Managers / Q4 2024 · view latest →

Betterment LLC

CIK 0001633901 · 450 WEST 33RD STREET, FL 11, NEW YORK, NY, 10001 · 212-228-1328

Reported Value

$41.9B

Q4 2024

Positions

444

Filings on Record

2019–present window

Filed

Feb 14, 2025

original filing

Summary

Betterment LLC reported $41.9B in U.S.-listed holdings across 444 positions for Q4 2024.

The portfolio is heavily concentrated: VTI alone accounts for 25.0% of reported value.

Compared with Q3 2024, the fund opened 34 new positions and exited 11.

Portfolio Metrics

Turnover

+2.5%

vs prior filed quarter

Top-10 Concentration

+95.3%

share of reported value

Largest Position

+25.0%

Vanguard Index Fds

New / Exited

34 / 11

positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value

Portfolio Composition

By security type

ETP · 99.9% · $41.9B
Common Stock · 0.1% · $25M
Other · 0.0% · $266,000

Quarter-over-Quarter Changes full breakdown →

vs Q3 2024 (amended baseline)

Issuer	Move	Share Δ	Shares now	Value Δ	Value now
ETHA BlackRock Fund Advisors	NEW	+502.7K	502.7K	+$13M	$13M
JUST GOLDMAN SACHS ETF TR	NEW	+142.8K	142.8K	+$12M	$12M
IGLB ISHARES TR	NEW	+188.7K	188.7K	+$9M	$9M
CGSM Capital Research and Management Co	NEW	+230.9K	230.9K	+$6M	$6M
CGMU Capital Research and Management Co	NEW	+112.3K	112.3K	+$3M	$3M
LRGF iShares	NEW	+23.2K	23.2K	+$1M	$1M
CGHM Capital Research and Management Co	NEW	+39.5K	39.5K	+$999,000	$999,000
Toroso Investments LLC ETFs/USA	NEW	+42.3K	42.3K	+$832,000	$832,000

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q4 2024

134 positions (from 444 filing rows — )

