ILCB vs. BTAL ETF Comparison

Comparison of iShares Morningstar U.S. Equity ETF (ILCB) to QuantShares U.S. Market Neutral Anti Beta Fund ETF (BTAL)

ILCB

iShares Morningstar U.S. Equity ETF

ILCB Description

The investment seeks to track the investment results of the Morningstar US Large-Mid Cap IndexSM composed of large- and mid-capitalization U.S. equities. The fund generally invests at least 90% of its assets in securities of the underlying index and in depositary receipts representing securities of the underlying index. The underlying index measures the performance of stocks issued by large-mid capitalization companies that have exhibited similar growth and value characteristics, as determined by Morningstar, Inc. (Morningstar or the index provider) proprietary index methodology.

Grade (RS Rating)

Last Trade

$82.76

Average Daily Volume

40,854

Number of Holdings ^*

614

* may have additional holdings in another (foreign) market

BTAL

QuantShares U.S. Market Neutral Anti Beta Fund ETF

BTAL Description

The investment seeks performance results that correspond to the price and yield performance, before fees and expenses, of the Dow Jones U.S. Thematic Market Neutral Anti-Beta Index. The fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in common stock, including the short positions, in the Target Anti-Beta Index. The Target Anti-Beta Index is a market neutral index that is dollar-neutral. As such, it identifies long and short securities positions of approximately equal dollar amounts. In choosing to track a market neutral index, the fund seeks to limit the effects of general market movements on the fund.

Grade (RS Rating)

Last Trade

$19.01

Average Daily Volume

445,126

Number of Holdings ^*

392

* may have additional holdings in another (foreign) market

Performance

Period	ILCB	BTAL
30 Days	3.62%	-4.57%
60 Days	4.81%	-3.16%
90 Days	6.51%	-3.70%
12 Months	32.50%	-6.81%

