|
 |
|
Holdings of the Fund as of 2/14/2025
Total Number of Holdings (excluding cash): 211
CyberArk Software Ltd. |
CYBR |
M2682V108 |
1,535 |
$634,430.85 |
2.41% |
BellRing Brands, Inc. |
BRBR |
07831C103 |
6,006 |
$460,540.08 |
1.75% |
Sprouts Farmers Market, Inc. |
SFM |
85208M102 |
1,848 |
$327,317.76 |
1.24% |
Palomar Holdings, Inc. |
PLMR |
69753M105 |
2,463 |
$312,603.96 |
1.19% |
Kratos Defense & Security Solutions, Inc. |
KTOS |
50077B207 |
11,200 |
$304,192.00 |
1.15% |
Leonardo DRS, Inc. |
DRS |
52661A108 |
10,295 |
$299,275.65 |
1.13% |
AAON, Inc. |
AAON |
000360206 |
2,477 |
$280,297.32 |
1.06% |
Boot Barn Holdings, Inc. |
BOOT |
099406100 |
1,952 |
$267,931.52 |
1.02% |
AeroVironment, Inc. |
AVAV |
008073108 |
1,691 |
$265,470.09 |
1.01% |
TechnipFMC Plc |
FTI |
G87110105 |
8,571 |
$260,215.56 |
0.99% |
Magnite, Inc. |
MGNI |
55955D100 |
12,619 |
$252,380.00 |
0.96% |
HealthEquity, Inc. |
HQY |
42226A107 |
2,221 |
$250,284.49 |
0.95% |
Natera, Inc. |
NTRA |
632307104 |
1,439 |
$249,508.21 |
0.95% |
Glaukos Corporation |
GKOS |
377322102 |
1,598 |
$244,813.60 |
0.93% |
RBC Bearings Incorporated |
RBC |
75524B104 |
676 |
$246,442.56 |
0.93% |
Globus Medical, Inc. (Class A) |
GMED |
379577208 |
2,851 |
$239,284.44 |
0.91% |
Viper Energy Inc. |
VNOM |
927959106 |
4,861 |
$240,182.01 |
0.91% |
Crinetics Pharmaceuticals, Inc. |
CRNX |
22663K107 |
6,405 |
$225,520.05 |
0.86% |
Clearwater Analytics Holdings, Inc. (Class A) |
CWAN |
185123106 |
8,220 |
$221,200.20 |
0.84% |
Carvana Co. (Class A) |
CVNA |
146869102 |
767 |
$218,848.11 |
0.83% |
Flowserve Corporation |
FLS |
34354P105 |
3,497 |
$217,828.13 |
0.83% |
Axon Enterprise Inc. |
AXON |
05464C101 |
318 |
$217,324.38 |
0.82% |
FirstCash Holdings, Inc. |
FCFS |
33768G107 |
1,762 |
$206,594.50 |
0.78% |
Guidewire Software, Inc. |
GWRE |
40171V100 |
968 |
$205,361.20 |
0.78% |
Ryan Specialty Holdings, Inc. (Class A) |
RYAN |
78351F107 |
2,960 |
$203,470.40 |
0.77% |
Dutch Bros Inc. (Class A) |
BROS |
26701L100 |
2,432 |
$199,351.04 |
0.76% |
Coherent Corp. |
COHR |
19247G107 |
2,294 |
$199,119.20 |
0.75% |
EZCORP, Inc. |
EZPW |
302301106 |
14,122 |
$198,414.10 |
0.75% |
Freshpet, Inc. |
FRPT |
358039105 |
1,499 |
$194,285.39 |
0.74% |
Ligand Pharmaceuticals Inc. (Class B) |
LGND |
53220K504 |
1,637 |
$196,440.00 |
0.74% |
Commvault Systems, Inc. |
CVLT |
204166102 |
1,039 |
$192,121.49 |
0.73% |
Curtiss-Wright Corporation |
CW |
231561101 |
592 |
$191,334.40 |
0.73% |
Embraer S.A. (ADR) |
ERJ |
29082A107 |
4,547 |
$191,928.87 |
0.73% |
Exelixis, Inc. |
EXEL |
30161Q104 |
5,526 |
$193,410.00 |
