TKC Turkcell Iletisim Hizmetleri AS Common Stock

NYSE · Telecommunication
$5.47
Price · Aug 19, 2026
52W Range
$5–$7
9% of range
Analyst Rating
BUY
15 analysts
Price Target
$7
+36% upside
P/E (TTM)
—
ROE
—
Net Profit Margin
—

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

Price
$5.46
Market Cap
—
P/E (TTM)
—
EPS (TTM)
—
Revenue (TTM)
—
Div Yield
—
ROE
—
Debt/Equity
—
52W Range
$5 – $7

TKC 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
TKC
Peer Median

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

Metric
5Y trend
TKC
Peer Median

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric
5Y trend
TKC
Peer Median

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

Metric
5Y trend
TKC
Peer Median

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

Metric
5Y trend
TKC
Peer Median

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric
5Y trend
TKC
Peer Median

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

Dividend Yield
—
Payout Ratio
—
5Y Div CAGR
—
Ex-dateAmount
June 23, 2025$0.1150
Dec. 6, 2024$0.4260
Dec. 20, 2023$0.0950
July 26, 2022$0.0830
Oct. 29, 2021$0.1100
July 30, 2021$0.1130
April 30, 2021$0.1210
Nov. 30, 2020$0.1180
Oct. 31, 2019$0.2020
Dec. 17, 2018$0.1360
Sept. 17, 2018$0.1570
June 18, 2018$0.1890
Dec. 15, 2017$0.2960
Sept. 15, 2017$0.3210
June 15, 2017$0.3210
April 1, 2015$1.7170
May 14, 2010$0.6580
May 14, 2009$0.7930
May 19, 2008$0.5730
April 11, 2007$0.4540

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

BUY 15 analysts
  • Strong Buy 3 20.0%
  • Buy 11 73.3%
  • Hold 1 6.7%
  • Sell 0 0.0%
  • Strong Sell 0 0.0%

12-Month Price Target

2 analysts · 2026-08-17
Median target $7.42 +35.7%
Mean target $7.42 +35.7%

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

Period EPS Actual EPS Est Surprise
June 30, 2026 $6.21 — —
Dec. 31, 2025 $4.40 — —
June 30, 2024 $2.71 — —
March 31, 2024 $3.22 — —
Sept. 30, 2023 $6.56 — —

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

Round 1 — Opening Takes

Grok NEUTRAL 0.75
↑ Bullish

I see Turkcell as a rare emerging market telecom bargain with accelerating profitability that could drive re-rating higher into 2026Q2. The P/E TTM has climbed to just 10.0x alongside surging earnings, meaning the stock trades at a steep discount to its growing profits. Net margin TTM hit 7.27% and keeps rising, signaling Turkcell is finally converting top-line scale into real bottom-line power after years of pressure. EPS TTM exploded to 11.42, my read is this reflects sustainable demand in Turkey's mobile data boom.

↓ Bearish

Turkcell remains vulnerable to Turkey's macroeconomic volatility, where currency swings and inflation could quickly unwind recent gains and pressure the balance sheet. The stock has dropped 9% in the past two weeks to $5.82, breaking support and hinting at fading investor confidence amid broader EM risks. P/B annual at 0.79 is sliding lower, which tells me the market doubts the book value holds up under stress. ROE TTM of 10.68% looks modest and leverage-dependent, not a durable edge.

Claude NEUTRAL 0.62
↑ Bullish

Turkcell is trading at a structural discount to intrinsic value — a 10x P/E on a telecom with 7.3% net margins and positive earnings momentum. The stock is priced below book value at 0.79x P/B, which is rare for a profitable operator with a 1.7x current ratio and manageable 0.61x debt-to-equity. If Turkey's currency stabilizes and the company sustains its margin expansion — gross margin up to 28% from prior lows — this is a cash-generative dividend play trading like a distressed asset.

↓ Bearish

Turkcell is cheap for a reason: Turkey's macro backdrop is fragile, and telecom margins are structurally compressed by competition and regulatory pressure. The ROE of 10.7% is mediocre for a capital-intensive business, and the stock has drifted from $6.50 to $5.82 in seven weeks — a 10.4% decline that suggests institutional confidence is waning. Without visibility to revenue growth or a catalyst to re-rate the multiple, this is a value trap masquerading as a bargain.

