Managers / Q4 2025 · view latest →
Main Management Fund Advisors LLC
CIK 0001862787 · 601 CALIFORNIA STREET, SUITE 300, SAN FRANCISCO, CA, 94108 · 4152175800
Summary
Main Management Fund Advisors LLC reported $1.1B in U.S.-listed holdings across 7 positions for Q4 2025.
The portfolio is heavily concentrated: IVV alone accounts for 38.6% of reported value.
Compared with Q3 2025, the fund opened 2 new positions and exited 3.
Portfolio Metrics
Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.
Reported Value by Quarter
Portfolio Composition
- ETP · 100.0% · $1.1B
Quarter-over-Quarter Changes full breakdown →
vs Q3 2025 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| XLFState Street Financial Select Sector SPDR ETF USD Class | NEW | +2.00M | 2.00M | +$109M | $109M |
| XLEState Street Energy Select Sector SPDR ETF USD Class | NEW | +2.42M | 2.42M | +$108M | $108M |
| SMHVanEck Semiconductor ETF USD Class | SOLD OUT | −280.9K | 0 | −$92M | $0 |
| XLUUtilities Select Sector SPDR Fund USD Class | SOLD OUT | −1.03M | 0 | −$90M | $0 |
| XLYConsumer Discretionary Select Sector SPDR Fund | SOLD OUT | −372.6K | 0 | −$89M | $0 |
| XLVState Street Health Care Select Sector SPDR ETF USD Class | ADDED | +151.5K | 671.5K | +$32M | $104M |
| QQQMInvesco Nasdaq 100 ETF USD Class | ADDED | +86.4K | 429.2K | +$24M | $109M |
| XLCState Street Communication Services Select Sector SPDR ETF | ADDED | +91.0K | 926.5K | +$10M | $109M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q4 2025
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | IVViShares Core S&P 500 ETF USD Classhistory → | COM | 38.56% | $423M | 617.5K |
| 2 | BKLCBNY Mellon US Large Cap Core Equity ETF USD Classhistory → | COM | 12.27% | $135M | 1.03M |
| 3 | XLFState Street Financial Select Sector SPDR ETF USD Classhistory → | COM | 9.98% | $109M | 2.00M |
| 4 | XLCState Street Communication Services Select Sector SPDR ETFhistory → | COM | 9.94% | $109M | 926.5K |
| 5 | QQQMInvesco Nasdaq 100 ETF USD Classhistory → | COM | 9.90% | $109M | 429.2K |
| 6 | XLEState Street Energy Select Sector SPDR ETF USD Classhistory → | COM | 9.87% | $108M | 2.42M |
| 7 | XLVState Street Health Care Select Sector SPDR ETF USD Classhistory → | COM | 9.48% | $104M | 671.5K |
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q1 2026 | $1.2B | 8 | May 15, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q4 2025 | $1.1B | 7 | Feb 10, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q3 2025 | $1.0B | 8 | Nov 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q2 2025 | $839M | 6 | Aug 12, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q1 2025 | $682M | 6 | May 15, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q4 2024 | $655M | 6 | Feb 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q3 2024 | $583M | 5 | Nov 15, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q2 2024 | $555M | 6 | Aug 15, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q1 2024 | $492M | 6 | May 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q4 2023 | $357M | 6 | Feb 15, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q3 2023 | $344M | 8 | Nov 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q2 2023 | $310M | 8 | Aug 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q1 2023 | $229M | 8 | May 12, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q4 2022 | $159M | 8 | Feb 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q3 2022 | $139M | 8 | Nov 14, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q2 2022 | $141M | 8 | Aug 11, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q1 2022 | $155M | 7 | May 10, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q4 2021 | $140M | 6 | Feb 15, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q3 2021 | $130M | 7 | Nov 12, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q2 2021 | $127M | 6 | Aug 12, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q1 2021 | $114M | 6 | May 17, 2021 | 13F-HR | changes · EDGAR ↗ |
13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.