HTZ Hertz Global Holdings, Inc - Common Stock
$2.07
Price · Aug 19, 2026
Fundamentals as of May 8, 2026
52W Range
$1–$8
9% of range
Analyst Rating
HOLD
16 analysts
Price Target
$2
+10% upside
P/E (TTM)
—
ROE
—
Net Profit Margin
—
About Hertz Global Holdings, Inc - Common Stock Company overview from Wikipedia
Hertz Car Sales is a division of The Hertz Corporation that sells vehicles that were previously used in the Hertz car rental fleet. Based out of THC's headquarters in Estero, Florida, its largest operating market is in North America, with over 68 dealer locations in the U.S., but it also has units in France, Germany, Italy, Spain, and the United Kingdom.
Read more
Hertz Car Sales is a division of The Hertz Corporation that sells vehicles that were previously used in the Hertz car rental fleet. Based out of THC's headquarters in Estero, Florida, its largest operating market is in North America, with over 68 dealer locations in the U.S., but it also has units in France, Germany, Italy, Spain, and the United Kingdom.
Background
In 2017, three years after Tyler Best was announced as chief information officer and Thomas Sabatino as chief administrative officer, The Hertz Corporation appointed Kathryn V. Marinello as its new CEO and president, including of Hertz Car Sales.
As of May 18, 2020, Paul Stone is the CEO of THC. On, October 5, 2021, Hertz Mark Fields became be the interim CEO and Paul Stone became president and chief operations officer.
Fleet
Hertz Car Sales has developed a variety of ways to sell its fleet to businesses and consumers. The core methods used to facilitate these transactions are:
Hertz Dealer Direct – A B2B platform developed by Hertz that allows for sales and services directly to automobile dealerships through an online portal and hertz representatives.
Hertz Rent2Buy Program – An online platform that allows consumers to reserve active rental vehicles for a test drive for up to 3 days at a low rental rate. If a purchase is finalized, fees are waived.
Hertz Car Sales Locations – Brick and mortar locations opened by Hertz that carry grounded rental vehicles that have been certified by Hertz and are available for purchase.
Locations
Hertz Car Sales operates in select countries worldwide and through Hertz licensees. While Hertz Dealer Direct is available in the US and Canada, Hertz Car Sales maintains 68 rental locations across the United States.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
HTZ Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$2.07
Market Cap
—
P/E (TTM)
—
EPS (TTM)
—
Revenue (TTM)
—
Div Yield
—
ROE
—
Debt/Equity
—
52W Range
$1 – $8
HTZ Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
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EPS
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Free Cash Flow
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Margins
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Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
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Peer Median
Profitability Gross, operating and net margins; ROE, ROA, ROIC
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Financial Health Debt, liquidity, solvency — balance sheet strength
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HTZ
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Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
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Peer Median
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
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HTZ Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
