INRO vs. NZAC ETF Comparison

Comparison of BlackRock U.S. Industry Rotation ETF (INRO) to SPDR MSCI ACWI Climate Paris Aligned ETF (NZAC)

INRO

BlackRock U.S. Industry Rotation ETF

INRO Description

INRO is targeted US equity exposure, actively managed by shifting the selection and weighting of the portfolio towards industries among the broad domestic market. Portfolio allocation is based on five potential sources of return: information regarding the current economic cycle, valuation, quality metrics, analyst expectation data and recent individual industry trends. The strategy aims to capture the potential alpha from the dispersion between industry allocations and the broad market. During temporary defensive periods, the fund may depart from this principal investment strategy to invest 100% of the portfolio in liquid, short-term securities. The fund may engage in active and frequent trading. Derivatives may also be used to seek returns or hedge exposure. Up to one-third of the value of the funds assets may be lending.

Grade (RS Rating)

Last Trade

$28.39

Average Daily Volume

3,548

Number of Holdings ^*

429

* may have additional holdings in another (foreign) market

NZAC

SPDR MSCI ACWI Climate Paris Aligned ETF

NZAC Description

The fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the index. The index is designed to exceed the minimum standards for a "Paris-Aligned Benchmark" under the EU BMR. A Paris-Aligned Benchmark is designed to align with a principal objective of the Paris Agreement to limit the increase in the global average temperature to well below 2 degrees Celsius above pre-industrial levels.

Grade (RS Rating)

Last Trade

$37.32

Average Daily Volume

6,937

Number of Holdings ^*

370

* may have additional holdings in another (foreign) market

Performance

Period	INRO	NZAC
30 Days	5.09%	0.97%
60 Days	6.25%	0.81%
90 Days	7.10%	2.64%
12 Months		25.98%

