Portfolio Holdings Detail for ISIN IE00BF4RFH31
Stock Name / FundiShares MSCI World Small Cap UCITS ETF USD (Acc)
IssuerBlackrock
Entity holding fund iShares III Public Limited Company
Entity TypeUmbrella investment company with variable capital and having segregated liability between its funds
Entity LEI 549300PZLRJB7M8H1057
ETF TickerWSML(USD) LSE
ETF TickerWLDS(GBP) LSE
ETF TickerIUSN(EUR) F
ETF TickerIUSN.DE(EUR) CXE
ETF TickerWLDS.LS(GBP) CXE
ETF TickerWSML.LS(USD) CXE
ETF TickerWSML.L(GBP) LSE
ETF TickerWLDS.L(GBP) LSE

Holdings detail for BRX

Stock NameBrixmor Property
TickerBRX(USD) NYSE
TYPECommon Stock
CountryUSA
ISINUS11120U1051
LEI5299007UXW6Y0W2EGZ95

Show aggregate BRX holdings

News associated with BRX

Brixmor Property Group (NYSE:BRX) Price Target Raised to $31.00
Brixmor Property Group (NYSE:BRX – Get Free Report) had its price objective increased by analysts at Scotiabank from $30.00 to $31.00 in a report issued on Monday,Benzinga reports. The brokerage currently has a “sector outperform” rating on the real estate investment trust’s stock. Scotiabank’s price objective points to a potential upside of 11.19% from the […] - 2025-09-17 02:24:44
Brixmor Property Group (NYSE:BRX) Given New $28.00 Price Target at Wells Fargo & Company
Brixmor Property Group (NYSE:BRX – Get Free Report) had its price objective raised by equities researchers at Wells Fargo & Company from $26.00 to $28.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the real estate investment trust’s stock. Wells Fargo & Company‘s price […] - 2025-08-29 03:00:43
Maryland State Retirement & Pension System Sells 3,112 Shares of Brixmor Property Group Inc. (NYSE:BRX)
Maryland State Retirement & Pension System trimmed its holdings in shares of Brixmor Property Group Inc. (NYSE:BRX – Free Report) by 18.2% during the first quarter, HoldingsChannel reports. The firm owned 14,004 shares of the real estate investment trust’s stock after selling 3,112 shares during the quarter. Maryland State Retirement & Pension System’s holdings in […] - 2025-08-17 05:16:59
The Math Shows FMDE Can Go To $39
Looking at the underlying holdings of the ETFs in our coverage universe at ETF Channel, we have compared the trading price of each holding against the average analyst 12-month forward target price, and computed the weighted average implied analyst target price for the ETF itself. - 2025-08-11 10:34:34
Brixmor Property Group Inc. (NYSE:BRX) Given Average Rating of “Moderate Buy” by Brokerages
Shares of Brixmor Property Group Inc. (NYSE:BRX – Get Free Report) have earned a consensus recommendation of “Moderate Buy” from the twelve brokerages that are covering the firm, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The average 1-year […] - 2025-08-07 02:38:53
Universal Beteiligungs und Servicegesellschaft mbH Sells 33,590 Shares of Brixmor Property Group Inc. (NYSE:BRX)
Universal Beteiligungs und Servicegesellschaft mbH decreased its holdings in shares of Brixmor Property Group Inc. (NYSE:BRX – Free Report) by 5.0% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 640,521 shares of the real estate investment trust’s stock after selling 33,590 shares during the […] - 2025-07-25 06:31:09
Brixmor Property Group Inc. (NYSE:BRX) Shares Bought by Cerity Partners LLC
Cerity Partners LLC raised its holdings in Brixmor Property Group Inc. (NYSE:BRX – Free Report) by 32.3% during the first quarter, Holdings Channel reports. The institutional investor owned 25,942 shares of the real estate investment trust’s stock after buying an additional 6,336 shares during the period. Cerity Partners LLC’s holdings in Brixmor Property Group were […] - 2025-07-25 04:50:56
Brixmor Property Group Inc. (NYSE:BRX) Position Raised by New York State Common Retirement Fund
New York State Common Retirement Fund raised its stake in Brixmor Property Group Inc. (NYSE:BRX – Free Report) by 7.0% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 176,892 shares of the real estate investment trust’s stock after buying an additional 11,500 shares during the quarter. New […] - 2025-07-22 07:18:53
Arizona State Retirement System Sells 811 Shares of Brixmor Property Group Inc. (NYSE:BRX)
Arizona State Retirement System lessened its holdings in shares of Brixmor Property Group Inc. (NYSE:BRX – Free Report) by 0.9% during the first quarter, Holdings Channel reports. The firm owned 86,645 shares of the real estate investment trust’s stock after selling 811 shares during the quarter. Arizona State Retirement System’s holdings in Brixmor Property Group […] - 2025-07-18 05:46:51
