Municipal Employees' Retirement System of Michigan

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 12, 2024), Municipal Employees' Retirement System of Michigan reported 49 stock positions worth $7.6 billion. Its top holding was Invesco S&P 500 QVM Multi-Fa (QVML) at 13.6% of the portfolio, followed by iShares Core S&P 500 ETF (IVV, 10.9%) and SS SPDR P Int Term TSY ETF (SPTI, 10.1%). Compared with Q2 2024, it added to 20 and reduced 9. The biggest buy was Simplify MBS ETF (MTBA, shares +162%) and the biggest sale iShares MSCI Global Gold Min (RING, shares −43%).

Most Recent 13F
Q2 2026
Location
LANSING, MI
CIK
0001588873
Portfolio Value
$7.6B (Q3 2024)
SEC Filing
0001588873-24-000008 ↗ filed Nov 12, 2024

Holdings Value

0$2.0B$4.0B$6.0B$8.0B$10.0B Q1 2024: $7.8B Q1 2024 Q2 2024: $7.2B Q2 2024 Q3 2024: $7.6B $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 49 stocks · $7.6B
QVML Invesco S&P 500 QVM Multi-Fa 13.59% 30,373,380 $1.0B Add +0.3%
IVV iShares Core S&P 500 ETF 10.94% 1,438,577 $829.8M Reduce -2.4%
SPTI SS SPDR P Int Term TSY ETF 10.12% 26,424,332 $767.9M No change
SPTS SS SPDR P St Term TSY ETF 8.42% 21,711,672 $638.5M Add +0.1%
IPAC iShares Core MSCI Pacific Et 5.62% 6,404,807 $426.5M No change
SPTL SS SPDR PF LNG TRM TSY E-Usd 4.89% 12,764,462 $371.1M No change
QVMM Invesco S&P Midcap 400 QVM M 4.15% 10,882,576 $314.5M Add +0.3%
IEMG iShares Core MSCI Emerging 3.61% 4,773,111 $274.0M No change
VGK Vanguard Ftse Europe ETF 3.51% 3,742,619 $266.1M No change
VGSH Vanguard Short-Term Treasury 2.80% 3,601,177 $212.5M Add +0.3%
VGIT Vanguard Intermediate-Term T 2.70% 3,390,733 $204.9M No change
XEMD Bondbloxx-JPM Usd Em MK 1-10 2.65% 4,698,046 $201.4M Add +2.7%
QVMS Invesco S&P Smallcap 600 QVM 2.56% 7,114,414 $194.4M Add +0.3%
ISVL iShares International Develo 2.30% 4,592,859 $174.1M No change
EMHC SS SPDR BB Em Usd Bond ETF 2.14% 6,479,288 $162.6M Reduce -19.7%
MTBA Simplify MBS ETF 2.13% 3,139,253 $161.6M Add +161.9%
EMB iShares JP Morgan Usd Emergi 1.91% 1,547,548 $144.8M No change
BBEU JPMorgan Betabuilders Europe 1.68% 2,042,693 $127.3M Reduce -24.3%
PICK iShares MSCI Global Metals & 1.67% 2,931,185 $126.7M Add +0.5%
IJH iShares Core S&P Midcap ETF 1.65% 2,005,372 $125.0M Add +0.0%
XONE Bondbloxx BBG 1 Dur US Treas 1.57% 2,387,980 $119.3M No change
FLCA Franklin Ftse Canada ETF 1.38% 2,773,743 $104.4M Add +1.1%
GATO Gatos Silver Inc. 1.23% 6,205,259 $93.6M No change
RING iShares MSCI Global Gold Min 0.98% 2,253,973 $74.4M Reduce -43.0%
VGLT Vanguard Long-Term Treasury 0.67% 827,671 $50.9M Reduce -0.7%
BBAX JPMorgan Betabuilders Develo 0.65% 910,009 $49.2M No change
XBB Bondbloxx-BB Rated Usd HY CB 0.56% 1,037,817 $42.7M Add +3.0%
XFIV Bondbloxx BBG 5 YR US Treas 0.46% 704,064 $35.2M No change
SPHY SS SPDR P High Yield ETF 0.39% 1,238,276 $29.8M Reduce -16.1%
XLE SS Energy Select Sector 0.36% 311,228 $27.3M Add +14.2%
XHLF Bondbloxx BBG 6 MTH US Treas 0.30% 448,334 $22.6M No change
XTWO Bondbloxx BBG 2Y US TSY ETF 0.27% 416,558 $20.8M No change
XTRE Bondbloxx BBG 3Y US TSY ETF 0.27% 402,313 $20.1M No change
XSVN Bondbloxx BBG 7 YR US Treas 0.26% 403,857 $19.8M No change
XTEN Bondbloxx BBG 10Y US TSY ETF 0.26% 403,452 $19.5M No change
XTWY Bondbloxx BBG 20Y US TSY ETF 0.24% 420,244 $18.5M No change
SPYM Ste STR SPDR PT S&P 500 ETF 0.17% 188,205 $12.7M Reduce -0.1%
STIP iShares 0-5 Year Tips Bond E 0.16% 120,426 $12.2M Add +10.2%
XB Bondbloxx-B Rated Usd HY CB 0.14% 266,860 $10.7M No change
SPDW Ste STR SPDR PT DW Eu ETF 0.14% 276,169 $10.4M Add +3.4%
SPSB SS SPDR P St C Corp. ETF 0.10% 259,709 $7.9M Add +8.3%
MBB iShares MBS ETF 0.10% 80,099 $7.7M Add +7.0%
SPIB SS SPDR P Int C Corp. ETF 0.07% 159,059 $5.4M Add +2.5%
XCCC Bondbloxx-CCC-Usd HY Corp. BD 0.06% 121,654 $4.8M No change
SPEM State Street SP PTF Em ETF 0.06% 110,056 $4.5M Reduce -2.1%
IJR iShares Core S&P Small-Cap E 0.03% 20,736 $2.4M Add +0.0%
SPMD SS SPDR P S&P 400 Midcap ETF 0.02% 26,947 $1.5M Add +5.0%
HYBB iShares BB Rated Corp. Bond 0.02% 28,510 $1.4M Reduce -18.7%
SPSM SS SPDR P S&P 600 Small Cap 0.01% 16,642 $757K Add +4.1%

