|
|
 |
|
Holdings of the Fund as of 8/21/2026
Total Number of Holdings (excluding cash): 175
| Apple Inc. |
AAPL |
037833100 |
Information Technology |
597,053 |
$184,698,345.55 |
7.49% |
| NVIDIA Corporation |
NVDA |
67066G104 |
Information Technology |
668,104 |
$143,455,290.88 |
5.81% |
| JPMorgan Chase & Co. |
JPM |
46625H100 |
Financials |
192,476 |
$67,670,712.08 |
2.74% |
| US Dollar |
$USD |
|
Other |
67,161,309 |
$67,161,309.10 |
2.72% |
| Amazon.com, Inc. |
AMZN |
023135106 |
Consumer Discretionary |
243,077 |
$62,867,004.51 |
2.55% |
| Bank of America Corporation |
BAC |
060505104 |
Financials |
980,288 |
$60,473,966.72 |
2.45% |
| GE Vernova Inc. |
GEV |
36828A101 |
Industrials |
62,999 |
$60,280,593.21 |
2.44% |
| Microsoft Corporation |
MSFT |
594918104 |
Information Technology |
123,620 |
$59,738,128.80 |
2.42% |
| ASML Holding N.V. (New York Registry Shares) |
ASML |
N07059210 |
Information Technology |
32,461 |
$57,253,413.36 |
2.32% |
| Costco Wholesale Corporation |
COST |
22160K105 |
Consumer Staples |
59,565 |
$56,452,133.10 |
2.29% |
| Broadcom Inc. |
AVGO |
11135F101 |
Information Technology |
142,959 |
$52,673,243.55 |
2.13% |
| Nebius Group N.V. |
NBIS |
N97284108 |
Information Technology |
240,238 |
$52,643,352.94 |
2.13% |
| Alphabet Inc. (Class A) |
GOOGL |
02079K305 |
Communication Services |
147,790 |
$50,960,947.80 |
2.07% |
| Dell Technologies Inc. (Class C) |
DELL |
24703L202 |
Information Technology |
114,115 |
$50,447,959.20 |
2.04% |
| Alphabet Inc. (Class C) |
GOOG |
02079K107 |
Communication Services |
125,103 |
$42,753,950.25 |
1.73% |
| Amgen Inc. |
AMGN |
031162100 |
Health Care |
91,548 |
$40,219,782.84 |
1.63% |
| Oracle Corporation |
ORCL |
68389X105 |
Information Technology |
259,492 |
$38,007,793.24 |
1.54% |
| Cisco Systems, Inc. |
CSCO |
17275R102 |
Information Technology |
289,734 |
$32,172,063.36 |
1.30% |
| Gilead Sciences, Inc. |
GILD |
375558103 |
Health Care |
220,353 |
$32,197,980.36 |
1.30% |
| Linde Plc |
LIN |
G54950103 |
Materials |
61,339 |
$29,907,056.23 |
1.21% |
| ExxonMobil Holdings Corp. |
XOM |
30233Q108 |
Energy |
176,675 |
$29,170,809.25 |
1.18% |
| Johnson & Johnson |
JNJ |
478160104 |
Health Care |
107,207 |
$28,971,619.68 |
1.17% |
| Meta Platforms, Inc. (Class A) |
META |
30303M102 |
Communication Services |
51,259 |
$28,187,324.10 |
1.14% |
| Coca-Cola European Partners Plc |
CCEP |
G25839104 |
Consumer Staples |
252,049 |
$27,221,292.00 |
1.10% |
| AbbVie Inc. |
ABBV |
00287Y109 |
Health Care |
101,704 |
$26,947,491.84 |
1.09% |
| Fortinet, Inc. |
FTNT |
34959E109 |
Information Technology |
173,206 |
$26,588,853.06 |
1.08% |
| Eli Lilly and Company |
LLY |
532457108 |
Health Care |
20,654 |
$25,929,031.60 |
1.05% |
| Tesla, Inc. |
TSLA |
88160R101 |
Consumer Discretionary |
68,660 |
$24,913,967.60 |
1.01% |
| Union Pacific Corporation |
