NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Portfolio Holdings

Q3 2025•3,693 long positions•$149.83B portfolio value

Holding4,004	Sector	Position↕	Ownership↕	Shares Δ↕	Shares Δ %	Market Cap↕	Owned Since↕
1 iShares Core S&P 500 ETF IVV	ETF ETF	$22.4B 14.93%	— 33.4M shares	32.5M → 33.4M +$628.8M	+2.89%	— —	≤ Q2 2013 Held for 12y 5m+
2 Vanguard Total Bond Market BND	ETF ETF	$9.4B 6.28%	— 126.6M shares	122.4M → 126.6M +$313.5M	+3.44%	— —	≤ Q2 2013 Held for 12y 5m+
3 iShares Core S&P Mid-Cap ETF IJH	ETF ETF	$8.0B 5.34%	— 122.6M shares	119.9M → 122.6M +$180.0M	+2.3%	— —	≤ Q2 2013 Held for 12y 5m+
4 Schwab International Equity SCHF	ETF ETF	$6.6B 4.44%	— 285.5M shares	331.7M → 285.5M −$1.1B	-13.93%	— —	Q3 2014 Held for 11y 2m
5 iShares Core S&P Small-Cap ETF IJR	ETF ETF	$5.0B 3.36%	— 42.3M shares	41.3M → 42.3M +$121.7M	+2.48%	— —	≤ Q2 2013 Held for 12y 5m+
6 Invesco S&P 500 Equal Weight ETF RSP	ETF ETF	$4.8B 3.2%	— 25.3M shares	24.7M → 25.3M +$120.5M	+2.58%	— —	≤ Q2 2013 Held for 12y 5m+
7 Fidelity Total Bond FBND	ETF ETF	$4.1B 2.76%	— 89.5M shares	86.1M → 89.5M +$156.8M	+3.94%	— —	Q2 2021 Held for 4y 5m
8 Vanguard FTSE Emerging Markets VWO	ETF ETF	$4.1B 2.71%	— 74.8M shares	71.6M → 74.8M +$174.3M	+4.49%	— —	≤ Q2 2013 Held for 12y 5m+
9 SPDR S&P 500 ETF Trust SPY	ETF ETF	$3.9B 2.63%	— 5.9M shares	5.8M → 5.9M +$84.7M	+2.2%	— —	≤ Q2 2013 Held for 12y 5m+
10 iShares 20+ Year Treasury Bond TLT	ETF ETF	$3.7B 2.49%	— 41.7M shares	40.5M → 41.7M +$106.9M	+2.95%	— —	≤ Q2 2013 Held for 12y 5m+
11 Vanguard FTSE Developed Markets VEA	ETF ETF	$3.5B 2.32%	— 58.1M shares	55.1M → 58.1M +$184.4M	+5.59%	— —	≤ Q2 2013 Held for 12y 5m+
12 iShares Core MSCI EAFE ETF IEFA	ETF ETF	$3.0B 1.98%	— 34.0M shares	32.8M → 34.0M +$104.7M	+3.66%	— —	Q1 2015 Held for 10y 8m
13 iShares MSCI USA Value Factor VLUE	ETF ETF	$2.8B 1.85%	— 22.2M shares	21.6M → 22.2M +$72.3M	+2.68%	— —	Q2 2016 Held for 9y 5m
14 IQLT iShares MSCI Intl Quality Factor IQLT	ETF ETF	$2.3B 1.56%	— 53.0M shares	33.9M → 53.0M +$847.7M	+56.66%	— —	Q1 2019 Held for 6y 8m
15 Invesco QQQ Trust QQQ	ETF ETF	$1.9B 1.27%	— 3.2M shares	3.2M → 3.2M −$30.8M	-1.59%	— —	≤ Q2 2013 Held for 12y 5m+
16 Vanguard Tax-Exempt Bond Index Fund VTEB	ETF ETF	$1.8B 1.19%	— 35.7M shares	35.2M → 35.7M +$29.1M	+1.65%	— —	Q4 2022 Held for 2y 11m
