|
|
 |
|
Holdings of the Fund as of 10/10/2025
Total Number of Holdings (excluding cash): 205
| AeroVironment, Inc. |
AVAV |
008073108 |
1,441 |
$565,289.89 |
2.03% |
| Karman Holdings Inc. |
KRMN |
485924104 |
6,972 |
$520,878.12 |
1.87% |
| Kratos Defense & Security Solutions, Inc. |
KTOS |
50077B207 |
4,536 |
$429,241.68 |
1.54% |
| Fabrinet |
FN |
G3323L100 |
1,034 |
$374,245.96 |
1.34% |
| Planet Labs PBC (Class A) |
PL |
72703X106 |
23,044 |
$338,746.80 |
1.21% |
| Varonis Systems, Inc. |
VRNS |
922280102 |
5,124 |
$314,921.04 |
1.13% |
| Boot Barn Holdings, Inc. |
BOOT |
099406100 |
1,913 |
$313,387.66 |
1.12% |
| Bloom Energy Corporation (Class A) |
BE |
093712107 |
3,507 |
$304,653.09 |
1.09% |
| iRhythm Technologies, Inc. |
IRTC |
450056106 |
1,733 |
$305,354.60 |
1.09% |
| Credo Technology Group Holding Ltd |
CRDO |
G25457105 |
2,173 |
$301,677.59 |
1.08% |
| Crinetics Pharmaceuticals, Inc. |
CRNX |
22663K107 |
6,585 |
$295,864.05 |
1.06% |
| Piper Sandler Companies |
PIPR |
724078100 |
857 |
$279,536.26 |
1.00% |
| Ollie's Bargain Outlet Holdings, Inc. |
OLLI |
681116109 |
2,217 |
$276,238.20 |
0.99% |
| FirstCash Holdings, Inc. |
FCFS |
33768G107 |
1,672 |
$251,987.12 |
0.90% |
| Astera Labs, Inc. |
ALAB |
04626A103 |
1,198 |
$247,039.58 |
0.89% |
| Sterling Infrastructure, Inc. |
STRL |
859241101 |
740 |
$249,106.20 |
0.89% |
| Xometry, Inc. (Class A) |
XMTR |
98423F109 |
5,089 |
$245,086.24 |
0.88% |
| EZCORP, Inc. |
EZPW |
302301106 |
13,124 |
$242,662.76 |
0.87% |
| Sitime Corporation |
SITM |
82982T106 |
867 |
$240,722.55 |
0.86% |
| Curtiss-Wright Corporation |
CW |
231561101 |
442 |
$238,401.54 |
0.85% |
| TechnipFMC Plc |
FTI |
G87110105 |
6,523 |
$233,458.17 |
0.84% |
| Uranium Energy Corp |
UEC |
916896103 |
15,853 |
$232,246.45 |
0.83% |
| MACOM Technology Solutions Holdings, Inc. |
MTSI |
55405Y100 |
1,862 |
$227,499.16 |
0.82% |
| CyberArk Software Ltd. |
CYBR |
M2682V108 |
456 |
$225,045.12 |
0.81% |
| Ligand Pharmaceuticals Inc. (Class B) |
LGND |
53220K504 |
1,267 |
$225,183.91 |
0.81% |
| VSE Corporation |
VSEC |
918284100 |
1,457 |
$225,776.72 |
0.81% |
| Installed Building Products, Inc. |
IBP |
45780R101 |
935 |
$223,652.00 |
0.80% |
| Guardant Health, Inc. |
GH |
40131M109 |
3,434 |
$220,531.48 |
0.79% |
| Impinj, Inc. |
PI |
453204109 |
1,175 |
$220,853.00 |
0.79% |
| RBC Bearings Incorporated |
RBC |
75524B104 |
583 |
$217,249.12 |
0.78% |
| Rubrik, Inc. (Class A) |
RBRK |
781154109 |
2,646 |
$217,871.64 |
0.78% |
| Powell Industries, Inc. |
POWL |
739128106 |
709 |
$213,451.54 |
0.76% |
| InterDigital, Inc. |
IDCC |
45867G101 |
589 |