UNP |
907818108 |
Industrials |
77,292 |
$23,809,800.60 |
0.96% |
| Caterpillar Inc. |
CAT |
149123101 |
Industrials |
25,114 |
$20,791,880.60 |
0.84% |
| Comfort Systems USA, Inc. |
FIX |
199908104 |
Industrials |
12,164 |
$20,138,840.04 |
0.82% |
| Altria Group, Inc. |
MO |
02209S103 |
Consumer Staples |
284,308 |
$18,789,915.72 |
0.76% |
| Colgate-Palmolive Company |
CL |
194162103 |
Consumer Staples |
204,982 |
$18,669,760.56 |
0.76% |
| Jackson Financial Inc. (Class A) |
JXN |
46817M107 |
Financials |
144,602 |
$18,780,907.76 |
0.76% |
| Novartis AG (ADR) |
NVS |
66987V109 |
Health Care |
115,703 |
$18,380,578.58 |
0.74% |
| Palantir Technologies Inc. (Class A) |
PLTR |
69608A108 |
Information Technology |
95,709 |
$17,221,877.46 |
0.70% |
| Celestica Inc. |
CLS |
15101Q207 |
Information Technology |
55,809 |
$16,550,158.95 |
0.67% |
| Walmart Inc. |
WMT |
931142103 |
Consumer Staples |
158,697 |
$16,456,878.90 |
0.67% |
| EMCOR Group, Inc. |
EME |
29084Q100 |
Industrials |
19,574 |
$15,201,559.88 |
0.62% |
| InterDigital, Inc. |
IDCC |
45867G101 |
Information Technology |
44,824 |
$15,348,634.08 |
0.62% |
| Royalty Pharma Plc (Class A) |
RPRX |
G7709Q104 |
Health Care |
242,292 |
$14,854,922.52 |
0.60% |
| Chevron Corporation |
CVX |
166764100 |
Energy |
70,431 |
$14,457,371.37 |
0.59% |
| TechnipFMC Plc |
FTI |
G87110105 |
Energy |
189,002 |
$14,638,204.90 |
0.59% |
| HF Sinclair Corp. |
DINO |
403949100 |
Energy |
144,636 |
$14,075,975.52 |
0.57% |
| The Coca-Cola Company |
KO |
191216100 |
Consumer Staples |
153,773 |
$14,008,720.30 |
0.57% |
| Citigroup Inc. |
C |
172967424 |
Financials |
105,150 |
$13,842,997.50 |
0.56% |
| Hilton Worldwide Holdings Inc. |
HLT |
43300A203 |
Consumer Discretionary |
41,721 |
$13,627,330.23 |
0.55% |
| United Parcel Service, Inc. (Class B) |
UPS |
911312106 |
Industrials |
131,884 |
$13,453,486.84 |
0.55% |
| IDACORP, Inc. |
IDA |
451107106 |
Utilities |
97,066 |
$13,317,455.20 |
0.54% |
| Equinix, Inc. |
EQIX |
29444U700 |
Real Estate |
12,161 |
$12,956,207.79 |
0.53% |
| AngloGold Ashanti plc |
AU |
G0378L100 |
Materials |
104,197 |
$12,630,760.34 |
0.51% |
| GE Aerospace |
GE |
369604301 |
Industrials |
35,485 |
$12,361,909.45 |
0.50% |
| Curtiss-Wright Corporation |
CW |
231561101 |
Industrials |
19,030 |
$12,083,859.70 |
0.49% |
| Ross Stores, Inc. |
ROST |
778296103 |
Consumer Discretionary |
50,562 |
$12,086,340.48 |
0.49% |
| Chubb Limited |
CB |
H1467J104 |
Financials |
34,731 |
$11,842,923.69 |
0.48% |
| The Cigna Group |
CI |
125523100 |
Health Care |
41,840 |
$11,611,018.40 |
0.47% |
| US Foods Holding Corp. |
USFD |
912008109 |
Consumer Staples |
105,204 |
$11,532,462.48 |
0.47% |
| The Travelers Companies, Inc. |
TRV |
89417E109 |
Financials |
31,162 |
$11,329,879.96 |
0.46% |
| RTX Corporation |
RTX |
75513E101 |
Industrials |
52,999 |
