13F HOLDINGS REPORT

Alpha Cubed Investments, LLC

Quarter ended Q2 2025 · Filed August 7, 2025 · Accession 0001580830-25-000005

Total Value

$2.64B

Positions

297

Other Managers

Confidential Omitted

View on SEC.gov

Holdings (297)

#	Issuer	Ticker / CUSIP	Shares	Value	% of Filing
1	MICROSOFT CORP	MSFT	298,567	$148.5M	5.63%
2	NVIDIA CORPORATION	NVDA	937,423	$148.1M	5.62%
3	APPLE INC	AAPL	670,450	$137.6M	5.22%
4	AMAZON COM INC	AMZN	564,862	$123.9M	4.70%
5	QUANTA SVCS INC	74762E102	286,572	$108.3M	4.11%
6	PALO ALTO NETWORKS INC	PANW	514,610	$105.3M	3.99%
7	BROADCOM INC	AVGO	368,561	$101.6M	3.85%
8	JPMORGAN CHASE & CO.	VYLD	337,830	$97.9M	3.72%
9	TAIWAN SEMICONDUCTOR MFG LTD	874039100	401,263	$90.9M	3.45%
10	META PLATFORMS INC	META	121,183	$89.4M	3.39%
11	ALPHABET INC	GOOG	481,800	$84.9M	3.22%
12	BERKSHIRE HATHAWAY INC DEL	BRK-A	164,751	$80.0M	3.04%
13	GOLDMAN SACHS GROUP INC	GSCE	99,128	$70.2M	2.66%
14	AMERICAN ELEC PWR CO INC	025537101	658,938	$68.4M	2.59%
15	CATERPILLAR INC	CAT	163,211	$63.4M	2.40%
16	NEXTERA ENERGY INC	NEE-PW	803,552	$55.8M	2.12%
17	AMERICAN TOWER CORP NEW	03027X100	216,307	$47.8M	1.81%
18	INTUITIVE SURGICAL INC	ISRG	81,923	$44.5M	1.69%
19	NETFLIX INC	NFLX	27,502	$36.8M	1.40%
20	COCA COLA CO	KO	499,328	$35.3M	1.34%
21	COSTCO WHSL CORP NEW	22160K105	32,506	$32.2M	1.22%
22	EATON CORP PLC	ETN	85,426	$30.5M	1.16%
23	VERIZON COMMUNICATIONS INC	VZ	685,908	$29.7M	1.13%
24	ADVANCED MICRO DEVICES INC	AMD	192,355	$27.3M	1.04%
25	CISCO SYS INC	CSCO	392,569	$27.2M	1.03%
26	CME GROUP INC	CME	94,083	$25.9M	0.98%
27	VISA INC	V	72,067	$25.6M	0.97%
28	ORACLE CORP	ORCL-PD	111,539	$24.4M	0.93%
29	JOHNSON & JOHNSON	JNJ	152,741	$23.3M	0.89%
30	MCDONALDS CORP	MCD	79,430	$23.2M	0.88%
31	ASML HOLDING N V	ASMLF	28,528	$22.9M	0.87%
32	ISHARES TR	464287242	208,215	$22.8M	0.87%
33	FISERV INC	FISV	127,610	$22.0M	0.83%
34	CHEVRON CORP NEW	CVX	150,791	$21.6M	0.82%
35	PIMCO ETF TR	72201R775	219,571	$20.2M	0.77%
36	TEXAS INSTRS INC	882508104	92,677	$19.2M	0.73%
37	DIGITAL RLTY TR INC	253868103	103,524	$18.0M	0.68%
38	VANGUARD SCOTTSDALE FDS	92206C870	217,129	$18.0M	0.68%
39	UNILEVER PLC	UNLYF	286,901	$17.5M	0.67%
40	INTERCONTINENTAL EXCHANGE IN	45866F104	83,151	$15.3M	0.58%
41	VANGUARD STAR FDS	921909768	220,185	$15.2M	0.58%
42	CROWDSTRIKE HLDGS INC	CRWD	28,152	$14.3M	0.54%
43	PALANTIR TECHNOLOGIES INC	PLTR	104,637	$14.3M	0.54%
44	LOCKHEED MARTIN CORP	LMT	29,568	$13.7M	0.52%
45	INVESCO QQQ TR	IVZ	24,775	$13.7M	0.52%
46	HOME DEPOT INC	HD	35,373	$13.0M	0.49%
