Nicolet Advisory Services, LLC
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 12, 2025), Nicolet Advisory Services, LLC reported 380 stock positions worth $1.1 billion. Its top holding was SS SPDR P S&P 500 Value ETF (SPYV) at 14.0% of the portfolio, followed by SS SPDR P S&P 500 Growth ETF (SPYG, 12.0%) and iShares Core S&P Total U.S. (ITOT, 3.4%). Compared with Q3 2024, it opened 29 new positions, sold out of 18, added to 209 and reduced 126. The biggest buy was a new position in Avantis Emerging Markets Eq (AVEM) and the biggest sale iShares Core MSCI Emerging (IEMG, shares −91%).
- Most Recent 13F
- Q4 2025
- Location
- GREEN BAY, WI
- CIK
- 0001775863
- Portfolio Value
- $1.1B (Q4 2024)
- SEC Filing
- 0001775863-25-000002 ↗ filed Feb 12, 2025
Holdings Value
Holdings 380 stocks · $1.1B
| SPYV SS SPDR P S&P 500 Value ETF | 14.04% | 3,032,163 | $152.9M | Add +1.0% |
| SPYG SS SPDR P S&P 500 Growth ETF | 12.03% | 1,496,457 | $131.0M | Reduce -6.4% |
| ITOT iShares Core S&P Total U.S. | 3.41% | 291,094 | $37.1M | Reduce -0.9% |
| AAPL Apple Inc. | 3.38% | 155,407 | $36.8M | Add +0.8% |
| VTEB Vanguard Tax-Exempt Bond ETF | 2.46% | 538,402 | $26.8M | Reduce -2.0% |
| VEA Vanguard Ftse Developed ETF | 2.37% | 542,740 | $25.8M | Add +4.6% |
| BRK.B Berkshire Hathaway Inc. Class B | 2.35% | 57,717 | $25.5M | Reduce -0.2% |
| AVEM Avantis Emerging Markets Eq | 2.30% | 434,232 | $25.0M | New |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 2.28% | 94,641 | $24.9M | Reduce -0.1% |
| FBND Fidelity Total Bond ETF | 2.24% | 548,449 | $24.4M | Add +2.4% |
| PG The Procter & Gamble Co. | 1.90% | 130,303 | $20.7M | Add +14.8% |
| BND Vanguard Total Bond Market | 1.82% | 278,296 | $19.8M | Add +1.4% |
| MSFT Microsoft Corp. | 1.81% | 47,071 | $19.7M | Add +2.4% |
| UITB Victoryshares Core Intermedi | 1.47% | 352,656 | $16.0M | Add +2.7% |
| JPM JPMorgan Chase & Co. | 1.44% | 65,307 | $15.7M | Reduce -0.2% |
| TLH iShares 10-20 Year Treasury | 1.37% | 153,087 | $15.0M | Add +9.2% |
| VOO Vanguard S&P 500 ETF | 1.34% | 27,275 | $14.6M | Add +12.5% |
| AMJB Alerian MLP ETN2044 filed as JPMORGAN CHASE FINL CO LLC | 1.33% | 481,624 | $14.5M | Add +1.4% |
| NVDA Nvidia Corp. | 1.13% | 90,609 | $12.3M | Add +2.5% |
| AVRE Avantis Real Estate ETF | 1.08% | 288,392 | $11.7M | Add +5.0% |
| WEC WEC Energy Group Inc. | 1.06% | 123,560 | $11.5M | Add +5.6% |
| AMZN Amazon.com Inc. | 1.06% | 52,523 | $11.5M | Add +2.1% |
| MUB iShares National Muni Bond E | 1.05% | 107,849 | $11.4M | Reduce -3.7% |
| IVV iShares Core S&P 500 ETF | 0.97% | 18,092 | $10.6M | Reduce -7.4% |
| YLD Principal Act Hi YLD ETF | 0.96% | 542,704 | $10.4M | Add +1.6% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.95% | 43,388 | $10.3M | Add +5.0% |
| AMLP Alerian MLP ETF | 0.92% | 202,693 | $10.0M | Reduce -1.2% |
| VGSH Vanguard Short-Term Treasury | 0.88% | 165,149 | $9.6M | Add +35.1% |