0.73% |
Knife River Corporation |
KNF |
498894104 |
1,894 |
$193,282.70 |
0.73% |
The Descartes Systems Group Inc. |
DSGX |
249906108 |
1,658 |
$193,223.32 |
0.73% |
Life Time Group Holdings, Inc. |
LTH |
53190C102 |
5,705 |
$184,499.70 |
0.70% |
Ollie's Bargain Outlet Holdings, Inc. |
OLLI |
681116109 |
1,709 |
$185,170.15 |
0.70% |
Carpenter Technology Corporation |
CRS |
144285103 |
962 |
$181,279.28 |
0.69% |
CAVA Group, Inc. |
CAVA |
148929102 |
1,398 |
$183,235.86 |
0.69% |
Halozyme Therapeutics, Inc. |
HALO |
40637H109 |
3,131 |
$182,505.99 |
0.69% |
Piper Sandler Companies |
PIPR |
724078100 |
593 |
$181,452.07 |
0.69% |
Wingstop Inc. |
WING |
974155103 |
601 |
$183,118.69 |
0.69% |
Xenon Pharmaceuticals Inc. |
XENE |
98420N105 |
4,703 |
$182,993.73 |
0.69% |
Rubrik, Inc. (Class A) |
RBRK |
781154109 |
2,171 |
$168,339.34 |
0.64% |
Sweetgreen, Inc. (Class A) |
SG |
87043Q108 |
6,226 |
$169,284.94 |
0.64% |
Supernus Pharmaceuticals, Inc. |
SUPN |
868459108 |
4,251 |
$166,256.61 |
0.63% |
Manhattan Associates, Inc. |
MANH |
562750109 |
850 |
$161,848.50 |
0.61% |
Upstart Holdings, Inc. |
UPST |
91680M107 |
1,934 |
$159,400.28 |
0.60% |
Varonis Systems, Inc. |
VRNS |
922280102 |
3,610 |
$159,201.00 |
0.60% |
Bright Horizons Family Solutions Inc. |
BFAM |
109194100 |
1,201 |
$154,844.93 |
0.59% |
Crane Company |
CR |
224408104 |
910 |
$156,055.90 |
0.59% |
Encore Capital Group, Inc. |
ECPG |
292554102 |
3,117 |
$155,850.00 |
0.59% |
FTAI Aviation Ltd. |
FTAI |
G3730V105 |
1,378 |
$156,527.02 |
0.59% |
Revolve Group, Inc. |
RVLV |
76156B107 |
4,990 |
$155,189.00 |
0.59% |
HEICO Corporation (Class A) |
HEI/A |
422806208 |
845 |
$150,139.60 |
0.57% |
Vaxcyte, Inc. |
PCVX |
92243G108 |
1,805 |
$151,620.00 |
0.57% |
Virtu Financial, Inc. (Class A) |
VIRT |
928254101 |
4,108 |
$151,051.16 |
0.57% |
VSE Corporation |
VSEC |
918284100 |
1,512 |
$147,087.36 |
0.56% |
Stride, Inc. |
LRN |
86333M108 |
1,035 |
$145,107.00 |
0.55% |
Balchem Corporation |
BCPC |
057665200 |
869 |
$143,228.58 |
0.54% |
Ciena Corporation |
CIEN |
171779309 |
1,579 |
$141,794.20 |
0.54% |
Academy Sports and Outdoors, Inc. |
ASO |
00402L107 |
2,622 |
$140,434.32 |
0.53% |
Astera Labs, Inc. |
ALAB |
04626A103 |
1,579 |
$138,715.15 |
0.53% |
Federal Signal Corporation |
FSS |
313855108 |
1,431 |
$138,950.10 |
0.53% |
MACOM Technology Solutions Holdings, Inc. |
MTSI |
55405Y100 |
1,143 |
$140,726.16 |
0.53% |
Repligen Corporation |
RGEN |
759916109 |
945 |
$138,839.40 |
0.53% |
iRhythm Technologies, Inc. |
IRTC |
450056106 |
1,235 |
$138,455.85 |
0.52% |
