TCOM Trip.com Group Limited - American Depositary Shares

NASDAQ · Hotels, Restaurants & Leisure
$44.58
Price · Aug 18, 2026
52W Range
$38–$79
16% of range
Analyst Rating
BUY
31 analysts
Price Target
$60
+35% upside
P/E (TTM)
—
ROE
—
Net Profit Margin
—

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

Price
$44.58
Market Cap
—
P/E (TTM)
—
EPS (TTM)
—
Revenue (TTM)
—
Div Yield
—
ROE
—
Debt/Equity
—
52W Range
$38 – $79

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

Metric
5Y trend
TCOM
Peer Median

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

Metric
5Y trend
TCOM
Peer Median

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric
5Y trend
TCOM
Peer Median

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

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5Y trend
TCOM
Peer Median

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

Metric
5Y trend
TCOM
Peer Median

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric
5Y trend
TCOM
Peer Median

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

Dividend Yield
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Payout Ratio
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5Y Div CAGR
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Ex-dateAmount
March 17, 2025$0.3000
June 10, 2008$0.0305
June 27, 2007$0.0346
June 28, 2006$0.0319
June 28, 2005$0.0188

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

BUY 31 analysts
  • Strong Buy 12 38.7%
  • Buy 16 51.6%
  • Hold 3 9.7%
  • Sell 0 0.0%
  • Strong Sell 0 0.0%

12-Month Price Target

29 analysts · 2026-08-13
Median target $60.63 +36.0%
Mean target $60.33 +35.3%

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

Avg Surprise
4.0%
Period EPS Actual EPS Est Surprise
March 31, 2026 $5.73 $6.22 -0.49%
Dec. 31, 2025 $4.97 $4.74 0.23%
Sept. 30, 2025 $27.56 $8.31 19.2%
June 30, 2025 $7.20 $6.29 0.91%
March 31, 2025 $5.96 $5.69 0.27%

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

Round 1 — Opening Takes

Grok NEUTRAL 0.80
↑ Bullish

Trip.com is massively undervalued as China's travel boom accelerates, turning it into a cash machine for patient investors. Net profit margin TTM soared to 52.16%, meaning the company pockets more than half its revenue after all expenses, thanks to scalable online booking dominance. ROE jumped to 20.6% from 12% last year, proving they generate strong returns without piling on debt. At a P/E of just 10.5 despite EPS doubling to 44.72, the stock trades like a value trap when it's really growth disguised.

↓ Bearish

Regulatory risks in China could derail Trip.com's momentum, exposing it to sudden government interventions that crush travel stocks. Debt/Equity ratio fell to 18.65 but remains a vulnerability if Beijing tightens capital flows. Weekly price swings—from 55.85 low to 67.44 high—reflect investor jitters over outbound travel curbs. P/E dropped to 10.5 on flat P/S of 5.5, signaling the market doubts if margins hold amid competition.

Claude NEUTRAL 0.62
↑ Bullish

Trip.com is printing cash at a scale most travel platforms never reach. The net margin expanded to 52% — that means more than half of every dollar of revenue drops to the bottom line, a profitability profile you see in software, not hospitality marketplaces. EPS jumped from $24.64 to $44.72 quarter-over-quarter, and the P/E compressed to 10.5x despite that earnings surge. The company also cut debt-to-equity from 28.93 to 18.65, signaling disciplined capital allocation. At this valuation, you're buying a high-margin, cash-generative business at a multiple that assumes no growth.

↓ Bearish

China's travel recovery is priced in, and Trip.com's growth is decelerating into saturation. The P/S ratio sits at 5.49x — that is still expensive relative to mature travel platforms, and it leaves little room for disappointment if booking volumes plateau. The stock has traded sideways between $55 and $67 for six months, suggesting the market is skeptical of a re-rate higher. Geopolitical risk to Chinese tech stocks remains a structural overhang, and the company's exposure to yuan weakness and Chinese consumer spending slowdown is real. At current levels, you're betting on multiple expansion in a mature, geopolitically sensitive market.