$11,125,020.09 |
0.45% |
| The Williams Companies, Inc. |
WMB |
969457100 |
Energy |
158,847 |
$11,197,125.03 |
0.45% |
| Antero Midstream Corp. |
AM |
03676B102 |
Energy |
492,665 |
$10,907,603.10 |
0.44% |
| Merck & Co., Inc. |
MRK |
58933Y105 |
Health Care |
70,980 |
$10,827,999.00 |
0.44% |
| Netflix, Inc. |
NFLX |
64110L106 |
Communication Services |
137,046 |
$10,907,491.14 |
0.44% |
| Philip Morris International Inc. |
PM |
718172109 |
Consumer Staples |
56,520 |
$10,638,759.60 |
0.43% |
| Sterling Infrastructure, Inc. |
STRL |
859241101 |
Industrials |
20,694 |
$10,694,866.14 |
0.43% |
| British American Tobacco Plc (ADR) |
BTI |
110448107 |
Consumer Staples |
182,513 |
$10,259,055.73 |
0.42% |
| Vistra Corp. |
VST |
92840M102 |
Utilities |
74,871 |
$10,198,178.91 |
0.41% |
| The Goldman Sachs Group, Inc. |
GS |
38141G104 |
Financials |
9,412 |
$9,781,703.36 |
0.40% |
| Ciena Corporation |
CIEN |
171779309 |
Information Technology |
24,008 |
$9,502,126.32 |
0.39% |
| DT Midstream, Inc. |
DTM |
23345M107 |
Energy |
73,931 |
$9,372,232.87 |
0.38% |
| APA Corporation |
APA |
03743Q108 |
Energy |
213,080 |
$9,245,541.20 |
0.37% |
| Advanced Micro Devices, Inc. |
AMD |
007903107 |
Information Technology |
18,677 |
$8,838,890.25 |
0.36% |
| The Toronto-Dominion Bank |
TD |
891160509 |
Financials |
73,908 |
$8,658,322.20 |
0.35% |
| Digital Realty Trust, Inc. |
DLR |
253868103 |
Real Estate |
43,728 |
$8,335,431.36 |
0.34% |
| Advanced Energy Industries, Inc. |
AEIS |
007973100 |
Information Technology |
28,533 |
$8,155,587.39 |
0.33% |
| Yum! Brands, Inc. |
YUM |
988498101 |
Consumer Discretionary |
53,002 |
$8,108,775.98 |
0.33% |
| CME Group Inc. |
CME |
12572Q105 |
Financials |
28,999 |
$7,974,145.02 |
0.32% |
| Allison Transmission Holdings, Inc. |
ALSN |
01973R101 |
Industrials |
58,195 |
$7,753,319.85 |
0.31% |
| The TJX Companies, Inc. |
TJX |
872540109 |
Consumer Discretionary |
53,886 |
$7,572,599.58 |
0.31% |
| APi Group Corporation |
APG |
00187Y100 |
Industrials |
178,956 |
$7,365,828.96 |
0.30% |
| ING Groep N.V. (ADR) |
ING |
456837103 |
Financials |
209,905 |
$7,313,090.20 |
0.30% |
| Kinder Morgan, Inc. |
KMI |
49456B101 |
Energy |
240,861 |
$7,461,873.78 |
0.30% |
| The Boeing Company |
BA |
097023105 |
Industrials |
34,808 |
$7,455,873.60 |
0.30% |
| Duke Energy Corporation |
DUK |
26441C204 |
Utilities |
58,053 |
$6,957,652.05 |
0.28% |
| Encompass Health Corporation |
EHC |
29261A100 |
Health Care |
57,148 |
$6,875,475.88 |
0.28% |
| Prologis, Inc. |
PLD |
74340W103 |
Real Estate |
48,305 |
$6,849,649.00 |
0.28% |
| Southern Copper Corporation |
SCCO |
84265V105 |
Materials |
32,369 |
$6,991,704.00 |
0.28% |
| Aflac Incorporated |
AFL |
001055102 |
Financials |
56,510 |
$6,559,115.70 |
0.27% |
| East West Bancorp, Inc. |
EWBC |
27579R104 |
Financials |
50,932 |
$6,619,632.04 |
0.27% |
