# CWM, LLC

> Institutional holdings reported to the SEC as of Q1 2026 on Form 13F. CIK 1535847. Source: https://holderbook.com/funds/1535847-cwm-llc/

- Reported value: $38.1B
- Positions: 5,644
- Weight of the ten largest: 17.8%
- Filed: 2026-05-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| ISHARES TR | [IVV](https://holderbook.com/stocks/IVV/) | $910.9M | 1,394,503 | 2.4% | 29 |
| SPDR SERIES TRUST | [SPYM](https://holderbook.com/stocks/SPYM/) | $861.5M | 11,255,034 | 2.3% | 29 |
| ISHARES TR | [IUSB](https://holderbook.com/stocks/IUSB/) | $813.7M | 17,616,671 | 2.1% | 29 |
| SPDR INDEX SHS FDS | [SPDW](https://holderbook.com/stocks/SPDW/) | $807.2M | 17,682,357 | 2.1% | 29 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $693.1M | 2,730,847 | 1.8% | 29 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $606.0M | 3,473,955 | 1.6% | 29 |
| ISHARES TR | [IVE](https://holderbook.com/stocks/IVE/) | $542.0M | 2,566,919 | 1.4% | 29 |
| ISHARES TR | [IVW](https://holderbook.com/stocks/IVW/) | $540.4M | 4,777,915 | 1.4% | 29 |
| BLACKROCK ETF TRUST | [CORO](https://holderbook.com/stocks/CORO/) | $521.1M | 16,208,136 | 1.4% | 1 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $459.2M | 682,869 | 1.2% | 29 |
| BLACKROCK ETF TRUST | [DYNF](https://holderbook.com/stocks/DYNF/) | $455.6M | 7,830,130 | 1.2% | 9 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $439.2M | 1,186,360 | 1.2% | 29 |
| INVESCO EXCH TRADED FD TR II | [SPMO](https://holderbook.com/stocks/SPMO/) | $402.7M | 3,591,581 | 1.1% | 9 |
| SPDR SERIES TRUST | [SPTI](https://holderbook.com/stocks/SPTI/) | $368.2M | 12,847,946 | 1.0% | 28 |
| ISHARES TR | [QUAL](https://holderbook.com/stocks/QUAL/) | $362.4M | 1,889,343 | 1.0% | 29 |
| SPDR SERIES TRUST | [SPAB](https://holderbook.com/stocks/SPAB/) | $358.7M | 14,001,534 | 0.9% | 29 |
| PIMCO ETF TR | [BOND](https://holderbook.com/stocks/BOND/) | $345.3M | 3,741,411 | 0.9% | 29 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $337.4M | 1,619,786 | 0.9% | 29 |
| SPDR SERIES TRUST | [LGLV](https://holderbook.com/stocks/LGLV/) | $317.7M | 1,783,969 | 0.8% | 28 |
| VANGUARD INDEX FDS | [VUG](https://holderbook.com/stocks/VUG/) | $285.4M | 653,482 | 0.8% | 29 |
| INVESCO QQQ TR | [QQQ](https://holderbook.com/stocks/QQQ/) | $283.3M | 490,751 | 0.7% | 29 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $276.9M | 962,835 | 0.7% | 29 |
| ISHARES TR | [MTUM](https://holderbook.com/stocks/MTUM/) | $275.8M | 1,149,067 | 0.7% | 29 |
| SPDR SERIES TRUST | [SPYG](https://holderbook.com/stocks/SPYG/) | $272.3M | 2,780,818 | 0.7% | 29 |
| SPDR SERIES TRUST | [SPTM](https://holderbook.com/stocks/SPTM/) | $264.8M | 3,349,506 | 0.7% | 29 |
| SPDR SERIES TRUST | [BIL](https://holderbook.com/stocks/BIL/) | $241.1M | 2,630,828 | 0.6% | 29 |
| SPDR SERIES TRUST | [SPYV](https://holderbook.com/stocks/SPYV/) | $235.5M | 4,161,823 | 0.6% | 29 |
| ISHARES INC | [IEMG](https://holderbook.com/stocks/IEMG/) | $226.5M | 3,247,216 | 0.6% | 29 |
| ISHARES TR | [EFV](https://holderbook.com/stocks/EFV/) | $225.3M | 3,030,442 | 0.6% | 29 |
| SSGA ACTIVE ETF TR | [TOTL](https://holderbook.com/stocks/TOTL/) | $216.7M | 5,455,083 | 0.6% | 29 |
| SCHWAB STRATEGIC TR | [SCHG](https://holderbook.com/stocks/SCHG/) | $209.9M | 7,205,154 | 0.6% | 29 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $206.5M | 667,208 | 0.5% | 29 |
| SPDR SERIES TRUST | [BILS](https://holderbook.com/stocks/BILS/) | $200.8M | 2,019,477 | 0.5% | 14 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $189.1M | 394,551 | 0.5% | 29 |