259 Overlapping Holdings

Symbol	Grade	Weight in INRO	Weight in NZAC	Overlap
A	D	0.05%	0.06%	0.05%
AAPL	C	5.76%	4.47%	4.47%
ABBV	D	0.39%	0.6%	0.39%
ABBV	D	0.39%	0.34%	0.34%
ACGL	D	0.05%	0.12%	0.05%
ACM	A	0.11%	0.36%	0.11%
ACN	C	0.07%	0.39%	0.07%
ADBE	C	0.32%	0.35%	0.32%
ADI	D	0.22%	0.46%	0.22%
ADP	B	0.29%	0.2%	0.2%
ADSK	A	0.09%	0.09%	0.09%
AFG	A	0.02%	0.07%	0.02%
AFL	B	0.09%	0.28%	0.09%
AIG	B	0.09%	0.14%	0.09%
AIZ	A	0.02%	0.09%	0.02%
AJG	B	0.1%	0.07%	0.07%
ALL	A	0.08%	0.14%	0.08%
ALLE	D	0.08%	0.09%	0.08%
ALLY	C	0.02%	0.02%	0.02%
ALNY	D	0.04%	0.03%	0.03%
AMAT	F	0.3%	0.12%	0.12%
AMD	F	0.47%	0.27%	0.27%
AME	A	0.15%	0.16%	0.15%
AMGN	D	0.2%	0.21%	0.2%
AMP	A	0.19%	0.16%	0.16%
AMT	D	0.11%	0.11%	0.11%
AMZN	C	1.47%	2.38%	1.47%
ANSS	B	0.05%	0.02%	0.02%
AON	A	0.11%	0.11%	0.11%
APH	A	0.19%	0.11%	0.11%
APO	B	0.01%	0.17%	0.01%
AVB	B	0.01%	0.12%	0.01%
AVGO	D	1.54%	1.1%	1.1%
AVTR	F	0.02%	0.03%	0.02%
AXON	A	0.02%	0.06%	0.02%
AXP	A	1.14%	0.36%	0.36%
AZO	C	0.15%	0.1%	0.1%
BAC	A	0.81%	0.44%	0.44%
BAH	F	0.04%	0.03%	0.03%
BBWI	D	0.02%	0.01%	0.01%
BIIB	F	0.03%	0.03%	0.03%
BIO	D	0.01%	0.01%	0.01%
BK	A	0.11%	0.13%	0.11%
BMRN	D	0.02%	0.02%	0.02%
BMY	B	0.11%	0.24%	0.11%
BR	A	0.08%	0.08%	0.08%
BRK.A	B	0.06%	0.39%	0.06%
BRO	B	0.04%	0.05%	0.04%
BURL	A	0.05%	0.03%	0.03%
BX	A	0.45%	0.19%	0.19%
BXP	D	1.35%	0.07%	0.07%
C	A	0.34%	0.01%	0.01%
CARR	D	0.42%	0.03%	0.03%
CB	C	0.17%	0.24%	0.17%
CBOE	B	0.04%	0.03%	0.03%
CBRE	B	0.87%	0.18%	0.18%
CCI	D	0.06%	0.07%	0.06%
CDW	F	0.05%	0.13%	0.05%
CEG	D	0.45%	0.04%	0.04%
CG	A	0.05%	0.02%	0.02%
CINF	A	0.04%	0.07%	0.04%
CME	A	0.3%	0.12%	0.12%
COF	B	0.48%	0.14%	0.14%
COIN	C	0.2%	0.04%	0.04%
CPRT	A	0.21%	0.04%	0.04%
CRM	B	0.45%	0.42%	0.42%
CRWD	B	0.12%	0.02%	0.02%
CSGP	D	0.63%	0.02%	0.02%
CSX	B	0.25%	0.09%	0.09%
CTAS	B	0.34%	0.04%	0.04%
CTLT	B	0.01%	0.02%	0.01%
CTSH	B	0.01%	0.08%	0.01%
DE	A	0.2%	0.14%	0.14%
DFS	B	0.29%	0.09%	0.09%
DHI	D	0.33%	0.06%	0.06%
DHR	F	0.19%	0.19%	0.19%
DLR	B	0.07%	0.39%	0.07%
DLTR	F	0.01%	0.02%	0.01%
DOC	D	0.03%	0.01%	0.01%
DOCU	A	0.02%	0.01%	0.01%
EBAY	D	0.02%	0.14%	0.02%
ECL	D	0.0%	0.06%	0.0%
EFX	F	0.08%	0.03%	0.03%
EG	C	0.03%	0.03%	0.03%
