|
|
 |
|
Holdings of the Fund as of 8/27/2025
Total Number of Holdings (excluding cash): 205
| Kratos Defense & Security Solutions, Inc. |
KTOS |
50077B207 |
6,411 |
$435,435.12 |
1.64% |
| Karman Holdings Inc. |
KRMN |
485924104 |
7,661 |
$418,673.65 |
1.58% |
| AeroVironment, Inc. |
AVAV |
008073108 |
1,691 |
$418,471.77 |
1.57% |
| Astera Labs, Inc. |
ALAB |
04626A103 |
1,981 |
$354,995.20 |
1.34% |
| Magnite, Inc. |
MGNI |
55955D100 |
13,812 |
$353,172.84 |
1.33% |
| Ollie's Bargain Outlet Holdings, Inc. |
OLLI |
681116109 |
2,671 |
$348,832.60 |
1.31% |
| Boot Barn Holdings, Inc. |
BOOT |
099406100 |
1,924 |
$340,624.96 |
1.28% |
| Fabrinet |
FN |
G3323L100 |
944 |
$313,728.96 |
1.18% |
| iRhythm Technologies, Inc. |
IRTC |
450056106 |
1,744 |
$296,113.76 |
1.11% |
| CyberArk Software Ltd. |
CYBR |
M2682V108 |
624 |
$278,478.72 |
1.05% |
| Credo Technology Group Holding Ltd |
CRDO |
G25457105 |
2,236 |
$274,424.28 |
1.03% |
| FirstCash Holdings, Inc. |
FCFS |
33768G107 |
1,694 |
$251,728.40 |
0.95% |
| Installed Building Products, Inc. |
IBP |
45780R101 |
935 |
$251,571.10 |
0.95% |
| Leonardo DRS, Inc. |
DRS |
52661A108 |
5,986 |
$251,591.58 |
0.95% |
| TechnipFMC Plc |
FTI |
G87110105 |
6,935 |
$253,543.60 |
0.95% |
| Palomar Holdings, Inc. |
PLMR |
69753M105 |
2,017 |
$249,785.28 |
0.94% |
| VSE Corporation |
VSEC |
918284100 |
1,466 |
$241,992.62 |
0.91% |
| MACOM Technology Solutions Holdings, Inc. |
MTSI |
55405Y100 |
1,836 |
$238,000.68 |
0.90% |
| Wingstop Inc. |
WING |
974155103 |
708 |
$240,245.64 |
0.90% |
| RBC Bearings Incorporated |
RBC |
75524B104 |
594 |
$237,320.82 |
0.89% |
| nLight, Inc. |
LASR |
65487K100 |
8,139 |
$234,077.64 |
0.88% |
| Rubrik, Inc. (Class A) |
RBRK |
781154109 |
2,668 |
$233,530.04 |
0.88% |
| EZCORP, Inc. |
EZPW |
302301106 |
14,042 |
$230,288.80 |
0.87% |
| Piper Sandler Companies |
PIPR |
724078100 |
670 |
$226,084.80 |
0.85% |
| Ligand Pharmaceuticals Inc. (Class B) |
LGND |
53220K504 |
1,403 |
$223,217.30 |
0.84% |
| Varonis Systems, Inc. |
VRNS |
922280102 |
3,817 |
$223,256.33 |
0.84% |
| Xometry, Inc. (Class A) |
XMTR |
98423F109 |
4,725 |
$224,201.25 |
0.84% |
| Guardant Health, Inc. |
GH |
40131M109 |
3,441 |
$218,503.50 |
0.82% |
| Curtiss-Wright Corporation |
CW |
231561101 |
443 |
$216,414.36 |
0.81% |
| Halozyme Therapeutics, Inc. |
HALO |
40637H109 |
2,920 |
$213,685.60 |
0.80% |
| Lumentum Holdings Inc. |
LITE |
55024U109 |
1,669 |
$210,026.96 |
0.79% |
| Sterling Infrastructure, Inc. |
STRL |
859241101 |
716 |
$207,181.76 |
0.78% |
| Academy Sports and Outdoors, Inc. |
ASO |
00402L107 |
3,640 |
$205,041.20 |
0.77% |
| Sitime Corporation |