SELL
16 analysts
- Strong Buy 0 0.0%
- Buy 0 0.0%
- Hold 8 50.0%
- Sell 7 43.8%
- Strong Sell 1 6.2%
12-Month Price Target
6 analysts · 2026-08-18
Median
$2.25
Now
$2.07
Low
$1.00
High
$3.50
Median target
$2.25
+8.7%
Mean target
$2.27
+9.9%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.02%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.11 | $-0.25 | 0.14% |
| March 31, 2026 | $-0.72 | $-0.74 | 0.02% |
| Dec. 31, 2025 | $-0.63 | $-0.52 | -0.11% |
| Sept. 30, 2025 | $0.12 | $0.02 | 0.10% |
| June 30, 2025 | $-0.34 | $-0.41 | 0.07% |
| March 31, 2025 | $-1.12 | $-1.04 | -0.08% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| HTZ | — | — | — | — | — | — |
| UBER | $168.97B | 17.3 | 18.3% | 19.3% | 41.4% | — |
| LYFT | — | 2.8 | 9.2% | 45.0% | 142.0% | — |
| CAR | $17.59B | -5.1 | -1.2% | -7.6% | 32.6% | — |
| LIME | — | — | — | — | — | — |
| WETO | — | — | — | — | — | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 11
| Metric | Trend | Q1 2026 | Q1 2025 |
|---|---|---|---|
| Revenue | $2.00B | $1.81B | |
| SG&A Expense | $236M | $219M | |
| Operating Expenses | $2.31B | $2.34B | |
| Other Non-op | $2M | $-4M | |
| Pretax Income | $-304M | $-525M | |
| Income Tax | $29M | $-82M | |
| Net Income | $-333M | $-443M | |
| EPS (Basic) | $-1.06 | $-1.44 | |
| EPS (Diluted) | $-1.06 | $-1.44 | |
| Shares (Basic) | 314,000,000 | 307,000,000 | |
| Shares (Diluted) | 314,000,000 | 307,000,000 |
Balance Sheet 13
| Metric | Trend | Q1 2026 | Q1 2025 |
|---|---|---|---|
| Cash & Equivalents | $583M | · | |
| Goodwill | $1.04B | · | |
| Intangibles | $2.86B | · | |
| Total Assets | $23.29B | · | |
| Deferred Tax | $377M | · | |
| Total Liabilities | $24.07B | · | |
| Common Stock | $5M | · | |
| Retained Earnings | $-3.58B | · | |
| Treasury Stock | $3.43B | · | |
| AOCI | $-236M | · | |
| Stockholders' Equity | $-786M | · | |
| Liabilities + Equity | $23.29B | · | |
| Shares Outstanding | 315,053,055 | · |
Cash Flow 8
| Metric | Trend | Q1 2026 | Q1 2025 |
|---|---|---|---|
| D&A | $26M | $30M | |
| Deferred Tax | $26M | $-124M | |
| Restructuring | $8M | $3M | |
| Operating Cash Flow | $20M | $251M | |
| Investing Cash Flow | $-1.10B | $-718M | |
| Financing Cash Flow | $1.14B | $346M | |
| Net Change in Cash | $52M | $-112M | |
| Taxes Paid | $10M | $9M |
Profitability 4
| Metric | Trend | Q1 2026 | Q1 2025 |
|---|---|---|---|
| Net Margin | -16.6% | · | |
| Pretax Margin | -15.2% | · | |
| ROA | -1.5% | · | |
| ROE | 63.5% | · |
Efficiency 1
| Metric | Trend | Q1 2026 | Q1 2025 |
|---|---|---|---|
| Asset Turnover | 0.1 | · |
Valuation (TTM) 8
| Metric | Trend | Q1 2026 | Q1 2025 |
|---|---|---|---|
| Revenue TTM | $8.48B | · | |
| Net Income TTM | $-886M | · | |
| Market Cap | $1.45B | · | |
| P/E | -1.5 | · | |
| P/S | 0.2 | · | |
| P/B | -1.8 | · | |
| P / Cash Flow | 72.6 | · | |
| Earnings Yield | -65.7% | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Latest News Recent headlines mentioning this company
- Is Hertz Global Holdings, Inc. (HTZ) A Good Stock To Buy Now?
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- Is Hertz Global Holdings, Inc. (HTZ) A Good Stock To Buy Now?
- Hertz and Avis Drop 7% as Car Rental Short Squeeze Shows Signs of Stalling
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Institutional owners (13F) 360 filers · $918.1M 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 |
|---|---|---|---|---|
| 82 (+46 vs prior Q) | 33 (-14 vs prior Q) | 98 (+8 vs prior Q) | 83 (-18 vs prior Q) | +43.0M |
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 |
