AVLC vs. PHDG ETF Comparison

Comparison of Avantis U.S. Large Cap Equity ETF (AVLC) to PowerShares S&P 500 Downside Hedged Portfolio (PHDG)

AVLC

Avantis U.S. Large Cap Equity ETF

AVLC Description

The fund invests primarily in a diverse group of U.S. companies across market sectors and industry groups. The fund seeks securities of companies that it expects to have higher returns by placing an enhanced emphasis on securities of companies with higher profitability and value characteristics. Conversely, the fund seeks to underweight or exclude securities it expects to have lower returns, such as securities of companies with lower levels of profitability and less attractive value characteristics

Grade (RS Rating)

Last Trade

$69.47

Average Daily Volume

19,774

Number of Holdings ^*

976

* may have additional holdings in another (foreign) market

PHDG

PowerShares S&P 500 Downside Hedged Portfolio

PHDG Description

The PowerShares S&P 500® Downside Hedged Portfolio (the Fund) is an actively managed exchange-traded fund (ETF) that seeks to achieve positive total returns in rising or falling markets that are not directly correlated to broad equity or fixed-income market returns. The Fund seeks to achieve its investment objective by using a quantitative, rules-based strategy designed to provide returns that correspond to the performance of the S&P 500® Dynamic VEQTOR Index (the Index). The Index provides investors with broad equity market exposure with an implied volatility hedge by dynamically allocating between equity, volatility and cash. The index allows investors to receive exposure to the equity and volatility of the S&P 500 Index in a dynamic framework.

Grade (RS Rating)

Last Trade

$38.29

Average Daily Volume

12,398

Number of Holdings ^*

499

* may have additional holdings in another (foreign) market

Performance

Period	AVLC	PHDG
30 Days	3.17%	-1.45%
60 Days	5.71%	1.30%
90 Days	7.02%	1.18%
12 Months	32.22%	18.05%