Gemini NEUTRAL 0.75
↑ Bullish

Trip.com is demonstrating elite operational efficiency that suggests the company has finally mastered the post-pandemic travel surge. The firm is now converting over half of its revenue directly into bottom-line profit, evidenced by a 52.16% net margin. This indicates that their platform-based business model is scaling with minimal incremental costs. Furthermore, they are generating a 20.6% return on equity, which confirms that management is deploying capital with high effectiveness. With a trailing P/E of just 10.5, the market is currently pricing this stock as if its growth has already stalled, which I believe is a significant miscalculation.

↓ Bearish

The primary risk to Trip.com is that its current profitability is a peak-cycle anomaly that will inevitably face mean reversion as competition intensifies. While the 80.7% gross margin is impressive, it leaves the company vulnerable to aggressive price wars from smaller, hungry regional players looking to capture market share. Additionally, the debt-to-equity ratio sits at 18.65, which is quite high for a consumer-facing service business. This leverage means that any sustained downturn in travel demand could quickly turn their current liquidity advantage into a significant burden on the balance sheet, forcing them to cut marketing spend.

Chatgpt NEUTRAL 0.58
↑ Bullish

I think the strongest bullish case is that Trip.com combines a durable, high-margin travel platform with a cheap multiple that could re-rate as travel demand normalizes. P/E TTM at about 10.5x signals the market isn’t baking in a huge growth surprise. The overall news backdrop has been cautiously constructive on travel normalization, which could lift volumes and monetization over the next few quarters. If conditions improve, the earnings trajectory should improve as well, supported by the company’s profitability discipline and a solid balance sheet.

↓ Bearish

I think the strongest bearish case is that the cheap price could mask a growth scare if China travel demand slows or regulatory/regional headwinds persist. The key metric to watch is the current ratio around 1.48, which suggests the liquidity cushion is adequate but not ample in a downturn. News sentiment around CN policy risks remains a headwind, and fierce competition could cap profitability longer than investors expect.

Round 2 — Responses & Rebuttals

Grok

Gemini, your bearish take on debt-to-equity at 18.65 overlooks how much safer the balance sheet has become. The ratio plunged from 28.93 in 2025Q3, meaning Trip.com now funds growth mostly from its own cash flows rather than loans. That deleveraging, alongside a 52% net margin, builds a fortress against demand dips or competition.

Claude

I need to push back on Grok's reading of that ROE jump. Grok says ROE went from 12% to 20.6%, but that's misleading — the debt-to-equity ratio also fell from 28.93 to 18.65 in the same window. When you cut leverage and ROE rises simultaneously, you're not necessarily generating more returns on the business itself; you're amplifying returns on a smaller equity base through financial engineering. The real question is whether Trip.com's underlying unit economics — bookings per user, take rate, repeat purchase frequency — actually improved, or whether this is just balance-sheet optimization masking flat operational growth. That distinction matters hugely for valuation.

Gemini

Claude, your point about the P/S ratio being expensive at 5.49x overlooks the massive shift in the company's operating leverage. That ratio measures how much the market pays for every dollar of sales, but it ignores that Trip.com has fundamentally changed its cost structure to favor high-margin bookings over lower-margin segments. When you combine that with a 52.16% net margin, you realize the company is keeping over half of its revenue as pure profit. This isn't a typical travel agency; it is a high-efficiency platform that justifies a premium valuation.

Chatgpt

Claude, your point about the P/E at 10.5x implying no growth misses that the multiple could re-rate if volumes recover and margins stay elevated. That 10.5x tells you investors are not counting on a big growth surprise today; if travel demand improves and profitability remains sticky, the stock could re-rate, but the risk of mean reversion or regulatory headwinds keeps upside measured.

Round 3 — Final Rebuttals

G
Grok

Claude, Trip.com's ROE surge to 20.6% stems from operational firepower, not just deleveraging. Net margin more than doubled from 32% to 52.16%, proving the platform scaled bookings with minimal cost creep as China travel roared back. Your focus on the D/E drop from 28.93 misses how that margin expansion builds sustainable returns on a now rock-solid equity base. At 10.5x P/E, this undervalues a cash cow ready to compound.