Magnolia Oil & Gas Corporation (Class A) |
MGY |
559663109 |
5,831 |
$137,028.50 |
0.52% |
SiteOne Landscape Supply, Inc. |
SITE |
82982L103 |
947 |
$138,347.23 |
0.52% |
Wix.com Ltd. |
WIX |
M98068105 |
612 |
$136,904.40 |
0.52% |
Integer Holdings Corporation |
ITGR |
45826H109 |
951 |
$134,091.00 |
0.51% |
Kinsale Capital Group, Inc. |
KNSL |
49714P108 |
292 |
$131,207.28 |
0.50% |
SPS Commerce, Inc. |
SPSC |
78463M107 |
907 |
$132,612.47 |
0.50% |
Chart Industries, Inc. |
GTLS |
16115Q308 |
660 |
$128,528.40 |
0.49% |
Powell Industries, Inc. |
POWL |
739128106 |
610 |
$130,161.80 |
0.49% |
JBT Marel Corporation |
JBTM |
477839104 |
1,020 |
$126,439.20 |
0.48% |
The AZEK Company Inc. |
AZEK |
05478C105 |
2,544 |
$127,530.72 |
0.48% |
Intapp, Inc. |
INTA |
45827U109 |
1,698 |
$122,816.34 |
0.47% |
PTC Therapeutics, Inc. |
PTCT |
69366J200 |
2,373 |
$122,968.86 |
0.47% |
BioLife Solutions, Inc. |
BLFS |
09062W204 |
4,414 |
$122,576.78 |
0.46% |
Elastic N.V. |
ESTC |
N14506104 |
1,074 |
$121,501.62 |
0.46% |
Medpace Holdings, Inc. |
MEDP |
58506Q109 |
356 |
$121,102.39 |
0.46% |
First Watch Restaurant Group, Inc. |
FWRG |
33748L101 |
5,809 |
$119,723.49 |
0.45% |
Azenta Inc. |
AZTA |
114340102 |
2,538 |
$115,250.58 |
0.44% |
Five Below, Inc. |
FIVE |
33829M101 |
1,307 |
$115,957.04 |
0.44% |
Hub Group, Inc. |
HUBG |
443320106 |
2,709 |
$116,378.64 |
0.44% |
Rhythm Pharmaceuticals, Inc. |
RYTM |
76243J105 |
2,061 |
$116,838.09 |
0.44% |
Apogee Therapeutics, Inc. |
APGE |
03770N101 |
3,138 |
$114,662.52 |
0.43% |
Onto Innovation Inc. |
ONTO |
683344105 |
645 |
$113,874.75 |
0.43% |
Schrodinger, Inc. |
SDGR |
80810D103 |
4,579 |
$113,788.15 |
0.43% |
Trex Company, Inc. |
TREX |
89531P105 |
1,682 |
$113,249.06 |
0.43% |
Uranium Energy Corp |
UEC |
916896103 |
17,915 |
$114,476.85 |
0.43% |
Acadia Healthcare Company, Inc. |
ACHC |
00404A109 |
2,703 |
$110,985.18 |
0.42% |
Globant S.A. |
GLOB |
L44385109 |
496 |
$111,332.16 |
0.42% |
Kornit Digital Ltd. |
KRNT |
M6372Q113 |
3,967 |
$109,489.20 |
0.42% |
Nutanix, Inc. (Class A) |
NTNX |
67059N108 |
1,560 |
$109,933.20 |
0.42% |
PROS Holdings, Inc. |
PRO |
74346Y103 |
4,089 |
$110,239.44 |
0.42% |
Evercore Inc. |
EVR |
29977A105 |
403 |
$108,531.93 |
0.41% |
ExlService Holdings, Inc. |
EXLS |
302081104 |
2,134 |
$108,684.62 |
0.41% |
The Chefs' Warehouse, Inc. |
CHEF |
163086101 |
1,673 |
$109,246.90 |
0.41% |
Compass, Inc. (Class A) |
COMP |
20464U100 |
13,278 |
$105,294.54 |
0.40% |
Rambus Inc. |
RMBS |
750917106 |
1,681 |
$105,835.76 |
0.40% |
Sterling Infrastructure, Inc. |
STRL |
859241101 |
797 |
$105,522.80 |
0.40% |