235 Overlapping Holdings

	Symbol	Grade	Weight in ILCB	Weight in BTAL	Overlap
	ABBV	D	0.56%	0.36%	0.36%
	ACGL	D	0.07%	0.38%	0.07%
	ACN	C	0.43%	0.44%	0.43%
	ADP	B	0.23%	0.46%	0.23%
	AEE	A	0.05%	0.49%	0.05%
	AES	F	0.02%	-0.35%	-0.35%
	AKAM	D	0.03%	0.36%	0.03%
	ALB	C	0.02%	-0.52%	-0.52%
	ALGN	D	0.03%	-0.43%	-0.43%
	ALL	A	0.1%	0.48%	0.1%
	ALLY	C	0.02%	-0.37%	-0.37%
	AMCR	D	0.03%	0.39%	0.03%
	AMD	F	0.42%	-0.4%	-0.4%
	AMGN	D	0.29%	0.37%	0.29%
	ANET	C	0.19%	-0.46%	-0.46%
	AON	A	0.16%	0.47%	0.16%
	AR	B	0.02%	-0.53%	-0.53%
	ARE	D	0.03%	-0.4%	-0.4%
	AVB	B	0.06%	0.45%	0.06%
	AVGO	D	1.45%	-0.45%	-0.45%
	AWK	D	0.05%	-0.42%	-0.42%
	AXON	A	0.08%	-0.74%	-0.74%
	AZO	C	0.1%	0.33%	0.1%
	BG	F	0.02%	0.4%	0.02%
	BKR	B	0.08%	0.53%	0.08%
	BLD	D	0.02%	-0.4%	-0.4%
	BLDR	D	0.04%	-0.44%	-0.44%
	BLK	C	0.3%	-0.54%	-0.54%
	BMRN	D	0.02%	0.29%	0.02%
	BMY	B	0.22%	0.51%	0.22%
	BRO	B	0.05%	0.47%	0.05%
	BX	A	0.25%	-0.57%	-0.57%
	BXP	D	0.02%	-0.46%	-0.46%
	CARR	D	0.12%	-0.45%	-0.45%
	CB	C	0.21%	0.45%	0.21%
	CBRE	B	0.08%	-0.51%	-0.51%
	CCK	C	0.02%	0.43%	0.02%
	CCL	B	0.05%	-0.63%	-0.63%
	CE	F	0.02%	-0.24%	-0.24%
	CEG	D	0.14%	-0.52%	-0.52%
	CELH	F	0.01%	-0.29%	-0.29%
	CF	B	0.03%	0.46%	0.03%
	CFG	B	0.04%	-0.49%	-0.49%
	CG	A	0.02%	-0.55%	-0.55%
	CHD	B	0.05%	0.47%	0.05%
	CI	F	0.17%	0.4%	0.17%
	CINF	A	0.05%	0.49%	0.05%
	CLH	B	0.02%	0.43%	0.02%
	CME	A	0.16%	0.47%	0.16%
	CMG	B	0.15%	0.45%	0.15%
	CMS	C	0.04%	0.44%	0.04%
	CNC	D	0.06%	0.32%	0.06%
	CNM	D	0.01%	-0.38%	-0.38%
	COIN	C	0.12%	-0.71%	-0.71%
	COR	B	0.08%	0.45%	0.08%
	COTY	F	0.01%	-0.33%	-0.33%
	CPB	D	0.02%	0.38%	0.02%
	CRL	C	0.02%	-0.41%	-0.41%
	CRWD	B	0.15%	-0.57%	-0.57%
	CSCO	B	0.45%	0.49%	0.45%
	CSGP	D	0.06%	-0.42%	-0.42%
	CSX	B	0.13%	0.45%	0.13%
	CTSH	B	0.07%	0.43%	0.07%
	D	C	0.09%	-0.45%	-0.45%
	DAL	C	0.08%	-0.68%	-0.68%
	DASH	A	0.1%	-0.59%	-0.59%
	DAY	B	0.02%	-0.56%	-0.56%
	DD	D	0.07%	0.43%	0.07%
	DECK	A	0.05%	0.44%	0.05%
	DELL	C	0.07%	-0.53%	-0.53%
	DGX	A	0.03%	0.45%	0.03%
	DINO	D	0.01%	-0.39%	-0.39%
	DKNG	B	0.04%	-0.53%	-0.53%
	DKS	C	0.02%	-0.37%	-0.37%
	DRI	B	0.04%	0.46%	0.04%
	DUK	C	0.17%	0.43%	0.17%