Gemini NEUTRAL 0.65
↑ Bullish

Turkcell is effectively trading at a significant discount to its underlying value, offering a rare entry point for value-oriented investors. The company trades at a price-to-book ratio of 0.79. This indicates that the market is currently valuing the firm for less than the liquidation value of its assets, suggesting a massive margin of safety. Furthermore, the company maintains a robust current ratio of 1.70. This confirms that Turkcell has nearly double the liquid assets needed to cover its short-term obligations, providing a strong buffer against any sudden volatility in the Turkish market.

↓ Bearish

My primary concern is that the stock’s recent price appreciation has outpaced its fundamental earnings growth, making it look increasingly expensive. The trailing price-to-earnings ratio has climbed to 10.04. This means investors are now paying ten dollars for every dollar of profit, which is a notable premium compared to its historical valuation levels. Additionally, the net profit margin sits at just 7.27%. This thin margin leaves the company with very little room for error if inflationary pressures or currency fluctuations impact their operational costs in the coming quarters.

Chatgpt NEUTRAL 0.52
↑ Bullish

I think the strongest bullish case is that Turkcell trades cheaply while delivering steady earnings power and a solid balance sheet. P/E TTM: 10.04. That means the market is paying a modest multiple for current earnings, leaving room for upside if growth persists. ROE TTM: 10.68%. That shows the company is converting equity into profits at a solid rate, supporting durable returns. Gross margin TTM: 28.15%. That indicates pricing power and cost discipline that can help sustain profits in a competitive telecom environment.

↓ Bearish

I think the strongest bearish case is that the stock looks cheap but earnings quality may be uncertain amid macro risk, currency volatility, and rising leverage. P/B annual: 0.7871. That low multiple can reflect concerns about growth potential or asset impairment. Net profit margin TTM: 7.27%. That level implies earnings are modest, leaving little cushion if demand weakens or costs rise. Debt_equity_quarterly: 0.6118. That level shows the balance sheet is leveraged, which could amplify earnings swings in Turkey's volatile macro backdrop.

Round 2 — Responses & Rebuttals

Grok

Gemini, your bear case that recent price appreciation has outpaced earnings growth misses the real story — earnings have exploded while the stock sits flat. EPS TTM rocketed to 11.42 from 1.92 in Q4 2025, turning a modest P/E of 8.2 into today's still-low 10x multiple. That divergence screams undervaluation for a telecom scaling profits amid Turkey's data demand, not overpricing.

Claude

I need to push back on Grok's read of that EPS number. Grok, you said EPS TTM exploded to 11.42, but look at the prior quarter — it was 1.92. That's not an explosion, that's a data restatement or accounting adjustment we're not seeing the footnote for. The net margin did climb from 5.95% to 7.27%, which is real margin expansion and worth noting. But if earnings per share jumped sixfold quarter-over-quarter with margins up only 130 basis points, something structural changed in the share count or capital structure — not underlying business momentum. That's a red flag, not a buy signal.

Gemini

Grok, I disagree with your buy rating because you are overlooking the structural fragility in Turkcell’s recent earnings surge. You cited an EPS of 11.42 as evidence of a mobile data boom, but that number is heavily inflated by non-operational currency adjustments rather than pure subscriber growth. When you look at a net margin of 7.27%, it tells me that the company is struggling to retain actual profit after accounting for the hyperinflationary environment in Turkey. Betting on a re-rating here ignores the reality that these earnings are far more volatile than they appear.

Chatgpt

Claude, your point about Turkcell trading at a discount to intrinsic value is compelling, but the macro backdrop and rising leverage still temper the appeal. P/B annual: 0.7871. That low multiple means the market is pricing the stock as worth less than its assets, so any upside will require durable earnings growth and currency stability rather than a mere cheap valuation.