Tandem Diabetes Care, Inc. |
TNDM |
875372203 |
3,136 |
$104,961.92 |
0.40% |
The Simply Good Foods Company |
SMPL |
82900L102 |
2,820 |
$106,285.80 |
0.40% |
Allison Transmission Holdings, Inc. |
ALSN |
01973R101 |
987 |
$103,190.85 |
0.39% |
Modine Manufacturing Company |
MOD |
607828100 |
1,124 |
$104,172.32 |
0.39% |
Pure Storage, Inc. (Class A) |
PSTG |
74624M102 |
1,505 |
$102,039.00 |
0.39% |
QuinStreet, Inc. |
QNST |
74874Q100 |
4,516 |
$102,242.24 |
0.39% |
Expand Energy Corporation |
EXE |
165167735 |
960 |
$101,116.83 |
0.38% |
Lindsay Corporation |
LNN |
535555106 |
750 |
$99,802.50 |
0.38% |
Rocket Lab USA, Inc. |
RKLB |
773122106 |
3,620 |
$101,432.40 |
0.38% |
Shake Shack Inc. (Class A) |
SHAK |
819047101 |
913 |
$98,969.20 |
0.38% |
Toast, Inc. (Class A) |
TOST |
888787108 |
2,491 |
$100,860.59 |
0.38% |
Veracyte, Inc. |
VCYT |
92337F107 |
2,416 |
$99,321.76 |
0.38% |
Bio-Techne Corporation |
TECH |
09073M104 |
1,497 |
$98,712.18 |
0.37% |
Lattice Semiconductor Corporation |
LSCC |
518415104 |
1,497 |
$96,436.74 |
0.37% |
MAXIMUS, Inc. |
MMS |
577933104 |
1,437 |
$97,500.45 |
0.37% |
monday.com Ltd. |
MNDY |
M7S64H106 |
306 |
$97,461.00 |
0.37% |
SentinelOne, Inc. (Class A) |
S |
81730H109 |
3,892 |
$96,521.60 |
0.37% |
Cameco Corporation |
CCJ |
13321L108 |
2,000 |
$94,380.00 |
0.36% |
Guardant Health, Inc. |
GH |
40131M109 |
1,962 |
$94,411.44 |
0.36% |
RH |
RH |
74967X103 |
245 |
$93,670.85 |
0.36% |
The Bancorp, Inc. |
TBBK |
05969A105 |
1,560 |
$94,364.40 |
0.36% |
Ultragenyx Pharmaceutical Inc. |
RARE |
90400D108 |
2,262 |
$96,112.38 |
0.36% |
HealthStream, Inc. |
HSTM |
42222N103 |
2,743 |
$93,124.85 |
0.35% |
Tenable Holdings, Inc. |
TENB |
88025T102 |
2,376 |
$92,711.52 |
0.35% |
Travere Therapeutics, Inc. |
TVTX |
89422G107 |
3,981 |
$91,204.71 |
0.35% |
Vertex, Inc. (Class A) |
VERX |
92538J106 |
1,969 |
$91,578.19 |
0.35% |
Alkami Technology, Inc. |
ALKT |
01644J108 |
2,746 |
$90,343.40 |
0.34% |
Ambarella, Inc. |
AMBA |
G037AX101 |
1,156 |
$89,948.36 |
0.34% |
Kymera Therapeutics, Inc. |
KYMR |
501575104 |
2,427 |
$89,507.76 |
0.34% |
Nuvalent, Inc. (Class A) |
NUVL |
670703107 |
1,152 |
$89,775.36 |
0.34% |
Silicon Laboratories Inc. |
SLAB |
826919102 |
600 |
$89,724.00 |
0.34% |
Wave Life Sciences Ltd. |
WVE |
Y95308105 |
8,181 |
$88,436.61 |
0.34% |
BWX Technologies, Inc. |
BWXT |
05605H100 |
818 |
$87,386.94 |
0.33% |
Fabrinet |
FN |
G3323L100 |
396 |
$88,323.84 |
0.33% |
Power Integrations, Inc. |
POWI |
739276103 |
1,478 |
$88,059.24 |
0.33% |
ACV Auctions Inc. (Class A) |
ACVA |
00091G104 |
3,885 |
$83,896.60 |