	DVN	F	0.05%	0.37%	0.05%
	ED	D	0.06%	0.42%	0.06%
	EFX	F	0.06%	-0.35%	-0.35%
	EG	C	0.03%	0.42%	0.03%
	EL	F	0.03%	-0.31%	-0.31%
	ELS	C	0.02%	0.43%	0.02%
	ELV	F	0.18%	0.33%	0.18%
	ENPH	F	0.02%	-0.23%	-0.23%
	EQR	B	0.05%	0.44%	0.05%
	EQT	B	0.05%	-0.59%	-0.59%
	ERIE	D	0.02%	0.38%	0.02%
	ETN	A	0.28%	-0.52%	-0.52%
	EW	C	0.08%	-0.44%	-0.44%
	EXPE	B	0.04%	-0.56%	-0.56%
	F	C	0.08%	-0.44%	-0.44%
	FANG	D	0.06%	0.39%	0.06%
	FCX	D	0.12%	-0.42%	-0.42%
	FFIV	B	0.03%	0.52%	0.03%
	FND	C	0.02%	-0.4%	-0.4%
	FOXA	B	0.02%	0.48%	0.02%
	FTNT	C	0.12%	0.52%	0.12%
	GD	F	0.14%	0.41%	0.14%
	GILD	C	0.21%	0.49%	0.21%
	GIS	D	0.07%	0.38%	0.07%
	GLPI	C	0.02%	0.42%	0.02%
	GLW	B	0.07%	0.47%	0.07%
	GPC	D	0.03%	0.37%	0.03%
	HEI	B	0.02%	0.47%	0.02%
	HEI	B	0.03%	0.47%	0.03%
	HIG	B	0.07%	0.45%	0.07%
	HON	B	0.29%	0.47%	0.29%
	HOOD	B	0.03%	-0.72%	-0.72%
	HPQ	B	0.07%	0.45%	0.07%
	HUM	C	0.06%	0.34%	0.06%
	IBKR	A	0.04%	0.62%	0.04%
	IBM	C	0.36%	0.45%	0.36%
	IDXX	F	0.07%	-0.39%	-0.39%
	ILMN	D	0.04%	-0.43%	-0.43%
	INTC	D	0.2%	-0.54%	-0.54%
	J	F	0.03%	0.41%	0.03%
	JNJ	D	0.71%	0.42%	0.42%
	JNPR	F	0.02%	0.39%	0.02%
	KHC	F	0.05%	0.38%	0.05%
	KKR	A	0.19%	-0.55%	-0.55%
	KMI	A	0.1%	0.56%	0.1%
	KMX	B	0.02%	-0.4%	-0.4%
	KO	D	0.46%	0.37%	0.37%
	KR	B	0.08%	0.47%	0.08%
	L	A	0.03%	0.45%	0.03%
	LMT	D	0.22%	0.38%	0.22%
	LNG	B	0.09%	0.51%	0.09%
	LNT	A	0.03%	0.46%	0.03%
	LPLA	A	0.05%	0.59%	0.05%
	LRCX	F	0.18%	-0.36%	-0.36%
	LULU	C	0.07%	0.48%	0.07%
	LYV	A	0.04%	-0.62%	-0.62%
	MCD	D	0.41%	0.42%	0.41%
	MCK	B	0.15%	0.51%	0.15%
	MDB	C	0.04%	-0.53%	-0.53%
	MGM	D	0.02%	-0.43%	-0.43%
	MKC	D	0.04%	0.41%	0.04%
	MKL	A	0.04%	0.53%	0.04%
	MMC	B	0.21%	0.42%	0.21%
	MOH	F	0.03%	0.36%	0.03%
	MOS	F	0.02%	0.38%	0.02%
	MPWR	F	0.05%	-0.24%	-0.24%
	MRNA	F	0.02%	-0.22%	-0.22%
	MRVL	B	0.15%	-0.56%	-0.56%
	MSFT	F	5.94%	0.43%	0.43%
	MSI	B	0.16%	0.51%	0.16%
	MSTR	C	0.12%	1.19%	0.12%
	MU	D	0.21%	-0.43%	-0.43%
	NEM	D	0.09%	0.35%	0.09%
	NET	B	0.05%	-0.5%	-0.5%
	NOC	D	0.14%	0.4%	0.14%
	NRG	B	0.04%	-0.49%	-0.49%
	NTRA	B	0.03%	-0.56%	-0.56%
	NTRS	A	0.04%	-0.54%	-0.54%
	NVDA	C	6.48%	-0.48%	-0.48%
	NVT	B	0.02%	-0.49%	-0.49%