47	VULCAN MATLS CO	929160109	48,902	$12.8M	0.48%
48	CHIPOTLE MEXICAN GRILL INC	CMG	207,831	$11.7M	0.44%
49	ELI LILLY & CO	LLY	14,852	$11.6M	0.44%
50	METLIFE INC	MET-PF	140,334	$11.3M	0.43%
51	TESLA INC	TSLA	35,119	$11.2M	0.42%
52	UNITEDHEALTH GROUP INC	UNH	35,577	$11.1M	0.42%
53	UNION PAC CORP	UNP	47,622	$11.0M	0.42%
54	VANGUARD SPECIALIZED FUNDS	921908844	43,703	$8.9M	0.34%
55	ALPHABET INC	GOOG	47,150	$8.4M	0.32%
56	RELIANCE INC	RS	25,545	$8.0M	0.30%
57	VANGUARD INDEX FDS	922908363	13,605	$7.7M	0.29%
58	LULULEMON ATHLETICA INC	LULU	30,721	$7.3M	0.28%
59	AMGEN INC	AMGN	19,774	$5.5M	0.21%
60	MERCK & CO INC	MRK	66,626	$5.3M	0.20%
61	SPDR S&P 500 ETF TR	SPY	8,253	$5.1M	0.19%
62	WALMART INC	WMT	50,963	$5.0M	0.19%
63	SCHWAB STRATEGIC TR	808524797	184,522	$4.9M	0.19%
64	EXXON MOBIL CORP	XOM	42,100	$4.5M	0.17%
65	ZOETIS INC	ZTS	25,852	$4.0M	0.15%
66	SSGA ACTIVE ETF TR	78467V848	99,134	$4.0M	0.15%
67	ROBINHOOD MKTS INC	770700102	41,514	$3.9M	0.15%
68	VANGUARD SCOTTSDALE FDS	92206C409	48,239	$3.8M	0.15%
69	VANGUARD WORLD FD	921910816	10,470	$3.8M	0.15%
70	VANGUARD INDEX FDS	922908751	15,260	$3.6M	0.14%
71	APPLIED MATLS INC	038222105	19,630	$3.6M	0.14%
72	WELLS FARGO CO NEW	949746101	44,000	$3.5M	0.13%
73	VANGUARD WORLD FD	921910840	25,621	$3.4M	0.13%
74	QUALCOMM INC	QCOM	20,570	$3.3M	0.12%
75	SHOPIFY INC	SHOP	27,251	$3.1M	0.12%
76	VANGUARD WHITEHALL FDS	921946406	23,246	$3.1M	0.12%
77	INVESCO EXCHANGE TRADED FD T	IVZ	39,247	$2.8M	0.11%
78	SCHWAB CHARLES CORP	SCHW-PJ	30,536	$2.8M	0.11%
79	VANGUARD INDEX FDS	922908769	8,732	$2.7M	0.10%
80	SNOWFLAKE INC	SNOW	11,616	$2.6M	0.10%
81	BANK AMERICA CORP	060505104	54,050	$2.6M	0.10%
82	STARBUCKS CORP	SBUX	26,491	$2.4M	0.09%
83	ISHARES TR	46429B655	47,553	$2.4M	0.09%
84	KLA CORP	KLAC	2,707	$2.4M	0.09%
85	TWILIO INC	TWLO	19,319	$2.4M	0.09%
86	INTERNATIONAL BUSINESS MACHS	INTR	8,033	$2.4M	0.09%
87	ISHARES TR	464287622	6,936	$2.4M	0.09%
88	FIDELITY NATL INFORMATION SV	31620M106	27,167	$2.2M	0.08%
89	ISHARES TR	464287200	3,553	$2.2M	0.08%
90	RTX CORPORATION	RTX	14,488	$2.1M	0.08%
91	INVESCO EXCHANGE TRADED FD T	IVZ	11,356	$2.1M	0.08%
92	MASTERCARD INCORPORATED	MA	3,637	$2.0M	0.08%
93	MERCADOLIBRE INC	MELI	774	$2.0M	0.08%
94	PROCTER AND GAMBLE CO	742718109	12,271	$2.0M	0.07%
95	PINTEREST INC	PINS	53,799	$1.9M	0.07%
96	VANGUARD INDEX FDS	922908744	10,153	$1.8M	0.07%
97	ISHARES TR	464287309	15,619	$1.7M	0.07%
98	CINTAS CORP	CTAS	6,771	$1.5M	0.06%
99	VANGUARD INDEX FDS	922908736	3,306	$1.4M	0.05%
