Municipal Employees' Retirement System of Michigan Diversified Active

Location: Lansing, MI

CIK: 0001588873 · Show all filings

Period: Q4 2025 (← Previous) (Next →)

Filing Date: Feb 6, 2026

Total Value: $8.841B

Holdings (36)

QVML INVESCO S&P 500 QVM MULTIFA 15.5%

Value $1.371B Shares 34,132,010 Est. Cost $25.90 Unrealized —

SPTI SS SPDR P INT TERM TSY ETF 12.2%

Value $1.074B Shares 37,247,174 Est. Cost $28.20 Unrealized —

IVV ISHARES CORE S&P 500 ETF 10.7%

Value $946M Shares 1,381,225 Est. Cost $341.82 Unrealized —

VGK VANGUARD FTSE EUROPE ETF 8.6%

Value $764M Shares 9,136,296 Est. Cost $68.61 Unrealized —

SPTS SS SPDR P ST TERM TSY ETF 8.6%

Value $758M Shares 25,879,762 Est. Cost $29.43 Unrealized —

SPTL SS SPDR PF LNG TRM TSY EUSD 4.6%

Value $408M Shares 15,397,326 Est. Cost $26.95 Unrealized —

SCHP SCHWAB US TIPS ETF 4.6%

Value $404M Shares 15,248,383 Est. Cost $25.88 Unrealized —

SPIB SS SPDR P INT C CORP ETF 4.5%

Value $396M Shares 11,704,768 Est. Cost $33.60 Unrealized —

QVMM INVESCO S&P MIDCAP 400 QVM M 4.1%

Value $366M Shares 11,882,576 Est. Cost $24.29 Unrealized —

IEMG ISHARES CORE MSCI EMERGING 4.0%

Value $351M Shares 5,227,998 Est. Cost $54.29 Unrealized —

IJH ISHARES CORE S&P MIDCAP ETF 3.4%

Value $303M Shares 4,596,783 Est. Cost $73.30 Unrealized —

XBB BONDBLOXXBB RATED USD HY CB 3.4%

Value $303M Shares 7,372,511 Est. Cost $40.30 Unrealized —

XEMD BONDBLOXXJPM USD EM MK 110 2.4%

Value $210M Shares 4,714,975 Est. Cost $38.08 Unrealized —

QVMS INVESCO S&P SMALLCAP 600 QVM 2.3%

Value $201M Shares 7,114,414 Est. Cost $22.58 Unrealized —

SPHY SS SPDR P HIGH YIELD ETF 1.6%

Value $142M Shares 6,000,856 Est. Cost $23.33 Unrealized —

PICK ISHARES MSCI GLOBAL METALS & 1.5%

Value $137M Shares 2,658,856 Est. Cost $37.88 Unrealized —

FLCA FRANKLIN FTSE CANADA ETF 1.5%

Value $134M Shares 2,773,743 Est. Cost $31.05 Unrealized —

FALN ISHARES FALLEN ANGELS ETF 1.1%

Value $99.84M Shares 3,657,064 Est. Cost $27.15 Unrealized —

BBCA JPMORGAN BETABUILDERS CANADA 1.0%

Value $84.58M Shares 909,454 Est. Cost $80.70 Unrealized —

RING ISHARES MSCI GLOBAL GOLD MIN 0.7%

Value $62.16M Shares 844,062 Est. Cost $26.71 Unrealized —

XONE BONDBLOXX BBG 1 DUR US TREAS 0.7%

Value $58.38M Shares 1,178,547 Est. Cost $49.76 Unrealized —

XLE SS ENERGY SELECT SECTOR 0.5%

Value $44.32M Shares 991,274 Est. Cost $56.17 Unrealized —

XFIV BONDBLOXX BBG 5 YR US TREAS 0.4%

Value $34.84M Shares 704,064 Est. Cost $49.22 Unrealized —

ICOP ISHARES COPPER AND METALS 0.4%

Value $34.75M Shares 784,271 Est. Cost $27.06 Unrealized —

XTWO BONDBLOXX BBG 2Y US TSY ETF 0.2%

Value $20.61M Shares 416,558 Est. Cost $49.67 Unrealized —

XTRE BONDBLOXX BBG 3Y US TSY ETF 0.2%

Value $20.02M Shares 402,313 Est. Cost $49.22 Unrealized —

XSVN BONDBLOXX BBG 7 YR US TREAS 0.2%

Value $19.4M Shares 403,857 Est. Cost $48.29 Unrealized —

XTEN BONDBLOXX BBG 10Y US TSY ETF 0.2%

Value $18.65M Shares 403,452 Est. Cost $47.93 Unrealized —

BBAX JPMORGAN BETABUILDERS DEVELO 0.2%

Value $16.82M Shares 298,785 Est. Cost $49.15 Unrealized —

XTWY BONDBLOXX BBG 20Y US TSY ETF 0.2%

Value $15.9M Shares 420,244 Est. Cost $47.37 Unrealized —

XB BONDBLOXXB RATED USD HY CB 0.1%

