# NICOLET ADVISORY SERVICES, LLC

> Institutional holdings reported to the SEC as of Q4 2025 on Form 13F. CIK 1775863. Source: https://holderbook.com/funds/1775863-nicolet-advisory-services-llc/

- Reported value: $1.5B
- Positions: 421
- Weight of the ten largest: 49.4%
- Filed: 2026-02-13

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/) | $295.3M | 3,610,494 | 19.9% | 28 |
| SPDR SERIES TRUST | [SPYV](https://holderbook.com/stocks/SPYV/) | $70.3M | 1,208,677 | 4.7% | 28 |
| SPDR SERIES TRUST | [SPYG](https://holderbook.com/stocks/SPYG/) | $63.4M | 585,065 | 4.3% | 28 |
| AMERICAN CENTY ETF TR | [AVEM](https://holderbook.com/stocks/AVEM/) | $61.1M | 754,863 | 4.1% | 5 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $52.5M | 201,637 | 3.5% | 28 |
| ISHARES TR | [ITOT](https://holderbook.com/stocks/ITOT/) | $46.8M | 307,968 | 3.2% | 28 |
| VANGUARD TAX-MANAGED FDS | [VEA](https://holderbook.com/stocks/VEA/) | $46.8M | 720,525 | 3.2% | 28 |
| VANGUARD MUN BD FDS | [VTEB](https://holderbook.com/stocks/VTEB/) | $35.2M | 695,282 | 2.4% | 13 |
| VANGUARD INDEX FDS | [VO](https://holderbook.com/stocks/VO/) | $32.3M | 107,901 | 2.2% | 28 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $29.0M | 58,069 | 2.0% | 28 |
| FIDELITY MERRIMACK STR TR | [FBND](https://holderbook.com/stocks/FBND/) | $27.3M | 591,999 | 1.8% | 7 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $26.3M | 55,206 | 1.8% | 28 |
| VANGUARD INDEX FDS | [VOO](https://holderbook.com/stocks/VOO/) | $24.2M | 37,910 | 1.6% | 19 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $22.7M | 70,008 | 1.5% | 28 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $21.7M | 117,178 | 1.5% | 19 |
| VANGUARD BD INDEX FDS | [BND](https://holderbook.com/stocks/BND/) | $19.3M | 260,374 | 1.3% | 28 |
| VICTORY PORTFOLIOS II | [UITB](https://holderbook.com/stocks/UITB/) | $18.5M | 389,946 | 1.2% | 7 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $17.8M | 124,120 | 1.2% | 28 |
| AMERICAN CENTY ETF TR | [AVRE](https://holderbook.com/stocks/AVRE/) | $17.1M | 388,797 | 1.2% | 11 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $16.0M | 64,931 | 1.1% | 28 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $15.9M | 47,777 | 1.1% | 27 |
| WEC ENERGY GROUP INC | [WEC](https://holderbook.com/stocks/WEC/) | $14.5M | 138,208 | 1.0% | 28 |
| VANGUARD INDEX FDS | [VB](https://holderbook.com/stocks/VB/) | $13.6M | 50,012 | 0.9% | 28 |
| ISHARES TR | [IVV](https://holderbook.com/stocks/IVV/) | $12.6M | 18,022 | 0.8% | 28 |
| VANGUARD INDEX FDS | [VTV](https://holderbook.com/stocks/VTV/) | $12.4M | 62,921 | 0.8% | 28 |
| VANGUARD SCOTTSDALE FDS | [VGSH](https://holderbook.com/stocks/VGSH/) | $11.4M | 194,125 | 0.8% | 13 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $11.2M | 33,704 | 0.8% | 28 |
| ISHARES TR | [MUB](https://holderbook.com/stocks/MUB/) | $10.7M | 99,281 | 0.7% | 28 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $10.1M | 14,510 | 0.7% | 27 |
| ISHARES TR | [SUB](https://holderbook.com/stocks/SUB/) | $8.3M | 77,478 | 0.6% | 13 |
| PRINCIPAL EXCHANGE TRADED FD | [YLD](https://holderbook.com/stocks/YLD/) | $8.3M | 433,302 | 0.6% | 9 |
| VANGUARD INDEX FDS | [VUG](https://holderbook.com/stocks/VUG/) | $8.2M | 16,740 | 0.6% | 28 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $8.1M | 21,667 | 0.5% | 28 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $8.1M | 114,363 | 0.5% | 28 |
