Nicolet Advisory Services, LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Nicolet Advisory Services, LLC reported 407 stock positions worth $1.2 billion. Its top holding was SS SPDR P S&P 500 Value ETF (SPYV) at 13.9% of the portfolio, followed by SS SPDR P S&P 500 Growth ETF (SPYG, 12.6%) and iShares Core S&P Total U.S. (ITOT, 3.2%). Compared with Q1 2025, it opened 45 new positions, sold out of 18, added to 211 and reduced 136. The biggest buy was SS SPDR P S&P 500 Growth ETF (SPYG, shares +4%) and the biggest sale Berkshire Hathaway Class B (BRK.B, shares −6%).
- Most Recent 13F
- Q4 2025
- Location
- GREEN BAY, WI
- CIK
- 0001775863
- Portfolio Value
- $1.2B (Q2 2025)
- SEC Filing
- 0001775863-25-000008 ↗ filed Aug 13, 2025
Holdings Value
Holdings 407 stocks · $1.2B
| SPYV SS SPDR P S&P 500 Value ETF | 13.89% | 3,131,577 | $163.2M | Add +5.1% |
| SPYG SS SPDR P S&P 500 Growth ETF | 12.64% | 1,535,363 | $148.6M | Add +3.8% |
| ITOT iShares Core S&P Total U.S. | 3.17% | 274,237 | $37.2M | Add +1.2% |
| AVEM Avantis Emerging Markets Eq | 2.84% | 487,821 | $33.4M | Add +6.1% |
| AAPL Apple Inc. | 2.80% | 162,656 | $32.9M | Add +2.2% |
| VEA Vanguard Ftse Developed ETF | 2.54% | 532,555 | $29.8M | Add +4.2% |
| BRK.B Berkshire Hathaway Inc. Class B | 2.33% | 57,817 | $27.3M | Reduce -5.6% |
| MSFT Microsoft Corp. | 2.26% | 50,580 | $26.5M | Add +4.3% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 2.23% | 93,164 | $26.3M | Reduce -0.7% |
| VTEB Vanguard Tax-Exempt Bond ETF | 2.22% | 533,882 | $26.1M | Reduce -4.3% |
| FBND Fidelity Total Bond ETF | 2.11% | 539,338 | $24.8M | Add +1.0% |
| JPM JPMorgan Chase & Co. | 1.62% | 65,745 | $19.0M | Add +1.0% |
| PG The Procter & Gamble Co. | 1.62% | 126,074 | $19.0M | Reduce -4.0% |
| BND Vanguard Total Bond Market | 1.50% | 239,522 | $17.6M | Add +0.1% |
| NVDA Nvidia Corp. | 1.43% | 97,036 | $16.9M | Add +5.0% |
| UITB Victoryshares Core Intermedi | 1.39% | 346,573 | $16.4M | Add +0.4% |
| AMJB Alerian MLP ETN2044 filed as JPMORGAN CHASE FINL CO LLC | 1.25% | 478,274 | $14.7M | Add +3.8% |
| WEC WEC Energy Group Inc. | 1.24% | 132,541 | $14.6M | Add +3.1% |
| VOO Vanguard S&P 500 ETF | 1.22% | 25,040 | $14.3M | Reduce -0.2% |
| AVRE Avantis Real Estate ETF | 1.21% | 326,364 | $14.2M | Add +7.2% |
| VGSH Vanguard Short-Term Treasury | 1.04% | 208,783 | $12.2M | Add +9.2% |
| AMZN Amazon.com Inc. | 0.99% | 54,040 | $11.6M | Add +1.7% |
| IVV iShares Core S&P 500 ETF | 0.96% | 18,023 | $11.3M | Reduce -0.1% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.89% | 44,044 | $10.5M | Add +3.8% |
| AMLP Alerian MLP ETF | 0.88% | 208,483 | $10.3M | Add +4.9% |
| MUB iShares National Muni Bond E | 0.85% | 95,751 | $10.0M | Reduce -4.5% |
| YLD Principal Act Hi YLD ETF | 0.85% | 518,895 | $9.9M | Add +1.2% |