Export to Excel

#	Issuer	Class	% Portfolio	Value ↓	Shares
1	VTI VANGUARD INDEX FDS	TOTAL STK MKT · VALUE ETF · MCAP VL IDXVIP · SM CP VAL ETF · S&P 500 ETF SHS · GROWTH ETF · SMALL CP ETF · MID CAP ETF · 500 VAL IDX FD · 500 GRTH IDX F · REAL ESTATE ETF · VNG RUS2000IDX	24.98%	$10.5B	41.29M
2	MUB ISHARES TR	NATIONAL MUN ETF · CORE US AGGBD ET · CORE S&P TTL STK · JPMORGAN USD EMG · CORE MSCI EAFE · RUS MDCP VAL ETF · SHORT TREAS BD · RUS 2000 VAL ETF · CORE S&P500 ETF · S&P 500 VAL ETF · CORE INTL AGGR · INVESTMENT GRADE · 1 3 YR TREAS BD · IBOXX INV CP ETF · CALIF MUN BD ETF · ISHS 1-5YR INVS · NEW YORK MUN ETF · 10+ YR INVST GRD · HIGH YLD SYSTM B · MBS ETF · CORE S&P SCP ETF · 20 YR TR BD ETF · 7-10 YR TRSY BD · ISHS 5-10YR INVT · S&P MC 400VL ETF · CORE S&P MCP ETF · TIPS BD ETF · MSCI EAFE ETF · INTRM GOV CR ETF · CORE 1 5 YR USD · RUSSELL 2000 ETF · RUS 1000 VAL ETF · S&P 500 GRWT ETF · RUSSELL 3000 ETF · 3 7 YR TREAS BD · EAFE VALUE ETF · CORE S&P US GWT · IBOXX HI YD ETF · MSCI AC ASIA ETF · EAFE SML CP ETF · SP SMCP600VL ETF · RUS 1000 ETF · 10-20 YR TRS ETF · PFD AND INCM SEC · MSCI EMG MKT ETF · CORE HIGH DV ETF	18.86%	$7.9B	78.76M
3	VEA VANGUARD TAX MANAGED INTL FD history →	VAN FTSE DEV MKT	15.67%	$6.6B	137.49M
4	SPYM SPDR State Street Global Advisors	PORTFOLIO S&P500 · PORTFOLIO S&P400 · PORTFOLIO S&P600 · PORTFOLIO DEVLPD · PRTFLO S&P500 VL · SPDR S&P 500 ETF · MSCI EAFE FS ETF · PORTFOLIO EMG MK · NUVEEN BLMBRG SH · MSCI EMR MKT ETF · NUVEEN BLOOMBERG · SPDR MSCI USA GE · PRTFLO S&P500 GW · PORTFOLI S&P1500 · PORTFOLIO SHORT · MSCI EAFE STRTGC · S&P 600 SMCP VAL · PORTFLO EURP ETF · SPDR GLD MINIS · PORTFLI HIGH YLD · BLACKSTONE SENR · PORTFOLIO SH TSR · PORTFOLIO AGRGTE · SBI INT-UTILS · RL EST SEL SEC · MULT ASS RLRTN · INDL · SPDR TR TACTIC	14.23%	$6.0B	102.19M
5	VWO VANGUARD INTL EQUITY INDEX F	FTSE EMR MKT ETF · GLB EX US ETF · FTSE SMCAP ETF	6.30%	$2.6B	59.97M
6	ESGU iShares	ESG AWR MSCI USA · CORE MSCI EMKT · 0-5 YR TIPS ETF · ESG AW MSCI EAFE · MSCI LW CRB TG · ESG AWR MSCI EM · USD GRN BOND ETF · MSCI KLD400 SOC · ESG AWR US AGRGT · FALN ANGLS USD · ESG AWRE USD ETF · MSCI USA ESG SLC · 0-5YR HI YL CP · JP MRGN EM HI BD · BROAD USD HIGH · TRS FLT RT BD · CORE MSCI EURO · FLTG RATE NT ETF · EXPONENTIAL TECH · RUS TP200 GR ETF · SHORT MATURITY M · MSCI USA MMENTM · SHRT NAT MUN ETF · SHORT DURATION B · RUS 1000 GRW ETF · MSCI JPN ETF NEW · CORE MSCI TOTAL · MSCI USA QLT FCT · MSCI INTL MOMENT · S&P 100 ETF · CORE TOTAL USD · MRGSTR MD CP GRW · ESG ADV TTL USD · MSCI INTL QUALTY · U S EQUITY FACTR · RUS 2000 GRW ETF · CORE LT USDB ETF · MSCI EMRG CHN · MSCI USA VALUE · US TREAS BD ETF · ULTRA SHORT-TER · ESG EAFE ETF · RUS MD CP GR ETF · EAFE GRWTH ETF · CRE U S REIT ETF · CORE MSCI INTL · S&P MC 400GR ETF · U.S. TECH ETF · S&P SML 600 GWT · RUS MID CAP ETF · ESG MSCI USA ETF · GNMA BOND ETF · CORE DIV GRWTH · ISHARES · ESG AWRE 1 5 YR · GLOBAL REIT ETF	5.34%	$2.2B	31.30M