| ALPS ETF TR | [AMLP](https://holderbook.com/stocks/AMLP/) | $7.8M | 160,871 | 0.5% | 23 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $7.3M | 11,446 | 0.5% | 28 |
| JPMORGAN CHASE FINL CO LLC | [AMJB](https://holderbook.com/stocks/AMJB/) | $6.5M | 211,761 | 0.4% | 7 |
| OSHKOSH CORP | [OSK](https://holderbook.com/stocks/OSK/) | $6.4M | 42,601 | 0.4% | 28 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $5.9M | 49,948 | 0.4% | 28 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $5.7M | 16,047 | 0.4% | 13 |
| VANGUARD SCOTTSDALE FDS | [VONE](https://holderbook.com/stocks/VONE/) | $5.1M | 16,135 | 0.3% | 1 |
| STATE STR SPDR S&P MIDCAP 40 | [MDY](https://holderbook.com/stocks/MDY/) | $5.1M | 8,023 | 0.3% | 12 |
| BANK FIRST CORP | [BFC](https://holderbook.com/stocks/BFC/) | $5.0M | 40,765 | 0.3% | 26 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $5.0M | 35,081 | 0.3% | 28 |
| BOEING CO | [BA](https://holderbook.com/stocks/BA/) | $4.9M | 20,406 | 0.3% | 28 |
| ABBOTT LABORATORIES | [ABT](https://holderbook.com/stocks/ABT/) | $4.5M | 36,484 | 0.3% | 28 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $4.5M | 36,660 | 0.3% | 28 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $4.5M | 10,109 | 0.3% | 25 |
| EATON CORP PLC | [ETN](https://holderbook.com/stocks/ETN/) | $4.5M | 13,674 | 0.3% | 13 |
| VANGUARD SCOTTSDALE FDS | [VGIT](https://holderbook.com/stocks/VGIT/) | $4.5M | 74,685 | 0.3% | 13 |
| TJX COS INC NEW | [TJX](https://holderbook.com/stocks/TJX/) | $4.4M | 27,737 | 0.3% | 13 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $4.2M | 3,917 | 0.3% | 28 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $4.2M | 4,429 | 0.3% | 18 |
| PHILIP MORRIS INTL INC | [PM](https://holderbook.com/stocks/PM/) | $4.1M | 24,999 | 0.3% | 28 |
| MICRON TECHNOLOGY INC | [MU](https://holderbook.com/stocks/MU/) | $3.8M | 11,116 | 0.3% | 12 |
| ORACLE CORP | [ORCL](https://holderbook.com/stocks/ORCL/) | $3.7M | 18,208 | 0.3% | 28 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $3.7M | 6,519 | 0.2% | 25 |
| DIMENSIONAL ETF TRUST | [DFAC](https://holderbook.com/stocks/DFAC/) | $3.6M | 89,230 | 0.2% | 15 |
| VANGUARD INDEX FDS | [VTI](https://holderbook.com/stocks/VTI/) | $3.6M | 10,470 | 0.2% | 28 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $3.6M | 5,691 | 0.2% | 27 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $3.4M | 16,128 | 0.2% | 28 |
| WELLS FARGO & CO | [WFC](https://holderbook.com/stocks/WFC/) | $3.3M | 34,538 | 0.2% | 28 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $3.3M | 44,183 | 0.2% | 28 |
| SPDR SERIES TRUST | [SPSM](https://holderbook.com/stocks/SPSM/) | $3.1M | 63,476 | 0.2% | 5 |
| RTX CORPORATION | [RTX](https://holderbook.com/stocks/RTX/) | $2.9M | 15,217 | 0.2% | 1 |
| SPDR INDEX SHS FDS | [CWI](https://holderbook.com/stocks/CWI/) | $2.8M | 73,730 | 0.2% | 1 |
| SPDR INDEX SHS FDS | [SPDW](https://holderbook.com/stocks/SPDW/) | $2.7M | 58,053 | 0.2% | 28 |
| ASSOCIATED BANC CORP | [ASB](https://holderbook.com/stocks/ASB/) | $2.6M | 100,421 | 0.2% | 28 |
| MCDONALDS CORP | [MCD](https://holderbook.com/stocks/MCD/) | $2.6M | 8,412 | 0.2% | 28 |
| SCHWAB CHARLES CORP | [SCHW](https://holderbook.com/stocks/SCHW/) | $2.6M | 25,183 | 0.2% | 13 |
| VANGUARD SPECIALIZED FUNDS | [VIG](https://holderbook.com/stocks/VIG/) | $2.6M | 11,357 | 0.2% | 28 |
