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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 $8,840,732,000 across 36 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-06. Its ten largest share positions make up 77.34% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001588873-26-000002

Period
2025-12-31
Reported value
$8.84B
Holdings
36
Top 10 weight
77.34%
New
0
Sold out
9

Largest buys vs the previous quarter

SecurityShares changeApprox. value
SPTSadded+3,937,024$115M
SPTLadded+2,767,751$73.3M
XBBadded+1,144,871$47.1M
SPTIadded+1,385,521$40M
IEMGadded+454,887$30.6M

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
IVVreduced-100,437-$68.8M
SPIBreduced-1,263,328-$42.7M
RINGreduced-528,148-$38.9M
SCHPreduced-1,152,844-$30.5M
XHLFexited-448,334-$22.6M

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, Q4 2025

Share positions as resolved from 13F-HR 0001588873-26-000002, largest first. % of portfolio is the value over $8,840,732,000, 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; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 30,373,380 shares; 2024Q4: 30,373,380 shares; 2025Q1: 34,132,010 shares; 2025Q2: 34,132,010 shares; 2025Q3: 34,132,010 shares; 2025Q4: 34,132,010 shares 34,132,010$1.37B15.51%0Timeline
SPTISPDR SERIES TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 26,424,332 shares; 2024Q4: 26,424,332 shares; 2025Q1: 35,861,653 shares; 2025Q2: 35,861,653 shares; 2025Q3: 35,861,653 shares; 2025Q4: 37,247,174 shares 37,247,174$1.07B12.15%+1,385,521Timeline
IVVISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,438,577 shares; 2024Q4: 1,438,577 shares; 2025Q1: 1,450,762 shares; 2025Q2: 1,481,662 shares; 2025Q3: 1,481,662 shares; 2025Q4: 1,381,225 shares 1,381,225$946M10.7%-100,437Timeline
VGKVANGUARD INTL EQUITY INDEX FQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,742,619 shares; 2024Q4: 3,742,619 shares; 2025Q1: 6,435,286 shares; 2025Q2: 8,835,451 shares; 2025Q3: 8,835,451 shares; 2025Q4: 9,136,296 shares 9,136,296$764M8.64%+300,845Timeline
SPTSSPDR SERIES TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 21,711,672 shares; 2024Q4: 21,803,046 shares; 2025Q1: 21,929,077 shares; 2025Q2: 21,942,738 shares; 2025Q3: 21,942,738 shares; 2025Q4: 25,879,762 shares 25,879,762$758M8.57%+3,937,024Timeline
SPTLSPDR SERIES TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 12,764,462 shares; 2024Q4: 11,690,404 shares; 2025Q1: 14,880,982 shares; 2025Q2: 12,629,575 shares; 2025Q3: 12,629,575 shares; 2025Q4: 15,397,326 shares 15,397,326$408M4.61%+2,767,751Timeline
SCHPSCHWAB STRATEGIC TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 15,565,679 shares; 2025Q1: 16,401,227 shares; 2025Q2: 16,401,227 shares; 2025Q3: 16,401,227 shares; 2025Q4: 15,248,383 shares 15,248,383$404M4.57%-1,152,844Timeline
SPIBSPDR SERIES TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 159,059 shares; 2024Q4: 172,439 shares; 2025Q1: 164,166 shares; 2025Q2: 12,968,096 shares; 2025Q3: 12,968,096 shares; 2025Q4: 11,704,768 shares 11,704,768$396M4.48%-1,263,328Timeline
QVMMINVESCO EXCH TRADED FD TR IIQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 10,882,576 shares; 2024Q4: 10,882,576 shares; 2025Q1: 11,882,576 shares; 2025Q2: 11,882,576 shares; 2025Q3: 11,882,576 shares; 2025Q4: 11,882,576 shares 11,882,576$366M4.14%0Timeline
