13F HOLDINGS REPORT

Exchange Capital Management, Inc.

Quarter ended Q3 2023 · Filed July 24, 2023 · Accession 0001104659-23-083455

Total Value

$538.5M

Positions

176

Other Managers

Confidential Omitted

View on SEC.gov

Holdings (176)

#	Issuer	Ticker / CUSIP	Shares	Value	% of Filing
1	Microsoft Corp	MSFT	74,502	$25.4M	4.71%
2	Alphabet Inc. CL A	GOOG	128,407	$15.4M	2.85%
3	WisdomTree Dynamic Ccy Hdgd Intl Eq ETF	WT	482,263	$15.1M	2.80%
4	Vanguard Sector Index Fds Vanguard Information Tec	92204A702	33,090	$14.6M	2.72%
5	Amazon.com Inc	AMZN	107,493	$14.0M	2.60%
6	Berkshire Hathaway Inc	BRK-A	40,771	$13.9M	2.58%
7	Invesco BulletShares 2023 Corp Bd ETF	IVZ	621,707	$13.2M	2.44%
8	iShares Core S&P Small-Cap	464287804	125,581	$12.5M	2.32%
9	iShares iBonds Dec 2023 Term Corporate	46434VAX8	436,298	$11.0M	2.05%
10	SPDR(R) S&P MidCap 400 ETF	MDY	22,861	$10.9M	2.03%
11	KLA-Tencor Corp	KLAC	21,086	$10.2M	1.90%
12	BlackRock Inc	BLK	14,471	$10.0M	1.86%
13	Salesforce.com Inc	CRM	47,341	$10.0M	1.86%
14	iShares Core S&P Mid-Cap	464287507	35,533	$9.3M	1.73%
15	iShares Currency Hedged MSCI EAFE	46434V803	271,639	$8.4M	1.56%
16	ServiceNow Inc	NOW	14,714	$8.3M	1.54%
17	iShares Core US Aggregate Bond	464287226	84,282	$8.3M	1.53%
18	Merck & Co Inc	MRK	63,140	$7.3M	1.35%
19	Vanguard Financials ETF	92204A405	87,438	$7.1M	1.32%
20	Emerson Electric Co	EMR	71,070	$6.4M	1.19%
21	Vanguard Consumer Discretionary ETF	92204A108	22,600	$6.4M	1.19%
22	Schwab US Mid-Cap ETFA(TM)	808524508	88,620	$6.3M	1.17%
23	Vanguard Health Care ETF	92204A504	25,693	$6.3M	1.17%
24	Fidelity(R) MSCI Information Tech ETF	316092808	47,138	$6.2M	1.14%
25	Comcast Corp	CCZ	147,256	$6.1M	1.14%
26	Apple Inc	AAPL	31,297	$6.1M	1.13%
27	Schwab US Large-Cap ETFA(TM)	808524201	110,697	$5.8M	1.08%
28	Home Depot Inc	HD	18,412	$5.7M	1.06%
29	Biogen Idec Inc	BIIB	19,568	$5.6M	1.04%
30	JPMorgan Chase & Co	VYLD	38,302	$5.6M	1.03%
31	Vanguard Telecommunication Services ETF	92204A884	51,031	$5.4M	1.01%
32	Veeva Systems Inc	VEEV	26,062	$5.2M	0.96%
33	Walt Disney Co	254687106	56,636	$5.1M	0.94%
34	Procter & Gamble Co	742718109	32,533	$4.9M	0.92%
35	Adobe Systems Inc	ADBE	9,756	$4.8M	0.89%
36	Vanguard Industrials ETF	92204A603	23,170	$4.8M	0.88%
37	Visa Inc	V	20,019	$4.8M	0.88%
38	Starbucks Corp	SBUX	47,890	$4.7M	0.88%
39	PepsiCo Inc	PEP	25,580	$4.7M	0.88%
40	Johnson & Johnson	JNJ	28,419	$4.7M	0.87%
41	Guidewire Software Inc	GWRE	59,629	$4.5M	0.84%
42	Schwab US Small-Cap ETFA(TM)	808524607	99,032	$4.3M	0.81%
43	Invesco BulletShares 2024 Corp Bd ETF	IVZ	210,765	$4.3M	0.81%