7	GSLC Goldman Sachs	ACTIVEBETA US LG · ACCES TREASURY · ACTIVEBETA INT · ACTIVEBETA EUR · ACCESS INVT GR · ACTIVEBETA EME · ACTIVEBETA JAP · ACCESS US AGRAT · ACCESS HIG YLD · ACCESS INFLATI · COM	3.91%	$1.6B	23.31M
8	SCHF SCHWAB STRATEGIC TR	INTL EQTY ETF · US BRD MKT ETF · US LRG CAP ETF · US LCAP VA ETF · US REIT ETF · US SML CAP ETF · US LCAP GR ETF · US DIVIDEND EQ · US MID-CAP ETF · EMRG MKTEQ ETF · FUNDAMENTAL INTL · US TIPS ETF	2.76%	$1.2B	54.53M
9	BNDX VANGUARD CHARLOTTE FDS history →	TOTAL INT BD ETF	2.45%	$1.0B	20.94M
10	TFI SPDR SERIES TRUST	NUVEEN BLMBRG MU · PORTFOLIO LN TSR · BLOOMBERG HIGH Y · BLOOMBERG 1-3 MO · ICE PFD SEC ETF · PORTFLI INTRMDIT	0.79%	$332M	7.30M
11	JPST JP Morgan history →	ULTRA SHRT ETF	0.75%	$313M	6.22M
12	DFAU Dimensional Fund Advisors	US CORE EQT MKT · INTL CORE EQT MK · CORE FIXED INCOM · INTL CORE EQUITY · EMERGING MKTS CO · US CORE EQUITY 1 · US LARGE CAP VAL · SHORT DURATION F · EMGR CRE EQT MNG · WORLD EX US CORE · US REAL ESTATE E · GLOBAL CR ETF · INTERNATNAL VAL · INTL SMALL CAP V · US SMALL CAP VAL · GLOBAL EX US COR · EMERGING MKTS VA · US SUSTAINABILTY · INTL SMALL CAP E · US HIGH PROFITAB · GLOBAL REAL EST · GLOBAL CORE PLUS · GLOBAL SUSTAINA · INTERNATIONAL · ULTRASHORT FIXED · EMERGING MKTS HI · INTL HIGH PROFIT · EMERGING MARKETS · WORLD EQUITY ETF · NATL MUN BD ETF · US MKTWIDE VALUE · INFLATION PROTE	0.67%	$281M	8.50M
13	BND VANGUARD BD INDEX FD INC	TOTAL BND MRKT · SHORT TRM BOND · LONG TERM TREAS · INTERMED TERM · LONG TERM BOND · MTG-BKD SECS ETF · TAX EXEMPT BD	0.54%	$228M	3.34M
14	VTIP VANGUARD MALVERN FDS history →	STRM INFPROIDX	0.29%	$122M	2.51M
15	ESML BlackRock Fund Advisors	ESG AWARE MSCI · SHS BEN INT · ISHARES FLEXIBLE	0.29%	$121M	2.88M
16	VWOB VANGUARD WHITEHALL FDS INC	EM MK GOV BD ETF · HIGH DIV YLD	0.29%	$120M	1.87M
17	ESGV VANGUARD	ESG US STK ETF · MCAP GR IDXVIP · LARGE CAP ETF · INTL DVD ETF · SHORT TERM TREAS · SML CP GRW ETF · ALLWRLD EX US · SHRT TRM CORP BD · INTER TERM TREAS · TT WRLD ST ETF · EXTEND MKT ETF · ESG INTL STK ETF · MEGA GRWTH IND · MIDCP 400 GRTH · INTL HIGH ETF · SMLCP 600 VAL · MEGA CAP INDEX · MEGA CAP VAL ETF · INF TECH ETF · UTILITIES ETF · CONSUM STP ETF	0.26%	$110M	978.1K
18	DFAC Dimensional	US CORE EQUITY 2 · US TARGETED VLU · US EQUITY MARKET · US SMALL CAP ETF	0.24%	$100M	2.65M
19	KOMP State Street Global Advisors Inc history →	S&P KENSHO NEW	0.22%	$93M	1.83M
20	VOTE Engine No. 1 history →	TRANSFRM 500 ETF	0.21%	$88M	1.27M
21	QQQ Invesco	UNIT SER 1 · S&P 500 MOMNTM · EMRNG MKT SVRG · VAR RATE INVT · S&P SMLCP MOMENT · S&P500 EQL WGT · S&P INTL MOMNT · GBL LISTED PVT · TOTAL RETURN · OPTIMUM YIELD · S&P MDCP MOMNTUM · S&P500 QUALITY · LARGE CAP VALUE · FTSE RAFI DEV · S&P 500 HB ETF	0.11%	$46M	302.3K