EIX	B	0.21%	0.81%	0.21%
ENPH	F	0.02%	0.05%	0.02%
EPAM	C	0.01%	0.01%	0.01%
EQIX	A	0.1%	0.33%	0.1%
EQR	B	0.01%	0.07%	0.01%
ERIE	D	0.02%	0.03%	0.02%
ESS	B	0.01%	0.1%	0.01%
ETN	A	0.48%	0.28%	0.28%
EXAS	D	0.01%	0.01%	0.01%
EXR	D	0.04%	0.04%	0.04%
FAST	B	0.4%	0.17%	0.17%
FDS	B	0.08%	0.01%	0.01%
FI	A	0.01%	0.18%	0.01%
FIS	C	0.01%	0.07%	0.01%
FSLR	F	0.04%	0.16%	0.04%
FTNT	C	0.08%	0.09%	0.08%
FTV	C	0.05%	0.09%	0.05%
GDDY	A	0.01%	0.03%	0.01%
GILD	C	0.14%	0.06%	0.06%
GLW	B	0.09%	0.19%	0.09%
GOOG	C	2.72%	1.45%	1.45%
GOOGL	C	3.13%	1.03%	1.03%
GRMN	B	0.22%	0.08%	0.08%
GS	A	0.64%	0.06%	0.06%
GWW	B	0.44%	0.21%	0.21%
HBAN	A	0.07%	0.02%	0.02%
HD	A	1.17%	0.58%	0.58%
HEI	B	0.0%	0.02%	0.0%
HEI	B	0.01%	0.02%	0.01%
HIG	B	0.05%	0.12%	0.05%
HPE	B	0.05%	0.16%	0.05%
IBM	C	0.06%	0.6%	0.06%
ICE	C	0.33%	0.13%	0.13%
IEX	B	0.03%	0.04%	0.03%
ILMN	D	0.03%	0.04%	0.03%
INCY	C	0.02%	0.01%	0.01%
INTC	D	0.22%	0.18%	0.18%
INTU	C	0.26%	0.31%	0.26%
IQV	D	0.05%	0.1%	0.05%
IRM	D	0.04%	0.06%	0.04%
IT	C	0.02%	0.03%	0.02%
ITW	B	0.15%	0.33%	0.15%
JNJ	D	0.37%	0.62%	0.37%
JPM	A	1.74%	1.09%	1.09%
KEYS	A	0.06%	0.06%	0.06%
KKR	A	0.31%	0.13%	0.13%
KLAC	D	0.17%	0.15%	0.15%
LEN	D	0.28%	0.06%	0.06%
LIN	D	0.03%	0.07%	0.03%
LLY	F	0.57%	0.94%	0.57%
LOW	D	0.43%	0.25%	0.25%
LRCX	F	0.19%	0.1%	0.1%
MA	C	0.04%	0.65%	0.04%
MAS	D	0.12%	0.01%	0.01%
MCO	B	0.28%	0.22%	0.22%
MELI	D	0.07%	0.14%	0.07%
MET	A	0.08%	0.21%	0.08%
META	D	3.68%	1.62%	1.62%
MKL	A	0.04%	0.07%	0.04%
MKTX	D	0.04%	0.01%	0.01%
MMC	B	0.16%	0.2%	0.16%
MMM	D	0.76%	0.02%	0.02%
MRK	F	0.24%	0.47%	0.24%
MRNA	F	0.02%	0.01%	0.01%
MRVL	B	0.16%	0.12%	0.12%
MS	A	0.55%	0.26%	0.26%
MSFT	F	4.24%	4.03%	4.03%
MSTR	C	0.1%	0.02%	0.02%
MTB	A	0.09%	0.1%	0.09%
MTCH	D	0.02%	0.01%	0.01%
MTD	D	0.03%	0.06%	0.03%
MU	D	0.23%	0.09%	0.09%
NBIX	C	0.02%	0.01%	0.01%
NDAQ	A	0.14%	0.04%	0.04%
NEM	D	0.11%	0.08%	0.08%
NOW	A	0.3%	0.39%	0.3%
NSC	B	0.22%	0.04%	0.04%
NTAP	C	0.04%	0.06%	0.04%
NTRS	A	0.1%	0.05%	0.05%
NVDA	C	7.62%	4.67%	4.67%
NVR	D	0.21%	0.03%	0.03%
NXPI	D	0.12%	0.01%	0.01%
ODFL	B	0.16%	0.02%	0.02%
ORCL	B	0.45%	0.59%	0.45%
ORLY	B	0.21%	0.18%	0.18%
PANW	C	0.18%	0.14%	0.14%
PAYC	B	0.03%	0.01%	0.01%
PAYX	C	0.11%	0.08%	0.08%
