Municipal Employees' Retirement System of Michigan

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 7, 2025), Municipal Employees' Retirement System of Michigan reported 46 stock positions worth $7.9 billion. Its top holding was Invesco S&P 500 QVM Multi-Fa (QVML) at 14.5% of the portfolio, followed by SS SPDR P Int Term TSY ETF (SPTI, 13.0%) and iShares Core S&P 500 ETF (IVV, 10.3%). Compared with Q4 2024, it opened 2 new positions, sold out of 5, added to 12 and reduced 5. The biggest buy was SS SPDR P Int Term TSY ETF (SPTI, shares +36%) and the biggest sale an exit from iShares International Develo (ISVL).

Most Recent 13F
Q2 2026
Location
LANSING, MI
CIK
0001588873
Portfolio Value
$7.9B (Q1 2025)
SEC Filing
0001588873-25-000003 ↗ filed May 7, 2025

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 Q3 2024 Q4 2024: $7.3B Q4 2024 Q1 2025: $7.9B $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 46 stocks · $7.9B
QVML Invesco S&P 500 QVM Multi-Fa 14.48% 34,132,010 $1.1B Add +12.4%
SPTI SS SPDR P Int Term TSY ETF 12.98% 35,861,653 $1.0B Add +35.7%
IVV iShares Core S&P 500 ETF 10.32% 1,450,762 $815.2M Add +0.8%
SPTS SS SPDR P St Term TSY ETF 8.12% 21,929,077 $641.2M Add +0.6%
VGK Vanguard Ftse Europe ETF 5.72% 6,435,286 $451.8M Add +72.0%
SCHP Schwab U.S. Tips ETF 5.58% 16,401,227 $441.0M Add +5.4%
SPTL SS SPDR PF LNG TRM TSY E-Usd 5.14% 14,880,982 $405.7M Add +27.3%
IPAC iShares Core MSCI Pacific Et 5.05% 6,404,807 $398.6M No change
QVMM Invesco S&P Midcap 400 QVM M 4.07% 11,882,576 $321.3M Add +9.2%
IEMG iShares Core MSCI Emerging 3.26% 4,773,111 $257.6M No change
XBB Bondbloxx-BB Rated Usd HY CB 3.19% 6,227,640 $251.8M Add +500.1%
IJH iShares Core S&P Midcap ETF 2.69% 3,645,909 $212.7M Add +81.8%
XEMD Bondbloxx-JPM Usd Em MK 1-10 2.51% 4,698,046 $198.1M No change
QVMS Invesco S&P Smallcap 600 QVM 2.22% 7,114,414 $175.2M No change
SPHY SS SPDR P High Yield ETF 1.77% 5,954,325 $139.5M Add +362.5%
BBEU JPMorgan Betabuilders Europe 1.60% 2,042,693 $126.3M No change
MTBA Simplify MBS ETF 1.51% 2,378,493 $119.3M Reduce -24.2%
XONE Bondbloxx BBG 1 Dur US Treas 1.50% 2,387,980 $118.7M No change
PICK iShares MSCI Global Metals & 1.38% 3,032,992 $108.8M No change
FLCA Franklin Ftse Canada ETF 1.31% 2,773,743 $103.2M No change
RING iShares MSCI Global Gold Min 0.92% 1,901,911 $73.0M No change
AG First Majestic Silver Corp. 0.60% 7,123,410 $47.7M New
BBAX JPMorgan Betabuilders Develo 0.56% 910,009 $44.3M No change
XFIV Bondbloxx BBG 5 YR US Treas 0.44% 704,064 $34.6M No change
XLE SS Energy Select Sector 0.31% 261,557 $24.4M Reduce -33.4%
XHLF Bondbloxx BBG 6 MTH US Treas 0.29% 448,334 $22.6M No change
XTWO Bondbloxx BBG 2Y US TSY ETF 0.26% 416,558 $20.6M No change
XTRE Bondbloxx BBG 3Y US TSY ETF 0.25% 402,313 $19.9M No change
XSVN Bondbloxx BBG 7 YR US Treas 0.24% 403,857 $19.3M No change
XTEN Bondbloxx BBG 10Y US TSY ETF 0.24% 403,452 $18.8M No change
XTWY Bondbloxx BBG 20Y US TSY ETF 0.21% 420,244 $16.9M No change
ICOP iShares Copper and Metals 0.18% 556,999 $14.4M New
STIP iShares 0-5 Year Tips Bond E 0.16% 121,200 $12.5M No change
SPYM Ste STR SPDR PT S&P 500 ETF 0.16% 188,205 $12.4M No change
XB Bondbloxx-B Rated Usd HY CB 0.13% 266,860 $10.4M No change
SPDW Ste STR SPDR PT DW Eu ETF 0.13% 276,169 $10.1M No change
VGSH Vanguard Short-Term Treasury 0.11% 142,206 $8.3M Reduce -42.9%
SPSB SS SPDR P St C Corp. ETF 0.09% 228,061 $6.9M No change
MBB iShares MBS ETF 0.08% 67,551 $6.3M Add +53.6%
SPIB SS SPDR P Int C Corp. ETF 0.07% 164,166 $5.5M Reduce -4.8%
XCCC Bondbloxx-CCC-Usd HY Corp. BD 0.06% 121,654 $4.6M No change
SPEM State Street SP PTF Em ETF 0.05% 107,144 $4.2M No change
IJR iShares Core S&P Small-Cap E 0.03% 20,736 $2.2M No change
HYBB iShares BB Rated Corp. Bond 0.02% 38,566 $1.8M Reduce -11.8%
SPMD SS SPDR P S&P 400 Midcap ETF 0.02% 26,947 $1.4M No change
SPSM SS SPDR P S&P 600 Small Cap 0.01% 16,642 $678K No change

