# NICOLET BANKSHARES INC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1174850. Source: https://holderbook.com/funds/1174850-nicolet-bankshares-inc/

- Reported value: $3.1B
- Positions: 612
- Weight of the ten largest: 37.2%
- Filed: 2026-08-11

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| SPDR SERIES TRUST | [SPYM](https://holderbook.com/stocks/SPYM/) | $441.8M | 5,001,980 | 14.0% | 3 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $116.8M | 387,221 | 3.7% | 31 |
| SPDR SERIES TRUST | [SPYV](https://holderbook.com/stocks/SPYV/) | $115.8M | 1,884,218 | 3.7% | 28 |
| AMERICAN CENTY ETF TR | [AVEM](https://holderbook.com/stocks/AVEM/) | $101.2M | 1,058,365 | 3.2% | 7 |
| SPDR SERIES TRUST | [SPYG](https://holderbook.com/stocks/SPYG/) | $94.4M | 794,989 | 3.0% | 28 |
| VANGUARD TAX-MANAGED FDS | [VEA](https://holderbook.com/stocks/VEA/) | $85.3M | 1,188,926 | 2.7% | 31 |
| VANGUARD INDEX FDS | [VOO](https://holderbook.com/stocks/VOO/) | $57.1M | 82,963 | 1.8% | 31 |
| ISHARES TR | [ITOT](https://holderbook.com/stocks/ITOT/) | $54.7M | 331,608 | 1.7% | 2 |
| VANGUARD INDEX FDS | [VO](https://holderbook.com/stocks/VO/) | $54.5M | 674,232 | 1.7% | 22 |
| FIDELITY MERRIMACK STR TR | [FBND](https://holderbook.com/stocks/FBND/) | $46.7M | 1,027,399 | 1.5% | 2 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $42.6M | 112,186 | 1.4% | 31 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $41.8M | 211,513 | 1.3% | 31 |
| VANGUARD MUN BD FDS | [VTEB](https://holderbook.com/stocks/VTEB/) | $39.9M | 789,092 | 1.3% | 2 |
| SCHWAB STRATEGIC TR | [SCHV](https://holderbook.com/stocks/SCHV/) | $39.2M | 1,126,459 | 1.2% | 2 |
| ISHARES TR | [MUB](https://holderbook.com/stocks/MUB/) | $38.6M | 358,958 | 1.2% | 31 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $38.5M | 115,433 | 1.2% | 31 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $37.6M | 74,391 | 1.2% | 31 |
| VANGUARD SCOTTSDALE FDS | [VONG](https://holderbook.com/stocks/VONG/) | $33.5M | 262,461 | 1.1% | 2 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $33.2M | 137,494 | 1.1% | 31 |
| VICTORY PORTFOLIOS II | [UITB](https://holderbook.com/stocks/UITB/) | $31.4M | 671,256 | 1.0% | 4 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $30.6M | 40,943 | 1.0% | 31 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $29.7M | 81,850 | 0.9% | 31 |
| ISHARES TR | [IVV](https://holderbook.com/stocks/IVV/) | $29.6M | 39,364 | 0.9% | 31 |
| AMERICAN CENTY ETF TR | [AVRE](https://holderbook.com/stocks/AVRE/) | $29.5M | 619,231 | 0.9% | 13 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $27.7M | 77,299 | 0.9% | 31 |
| ISHARES TR | [IEFA](https://holderbook.com/stocks/IEFA/) | $26.9M | 278,220 | 0.9% | 5 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $24.9M | 167,289 | 0.8% | 31 |
| VANGUARD BD INDEX FDS | [BND](https://holderbook.com/stocks/BND/) | $23.1M | 316,382 | 0.7% | 28 |
| MICRON TECHNOLOGY INC | [MU](https://holderbook.com/stocks/MU/) | $23.1M | 21,644 | 0.7% | 2 |
| VANGUARD SCOTTSDALE FDS | [VONE](https://holderbook.com/stocks/VONE/) | $21.7M | 64,114 | 0.7% | 3 |
| SCHWAB STRATEGIC TR | [SCHB](https://holderbook.com/stocks/SCHB/) | $18.8M | 650,210 | 0.6% | 2 |
| WEC ENERGY GROUP INC | [WEC](https://holderbook.com/stocks/WEC/) | $18.7M | 160,285 | 0.6% | 31 |
| VANGUARD INDEX FDS | [VTV](https://holderbook.com/stocks/VTV/) | $18.6M | 84,960 | 0.6% | 31 |