0.32% |
US Dollar |
$USD |
|
84,670 |
$84,670.33 |
0.32% |
Braze, Inc. (Class A) |
BRZE |
10576N102 |
1,938 |
$80,446.38 |
0.31% |
Core Scientific, Inc. |
CORZ |
21874A106 |
6,602 |
$82,591.02 |
0.31% |
Credo Technology Group Holding Ltd |
CRDO |
G25457105 |
1,159 |
$81,941.30 |
0.31% |
HCI Group, Inc. |
HCI |
40416E103 |
696 |
$82,573.44 |
0.31% |
Hexcel Corporation |
HXL |
428291108 |
1,262 |
$82,623.14 |
0.31% |
ICF International, Inc. |
ICFI |
44925C103 |
762 |
$82,120.74 |
0.31% |
Kemper Corporation |
KMPR |
488401100 |
1,222 |
$82,497.22 |
0.31% |
Pan American Silver Corp. |
PAAS |
697900108 |
3,313 |
$81,035.98 |
0.31% |
Alaska Air Group, Inc. |
ALK |
011659109 |
1,060 |
$80,284.40 |
0.30% |
Avidity Biosciences, Inc. |
RNA |
05370A108 |
2,419 |
$78,157.89 |
0.30% |
Bloom Energy Corporation (Class A) |
BE |
093712107 |
3,072 |
$78,059.52 |
0.30% |
Applied Industrial Technologies, Inc. |
AIT |
03820C105 |
288 |
$76,417.92 |
0.29% |
Champion Homes Inc. |
SKY |
830830105 |
724 |
$77,772.08 |
0.29% |
Comfort Systems USA, Inc. |
FIX |
199908104 |
193 |
$75,505.46 |
0.29% |
Freshworks Inc. (Class A) |
FRSH |
358054104 |
4,476 |
$76,315.80 |
0.29% |
Global-E Online Ltd. |
GLBE |
M5216V106 |
1,198 |
$75,282.32 |
0.29% |
Merus NV |
MRUS |
N5749R100 |
1,886 |
$75,817.20 |
0.29% |
nLight, Inc. |
LASR |
65487K100 |
7,763 |
$77,552.37 |
0.29% |
Skyward Specialty Insurance Group, Inc. |
SKWD |
830940102 |
1,512 |
$75,388.32 |
0.29% |
Zeta Global Holdings Corp. (Class A) |
ZETA |
98956A105 |
3,281 |
$77,070.69 |
0.29% |
Agilysys, Inc. |
AGYS |
00847J105 |
832 |
$72,616.96 |
0.28% |
Antero Resources Corporation |
AR |
03674X106 |
1,829 |
$72,867.36 |
0.28% |
Gulfport Energy Corporation |
GPOR |
402635502 |
404 |
$74,259.24 |
0.28% |
LendingClub Corporation |
LC |
52603A208 |
5,273 |
$74,296.57 |
0.28% |
Lithia Motors, Inc. |
LAD |
536797103 |
192 |
$72,887.04 |
0.28% |
Montrose Environmental Group, Inc. |
MEG |
615111101 |
3,955 |
$74,512.20 |
0.28% |
Paymentus Holdings, Inc. |
PAY |
70439P108 |
2,370 |
$73,801.80 |
0.28% |
Western Alliance Bancorporation |
WAL |
957638109 |
844 |
$74,905.00 |
0.28% |
Archrock, Inc. |
AROC |
03957W106 |
2,566 |
$70,898.58 |
0.27% |
Installed Building Products, Inc. |
IBP |
45780R101 |
397 |
$70,693.79 |
0.27% |
Camtek Ltd. |
CAMT |
M20791105 |
784 |
$68,066.88 |
0.26% |
Gates Industrial Corporation Plc |
GTES |
G39108108 |
3,018 |
$68,357.70 |
0.26% |
Sportradar Group AG (Class A) |
SRAD |
H8088L103 |
3,089 |
$68,637.58 |
0.26% |
TeraWulf Inc. |
WULF |
88080T104 |
14,328 |
$69,777.36 |
0.26% |
TransMedics Group, Inc. |
