Our Latest Investment Update: Q4 2025

General Performance Information: The performance results included in this presentation are actual returns which have been compiled by Tolleson Wealth Management (“TWM”). Individual investor returns may or may not be similar to the returns shown. The returns shown are based on index information and are strictly for illustrative purposes only. An investor cannot invest directly in the index shown. Investors should refer to their account statements for their actual return. Returns of this type may not show what impact material economic and market factors may have had on TWM’s decision-making at that time. Past performance is no guarantee of future results. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. All investments involve risk, including the loss of principal. These returns do not account for manager or other advisory fees that will impact a client’s overall return. A client’s return will be reduced by advisory and other expenses. TWM’s advisory fees are described in Part 2a of our Form ADV. Certain information contained herein concerning economic trends and performance is based on or derived from information provided by independent third-party sources. Opinions expressed are current opinions as of the original publication date appearing in this material only. Any opinions expressed are subject to change without notice and TWM is under no obligation to update the information contained herein. TWM disclaims responsibility for the accuracy or completeness of this report although reasonable care has been taken to assure the accuracy of the data contained herein. This material has been prepared and is distributed solely for informational purposes only and is not a solicitation or an offer to buy a security or instrument or to participate in any trading strategy. This report may not be reproduced, distributed or transmitted, in whole or part, by any means, without written permission from TWM. All portfolio and analysis herein constitute confidential and proprietary information and methodology of TWM. Disclosure of such information is prohibited. If you have any questions regarding this presentation, please contact your TWM representative. 

Index Disclosure: The returns and volatility of the indices displayed may be materially different than the client’s account, and a client’s holdings may differ significantly from the securities that comprise the indices. The indices are disclosed to allow for comparisons to well-known and widely recognized indices, and may or may not be appropriate for performance comparisons. An investor cannot invest directly in the index.