C
Claude

I want to push back on Grok's claim that the deleveraging from 28.93 to 18.65 proves Trip.com is now funding growth from cash flows. That's not what the data shows. Debt-to-equity at 18.65 is still extremely high for a platform business — most SaaS and marketplace companies operate below 5x. When you combine that with a current ratio of only 1.48, you're not looking at a fortress; you're looking at a company that still carries meaningful financial risk if travel demand softens. The margin expansion masked the leverage story, but it didn't erase it. Grok, I think you're reading the direction of change as safety, when the absolute level still matters.

G
Gemini

Grok, I have to challenge your assertion that the debt-to-equity ratio of 18.65 is a 'fortress' metric. In the context of Chinese internet stocks, a D/E ratio of 18.65 means the company is carrying nearly 19 times more debt than shareholder equity. That is a massive leverage profile that makes the company highly sensitive to interest rate fluctuations and credit tightening. While the net margin is impressive, this level of debt forces the company to prioritize interest coverage over aggressive reinvestment, which is a major bottleneck for long-term growth in a competitive, capital-intensive travel market.

C
Chatgpt

I think the next leg for Trip.com is driven more by policy and macro shifts than the last margin print. Claude, Grok, Gemini, here's the wider frame. Metric: USD/CNY FX moves of about 5%. This translates into earnings translation risk for an ADR priced in USD even as Chinese revenue holds, so profits can swing on currency swings. Beyond that, Beijing's platform oversight and data-privacy rules (PIPL) could raise costs and limit take rates, while a slower global travel backdrop adds a headwind into 2026Q2.

Price Forecasts

Model 3M Target 6M Target Reasoning
G Grok 3M Target $70.00 6M Target $85.00 Reasoning I see Trip.com's 52% net margins and 10.5x P/E creating a springboard for re-rating as China's domestic travel sustains into summer peaks. The key catalyst is the 2026Q2 earnings release in late August, where guidance for 20%+ revenue growth and sticky margins could ignite multiple expansion. The big risk is Beijing imposing new outbound travel caps ahead of Golden Week in October, crimping international bookings. Expanding P/E to 15x from 10.5x means the market finally credits two years of EPS compounding at current 44.72 levels, justifying 85 in six months from today's 62 close.
C Claude 3M Target $62.50 6M Target $68.00 Reasoning Trip.com is a high-margin cash generator trading at a valuation that assumes zero growth, but the market is underpricing the durability of its 52% net margin and the upside if China travel demand accelerates into 2026. My catalyst is 2026Q2 earnings — if booking volumes grow 12–15% year-over-year while margins hold above 50%, the P/E re-rates from 10.5x to 13–14x, justified by the operational leverage. My risk is Beijing tightening platform regulations or outbound travel curbs, which would compress take rates and force margin mean reversion. At 10.5x P/E on $44.72 EPS, the market is pricing in stagnation; a modest re-rate to 14x on flat earnings alone gets you to $62–65. Current price is $57.52, so I'm forecasting modest upside as sentiment shifts from skepticism to recognition that this isn't a value trap — it's a compounding cash machine.
G Gemini 3M Target $64.50 6M Target $71.00 Reasoning My thesis is that Trip.com’s operational efficiency will force a valuation re-rating as the market stops treating this as a cyclical travel play and starts valuing it as a high-margin software platform. The primary catalyst for my 6-month target is the 2026Q2 earnings report, where sustained net margins above 50% will finally convince institutional investors that these gains are structural rather than temporary. The biggest risk is a sudden tightening of Chinese capital controls, which would trap cash and limit international expansion. Currently, the stock trades at a 10.5 P/E, which means investors are paying only about ten dollars for every dollar of annual profit, a valuation that ignores the company's massive scale.
C Chatgpt 3M Target $60.00 6M Target $66.00 Reasoning My thesis: Trip.com can re-rate higher over the next few months if travel volumes stabilize and margins stay elevated. Catalyst: The Q2 2026 earnings release confirming durable profitability and robust cash generation. Risk: A slower-than-expected rebound in Chinese travel or regulatory headwinds could compress margins and pressure liquidity. At about $57.5 today, I model $60 in 3 months and $66 in 6 months; the stock trades on a low multiple versus peers, which means limited downside and potential re-rating if volumes and margins hold.

