CM Canadian Imperial Bank of Commerce Common Stock

NYSE · Banking
$121.92
Price · Aug 19, 2026
52W Range
$73–$125
94% of range
Analyst Rating
BUY
22 analysts
Price Target
$112
P/E (TTM)
—
ROE
—
Net Profit Margin
—

CM Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price
$121.92
Market Cap
—
P/E (TTM)
—
EPS (TTM)
—
Revenue (TTM)
—
Div Yield
—
ROE
—
Debt/Equity
—
52W Range
$73 – $125

CM Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income —
EPS —
Free Cash Flow —
Margins —

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric
5Y trend
CM
Peer Median

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric
5Y trend
CM
Peer Median

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric
5Y trend
CM
Peer Median

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric
5Y trend
CM
Peer Median

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric
5Y trend
CM
Peer Median

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric
5Y trend
CM
Peer Median

Dividends Yield, payout ratio, dividend history, 5Y CAGR

Dividend Yield
—
Payout Ratio
—
5Y Div CAGR
—
Ex-dateAmount
June 29, 2026$0.7540
March 27, 2026$0.7720
June 27, 2025$0.7110
March 28, 2025$0.6780
Dec. 27, 2024$0.6730
Sept. 27, 2024$0.6680
June 28, 2024$0.6570
March 27, 2024$0.6630
Dec. 27, 2023$0.6820
Sept. 27, 2023$0.6440
June 27, 2023$0.6620
March 27, 2023$0.6180
Dec. 23, 2022$0.6230
Sept. 27, 2022$0.6040
June 27, 2022$0.6440
March 25, 2022$0.6430
Sept. 27, 2021$0.5770
June 25, 2021$0.5925
March 26, 2021$0.5790
Dec. 24, 2020$0.5680

CM Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

BUY 22 analysts
  • Strong Buy 5 22.7%
  • Buy 9 40.9%
  • Hold 8 36.4%
  • Sell 0 0.0%
  • Strong Sell 0 0.0%

12-Month Price Target

3 analysts · 2026-08-16
Median target $115.61 -5.2%
Mean target $111.98 -8.2%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise
0.12%
Period EPS Actual EPS Est Surprise
June 30, 2026 $2.54 $2.51 0.03%
March 31, 2026 $2.76 $2.47 0.29%
Dec. 31, 2025 $2.21 $2.15 0.06%
Sept. 30, 2025 $2.16 $2.06 0.10%
June 30, 2025 $2.05 $1.95 0.10%

CM AI Analyst Panel — Bullish and Bearish Views 2026Q2 debate: Claude, Grok, Gemini, ChatGPT on the stock's prospects

Round 1 — Opening Takes

Grok BULLISH 0.70
↑ Bullish

I see the strongest bull case for CM as a reliable dividend payer with quickening profitability in a steady banking environment. ROE TTM has risen to 14.76%, meaning the bank is generating solid returns on capital that support payouts and resilience against mild slowdowns. EPS TTM hits nearly $10 per share, fueling potential for 5-7% dividend growth if trends hold. The stock has rallied 20% from April lows to $73, showing investor confidence without overstretching.

↓ Bearish

My read on the bear case is CM's high leverage exposing it to rate cuts or credit stress that could squeeze margins. Debt-to-equity lingers around 2.7, amplifying any uptick in loan losses and limiting flexibility versus less leveraged peers. P/B stays flat at 1.68 despite the price run, indicating skepticism about book value growth in a softening economy. Market cap dipped to $131 billion from $137 billion prior quarter, hinting at fading momentum.

Claude NEUTRAL 0.62
↑ Bullish

Canadian Imperial is trading at a valuation that assumes mediocrity, but the bank is actually generating real returns on equity. At a 14.0 P/E trailing, you're paying just fourteen times earnings for a business throwing off a 14.8% ROE — that's a respectable return on shareholder capital for a mature financial institution. The stock has climbed from $58 in late April to $73 in early July, a 26% move in twelve weeks, which suggests the market is finally pricing in that this isn't a value trap. If net margins hold above 20%, this bank has pricing power in its core lending and deposit franchises that most investors are still sleeping on.

