P 500 ETF 0.02% 428 $293K Add +16.3%
BIL SS SPDR BB 1-3M T-Bill ETF 0.02% 3,198 $292K Reduce -3.3%
SCHB Schwab US Broad Market ETF 0.02% 10,488 $275K Reduce -6.5%
EEM iShares MSCI Emerging Market 0.02% 5,000 $274K No change
IWM iShares Russell 2000 ETF 0.02% 921 $227K No change
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.02% 773 $224K Add +68.4%
SOXX iShares Semiconductor ETF 0.02% 715 $215K Reduce -85.7%
XME SS SPDR S&P Metals Mining 0.01% 2,000 $207K No change
GDXJ Vaneck Junior Gold Miners 0.01% 1,764 $201K No change
GSY Invesco Ultra Short Duration 0.01% 3,652 $184K No change
VIG Vanguard Dividend Apprec ETF 0.01% 833 $183K Reduce -6.7%
USFR Wisdomtree Floating Rate Tre 0.01% 3,223 $162K Add +11.0%
MSUXX Msilf Treasury Sec-Inst 0.01% 157,250 $157K Add +1.0%
VTI VG Morningstar TS MKT ETF-US 0.01% 462 $155K Reduce -1.5%
XBI SS SPDR S&P Biotech ETF 0.01% 1,030 $126K No change
EFA iShares MSCI Eafe ETF 0.01% 1,297 $125K Reduce -1.0%
VDE Vanguard Energy ETF 0.01% 950 $120K No change
PWZ Invesco California Amt-Free 0.01% 4,641 $112K Reduce -1.4%
CMF iShares California Muni Bond 0.01% 1,953 $112K Reduce -1.2%
JPST JPMorgan Ultra-Short Income 0.01% 2,167 $110K No change
SNOXX Schwab Trsry Obl MNY-Inv 0.01% 108,851 $109K Reduce -71.8%
SPEU State Street SPDR Portfolio 0.01% 2,078 $108K Add +2.7%
ARKF ARK Blockchain & Fintech Inn 0.01% 1,879 $89K Reduce -6.5%
GRID First TRST Nasd Class Edg Sgiif 0.01% 488 $75K Add +0.2%
ESPO Vaneck Videogaming Esports 0.01% 718 $74K Reduce -6.4%
QTUM Defiance Quantum ETF 0.00% 608 $67K Reduce -8.3%
IBIT iShares Bitcoin Trust ETF 0.00% 1,350 $67K No change
AIQ Global X Art Intel & Tech 0.00% 1,253 $64K Reduce -11.8%
TAN Invesco Solar ETF 0.00% 1,225 $60K No change
SPEM State Street SP PTF Em ETF 0.00% 1,282 $60K Add +0.6%
SKYY First Trust Cloud Computing 0.00% 426 $55K No change
ONLN Proshares Online Retail ETF 0.00% 919 $54K Reduce -7.5%
ROBT First Trust Nasdaq Artificia 0.00% 999 $52K Reduce -8.1%
KWEB Kranesh Csi China Internet 0.00% 1,520 $52K Reduce -26.5%
IBB iShares Biotechnology ETF 0.00% 300 $51K No change
VPL Vanguard Ftse Pacific ETF 0.00% 540 $49K Add +4.7%
URA Global X Uranium ETF 0.00% 1,000 $43K No change
EIDO iShares MSCI Indonesia ETF 0.00% 2,301 $43K New
BITQ Bitwise Crypto Indu Inno ETF 0.00% 2,096 $42K No change
PAVE Global X US Infrastructure 0.00% 858 $41K No change
SWGXX Schwab Govt MNY FND-SWP 0.00% 35,222 $35K Reduce -67.5%
ARKG ARK Genomic Revolution ETF 0.00% 1,137 $33K No change
FLCH Franklin Ftse China ETF 0.00% 1,018 $24K New