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Institutional owners (13F) 374 filers · $4.7B 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
43 (-20 vs prior Q) 58 (-13 vs prior Q) 120 (-8 vs prior Q) 123 (-2 vs prior Q) +6.8M

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
Capital World Investors $1,444,133,678 36,247,810 30.56% Shares
Sanders Capital, LLC $420,732,870 10,560,564 8.90% Shares
Davis Selected Advisers $349,053,040 8,761,371 7.39% Shares
ARGA Investment Management, LP $260,043,807 6,527,204 5.50% Shares
Capital International Investors $242,205,368 6,079,452 5.13% Shares
Robeco Institutional Asset Management B.V. $110,034,495 2,761,910 2.33% Shares
D. E. Shaw & Co., Inc. $102,164,740 2,564,376 2.16% Shares
Temasek Holdings (Private) Ltd $89,228,493 2,239,671 1.89% Shares
DIMENSIONAL FUND ADVISORS LP $85,448,115 2,144,782 1.81% Shares
TWO SIGMA INVESTMENTS, LP $77,741,226 1,951,336 1.65% Shares
FEDERATED HERMES, INC. $71,068,425 1,783,846 1.50% Shares
LOOMIS SAYLES & CO L P $61,648,695 1,547,407 1.30% Shares
Legal & General Group Plc $50,729,984 1,273,343 1.07% Shares
Capital International, Inc./CA/ $48,658,385 1,221,345 1.03% Shares
TWO SIGMA ADVISERS, LP $47,129,814 655,400 1.00% Shares
Ruffer LLP $42,784,562 1,075,096 0.91% Shares
Clearbridge Investments, LLC $39,826,731 999,667 0.84% Shares
Capital Research Global Investors $38,790,654 973,661 0.82% Shares
WELLINGTON MANAGEMENT GROUP LLP $37,757,005 947,716 0.80% Shares
Polar Capital Holdings Plc $34,990,038 878,264 0.74% Shares
Perseverance Asset Management International $34,461,560 864,999 0.73% Shares
NOMURA ASSET MANAGEMENT INTERNATIONAL INC. $33,341,000 836,860 0.71% Shares
Fore Capital, LLC $31,160,000 100,000 0.66% Put option
SRS Investment Management, LLC $30,416,924 763,477 0.64% Shares
VOLORIDGE INVESTMENT MANAGEMENT, LLC $29,211,604 733,223 0.62% Shares
CAPITAL INTERNATIONAL SARL $29,093,240 730,252 0.62% Shares
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND $26,842,160 673,749 0.57% Shares
FMR LLC $25,030,437 628,274 0.53% Shares
GOLDMAN SACHS GROUP INC $24,763,841 621,582 0.52% Shares
Headwater Capital Co Ltd $24,103,200 605,000 0.51% Shares
Point72 Asset Management, L.P. $24,053,520 603,753 0.51% Shares
Triata Capital Ltd $20,053,305 503,346 0.42% Shares
NEW YORK STATE COMMON RETIREMENT FUND $18,610,539 467,132 0.39% Shares
M&G PLC $16,997,800 424,945 0.36% Shares
Green Court Capital Management Ltd $15,928,072 399,801 0.34% Shares
CAPITAL FUND MANAGEMENT S.A. $15,893,331 398,929 0.34% Shares
Walleye Trading LLC $15,386,208 386,200 0.33% Call option
LAZARD ASSET MANAGEMENT LLC $15,151,052 380,297 0.32% Shares
True Light Capital Pte. Ltd. $14,890,240 373,751 0.32% Shares
CAPITAL INTERNATIONAL LTD /CA/ $14,869,563 373,232 0.31% Shares
AXA Investment Managers S.A. $14,258,446 189,607 0.30% Shares
PLATINUM INVESTMENT MANAGEMENT LTD $14,020,533 351,921 0.30% Shares
Walleye Trading LLC $13,266,720 333,000 0.28% Put option
BANK OF AMERICA CORP /DE/ $13,139,909 329,817 0.28% Shares
CITADEL ADVISORS LLC $12,673,104 318,100 0.27% Put option
JARISLOWSKY, FRASER Ltd $12,547,872 166,860 0.27% Shares