22	VIG VANGUARD SPECIALIZED PORTFOL history →	DIV APP ETF	0.06%	$24M	124.5K
23	JPIE JP Morgan Investment Management Inc	SUSTAINABLE MUNI · INCOME ETF	0.06%	$24M	471.1K
24	CGMS Capital Research and Management Co	US MULTI-SECTOR · SHORT DURATION M · SHS CREATION UNI · MUNICIPAL INCOME · MUNICIPAL HIGH I	0.05%	$23M	810.2K
25	GEMD Goldman Sachs Asset Management LP	ACCESS EMNG MKTS · S&P 500 CORE PRE	0.05%	$20M	491.5K
26	GMOM CAMBRIA ETF TR	GLB MOMENT ETF · VALUE MOMENTUM · GLOBAL VALUE ETF · SHSHLD YIELD ETF · EMRG SHAREHLDR · CAMBRIA FGN SHR	0.05%	$19M	647.6K
27	Summit Global Investments LLC	SGI ENHANCED COR · SGI US LARGE CAP · SGI ENHANCED NAS · SGI ENHANCED GLB · SGI DIVERSI TAC	0.04%	$18M	688.4K
28	JUST GOLDMAN SACHS ETF TR	JUST US LRG CP · ACES ULTRA SHR	0.04%	$16M	219.9K
29	Avantis	US SML CP VALU	0.04%	$15M	154.4K
30	VUSB VANGUARD BD INDEX FDS history →	VANGUARD ULTRA	0.04%	$15M	299.1K
31	XSOE WisdomTree	EM EX ST-OWNED · US LARGECAP FUND · YIELD ENHANCD US · INTL SMCAP DIV · US MIDCAP DIVID · US SMALLCAP FUND	0.03%	$12M	298.9K
32	AAPL N/A	COM · CAP STK CL C · CL B NEW	0.03%	$12M	46.2K
33	MOAT Van Eck	MRNGSTR WDE MOAT · FALLEN ANGEL HG · IG FLOATING RATE · SEMICONDUCTR ETF	0.03%	$11M	207.3K
34	XTRACKERS	XTRACK USD HIGH	0.02%	$10M	282.2K
35	COMB GraniteShares	BBG COMMD K 1	0.02%	$10M	499.7K
36	SPY SPDR S&P 500 ETF TR	TR UNIT	0.02%	$8M	12.9K
37	AVDV AVANTIS INTL	INTL SMCP VLU	0.02%	$7M	107.9K
38	BITB Bitwise Asset Management Inc	SHS BEN INT	0.02%	$7M	182.0K
39	AVUS AMERICAN CENTY ETF TR	US EQT ETF · INTL EQT ETF · AVANTIS EMGMKT	0.01%	$6M	75.5K
40	QQQM INVESCO EXCH TRADED FD TR II	NASDAQ 100 ETF	0.01%	$6M	29.2K
41	Impact Shares	NAACP MINO ETF	0.01%	$4M	101.0K
42	VCIT VANGUARD SCOTTSDALE FDS	INT-TERM CORP · TOTAL CORP BND	0.01%	$4M	51.2K
43	FIXD First Trust Exchange-Traded Fund VIII	TCW OPPORTUNIS	0.01%	$4M	90.5K
44	FBND Fidelity Investments	TOTAL BD ETF · LOW VOLITY ETF · HIGH DIVID ETF	0.01%	$4M	75.5K
45	VNLA Janus	HENDRSN SHRT ETF	0.01%	$4M	71.9K
46	WTMF WISDOMTREE TR	FUTRE STRAT FD · EMG MKTS SMCAP · WISDOMTREE US VA	0.01%	$3M	90.3K
47	JCPB J P MORGAN EXCHANGE TRADED F	CORE PLUS BD ETF · EQUITY PREMIUM · BETABUILDRS US · BETABUILDERS I	0.01%	$3M	56.1K
48	COWZ Pacer	US CASH COWS 100	0.01%	$3M	51.8K
49	FNDA Schwab	FUNDAMENTAL US S · FUNDAMENTAL EMER · FUNDAMENTAL US L	0.01%	$3M	95.0K
50	SGOV Western Asset Management Co	0-3 MNTH TREASRY	0.01%	$3M	26.0K
51	RDVY First Trust	RISNG DIVD ACHIV · FST LOW OPPT EFT · FIRST TR TA HIYL	0.01%	$3M	46.1K
52	VIOO VANGUARD ADMIRAL FDS INC	SMLLCP 600 IDX · MIDCP 400 IDX	0.01%	$3M	23.8K
53	AVGE American Century Investment Management Inc	AVANTIS ALL EQT · AVANTIS CORE FI	0.01%	$2M	40.7K
54	VXUS VANGUARD STAR FD	VG TL INTL STK F	0.01%	$2M	41.5K
55	HYD MARKET VECTORS ETF TR	HIGH YLD MUNIETF	0.01%	$2M	45.0K
