IWR vs. QARP ETF Comparison

Comparison of iShares Russell Mid-Cap ETF (IWR) to Xtrackers Russell 1000 US QARP ETF (QARP)

IWR

iShares Russell Mid-Cap ETF

IWR Description

The investment seeks to track the investment results of an index composed of 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 the mid-capitalization sector of the U.S. equity market. The underlying index is a float-adjusted, capitalization-weighted index of the 800 smallest issuers in the Russell 1000® Index.

Grade (RS Rating)

Last Trade

$94.53

Average Daily Volume

1,461,787

Number of Holdings ^*

803

* may have additional holdings in another (foreign) market

QARP

Xtrackers Russell 1000 US QARP ETF

QARP Description

The investment seeks investment results that correspond generally to the performance, before fees and expenses, of the Russell 1000 2Qual/Val 5% Capped Factor Index (the "underlying index"). The fund will invest at least 80% of its total assets (but typically far more) in component securities of the underlying index. The underlying index is designed to track the equity market performance of companies in the United States selected on the investment style criteria ("factors") of quality and value. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$53.85

Average Daily Volume

3,299

Number of Holdings ^*

345

* may have additional holdings in another (foreign) market

Performance

Period	IWR	QARP
30 Days	6.87%	3.81%
60 Days	7.84%	3.83%
90 Days	9.96%	5.70%
12 Months	34.02%	26.96%

