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VOL. XII · NO. 117Established MMXIV · George Town, Grand CaymanAtlantic Edition · $4.50

The Cayman Journal

Finance · Business · Technology · Caribbean & Global Affairs
13F HOLDINGS REPORT

NICOLET BANKSHARES INC

Quarter ended Q3 2025 · Filed November 13, 2025 · Accession 0001174850-25-000085

Total Value
$622.3M
Positions
223
Other Managers
0
Confidential Omitted
No
View on SEC.gov

Holdings (223)

#IssuerTicker / CUSIPSharesValue% of Filing
1NICOLET BANKSHARES INCNIC887,044$119.3M19.17%
2STATE STREET SPDR PORTFOLIO S&P 500 VALUE ETF78464A5081,058,147$58.5M9.41%
3STATE STREET SPDR S&P 500 GROWTH ETF78464A409389,108$40.7M6.53%
4VANGUARD S&P 500 ETF92290836342,910$26.3M4.22%
5APPLE INCAAPL66,541$16.9M2.72%
6MICROSOFT CORPMSFT30,288$15.7M2.52%
7AVANTIS EMERGING MARKETS EQUITY ETF025072604201,816$15.2M2.44%
8NVIDIA CORPNVDA75,931$14.2M2.28%
9SPDR S&P 500 ETF TRUSTSPY19,948$13.3M2.14%
10ISHARES S&P 500 BARRA GROWTH INDEX FUND464287309107,585$13.0M2.09%
11ISHARES CORE S&P 500 ETF46428720014,593$9.8M1.57%
12VANGUARD FTSE DEVELOPED MARKETS921943858158,496$9.5M1.53%
13AVANTIS INVESTORS025072356184,508$8.2M1.32%
14JPMORGAN CHASE & COVYLD23,860$7.5M1.21%
15AMAZON.COM INCAMZN34,263$7.5M1.21%
16ALPHABET INC CAP STK CL CGOOG28,500$6.9M1.12%
17ISHARES RUSSELL 1000 GROWTH INDEX FD46428761414,770$6.9M1.11%
18ISHARES MSCI EAFE INDEX FD46428746567,256$6.3M1.01%
19ALPS ETF TR ALERIAN MLP ETF NEW00162Q452130,645$6.1M0.99%
20COSTCO WHOLESALE CORP22160K1056,417$5.9M0.95%
21JPM ALERIAN MLP INDEX ETN 1/28/2044VYLD194,978$5.8M0.92%
22ISHARES S&P 500/VALUE46428740826,794$5.5M0.89%
23ALPHABET INC CAP STK CL AGOOG21,323$5.2M0.83%
24META PLATFORMS INC CL AMETA6,736$4.9M0.79%
25VANGUARD TOTAL STOCK MARKET ETF92290876914,739$4.8M0.78%
26MASTERCARD INCMA6,708$3.8M0.61%
27VANGUARD VALUE ETF92290874419,251$3.6M0.58%
28ORACLE CORPORATIONORCL-PD12,393$3.5M0.56%
29ABBOTT LABSABLZF24,797$3.3M0.53%
30PROCTER & GAMBLE CO74271810919,434$3.0M0.48%
31EXXON MOBIL CORPXOM26,328$3.0M0.48%
32HOME DEPOT INCHD7,223$2.9M0.47%
33BERKSHIRE HATHAWAY INC DEL CL B NEWBRK-A5,756$2.9M0.47%
34WALMART INCWMT24,849$2.6M0.41%
35ISHARES RUSSELL 1000 VALUE INDEX FUND46428759812,215$2.5M0.40%
36ISHARES RUSSELL 2000 INDEX FD46428765510,017$2.4M0.39%
37VANGUARD LARGE-CAP ETF9229086377,863$2.4M0.39%
38COCA COLA COKO36,468$2.4M0.39%
39VANGUARD GROWTH ETF9229087365,012$2.4M0.39%
40MCDONALDS CORPMCD7,660$2.3M0.37%
41EATON CORP PLC SHSETN6,160$2.3M0.37%
42PALO ALTO NETWORKS INCPANW10,975$2.2M0.36%
43WEC ENERGY GROUP INCWEC19,344$2.2M0.36%
44VANGUARD MID-CAP VALUE INDEX92290851212,484$2.2M0.35%
45TJX COS INC87254010915,074$2.2M0.35%
46JOHNSON & JOHNSONJNJ11,458$2.1M0.34%
47CATERPILLAR INCCAT4,320$2.1M0.33%
48GENERAL DYNAMICS CORPGD5,987$2.0M0.33%