	O	D	0.09%	0.39%	0.09%
	OC	A	0.03%	-0.46%	-0.46%
	ON	D	0.05%	0.38%	0.05%
	ORLY	B	0.14%	0.5%	0.14%
	OXY	D	0.06%	0.38%	0.06%
	PAG	B	0.01%	0.41%	0.01%
	PAYC	B	0.02%	0.59%	0.02%
	PAYX	C	0.09%	0.47%	0.09%
	PCAR	B	0.11%	0.51%	0.11%
	PFE	D	0.27%	0.37%	0.27%
	PFGC	B	0.02%	-0.49%	-0.49%
	PGR	A	0.29%	0.45%	0.29%
	PINS	D	0.03%	-0.4%	-0.4%
	PKG	A	0.04%	0.49%	0.04%
	PLD	D	0.2%	-0.39%	-0.39%
	PLTR	B	0.25%	-0.87%	-0.87%
	PODD	C	0.03%	-0.59%	-0.59%
	PWR	A	0.09%	-0.51%	-0.51%
	PYPL	B	0.17%	-0.52%	-0.52%
	RBLX	C	0.05%	-0.51%	-0.51%
	REG	B	0.02%	0.45%	0.02%
	RF	A	0.05%	-0.5%	-0.5%
	RGA	A	0.03%	0.48%	0.03%
	RMD	C	0.07%	-0.45%	-0.45%
	RNR	C	0.03%	0.46%	0.03%
	ROP	B	0.11%	0.45%	0.11%
	RSG	A	0.08%	0.43%	0.08%
	RTX	C	0.3%	0.43%	0.3%
	SAIA	B	0.03%	-0.59%	-0.59%
	SCHW	B	0.22%	-0.56%	-0.56%
	SHW	A	0.17%	-0.47%	-0.47%
	SMCI	F	0.02%	-0.18%	-0.18%
	SNA	A	0.04%	0.55%	0.04%
	SNAP	C	0.02%	-0.49%	-0.49%
	SNX	C	0.01%	0.41%	0.01%
	SQ	B	0.09%	-0.6%	-0.6%
	SRPT	D	0.02%	0.32%	0.02%
	T	A	0.31%	0.5%	0.31%
	TDY	B	0.04%	0.48%	0.04%
	TER	D	0.03%	-0.33%	-0.33%
	TFX	F	0.02%	-0.36%	-0.36%
	TGT	F	0.14%	-0.44%	-0.44%
	TJX	A	0.26%	0.43%	0.26%
	TMUS	B	0.22%	0.49%	0.22%
	TOL	B	0.03%	-0.47%	-0.47%
	TROW	B	0.05%	-0.48%	-0.48%
	TRU	D	0.04%	-0.44%	-0.44%
	TRV	B	0.11%	0.52%	0.11%
	TSLA	B	1.72%	-0.7%	-0.7%
	TT	A	0.18%	-0.51%	-0.51%
	TTD	B	0.1%	-0.5%	-0.5%
	TXT	D	0.03%	0.4%	0.03%
	UBER	D	0.28%	-0.42%	-0.42%
	UNH	C	1.05%	0.43%	0.43%
	UNM	A	0.02%	0.57%	0.02%
	URI	B	0.11%	-0.52%	-0.52%
	USB	A	0.15%	-0.49%	-0.49%
	USFD	A	0.03%	-0.49%	-0.49%
	UTHR	C	0.03%	0.45%	0.03%
	VEEV	C	0.06%	-0.46%	-0.46%
	VICI	C	0.06%	0.42%	0.06%
	VRSN	F	0.03%	0.43%	0.03%
	VRT	B	0.08%	-0.67%	-0.67%
	VST	B	0.09%	-0.76%	-0.76%
	VTRS	A	0.03%	0.48%	0.03%
	VZ	C	0.34%	0.44%	0.34%
	WBA	F	0.01%	-0.4%	-0.4%
	WEC	A	0.06%	0.46%	0.06%
	WELL	A	0.16%	0.5%	0.16%
	WM	A	0.15%	0.45%	0.15%
	WMS	D	0.02%	-0.37%	-0.37%
	WPC	D	0.02%	0.41%	0.02%
	WRB	A	0.04%	0.45%	0.04%
	WTW	B	0.06%	0.45%	0.06%
	XEL	A	0.07%	0.5%	0.07%
	XOM	B	1.02%	0.44%	0.44%
	XPO	B	0.03%	-0.54%	-0.54%
	YUM	B	0.07%	0.43%	0.07%
	ZS	C	0.04%	-0.46%	-0.46%