Ballentine Partners LLC Has $318,000 Stock Holdings in Brixmor Property Group Inc. (NYSE:BRX)
Ballentine Partners LLC increased its position in Brixmor Property Group Inc. (NYSE:BRX – Free Report) by 5.6% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 11,967 shares of the real estate investment trust’s stock after purchasing an additional 631 shares during the quarter. Ballentine Partners LLC’s holdings in Brixmor Property Group were worth […] - 2025-07-16 06:07:00
Brixmor Property Group Inc. (NYSE:BRX) Shares Bought by Principal Financial Group Inc.
Principal Financial Group Inc. raised its holdings in shares of Brixmor Property Group Inc. (NYSE:BRX – Free Report) by 1.6% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 703,559 shares of the real estate investment trust’s stock after purchasing an […] - 2025-07-11 05:26:55
Brixmor Property Group Inc. (NYSE:BRX) Shares Sold by Cambridge Investment Research Advisors Inc.
Cambridge Investment Research Advisors Inc. lessened its holdings in shares of Brixmor Property Group Inc. (NYSE:BRX – Free Report) by 2.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 20,762 shares of the real estate investment trust’s stock after selling […] - 2025-07-09 05:11:22
Amalgamated Bank Sells 3,242 Shares of Brixmor Property Group Inc. (NYSE:BRX)
Amalgamated Bank decreased its position in Brixmor Property Group Inc. (NYSE:BRX – Free Report) by 2.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 140,278 shares of the real estate investment trust’s stock after selling 3,242 shares during the quarter. […] - 2025-07-04 05:58:51
Transcend Capital Advisors LLC Buys Shares of 13,406 Brixmor Property Group Inc. (NYSE:BRX)
Transcend Capital Advisors LLC acquired a new position in Brixmor Property Group Inc. (NYSE:BRX – Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 13,406 shares of the real estate investment trust’s stock, valued at approximately $356,000. A number of […] - 2025-06-30 05:58:56
Robeco Institutional Asset Management B.V. Has $6.94 Million Position in Brixmor Property Group Inc. (NYSE:BRX)
Robeco Institutional Asset Management B.V. increased its position in shares of Brixmor Property Group Inc. (NYSE:BRX – Free Report) by 20.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 261,431 shares of the real estate investment trust’s stock after purchasing […] - 2025-06-30 05:06:57
Asset Management One Co. Ltd. Sells 3,504 Shares of Brixmor Property Group Inc. (NYSE:BRX)
Asset Management One Co. Ltd. cut its position in shares of Brixmor Property Group Inc. (NYSE:BRX – Free Report) by 0.8% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 444,694 shares of the real estate investment trust’s stock after selling 3,504 shares during […] - 2025-06-27 05:21:05
QRG Capital Management Inc. Boosts Stock Position in Brixmor Property Group Inc. (NYSE:BRX)
QRG Capital Management Inc. raised its stake in shares of Brixmor Property Group Inc. (NYSE:BRX – Free Report) by 5.5% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 13,992 shares of the real estate investment trust’s stock after acquiring an additional […] - 2025-06-23 04:50:52
Brixmor Property Group Inc. (NYSE:BRX) Stock Holdings Lessened by SG Americas Securities LLC
SG Americas Securities LLC cut its holdings in Brixmor Property Group Inc. (NYSE:BRX – Free Report) by 86.1% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 30,216 shares of the real estate investment trust’s stock after selling 187,217 shares during the period. SG Americas Securities LLC’s holdings in Brixmor Property Group were worth […] - 2025-06-20 04:30:56
Analysts See 13% Upside For FREL
Looking at the underlying holdings of the ETFs in our coverage universe at ETF Channel, we have compared the trading price of each holding against the average analyst 12-month forward target price, and computed the weighted average implied analyst target price for the ETF itself. - 2025-06-09 08:43:46
Two Sigma Advisers LP Has $2.37 Million Position in Brixmor Property Group Inc. (NYSE:BRX)
Two Sigma Advisers LP increased its holdings in shares of Brixmor Property Group Inc. (NYSE:BRX – Free Report) by 50.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 85,000 shares of the real estate investment trust’s stock after buying an […] - 2025-05-29 05:16:56