| ISHARES TR | [IVW](https://holderbook.com/stocks/IVW/) | $17.4M | 126,764 | 0.6% | 31 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $17.1M | 16,554 | 0.5% | 31 |
| VANGUARD INDEX FDS | [VB](https://holderbook.com/stocks/VB/) | $16.9M | 55,781 | 0.5% | 20 |
| SPDR SERIES TRUST | [SPAB](https://holderbook.com/stocks/SPAB/) | $16.3M | 637,416 | 0.5% | 2 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $16.1M | 27,975 | 0.5% | 31 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $16.1M | 42,684 | 0.5% | 10 |
| FEDERATED HERMES ETF TRUST | [FSCC](https://holderbook.com/stocks/FSCC/) | $16.0M | 435,082 | 0.5% | 2 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $16.0M | 13,329 | 0.5% | 28 |
| ISHARES TR | [AGG](https://holderbook.com/stocks/AGG/) | $15.8M | 159,599 | 0.5% | 5 |
| VANGUARD SCOTTSDALE FDS | [VCLT](https://holderbook.com/stocks/VCLT/) | $15.2M | 202,549 | 0.5% | 2 |
| VANGUARD SCOTTSDALE FDS | [VCSH](https://holderbook.com/stocks/VCSH/) | $14.3M | 181,022 | 0.5% | 4 |
| ALPS ETF TR | [AMLP](https://holderbook.com/stocks/AMLP/) | $14.3M | 275,028 | 0.5% | 25 |
| ORACLE CORP | [ORCL](https://holderbook.com/stocks/ORCL/) | $13.2M | 90,690 | 0.4% | 31 |
| ADVANCED MICRO DEVICES INC | [AMD](https://holderbook.com/stocks/AMD/) | $12.9M | 22,815 | 0.4% | 11 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $12.3M | 35,145 | 0.4% | 31 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $12.3M | 149,477 | 0.4% | 31 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $12.2M | 47,859 | 0.4% | 31 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $12.1M | 88,251 | 0.4% | 31 |
| VANGUARD INDEX FDS | [VUG](https://holderbook.com/stocks/VUG/) | $11.5M | 132,654 | 0.4% | 31 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $11.4M | 98,287 | 0.4% | 22 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $11.1M | 98,940 | 0.4% | 31 |
| JPMORGAN CHASE FINL CO LLC | [AMJB](https://holderbook.com/stocks/AMJB/) | $11.0M | 322,369 | 0.4% | 9 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $10.7M | 42,391 | 0.3% | 31 |
| JOHN HANCOCK EXCHANGE TRADED | [JHHY](https://holderbook.com/stocks/JHHY/) | $10.5M | 408,702 | 0.3% | 1 |
| VANGUARD INDEX FDS | [VTI](https://holderbook.com/stocks/VTI/) | $10.4M | 27,996 | 0.3% | 31 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $10.1M | 10,783 | 0.3% | 31 |
| ISHARES TR | [SUB](https://holderbook.com/stocks/SUB/) | $10.0M | 94,184 | 0.3% | 2 |
| VANGUARD SCOTTSDALE FDS | [VGSH](https://holderbook.com/stocks/VGSH/) | $9.9M | 169,574 | 0.3% | 5 |
| INTEL CORP | [INTC](https://holderbook.com/stocks/INTC/) | $9.8M | 71,387 | 0.3% | 31 |
| ISHARES TR | [EFA](https://holderbook.com/stocks/EFA/) | $9.3M | 89,859 | 0.3% | 31 |
| UNITED AIRLS HLDGS INC | [UAL](https://holderbook.com/stocks/UAL/) | $9.3M | 68,629 | 0.3% | 2 |
| SPDR INDEX SHS FDS | [CWI](https://holderbook.com/stocks/CWI/) | $8.6M | 211,015 | 0.3% | 4 |
| AMERICAN CENTY ETF TR | [AVUV](https://holderbook.com/stocks/AVUV/) | $8.6M | 69,097 | 0.3% | 2 |
| ISHARES TR | [IWF](https://holderbook.com/stocks/IWF/) | $8.2M | 66,486 | 0.3% | 31 |
| EATON CORP PLC | [ETN](https://holderbook.com/stocks/ETN/) | $8.1M | 19,481 | 0.3% | 31 |
| AMERICAN CENTY ETF TR | [AVDE](https://holderbook.com/stocks/AVDE/) | $8.0M | 89,459 | 0.3% | 3 |
| UMB FINL CORP | [UMBF](https://holderbook.com/stocks/UMBF/) | $8.0M | 55,956 | 0.3% | 2 |
| BOEING CO | [BA](https://holderbook.com/stocks/BA/) | $8.0M | 35,035 | 0.3% | 31 |
