Smart Dividend Portfolio: Yield Advantage
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Dear Investor,
Welcome to this edition of TipRanks’ Smart Dividend Portfolio & Newsletter.
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Market-Moving News: Apr 06, 2026
Markets closed the week with a cautious tone as oil, rates, and risk all moved higher. The S&P 500 (SPX) reached 6,582, while the Nasdaq (NDX) and the Dow Jones (DJIA) showed mixed moves. At the same time, the U.S. 10-year yield climbed to 4.345%, and mortgage rates rose to 6.46%, marking a fifth straight weekly gain.
This shift in rates came as oil prices (CM:CL) moved above $110, driven by war risk in the Middle East. As a result, investors began to reduce risk and rotate into value and commodity stocks.
Meanwhile, crypto prices slipped. Bitcoin (BTC-USD) traded near $66,800, while Ethereum (ETH-USD) and XRP (XRP-USD) also moved lower, showing weaker risk appetite across markets.
First, signs of stress appeared in private credit. Blue Owl Capital (OWL) limited withdrawals after requests surged well above fund limits. The firm capped redemptions at 5% despite demand reaching as high as 40.7% in one fund. This reflects rising concern in less liquid parts of the market.
At the same time, money managers began to shift positions. Wells Fargo (WFC) trimmed its S&P 500 outlook, while investors moved toward energy, value, and hedges as oil and rates climbed.
In tech, Microsoft Corp. (MSFT) stood out with a $10 billion AI investment in Japan. The company is working with local firms to expand data centers and AI capacity. This move shows that large tech firms continue to spend heavily on AI despite market pressure.
On the other hand, Meta Platforms (META) announced job cuts in California, reducing the number of roles by nearly 200. This reflects ongoing cost control efforts across big tech. In addition, Tesla (TSLA) missed delivery estimates. The company delivered 358,023 vehicles in Q1, down 14% from the prior quarter. Shares fell sharply after the report.
Elsewhere, OpenAI expanded its media reach by purchasing TBPN. The firm said it will keep editorial independence, aiming to grow public engagement with AI. Finally, SpaceX filed for a potential IPO that could value the company at nearly $1.5 trillion. If completed, this could become one of the largest listings ever.
Looking ahead, oil and rates will remain the main drivers. If crude stays above $100, inflation risk may rise and keep pressure on stocks. At the same time, bond yields will be key. A continued rise in the 10-year yield could weigh on housing and growth stocks.
In addition, investors will watch for further signs of stress in credit markets after the Blue Owl update. Any spread in redemption limits could quickly shift sentiment.
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This Week’s Quality Dividend Stock Idea
Fifth Third Bancorp. (FITB) is a U.S.-based regional bank holding company providing a broad range of financial services, including commercial banking, consumer banking, payments, and wealth management solutions. Its operations span corporate and middle-market lending, retail banking, treasury management, and capital markets services, supporting individuals, small businesses, and large corporations. The bank primarily serves clients across the Midwest and Southeast United States, with a growing presence in expansion markets. It is one of the larger regional banks in the U.S., with a strong focus on relationship-driven banking, payments innovation, and digital capabilities to enhance customer experience and operational efficiency.
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Strategic Shift
Fifth Third Bancorp traces its origins to 1858 with the founding of the Bank of the Ohio Valley in Cincinnati, Ohio. A series of mergers, most notably between the Third National Bank and Fifth National Bank in 1908, formed what would become Fifth Third Bank. These moves established the company as a strong presence in the Midwest and laid the foundation for a relationship-driven banking model focused on commercial lending and retail deposits.
Through the late 20th century, the company expanded across neighboring states, using acquisitions to build scale in core markets while maintaining a disciplined credit culture. By the early 2000s, it had evolved into a diversified regional institution with capabilities spanning commercial banking, payments, and wealth management.
Following the Global Financial Crisis, Fifth Third strengthened its balance sheet, improved asset quality, and streamlined operations, shifting toward more sustainable growth supported by efficiency, risk management, and capital discipline. This period also marked increased investment in technology to enhance customer experience and operational efficiency.
Over the past decade, the bank expanded beyond its traditional Midwest base into faster-growing Southeast markets, including Florida, North Carolina, and Georgia. This geographic diversification has been a key driver of loan and deposit growth, supported by population and business migration trends. At the same time, Fifth Third grew its fee-based businesses, particularly in payments and treasury management, creating more recurring and less interest-rate-sensitive revenue streams.