470 Overlapping Holdings

	Symbol	Grade	Weight in AVLC	Weight in PHDG	Overlap
	A	D	0.06%	0.04%	0.04%
	AAPL	C	5.24%	3.74%	3.74%
	ABBV	F	0.38%	0.32%	0.32%
	ABNB	C	0.07%	0.06%	0.06%
	ABT	B	0.2%	0.22%	0.2%
	ACGL	C	0.15%	0.04%	0.04%
	ACN	B	0.32%	0.24%	0.24%
	ADBE	C	0.33%	0.25%	0.25%
	ADI	D	0.15%	0.11%	0.11%
	ADM	D	0.11%	0.03%	0.03%
	ADP	A	0.36%	0.13%	0.13%
	ADSK	A	0.09%	0.07%	0.07%
	AEE	A	0.08%	0.03%	0.03%
	AEP	C	0.14%	0.05%	0.05%
	AES	F	0.06%	0.01%	0.01%
	AFL	B	0.19%	0.06%	0.06%
	AIG	B	0.2%	0.05%	0.05%
	AIZ	A	0.05%	0.01%	0.01%
	AJG	A	0.05%	0.07%	0.05%
	AKAM	D	0.03%	0.01%	0.01%
	ALB	B	0.01%	0.01%	0.01%
	ALGN	D	0.04%	0.02%	0.02%
	ALL	A	0.2%	0.06%	0.06%
	ALLE	C	0.02%	0.01%	0.01%
	AMAT	F	0.36%	0.17%	0.17%
	AMCR	C	0.02%	0.02%	0.02%
	AMD	F	0.31%	0.24%	0.24%
	AME	A	0.05%	0.05%	0.05%
	AMGN	F	0.19%	0.17%	0.17%
	AMP	A	0.26%	0.06%	0.06%
	AMZN	C	3.03%	2.13%	2.13%
	ANET	C	0.15%	0.11%	0.11%
	ANSS	B	0.04%	0.03%	0.03%
	AON	A	0.1%	0.09%	0.09%
	AOS	F	0.03%	0.01%	0.01%
	APA	D	0.03%	0.01%	0.01%
	APD	A	0.22%	0.08%	0.08%
	APH	A	0.12%	0.09%	0.09%
	APTV	F	0.04%	0.02%	0.02%
	ATO	A	0.05%	0.02%	0.02%
	AVGO	D	1.11%	0.86%	0.86%
	AVY	F	0.03%	0.02%	0.02%
	AWK	C	0.03%	0.03%	0.03%
	AXON	A	0.05%	0.05%	0.05%
	AXP	A	0.4%	0.17%	0.17%
	AZO	C	0.05%	0.06%	0.05%
	BA	F	0.06%	0.11%	0.06%
	BAC	A	0.42%	0.33%	0.33%
	BALL	F	0.06%	0.02%	0.02%
	BAX	F	0.02%	0.02%	0.02%
	BBY	D	0.12%	0.02%	0.02%
	BDX	F	0.05%	0.07%	0.05%
	BEN	C	0.01%	0.01%	0.01%
	BG	D	0.08%	0.01%	0.01%
	BIIB	F	0.03%	0.03%	0.03%
	BK	A	0.18%	0.06%	0.06%
	BKNG	A	0.13%	0.18%	0.13%
	BKR	A	0.18%	0.05%	0.05%
	BLDR	D	0.07%	0.02%	0.02%
	BLK	B	0.18%	0.16%	0.16%
	BMY	B	0.18%	0.13%	0.13%
	BR	A	0.04%	0.03%	0.03%
	BRK.A	B	0.67%	0.92%	0.67%
	BRO	B	0.02%	0.03%	0.02%
	BSX	A	0.12%	0.14%	0.12%
	BWA	D	0.05%	0.01%	0.01%
	BX	A	0.11%	0.14%	0.11%
	C	A	0.23%	0.14%	0.14%
	CAG	F	0.01%	0.01%	0.01%
	CAH	B	0.03%	0.03%	0.03%
	CARR	C	0.06%	0.07%	0.06%
	CAT	B	0.52%	0.2%	0.2%
	CB	C	0.22%	0.12%	0.12%
	CBOE	C	0.03%	0.02%	0.02%
	CBRE	B	0.06%	0.04%	0.04%
	CCL	A	0.13%	0.03%	0.03%
	CDNS	B	0.12%	0.09%	0.09%
	CDW	F	0.05%	0.03%	0.03%
	CE	F	0.01%	0.01%	0.01%
	CEG	C	0.11%	0.08%	0.08%
	CF	A	0.09%	0.02%	0.02%
	CFG	B	0.08%	0.02%	0.02%
	CHD	A	0.05%	0.03%	0.03%
	CHRW	B	0.03%	0.01%	0.01%
	CHTR	C	0.05%	0.04%	0.04%
	CI	D	0.07%	0.1%	0.07%
	CINF	A	0.07%	0.03%	0.03%
	CL	D	0.18%	0.08%	0.08%
	CLX	A	0.06%	0.02%	0.02%
	CMCSA	B	0.38%	0.18%	0.18%
	CME	B	0.12%	0.09%	0.09%
	CMG	B	0.23%	0.09%	0.09%
	CMI	A	0.21%	0.05%	0.05%
	CMS	C	0.06%	0.02%	0.02%
	CNC	D	0.08%	0.03%	0.03%
	CNP	A	0.02%	0.02%	0.02%
	COF	C	0.23%	0.08%	0.08%
	COP	C	0.38%	0.14%	0.14%
	COR	B	0.09%	0.05%	0.05%
	COST	A	0.94%	0.44%	0.44%
	CPAY	A	0.04%	0.03%	0.03%
	CPB	D	0.01%	0.01%	0.01%
	CPRT	B	0.1%	0.05%	0.05%
	CRL	D	0.01%	0.01%	0.01%
	CRM	B	0.44%	0.35%	0.35%
	CRWD	B	0.11%	0.09%	0.09%
	CSCO	B	0.3%	0.25%	0.25%
	CSGP	D	0.04%	0.03%	0.03%
	CSX	C	0.26%	0.07%	0.07%
	CTAS	B	0.12%	0.08%	0.08%
	CTLT	C	0.03%	0.01%	0.01%
	CTRA	B	0.1%	0.02%	0.02%
	CTSH	B	0.13%	0.04%	0.04%
	CTVA	C	0.08%	0.04%	0.04%
	CVS	D	0.05%	0.07%	0.05%