236 Overlapping Holdings

	Symbol	Grade	Weight in IWR	Weight in QARP	Overlap
	A	D	0.31%	0.09%	0.09%
	AAL	B	0.08%	0.04%	0.04%
	ACGL	D	0.3%	0.24%	0.24%
	ACI	C	0.07%	0.05%	0.05%
	ACM	A	0.12%	0.04%	0.04%
	ADM	D	0.21%	0.27%	0.21%
	AGCO	D	0.05%	0.06%	0.05%
	ALB	C	0.1%	0.02%	0.02%
	ALGN	D	0.14%	0.05%	0.05%
	ALK	C	0.06%	0.04%	0.04%
	ALSN	B	0.08%	0.04%	0.04%
	AMCR	D	0.12%	0.03%	0.03%
	AMG	B	0.05%	0.09%	0.05%
	AOS	F	0.07%	0.06%	0.06%
	APA	D	0.07%	0.02%	0.02%
	APTV	D	0.12%	0.05%	0.05%
	AR	B	0.07%	0.02%	0.02%
	ARMK	B	0.08%	0.04%	0.04%
	ATO	A	0.18%	0.07%	0.07%
	AYI	B	0.08%	0.08%	0.08%
	BBWI	D	0.06%	0.02%	0.02%
	BBY	D	0.16%	0.23%	0.16%
	BIIB	F	0.19%	0.02%	0.02%
	BJ	A	0.1%	0.11%	0.1%
	BKR	B	0.35%	0.1%	0.1%
	BLD	D	0.09%	0.05%	0.05%
	BLDR	D	0.17%	0.17%	0.17%
	BURL	A	0.14%	0.04%	0.04%
	BWA	D	0.06%	0.06%	0.06%
	CAH	B	0.24%	0.4%	0.24%
	CASY	A	0.12%	0.12%	0.12%
	CBOE	B	0.17%	0.07%	0.07%
	CBRE	B	0.33%	0.09%	0.09%
	CCL	B	0.2%	0.05%	0.05%
	CDW	F	0.2%	0.02%	0.02%
	CE	F	0.07%	0.02%	0.02%
	CF	B	0.13%	0.13%	0.13%
	CHE	D	0.07%	0.04%	0.04%
	CHRD	D	0.07%	0.04%	0.04%
	CHRW	C	0.11%	0.06%	0.06%
	CHTR	C	0.3%	0.14%	0.14%
	CINF	A	0.19%	0.09%	0.09%
	CLF	F	0.04%	0.05%	0.04%
	CLX	B	0.17%	0.06%	0.06%
	CMI	A	0.41%	0.26%	0.26%
	CNC	D	0.25%	0.23%	0.23%
	CNM	D	0.07%	0.04%	0.04%
	CNP	B	0.16%	0.04%	0.04%
	COIN	C	0.5%	0.05%	0.05%
	COKE	C	0.06%	0.04%	0.04%
	COR	B	0.33%	0.4%	0.33%
	CPB	D	0.07%	0.02%	0.02%
	CPNG	D	0.23%	0.1%	0.1%
	CROX	D	0.05%	0.02%	0.02%
	CRUS	D	0.04%	0.03%	0.03%
	CSL	C	0.17%	0.05%	0.05%
	CTRA	B	0.16%	0.11%	0.11%
	CTSH	B	0.32%	0.3%	0.3%
	CTVA	C	0.32%	0.02%	0.02%
	DAL	C	0.34%	0.22%	0.22%
	DBX	B	0.05%	0.04%	0.04%
	DCI	B	0.08%	0.04%	0.04%
	DD	D	0.28%	0.02%	0.02%
	DECK	A	0.22%	0.13%	0.13%
	DGX	A	0.15%	0.03%	0.03%
	DHI	D	0.39%	0.31%	0.31%
	DINO	D	0.05%	0.02%	0.02%
	DKS	C	0.09%	0.09%	0.09%
	DLTR	F	0.11%	0.07%	0.07%
	DOW	F	0.26%	0.07%	0.07%
	DOX	D	0.08%	0.07%	0.07%
	DPZ	C	0.12%	0.03%	0.03%
	DRI	B	0.16%	0.13%	0.13%
	DVN	F	0.2%	0.17%	0.17%
	EA	A	0.36%	0.21%	0.21%
	EBAY	D	0.26%	0.09%	0.09%
	EG	C	0.13%	0.06%	0.06%