$200,201.10 |
0.72% |
| US Dollar |
$USD |
|
200,406 |
$200,406.25 |
0.72% |
| Rhythm Pharmaceuticals, Inc. |
RYTM |
76243J105 |
1,967 |
$198,312.94 |
0.71% |
| nLight, Inc. |
LASR |
65487K100 |
6,980 |
$195,928.60 |
0.70% |
| Leonardo DRS, Inc. |
DRS |
52661A108 |
4,472 |
$193,324.56 |
0.69% |
| Pan American Silver Corp. |
PAAS |
697900108 |
4,914 |
$189,189.00 |
0.68% |
| Ciena Corporation |
CIEN |
171779309 |
1,191 |
$185,724.54 |
0.67% |
| BWX Technologies, Inc. |
BWXT |
05605H100 |
963 |
$183,047.04 |
0.66% |
| Commvault Systems, Inc. |
CVLT |
204166102 |
1,076 |
$183,135.20 |
0.66% |
| Halozyme Therapeutics, Inc. |
HALO |
40637H109 |
2,888 |
$185,120.80 |
0.66% |
| Academy Sports and Outdoors, Inc. |
ASO |
00402L107 |
3,598 |
$177,669.24 |
0.64% |
| BridgeBio Pharma, Inc. |
BBIO |
10806X102 |
3,210 |
$178,122.90 |
0.64% |
| Wingstop Inc. |
WING |
974155103 |
735 |
$177,318.75 |
0.64% |
| Five Below, Inc. |
FIVE |
33829M101 |
1,279 |
$177,128.71 |
0.63% |
| Palomar Holdings, Inc. |
PLMR |
69753M105 |
1,495 |
$176,514.65 |
0.63% |
| MAXIMUS, Inc. |
MMS |
577933104 |
2,027 |
$173,349.04 |
0.62% |
| Encore Capital Group, Inc. |
ECPG |
292554102 |
4,066 |
$170,690.68 |
0.61% |
| SiteOne Landscape Supply, Inc. |
SITE |
82982L103 |
1,431 |
$167,412.69 |
0.60% |
| Solaris Energy Infrastructure, Inc. (Class A) |
SEI |
83418M103 |
3,705 |
$166,650.90 |
0.60% |
| Axon Enterprise Inc. |
AXON |
05464C101 |
234 |
$164,509.02 |
0.59% |
| Celestica Inc. |
CLS |
15101Q207 |
680 |
$165,729.60 |
0.59% |
| Exelixis, Inc. |
EXEL |
30161Q104 |
4,307 |
$164,312.05 |
0.59% |
| Guidewire Software, Inc. |
GWRE |
40171V100 |
684 |
$163,571.76 |
0.59% |
| FTAI Aviation Ltd. |
FTAI |
G3730V105 |
996 |
$162,457.56 |
0.58% |
| Construction Partners, Inc. (Class A) |
ROAD |
21044C107 |
1,296 |
$159,382.08 |
0.57% |
| Rocket Lab Corporation |
RKLB |
773121108 |
2,488 |
$159,878.88 |
0.57% |
| Supernus Pharmaceuticals, Inc. |
SUPN |
868459108 |
3,268 |
$160,132.00 |
0.57% |
| D-Wave Quantum, Inc. |
QBTS |
26740W109 |
4,728 |
$156,118.56 |
0.56% |
| Repligen Corporation |
RGEN |
759916109 |
1,077 |
$156,423.48 |
0.56% |
| Lumentum Holdings Inc. |
LITE |
55024U109 |
1,025 |
$153,350.25 |
0.55% |
| The Descartes Systems Group Inc. |
DSGX |
249906108 |
1,609 |
$153,627.32 |
0.55% |
| Montrose Environmental Group, Inc. |
MEG |
615111101 |
5,473 |
$150,014.93 |
0.54% |
| Natera, Inc. |
NTRA |
632307104 |
883 |
$149,465.41 |
0.54% |
| Protagonist Therapeutics, Inc. |
PTGX |
74366E102 |
1,719 |
$149,553.00 |
0.54% |
| Ambarella, Inc. |
AMBA |
G037AX101 |
2,038 |
$148,529.44 |
0.53% |
| Crane Company |
CR |