100	ISHARES TR	464287226	14,517	$1.4M	0.05%
101	VANGUARD INDEX FDS	922908629	5,101	$1.4M	0.05%
102	ALTRIA GROUP INC	MO	23,936	$1.4M	0.05%
103	HONEYWELL INTL INC	438516106	6,019	$1.4M	0.05%
104	NUVEEN ARIZONA QLTY MUN INC	NU	118,363	$1.4M	0.05%
105	NXP SEMICONDUCTORS N V	NXPI	6,309	$1.4M	0.05%
106	ABBVIE INC	ABBV	7,289	$1.4M	0.05%
107	SPDR SERIES TRUST	78464A763	9,863	$1.3M	0.05%
108	DISNEY WALT CO	254687106	10,429	$1.3M	0.05%
109	SELECT SECTOR SPDR TR	81369Y886	15,409	$1.3M	0.05%
110	LINDE PLC	LIN	2,637	$1.2M	0.05%
111	BLACKSTONE INC	BX	8,214	$1.2M	0.05%
112	GE AEROSPACE	369604301	4,764	$1.2M	0.05%
113	SELECT SECTOR SPDR TR	81369Y506	14,076	$1.2M	0.05%
114	LOWES COS INC	548661107	4,963	$1.1M	0.04%
115	MARRIOTT INTL INC NEW	571903202	3,937	$1.1M	0.04%
116	ISHARES TR	464287465	11,936	$1.1M	0.04%
117	WORLD GOLD TR	GLDW	16,051	$1.1M	0.04%
118	DEERE & CO	DE	2,060	$1.0M	0.04%
119	LAM RESEARCH CORP	LRCX	10,410	$1.0M	0.04%
120	SELECT SECTOR SPDR TR	81369Y803	3,690	$934,315	0.04%
121	CITIGROUP INC	C-PR	10,732	$913,508	0.03%
122	SELECT SECTOR SPDR TR	81369Y860	21,837	$904,485	0.03%
123	STRYKER CORPORATION	SYK	2,282	$902,828	0.03%
124	SEMPRA	SREA	11,641	$882,055	0.03%
125	ABBOTT LABS	ABLZF	6,460	$878,560	0.03%
126	VANECK ETF TRUST	92189F437	29,974	$877,639	0.03%
127	AT&T INC	T-PC	30,069	$870,197	0.03%
128	GILEAD SCIENCES INC	GILD	7,823	$867,354	0.03%
129	UNITED PARCEL SERVICE INC	UPS	8,487	$856,713	0.03%
130	REALTY INCOME CORP	O	14,794	$852,307	0.03%
131	TRAVELERS COMPANIES INC	TRV	3,120	$834,794	0.03%
132	FAIR ISAAC CORP	FICO	454	$829,894	0.03%
133	SPDR GOLD TR	GLD	2,722	$829,747	0.03%
134	INTEL CORP	INTC	36,880	$826,110	0.03%
135	SALESFORCE INC	CRM	2,886	$787,047	0.03%
136	BRISTOL-MYERS SQUIBB CO	CELG-RI	16,638	$770,173	0.03%
137	ISHARES TR	464287176	6,914	$760,822	0.03%
138	QUEST DIAGNOSTICS INC	DGX	4,215	$757,140	0.03%
139	S&P GLOBAL INC	SPGI	1,435	$756,841	0.03%
140	BOEING CO	BA-PA	3,598	$753,792	0.03%
141	ISHARES TR	464287614	1,747	$741,748	0.03%
142	UBIQUITI INC	UI	1,797	$739,735	0.03%
143	GLOBAL X FDS	37954Y657	38,923	$732,920	0.03%
144	BERKSHIRE HATHAWAY INC DEL	BRK-A	1	$728,800	0.03%
145	AMPLIFY ETF TR	032108664	8,326	$719,143	0.03%
146	PIMCO ETF TR	72201R833	7,123	$716,070	0.03%
147	VANGUARD WORLD FD	92204A702	1,068	$708,383	0.03%
148	CHECK POINT SOFTWARE TECH LT	M22465104	3,155	$698,044	0.03%
149	BOSTON OMAHA CORP	BOC	49,075	$689,013	0.03%
150	SCHWAB STRATEGIC TR	808524409	24,250	$670,994	0.03%
151	SOUTHERN CO	SOMN	7,145	$656,150	0.02%