|---|---|---|---|---|
| Knighthead Capital Management, LLC | $411,903,915 | 181,455,469 | 44.86% | Shares |
| Pershing Square Capital Management, L.P. | $70,261,595 | 15,241,127 | 7.65% | Shares |
| PERSHING SQUARE INC. | $33,955,972 | 14,991,599 | 3.70% | Shares |
| CIBC WORLD MARKETS CORP | $29,852,169 | 5,807,815 | 3.25% | Shares |
| TORONTO DOMINION BANK | $22,650,000 | 10,000,000 | 2.47% | Put option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $20,774,132 | 9,151,600 | 2.26% | Put option |
| Balyasny Asset Management L.P. | $14,734,063 | 6,505,105 | 1.60% | Shares |
| STATE STREET CORP | $14,474,184 | 6,390,368 | 1.58% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $14,076,964 | 6,214,995 | 1.53% | Shares |
| Ghisallo Capital Management LLC | $13,011,573 | 5,744,624 | 1.42% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $12,893,243 | 5,692,381 | 1.40% | Shares |
| MILLENNIUM MANAGEMENT LLC | $12,878,564 | 5,685,900 | 1.40% | Put option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $10,880,564 | 4,793,200 | 1.19% | Call option |
| Schonfeld Strategic Advisors LLC | $9,766,145 | 4,311,765 | 1.06% | Shares |
| Crewe Advisors LLC | $8,593,651 | 3,794,106 | 0.94% | Shares |
| TWO SIGMA INVESTMENTS, LP | $8,479,075 | 3,743,521 | 0.92% | Shares |
| CPV Partners, LLC | $7,271,257 | 3,210,268 | 0.79% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $6,984,603 | 3,083,059 | 0.76% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $5,926,042 | 2,616,348 | 0.65% | Shares |
| GOLDMAN SACHS GROUP INC | $5,859,886 | 2,587,146 | 0.64% | Shares |
| CITADEL ADVISORS LLC | $5,821,956 | 2,570,400 | 0.63% | Put option |
| CITADEL ADVISORS LLC | $5,803,598 | 2,562,295 | 0.63% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $5,211,409 | 2,300,843 | 0.57% | Shares |
| Lombard Odier Asset Management (USA) Corp | $5,209,500 | 2,300,000 | 0.57% | Put option |
| DLD Asset Management, LP | $5,085,000 | 2,250,000 | 0.55% | Put option |
| WOLVERINE TRADING, LLC | $5,029,452 | 735,300 | 0.55% | Put option |
| NOMURA HOLDINGS INC | $4,530,000 | 2,000,000 | 0.49% | Put option |
| Clearline Capital LP | $4,080,986 | 1,801,760 | 0.44% | Shares |
| Quinn Opportunity Partners LLC | $4,058,074 | 1,791,644 | 0.44% | Shares |
| TWO SIGMA ADVISERS, LP | $4,029,760 | 784,000 | 0.44% | Shares |
| JANE STREET GROUP, LLC | $3,851,632 | 1,700,500 | 0.42% | Put option |
| D. E. Shaw & Co., Inc. | $3,467,599 | 1,530,949 | 0.38% | Shares |
| MILLENNIUM MANAGEMENT LLC | $3,348,576 | 1,478,400 | 0.36% | Call option |
| WHITEBOX ADVISORS LLC | $3,328,871 | 1,469,700 | 0.36% | Put option |
| WOLVERINE TRADING, LLC | $3,306,456 | 483,400 | 0.36% | Call option |
| Man Group plc | $3,187,159 | 1,407,134 | 0.35% | Shares |
| Allianz Asset Management GmbH | $3,182,660 | 1,405,148 | 0.35% | Shares |
| CITADEL ADVISORS LLC | $3,149,030 | 1,390,300 | 0.34% | Call option |
| Balyasny Asset Management L.P. | $2,831,250 | 1,250,000 | 0.31% | Call option |
| CIBC WORLD MARKET INC. | $2,718,680 | 1,200,300 | 0.30% | Shares |
| JANE STREET GROUP, LLC | $2,672,247 | 1,179,800 | 0.29% | Call option |
| Walleye Trading LLC | $2,632,157 | 1,162,100 | 0.29% | Put option |
| Connor, Clark & Lunn Investment Management Ltd. | $2,512,118 | 1,109,103 | 0.27% | Shares |
| Skaana Management L.P. | $2,412,905 | 1,065,300 | 0.26% | Put option |
| JANE STREET GROUP, LLC | $2,400,914 | 1,060,006 | 0.26% | Shares |
| Daiwa Securities Group Inc. | $2,378,250 | 1,050,000 | 0.26% | Call option |
| Cubist Systematic Strategies, LLC | $2,369,569 | 348,466 | 0.26% | Shares |