17 Vanguard Mid-Cap Fund VO	ETF ETF	$1.8B 1.18%	— 6.0M shares	6.7M → 6.0M −$207.5M	-10.49%	— —	≤ Q2 2013 Held for 12y 5m+
18 Vanguard S&P 500 ETF VOO	ETF ETF	$1.5B 1.01%	— 2.5M shares	2.3M → 2.5M +$73.6M	+5.14%	— —	Q1 2014 Held for 11y 8m
19 Dimensional International Value DFIV	ETF ETF	$1.2B 0.828%	— 26.9M shares	24.6M → 26.9M +$104.1M	+9.16%	— —	Q3 2021 Held for 4y 2m
20 iShares Core Total USD Bond Market IUSB	ETF ETF	$1.2B 0.82%	— 26.3M shares	24.3M → 26.3M +$92.5M	+8.15%	— —	Q2 2017 Held for 8y 5m
21 iShares Core MSCI Emerging Markets IEMG	ETF ETF	$1.2B 0.81%	— 18.4M shares	18.0M → 18.4M +$25.1M	+2.11%	— —	Q3 2014 Held for 11y 2m
22 iShares Core U.S. Aggregate Bond AGG	ETF ETF	$1.2B 0.794%	— 11.9M shares	12.0M → 11.9M −$9.8M	-0.82%	— —	≤ Q2 2013 Held for 12y 5m+
23 Nvidia NVDA	Semiconductors Technology	$1.0B 0.687%	0.023% 5.5M shares	5.9M → 5.5M −$65.5M	-5.99%	$4.54T Mega Cap	≤ Q2 2013 Held for 12y 5m+
24 Microsoft MSFT	Software - Infrastructure Technology	$1.0B 0.671%	0.026% 1.9M shares	1.9M → 1.9M +$8.1M	+0.81%	$3.85T Mega Cap	≤ Q2 2013 Held for 12y 5m+
25 Vanguard Real Estate VNQ	ETF ETF	$1.0B 0.669%	— 11.0M shares	10.1M → 11.0M +$77.4M	+8.38%	— —	≤ Q2 2013 Held for 12y 5m+
26 Apple AAPL	Consumer Electronics Technology	$955.6M 0.638%	0.025% 3.8M shares	3.7M → 3.8M +$7.5M	+0.79%	$3.78T Mega Cap	≤ Q2 2013 Held for 12y 5m+
27 Invesco NASDAQ 100 ETF QQQM	ETF ETF	$889.3M 0.594%	— 3.6M shares	3.4M → 3.6M +$57.3M	+6.89%	— —	Q4 2021 Held for 3y 11m
28 Goldman Sachs ActiveBeta U.S. Large Cap Equity GSLC	ETF ETF	$885.9M 0.591%	— 6.8M shares	6.9M → 6.8M −$14.3M	-1.59%	— —	Q4 2022 Held for 2y 11m
29 iShares National Muni Bond MUB	ETF ETF	$862.8M 0.576%	— 8.1M shares	7.4M → 8.1M +$75.7M	+9.61%	— —	≤ Q2 2013 Held for 12y 5m+
30 Vanguard Growth VUG	ETF ETF	$851.8M 0.569%	— 1.8M shares	1.8M → 1.8M −$4.5M	-0.53%	— —	≤ Q2 2013 Held for 12y 5m+
31 Vanguard Large-Cap VV	ETF ETF	$845.2M 0.564%	— 2.7M shares	2.8M → 2.7M −$9.7M	-1.13%	— —	≤ Q2 2013 Held for 12y 5m+
32 SCHX Schwab U.S. Large-Cap ETF SCHX	ETF ETF	$775.4M 0.518%	— 29.4M shares	27.8M → 29.4M +$42.6M	+5.81%	— —	Q3 2013 Held for 12y 2m
33 Vanguard Intermediate-Term Bond BIV	ETF ETF	$774.0M 0.517%	— 9.9M shares	9.1M → 9.9M +$62.9M	+8.84%	— —	≤ Q2 2013 Held for 12y 5m+