SITM |
82982T106 |
858 |
$204,847.50 |
0.77% |
| Rhythm Pharmaceuticals, Inc. |
RYTM |
76243J105 |
1,971 |
$201,633.30 |
0.76% |
| Axon Enterprise Inc. |
AXON |
05464C101 |
258 |
$198,577.44 |
0.75% |
| Commvault Systems, Inc. |
CVLT |
204166102 |
1,078 |
$198,546.04 |
0.75% |
| Powell Industries, Inc. |
POWL |
739128106 |
720 |
$197,546.40 |
0.74% |
| Virtu Financial, Inc. (Class A) |
VIRT |
928254101 |
4,537 |
$193,866.01 |
0.73% |
| Crane Company |
CR |
224408104 |
980 |
$189,904.40 |
0.71% |
| Crinetics Pharmaceuticals, Inc. |
CRNX |
22663K107 |
6,124 |
$186,169.60 |
0.70% |
| Five Below, Inc. |
FIVE |
33829M101 |
1,289 |
$186,144.49 |
0.70% |
| SiteOne Landscape Supply, Inc. |
SITE |
82982L103 |
1,279 |
$185,518.95 |
0.70% |
| Solaris Energy Infrastructure, Inc. (Class A) |
SEI |
83418M103 |
6,086 |
$180,328.18 |
0.68% |
| MAXIMUS, Inc. |
MMS |
577933104 |
2,035 |
$178,184.60 |
0.67% |
| Bloom Energy Corporation (Class A) |
BE |
093712107 |
3,436 |
$174,720.60 |
0.66% |
| Gulfport Energy Corporation |
GPOR |
402635502 |
1,021 |
$176,214.39 |
0.66% |
| Upstart Holdings, Inc. |
UPST |
91680M107 |
2,512 |
$174,835.20 |
0.66% |
| Encore Capital Group, Inc. |
ECPG |
292554102 |
4,108 |
$171,509.00 |
0.65% |
| Sportradar Group AG (Class A) |
SRAD |
H8088L103 |
5,460 |
$170,843.40 |
0.64% |
| Exelixis, Inc. |
EXEL |
30161Q104 |
4,348 |
$167,441.48 |
0.63% |
| Montrose Environmental Group, Inc. |
MEG |
615111101 |
5,523 |
$165,966.15 |
0.62% |
| Planet Labs PBC (Class A) |
PL |
72703X106 |
23,091 |
$163,484.28 |
0.62% |
| Supernus Pharmaceuticals, Inc. |
SUPN |
868459108 |
3,640 |
$164,054.80 |
0.62% |
| Uranium Energy Corp |
UEC |
916896103 |
15,885 |
$164,727.45 |
0.62% |
| BWX Technologies, Inc. |
BWXT |
05605H100 |
973 |
$161,128.80 |
0.61% |
| Pan American Silver Corp. |
PAAS |
697900108 |
4,924 |
$162,492.00 |
0.61% |
| The Descartes Systems Group Inc. |
DSGX |
249906108 |
1,618 |
$161,314.60 |
0.61% |
| BridgeBio Pharma, Inc. |
BBIO |
10806X102 |
3,216 |
$159,481.44 |
0.60% |
| Stride, Inc. |
LRN |
86333M108 |
944 |
$160,300.64 |
0.60% |
| Construction Partners, Inc. (Class A) |
ROAD |
21044C107 |
1,299 |
$157,542.72 |
0.59% |
| Revolve Group, Inc. |
RVLV |
76156B107 |
6,774 |
$155,531.04 |
0.59% |
| Manhattan Associates, Inc. |
MANH |
562750109 |
708 |
$154,988.28 |
0.58% |
| Guidewire Software, Inc. |
GWRE |
40171V100 |
695 |
$150,411.90 |
0.57% |
| Paymentus Holdings, Inc. (Class A) |
PAY |
70439P108 |
3,983 |
$152,150.60 |
0.57% |
| Bright Horizons Family Solutions Inc. |
BFAM |
109194100 |
1,251 |
$149,444.46 |
0.56% |
| Xenon Pharmaceuticals Inc. |
XENE |
98420N105 |
3,773 |