Value $10.53M Shares 266,860 Est. Cost $38.50 Unrealized —

STIP ISHARES 05 YEAR TIPS BOND E 0.1%

Value $9.768M Shares 95,402 Est. Cost $102.34 Unrealized —

VGSH VANGUARD SHORTTERM TREASURY 0.1%

Value $7.815M Shares 133,074 Est. Cost $59.62 Unrealized —

SPSB SS SPDR P ST C CORP ETF 0.1%

Value $6.887M Shares 228,061 Est. Cost $30.85 Unrealized —

XCCC BONDBLOXXCCCUSD HY CORP BD 0.1%

Value $4.626M Shares 121,654 Est. Cost $38.40 Unrealized —

IJR ISHARES CORE S&P SMALLCAP E 0.0%

Value $2.9M Shares 24,129 Est. Cost $76.32 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
QVML	INVESCO S&P 500 QVM MULTIFA	34,132,010	$1.371B	15.5%	$25.90	—	—	46138G581
SPTI	SS SPDR P INT TERM TSY ETF	37,247,174	$1.074B	12.2%	$28.20	—	—	78464A672
IVV	ISHARES CORE S&P 500 ETF	1,381,225	$946M	10.7%	$341.82	—	—	464287200
VGK	VANGUARD FTSE EUROPE ETF	9,136,296	$764M	8.6%	$68.61	—	—	922042874
SPTS	SS SPDR P ST TERM TSY ETF	25,879,762	$758M	8.6%	$29.43	—	—	78468R101
SPTL	SS SPDR PF LNG TRM TSY EUSD	15,397,326	$408M	4.6%	$26.95	—	—	78464A664
SCHP	SCHWAB US TIPS ETF	15,248,383	$404M	4.6%	$25.88	—	—	808524870
SPIB	SS SPDR P INT C CORP ETF	11,704,768	$396M	4.5%	$33.60	—	—	78464A375
QVMM	INVESCO S&P MIDCAP 400 QVM M	11,882,576	$366M	4.1%	$24.29	—	—	46138G573
IEMG	ISHARES CORE MSCI EMERGING	5,227,998	$351M	4.0%	$54.29	—	—	46434G103
IJH	ISHARES CORE S&P MIDCAP ETF	4,596,783	$303M	3.4%	$73.30	—	—	464287507
XBB	BONDBLOXXBB RATED USD HY CB	7,372,511	$303M	3.4%	$40.30	—	—	09789C705
XEMD	BONDBLOXXJPM USD EM MK 110	4,714,975	$210M	2.4%	$38.08	—	—	09789C879
QVMS	INVESCO S&P SMALLCAP 600 QVM	7,114,414	$201M	2.3%	$22.58	—	—	46138G565
SPHY	SS SPDR P HIGH YIELD ETF	6,000,856	$142M	1.6%	$23.33	—	—	78468R606
PICK	ISHARES MSCI GLOBAL METALS &	2,658,856	$137M	1.5%	$37.88	—	—	46434G848
FLCA	FRANKLIN FTSE CANADA ETF	2,773,743	$134M	1.5%	$31.05	—	—	35473P827
FALN	ISHARES FALLEN ANGELS ETF	3,657,064	$99.84M	1.1%	$27.15	—	—	46435G474
BBCA	JPMORGAN BETABUILDERS CANADA	909,454	$84.58M	1.0%	$80.70	—	—	46641Q225
RING	ISHARES MSCI GLOBAL GOLD MIN	844,062	$62.16M	0.7%	$26.71	—	—	46434G855
XONE	BONDBLOXX BBG 1 DUR US TREAS	1,178,547	$58.38M	0.7%	$49.76	—	—	09789C861
XLE	SS ENERGY SELECT SECTOR	991,274	$44.32M	0.5%	$56.17	—	—	81369Y506
XFIV	BONDBLOXX BBG 5 YR US TREAS	704,064	$34.84M	0.4%	$49.22	—	—	09789C838
ICOP	ISHARES COPPER AND METALS	784,271	$34.75M	0.4%	$27.06	—	—	46436E189
XTWO	BONDBLOXX BBG 2Y US TSY ETF	416,558	$20.61M	0.2%	$49.67	—	—	09789C853
XTRE	BONDBLOXX BBG 3Y US TSY ETF	402,313	$20.02M	0.2%	$49.22	—	—	09789C846
XSVN	BONDBLOXX BBG 7 YR US TREAS	403,857	$19.4M	0.2%	$48.29	—	—	09789C820
XTEN	BONDBLOXX BBG 10Y US TSY ETF	403,452	$18.65M	0.2%	$47.93	—	—	09789C812
BBAX	JPMORGAN BETABUILDERS DEVELO	298,785	$16.82M	0.2%	$49.15	—	—	46641Q233
XTWY	BONDBLOXX BBG 20Y US TSY ETF	420,244	$15.9M	0.2%	$47.37	—	—	09789C796
XB	BONDBLOXXB RATED USD HY CB	266,860	$10.53M	0.1%	$38.50	—	—	09789C804
STIP	ISHARES 05 YEAR TIPS BOND E	95,402	$9.768M	0.1%	$102.34	—	—	46429B747
VGSH	VANGUARD SHORTTERM TREASURY	133,074	$7.815M	0.1%	$59.62	—	—	92206C102
SPSB	SS SPDR P ST C CORP ETF	228,061	$6.887M	0.1%	$30.85	—	—	78464A474
XCCC	BONDBLOXXCCCUSD HY CORP BD	121,654	$4.626M	0.1%	$38.40	—	—	09789C887
IJR	ISHARES CORE S&P SMALLCAP E	24,129	$2.9M	0.0%	$76.32	—	—	464287804