| GOOGL Alphabet Inc. Class A | 0.76% | 47,078 | $8.9M | Add +5.8% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.72% | 48,374 | $8.5M | Add +4.3% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.69% | 18,320 | $8.2M | Reduce -0.1% |
| HD Home Depot Inc. | 0.67% | 20,998 | $7.8M | Add +3.7% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.62% | 11,746 | $7.3M | Add +0.9% |
| SUB iShares Short-Term National | 0.62% | 68,156 | $7.3M | Reduce -0.1% |
| META Meta Platforms Inc. Class A | 0.61% | 9,561 | $7.2M | Add +1.1% |
| KO The Coca-Cola Co. | 0.56% | 95,698 | $6.6M | Add +3.9% |
| PEP Pepsico Inc. | 0.51% | 43,158 | $6.0M | Add +0.4% |
| OSK Oshkosh Corp. | 0.48% | 42,894 | $5.6M | Reduce -3.1% |
| BFC Bank First Corp. | 0.45% | 45,225 | $5.3M | Reduce -37.9% |
| ABT Abbott Laboratories | 0.43% | 39,533 | $5.0M | Add +12.4% |
| WMT Walmart Inc. | 0.40% | 48,167 | $4.7M | Add +1.2% |
| ETN Eaton Corp. PLC | 0.39% | 12,074 | $4.6M | Add +3.6% |
| GOOG Alphabet Inc. Class C | 0.36% | 22,106 | $4.2M | Add +0.6% |
| IGF iShares Global Infrastructur | 0.35% | 70,082 | $4.1M | Reduce -8.0% |
| DFAC Dimensional US Core Equity 2 | 0.34% | 111,409 | $4.0M | Reduce -3.3% |
| ORCL Oracle Corp. | 0.33% | 15,745 | $3.8M | Reduce -2.6% |
| XOM Exxon Mobil Corp. | 0.33% | 35,072 | $3.8M | Reduce -2.6% |
| VGIT Vanguard Intermediate-Term T | 0.32% | 62,778 | $3.8M | Add +51.6% |
| MDY State Street SPDR S&P Midcap | 0.32% | 6,609 | $3.7M | Add +14.1% |
| AVGO Broadcom Inc. | 0.32% | 12,982 | $3.7M | Add +9.5% |
| COST Costco Wholesale Corp. | 0.29% | 3,564 | $3.4M | Reduce -0.9% |
| VTI VG Morningstar TS MKT ETF-US | 0.27% | 10,448 | $3.2M | Add +144.9% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.26% | 24,601 | $3.1M | Reduce -1.4% |
| BA The Boeing Co. | 0.24% | 12,563 | $2.8M | Add +15.4% |
| TSLA Tesla Inc. | 0.23% | 8,851 | $2.7M | Add +2.2% |
| LLY Eli Lilly & Co. | 0.23% | 3,486 | $2.7M | Reduce -8.6% |
| WFC Wells Fargo & Co. | 0.23% | 34,118 | $2.7M | Add +0.5% |
| MA Mastercard Inc. Class A | 0.22% | 4,678 | $2.6M | Reduce -4.0% |
| CSCO Cisco Systems Inc. | 0.22% | 37,929 | $2.5M | Add +66.4% |
| SPDW Ste STR SPDR PT DW Eu ETF | 0.21% | 63,213 | $2.5M | Reduce -9.8% |
| JNJ Johnson & Johnson | 0.21% | 14,704 | $2.5M | Add +11.3% |
| SPSM SS SPDR P S&P 600 Small Cap | 0.21% | 58,085 | $2.5M | Add +15.5% |
| ASB Associated Banc-Corp. | 0.21% | 100,421 | $2.4M | Add +2.2% |
| HON Honeywell International Inc. | 0.20% | 11,056 | $2.4M | Add +4.4% |
| IWF iShares Russell 1000 Growth | 0.20% | 5,501 | $2.4M | Add +14.5% |
| SCHW Schwab (charles) Corp. | 0.20% | 24,049 | $2.3M | Add +9.5% |
| PM Philip Morris International | 0.19% | 13,988 | $2.3M | Add +1.9% |
| IVW iShares S&P 500 Growth ETF | 0.19% | 20,366 | $2.3M | Add +165.1% |
