Municipal Employees' Retirement System of Michigan

LANSING, MI

$9.1bn in 30 US stocks at the end of 30 June 2026. The top 10 are 78.2% of the money. It changed about 5.2% of the portfolio this quarter.

Value

$9.1bn

Stocks

Top 10 share

78.2%

Turnover

5.2%

What changed this quarter

New

Bought for the first time this quarter.

Invesco Exchange Traded FD TRSP
1.8% of the fund
Figure Technology SolutionsFIGR
<0.1% of the fund

Added

Bought more of a stock they already held.

Ishares TRFALN
1.4% of the fund
+27%

Cut

Sold some of their stake.

Invesco Exch Traded FD TR IIQVML
14.9% of the fund
-11%
Spdr Series TrustSPTI
11.6% of the fund
-5%
Spdr Series TrustSPTS
7.3% of the fund
-19%
Spdr Series TrustSPTL
5.7% of the fund
-15%
IsharesIEMG
2.7% of the fund
-10%
J P Morgan Exchange Traded FBBCA
0.5% of the fund
-25%
J P Morgan Exchange Traded FBBAX
<0.1% of the fund
-97%

Sold out

Sold their entire stake.

None this quarter.

Holdings

Invesco Exch Traded FD TR IIQVML
Share
14.9%
Value
$1.3bn
Shares
30,516,713
-11%
Ishares TRIVV
Share
13.5%
Value
$1.2bn
Shares
1,637,942
Held
Spdr Series TrustSPTI
Share
11.6%
Value
$1.0bn
Shares
36,956,056
-5%
Spdr Series TrustSPTS
Share
7.3%
Value
$658m
Shares
22,686,978
-19%
Vanguard Intl Equity Index FVGK
Share
6.5%
Value
$588m
Shares
6,644,476
Held
Spdr Series TrustSPTL
Share
5.7%
Value
$514m
Shares
19,609,770
-15%
Ishares TRIJH
Share
4.9%
Value
$440m
Shares
5,705,045
Held
Schwab Strategic TRSCHP
Share
4.7%
Value
$429m
Shares
16,188,586
Held
Invesco Exch Traded FD TR IIQVMM
Share
4.7%
Value
$428m
Shares
11,882,576
Held
Spdr Series TrustSPIB
Share
4.4%
Value
$398m
Shares
11,879,902
Held
Bondbloxx ETF TrustXBB
Share
3.3%
Value
$302m
Shares
7,372,511
Held
Invesco Exch Traded FD TR IIQVMS
Share
2.8%
Value
$249m
Shares
7,114,414
Held
IsharesIEMG
Share
2.7%
Value
$246m
Shares
2,975,052
-10%
Bondbloxx ETF TrustXEMD
Share
2.3%
Value
$212m
Shares
4,714,975
Held
Spdr Series TrustSPHY
Share
2.1%
Value
$192m
Shares
8,191,734
Held
Invesco Exchange Traded FD TRSP
Share
1.8%
Value
$159m
Shares
748,708
New
Franklin Templeton ETF TRFLCA
Share
1.6%
Value
$143m
Shares
2,773,743
Held
Ishares TRFALN
Share
1.4%
Value
$127m
Shares
4,657,064
+27%
IsharesPICK
Share
1.1%
Value
$103m
Shares
1,767,862
Held
Bondbloxx ETF TrustXFIV
Share
0.7%
Value
$65m
Shares
1,332,525
Held
IsharesRING
Share
0.6%
Value
$50m
Shares
776,753
Held
J P Morgan Exchange Traded FBBCA
Share
0.5%
Value
$48m
Shares
478,673
-25%
Select Sector Spdr TRXLE
Share
0.3%
Value
$25m
Shares
474,882
Held
Ishares TRICOP
Share
0.3%
Value
$25m
Shares
501,672
Held
Bondbloxx ETF TrustXB
Share
0.1%
Value
$10m
Shares
266,860
Held
Coinbase GlobalCOIN
Share
<0.1%
Value
$7m
Shares
50,757
Held
Bondbloxx ETF TrustXCCC
Share
<0.1%
Value
$4m
Shares
121,654
Held
Ishares TRIJR
Share
<0.1%
Value
$4m
Shares
24,129
Held
Figure Technology SolutionsFIGR
Share
<0.1%
Value
$2m
Shares
68,729
New
J P Morgan Exchange Traded FBBAX
Share
<0.1%
Value
$526,000
Shares
8,785
-97%

Company	Share of fund	Value	Shares	Change
Invesco Exch Traded FD TR IIQVML	14.9%	$1.3bn	30,516,713	-11%
Ishares TRIVV	13.5%	$1.2bn	1,637,942	Held
Spdr Series TrustSPTI	11.6%	$1.0bn	36,956,056	-5%
Spdr Series TrustSPTS	7.3%	$658m	22,686,978	-19%
Vanguard Intl Equity Index FVGK	6.5%	$588m	6,644,476	Held
Spdr Series TrustSPTL	5.7%	$514m	19,609,770	-15%
Ishares TRIJH	4.9%	$440m	5,705,045	Held
Schwab Strategic TRSCHP	4.7%	$429m	16,188,586	Held
Invesco Exch Traded FD TR IIQVMM	4.7%	$428m	11,882,576	Held
Spdr Series TrustSPIB	4.4%	$398m	11,879,902	Held
Bondbloxx ETF TrustXBB	3.3%	$302m	7,372,511	Held
Invesco Exch Traded FD TR IIQVMS	2.8%	$249m	7,114,414	Held
IsharesIEMG	2.7%	$246m	2,975,052	-10%
Bondbloxx ETF TrustXEMD	2.3%	$212m	4,714,975	Held
Spdr Series TrustSPHY	2.1%	$192m	8,191,734	Held
Invesco Exchange Traded FD TRSP	1.8%	$159m	748,708	New
Franklin Templeton ETF TRFLCA	1.6%	$143m	2,773,743	Held
Ishares TRFALN	1.4%	$127m	4,657,064	+27%
IsharesPICK	1.1%	$103m	1,767,862	Held
Bondbloxx ETF TrustXFIV	0.7%	$65m	1,332,525	Held
IsharesRING	0.6%	$50m	776,753	Held
J P Morgan Exchange Traded FBBCA	0.5%	$48m	478,673	-25%
Select Sector Spdr TRXLE	0.3%	$25m	474,882	Held
Ishares TRICOP	0.3%	$25m	501,672	Held
Bondbloxx ETF TrustXB	0.1%	$10m	266,860	Held
Coinbase GlobalCOIN	<0.1%	$7m	50,757	Held
Bondbloxx ETF TrustXCCC	<0.1%	$4m	121,654	Held
Ishares TRIJR	<0.1%	$4m	24,129	Held
Figure Technology SolutionsFIGR	<0.1%	$2m	68,729	New
J P Morgan Exchange Traded FBBAX	<0.1%	$526,000	8,785	-97%

Over time and by industry

Value over time

Jun '25

Dec '25

Jun '26

Value is up 8.9% since 30 June 2025.

Where the money is

Financial services0.1%

Other99.9%

From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.