Alongside this organic growth, the bank executed a balanced M&A strategy. A key inflection point came in 2018 with the acquisition of MB Financial, which strengthened its position in Chicago, making it the fourth-largest bank in the city by deposits with a 6.5% market share and expanding its middle-market presence.
In parallel, Fifth Third exited non-core equity investments. It fully divested its stake in Worldpay in the first quarter of 2019, generating approximately $7 billion in pre-tax income and an additional $900 million in future cash flows tied to a tax receivable agreement. Around the same time, it exited its remaining stake in GreenSky, completing its withdrawal from publicly traded equity holdings.
The bank then shifted toward targeted capability-driven acquisitions. In 2022, it acquired Dividend Finance, expanding into residential solar financing. This was followed by smaller acquisitions in 2023, including Rize Money and Big Data Healthcare, aimed at strengthening fintech and data capabilities. In 2025, it acquired DTS Connex to enhance its payments and cash management infrastructure.
The most transformative step for Fifth Third Bancorp came with its acquisition of Comerica, announced last year for $10.9 billion and completed in February 2026. The transaction created the ninth-largest U.S. bank, with approximately $294 billion in assets, and significantly expanded the bank’s footprint into high-growth markets across the Southeast, Texas, and California, while reinforcing its leadership in the Midwest.
The integration is progressing ahead of schedule, with full conversion expected by late summer 2026, accelerating the realization of synergies. The bank expects approximately $850 million in annualized cost savings, with about 37.5% realized in 2026, driven by operational efficiencies and scale benefits. In addition, revenue synergies are projected to exceed $500 million over the next five years, supported by expanded middle-market capabilities, increased cross-selling, and a planned buildout of 150 new branches in Texas.
At closing, balance sheet repositioning actions are expected to increase net interest margin by roughly 15 basis points, enhancing profitability without significant one-time charges. On a pro forma basis, 2026 guidance reflects a step-change in scale and earnings power, with loans projected in the mid-$170 billion range, net interest income of $8.6–$8.8 billion, and adjusted noninterest income of $4.0–$4.4 billion. Revenue and pre-provision net revenue are expected to rise 40–45% year over year, supported by continued positive operating leverage, even as credit costs normalize modestly.
Strategically, the bank is focused on executing the integration efficiently while accelerating growth in higher-return areas. Key priorities include expanding in Texas to drive low-cost deposit growth, deepening middle-market relationships through cross-selling, scaling payments and innovation banking, and optimizing the funding mix toward more stable, low-cost deposits, alongside continued investments in technology and operational efficiency.
These moves reflect a clear evolution toward a more diversified and scalable banking platform, combining geographic expansion with targeted capability building to support long-term growth and profitability.
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Revenue Engine
Fifth Third Bancorp operates a relationship-driven banking model built around gathering deposits, originating loans, and delivering fee-based financial services to consumers, businesses, and institutions. At its core, the bank generates revenue through a combination of net interest income and non-interest income, creating a diversified earnings base.
The model begins with deposits, which form the primary funding source. Fifth Third gathers low-cost deposits through its retail and commercial banking franchise, particularly in checking and savings accounts. These funds are then deployed into loans, including commercial and industrial (C&I) lending, real estate financing, and consumer loans. The spread between what the bank earns on loans and what it pays on deposits, known as net interest income, remains the largest contributor to revenue. A favorable funding mix, with a high proportion of low-cost deposits, supports margins and provides stability across interest rate cycles.
Alongside lending, fee-based businesses play an increasingly important role. Treasury management and payments services generate recurring revenue by embedding the bank into clients’ daily operations, handling cash flows, payments, and liquidity. This creates high switching costs and strong client retention. In addition, capital markets and advisory services contribute incremental revenue through loan syndication, debt issuance, and other transaction-driven activities, particularly for middle-market and corporate clients.
This combination of spread income and fee income creates a balanced model. Lending drives volume growth, while fee-based services enhance profitability and reduce reliance on interest rates. Importantly, many of these services are integrated, commercial clients that borrow from the bank often also use treasury, payments, and advisory solutions. This allows Fifth Third to deepen relationships and increase revenue per client over time.
