|
|
 |
|
Holdings of the Fund as of 9/1/2026
Total Number of Holdings (excluding cash): 175
| Apple Inc. |
AAPL |
037833100 |
Information Technology |
605,117 |
$196,741,690.21 |
7.90% |
| NVIDIA Corporation |
NVDA |
67066G104 |
Information Technology |
677,120 |
$147,232,972.80 |
5.91% |
| JPMorgan Chase & Co. |
JPM |
46625H100 |
Financials |
195,080 |
$69,243,646.00 |
2.78% |
| US Dollar |
$USD |
|
Other |
68,428,444 |
$68,428,444.20 |
2.75% |
| Amazon.com, Inc. |
AMZN |
023135106 |
Consumer Discretionary |
246,353 |
$62,800,306.76 |
2.52% |
| Microsoft Corporation |
MSFT |
594918104 |
Information Technology |
125,300 |
$62,777,806.00 |
2.52% |
| Bank of America Corporation |
BAC |
060505104 |
Financials |
993,532 |
$61,589,048.68 |
2.47% |
| GE Vernova Inc. |
GEV |
36828A101 |
Industrials |
63,839 |
$57,361,256.73 |
2.30% |
| Costco Wholesale Corporation |
COST |
22160K105 |
Consumer Staples |
60,377 |
$56,751,964.92 |
2.28% |
| ASML Holding N.V. (New York Registry Shares) |
ASML |
N07059210 |
Information Technology |
32,909 |
$54,798,092.26 |
2.20% |
| Broadcom Inc. |
AVGO |
11135F101 |
Information Technology |
144,891 |
$53,563,304.88 |
2.15% |
| Alphabet Inc. (Class A) |
GOOGL |
02079K305 |
Communication Services |
149,778 |
$50,178,625.56 |
2.02% |
| Dell Technologies Inc. (Class C) |
DELL |
24703L202 |
Information Technology |
115,655 |
$49,153,375.00 |
1.97% |
| Nebius Group N.V. |
NBIS |
N97284108 |
Information Technology |
243,486 |
$48,585,196.44 |
1.95% |
| Alphabet Inc. (Class C) |
GOOG |
02079K107 |
Communication Services |
126,783 |
$42,095,759.49 |
1.69% |
| Amgen Inc. |
AMGN |
031162100 |
Health Care |
92,780 |
$40,648,773.60 |
1.63% |
| Oracle Corporation |
ORCL |
68389X105 |
Information Technology |
262,992 |
$37,166,029.44 |
1.49% |
| Gilead Sciences, Inc. |
GILD |
375558103 |
Health Care |
223,321 |
$33,480,284.32 |
1.34% |
| Cisco Systems, Inc. |
CSCO |
17275R102 |
Information Technology |
293,654 |
$32,225,589.96 |
1.29% |
| Linde Plc |
LIN |
G54950103 |
Materials |
62,179 |
$30,266,250.04 |
1.22% |
| Meta Platforms, Inc. (Class A) |
META |
30303M102 |
Communication Services |
51,959 |
$30,060,359.86 |
1.21% |
| ExxonMobil Holdings Corp. |
XOM |
30233Q108 |
Energy |
179,055 |
$29,463,500.25 |
1.18% |
| Johnson & Johnson |
JNJ |
478160104 |
Health Care |
108,663 |
$29,468,318.97 |
1.18% |
| Fortinet, Inc. |
FTNT |
34959E109 |
Information Technology |
175,558 |
$28,414,062.30 |
1.14% |
| Coca-Cola European Partners Plc |
CCEP |
G25839104 |
Consumer Staples |
255,465 |
$27,488,034.00 |
1.10% |
| AbbVie Inc. |
ABBV |
00287Y109 |
Health Care |
103,076 |
$26,798,729.24 |
1.08% |
| Tesla, Inc. |
TSLA |
88160R101 |
Consumer Discretionary |
69,584 |
$24,778,166.56 |
1.00% |
| Eli Lilly and Company |
LLY |
532457108 |
Health Care |
20,934 |
$24,283,440.00 |
0.98% |
| Union Pacific Corporation |
UNP |
907818108 |
Industrials |
78,328 |
$22,763,683.36 |
0.91% |
| Altria Group, Inc. |
MO |
02209S103 |