| Jefferies Financial Group Inc. | $2,313,901 | 1,021,590 | 0.25% | Shares |
| MILLENNIUM MANAGEMENT LLC | $2,252,762 | 994,597 | 0.25% | Shares |
| BARCLAYS PLC | $2,223,105 | 981,504 | 0.24% | Shares |
| DEUTSCHE BANK AG\ | $2,155,660 | 949,630 | 0.23% | Shares |
| PAR CAPITAL MANAGEMENT INC | $2,063,417 | 911,001 | 0.22% | Shares |
| CITIGROUP INC | $2,038,500 | 900,000 | 0.22% | Call option |
| DIMENSIONAL FUND ADVISORS LP | $2,024,894 | 893,993 | 0.22% | Shares |
| JONES FINANCIAL COMPANIES LLLP | $1,983,189 | 751,208 | 0.22% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $1,914,881 | 845,422 | 0.21% | Shares |
| Quinn Opportunity Partners LLC | $1,791,162 | 790,800 | 0.20% | Call option |
| CREDIT AGRICOLE S A | $1,765,341 | 779,400 | 0.19% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $1,759,502 | 776,822 | 0.19% | Shares |
| FIRST TRUST ADVISORS LP | $1,739,280 | 767,894 | 0.19% | Shares |
| Walleye Trading LLC | $1,698,750 | 750,000 | 0.19% | Call option |
| HIGHBRIDGE CAPITAL MANAGEMENT LLC | $1,492,652 | 648,979 | 0.16% | Shares |
| BARCLAYS PLC | $1,472,250 | 650,000 | 0.16% | Call option |
| PRINCIPAL FINANCIAL GROUP INC | $1,376,595 | 607,768 | 0.15% | Shares |
| LAZARD ASSET MANAGEMENT LLC | $1,324,583 | 584,805 | 0.14% | Shares |
| Sculptor Capital LP | $1,299,657 | 573,800 | 0.14% | Put option |
| D. E. Shaw & Co., Inc. | $1,226,724 | 541,600 | 0.13% | Call option |
| Prescott Group Capital Management, L.L.C. | $1,223,100 | 540,000 | 0.13% | Shares |
| WOLVERINE ASSET MANAGEMENT LLC | $1,132,500 | 500,000 | 0.12% | Shares |
| SOROS FUND MANAGEMENT LLC | $1,008,394 | 445,207 | 0.11% | Shares |
| MARSHALL WACE, LLP | $990,539 | 436,361 | 0.11% | Shares |
| Public Sector Pension Investment Board | $982,901 | 433,952 | 0.11% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $974,956 | 430,444 | 0.11% | Shares |
| Engineers Gate Manager LP | $969,295 | 427,945 | 0.11% | Shares |
| WELLS FARGO & COMPANY/MN | $968,514 | 427,600 | 0.11% | Put option |
| Bank of New York Mellon Corp | $906,920 | 400,406 | 0.10% | Shares |
| ADVENT CAPITAL MANAGEMENT /DE/ | $906,000 | 400,000 | 0.10% | Put option |
| GAMCO INVESTORS, INC. ET AL | $871,400 | 384,724 | 0.09% | Shares |
| Headlands Technologies LLC | $867,173 | 382,858 | 0.09% | Shares |
| Caitong International Asset Management Co., Ltd | $857,418 | 378,551 | 0.09% | Shares |
| ALLIANCEBERNSTEIN L.P. | $846,673 | 183,660 | 0.09% | Shares |
| TUDOR INVESTMENT CORP ET AL | $822,671 | 363,210 | 0.09% | Shares |
| BANK OF AMERICA CORP /DE/ | $799,499 | 352,980 | 0.09% | Shares |
| Kore Advisors LP | $792,750 | 350,000 | 0.09% | Put option |
| VIRGINIA RETIREMENT SYSTEMS ET Al | $739,646 | 143,900 | 0.08% | Shares |
| Penn Capital Management Company, LLC | $729,629 | 322,132 | 0.08% | Shares |
| Point72 Asset Management, L.P. | $727,126 | 321,027 | 0.08% | Shares |
| Scientech Research LLC | $716,456 | 316,316 | 0.08% | Shares |
| CSS LLC/IL | $712,796 | 314,700 | 0.08% | Put option |
| Nebula Research & Development LLC | $702,513 | 102,857 | 0.08% | Shares |
| Nemes Rush Group LLC | $688,866 | 304,135 | 0.08% | Shares |
| WOLVERINE TRADING, LLC | $685,108 | 100,162 | 0.07% | Shares |
| RHUMBLINE ADVISERS | $684,135 | 302,057 | 0.07% | Shares |
| GABELLI FUNDS LLC | $628,764 | 277,600 | 0.07% | Shares |
| Shay Capital LLC | $627,163 | 276,893 | 0.07% | Shares |
| WOLVERINE ASSET MANAGEMENT LLC | $621,063 | 274,200 | 0.07% | Put option |
| TUDOR INVESTMENT CORP ET AL | $592,525 | 261,600 | 0.06% | Call option |