| ISHARES TR | [IVE](https://holderbook.com/stocks/IVE/) | $7.9M | 34,482 | 0.2% | 31 |
| BANK FIRST CORP | [BFC](https://holderbook.com/stocks/BFC/) | $7.8M | 51,534 | 0.2% | 31 |
| PHILIP MORRIS INTL INC | [PM](https://holderbook.com/stocks/PM/) | $7.7M | 42,157 | 0.2% | 31 |
| ISHARES BITCOIN TRUST ETF | [IBIT](https://holderbook.com/stocks/IBIT/) | $7.6M | 211,199 | 0.2% | 2 |
| SPDR INDEX SHS FDS | [SPDW](https://holderbook.com/stocks/SPDW/) | $7.5M | 148,390 | 0.2% | 5 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $7.2M | 51,232 | 0.2% | 31 |
| STATE STR SPDR S&P MIDCAP 40 | [MDY](https://holderbook.com/stocks/MDY/) | $7.2M | 10,279 | 0.2% | 31 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $7.1M | 13,586 | 0.2% | 31 |
| J P MORGAN EXCHANGE TRADED F | [JEPI](https://holderbook.com/stocks/JEPI/) | $7.1M | 125,285 | 0.2% | 3 |
| TJX COS INC NEW | [TJX](https://holderbook.com/stocks/TJX/) | $7.0M | 46,064 | 0.2% | 30 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $6.8M | 16,214 | 0.2% | 4 |
| UNITED RENTALS INC | [URI](https://holderbook.com/stocks/URI/) | $6.8M | 5,979 | 0.2% | 2 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $6.7M | 40,284 | 0.2% | 31 |
| RTX CORPORATION | [RTX](https://holderbook.com/stocks/RTX/) | $6.7M | 34,358 | 0.2% | 18 |
| SELECT SECTOR SPDR TR | [XLU](https://holderbook.com/stocks/XLU/) | $6.6M | 146,322 | 0.2% | 11 |
| VANECK ETF TRUST | [MLN](https://holderbook.com/stocks/MLN/) | $6.6M | 372,507 | 0.2% | 2 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $6.5M | 18,747 | 0.2% | 31 |
| CITIGROUP INC | [C](https://holderbook.com/stocks/C/) | $6.5M | 45,939 | 0.2% | 4 |
| PALO ALTO NETWORKS INC | [PANW](https://holderbook.com/stocks/PANW/) | $6.4M | 18,484 | 0.2% | 25 |
| OSHKOSH CORP | [OSK](https://holderbook.com/stocks/OSK/) | $6.2M | 43,023 | 0.2% | 2 |
| DEERE & CO | [DE](https://holderbook.com/stocks/DE/) | $6.1M | 9,648 | 0.2% | 31 |
| VANGUARD INDEX FDS | [VOE](https://holderbook.com/stocks/VOE/) | $6.1M | 30,872 | 0.2% | 28 |
| VANGUARD BD INDEX FDS | [VUSB](https://holderbook.com/stocks/VUSB/) | $6.1M | 122,424 | 0.2% | 2 |
| INTERNATIONAL BUSINESS MACHS | [IBM](https://holderbook.com/stocks/IBM/) | $6.1M | 21,031 | 0.2% | 31 |
| DIMENSIONAL ETF TRUST | [DFAC](https://holderbook.com/stocks/DFAC/) | $6.0M | 135,626 | 0.2% | 8 |
| APPLIED MATLS INC | [AMAT](https://holderbook.com/stocks/AMAT/) | $5.8M | 8,567 | 0.2% | 14 |
| ABBOTT LABORATORIES | [ABT](https://holderbook.com/stocks/ABT/) | $5.7M | 62,435 | 0.2% | 31 |
| ISHARES INC | [IEMG](https://holderbook.com/stocks/IEMG/) | $5.7M | 68,858 | 0.2% | 28 |
| ANALOG DEVICES INC | [ADI](https://holderbook.com/stocks/ADI/) | $5.6M | 14,273 | 0.2% | 25 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +14.5% | +14.8% | -0.3% | 101% |
| Q1 2026 | +1.9% | -4.6% | +6.5% | 100% |
| Q4 2025 | -0.4% | +2.4% | -2.8% | 100% |
| Q3 2025 | +7.0% | +7.8% | -0.8% | 100% |
| Q2 2025 | +9.2% | +10.5% | -1.3% | 100% |
| Q1 2025 | -2.7% | -4.6% | +1.8% | 100% |
| Q4 2024 | +0.2% | +2.1% | -2.0% | 100% |
| Q3 2024 | +5.5% | +5.4% | +0.0% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $3.1B | 612 |
| Q1 2026 | $2.7B | 562 |
| Q4 2025 | $624.0M | 226 |
| Q3 2025 | $622.3M | 218 |
| Q2 2025 | $578.7M | 207 |
| Q1 2025 | $498.1M | 197 |
| Q4 2024 | $423.8M | 193 |
| Q3 2024 | $413.0M | 204 |
| Q2 2024 | $403.3M | 208 |
| Q1 2024 | $404.7M | 216 |
| Q4 2023 | $371.5M | 202 |
| Q3 2023 | $325.9M | 186 |