152	ADOBE INC	ADBE	1,683	$651,119	0.02%
153	DUKE ENERGY CORP NEW	DUKB	5,514	$650,685	0.02%
154	GE VERNOVA INC	GEV	1,228	$649,814	0.02%
155	SHERWIN WILLIAMS CO	SHW	1,853	$636,224	0.02%
156	ALIBABA GROUP HLDG LTD	BBAAY	5,605	$635,663	0.02%
157	VANGUARD SCOTTSDALE FDS	92206C813	8,269	$627,617	0.02%
158	VANGUARD TAX-MANAGED FDS	921943858	10,935	$623,412	0.02%
159	HUNTINGTON BANCSHARES INC	HBANP	36,890	$618,284	0.02%
160	ISHARES TR	464288257	4,807	$618,195	0.02%
161	ROSS STORES INC	ROST	4,717	$601,795	0.02%
162	KKR & CO INC	KKRT	4,501	$598,768	0.02%
163	SERVICENOW INC	NOW	576	$592,174	0.02%
164	ISHARES SILVER TR	SLV	17,955	$589,104	0.02%
165	NORTHROP GRUMMAN CORP	NOC	1,166	$583,063	0.02%
166	CSX CORP	CSX	17,710	$577,877	0.02%
167	ISHARES TR	464287457	6,927	$573,971	0.02%
168	ENERGY TRANSFER L P	ET-PI	31,545	$571,903	0.02%
169	PFIZER INC	PFE	23,540	$570,610	0.02%
170	ISHARES GOLD TR	IAU	9,093	$567,039	0.02%
171	ISHARES TR	46432F339	3,079	$562,903	0.02%
172	SIMON PPTY GROUP INC NEW	828806109	3,485	$560,232	0.02%
173	SPDR DOW JONES INDL AVERAGE	78467X109	1,247	$549,491	0.02%
174	SPDR SERIES TRUST	78464A409	5,642	$537,795	0.02%
175	PIMCO MUN INCOME FD	72200R107	65,401	$521,900	0.02%
176	ISHARES TR	46435G425	3,827	$517,763	0.02%
177	PEPSICO INC	PEP	3,918	$517,386	0.02%
178	PHILIP MORRIS INTL INC	718172109	2,828	$515,071	0.02%
179	CARDINAL HEALTH INC	CAH	3,039	$510,552	0.02%
180	WEC ENERGY GROUP INC	WEC	4,884	$508,894	0.02%
181	ISHARES TR	464287523	2,116	$505,020	0.02%
182	COMCAST CORP NEW	CCZ	14,071	$502,194	0.02%
183	FIRST TR EXCHANGE-TRADED FD	33738D309	10,787	$495,002	0.02%
184	VANGUARD MALVERN FDS	922020805	9,590	$482,089	0.02%
185	NORFOLK SOUTHN CORP	655844108	1,880	$481,224	0.02%
186	ISHARES BITCOIN TRUST ETF	IBIT	7,811	$478,111	0.02%
187	ENTERPRISE PRODS PARTNERS L	293792107	15,329	$475,353	0.02%
188	SCHWAB STRATEGIC TR	808524771	19,252	$472,444	0.02%
189	SKY HARBOUR GROUP CORPORATIO	SKYH-WT	275,775	$468,818	0.02%
190	AMER STATES WTR CO	029899101	6,000	$459,960	0.02%
191	CUMMINS INC	CMI	1,402	$459,281	0.02%
192	VANGUARD MUN BD FDS	922907746	9,288	$455,389	0.02%
193	KINDER MORGAN INC DEL	EP-PC	15,398	$452,698	0.02%
194	SELECT SECTOR SPDR TR	81369Y209	3,240	$436,752	0.02%
195	WASTE MGMT INC DEL	94106L109	1,895	$433,590	0.02%
196	ISHARES TR	46432F396	1,800	$432,618	0.02%
197	CORNING INC	GLW	8,150	$428,590	0.02%
198	MORGAN STANLEY	MS-PQ	3,027	$426,353	0.02%
199	AKAMAI TECHNOLOGIES INC	AKAM	5,300	$422,728	0.02%
200	ARISTA NETWORKS INC	ANET	4,045	$413,844	0.02%