| ISHARES TR | [IVW](https://holderbook.com/stocks/IVW/) | $2.5M | 20,367 | 0.2% | 13 |
| BLACKSTONE INC | [BX](https://holderbook.com/stocks/BX/) | $2.5M | 15,985 | 0.2% | 12 |
| ISHARES TR | [IWF](https://holderbook.com/stocks/IWF/) | $2.4M | 5,113 | 0.2% | 28 |
| ADVANCED MICRO DEVICES INC | [AMD](https://holderbook.com/stocks/AMD/) | $2.4M | 11,742 | 0.2% | 12 |
| SPDR SERIES TRUST | [SPTM](https://holderbook.com/stocks/SPTM/) | $2.4M | 28,587 | 0.2% | 28 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $2.4M | 10,869 | 0.2% | 28 |
| INTERNATIONAL BUSINESS MACHS | [IBM](https://holderbook.com/stocks/IBM/) | $2.3M | 7,313 | 0.2% | 28 |
| DISNEY WALT CO | [DIS](https://holderbook.com/stocks/DIS/) | $2.2M | 19,320 | 0.1% | 28 |
| ISHARES TR | [IWP](https://holderbook.com/stocks/IWP/) | $2.1M | 15,203 | 0.1% | 28 |
| LAZARD ACTIVE ETF TR | [GLIX](https://holderbook.com/stocks/GLIX/) | $2.1M | 84,500 | 0.1% | 1 |
| ANALOG DEVICES INC | [ADI](https://holderbook.com/stocks/ADI/) | $2.1M | 7,088 | 0.1% | 13 |
| TRAVELERS COMPANIES INC | [TRV](https://holderbook.com/stocks/TRV/) | $2.1M | 7,340 | 0.1% | 1 |
| ISHARES TR | [SCZ](https://holderbook.com/stocks/SCZ/) | $2.0M | 25,347 | 0.1% | 25 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $1.9M | 5,611 | 0.1% | 13 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $1.9M | 11,738 | 0.1% | 28 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $1.9M | 34,401 | 0.1% | 28 |
| SALESFORCE INC | [CRM](https://holderbook.com/stocks/CRM/) | $1.9M | 7,237 | 0.1% | 24 |
| GENERAL DYNAMICS CORP | [GD](https://holderbook.com/stocks/GD/) | $1.8M | 5,107 | 0.1% | 18 |
| ISHARES TR | [IWO](https://holderbook.com/stocks/IWO/) | $1.8M | 5,293 | 0.1% | 1 |
| VANGUARD WORLD FD | [MGK](https://holderbook.com/stocks/MGK/) | $1.7M | 4,112 | 0.1% | 28 |
| CITIGROUP INC | [C](https://holderbook.com/stocks/C/) | $1.7M | 14,398 | 0.1% | 8 |
| NEXTERA ENERGY INC | [NEE](https://holderbook.com/stocks/NEE/) | $1.6M | 20,223 | 0.1% | 28 |
| HONEYWELL INTL INC | [HONZZZZ](https://holderbook.com/stocks/HONZZZZ/) | $1.6M | 7,835 | 0.1% | 14 |
| ISHARES TR | [IVE](https://holderbook.com/stocks/IVE/) | $1.6M | 7,520 | 0.1% | 11 |
| NETFLIX INC | [NFLX](https://holderbook.com/stocks/NFLX/) | $1.6M | 18,144 | 0.1% | 11 |
| GE AEROSPACE | [GE](https://holderbook.com/stocks/GE/) | $1.6M | 4,998 | 0.1% | 12 |
| ALTRIA GROUP INC | [MO](https://holderbook.com/stocks/MO/) | $1.6M | 27,540 | 0.1% | 28 |
| CENCORA INC | [COR](https://holderbook.com/stocks/COR/) | $1.6M | 4,659 | 0.1% | 12 |
| CAPITAL ONE FINL CORP | [COF](https://holderbook.com/stocks/COF/) | $1.5M | 6,584 | 0.1% | 6 |

## 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 |
|---|---|---|---|---|
| Q4 2025 | +1.4% | +2.4% | -1.0% | 99% |
| Q3 2025 | +6.1% | +7.8% | -1.8% | 100% |
| Q2 2025 | +6.6% | +10.5% | -3.8% | 106% |
| Q1 2025 | -1.6% | -4.6% | +2.9% | 101% |
| Q4 2024 | -0.1% | +2.1% | -2.2% | 101% |
| Q3 2024 | +5.9% | +5.4% | +0.5% | 98% |
| Q2 2024 | +1.3% | +4.0% | -2.7% | 99% |
| Q1 2024 | +6.8% | +10.0% | -3.3% | 101% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q4 2025 | $1.5B | 421 |
| Q3 2025 | $1.3B | 415 |
| Q2 2025 | $1.2B | 407 |
| Q1 2025 | $1.0B | 380 |
| Q4 2024 | $1.1B | 380 |
| Q3 2024 | $1.1B | 369 |
| Q2 2024 | $1.0B | 354 |
| Q1 2024 | $984.6M | 343 |
| Q4 2023 | $929.9M | 320 |
| Q3 2023 | $902.8M | 315 |
| Q2 2023 | $911.3M | 309 |
| Q1 2023 | $867.9M | 285 |