Nicolet Advisory Services, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Nicolet Advisory Services, LLC reported 421 stock positions worth $1.5 billion. Its top holding was Ste STR SPDR PT S&P 500 ETF (SPYM) at 19.9% of the portfolio, followed by SS SPDR P S&P 500 Value ETF (SPYV, 4.7%) and SS SPDR P S&P 500 Growth ETF (SPYG, 4.3%). Compared with Q3 2025, it opened 33 new positions, sold out of 27, added to 209 and reduced 159. The biggest buy was Ste STR SPDR PT S&P 500 ETF (SPYM, shares +10919%) and the biggest sale SS SPDR P S&P 500 Value ETF (SPYV, shares −62%).
- Most Recent 13F
- Q4 2025
- Location
- GREEN BAY, WI
- CIK
- 0001775863
- Portfolio Value
- $1.5B (Q4 2025)
- SEC Filing
- 0001775863-26-000003 ↗ filed Feb 13, 2026
Holdings Value
Holdings 421 stocks · $1.5B
| SPYM Ste STR SPDR PT S&P 500 ETF | 19.90% | 3,610,494 | $295.3M | Add +10918.7% |
| SPYV SS SPDR P S&P 500 Value ETF | 4.74% | 1,208,677 | $70.3M | Reduce -61.9% |
| SPYG SS SPDR P S&P 500 Growth ETF | 4.27% | 585,065 | $63.4M | Reduce -62.0% |
| AVEM Avantis Emerging Markets Eq | 4.12% | 754,863 | $61.1M | Add +54.5% |
| AAPL Apple Inc. | 3.54% | 201,637 | $52.5M | Add +5.9% |
| ITOT iShares Core S&P Total U.S. | 3.15% | 307,968 | $46.8M | Add +14.3% |
| VEA Vanguard Ftse Developed ETF | 3.15% | 720,525 | $46.8M | Add +27.8% |
| VTEB Vanguard Tax-Exempt Bond ETF | 2.37% | 695,282 | $35.2M | Add +23.9% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 2.17% | 107,901 | $32.3M | Add +16.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.95% | 58,069 | $29.0M | Add +0.0% |
| FBND Fidelity Total Bond ETF | 1.84% | 591,999 | $27.3M | Add +5.8% |
| MSFT Microsoft Corp. | 1.77% | 55,206 | $26.3M | Add +8.8% |
| VOO Vanguard S&P 500 ETF | 1.63% | 37,910 | $24.2M | Add +39.1% |
| JPM JPMorgan Chase & Co. | 1.53% | 70,008 | $22.7M | Add +5.6% |
| NVDA Nvidia Corp. | 1.46% | 117,178 | $21.7M | Add +19.8% |
| BND Vanguard Total Bond Market | 1.30% | 260,374 | $19.3M | Add +2.7% |
| UITB Victoryshares Core Intermedi | 1.25% | 389,946 | $18.5M | Add +9.9% |
| PG The Procter & Gamble Co. | 1.20% | 124,120 | $17.8M | Reduce -3.1% |
| AVRE Avantis Real Estate ETF | 1.15% | 388,797 | $17.1M | Reduce -18.8% |
| AMZN Amazon.com Inc. | 1.08% | 64,931 | $16.0M | Add +19.1% |
| GOOGL Alphabet Inc. Class A | 1.07% | 47,777 | $15.9M | Add +0.2% |
| WEC WEC Energy Group Inc. | 0.98% | 138,208 | $14.5M | Add +2.7% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.92% | 50,012 | $13.6M | Add +23.2% |
| IVV iShares Core S&P 500 ETF | 0.85% | 18,022 | $12.6M | Add +0.9% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.83% | 62,921 | $12.4M | Add +12.7% |
| VGSH Vanguard Short-Term Treasury | 0.77% | 194,125 | $11.4M | Reduce -5.7% |
| GOOG Alphabet Inc. Class C | 0.76% | 33,704 | $11.2M | Add +43.1% |