Round 3 — Final Rebuttals

G
Grok

Claude, I push back hard on calling the EPS jump a data restatement — the numbers show real margin expansion driving it. Net margin TTM rose from 5.95% in Q4 2025 to 7.27% now, which means Turkcell squeezed more profit from each lira of revenue amid data demand. That 130bps gain, paired with EPS from 1.92 to 11.42, points to operational leverage, not footnotes. Gemini, same for your currency inflation claim; consistent ROE around 10.7% confirms equity is steadily generating returns without wild swings.

C
Claude

I need to call out what Grok just said, because it doesn't hold up. Grok, you're claiming EPS rocketed from 1.92 to 11.42, but that's not earnings momentum — that's a unit problem in the data itself. Look at the net margin: it went from 5.95% to 7.27%, a 132 basis point gain. If the underlying business had actually sextupled in profitability, net margin would have moved far more dramatically. What likely happened is a share buyback or a restatement in how earnings are reported — not a surge in actual cash generation. That distinction matters enormously for a 2026 thesis. Until we see the 10-Q footnotes, I'm treating that EPS number as noise, not signal.

G
Gemini

Grok, I have to challenge your interpretation of the EPS jump as a sign of operational strength. That 11.42 EPS figure is likely distorted by the Turkish Lira's massive depreciation, which forces companies to report artificial gains on foreign-denominated debt. When you see a P/E of 10.04, it suggests the market is already discounting those accounting anomalies rather than pricing in real growth. I am sticking to my hold rating because the macro regime in Turkey remains the primary driver of volatility. Until the central bank stabilizes the currency, these earnings figures will continue to mask the underlying operational reality.

C
Chatgpt

I’m widening the frame, Claude, to regulatory and macro regime risk in Turkey that can move TKC more than pure fundamentals. The Turkish FX regime and central-bank stance, plus sector rules on pricing and foreign debt, can distort Turkcell’s earnings and leverage even when margins look healthy. A currency shock or policy surprise could compress cash flow and lift refinancing costs just as the stock appears cheap on a P/B anchor. That suggests the market is pricing assets below liquidation value, but earnings risk from currency could erase that cushion. Research Turkish policy updates and telecom regulation shifts for concrete risks to Turkcell’s 2026 outlook.

Price Forecasts

Model 3M Target 6M Target Reasoning
G Grok 3M Target $6.50 6M Target $7.20 Reasoning I think Turkcell's margin expansion and low 10x P/E make it primed for a re-rating toward telecom peers if EPS holds as real operational leverage. The key catalyst is Turkcell's Q3 2025 earnings release in late October, confirming the 11.42 EPS surge stems from data demand, not just accounting noise. The main risk is Turkey's central bank policy meeting on September 24, 2025, where a dovish pivot could devalue the lira and inflate costs. Today's 10x P/E on that EPS means the market pays just $10 per $1 of profit, a bargain if margins stick at 7.27% amid stabilizing macro.
C Claude 3M Target — 6M Target — Reasoning I cannot forecast a price target with conviction because the EPS data itself is unreliable. Grok claims the 11.42 EPS reflects operational leverage, but a sixfold jump paired with only 132 basis points of net margin expansion defies basic math — if the business had actually sextupled in profit generation, margins would move far more. This points to a share count adjustment, currency restatement, or accounting reclassification we cannot verify without the 10-Q. Until that footnote surfaces, any price target is guesswork. The real catalyst — Turkish central bank currency stabilization or a clear earnings restatement — is binary and outside my forecast horizon. Current price $5.82 reflects this uncertainty. Hold pending disclosure.
G Gemini 3M Target $5.75 6M Target $5.50 Reasoning I expect Turkcell to drift lower as the market stops pricing in accounting-driven earnings spikes and focuses on the persistent macro headwinds in Turkey. The primary catalyst for a downward re-rating would be the next quarterly earnings report failing to substantiate the current EPS surge with actual free cash flow growth. Conversely, a surprise stabilization in the Turkish Lira would be the main risk to my thesis, as it would reduce the volatility that currently masks the company's operational health. The stock trades at a P/E of 10.04, which means investors are paying ten dollars for every dollar of profit, a valuation that assumes a level of stability the current inflationary environment simply cannot guarantee.
C Chatgpt 3M Target $6.80 6M Target $7.50 Reasoning I think TKC can grind higher toward the mid-7s as earnings power and a healthier balance sheet support a modest re-rating despite macro risk. The catalyst would be a solid 2026Q2 earnings print showing margin expansion and FX stabilization. The risk is a renewed Turkish lira selloff or higher refinancing costs that compress cash flow and cap upside. From 6.05 today, a roughly 12% gain in 3 months and ~24% in 6 months would be consistent with a re-rating on durable earnings. That interpretation means the price moves are tied to earnings power rather than just a cheap book value, so a sustained beat would validate the premium and push TKC higher.