Growth is further supported by geographic expansion into faster-growing markets and targeted investments in technology and payments capabilities. These initiatives improve client acquisition, enhance efficiency, and expand the bank’s addressable market.
Overall, the model is designed to generate consistent earnings and strong cash flow, supported by stable funding, recurring fee income, and long-term client relationships, providing a foundation for sustained profitability over time.
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Growth Drivers
For Fifth Third Bancorp, growth in 2025 was driven by broad-based expansion across lending, funding, and fee-based businesses, supported by targeted hiring, product innovation, and geographic diversification.
On the lending side, growth was supported by steady demand across both commercial and consumer segments, with particularly strong momentum in the middle-market segment, where loans rose 7%. This performance reflects continued investment in relationship manager hiring across growth markets, enabling deeper client engagement and stronger origination capabilities. Small business lending also contributed, with balances increasing by roughly $1 billion, driven in part by the bank’s “Provide” platform, which focuses on practice-based financing in sectors such as healthcare.
Consumer lending remained a key pillar, driven by demand in products such as auto loans and home equity lines of credit, where the bank maintains a strong competitive position. Loan production accelerated toward year-end, with commercial originations rising 20% sequentially in the fourth quarter to multi-year highs, particularly in technology, healthcare, and construction-related industries. While utilization levels declined temporarily to 35% due to short-term factors, early 2026 trends indicate stabilization, with $800–900 million of commercial and industrial loan growth already emerging.
On the funding side, the bank continues to focus on strengthening its deposit franchise, particularly in low-cost and relationship-driven categories. Growth in consumer and commercial demand deposits, along with continued expansion in Southeast markets, reflects a deliberate strategy to improve funding mix and reduce reliance on higher-cost sources. Digital and payments-driven channels are also emerging as an important source of deposit growth, reinforcing the bank’s evolving business model.
A key strategic shift has been the expansion of fee-based businesses, which provide a more stable and recurring revenue stream. Wealth and asset management continues to benefit from client inflows and deeper relationships, while the commercial payments segment is emerging as a core growth engine. The bank’s “Newline” platform plays a central role here, enabling embedded payments within client workflows. This not only strengthens client integration but also generates fee income and low-cost deposits without adding credit risk. Capital markets activity provided additional support, benefiting from increased client engagement. As a result, the bank has built a more diversified revenue base, where fee income complements traditional lending and enhances earnings stability, client retention, and long-term growth visibility.
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Earnings Momentum
Fifth Third Bancorp has made steady financial progress over the past five years, with revenue and earnings per share growing at a CAGR of approximately 8% and 14.1%, respectively. Growth has been driven primarily by net interest income, supported by higher interest rates, loan expansion, and improving deposit dynamics, while fee-based businesses such as wealth management and commercial payments have provided additional momentum. Despite moderate top-line growth, earnings have expanded at a faster pace, reflecting disciplined cost control, operating leverage, stable credit quality, and consistent share repurchases.
The bank concluded 2025 with solid operating momentum. In the fourth quarter, adjusted EPS came in at $1.08, above consensus estimates, while profitability remained strong with an adjusted ROE of 14.5% and ROTCE of 19.6%, indicating robust returns on both total equity and tangible capital after excluding intangible assets. Return on assets reached 1.41%, the highest level in three years, highlighting efficient asset utilization. At the same time, the adjusted efficiency ratio improved to 54.3%, reflecting tighter cost management. Pre-provision net revenue (PPNR), a measure of core earnings before accounting for loan loss provisions, reached $1.07 billion, supported by the fifth consecutive quarter of positive operating leverage, while tangible book value per share1 increased 21% year over year.
Operationally, the bank reported its highest quarterly commercial loan production in over three years, driven by investments in middle-market banking and expanded corporate capabilities. Total loan growth remained healthy at 5–6% year over year, with consumer loans increasing 7% and commercial loans rising 4%. Consumer household growth reached 2.5%, with stronger expansion in Southeast markets at 7%, reflecting continued geographic momentum.
Net interest income remained the primary earnings driver, with fourth-quarter NII at $1.53 billion and full-year NII reaching a record $6.0 billion. Net interest margin held steady at 3.13%, as the impact of lower market rates was offset by deposit growth, balance sheet optimization, and repricing of assets. Noninterest income also contributed to growth, increasing 3% to approximately $812 million on an adjusted basis, supported by a 13% rise in wealth and asset management fees and an 8% increase in commercial payments revenue. Overall, fee-based income accounted for 34% of total adjusted revenue, underscoring a well-diversified revenue base.
