Skip to content
Disclosery

Municipal Employees' Retirement System of Michigan

Follow

13F filer, CIK 1588873, LANSING, MI

Municipal Employees' Retirement System of Michigan reported $7,897,819,000 across 46 holdings for the quarter ended 2025-03-31, in a 13F-HR filed 2025-05-07. Its ten largest share positions make up 74.71% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001588873-25-000003

Period
2025-03-31
Reported value
$7.9B
Holdings
46
Top 10 weight
74.71%
New
2
Sold out
5

Largest buys vs the previous quarter

SecurityShares changeApprox. value
SPTIadded+9,437,321$270M
XBBadded+5,189,823$210M
VGKadded+2,692,667$189M
QVMLadded+3,758,630$126M
SPHYadded+4,666,949$109M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
ISVLexited-4,592,859-$158M
EMHCexited-6,460,066-$154M
EMBexited-1,547,548-$138M
GATOS SILVER INCexited-6,205,259-$86.8M
MTBAreduced-760,760-$38.1M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q1 2025

Share positions as resolved from 13F-HR 0001588873-25-000003, largest first. % of portfolio is the value over $7,897,819,000, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
QVMLINVESCO EXCH TRADED FD TR IIQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 30,373,380 shares; 2024Q4: 30,373,380 shares; 2025Q1: 34,132,010 shares 34,132,010$1.14B14.48%+3,758,630Timeline
SPTISPDR SERIES TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 26,424,332 shares; 2024Q4: 26,424,332 shares; 2025Q1: 35,861,653 shares 35,861,653$1.02B12.98%+9,437,321Timeline
IVVISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,438,577 shares; 2024Q4: 1,438,577 shares; 2025Q1: 1,450,762 shares 1,450,762$815M10.32%+12,185Timeline
SPTSSPDR SERIES TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 21,711,672 shares; 2024Q4: 21,803,046 shares; 2025Q1: 21,929,077 shares 21,929,077$641M8.12%+126,031Timeline
VGKVANGUARD INTL EQUITY INDEX FQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,742,619 shares; 2024Q4: 3,742,619 shares; 2025Q1: 6,435,286 shares 6,435,286$452M5.72%+2,692,667Timeline
SCHPSCHWAB STRATEGIC TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 15,565,679 shares; 2025Q1: 16,401,227 shares 16,401,227$441M5.58%+835,548Timeline
SPTLSPDR SERIES TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 12,764,462 shares; 2024Q4: 11,690,404 shares; 2025Q1: 14,880,982 shares 14,880,982$406M5.14%+3,190,578Timeline
IPACISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,404,807 shares; 2024Q4: 6,404,807 shares; 2025Q1: 6,404,807 shares 6,404,807$399M5.05%0Timeline
QVMMINVESCO EXCH TRADED FD TR IIQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 10,882,576 shares; 2024Q4: 10,882,576 shares; 2025Q1: 11,882,576 shares 11,882,576$321M4.07%+1,000,000Timeline
IEMGISHARES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,773,111 shares; 2024Q4: 4,773,111 shares; 2025Q1: 4,773,111 shares 4,773,111$258M3.26%0Timeline
XBBBONDBLOXX ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,037,817 shares; 2024Q4: 1,037,817 shares; 2025Q1: 6,227,640 shares 6,227,640$252M3.19%+5,189,823Timeline
IJHISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,005,372 shares; 2024Q4: 2,005,373 shares; 2025Q1: 3,645,909 shares 3,645,909$213M2.69%+1,640,536Timeline
XEMDBONDBLOXX ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,698,046 shares; 2024Q4: 4,698,046 shares; 2025Q1: 4,698,046 shares 4,698,046$198M2.51%0Timeline
QVMSINVESCO EXCH TRADED FD TR IIQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,114,414 shares; 2024Q4: 7,114,414 shares; 2025Q1: 7,114,414 shares 7,114,414$175M2.22%0Timeline
SPHYSPDR SERIES TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,238,276 shares; 2024Q4: 1,287,376 shares; 2025Q1: 5,954,325 shares 5,954,325$139M1.77%+4,666,949Timeline
BBEUJ P MORGAN EXCHANGE TRADED FQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,042,693 shares; 2024Q4: 2,042,693 shares; 2025Q1: 2,042,693 shares 2,042,693$126M1.6%0Timeline
MTBASIMPLIFY EXCHANGE TRADED FUNQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,139,253 shares; 2024Q4: 3,139,253 shares; 2025Q1: 2,378,493 shares 2,378,493$119M1.51%-760,760Timeline
XONEBONDBLOXX ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,387,980 shares; 2024Q4: 2,387,980 shares; 2025Q1: 2,387,980 shares 2,387,980$119M1.5%0Timeline
PICKISHARES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,931,185 shares; 2024Q4: 3,032,992 shares; 2025Q1: 3,032,992 shares 3,032,992$109M1.38%0Timeline
FLCAFRANKLIN TEMPLETON ETF TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,773,743 shares; 2024Q4: 2,773,743 shares; 2025Q1: 2,773,743 shares 2,773,743$103M1.31%0Timeline
