Institutional Manager · CIK 0001775863

NICOLET ADVISORY SERVICES, LLC

GREEN BAY, WI · File #028-19499

Latest AUM

$1.48B

Positions

421

Top-10 Concentration

61.9%

Filings

Portfolio Value Over Time

2024-03

2024-06

2024-09

2024-12

2025-03

2025-06

2025-09

2025-12

Biggest QoQ Changes

Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.

Action	Issuer	Ticker / CUSIP	Δ Shares	Flow ($)	Price Effect
ADD	SPDR SERIES TRUST	78464A854	+3,577,727	+$292.7M	+$100,904
REDUCE	SPDR SERIES TRUST	78464A508	-1,960,787	-$114.1M	+$7.7M
REDUCE	SPDR SERIES TRUST	78464A409	-953,384	-$103.2M	+$5.4M
ADD	AMERICAN CENTY ETF TR	025072604	+266,256	+$21.6M	+$2.5M
ADD	VANGUARD TAX-MANAGED FDS	921943858	+156,856	+$10.2M	+$2.4M
REDUCE	JPMORGAN CHASE FINL CO LLC	VYLD	-280,701	-$8.7M	+$938,197
ADD	VANGUARD INDEX FDS	922908363	+10,656	+$6.8M	+$657,840
ADD	VANGUARD MUN BD FDS	922907746	+133,935	+$6.8M	+$275,042
ADD	ISHARES TR	464287150	+38,473	+$5.9M	+$1.5M
NEW	VANGUARD SCOTTSDALE FDS	92206C730	+16,135	+$5.1M	$0

Sector Allocation

Technology

9.5%$140.8M

Industrials

2.6%$39.4M

Consumer Discretionary

2.6%$39.2M

1.9%$28.4M

1.9%$28.1M

1.6%$23.8M

1.1%$16.5M

0.7%$10.9M

Communication Services

0.7%$10.4M

Materials

0.2%$3.0M

Real Estate

0.1%$1.0M

Filing History

Feb 13, 202613F HOLDINGS REPORTQ/E Dec 2025421 pos · $1.48B
Nov 13, 202513F HOLDINGS REPORTQ/E Sep 2025415 pos · $1.29B
Aug 13, 202513F HOLDINGS REPORTQ/E Jun 2025407 pos · $1.18B
May 8, 202513F HOLDINGS REPORTQ/E Mar 2025380 pos · $1.01B
Feb 12, 202513F HOLDINGS REPORTQ/E Dec 2024380 pos · $1.09B
Nov 12, 202413F HOLDINGS REPORTQ/E Sep 2024369 pos · $1.06B
Aug 14, 202413F HOLDINGS REPORTQ/E Jun 2024354 pos · $1.04B
May 10, 202413F HOLDINGS REPORTQ/E Mar 2024343 pos · $984.6M
Nov 7, 202313F HOLDINGS REPORTQ/E Dec 2023315 pos · $902.8M

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	SPDR SERIES TRUST	78464A854	3,610,494	$295.3M	24.94%
2	SPDR SERIES TRUST	78464A508	1,208,677	$70.3M	5.94%
3	SPDR SERIES TRUST	78464A409	585,065	$63.4M	5.35%
4	AMERICAN CENTY ETF TR	025072604	754,863	$61.1M	5.16%
5	APPLE INC	AAPL	201,637	$52.5M	4.43%
6	ISHARES TR	464287150	307,968	$46.8M	3.95%
7	VANGUARD TAX-MANAGED FDS	921943858	720,525	$46.8M	3.95%
8	VANGUARD MUN BD FDS	922907746	695,282	$35.2M	2.97%
9	VANGUARD INDEX FDS	922908629	107,901	$32.3M	2.73%
10	BERKSHIRE HATHAWAY INC DEL	BRK-A	58,069	$29.0M	2.45%
11	FIDELITY MERRIMACK STR TR	316188309	591,999	$27.3M	2.31%
12	MICROSOFT CORP	MSFT	55,206	$26.3M	2.22%
13	VANGUARD INDEX FDS	922908363	37,910	$24.2M	2.05%
14	JPMORGAN CHASE & CO.	VYLD	70,008	$22.7M	1.92%
15	NVIDIA CORPORATION	NVDA	117,178	$21.7M	1.83%
16	VANGUARD BD INDEX FDS	921937835	260,374	$19.3M	1.63%
17	VICTORY PORTFOLIOS II	92647N527	389,946	$18.5M	1.56%
18	PROCTER AND GAMBLE CO	742718109	124,120	$17.8M	1.50%
19	AMERICAN CENTY ETF TR	025072356	388,797	$17.1M	1.45%
20	AMAZON COM INC	AMZN	64,931	$16.0M	1.35%