| BLACKROCK ETF TRUST | [BAI](https://holderbook.com/stocks/BAI/) | $184.9M | 5,610,905 | 0.5% | 4 |
| ISHARES TR | [MBB](https://holderbook.com/stocks/MBB/) | $183.0M | 1,927,060 | 0.5% | 29 |
| FIDELITY MERRIMACK STR TR | [FBND](https://holderbook.com/stocks/FBND/) | $176.3M | 3,864,523 | 0.5% | 29 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $176.2M | 1,417,724 | 0.5% | 29 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $174.9M | 1,030,824 | 0.5% | 29 |
| FIRST TR EXCHNG TRADED FD VI | [BUFR](https://holderbook.com/stocks/BUFR/) | $173.6M | 5,140,529 | 0.5% | 14 |
| ISHARES TR | [GOVT](https://holderbook.com/stocks/GOVT/) | $173.0M | 7,549,432 | 0.5% | 29 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $169.2M | 692,270 | 0.4% | 29 |
| VANGUARD INDEX FDS | [VTV](https://holderbook.com/stocks/VTV/) | $167.6M | 854,071 | 0.4% | 29 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $161.8M | 550,203 | 0.4% | 29 |
| PIMCO ETF TR | [MINT](https://holderbook.com/stocks/MINT/) | $161.3M | 1,603,698 | 0.4% | 29 |
| SSGA ACTIVE ETF TR | [ULST](https://holderbook.com/stocks/ULST/) | $160.0M | 3,949,890 | 0.4% | 14 |
| ISHARES TR | [TLH](https://holderbook.com/stocks/TLH/) | $157.0M | 1,558,713 | 0.4% | 28 |
| PUTNAM ETF TRUST | [PVAL](https://holderbook.com/stocks/PVAL/) | $155.1M | 3,343,154 | 0.4% | 7 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $153.7M | 413,279 | 0.4% | 29 |
| J P MORGAN EXCHANGE TRADED F | [JIRE](https://holderbook.com/stocks/JIRE/) | $144.9M | 1,912,801 | 0.4% | 16 |
| SPDR GOLD TR | [GLD](https://holderbook.com/stocks/GLD/) | $141.7M | 329,282 | 0.4% | 29 |
| SPDR INDEX SHS FDS | [SPEM](https://holderbook.com/stocks/SPEM/) | $140.1M | 2,985,833 | 0.4% | 29 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $139.9M | 244,595 | 0.4% | 29 |
| BLACKROCK ETF TRUST | [IDEF](https://holderbook.com/stocks/IDEF/) | $139.1M | 4,250,401 | 0.4% | 1 |
| BLACKROCK ETF TRUST | [BLCR](https://holderbook.com/stocks/BLCR/) | $138.9M | 3,382,266 | 0.4% | 1 |
| SELECT SECTOR SPDR TR | [XLK](https://holderbook.com/stocks/XLK/) | $138.8M | 1,044,720 | 0.4% | 29 |
| SPDR SERIES TRUST | [SPMD](https://holderbook.com/stocks/SPMD/) | $134.0M | 2,263,455 | 0.4% | 28 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $133.2M | 464,319 | 0.4% | 29 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $132.5M | 144,076 | 0.3% | 29 |
| PIMCO ETF TR | [PYLD](https://holderbook.com/stocks/PYLD/) | $131.1M | 5,004,693 | 0.3% | 10 |
| VANGUARD INDEX FDS | [VOO](https://holderbook.com/stocks/VOO/) | $128.2M | 214,486 | 0.3% | 29 |
| SCHWAB STRATEGIC TR | [SCHD](https://holderbook.com/stocks/SCHD/) | $124.4M | 4,054,445 | 0.3% | 29 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $121.6M | 1,010,525 | 0.3% | 29 |
| FIDELITY COVINGTON TRUST | [FBCG](https://holderbook.com/stocks/FBCG/) | $120.9M | 2,412,385 | 0.3% | 10 |
| AMERICAN CENTY ETF TR | [AVDE](https://holderbook.com/stocks/AVDE/) | $120.1M | 1,415,086 | 0.3% | 13 |
| SPDR SERIES TRUST | [SPIP](https://holderbook.com/stocks/SPIP/) | $119.2M | 4,582,105 | 0.3% | 28 |
| J P MORGAN EXCHANGE TRADED F | [JGRO](https://holderbook.com/stocks/JGRO/) | $118.8M | 1,405,248 | 0.3% | 12 |
| BLACKROCK ETF TRUST | [THRO](https://holderbook.com/stocks/THRO/) | $118.3M | 3,266,015 | 0.3% | 5 |
| LISTED FDS TR | [HEGD](https://holderbook.com/stocks/HEGD/) | $113.3M | 4,586,482 | 0.3% | 17 |
| ISHARES TR | [IAGG](https://holderbook.com/stocks/IAGG/) | $112.9M | 2,255,829 | 0.3% | 14 |
| SCHWAB STRATEGIC TR | [SCHZ](https://holderbook.com/stocks/SCHZ/) | $111.2M | 4,789,548 | 0.3% | 28 |