IEMGISHARES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,773,111 shares; 2024Q4: 4,773,111 shares; 2025Q1: 4,773,111 shares; 2025Q2: 4,773,111 shares; 2025Q3: 4,773,111 shares; 2025Q4: 5,227,998 shares 5,227,998$351M3.98%+454,887Timeline
IJHISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,005,372 shares; 2024Q4: 2,005,373 shares; 2025Q1: 3,645,909 shares; 2025Q2: 4,555,207 shares; 2025Q3: 4,555,207 shares; 2025Q4: 4,596,783 shares 4,596,783$303M3.43%+41,576Timeline
XBBBONDBLOXX ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,037,817 shares; 2024Q4: 1,037,817 shares; 2025Q1: 6,227,640 shares; 2025Q2: 6,227,640 shares; 2025Q3: 6,227,640 shares; 2025Q4: 7,372,511 shares 7,372,511$303M3.43%+1,144,871Timeline
XEMDBONDBLOXX ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,698,046 shares; 2024Q4: 4,698,046 shares; 2025Q1: 4,698,046 shares; 2025Q2: 4,698,046 shares; 2025Q3: 4,698,046 shares; 2025Q4: 4,714,975 shares 4,714,975$210M2.38%+16,929Timeline
QVMSINVESCO EXCH TRADED FD TR IIQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,114,414 shares; 2024Q4: 7,114,414 shares; 2025Q1: 7,114,414 shares; 2025Q2: 7,114,414 shares; 2025Q3: 7,114,414 shares; 2025Q4: 7,114,414 shares 7,114,414$201M2.27%0Timeline
SPHYSPDR SERIES TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,238,276 shares; 2024Q4: 1,287,376 shares; 2025Q1: 5,954,325 shares; 2025Q2: 5,954,325 shares; 2025Q3: 5,954,325 shares; 2025Q4: 6,000,856 shares 6,000,856$142M1.61%+46,531Timeline
PICKISHARES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,931,185 shares; 2024Q4: 3,032,992 shares; 2025Q1: 3,032,992 shares; 2025Q2: 3,032,992 shares; 2025Q3: 3,032,992 shares; 2025Q4: 2,658,856 shares 2,658,856$137M1.54%-374,136Timeline
FLCAFRANKLIN TEMPLETON ETF TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,773,743 shares; 2024Q4: 2,773,743 shares; 2025Q1: 2,773,743 shares; 2025Q2: 2,773,743 shares; 2025Q3: 2,773,743 shares; 2025Q4: 2,773,743 shares 2,773,743$134M1.52%0Timeline
FALNISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 3,476,559 shares; 2025Q3: 3,476,559 shares; 2025Q4: 3,657,064 shares 3,657,064$99.8M1.13%+180,505Timeline
BBCAJ P MORGAN EXCHANGE TRADED FQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 940,556 shares; 2025Q3: 940,556 shares; 2025Q4: 909,454 shares 909,454$84.6M0.96%-31,102Timeline
RINGISHARES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,253,973 shares; 2024Q4: 1,901,911 shares; 2025Q1: 1,901,911 shares; 2025Q2: 1,372,210 shares; 2025Q3: 1,372,210 shares; 2025Q4: 844,062 shares 844,062$62.2M0.7%-528,148Timeline
XONEBONDBLOXX ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,387,980 shares; 2024Q4: 2,387,980 shares; 2025Q1: 2,387,980 shares; 2025Q2: 1,178,547 shares; 2025Q3: 1,178,547 shares; 2025Q4: 1,178,547 shares 1,178,547$58.4M0.66%0Timeline
XLESELECT SECTOR SPDR TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 311,228 shares; 2024Q4: 392,435 shares; 2025Q1: 261,557 shares; 2025Q2: 360,126 shares; 2025Q3: 360,126 shares; 2025Q4: 991,274 shares 991,274$44.3M0.5%+631,148Timeline
XFIVBONDBLOXX ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 704,064 shares; 2024Q4: 704,064 shares; 2025Q1: 704,064 shares; 2025Q2: 704,064 shares; 2025Q3: 704,064 shares; 2025Q4: 704,064 shares 704,064$34.8M0.39%0Timeline
ICOPISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 556,999 shares; 2025Q2: 784,271 shares; 2025Q3: 784,271 shares; 2025Q4: 784,271 shares 784,271$34.8M0.39%0Timeline