44	Microchip Technology Inc	MCHPP	46,707	$4.2M	0.78%
45	Vanguard Materials ETF	92204A801	22,749	$4.1M	0.77%
46	Amgen Inc	AMGN	18,577	$4.1M	0.77%
47	Exxon Mobil Corporation	XOM	36,094	$3.9M	0.72%
48	Raytheon Technologies Ord	RTX	39,093	$3.8M	0.71%
49	Technology Select Sector SPDR(R) ETF	81369Y803	21,973	$3.8M	0.71%
50	Fidelity(R) MSCI Health Care ETF	316092600	58,260	$3.7M	0.68%
51	Invesco BulletShares 2025 Corp Bd ETF	IVZ	178,081	$3.6M	0.67%
52	Honeywell International Inc	438516106	16,947	$3.5M	0.65%
53	McDonald s Corp	MCD	11,377	$3.4M	0.63%
54	iShares Short-Term National Muni Bond	464288158	30,797	$3.2M	0.59%
55	SPDR(R) S&P 1500 ETF	78464A805	58,553	$3.2M	0.59%
56	Zimmer Biomet Holdings INC	ZBH	21,470	$3.1M	0.58%
57	iShares Core MSCI Emerging Markets	46434G103	62,233	$3.1M	0.57%
58	Lockheed Martin Corp	LMT	6,620	$3.0M	0.57%
59	Lowe s Companies Inc	548661107	13,055	$2.9M	0.55%
60	Corteva Inc com	CTVA	51,206	$2.9M	0.54%
61	Cheniere Energy Inc	LNG	18,964	$2.9M	0.54%
62	3M Co	MMM	28,683	$2.9M	0.53%
63	Vanguard Consumer Staples ETF	92204A207	14,756	$2.9M	0.53%
64	PowerShares Build America Bond ETF	IVZ	107,623	$2.9M	0.53%
65	Medtronic Inc	MDT	32,131	$2.8M	0.53%
66	Pfizer Inc	PFE	74,149	$2.7M	0.51%
67	U.S. Bancorp	USB-PS	82,073	$2.7M	0.50%
68	Gilead Sciences Inc	GILD	34,394	$2.7M	0.49%
69	General Dynamics Corp	GD	11,531	$2.5M	0.46%
70	Fidelity(R) MSCI Consumer Discret ETF	316092204	33,603	$2.5M	0.46%
71	SPDR(R) Kensho Clean Power ETF	78468R655	28,822	$2.4M	0.45%
72	Bristol-Myers Squibb Company	CELG-RI	37,739	$2.4M	0.45%
73	Vanguard Total Stock Market ETF	922908769	10,611	$2.3M	0.43%
74	iShares Core S&P 500	464287200	5,225	$2.3M	0.43%
75	Accenture PLC	ACN	7,524	$2.3M	0.43%
76	Lam Research Corp	LRCX	3,380	$2.2M	0.40%
77	Dominion Resources Inc	D	41,432	$2.1M	0.40%
78	Moody s Corporation	MCO	6,077	$2.1M	0.39%
79	Bank of America Corporation	060505104	68,919	$2.0M	0.37%
80	Fidelity(R) MSCI Industrials ETF	316092709	34,486	$2.0M	0.36%
81	Fidelity(R) MSCI Financials ETF	316092501	39,409	$1.9M	0.34%
82	Compass Minerals International Inc	COMP	53,988	$1.8M	0.34%
83	Nike Inc	NKE	16,384	$1.8M	0.34%
84	Vanguard FTSE Emerging Markets ETF	922042858	43,603	$1.8M	0.33%
85	Invesco BulletShares 2026 Corp Bd ETF	IVZ	92,439	$1.8M	0.33%
86	SPDR(R) S&P 500 ETF	SPY	3,848	$1.7M	0.32%
87	INVSC BLTSHRS 2029 CORP BND ETF	IVZ	92,684	$1.7M	0.31%
88	Valero Energy Corp	VLO	13,954	$1.6M	0.30%
89	Invesco BulletShares 2028 Corp Bd ETF	IVZ	81,190	$1.6M	0.30%
90	Fidelity(R) MSCI Telecommunication Svc ETF	316092873	39,596	$1.6M	0.30%