Squarepoint Ops LLC Sells 46,062 Shares of Brixmor Property Group Inc. (NYSE:BRX)
Squarepoint Ops LLC reduced its holdings in Brixmor Property Group Inc. (NYSE:BRX – Free Report) by 31.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 101,120 shares of the real estate investment trust’s stock after selling 46,062 shares during the quarter. Squarepoint […] - 2025-05-28 05:30:52
Gotham Asset Management LLC Trims Holdings in Brixmor Property Group Inc. (NYSE:BRX)
Gotham Asset Management LLC trimmed its position in Brixmor Property Group Inc. (NYSE:BRX – Free Report) by 2.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,783 shares of the real estate investment trust’s stock after selling 414 shares […] - 2025-05-20 05:06:58
Bank of America Corp DE Has $38.37 Million Stake in Brixmor Property Group Inc. (NYSE:BRX)
Bank of America Corp DE trimmed its position in shares of Brixmor Property Group Inc. (NYSE:BRX – Free Report) by 39.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,378,278 shares of the real estate investment trust’s stock after selling 887,551 […] - 2025-05-16 05:26:56
BNP Paribas Financial Markets Has $4.69 Million Stock Holdings in Brixmor Property Group Inc. (NYSE:BRX)
BNP Paribas Financial Markets decreased its position in Brixmor Property Group Inc. (NYSE:BRX – Free Report) by 36.2% during the fourth quarter, HoldingsChannel reports. The firm owned 168,272 shares of the real estate investment trust’s stock after selling 95,602 shares during the quarter. BNP Paribas Financial Markets’ holdings in Brixmor Property Group were worth $4,685,000 […] - 2025-05-14 06:10:59
Brixmor Property Group (NYSE:BRX) Given New $29.00 Price Target at Scotiabank
Brixmor Property Group (NYSE:BRX – Free Report) had its price target lowered by Scotiabank from $30.00 to $29.00 in a report issued on Monday,Benzinga reports. The firm currently has a sector outperform rating on the real estate investment trust’s stock. A number of other equities research analysts have also recently issued reports on the stock. […] - 2025-05-13 02:56:46
Envestnet Asset Management Inc. Grows Stock Position in Brixmor Property Group Inc. (NYSE:BRX)
Envestnet Asset Management Inc. increased its holdings in Brixmor Property Group Inc. (NYSE:BRX – Free Report) by 17.2% in the 4th quarter, HoldingsChannel reports. The fund owned 396,408 shares of the real estate investment trust’s stock after purchasing an additional 58,275 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Brixmor Property Group were […] - 2025-04-18 04:44:57
Orion Portfolio Solutions LLC Sells 448 Shares of Brixmor Property Group Inc. (NYSE:BRX)
Orion Portfolio Solutions LLC decreased its position in Brixmor Property Group Inc. (NYSE:BRX – Free Report) by 4.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 9,106 shares of the real estate investment trust’s stock after selling 448 shares during the […] - 2025-04-10 05:44:55
Proficio Capital Partners LLC Purchases New Position in Brixmor Property Group Inc. (NYSE:BRX)
Proficio Capital Partners LLC purchased a new position in Brixmor Property Group Inc. (NYSE:BRX – Free Report) during the fourth quarter, Holdings Channel reports. The fund purchased 22,272 shares of the real estate investment trust’s stock, valued at approximately $620,000. Several other institutional investors and hedge funds also recently made changes to their positions in […] - 2025-03-24 05:14:55
Brixmor Property Group Inc. (NYSE:BRX) Receives $30.56 Consensus Target Price from Analysts
Brixmor Property Group Inc. (NYSE:BRX – Get Free Report) has received a consensus recommendation of “Moderate Buy” from the thirteen analysts that are presently covering the stock, Marketbeat reports. Three investment analysts have rated the stock with a hold recommendation and ten have assigned a buy recommendation to the company. The average 1 year target […] - 2025-03-13 04:06:47
QRG Capital Management Inc. Sells 502 Shares of Brixmor Property Group Inc. (NYSE:BRX)
QRG Capital Management Inc. lessened its position in shares of Brixmor Property Group Inc. (NYSE:BRX – Free Report) by 3.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 13,261 shares of the real estate investment trust’s stock after selling 502 shares during the period. […] - 2025-03-06 09:15:43