PCAR	B	0.11%	0.06%	0.06%
PFE	D	0.14%	0.19%	0.14%
PGR	A	0.23%	0.22%	0.22%
PH	A	0.17%	0.25%	0.17%
PHM	D	0.18%	0.04%	0.04%
PINS	D	0.05%	0.01%	0.01%
PLTR	B	0.18%	0.07%	0.07%
PNC	B	0.21%	0.19%	0.19%
PNR	A	0.04%	0.23%	0.04%
PRU	A	0.07%	0.15%	0.07%
PSA	D	0.07%	0.11%	0.07%
PWR	A	0.37%	0.24%	0.24%
PYPL	B	0.01%	0.13%	0.01%
QCOM	F	0.39%	0.26%	0.26%
REGN	F	0.11%	0.1%	0.1%
RF	A	0.07%	0.07%	0.07%
RIVN	F	0.01%	0.01%	0.01%
RJF	A	0.13%	0.04%	0.04%
ROK	B	0.1%	0.08%	0.08%
ROL	B	0.06%	0.02%	0.02%
ROP	B	0.09%	0.02%	0.02%
ROST	C	0.14%	0.09%	0.09%
RPRX	D	0.01%	0.02%	0.01%
RS	B	0.01%	0.08%	0.01%
RVTY	F	0.02%	0.07%	0.02%
SBAC	D	0.03%	0.03%	0.03%
SCHW	B	0.41%	0.19%	0.19%
SEIC	B	0.02%	0.02%	0.02%
SHW	A	0.01%	0.56%	0.01%
SMCI	F	0.03%	0.01%	0.01%
SNA	A	0.04%	0.02%	0.02%
SNAP	C	0.03%	0.01%	0.01%
SNOW	C	0.01%	0.02%	0.01%
SPGI	C	0.55%	0.38%	0.38%
STLD	B	0.01%	0.01%	0.01%
STT	A	0.05%	0.02%	0.02%
SUI	D	0.01%	0.01%	0.01%
SWKS	F	0.03%	0.01%	0.01%
SYF	B	0.18%	0.09%	0.09%
TDG	D	0.03%	0.13%	0.03%
TDY	B	0.04%	0.1%	0.04%
TECH	D	0.01%	0.01%	0.01%
TER	D	0.03%	0.03%	0.03%
TGT	F	0.08%	0.02%	0.02%
TJX	A	0.39%	0.36%	0.36%
TMO	F	0.24%	0.32%	0.24%
TMUS	B	4.56%	0.13%	0.13%
TRMB	B	0.04%	0.07%	0.04%
TROW	B	0.05%	0.05%	0.05%
TRU	D	0.04%	0.01%	0.01%
TRV	B	0.09%	0.15%	0.09%
TSLA	B	1.32%	1.32%	1.32%
TT	A	0.65%	0.02%	0.02%
TW	A	0.06%	0.02%	0.02%
TXN	C	0.39%	0.27%	0.27%
UBER	D	0.49%	0.17%	0.17%
UHAL	D	0.02%	0.04%	0.02%
ULTA	F	0.05%	0.05%	0.05%
UNH	C	0.01%	0.77%	0.01%
UNP	C	0.54%	0.21%	0.21%
UPS	C	0.04%	0.07%	0.04%
URI	B	0.47%	0.05%	0.05%
USB	A	0.2%	0.12%	0.12%
V	A	0.04%	0.75%	0.04%
VICI	C	0.05%	0.03%	0.03%
VLTO	D	0.11%	0.03%	0.03%
VMC	B	0.59%	0.02%	0.02%
VRSK	A	0.09%	0.05%	0.05%
VRSN	F	0.01%	0.01%	0.01%
VRT	B	0.16%	0.02%	0.02%
VRTX	F	0.15%	0.14%	0.14%
VTR	C	0.06%	0.06%	0.06%
WAB	B	0.07%	0.08%	0.07%
WAT	B	0.03%	0.02%	0.02%
WDAY	B	0.08%	0.03%	0.03%
WELL	A	0.18%	0.15%	0.15%
WFC	A	0.64%	0.25%	0.25%
WM	A	0.37%	0.1%	0.1%
WMT	A	0.45%	0.35%	0.35%
WRB	A	0.03%	0.07%	0.03%
WST	C	0.03%	0.02%	0.02%
WTW	B	0.05%	0.07%	0.05%
XYL	D	0.06%	0.36%	0.06%
Z	A	0.25%	0.02%	0.02%
ZBRA	B	0.04%	0.02%	0.02%
ZM	B	0.03%	0.02%	0.02%
ZTS	D	0.08%	0.16%	0.08%