34 Amazon AMZN	Specialty Retail Consumer Cyclical	$739.5M 0.494%	0.032% 3.4M shares	3.3M → 3.4M +$9.9M	+1.35%	$2.34T Mega Cap	≤ Q2 2013 Held for 12y 5m+
35 Vanguard Value VTV	ETF ETF	$721.0M 0.481%	— 3.9M shares	3.8M → 3.9M +$15.9M	+2.26%	— —	≤ Q2 2013 Held for 12y 5m+
36 CGDV Capital Group Dividend Value CGDV	ETF ETF	$701.6M 0.468%	— 16.7M shares	15.3M → 16.7M +$57.4M	+8.91%	— —	Q2 2022 Held for 3y 5m
37 Vanguard Small-Cap ETF VB	ETF ETF	$681.0M 0.454%	— 2.7M shares	2.6M → 2.7M +$32.2M	+4.96%	— —	≤ Q2 2013 Held for 12y 5m+
38 iShares International Equity Factor INTF	ETF ETF	$619.2M 0.413%	— 17.2M shares	15.9M → 17.2M +$49.0M	+8.59%	— —	Q4 2017 Held for 7y 11m
39 iShares MSCI Intl Value Factor IVLU	ETF ETF	$569.5M 0.38%	— 16.1M shares	15.3M → 16.1M +$26.0M	+4.79%	— —	Q4 2022 Held for 2y 11m
40 Alphabet Inc. GOOGL	Internet Content & Information Communication Services	$569.3M 0.38%	0.019% 2.3M shares	2.3M → 2.3M +$1.7M	+0.29%	$2.95T Mega Cap	≤ Q2 2013 Held for 12y 5m+
41 Pacer US Cash Cows 100 COWZ	ETF ETF	$519.6M 0.347%	— 9.0M shares	11.6M → 9.0M −$146.5M	-21.99%	— —	Q1 2021 Held for 4y 8m
42 Capital Group Growth CGGR	ETF ETF	$499.6M 0.333%	— 11.4M shares	10.4M → 11.4M +$42.5M	+9.29%	— —	Q2 2022 Held for 3y 5m
43 iShares Russell 1000 IWB	ETF ETF	$488.8M 0.326%	— 1.3M shares	1.4M → 1.3M −$12.2M	-2.43%	— —	≤ Q2 2013 Held for 12y 5m+
44 Meta Platforms, Inc. META	Internet Content & Information Communication Services	$482.1M 0.322%	0.026% 656.5K shares	638.6K → 656.5K +$13.1M	+2.8%	$1.84T Mega Cap	≤ Q2 2013 Held for 12y 5m+
45 BlackRock U.S. Equity Factor Rotation DYNF	ETF ETF	$477.8M 0.319%	— 8.1M shares	5.8M → 8.1M +$134.5M	+39.18%	— —	Q1 2024 Held for 1y 8m
46 SPDR S&P MidCap 400 ETF MDY	ETF ETF	$469.8M 0.314%	— 788.3K shares	613.0K → 788.3K +$104.5M	+28.59%	— —	≤ Q2 2013 Held for 12y 5m+
47 Vanguard Information Technology VGT	ETF ETF	$469.2M 0.313%	— 628.4K shares	660.6K → 628.4K −$24.0M	-4.87%	— —	Q3 2013 Held for 12y 2m
48 Xtrackers MSCI EAFE Hedged Equity DBEF	ETF ETF	$451.5M 0.301%	— 9.7M shares	10.7M → 9.7M −$47.2M	-9.46%	— —	Q3 2014 Held for 11y 2m
49 iShares MSCI USA Quality Factor QUAL	ETF ETF	$437.9M 0.292%	— 2.3M shares	2.4M → 2.3M −$32.5M	-6.9%	— —	Q4 2015 Held for 9y 11m
50 Schwab US Dividend Equity SCHD	ETF ETF	$424.6M 0.283%	— 15.6M shares	17.1M → 15.6M −$43.0M	-9.19%	— —	Q3 2015 Held for 10y 2m