| GOOGL Alphabet Inc. Class A | 0.74% | 42,035 | $8.1M | Add +6.3% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.74% | 48,086 | $8.1M | Reduce -4.8% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.69% | 18,489 | $7.5M | Reduce -6.9% |
| HD Home Depot Inc. | 0.68% | 19,004 | $7.4M | Add +4.2% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.67% | 12,528 | $7.3M | Reduce -5.4% |
| SUB iShares Short-Term National | 0.63% | 65,243 | $6.9M | Add +0.0% |
| BFC Bank First Corp. | 0.63% | 72,699 | $6.8M | Reduce -2.6% |
| PEP Pepsico Inc. | 0.54% | 41,001 | $5.8M | Reduce -4.8% |
| META Meta Platforms Inc. Class A | 0.51% | 9,018 | $5.6M | Add +3.4% |
| KO The Coca-Cola Co. | 0.50% | 89,560 | $5.5M | Add +2.0% |
| WMT Walmart Inc. | 0.39% | 46,072 | $4.3M | Add +1.6% |
| IGF iShares Global Infrastructur | 0.38% | 79,712 | $4.2M | Reduce -0.6% |
| DFAC Dimensional US Core Equity 2 | 0.37% | 118,009 | $4.1M | Reduce -0.3% |
| GOOG Alphabet Inc. Class C | 0.36% | 20,289 | $3.9M | Reduce -0.4% |
| GUNR NT Mstar GLBL NR ETF | 0.36% | 105,642 | $3.9M | Add +34.2% |
| OSK Oshkosh Corp. | 0.35% | 42,230 | $3.8M | Add +0.7% |
| ABT Abbott Laboratories | 0.34% | 33,004 | $3.7M | Add +0.7% |
| ETN Eaton Corp. PLC | 0.34% | 10,798 | $3.7M | Add +12.7% |
| XOM Exxon Mobil Corp. | 0.34% | 34,480 | $3.7M | Reduce -6.3% |
| UNH Unitedhealth Group Inc. | 0.30% | 6,350 | $3.3M | Reduce -0.9% |
| COST Costco Wholesale Corp. | 0.30% | 3,522 | $3.3M | Add +11.0% |
| TSLA Tesla Inc. | 0.30% | 8,274 | $3.3M | Reduce -8.5% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.29% | 25,880 | $3.1M | Add +2.9% |
| LLY Eli Lilly & Co. | 0.24% | 3,287 | $2.6M | Reduce -6.0% |
| SPDW Ste STR SPDR PT DW Eu ETF | 0.24% | 76,609 | $2.6M | Reduce -5.8% |
| MDY State Street SPDR S&P Midcap | 0.23% | 4,515 | $2.6M | Add +9.5% |
| ORCL Oracle Corp. | 0.23% | 16,501 | $2.5M | Add +0.5% |
| HON Honeywell International Inc. | 0.22% | 10,851 | $2.4M | Add +3.7% |
| VGIT Vanguard Intermediate-Term T | 0.22% | 41,159 | $2.4M | Reduce -34.7% |
| WFC Wells Fargo & Co. | 0.21% | 33,099 | $2.3M | Add +1.9% |
| ASB Associated Banc-Corp. | 0.21% | 98,368 | $2.3M | Add +4.8% |
| AVGO Broadcom Inc. | 0.21% | 9,989 | $2.2M | Add +9.9% |
| VIG Vanguard Dividend Apprec ETF | 0.20% | 11,522 | $2.2M | Add +6.9% |
| MCD McDonald's Corp. | 0.20% | 7,724 | $2.2M | Add +8.5% |
| MA Mastercard Inc. Class A | 0.20% | 4,299 | $2.2M | Add +1.9% |
| SPMD SS SPDR P S&P 400 Midcap ETF | 0.19% | 37,343 | $2.0M | Reduce -5.4% |
| ABBV Abbvie Inc. | 0.18% | 11,486 | $2.0M | Add +2.4% |
| BX Blackstone Inc. | 0.18% | 11,997 | $2.0M | Add +4.6% |
| SPSM SS SPDR P S&P 600 Small Cap | 0.17% | 41,583 | $1.8M | New |
| V Visa Inc. Class A | 0.16% | 5,669 | $1.7M | Add +8.2% |
| BA The Boeing Co. | 0.16% | 10,081 | $1.7M | Add +1.8% |