Consumer Staples |
288,144 |
$20,046,178.08 |
0.81% |
| Caterpillar Inc. |
CAT |
149123101 |
Industrials |
25,450 |
$19,829,622.00 |
0.80% |
| Jackson Financial Inc. (Class A) |
JXN |
46817M107 |
Financials |
146,562 |
$19,460,502.36 |
0.78% |
| Comfort Systems USA, Inc. |
FIX |
199908104 |
Industrials |
12,332 |
$19,168,490.84 |
0.77% |
| Novartis AG (ADR) |
NVS |
66987V109 |
Health Care |
117,271 |
$18,909,948.75 |
0.76% |
| Colgate-Palmolive Company |
CL |
194162103 |
Consumer Staples |
207,754 |
$18,620,991.02 |
0.75% |
| Palantir Technologies Inc. (Class A) |
PLTR |
69608A108 |
Information Technology |
96,997 |
$17,451,700.24 |
0.70% |
| Walmart Inc. |
WMT |
931142103 |
Consumer Staples |
160,853 |
$17,037,549.76 |
0.68% |
| Celestica Inc. |
CLS |
15101Q207 |
Information Technology |
56,565 |
$16,550,353.35 |
0.66% |
| Chevron Corporation |
CVX |
166764100 |
Energy |
71,383 |
$15,065,382.15 |
0.61% |
| HF Sinclair Corp. |
DINO |
403949100 |
Energy |
146,596 |
$15,241,586.12 |
0.61% |
| Royalty Pharma Plc (Class A) |
RPRX |
G7709Q104 |
Health Care |
245,568 |
$15,303,797.76 |
0.61% |
| TechnipFMC Plc |
FTI |
G87110105 |
Energy |
191,550 |
$15,000,280.50 |
0.60% |
| EMCOR Group, Inc. |
EME |
29084Q100 |
Industrials |
19,826 |
$14,577,066.50 |
0.59% |
| InterDigital, Inc. |
IDCC |
45867G101 |
Information Technology |
45,440 |
$14,536,256.00 |
0.58% |
| Citigroup Inc. |
C |
172967424 |
Financials |
106,578 |
$14,125,848.12 |
0.57% |
| The Coca-Cola Company |
KO |
191216100 |
Consumer Staples |
155,845 |
$13,714,360.00 |
0.55% |
| United Parcel Service, Inc. (Class B) |
UPS |
911312106 |
Industrials |
133,676 |
$13,723,178.16 |
0.55% |
| IDACORP, Inc. |
IDA |
451107106 |
Utilities |
98,382 |
$13,418,320.98 |
0.54% |
| Hilton Worldwide Holdings Inc. |
HLT |
43300A203 |
Consumer Discretionary |
42,281 |
$13,191,249.19 |
0.53% |
| Equinix, Inc. |
EQIX |
29444U700 |
Real Estate |
12,329 |
$12,669,157.11 |
0.51% |
| The Williams Companies, Inc. |
WMB |
969457100 |
Energy |
161,003 |
$12,112,255.69 |
0.49% |
| Chubb Limited |
CB |
H1467J104 |
Financials |
35,207 |
$11,926,019.18 |
0.48% |
| GE Aerospace |
GE |
369604301 |
Industrials |
35,961 |
$11,906,327.49 |
0.48% |
| The Cigna Group |
CI |
125523100 |
Health Care |
42,400 |
$12,001,744.00 |
0.48% |
| Ross Stores, Inc. |
ROST |
778296103 |
Consumer Discretionary |
51,234 |
$11,744,882.16 |
0.47% |
| AngloGold Ashanti plc |
AU |
G0378L100 |
Materials |
105,597 |
$11,418,203.61 |
0.46% |
| The Travelers Companies, Inc. |
TRV |
89417E109 |
Financials |
31,582 |
$11,493,321.44 |
0.46% |
| US Foods Holding Corp. |
USFD |
912008109 |
Consumer Staples |
106,632 |
$11,373,369.12 |
0.46% |
| Antero Midstream Corp. |
AM |
03676B102 |
Energy |
499,329 |
$11,224,915.92 |
0.45% |
| Curtiss-Wright Corporation |
CW |
231561101 |
Industrials |
19,282 |
$11,144,803.18 |
0.45% |
| Netflix, Inc. |
NFLX |
64110L106 |
Communication Services |
138,894 |
$11,224,024.14 |
0.45% |
| RTX Corporation |
RTX |
