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Municipal Employees' Retirement System of Michigan

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13F filer, CIK 1588873, LANSING, MI

Municipal Employees' Retirement System of Michigan reported $8,310,053,000 across 45 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-08-04. Its ten largest share positions make up 76.6% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001588873-25-000004

Period
2025-06-30
Reported value
$8.31B
Holdings
45
Top 10 weight
76.6%
New
2
Sold out
3

Largest buys vs the previous quarter

SecurityShares changeApprox. value
SPIBadded+12,803,930$430M
VGKadded+2,400,165$186M
FALNnew+3,476,559$94.4M
BBCAnew+940,556$75.9M
IJHadded+909,298$56.4M

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
IPACexited-6,404,807-$399M
BBEUexited-2,042,693-$126M
MTBAexited-2,378,493-$119M
XONEreduced-1,209,433-$60M
SPTLreduced-2,251,407-$59.8M

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, Q2 2025

Share positions as resolved from 13F-HR 0001588873-25-000004, largest first. % of portfolio is the value over $8,310,053,000, 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; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 30,373,380 shares; 2024Q4: 30,373,380 shares; 2025Q1: 34,132,010 shares; 2025Q2: 34,132,010 shares 34,132,010$1.25B15.04%0Timeline
SPTISPDR SERIES TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 26,424,332 shares; 2024Q4: 26,424,332 shares; 2025Q1: 35,861,653 shares; 2025Q2: 35,861,653 shares 35,861,653$1.03B12.42%0Timeline
IVVISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,438,577 shares; 2024Q4: 1,438,577 shares; 2025Q1: 1,450,762 shares; 2025Q2: 1,481,662 shares 1,481,662$920M11.07%+30,900Timeline
VGKVANGUARD INTL EQUITY INDEX FQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,742,619 shares; 2024Q4: 3,742,619 shares; 2025Q1: 6,435,286 shares; 2025Q2: 8,835,451 shares 8,835,451$685M8.24%+2,400,165Timeline
SPTSSPDR SERIES TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 21,711,672 shares; 2024Q4: 21,803,046 shares; 2025Q1: 21,929,077 shares; 2025Q2: 21,942,738 shares 21,942,738$643M7.73%+13,661Timeline
SCHPSCHWAB STRATEGIC TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 15,565,679 shares; 2025Q1: 16,401,227 shares; 2025Q2: 16,401,227 shares 16,401,227$438M5.27%0Timeline
SPIBSPDR SERIES TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 159,059 shares; 2024Q4: 172,439 shares; 2025Q1: 164,166 shares; 2025Q2: 12,968,096 shares 12,968,096$435M5.24%+12,803,930Timeline
QVMMINVESCO EXCH TRADED FD TR IIQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 10,882,576 shares; 2024Q4: 10,882,576 shares; 2025Q1: 11,882,576 shares; 2025Q2: 11,882,576 shares 11,882,576$342M4.11%0Timeline
SPTLSPDR SERIES TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 12,764,462 shares; 2024Q4: 11,690,404 shares; 2025Q1: 14,880,982 shares; 2025Q2: 12,629,575 shares 12,629,575$336M4.04%-2,251,407Timeline
IEMGISHARES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,773,111 shares; 2024Q4: 4,773,111 shares; 2025Q1: 4,773,111 shares; 2025Q2: 4,773,111 shares 4,773,111$287M3.45%0Timeline
IJHISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,005,372 shares; 2024Q4: 2,005,373 shares; 2025Q1: 3,645,909 shares; 2025Q2: 4,555,207 shares 4,555,207$283M3.4%+909,298Timeline
XBBBONDBLOXX ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,037,817 shares; 2024Q4: 1,037,817 shares; 2025Q1: 6,227,640 shares; 2025Q2: 6,227,640 shares 6,227,640$256M3.09%0Timeline
XEMDBONDBLOXX ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,698,046 shares; 2024Q4: 4,698,046 shares; 2025Q1: 4,698,046 shares; 2025Q2: 4,698,046 shares 4,698,046$203M2.44%0Timeline
QVMSINVESCO EXCH TRADED FD TR IIQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,114,414 shares; 2024Q4: 7,114,414 shares; 2025Q1: 7,114,414 shares; 2025Q2: 7,114,414 shares 7,114,414$183M2.2%0Timeline
SPHYSPDR SERIES TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,238,276 shares; 2024Q4: 1,287,376 shares; 2025Q1: 5,954,325 shares; 2025Q2: 5,954,325 shares 5,954,325$142M1.71%0Timeline
FLCAFRANKLIN TEMPLETON ETF TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,773,743 shares; 2024Q4: 2,773,743 shares; 2025Q1: 2,773,743 shares; 2025Q2: 2,773,743 shares 2,773,743$116M1.39%0Timeline
PICKISHARES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,931,185 shares; 2024Q4: 3,032,992 shares; 2025Q1: 3,032,992 shares; 2025Q2: 3,032,992 shares 3,032,992$114M1.37%0Timeline
FALNISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 3,476,559 shares 3,476,559$94.4M1.14%newTimeline
BBCAJ P MORGAN EXCHANGE TRADED FQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 940,556 shares 940,556$75.9M0.91%newTimeline
RINGISHARES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,253,973 shares; 2024Q4: 1,901,911 shares; 2025Q1: 1,901,911 shares; 2025Q2: 1,372,210 shares 1,372,210$60.1M0.72%-529,701Timeline