Portfolio Sells Q2 2024 → Q3 2024
RING iShares MSCI Global Gold Min Reduce -43.0% 0.98% −0.53
BBEU JPMorgan Betabuilders Europe Reduce -24.3% 1.68% −0.52
EMHC SS SPDR BB Em Usd Bond ETF Reduce -19.7% 2.14% −0.52
IVV iShares Core S&P 500 ETF Reduce -2.4% 10.94% −0.24
SPHY SS SPDR P High Yield ETF Reduce -16.1% 0.39% −0.08
HYBB iShares BB Rated Corp. Bond Reduce -18.7% 0.02% −0.00
SPYM Ste STR SPDR PT S&P 500 ETF Reduce -0.1% 0.17% +0.00
SPEM State Street SP PTF Em ETF Reduce -2.1% 0.06% +0.00
VGLT Vanguard Long-Term Treasury Reduce -0.7% 0.67% +0.00

Portfolio Buys Q2 2024 → Q3 2024
MTBA Simplify MBS ETF Add +161.9% 2.13% +1.29
QVMS Invesco S&P Smallcap 600 QVM Add +0.3% 2.56% +0.12
FLCA Franklin Ftse Canada ETF Add +1.1% 1.38% +0.10
QVMM Invesco S&P Midcap 400 QVM M Add +0.3% 4.15% +0.08
XEMD Bondbloxx-JPM Usd Em MK 1-10 Add +2.7% 2.65% +0.05
IJH iShares Core S&P Midcap ETF Add +0.0% 1.65% +0.02
PICK iShares MSCI Global Metals & Add +0.5% 1.67% +0.02
XLE SS Energy Select Sector Add +14.2% 0.36% +0.02
STIP iShares 0-5 Year Tips Bond E Add +10.2% 0.16% +0.01
SPDW Ste STR SPDR PT DW Eu ETF Add +3.4% 0.14% +0.01
MBB iShares MBS ETF Add +7.0% 0.10% +0.01
XBB Bondbloxx-BB Rated Usd HY CB Add +3.0% 0.56% +0.01
SPSB SS SPDR P St C Corp. ETF Add +8.3% 0.10% +0.00
IJR iShares Core S&P Small-Cap E Add +0.0% 0.03% +0.00
SPMD SS SPDR P S&P 400 Midcap ETF Add +5.0% 0.02% +0.00
SPSM SS SPDR P S&P 600 Small Cap Add +4.1% 0.01% +0.00
SPIB SS SPDR P Int C Corp. ETF Add +2.5% 0.07% +0.00
QVML Invesco S&P 500 QVM Multi-Fa Add +0.3% 13.59% −0.02
VGSH Vanguard Short-Term Treasury Add +0.3% 2.80% −0.09
SPTS SS SPDR P St Term TSY ETF Add +0.1% 8.42% −0.27

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