| ITT Inc. |
ITT |
45073V108 |
Industrials |
32,221 |
$6,705,190.10 |
0.27% |
| Taiwan Semiconductor Manufacturing Company Limited (ADR) |
TSM |
874039100 |
Information Technology |
15,778 |
$6,610,193.10 |
0.27% |
| Cboe Global Markets, Inc. |
CBOE |
12503M108 |
Financials |
21,240 |
$6,387,717.60 |
0.26% |
| UMB Financial Corporation |
UMBF |
902788108 |
Financials |
44,218 |
$6,417,800.52 |
0.26% |
| Cal-Maine Foods, Inc. |
CALM |
128030202 |
Consumer Staples |
73,685 |
$6,101,118.00 |
0.25% |
| Entergy Corporation |
ETR |
29364G103 |
Utilities |
59,929 |
$6,269,771.98 |
0.25% |
| Royal Bank of Canada |
RY |
780087102 |
Financials |
30,449 |
$6,249,048.27 |
0.25% |
| Applied Materials, Inc. |
AMAT |
038222105 |
Information Technology |
11,781 |
$5,800,021.92 |
0.24% |
| Casey's General Stores, Inc. |
CASY |
147528103 |
Consumer Staples |
7,006 |
$5,855,194.44 |
0.24% |
| DHT Holdings, Inc. |
DHT |
Y2065G121 |
Energy |
298,027 |
$5,906,895.14 |
0.24% |
| Everpure, Inc. (Class A) |
P |
74624M102 |
Information Technology |
55,370 |
$6,010,413.50 |
0.24% |
| Unilever PLC (ADR) |
UL |
904767803 |
Consumer Staples |
93,718 |
$6,011,072.57 |
0.24% |
| Wells Fargo & Company |
WFC |
949746101 |
Financials |
71,952 |
$6,032,455.68 |
0.24% |
| AT&T Inc. |
T |
00206R102 |
Communication Services |
224,285 |
$5,672,167.65 |
0.23% |
| BlackRock, Inc. |
BLK |
09290D101 |
Financials |
4,897 |
$5,663,625.35 |
0.23% |
| AerCap Holdings N.V. |
AER |
N00985106 |
Industrials |
36,541 |
$5,345,582.89 |
0.22% |
| Enbridge Inc. |
ENB |
29250N105 |
Energy |
107,352 |
$5,416,981.92 |
0.22% |
| Urban Outfitters, Inc. |
URBN |
917047102 |
Consumer Discretionary |
71,796 |
$5,330,135.04 |
0.22% |
| Watts Water Technologies, Inc. |
WTS |
942749102 |
Industrials |
14,428 |
$5,418,723.96 |
0.22% |
| Banco Santander S.A. (ADR) |
SAN |
05964H105 |
Financials |
356,915 |
$5,207,389.85 |
0.21% |
| MYR Group Inc. |
MYRG |
55405W104 |
Industrials |
16,334 |
$5,077,750.58 |
0.21% |
| The Charles Schwab Corporation |
SCHW |
808513105 |
Financials |
45,152 |
$5,070,569.60 |
0.21% |
| Fluor Corporation |
FLR |
343412102 |
Industrials |
93,810 |
$4,917,520.20 |
0.20% |
| International Business Machines Corporation |
IBM |
459200101 |
Information Technology |
20,663 |
$4,869,855.84 |
0.20% |
| Sabra Health Care REIT, Inc. |
SBRA |
78573L106 |
Real Estate |
239,867 |
$4,890,888.13 |
0.20% |
| Dave Inc. (Class A) |
DAVE |
23834J201 |
Financials |
12,993 |
$4,608,876.96 |
0.19% |
| Liberty Media Corp-Liberty Formula One (Class C) |
FWONK |
531229755 |
Communication Services |
44,270 |
$4,645,693.80 |
0.19% |
| Nextpower Inc. (Class A) |
NXT |
65290E101 |
Industrials |
55,387 |
$4,773,251.66 |
0.19% |
| Cloudflare, Inc. (Class A) |
NET |
18915M107 |
Information Technology |
15,334 |
$4,495,008.76 |
0.18% |
| Energy Transfer LP |
ET |
29273V100 |
Energy |