Holding4,004	Sector	Position↕	Ownership↕	Shares Δ↕	Shares Δ %	Market Cap↕	Owned Since↕
1 iShares Core S&P 500 ETF IVV	ETF ETF	$22.4B 14.93%	— 33.4M shares	32.5M → 33.4M +$628.8M	+2.89%	— —	≤ Q2 2013 Held for 12y 5m+
2 Vanguard Total Bond Market BND	ETF ETF	$9.4B 6.28%	— 126.6M shares	122.4M → 126.6M +$313.5M	+3.44%	— —	≤ Q2 2013 Held for 12y 5m+
3 iShares Core S&P Mid-Cap ETF IJH	ETF ETF	$8.0B 5.34%	— 122.6M shares	119.9M → 122.6M +$180.0M	+2.3%	— —	≤ Q2 2013 Held for 12y 5m+
4 Schwab International Equity SCHF	ETF ETF	$6.6B 4.44%	— 285.5M shares	331.7M → 285.5M −$1.1B	-13.93%	— —	Q3 2014 Held for 11y 2m
5 iShares Core S&P Small-Cap ETF IJR	ETF ETF	$5.0B 3.36%	— 42.3M shares	41.3M → 42.3M +$121.7M	+2.48%	— —	≤ Q2 2013 Held for 12y 5m+
6 Invesco S&P 500 Equal Weight ETF RSP	ETF ETF	$4.8B 3.2%	— 25.3M shares	24.7M → 25.3M +$120.5M	+2.58%	— —	≤ Q2 2013 Held for 12y 5m+
7 Fidelity Total Bond FBND	ETF ETF	$4.1B 2.76%	— 89.5M shares	86.1M → 89.5M +$156.8M	+3.94%	— —	Q2 2021 Held for 4y 5m
8 Vanguard FTSE Emerging Markets VWO	ETF ETF	$4.1B 2.71%	— 74.8M shares	71.6M → 74.8M +$174.3M	+4.49%	— —	≤ Q2 2013 Held for 12y 5m+
9 SPDR S&P 500 ETF Trust SPY	ETF ETF	$3.9B 2.63%	— 5.9M shares	5.8M → 5.9M +$84.7M	+2.2%	— —	≤ Q2 2013 Held for 12y 5m+
10 iShares 20+ Year Treasury Bond TLT	ETF ETF	$3.7B 2.49%	— 41.7M shares	40.5M → 41.7M +$106.9M	+2.95%	— —	≤ Q2 2013 Held for 12y 5m+
11 Vanguard FTSE Developed Markets VEA	ETF ETF	$3.5B 2.32%	— 58.1M shares	55.1M → 58.1M +$184.4M	+5.59%	— —	≤ Q2 2013 Held for 12y 5m+
12 iShares Core MSCI EAFE ETF IEFA	ETF ETF	$3.0B 1.98%	— 34.0M shares	32.8M → 34.0M +$104.7M	+3.66%	— —	Q1 2015 Held for 10y 8m
13 iShares MSCI USA Value Factor VLUE	ETF ETF	$2.8B 1.85%	— 22.2M shares	21.6M → 22.2M +$72.3M	+2.68%	— —	Q2 2016 Held for 9y 5m
14 IQLT iShares MSCI Intl Quality Factor IQLT	ETF ETF	$2.3B 1.56%	— 53.0M shares	33.9M → 53.0M +$847.7M	+56.66%	— —	Q1 2019 Held for 6y 8m
15 Invesco QQQ Trust QQQ	ETF ETF	$1.9B 1.27%	— 3.2M shares	3.2M → 3.2M −$30.8M	-1.59%	— —	≤ Q2 2013 Held for 12y 5m+
16 Vanguard Tax-Exempt Bond Index Fund VTEB	ETF ETF	$1.8B 1.19%	— 35.7M shares	35.2M → 35.7M +$29.1M	+1.65%	— —	Q4 2022 Held for 2y 11m
17 Vanguard Mid-Cap Fund VO	ETF ETF	$1.8B 1.18%	— 6.0M shares	6.7M → 6.0M −$207.5M	-10.49%	— —	≤ Q2 2013 Held for 12y 5m+