224408104 |
838 |
$146,675.14 |
0.53% |
| HCI Group, Inc. |
HCI |
40416E103 |
799 |
$147,207.76 |
0.53% |
| PTC Therapeutics, Inc. |
PTCT |
69366J200 |
2,250 |
$149,017.50 |
0.53% |
| Xenon Pharmaceuticals Inc. |
XENE |
98420N105 |
3,765 |
$149,244.60 |
0.53% |
| Modine Manufacturing Company |
MOD |
607828100 |
998 |
$144,939.54 |
0.52% |
| Sportradar Group AG (Class A) |
SRAD |
H8088L103 |
5,973 |
$144,845.25 |
0.52% |
| Adtalem Global Education Inc. |
ATGE |
00737L103 |
999 |
$142,437.42 |
0.51% |
| AST SpaceMobile, Inc. |
ASTS |
00217D100 |
1,726 |
$141,583.78 |
0.51% |
| Rambus Inc. |
RMBS |
750917106 |
1,596 |
$142,953.72 |
0.51% |
| Magnite, Inc. |
MGNI |
55955D100 |
7,943 |
$139,002.50 |
0.50% |
| Travere Therapeutics, Inc. |
TVTX |
89422G107 |
5,566 |
$140,040.56 |
0.50% |
| Apogee Therapeutics, Inc. |
APGE |
03770N101 |
2,589 |
$135,844.83 |
0.49% |
| Gulfport Energy Corporation |
GPOR |
402635502 |
783 |
$137,745.36 |
0.49% |
| Manhattan Associates, Inc. |
MANH |
562750109 |
697 |
$137,532.04 |
0.49% |
| Stride, Inc. |
LRN |
86333M108 |
942 |
$136,184.94 |
0.49% |
| BioLife Solutions, Inc. |
BLFS |
09062W204 |
5,029 |
$134,777.20 |
0.48% |
| Cameco Corporation |
CCJ |
13321L108 |
1,558 |
$135,000.70 |
0.48% |
| Genius Sports Limited |
GENI |
G3934V109 |
11,604 |
$133,329.96 |
0.48% |
| Medpace Holdings, Inc. |
MEDP |
58506Q109 |
266 |
$133,324.52 |
0.48% |
| Revolve Group, Inc. |
RVLV |
76156B107 |
6,714 |
$134,481.42 |
0.48% |
| Tarsus Pharmaceuticals, Inc. |
TARS |
87650L103 |
1,896 |
$132,985.44 |
0.48% |
| AAON, Inc. |
AAON |
000360206 |
1,317 |
$131,041.50 |
0.47% |
| First Watch Restaurant Group, Inc. |
FWRG |
33748L101 |
8,703 |
$131,676.39 |
0.47% |
| ICON Plc |
ICLR |
G4705A100 |
709 |
$130,094.41 |
0.47% |
| Kinsale Capital Group, Inc. |
KNSL |
49714P108 |
279 |
$131,110.47 |
0.47% |
| Pure Storage, Inc. (Class A) |
PSTG |
74624M102 |
1,482 |
$132,446.34 |
0.47% |
| Viper Energy, Inc. (Class A) |
VNOM |
64361Q101 |
3,572 |
$130,699.48 |
0.47% |
| Grand Canyon Education, Inc. |
LOPE |
38526M106 |
622 |
$129,288.92 |
0.46% |
| SPX Technologies |
SPXC |
78473E103 |
668 |
$123,426.36 |
0.44% |
| USA Rare Earth, Inc. (Class A) |
USAR |
91733P107 |
3,747 |
$122,189.67 |
0.44% |
| Bright Horizons Family Solutions Inc. |
BFAM |
109194100 |
1,241 |
$121,096.78 |
0.43% |
| Carvana Co. (Class A) |
CVNA |
146869102 |
365 |
$120,172.60 |
0.43% |
| Centrus Energy Corp. (Class A) |
LEU |
15643U104 |
330 |
$120,024.30 |
0.43% |
| HealthEquity, Inc. |
HQY |
42226A107 |
1,330 |
$120,391.60 |
0.43% |
| Madrigal Pharmaceuticals, Inc. |
MDGL |
558868105 |
281 |
$120,717.60 |
