Nicolet Advisory Services, LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Nicolet Advisory Services, LLC reported 415 stock positions worth $1.3 billion. Its top holding was SS SPDR P S&P 500 Value ETF (SPYV) at 13.7% of the portfolio, followed by SS SPDR P S&P 500 Growth ETF (SPYG, 12.5%) and Apple (AAPL, 3.8%). Compared with Q2 2025, it opened 47 new positions, sold out of 39, added to 220 and reduced 122. The biggest buy was Apple (AAPL, shares +17%) and the biggest sale Vngrd Mrngstr MD-Cap ETF-Usd (VO, shares −0%).

Most Recent 13F
Q4 2025
Location
GREEN BAY, WI
CIK
0001775863
Portfolio Value
$1.3B (Q3 2025)
SEC Filing
0001775863-25-000013 ↗ filed Nov 13, 2025

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $984.6M Q1 2024 Q2 2024: $1.0B Q2 2024 Q3 2024: $1.1B Q3 2024 Q4 2024: $1.1B Q4 2024 Q1 2025: $1.0B Q1 2025 Q2 2025: $1.2B Q2 2025 Q3 2025: $1.3B $1.3B Q3 2025 Q4 2025: $1.5B Q4 2025

Holdings 415 stocks · $1.3B
SPYV SS SPDR P S&P 500 Value ETF 13.74% 3,169,464 $176.6M Add +1.2%
SPYG SS SPDR P S&P 500 Growth ETF 12.54% 1,538,449 $161.2M Add +0.2%
AAPL Apple Inc. 3.80% 190,450 $48.8M Add +17.1%
ITOT iShares Core S&P Total U.S. 3.07% 269,495 $39.4M Reduce -1.7%
AVEM Avantis Emerging Markets Eq 2.88% 488,607 $37.1M Add +0.2%
VEA Vanguard Ftse Developed ETF 2.66% 563,669 $34.2M Add +5.8%
BRK.B Berkshire Hathaway Inc. Class B 2.27% 58,046 $29.2M Add +0.4%
VTEB Vanguard Tax-Exempt Bond ETF 2.19% 561,347 $28.1M Add +5.1%
VO Vngrd Mrngstr MD-Cap ETF-Usd 2.12% 92,963 $27.3M Reduce -0.2%
MSFT Microsoft Corp. 2.07% 50,759 $26.6M Add +0.3%
FBND Fidelity Total Bond ETF 2.02% 559,643 $25.9M Add +3.8%
AVRE Avantis Real Estate ETF 1.64% 478,625 $21.1M Add +46.6%
JPM JPMorgan Chase & Co. 1.59% 66,299 $20.4M Add +0.8%
PG The Procter & Gamble Co. 1.52% 128,088 $19.5M Add +1.6%
BND Vanguard Total Bond Market 1.47% 253,607 $18.8M Add +5.9%
NVDA Nvidia Corp. 1.41% 97,855 $18.1M Add +0.8%
UITB Victoryshares Core Intermedi 1.31% 354,730 $16.9M Add +2.4%
VOO Vanguard S&P 500 ETF 1.30% 27,254 $16.8M Add +8.8%
WEC WEC Energy Group Inc. 1.21% 134,516 $15.5M Add +1.5%
AMJB Alerian MLP ETN2044 filed as JPMORGAN CHASE FINL CO LLC 1.11% 492,462 $14.3M Add +3.0%
AMZN Amazon.com Inc. 0.94% 54,540 $12.1M Add +0.9%
VGSH Vanguard Short-Term Treasury 0.94% 205,899 $12.1M Reduce -1.4%
IVV iShares Core S&P 500 ETF 0.93% 17,857 $12.0M Reduce -0.9%
GOOGL Alphabet Inc. Class A 0.91% 47,673 $11.7M Add +1.3%
VTV Vanguard Mrngstr Val ETF-Aui 0.81% 55,847 $10.5M Add +15.4%
YLD Principal Act Hi YLD ETF 0.81% 539,537 $10.4M Add +4.0%
VB Vanguard Most SM-Cap ETF-Usd 0.81% 40,597 $10.4M Reduce -7.8%
MUB iShares National Muni Bond E 0.80% 96,334 $10.3M Add +0.6%
AMLP Alerian MLP ETF 0.77% 214,321 $10.0M Add +2.8%
SPY SS SPDR S&P 500 ETF Trust-US 0.73% 14,114 $9.4M Add +20.2%
VUG Vanguard Mrngstar GR ETF-Sui 0.68% 18,200 $8.8M Reduce -0.7%
HD Home Depot Inc. 0.63% 21,060 $8.1M Add +0.3%
SUB iShares Short-Term National 0.56% 67,849 $7.2M Reduce -0.5%
META Meta Platforms Inc. Class A 0.54% 9,783 $7.0M Add +2.3%
KO The Coca-Cola Co. 0.50% 95,937 $6.4M Add +0.3%
PEP Pepsico Inc. 0.47% 42,646 $6.0M Reduce -1.2%
BFC Bank First Corp. 0.46% 45,225 $6.0M No change
GOOG Alphabet Inc. Class C 0.45% 23,548 $5.8M Add +6.5%
OSK Oshkosh Corp. 0.43% 42,731 $5.6M Reduce -0.4%
ABT Abbott Laboratories 0.41% 39,468 $5.3M Reduce -0.2%
WMT Walmart Inc. 0.38% 47,860 $4.9M Reduce -0.6%
ORCL Oracle Corp. 0.38% 17,032 $4.8M Add +8.2%