	EME	C	0.19%	0.15%	0.15%
	EPAM	C	0.11%	0.04%	0.04%
	EVR	B	0.09%	0.11%	0.09%
	EXEL	B	0.08%	0.03%	0.03%
	EXP	A	0.08%	0.06%	0.06%
	EXPD	D	0.14%	0.13%	0.13%
	EXPE	B	0.19%	0.17%	0.17%
	FANG	D	0.27%	0.19%	0.19%
	FAST	B	0.39%	0.22%	0.22%
	FCN	D	0.06%	0.03%	0.03%
	FCNCA	A	0.22%	0.14%	0.14%
	FDS	B	0.15%	0.1%	0.1%
	FFIV	B	0.11%	0.06%	0.06%
	FICO	B	0.44%	0.08%	0.08%
	FIVE	F	0.04%	0.02%	0.02%
	FIX	A	0.13%	0.05%	0.05%
	FND	C	0.09%	0.04%	0.04%
	FOXA	B	0.09%	0.03%	0.03%
	G	B	0.06%	0.03%	0.03%
	GAP	C	0.04%	0.03%	0.03%
	GEHC	F	0.31%	0.13%	0.13%
	GGG	B	0.12%	0.07%	0.07%
	GIS	D	0.29%	0.09%	0.09%
	GLPI	C	0.11%	0.03%	0.03%
	GNTX	C	0.06%	0.04%	0.04%
	GPC	D	0.14%	0.07%	0.07%
	GRMN	B	0.27%	0.16%	0.16%
	GWW	B	0.42%	0.27%	0.27%
	HAL	C	0.22%	0.06%	0.06%
	HII	D	0.06%	0.02%	0.02%
	HLI	B	0.08%	0.04%	0.04%
	HOLX	D	0.15%	0.04%	0.04%
	HPQ	B	0.3%	0.08%	0.08%
	HRB	D	0.07%	0.08%	0.07%
	HST	C	0.1%	0.03%	0.03%
	HSY	F	0.21%	0.09%	0.09%
	HUM	C	0.27%	0.31%	0.27%
	INCY	C	0.1%	0.07%	0.07%
	INGR	B	0.08%	0.05%	0.05%
	IP	B	0.16%	0.04%	0.04%
	ITT	A	0.1%	0.05%	0.05%
	J	F	0.14%	0.04%	0.04%
	JBHT	C	0.12%	0.05%	0.05%
	JBL	B	0.12%	0.06%	0.06%
	JHG	A	0.05%	0.03%	0.03%
	JKHY	D	0.1%	0.05%	0.05%
	JNPR	F	0.1%	0.04%	0.04%
	K	A	0.17%	0.06%	0.06%
	KEYS	A	0.21%	0.12%	0.12%
	KNSL	B	0.08%	0.04%	0.04%
	KNX	B	0.07%	0.03%	0.03%
	KR	B	0.32%	0.3%	0.3%
	KVUE	A	0.38%	0.21%	0.21%
	LAMR	D	0.09%	0.03%	0.03%
	LEA	D	0.04%	0.04%	0.04%
	LECO	B	0.09%	0.04%	0.04%
	LEN	D	0.33%	0.4%	0.33%
	LEN	D	0.01%	0.4%	0.01%
	LH	C	0.16%	0.07%	0.07%
	LKQ	D	0.08%	0.02%	0.02%
	LNG	B	0.4%	0.07%	0.07%
	LOPE	B	0.04%	0.03%	0.03%
	LPLA	A	0.19%	0.19%	0.19%
	LPX	B	0.06%	0.04%	0.04%
	LSTR	D	0.05%	0.05%	0.05%
	LUV	C	0.16%	0.11%	0.11%
	LVS	C	0.14%	0.04%	0.04%
	LYB	F	0.18%	0.09%	0.09%
	LYV	A	0.17%	0.08%	0.08%
	M	D	0.04%	0.02%	0.02%
	MAS	D	0.14%	0.07%	0.07%
	MCHP	D	0.27%	0.04%	0.04%
	MEDP	D	0.07%	0.03%	0.03%
	MGM	D	0.07%	0.05%	0.05%
	MHK	D	0.06%	0.02%	0.02%
	MKTX	D	0.08%	0.05%	0.05%
	MOH	F	0.14%	0.06%	0.06%
	MOS	F	0.07%	0.04%	0.04%
	MRO	B	0.13%	0.11%	0.11%