201	ILLINOIS TOOL WKS INC	452308109	1,654	$409,057	0.02%
202	MAIN STR CAP CORP	56035L104	6,914	$408,645	0.02%
203	OSHKOSH CORP	OSK	3,539	$401,818	0.02%
204	ISHARES TR	464287804	3,651	$398,985	0.02%
205	ANALOG DEVICES INC	ADI	1,659	$394,875	0.01%
206	ISHARES TR	464287713	12,934	$385,175	0.01%
207	THE CIGNA GROUP	125523100	1,164	$384,922	0.01%
208	VANGUARD INDEX FDS	922908637	1,337	$381,516	0.01%
209	UNITED RENTALS INC	URI	505	$380,242	0.01%
210	VANGUARD ADMIRAL FDS INC	921932703	1,983	$374,212	0.01%
211	VANGUARD SCOTTSDALE FDS	92206C102	6,246	$367,140	0.01%
212	ONEOK INC NEW	OKE	4,408	$359,825	0.01%
213	ESSEX PPTY TR INC	297178105	1,268	$359,469	0.01%
214	NNN REIT INC	NNN	8,228	$355,300	0.01%
215	MOTOROLA SOLUTIONS INC	MSI	837	$351,720	0.01%
216	ISHARES TR	464287507	5,630	$349,173	0.01%
217	ALLSTATE CORP	ALL-PJ	1,727	$347,578	0.01%
218	XCEL ENERGY INC	XELLL	5,092	$346,769	0.01%
219	MEDTRONIC PLC	MDT	3,943	$343,711	0.01%
220	INVESCO EXCHANGE TRADED FD T	IVZ	5,371	$333,729	0.01%
221	THE TRADE DESK INC	88339J105	4,556	$327,986	0.01%
222	CANADIAN PACIFIC KANSAS CITY	CP	4,115	$326,196	0.01%
223	AMERICAN EXPRESS CO	AXP	1,014	$323,361	0.01%
224	PAYPAL HLDGS INC	PYPL	4,330	$321,806	0.01%
225	SCHWAB STRATEGIC TR	808524201	13,115	$320,531	0.01%
226	VANECK ETF TRUST	92189F676	1,142	$318,481	0.01%
227	ENBRIDGE INC	ENNPF	7,012	$317,784	0.01%
228	AXON ENTERPRISE INC	AXON	383	$317,101	0.01%
229	NUCOR CORP	NUE	2,335	$302,430	0.01%
230	ISHARES TR	464288448	8,657	$298,750	0.01%
231	UBER TECHNOLOGIES INC	UBER	3,164	$295,201	0.01%
232	FLAHERTY & CRUMRINE PFD SECS	338478100	18,076	$294,466	0.01%
233	VANGUARD WORLD FD	921910873	1,285	$289,022	0.01%
234	LINEAGE INC	LINE	6,600	$287,232	0.01%
235	ISHARES TR	464287598	1,469	$285,324	0.01%
236	INTUIT	INTU	360	$283,509	0.01%
237	CORTEVA INC	CTVA	3,771	$281,041	0.01%
238	T-MOBILE US INC	TMUSZ	1,173	$279,496	0.01%
239	SCHWAB STRATEGIC TR	808524300	9,557	$279,151	0.01%
240	ISHARES TR	464287606	3,054	$277,889	0.01%
241	MAMAS CREATIONS INC	56146T103	32,771	$271,999	0.01%
242	DOMINION ENERGY INC	D	4,798	$271,183	0.01%
243	FIRST TR EXCH TRADED FD III	33739P830	13,580	$270,310	0.01%
244	TJX COS INC NEW	872540109	2,183	$269,579	0.01%
245	CONSOLIDATED EDISON INC	ED	2,683	$269,234	0.01%
246	SPDR SERIES TRUST	78464A102	1,124	$266,703	0.01%
247	ETFS GOLD TR	00326A104	8,418	$265,504	0.01%
248	ISHARES U S ETF TR	46431W507	5,135	$262,399	0.01%
249	J P MORGAN EXCHANGE TRADED F	46641Q654	5,092	$259,285	0.01%