| CRM Salesforce Inc. | 0.16% | 5,452 | $1.7M | Add +8.5% |
| SPTM SS SPDR P S&P 1500 Comp ETF | 0.16% | 24,416 | $1.7M | Reduce -13.3% |
| TRV The Travelers Cos Inc. | 0.16% | 7,343 | $1.7M | Reduce -0.0% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.16% | 7,766 | $1.7M | Reduce -5.2% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.15% | 15,406 | $1.7M | Add +7.4% |
| CVX Chevron Corp. | 0.15% | 10,800 | $1.7M | Add +14.3% |
| PM Philip Morris International | 0.15% | 13,530 | $1.6M | Add +1.8% |
| IWF iShares Russell 1000 Growth | 0.14% | 3,930 | $1.6M | Add +4.3% |
| JNJ Johnson & Johnson | 0.14% | 11,008 | $1.6M | Reduce -8.1% |
| SCHW Schwab (charles) Corp. | 0.14% | 21,174 | $1.5M | Add +5.1% |
| SCZ iShares MSCI Eafe Small-Cap | 0.13% | 24,520 | $1.5M | Add +5.6% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.13% | 31,984 | $1.4M | Add +3.9% |
| BBAG JPMorgan Betabuilders US Agg | 0.13% | 31,942 | $1.4M | Reduce -9.4% |
| MRK Merck & Co. Inc. | 0.13% | 14,218 | $1.4M | Add +2.6% |
| IWB iShares Russell 1000 ETF | 0.13% | 4,341 | $1.4M | Add +144.2% |
| FISV Fiserv Inc. | 0.13% | 6,900 | $1.4M | Reduce -0.6% |
| AXON Axon Enterprise Inc. | 0.13% | 2,416 | $1.4M | Reduce -28.2% |
| CAT Caterpillar Inc. | 0.12% | 3,867 | $1.4M | Reduce -0.6% |
| VOT Vngrd Mrngstr MC GRW ETF-Usd | 0.12% | 5,273 | $1.4M | Reduce -2.2% |
| MGK Vngrd Mrgstr MG CP GR ETF-Ui | 0.12% | 3,840 | $1.3M | Reduce -2.9% |
| DE Deere & Co. | 0.12% | 3,175 | $1.3M | Add +2.8% |
| MAS Masco Corp. | 0.12% | 17,955 | $1.3M | Add +7.8% |
| CSCO Cisco Systems Inc. | 0.12% | 21,731 | $1.3M | Add +10.2% |
| NFLX Netflix Inc. | 0.11% | 1,468 | $1.2M | Add +6.7% |
| VTI VG Morningstar TS MKT ETF-US | 0.11% | 4,237 | $1.2M | Add +12.4% |
| ADI Analog Devices Inc. | 0.11% | 5,524 | $1.2M | Add +2.6% |
| IGE iShares North American Natur | 0.11% | 26,525 | $1.2M | New |
| PGR Progressive Corp. | 0.11% | 4,913 | $1.2M | Add +9.4% |
| NEE Nextera Energy Inc. | 0.11% | 17,138 | $1.2M | Reduce -5.3% |
| MU Micron Technology Inc. | 0.11% | 11,621 | $1.2M | Reduce -3.2% |
| IWD iShares Russell 1000 Value E | 0.11% | 6,270 | $1.2M | Add +13.0% |
Portfolio Sells Q3 2024 → Q4 2024
| IEMG iShares Core MSCI Emerging | Reduce -91.1% | 0.04% | −0.52 |
| SPYG SS SPDR P S&P 500 Growth ETF | Reduce -6.4% | 12.03% | −0.34 |
| VTEB Vanguard Tax-Exempt Bond ETF | Reduce -2.0% | 2.46% | −0.19 |
| PEP Pepsico Inc. | Reduce -4.8% | 0.54% | −0.15 |
| VGIT Vanguard Intermediate-Term T | Reduce -34.7% | 0.22% | −0.14 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.2% | 2.35% | −0.12 |
| MUB iShares National Muni Bond E | Reduce -3.7% | 1.05% | −0.10 |
| XOM Exxon Mobil Corp. | Reduce -6.3% | 0.34% | −0.09 |
| VTV Vanguard Mrngstr Val ETF-Aui | Reduce -4.8% | 0.74% | −0.09 |
| IVV iShares Core S&P 500 ETF | Reduce -7.4% | 0.97% | −0.08 |
| LNT Alliant Energy Corp. | Sold out | 0.00% | −0.06 |