ETN Eaton Corp. PLC 0.35% 12,242 $4.5M Add +1.4%
AVGO Broadcom Inc. 0.35% 13,232 $4.5M Add +1.9%
IGF iShares Global Infrastructur 0.34% 70,933 $4.4M Add +1.2%
DFAC Dimensional US Core Equity 2 0.33% 110,718 $4.3M Reduce -0.6%
VGIT Vanguard Intermediate-Term T 0.33% 71,087 $4.3M Add +13.2%
MDY State Street SPDR S&P Midcap 0.33% 7,062 $4.2M Add +6.8%
TSLA Tesla Inc. 0.32% 9,620 $4.2M Add +8.7%
BA The Boeing Co. 0.32% 18,555 $4.1M Add +47.7%
XOM Exxon Mobil Corp. 0.31% 34,512 $3.9M Reduce -1.6%
PM Philip Morris International 0.30% 24,897 $3.8M Add +78.0%
VTI VG Morningstar TS MKT ETF-US 0.28% 10,785 $3.6M Add +3.2%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.27% 24,214 $3.5M Reduce -1.6%
COST Costco Wholesale Corp. 0.26% 3,617 $3.3M Add +1.5%
IWF iShares Russell 1000 Growth 0.23% 6,416 $3.0M Add +16.6%
LLY Eli Lilly & Co. 0.23% 3,458 $2.9M Reduce -0.8%
SPSM SS SPDR P S&P 600 Small Cap 0.22% 61,366 $2.8M Add +5.7%
WFC Wells Fargo & Co. 0.22% 34,772 $2.8M Add +1.9%
JNJ Johnson & Johnson 0.22% 14,847 $2.8M Add +1.0%
MA Mastercard Inc. Class A 0.22% 4,821 $2.8M Add +3.1%
SPDW Ste STR SPDR PT DW Eu ETF 0.21% 63,756 $2.8M Add +0.9%
ASB Associated Banc-Corp. 0.21% 100,421 $2.7M No change
ABBV Abbvie Inc. 0.20% 11,285 $2.6M Reduce -1.5%
CSCO Cisco Systems Inc. 0.20% 37,951 $2.6M Add +0.1%
SPYM Ste STR SPDR PT S&P 500 ETF 0.20% 32,767 $2.6M Add +12.9%
VIG Vanguard Dividend Apprec ETF 0.19% 11,407 $2.5M Add +4.6%
IVW iShares S&P 500 Growth ETF 0.19% 20,367 $2.5M Add +0.0%
CAT Caterpillar Inc. 0.19% 4,937 $2.4M Add +0.9%
RTX CORPORATION 0.18% 13,778 $2.3M Add +1.1%
HON Honeywell International Inc. 0.17% 10,581 $2.2M Reduce -4.3%
SCHW Schwab (charles) Corp. 0.17% 23,445 $2.2M Reduce -2.5%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.17% 7,476 $2.2M Reduce -0.8%
MCD McDonald's Corp. 0.17% 7,326 $2.2M Add +2.9%
BX Blackstone Inc. 0.16% 12,639 $2.1M Add +0.5%
TRAVELERS COMPANIES INC 0.16% 7,229 $2.1M Add +0.2%
IEFA iShares Core MSCI Eafe ETF 0.16% 23,230 $2.0M Add +0.7%
NFLX Netflix Inc. 0.16% 1,717 $2.0M Add +2.2%
AMD Advanced Micro Devices 0.15% 9,412 $2.0M Add +5.2%
V Visa Inc. Class A 0.15% 5,543 $2.0M Add +1.4%
MU Micron Technology Inc. 0.15% 10,520 $2.0M Reduce -3.7%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.15% 17,129 $1.9M Add +3.4%
CVX Chevron Corp. 0.15% 12,099 $1.9M Add +2.1%
MO Altria Group Inc. 0.14% 26,534 $1.8M Add +88.5%
SPMD SS SPDR P S&P 400 Midcap ETF 0.14% 30,696 $1.8M Reduce -1.4%
SCZ iShares MSCI Eafe Small-Cap 0.14% 22,780 $1.8M Reduce -1.8%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.14% 34,519 $1.7M Reduce -0.1%
MGK Vngrd Mrgstr MG CP GR ETF-Ui 0.13% 4,119 $1.7M Add +7.5%
GE General Electric filed as GE AEROSPACE 0.13% 5,338 $1.6M Reduce -0.1%
SPTM SS SPDR P S&P 1500 Comp ETF 0.13% 19,871 $1.6M Reduce -6.4%
IVE iShares S&P 500 Value ETF 0.12% 7,520 $1.6M No change
TFI SS SPDR N Ice Muni Bond ETF 0.12% 33,516 $1.5M Add +0.0%
COF Capital One Financial Corp. 0.12% 7,047 $1.5M Add +0.7%
NEE Nextera Energy Inc. 0.11% 17,693 $1.5M Add +0.4%
IWD iShares Russell 1000 Value E 0.11% 7,177 $1.5M Add +0.1%
PLTR Palantir Technologies Inc. Class A 0.11% 8,039 $1.5M Add +3.2%
UNH Unitedhealth Group Inc. 0.11% 3,997 $1.5M Reduce -2.2%
GD General Dynamics Corp. 0.11% 4,073 $1.4M Reduce -2.6%
TMO Thermo Fisher Scientific Inc. 0.11% 2,569 $1.4M Add +6.9%
NSC Norfolk Southern Corp. 0.11% 4,651 $1.4M Reduce -7.5%