214,210 |
$4,539,109.90 |
0.18% |
| Wabtec Corporation |
WAB |
929740108 |
Industrials |
15,260 |
$4,540,918.20 |
0.18% |
| Anheuser-Busch InBev S.A./N.V. (ADR) |
BUD |
03524A108 |
Consumer Staples |
52,546 |
$4,146,930.32 |
0.17% |
| BankUnited, Inc. |
BKU |
06652K103 |
Financials |
91,292 |
$4,229,558.36 |
0.17% |
| Ionis Pharmaceuticals, Inc. |
IONS |
462222100 |
Health Care |
69,691 |
$4,163,340.34 |
0.17% |
| The Bank of Nova Scotia |
BNS |
064149107 |
Financials |
48,278 |
$4,227,704.46 |
0.17% |
| The Southern Company |
SO |
842587107 |
Utilities |
46,227 |
$4,111,429.38 |
0.17% |
| Gold Fields Limited (ADR) |
GFI |
38059T106 |
Materials |
82,677 |
$3,952,787.37 |
0.16% |
| Leonardo DRS, Inc. |
DRS |
52661A108 |
Industrials |
95,701 |
$3,895,030.70 |
0.16% |
| NewMarket Corporation |
NEU |
651587107 |
Materials |
4,333 |
$4,061,494.22 |
0.16% |
| OPENLANE Inc. |
OPLN |
48238T109 |
Industrials |
116,090 |
$3,877,406.00 |
0.16% |
| America Movil, S.A.B. de C.V. (ADR) |
AMX |
02390A101 |
Communication Services |
153,672 |
$3,655,856.88 |
0.15% |
| Evergy, Inc. |
EVRG |
30034W106 |
Utilities |
44,468 |
$3,598,350.56 |
0.15% |
| Robinhood Markets, Inc. (Class A) |
HOOD |
770700102 |
Financials |
34,034 |
$3,680,096.42 |
0.15% |
| Rio Tinto plc (ADR) |
RIO |
767204100 |
Materials |
32,458 |
$3,417,827.40 |
0.14% |
| Canadian Imperial Bank of Commerce |
CM |
136069101 |
Financials |
27,510 |
$3,204,639.90 |
0.13% |
| NiSource Inc. |
NI |
65473P105 |
Utilities |
80,745 |
$3,279,861.90 |
0.13% |
| Nordson Corporation |
NDSN |
655663102 |
Industrials |
10,025 |
$3,330,706.00 |
0.13% |
| Performance Food Group Company |
PFGC |
71377A103 |
Consumer Staples |
31,310 |
$3,286,923.80 |
0.13% |
| The Gap, Inc. |
GAP |
364760108 |
Consumer Discretionary |
163,748 |
$3,242,210.40 |
0.13% |
| Vale S.A. (ADR) |
VALE |
91912E105 |
Materials |
216,911 |
$3,164,731.49 |
0.13% |
| Bank of Montreal |
BMO |
063671101 |
Financials |
17,434 |
$3,041,012.62 |
0.12% |
| Morgan Stanley |
MS |
617446448 |
Financials |
13,278 |
$2,844,147.60 |
0.12% |
| Simon Property Group, Inc. |
SPG |
828806109 |
Real Estate |
13,966 |
$3,048,638.14 |
0.12% |
| SolarEdge Technologies, Inc. |
SEDG |
83417M104 |
Information Technology |
97,259 |
$2,998,494.97 |
0.12% |
| Xcel Energy Inc. |
XEL |
98389B100 |
Utilities |
37,500 |
$2,861,250.00 |
0.12% |
| Deutsche Bank AG |
DB |
D18190898 |
Financials |
73,494 |
$2,779,543.08 |
0.11% |
| Kimco Realty Corporation |
KIM |
49446R109 |
Real Estate |
114,017 |
$2,738,688.34 |
0.11% |
| Toll Brothers, Inc. |
TOL |
889478103 |
Consumer Discretionary |
19,055 |
$2,802,799.95 |
0.11% |
| TotalEnergies SE |
TTE |
F92124100 |
Energy |
29,791 |
$2,677,912.99 |
0.11% |
| Alamos Gold Inc. |
AGI |
011532108 |
Materials |
65,992 |
$2,498,457.12 |
0.10% |
| Grand Canyon Education, Inc. |
LOPE |
38526M106 |