| MUB iShares National Muni Bond E | 0.72% | 99,281 | $10.7M | Add +3.1% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.68% | 14,510 | $10.1M | Add +2.8% |
| SUB iShares Short-Term National | 0.56% | 77,478 | $8.3M | Add +14.2% |
| YLD Principal Act Hi YLD ETF | 0.56% | 433,302 | $8.3M | Reduce -19.7% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.56% | 16,740 | $8.2M | Reduce -8.0% |
| HD Home Depot Inc. | 0.55% | 21,667 | $8.1M | Add +2.9% |
| KO The Coca-Cola Co. | 0.54% | 114,363 | $8.1M | Add +19.2% |
| AMLP Alerian MLP ETF | 0.52% | 160,871 | $7.8M | Reduce -24.9% |
| META Meta Platforms Inc. Class A | 0.49% | 11,446 | $7.3M | Add +17.0% |
| AMJB Alerian MLP ETN2044 filed as JPMORGAN CHASE FINL CO LLC | 0.44% | 211,761 | $6.5M | Reduce -57.0% |
| OSK Oshkosh Corp. | 0.43% | 42,601 | $6.4M | Reduce -0.3% |
| WMT Walmart Inc. | 0.40% | 49,948 | $5.9M | Add +4.4% |
| AVGO Broadcom Inc. | 0.38% | 16,047 | $5.7M | Add +21.3% |
| VONE Vanguard Russell 1000 | 0.34% | 16,135 | $5.1M | New |
| MDY State Street SPDR S&P Midcap | 0.34% | 8,023 | $5.1M | Add +13.6% |
| BFC Bank First Corp. | 0.34% | 40,765 | $5.0M | Reduce -9.9% |
| PEP Pepsico Inc. | 0.33% | 35,081 | $5.0M | Reduce -17.7% |
| BA The Boeing Co. | 0.33% | 20,406 | $4.9M | Add +10.0% |
| ABT Abbott Laboratories | 0.31% | 36,484 | $4.5M | Reduce -7.6% |
| XOM Exxon Mobil Corp. | 0.31% | 36,660 | $4.5M | Add +6.2% |
| TSLA Tesla Inc. | 0.31% | 10,109 | $4.5M | Add +5.1% |
| ETN Eaton Corp. PLC | 0.30% | 13,674 | $4.5M | Add +11.7% |
| VGIT Vanguard Intermediate-Term T | 0.30% | 74,685 | $4.5M | Add +5.1% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.29% | 27,737 | $4.4M | Add +14.6% |
| LLY Eli Lilly & Co. | 0.29% | 3,917 | $4.2M | Add +13.3% |
| COST Costco Wholesale Corp. | 0.28% | 4,429 | $4.2M | Add +22.4% |
| PM Philip Morris International | 0.28% | 24,999 | $4.1M | Add +0.4% |
| MU Micron Technology Inc. | 0.26% | 11,116 | $3.8M | Add +5.7% |
| ORCL Oracle Corp. | 0.25% | 18,208 | $3.7M | Add +6.9% |
| MA Mastercard Inc. Class A | 0.25% | 6,519 | $3.7M | Add +35.2% |
| DFAC Dimensional US Core Equity 2 | 0.24% | 89,230 | $3.6M | Reduce -19.4% |
| VTI VG Morningstar TS MKT ETF-US | 0.24% | 10,470 | $3.6M | Reduce -2.9% |
| CAT Caterpillar Inc. | 0.24% | 5,691 | $3.6M | Add +15.3% |
| JNJ Johnson & Johnson | 0.23% | 16,128 | $3.4M | Add +8.6% |
| WFC Wells Fargo & Co. | 0.22% | 34,538 | $3.3M | Reduce -0.7% |
| CSCO Cisco Systems Inc. | 0.22% | 44,183 | $3.3M | Add +16.4% |
| SPSM SS SPDR P S&P 600 Small Cap | 0.21% | 63,476 | $3.1M | Add +3.4% |
| RTX RTX Corp. | 0.20% | 15,217 | $2.9M | Add +13.5% |
| CWI State Street SPDR MSCI Acwi | 0.19% | 73,730 | $2.8M | New |
| SPDW Ste STR SPDR PT DW Eu ETF | 0.18% | 58,053 | $2.7M | Reduce -8.9% |
| ASB Associated Banc-Corp. | 0.18% | 100,421 | $2.6M | No change |