ILCB Overweight 379 Positions Relative to BTAL

	Symbol	Grade	Weight
	AAPL	C	6.21%
	AMZN	C	3.7%
	META	D	2.34%
	GOOGL	C	1.95%
	GOOG	C	1.74%
	BRK.A	B	1.63%
	JPM	A	1.34%
	LLY	F	1.22%
	V	A	1.0%
	MA	C	0.82%
	COST	B	0.78%
	HD	A	0.78%
	PG	A	0.77%
	WMT	A	0.7%
	NFLX	A	0.68%
	BAC	A	0.61%
	CRM	B	0.58%
	ORCL	B	0.57%
	CVX	A	0.53%
	WFC	A	0.49%
	MRK	F	0.47%
	ADBE	C	0.43%
	PEP	F	0.42%
	LIN	D	0.41%
	NOW	A	0.4%
	DIS	B	0.4%
	ABT	B	0.39%
	TMO	F	0.38%
	PM	B	0.38%
	GE	D	0.37%
	GS	A	0.37%
	INTU	C	0.37%
	ISRG	A	0.36%
	CAT	B	0.36%
	TXN	C	0.35%
	QCOM	F	0.34%
	CMCSA	B	0.32%
	MS	A	0.32%
	BKNG	A	0.32%
	AXP	A	0.31%
	LOW	D	0.3%
	NEE	D	0.3%
	SPGI	C	0.3%
	DHR	F	0.29%
	UNP	C	0.28%
	AMAT	F	0.27%
	SYK	C	0.27%
	BSX	B	0.25%
	C	A	0.25%
	COP	C	0.25%
	PANW	C	0.24%
	VRTX	F	0.23%
	FI	A	0.23%
	SBUX	A	0.22%
	MDT	D	0.22%
	ADI	D	0.2%
	BA	F	0.2%
	UPS	C	0.19%
	DE	A	0.19%
	AMT	D	0.18%
	MELI	D	0.18%
	MO	A	0.18%
	SO	D	0.18%
	MDLZ	F	0.17%
	ICE	C	0.17%
	PH	A	0.17%
	GEV	B	0.17%
	NKE	D	0.17%
	PNC	B	0.16%
	KLAC	D	0.16%
	APH	A	0.16%
	EQIX	A	0.16%
	CL	D	0.15%
	EOG	A	0.15%
	CDNS	B	0.15%
	SNPS	B	0.15%
	ZTS	D	0.15%
	REGN	F	0.15%
	ITW	B	0.15%
	COF	B	0.14%
	APD	A	0.14%
	MMM	D	0.14%
	EMR	A	0.14%
	CTAS	B	0.14%
	MCO	B	0.14%
	APO	B	0.13%
	BDX	F	0.13%
	FDX	B	0.13%
	CVS	D	0.13%
	CRH	A	0.13%
	WMB	A	0.13%
	TDG	D	0.13%
	APP	B	0.12%
	HLT	A	0.12%
	SLB	C	0.12%
	TFC	A	0.12%
	ECL	D	0.12%
	OKE	A	0.12%
	ADSK	A	0.12%
	AJG	B	0.12%
	GM	B	0.12%
	HCA	F	0.12%
	MAR	B	0.12%
	PSX	C	0.11%
	WDAY	B	0.11%
	SPG	B	0.11%
	NXPI	D	0.11%
	FICO	B	0.11%
	AMP	A	0.11%
	ABNB	C	0.11%
	AFL	B	0.11%
	JCI	C	0.11%
	BK	A	0.11%
	DLR	B	0.11%
	SRE	A	0.11%
	NSC	B	0.11%
	CPRT	A	0.1%
	CMI	A	0.1%
	MET	A	0.1%
	AEP	D	0.1%
	GWW	B	0.1%
	PSA	D	0.1%
	MPC	D	0.1%
	RCL	A	0.1%
	DFS	B	0.09%
