Municipal Employees' Retirement System of Michigan Portfolio Holdings

Q3 2025•41 long positions•$8.3B portfolio value

Holding41	Sector	Position↕	Traded↕	Ownership↕	Shares Δ↕	Shares Δ %	Market Cap↕	Owned Since↕
1 QVML Invesco S&P 500 QVM Multi-factor ETF QVML	ETF ETF	$1.3B 16.1%	—	— 34.1M shares	—	—	— —	Q2 2021 Held for 4y 5m
2 SPDR Portfolio Intermediate Term Treasury SPTI	ETF ETF	$1.0B 12.45%	—	— 35.9M shares	—	—	— —	Q3 2019 Held for 6y 2m
3 iShares Core S&P 500 ETF IVV	ETF ETF	$991.7M 11.91%	—	— 1.5M shares	—	—	— —	Q3 2019 Held for 6y 2m
4 Vanguard FTSE Europe VGK	ETF ETF	$705.1M 8.47%	—	— 8.8M shares	—	—	— —	Q4 2020 Held for 4y 11m
5 SPDR Portfolio Short Term Treasury SPTS	ETF ETF	$643.4M 7.73%	—	— 21.9M shares	—	—	— —	Q4 2019 Held for 5y 11m
6 Schwab U.S. TIPS SCHP	ETF ETF	$442.0M 5.31%	—	— 16.4M shares	—	—	— —	Q4 2024 Held for 11 months
7 SPIB SPDR Portfolio Intermediate Term Corporate Bond SPIB	ETF ETF	$439.5M 5.28%	—	— 13.0M shares	—	—	— —	Q1 2021 Held for 4y 8m
8 Invesco S&P MidCap 400 QVM Multi-factor QVMM	ETF ETF	$360.2M 4.33%	—	— 11.9M shares	—	—	— —	Q2 2021 Held for 4y 5m
9 SPDR Portfolio Long Term Treasury SPTL	ETF ETF	$340.4M 4.09%	—	— 12.6M shares	—	—	— —	Q3 2020 Held for 5y 2m
10 iShares Core MSCI Emerging Markets IEMG	ETF ETF	$314.6M 3.78%	—	— 4.8M shares	—	—	— —	Q4 2020 Held for 4y 11m
11 iShares Core S&P Mid-Cap ETF IJH	ETF ETF	$297.3M 3.57%	—	— 4.6M shares	—	—	— —	Q2 2020 Held for 5y 5m
12 BondBloxx XBB	ETF ETF	$257.5M 3.09%	—	— 6.2M shares	—	—	— —	Q2 2022 Held for 3y 5m
13 BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond XEMD	ETF ETF	$205.4M 2.47%	—	— 4.7M shares	—	—	— —	Q3 2022 Held for 3y 2m
14 Invesco S&P SmallCap 600 QVM Multi-factor QVMS	ETF ETF	$199.0M 2.39%	—	— 7.1M shares	—	—	— —	Q2 2021 Held for 4y 5m
15 SPDR Portfolio High Yield Bond SPHY	ETF ETF	$142.5M 1.71%	—	— 6.0M shares	—	—	— —	Q1 2023 Held for 2y 8m
16 iShares MSCI Global Metals & Mining Producers PICK	ETF ETF	$135.0M 1.62%	—	— 3.0M shares	—	—	— —	Q4 2020 Held for 4y 11m
17 iShares MSCI Global Gold Miners RING	ETF ETF	$88.8M 1.07%	—	— 1.4M shares	—	—	— —	Q4 2020 Held for 4y 11m
18 JPMorgan BetaBuilders Canada BBCA	ETF ETF	$82.0M 0.985%	—	— 940.6K shares	—	—	— —	Q2 2025 Held for 5 months
19 XFIV BondBloxx Bloomberg Five Year Target Duration US Treasury XFIV	ETF ETF	$34.9M 0.419%	—	— 704.1K shares	—	—	— —	Q3 2022 Held for 3y 2m
20 Energy Select Sector SPDR Fund XLE	ETF ETF	$32.2M 0.386%	—	— 360.1K shares	—	—	— —	Q4 2020 Held for 4y 11m