| MCD McDonald's Corp. | 0.17% | 8,412 | $2.6M | Add +14.8% |
| SCHW Schwab (charles) Corp. | 0.17% | 25,183 | $2.6M | Add +7.4% |
| VIG Vanguard Dividend Apprec ETF | 0.17% | 11,357 | $2.6M | Reduce -0.4% |
| IVW iShares S&P 500 Growth ETF | 0.17% | 20,367 | $2.5M | No change |
| BX Blackstone Inc. | 0.17% | 15,985 | $2.5M | Add +26.5% |
| IWF iShares Russell 1000 Growth | 0.16% | 5,113 | $2.4M | Reduce -20.3% |
| AMD Advanced Micro Devices | 0.16% | 11,742 | $2.4M | Add +24.8% |
| SPTM SS SPDR P S&P 1500 Comp ETF | 0.16% | 28,587 | $2.4M | Add +43.9% |
| ABBV Abbvie Inc. | 0.16% | 10,869 | $2.4M | Reduce -3.7% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.15% | 7,313 | $2.3M | Reduce -2.2% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.15% | 19,320 | $2.2M | Add +12.8% |
| IWP iShares Russell Mid-Cap Grow | 0.14% | 15,203 | $2.1M | Add +149.2% |
| GLIX Lazard Listed Infrastructure | 0.14% | 84,500 | $2.1M | New |
| ADI Analog Devices Inc. | 0.14% | 7,088 | $2.1M | Add +63.7% |
| TRV The Travelers Cos Inc. | 0.14% | 7,340 | $2.1M | New |
| SCZ iShares MSCI Eafe Small-Cap | 0.14% | 25,347 | $2.0M | Add +11.3% |
| V Visa Inc. Class A | 0.13% | 5,611 | $1.9M | Add +1.2% |
| CVX Chevron Corp. | 0.13% | 11,738 | $1.9M | Reduce -3.0% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.13% | 34,401 | $1.9M | Reduce -0.3% |
| CRM Salesforce Inc. | 0.13% | 7,237 | $1.9M | Add +36.0% |
| GD General Dynamics Corp. | 0.12% | 5,107 | $1.8M | Add +25.4% |
| IWO iShares Russell 2000 Growth | 0.12% | 5,293 | $1.8M | New |
| MGK Vngrd Mrgstr MG CP GR ETF-Ui | 0.12% | 4,112 | $1.7M | Reduce -0.2% |
| C Citigroup Inc. | 0.11% | 14,398 | $1.7M | Add +38.1% |
| NEE Nextera Energy Inc. | 0.11% | 20,223 | $1.6M | Add +14.3% |
| HON Honeywell International Inc. | 0.11% | 7,835 | $1.6M | Reduce -25.9% |
| IVE iShares S&P 500 Value ETF | 0.11% | 7,520 | $1.6M | No change |
| NFLX Netflix Inc. | 0.11% | 18,144 | $1.6M | Add +5.7% |
| GE General Electric filed as GE AEROSPACE | 0.11% | 4,998 | $1.6M | Reduce -6.4% |
| MO Altria Group Inc. | 0.11% | 27,540 | $1.6M | Add +3.8% |
| COR Cencora Inc. | 0.11% | 4,659 | $1.6M | Add +45.9% |
| COF Capital One Financial Corp. | 0.10% | 6,584 | $1.5M | Reduce -6.6% |
Portfolio Sells Q3 2025 → Q4 2025
| SPYV SS SPDR P S&P 500 Value ETF | Reduce -61.9% | 4.74% | −9.01 |
| SPYG SS SPDR P S&P 500 Growth ETF | Reduce -62.0% | 4.27% | −8.27 |
| AMJB Alerian MLP ETN2044 | Reduce -57.0% | 0.44% | −0.67 |
| AVRE Avantis Real Estate ETF | Reduce -18.8% | 1.15% | −0.49 |
| PG The Procter & Gamble Co. | Reduce -3.1% | 1.20% | −0.32 |
| IGF iShares Global Infrastructur | Reduce -86.0% | 0.04% | −0.30 |
| YLD Principal Act Hi YLD ETF | Reduce -19.7% | 0.56% | −0.25 |
| AMLP Alerian MLP ETF | Reduce -24.9% | 0.52% | −0.25 |