75513E101 |
Industrials |
53,727 |
$11,022,631.32 |
0.44% |
| Merck & Co., Inc. |
MRK |
58933Y105 |
Health Care |
71,932 |
$10,779,729.52 |
0.43% |
| Philip Morris International Inc. |
PM |
718172109 |
Consumer Staples |
57,276 |
$10,719,203.40 |
0.43% |
| British American Tobacco Plc (ADR) |
BTI |
110448107 |
Consumer Staples |
184,977 |
$10,343,913.84 |
0.42% |
| Vistra Corp. |
VST |
92840M102 |
Utilities |
75,879 |
$10,477,372.32 |
0.42% |
| DT Midstream, Inc. |
DTM |
23345M107 |
Energy |
74,939 |
$9,741,320.61 |
0.39% |
| APA Corporation |
APA |
03743Q108 |
Energy |
215,964 |
$9,567,205.20 |
0.38% |
| Sterling Infrastructure, Inc. |
STRL |
859241101 |
Industrials |
20,974 |
$9,566,241.40 |
0.38% |
| The Goldman Sachs Group, Inc. |
GS |
38141G104 |
Financials |
9,552 |
$9,576,453.12 |
0.38% |
| The Toronto-Dominion Bank |
TD |
891160509 |
Financials |
74,916 |
$8,952,462.00 |
0.36% |
| Advanced Micro Devices, Inc. |
AMD |
007903107 |
Information Technology |
18,929 |
$8,699,957.69 |
0.35% |
| Ciena Corporation |
CIEN |
171779309 |
Information Technology |
24,344 |
$8,771,873.52 |
0.35% |
| CME Group Inc. |
CME |
12572Q105 |
Financials |
29,391 |
$8,419,051.95 |
0.34% |
| Digital Realty Trust, Inc. |
DLR |
253868103 |
Real Estate |
44,316 |
$8,121,793.32 |
0.33% |
| Yum! Brands, Inc. |
YUM |
988498101 |
Consumer Discretionary |
53,730 |
$8,168,571.90 |
0.33% |
| Advanced Energy Industries, Inc. |
AEIS |
007973100 |
Information Technology |
28,925 |
$7,722,975.00 |
0.31% |
| Kinder Morgan, Inc. |
KMI |
49456B101 |
Energy |
244,109 |
$7,835,898.90 |
0.31% |
| ING Groep N.V. (ADR) |
ING |
456837103 |
Financials |
212,733 |
$7,498,838.25 |
0.30% |
| Allison Transmission Holdings, Inc. |
ALSN |
01973R101 |
Industrials |
58,979 |
$7,237,313.09 |
0.29% |
| APi Group Corporation |
APG |
00187Y100 |
Industrials |
181,364 |
$7,094,959.68 |
0.29% |
| The Boeing Company |
BA |
097023105 |
Industrials |
35,284 |
$7,256,507.44 |
0.29% |
| The TJX Companies, Inc. |
TJX |
872540109 |
Consumer Discretionary |
54,614 |
$7,278,407.78 |
0.29% |
| Duke Energy Corporation |
DUK |
26441C204 |
Utilities |
58,837 |
$7,083,386.43 |
0.28% |
| Encompass Health Corporation |
EHC |
29261A100 |
Health Care |
57,932 |
$7,070,600.60 |
0.28% |
| Aflac Incorporated |
AFL |
001055102 |
Financials |
57,266 |
$6,644,001.32 |
0.27% |
| Cboe Global Markets, Inc. |
CBOE |
12503M108 |
Financials |
21,520 |
$6,619,982.40 |
0.27% |
| Prologis, Inc. |
PLD |
74340W103 |
Real Estate |
48,949 |
$6,837,196.32 |
0.27% |
| Southern Copper Corporation |
SCCO |
84265V105 |
Materials |
32,817 |
$6,616,235.37 |
0.27% |
| Taiwan Semiconductor Manufacturing Company Limited (ADR) |
TSM |
874039100 |
Information Technology |
16,002 |
$6,624,828.00 |
0.27% |
| East West Bancorp, Inc. |
EWBC |
27579R104 |
Financials |
51,632 |
$6,544,872.32 |
0.26% |
| Entergy Corporation |
ETR |
29364G103 |
Utilities |
60,741 |
$6,500,501.82 |
0.26% |
| Wells Fargo & Company |
WFC |
949746101 |