INRO Overweight 171 Positions Relative to NZAC

Symbol	Grade	Weight
HON	B	1.6%
NEE	D	0.97%
XOM	B	0.95%
PM	B	0.87%
SO	D	0.6%
MLM	B	0.57%
DUK	C	0.54%
CVX	A	0.5%
COST	B	0.47%
MO	A	0.41%
JCI	C	0.39%
CAT	B	0.35%
AEP	D	0.32%
GEV	B	0.31%
PCG	A	0.26%
EXC	C	0.25%
XEL	A	0.24%
EMR	A	0.24%
COP	C	0.24%
WCN	A	0.21%
RSG	A	0.2%
ETR	B	0.2%
VST	B	0.19%
EME	C	0.19%
TFC	A	0.17%
WSO	A	0.16%
MSCI	C	0.16%
EOG	A	0.15%
FE	C	0.15%
BLDR	D	0.15%
ES	D	0.14%
LII	A	0.14%
CSL	C	0.14%
WMB	A	0.13%
SW	A	0.13%
FCX	D	0.12%
OC	A	0.12%
SNPS	B	0.12%
CDNS	B	0.12%
OKE	A	0.12%
ARES	A	0.12%
NRG	B	0.12%
EVRG	A	0.11%
LNT	A	0.11%
APP	B	0.1%
CMI	A	0.1%
PKG	A	0.1%
KMI	A	0.1%
PSX	C	0.1%
MPC	D	0.1%
GM	B	0.09%
TSCO	D	0.09%
IP	B	0.09%
LNG	B	0.09%
SLB	C	0.09%
MCHP	D	0.08%
TRGP	B	0.08%
OTIS	C	0.08%
HUBB	B	0.08%
LPLA	A	0.08%
IR	B	0.08%
GE	D	0.08%
FITB	A	0.08%
FICO	B	0.08%
VLO	C	0.08%
BALL	D	0.08%
BKR	B	0.07%
DELL	C	0.07%
AMCR	D	0.07%
HES	B	0.07%
AVY	D	0.07%
CFG	B	0.06%
JBHT	C	0.06%
DDOG	A	0.06%
ON	D	0.06%
HOOD	B	0.06%
MPWR	F	0.06%
AOS	F	0.06%
OXY	D	0.06%
TEAM	A	0.06%
FANG	D	0.06%
F	C	0.06%
HPQ	B	0.06%
FBIN	D	0.06%
RTX	C	0.06%
KR	B	0.05%
LMT	D	0.05%
PPL	B	0.05%
HUBS	A	0.05%
ATO	A	0.05%
LDOS	C	0.05%
CCK	C	0.05%
TPL	A	0.05%
WSM	B	0.05%
FCNCA	A	0.05%
BBY	D	0.05%
KEY	B	0.05%
DOV	A	0.05%
PTC	A	0.04%
ARE	D	0.04%
WDC	D	0.04%
TYL	B	0.04%
J	F	0.04%
HAL	C	0.04%
DVN	F	0.04%
EQT	B	0.04%
PFG	D	0.04%
SYY	B	0.04%
BA	F	0.04%
SWK	D	0.03%
MANH	D	0.03%
MRO	B	0.03%
DT	C	0.03%
PSTG	D	0.03%
ZS	C	0.03%
DAY	B	0.03%
NDSN	B	0.03%
GD	F	0.03%
CTRA	B	0.03%
NOC	D	0.03%
L	A	0.03%
WY	D	0.03%
GGG	B	0.03%
ENTG	D	0.03%
JBL	B	0.03%
DAL	C	0.03%
AES	F	0.03%
SSNC	B	0.03%
BEN	C	0.03%
STX	D	0.03%
DKS	C	0.03%
KMX	B	0.03%
KNX	B	0.03%
LUV	C	0.02%
TTC	D	0.02%
DINO	D	0.02%
DG	F	0.02%
HWM	A	0.02%
IOT	A	0.02%
UTHR	C	0.02%
CNH	C	0.02%
LHX	C	0.02%
OVV	B	0.02%
FDX	B	0.02%
GLPI	C	0.02%
GEN	B	0.02%
CPT	B	0.01%
CTVA	C	0.01%
APD	A	0.01%
DOW	F	0.01%
ACI	C	0.01%
TXT	D	0.01%
MDB	C	0.01%
MAA	B	0.01%
INVH	D	0.01%
VTRS	A	0.01%
TWLO	A	0.01%
NET	B	0.01%
DD	D	0.01%
APA	D	0.01%
NUE	C	0.01%
CRL	C	0.01%
QRVO	F	0.01%
CHRD	D	0.01%
BSY	D	0.01%
LYB	F	0.0%
HII	D	0.0%
CHRW	C	0.0%
FNF	B	0.0%
WBA	F	0.0%
EXPD	D	0.0%

