Municipal Employees' Retirement System of Michigan

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed April 17, 2024), Municipal Employees' Retirement System of Michigan reported 45 stock positions worth $7.8 billion. Its top holding was iShares Core S&P 500 ETF (IVV) at 13.0% of the portfolio, followed by Invesco S&P 500 QVM Multi-Fa (QVML, 12.1%) and SS SPDR P Int Term TSY ETF (SPTI, 9.6%). Compared with Q4 2023, it sold out of 1, added to 12 and reduced 13. The biggest buy was SS SPDR P Int Term TSY ETF (SPTI, shares +342%) and the biggest sale Sim St Treas Fut Strat ETF (TUA, shares −96%).

Most Recent 13F
Q2 2026
Location
LANSING, MI
CIK
0001588873
Portfolio Value
$7.8B (Q1 2024)
SEC Filing
0001588873-24-000005 ↗ filed Apr 17, 2024

Holdings Value

0$2.0B$4.0B$6.0B$8.0B$10.0B Q1 2024: $7.8B $7.8B Q1 2024 Q2 2024: $7.2B Q2 2024 Q3 2024: $7.6B Q3 2024 Q4 2024: $7.3B Q4 2024 Q1 2025: $7.9B Q1 2025 Q2 2025: $8.3B Q2 2025 Q3 2025: $8.6B Q3 2025 Q4 2025: $8.8B Q4 2025 Q1 2026: $8.8B Q1 2026 Q2 2026: $9.1B Q2 2026

Holdings 45 stocks · $7.8B
IVV iShares Core S&P 500 ETF 13.04% 1,924,864 $1.0B Reduce -28.8%
QVML Invesco S&P 500 QVM Multi-Fa 12.14% 30,288,556 $942.4M Reduce -5.6%
SPTI SS SPDR P Int Term TSY ETF 9.59% 26,424,332 $744.6M Add +342.1%
SPTS SS SPDR P St Term TSY ETF 8.08% 21,697,170 $627.5M Add +64.8%
IEMG iShares Core MSCI Emerging 5.27% 7,924,815 $408.9M Add +0.5%
SPTL SS SPDR PF LNG TRM TSY E-Usd 4.18% 11,622,475 $324.7M Add +63.5%
QVMM Invesco S&P Midcap 400 QVM M 3.95% 10,848,386 $306.7M No change
IPAC iShares Core MSCI Pacific Et 3.82% 4,683,690 $296.5M Add +4.6%
VGSH Vanguard Short-Term Treasury 3.25% 4,339,205 $252.0M Add +0.8%
EMHC SS SPDR BB Em Usd Bond ETF 3.17% 10,176,669 $245.9M Add +40.1%
QVMS Invesco S&P Smallcap 600 QVM 2.85% 8,595,731 $221.4M No change
VGIT Vanguard Intermediate-Term T 2.56% 3,390,733 $198.5M No change
VGK Vanguard Ftse Europe ETF 2.51% 2,890,092 $194.6M No change
EMB iShares JP Morgan Usd Emergi 2.43% 2,104,464 $188.7M No change
XEMD Bondbloxx-JPM Usd Em MK 1-10 2.41% 4,504,991 $187.4M No change
IJH iShares Core S&P Midcap ETF 2.31% 2,946,566 $179.0M Reduce -21.7%
ISVL iShares International Develo 2.10% 4,592,859 $162.9M No change
BBEU JPMorgan Betabuilders Europe 2.06% 2,697,749 $160.2M Add +19.0%
XONE Bondbloxx BBG 1 Dur US Treas 1.53% 2,387,980 $118.5M Reduce -47.0%
PICK iShares MSCI Global Metals & 1.41% 2,623,495 $109.4M Reduce -2.3%
FLCA Franklin Ftse Canada ETF 1.34% 2,991,017 $103.8M Add +13.8%
EWJV iShares MSCI Japan Value ETF 1.30% 3,046,678 $101.2M No change
MBB iShares MBS ETF 1.27% 1,066,311 $98.5M Reduce -1.5%
RING iShares MSCI Global Gold Min 1.26% 3,872,336 $97.9M Reduce -4.1%
SPHY SS SPDR P High Yield ETF 0.68% 2,241,710 $52.6M Reduce -29.1%
GATO Gatos Silver Inc. 0.67% 6,205,259 $52.1M No change
VGLT Vanguard Long-Term Treasury 0.63% 822,619 $48.7M Reduce -0.3%
BBAX JPMorgan Betabuilders Develo 0.56% 910,009 $43.8M No change
XBB Bondbloxx-BB Rated Usd HY CB 0.52% 996,434 $40.1M No change
XLE SS Energy Select Sector 0.45% 366,905 $34.6M Add +55.3%
XFIV Bondbloxx BBG 5 YR US Treas 0.44% 704,064 $34.1M No change
XHLF Bondbloxx BBG 6 MTH US Treas 0.28% 438,334 $22.1M Reduce -74.4%
XTWO Bondbloxx BBG 2Y US TSY ETF 0.26% 416,558 $20.4M Reduce -63.6%
XTRE Bondbloxx BBG 3Y US TSY ETF 0.25% 402,313 $19.7M No change
XSVN Bondbloxx BBG 7 YR US Treas 0.25% 403,857 $19.2M No change
XTEN Bondbloxx BBG 10Y US TSY ETF 0.24% 403,452 $18.8M No change
XTWY Bondbloxx BBG 20Y US TSY ETF 0.23% 420,244 $17.8M No change
TUA Sim St Treas Fut Strat ETF filed as SIMPLIFY EXCHANGE TRADED FUN 0.18% 634,568 $13.9M Reduce -96.2%
STIP iShares 0-5 Year Tips Bond E 0.14% 109,359 $10.9M Add +0.9%
XB Bondbloxx-B Rated Usd HY CB 0.14% 266,860 $10.6M No change
SPSB SS SPDR P St C Corp. ETF 0.09% 239,775 $7.1M No change
SPIB SS SPDR P Int C Corp. ETF 0.06% 150,225 $4.9M Add +2.1%
XCCC Bondbloxx-CCC-Usd HY Corp. BD 0.06% 121,654 $4.7M No change
IJR iShares Core S&P Small-Cap E 0.03% 20,735 $2.3M Reduce -92.2%
HYBB iShares BB Rated Corp. Bond 0.02% 30,699 $1.4M No change