RINGISHARES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,253,973 shares; 2024Q4: 1,901,911 shares; 2025Q1: 1,901,911 shares 1,901,911$73M0.92%0Timeline
AGFIRST MAJESTIC SILVER CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 7,123,410 shares 7,123,410$47.7M0.6%newTimeline
BBAXJ P MORGAN EXCHANGE TRADED FQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 910,009 shares; 2024Q4: 910,009 shares; 2025Q1: 910,009 shares 910,009$44.3M0.56%0Timeline
XFIVBONDBLOXX ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 704,064 shares; 2024Q4: 704,064 shares; 2025Q1: 704,064 shares 704,064$34.6M0.44%0Timeline
XLESELECT SECTOR SPDR TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 311,228 shares; 2024Q4: 392,435 shares; 2025Q1: 261,557 shares 261,557$24.4M0.31%-130,878Timeline
XHLFBONDBLOXX ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 448,334 shares; 2024Q4: 448,334 shares; 2025Q1: 448,334 shares 448,334$22.6M0.29%0Timeline
XTWOBONDBLOXX ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 416,558 shares; 2024Q4: 416,558 shares; 2025Q1: 416,558 shares 416,558$20.6M0.26%0Timeline
XTREBONDBLOXX ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 402,313 shares; 2024Q4: 402,313 shares; 2025Q1: 402,313 shares 402,313$19.9M0.25%0Timeline
XSVNBONDBLOXX ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 403,857 shares; 2024Q4: 403,857 shares; 2025Q1: 403,857 shares 403,857$19.3M0.24%0Timeline
XTENBONDBLOXX ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 403,452 shares; 2024Q4: 403,452 shares; 2025Q1: 403,452 shares 403,452$18.8M0.24%0Timeline
XTWYBONDBLOXX ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 420,244 shares; 2024Q4: 420,244 shares; 2025Q1: 420,244 shares 420,244$16.9M0.21%0Timeline
ICOPISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 556,999 shares 556,999$14.4M0.18%newTimeline
STIPISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 120,426 shares; 2024Q4: 121,200 shares; 2025Q1: 121,200 shares 121,200$12.5M0.16%0Timeline
SPYMSPDR SERIES TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 188,205 shares; 2024Q4: 188,205 shares; 2025Q1: 188,205 shares 188,205$12.4M0.16%0Timeline
XBBONDBLOXX ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 266,860 shares; 2024Q4: 266,860 shares; 2025Q1: 266,860 shares 266,860$10.4M0.13%0Timeline
SPDWSPDR INDEX SHS FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 276,169 shares; 2024Q4: 276,169 shares; 2025Q1: 276,169 shares 276,169$10.1M0.13%0Timeline
VGSHVANGUARD SCOTTSDALE FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,601,177 shares; 2024Q4: 249,183 shares; 2025Q1: 142,206 shares 142,206$8.35M0.11%-106,977Timeline
SPSBSPDR SERIES TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 259,709 shares; 2024Q4: 228,061 shares; 2025Q1: 228,061 shares 228,061$6.87M0.09%0Timeline
MBBISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 80,099 shares; 2024Q4: 43,971 shares; 2025Q1: 67,551 shares 67,551$6.33M0.08%+23,580Timeline
SPIBSPDR SERIES TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 159,059 shares; 2024Q4: 172,439 shares; 2025Q1: 164,166 shares 164,166$5.46M0.07%-8,273Timeline
XCCCBONDBLOXX ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 121,654 shares; 2024Q4: 121,654 shares; 2025Q1: 121,654 shares 121,654$4.6M0.06%0Timeline
SPEMSPDR INDEX SHS FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 110,056 shares; 2024Q4: 107,144 shares; 2025Q1: 107,144 shares 107,144$4.22M0.05%0Timeline
IJRISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 20,736 shares; 2024Q4: 20,736 shares; 2025Q1: 20,736 shares 20,736$2.17M0.03%0Timeline
HYBBISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 28,510 shares; 2024Q4: 43,716 shares; 2025Q1: 38,566 shares 38,566$1.78M0.02%-5,150Timeline
SPMDSPDR SERIES TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 26,947 shares; 2024Q4: 26,947 shares; 2025Q1: 26,947 shares 26,947$1.38M0.02%0Timeline
SPSMSPDR SERIES TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 16,642 shares; 2024Q4: 16,642 shares; 2025Q1: 16,642 shares 16,642$678K0.01%0Timeline

Sold out in Q1 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
ISVLISHARES TR4,592,859$158Mshares
EMHCSPDR SERIES TRUST6,460,066$154Mshares
EMBISHARES TR1,547,548$138Mshares
GATOS SILVER INCGATOS SILVER INC6,205,259$86.8Mshares
VGLTVANGUARD SCOTTSDALE FDS63,048$3.49Mshares

How Q1 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001588873-25-000003 base2025-05-07acceptance time not in the bulk data set