INRO Underweight 112 Positions Relative to NZAC

Symbol	Grade	Weight
NFLX	A	-0.49%
NVS	D	-0.41%
CSCO	B	-0.4%
MCD	D	-0.36%
BSX	B	-0.31%
ISRG	A	-0.31%
DIS	B	-0.29%
MSI	B	-0.27%
BLK	C	-0.27%
SYK	C	-0.25%
CMCSA	B	-0.25%
BKNG	A	-0.24%
BABA	D	-0.24%
MDT	D	-0.23%
VZ	C	-0.21%
PLD	D	-0.21%
TD	F	-0.19%
ABT	B	-0.19%
FFIV	B	-0.18%
T	A	-0.18%
SONY	B	-0.17%
ELV	F	-0.17%
SBUX	A	-0.15%
SPG	B	-0.15%
HDB	C	-0.14%
JNPR	F	-0.13%
SHOP	B	-0.12%
PPG	F	-0.11%
EW	C	-0.11%
BDX	F	-0.11%
LI	F	-0.11%
INFY	B	-0.11%
NKE	D	-0.11%
CHD	B	-0.1%
EQH	B	-0.1%
DEO	F	-0.1%
SCCO	F	-0.08%
PDD	F	-0.08%
KDP	D	-0.08%
REG	B	-0.08%
LULU	C	-0.08%
MUFG	B	-0.08%
GIS	D	-0.08%
O	D	-0.07%
HSBH	B	-0.07%
CMG	B	-0.07%
WIT	A	-0.07%
RMD	C	-0.07%
CHTR	C	-0.07%
YUM	B	-0.07%
TCOM	B	-0.06%
ANET	C	-0.06%
IDXX	F	-0.06%
HUM	C	-0.06%
CPAY	A	-0.05%
LYV	A	-0.05%
ZBH	C	-0.05%
ABNB	C	-0.05%
HOLX	D	-0.05%
GPN	B	-0.05%
TTD	B	-0.05%
HSY	F	-0.05%
HSIC	B	-0.05%
DXCM	D	-0.04%
FOXA	B	-0.04%
BCS	C	-0.04%
XPEV	C	-0.04%
ALGN	D	-0.03%
STE	F	-0.03%
AZN	D	-0.03%
MNST	C	-0.03%
XRX	F	-0.03%
CCEP	C	-0.03%
VEEV	C	-0.03%
LKQ	D	-0.03%
OMC	C	-0.03%
FOX	A	-0.03%
EL	F	-0.03%
BIDU	F	-0.03%
STZ	D	-0.03%
NIO	F	-0.02%
TFX	F	-0.02%
MOH	F	-0.02%
DGX	A	-0.02%
PODD	C	-0.02%
DASH	A	-0.02%
BCH	F	-0.02%
ASAI	F	-0.02%
BAX	D	-0.02%
MAR	B	-0.02%
HLT	A	-0.02%
LH	C	-0.02%
POOL	C	-0.02%
SQ	B	-0.02%
MBAVU	D	-0.01%
QGEN	D	-0.01%
WYNN	D	-0.01%
JKHY	D	-0.01%
ALB	C	-0.01%
KVUE	A	-0.01%
CLX	B	-0.01%
MKC	D	-0.01%
SQ	B	-0.01%
EA	A	-0.01%
IPG	D	-0.01%
KB	B	-0.01%
WPC	D	-0.01%
QFIN	B	-0.01%
LYG	F	-0.01%
TEVA	D	-0.01%
NIO	F	-0.0%
WIT	A	-0.0%