0.43% |
| Magnolia Oil & Gas Corporation (Class A) |
MGY |
559663109 |
5,270 |
$119,312.80 |
0.43% |
| Paymentus Holdings, Inc. (Class A) |
PAY |
70439P108 |
3,975 |
$120,442.50 |
0.43% |
| Scholar Rock Holding Corporation |
SRRK |
80706P103 |
3,070 |
$121,142.20 |
0.43% |
| Arrowhead Pharmaceuticals, Inc. |
ARWR |
04280A100 |
3,301 |
$116,888.41 |
0.42% |
| Balchem Corporation |
BCPC |
057665200 |
811 |
$117,303.04 |
0.42% |
| Clearwater Analytics Holdings, Inc. (Class A) |
CWAN |
185123106 |
6,587 |
$115,931.20 |
0.42% |
| ESCO Technologies Inc. |
ESE |
296315104 |
568 |
$117,581.68 |
0.42% |
| Hut 8 Corp. |
HUT |
44812J104 |
2,670 |
$116,331.90 |
0.42% |
| Kymera Therapeutics, Inc. |
KYMR |
501575104 |
2,049 |
$117,223.29 |
0.42% |
| Agilysys, Inc. |
AGYS |
00847J105 |
1,039 |
$113,760.11 |
0.41% |
| American Superconductor Corporation |
AMSC |
030111207 |
2,044 |
$114,954.56 |
0.41% |
| Septerna, Inc. |
SEPN |
81734D104 |
4,923 |
$113,573.61 |
0.41% |
| JBT Marel Corporation |
JBTM |
477839104 |
834 |
$112,731.78 |
0.40% |
| Turning Point Brands, Inc. |
TPB |
90041L105 |
1,270 |
$112,179.10 |
0.40% |
| Virtu Financial, Inc. (Class A) |
VIRT |
928254101 |
3,357 |
$111,485.97 |
0.40% |
| Bio-Techne Corporation |
TECH |
09073M104 |
1,875 |
$109,987.50 |
0.39% |
| Mirion Technologies, Inc. |
MIR |
60471A101 |
4,730 |
$109,357.60 |
0.39% |
| Schrodinger, Inc. |
SDGR |
80810D103 |
5,650 |
$107,802.00 |
0.39% |
| TeraWulf Inc. |
WULF |
88080T104 |
7,957 |
$107,499.07 |
0.39% |
| Amprius Technologies, Inc. |
AMPX |
03214Q108 |
8,918 |
$106,391.74 |
0.38% |
| Core Scientific, Inc. |
CORZ |
21874A106 |
5,694 |
$105,452.88 |
0.38% |
| MP Materials Corp. |
MP |
553368101 |
1,363 |
$106,777.42 |
0.38% |
| Weatherford International Plc |
WFRD |
G48833118 |
1,708 |
$104,956.60 |
0.38% |
| BellRing Brands, Inc. |
BRBR |
07831C103 |
3,040 |
$103,755.20 |
0.37% |
| The Simply Good Foods Company |
SMPL |
82900L102 |
4,269 |
$102,413.31 |
0.37% |
| Federal Signal Corporation |
FSS |
313855108 |
861 |
$99,824.34 |
0.36% |
| Lattice Semiconductor Corporation |
LSCC |
518415104 |
1,457 |
$100,926.39 |
0.36% |
| Lindsay Corporation |
LNN |
535555106 |
760 |
$100,935.60 |
0.36% |
| Dycom Industries, Inc. |
DY |
267475101 |
348 |
$98,946.84 |
0.35% |
| Everus Construction Group, Inc. |
ECG |
300426103 |
1,194 |
$98,922.90 |
0.35% |
| Semtech Corporation |
SMTC |
816850101 |
1,517 |
$98,999.42 |
0.35% |
| TransMedics Group, Inc. |
TMDX |
89377M109 |
914 |
$98,063.06 |
0.35% |
| Zeta Global Holdings Corp. (Class A) |
ZETA |
98956A105 |
5,232 |
$96,268.80 |
0.35% |
| Gates Industrial Corporation Plc |