Financials |
72,932 |
$6,348,001.28 |
0.26% |
| ITT Inc. |
ITT |
45073V108 |
Industrials |
32,669 |
$6,346,279.94 |
0.25% |
| Royal Bank of Canada |
RY |
780087102 |
Financials |
30,869 |
$6,281,224.12 |
0.25% |
| UMB Financial Corporation |
UMBF |
902788108 |
Financials |
44,806 |
$6,180,987.70 |
0.25% |
| Unilever PLC (ADR) |
UL |
904767803 |
Consumer Staples |
94,978 |
$6,114,683.66 |
0.25% |
| AT&T Inc. |
T |
00206R102 |
Communication Services |
227,309 |
$5,910,034.00 |
0.24% |
| Cal-Maine Foods, Inc. |
CALM |
128030202 |
Consumer Staples |
74,693 |
$5,902,240.86 |
0.24% |
| DHT Holdings, Inc. |
DHT |
Y2065G121 |
Energy |
302,059 |
$5,947,541.71 |
0.24% |
| Urban Outfitters, Inc. |
URBN |
917047102 |
Consumer Discretionary |
72,776 |
$5,770,409.04 |
0.23% |
| BlackRock, Inc. |
BLK |
09290D101 |
Financials |
4,953 |
$5,587,479.30 |
0.22% |
| Casey's General Stores, Inc. |
CASY |
147528103 |
Consumer Staples |
7,090 |
$5,437,391.90 |
0.22% |
| Enbridge Inc. |
ENB |
29250N105 |
Energy |
108,808 |
$5,518,741.76 |
0.22% |
| AerCap Holdings N.V. |
AER |
N00985106 |
Industrials |
37,045 |
$5,340,407.20 |
0.21% |
| Applied Materials, Inc. |
AMAT |
038222105 |
Information Technology |
11,949 |
$5,279,665.65 |
0.21% |
| Banco Santander S.A. (ADR) |
SAN |
05964H105 |
Financials |
361,731 |
$5,201,691.78 |
0.21% |
| Everpure, Inc. (Class A) |
P |
74624M102 |
Information Technology |
56,126 |
$5,263,496.28 |
0.21% |
| Fluor Corporation |
FLR |
343412102 |
Industrials |
95,070 |
$5,347,687.50 |
0.21% |
| Watts Water Technologies, Inc. |
WTS |
942749102 |
Industrials |
14,624 |
$5,202,341.76 |
0.21% |
| Sabra Health Care REIT, Inc. |
SBRA |
78573L106 |
Real Estate |
243,115 |
$5,090,828.10 |
0.20% |
| The Charles Schwab Corporation |
SCHW |
808513105 |
Financials |
45,768 |
$4,955,759.04 |
0.20% |
| Energy Transfer LP |
ET |
29273V100 |
Energy |
217,094 |
$4,650,153.48 |
0.19% |
| International Business Machines Corporation |
IBM |
459200101 |
Information Technology |
20,943 |
$4,846,210.20 |
0.19% |
| MYR Group Inc. |
MYRG |
55405W104 |
Industrials |
16,558 |
$4,743,204.68 |
0.19% |
| Nextpower Inc. (Class A) |
NXT |
65290E101 |
Industrials |
56,143 |
$4,663,799.01 |
0.19% |
| Cloudflare, Inc. (Class A) |
NET |
18915M107 |
Information Technology |
15,530 |
$4,433,970.30 |
0.18% |
| Dave Inc. (Class A) |
DAVE |
23834J201 |
Financials |
13,161 |
$4,483,163.04 |
0.18% |
| The Bank of Nova Scotia |
BNS |
064149107 |
Financials |
48,922 |
$4,461,197.18 |
0.18% |
| Anheuser-Busch InBev S.A./N.V. (ADR) |
BUD |
03524A108 |
Consumer Staples |
53,246 |
$4,213,355.98 |
0.17% |
| BankUnited, Inc. |
BKU |
06652K103 |
Financials |
92,524 |
$4,139,523.76 |
0.17% |
| Ionis Pharmaceuticals, Inc. |
IONS |
462222100 |
Health Care |
70,643 |
$4,230,102.84 |
0.17% |
| Liberty Media Corp-Liberty Formula One (Class C) |
FWONK |
531229755 |
Communication Services |
44,858 |
$4,348,983.10 |
0.17% |
| OPENLANE Inc. |
OPLN |
48238T109 |
Industrials |