	CVX	A	0.64%	0.3%	0.3%
	CZR	F	0.0%	0.01%	0.0%
	D	C	0.05%	0.05%	0.05%
	DAL	B	0.23%	0.04%	0.04%
	DAY	B	0.0%	0.01%	0.0%
	DD	C	0.06%	0.04%	0.04%
	DE	B	0.3%	0.11%	0.11%
	DECK	A	0.16%	0.03%	0.03%
	DELL	B	0.05%	0.04%	0.04%
	DFS	B	0.08%	0.05%	0.05%
	DG	F	0.06%	0.02%	0.02%
	DGX	A	0.01%	0.02%	0.01%
	DHI	F	0.12%	0.05%	0.05%
	DHR	F	0.13%	0.17%	0.13%
	DIS	B	0.18%	0.21%	0.18%
	DLTR	F	0.07%	0.01%	0.01%
	DOV	A	0.03%	0.03%	0.03%
	DOW	F	0.14%	0.03%	0.03%
	DPZ	C	0.01%	0.02%	0.01%
	DRI	B	0.1%	0.02%	0.02%
	DTE	C	0.07%	0.03%	0.03%
	DUK	C	0.16%	0.09%	0.09%
	DVA	C	0.01%	0.01%	0.01%
	DVN	F	0.14%	0.03%	0.03%
	DXCM	C	0.05%	0.03%	0.03%
	EA	A	0.06%	0.04%	0.04%
	EBAY	D	0.14%	0.03%	0.03%
	ECL	D	0.06%	0.07%	0.06%
	ED	C	0.08%	0.04%	0.04%
	EFX	F	0.02%	0.03%	0.02%
	EG	C	0.08%	0.02%	0.02%
	EIX	B	0.09%	0.03%	0.03%
	EL	F	0.02%	0.02%	0.02%
	ELV	F	0.13%	0.1%	0.1%
	EMN	C	0.04%	0.01%	0.01%
	EMR	B	0.05%	0.08%	0.05%
	ENPH	F	0.01%	0.01%	0.01%
	EOG	A	0.3%	0.08%	0.08%
	EPAM	B	0.04%	0.02%	0.02%
	EQT	B	0.11%	0.03%	0.03%
	ERIE	D	0.02%	0.01%	0.01%
	ES	C	0.02%	0.02%	0.02%
	ETN	A	0.14%	0.16%	0.14%
	ETR	B	0.12%	0.03%	0.03%
	EVRG	A	0.05%	0.02%	0.02%
	EW	C	0.08%	0.04%	0.04%
	EXC	C	0.1%	0.04%	0.04%
	EXPD	C	0.09%	0.02%	0.02%
	EXPE	B	0.04%	0.02%	0.02%
	F	C	0.2%	0.05%	0.05%
	FANG	C	0.17%	0.04%	0.04%
	FAST	B	0.2%	0.05%	0.05%
	FCX	F	0.18%	0.07%	0.07%
	FDS	B	0.04%	0.02%	0.02%
	FDX	B	0.26%	0.07%	0.07%
	FE	C	0.02%	0.02%	0.02%
	FFIV	B	0.03%	0.02%	0.02%
	FI	A	0.07%	0.13%	0.07%
	FICO	B	0.08%	0.06%	0.06%
	FIS	C	0.06%	0.05%	0.05%
	FITB	B	0.14%	0.03%	0.03%
	FMC	D	0.04%	0.01%	0.01%
	FOX	A	0.02%	0.01%	0.01%
	FOXA	A	0.05%	0.01%	0.01%
	FSLR	F	0.1%	0.02%	0.02%
	FTNT	C	0.23%	0.06%	0.06%
	FTV	C	0.01%	0.03%	0.01%
	GD	D	0.05%	0.08%	0.05%
	GDDY	A	0.08%	0.03%	0.03%
	GE	D	0.2%	0.21%	0.2%
	GEHC	D	0.03%	0.04%	0.03%
	GEV	B	0.13%	0.1%	0.1%
	GILD	C	0.35%	0.12%	0.12%
	GIS	D	0.03%	0.04%	0.03%
	GL	C	0.06%	0.01%	0.01%
	GLW	B	0.09%	0.04%	0.04%
	GM	C	0.31%	0.07%	0.07%
	GNRC	C	0.06%	0.01%	0.01%
	GOOG	C	1.3%	0.92%	0.92%
	GOOGL	C	1.57%	1.11%	1.11%
	GPC	D	0.06%	0.02%	0.02%
	GPN	B	0.01%	0.03%	0.01%
	GRMN	B	0.1%	0.03%	0.03%
	GS	A	0.44%	0.2%	0.2%
	GWW	B	0.23%	0.06%	0.06%
	HAL	C	0.13%	0.03%	0.03%
	HAS	D	0.02%	0.01%	0.01%
	HBAN	A	0.11%	0.03%	0.03%
	HCA	F	0.05%	0.07%	0.05%
	HD	B	0.58%	0.43%	0.43%
	HES	B	0.19%	0.04%	0.04%
	HIG	B	0.19%	0.04%	0.04%
	HII	F	0.04%	0.01%	0.01%
	HLT	A	0.05%	0.07%	0.05%
	HOLX	D	0.03%	0.02%	0.02%
	HON	C	0.15%	0.16%	0.15%
	HPE	B	0.08%	0.03%	0.03%
	HPQ	B	0.05%	0.04%	0.04%
	HRL	D	0.02%	0.01%	0.01%
	HSIC	C	0.01%	0.01%	0.01%
	HSY	F	0.09%	0.03%	0.03%
	HUBB	B	0.04%	0.03%	0.03%
	HUM	C	0.05%	0.04%	0.04%
	HWM	A	0.05%	0.05%	0.05%
	IBM	C	0.27%	0.21%	0.21%
	ICE	C	0.07%	0.1%	0.07%
	IDXX	F	0.11%	0.04%	0.04%
	IEX	C	0.03%	0.02%	0.02%
	IFF	D	0.06%	0.02%	0.02%
	INCY	C	0.03%	0.01%	0.01%
	INTC	C	0.16%	0.12%	0.12%
	INTU	B	0.27%	0.21%	0.21%
	IP	A	0.13%	0.02%	0.02%
	IPG	D	0.01%	0.01%	0.01%
	IQV	F	0.04%	0.04%	0.04%
	IR	B	0.05%	0.04%	0.04%
	ISRG	A	0.18%	0.21%	0.18%
	IT	C	0.09%	0.04%	0.04%