Expenses remained well controlled, with adjusted noninterest expenses rising modestly to $1.27 billion, reflecting continued investments in technology, compensation, and marketing. However, productivity initiatives and cost discipline, including value-stream savings of approximately $200 million on an annualized basis, supported further efficiency gains and sustained operating leverage.
For the full year, revenue increased 5% to approximately $9 billion, supported by a 6% rise in net interest income and steady fee-based performance. Margin expansion and balance sheet efficiency further supported growth, with net interest margin averaging 3.13% for the year. The bank also benefited from strong performance in Southeastern markets, where deposit growth significantly outpaced peers.
Balance sheet trends remained favorable, with average loans of $123.4 billion and a diversified mix of 60% commercial and 40% consumer lending. Deposits totaled $166.4 billion on an average core basis, while the cost of deposits declined to 2.28%, down 40 basis points year over year. Liquidity remained strong, supported by $111 billion in available resources and a loan-to-core deposit ratio of 72%, while CET1 capital ratio2 improved to 10.77%.
Credit quality continued to normalize, with net charge-offs at 40 basis points, a key measure of loans that are unlikely to be recovered, the lowest level in seven quarters, and nonperforming assets declining 20% since the first quarter of 2025. The loan portfolio remains conservatively positioned, with limited exposure to higher-risk segments such as leveraged lending and non-depository financial institutions, and strong underwriting metrics across consumer portfolios.
Looking ahead, management expects continued positive operating leverage, with ROTCE approaching 19% and adjusted efficiency ratio improving toward ~53% by late 2026, effectively accelerating the achievement of its longer-term financial targets.
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1- Tangible Book Value Per Share (TBVPS) represents the value of a bank’s net assets excluding intangible items, on a per-share basis. It reflects the “real” value backing each share and is widely used by investors to assess valuation and downside protection.
2- The CET1 capital ratio measures a bank’s core financial strength by comparing its highest-quality capital to its risk-weighted assets. A higher ratio indicates a stronger ability to absorb losses and withstand economic stress.
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Return Catalyst
Fifth Third Bancorp has maintained a long track record of shareholder returns, having paid dividends consistently for 37 years and increasing them for 15 consecutive years. Over the past decade, dividends have grown at a CAGR of 11.5%, with the bank distributing approximately 43% of adjusted earnings to shareholders. In the most recent quarter, the company declared a dividend of $0.40 per share, up 8% year over year, reflecting a yield of 3.1%, notably above the broader financial sector average of 1.3%.
In addition to dividends, Fifth Third has continued to return capital through share repurchases. During FY25, the bank repurchased $525 million of common stock through accelerated programs. This commitment was further reinforced in June 2025, when the board authorized a new $4.7 billion buyback program.
FITB’s stock price has risen by around 38% over the past year driven by a strong recovery in net interest income, solid earnings growth, and improving fee-based revenues, alongside rising tangible book value. The transformative merger with Comerica and optimistic 2026 guidance have further boosted sentiment, supported by a favorable rate environment and stable credit quality.
The bank’s valuation reflects a modest divergence between earnings-based and asset-based metrics, pointing to a balanced but slightly optimistic investor outlook. The stock is currently trading at a roughly 10% premium to its historical averages based on trailing P/E, indicating that investors are paying more than usual for its past earnings. A similar trend is visible in forward estimates, with the stock trading at a modest premium to its historical averages based on forward P/E ratio, suggesting continued confidence in near-term earnings growth, albeit at a measured level.
In contrast, the bank trades at a slight discount to its historical forward price-to-book ratio, implying that, relative to its net asset value, the stock remains slightly undervalued, offering some valuation support despite elevated earnings multiples.
Fifth Third Bancorp’s positioning is in the moderate-to-high valuation range relative to peers such as KeyCorp, U.S. Bancorp, PNC Financial Services, Truist Financial, and Regions Financial, suggesting that the market recognizes FITB’s relatively stronger earnings profile, disciplined execution, and exposure to higher-growth or fee-based businesses. Importantly, this positioning also indicates confidence in the bank’s forward outlook, including its ability to sustain earnings growth and navigate credit cycles effectively.