| UNH Unitedhealth Group Inc. | Reduce -0.9% | 0.30% | −0.05 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Reduce -0.1% | 2.28% | −0.05 |
| LLY Eli Lilly & Co. | Reduce -6.0% | 0.24% | −0.05 |
| SPDW Ste STR SPDR PT DW Eu ETF | Reduce -5.8% | 0.24% | −0.04 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -5.4% | 0.67% | −0.04 |
| CVS CVS Health Corp. | Reduce -39.3% | 0.03% | −0.04 |
| NEE Nextera Energy Inc. | Reduce -5.3% | 0.11% | −0.04 |
| MDLZ Mondelez International Inc. Class A | Reduce -14.9% | 0.07% | −0.04 |
| ITOT iShares Core S&P Total U.S. | Reduce -0.9% | 3.41% | −0.04 |
| JNJ Johnson & Johnson | Reduce -8.1% | 0.14% | −0.04 |
| OMC Omnicom Group | Sold out | 0.00% | −0.04 |
| CDW CDW Corp. | Reduce -37.8% | 0.03% | −0.03 |
| AMT American Tower Corp. | Reduce -4.7% | 0.08% | −0.03 |
| BIIB Biogen Inc. | Sold out | 0.00% | −0.03 |
| SPEM State Street SP PTF Em ETF | Sold out | 0.00% | −0.03 |
| PPG PPG Industries Inc. | Sold out | 0.00% | −0.03 |
| ACGL Arch Capital Group Ltd. | Reduce -47.1% | 0.02% | −0.03 |
| IGF iShares Global Infrastructur | Reduce -0.6% | 0.38% | −0.03 |
| PFE Pfizer Inc. | Reduce -20.4% | 0.08% | −0.03 |
| INTC Intel Corp. | Sold out | 0.00% | −0.03 |
| SLB SLB Ltd. | Reduce -21.6% | 0.05% | −0.03 |
| ASML ASML Holding NV-NY Reg SHS | Reduce -40.2% | 0.03% | −0.03 |
| SPTM SS SPDR P S&P 1500 Comp ETF | Reduce -13.3% | 0.16% | −0.03 |
| ADBE Adobe Inc. | Reduce -0.1% | 0.09% | −0.03 |
| EXPO Exponent Inc. | Reduce -8.0% | 0.06% | −0.03 |
| HAL Halliburton Co. | Sold out | 0.00% | −0.03 |
| BBAG JPMorgan Betabuilders US Agg | Reduce -9.4% | 0.13% | −0.03 |
| CMCSA Comcast Corp. Class A | Reduce -8.7% | 0.09% | −0.02 |
| BSV Vanguard Short-Term Bond ETF | Sold out | 0.00% | −0.02 |
| MKTX Marketaxess Holdings Inc. | Sold out | 0.00% | −0.02 |
| NKE Nike Inc. Class B | Reduce -19.2% | 0.05% | −0.02 |
| VWO Vanguard Ftse Emerging Marke | Reduce -30.4% | 0.03% | −0.02 |
| SHM SS SPDR N Ice St Muni ETF | Reduce -18.4% | 0.07% | −0.02 |
| ORLY O'reilly Automotive Inc. | Reduce -31.5% | 0.05% | −0.02 |
| GWX State Street SPDR S&P Intern | Sold out | 0.00% | −0.02 |
| OTIS Otis Worldwide Corp. | Sold out | 0.00% | −0.02 |
| TMO Thermo Fisher Scientific Inc. | Reduce -4.6% | 0.11% | −0.02 |
| IWN iShares Russell 2000 Value E | Sold out | 0.00% | −0.02 |
| UL Unilever PLC | Sold out | 0.00% | −0.02 |
Portfolio Buys Q3 2024 → Q4 2024
| AVEM Avantis Emerging Markets Eq | New | 2.30% | +2.30 |
| VGSH Vanguard Short-Term Treasury | Add +35.1% | 0.88% | +0.20 |
| AMZN Amazon.com Inc. | Add +2.1% | 1.06% | +0.17 |
| SPSM SS SPDR P S&P 600 Small Cap | New | 0.17% | +0.17 |
| VOO Vanguard S&P 500 ETF | Add +12.5% | 1.34% | +0.14 |
| GOOGL Alphabet Inc. Class A | Add +6.3% | 0.74% | +0.12 |
| IGE iShares North American Natur | New | 0.11% | +0.11 |
| NVDA Nvidia Corp. | Add +2.5% | 1.13% | +0.11 |