	ITW	B	0.12%	0.08%	0.08%
	IVZ	B	0.02%	0.01%	0.01%
	J	D	0.01%	0.02%	0.01%
	JBHT	C	0.08%	0.02%	0.02%
	JBL	C	0.1%	0.02%	0.02%
	JCI	B	0.04%	0.06%	0.04%
	JKHY	D	0.04%	0.01%	0.01%
	JNJ	C	0.58%	0.39%	0.39%
	JNPR	D	0.02%	0.01%	0.01%
	JPM	A	1.19%	0.74%	0.74%
	K	A	0.03%	0.02%	0.02%
	KDP	F	0.05%	0.04%	0.04%
	KEY	B	0.05%	0.02%	0.02%
	KEYS	A	0.06%	0.03%	0.03%
	KHC	F	0.05%	0.03%	0.03%
	KKR	A	0.15%	0.11%	0.11%
	KLAC	F	0.21%	0.09%	0.09%
	KMB	C	0.14%	0.05%	0.05%
	KMI	A	0.1%	0.06%	0.06%
	KMX	B	0.05%	0.01%	0.01%
	KO	D	0.4%	0.26%	0.26%
	KR	B	0.2%	0.04%	0.04%
	KVUE	A	0.06%	0.05%	0.05%
	L	A	0.07%	0.02%	0.02%
	LDOS	C	0.03%	0.02%	0.02%
	LEN	D	0.01%	0.04%	0.01%
	LEN	D	0.17%	0.04%	0.04%
	LH	B	0.04%	0.02%	0.02%
	LHX	C	0.03%	0.05%	0.03%
	LIN	C	0.21%	0.23%	0.21%
	LKQ	F	0.01%	0.01%	0.01%
	LLY	F	0.79%	0.67%	0.67%
	LMT	D	0.23%	0.12%	0.12%
	LNT	A	0.04%	0.02%	0.02%
	LOW	C	0.12%	0.17%	0.12%
	LRCX	F	0.34%	0.11%	0.11%
	LULU	C	0.15%	0.04%	0.04%
	LUV	C	0.08%	0.02%	0.02%
	LVS	B	0.09%	0.02%	0.02%
	LW	C	0.02%	0.01%	0.01%
	LYB	F	0.11%	0.02%	0.02%
	LYV	A	0.02%	0.02%	0.02%
	MA	B	0.66%	0.46%	0.46%
	MAR	A	0.05%	0.07%	0.05%
	MAS	D	0.02%	0.02%	0.02%
	MCD	D	0.16%	0.23%	0.16%
	MCHP	F	0.05%	0.04%	0.04%
	MCK	A	0.07%	0.09%	0.07%
	MCO	B	0.1%	0.08%	0.08%
	MDLZ	F	0.09%	0.09%	0.09%
	MDT	D	0.12%	0.12%	0.12%
	MET	A	0.2%	0.05%	0.05%
	META	D	2.26%	1.36%	1.36%
	MGM	D	0.01%	0.01%	0.01%
	MHK	D	0.04%	0.01%	0.01%
	MKC	C	0.01%	0.02%	0.01%
	MKTX	D	0.05%	0.01%	0.01%
	MLM	C	0.14%	0.04%	0.04%
	MMC	B	0.09%	0.12%	0.09%
	MMM	D	0.19%	0.08%	0.08%
	MNST	C	0.03%	0.04%	0.03%
	MO	A	0.09%	0.1%	0.09%
	MOH	F	0.07%	0.02%	0.02%
	MOS	F	0.05%	0.01%	0.01%
	MPC	D	0.22%	0.06%	0.06%
	MPWR	F	0.04%	0.03%	0.03%
	MRK	D	0.32%	0.27%	0.27%
	MRNA	F	0.03%	0.01%	0.01%
	MRO	B	0.11%	0.02%	0.02%
	MS	A	0.35%	0.18%	0.18%
	MSCI	C	0.05%	0.05%	0.05%
	MSFT	D	4.39%	3.42%	3.42%
	MSI	B	0.23%	0.09%	0.09%
	MTB	A	0.12%	0.04%	0.04%
	MTCH	D	0.01%	0.01%	0.01%
	MTD	F	0.03%	0.03%	0.03%
	MU	D	0.17%	0.12%	0.12%
	NCLH	B	0.08%	0.01%	0.01%
	NDAQ	A	0.02%	0.03%	0.02%
	NDSN	B	0.01%	0.02%	0.01%
	NEE	C	0.07%	0.17%	0.07%
	NEM	D	0.02%	0.05%	0.02%
	NFLX	A	0.48%	0.39%	0.39%
	NI	A	0.02%	0.02%	0.02%
	NKE	F	0.17%	0.1%	0.1%
	NOC	D	0.05%	0.07%	0.05%
	NOW	A	0.3%	0.23%	0.23%
	NRG	B	0.05%	0.02%	0.02%
	NSC	B	0.22%	0.06%	0.06%
	NTAP	C	0.06%	0.03%	0.03%
	NTRS	A	0.11%	0.02%	0.02%
	NUE	C	0.16%	0.04%	0.04%
	NVDA	B	4.82%	3.89%	3.89%
	NVR	D	0.1%	0.03%	0.03%
	NWS	A	0.01%	0.0%	0.0%
	NWSA	A	0.03%	0.01%	0.01%
	NXPI	D	0.08%	0.06%	0.06%
	ODFL	C	0.14%	0.05%	0.05%
	OKE	A	0.2%	0.07%	0.07%
	OMC	C	0.02%	0.02%	0.02%
	ON	D	0.12%	0.03%	0.03%
	ORCL	A	0.42%	0.32%	0.32%
	ORLY	B	0.07%	0.08%	0.07%
	OTIS	C	0.04%	0.04%	0.04%
	OXY	D	0.15%	0.04%	0.04%
	PANW	B	0.19%	0.14%	0.14%
	PARA	C	0.01%	0.01%	0.01%
	PAYC	B	0.07%	0.01%	0.01%
	PAYX	B	0.17%	0.05%	0.05%
	PCAR	B	0.25%	0.07%	0.07%
	PCG	A	0.13%	0.05%	0.05%
	PEG	A	0.1%	0.05%	0.05%
	PEP	F	0.27%	0.24%	0.24%
	PFE	F	0.15%	0.16%	0.15%
	PFG	D	0.09%	0.02%	0.02%
	PG	C	0.39%	0.42%	0.39%
	PGR	A	0.46%	0.16%	0.16%
	PH	A	0.09%	0.1%	0.09%
	PHM	D	0.12%	0.03%	0.03%