	PEG	A	0.09%
	AME	A	0.09%
	CCI	D	0.09%
	PCG	A	0.09%
	VLO	C	0.09%
	KMB	D	0.09%
	TEL	B	0.09%
	HWM	A	0.09%
	PRU	A	0.09%
	ROST	C	0.09%
	MSCI	C	0.09%
	LHX	C	0.09%
	FAST	B	0.09%
	DHI	D	0.09%
	FIS	C	0.09%
	AIG	B	0.09%
	EXC	C	0.08%
	EA	A	0.08%
	IT	C	0.08%
	LEN	D	0.08%
	VRSK	A	0.08%
	OTIS	C	0.08%
	HES	B	0.08%
	FERG	B	0.08%
	SNOW	C	0.08%
	ODFL	B	0.08%
	KVUE	A	0.08%
	IR	B	0.08%
	TRGP	B	0.08%
	WAB	B	0.07%
	KDP	D	0.07%
	HUBS	A	0.07%
	EXR	D	0.07%
	NUE	C	0.07%
	IQV	D	0.07%
	MTB	A	0.07%
	MLM	B	0.07%
	MNST	C	0.07%
	VMC	B	0.07%
	DDOG	A	0.07%
	A	D	0.07%
	SYY	B	0.07%
	TEAM	A	0.07%
	CTVA	C	0.07%
	CHTR	C	0.07%
	STZ	D	0.07%
	PPG	F	0.06%
	STT	A	0.06%
	CAH	B	0.06%
	ANSS	B	0.06%
	TTWO	A	0.06%
	CPNG	D	0.06%
	GPN	B	0.06%
	XYL	D	0.06%
	UAL	A	0.06%
	TSCO	D	0.06%
	ALNY	D	0.06%
	DXCM	D	0.06%
	NDAQ	A	0.06%
	RJF	A	0.06%
	DOW	F	0.06%
	EBAY	D	0.06%
	ARES	A	0.06%
	ETR	B	0.06%
	FITB	A	0.06%
	EIX	B	0.06%
	GRMN	B	0.06%
	GEHC	F	0.06%
	ROK	B	0.06%
	MCHP	D	0.06%
	IRM	D	0.06%
	CDW	F	0.05%
	EME	C	0.05%
	SBAC	D	0.05%
	NTAP	C	0.05%
	VLTO	D	0.05%
	GDDY	A	0.05%
	PPL	B	0.05%
	DTE	C	0.05%
	CPAY	A	0.05%
	TYL	B	0.05%
	HSY	F	0.05%
	MTD	D	0.05%
	ADM	D	0.05%
	HBAN	A	0.05%
	VTR	C	0.05%
	SW	A	0.05%
	NVR	D	0.05%
	KEYS	A	0.05%
	HAL	C	0.05%
	FTV	C	0.05%
	SYF	B	0.05%
	BR	A	0.05%
	TPL	A	0.05%
	PHM	D	0.05%
	FCNCA	A	0.05%
	HPE	B	0.05%
	DOV	A	0.05%
	FDS	B	0.04%
	HOLX	D	0.04%
	WSO	A	0.04%
	MAA	B	0.04%
	OMC	C	0.04%
	EXE	B	0.04%
	CTRA	B	0.04%
	BAH	F	0.04%
	BALL	D	0.04%
	ESS	B	0.04%
	INVH	D	0.04%
	FSLR	F	0.04%
	LVS	C	0.04%
	COO	D	0.04%
	STX	D	0.04%
	ZBRA	B	0.04%
	LUV	C	0.04%
	ZM	B	0.04%
	IP	B	0.04%
	LII	A	0.04%
	CNP	B	0.04%
	PFG	D	0.04%
	LH	C	0.04%
	WDC	D	0.04%
	WBD	C	0.04%
	STLD	B	0.04%
	CSL	C	0.04%
	FE	C	0.04%
	CLX	B	0.04%