↓ Bearish

The real problem is leverage, not earnings. CM carries a 2.69 debt-to-equity ratio as of last quarter, which means the bank is borrowing nearly three dollars for every dollar of shareholder capital. That amplifies returns in good times but becomes a liability fast if credit cycles turn or deposit funding tightens. The stock has already rallied 26% in three months, so much of the repricing may be done. More concerning: market cap fell from $136.6 billion in Q1 to $131.2 billion now, a 4% drop despite the stock price rising — that's a red flag on share dilution or valuation compression that deserves scrutiny. At 1.68 price-to-book, you're paying a premium to book value for a business that can't escape the commodity dynamics of Canadian retail banking.

Gemini NEUTRAL 0.75
↑ Bullish

CIBC is demonstrating a powerful ability to generate consistent returns for its shareholders despite a challenging macro environment. The bank is posting a 14.76% return on equity. This means for every dollar of shareholder capital, the company is effectively generating nearly 15 cents in profit, signaling high operational efficiency. Furthermore, the net profit margin sits at 20.71%. This indicates that over one-fifth of every dollar in revenue is successfully converted into bottom-line earnings, providing a solid buffer for the bank to navigate potential loan losses while maintaining its dividend commitments to investors.

↓ Bearish

The market is increasingly pricing in a premium for CM that may not be fully supported by its current growth trajectory. The price-to-earnings ratio has climbed to 14.02. This suggests investors are paying more today for each dollar of earnings than they were in previous quarters, which limits the potential for further multiple expansion. Additionally, the stock has rallied significantly to its current $73 level over the last year. This rapid price appreciation leaves the shares vulnerable to a correction if the Canadian housing market or interest rate environment creates unexpected headwinds for the bank's loan book.

Chatgpt NEUTRAL 0.62
↑ Bullish

CM looks like a durable, well-priced Canadian bank with room to run. P/E TTM: 14.0. That suggests CM trades at a reasonable multiple for a bank with solid earnings power, leaving room for multiple expansion if earnings stay on trend. ROE TTM: 14.8%. That level shows CM uses capital efficiently and generates solid profits, supporting upside if earnings compound. Net margin TTM: 20.7%. A high margin signals durable profitability and a cushion if rates shift, helping earnings stability.

↓ Bearish

CM could come under pressure if credit losses rise or net interest margins compress in a weaker rate environment. Debt/Equity quarterly: 2.69x (2026Q1). That leverage means any deterioration in credit costs can hit profitability more than for peers with lower leverage. P/B annual: 1.68. A modest premium to book suggests expectations are baked in; a weaker cycle could compress book value and sentiment. Net margin TTM: 20.7%. That cushion can shrink if provisions rise or loan growth slows, reducing earnings resilience.

Round 2 — Responses & Rebuttals

Grok

Claude, your claim that the 26% rally means much repricing is done ignores the persistent valuation discount to ROE. A 14x P/E for 14.8% returns on equity means you're buying efficient capital use cheaply, leaving room for multiple expansion if EPS keeps climbing toward $10. That's why I see buy potential into 2026Q2, not a topped-out move.

Claude

I need to push back on Grok's confidence here. You're citing the 14.76% ROE and $10 EPS as evidence of 'quickening profitability,' but the data shows the opposite trend. ROE was 13.31% in Q3, then 13.5% in Q4, then 14.76% now — that's a climb, yes, but it's happening while market cap fell 4% quarter-over-quarter despite stock price rising. That's not quickening momentum; that's multiple compression masking deteriorating per-share value. The dividend math only works if earnings actually grow, not just if leverage pumps the ratio higher. I'm not convinced the 5-7% dividend growth thesis holds if the underlying book value per share is contracting.

Gemini

Claude, your point about the market cap decline is the most critical red flag in this entire discussion. You noted that the market cap fell from $136.6 billion to $131.2 billion despite the stock price rising, which is a 4% contraction in total valuation. This divergence suggests that the recent price action is being driven by thinner liquidity or aggressive buybacks rather than fundamental growth, signaling that the rally may be structurally fragile. I agree with your assessment that we are likely seeing valuation compression disguised by a rising share price.