	PKG	A	0.12%	0.02%	0.02%
	PLTR	B	0.18%	0.13%	0.13%
	PM	B	0.18%	0.21%	0.18%
	PNC	B	0.22%	0.09%	0.09%
	PNR	A	0.02%	0.02%	0.02%
	PNW	A	0.05%	0.01%	0.01%
	PODD	C	0.03%	0.02%	0.02%
	POOL	C	0.07%	0.01%	0.01%
	PPG	F	0.05%	0.03%	0.03%
	PPL	A	0.07%	0.03%	0.03%
	PRU	A	0.18%	0.05%	0.05%
	PSX	C	0.19%	0.06%	0.06%
	PTC	B	0.03%	0.02%	0.02%
	PWR	A	0.09%	0.05%	0.05%
	PYPL	B	0.32%	0.09%	0.09%
	QCOM	F	0.48%	0.2%	0.2%
	QRVO	F	0.02%	0.01%	0.01%
	RCL	A	0.28%	0.06%	0.06%
	REGN	F	0.14%	0.09%	0.09%
	RF	A	0.08%	0.03%	0.03%
	RJF	A	0.11%	0.03%	0.03%
	RL	C	0.05%	0.01%	0.01%
	RMD	C	0.07%	0.04%	0.04%
	ROK	C	0.04%	0.04%	0.04%
	ROL	B	0.03%	0.02%	0.02%
	ROP	B	0.09%	0.07%	0.07%
	ROST	D	0.21%	0.05%	0.05%
	RSG	A	0.04%	0.05%	0.04%
	RTX	D	0.16%	0.17%	0.16%
	RVTY	F	0.02%	0.02%	0.02%
	SBUX	A	0.09%	0.12%	0.09%
	SCHW	B	0.21%	0.13%	0.13%
	SHW	B	0.14%	0.1%	0.1%
	SJM	D	0.01%	0.01%	0.01%
	SLB	C	0.09%	0.07%	0.07%
	SMCI	F	0.01%	0.01%	0.01%
	SNA	A	0.08%	0.02%	0.02%
	SNPS	B	0.12%	0.09%	0.09%
	SO	C	0.13%	0.1%	0.1%
	SOLV	D	0.01%	0.01%	0.01%
	SPGI	C	0.09%	0.18%	0.09%
	SRE	A	0.07%	0.06%	0.06%
	STE	D	0.04%	0.02%	0.02%
	STLD	B	0.12%	0.02%	0.02%
	STT	B	0.1%	0.03%	0.03%
	STX	C	0.03%	0.02%	0.02%
	STZ	D	0.05%	0.04%	0.04%
	SW	A	0.1%	0.03%	0.03%
	SWK	D	0.02%	0.01%	0.01%
	SWKS	F	0.07%	0.01%	0.01%
	SYF	B	0.15%	0.03%	0.03%
	SYK	B	0.12%	0.14%	0.12%
	SYY	D	0.07%	0.04%	0.04%
	T	A	0.42%	0.17%	0.17%
	TAP	C	0.05%	0.01%	0.01%
	TDG	D	0.07%	0.08%	0.07%
	TDY	B	0.03%	0.02%	0.02%
	TECH	F	0.02%	0.01%	0.01%
	TER	F	0.05%	0.02%	0.02%
	TFC	A	0.19%	0.07%	0.07%
	TFX	F	0.02%	0.01%	0.01%
	TGT	F	0.29%	0.08%	0.08%
	TJX	A	0.44%	0.15%	0.15%
	TMO	F	0.15%	0.22%	0.15%
	TMUS	B	0.31%	0.13%	0.13%
	TPR	B	0.08%	0.01%	0.01%
	TRGP	A	0.27%	0.05%	0.05%
	TRMB	B	0.02%	0.02%	0.02%
	TROW	B	0.1%	0.03%	0.03%
	TRV	B	0.26%	0.06%	0.06%
	TSCO	D	0.17%	0.03%	0.03%
	TSLA	B	0.78%	0.93%	0.78%
	TSN	B	0.05%	0.02%	0.02%
	TT	A	0.14%	0.1%	0.1%
	TTWO	A	0.03%	0.03%	0.03%
	TXN	C	0.26%	0.2%	0.2%
	TXT	D	0.05%	0.02%	0.02%
	TYL	B	0.04%	0.03%	0.03%
	UAL	A	0.19%	0.03%	0.03%
	UBER	F	0.09%	0.16%	0.09%
	UHS	D	0.06%	0.01%	0.01%
	ULTA	F	0.11%	0.02%	0.02%
	UNH	B	0.36%	0.59%	0.36%
	UNP	C	0.47%	0.15%	0.15%
	UPS	C	0.19%	0.1%	0.1%
	URI	C	0.2%	0.06%	0.06%
	USB	A	0.23%	0.08%	0.08%
	V	A	0.59%	0.56%	0.56%
	VLO	C	0.17%	0.05%	0.05%
	VLTO	C	0.06%	0.03%	0.03%
	VMC	B	0.05%	0.04%	0.04%
	VRSK	A	0.12%	0.04%	0.04%
	VRSN	C	0.02%	0.02%	0.02%
	VRTX	D	0.25%	0.13%	0.13%
	VST	A	0.13%	0.05%	0.05%
	VTRS	A	0.09%	0.02%	0.02%
	VZ	C	0.45%	0.19%	0.19%
	WAB	B	0.04%	0.04%	0.04%
	WAT	C	0.05%	0.02%	0.02%
	WBA	F	0.0%	0.01%	0.0%
	WBD	B	0.03%	0.02%	0.02%
	WDC	D	0.03%	0.02%	0.02%
	WEC	A	0.04%	0.03%	0.03%
	WFC	A	0.55%	0.27%	0.27%
	WM	B	0.13%	0.09%	0.09%
	WMB	A	0.29%	0.07%	0.07%
	WMT	A	0.64%	0.4%	0.4%
	WRB	A	0.07%	0.02%	0.02%
	WST	C	0.05%	0.03%	0.03%
	WTW	B	0.02%	0.03%	0.02%
	WYNN	C	0.01%	0.01%	0.01%
	XEL	A	0.11%	0.04%	0.04%
	XOM	B	1.04%	0.58%	0.58%
	XYL	D	0.04%	0.03%	0.03%
	YUM	D	0.04%	0.04%	0.04%
	ZBH	C	0.05%	0.02%	0.02%
	ZBRA	B	0.03%	0.02%	0.02%
	ZTS	D	0.2%	0.09%	0.09%