ICLN iShares Global Clean Energy 0.00% 1,415 $23K Add +5.6%
FLCA Franklin Ftse Canada ETF 0.00% 446 $22K No change
FETH Fidelity Ethereum Fund 0.00% 686 $20K Reduce -7.0%
IAU iShares Gold Trust 0.00% 250 $20K No change
FNDX Schwab Fndmntl US LRG Co. ETF 0.00% 720 $20K No change
CQQQ Invesco China Technology ETF 0.00% 347 $18K No change
ASHR Xtrackers Harvest Csi 300 CH 0.00% 500 $16K No change
FBTC Fidelity Wise Origin Bitcoin 0.00% 208 $16K Reduce -5.0%
GBTC Grayscale Bitcoin Trust ETF 0.00% 200 $14K New
EMB iShares JP Morgan Usd Emergi 0.00% 142 $14K No change

Show all 104 holdings

Portfolio Sells Q3 2025 → Q4 2025
SMH Vaneck Semiconductor ETF Reduce -89.5% 0.45% −3.50
IGV iShares Expanded Tech-Softwa Reduce -72.6% 0.67% −2.03
XLU St Sr Utl SL SE SPDR ETF-Usd Sold out 0.00% −1.10
XLY SS Consumer Disc Select Sect Reduce -12.1% 4.35% −0.70
TMAT Main Thematic Innovation ETF Reduce -0.1% 5.26% −0.54
SPY SS SPDR S&P 500 ETF Trust-US Reduce -2.9% 11.61% −0.28
XLC SS Comm Select Sector SPDR Reduce -0.2% 7.66% −0.19
SUTXX Schwab US Treasury Money-Ult Reduce -9.6% 0.90% −0.11
SOXX iShares Semiconductor ETF Reduce -85.7% 0.02% −0.08
OIH Vaneck Oil Services ETF Reduce -32.6% 0.21% −0.08
BND Vanguard Total Bond Market Reduce -1.4% 1.69% −0.06
IJK iShares S&P Mid-Cap 400 Grow Reduce -15.1% 0.18% −0.03
IWF iShares Russell 1000 Growth Sold out 0.00% −0.03
TQQQ Proshares Ultrapro QQQ Sold out 0.00% −0.03
SNOXX Schwab Trsry Obl MNY-Inv Reduce -71.8% 0.01% −0.02
SNSXX Schwab US Treasury Money-Inv Reduce -1.3% 0.37% −0.01
TFLO iShares Treasury Floating Ra Reduce -5.5% 0.12% −0.01
GDX Vaneck Gold Miners ETF Reduce -33.3% 0.02% −0.01
SWGXX Schwab Govt MNY FND-SWP Reduce -67.5% 0.00% −0.01
FLMX Franklin Ftse Mexico ETF Sold out 0.00% −0.00
KWEB Kranesh Csi China Internet Reduce -26.5% 0.00% −0.00
ARKF ARK Blockchain & Fintech Inn Reduce -6.5% 0.01% −0.00
ESPO Vaneck Videogaming Esports Reduce -6.4% 0.01% −0.00
SCHB Schwab US Broad Market ETF Reduce -6.5% 0.02% −0.00
BIL SS SPDR BB 1-3M T-Bill ETF Reduce -3.3% 0.02% −0.00
VIG Vanguard Dividend Apprec ETF Reduce -6.7% 0.01% −0.00
FETH Fidelity Ethereum Fund Reduce -7.0% 0.00% −0.00
SSO Proshares Ultra S&P500 Sold out 0.00% −0.00
VT Vanguard Tot World STK ETF Reduce -2.9% 0.03% −0.00
VNQ Vanguard Real Estate ETF Sold out 0.00% −0.00
FBTC Fidelity Wise Origin Bitcoin Reduce -5.0% 0.00% −0.00
AIQ Global X Art Intel & Tech Reduce -11.8% 0.00% −0.00
ONLN Proshares Online Retail ETF Reduce -7.5% 0.00% −0.00
ROBT First Trust Nasdaq Artificia Reduce -8.1% 0.00% −0.00
CLOU Global X Cloud Computing ETF Reduce -50.1% 0.00% −0.00