Analysts remain bullish about FITB due to the bank’s strong profitability and efficient cost structure supporting consistent returns and providing flexibility to absorb integration costs while sustaining shareholder returns. Its expanding payments, merchant, and wealth businesses are diversifying revenue streams, reducing reliance on interest income, and strengthening recurring fee generation.
Additionally, the Comerica merger enhances scale and geographic reach, with expected cost synergies and cross-selling opportunities likely to improve margins and reinforce long-term growth.
Against this backdrop, valuation appears increasingly compelling, with consensus estimates implying roughly 20% upside from current levels, with more bullish scenarios suggesting potential gains of up to 29%. Moreover, a discounted cash flow analysis indicates that the stock may be trading at an approximate 52% discount to its intrinsic value.
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Investing Takeaway
For income-focused investors, Fifth Third Bancorp presents a compelling combination of stability and growth in shareholder returns. The bank’s long track record of consistent dividend payments, supported by disciplined capital management and resilient earnings, reinforces confidence in its ability to sustain payouts across cycles. What stands out is the underlying quality of those dividends, backed by diversified revenue streams that extend beyond traditional lending into fee-based businesses like payments and wealth management, which tend to be more stable and recurring.
At the same time, ongoing balance sheet strength, improving efficiency, and the earnings uplift expected from the Comerica integration provide additional support for future dividend growth. Combined with continued share repurchases, this positions the stock as an attractive option for investors seeking a reliable and gradually growing income stream rather than purely high yield.
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Dividend Investor Portfolio
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Portfolio News
▣ The U.S. Food and Drug Administration issued a safety warning for Amgen’s (AMGN) rare disease drug Tavneos. FDA identified multiple cases of liver injury, including serious outcomes and deaths, and advised physicians to discontinue use if liver damage is suspected, intensifying regulatory scrutiny around the drug.
Amgen pushed back on concerns, maintaining confidence in the drug’s benefit-risk profile and continuing engagement with regulators.
▣ Democratic members of the U.S. House Financial Services Committee have initiated inquiries into major private credit firms, signaling a rising level of regulatory scrutiny of the rapidly growing asset class. According to Bloomberg, lawmakers have sent detailed questions to firms including Blackstone, Ares Management, Apollo Global Management, BlackRock (BLK), Blue Owl Capital, Carlyle Group, and KKR & Co.
The inquiries focus on how these firms structure, market, and manage private credit vehicles, particularly business development companies, with attention to areas such as valuation practices, leverage, fees, incentives, audits, and risk controls.
The move highlights growing concern in Washington regarding potential vulnerabilities in private credit markets, including liquidity constraints, rising borrower stress, and the broader implications of technological disruption, as regulators assess risks that could emerge during periods of economic stress.
▣ The ex-dividend date for Bank of Nova Scotia (BNS) is April 7, and the dividend will be payable on April 28. The bank has received regulatory approval to continue returning capital to shareholders through share repurchases, marking the next phase of its buyback strategy.
It announced that both the Toronto Stock Exchange and the Office of the Superintendent of Financial Institutions have approved a new normal course issuer bid, allowing it to repurchase up to 15 million of its common shares. However, based on the 1.23 billion shares outstanding as of March 24, 2026, this authorization represents roughly 1.2% of its total share count.
The new program will replace the bank’s existing buyback plan, which is scheduled to be terminated on April 6, 2026. Following that, the new bid will take effect, ensuring continuity in the bank’s capital return strategy.
▣ ExxonMobil (XOM) alongside QatarEnergy, began producing liquefied natural gas at the Golden Pass terminal in Texas, marking the startup phase of one of the largest U.S. export projects, with first cargo expected in the second quarter. This comes as global gas markets remain tight, positioning Exxon to benefit from elevated LNG demand and pricing.
▣ IBM (IBM) announced a strategic collaboration with Arm Holdings aimed at developing dual-architecture hardware to support next-generation AI and data-intensive workloads. The partnership focuses on expanding virtualization capabilities, enabling Arm-based software to run within IBM’s enterprise systems, thereby improving compatibility and easing deployment in mission-critical environments.
The companies are also working to enhance system performance and efficiency, including enabling enterprise platforms to recognize and execute Arm-native applications. Over the longer term, the collaboration seeks to build a broader, more flexible software ecosystem across architectures.
