# Exchange Capital Management, Inc.

> Institutional holdings reported to the SEC as of Q2 2025 on Form 13F. CIK 1317733. Source: https://holderbook.com/funds/1317733-exchange-capital-management-inc/

- Reported value: $670.0M
- Positions: 206
- Weight of the ten largest: 27.6%
- Filed: 2025-07-21

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 |
|---|---|---|---|---|---|
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $35.8M | 71,967 | 5.3% | 27 |
| VANGUARD WORLD FD | [VGT](https://holderbook.com/stocks/VGT/) | $24.6M | 37,090 | 3.7% | 27 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $21.8M | 99,253 | 3.2% | 27 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $20.5M | 116,505 | 3.1% | 27 |
| WISDOMTREE TR | [DDWM](https://holderbook.com/stocks/DDWM/) | $17.5M | 441,635 | 2.6% | 27 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $14.9M | 30,692 | 2.2% | 27 |
| BLACKROCK INC | [BLK](https://holderbook.com/stocks/BLK/) | $12.8M | 12,231 | 1.9% | 4 |
| VANGUARD WORLD FD | [VFH](https://holderbook.com/stocks/VFH/) | $12.7M | 100,023 | 1.9% | 27 |
| ISHARES TR | [HEFA](https://holderbook.com/stocks/HEFA/) | $12.4M | 325,525 | 1.8% | 27 |
| SPDR SERIES TRUST | [SPMD](https://holderbook.com/stocks/SPMD/) | $12.1M | 222,550 | 1.8% | 7 |
| SERVICENOW INC | [NOW](https://holderbook.com/stocks/NOW/) | $11.6M | 11,308 | 1.7% | 27 |
| KLA CORP | [KLAC](https://holderbook.com/stocks/KLAC/) | $11.4M | 12,683 | 1.7% | 27 |
| STATE STR SPDR S&P MIDCAP 40 | [MDY](https://holderbook.com/stocks/MDY/) | $11.2M | 19,852 | 1.7% | 27 |
| VANGUARD WORLD FD | [VHT](https://holderbook.com/stocks/VHT/) | $10.9M | 44,069 | 1.6% | 27 |
| SALESFORCE INC | [CRM](https://holderbook.com/stocks/CRM/) | $10.7M | 39,104 | 1.6% | 27 |
| VANGUARD WORLD FD | [VIS](https://holderbook.com/stocks/VIS/) | $9.9M | 35,523 | 1.5% | 27 |
| VANGUARD WORLD FD | [VCR](https://holderbook.com/stocks/VCR/) | $9.9M | 27,449 | 1.5% | 27 |
| ISHARES TR | [IJR](https://holderbook.com/stocks/IJR/) | $9.7M | 88,647 | 1.4% | 27 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $9.5M | 32,762 | 1.4% | 27 |
| VANGUARD WORLD FD | [VOX](https://holderbook.com/stocks/VOX/) | $8.6M | 50,313 | 1.3% | 27 |
| VEEVA SYS INC | [VEEV](https://holderbook.com/stocks/VEEV/) | $8.4M | 29,276 | 1.3% | 27 |
| EMERSON ELEC CO | [EMR](https://holderbook.com/stocks/EMR/) | $8.4M | 63,212 | 1.3% | 27 |
| SPDR SERIES TRUST | [SPSM](https://holderbook.com/stocks/SPSM/) | $8.0M | 188,609 | 1.2% | 7 |
| MONSTER BEVERAGE CORP NEW | [MNST](https://holderbook.com/stocks/MNST/) | $7.8M | 124,804 | 1.2% | 8 |