Show all 415 holdings

Portfolio Sells Q2 2025 → Q3 2025
VO Vngrd Mrngstr MD-Cap ETF-Usd Reduce -0.2% 2.12% −0.11
ITOT iShares Core S&P Total U.S. Reduce -1.7% 3.07% −0.10
VGSH Vanguard Short-Term Treasury Reduce -1.4% 0.94% −0.10
VB Vanguard Most SM-Cap ETF-Usd Reduce -7.8% 0.81% −0.08
SUB iShares Short-Term National Reduce -0.5% 0.56% −0.06
PEP Pepsico Inc. Reduce -1.2% 0.47% −0.04
OSK Oshkosh Corp. Reduce -0.4% 0.43% −0.04
DE Deere & Co. Reduce -14.2% 0.10% −0.04
SNPS Synopsys Inc. Sold out 0.00% −0.04
HON Honeywell International Inc. Reduce -4.3% 0.17% −0.03
LECO Lincoln Electric Holdings Sold out 0.00% −0.03
SKX Skechers USA Inc. Class A Sold out 0.00% −0.03
PKG Packaging Corp. of America Sold out 0.00% −0.03
PNW Pinnacle West Capital Sold out 0.00% −0.03
CBOE Cboe Global Markets Inc. Sold out 0.00% −0.03
PB Prosperity Bancshares Inc. Sold out 0.00% −0.03
ODFL Old Dominion Freight Line Sold out 0.00% −0.02
SCHW Schwab (charles) Corp. Reduce -2.5% 0.17% −0.02
IVV iShares Core S&P 500 ETF Reduce -0.9% 0.93% −0.02
LFUS Littelfuse Inc. Sold out 0.00% −0.02
AMT American Tower Corp. Reduce -1.1% 0.09% −0.02
RGA Reinsurance Group of America Sold out 0.00% −0.02
GNTX Gentex Corp. Sold out 0.00% −0.02
BWA Borgwarner Inc. Sold out 0.00% −0.02
NNN NNN REIT Inc. Sold out 0.00% −0.02
MAS Masco Corp. Reduce -21.6% 0.06% −0.02
BOKF Bok Financial Corporation Sold out 0.00% −0.02
ALGN Align Technology Inc. Sold out 0.00% −0.02
PGR Progressive Corp. Reduce -13.8% 0.08% −0.02
WBS Webster Financial Corp. Sold out 0.00% −0.02
ATO Atmos Energy Corp. Sold out 0.00% −0.02
XOM Exxon Mobil Corp. Reduce -1.6% 0.31% −0.02
DVY iShares Select Dividend ETF Sold out 0.00% −0.02
SRAD Sportradar Group AG-A Sold out 0.00% −0.02
ABT Abbott Laboratories Reduce -0.2% 0.41% −0.02
WSC Willscot Holdings Corp. Sold out 0.00% −0.02
FNF Fidelity National Financial Sold out 0.00% −0.02
IPGP Ipg Photonics Corp. Sold out 0.00% −0.02
WMT Walmart Inc. Reduce -0.6% 0.38% −0.02
PHR Phreesia Inc. Sold out 0.00% −0.02
HLT Hilton Worldwide Holdings Inc. Sold out 0.00% −0.02
EEFT Euronet Worldwide Inc. Sold out 0.00% −0.02
DINO HF Sinclair Corp. Sold out 0.00% −0.02
NVT Nvent Electric PLC Sold out 0.00% −0.02
UL Unilever PLC Sold out 0.00% −0.02
ABNB Airbnb Inc. Class A Sold out 0.00% −0.02
DXCM Dexcom Inc. Sold out 0.00% −0.02
DOX Amdocs Ltd. Sold out 0.00% −0.02
COLD Americold Realty Trust Inc. Sold out 0.00% −0.02
PEG Public Service Enterprise GP Sold out 0.00% −0.02