	WAT	B	0.04%
	LDOS	C	0.04%
	LYB	F	0.04%
	K	A	0.04%
	ES	D	0.04%
	STE	F	0.04%
	ATO	A	0.04%
	IFF	D	0.04%
	WY	D	0.04%
	PTC	A	0.04%
	BIIB	F	0.04%
	WST	C	0.04%
	ZBH	C	0.04%
	HUBB	B	0.04%
	NDSN	B	0.03%
	DLTR	F	0.03%
	UDR	B	0.03%
	EPAM	C	0.03%
	FNF	B	0.03%
	SWK	D	0.03%
	SWKS	F	0.03%
	RVTY	F	0.03%
	POOL	C	0.03%
	AVTR	F	0.03%
	JBL	B	0.03%
	DT	C	0.03%
	EVRG	A	0.03%
	ENTG	D	0.03%
	ROL	B	0.03%
	DOC	D	0.03%
	ACM	A	0.03%
	PSTG	D	0.03%
	TW	A	0.03%
	JBHT	C	0.03%
	GGG	B	0.03%
	THC	D	0.03%
	CASY	A	0.03%
	FLEX	A	0.03%
	DPZ	C	0.03%
	SUI	D	0.03%
	WSM	B	0.03%
	AVY	D	0.03%
	FIX	A	0.03%
	DOCU	A	0.03%
	SSNC	B	0.03%
	MRO	B	0.03%
	TWLO	A	0.03%
	BAX	D	0.03%
	NI	A	0.03%
	MANH	D	0.03%
	DG	F	0.03%
	KIM	A	0.03%
	EXPD	D	0.03%
	NTNX	A	0.03%
	GEN	B	0.03%
	BURL	A	0.03%
	FWONK	B	0.03%
	IEX	B	0.03%
	MAS	D	0.03%
	PNR	A	0.03%
	TRMB	B	0.03%
	RPM	A	0.03%
	RS	B	0.03%
	ULTA	F	0.03%
	TSN	B	0.03%
	BBY	D	0.03%
	KEY	B	0.03%
	MEDP	D	0.02%
	DVA	B	0.02%
	APA	D	0.02%
	HRL	D	0.02%
	AOS	F	0.02%
	WYNN	D	0.02%
	EXAS	D	0.02%
	WING	D	0.02%
	MORN	B	0.02%
	SOLV	C	0.02%
	WTRG	B	0.02%
	CNH	C	0.02%
	CHDN	B	0.02%
	LKQ	D	0.02%
	RPRX	D	0.02%
	IPG	D	0.02%
	AFG	A	0.02%
	TECH	D	0.02%
	BJ	A	0.02%
	LW	C	0.02%
	NWSA	B	0.02%
	TTEK	F	0.02%
	TAP	C	0.02%
	SJM	D	0.02%
	RRX	B	0.02%
	OVV	B	0.02%
	AMH	D	0.02%
	UHS	D	0.02%
	OKTA	C	0.02%
	LECO	B	0.02%
	HST	C	0.02%
	NBIX	C	0.02%
	EMN	D	0.02%
	ALLE	D	0.02%
	INCY	C	0.02%
	SCI	B	0.02%
	EQH	B	0.02%
	JKHY	D	0.02%
	CPT	B	0.02%
	CAG	D	0.02%
	APTV	D	0.02%
	NWS	B	0.01%
	WLK	D	0.01%
	BRKR	D	0.01%
	U	C	0.01%
	FOX	A	0.01%
	UHAL	D	0.01%
	PCOR	B	0.01%
	BSY	D	0.01%
	SIRI	C	0.01%
	QRVO	F	0.01%
	BEN	C	0.01%
	AZPN	A	0.01%
	ACI	C	0.01%
	HII	D	0.01%
	UHAL	D	0.0%
	LEN	D	0.0%
	FWONA	B	0.0%
	ALAB	B	0.0%
	AGR	B	0.0%