GTES |
G39108108 |
3,844 |
$93,985.80 |
0.34% |
| SentinelOne, Inc. (Class A) |
S |
81730H109 |
5,523 |
$95,271.75 |
0.34% |
| Amicus Therapeutics, Inc. |
FOLD |
03152W109 |
11,186 |
$92,843.80 |
0.33% |
| Nextracker Inc. (Class A) |
NXT |
65290E101 |
1,113 |
$92,156.40 |
0.33% |
| SPS Commerce, Inc. |
SPSC |
78463M107 |
849 |
$90,749.61 |
0.33% |
| Camtek Ltd. |
CAMT |
M20791105 |
804 |
$88,480.20 |
0.32% |
| Flowserve Corporation |
FLS |
34354P105 |
1,814 |
$89,049.26 |
0.32% |
| Globus Medical, Inc. (Class A) |
GMED |
379577208 |
1,558 |
$88,136.06 |
0.32% |
| Carpenter Technology Corporation |
CRS |
144285103 |
362 |
$87,278.20 |
0.31% |
| Hub Group, Inc. |
HUBG |
443320106 |
2,584 |
$85,582.08 |
0.31% |
| LendingClub Corporation |
LC |
52603A208 |
5,691 |
$85,194.27 |
0.31% |
| OSI Systems, Inc. |
OSIS |
671044105 |
357 |
$86,215.50 |
0.31% |
| Silicon Laboratories Inc. |
SLAB |
826919102 |
697 |
$85,159.46 |
0.31% |
| Hudbay Minerals Inc. |
HBM |
443628102 |
4,985 |
$82,601.45 |
0.30% |
| Rush Street Interactive, Inc. |
RSI |
782011100 |
4,567 |
$83,850.12 |
0.30% |
| Ryan Specialty Holdings, Inc. (Class A) |
RYAN |
78351F107 |
1,520 |
$83,919.20 |
0.30% |
| Coherent Corp. |
COHR |
19247G107 |
733 |
$81,436.30 |
0.29% |
| GeneDx Holdings Corp. |
WGS |
81663L200 |
671 |
$81,674.12 |
0.29% |
| James Hardie Industries Plc |
JHX |
G4253H101 |
3,737 |
$79,560.73 |
0.29% |
| PROS Holdings, Inc. |
PRO |
74346Y103 |
3,572 |
$82,013.12 |
0.29% |
| Tenable Holdings, Inc. |
TENB |
88025T102 |
2,825 |
$82,094.50 |
0.29% |
| Trex Company, Inc. |
TREX |
89531P105 |
1,596 |
$80,278.80 |
0.29% |
| Visteon Corporation |
VC |
92839U206 |
743 |
$82,302.11 |
0.29% |
| Braze, Inc. (Class A) |
BRZE |
10576N102 |
2,964 |
$77,538.24 |
0.28% |
| Cognex Corporation |
CGNX |
192422103 |
1,926 |
$78,542.28 |
0.28% |
| Dave Inc. (Class A) |
DAVE |
23834J201 |
396 |
$77,247.72 |
0.28% |
| Travel + Leisure Co. |
TNL |
894164102 |
1,350 |
$78,421.50 |
0.28% |
| Kornit Digital Ltd. |
KRNT |
M6372Q113 |
5,549 |
$75,133.46 |
0.27% |
| Life Time Group Holdings, Inc. |
LTH |
53190C102 |
2,949 |
$74,875.11 |
0.27% |
| Azenta Inc. |
AZTA |
114340102 |
2,432 |
$72,497.92 |
0.26% |
| Embraer S.A. (ADR) |
ERJ |
29082A107 |
1,289 |
$72,235.56 |
0.26% |
| Global-E Online Ltd. |
GLBE |
M5216V106 |
2,103 |
$71,249.64 |
0.26% |
| Thor Industries, Inc. |
THO |
885160101 |
720 |
$71,467.20 |
0.26% |
| IES Holdings, Inc. |
IESC |
44951W106 |
194 |
$70,142.64 |
0.25% |
| MYR Group Inc. |
MYRG |
55405W104 |
354 |
$69,585.78 |
0.25% |
| Antero Resources Corporation |
AR |
03674X106 |
2,103 |
$66,454.80 |