AVLC Overweight 506 Positions Relative to PHDG

	Symbol	Grade	Weight
	MELI	C	0.39%
	LNG	A	0.23%
	APP	B	0.16%
	APO	B	0.16%
	EME	A	0.14%
	VRT	B	0.13%
	CSL	C	0.13%
	TPL	A	0.13%
	SFM	A	0.12%
	FCNCA	A	0.12%
	MKL	A	0.12%
	CPNG	D	0.12%
	MRVL	B	0.11%
	OC	A	0.11%
	BURL	B	0.11%
	WSM	C	0.11%
	FLEX	B	0.1%
	RPM	A	0.1%
	LPLA	A	0.1%
	UTHR	C	0.1%
	FIX	A	0.1%
	MSTR	B	0.09%
	CVNA	B	0.09%
	EQH	C	0.09%
	TXRH	B	0.09%
	LII	A	0.09%
	OVV	B	0.08%
	RGA	A	0.08%
	BJ	A	0.08%
	DKS	D	0.08%
	WDAY	B	0.08%
	FNF	B	0.08%
	COIN	C	0.08%
	JEF	A	0.08%
	FTI	A	0.08%
	CASY	A	0.08%
	EWBC	A	0.08%
	SQ	A	0.07%
	WCC	B	0.07%
	SAIA	B	0.07%
	JXN	C	0.07%
	MLI	B	0.07%
	SPOT	B	0.07%
	TOL	B	0.07%
	INGR	C	0.07%
	RS	B	0.07%
	MUSA	B	0.07%
	RNR	C	0.07%
	PRI	B	0.07%
	EXP	B	0.07%
	UNM	A	0.06%
	ALLY	C	0.06%
	PR	B	0.06%
	COKE	C	0.06%
	WAL	B	0.06%
	CMA	B	0.06%
	LECO	C	0.06%
	ATI	C	0.06%
	WMS	F	0.06%
	MANH	D	0.06%
	AFG	A	0.06%
	GPK	C	0.06%
	BWXT	B	0.06%
	DCI	B	0.06%
	PFGC	B	0.06%
	ANF	F	0.06%
	DASH	B	0.06%
	LPX	B	0.06%
	VMI	B	0.05%
	ORI	A	0.05%
	ENSG	C	0.05%
	CROX	D	0.05%
	ZM	C	0.05%
	WFRD	D	0.05%
	SKX	D	0.05%
	JLL	D	0.05%
	RHI	C	0.05%
	WBS	A	0.05%
	ARW	D	0.05%
	CBT	D	0.05%
	WTFC	A	0.05%
	MTDR	B	0.05%
	AAON	B	0.05%
	SNOW	B	0.05%
	ALV	C	0.05%
	HUBS	A	0.05%
	DDOG	A	0.05%
	CHRD	D	0.05%
	VEEV	C	0.05%
	UFPI	C	0.05%
	ZION	B	0.05%
	LNTH	D	0.05%
	AIT	B	0.05%
	GGG	B	0.05%
	FYBR	C	0.05%
	AXS	A	0.05%
	DOCU	B	0.05%
	WSO	A	0.05%
	FND	D	0.05%
	CRBG	B	0.05%
	TEAM	A	0.05%
	R	B	0.05%
	HOOD	B	0.05%
	TTD	B	0.05%
	KNSL	B	0.05%
	ATR	B	0.05%
	AGCO	D	0.04%
	ALNY	D	0.04%
	EVR	B	0.04%
	DTM	A	0.04%
	AWI	A	0.04%
	SSD	F	0.04%
	TWLO	A	0.04%
	KNX	C	0.04%
	SNX	D	0.04%
	KEX	B	0.04%
	NBIX	C	0.04%
	ILMN	C	0.04%
	NSIT	F	0.04%
	PSTG	D	0.04%
	XPO	B	0.04%
	DINO	D	0.04%
	FN	C	0.04%
	CMC	B	0.04%
	NET	B	0.04%
	CRUS	D	0.04%
	MTG	C	0.04%
	OGE	A	0.04%
	WCN	A	0.04%
	TREX	C	0.04%
	ITT	A	0.04%
	KBH	D	0.04%
	KD	B	0.04%
	AXTA	B	0.04%
	SOFI	B	0.04%
	RRC	B	0.04%
	CLH	C	0.04%
	JAZZ	B	0.04%
	CRS	B	0.04%
	FHN	A	0.04%
	GAP	C	0.04%
	LSTR	D	0.04%
	SF	B	0.04%
	CBSH	B	0.04%
	AYI	B	0.04%
	CHX	C	0.04%
	CFR	B	0.04%
	OMF	A	0.04%
	DOX	D	0.03%
	MEDP	D	0.03%
	GWRE	A	0.03%
	IBKR	A	0.03%
	COHR	B	0.03%
	MOD	A	0.03%
	SCI	B	0.03%
	LAD	A	0.03%
	IBP	D	0.03%
	BCC	B	0.03%
	BLD	D	0.03%
	G	B	0.03%
	GMED	A	0.03%
	TKR	D	0.03%
	DY	D	0.03%
	FAF	A	0.03%
	ENLC	A	0.03%
	UHAL	D	0.03%
	RLI	A	0.03%
	GME	C	0.03%
	X	B	0.03%
	AFRM	A	0.03%
	HALO	F	0.03%
	OLN	F	0.03%
	PEGA	B	0.03%
	NYT	D	0.03%
	ZS	B	0.03%
	MTZ	B	0.03%
	MDB	B	0.03%
	HLNE	B	0.03%
	WWD	C	0.03%
	EXPO	D	0.03%
	NU	C	0.03%
	VOYA	B	0.03%
	BMRN	F	0.03%
	MUR	D	0.03%
	AM	A	0.03%
	PVH	C	0.03%
	GNTX	C	0.03%
	EHC	B	0.03%
	RGLD	C	0.03%
	EXEL	B	0.03%
	RIVN	F	0.03%
	ESNT	F	0.03%
	MAT	D	0.03%
	SEIC	B	0.03%
	AA	A	0.03%
	ALK	B	0.03%
	CW	C	0.03%
	SSB	B	0.03%
	BPOP	C	0.03%
	VFC	C	0.03%
	TTC	C	0.03%
	CIEN	C	0.03%
	BAH	F	0.03%
	CIVI	D	0.03%
	AR	B	0.03%
	PNFP	B	0.03%
	LEA	F	0.03%
	CLF	F	0.03%
	CVLT	B	0.03%
	HRB	D	0.03%
	SNV	C	0.03%
	ONB	C	0.03%
	PCTY	C	0.02%
	EXLS	B	0.02%
	LNW	F	0.02%
	ROIV	C	0.02%
	MSA	F	0.02%
	BC	C	0.02%
	INSM	C	0.02%
	FRPT	A	0.02%
	RBC	A	0.02%
	TRU	D	0.02%
	PPC	C	0.02%
	CHH	A	0.02%
	OKTA	C	0.02%
	ARMK	B	0.02%
	FCN	F	0.02%
	AZN	F	0.02%
	MDU	D	0.02%
	NVT	B	0.02%
	HOMB	A	0.02%
	ALSN	B	0.02%
	OZK	B	0.02%
	FSS	B	0.02%
	ROKU	D	0.02%
	OLED	F	0.02%
	ONTO	F	0.02%
	CNM	D	0.02%
	NOV	C	0.02%
	SIGI	C	0.02%
	DAR	C	0.02%
	BRKR	D	0.02%
	BMI	B	0.02%
	HLI	A	0.02%
	ARES	A	0.02%
	FLR	B	0.02%
	GLOB	B	0.02%
	JHG	B	0.02%
	OLLI	D	0.02%