Portfolio Sells Q4 2023 → Q1 2024
TUA Sim St Treas Fut Strat ETF Reduce -96.2% 0.18% −4.94
IVV iShares Core S&P 500 ETF Reduce -28.8% 13.04% −4.23
XONE Bondbloxx BBG 1 Dur US Treas Reduce -47.0% 1.53% −1.47
XHLF Bondbloxx BBG 6 MTH US Treas Reduce -74.4% 0.28% −0.87
XTWO Bondbloxx BBG 2Y US TSY ETF Reduce -63.6% 0.26% −0.49
IJH iShares Core S&P Midcap ETF Reduce -21.7% 2.31% −0.48
IJR iShares Core S&P Small-Cap E Reduce -92.2% 0.03% −0.36
SPHY SS SPDR P High Yield ETF Reduce -29.1% 0.68% −0.31
PICK iShares MSCI Global Metals & Reduce -2.3% 1.41% −0.14
GDXJ Vaneck Junior Gold Miners Sold out 0.00% −0.12
MBB iShares MBS ETF Reduce -1.5% 1.27% −0.09
RING iShares MSCI Global Gold Min Reduce -4.1% 1.26% −0.07
VGLT Vanguard Long-Term Treasury Reduce -0.3% 0.63% −0.05
QVML Invesco S&P 500 QVM Multi-Fa Reduce -5.6% 12.14% +0.23

Portfolio Buys Q4 2023 → Q1 2024
SPTI SS SPDR P Int Term TSY ETF Add +342.1% 9.59% +7.31
SPTS SS SPDR P St Term TSY ETF Add +64.8% 8.08% +2.97
SPTL SS SPDR PF LNG TRM TSY E-Usd Add +63.5% 4.18% +1.43
EMHC SS SPDR BB Em Usd Bond ETF Add +40.1% 3.17% +0.81
BBEU JPMorgan Betabuilders Europe Add +19.0% 2.06% +0.35
IPAC iShares Core MSCI Pacific Et Add +4.6% 3.82% +0.26
XLE SS Energy Select Sector Add +55.3% 0.45% +0.18
FLCA Franklin Ftse Canada ETF Add +13.8% 1.34% +0.17
SPIB SS SPDR P Int C Corp. ETF Add +2.1% 0.06% −0.00
STIP iShares 0-5 Year Tips Bond E Add +0.9% 0.14% −0.00
IEMG iShares Core MSCI Emerging Add +0.5% 5.27% −0.06
VGSH Vanguard Short-Term Treasury Add +0.8% 3.25% −0.11

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 30$9.1BQVML, IVV, SPTI, SPTS, VGK
Q1 2026 28$8.8BQVML, SPTI, IVV, SPTS, SPTL
Q4 2025 36$8.8BQVML, SPTI, IVV, VGK, SPTS
Q3 2025 45$8.6BQVML, SPTI, IVV, VGK, SPTS
Q2 2025 45$8.3BQVML, SPTI, IVV, VGK, SPTS
Q1 2025 46$7.9BQVML, SPTI, IVV, SPTS, VGK
Q4 2024 49$7.3BQVML, IVV, SPTI, SPTS, SCHP
Q3 2024 49$7.6BQVML, IVV, SPTI, SPTS, IPAC
Q2 2024 49$7.2BQVML, IVV, SPTI, SPTS, IPAC
Q1 2024 45$7.8BIVV, QVML, SPTI, SPTS, IEMG