91	Applied Materials Inc	038222105	10,855	$1.6M	0.29%
92	SPDR(R) Portfolio Mortgage Backed Bond ETF	78464A383	67,777	$1.5M	0.28%
93	CMS Energy Corp	CMS-PC	24,844	$1.5M	0.27%
94	Schwab US Aggregate Bond ETFA(TM)	808524839	31,211	$1.4M	0.27%
95	Invesco BulletShares 2027 Corp Bd ETF	IVZ	75,065	$1.4M	0.27%
96	Consumer Discret Sel Sect SPDR(R) ETF	81369Y407	8,407	$1.4M	0.27%
97	iShares iBoxx $ Invst Grade Crp Bond	464287242	13,020	$1.4M	0.26%
98	Industrial Select Sector SPDR(R) ETF	81369Y704	11,752	$1.3M	0.23%
99	Vanguard Utilities ETF	92204A876	8,860	$1.3M	0.23%
100	Coca-Cola Co	KO	20,701	$1.2M	0.23%
101	S&Pglobal Inc Com	SPGI	2,945	$1.2M	0.22%
102	Union Pacific Corp	UNP	5,648	$1.2M	0.21%
103	Equifax Inc	EFX	4,808	$1.1M	0.21%
104	iShares iBonds Dec 2023 Term Muni Bd ETF	46435G318	43,786	$1.1M	0.21%
105	Etsy Inc com	ETSY	13,169	$1.1M	0.21%
106	Costco Wholesale Corp	22160K105	2,042	$1.1M	0.20%
107	ASML Holding NV	ASMLF	1,508	$1.1M	0.20%
108	Fidelity(R) MSCI Consumer Staples ETF	316092303	23,450	$1.1M	0.20%
109	Fortinet, Inc.	FTNT	13,900	$1.1M	0.20%
110	iShares iBonds Dec 2025 Term Corporate	46434VBD1	42,433	$1.0M	0.19%
111	Roper Industries Inc	ROP	2,059	$989,967	0.18%
112	Ecolab Inc	ECL	5,190	$968,921	0.18%
113	BNDBLXX BLMBRG 6 MNTH TRG US TR ETF	09789C788	19,006	$954,577	0.18%
114	Fidelity(R) MSCI Materials ETF	316092881	20,427	$953,126	0.18%
115	Domino s Pizza Inc	DPZ	2,765	$931,777	0.17%
116	WisdomTree International Hedged Quality Dividend G	WT	22,793	$915,595	0.17%
117	Vanguard Small-Cap ETF	922908751	4,511	$897,193	0.17%
118	NextEra Energy Inc	NEE-PW	11,975	$888,545	0.17%
119	Canadian National Railway Co	136375102	7,285	$881,995	0.16%
120	iShares iBonds Dec 2024 Term Corporate	46434VBG4	35,334	$869,916	0.16%
121	Unilever PLC	UNLYF	16,587	$864,680	0.16%
122	Schwab US Broad Market ETFA(TM)	808524102	15,811	$817,403	0.15%
123	Clorox Co	CLX	5,021	$798,540	0.15%
124	Linde plc	LIN	2,044	$778,928	0.14%
125	Constellation Brands Inc	STZ	3,132	$770,895	0.14%
126	QCR Holdings Inc	QCRH	18,250	$748,798	0.14%
127	Alphabet Inc. CL C	GOOG	6,156	$744,691	0.14%
128	WisdomTree EmMkts ex-Stt-Ownd EntrprsETF	WT	26,311	$735,395	0.14%
129	CME Group Inc	CME	3,820	$707,808	0.13%
130	Chevron Corp	CVX	4,433	$697,533	0.13%
131	SHYFT GROUP ORD	825698103	30,000	$661,800	0.12%
132	iShares iBonds Dec 2026 Term Corporate	46435GAA0	27,357	$642,061	0.12%
133	Workday Inc	WDAY	2,763	$624,134	0.12%
134	WisdomTree Dyn Ccy Hdgd Intl SmCp Eq ETF	WT	19,089	$598,826	0.11%