Separately, IBM said 11 of its AI and automation software solutions, including watsonx, Verify, and Turbonomic, have received Federal Risk and Authorization Management Program (FedRAMP) authorization, strengthening its position in the U.S. government market and supporting growth in its AI-driven software portfolio.
▣ VICI Properties (VICI) is set to expand its Las Vegas footprint following shareholder approval of Golden Entertainment’s go-private transaction. Upon closing later this quarter, subject to regulatory approvals, VICI will acquire seven additional Nevada casino properties, while Golden’s operating assets will be retained by Blake Sartini and affiliates.
The transaction aligns with VICI’s strategy of acquiring high-quality gaming real estate and leasing it back to operators under long-term triple-net agreements. Post-closing, VICI’s Las Vegas-area portfolio will include marquee assets such as Caesars Palace, MGM Grand, and The Venetian Resort, along with newly acquired properties like The STRAT Hotel, Casino & Tower and Aquarius Casino Resort.
▣ The ex-dividend date for Verizon (VZ) is April 10, and the dividend will be payable on May 1.
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Recent Trades
None at the moment, although we are considering adding a stock to our portfolio when the market conditions allow for an attractive entry point. Stay tuned.
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Portfolio Attributes
| Dividend Portfolio Yield |
Expected Dividend Growth | Expected Annual Income |
| 3.95% | +6.01% | $6,147.05 |
| Yield-on-Cost Adjusted, Weighted |
Average Analyst 12-Month Growth Outlook | 10K Per Stock at the Time of Purchase |
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Current Portfolio
| Name | EX-Dividend Date | Payment Date | Yield on Cost | Annual DPS |
| Automatic Data Processing (ADP) | Jun 15, 2026 | Jul 01, 2026 | 2.46% | $6.80 |
| Amgen (AMGN) | May 15, 2026 | Jun 05, 2026 | 3.27% | $10.08 |
| BlackRock (BLK) | Jun 05, 2026 | Jun 23, 2026 | 2.61% | $22.92 |
| Bank of Nova Scotia (BNS) | Apr 07, 2026 | Apr 28, 2026 | 5.98% | $3.21 |
| EOG Resources (EOG) | Apr 16, 2026 | Apr 30, 2026 | 3.06% | $4.08 |
| ExxonMobil (XOM) | May 15, 2026 | Jun 10, 2026 | 3.64% | $4.12 |
| Honeywell International (HON) | May 18, 2026 | Jun 08, 2026 | 2.39% | $4.76 |
| IBM (IBM) | May 12, 2026 | Jun 10, 2026 | 3.14% | $6.72 |
| JPMorgan Chase (JPM) | Apr 06, 2026 | Apr 30, 2026 | 3.43% | $6.00 |
| Kroger (KR) | May 15, 2026 | Jun 01, 2026 | 3.08% | $1.40 |
| Cisco Systems (CSCO) | Apr 02, 2026 | Apr 22, 2026 | 2.22% | $1.68 |
| PepsiCo (PEP) | Jun 05, 2026 | Jun 26, 2026 | 3.8% | $5.69 |
| Philip Morris (PM) | Jun 29, 2026 | Jul 15, 2026 | 6.06% | $5.88 |
| Qualcomm (QCOM) | Jun 05, 2026 | Jun 26, 2026 | 2.44% | $3.68 |
| VICI Properties (VICI) | Jun 18, 2026 | Jul 10, 2026 | 5.22% | $1.8 |
| Verizon (VZ) | Apr 10, 2026 | May 01, 2026 | 6.09% | $2.76 |
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Disclaimer
The information contained in this article represents the views and opinions of the writer only, and not the views or opinions of TipRanks or its affiliates and should be considered for informational purposes only. TipRanks makes no warranties about the completeness, accuracy, or reliability of such information. Nothing in this article should be taken as a recommendation or solicitation to purchase or sell securities. Nothing in the article constitutes legal, professional, investment, and/or financial advice and/or takes into account the specific needs and/or requirements of an individual, nor does any information in the article constitute a comprehensive or complete statement of the matters or subject discussed therein. TipRanks and its affiliates disclaim all liability or responsibility with respect to the content of the article, and any action taken upon the information in the article is at your own and sole risk. The link to this article does not constitute an endorsement or recommendation by TipRanks or its affiliates. Past performance is not indicative of future results, prices, or performance.