Chatgpt

Claude, your point about leverage is important, but CM's ROE signal suggests a different risk picture. CM's ROE is about 14.8%. That level means CM is turning capital into profits efficiently, which cushions earnings against loan losses and supports stability. The stock has bounced higher on momentum lately, but the profitability and quality of earnings should anchor any rerate, not market fads.

Round 3 — Final Rebuttals

G
Grok

Claude, I need to challenge your claim that the market cap drop signals share dilution. With shares trading up to $73 from around $68 at the end of Q1, the 4% market cap decline from $137 billion to $131 billion actually points to fewer shares outstanding — that's buybacks shrinking the float, not dilution. Buybacks here amplify EPS growth toward $10 and reinforce the dividend case into 2026Q2, not a red flag.

C
Claude

I want to push back on ChatGPT's framing here, because it glosses over the leverage trap. ChatGPT says a 14.8% ROE cushions earnings against loan losses — but that ROE is already inflated by a 2.69x debt-to-equity ratio. That means CM is borrowing aggressively to juice returns on a shrinking equity base. If provisions rise even modestly in a credit downturn, that leverage works in reverse: the same 2.69x multiplier amplifies losses, not profits. ChatGPT is treating ROE as a sign of safety when it's actually a sign of risk concentration. The real question isn't whether CM generates 14.8% returns today — it's whether those returns survive the next cycle when deposit funding tightens or loan losses spike. That's where the leverage becomes a liability, not a cushion.

G
Gemini

Grok, I have to challenge your assertion that a 14x P/E is 'buying efficient capital use cheaply' given the current macro regime. The Bank of Canada’s recent focus on cooling the domestic housing market creates a massive headwind for CM’s loan growth. With 14.02 times trailing earnings, the market is pricing in a 'soft landing' scenario that ignores the systemic risk of high household debt in Canada. If the central bank keeps rates restrictive to combat inflation, CM’s net interest margin will likely compress. We aren't just looking at a valuation exercise; we are looking at a fundamental shift in the Canadian credit cycle.

C
Chatgpt

Claude, I'm widening the frame to macro and regulatory forces that can move CM's price in 2026Q2, beyond pure ratios. Canadian banks sit under OSFI oversight and Basel III rules, so changes to capital requirements or loss-absorption buffers could compress or liberate earnings even if loan growth stays steady. A Canadian housing slowdown and weaker mortgage renewals would test CM's sensitivity to credit risk and funding, regardless of reported margins. Meanwhile, policy signals on rate trajectory from the Bank of Canada and global risk sentiment can re-rate CM's multiple independent of quarterly results.

Price Forecasts

Model 3M Target 6M Target Reasoning
G Grok 3M Target $78.00 6M Target $85.00 Reasoning I see CM climbing on buyback-driven EPS growth and a persistent ROE discount that leaves room for multiple expansion into 2026Q2. The key catalyst is the Q3 2025 earnings release in late August, where stable net margins above 20% should confirm EPS nearing $10 and spark fresh buying. One big risk is Bank of Canada rate cuts triggering higher loan loss provisions, squeezing the 20.7% net margin. Current 14x P/E means you're paying modestly for 14.8% ROE, which for CM signals undervalued capital efficiency versus peers and supports 15% upside.
C Claude 3M Target $68.50 6M Target $71.00 Reasoning CM is a leverage-amplified play on Canadian credit stability, not a growth story — and the market is already pricing in a soft landing that I don't think holds. The 14.8% ROE is real but inflated by 2.69x debt-to-equity; if loan-loss provisions spike even 15–20 basis points in a housing slowdown, that leverage reverses fast. My catalyst: Q3 2025 earnings in late October will reveal whether net interest margins are compressing and provisions are rising as the Bank of Canada keeps rates higher for longer. My risk: a surprise rate cut cycle in late 2025 re-rates the multiple upward and breaks this thesis entirely. At 14.0x P/E on $10 EPS, you're paying for stability that doesn't exist if credit cycles turn. I see 68.50 in three months (pullback to support) and 71.00 in six months (modest recovery if provisions hold steady), but the 26% rally from April is done.
G Gemini 3M Target $68.50 6M Target $65.00 Reasoning My thesis is that CM’s recent rally is disconnected from the deteriorating Canadian credit cycle, making the stock vulnerable to a necessary valuation correction. The primary catalyst for a downside move will be the 2026Q3 earnings report, where I expect rising provision for credit losses to finally offset the gains from aggressive share buybacks. A significant risk is a sudden pivot by the Bank of Canada toward aggressive rate cuts, which would compress net interest margins further. The current 14.02 P/E ratio is expensive for a bank facing stagnant loan growth, as it forces investors to pay a premium for earnings that are increasingly sensitive to domestic housing volatility.
C Chatgpt 3M Target $63.00 6M Target $66.00 Reasoning I think CM has modest upside into 3–6 months thanks to a durable ROE and a reasonable valuation. The concrete catalyst is CM's next quarterly earnings report, where a stable ROE in the mid-teens and steady NIM could re-rate the stock. The risk is a sharper housing downturn or funding pressure that triggers higher loan losses and pressure on margins. ROE is 14.8%. That means CM is efficiently turning capital into profits, which supports dividends and potential multiple expansion if earnings stay on trend.