49VANGUARD TOTAL INTL STOCK INDEX FD ETF SHS92190976826,688$2.0M0.32%
50NORFOLK SOUTHN CORP6558441086,259$1.9M0.30%
51ANALOG DEVICES INCADI7,536$1.9M0.30%
52INVESCO QQQ TR UNIT SER 1IVZ3,075$1.8M0.30%
53VANGUARD MID-CAP ETF9229086296,180$1.8M0.29%
54SALESFORCE, INC.CRM7,499$1.8M0.29%
55CHEVRON CORPORATIONCVX11,282$1.8M0.28%
56ADOBE SYS INCADBE4,926$1.7M0.28%
57CISCO SYSTEMS INCCSCO24,861$1.7M0.27%
58ISHARES CORE S&P MID-CAP ETF46428750725,914$1.7M0.27%
59HONEYWELL INTL INC4385161068,033$1.7M0.27%
60SPDR INDEX SHS FDS78463X84847,928$1.7M0.27%
61DEERE & CODE3,595$1.6M0.26%
62BROADCOM INCAVGO4,946$1.6M0.26%
63VANGUARD TOTAL BOND MARKET ETF92193783521,423$1.6M0.26%
64SPDR PORTFOLIO S&P 1500 COMPOSITE STOCK MARKET ETF78464A80519,350$1.6M0.25%
65CENCORA, INC.COR4,932$1.5M0.25%
66RTX CORPORATIONRTX8,760$1.5M0.24%
67DIMENSIONAL ETF TRUST US CORE EQUITY 225434V70837,742$1.5M0.23%
68MONDELEZ INTL INC CL A60920710522,220$1.4M0.22%
69SCHWAB CHARLES CORPSCHW-PJ14,429$1.4M0.22%
70BLACKSTONE INCBX7,917$1.4M0.22%
71SCHNEIDER NATIONAL INCSNDR62,949$1.3M0.21%
72ABBVIE INCABBV5,708$1.3M0.21%
73WELLS FARGO & COMPANY94974610115,710$1.3M0.21%
74LAM RESEARCH CORPLRCX9,760$1.3M0.21%
75INTUITINTU1,903$1.3M0.21%
76LOWES COS INC5486611075,125$1.3M0.21%
77ISHARES BITCOIN TRUST ETFIBIT19,771$1.3M0.21%
78INTERCONTINENTAL EXCHANGE, INC45866F1047,600$1.3M0.21%
79VANGUARD SMALL-CAP ETF9229087515,035$1.3M0.21%
80VISA INC CL AV3,735$1.3M0.20%
81NEXTERA ENERGY INCNEE-PW16,766$1.3M0.20%
82CHIPOTLE MEXICAN GRILL INC-CL ACMG31,674$1.2M0.20%
83VANGUARD S&P 500 GROWTH INDX ETF9219325052,841$1.2M0.20%
84FLEXSHARES MSTAR GBL UPSTRM ETFFLEX27,975$1.2M0.20%
85NETFLIX INCNFLX1,016$1.2M0.20%
86DISNEY WALT CO25468710610,367$1.2M0.19%
87ADVANCED MICRO DEVICES INCAMD7,254$1.2M0.19%
88PFIZER INCPFE45,392$1.2M0.19%
89AMERICAN TOWER CORP03027X1005,886$1.1M0.18%
90GSK PLCGLAXF26,212$1.1M0.18%
91ISHARES RUSSELL 10004642876223,057$1.1M0.18%
92PRINCIPAL ACTIVE HIGH YIELD ETF74255Y10255,621$1.1M0.17%
93BANK FIRST CORPORATIONBFC8,914$1.1M0.17%
94INTERNATIONAL BUSINESS MACHSINTR3,731$1.1M0.17%
95LILLY (ELI) & COLLY1,378$1.1M0.17%
96PEPSICO INCPEP7,359$1.0M0.17%
97ISHARES RUSSELL MIDCAP VALUE INDEX FD4642874737,292$1.0M0.16%
98DANAHER CORP2358511024,922$975,8360.16%
99ISHARES CORE U.S. AGGREGATE4642872269,489$951,2720.15%
100PHILIP MORRIS INTL INC7181721095,524$895,9930.14%
101UNITEDHEALTH GROUP INCUNH2,559$883,6230.14%
102BOEING COBA-PA4,075$879,5070.14%
103CVS HEALTH CORPORATIONCVS11,600$874,5240.14%
104ISHARES RUSSELL MIDCAP GROWTH INDEX FD4642874816,057$862,5770.14%
105ISHARES CORE MSCI EMK ETF46434G10312,980$855,6420.14%
106COMCAST CORP CL ACCZ26,846$843,5010.14%
107Invesco S&P 500 Equal Weight ETFIVZ4,425$839,4230.13%
108UNION PAC CORPUNP3,481$822,8040.13%
109THERMO FISHER SCIENTIFIC INCTMO1,678$813,8640.13%