XONEBONDBLOXX ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,387,980 shares; 2024Q4: 2,387,980 shares; 2025Q1: 2,387,980 shares; 2025Q2: 1,178,547 shares 1,178,547$58.5M0.7%-1,209,433Timeline
AGFIRST MAJESTIC SILVER CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 7,123,410 shares; 2025Q2: 6,151,289 shares 6,151,289$50.9M0.61%-972,121Timeline
XFIVBONDBLOXX ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 704,064 shares; 2024Q4: 704,064 shares; 2025Q1: 704,064 shares; 2025Q2: 704,064 shares 704,064$34.7M0.42%0Timeline
XLESELECT SECTOR SPDR TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 311,228 shares; 2024Q4: 392,435 shares; 2025Q1: 261,557 shares; 2025Q2: 360,126 shares 360,126$30.5M0.37%+98,569Timeline
ICOPISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 556,999 shares; 2025Q2: 784,271 shares 784,271$23.4M0.28%+227,272Timeline
XHLFBONDBLOXX ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 448,334 shares; 2024Q4: 448,334 shares; 2025Q1: 448,334 shares; 2025Q2: 448,334 shares 448,334$22.6M0.27%0Timeline
XTWOBONDBLOXX ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 416,558 shares; 2024Q4: 416,558 shares; 2025Q1: 416,558 shares; 2025Q2: 416,558 shares 416,558$20.6M0.25%0Timeline
XTREBONDBLOXX ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 402,313 shares; 2024Q4: 402,313 shares; 2025Q1: 402,313 shares; 2025Q2: 402,313 shares 402,313$20M0.24%0Timeline
XSVNBONDBLOXX ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 403,857 shares; 2024Q4: 403,857 shares; 2025Q1: 403,857 shares; 2025Q2: 403,857 shares 403,857$19.3M0.23%0Timeline
XTENBONDBLOXX ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 403,452 shares; 2024Q4: 403,452 shares; 2025Q1: 403,452 shares; 2025Q2: 403,452 shares 403,452$18.6M0.22%0Timeline
BBAXJ P MORGAN EXCHANGE TRADED FQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 910,009 shares; 2024Q4: 910,009 shares; 2025Q1: 910,009 shares; 2025Q2: 298,785 shares 298,785$16.3M0.2%-611,224Timeline
XTWYBONDBLOXX ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 420,244 shares; 2024Q4: 420,244 shares; 2025Q1: 420,244 shares; 2025Q2: 420,244 shares 420,244$16.2M0.2%0Timeline
SPYMSPDR SERIES TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 188,205 shares; 2024Q4: 188,205 shares; 2025Q1: 188,205 shares; 2025Q2: 188,205 shares 188,205$13.7M0.16%0Timeline
STIPISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 120,426 shares; 2024Q4: 121,200 shares; 2025Q1: 121,200 shares; 2025Q2: 121,200 shares 121,200$12.5M0.15%0Timeline
SPDWSPDR INDEX SHS FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 276,169 shares; 2024Q4: 276,169 shares; 2025Q1: 276,169 shares; 2025Q2: 276,169 shares 276,169$11.2M0.13%0Timeline
XBBONDBLOXX ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 266,860 shares; 2024Q4: 266,860 shares; 2025Q1: 266,860 shares; 2025Q2: 266,860 shares 266,860$10.6M0.13%0Timeline
VGSHVANGUARD SCOTTSDALE FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,601,177 shares; 2024Q4: 249,183 shares; 2025Q1: 142,206 shares; 2025Q2: 142,206 shares 142,206$8.36M0.1%0Timeline
SPSBSPDR SERIES TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 259,709 shares; 2024Q4: 228,061 shares; 2025Q1: 228,061 shares; 2025Q2: 228,061 shares 228,061$6.88M0.08%0Timeline
MBBISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 80,099 shares; 2024Q4: 43,971 shares; 2025Q1: 67,551 shares; 2025Q2: 67,551 shares 67,551$6.34M0.08%0Timeline
XCCCBONDBLOXX ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 121,654 shares; 2024Q4: 121,654 shares; 2025Q1: 121,654 shares; 2025Q2: 121,654 shares 121,654$4.72M0.06%0Timeline
SPEMSPDR INDEX SHS FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 110,056 shares; 2024Q4: 107,144 shares; 2025Q1: 107,144 shares; 2025Q2: 107,144 shares 107,144$4.58M0.06%0Timeline
IJRISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 20,736 shares; 2024Q4: 20,736 shares; 2025Q1: 20,736 shares; 2025Q2: 24,129 shares 24,129$2.64M0.03%+3,393Timeline
HYBBISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 28,510 shares; 2024Q4: 43,716 shares; 2025Q1: 38,566 shares; 2025Q2: 38,566 shares 38,566$1.81M0.02%0Timeline
SPMDSPDR SERIES TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 26,947 shares; 2024Q4: 26,947 shares; 2025Q1: 26,947 shares; 2025Q2: 26,947 shares 26,947$1.47M0.02%0Timeline
SPSMSPDR SERIES TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 16,642 shares; 2024Q4: 16,642 shares; 2025Q1: 16,642 shares; 2025Q2: 16,642 shares 16,642$709K0.01%0Timeline

Sold out in Q2 2025

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

SecurityShares beforeValue beforeType
IPACISHARES TR6,404,807$399Mshares
BBEUJ P MORGAN EXCHANGE TRADED F2,042,693$126Mshares
MTBASIMPLIFY EXCHANGE TRADED FUN2,378,493$119Mshares

How Q2 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 0001588873-25-000004 base2025-08-04acceptance time not in the bulk data set