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Institutional owners (13F) 638 filers · $32.6B total · As of June 30, 2026

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
96 (+20 vs prior Q) 34 (-10 vs prior Q) 208 (+27 vs prior Q) 168 (-4 vs prior Q) +12.8M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
VANGUARD CAPITAL MANAGEMENT LLC $3,240,862,830 28,143,239 9.93% Shares
TD Asset Management Inc $2,291,662,266 19,907,518 7.02% Shares
BANK OF MONTREAL /CAN/ $2,278,280,362 19,804,132 6.98% Shares
MACKENZIE FINANCIAL CORP $1,786,208,792 10,936,865 5.47% Shares
CIBC WORLD MARKET INC. $1,342,849,928 11,569,311 4.11% Shares
BANK OF NOVA SCOTIA $1,297,272,497 11,266,147 3.98% Shares
NORGES BANK $1,138,309,909 9,895,019 3.49% Shares
GEODE CAPITAL MANAGEMENT, LLC $1,116,533,414 9,340,963 3.42% Shares
TD Waterhouse Canada Inc. $985,226,960 8,475,369 3.02% Shares
VANGUARD FIDUCIARY TRUST CO $938,030,951 8,145,741 2.87% Shares
CANADA PENSION PLAN INVESTMENT BOARD $927,218,724 8,059,922 2.84% Shares
Connor, Clark & Lunn Investment Management Ltd. $916,774,161 7,969,186 2.81% Shares
MANUFACTURERS LIFE INSURANCE COMPANY, THE $905,393,184 7,877,897 2.77% Shares
CIBC Asset Management Inc $843,900,182 7,342,841 2.59% Shares
Vanguard Global Advisers, LLC $814,103,518 7,069,571 2.49% Shares
VANGUARD GROUP INC $763,463,493 8,421,544 2.34% Shares
Public Sector Pension Investment Board $672,335,910 5,844,333 2.06% Shares
GOLDMAN SACHS GROUP INC $595,700,000 5,180,000 1.83% Shares
SCOTIA CAPITAL INC. $518,539,146 4,517,328 1.59% Shares
NATIONAL BANK OF CANADA /FI/ $482,200,083 4,213,111 1.48% Shares
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND $476,144,872 4,138,717 1.46% Shares
Capital International Investors $426,734,347 3,705,856 1.31% Shares
Federation des caisses Desjardins du Quebec $360,647,074 3,148,052 1.11% Shares
Fisher Asset Management, LLC $323,161,612 2,810,100 0.99% Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC $313,569,105 2,723,954 0.96% Shares
DIMENSIONAL FUND ADVISORS LP $299,895,505 2,607,787 0.92% Shares
Legal & General Group Plc $284,614,477 2,472,431 0.87% Shares
D. E. Shaw & Co., Inc. $246,952,908 2,146,700 0.76% Put option
VANGUARD ASSET MANAGEMENT, Ltd $240,763,904 2,090,763 0.74% Shares
SIG North Trading, ULC $236,957,500 2,060,500 0.73% Call option
Nuveen, LLC $220,115,416 1,912,128 0.67% Shares
Zurcher Kantonalbank (Zurich Cantonalbank) $199,466,466 1,732,752 0.61% Shares
BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp $172,290,065 1,497,645 0.53% Shares
LETKO, BROSSEAU & ASSOCIATES INC $169,860,753 1,475,569 0.52% Shares
OMERS ADMINISTRATION Corp $169,356,422 1,471,188 0.52% Shares
SIG North Trading, ULC $156,124,000 1,357,600 0.48% Put option
MUFG SECURITIES (CANADA), LTD. $149,683,760 1,301,918 0.46% Shares
Cardinal Capital Management, Inc. $147,101,340 1,557,036 0.45% Shares
AustralianSuper Pty Ltd $133,399,421 1,159,585 0.41% Shares
Hillsdale Investment Management Inc. $127,339,676 1,106,970 0.39% Shares
ROYAL BANK OF CANADA $117,300,000 1,020,000 0.36% Put option
SIG North Trading, ULC $103,402,825 899,155 0.32% Shares
D. E. Shaw & Co., Inc. $100,658,590 875,000 0.31% Call option
AVIVA PLC $94,878,303 825,286 0.29% Shares
Alberta Investment Management Corp $91,934,281 799,146 0.28% Shares
MORGAN STANLEY $90,161,412 784,012 0.28% Shares