| AAPL Apple Inc. | Add +0.8% | 3.38% | +0.10 |
| IWB iShares Russell 1000 ETF | Add +144.2% | 0.13% | +0.08 |
| PG The Procter & Gamble Co. | Add +14.8% | 1.90% | +0.08 |
| AVGO Broadcom Inc. | Add +9.9% | 0.21% | +0.06 |
| IWO iShares Russell 2000 Growth | New | 0.06% | +0.06 |
| WMT Walmart Inc. | Add +1.6% | 0.39% | +0.05 |
| GUNR NT Mstar GLBL NR ETF | Add +34.2% | 0.36% | +0.05 |
| WFC Wells Fargo & Co. | Add +1.9% | 0.21% | +0.04 |
| ETN Eaton Corp. PLC | Add +12.7% | 0.34% | +0.04 |
| PLTR Palantir Technologies Inc. Class A | Add +29.9% | 0.08% | +0.04 |
| COST Costco Wholesale Corp. | Add +11.0% | 0.30% | +0.04 |
| AMJB Alerian MLP ETN2044 | Add +1.4% | 1.33% | +0.04 |
| IWS iShares Russell Mid-Cap Valu | Add +183.1% | 0.06% | +0.04 |
| VB Vanguard Most SM-Cap ETF-Usd | Add +5.0% | 0.95% | +0.04 |
| META Meta Platforms Inc. Class A | Add +3.4% | 0.51% | +0.03 |
| ASB Associated Banc-Corp. | Add +4.8% | 0.21% | +0.03 |
| DIS The Walt Disney Co. | Add +7.4% | 0.15% | +0.03 |
| ICSH iShares Ultra Short Duration | New | 0.03% | +0.03 |
| FAST Fastenal Co. | New | 0.03% | +0.03 |
| JNK SS SPDR BB High Yield Bond | New | 0.03% | +0.03 |
| ROL Rollins Inc. | Add +74.4% | 0.07% | +0.03 |
| CRM Salesforce Inc. | Add +8.5% | 0.16% | +0.03 |
| IWP iShares Russell Mid-Cap Grow | Add +53.5% | 0.06% | +0.02 |
| PKG Packaging Corp. of America | New | 0.02% | +0.02 |
| V Visa Inc. Class A | Add +8.2% | 0.16% | +0.02 |
| XLF SS Financial Select Sector | New | 0.02% | +0.02 |
| KKR KKR & Co. Inc. | New | 0.02% | +0.02 |
| BOKF Bok Financial Corporation | New | 0.02% | +0.02 |
| NFLX Netflix Inc. | Add +6.7% | 0.11% | +0.02 |
| EEM iShares MSCI Emerging Market | New | 0.02% | +0.02 |
| IBIT iShares Bitcoin Trust ETF | New | 0.02% | +0.02 |
| RJF Raymond James Financial Inc. | New | 0.02% | +0.02 |
| SCHW Schwab (charles) Corp. | Add +5.1% | 0.14% | +0.02 |
| D Dominion Energy Inc. | New | 0.02% | +0.02 |
| BSX Boston Scientific Corp. | New | 0.02% | +0.02 |
| IWM iShares Russell 2000 ETF | New | 0.02% | +0.02 |
| SKX Skechers USA Inc. Class A | New | 0.02% | +0.02 |
| EXLS Exlservice Holdings Inc. | Add +10.8% | 0.10% | +0.02 |
| CSCO Cisco Systems Inc. | Add +10.2% | 0.12% | +0.02 |
| TROW T Rowe Price Group Inc. | New | 0.02% | +0.02 |
| JBHT Hunt (jb) Transprt SVCS Inc. | New | 0.02% | +0.02 |
| VVV Valvoline Inc. | New | 0.02% | +0.02 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q4 2025 | 421 | $1.5B | SPYM, SPYV, SPYG, AVEM, AAPL |
| Q3 2025 | 415 | $1.3B | SPYV, SPYG, AAPL, ITOT, AVEM |
| Q2 2025 | 407 | $1.2B | SPYV, SPYG, ITOT, AVEM, AAPL |
| Q1 2025 | 380 | $1.0B | SPYV, SPYG, BRK.B, ITOT, AAPL |
| Q4 2024 | 380 | $1.1B | SPYV, SPYG, ITOT, AAPL, VTEB |
| Q3 2024 | 369 | $1.1B | SPYV, SPYG, ITOT, AAPL, VTEB |
| Q2 2024 | 354 | $1.0B | SPYV, SPYG, ITOT, AAPL, VEA |
| Q1 2024 | 343 | $984.6M | SPYV, SPYG, BND, ITOT, VEA |