Consumer Discretionary |
15,968 |
$2,354,641.28 |
0.10% |
| NextEra Energy, Inc. |
NEE |
65339F101 |
Utilities |
29,711 |
$2,485,325.15 |
0.10% |
| American Electric Power Company, Inc. |
AEP |
025537101 |
Utilities |
18,936 |
$2,290,119.84 |
0.09% |
| Booking Holdings Inc. |
BKNG |
09857L108 |
Consumer Discretionary |
10,153 |
$2,128,271.86 |
0.09% |
| CVB Financial Corp. |
CVBF |
126600105 |
Financials |
99,767 |
$2,251,741.19 |
0.09% |
| TKO Group Holdings, Inc. (Class A) |
TKO |
87256C101 |
Communication Services |
11,558 |
$2,232,312.12 |
0.09% |
| WEC Energy Group, Inc. |
WEC |
92939U106 |
Utilities |
22,000 |
$2,332,220.00 |
0.09% |
| Cirrus Logic, Inc. |
CRUS |
172755100 |
Information Technology |
16,863 |
$1,944,809.79 |
0.08% |
| NetEase, Inc. (ADR) |
NTES |
64110W102 |
Communication Services |
14,576 |
$1,868,205.92 |
0.08% |
| Sempra |
SRE |
816851109 |
Utilities |
22,581 |
$1,871,739.09 |
0.08% |
| AMETEK, Inc. |
AME |
031100100 |
Industrials |
7,500 |
$1,796,625.00 |
0.07% |
| Edwards Lifesciences Corporation |
EW |
28176E108 |
Health Care |
18,220 |
$1,635,973.80 |
0.07% |
| Ferguson Enterprises Inc. |
FERG |
31488V107 |
Industrials |
7,147 |
$1,731,289.28 |
0.07% |
| OSI Systems, Inc. |
OSIS |
671044105 |
Information Technology |
8,660 |
$1,790,281.80 |
0.07% |
| ARMOUR Residential REIT, Inc. |
ARR |
042315705 |
Financials |
85,729 |
$1,400,811.86 |
0.06% |
| National Health Investors, Inc. |
NHI |
63633D104 |
Real Estate |
20,704 |
$1,518,845.44 |
0.06% |
| Arch Capital Group Ltd. |
ACGL |
G0450A105 |
Financials |
12,008 |
$1,193,475.12 |
0.05% |
| The Hartford Insurance Group, Inc. |
HIG |
416515104 |
Financials |
9,465 |
$1,288,186.50 |
0.05% |
| VICI Properties Inc. |
VICI |
925652109 |
Real Estate |
34,653 |
$918,651.03 |
0.04% |
| Weyerhaeuser Company |
WY |
962166104 |
Real Estate |
16,323 |
$398,770.89 |
0.02% |
| Canadian Dollar |
$CAD |
|
Other |
164,588 |
$119,544.05 |
0.00% |
| 2026-09-18 S&P 500® Index - Price Return C 7,825 |
SPX 260918C07825000 |
|
N/A |
-325 |
($1,339,000.00) |
-0.05% |
| 2026-09-18 S&P 500® Index - Price Return C 7,775 |
SPX 260918C07775000 |
|
N/A |
-340 |
($2,040,340.00) |
-0.08% |
| 2026-09-18 S&P 500® Index - Price Return C 7,750 |
SPX 260918C07750000 |
|
N/A |
-325 |
($2,306,200.00) |
-0.09% |
| 2026-10-16 S&P 500® Index - Price Return C 7,800 |
SPX 261016C07800000 |
|
N/A |
-325 |
($3,529,500.00) |
-0.14% |
| 2026-09-18 S&P 500® Index - Price Return C 7,650 |
SPX 260918C07650000 |
|
N/A |
-320 |
($4,145,920.00) |
-0.17% |
| 2026-10-16 S&P 500® Index - Price Return C 7,750 |
SPX 261016C07750000 |
|
N/A |
-325 |
($4,517,500.00) |
-0.18% |
| 2026-09-18 S&P 500® Index - Price Return C 7,600 |
SPX 260918C07600000 |
|
N/A |
-320 |
($5,152,000.00) |
-0.21% |
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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