| VGSH Vanguard Short-Term Treasury | Reduce -5.7% | 0.77% | −0.17 |
| TRAVELERS COMPANIES INC | Sold out | 0.00% | −0.16 |
| PEP Pepsico Inc. | Reduce -17.7% | 0.33% | −0.13 |
| VUG Vanguard Mrngstar GR ETF-Sui | Reduce -8.0% | 0.56% | −0.13 |
| BFC Bank First Corp. | Reduce -9.9% | 0.34% | −0.13 |
| ABT Abbott Laboratories | Reduce -7.6% | 0.31% | −0.10 |
| IEFA iShares Core MSCI Eafe ETF | Reduce -55.6% | 0.06% | −0.10 |
| DFAC Dimensional US Core Equity 2 | Reduce -19.4% | 0.24% | −0.09 |
| GII State Street SPDR S&P Global | Sold out | 0.00% | −0.08 |
| BBAG JPMorgan Betabuilders US Agg | Reduce -79.7% | 0.02% | −0.07 |
| IWF iShares Russell 1000 Growth | Reduce -20.3% | 0.16% | −0.07 |
| HON Honeywell International Inc. | Reduce -25.9% | 0.11% | −0.06 |
| AGG iShares Core U.S. Aggregate | Reduce -52.8% | 0.04% | −0.06 |
| SPMD SS SPDR P S&P 400 Midcap ETF | Reduce -30.0% | 0.09% | −0.05 |
| FISV Fiserv Inc. | Reduce -21.6% | 0.03% | −0.05 |
| CMG Chipotle Mexican Grill Inc. | Reduce -66.3% | 0.02% | −0.04 |
| ABBV Abbvie Inc. | Reduce -3.7% | 0.16% | −0.04 |
| DGRO iShares Core Dividend Growth | Reduce -65.3% | 0.02% | −0.04 |
| NOW ServiceNow Inc. | Reduce -10.0% | 0.06% | −0.04 |
| CMCSA Comcast Corp. Class A | Reduce -48.2% | 0.03% | −0.04 |
| TREX Trex Company Inc. | Sold out | 0.00% | −0.04 |
| CSGP Costar Group Inc. | Reduce -41.0% | 0.02% | −0.04 |
| IEMG iShares Core MSCI Emerging | Reduce -48.2% | 0.03% | −0.04 |
| VERX Vertex Inc. Class A | Sold out | 0.00% | −0.04 |
| CPRT Copart Inc. | Reduce -38.3% | 0.03% | −0.03 |
| TYL Tyler Technologies Inc. | Reduce -28.8% | 0.05% | −0.03 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -2.9% | 0.24% | −0.03 |
| SPDW Ste STR SPDR PT DW Eu ETF | Reduce -8.9% | 0.18% | −0.03 |
| DD Dupont DE Nemours Inc. | Sold out | 0.00% | −0.03 |
| CARR Carrier Global Corp. | Reduce -23.1% | 0.05% | −0.03 |
| KMB Kimberly-Clark Corp. | Reduce -7.0% | 0.05% | −0.03 |
| BLK BlackRock Inc. | Reduce -21.5% | 0.05% | −0.03 |
| POOL Pool Corp. | Reduce -42.4% | 0.02% | −0.03 |
| IJH iShares Core S&P Midcap ETF | Reduce -38.8% | 0.04% | −0.03 |
| IWD iShares Russell 1000 Value E | Reduce -16.9% | 0.09% | −0.03 |
| OXFORD LANE CAP CORP | Sold out | 0.00% | −0.03 |
| OXLC Oxford Lane Capital Corp. | Sold out | 0.00% | −0.03 |
| AAON Aaon Inc. | Reduce -9.3% | 0.05% | −0.03 |
| MDLZ Mondelez International Inc. Class A | Reduce -5.1% | 0.07% | −0.03 |
| PH Parker Hannifin Corp. | Sold out | 0.00% | −0.03 |
| UBER Uber Technologies Inc. | Reduce -18.4% | 0.04% | −0.03 |
| KNSL Kinsale Capital Group Inc. | Reduce -18.6% | 0.03% | −0.02 |
Portfolio Buys Q3 2025 → Q4 2025
| SPYM Ste STR SPDR PT S&P 500 ETF | Add +10918.7% | 19.90% | +19.69 |
| AVEM Avantis Emerging Markets Eq | Add +54.5% | 4.12% | +1.24 |
| VEA Vanguard Ftse Developed ETF | Add +27.8% | 3.15% | +0.49 |