21 BondBloxx Bloomberg Six Month Target Duration US Treasury XHLF	ETF ETF	$22.6M 0.272%	—	— 448.3K shares	—	—	— —	Q3 2022 Held for 3y 2m
22 XTWO BondBloxx Bloomberg Two Year Target Duration US Treasury XTWO	ETF ETF	$20.6M 0.248%	—	— 416.6K shares	—	—	— —	Q3 2022 Held for 3y 2m
23 XTRE BondBloxx Bloomberg Three Year Target Duration US Treasury XTRE	ETF ETF	$20.1M 0.241%	—	— 402.3K shares	—	—	— —	Q3 2022 Held for 3y 2m
24 BondBloxx Bloomberg Seven Year Target Duration US Treasury XSVN	ETF ETF	$19.5M 0.234%	—	— 403.9K shares	—	—	— —	Q3 2022 Held for 3y 2m
25 XTEN BondBloxx Bloomberg Ten Year Target Duration US Treasury XTEN	ETF ETF	$18.8M 0.226%	—	— 403.5K shares	—	—	— —	Q3 2022 Held for 3y 2m
26 JPMorgan BetaBuilders Developed Asia Pacific-ex Japan BBAX	ETF ETF	$16.8M 0.202%	—	— 298.8K shares	—	—	— —	Q1 2023 Held for 2y 8m
27 BondBloxx Bloomberg Twenty Year Target Duration US Treasury XTWY	ETF ETF	$16.4M 0.197%	—	— 420.2K shares	—	—	— —	Q3 2022 Held for 3y 2m
28 SPDR Portfolio S&P 500 ETF SPLG	ETF ETF	$14.7M 0.177%	—	— 188.2K shares	—	—	— —	Q2 2024 Held for 1y 5m
29 First Majestic Silver Corp AG	Silver Basic Materials	$13.8M 0.166%	-$61.8M Sold	0.231% 1.1M shares	6.2M → 1.1M −$61.8M	-81.69%	$6.0B Mid Cap	Q1 2025 Held for 8 months
30 iShares 0-5 Year TIPS Bond STIP	ETF ETF	$12.5M 0.15%	—	— 121.2K shares	—	—	— —	Q3 2019 Held for 6y 2m
31 SPDR Portfolio Developed World ex-US ETF SPDW	ETF ETF	$11.8M 0.142%	—	— 276.2K shares	—	—	— —	Q2 2024 Held for 1y 5m
32 BondBloxx B-Rated USD High Yield Corporate Bond ETF XB	ETF ETF	$10.6M 0.128%	—	— 266.9K shares	—	—	— —	Q2 2022 Held for 3y 5m
33 Vanguard Short-Term Treasury VGSH	ETF ETF	$8.4M 0.101%	—	— 142.2K shares	—	—	— —	Q3 2021 Held for 4y 2m
34 SPDR Portfolio Short Term Corporate Bond SPSB	ETF ETF	$6.9M 0.083%	—	— 228.1K shares	—	—	— —	Q1 2021 Held for 4y 8m
35 iShares MBS MBB	ETF ETF	$6.4M 0.077%	—	— 67.6K shares	—	—	— —	Q3 2019 Held for 6y 2m
36 SPDR Portfolio Emerging Markets SPEM	ETF ETF	$5.0M 0.06%	—	— 107.1K shares	—	—	— —	Q2 2024 Held for 1y 5m
37 XCCC BondBloxx XCCC	ETF ETF	$4.8M 0.057%	—	— 121.7K shares	—	—	— —	Q2 2022 Held for 3y 5m
38 iShares Core S&P Small-Cap ETF IJR	ETF ETF	$2.9M 0.034%	—	— 24.1K shares	—	—	— —	Q2 2020 Held for 5y 5m
39 HYBB iShares BB Rated Corporate Bond HYBB	ETF ETF	$1.8M 0.022%	—	— 38.6K shares	—	—	— —	Q4 2020 Held for 4y 11m
40 SPDR Portfolio S&P 400 Mid Cap ETF SPMD	ETF ETF	$1.5M 0.019%	—	— 26.9K shares	—	—	— —	Q2 2024 Held for 1y 5m
41 SPDR Portfolio S&P 600 Small Cap ETF SPSM	ETF ETF	$770.9K 0.009%	—	— 16.6K shares	—	—	— —	Q2 2024 Held for 1y 5m