117,658 |
$4,123,912.90 |
0.17% |
| The Southern Company |
SO |
842587107 |
Utilities |
46,843 |
$4,126,399.87 |
0.17% |
| Wabtec Corporation |
WAB |
929740108 |
Industrials |
15,456 |
$4,324,588.80 |
0.17% |
| NewMarket Corporation |
NEU |
651587107 |
Materials |
4,389 |
$3,963,793.68 |
0.16% |
| Evergy, Inc. |
EVRG |
30034W106 |
Utilities |
45,056 |
$3,672,965.12 |
0.15% |
| Gold Fields Limited (ADR) |
GFI |
38059T106 |
Materials |
83,797 |
$3,742,374.02 |
0.15% |
| Leonardo DRS, Inc. |
DRS |
52661A108 |
Industrials |
96,989 |
$3,656,485.30 |
0.15% |
| The Gap, Inc. |
GAP |
364760108 |
Consumer Discretionary |
165,960 |
$3,651,120.00 |
0.15% |
| America Movil, S.A.B. de C.V. (ADR) |
AMX |
02390A101 |
Communication Services |
155,744 |
$3,578,997.12 |
0.14% |
| Robinhood Markets, Inc. (Class A) |
HOOD |
770700102 |
Financials |
34,482 |
$3,569,231.82 |
0.14% |
| Canadian Imperial Bank of Commerce |
CM |
136069101 |
Financials |
27,874 |
$3,133,595.08 |
0.13% |
| NiSource Inc. |
NI |
65473P105 |
Utilities |
81,837 |
$3,352,043.52 |
0.13% |
| Nordson Corporation |
NDSN |
655663102 |
Industrials |
10,165 |
$3,195,876.00 |
0.13% |
| Performance Food Group Company |
PFGC |
71377A103 |
Consumer Staples |
31,730 |
$3,147,616.00 |
0.13% |
| Rio Tinto plc (ADR) |
RIO |
767204100 |
Materials |
32,906 |
$3,351,805.16 |
0.13% |
| SolarEdge Technologies, Inc. |
SEDG |
83417M104 |
Information Technology |
98,575 |
$3,202,701.75 |
0.13% |
| Vale S.A. (ADR) |
VALE |
91912E105 |
Materials |
219,851 |
$3,324,147.12 |
0.13% |
| Bank of Montreal |
BMO |
063671101 |
Financials |
17,658 |
$2,971,841.40 |
0.12% |
| Deutsche Bank AG |
DB |
D18190898 |
Financials |
74,474 |
$2,947,680.92 |
0.12% |
| Simon Property Group, Inc. |
SPG |
828806109 |
Real Estate |
14,162 |
$3,000,502.94 |
0.12% |
| Xcel Energy Inc. |
XEL |
98389B100 |
Utilities |
38,004 |
$2,884,123.56 |
0.12% |
| Kimco Realty Corporation |
KIM |
49446R109 |
Real Estate |
115,557 |
$2,787,234.84 |
0.11% |
| Morgan Stanley |
MS |
617446448 |
Financials |
13,446 |
$2,837,643.84 |
0.11% |
| Toll Brothers, Inc. |
TOL |
889478103 |
Consumer Discretionary |
19,307 |
$2,707,034.47 |
0.11% |
| TotalEnergies SE |
TTE |
F92124100 |
Energy |
30,183 |
$2,727,034.05 |
0.11% |
| Grand Canyon Education, Inc. |
LOPE |
38526M106 |
Consumer Discretionary |
16,192 |
$2,430,257.28 |
0.10% |
| NextEra Energy, Inc. |
NEE |
65339F101 |
Utilities |
30,103 |
$2,496,441.79 |
0.10% |
| WEC Energy Group, Inc. |
WEC |
92939U106 |
Utilities |
22,308 |
$2,369,109.60 |
0.10% |
| Alamos Gold Inc. |
AGI |
011532108 |
Materials |
66,888 |
$2,335,728.96 |
0.09% |
| American Electric Power Company, Inc. |
AEP |
025537101 |
Utilities |
19,188 |
$2,359,356.48 |
0.09% |
| CVB Financial Corp. |
CVBF |
126600105 |
Financials |
101,111 |
$2,211,297.57 |
0.09% |
| TKO Group Holdings, Inc. (Class A) |
TKO |
87256C101 |
Communication Services |
11,726 |
$2,137,298.02 |
0.09% |
| Booking Holdings Inc. |
BKNG |
09857L108 |