| SPDR SERIES TRUST | [SPTM](https://holderbook.com/stocks/SPTM/) | $7.7M | 102,545 | 1.1% | 19 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $7.2M | 35,149 | 1.1% | 27 |
| FIDELITY COVINGTON TRUST | [FTEC](https://holderbook.com/stocks/FTEC/) | $6.9M | 34,927 | 1.0% | 27 |
| ISHARES TR | [AGG](https://holderbook.com/stocks/AGG/) | $6.8M | 68,910 | 1.0% | 27 |
| GUIDEWIRE SOFTWARE INC | [GWRE](https://holderbook.com/stocks/GWRE/) | $6.5M | 27,564 | 1.0% | 27 |
| RTX CORPORATION | [RTX](https://holderbook.com/stocks/RTX/) | $6.3M | 43,362 | 0.9% | 5 |
| BONDBLOXX ETF TRUST | [BBBS](https://holderbook.com/stocks/BBBS/) | $6.1M | 118,577 | 0.9% | 3 |
| HONEYWELL INTL INC | [HONZZZZ](https://holderbook.com/stocks/HONZZZZ/) | $5.8M | 25,074 | 0.9% | 27 |
| VANGUARD WORLD FD | [VPU](https://holderbook.com/stocks/VPU/) | $5.7M | 32,423 | 0.9% | 27 |
| ISHARES TR | [IJH](https://holderbook.com/stocks/IJH/) | $5.4M | 87,859 | 0.8% | 27 |
| SSGA ACTIVE TR | [MYCI](https://holderbook.com/stocks/MYCI/) | $5.3M | 213,531 | 0.8% | 3 |
| GILEAD SCIENCES INC | [GILD](https://holderbook.com/stocks/GILD/) | $5.1M | 46,147 | 0.8% | 22 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $5.1M | 13,948 | 0.8% | 27 |
| SSGA ACTIVE TR | [MYCH](https://holderbook.com/stocks/MYCH/) | $5.0M | 199,036 | 0.7% | 3 |
| VANGUARD WORLD FD | [VAW](https://holderbook.com/stocks/VAW/) | $4.9M | 25,045 | 0.7% | 27 |
| CHENIERE ENERGY INC | [LNG](https://holderbook.com/stocks/LNG/) | $4.8M | 19,899 | 0.7% | 27 |
| COMCAST CORP NEW | [CMCSA](https://holderbook.com/stocks/CMCSA/) | $4.8M | 133,668 | 0.7% | 27 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $4.6M | 13,081 | 0.7% | 27 |
| AMGEN INC | [AMGN](https://holderbook.com/stocks/AMGN/) | $4.6M | 16,466 | 0.7% | 27 |
| DISNEY WALT CO | [DIS](https://holderbook.com/stocks/DIS/) | $4.5M | 36,091 | 0.7% | 27 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $4.5M | 28,085 | 0.7% | 27 |
| VANGUARD WORLD FD | [VDC](https://holderbook.com/stocks/VDC/) | $4.4M | 20,170 | 0.7% | 27 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $4.4M | 55,616 | 0.7% | 27 |
| CORTEVA INC | [CTVA](https://holderbook.com/stocks/CTVA/) | $4.2M | 56,901 | 0.6% | 24 |
| ISHARES INC | [IEMG](https://holderbook.com/stocks/IEMG/) | $4.2M | 70,571 | 0.6% | 27 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $4.1M | 4,152 | 0.6% | 27 |
| KENVUE INC | [KVUE](https://holderbook.com/stocks/KVUE/) | $3.9M | 187,366 | 0.6% | 8 |
| SELECT SECTOR SPDR TR | [XLK](https://holderbook.com/stocks/XLK/) | $3.8M | 15,101 | 0.6% | 27 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $3.8M | 24,725 | 0.6% | 27 |