| VONE Vanguard Russell 1000 | New | 0.34% | +0.34 |
| VOO Vanguard S&P 500 ETF | Add +39.1% | 1.63% | +0.33 |
| GOOG Alphabet Inc. Class C | Add +43.1% | 0.76% | +0.30 |
| CWI State Street SPDR MSCI Acwi | New | 0.19% | +0.19 |
| VTEB Vanguard Tax-Exempt Bond ETF | Add +23.9% | 2.37% | +0.18 |
| GOOGL Alphabet Inc. Class A | Add +0.2% | 1.07% | +0.16 |
| GLIX Lazard Listed Infrastructure | New | 0.14% | +0.14 |
| TRV The Travelers Cos Inc. | New | 0.14% | +0.14 |
| AMZN Amazon.com Inc. | Add +19.1% | 1.08% | +0.14 |
| IWO iShares Russell 2000 Growth | New | 0.12% | +0.12 |
| VB Vanguard Most SM-Cap ETF-Usd | Add +23.2% | 0.92% | +0.11 |
| MU Micron Technology Inc. | Add +5.7% | 0.26% | +0.11 |
| ITOT iShares Core S&P Total U.S. | Add +14.3% | 3.15% | +0.09 |
| IWP iShares Russell Mid-Cap Grow | Add +149.2% | 0.14% | +0.08 |
| AVDE Avantis International Equity | New | 0.07% | +0.07 |
| ADI Analog Devices Inc. | Add +63.7% | 0.14% | +0.06 |
| VXF Vanguard Extended Market ETF | New | 0.06% | +0.06 |
| LLY Eli Lilly & Co. | Add +13.3% | 0.29% | +0.06 |
| CAT Caterpillar Inc. | Add +15.3% | 0.24% | +0.05 |
| NVDA Nvidia Corp. | Add +19.8% | 1.46% | +0.05 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Add +16.1% | 2.17% | +0.05 |
| KO The Coca-Cola Co. | Add +19.2% | 0.54% | +0.04 |
| MOFG Midwestone Financial Group I | New | 0.04% | +0.04 |
| SPTM SS SPDR P S&P 1500 Comp ETF | Add +43.9% | 0.16% | +0.04 |
| C Citigroup Inc. | Add +38.1% | 0.11% | +0.03 |
| SNDR Schneider National Inc. Class B | New | 0.03% | +0.03 |
| AVGO Broadcom Inc. | Add +21.3% | 0.38% | +0.03 |
| EMR Emerson Electric Co. | Add +93.3% | 0.07% | +0.03 |
| SHOP Shopify Inc. Class A | Add +91.1% | 0.08% | +0.03 |
| IWR iShares Russell Mid-Cap ETF | New | 0.03% | +0.03 |
| GSK GSK PLC-Spon ADR | Add +61.1% | 0.08% | +0.03 |
| VTWO Vanguard Russell 2000 ETF | New | 0.03% | +0.03 |
| MA Mastercard Inc. Class A | Add +35.2% | 0.25% | +0.03 |
| COR Cencora Inc. | Add +45.9% | 0.11% | +0.03 |
| MDT Medtronic PLC | Add +142.9% | 0.06% | +0.03 |
| FCX Freeport-McMoran Inc. | Add +53.6% | 0.06% | +0.03 |
| SLB SLB Ltd. | Add +34.7% | 0.08% | +0.03 |
| SCHX Schwab US Large-Cap ETF | New | 0.03% | +0.03 |
| SLV iShares Silver Trust | Add +21.0% | 0.06% | +0.03 |
| ROAD Construction Partners Inc. Class A | Add +193.3% | 0.05% | +0.03 |
| CRM Salesforce Inc. | Add +36.0% | 0.13% | +0.03 |
| IWB iShares Russell 1000 ETF | Add +91.1% | 0.06% | +0.03 |
| YUM Yum! Brands Inc. | Add +77.8% | 0.06% | +0.02 |
| TJX TJX Companies Inc. | Add +14.6% | 0.29% | +0.02 |
| COST Costco Wholesale Corp. | Add +22.4% | 0.28% | +0.02 |
| GS Goldman Sachs Group Inc. | Add +66.9% | 0.06% | +0.02 |
| VTV Vanguard Mrngstr Val ETF-Aui | Add +12.7% | 0.83% | +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 |