iShares MSCI World Small Cap UCITS ETF USD (Acc) BRX holdings

DateNumber of BRX Shares HeldBase Market Value of BRX SharesLocal Market Value of BRX SharesChange in BRX Shares HeldChange in BRX Base ValueCurrent Price per BRX Share HeldPrevious Price per BRX Share Held
2025-11-27 (Thursday)221,835USD 5,796,549USD 5,796,5490USD 0 USD 26.13 USD 26.13
2025-11-26 (Wednesday)221,835BRX holding decreased by -414USD 5,796,549BRX holding decreased by -1927USD 5,796,549-414USD -1,927 USD 26.13 USD 26.09
2025-11-25 (Tuesday)222,249USD 5,798,476BRX holding increased by 11112USD 5,798,4760USD 11,112 USD 26.09 USD 26.04
2025-11-24 (Monday)222,249USD 5,787,364BRX holding decreased by -77787USD 5,787,3640USD -77,787 USD 26.04 USD 26.39
2025-11-21 (Friday)222,249USD 5,865,151BRX holding increased by 91122USD 5,865,1510USD 91,122 USD 26.39 USD 25.98
2025-11-20 (Thursday)222,249BRX holding increased by 1266USD 5,774,029BRX holding increased by 52779USD 5,774,0291,266USD 52,779 USD 25.98 USD 25.89
2025-11-19 (Wednesday)220,983BRX holding increased by 12660USD 5,721,250BRX holding increased by 277770USD 5,721,25012,660USD 277,770 USD 25.89 USD 26.13
2025-11-18 (Tuesday)208,323USD 5,443,480BRX holding increased by 35415USD 5,443,4800USD 35,415 USD 26.13 USD 25.96
2025-11-17 (Monday)208,323USD 5,408,065BRX holding decreased by -112495USD 5,408,0650USD -112,495 USD 25.96 USD 26.5
2025-11-14 (Friday)208,323BRX holding decreased by -1656USD 5,520,560BRX holding decreased by -31285USD 5,520,560-1,656USD -31,285 USD 26.5 USD 26.44
2025-11-13 (Thursday)209,979USD 5,551,845BRX holding decreased by -31497USD 5,551,8450USD -31,497 USD 26.44 USD 26.59
2025-11-12 (Wednesday)209,979USD 5,583,342BRX holding decreased by -102889USD 5,583,3420USD -102,889 USD 26.59 USD 27.08
2025-11-11 (Tuesday)209,979USD 5,686,231BRX holding increased by 102889USD 5,686,2310USD 102,889 USD 27.08 USD 26.59
Share price and value of shares held is calculated on the adjusted close price of each day (row). Changes between days reflect the gain/loss of the portfolio as a result of changes in the adjusted close price and changes in the holdings