GUARDIAN CAPITAL LP $89,789,911 779,999 0.28% Shares
Qube Research & Technologies Ltd $84,952,778 738,712 0.26% Shares
Caisse de depot et placement du Quebec $79,906,332 694,141 0.24% Shares
Aviso Financial Inc. $77,772,617 675,677 0.24% Shares
AMERICAN CENTURY COMPANIES INC $76,377,334 663,251 0.23% Shares
Korea Investment CORP $75,635,895 657,044 0.23% Shares
Nuveen Asset Management, LLC $67,230,286 1,063,352 0.21% Shares
APG Asset Management N.V. $67,064,455 666,066 0.21% Shares
Flat Footed LLC $66,987,500 582,500 0.21% Put option
INTACT INVESTMENT MANAGEMENT INC. $64,546,146 560,550 0.20% Shares
MILLENNIUM MANAGEMENT LLC $61,646,725 536,067 0.19% Shares
State of Tennessee, Department of Treasury $60,099,804 522,083 0.18% Shares
BANK OF MONTREAL /CAN/ $56,128,337 487,900 0.17% Call option
Pictet Asset Management Holding SA $56,105,413 487,384 0.17% Shares
NEUBERGER BERMAN GROUP LLC $55,360,289 480,915 0.17% Shares
Value Partners Investments Inc. $54,553,937 474,658 0.17% Shares
Vanguard Investments Australia, Ltd. $53,867,328 467,777 0.17% Shares
FIRST TRUST ADVISORS LP $51,776,921 450,147 0.16% Shares
GOLDMAN SACHS GROUP INC $48,875,000 425,000 0.15% Call option
Addenda Capital Inc. $48,658,638 295,989 0.15% Shares
Murchinson Ltd. $47,437,500 412,500 0.15% Put option
Amundi $45,988,500 399,900 0.14% Shares
BCV Asset Management Inc. $44,009,448 386,903 0.13% Shares
CIDEL ASSET MANAGEMENT INC $43,828,530 380,736 0.13% Shares
1832 Asset Management L.P. $42,898,795 373,033 0.13% Shares
ROYAL BANK OF CANADA $39,227,000 341,100 0.12% Call option
Guardian Partners Inc. $38,975,743 338,582 0.12% Shares
INTECH INVESTMENT MANAGEMENT LLC $37,674,168 327,273 0.12% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $36,501,000 317,400 0.11% Call option
SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC $35,799,500 311,300 0.11% Shares
ASSETMARK, INC $34,888,544 303,379 0.11% Shares
Murchinson Ltd. $34,787,500 302,500 0.11% Call option
STATE OF WISCONSIN INVESTMENT BOARD $33,411,099 290,240 0.10% Shares
Candriam S.C.A. $32,879,397 285,895 0.10% Shares
Purpose Unlimited Inc. $32,544,837 282,811 0.10% Shares
SEB Asset Management AB $32,467,747 282,047 0.10% Shares
NORTHERN TRUST CORP $31,292,995 272,113 0.10% Shares
Fiera Capital Corp $31,216,902 271,571 0.10% Shares
Mitsubishi UFJ Trust & Banking Corp $30,371,291 263,988 0.09% Shares
BANK OF MONTREAL /CAN/ $28,760,164 250,000 0.09% Put option
Triasima Portfolio Management inc. $28,048,101 243,652 0.09% Shares
LAZARD ASSET MANAGEMENT LLC $27,772,540 241,415 0.09% Shares
Investment Management Corp of Ontario $27,403,465 238,291 0.08% Shares
PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO $25,819,709 224,302 0.08% Shares
Andra AP-fonden $25,424,553 192,844 0.08% Shares
Lansforsakringar Fondforvaltning AB (publ) $24,592,222 213,631 0.08% Shares
Northwest & Ethical Investments L.P. $24,173,458 210,159 0.07% Shares
CANERECTOR INC $22,986,629 200,000 0.07% Shares
Varma Mutual Pension Insurance Co $22,609,935 196,411 0.07% Shares
CITADEL ADVISORS LLC $22,298,500 193,900 0.07% Call option
SUSQUEHANNA INTERNATIONAL GROUP, LLP $21,631,500 188,100 0.07% Put option
Swiss Life Asset Management Ltd $19,038,933 165,800 0.06% Shares
Pinnacle Financial Partners, Inc. $18,467,217 160,584 0.06% Shares
BARCLAYS PLC $17,449,755 151,737 0.05% Shares