| ABBV Abbvie Inc. | 0.19% | 11,452 | $2.2M | Reduce -1.0% |
| VIG Vanguard Dividend Apprec ETF | 0.19% | 10,908 | $2.2M | Reduce -5.2% |
| MCD McDonald's Corp. | 0.18% | 7,122 | $2.2M | Reduce -6.4% |
| BX Blackstone Inc. | 0.18% | 12,581 | $2.1M | Add +4.2% |
| RTX CORPORATION | 0.18% | 13,634 | $2.1M | Add +12.9% |
| SPYM Ste STR SPDR PT S&P 500 ETF | 0.18% | 29,017 | $2.1M | Add +72.5% |
| CAT Caterpillar Inc. | 0.18% | 4,892 | $2.1M | Add +25.9% |
| NFLX Netflix Inc. | 0.17% | 1,680 | $1.9M | Add +10.9% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.16% | 16,572 | $1.9M | Reduce -3.2% |
| IEFA iShares Core MSCI Eafe ETF | 0.16% | 23,080 | $1.9M | Add +138.0% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.16% | 7,539 | $1.9M | Reduce -1.7% |
| TRAVELERS COMPANIES INC | 0.16% | 7,214 | $1.9M | Reduce -2.6% |
| V Visa Inc. Class A | 0.16% | 5,467 | $1.9M | Reduce -7.6% |
| CVX Chevron Corp. | 0.15% | 11,855 | $1.8M | Add +16.8% |
| SPMD SS SPDR P S&P 400 Midcap ETF | 0.14% | 31,129 | $1.7M | Reduce -7.1% |
| SCZ iShares MSCI Eafe Small-Cap | 0.14% | 23,194 | $1.7M | Reduce -1.9% |
| DE Deere & Co. | 0.14% | 3,244 | $1.6M | Add +2.9% |
| SPTM SS SPDR P S&P 1500 Comp ETF | 0.14% | 21,237 | $1.6M | Reduce -3.2% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.13% | 34,568 | $1.6M | Add +9.4% |
| AMD Advanced Micro Devices | 0.13% | 8,943 | $1.5M | Add +14.4% |
| TFI SS SPDR N Ice Muni Bond ETF | 0.13% | 33,512 | $1.5M | Reduce -3.1% |
| IVE iShares S&P 500 Value ETF | 0.12% | 7,520 | $1.5M | Add +248.0% |
| COF Capital One Financial Corp. | 0.12% | 6,999 | $1.5M | Add +195.7% |
| GE General Electric filed as GE AEROSPACE | 0.12% | 5,346 | $1.4M | Add +7.5% |
| MGK Vngrd Mrgstr MG CP GR ETF-Ui | 0.12% | 3,830 | $1.4M | Reduce -7.3% |
| IWD iShares Russell 1000 Value E | 0.12% | 7,172 | $1.4M | Add +21.1% |
| NSC Norfolk Southern Corp. | 0.12% | 5,028 | $1.4M | Add +9.3% |
| VOT Vngrd Mrngstr MC GRW ETF-Usd | 0.11% | 4,682 | $1.3M | Reduce -2.9% |
| CRM Salesforce Inc. | 0.11% | 5,317 | $1.3M | Reduce -5.4% |
| NOW ServiceNow Inc. | 0.11% | 1,446 | $1.3M | Add +17.2% |
| AMT American Tower Corp. | 0.11% | 6,224 | $1.3M | Add +6.7% |
| GD General Dynamics Corp. | 0.11% | 4,184 | $1.3M | Reduce -6.1% |
| NEE Nextera Energy Inc. | 0.11% | 17,618 | $1.2M | Add +10.5% |
Portfolio Sells Q1 2025 → Q2 2025
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -5.6% | 2.33% | −0.81 |
| PG The Procter & Gamble Co. | Reduce -4.0% | 1.62% | −0.51 |
| VTEB Vanguard Tax-Exempt Bond ETF | Reduce -4.3% | 2.22% | −0.47 |
| BFC Bank First Corp. | Reduce -37.9% | 0.45% | −0.27 |
| GUNR NT Mstar GLBL NR ETF | Reduce -79.5% | 0.07% | −0.26 |
| UNH Unitedhealth Group Inc. | Reduce -21.9% | 0.08% | −0.23 |
| MUB iShares National Muni Bond E | Reduce -4.5% | 0.85% | −0.18 |