135	Intel Corp	INTC	17,791	$594,931	0.11%
136	Eli Lilly and Co	LLY	1,193	$559,332	0.10%
137	Oracle Corporation	ORCL-PD	4,444	$529,236	0.10%
138	DIMENSIONAL U S CORE EQUITY 2 ETF	25434V708	18,252	$495,542	0.09%
139	Intercontinental Exchange Inc	45866F104	4,201	$475,049	0.09%
140	SPDR(R) S&P Bank ETF	78464A797	13,166	$473,976	0.09%
141	Fidelity(R) MSCI Utilities ETF	316092865	11,126	$470,422	0.09%
142	iShares iBonds Dec 2027 Term Corp ETF	46435UAA9	19,787	$464,590	0.09%
143	iShares MSCI Emerging Mkts ex China ETF	46434G764	8,672	$450,771	0.08%
144	Health Care Select Sector SPDR(R) ETF	81369Y209	3,356	$445,442	0.08%
145	Vanguard Tax-Exempt Bond ETF	922907746	8,368	$420,241	0.08%
146	Masco Corp	MAS	7,243	$415,603	0.08%
147	Financial Select Sector SPDR(R) ETF	81369Y605	12,154	$409,711	0.08%
148	iShares Global Clean Energy	464288224	21,843	$401,911	0.07%
149	Materials Select Sector SPDR(R) ETF	81369Y100	4,293	$355,761	0.07%
150	Comerica Inc	200340107	7,968	$337,524	0.06%
151	SPDR(R) Nuveen Barclays ST Muni Bd ETF	78468R739	7,065	$332,408	0.06%
152	Wal-Mart Stores Inc	WMT	2,084	$327,563	0.06%
153	Global X S&P 500(R) Catholic Values ETF	37954Y889	5,708	$310,744	0.06%
154	SPDR(R) Nuveen Blmbg Barclays Muni Bd ETF	78468R721	6,500	$300,040	0.06%
155	General Electric Co	369604301	2,663	$292,531	0.05%
156	Invesco FTSE RAFI US 1000 ETF	IVZ	1,716	$280,823	0.05%
157	PowerShares Dynamic Large Cap Growth ETF	IVZ	3,970	$280,347	0.05%
158	AT&T Inc	T-PC	17,486	$278,903	0.05%
159	Ford Motor Co	345370860	18,187	$275,167	0.05%
160	Schwab Short-Term US Treasury ETFA(TM)	808524862	5,700	$273,942	0.05%
161	Stryker Corporation	SYK	884	$269,700	0.05%
162	iShares National AMT-Free Muni Bond	464288414	2,505	$267,359	0.05%
163	Aspen Technology Inc	29109X106	1,580	$264,824	0.05%
164	Teradyne Inc	TER	2,321	$258,397	0.05%
165	Ishares Tr Ibds Dec28 Etf	46435U515	10,493	$257,086	0.05%
166	PowerShares QQQ ETF	IVZ	679	$250,667	0.05%
167	Verizon Communications Inc	VZ	6,586	$244,937	0.05%
168	Caterpillar Inc	CAT	979	$240,883	0.04%
169	Consumer Staples Select Sector SPDR(R) ETF	81369Y308	3,198	$237,196	0.04%
170	iShares 7-10 Year Treasury Bond	464287440	2,436	$235,318	0.04%
171	Schwab Fundamental US Small Company ETF	808524763	4,557	$229,901	0.04%
172	Schwab US Large-Cap Growth ETFA(TM)	808524300	2,980	$223,385	0.04%
173	Vanguard Total Bond Market ETF	921937835	2,905	$211,130	0.04%
174	Vanguard 500 ETF	922908363	518	$210,971	0.04%
175	Vanguard FTSE Developed Markets ETF	921943858	4,425	$204,347	0.04%
176	Mastercard Inc A	MA	511	$200,976	0.04%