Share Trades of BRX by Blackrock for IE00BF4RFH31

Show aggregate share trades of BRX

DateActionQuantityMarket HighMarket LowLikely Trade PriceLikely Trade Value (Profit/Loss)Average Price previous trades
2025-11-26SELL-41426.23525.960 25.987USD -10,759 26.60 Profit of 254 on sale
2025-11-26SELL-41426.23525.960 25.987USD -10,759 26.60 Profit of 254 on sale
2025-11-20BUY1,26626.42525.960 26.006USD 32,924 26.61
2025-11-19BUY12,66026.20525.740 25.786USD 326,457 26.61
2025-11-14SELL-1,65626.59026.275 26.306USD -43,564 26.62 Profit of 517 on sale
2025-10-29BUY82826.80027.340 27.286USD 22,593 26.63
2025-10-21BUY1,65627.63027.750 27.738USD 45,934 26.59
2025-10-07BUY82826.87026.980 26.969USD 22,330 26.58
2025-09-08SELL-1,65627.78028.040 28.014USD -46,391 26.54 Loss of -2,448 on sale
2025-08-15BUY82826.47026.480 26.479USD 21,925 26.54
2025-08-07BUY2,48426.11026.730 26.668USD 66,243 26.54
2025-07-29BUY82826.35026.400 26.395USD 21,855 26.54
2025-07-14BUY1,65625.94026.060 26.048USD 43,135 26.58
2025-06-30BUY1,65626.04026.190 26.175USD 43,346 26.62
2025-06-25BUY2,49025.46025.970 25.919USD 64,538 26.64
2025-06-20SELL-41526.00026.090 26.081USD -10,824 26.65 Profit of 236 on sale
2025-06-12SELL-3,32825.77025.840 25.833USD -85,972 26.69 Profit of 2,863 on sale
2025-06-02BUY1,24825.19025.250 25.244USD 31,505 26.77
2025-05-28BUY83225.10025.360 25.334USD 21,078 26.81
2025-05-14BUY41525.65025.820 25.803USD 10,708 26.93
2025-05-13BUY83026.04026.460 26.418USD 21,927 26.94
2025-05-07BUY1,24525.27025.410 25.396USD 31,618 26.99
2025-04-28BUY41526.01026.110 26.100USD 10,832 27.10
2025-04-16BUY5,39525.08025.500 25.458USD 137,346 27.24
2025-04-14BUY83025.04025.210 25.193USD 20,910 27.29
2025-04-08SELL-83023.06024.280 24.158USD -20,051 27.43 Profit of 2,719 on sale
2025-04-04SELL-83023.96024.610 24.545USD -20,372 27.52 Profit of 2,470 on sale
2025-03-28BUY4,15026.11026.370 26.344USD 109,328 27.57
2025-03-12SELL-83025.98026.070 26.061USD -21,631 27.86 Profit of 1,494 on sale
2025-03-04SELL-83027.28027.940 27.874USD -23,135 27.95 Profit of 64 on sale
2025-02-28SELL-13,44627.96027.970 27.969USD -376,071 27.95 Loss of -247 on sale
2025-02-26SELL-1,78427.40027.630 27.607USD -49,251 27.97 Profit of 640 on sale
2025-02-13BUY44628.12028.130 28.129USD 12,546 28.04
2025-02-12BUY1,79227.59027.700 27.689USD 49,619 28.05
2025-01-27BUY44626.96027.040 27.032USD 12,056 28.60
2025-01-23BUY44626.26026.370 26.359USD 11,756 28.72
2024-12-09BUY16,09229.58029.990 29.949USD 481,939 28.86
2024-12-04BUY89029.93029.930 29.930USD 26,638 28.77
2024-12-03BUY1,33529.68029.920 29.896USD 39,911 28.73
2024-11-25BUY19,27030.02030.170 30.155USD 581,087 28.35
2024-11-19BUY2,38229.69029.720 29.717USD 70,786 28.04
2024-11-18BUY79829.25029.280 29.277USD 23,363 27.97
2024-11-12BUY1,58828.75029.200 29.155USD 46,298 27.92
2024-11-11BUY39728.97029.180 29.159USD 11,576 27.85
2024-11-07BUY1,98528.40028.520 28.508USD 56,588 27.74
2024-10-23BUY79427.93028.140 28.119USD 22,326 27.92
Market high and low price is on the date.