| IWB iShares Russell 1000 ETF | Reduce -74.6% | 0.04% | −0.11 |
| SUB iShares Short-Term National | Reduce -0.1% | 0.62% | −0.09 |
| TLH iShares 10-20 Year Treasury | Sold out | 0.00% | −0.08 |
| IWO iShares Russell 2000 Growth | Sold out | 0.00% | −0.08 |
| ALL Allstate Corp. | Sold out | 0.00% | −0.07 |
| CTAS Cintas Corp. | Sold out | 0.00% | −0.06 |
| COST Costco Wholesale Corp. | Reduce -0.9% | 0.29% | −0.06 |
| DFS Discover Financial Services | Sold out | 0.00% | −0.06 |
| IWS iShares Russell Mid-Cap Valu | Reduce -62.7% | 0.03% | −0.05 |
| TJX TJX Companies Inc. | Reduce -1.4% | 0.26% | −0.05 |
| CPRT Copart Inc. | Reduce -11.5% | 0.07% | −0.05 |
| PGR Progressive Corp. | Reduce -9.9% | 0.10% | −0.05 |
| MCD McDonald's Corp. | Reduce -6.4% | 0.18% | −0.05 |
| LLY Eli Lilly & Co. | Reduce -8.6% | 0.23% | −0.05 |
| IGF iShares Global Infrastructur | Reduce -8.0% | 0.35% | −0.05 |
| IGE iShares North American Natur | Sold out | 0.00% | −0.04 |
| V Visa Inc. Class A | Reduce -7.6% | 0.16% | −0.03 |
| CMG Chipotle Mexican Grill Inc. | Reduce -8.8% | 0.06% | −0.03 |
| RYAN Ryan Specialty Holdings Inc. | Reduce -11.4% | 0.05% | −0.03 |
| TFC Truist Financial Corp. | Reduce -60.5% | 0.02% | −0.03 |
| CDW CDW Corp. | Sold out | 0.00% | −0.03 |
| XOM Exxon Mobil Corp. | Reduce -2.6% | 0.33% | −0.03 |
| CRM Salesforce Inc. | Reduce -5.4% | 0.11% | −0.03 |
| FICO Fair Isaac Corp. | Reduce -11.7% | 0.04% | −0.03 |
| GWW WW Grainger Inc. | Reduce -46.0% | 0.02% | −0.03 |
| T AT&T Inc. | Reduce -17.4% | 0.08% | −0.03 |
| AXON Axon Enterprise Inc. | Reduce -31.7% | 0.10% | −0.03 |
| WSO Watsco Inc. | Reduce -6.9% | 0.06% | −0.03 |
| BBAG JPMorgan Betabuilders US Agg | Reduce -8.8% | 0.10% | −0.03 |
| SPDW Ste STR SPDR PT DW Eu ETF | Reduce -9.8% | 0.21% | −0.03 |
| FIS Fidelity National Info Serv | Reduce -27.4% | 0.06% | −0.03 |
| ADBE Adobe Inc. | Reduce -19.1% | 0.05% | −0.02 |
| BMY Bristol-Myers Squibb Co. | Reduce -5.6% | 0.06% | −0.02 |
| MRSH Marsh & McLennan Cos | Reduce -8.8% | 0.05% | −0.02 |
| TFI SS SPDR N Ice Muni Bond ETF | Reduce -3.1% | 0.13% | −0.02 |
| GNR State Street SPDR S&P Global | Sold out | 0.00% | −0.02 |
| TDG Transdigm Group Inc. | Sold out | 0.00% | −0.02 |
| EXPD Expeditors Intl Wash Inc. | Sold out | 0.00% | −0.02 |
| ELV Elevance Health Inc. | Sold out | 0.00% | −0.02 |
| TRAVELERS COMPANIES INC | Reduce -2.6% | 0.16% | −0.02 |
| KMB Kimberly-Clark Corp. | Reduce -0.8% | 0.09% | −0.02 |
| HUM Humana Inc. | Sold out | 0.00% | −0.02 |
| INTC Intel Corp. | Sold out | 0.00% | −0.02 |
Portfolio Buys Q1 2025 → Q2 2025
| SPYG SS SPDR P S&P 500 Growth ETF | Add +3.8% | 12.64% | +1.36 |
| NVDA Nvidia Corp. | Add +5.0% | 1.43% | +0.45 |
| MSFT Microsoft Corp. | Add +4.3% | 2.26% | +0.42 |
| AVEM Avantis Emerging Markets Eq | Add +6.1% | 2.84% | +0.30 |