| Swiss National Bank | $572,819 | 252,900 | 0.06% | Shares |
| WINTON GROUP Ltd | $539,874 | 238,355 | 0.06% | Shares |
| Bridgewater Associates, LP | $529,310 | 233,691 | 0.06% | Shares |
Company insiders 22 insiders · 11 officers · 11 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Kathryn V Marinello | President and CEO | March 2, 2018 J | 50,391 | 0 | 0 | $0 |
| John P Tague | President and CEO | Jan. 2, 2017 M | 81,460 | 0 | 0 | $0 |
| Thomas C Kennedy | Senior Executive VP and CFO | March 3, 2018 A | 38,011 | 0 | 0 | $0 |
| Michel Taride | Group President, RAC Int'l | March 2, 2018 J | 53,587 | 0 | 0 | $0 |
| Robin Kramer | Sr VP Chief Accounting Officer | March 8, 2018 S | 5,459 | 0 | 0 | $0 |
| Murali Kuppuswamy | Exec. VP and CHRO | March 3, 2018 A | — | 0 | 0 | $0 |
| Richard J Frecker | Exec VP and General Counsel | March 2, 2018 J | 7,601 | 0 | 0 | $0 |
| Tyler Best | Exec VP and CIO | March 2, 2018 A | 32,198 | 0 | 0 | $0 |
| Eliana Zem | EVP and CHRO | March 2, 2017 A | 8,054 | 0 | 0 | $0 |
| Alexandria Panot Marren | EVP, North American RAC Ops. | March 2, 2017 A | — | 0 | 0 | $0 |
| Jeffrey T. Foland | Sr Ex VP, Chief Revenue Office | July 12, 2016 F | 83,280 | 0 | 0 | $0 |
| Francis S Blake | Director | March 31, 2026 A | 88,734 | 0 | 0 | $0 |
| Henry Keizer | Director | Nov. 20, 2017 A | 35,653 | 0 | 0 | $0 |
| Carolyn Everson | Director | Nov. 20, 2017 A | 25,006 | 0 | 0 | $0 |
| Vincent J Intrieri | Director | Nov. 20, 2017 A | 22,129 | 0 | 0 | $0 |
| Sunghwan Cho | Director | May 31, 2017 A | 13,270 | 0 | 0 | $0 |
| David A Barnes | Director | May 31, 2017 A | 17,038 | 0 | 0 | $0 |
| Daniel A Ninivaggi | Director | May 31, 2017 A | 19,421 | 0 | 0 | $0 |
| Michael J Durham | Director | Dec. 15, 2016 S | 20,237 | 0 | 0 | $0 |
| Linda Fayne Levinson | Director | Nov. 18, 2016 A | 19,837 | 0 | 0 | $0 |
| Carl T Berquist | Director | Nov. 18, 2016 A | — | 0 | 0 | $0 |
| Jodi J Allen | — | March 2, 2018 A | 6,000 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 6 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 |
|---|---|---|---|---|---|
| CK Amarillo LP, CK Amarillo GP, LLC, Certares Opportunities LLC, Knighthead Capital Management, LLC ×8 filings | March 2, 2026 | 58.10% | Amendment | — | SEC |
| CK Amarillo LP (2), CK Amarillo GP, LLC (2), Certares Opportunities LLC (2), Knighthead Capital Management, LLC (2) ×2 filings | Nov. 16, 2021 | — | Initial filing | Capital structure | SEC |
| Gabelli Funds, LLC I.D. No., GAMCO Asset Management Inc. I.D. No., MJG Associates, Inc. I.D. No., GGCP, Inc. I.D. No., GAMCO Investors, Inc. I.D. No., Associated Capital Group, Inc. I.D. No., Mario J. Gabelli ×9 filings | June 2, 2020 | — | Initial filing | — | SEC |
| May 27, 2020 | — | Initial filing | — | SEC | |
| High River Limited Partnership, Hopper Investments LLC, Barberry Corp., Icahn Partners Master Fund LP, Icahn Offshore LP, Icahn Partners LP, Icahn Onshore LP, Icahn Capital LP, IPH GP LLC, Icahn Enterprises Holdings L.P., Icahn Enterprises G.P. Inc., Beckton Corp., Carl C. Icahn ×9 filings | March 12, 2020 | — | Initial filing | — | SEC |
| June 13, 2019 | — | 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 54 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 |
|---|---|---|---|---|
| BSJQ · Invesco Exchange-Traded Self-Indexe… | 0.57% | 5,038,000 | Aug. 8, 2026 | Daily |
| FYC · First Trust Exchange-Traded AlphaDE… | 0.31% | 506,614 NS | April 30, 2026 | N-PORT |
| AKAF · ETF Series Solutions | 0.28% | 1,502 NS | May 31, 2026 | N-PORT |
| DFVE · DoubleLine ETF Trust | 0.24% | 14,446 NS | March 31, 2026 | N-PORT |