$146,656.51 |
0.55% |
| Natera, Inc. |
NTRA |
632307104 |
885 |
$144,290.40 |
0.54% |
| Modine Manufacturing Company |
MOD |
607828100 |
1,000 |
$140,420.00 |
0.53% |
| Viper Energy, Inc. (Class A) |
VNOM |
64361Q101 |
3,615 |
$141,961.05 |
0.53% |
| Dutch Bros Inc. (Class A) |
BROS |
26701L100 |
1,888 |
$138,220.48 |
0.52% |
| ESCO Technologies Inc. |
ESE |
296315104 |
692 |
$137,368.92 |
0.52% |
| Genius Sports Limited |
GENI |
G3934V109 |
10,844 |
$139,020.08 |
0.52% |
| US Dollar |
$USD |
|
138,485 |
$138,484.74 |
0.52% |
| Carvana Co. (Class A) |
CVNA |
146869102 |
366 |
$134,450.10 |
0.51% |
| Celestica Inc. |
CLS |
15101Q207 |
670 |
$135,407.00 |
0.51% |
| Ciena Corporation |
CIEN |
171779309 |
1,453 |
$134,751.22 |
0.51% |
| InterDigital, Inc. |
IDCC |
45867G101 |
499 |
$134,570.32 |
0.51% |
| Balchem Corporation |
BCPC |
057665200 |
822 |
$134,158.62 |
0.50% |
| Impinj, Inc. |
PI |
453204109 |
714 |
$133,068.18 |
0.50% |
| Magnolia Oil & Gas Corporation (Class A) |
MGY |
559663109 |
5,321 |
$131,641.54 |
0.50% |
| Medpace Holdings, Inc. |
MEDP |
58506Q109 |
278 |
$131,627.44 |
0.50% |
| HCI Group, Inc. |
HCI |
40416E103 |
801 |
$131,195.79 |
0.49% |
| Repligen Corporation |
RGEN |
759916109 |
1,087 |
$129,222.56 |
0.49% |
| SPX Technologies |
SPXC |
78473E103 |
670 |
$128,954.90 |
0.49% |
| Core Scientific, Inc. |
CORZ |
21874A106 |
8,918 |
$126,635.60 |
0.48% |
| Grand Canyon Education, Inc. |
LOPE |
38526M106 |
623 |
$126,792.96 |
0.48% |
| BellRing Brands, Inc. |
BRBR |
07831C103 |
3,071 |
$125,020.41 |
0.47% |
| First Watch Restaurant Group, Inc. |
FWRG |
33748L101 |
6,661 |
$125,460.03 |
0.47% |
| The Simply Good Foods Company |
SMPL |
82900L102 |
4,322 |
$125,856.64 |
0.47% |
| Turning Point Brands, Inc. |
TPB |
90041L105 |
1,273 |
$125,377.77 |
0.47% |
| Merus NV |
MRUS |
N5749R100 |
1,824 |
$122,718.72 |
0.46% |
| HealthEquity, Inc. |
HQY |
42226A107 |
1,352 |
$118,948.96 |
0.45% |
| JBT Marel Corporation |
JBTM |
477839104 |
836 |
$120,885.60 |
0.45% |
| Rambus Inc. |
RMBS |
750917106 |
1,605 |
$120,455.25 |
0.45% |
| BioLife Solutions, Inc. |
BLFS |
09062W204 |
4,588 |
$116,672.84 |
0.44% |
| Cameco Corporation |
CCJ |
13321L108 |
1,561 |
$117,512.08 |
0.44% |
| FTAI Aviation Ltd. |
FTAI |
G3730V105 |
776 |
$116,330.16 |
0.44% |
| AAON, Inc. |
AAON |
000360206 |
1,340 |
$113,565.00 |
0.43% |
| Agilysys, Inc. |
AGYS |
00847J105 |
1,049 |
$114,739.62 |
0.43% |
| Kinsale Capital Group, Inc. |
KNSL |
49714P108 |
253 |
$115,135.24 |
0.43% |
| Rocket Lab Corporation |
RKLB |
773121108 |
2,493 |
$115,301.25 |
0.43% |
| Clearwater Analytics Holdings, Inc. (Class A) |
CWAN |
