Municipal Employees' Retirement System of Michigan

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 4, 2025), Municipal Employees' Retirement System of Michigan reported 45 stock positions worth $8.3 billion. Its top holding was Invesco S&P 500 QVM Multi-Fa (QVML) at 15.0% of the portfolio, followed by SS SPDR P Int Term TSY ETF (SPTI, 12.4%) and iShares Core S&P 500 ETF (IVV, 11.1%). Compared with Q1 2025, it opened 2 new positions, sold out of 3, added to 8 and reduced 5. The biggest buy was SS SPDR P Int C Corp. ETF (SPIB, shares +7799%) and the biggest sale an exit from iShares Core MSCI Pacific Et (IPAC).

Most Recent 13F
Q2 2026
Location
LANSING, MI
CIK
0001588873
Portfolio Value
$8.3B (Q2 2025)
SEC Filing
0001588873-25-000004 ↗ filed Aug 4, 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 Q1 2025 Q2 2025: $8.3B $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 · $8.3B
QVML Invesco S&P 500 QVM Multi-Fa 15.04% 34,132,010 $1.2B No change
SPTI SS SPDR P Int Term TSY ETF 12.42% 35,861,653 $1.0B No change
IVV iShares Core S&P 500 ETF 11.07% 1,481,662 $920.0M Add +2.1%
VGK Vanguard Ftse Europe ETF 8.24% 8,835,451 $684.7M Add +37.3%
SPTS SS SPDR P St Term TSY ETF 7.73% 21,942,738 $642.7M Add +0.1%
SCHP Schwab U.S. Tips ETF 5.27% 16,401,227 $437.6M No change
SPIB SS SPDR P Int C Corp. ETF 5.24% 12,968,096 $435.5M Add +7799.4%
QVMM Invesco S&P Midcap 400 QVM M 4.11% 11,882,576 $341.5M No change
SPTL SS SPDR PF LNG TRM TSY E-Usd 4.04% 12,629,575 $335.7M Reduce -15.1%
IEMG iShares Core MSCI Emerging 3.45% 4,773,111 $286.5M No change
IJH iShares Core S&P Midcap ETF 3.40% 4,555,207 $282.5M Add +24.9%
XBB Bondbloxx-BB Rated Usd HY CB 3.09% 6,227,640 $256.5M No change
XEMD Bondbloxx-JPM Usd Em MK 1-10 2.44% 4,698,046 $203.1M No change
QVMS Invesco S&P Smallcap 600 QVM 2.20% 7,114,414 $183.0M No change
SPHY SS SPDR P High Yield ETF 1.71% 5,954,325 $141.7M No change
FLCA Franklin Ftse Canada ETF 1.39% 2,773,743 $115.8M No change
PICK iShares MSCI Global Metals & 1.37% 3,032,992 $114.0M No change
FALN iShares Fallen Angels ETF 1.14% 3,476,559 $94.4M New
BBCA JPMorgan Betabuilders Canada 0.91% 940,556 $75.9M New
RING iShares MSCI Global Gold Min 0.72% 1,372,210 $60.1M Reduce -27.9%
XONE Bondbloxx BBG 1 Dur US Treas 0.70% 1,178,547 $58.5M Reduce -50.6%
AG First Majestic Silver Corp. 0.61% 6,151,289 $50.9M Reduce -13.7%
XFIV Bondbloxx BBG 5 YR US Treas 0.42% 704,064 $34.7M No change
XLE SS Energy Select Sector 0.37% 360,126 $30.5M Add +37.7%
ICOP iShares Copper and Metals 0.28% 784,271 $23.4M Add +40.8%
XHLF Bondbloxx BBG 6 MTH US Treas 0.27% 448,334 $22.6M No change
XTWO Bondbloxx BBG 2Y US TSY ETF 0.25% 416,558 $20.6M No change
XTRE Bondbloxx BBG 3Y US TSY ETF 0.24% 402,313 $20.0M No change
XSVN Bondbloxx BBG 7 YR US Treas 0.23% 403,857 $19.3M No change
XTEN Bondbloxx BBG 10Y US TSY ETF 0.22% 403,452 $18.6M No change
BBAX JPMorgan Betabuilders Develo 0.20% 298,785 $16.3M Reduce -67.2%
XTWY Bondbloxx BBG 20Y US TSY ETF 0.20% 420,244 $16.2M No change
SPYM Ste STR SPDR PT S&P 500 ETF 0.16% 188,205 $13.7M No change
STIP iShares 0-5 Year Tips Bond E 0.15% 121,200 $12.5M No change
SPDW Ste STR SPDR PT DW Eu ETF 0.13% 276,169 $11.2M No change
XB Bondbloxx-B Rated Usd HY CB 0.13% 266,860 $10.6M No change
VGSH Vanguard Short-Term Treasury 0.10% 142,206 $8.4M No change
SPSB SS SPDR P St C Corp. ETF 0.08% 228,061 $6.9M No change
MBB iShares MBS ETF 0.08% 67,551 $6.3M No change
XCCC Bondbloxx-CCC-Usd HY Corp. BD 0.06% 121,654 $4.7M No change
SPEM State Street SP PTF Em ETF 0.06% 107,144 $4.6M No change
IJR iShares Core S&P Small-Cap E 0.03% 24,129 $2.6M Add +16.4%
HYBB iShares BB Rated Corp. Bond 0.02% 38,566 $1.8M No change
SPMD SS SPDR P S&P 400 Midcap ETF 0.02% 26,947 $1.5M No change
SPSM SS SPDR P S&P 600 Small Cap 0.01% 16,642 $709K No change

Portfolio Sells Q1 2025 → Q2 2025
IPAC iShares Core MSCI Pacific Et Sold out 0.00% −5.05
BBEU JPMorgan Betabuilders Europe Sold out 0.00% −1.60
MTBA Simplify MBS ETF Sold out 0.00% −1.51
SPTL SS SPDR PF LNG TRM TSY E-Usd Reduce -15.1% 4.04% −1.10
XONE Bondbloxx BBG 1 Dur US Treas Reduce -50.6% 0.70% −0.80
BBAX JPMorgan Betabuilders Develo Reduce -67.2% 0.20% −0.36
RING iShares MSCI Global Gold Min Reduce -27.9% 0.72% −0.20
AG First Majestic Silver Corp. Reduce -13.7% 0.61% +0.01

Portfolio Buys Q1 2025 → Q2 2025
SPIB SS SPDR P Int C Corp. ETF Add +7799.4% 5.24% +5.17
VGK Vanguard Ftse Europe ETF Add +37.3% 8.24% +2.52
FALN iShares Fallen Angels ETF New 1.14% +1.14
BBCA JPMorgan Betabuilders Canada New 0.91% +0.91
IVV iShares Core S&P 500 ETF Add +2.1% 11.07% +0.75
IJH iShares Core S&P Midcap ETF Add +24.9% 3.40% +0.71
ICOP iShares Copper and Metals Add +40.8% 0.28% +0.10
XLE SS Energy Select Sector Add +37.7% 0.37% +0.06
IJR iShares Core S&P Small-Cap E Add +16.4% 0.03% +0.00
SPTS SS SPDR P St Term TSY ETF Add +0.1% 7.73% −0.38

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