Holding41	Sector	Position↕	Traded↕	Ownership↕	Shares Δ↕	Shares Δ %	Market Cap↕	Owned Since↕
1 QVML Invesco S&P 500 QVM Multi-factor ETF QVML	ETF ETF	$1.3B 16.1%	—	— 34.1M shares	—	—	— —	Q2 2021 Held for 4y 5m
2 SPDR Portfolio Intermediate Term Treasury SPTI	ETF ETF	$1.0B 12.45%	—	— 35.9M shares	—	—	— —	Q3 2019 Held for 6y 2m
3 iShares Core S&P 500 ETF IVV	ETF ETF	$991.7M 11.91%	—	— 1.5M shares	—	—	— —	Q3 2019 Held for 6y 2m
4 Vanguard FTSE Europe VGK	ETF ETF	$705.1M 8.47%	—	— 8.8M shares	—	—	— —	Q4 2020 Held for 4y 11m
5 SPDR Portfolio Short Term Treasury SPTS	ETF ETF	$643.4M 7.73%	—	— 21.9M shares	—	—	— —	Q4 2019 Held for 5y 11m
6 Schwab U.S. TIPS SCHP	ETF ETF	$442.0M 5.31%	—	— 16.4M shares	—	—	— —	Q4 2024 Held for 11 months
7 SPIB SPDR Portfolio Intermediate Term Corporate Bond SPIB	ETF ETF	$439.5M 5.28%	—	— 13.0M shares	—	—	— —	Q1 2021 Held for 4y 8m
8 Invesco S&P MidCap 400 QVM Multi-factor QVMM	ETF ETF	$360.2M 4.33%	—	— 11.9M shares	—	—	— —	Q2 2021 Held for 4y 5m
9 SPDR Portfolio Long Term Treasury SPTL	ETF ETF	$340.4M 4.09%	—	— 12.6M shares	—	—	— —	Q3 2020 Held for 5y 2m
10 iShares Core MSCI Emerging Markets IEMG	ETF ETF	$314.6M 3.78%	—	— 4.8M shares	—	—	— —	Q4 2020 Held for 4y 11m
11 iShares Core S&P Mid-Cap ETF IJH	ETF ETF	$297.3M 3.57%	—	— 4.6M shares	—	—	— —	Q2 2020 Held for 5y 5m
12 BondBloxx XBB	ETF ETF	$257.5M 3.09%	—	— 6.2M shares	—	—	— —	Q2 2022 Held for 3y 5m
13 BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond XEMD	ETF ETF	$205.4M 2.47%	—	— 4.7M shares	—	—	— —	Q3 2022 Held for 3y 2m
14 Invesco S&P SmallCap 600 QVM Multi-factor QVMS	ETF ETF	$199.0M 2.39%	—	— 7.1M shares	—	—	— —	Q2 2021 Held for 4y 5m
15 SPDR Portfolio High Yield Bond SPHY	ETF ETF	$142.5M 1.71%	—	— 6.0M shares	—	—	— —	Q1 2023 Held for 2y 8m
16 iShares MSCI Global Metals & Mining Producers PICK	ETF ETF	$135.0M 1.62%	—	— 3.0M shares	—	—	— —	Q4 2020 Held for 4y 11m
17 iShares MSCI Global Gold Miners RING	ETF ETF	$88.8M 1.07%	—	— 1.4M shares	—	—	— —	Q4 2020 Held for 4y 11m
18 JPMorgan BetaBuilders Canada BBCA	ETF ETF	$82.0M 0.985%	—	— 940.6K shares	—	—	— —	Q2 2025 Held for 5 months
19 XFIV BondBloxx Bloomberg Five Year Target Duration US Treasury XFIV	ETF ETF	$34.9M 0.419%	—	— 704.1K shares	—	—	— —	Q3 2022 Held for 3y 2m
20 Energy Select Sector SPDR Fund XLE	ETF ETF	$32.2M 0.386%	—	— 360.1K shares	—	—	— —	Q4 2020 Held for 4y 11m
21 BondBloxx Bloomberg Six Month Target Duration US Treasury XHLF	ETF ETF	$22.6M 0.272%	—	— 448.3K shares	—	—	— —	Q3 2022 Held for 3y 2m