* (if shown) = market close price used not a projected price. This is used when we do not have market data available to calculate a projection

The likely trade price/value is our estimate on the likely price the trade took place at and is not the actual trade price. The likely LOSS/GAIN is our estimate. Where a profit/loss value is shown in the Likely Trade Value column, this is derived from matching trades between periods eg the most recent previous BUY is matched with the SELL for the same number of shares and the difference between the likely BUY price and likely SELL price is calculated. Where a profit or loss is shown in the Average Price of Previous Trades column, this is dervied using the likely trade price compared to the average of previous trades based on adjusted close

Shorting History of BRX

DateShorted VolumeShort Exempt VolumeTotal Shares Traded% Shorted
2025-09-19200,774266420,69247.7%
2025-09-18177,618100241,63573.5%
2025-09-17263,95098469,92256.2%
2025-09-16272,3250351,08977.6%
2025-09-15262,9140389,74167.5%
2025-09-12367,7050577,44363.7%
2025-09-11354,897219617,19957.5%
2025-09-10440,420225546,87080.5%
2025-09-09334,0470587,78356.8%
2025-09-08206,9900546,09837.9%
2025-09-05349,0110835,10041.8%
2025-09-04238,345181683,90234.9%
2025-09-03329,20413863,36938.1%
2025-09-02454,3935931,025,71044.3%
2025-08-29222,6890635,24335.1%
2025-08-28285,073200396,75071.9%
2025-08-27338,1300524,07164.5%
2025-08-26501,2460758,36466.1%
2025-08-25303,0410561,25454.0%
2025-08-22345,45145486,58871.0%
2025-08-21285,4930383,44574.5%
2025-08-20312,1559446,91269.8%
2025-08-19360,28417462,63877.9%
2025-08-18357,6930527,02967.9%
2025-08-15324,3010404,80580.1%
2025-08-14592,9980788,70075.2%
2025-08-13543,6980698,53777.8%
2025-08-12577,7750859,26267.2%
2025-08-11539,7340706,05976.4%
2025-08-08188,020243299,33962.8%
2025-08-07360,1140497,63072.4%
2025-08-06364,333500464,00378.5%
2025-08-05359,032363482,96174.3%
2025-08-04342,822311630,37454.4%
2025-08-01398,0170525,46775.7%
2025-07-31407,499773669,20760.9%
2025-07-301,120,63301,509,01174.3%
2025-07-291,107,9951,5041,479,61674.9%
2025-07-28699,37901,110,15063.0%
2025-07-25285,79616710,50340.2%
2025-07-24190,1610536,90435.4%
2025-07-23233,8560725,78532.2%
2025-07-22163,3950514,82831.7%
2025-07-21133,608458431,32431.0%
2025-07-18165,7900513,23632.3%

The data here is derived from FINRA daily shorted trade data. The Daily Short Sale Volume is the total volume of short trades that meet certain criteria on each trade date by 6 PM ET on the trade date. The detail trade data is derived from the monthly shorted trade data which will differ in aggregate. The detail trade data is derived from the transaction level data and includes ALL trades (including exempt) and the aggregation period extends beyond 6pm.

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Note: All information is provided as is without warranty and should be used for indicative purposes only. You should independently check data before making any investment decision. This information is derived from third party sources and we cannot guarantee that their data is current, accurate, complete, free from defects etc and we therefore accept no responsibility for how it may be used. We accept no liability.