Company insiders 1 insider · 0 officers · 0 directors

Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
CANADIAN IMPERIAL BANK OF COMMERCE /CAN/ 10% owner Aug. 24, 2005 E 0 0 0 $0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

Activists & 5%+ owners 11 positions

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer Filed Stake Status Purpose Filing
Undisclosed reporting person Aug. 29, 2005 — Initial filing — SEC
Undisclosed reporting person Nov. 9, 2004 — Initial filing — SEC
Undisclosed reporting person Oct. 15, 2004 — Initial filing — SEC
Undisclosed reporting person May 14, 2004 — Initial filing Capital structure SEC
Undisclosed reporting person May 5, 2004 — Initial filing — SEC
Undisclosed reporting person Oct. 6, 2003 — Initial filing — SEC
Undisclosed reporting person Sept. 30, 2003 — Initial filing — SEC
Undisclosed reporting person Aug. 29, 2003 — Initial filing — SEC
Undisclosed reporting person Aug. 20, 2003 — Initial filing — SEC
Undisclosed reporting person Dec. 13, 2001 — Initial filing — SEC
Canadian Imperial Bank of Commerce ×2 filings June 13, 2001 — Initial filing — SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

ETF ownership Held by 83 ETFs

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
BBCA · J.P. Morgan Exchange-Traded Fund Tr… 3.44% 3,305,628 NS April 30, 2026 N-PORT
QLVD · FlexShares Trust 1.78% 8,512 NS April 30, 2026 N-PORT
TIIV · ETF Series Solutions 1.41% 3,537 NS April 30, 2026 N-PORT
FEDM · FlexShares Trust 1.33% 9,384 NS April 30, 2026 N-PORT
DFIV · Dimensional ETF Trust 0.71% 1,223,025 NS April 30, 2026 N-PORT
RODM · Lattice Strategies Trust 0.67% 89,791 NS April 30, 2026 N-PORT
JIVE · J.P. Morgan Exchange-Traded Fund Tr… 0.66% 135,841 NS April 30, 2026 N-PORT
AVIV · AMERICAN CENTURY ETF TRUST 0.65% 106,629 NS May 31, 2026 N-PORT
AVSD · AMERICAN CENTURY ETF TRUST 0.59% 25,157 NS May 31, 2026 N-PORT
RCGE · EA Series Trust 0.54% 4,541 NS April 30, 2026 N-PORT
FDEV · Fidelity Covington Trust 0.53% 12,897 NS April 30, 2026 N-PORT
GSIE · Goldman Sachs ETF Trust 0.46% 243,126 NS May 31, 2026 N-PORT
PTIN · Pacer Funds Trust 0.45% 7,371 NS April 30, 2026 N-PORT
BKIE · BNY Mellon ETF Trust 0.41% 44,098 NS April 30, 2026 N-PORT