185123106 |
5,498 |
$111,279.52 |
0.42% |
| Federal Signal Corporation |
FSS |
313855108 |
863 |
$110,300.03 |
0.42% |
| Schrodinger, Inc. |
SDGR |
80810D103 |
5,700 |
$112,803.00 |
0.42% |
| Adtalem Global Education Inc. |
ATGE |
00737L103 |
802 |
$107,933.16 |
0.41% |
| ICON Plc |
ICLR |
G4705A100 |
632 |
$109,968.00 |
0.41% |
| Lindsay Corporation |
LNN |
535555106 |
771 |
$108,271.53 |
0.41% |
| Weatherford International Plc |
WFRD |
G48833118 |
1,711 |
$108,956.48 |
0.41% |
| Carpenter Technology Corporation |
CRS |
144285103 |
443 |
$105,646.64 |
0.40% |
| TransMedics Group, Inc. |
TMDX |
89377M109 |
916 |
$107,520.08 |
0.40% |
| Zeta Global Holdings Corp. (Class A) |
ZETA |
98956A105 |
5,283 |
$105,237.36 |
0.40% |
| Gates Industrial Corporation Plc |
GTES |
G39108108 |
3,851 |
$100,048.98 |
0.38% |
| Life Time Group Holdings, Inc. |
LTH |
53190C102 |
3,587 |
$100,220.78 |
0.38% |
| The Chefs' Warehouse, Inc. |
CHEF |
163086101 |
1,610 |
$100,802.10 |
0.38% |
| Trex Company, Inc. |
TREX |
89531P105 |
1,605 |
$101,740.95 |
0.38% |
| Apogee Therapeutics, Inc. |
APGE |
03770N101 |
2,594 |
$98,027.26 |
0.37% |
| Bio-Techne Corporation |
TECH |
09073M104 |
1,744 |
$98,047.68 |
0.37% |
| MP Materials Corp. |
MP |
553368101 |
1,365 |
$97,461.00 |
0.37% |
| Silicon Laboratories Inc. |
SLAB |
826919102 |
708 |
$98,879.28 |
0.37% |
| SPS Commerce, Inc. |
SPSC |
78463M107 |
859 |
$97,015.46 |
0.37% |
| Globus Medical, Inc. (Class A) |
GMED |
379577208 |
1,567 |
$96,386.17 |
0.36% |
| Hub Group, Inc. |
HUBG |
443320106 |
2,604 |
$95,775.12 |
0.36% |
| Lattice Semiconductor Corporation |
LSCC |
518415104 |
1,466 |
$96,492.12 |
0.36% |
| LendingClub Corporation |
LC |
52603A208 |
5,703 |
$95,867.43 |
0.36% |
| Mirion Technologies, Inc. |
MIR |
60471A101 |
4,739 |
$96,770.38 |
0.36% |
| Skyward Specialty Insurance Group, Inc. |
SKWD |
830940102 |
1,956 |
$95,120.28 |
0.36% |
| Pure Storage, Inc. (Class A) |
PSTG |
74624M102 |
1,529 |
$93,054.94 |
0.35% |
| Visteon Corporation |
VC |
92839U206 |
744 |
$94,197.84 |
0.35% |
| Coherent Corp. |
COHR |
19247G107 |
959 |
$86,990.89 |
0.33% |
| GeneDx Holdings Corp. |
WGS |
81663L200 |
673 |
$86,944.87 |
0.33% |
| Kymera Therapeutics, Inc. |
KYMR |
501575104 |
2,054 |
$86,802.04 |
0.33% |
| Ryan Specialty Holdings, Inc. (Class A) |
RYAN |
78351F107 |
1,529 |
$87,764.60 |
0.33% |
| Tenable Holdings, Inc. |
TENB |
88025T102 |
2,856 |
$87,336.48 |
0.33% |
| Cognex Corporation |
CGNX |
192422103 |
1,946 |
$86,110.50 |
0.32% |
| Kornit Digital Ltd. |
KRNT |
M6372Q113 |
5,599 |
$84,544.90 |
0.32% |
| PTC Therapeutics, Inc. |
PTCT |
69366J200 |
1,710 |
$85,123.80 |