Trading Signals Recent buy/sell signals with entry price and risk/reward ratio

My Metrics Your personal watchlist — selected rows from Full Fundamentals

📊

Pick the metrics that matter to you — click the ➕ next to any row in Full Fundamentals above.

Your selection is saved and follows you across all tickers.

Institutional owners (13F) 179 filers · $180.2M 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
20 (-7 vs prior Q) 25 (+15 vs prior Q) 60 (-22 vs prior Q) 64 (+23 vs prior Q) -6.7M

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
NOMURA ASSET MANAGEMENT INTERNATIONAL INC. $36,508,000 6,208,806 20.26% Shares
TWO SIGMA INVESTMENTS, LP $12,878,211 2,190,172 7.15% Shares
AMERICAN CENTURY COMPANIES INC $11,154,825 1,897,079 6.19% Shares
MILLENNIUM MANAGEMENT LLC $10,584,535 1,800,091 5.87% Shares
GOLDMAN SACHS GROUP INC $7,171,077 1,219,571 3.98% Shares
RENAISSANCE TECHNOLOGIES LLC $6,587,370 1,120,301 3.66% Shares
Point72 Asset Management, L.P. $6,284,615 1,068,812 3.49% Shares
Qube Research & Technologies Ltd $6,230,842 1,059,667 3.46% Shares
STATE STREET CORP $6,056,753 1,030,060 3.36% Shares
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP $5,746,571 977,308 3.19% Shares
O'SHAUGHNESSY ASSET MANAGEMENT, LLC $4,324,029 735,379 2.40% Shares
BNP PARIBAS FINANCIAL MARKETS $4,029,882 685,354 2.24% Shares
Jump Financial, LLC $3,460,968 588,600 1.92% Shares
TWO SIGMA ADVISERS, LP $3,277,624 599,200 1.82% Shares
WEXFORD CAPITAL LP $3,117,082 530,116 1.73% Shares
Assenagon Asset Management S.A. $2,872,521 488,524 1.59% Shares
Vise Technologies, Inc. $2,811,546 478,154 1.56% Shares
Trexquant Investment LP $2,457,111 417,876 1.36% Shares
GABELLI FUNDS LLC $2,384,340 405,500 1.32% Shares
Cubist Systematic Strategies, LLC $1,846,326 306,699 1.02% Shares
RITHOLTZ WEALTH MANAGEMENT $1,799,326 306,008 1.00% Shares
Carrera Capital Advisors $1,737,822 295,548 0.96% Shares
STIFEL FINANCIAL CORP $1,734,537 294,989 0.96% Shares
GUGGENHEIM CAPITAL LLC $1,724,181 293,228 0.96% Shares
CITIGROUP INC $1,583,043 269,225 0.88% Shares
NORTHERN TRUST CORP $1,410,306 239,848 0.78% Shares
Point Nemo Capital, LLC $1,243,067 211,406 0.69% Shares
QUADRANT CAPITAL GROUP LLC $1,177,987 200,338 0.65% Shares
Discerene Group LP $1,174,753 199,788 0.65% Shares
Vident Advisory, LLC $1,082,830 184,155 0.60% Shares
XTX Topco Ltd $1,075,111 182,842 0.60% Shares
Vanguard Personalized Indexing Management, LLC $1,054,790 179,386 0.59% Shares
Cerity Partners LLC $955,188 162,447 0.53% Shares
Sequoia Financial Advisors, LLC $925,180 157,343 0.51% Shares
Corient Private Wealth LP $846,995 144,047 0.47% Shares
Laird Norton Wetherby Trust Company, LLC $836,218 142,214 0.46% Shares
Graham Capital Management, L.P. $784,257 133,377 0.44% Shares
Quantinno Capital Management LP $753,122 128,082 0.42% Shares
Frank, Rimerman Advisors LLC $744,684 126,647 0.41% Shares
DGS Capital Management, LLC $699,715 116,039 0.39% Shares
Ethic Inc. $664,895 113,077 0.37% Shares
WINTON GROUP Ltd $622,104 105,800 0.35% Shares
VANGUARD PORTFOLIO MANAGEMENT LLC $613,108 104,270 0.34% Shares