ILCB Underweight 158 Positions Relative to BTAL

	Symbol	Grade	Weight
	BILL	A	-0.68%
	SFM	A	-0.6%
	HQY	B	-0.58%
	ALSN	B	-0.56%
	CFLT	B	-0.56%
	NWL	B	-0.54%
	PCTY	B	-0.53%
	WH	B	-0.53%
	BWXT	B	-0.53%
	TGNA	B	-0.53%
	TXRH	C	-0.51%
	RLI	B	-0.51%
	THG	A	-0.51%
	CHH	A	-0.5%
	PNM	F	-0.5%
	G	B	-0.49%
	VFC	C	-0.48%
	SIGI	C	-0.48%
	AIZ	A	-0.48%
	AXS	A	-0.48%
	SBRA	C	-0.47%
	DBX	B	-0.47%
	CW	B	-0.47%
	RYAN	B	-0.47%
	EDR	A	-0.46%
	WEN	D	-0.46%
	SLGN	A	-0.46%
	ORI	A	-0.46%
	ARMK	B	-0.45%
	ADC	B	-0.45%
	PNW	B	-0.45%
	CHRW	C	-0.45%
	JAZZ	B	-0.44%
	BWA	D	-0.44%
	CDP	C	-0.44%
	NEU	C	-0.44%
	CBOE	B	-0.43%
	DOX	D	-0.43%
	DLB	B	-0.43%
	ZI	D	-0.43%
	MUSA	A	-0.43%
	X	C	-0.43%
	OHI	C	-0.43%
	MSM	C	-0.43%
	COLM	B	-0.43%
	FLO	D	-0.42%
	AVT	C	-0.42%
	CACI	D	-0.42%
	CXT	B	-0.42%
	HRB	D	-0.41%
	OLLI	D	-0.41%
	SAIC	F	-0.4%
	CHE	D	-0.4%
	MSA	D	-0.4%
	ASGN	F	-0.39%
	WTM	A	-0.39%
	FCN	D	-0.38%
	FMC	D	-0.37%
	MAN	D	-0.37%
	KBR	F	-0.37%
	ARW	D	-0.37%
	TNET	D	-0.37%
	MUR	D	-0.37%
	ST	F	-0.36%
	MTCH	D	-0.35%
	FOXF	F	-0.35%
	MDU	D	-0.32%
	AGL	F	-0.16%
	SEDG	F	--0.19%
	RUN	F	--0.21%
	CNXC	F	--0.23%
	WOLF	F	--0.25%
	TXG	F	--0.26%
	NTLA	F	--0.27%
	RKT	F	--0.29%
	RIVN	F	--0.3%
	OPEN	D	--0.3%
	BRZE	C	--0.33%
	AMKR	D	--0.34%
	ELF	C	--0.35%
	SHLS	F	--0.35%
	ARWR	F	--0.35%
	RGEN	D	--0.37%
	NVCR	C	--0.38%
	RIG	D	--0.38%
	KSS	F	--0.39%
	ELAN	D	--0.39%
	MKSI	C	--0.4%
	FBIN	D	--0.41%
	ROIV	C	--0.41%
	AGNC	D	--0.41%
	W	F	--0.41%
	POWI	D	--0.41%
	DNLI	D	--0.42%
	CHX	C	--0.42%
	CZR	F	--0.42%
	CWEN	C	--0.42%
	CC	C	--0.43%
	CRSP	D	--0.43%
	PATH	C	--0.43%
	SSD	D	--0.43%
	SEE	C	--0.44%
	THO	B	--0.44%
	UGI	A	--0.44%
	RYN	D	--0.44%
	APG	B	--0.44%
	BBWI	D	--0.44%
	TREX	C	--0.45%
	NWE	B	--0.45%
	DAR	C	--0.45%
	MTDR	B	--0.45%
	SMG	D	--0.46%
	LAMR	D	--0.46%
	KRC	C	--0.46%
	JLL	D	--0.46%
	PENN	C	--0.46%
	ROKU	D	--0.47%
	HHH	B	--0.47%
	LNC	B	--0.48%
	AXTA	A	--0.49%
	OZK	B	--0.49%
	ITT	A	--0.49%
	WAL	B	--0.49%
	GH	B	--0.49%
	CAR	C	--0.51%
	RMBS	C	--0.51%
	GNRC	B	--0.51%
	RRC	B	--0.51%
	LPX	B	--0.52%
	COHR	B	--0.52%
	PEN	B	--0.52%
	IOT	A	--0.52%
	VNO	B	--0.52%
	ZION	B	--0.53%
	JHG	A	--0.53%
	EXP	A	--0.53%
	RH	B	--0.53%
	FYBR	D	--0.53%
	SNV	B	--0.54%
	FOUR	B	--0.54%
	CMA	A	--0.54%
	PNFP	B	--0.55%
	WCC	B	--0.55%
	AA	B	--0.56%
	Z	A	--0.56%
	GME	C	--0.56%
	TDOC	C	--0.56%
	GTLS	B	--0.58%
	OWL	A	--0.58%
	TPG	A	--0.58%
	LITE	B	--0.62%
	DUOL	A	--0.63%
	LYFT	C	--0.65%
	CVNA	B	--0.68%
	PTON	B	--0.69%
	TOST	B	--0.71%
	SOFI	A	--0.79%
	AFRM	B	--0.84%

ILCB: Top Represented Industries & Keywords

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

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

BTAL: Top Represented Industries & Keywords

Industries: Software - Application Insurance - Property & Casualty Software - Infrastructure Biotechnology Semiconductors Utilities - Regulated Electric Asset Management Banks - Regional - US Specialty Retail Aerospace & Defense Business Services Oil & Gas E&P Building Materials Information Technology Services Restaurants Diagnostics & Research Drug Manufacturers - Major Health Care Plans Diversified Industrials Household & Personal Products

Keywords: S&P 500 Nasdaq 100 Insurance Natural Gas Computing Insurance Products Electricity Real Estate Investment Trust Aerospace Chemical IBD 50 Semiconductor Telecommunications Banking Cloud Computing Dow Jones Component Electronics Biotechnology Medicine Bank