	Z	A	0.02%
	MMSI	A	0.02%
	MOG.A	B	0.02%
	CHE	D	0.02%
	FLS	B	0.02%
	DOCS	C	0.02%
	TOST	B	0.02%
	LFUS	D	0.02%
	SWX	B	0.02%
	CCK	D	0.02%
	FBIN	D	0.02%
	MTH	D	0.02%
	SN	D	0.02%
	DT	D	0.02%
	COOP	B	0.02%
	CG	B	0.02%
	ENTG	D	0.02%
	OSK	C	0.02%
	CSWI	B	0.02%
	PINS	F	0.02%
	M	F	0.02%
	HESM	B	0.02%
	MGY	A	0.02%
	PCVX	D	0.02%
	NTRA	A	0.02%
	QLYS	B	0.02%
	TW	A	0.02%
	SON	F	0.02%
	THC	D	0.02%
	TMHC	C	0.02%
	AMKR	D	0.02%
	RVMD	C	0.02%
	MASI	B	0.02%
	CHDN	B	0.02%
	LBRDK	C	0.02%
	CADE	B	0.02%
	TPX	B	0.02%
	ACM	B	0.02%
	RPRX	D	0.02%
	WLK	D	0.02%
	NTNX	B	0.02%
	PB	B	0.02%
	SATS	D	0.02%
	GFS	C	0.01%
	SNAP	D	0.01%
	LYFT	C	0.01%
	HEI	A	0.01%
	SEE	C	0.01%
	RMBS	B	0.01%
	ELF	C	0.01%
	FLUT	A	0.01%
	H	B	0.01%
	PAG	B	0.01%
	NEU	D	0.01%
	SMMT	D	0.01%
	IONS	F	0.01%
	ADTN	A	0.01%
	PI	D	0.01%
	RRX	B	0.01%
	ZG	A	0.01%
	BBWI	C	0.01%
	CFLT	B	0.01%
	TNET	F	0.01%
	CYTK	F	0.01%
	CHWY	B	0.01%
	LCID	F	0.01%
	AAL	B	0.01%
	GTLS	A	0.01%
	U	C	0.01%
	CWEN	C	0.01%
	TDW	F	0.01%
	EXAS	D	0.01%
	RGEN	D	0.01%
	VAL	F	0.01%
	NOVT	D	0.01%
	VERX	A	0.01%
	SUM	B	0.01%
	ALTR	B	0.01%
	CACC	D	0.01%
	PEN	B	0.01%
	WTRG	B	0.01%
	DKNG	B	0.01%
	GXO	B	0.01%
	HQY	A	0.01%
	NXST	C	0.01%
	PATH	C	0.01%
	AVAV	C	0.01%
	HXL	F	0.01%
	ESAB	C	0.01%
	DDS	B	0.01%
	BRBR	A	0.01%
	PCOR	B	0.01%
	NPAB	F	0.01%
	ACHC	F	0.01%
	PSN	D	0.01%
	DLB	B	0.01%
	FOUR	A	0.01%
	MORN	B	0.01%
	HEI	A	0.01%
	GTLB	B	0.01%
	BROS	A	0.01%
	MTN	C	0.01%
	MKSI	C	0.01%
	KRYS	C	0.01%
	AGR	A	0.01%
	BILL	A	0.01%
	CWAN	B	0.01%
	RRR	F	0.01%
	LSCC	D	0.01%
	ESTC	C	0.01%
	UI	B	0.01%
	CWST	A	0.01%
	SSNC	B	0.01%
	DBX	B	0.01%
	VRNS	D	0.01%
	DUOL	A	0.01%
	ATKR	D	0.01%
	BSY	F	0.01%
	BECN	B	0.01%
	VNT	C	0.01%
	CACI	D	0.01%
	USFD	A	0.01%
	APPF	B	0.01%
	AVTR	F	0.01%
	MARA	B	0.01%
	BOKF	B	0.01%
	OGN	F	0.01%
	RYAN	A	0.01%
	SRPT	F	0.01%
	RBLX	C	0.01%
	BERY	C	0.01%
	MTSI	B	0.01%
	KBR	F	0.01%
	IDA	A	0.01%
	XP	F	0.01%
	LEVI	F	0.01%
	WEX	D	0.01%
	AZEK	A	0.01%
	MIDD	C	0.01%
	BCPC	B	0.01%
	NFG	A	0.01%
	LUMN	C	0.01%
	AN	C	0.01%
	BYD	B	0.01%
	VVV	D	0.01%
	SPSC	D	0.01%
	WTS	B	0.01%
	BIO	C	0.01%
	SMAR	B	0.01%
	TTEK	F	0.01%
	PLNT	A	0.01%
	ZWS	B	0.01%
	LNC	C	0.01%
	MDGL	B	0.01%
	WSC	F	0.01%
	GKOS	B	0.01%
	PFSI	C	0.01%
	SITE	F	0.01%
	WING	D	0.01%
	IOT	A	0.01%
	VKTX	F	0.01%
	AL	B	0.01%
	PBF	D	0.01%
	THO	B	0.01%
	ELAN	D	0.01%
	FIVE	F	0.01%
	SM	B	0.01%
	CR	A	0.01%
	WH	B	0.01%
	LANC	C	0.01%
	ITCI	C	0.01%
	AUR	C	0.01%
	CELH	F	0.01%
	S	B	0.01%
	CGNX	D	0.01%
	NVST	B	0.0%
	TPG	A	0.0%
	CRSP	D	0.0%
	WOLF	F	0.0%
	WHR	B	0.0%
	RARE	F	0.0%
	AGL	F	0.0%
	EMBC	C	0.0%
	KLG	B	0.0%
	HIMS	B	0.0%
	SEDG	F	0.0%
	COTY	F	0.0%
	FG	A	0.0%
	CNXC	F	0.0%
	FFIN	B	0.0%
	IMVT	F	0.0%
	DXC	B	0.0%
	RNA	C	0.0%
	SPB	C	0.0%
	TXG	F	0.0%
	SIRI	C	0.0%
	SAM	C	0.0%
	UGI	C	0.0%
	BRZE	C	0.0%
	CRVL	B	0.0%
	BBIO	F	0.0%
	GBCI	B	0.0%
	UHAL	D	0.0%
	AGO	B	0.0%
	APLS	F	0.0%
	IPGP	D	0.0%
	INFA	D	0.0%
	FNB	A	0.0%
	PLUG	F	0.0%
	ZI	D	0.0%
	ALKS	C	0.0%
	FIZZ	C	0.0%
	CWEN	C	0.0%
	TDC	D	0.0%
	RDN	D	0.0%
	HCP	B	0.0%
	CAR	C	0.0%
	EEFT	B	0.0%
	HRI	C	0.0%
	SNDR	B	0.0%
	WK	B	0.0%
	TENB	C	0.0%
	FLO	D	0.0%
	ALIT	C	0.0%
	FRHC	B	0.0%
	ST	F	0.0%
	LBRDA	C	0.0%
	OPCH	D	0.0%
	W	D	0.0%
	NFE	D	0.0%
	BIRK	D	0.0%
	OWL	A	0.0%
	INSP	D	0.0%
	ESI	B	0.0%
	CRDO	B	0.0%
	MMS	F	0.0%
	AMG	B	0.0%
	COLB	B	0.0%
	POST	C	0.0%
	ACT	C	0.0%
	ETSY	D	0.0%
	BFAM	D	0.0%
	XRAY	F	0.0%
	REYN	D	0.0%
	CNA	C	0.0%
	NUVL	C	0.0%
	RDDT	A	0.0%
	TMDX	F	0.0%
	SAIC	F	0.0%
	ALGM	D	0.0%
	ZETA	D	0.0%
	RBRK	A	0.0%
	RH	C	0.0%
	SLGN	A	0.0%
	TKO	A	0.0%
	APG	B	0.0%
	BPMC	B	0.0%