| SCHWAB STRATEGIC TR | [SCHX](https://holderbook.com/stocks/SCHX/) | $3.7M | 151,666 | 0.6% | 27 |
| STARBUCKS CORP | [SBUX](https://holderbook.com/stocks/SBUX/) | $3.7M | 40,253 | 0.6% | 27 |
| ADOBE INC | [ADBE](https://holderbook.com/stocks/ADBE/) | $3.6M | 9,294 | 0.5% | 27 |
| MEDTRONIC PLC | [MDT](https://holderbook.com/stocks/MDT/) | $3.6M | 41,026 | 0.5% | 27 |
| WISDOMTREE TR | [IHDG](https://holderbook.com/stocks/IHDG/) | $3.5M | 77,675 | 0.5% | 15 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $3.5M | 32,350 | 0.5% | 27 |
| INVESCO EXCH TRD SLF IDX FD | [BSCX](https://holderbook.com/stocks/BSCX/) | $3.4M | 161,506 | 0.5% | 6 |
| SSGA ACTIVE TR | [MYCN](https://holderbook.com/stocks/MYCN/) | $3.4M | 138,616 | 0.5% | 3 |
| SSGA ACTIVE TR | [MYCJ](https://holderbook.com/stocks/MYCJ/) | $3.4M | 135,739 | 0.5% | 3 |
| MCDONALDS CORP | [MCD](https://holderbook.com/stocks/MCD/) | $3.3M | 11,245 | 0.5% | 27 |
| FIDELITY COVINGTON TRUST | [FHLC](https://holderbook.com/stocks/FHLC/) | $3.2M | 49,599 | 0.5% | 27 |
| INVESCO EXCH TRD SLF IDX FD | [BSCV](https://holderbook.com/stocks/BSCV/) | $3.1M | 188,958 | 0.5% | 7 |
| GENERAL DYNAMICS CORP | [GD](https://holderbook.com/stocks/GD/) | $3.1M | 10,528 | 0.5% | 21 |
| LOCKHEED MARTIN CORP | [LMT](https://holderbook.com/stocks/LMT/) | $3.1M | 6,610 | 0.5% | 27 |
| INVESCO EXCH TRD SLF IDX FD | [BSCW](https://holderbook.com/stocks/BSCW/) | $3.1M | 148,401 | 0.5% | 6 |
| BONDBLOXX ETF TRUST | [XTWO](https://holderbook.com/stocks/XTWO/) | $2.9M | 57,821 | 0.4% | 3 |
| US BANCORP | [USB](https://holderbook.com/stocks/USB/) | $2.8M | 61,329 | 0.4% | 27 |
| WISDOMTREE TR | [DDLS](https://holderbook.com/stocks/DDLS/) | $2.8M | 69,995 | 0.4% | 13 |
| LAM RESEARCH CORP | [LRCX](https://holderbook.com/stocks/LRCX/) | $2.7M | 27,541 | 0.4% | 4 |
| FIDELITY COVINGTON TRUST | [FDIS](https://holderbook.com/stocks/FDIS/) | $2.7M | 28,357 | 0.4% | 27 |
| SSGA ACTIVE TR | [MYCG](https://holderbook.com/stocks/MYCG/) | $2.6M | 104,012 | 0.4% | 3 |
| SSGA ACTIVE TR | [MYCF](https://holderbook.com/stocks/MYCF/) | $2.6M | 101,977 | 0.4% | 3 |
| SCHWAB STRATEGIC TR | [SCHM](https://holderbook.com/stocks/SCHM/) | $2.5M | 90,793 | 0.4% | 27 |
| BRISTOL-MYERS SQUIBB CO | [BMY](https://holderbook.com/stocks/BMY/) | $2.5M | 54,893 | 0.4% | 24 |
| BONDBLOXX ETF TRUST | [XONE](https://holderbook.com/stocks/XONE/) | $2.5M | 50,949 | 0.4% | 8 |
| VANGUARD INDEX FDS | [VTI](https://holderbook.com/stocks/VTI/) | $2.5M | 8,120 | 0.4% | 27 |
| MICROCHIP TECHNOLOGY INC. | [MCHP](https://holderbook.com/stocks/MCHP/) | $2.5M | 34,857 | 0.4% | 24 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $2.4M | 18,502 | 0.4% | 27 |