22 XTWO BondBloxx Bloomberg Two Year Target Duration US Treasury XTWO	ETF ETF	$20.6M 0.248%	—	— 416.6K shares	—	—	— —	Q3 2022 Held for 3y 2m
23 XTRE BondBloxx Bloomberg Three Year Target Duration US Treasury XTRE	ETF ETF	$20.1M 0.241%	—	— 402.3K shares	—	—	— —	Q3 2022 Held for 3y 2m
24 BondBloxx Bloomberg Seven Year Target Duration US Treasury XSVN	ETF ETF	$19.5M 0.234%	—	— 403.9K shares	—	—	— —	Q3 2022 Held for 3y 2m
25 XTEN BondBloxx Bloomberg Ten Year Target Duration US Treasury XTEN	ETF ETF	$18.8M 0.226%	—	— 403.5K shares	—	—	— —	Q3 2022 Held for 3y 2m
26 JPMorgan BetaBuilders Developed Asia Pacific-ex Japan BBAX	ETF ETF	$16.8M 0.202%	—	— 298.8K shares	—	—	— —	Q1 2023 Held for 2y 8m
27 BondBloxx Bloomberg Twenty Year Target Duration US Treasury XTWY	ETF ETF	$16.4M 0.197%	—	— 420.2K shares	—	—	— —	Q3 2022 Held for 3y 2m
28 SPDR Portfolio S&P 500 ETF SPLG	ETF ETF	$14.7M 0.177%	—	— 188.2K shares	—	—	— —	Q2 2024 Held for 1y 5m
29 First Majestic Silver Corp AG	Silver Basic Materials	$13.8M 0.166%	-$61.8M Sold	0.231% 1.1M shares	6.2M → 1.1M −$61.8M	-81.69%	$6.0B Mid Cap	Q1 2025 Held for 8 months
30 iShares 0-5 Year TIPS Bond STIP	ETF ETF	$12.5M 0.15%	—	— 121.2K shares	—	—	— —	Q3 2019 Held for 6y 2m
31 SPDR Portfolio Developed World ex-US ETF SPDW	ETF ETF	$11.8M 0.142%	—	— 276.2K shares	—	—	— —	Q2 2024 Held for 1y 5m
32 BondBloxx B-Rated USD High Yield Corporate Bond ETF XB	ETF ETF	$10.6M 0.128%	—	— 266.9K shares	—	—	— —	Q2 2022 Held for 3y 5m
33 Vanguard Short-Term Treasury VGSH	ETF ETF	$8.4M 0.101%	—	— 142.2K shares	—	—	— —	Q3 2021 Held for 4y 2m
34 SPDR Portfolio Short Term Corporate Bond SPSB	ETF ETF	$6.9M 0.083%	—	— 228.1K shares	—	—	— —	Q1 2021 Held for 4y 8m
35 iShares MBS MBB	ETF ETF	$6.4M 0.077%	—	— 67.6K shares	—	—	— —	Q3 2019 Held for 6y 2m
36 SPDR Portfolio Emerging Markets SPEM	ETF ETF	$5.0M 0.06%	—	— 107.1K shares	—	—	— —	Q2 2024 Held for 1y 5m
37 XCCC BondBloxx XCCC	ETF ETF	$4.8M 0.057%	—	— 121.7K shares	—	—	— —	Q2 2022 Held for 3y 5m
38 iShares Core S&P Small-Cap ETF IJR	ETF ETF	$2.9M 0.034%	—	— 24.1K shares	—	—	— —	Q2 2020 Held for 5y 5m
39 HYBB iShares BB Rated Corporate Bond HYBB	ETF ETF	$1.8M 0.022%	—	— 38.6K shares	—	—	— —	Q4 2020 Held for 4y 11m
40 SPDR Portfolio S&P 400 Mid Cap ETF SPMD	ETF ETF	$1.5M 0.019%	—	— 26.9K shares	—	—	— —	Q2 2024 Held for 1y 5m
41 SPDR Portfolio S&P 600 Small Cap ETF SPSM	ETF ETF	$770.9K 0.009%	—	— 16.6K shares	—	—	— —	Q2 2024 Held for 1y 5m

Municipal Employees' Retirement System of Michigan Portfolio Holdings

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