	MSCI	C	0.38%	0.23%	0.23%
	MSM	C	0.03%	0.03%	0.03%
	MTD	D	0.21%	0.09%	0.09%
	MTG	C	0.05%	0.11%	0.05%
	MTZ	B	0.07%	0.03%	0.03%
	MUSA	A	0.08%	0.05%	0.05%
	NEU	C	0.03%	0.02%	0.02%
	NTAP	C	0.2%	0.06%	0.06%
	NUE	C	0.29%	0.37%	0.29%
	NVR	D	0.21%	0.23%	0.21%
	NYT	C	0.07%	0.04%	0.04%
	OC	A	0.14%	0.13%	0.13%
	ODFL	B	0.35%	0.19%	0.19%
	OLN	D	0.04%	0.03%	0.03%
	ON	D	0.23%	0.04%	0.04%
	OSK	B	0.06%	0.04%	0.04%
	OTIS	C	0.33%	0.04%	0.04%
	OVV	B	0.1%	0.03%	0.03%
	PAYC	B	0.09%	0.04%	0.04%
	PAYX	C	0.38%	0.2%	0.2%
	PFGC	B	0.11%	0.08%	0.08%
	PHM	D	0.22%	0.21%	0.21%
	PII	D	0.03%	0.03%	0.03%
	PINC	B	0.02%	0.03%	0.02%
	PKG	A	0.17%	0.06%	0.06%
	POOL	C	0.11%	0.06%	0.06%
	PVH	C	0.05%	0.03%	0.03%
	PWR	A	0.39%	0.06%	0.06%
	RHI	B	0.06%	0.07%	0.06%
	RL	B	0.07%	0.05%	0.05%
	RLI	B	0.06%	0.03%	0.03%
	RNR	C	0.11%	0.05%	0.05%
	ROK	B	0.27%	0.09%	0.09%
	ROL	B	0.12%	0.04%	0.04%
	ROST	C	0.38%	0.25%	0.25%
	RPRX	D	0.08%	0.03%	0.03%
	RS	B	0.15%	0.17%	0.15%
	SAIA	B	0.11%	0.05%	0.05%
	SEIC	B	0.07%	0.07%	0.07%
	SJM	D	0.09%	0.03%	0.03%
	SKX	D	0.07%	0.06%	0.06%
	SNA	A	0.15%	0.12%	0.12%
	SOLV	C	0.08%	0.1%	0.08%
	SPG	B	0.48%	0.2%	0.2%
	SSD	D	0.06%	0.03%	0.03%
	STLD	B	0.17%	0.23%	0.17%
	SWKS	F	0.11%	0.08%	0.08%
	SYF	B	0.21%	0.14%	0.14%
	SYY	B	0.31%	0.33%	0.31%
	TAP	C	0.09%	0.04%	0.04%
	TER	D	0.13%	0.03%	0.03%
	THO	B	0.05%	0.03%	0.03%
	TOL	B	0.13%	0.07%	0.07%
	TPR	B	0.11%	0.12%	0.11%
	TROW	B	0.21%	0.25%	0.21%
	TSCO	D	0.24%	0.16%	0.16%
	TSN	B	0.15%	0.04%	0.04%
	TTEK	F	0.09%	0.02%	0.02%
	TXRH	C	0.11%	0.06%	0.06%
	TXT	D	0.13%	0.06%	0.06%
	UAL	A	0.25%	0.1%	0.1%
	UHS	D	0.1%	0.05%	0.05%
	ULTA	F	0.14%	0.15%	0.14%
	URI	B	0.46%	0.23%	0.23%
	USFD	A	0.12%	0.04%	0.04%
	UTHR	C	0.13%	0.11%	0.11%
	VICI	C	0.27%	0.07%	0.07%
	VRSN	F	0.13%	0.06%	0.06%
	VST	B	0.4%	0.2%	0.2%
	VVV	F	0.05%	0.03%	0.03%
	WAT	B	0.17%	0.03%	0.03%
	WBD	C	0.18%	0.04%	0.04%
	WSM	B	0.14%	0.15%	0.14%
	WSO	A	0.15%	0.08%	0.08%
	WST	C	0.19%	0.09%	0.09%
	WTW	B	0.26%	0.03%	0.03%
	WY	D	0.19%	0.08%	0.08%
	WYNN	D	0.08%	0.04%	0.04%
	X	C	0.07%	0.03%	0.03%
	YUM	B	0.31%	0.05%	0.05%