Consumer Discretionary |
10,293 |
$2,014,237.17 |
0.08% |
| Sempra |
SRE |
816851109 |
Utilities |
22,889 |
$1,928,627.14 |
0.08% |
| AMETEK, Inc. |
AME |
031100100 |
Industrials |
7,612 |
$1,760,807.84 |
0.07% |
| Cirrus Logic, Inc. |
CRUS |
172755100 |
Information Technology |
17,087 |
$1,863,679.09 |
0.07% |
| Edwards Lifesciences Corporation |
EW |
28176E108 |
Health Care |
18,472 |
$1,676,149.28 |
0.07% |
| NetEase, Inc. (ADR) |
NTES |
64110W102 |
Communication Services |
14,772 |
$1,773,674.04 |
0.07% |
| OSI Systems, Inc. |
OSIS |
671044105 |
Information Technology |
8,772 |
$1,829,137.44 |
0.07% |
| ARMOUR Residential REIT, Inc. |
ARR |
042315705 |
Financials |
86,877 |
$1,400,457.24 |
0.06% |
| Ferguson Enterprises Inc. |
FERG |
31488V107 |
Industrials |
7,231 |
$1,582,938.21 |
0.06% |
| National Health Investors, Inc. |
NHI |
63633D104 |
Real Estate |
20,984 |
$1,516,513.68 |
0.06% |
| Arch Capital Group Ltd. |
ACGL |
G0450A105 |
Financials |
12,176 |
$1,200,675.36 |
0.05% |
| The Hartford Insurance Group, Inc. |
HIG |
416515104 |
Financials |
9,605 |
$1,317,133.65 |
0.05% |
| VICI Properties Inc. |
VICI |
925652109 |
Real Estate |
35,129 |
$897,194.66 |
0.04% |
| Weyerhaeuser Company |
WY |
962166104 |
Real Estate |
16,547 |
$386,868.86 |
0.02% |
| Canadian Dollar |
$CAD |
|
Other |
87,783 |
$63,162.23 |
0.00% |
| 2026-09-18 S&P 500® Index - Price Return C 7,825 |
SPX 260918C07825000 |
|
N/A |
-325 |
($388,375.00) |
-0.02% |
| 2026-09-18 S&P 500® Index - Price Return C 7,775 |
SPX 260918C07775000 |
|
N/A |
-340 |
($761,600.00) |
-0.03% |
| 2026-09-18 S&P 500® Index - Price Return C 7,750 |
SPX 260918C07750000 |
|
N/A |
-325 |
($975,000.00) |
-0.04% |
| 2026-10-16 S&P 500® Index - Price Return C 7,800 |
SPX 261016C07800000 |
|
N/A |
-325 |
($2,349,750.00) |
-0.09% |
| 2026-09-18 S&P 500® Index - Price Return C 7,650 |
SPX 260918C07650000 |
|
N/A |
-320 |
($2,552,000.00) |
-0.10% |
| 2026-10-16 S&P 500® Index - Price Return C 7,750 |
SPX 261016C07750000 |
|
N/A |
-325 |
($3,061,500.00) |
-0.12% |
| 2026-09-18 S&P 500® Index - Price Return C 7,600 |
SPX 260918C07600000 |
|
N/A |
-320 |
($3,566,720.00) |
-0.14% |
Holdings are subject to change.
The holdings information set forth above for the date indicated reflects creation and redemption transactions from the prior business day and may differ from the holdings information currently available from the Fund's custodian and accounting agent. With respect to the market value of the Fund's holdings set forth above, the pricing sources are generally third party vendors. The Fund ultimately relies on pricing information provided by the Fund's accounting agent.
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The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA, the Internal Revenue Code or any other regulatory framework. Financial professionals are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their clients.
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