BNP PARIBAS FINANCIAL MARKETS $12,437,928 312,197 0.26% Shares
ABN AMRO INVESTMENT SOLUTIONS $12,247,971 307,429 0.26% Shares
UBS Group AG $11,970,406 300,462 0.25% Call option
UBS Group AG $11,916,144 299,100 0.25% Put option
Origin Asset Management LLP $11,730,904 170,855 0.25% Shares
TB Alternative Assets Ltd. $11,442,845 287,220 0.24% Shares
NATIONAL BANK OF CANADA /FI/ $10,928,112 274,300 0.23% Shares
Tairen Capital Ltd $10,925,204 274,227 0.23% Shares
WIM INVESTMENT MANAGEMENT Ltd $10,300,632 258,550 0.22% Shares
JANE STREET GROUP, LLC $10,270,752 257,800 0.22% Call option
MARTIN CURRIE LTD $10,078,457 171,870 0.21% Shares
AMERICAN CENTURY COMPANIES INC $10,061,472 252,547 0.21% Shares
NORTHERN TRUST CORP $9,765,700 245,123 0.21% Shares
MASSACHUSETTS FINANCIAL SERVICES CO /MA/ $9,668,687 30,947 0.20% Shares
BlackRock, Inc. $9,086,349 228,071 0.19% Shares
Cantillon Capital Management LLC $8,535,401 214,242 0.18% Shares
GEODE CAPITAL MANAGEMENT, LLC $8,353,850 209,685 0.18% Shares
TUDOR INVESTMENT CORP ET AL $8,119,392 203,800 0.17% Put option
Amundi $7,580,317 190,269 0.16% Shares
JANE STREET GROUP, LLC $7,557,648 189,700 0.16% Put option
ENVESTNET ASSET MANAGEMENT INC $7,392,388 185,552 0.16% Shares
Squarepoint Ops LLC $7,187,136 180,400 0.15% Put option
U S GLOBAL INVESTORS INC $6,982,757 175,270 0.15% Shares
FRANKLIN RESOURCES INC $6,854,870 172,060 0.15% Shares
SIH Partners, LLLP $6,699,096 168,150 0.14% Shares
TUDOR INVESTMENT CORP ET AL $6,682,244 167,727 0.14% Shares
GOLDMAN SACHS GROUP INC $6,374,400 160,000 0.13% Put option
Liontrust Investment Partners LLP $6,300,035 87,610 0.13% Shares
1832 Asset Management L.P. $6,147,870 154,314 0.13% Shares
BARCLAYS PLC $6,107,234 153,294 0.13% Shares
CITIGROUP INC $5,976,000 150,000 0.13% Put option
Alphadyne Asset Management LP $5,976,000 150,000 0.13% Put option
OSBORNE PARTNERS CAPITAL MANAGEMENT, LLC $5,941,076 149,123 0.13% Shares
Y-Intercept (Hong Kong) Ltd $5,609,352 140,797 0.12% Shares
MACKENZIE FINANCIAL CORP $5,605,528 140,701 0.12% Shares
DYMON ASIA CAPITAL (SINGAPORE) PTE. LTD. $5,594,691 140,429 0.12% Shares
CITIGROUP INC $5,453,777 136,892 0.12% Shares
M&G PLC $5,400,000 135,000 0.11% Call option
PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO $5,209,757 130,767 0.11% Shares
Mizuho Securities Co. Ltd. $4,916,265 98,740 0.10% Shares
Asset Management One Co., Ltd. $4,740,755 95,215 0.10% Shares
Walleye Trading LLC $4,683,192 117,550 0.10% Shares
IMC-Chicago, LLC $4,570,843 114,730 0.10% Shares
AIA Group Ltd $4,545,266 114,088 0.10% Shares
CITADEL ADVISORS LLC $4,302,720 108,000 0.09% Call option
AI-Squared Management Ltd $4,055,712 101,800 0.09% Shares
CITIGROUP INC $3,984,000 100,000 0.08% Call option
Boston Common Asset Management, LLC $3,945,634 99,037 0.08% Shares
PARUS FINANCE (UK) Ltd $3,807,588 95,572 0.08% Shares
BRILLIANCE ASSET MANAGEMENT LTD $3,793,206 95,211 0.08% Shares
Yiheng Capital Management, L.P. $3,510,382 88,112 0.07% Shares
BNP PARIBAS ASSET MANAGEMENT Holding S.A. $3,476,677 87,266 0.07% Shares
MILLENNIUM MANAGEMENT LLC $3,417,117 85,771 0.07% Shares
CAPITAL GROUP INVESTMENT MANAGEMENT PTE. LTD. $3,175,288 79,701 0.07% Shares