QTUM Defiance Quantum ETF Reduce -8.3% 0.00% −0.00
PWZ Invesco California Amt-Free Reduce -1.4% 0.01% −0.00
IWR iShares Russell Mid-Cap ETF Reduce -17.4% 0.00% −0.00
CMF iShares California Muni Bond Reduce -1.2% 0.01% −0.00
VTI VG Morningstar TS MKT ETF-US Reduce -1.5% 0.01% −0.00
EFA iShares MSCI Eafe ETF Reduce -1.0% 0.01% +0.00
QQQ Invesco QQQ Trust Series 1 Reduce -0.5% 5.20% +0.00
IEFA iShares Core MSCI Eafe ETF Reduce -0.0% 1.30% +0.01

Portfolio Buys Q3 2025 → Q4 2025
XLF SS Financial Select Sector Add +44.4% 8.07% +2.47
XLV SS Health Care Select Sector Add +27.3% 8.02% +2.26
XLB SS Materials Select Sector New 1.26% +1.26
XLE SS Energy Select Sector New 1.11% +1.11
BUYW Main Buywrite ETF Add +5.3% 8.28% +0.34
XLK SS Technology Select Sector Add +3.2% 6.98% +0.24
VHT Vanguard Health Care ETF Add +6.6% 1.38% +0.19
VFH Vanguard Financials ETF Add +37.2% 0.49% +0.13
VXUS Vanguard Total Intl Stock Add +13.2% 1.00% +0.12
VWO Vanguard Ftse Emerging Marke Add +62.8% 0.33% +0.12
XLI SS Industrial Select Sector Add +88.1% 0.24% +0.11
RSP Invesco S&P 500 Equal Weight Add +4.9% 2.58% +0.10
SECT Main Sector Rotation ETF Add +3.9% 1.89% +0.08
INTL Main International ETF Add +2.4% 7.50% +0.07
VEU Vanguard Ftse All-World Ex-U Add +3.8% 1.32% +0.06
VGT Vanguard Info Tech ETF Add +4.9% 1.27% +0.05
SGOV iShares 0-3 Month Treasury B Add +5.0% 1.36% +0.04
QQQM Invesco Nasdaq 100 ETF Add +0.4% 3.51% +0.03
AGG iShares Core U.S. Aggregate Add +8.8% 0.54% +0.03
IGSB iShares 1-5Y Inv Grade Corp. Add +6.7% 0.61% +0.03
SWVXX Schwa Prime Adv Money FD-Inv Add +21.1% 0.16% +0.03
VEA Vanguard Ftse Developed ETF Add +10.8% 0.10% +0.01
VO Vngrd Mrngstr MD-Cap ETF-Usd Add +68.4% 0.02% +0.01
SHY iShares 1-3 Year Treasury Bo Add +5.3% 0.13% +0.00
ACWX iShares MSCI Acwi Ex US ETF Add +11.0% 0.04% +0.00
IVV iShares Core S&P 500 ETF Add +16.3% 0.02% +0.00
EIDO iShares MSCI Indonesia ETF New 0.00% +0.00
FLCH Franklin Ftse China ETF New 0.00% +0.00
GBTC Grayscale Bitcoin Trust ETF New 0.00% +0.00
USFR Wisdomtree Floating Rate Tre Add +11.0% 0.01% +0.00
IEMG iShares Core MSCI Emerging Add +1.0% 0.08% +0.00
SPEU State Street SPDR Portfolio Add +2.7% 0.01% +0.00
VPL Vanguard Ftse Pacific ETF Add +4.7% 0.00% +0.00
ICLN iShares Global Clean Energy Add +5.6% 0.00% +0.00
GRID First TRST Nasd Class Edg Sgiif Add +0.2% 0.01% 0.00
MSUXX Msilf Treasury Sec-Inst Add +1.0% 0.01% −0.00
SPEM State Street SP PTF Em ETF Add +0.6% 0.00% −0.00
ITB iShares U.S. Home Constructi Add +7.8% 1.19% −0.06

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