| HAPS · Harbor ETF Trust | 0.16% | 38,802 NS | April 30, 2026 | N-PORT |
| FSCC · Federated Hermes ETF Trust | 0.16% | 79,500 NS | May 31, 2026 | N-PORT |
| SMDX · Tidal Trust III | 0.10% | 18,817 NS | April 30, 2026 | N-PORT |
| TPOR · Direxion Shares ETF Trust | 0.08% | 2,289 NS | April 30, 2026 | N-PORT |
| FYX · First Trust Exchange-Traded AlphaDE… | 0.08% | 150,193 NS | April 30, 2026 | N-PORT |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.06% | 47,239 NS | April 30, 2026 | N-PORT |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.04% | 42,271 NS | April 30, 2026 | N-PORT |
| IYT · iShares Trust | 0.03% | 354,752 SH | Aug. 8, 2026 | Daily |
| SAA · ProShares Trust | 0.03% | 1,490 NS | May 31, 2026 | N-PORT |
| RSSL · Global X Funds | 0.02% | 52,076 NS | April 30, 2026 | N-PORT |
| VIOO · VANGUARD ADMIRAL FUNDS | 0.02% | 444,646 SH | Aug. 8, 2026 | Daily |
| VIOG · VANGUARD ADMIRAL FUNDS | 0.02% | 103,705 SH | Aug. 8, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.02% | 105,635 SH | Aug. 8, 2026 | Daily |
| SFGV · EA Series Trust | 0.02% | 32,559 NS | May 29, 2026 | N-PORT |
| FNDX · SCHWAB STRATEGIC TRUST | 0.02% | 784,541 NS | May 31, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.02% | 5,627 NS | May 31, 2026 | N-PORT |
| IWN · iShares Trust | 0.02% | 1,121,464 SH | Aug. 8, 2026 | Daily |
| FNDB · SCHWAB STRATEGIC TRUST | 0.02% | 37,715 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.01% | 592,855 NS | May 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.01% | 298,527 NS | April 30, 2026 | N-PORT |
| FIDU · FIDELITY COVINGTON TRUST | 0.01% | 36,071 NS | April 30, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.01% | 32,625 NS | April 30, 2026 | N-PORT |
| VBK · VANGUARD INDEX FUNDS | 0.01% | 1,657,102 SH | Aug. 8, 2026 | Daily |
| VIOV · VANGUARD ADMIRAL FUNDS | 0.01% | 83,084 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.01% | 739,827 SH | Aug. 8, 2026 | Daily |
| UWM · ProShares Trust | 0.01% | 4,400 NS | May 31, 2026 | N-PORT |
| IWM · iShares Trust | 0.01% | 3,268,558 SH | Aug. 8, 2026 | Daily |
| DXUV · Dimensional ETF Trust | 0.01% | 4,681 NS | April 30, 2026 | N-PORT |
| URTY · ProShares Trust | 0.01% | 4,451 NS | May 31, 2026 | N-PORT |
| ISCV · iShares Trust | 0.01% | 23,087 SH | Aug. 8, 2026 | Daily |
| VEGN · ETF Series Solutions | 0.01% | 1,600 NS | April 30, 2026 | N-PORT |
| ONEQ · Fidelity Commonwealth Trust | 0.01% | 101,982 NS | May 31, 2026 | N-PORT |
| PRF · Invesco Exchange-Traded Fund Trust | 0.00% | 210,594 SH | Aug. 8, 2026 | Daily |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 4,115 NS | May 31, 2026 | N-PORT |
| ISCB · iShares Trust | 0.00% | 4,177 SH | Aug. 8, 2026 | Daily |
| HDG · ProShares Trust | 0.00% | 112 NS | May 31, 2026 | N-PORT |
| WSML · iShares Trust | 0.00% | 7,412 SH | Aug. 8, 2026 | Daily |
| IWO · iShares Trust | 0.00% | 66,028 SH | Aug. 8, 2026 | Daily |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 71,855 NS | May 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 333,683 SH | Aug. 8, 2026 | Daily |
| DFAU · Dimensional ETF Trust | 0.00% | 10,851 NS | April 30, 2026 | N-PORT |
| IWV · iShares Trust | 0.00% | 36,252 SH | Aug. 8, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.00% | 1,467,297 SH | Aug. 8, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.00% | 2,881,325 SH | Aug. 8, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 3,993,769 SH | Aug. 8, 2026 | Daily |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.00% | 100,234 SH | Aug. 8, 2026 | Daily |