XTWOBONDBLOXX ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 416,558 shares; 2024Q4: 416,558 shares; 2025Q1: 416,558 shares; 2025Q2: 416,558 shares; 2025Q3: 416,558 shares; 2025Q4: 416,558 shares 416,558$20.6M0.23%0Timeline
XTREBONDBLOXX ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 402,313 shares; 2024Q4: 402,313 shares; 2025Q1: 402,313 shares; 2025Q2: 402,313 shares; 2025Q3: 402,313 shares; 2025Q4: 402,313 shares 402,313$20M0.23%0Timeline
XSVNBONDBLOXX ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 403,857 shares; 2024Q4: 403,857 shares; 2025Q1: 403,857 shares; 2025Q2: 403,857 shares; 2025Q3: 403,857 shares; 2025Q4: 403,857 shares 403,857$19.4M0.22%0Timeline
XTENBONDBLOXX ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 403,452 shares; 2024Q4: 403,452 shares; 2025Q1: 403,452 shares; 2025Q2: 403,452 shares; 2025Q3: 403,452 shares; 2025Q4: 403,452 shares 403,452$18.6M0.21%0Timeline
BBAXJ P MORGAN EXCHANGE TRADED FQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 910,009 shares; 2024Q4: 910,009 shares; 2025Q1: 910,009 shares; 2025Q2: 298,785 shares; 2025Q3: 298,785 shares; 2025Q4: 298,785 shares 298,785$16.8M0.19%0Timeline
XTWYBONDBLOXX ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 420,244 shares; 2024Q4: 420,244 shares; 2025Q1: 420,244 shares; 2025Q2: 420,244 shares; 2025Q3: 420,244 shares; 2025Q4: 420,244 shares 420,244$15.9M0.18%0Timeline
XBBONDBLOXX ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 266,860 shares; 2024Q4: 266,860 shares; 2025Q1: 266,860 shares; 2025Q2: 266,860 shares; 2025Q3: 266,860 shares; 2025Q4: 266,860 shares 266,860$10.5M0.12%0Timeline
STIPISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 120,426 shares; 2024Q4: 121,200 shares; 2025Q1: 121,200 shares; 2025Q2: 121,200 shares; 2025Q3: 121,200 shares; 2025Q4: 95,402 shares 95,402$9.77M0.11%-25,798Timeline
VGSHVANGUARD SCOTTSDALE FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,601,177 shares; 2024Q4: 249,183 shares; 2025Q1: 142,206 shares; 2025Q2: 142,206 shares; 2025Q3: 142,206 shares; 2025Q4: 133,074 shares 133,074$7.82M0.09%-9,132Timeline
SPSBSPDR SERIES TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 259,709 shares; 2024Q4: 228,061 shares; 2025Q1: 228,061 shares; 2025Q2: 228,061 shares; 2025Q3: 228,061 shares; 2025Q4: 228,061 shares 228,061$6.89M0.08%0Timeline
XCCCBONDBLOXX ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 121,654 shares; 2024Q4: 121,654 shares; 2025Q1: 121,654 shares; 2025Q2: 121,654 shares; 2025Q3: 121,654 shares; 2025Q4: 121,654 shares 121,654$4.63M0.05%0Timeline
IJRISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 20,736 shares; 2024Q4: 20,736 shares; 2025Q1: 20,736 shares; 2025Q2: 24,129 shares; 2025Q3: 24,129 shares; 2025Q4: 24,129 shares 24,129$2.9M0.03%0Timeline

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
XHLFBONDBLOXX ETF TRUST448,334$22.6Mshares
SPYMSPDR SERIES TRUST188,205$14.7Mshares
AGFIRST MAJESTIC SILVER CORP1,126,289$13.8Mshares
SPDWSPDR INDEX SHS FDS276,169$11.8Mshares
MBBISHARES TR67,551$6.43Mshares
SPEMSPDR INDEX SHS FDS107,144$5.01Mshares
HYBBISHARES TR38,566$1.82Mshares
SPMDSPDR SERIES TRUST26,947$1.54Mshares
SPSMSPDR SERIES TRUST16,642$771Kshares

How Q4 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 0001588873-26-000002 base2026-02-06acceptance time not in the bulk data set