Company insiders 1 insider · 0 officers · 1 directors

Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Jianzhang Liang Director Sept. 3, 2025 J — 0 0 $0

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

Activists & 5%+ owners 5 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
MIH Internet SEA Private Limited, MIH Internet Holdings B.V., Prosus N.V., Naspers Limited ×2 filings Feb. 10, 2023 — Initial filing — SEC
Trip.com Group Limited, LVSH Limited, Ctrip.com (Hong Kong) Limited ×2 filings May 28, 2021 — Initial filing — SEC
Ctrip.com International, Ltd. ×6 filings March 6, 2017 — Initial filing — SEC
C-Travel International Limited, Ctrip.com International, Ltd. ×4 filings June 1, 2016 — Initial filing M&A / sale SEC
Rakuten, Inc. ×2 filings Aug. 17, 2007 — 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 24 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
DINT · Davis Fundamental ETF Trust 4.64% 238,229 NS April 30, 2026 N-PORT
DWLD · Davis Fundamental ETF Trust 4.14% 432,846 NS April 30, 2026 N-PORT
EBIZ · Global X Funds 4.10% 22,127 NS April 30, 2026 N-PORT
CZA · Invesco Exchange-Traded Fund Trust 1.63% 68,101 SH Aug. 8, 2026 Daily
OGIG · ALPS ETF Trust 0.87% 21,118 NS May 31, 2026 N-PORT
CGIC · Capital Group International Core Eq… 0.70% 272,068 NS May 31, 2026 N-PORT
QQQJ · Invesco Exchange-Traded Fund Trust … 0.58% 148,320 SH Aug. 8, 2026 Daily
CGGO · Capital Group Global Growth Equity … 0.46% 1,099,913 NS May 31, 2026 N-PORT
CGNG · Capital Group New Geography Equity … 0.45% 223,055 NS May 31, 2026 N-PORT
TRFM · ETF Series Solutions 0.34% 9,871 NS April 30, 2026 N-PORT
PNQI · Invesco Exchange-Traded Fund Trust 0.33% 38,909 SH Aug. 8, 2026 Daily
JADE · J.P. Morgan Exchange-Traded Fund Tr… 0.31% 1,688 NS April 30, 2026 N-PORT
UMMA · Listed Funds Trust 0.25% 14,947 NS May 31, 2026 N-PORT
APIE · Trust for Professional Managers 0.20% 45,061 NS May 31, 2026 N-PORT
AVSE · AMERICAN CENTURY ETF TRUST 0.10% 4,337 NS May 31, 2026 N-PORT
TIER · T. Rowe Price Exchange-Traded Funds… 0.08% 423 NS April 30, 2026 N-PORT
DFSE · Dimensional ETF Trust 0.05% 5,650 NS April 30, 2026 N-PORT
DFAE · Dimensional ETF Trust 0.04% 73,178 NS April 30, 2026 N-PORT
AVEM · AMERICAN CENTURY ETF TRUST 0.04% 233,257 NS May 31, 2026 N-PORT
ONEQ · Fidelity Commonwealth Trust 0.03% 60,616 NS May 31, 2026 N-PORT
DFAX · Dimensional ETF Trust 0.02% 43,516 NS April 30, 2026 N-PORT
DFEM · Dimensional ETF Trust 0.01% 22,550 NS April 30, 2026 N-PORT
EMCR · DBX ETF Trust 0.00% 41 NS May 29, 2026 N-PORT
FTLS · First Trust Exchange-Traded Fund III -0.09% -36,172 NS April 30, 2026 N-PORT