56	BNDW Vanguard Total World Bond ETF	TOTAL WLD BD ETF	0.01%	$2M	32.9K
57	EMLP FIRST TR EXCHANGE TRADED FD	NO AMER ENERGY · SMID RISNG ETF	0.01%	$2M	60.1K
58	DYNF BLACKROCK ETF TRUST	ISHARES US EQUIT	0.00%	$2M	40.8K
59	PULS PGIM ETF TR	PGIM ULTRA SH BD	0.00%	$2M	41.4K
60	CAT CATERPILLAR INC	COM	0.00%	$2M	4.5K
61	Empowered Funds LLC	STRIVE 500 ETF	0.00%	$2M	42.8K
62	ARKW Ark ETF Trust	NEXT GNRTN INTER · INNOVATION ETF	0.00%	$2M	17.8K
63	SCHR Schwab ETFs	INT-TRM U.S TRES	0.00%	$1M	60.9K
64	JHMM John Hancock	MULTIFACTOR MI	0.00%	$1M	21.1K
65	F/m Investments LLC	US TREAS 3 MNTH	0.00%	$1M	25.1K
66	GLD SPDR GOLD TRUST	GOLD SHS	0.00%	$1M	5.1K
67	DBX ETF TR	XTRACK HRVST CSI · XTRACK MSCI EAFE · XTRCKR MSCI US	0.00%	$1M	34.3K
68	UOCT Innovator Capital Management LLC	US EQTY ULTRA B · US EQTY PWR BUF	0.00%	$1M	31.7K
69	JAAA JANUS DETROIT STR TR	HENDRSON AAA CL	0.00%	$961,000	19.0K
70	NVDA NVIDIA CORPORATION	COM	0.00%	$919,000	6.8K
71	Vertical Capital Asset Management LLC	VERT GLB SUST RE	0.00%	$910,000	90.0K
72	EMLC VANECK VECTORS TR	JP MRGAN EM LOC	0.00%	$907,000	39.2K
73	PFEB INNOVATOR ETFS TRUST	US EQTY PWR BUF	0.00%	$892,000	22.9K
74	BLDG Cambria Funds	GBL REAL EST ETF	0.00%	$851,000	33.7K
75	Toroso Investments LLC ETFs/USA	ACADEMY VETERAN	0.00%	$832,000	42.3K
76	NUSC Nuveen	NUVEEN ESG SMLCP · NUVEEN ESG MIDVL	0.00%	$827,000	20.8K
77	CTA Simplify Asset Management Inc	MANAGED FUTURES · HEDGED EQUITY	0.00%	$768,000	27.1K
78	TXN TEXAS INSTRS INC	COM	0.00%	$758,000	4.0K
79	XLK SPDR	TECHNOLOGY · UTSER1 S&PDCRP	0.00%	$717,000	2.4K
80	BOND PIMCO ETF TR	ACTIVE BD ETF · ENHAN SHRT MA AC	0.00%	$704,000	7.5K
81	PG PROCTER AND GAMBLE CO	COM	0.00%	$685,000	4.1K
82	USTB VICTORY PORTFOLIOS II	SHORT TRM BD ETF · CORE INTERMEDIAT	0.00%	$662,000	13.8K
83	XLE SELECT SECTOR SPDR TR	ENERGY	0.00%	$639,000	7.5K
84	BKLC BNY MELLON ETF TRUST	US LRG CP CORE	0.00%	$635,000	5.7K
85	LMT LOCKHEED MARTIN CORP	COM	0.00%	$617,000	1.3K
86	JP Morgan Investment Management Inc/Singapore	NASDAQ EQT PREM	0.00%	$617,000	10.9K
87	NOBL ProShares	S&P 500 DV ARIST · PRIV EQTY-LSTD	0.00%	$590,000	11.8K
88	INDEXIQ ETF TR	NYLI HEDGE MULTI	0.00%	$585,000	18.6K
89	WMT WALMART INC	COM	0.00%	$580,000	6.4K
90	IAU ISHARES GOLD TRUST	ISHARES NEW	0.00%	$546,000	11.0K
91	SIVR ABRDN SILVER ETF TRUST	PHYSCL SILVR SHS	0.00%	$540,000	19.6K
92	ETFS GOLD TR	PHYSCL GOLD SHS	0.00%	$534,000	21.3K
93	PACER FDS TR	PACER US SMALL	0.00%	$500,000	11.4K
94	FBTC FD Funds Management LLC	SHS	0.00%	$499,000	6.1K
95	HD HOME DEPOT INC	COM	0.00%	$497,000	1.3K
96	AZO AUTOZONE INC	COM	0.00%	$493,000	154
97	Toroso Investments LLC/United States	RTN STACKED BD · RETURN STCKD US	0.00%	$488,000	25.5K
98	GUNR Flexshares Trust	MORNSTAR UPSTR · IBOXX 5YR TRGT	0.00%	$475,000	16.3K
99	INTU INTUIT	COM	0.00%	$469,000	746
100	MA MASTERCARD INCORPORATED	CL A	0.00%	$441,000	837