Portfolio Buys Q2 2025 → Q3 2025
AAPL Apple Inc. Add +17.1% 3.80% +1.00
AVRE Avantis Real Estate ETF Add +46.6% 1.64% +0.43
GOOGL Alphabet Inc. Class A Add +1.3% 0.91% +0.15
VEA Vanguard Ftse Developed ETF Add +5.8% 2.66% +0.12
SPY SS SPDR S&P 500 ETF Trust-US Add +20.2% 0.73% +0.11
PM Philip Morris International Add +78.0% 0.30% +0.11
TSLA Tesla Inc. Add +8.7% 0.32% +0.10
GOOG Alphabet Inc. Class C Add +6.5% 0.45% +0.10
VTV Vanguard Mrngstr Val ETF-Aui Add +15.4% 0.81% +0.09
VOO Vanguard S&P 500 ETF Add +8.8% 1.30% +0.09
BA The Boeing Co. Add +47.7% 0.32% +0.08
MO Altria Group Inc. Add +88.5% 0.14% +0.06
ORCL Oracle Corp. Add +8.2% 0.38% +0.05
AVEM Avantis Emerging Markets Eq Add +0.2% 2.88% +0.04
EFA iShares MSCI Eafe ETF Add +110.8% 0.07% +0.04
IWF iShares Russell 1000 Growth Add +16.6% 0.23% +0.03
WTM White Mountains Insurance GP New 0.03% +0.03
BJ Bj's Wholesale Club Holdings New 0.03% +0.03
INTC Intel Corp. New 0.03% +0.03
AVGO Broadcom Inc. Add +1.9% 0.35% +0.03
APP AppLovin Corp. Class A New 0.03% +0.03
OXFORD LANE CAP CORP New 0.03% +0.03
OXLC Oxford Lane Capital Corp. New 0.03% +0.03
VGT Vanguard Info Tech ETF New 0.03% +0.03
AMCR Amcor PLC New 0.02% +0.02
AMD Advanced Micro Devices Add +5.2% 0.15% +0.02
VYM Vanguard High DVD Yield ETF Add +62.4% 0.06% +0.02
OKLO Oklo Inc. New 0.02% +0.02
WCC Wesco International Inc. New 0.02% +0.02
GLD SPDR Gold Shares New 0.02% +0.02
SHEL Shell PLC-ADR New 0.02% +0.02
SPYM Ste STR SPDR PT S&P 500 ETF Add +12.9% 0.20% +0.02
MGRC McGrath Rentcorp New 0.02% +0.02
SNOW Snowflake Inc. New 0.02% +0.02
ALL Allstate Corp. New 0.02% +0.02
PLUS Eplus Inc. New 0.02% +0.02
VCR Vanguard Consumer Discre ETF New 0.02% +0.02
HPE Hewlett Packard Enterprise New 0.02% +0.02
HII Huntington Ingalls Industrie New 0.02% +0.02
ANET Arista Networks Inc. New 0.02% +0.02
OTIS Otis Worldwide Corp. New 0.02% +0.02
CXW Corecivic Inc. New 0.02% +0.02
PSA Public Storage New 0.02% +0.02
XLF SS Financial Select Sector New 0.02% +0.02
ZION Zions Bancorp NA New 0.02% +0.02
MUSA Murphy USA Inc. New 0.02% +0.02
LRCX Lam Research Corp. Add +1.6% 0.07% +0.02
CDW CDW Corp. New 0.02% +0.02
LAD Lithia Motors Inc. New 0.02% +0.02
OC Owens Corning New 0.02% +0.02

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q4 2025 421$1.5BSPYM, SPYV, SPYG, AVEM, AAPL
Q3 2025 415$1.3BSPYV, SPYG, AAPL, ITOT, AVEM
Q2 2025 407$1.2BSPYV, SPYG, ITOT, AVEM, AAPL
Q1 2025 380$1.0BSPYV, SPYG, BRK.B, ITOT, AAPL
Q4 2024 380$1.1BSPYV, SPYG, ITOT, AAPL, VTEB
Q3 2024 369$1.1BSPYV, SPYG, ITOT, AAPL, VTEB
Q2 2024 354$1.0BSPYV, SPYG, ITOT, AAPL, VEA
Q1 2024 343$984.6MSPYV, SPYG, BND, ITOT, VEA