AVLC Underweight 30 Positions Relative to PHDG

	Symbol	Grade	Weight
	PLD	F	-0.11%
	AMT	C	-0.1%
	EQIX	A	-0.09%
	WELL	A	-0.08%
	PSA	C	-0.06%
	SPG	A	-0.06%
	DLR	B	-0.06%
	CCI	C	-0.05%
	O	C	-0.05%
	VICI	C	-0.04%
	IRM	C	-0.04%
	EXR	C	-0.04%
	SBAC	D	-0.03%
	EQR	C	-0.03%
	VTR	B	-0.03%
	AVB	B	-0.03%
	DOC	C	-0.02%
	GEN	B	-0.02%
	KIM	A	-0.02%
	ARE	F	-0.02%
	MAA	B	-0.02%
	INVH	D	-0.02%
	ESS	B	-0.02%
	WY	F	-0.02%
	FRT	B	-0.01%
	BXP	C	-0.01%
	REG	A	-0.01%
	HST	C	-0.01%
	CPT	B	-0.01%
	UDR	B	-0.01%

AVLC: Top Represented Industries & Keywords

Industries: Software - Application Biotechnology Banks - Regional - US Diversified Industrials Business Services Software - Infrastructure Asset Management Oil & Gas E&P Semiconductors Utilities - Regulated Electric Specialty Retail Diagnostics & Research Capital Markets Packaged Foods Information Technology Services Specialty Chemicals Aerospace & Defense Building Materials Insurance - Property & Casualty Medical Instruments & Supplies

Keywords: S&P 500 Nasdaq 100 Computing Natural Gas Insurance Banking Electronics Bank Chemical Aerospace Medicine Electricity Mining Telecommunications Semiconductor Dow Jones Component IBD 50 Insurance Products Biotechnology Building Materials

PHDG: Top Represented Industries & Keywords

Industries: Diversified Industrials Software - Application Utilities - Regulated Electric Business Services Semiconductors Diagnostics & Research Asset Management Oil & Gas E&P Aerospace & Defense Banks - Regional - US Capital Markets Drug Manufacturers - Major Packaged Foods Medical Devices Medical Instruments & Supplies Specialty Retail Credit Services Health Care Plans Household & Personal Products Information Technology Services

Keywords: S&P 500 Nasdaq 100 Natural Gas Computing Electricity Insurance Dow Jones Component Electronics Chemical Medicine Real Estate Investment Trust Aerospace Telecommunications Bank Semiconductor Banking Insurance Products Petroleum Industry Transport Investment Bank