250	ISHARES TR	464287440	2,676	$256,281	0.01%
251	DIMENSIONAL ETF TRUST	25434V724	6,053	$255,938	0.01%
252	CHENIERE ENERGY INC	LNG	1,048	$255,107	0.01%
253	MOODYS CORP	MCO	506	$253,863	0.01%
254	ISHARES TR	464287150	1,876	$253,335	0.01%
255	SCHWAB STRATEGIC TR	808524805	11,446	$252,957	0.01%
256	MPLX LP	MPLXP	4,859	$250,267	0.01%
257	MONDELEZ INTL INC	609207105	3,673	$247,733	0.01%
258	COHEN & STEERS SELECT PFD &	19248Y107	12,298	$247,691	0.01%
259	NUVEEN MASSACHUSETS QLT MUN	NU	21,011	$247,089	0.01%
260	WORKDAY INC	WDAY	1,000	$240,000	0.01%
261	AUTOMATIC DATA PROCESSING IN	ADP	775	$239,124	0.01%
262	SPDR SERIES TRUST	78464A375	7,069	$237,377	0.01%
263	3M CO	MMM	1,542	$234,813	0.01%
264	ISHARES TR	464287655	1,085	$234,132	0.01%
265	VANGUARD WORLD FD	92204A876	1,325	$233,876	0.01%
266	MARATHON PETE CORP	MARA	1,396	$231,877	0.01%
267	HDFC BANK LTD	HDB	2,993	$229,473	0.01%
268	J P MORGAN EXCHANGE TRADED F	46641Q332	4,035	$229,374	0.01%
269	BANK NEW YORK MELLON CORP	064058100	2,507	$228,434	0.01%
270	PROSHARES TR	74348A467	2,258	$227,381	0.01%
271	JABIL INC	JBL	1,026	$223,795	0.01%
272	ACCENTURE PLC IRELAND	ACN	744	$222,374	0.01%
273	ISHARES TR	46432F842	2,660	$222,061	0.01%
274	AB ACTIVE ETFS INC	00039J889	8,880	$221,316	0.01%
275	SERVICE CORP INTL	817565104	2,700	$219,780	0.01%
276	DANAHER CORPORATION	235851102	1,104	$218,144	0.01%
277	SCHWAB STRATEGIC TR	808524102	9,135	$217,692	0.01%
278	AUTODESK INC	ADSK	688	$212,984	0.01%
279	WESTERN MIDSTREAM PARTNERS L	WES	5,432	$210,227	0.01%
280	ISHARES TR	464287689	594	$208,494	0.01%
281	NASDAQ INC	NDAQ	2,314	$206,918	0.01%
282	SUPER MICRO COMPUTER INC	SMCI	4,181	$204,911	0.01%
283	LIVE NATION ENTERTAINMENT IN	LYV	1,350	$204,228	0.01%
284	LINCOLN EDL SVCS CORP	533535100	8,750	$201,688	0.01%
285	SKY HARBOUR GROUP CORPORATIO	SKYH-WT	15,468	$151,122	0.01%
286	CALAMOS CONV OPPORTUNITIES &	128117108	12,300	$129,396	0.00%
287	NUVEEN PFD & INCOME OPPORTUN	NU	15,899	$127,510	0.00%
288	GRAB HOLDINGS LIMITED	GRABW	23,316	$117,279	0.00%
289	PIMCO HIGH INCOME FD	722014107	20,079	$96,381	0.00%
290	PIMCO STRATEGIC INCOME FD	72200X104	12,000	$83,520	0.00%
291	CREDIT SUISSE HIGH YIELD BD	DHY	35,000	$74,550	0.00%
292	OLD MKT CAP CORP	65373A109	13,405	$73,728	0.00%
293	LIBERTY ALL-STAR GROWTH FD I	529900102	10,905	$59,650	0.00%
294	ABSCI CORPORATION	ABSI	20,000	$51,400	0.00%
295	BIOATLA INC	BCAB	41,144	$16,293	0.00%
296	LUCID DIAGNOSTICS INC	LUCD	10,000	$11,500	0.00%
297	BRAND ENGAGEMENT NETWORK INC	BNAIW	20,000	$8,800	0.00%