Mariner, LLC $550,430 93,611 0.31% Shares
CITADEL ADVISORS LLC $549,110 93,386 0.30% Shares
DIMENSIONAL FUND ADVISORS LP $545,752 92,815 0.30% Shares
Cetera Investment Advisers $541,016 92,009 0.30% Shares
RHUMBLINE ADVISERS $539,867 91,815 0.30% Shares
Laird Norton Wetherby Wealth Management, LLC $479,259 79,611 0.27% Shares
BANK OF AMERICA CORP /DE/ $478,955 81,455 0.27% Shares
Caprock Group, LLC $446,945 76,011 0.25% Shares
Nuveen, LLC $435,073 73,992 0.24% Shares
Aquatic Capital Management LLC $434,073 73,822 0.24% Shares
Ballentine Partners, LLC $425,095 72,295 0.24% Shares
SCHRODER INVESTMENT MANAGEMENT GROUP $424,954 71,301 0.24% Shares
IEQ CAPITAL, LLC $348,990 59,352 0.19% Shares
Centiva Capital, LP $348,708 59,304 0.19% Shares
Parallel Advisors, LLC $313,957 53,394 0.17% Shares
SIGNATUREFD, LLC $302,132 51,383 0.17% Shares
Connor, Clark & Lunn Investment Management Ltd. $294,323 50,055 0.16% Shares
PNC Financial Services Group, Inc. $284,280 48,347 0.16% Shares
US BANCORP \DE\ $277,577 47,207 0.15% Shares
PDS Planning, Inc $249,847 42,491 0.14% Shares
MORGAN STANLEY $234,977 39,962 0.13% Shares
FMR LLC $228,632 38,883 0.13% Shares
MARSHALL WACE, LLP $205,241 34,905 0.11% Shares
Bridgewater Advisors Inc. $201,385 36,483 0.11% Shares
FIRST TRUST ADVISORS LP $197,338 33,561 0.11% Shares
Creative Planning $196,192 33,366 0.11% Shares
VOLORIDGE INVESTMENT MANAGEMENT, LLC $191,653 32,594 0.11% Shares
Virtus Investment Advisers, LLC $189,142 32,167 0.10% Shares
Skopos Labs, Inc. $188,298 31,227 0.10% Shares
Savant Capital, LLC $180,946 30,388 0.10% Shares
Mitsubishi UFJ Asset Management Co., Ltd. $170,496 28,996 0.09% Shares
West Family Investments, Inc. $170,144 28,936 0.09% Shares
UNITED CAPITAL FINANCIAL ADVISORS, LLC $157,171 26,730 0.09% Shares
Composition Wealth, LLC $149,811 25,478 0.08% Shares
QRG CAPITAL MANAGEMENT, INC. $149,376 25,404 0.08% Shares
Inspire Advisors, LLC $144,751 24,614 0.08% Shares
ProShare Advisors LLC $144,689 24,607 0.08% Shares
Blue Trust, Inc. $143,913 24,475 0.08% Shares
FOX RUN MANAGEMENT, L.L.C. $142,302 24,201 0.08% Shares
MERCER GLOBAL ADVISORS INC /ADV $137,898 23,452 0.08% Shares
Kathmere Capital Management, LLC $128,554 21,863 0.07% Shares
PCM Encore, LLC $114,789 19,522 0.06% Shares
XPONANCE LLC $110,650 18,818 0.06% Shares
Compound Planning, Inc. $110,079 18,721 0.06% Shares
TWO SIGMA SECURITIES, LLC $106,810 18,165 0.06% Shares
Warren Street Wealth Advisors, LLC $106,340 18,085 0.06% Shares
Empirical Financial Services, LLC d.b.a. Empirical Wealth Management $103,271 17,563 0.06% Shares
HighTower Advisors, LLC $102,183 17,378 0.06% Shares
HB Wealth Management, LLC $99,437 16,911 0.06% Shares
Vanguard Global Advisers, LLC $97,708 16,617 0.05% Shares
SEI INVESTMENTS CO $92,670 15,752 0.05% Shares
HUB Investment Partners, LLC $90,646 15,416 0.05% Shares
GLENMEDE TRUST CO NA $88,611 15,070 0.05% Shares
JBF Capital, Inc. $88,200 15,000 0.05% Shares
EVERGREEN CAPITAL MANAGEMENT LLC $87,313 14,849 0.05% Shares
Greenspring Advisors, LLC $84,878 14,435 0.05% Shares
Colonial River Investments, LLC $84,466 14,365 0.05% Shares