18 Vanguard S&P 500 ETF VOO	ETF ETF	$1.5B 1.01%	— 2.5M shares	2.3M → 2.5M +$73.6M	+5.14%	— —	Q1 2014 Held for 11y 8m
19 Dimensional International Value DFIV	ETF ETF	$1.2B 0.828%	— 26.9M shares	24.6M → 26.9M +$104.1M	+9.16%	— —	Q3 2021 Held for 4y 2m
20 iShares Core Total USD Bond Market IUSB	ETF ETF	$1.2B 0.82%	— 26.3M shares	24.3M → 26.3M +$92.5M	+8.15%	— —	Q2 2017 Held for 8y 5m
21 iShares Core MSCI Emerging Markets IEMG	ETF ETF	$1.2B 0.81%	— 18.4M shares	18.0M → 18.4M +$25.1M	+2.11%	— —	Q3 2014 Held for 11y 2m
22 iShares Core U.S. Aggregate Bond AGG	ETF ETF	$1.2B 0.794%	— 11.9M shares	12.0M → 11.9M −$9.8M	-0.82%	— —	≤ Q2 2013 Held for 12y 5m+
23 Nvidia NVDA	Semiconductors Technology	$1.0B 0.687%	0.023% 5.5M shares	5.9M → 5.5M −$65.5M	-5.99%	$4.54T Mega Cap	≤ Q2 2013 Held for 12y 5m+
24 Microsoft MSFT	Software - Infrastructure Technology	$1.0B 0.671%	0.026% 1.9M shares	1.9M → 1.9M +$8.1M	+0.81%	$3.85T Mega Cap	≤ Q2 2013 Held for 12y 5m+
25 Vanguard Real Estate VNQ	ETF ETF	$1.0B 0.669%	— 11.0M shares	10.1M → 11.0M +$77.4M	+8.38%	— —	≤ Q2 2013 Held for 12y 5m+
26 Apple AAPL	Consumer Electronics Technology	$955.6M 0.638%	0.025% 3.8M shares	3.7M → 3.8M +$7.5M	+0.79%	$3.78T Mega Cap	≤ Q2 2013 Held for 12y 5m+
27 Invesco NASDAQ 100 ETF QQQM	ETF ETF	$889.3M 0.594%	— 3.6M shares	3.4M → 3.6M +$57.3M	+6.89%	— —	Q4 2021 Held for 3y 11m
28 Goldman Sachs ActiveBeta U.S. Large Cap Equity GSLC	ETF ETF	$885.9M 0.591%	— 6.8M shares	6.9M → 6.8M −$14.3M	-1.59%	— —	Q4 2022 Held for 2y 11m
29 iShares National Muni Bond MUB	ETF ETF	$862.8M 0.576%	— 8.1M shares	7.4M → 8.1M +$75.7M	+9.61%	— —	≤ Q2 2013 Held for 12y 5m+
30 Vanguard Growth VUG	ETF ETF	$851.8M 0.569%	— 1.8M shares	1.8M → 1.8M −$4.5M	-0.53%	— —	≤ Q2 2013 Held for 12y 5m+
31 Vanguard Large-Cap VV	ETF ETF	$845.2M 0.564%	— 2.7M shares	2.8M → 2.7M −$9.7M	-1.13%	— —	≤ Q2 2013 Held for 12y 5m+
32 SCHX Schwab U.S. Large-Cap ETF SCHX	ETF ETF	$775.4M 0.518%	— 29.4M shares	27.8M → 29.4M +$42.6M	+5.81%	— —	Q3 2013 Held for 12y 2m
33 Vanguard Intermediate-Term Bond BIV	ETF ETF	$774.0M 0.517%	— 9.9M shares	9.1M → 9.9M +$62.9M	+8.84%	— —	≤ Q2 2013 Held for 12y 5m+
34 Amazon AMZN	Specialty Retail Consumer Cyclical	$739.5M 0.494%	0.032% 3.4M shares	3.3M → 3.4M +$9.9M	+1.35%	$2.34T Mega Cap	≤ Q2 2013 Held for 12y 5m+