IWR Overweight 567 Positions Relative to QARP

	Symbol	Grade	Weight
	PLTR	B	1.09%
	APP	B	0.63%
	WMB	A	0.57%
	OKE	A	0.53%
	AJG	B	0.52%
	AFL	B	0.51%
	HLT	A	0.5%
	BK	A	0.48%
	DLR	B	0.48%
	AMP	A	0.46%
	RCL	A	0.45%
	KMI	A	0.44%
	MSTR	C	0.44%
	ALL	A	0.43%
	TTD	B	0.43%
	O	D	0.41%
	FIS	C	0.41%
	SQ	B	0.39%
	PRU	A	0.38%
	LHX	C	0.38%
	PEG	A	0.37%
	AME	A	0.37%
	PCG	A	0.37%
	CCI	D	0.37%
	HWM	A	0.37%
	VRT	B	0.36%
	DFS	B	0.36%
	AXON	A	0.35%
	TRGP	B	0.35%
	IR	B	0.34%
	VRSK	A	0.33%
	FERG	B	0.33%
	HES	B	0.33%
	XEL	A	0.32%
	EXC	C	0.32%
	IT	C	0.32%
	DDOG	A	0.31%
	VMC	B	0.3%
	IDXX	F	0.29%
	IQV	D	0.29%
	GLW	B	0.29%
	MTB	A	0.29%
	MLM	B	0.29%
	ED	D	0.28%
	IRM	D	0.28%
	WAB	B	0.28%
	RMD	C	0.28%
	EXR	D	0.28%
	HIG	B	0.28%
	NDAQ	A	0.27%
	AVB	B	0.27%
	HUBS	A	0.27%
	WEC	A	0.26%
	VEEV	C	0.26%
	ETR	B	0.26%
	EIX	B	0.26%
	FITB	A	0.26%
	DXCM	D	0.25%
	RJF	A	0.25%
	EFX	F	0.25%
	ARES	A	0.25%
	TTWO	A	0.25%
	PPG	F	0.24%
	STT	A	0.24%
	CSGP	D	0.24%
	ANSS	B	0.24%
	XYL	D	0.24%
	GPN	B	0.24%
	ALNY	D	0.24%
	HPE	B	0.23%
	DOV	A	0.23%
	EQR	B	0.23%
	AWK	D	0.22%
	BRO	B	0.22%
	FTV	C	0.22%
	CHD	B	0.22%
	SW	A	0.22%
	BR	A	0.22%
	NET	B	0.22%
	MPWR	F	0.22%
	PPL	B	0.21%
	EQT	B	0.21%
	TYL	B	0.21%
	VLTO	D	0.21%
	TPL	A	0.21%
	HBAN	A	0.21%
	VTR	C	0.21%
	GDDY	A	0.21%
	RBLX	C	0.21%
	CVNA	B	0.21%
	SBAC	D	0.2%
	FE	C	0.2%
	RF	A	0.2%
	AEE	A	0.2%
	DTE	C	0.2%
	CPAY	A	0.2%
	PTC	A	0.19%
	ZBH	C	0.19%
	HUBB	B	0.19%
	ZM	B	0.18%
	NTRS	A	0.18%
	HOOD	B	0.18%
	ILMN	D	0.18%
	EXE	B	0.18%
	STE	F	0.18%
	LDOS	C	0.18%
	ES	D	0.18%
	TDY	B	0.18%
	MKL	A	0.18%
	IFF	D	0.18%
	FSLR	F	0.17%
	CMS	C	0.17%
	WDC	D	0.17%
	INVH	D	0.17%
	CFG	B	0.17%
	IBKR	A	0.16%
	NRG	B	0.16%
	BAH	F	0.16%
	ESS	B	0.16%
	COO	D	0.16%
	LII	A	0.16%
	ZBRA	B	0.16%
	MDB	C	0.16%
	PFG	D	0.16%
	KEY	B	0.15%
	WRB	A	0.15%
	DKNG	B	0.15%
	TOST	B	0.15%
	PODD	C	0.15%
	ARE	D	0.15%
	MAA	B	0.15%
	ZS	C	0.15%
	TRU	D	0.15%
	MKC	D	0.15%
	BALL	D	0.15%
	OMC	C	0.15%
	NI	A	0.14%
	KIM	A	0.14%
	TWLO	A	0.14%
	NTRA	B	0.14%
	DG	F	0.14%