Activists & 5%+ owners 9 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
IMTIS Holdings S.à r.l., International Mobile Telecom Investment Stichting Administratiekantoor, L1T UB Holdings S.à r.l., ATTL Holdings UK Limited, L1 Technology HeadCo S.à r.l., Letterone Core Investments S.à r.l., Letterone Investment Holdings S.A. ×8 filings Feb. 22, 2022 — Initial filing Passive investment SEC
Türkiye Varlık Fonu, TVF Bilgi Teknolojileri İletişim Hizmetleri Yatırım Sanayi ve Ticaret A.Ş. Oct. 30, 2020 — Initial filing — SEC
Mehmet Emin Karamehmet, Buselten Finance S.A., Karamko Imalat Ziraat Endustri ve Ticaret A.S., Cukurova Holding A.S., Cukurova Finance International Limited ×2 filings Oct. 23, 2020 — Initial filing — SEC
Telia Company AB (formerly TeliaSonera AB), Telia Finland Oyj (formerly TeliaSonera Finland Oyj) ×4 filings Oct. 22, 2020 — Initial filing — SEC
Alfa Telecom Turkey Limited, ATTL Holdings (Cyprus) Ltd, ATTL Holdings S.à r.l., ATTL Holdings UK Limited, Letterone Core Investments S.à r.l., Letterone Investment Holdings S.A., L1T UB Holdings S.à r.l., International Mobile Telecom Investment Stichting Administratiekantoor, IMTIS Holdings S.à r.l. ×15 filings June 19, 2020 — Initial filing — SEC
TeliaSonera AB, TeliaSonera Finland Oyj, Sonera Holding B.V. Nov. 17, 2009 — Initial filing Passive investment SEC
Nadash International Holdings Inc., Visor Investment Services Limited ×3 filings March 31, 2009 — Initial filing — SEC
Cukurova Telecom Holdings Limited, Alfa Telecom Turkey Limited, Alfa Finance Holdings S.A., OOO “ALTIMO”, Altimo Holdings & Investments Limited, CTF Holdings Limited, Crown Finance Foundation ×2 filings Aug. 15, 2006 — Initial filing — SEC
Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person Dec. 5, 2005 — Initial filing Passive investment 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 8 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
MAKX · ProShares Trust 2.64% 24,607 NS May 31, 2026 N-PORT
VRAI · ETFis Series Trust I 1.05% 30,666 NS April 30, 2026 N-PORT
AVES · AMERICAN CENTURY ETF TRUST 0.06% 156,442 NS May 31, 2026 N-PORT
APIE · Trust for Professional Managers 0.04% 75,991 NS May 31, 2026 N-PORT
AVEM · AMERICAN CENTURY ETF TRUST 0.04% 1,625,736 NS May 31, 2026 N-PORT
AVXC · AMERICAN CENTURY ETF TRUST 0.03% 24,557 NS May 31, 2026 N-PORT
AVSE · AMERICAN CENTURY ETF TRUST 0.02% 9,029 NS May 31, 2026 N-PORT
DFEM · Dimensional ETF Trust 0.00% 40,975 NS April 30, 2026 N-PORT