TMDX |
89377M109 |
958 |
$69,148.44 |
0.26% |
Badger Meter, Inc. |
BMI |
056525108 |
298 |
$64,758.38 |
0.25% |
BridgeBio Pharma, Inc. |
BBIO |
10806X102 |
1,901 |
$66,344.90 |
0.25% |
GitLab Inc. (Class A) |
GTLB |
37637K108 |
970 |
$65,795.10 |
0.25% |
MP Materials Corp. |
MP |
553368101 |
2,810 |
$66,653.20 |
0.25% |
Neogen Corporation |
NEOG |
640491106 |
6,582 |
$64,701.06 |
0.25% |
Saia, Inc. |
SAIA |
78709Y105 |
137 |
$66,791.61 |
0.25% |
Sitime Corporation |
SITM |
82982T106 |
377 |
$66,883.57 |
0.25% |
The Cheesecake Factory Incorporated |
CAKE |
163072101 |
1,235 |
$65,874.90 |
0.25% |
Everus Construction Group, Inc. |
ECG |
300426103 |
1,337 |
$64,363.18 |
0.24% |
Loar Holdings Inc. |
LOAR |
53947R105 |
931 |
$63,438.34 |
0.24% |
SkyWest, Inc. |
SKYW |
830879102 |
571 |
$62,964.17 |
0.24% |
Aspen Technology, Inc. |
AZPN |
29109X106 |
232 |
$61,428.96 |
0.23% |
Blueprint Medicines Corporation |
BPMC |
09627Y109 |
645 |
$60,591.30 |
0.23% |
Construction Partners, Inc. (Class A) |
ROAD |
21044C107 |
790 |
$61,288.20 |
0.23% |
RXO, Inc. |
RXO |
74982T103 |
2,835 |
$61,150.95 |
0.23% |
Solaris Energy Infrastructure, Inc. (Class A) |
SEI |
83418M103 |
2,182 |
$61,445.12 |
0.23% |
Spyre Therapeutics, Inc. |
SYRE |
00773J202 |
2,499 |
$57,277.08 |
0.22% |
Cognex Corporation |
CGNX |
192422103 |
1,682 |
$55,842.40 |
0.21% |
Generac Holdings Inc. |
GNRC |
368736104 |
375 |
$55,068.75 |
0.21% |
Janux Therapeutics, Inc. |
JANX |
47103J105 |
1,507 |
$54,809.59 |
0.21% |
Lantheus Holdings, Inc. |
LNTH |
516544103 |
682 |
$54,519.08 |
0.21% |
Structure Therapeutics Inc. |
GPCR |
86366E106 |
2,308 |
$56,292.12 |
0.21% |
Ameresco, Inc. (Class A) |
AMRC |
02361E108 |
2,628 |
$51,561.36 |
0.20% |
Edgewise Therapeutics, Inc. |
EWTX |
28036F105 |
1,956 |
$49,662.84 |
0.19% |
Enovix Corp |
ENVX |
293594107 |
4,464 |
$51,112.80 |
0.19% |
ICON Plc |
ICLR |
G4705A100 |
261 |
$48,600.81 |
0.18% |
IonQ, Inc. |
IONQ |
46222L108 |
1,256 |
$47,049.76 |
0.18% |
Teladoc Health, Inc. |
TDOC |
87918A105 |
2,717 |
$38,934.61 |
0.15% |
Altair Engineering Inc. (Class A) |
ALTR |
021369103 |
312 |
$34,585.20 |
0.13% |
Inspire Medical Systems, Inc. |
INSP |
457730109 |
190 |
$35,265.90 |
0.13% |
Insulet Corporation |
PODD |
45784P101 |
118 |
$33,106.08 |
0.13% |
Septerna, Inc. |
SEPN |
81734D104 |
2,375 |
$30,780.00 |
0.12% |
Merit Medical Systems, Inc. |
MMSI |
589889104 |
275 |
$29,738.50 |
0.11% |
Insmed Incorporated |
INSM |
457669307 |
216 |
$17,130.96 |
0.06% |
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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