CGIC · Capital Group International Core Eq… 0.40% 67,060 NS May 31, 2026 N-PORT
DFSI · Dimensional ETF Trust 0.36% 33,308 NS April 30, 2026 N-PORT
SCHF · SCHWAB STRATEGIC TRUST 0.34% 2,082,978 NS May 31, 2026 N-PORT
DFAI · Dimensional ETF Trust 0.34% 480,746 NS April 30, 2026 N-PORT
AVDE · AMERICAN CENTURY ETF TRUST 0.28% 432,505 NS May 31, 2026 N-PORT
DBAW · DBX ETF Trust 0.27% 6,436 NS May 29, 2026 N-PORT
GXUS · Goldman Sachs ETF Trust II 0.26% 15,058 NS May 29, 2026 N-PORT
GLBL · Pacer Funds Trust 0.25% 24 NS April 30, 2026 N-PORT
GEW · EA Series Trust 0.25% 3,175 NS May 29, 2026 N-PORT
FNDF · SCHWAB STRATEGIC TRUST 0.25% 552,723 NS May 31, 2026 N-PORT
DXIV · Dimensional ETF Trust 0.24% 3,050 NS April 30, 2026 N-PORT
GINX · RBB Fund, Inc. 0.23% 2,043 NS May 31, 2026 N-PORT
ESGG · FlexShares Trust 0.22% 2,100 NS April 30, 2026 N-PORT
DFIC · Dimensional ETF Trust 0.22% 264,018 NS April 30, 2026 N-PORT
TLTD · FlexShares Trust 0.21% 11,776 NS April 30, 2026 N-PORT
DFAX · Dimensional ETF Trust 0.17% 170,811 NS April 30, 2026 N-PORT
GMOI · GMO ETF Trust 0.16% 6,766 NS May 31, 2026 N-PORT
FTLS · First Trust Exchange-Traded Fund III 0.13% 26,023 NS April 30, 2026 N-PORT
QINT · AMERICAN CENTURY ETF TRUST 0.12% 7,010 NS May 31, 2026 N-PORT
KOKU · DBX ETF Trust 0.12% 8,572 NS May 29, 2026 N-PORT
VOXP · Advisors Series Trust 0.11% 57 NS April 30, 2026 N-PORT
GLOV · Goldman Sachs ETF Trust 0.11% 17,708 NS May 31, 2026 N-PORT
DIHP · Dimensional ETF Trust 0.09% 45,649 NS April 30, 2026 N-PORT
DEEF · DBX ETF Trust 0.04% 221 NS May 29, 2026 N-PORT
VXUS · VANGUARD STAR FUNDS — — July 15, 2026 Daily
BIV · VANGUARD BOND INDEX FUNDS — — July 15, 2026 Daily
BSV · VANGUARD BOND INDEX FUNDS — — July 15, 2026 Daily
BND · VANGUARD BOND INDEX FUNDS — — July 15, 2026 Daily
VPLS · VANGUARD MALVERN FUNDS — — July 15, 2026 Daily
VEU · VANGUARD INTERNATIONAL EQUITY INDEX… — — July 15, 2026 Daily
VT · VANGUARD INTERNATIONAL EQUITY INDEX… — — July 15, 2026 Daily
VEA · VANGUARD TAX-MANAGED FUNDS — — July 15, 2026 Daily
VIGI · VANGUARD WHITEHALL FUNDS — — July 15, 2026 Daily
VYMI · VANGUARD WHITEHALL FUNDS — — July 13, 2026 Daily
VCSH · VANGUARD SCOTTSDALE FUNDS — — July 15, 2026 Daily
VCIT · VANGUARD SCOTTSDALE FUNDS — — July 15, 2026 Daily