Filing History

Quarter	Reported Value	Positions	Filed	Type	Links
Q1 2026	$52.8B	615	May 14, 2026	13F-HR	changes · EDGAR ↗
Q4 2025	$52.5B	551	Feb 12, 2026	13F-HR	changes · EDGAR ↗
Q3 2025	$50.6B	522	Nov 13, 2025	13F-HR	changes · EDGAR ↗
Q2 2025	$47.0B	497	Aug 14, 2025	13F-HR	changes · EDGAR ↗
Q1 2025	$42.2B	458	May 15, 2025	13F-HR	changes · EDGAR ↗
Q4 2024	$41.9B	444	Feb 14, 2025	13F-HR	changes · EDGAR ↗
Q3 2024	$41.9B	421	Nov 14, 2024	13F-HR	changes · EDGAR ↗
Q2 2024	$38.6B	392	Aug 14, 2024	13F-HR	changes · EDGAR ↗
Q1 2024	$37.3B	352	May 10, 2024	13F-HR	changes · EDGAR ↗
Q4 2023	$34.7B	313	Feb 9, 2024	13F-HR	changes · EDGAR ↗
Q3 2023	$31.6B	296	Nov 9, 2023	13F-HR	changes · EDGAR ↗
Q2 2023	$32.3B	281	Aug 7, 2023	13F-HR	changes · EDGAR ↗
Q1 2023	$30.9B	265	May 15, 2023	13F-HR	changes · EDGAR ↗
Q4 2022	$29.2B	252	Feb 13, 2023	13F-HR	changes · EDGAR ↗
Q3 2022	$28.0B	223	Nov 14, 2022	13F-HR	changes · EDGAR ↗
Q2 2022	$28.0B	223	Aug 10, 2022	13F-HR	changes · EDGAR ↗
Q1 2022	$31.4B	224	May 16, 2022	13F-HR	changes · EDGAR ↗
Q4 2021	$32.1B	202	Feb 15, 2022	13F-HR	changes · EDGAR ↗
Q3 2021	$29.9B	184	Nov 15, 2021	13F-HR	changes · EDGAR ↗
Q2 2021	$29.4B	163	Aug 10, 2021	13F-HR	changes · EDGAR ↗
Q4 2020	$23.9B	125	Feb 12, 2021	13F-HR	changes · EDGAR ↗
Q3 2020	$20.4B	112	Nov 10, 2020	13F-HR	changes · EDGAR ↗
Q2 2020	$18.8B	115	Aug 11, 2020	13F-HR	changes · EDGAR ↗
Q1 2020	$16.1B	111	May 14, 2020	13F-HR	changes · EDGAR ↗
Q4 2019	$19.4B	112	Jan 31, 2020	13F-HR	changes · EDGAR ↗
Q3 2019	$17.6B	111	Nov 7, 2019	13F-HR	changes · EDGAR ↗
Q2 2019	$17.6B	111	Aug 14, 2019	13F-HR	changes · EDGAR ↗
Q1 2019	$16.5B	109	Apr 11, 2019	13F-HR	changes · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.