35 Vanguard Value VTV	ETF ETF	$721.0M 0.481%	— 3.9M shares	3.8M → 3.9M +$15.9M	+2.26%	— —	≤ Q2 2013 Held for 12y 5m+
36 CGDV Capital Group Dividend Value CGDV	ETF ETF	$701.6M 0.468%	— 16.7M shares	15.3M → 16.7M +$57.4M	+8.91%	— —	Q2 2022 Held for 3y 5m
37 Vanguard Small-Cap ETF VB	ETF ETF	$681.0M 0.454%	— 2.7M shares	2.6M → 2.7M +$32.2M	+4.96%	— —	≤ Q2 2013 Held for 12y 5m+
38 iShares International Equity Factor INTF	ETF ETF	$619.2M 0.413%	— 17.2M shares	15.9M → 17.2M +$49.0M	+8.59%	— —	Q4 2017 Held for 7y 11m
39 iShares MSCI Intl Value Factor IVLU	ETF ETF	$569.5M 0.38%	— 16.1M shares	15.3M → 16.1M +$26.0M	+4.79%	— —	Q4 2022 Held for 2y 11m
40 Alphabet Inc. GOOGL	Internet Content & Information Communication Services	$569.3M 0.38%	0.019% 2.3M shares	2.3M → 2.3M +$1.7M	+0.29%	$2.95T Mega Cap	≤ Q2 2013 Held for 12y 5m+
41 Pacer US Cash Cows 100 COWZ	ETF ETF	$519.6M 0.347%	— 9.0M shares	11.6M → 9.0M −$146.5M	-21.99%	— —	Q1 2021 Held for 4y 8m
42 Capital Group Growth CGGR	ETF ETF	$499.6M 0.333%	— 11.4M shares	10.4M → 11.4M +$42.5M	+9.29%	— —	Q2 2022 Held for 3y 5m
43 iShares Russell 1000 IWB	ETF ETF	$488.8M 0.326%	— 1.3M shares	1.4M → 1.3M −$12.2M	-2.43%	— —	≤ Q2 2013 Held for 12y 5m+
44 Meta Platforms, Inc. META	Internet Content & Information Communication Services	$482.1M 0.322%	0.026% 656.5K shares	638.6K → 656.5K +$13.1M	+2.8%	$1.84T Mega Cap	≤ Q2 2013 Held for 12y 5m+
45 BlackRock U.S. Equity Factor Rotation DYNF	ETF ETF	$477.8M 0.319%	— 8.1M shares	5.8M → 8.1M +$134.5M	+39.18%	— —	Q1 2024 Held for 1y 8m
46 SPDR S&P MidCap 400 ETF MDY	ETF ETF	$469.8M 0.314%	— 788.3K shares	613.0K → 788.3K +$104.5M	+28.59%	— —	≤ Q2 2013 Held for 12y 5m+
47 Vanguard Information Technology VGT	ETF ETF	$469.2M 0.313%	— 628.4K shares	660.6K → 628.4K −$24.0M	-4.87%	— —	Q3 2013 Held for 12y 2m
48 Xtrackers MSCI EAFE Hedged Equity DBEF	ETF ETF	$451.5M 0.301%	— 9.7M shares	10.7M → 9.7M −$47.2M	-9.46%	— —	Q3 2014 Held for 11y 2m
49 iShares MSCI USA Quality Factor QUAL	ETF ETF	$437.9M 0.292%	— 2.3M shares	2.4M → 2.3M −$32.5M	-6.9%	— —	Q4 2015 Held for 9y 11m
50 Schwab US Dividend Equity SCHD	ETF ETF	$424.6M 0.283%	— 15.6M shares	17.1M → 15.6M −$43.0M	-9.19%	— —	Q3 2015 Held for 10y 2m

NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Portfolio Holdings

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