110EOG RES INCEOG7,207$808,0490.13%
111VANGUARD FTSE EMERGING MARKETS ETF92204285814,614$791,7870.13%
112VANGUARD FTSE ALL-WORLD EX-U92204277510,901$778,0040.13%
113VANGUARD INDEX FDS9229086523,695$773,5110.12%
114GRAINGER W W INC384802104804$766,1800.12%
115GOLDMAN SACHS GROUPGSCE956$761,3110.12%
116SPDR S&P MIDCAP 400 ETF TRMDY1,241$739,6730.12%
117BRISTOL MYERS SQUIBB COCELG-RI16,361$737,8810.12%
118VANGUARD HEALTH CARE ETF92204A5042,832$735,1870.12%
119SERVICENOW INCNOW794$730,7020.12%
120MARSH & MCLENNAN COS INC5717481023,605$726,5160.12%
121VANGUARD SHORT-TERM TREASURY INDEX FUND92206C10212,204$718,2050.12%
122AMPHENOL CORP CL A0320951015,744$710,8200.11%
123PAYPAL HLDGS INCPYPL10,355$694,4060.11%
124CARRIER GLOBAL CORPCARR11,628$694,1920.11%
125NIKE INCNKE9,705$676,7300.11%
126BLACKROCK INCBLK580$676,2050.11%
127ACCENTURE PLC CLASS AACN2,725$671,9850.11%
128ISHARES CORE S&P SMALL-CAP ETF4642878045,611$666,7550.11%
129O REILLY AUTOMOTIVE INC67103H1076,180$666,2660.11%
130SLB LIMITEDSLB19,141$657,8760.11%
131FISERV INCFISV5,076$654,4490.11%
132ISHARES S&P GLOBAL INFRASTRUCTURE IDX ETF46428837210,470$639,9260.10%
133JANUS DETROIT STR TR47103U85213,823$631,2960.10%
134VICTORYSHARES CORE INTERMEDIATE BOND ETF92647N52712,900$613,0080.10%
135EVERGY INCEVRG8,000$608,1600.10%
136CITIGROUP INCC-PR5,990$607,9850.10%
137DUPONT DE NEMOURS INCDD7,720$601,3880.10%
138ISHARES NATIONAL MUNI BOND ETF4642884145,527$588,5700.09%
139FIDELITY NATL INFORMATION31620M1068,746$576,7110.09%
140DIMENSIONAL U.S. EQUITY MARKET ETF25434V4017,736$560,3960.09%
141BECTON DICKINSON & COBDX2,968$555,5210.09%
142FREEPORT-MCMORAN INCFCX14,153$555,0810.09%
143MERCK & CO INCMRK6,529$547,9790.09%
144ISHARES RUSSELL MIDCAP INDEX FD4642874995,644$544,9280.09%
145GLOBAL X FDS S&P 500 CATHOLIC37954Y8896,668$540,4980.09%
146ILLINOIS TOOL WKS INC4523081092,017$525,9530.08%
147ZIMMER BIOMET HOLDINGS, INC.ZBH5,256$517,7160.08%
148SCHWAB EMERGING MARKETS EQUITY ETF80852470615,092$503,6200.08%
149VANGUARD INFORMATION TECHNOLOGY ETF92204A702664$495,7620.08%
150GE AEROSPACE3696043011,636$492,2170.08%
151LOCKHEED MARTIN CORPLMT963$480,7390.08%
152YUM! BRANDS INCYUM3,123$474,6960.08%
153LINDE PLCLIN997$473,5750.08%
154TRUIST FINL CORP89832Q1099,988$456,6510.07%
155AFLAC INCAFL4,087$456,5180.07%
156FEDEX CORPORATIONFDX1,917$452,0480.07%
157ISHARES RUSSELL 2000 VALUE INDEX FUND4642876302,511$443,9700.07%
158WISDOMTREE L/C DIVIDEND FUNDWT5,084$442,4610.07%
159CSX CORPCSX12,394$440,1110.07%
160COPART INCCPRT9,724$437,2880.07%
161Technology Sector SPDR Fund81369Y8031,545$435,4740.07%
162QUALCOMM INCQCOM2,591$431,0390.07%
163KKR & CO INC CL AKKRT3,287$427,1460.07%
164SPDR GOLD TRUSTGLD1,198$425,8530.07%
165Utilities Sector SPDR Fund81369Y8864,826$420,8750.07%
166TAPESTRY INCTPR3,708$419,8200.07%