0.24% |
| Axsome Therapeutics, Inc. |
AXSM |
05464T104 |
542 |
$65,966.82 |
0.24% |
| Customers Bancorp, Inc. |
CUBI |
23204G100 |
1,034 |
$65,958.86 |
0.24% |
| HealthStream, Inc. |
HSTM |
42222N103 |
2,622 |
$67,123.20 |
0.24% |
| National Vision Holdings, Inc. |
EYE |
63845R107 |
2,673 |
$68,321.88 |
0.24% |
| HEICO Corporation (Class A) |
HEI/A |
422806208 |
266 |
$64,443.82 |
0.23% |
| Alkermes Plc |
ALKS |
G01767105 |
2,008 |
$62,669.68 |
0.22% |
| Generac Holdings Inc. |
GNRC |
368736104 |
367 |
$62,419.36 |
0.22% |
| NuScale Power Corporation (Class A) |
SMR |
67079K100 |
1,580 |
$61,999.20 |
0.22% |
| StoneX Group Inc. |
SNEX |
861896108 |
627 |
$60,085.41 |
0.22% |
| Meritage Homes Corporation |
MTH |
59001A102 |
878 |
$58,422.12 |
0.21% |
| ODDITY Tech Ltd. (Class A) |
ODD |
M7518J104 |
1,151 |
$57,987.38 |
0.21% |
| Power Integrations, Inc. |
POWI |
739276103 |
1,672 |
$57,918.08 |
0.21% |
| Toast, Inc. (Class A) |
TOST |
888787108 |
1,697 |
$59,361.06 |
0.21% |
| Wave Life Sciences Ltd. |
WVE |
Y95308105 |
7,807 |
$59,333.20 |
0.21% |
| Bullish |
BLSH |
G16910120 |
925 |
$55,879.25 |
0.20% |
| Corcept Therapeutics Inc. |
CORT |
218352102 |
766 |
$56,653.36 |
0.20% |
| Skyward Specialty Insurance Group, Inc. |
SKWD |
830940102 |
1,118 |
$54,703.74 |
0.20% |
| Titan Machinery Inc. |
TITN |
88830R101 |
3,547 |
$54,198.16 |
0.19% |
| Resideo Technologies, Inc. |
REZI |
76118Y104 |
1,254 |
$50,335.56 |
0.18% |
| Nuvalent, Inc. (Class A) |
NUVL |
670703107 |
525 |
$46,252.50 |
0.17% |
| PAR Technology Corporation |
PAR |
698884103 |
1,317 |
$47,675.40 |
0.17% |
| Simulations Plus, Inc. |
SLP |
829214105 |
3,230 |
$47,674.80 |
0.17% |
| Ultragenyx Pharmaceutical Inc. |
RARE |
90400D108 |
1,475 |
$46,388.75 |
0.17% |
| Spyre Therapeutics, Inc. |
SYRE |
00773J202 |
2,384 |
$45,629.76 |
0.16% |
| Dutch Bros Inc. (Class A) |
BROS |
26701L100 |
861 |
$42,085.68 |
0.15% |
| Edgewise Therapeutics, Inc. |
EWTX |
28036F105 |
2,809 |
$42,443.99 |
0.15% |
| Ormat Technologies, Inc. |
ORA |
686688102 |
365 |
$37,945.40 |
0.14% |
| Via Transportation, Inc. (Class A) |
VIA |
92556W104 |
811 |
$37,922.36 |
0.14% |
| Ouster, Inc. |
OUST |
68989M202 |
1,337 |
$37,248.82 |
0.13% |
| Netskope, Inc. (Class A) |
NTSK |
64119N608 |
1,254 |
$27,274.50 |
0.10% |
| Insulet Corporation |
PODD |
45784P101 |
76 |
$23,903.52 |
0.09% |
| WhiteFiber, Inc. |
WYFI |
G96115103 |
523 |
$17,274.69 |
0.06% |
| Neptune Insurance Holdings Inc. (Class A) |
NP |
64073B103 |
328 |
$8,685.44 |
0.03% |
| 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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