| PIMCO ETF TR | [CORP](https://holderbook.com/stocks/CORP/) | $110.2M | 1,138,477 | 0.3% | 28 |
| TIDAL TRUST II | [RSSB](https://holderbook.com/stocks/RSSB/) | $108.7M | 3,995,437 | 0.3% | 8 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $108.4M | 750,348 | 0.3% | 29 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $101.0M | 464,400 | 0.3% | 29 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $99.7M | 1,285,420 | 0.3% | 29 |
| CAPITAL GROUP DIVIDEND VALUE | [CGDV](https://holderbook.com/stocks/CGDV/) | $99.6M | 2,340,152 | 0.3% | 12 |
| VANECK ETF TRUST | [RAAX](https://holderbook.com/stocks/RAAX/) | $99.1M | 2,434,200 | 0.3% | 2 |
| WISDOMTREE TR | [DHS](https://holderbook.com/stocks/DHS/) | $94.1M | 861,983 | 0.2% | 28 |
| BLACKROCK ETF TRUST II | [BINC](https://holderbook.com/stocks/BINC/) | $93.4M | 1,799,492 | 0.2% | 12 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $92.3M | 130,235 | 0.2% | 29 |
| SIMPLIFY EXCHANGE TRADED FUN | [CTAP](https://holderbook.com/stocks/CTAP/) | $90.2M | 3,369,085 | 0.2% | 1 |
| VANGUARD SCOTTSDALE FDS | [VCSH](https://holderbook.com/stocks/VCSH/) | $88.9M | 1,121,300 | 0.2% | 29 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $86.1M | 261,911 | 0.2% | 29 |
| WORLD GOLD TR | [GLDM](https://holderbook.com/stocks/GLDM/) | $85.5M | 922,738 | 0.2% | 16 |
| PIMCO ETF TR | [LDUR](https://holderbook.com/stocks/LDUR/) | $85.4M | 891,772 | 0.2% | 29 |
| GE AEROSPACE | [GE](https://holderbook.com/stocks/GE/) | $84.6M | 297,986 | 0.2% | 16 |
| INVESCO EXCH TRADED FD TR II | [QQQM](https://holderbook.com/stocks/QQQM/) | $84.1M | 354,132 | 0.2% | 28 |
| INVESCO ACTIVELY MANAGED EXC | [GTO](https://holderbook.com/stocks/GTO/) | $83.7M | 1,786,634 | 0.2% | 18 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $82.5M | 398,906 | 0.2% | 29 |
| DOUBLELINE ETF TRUST | [DBND](https://holderbook.com/stocks/DBND/) | $82.2M | 1,795,342 | 0.2% | 11 |
| SELECT SECTOR SPDR TR | [XLE](https://holderbook.com/stocks/XLE/) | $82.2M | 1,342,139 | 0.2% | 29 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $81.5M | 269,729 | 0.2% | 29 |
| J P MORGAN EXCHANGE TRADED F | [JPST](https://holderbook.com/stocks/JPST/) | $81.1M | 1,603,139 | 0.2% | 29 |
| CAPITAL GROUP GROWTH ETF | [CGGR](https://holderbook.com/stocks/CGGR/) | $80.5M | 2,002,105 | 0.2% | 12 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $80.5M | 80,747 | 0.2% | 29 |
| ISHARES TR | [MUB](https://holderbook.com/stocks/MUB/) | $79.8M | 751,600 | 0.2% | 29 |
| SCHWAB STRATEGIC TR | [SCHF](https://holderbook.com/stocks/SCHF/) | $79.7M | 3,218,486 | 0.2% | 29 |
| SPDR SERIES TRUST | [SPTL](https://holderbook.com/stocks/SPTL/) | $78.0M | 2,966,485 | 0.2% | 29 |
| ISHARES TR | [SGOV](https://holderbook.com/stocks/SGOV/) | $78.0M | 774,491 | 0.2% | 16 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q1 2026 | -1.7% | -4.6% | +3.0% | 100% |
| Q4 2025 | +1.6% | +2.4% | -0.8% | 100% |
| Q3 2025 | +6.1% | +7.8% | -1.7% | 100% |
| Q2 2025 | +7.5% | +10.5% | -3.0% | 100% |
| Q1 2025 | -2.1% | -4.6% | +2.4% | 100% |
| Q4 2024 | -0.4% | +2.1% | -2.6% | 100% |
| Q3 2024 | +5.2% | +5.4% | -0.2% | 100% |
| Q2 2024 | +1.6% | +4.0% | -2.5% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q1 2026 | $38.1B | 5,644 |
| Q4 2025 | $36.9B | 5,325 |
| Q3 2025 | $33.3B | 5,239 |
| Q2 2025 | $28.4B | 5,093 |
| Q1 2025 | $25.1B | 5,022 |
| Q4 2024 | $24.1B | 4,867 |
| Q3 2024 | $23.3B | 4,778 |
| Q2 2024 | $21.2B | 4,544 |
| Q1 2024 | $20.6B | 4,267 |
| Q4 2023 | $18.6B | 4,084 |
| Q3 2023 | $16.3B | 4,132 |
| Q2 2023 | $16.2B | 4,122 |