| FIDELITY COVINGTON TRUST | [FNCL](https://holderbook.com/stocks/FNCL/) | $2.4M | 31,955 | 0.4% | 27 |
| FIDELITY COVINGTON TRUST | [FIDU](https://holderbook.com/stocks/FIDU/) | $2.3M | 30,156 | 0.3% | 27 |
| LOWES COS INC | [LOW](https://holderbook.com/stocks/LOW/) | $2.3M | 10,521 | 0.3% | 27 |
| MOODYS CORP | [MCO](https://holderbook.com/stocks/MCO/) | $2.3M | 4,548 | 0.3% | 22 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $2.3M | 48,105 | 0.3% | 24 |
| SPDR SERIES TRUST | [CNRG](https://holderbook.com/stocks/CNRG/) | $2.2M | 36,344 | 0.3% | 21 |
| EQUIFAX INC | [EFX](https://holderbook.com/stocks/EFX/) | $2.0M | 7,857 | 0.3% | 16 |
| VANGUARD INTL EQUITY INDEX F | [VWO](https://holderbook.com/stocks/VWO/) | $2.0M | 41,177 | 0.3% | 11 |
| FIDELITY COVINGTON TRUST | [FCOM](https://holderbook.com/stocks/FCOM/) | $2.0M | 30,879 | 0.3% | 26 |
| ECOLAB INC | [ECL](https://holderbook.com/stocks/ECL/) | $1.9M | 7,224 | 0.3% | 12 |
| ZIMMER BIOMET HOLDINGS INC | [ZBH](https://holderbook.com/stocks/ZBH/) | $1.9M | 21,301 | 0.3% | 27 |
| ACCENTURE PLC IRELAND | [ACN](https://holderbook.com/stocks/ACN/) | $1.9M | 6,474 | 0.3% | 27 |
| FORTINET INC | [FTNT](https://holderbook.com/stocks/FTNT/) | $1.9M | 17,588 | 0.3% | 27 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $1.8M | 10,361 | 0.3% | 27 |
| ROPER TECHNOLOGIES INC | [ROP](https://holderbook.com/stocks/ROP/) | $1.8M | 3,122 | 0.3% | 18 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $1.7M | 2,821 | 0.3% | 27 |
| INVESCO EXCH TRD SLF IDX FD | [BSCP](https://holderbook.com/stocks/BSCP/) | $1.7M | 84,095 | 0.3% | 25 |
| VALERO ENERGY CORP | [VLO](https://holderbook.com/stocks/VLO/) | $1.7M | 12,775 | 0.3% | 27 |
| ISHARES TR | [IVV](https://holderbook.com/stocks/IVV/) | $1.7M | 2,693 | 0.2% | 27 |

## 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 2025 | +8.0% | +10.5% | -2.5% | 99% |
| Q1 2025 | -3.1% | -4.6% | +1.4% | 99% |
| Q4 2024 | +0.2% | +2.1% | -1.9% | 99% |
| Q3 2024 | +5.1% | +5.4% | -0.3% | 99% |
| Q2 2024 | +0.1% | +4.0% | -3.9% | 99% |
| Q1 2024 | +7.4% | +10.0% | -2.7% | 99% |
| Q4 2023 | +10.9% | +11.2% | -0.3% | 95% |
| Q3 2023 | -3.6% | -3.6% | -0.1% | 97% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2025 | $670.0M | 206 |
| Q1 2025 | $616.7M | 207 |
| Q4 2024 | $629.6M | 211 |
| Q3 2024 | $628.0M | 194 |
| Q2 2024 | $613.9M | 193 |
| Q1 2024 | $614.6M | 188 |
| Q4 2023 | $557.1M | 181 |
| Q3 2023 | $529.9M | 176 |
| Q2 2023 | $538.5M | 176 |
| Q1 2023 | $492.5M | 169 |
| Q4 2022 | $456.1M | 161 |
| Q3 2022 | $431.2M | 161 |