0.32% |
| AST SpaceMobile, Inc. |
ASTS |
00217D100 |
1,730 |
$83,472.50 |
0.31% |
| Ambarella, Inc. |
AMBA |
G037AX101 |
1,125 |
$80,921.25 |
0.30% |
| Braze, Inc. (Class A) |
BRZE |
10576N102 |
2,995 |
$79,756.85 |
0.30% |
| HEICO Corporation (Class A) |
HEI/A |
422806208 |
316 |
$78,475.44 |
0.30% |
| Power Integrations, Inc. |
POWI |
739276103 |
1,694 |
$79,160.62 |
0.30% |
| Scholar Rock Holding Corporation |
SRRK |
80706P103 |
2,334 |
$80,452.98 |
0.30% |
| SentinelOne, Inc. (Class A) |
S |
81730H109 |
4,601 |
$78,907.15 |
0.30% |
| Wave Life Sciences Ltd. |
WVE |
Y95308105 |
7,823 |
$78,855.84 |
0.30% |
| Planet Fitness, Inc. (Class A) |
PLNT |
72703H101 |
735 |
$77,674.80 |
0.29% |
| Protagonist Therapeutics, Inc. |
PTGX |
74366E102 |
1,250 |
$76,787.50 |
0.29% |
| Azenta Inc. |
AZTA |
114340102 |
2,465 |
$74,443.00 |
0.28% |
| HealthStream, Inc. |
HSTM |
42222N103 |
2,642 |
$74,927.12 |
0.28% |
| Nextracker Inc. (Class A) |
NXT |
65290E101 |
1,116 |
$75,542.04 |
0.28% |
| Titan Machinery Inc. |
TITN |
88830R101 |
3,589 |
$75,404.89 |
0.28% |
| Accelerant Holdings (Class A) |
ARX |
G00894108 |
2,494 |
$73,049.26 |
0.27% |
| Arrowhead Pharmaceuticals, Inc. |
ARWR |
04280A100 |
3,308 |
$72,081.32 |
0.27% |
| Embraer S.A. (ADR) |
ERJ |
29082A107 |
1,292 |
$72,158.20 |
0.27% |
| ESAB Corporation |
ESAB |
29605J106 |
600 |
$70,500.00 |
0.27% |
| Toast, Inc. (Class A) |
TOST |
888787108 |
1,656 |
$72,632.16 |
0.27% |
| Amicus Therapeutics, Inc. |
FOLD |
03152W109 |
9,087 |
$69,424.68 |
0.26% |
| Generac Holdings Inc. |
GNRC |
368736104 |
367 |
$68,625.33 |
0.26% |
| ODDITY Tech Ltd. (Class A) |
ODD |
M7518J104 |
1,153 |
$69,733.44 |
0.26% |
| PAR Technology Corporation |
PAR |
698884103 |
1,340 |
$70,082.00 |
0.26% |
| Rush Street Interactive, Inc. |
RSI |
782011100 |
3,229 |
$70,392.20 |
0.26% |
| Antero Resources Corporation |
AR |
03674X106 |
2,123 |
$66,449.90 |
0.25% |
| Axsome Therapeutics, Inc. |
AXSM |
05464T104 |
543 |
$66,169.98 |
0.25% |
| Flowserve Corporation |
FLS |
34354P105 |
1,223 |
$67,093.78 |
0.25% |
| Global-E Online Ltd. |
GLBE |
M5216V106 |
1,946 |
$64,373.68 |
0.24% |
| Soleno Therapeutics, Inc. |
SLNO |
834203309 |
935 |
$63,280.80 |
0.24% |
| StoneX Group Inc. |
SNEX |
861896108 |
629 |
$62,874.84 |
0.24% |
| Tarsus Pharmaceuticals, Inc. |
TARS |
87650L103 |
1,087 |
$62,850.34 |
0.24% |
| Knife River Corporation |
KNF |
498894104 |
735 |
$60,828.60 |
0.23% |
| Madrigal Pharmaceuticals, Inc. |
MDGL |
558868105 |
141 |
$59,933.46 |
0.23% |
| Septerna, Inc. |
SEPN |
81734D104 |
4,933 |
$62,279.15 |
0.23% |
| Alkermes Plc |
ALKS |
G01767105 |
2,013 |
$58,880.25 |
0.22% |