Portfolio Sells Q4 2024 → Q1 2025
ISVL iShares International Develo Sold out 0.00% −2.17
EMHC SS SPDR BB Em Usd Bond ETF Sold out 0.00% −2.12
EMB iShares JP Morgan Usd Emergi Sold out 0.00% −1.90
GATO Gatos Silver Inc. Sold out 0.00% −1.20
MTBA Simplify MBS ETF Reduce -24.2% 1.51% −0.64
XLE SS Energy Select Sector Reduce -33.4% 0.31% −0.15
VGSH Vanguard Short-Term Treasury Reduce -42.9% 0.11% −0.09
VGLT Vanguard Long-Term Treasury Sold out 0.00% −0.05
SPIB SS SPDR P Int C Corp. ETF Reduce -4.8% 0.07% −0.01
HYBB iShares BB Rated Corp. Bond Reduce -11.8% 0.02% −0.01

Portfolio Buys Q4 2024 → Q1 2025
SPTI SS SPDR P Int Term TSY ETF Add +35.7% 12.98% +2.82
XBB Bondbloxx-BB Rated Usd HY CB Add +500.1% 3.19% +2.62
VGK Vanguard Ftse Europe ETF Add +72.0% 5.72% +2.45
SPHY SS SPDR P High Yield ETF Add +362.5% 1.77% +1.35
IJH iShares Core S&P Midcap ETF Add +81.8% 2.69% +0.97
SPTL SS SPDR PF LNG TRM TSY E-Usd Add +27.3% 5.14% +0.92
AG First Majestic Silver Corp. New 0.60% +0.60
ICOP iShares Copper and Metals New 0.18% +0.18
SCHP Schwab U.S. Tips ETF Add +5.4% 5.58% +0.04
MBB iShares MBS ETF Add +53.6% 0.08% +0.02
QVML Invesco S&P 500 QVM Multi-Fa Add +12.4% 14.48% +0.02
QVMM Invesco S&P Midcap 400 QVM M Add +9.2% 4.07% −0.23
SPTS SS SPDR P St Term TSY ETF Add +0.6% 8.12% −0.60
IVV iShares Core S&P 500 ETF Add +0.8% 10.32% −1.35

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