167PIMCO ACTIVE BD ETF72201R7754,484$418,5810.07%
168ISHARES SELECT U.S. REIT ETF4642875646,680$411,6220.07%
169CONOCOPHILLIPSCOP4,245$401,5350.06%
170AMGEN INCAMGN1,410$397,9020.06%
171BIOGEN INCBIIB2,792$391,1030.06%
172STATE STREET SPDR S&P DIVIDEND ETF78464A7632,673$374,3540.06%
173INTEL CORPINTC11,107$372,6400.06%
174EMERSON ELEC COEMR2,814$369,1410.06%
175APPLIED MATLS INC0382221051,800$368,5320.06%
176MASCO CORPMAS5,210$366,7320.06%
177SS&C TECHNOLOGIES HLDGS INCSSNC4,063$360,6320.06%
178ISHARES DOW JONES SELECT DIV IND4642871682,475$351,6980.06%
179iShares 10-20 Year Treasury Bond ETF4642886533,385$348,6210.06%
180KIMBERLY CLARK CORPKMB2,748$341,6860.05%
181EQUIFAX INCEFX1,260$323,2280.05%
182SCHWAB INTERNATIONAL EQUITY ETF80852480513,576$316,0490.05%
183STARBUCKS CORPSBUX3,642$308,1130.05%
184MICROCHIP TECHNOLOGY INCMCHPP4,688$301,0630.05%
185VANGUARD MID-CAP GROWTH INDE9229085381,013$297,6090.05%
186ALTRIA GROUP INCMO4,466$295,0240.05%
187Financial Sector SPDR Fund81369Y6055,330$287,1270.05%
188SMITH A O CORPAOS3,900$286,2990.05%
189ACI WORLDWIDE INCACIW5,387$284,2720.05%
190ISHARES CORE MSCI EAFE46432F8423,180$277,6460.04%
191BATH & BODY WORKS INCBBWI10,444$269,0370.04%
192PHILLIPS 66 COMPSX1,971$268,0950.04%
193AMERICAN WTR WKS CO INC0304201031,875$260,9810.04%
194WYNDHAM HOTELS & RESORTS INCWH3,265$260,8740.04%
195STRYKER CORPSYK693$256,1810.04%
196VANGUARD SHORT-TERM CORPORATE BOND ETF92206C4093,080$246,1840.04%
197VERTEX PHARMACEUTICALS INCVRTX617$241,6420.04%
198S&P GLOBAL INCSPGI495$240,9210.04%
199VERIZON COMMUNICATIONS INCVZ5,465$240,1870.04%
200SYNOPSYS INCSNPS482$237,8140.04%
201PRINCIPAL FINL GROUP INCPFG2,845$235,8790.04%
202AIR PRODS & CHEMS INCAIIR859$234,2660.04%
203Energy Sector SPDR Fund81369Y5062,605$232,7310.04%
204OVERLAY SHARES LG CAP EQUITY ETF53656F8054,425$231,5160.04%
205TESLA, INCTSLA519$230,8100.04%
206ISHARES MSCI EAFE SM CAPIDX4642882732,889$221,6440.04%
207SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF78463X8895,178$221,5670.04%
208ISHARES TR4642888773,238$219,6340.04%
209JPMORGAN ULTRA SHORT INC ETF46641Q8374,303$218,2910.04%
210CDW CORPCDW1,348$214,7090.03%
211TRACTOR SUPPLY COTSCO3,750$213,2630.03%
212ASML HOLDING NV NY REGISTRY SHSASMLF219$212,0120.03%
213L3HARRIS TECHNOLOGIES INCLHX694$211,9550.03%
214AT&T INCT-PC7,495$211,6590.03%
215TIMOTHY PLAN U S LARGE CAP CORE ETF8874323594,544$210,3740.03%
216FIDELITY WISE ORIGIN BITCOIN FUNDFBTC2,076$207,2060.03%
217T ROWE PRICE GROUP INCTROW2,008$206,1010.03%
218GE VERNOVA INCGEV331$203,7240.03%
219SPDR S&P 500 ETF TRUSTSPY186$123,9090.02%
220VANGUARD MID-CAP ETF922908629201$59,0420.01%
221STATE STREET SPDR PORTFOLIO S&P 500 VALUE ETF78464A508564$31,2060.01%
222ALPS ETF TR ALERIAN MLP ETF NEW00162Q452333$15,6280.00%
223AVANTIS INVESTORS025072356187$8,3180.00%