| Amprius Technologies, Inc. |
AMPX |
03214Q108 |
7,975 |
$58,217.50 |
0.22% |
| Hudbay Minerals Inc. |
HBM |
443628102 |
4,995 |
$57,892.05 |
0.22% |
| OSI Systems, Inc. |
OSIS |
671044105 |
250 |
$57,595.00 |
0.22% |
| The Cheesecake Factory Incorporated |
CAKE |
163072101 |
962 |
$59,557.42 |
0.22% |
| Dave Inc. (Class A) |
DAVE |
23834J201 |
274 |
$56,939.94 |
0.21% |
| PROS Holdings, Inc. |
PRO |
74346Y103 |
3,615 |
$55,128.75 |
0.21% |
| Corcept Therapeutics Inc. |
CORT |
218352102 |
767 |
$53,482.91 |
0.20% |
| Meritage Homes Corporation |
MTH |
59001A102 |
670 |
$52,166.20 |
0.20% |
| Nutanix, Inc. (Class A) |
NTNX |
67059N108 |
750 |
$52,200.00 |
0.20% |
| Thor Industries, Inc. |
THO |
885160101 |
486 |
$53,596.08 |
0.20% |
| CAVA Group, Inc. |
CAVA |
148929102 |
756 |
$51,211.44 |
0.19% |
| D-Wave Quantum, Inc. |
QBTS |
26740W109 |
3,364 |
$51,233.72 |
0.19% |
| James Hardie Industries Plc |
JHX |
G4253H101 |
2,515 |
$51,230.55 |
0.19% |
| AvePoint, Inc. |
AVPT |
053604104 |
3,018 |
$47,684.40 |
0.18% |
| MYR Group Inc. |
MYRG |
55405W104 |
251 |
$46,911.90 |
0.18% |
| Simulations Plus, Inc. |
SLP |
829214105 |
3,261 |
$46,827.96 |
0.18% |
| Ultragenyx Pharmaceutical Inc. |
RARE |
90400D108 |
1,478 |
$44,458.24 |
0.17% |
| Resideo Technologies, Inc. |
REZI |
76118Y104 |
1,257 |
$43,617.90 |
0.16% |
| Edgewise Therapeutics, Inc. |
EWTX |
28036F105 |
2,815 |
$40,676.75 |
0.15% |
| Nuvalent, Inc. (Class A) |
NUVL |
670703107 |
527 |
$40,120.51 |
0.15% |
| Spyre Therapeutics, Inc. |
SYRE |
00773J202 |
2,389 |
$40,947.46 |
0.15% |
| Dycom Industries, Inc. |
DY |
267475101 |
150 |
$38,344.50 |
0.14% |
| Slide Insurance Holdings, Inc. |
SLDE |
831349105 |
2,727 |
$38,396.16 |
0.14% |
| Sprouts Farmers Market, Inc. |
SFM |
85208M102 |
264 |
$38,171.76 |
0.14% |
| Sweetgreen, Inc. (Class A) |
SG |
87043Q108 |
4,007 |
$36,223.28 |
0.14% |
| Glaukos Corporation |
GKOS |
377322102 |
357 |
$33,957.84 |
0.13% |
| Insulet Corporation |
PODD |
45784P101 |
76 |
$25,410.60 |
0.10% |
| NuScale Power Corporation (Class A) |
SMR |
67079K100 |
722 |
$25,385.52 |
0.10% |
| Abivax SA (ADR) |
ABVX |
00370M103 |
312 |
$24,782.16 |
0.09% |
| Archer Aviation Inc. (Class A) |
ACHR |
03945R102 |
2,697 |
$24,677.55 |
0.09% |
| SoundHound AI, Inc. (Class A) |
SOUN |
836100107 |
2,014 |
$23,986.74 |
0.09% |
| Bullish |
BLSH |
G16910120 |
25 |
$1,599.50 |
0.01% |
| OmniAb Inc. 12.50 Earnout |
2200963D |
68218J202 |
46 |
$0.00 |
0.00% |
| OmniAb Inc. 15.00 Earnout |
2200964D |
68218J301 |
46 |
$0.00 |
0.00% |
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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