| VTI VG Morningstar TS MKT ETF-US | Add +144.9% | 0.27% | +0.16 |
| JPM JPMorgan Chase & Co. | Add +1.0% | 1.62% | +0.15 |
| IVW iShares S&P 500 Growth ETF | Add +165.1% | 0.19% | +0.13 |
| AVGO Broadcom Inc. | Add +9.5% | 0.32% | +0.12 |
| VEA Vanguard Ftse Developed ETF | Add +4.2% | 2.54% | +0.10 |
| ITOT iShares Core S&P Total U.S. | Add +1.2% | 3.17% | +0.10 |
| META Meta Platforms Inc. Class A | Add +1.1% | 0.61% | +0.10 |
| IEFA iShares Core MSCI Eafe ETF | Add +138.0% | 0.16% | +0.09 |
| CSCO Cisco Systems Inc. | Add +66.4% | 0.22% | +0.09 |
| IVE iShares S&P 500 Value ETF | Add +248.0% | 0.12% | +0.09 |
| COF Capital One Financial Corp. | Add +195.7% | 0.12% | +0.09 |
| GOOGL Alphabet Inc. Class A | Add +5.8% | 0.76% | +0.08 |
| ETN Eaton Corp. PLC | Add +3.6% | 0.39% | +0.08 |
| SPYM Ste STR SPDR PT S&P 500 ETF | Add +72.5% | 0.18% | +0.08 |
| VGIT Vanguard Intermediate-Term T | Add +51.6% | 0.32% | +0.08 |
| AGG iShares Core U.S. Aggregate | Add +259.7% | 0.10% | +0.07 |
| BA The Boeing Co. | Add +15.4% | 0.24% | +0.07 |
| CAT Caterpillar Inc. | Add +25.9% | 0.18% | +0.07 |
| AMD Advanced Micro Devices | Add +14.4% | 0.13% | +0.06 |
| DAL Delta Air Lines Inc. | Add +161.7% | 0.07% | +0.05 |
| C Citigroup Inc. | Add +109.2% | 0.07% | +0.04 |
| SCHD Schwab US DVD Equity ETF | New | 0.04% | +0.04 |
| KKR KKR & Co. Inc. | Add +138.1% | 0.06% | +0.04 |
| DGRO iShares Core Dividend Growth | Add +188.5% | 0.06% | +0.04 |
| IWF iShares Russell 1000 Growth | Add +14.5% | 0.20% | +0.04 |
| IJR iShares Core S&P Small-Cap E | New | 0.04% | +0.04 |
| MDY State Street SPDR S&P Midcap | Add +14.1% | 0.32% | +0.04 |
| VB Vanguard Most SM-Cap ETF-Usd | Add +3.8% | 0.89% | +0.04 |
| SCHW Schwab (charles) Corp. | Add +9.5% | 0.20% | +0.03 |
| MPWR Monolithic Power Systems Inc. | Add +23.3% | 0.08% | +0.03 |
| GE General Electric | Add +7.5% | 0.12% | +0.03 |
| AMZN Amazon.com Inc. | Add +1.7% | 0.99% | +0.03 |
| IEMG iShares Core MSCI Emerging | Add +78.8% | 0.07% | +0.03 |
| ARES Ares Management Corp. Class A | New | 0.03% | +0.03 |
| INTU Intuit Inc. | Add +35.2% | 0.08% | +0.03 |
| BX Blackstone Inc. | Add +4.2% | 0.18% | +0.03 |
| RTX CORPORATION | Add +12.9% | 0.18% | +0.03 |
| SHOP Shopify Inc. Class A | New | 0.03% | +0.03 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | New | 0.03% | +0.03 |
| NFLX Netflix Inc. | Add +10.9% | 0.17% | +0.03 |
| TPR Tapestry Inc. | New | 0.03% | +0.03 |
| XLP SS Consumer Staples Sel Sect | New | 0.03% | +0.03 |
| SPSM SS SPDR P S&P 600 Small Cap | Add +15.5% | 0.21% | +0.03 |
| PB Prosperity Bancshares Inc. | New | 0.03% | +0.03 |
| ODFL Old Dominion Freight Line | New | 0.02% | +0.02 |
| NKE Nike Inc. Class B | Add +25.7% | 0.07% | +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 |