	XPO	B	0.14%
	MANH	D	0.14%
	FWONK	B	0.14%
	NTNX	A	0.14%
	PINS	D	0.14%
	HEI	B	0.14%
	TRMB	B	0.14%
	RPM	A	0.14%
	IEX	B	0.14%
	PNR	A	0.14%
	VTRS	A	0.13%
	FNF	B	0.13%
	RGA	A	0.13%
	DT	C	0.13%
	SUI	D	0.13%
	LNT	A	0.13%
	GWRE	A	0.13%
	SSNC	B	0.13%
	AVY	D	0.13%
	DOCU	A	0.13%
	GEN	B	0.13%
	BAX	D	0.13%
	SOFI	A	0.12%
	AVTR	F	0.12%
	EQH	B	0.12%
	EVRG	A	0.12%
	EWBC	A	0.12%
	NDSN	B	0.12%
	UDR	B	0.12%
	DOC	D	0.12%
	ENTG	D	0.12%
	THC	D	0.12%
	PSTG	D	0.12%
	TW	A	0.12%
	L	A	0.12%
	JEF	A	0.11%
	AFRM	B	0.11%
	ELS	C	0.11%
	SWK	D	0.11%
	AKAM	D	0.11%
	RVTY	F	0.11%
	REG	B	0.11%
	CW	B	0.11%
	BWXT	B	0.1%
	Z	A	0.1%
	UNM	A	0.1%
	NBIX	C	0.1%
	OKTA	C	0.1%
	EMN	D	0.1%
	HEI	B	0.1%
	NVT	B	0.1%
	BMRN	D	0.1%
	SCI	B	0.1%
	FTI	A	0.1%
	WPC	D	0.1%
	ALLE	D	0.1%
	KMX	B	0.1%
	BXP	D	0.1%
	CPT	B	0.1%
	JLL	D	0.1%
	COHR	B	0.1%
	CLH	B	0.1%
	CAG	D	0.1%
	BG	F	0.1%
	AMH	D	0.1%
	WBS	A	0.09%
	PRI	A	0.09%
	CACI	D	0.09%
	PNW	B	0.09%
	TECH	D	0.09%
	CCK	C	0.09%
	GNRC	B	0.09%
	CTLT	B	0.09%
	CAVA	B	0.09%
	CUBE	D	0.09%
	LW	C	0.09%
	NWSA	B	0.09%
	ATR	B	0.09%
	CG	A	0.09%
	AA	B	0.09%
	FHN	A	0.09%
	DAY	B	0.09%
	RRX	B	0.09%
	DUOL	A	0.09%
	NCLH	B	0.09%
	OWL	A	0.09%
	AIZ	A	0.09%
	SF	B	0.09%
	TFX	F	0.08%
	FBIN	D	0.08%
	AAON	B	0.08%
	TPX	B	0.08%
	GMED	A	0.08%
	SMCI	F	0.08%
	WMS	D	0.08%
	RGLD	C	0.08%
	WING	D	0.08%
	ORI	A	0.08%
	FRT	B	0.08%
	BRBR	A	0.08%
	TKO	B	0.08%
	SRPT	D	0.08%
	PNFP	B	0.08%
	CRL	C	0.08%
	CNH	C	0.08%
	CIEN	B	0.08%
	PR	B	0.08%
	GL	B	0.08%
	WTRG	B	0.08%
	WAL	B	0.08%
	CHDN	B	0.08%
	LBRDK	C	0.08%
	EHC	B	0.08%
	DTM	B	0.08%
	NLY	C	0.08%
	OHI	C	0.08%
	AFG	A	0.08%
	ALLY	C	0.08%
	AES	F	0.08%
	GME	C	0.08%
	LAD	A	0.08%
	IPG	D	0.08%
	WWD	B	0.08%
	MTCH	D	0.07%
	RRC	B	0.07%
	CZR	F	0.07%
	SNV	B	0.07%
	APG	B	0.07%
	DVA	B	0.07%
	CFR	B	0.07%
	VOYA	B	0.07%
	PLNT	A	0.07%
	RIVN	F	0.07%
	EGP	F	0.07%
	GPK	C	0.07%
	LNW	D	0.07%
	HRL	D	0.07%
	TTC	D	0.07%
	CR	A	0.07%
	GLOB	B	0.07%
	WTFC	A	0.07%
	CBSH	A	0.07%
	ZION	B	0.07%
	OGE	B	0.07%
	ITCI	C	0.07%
	FYBR	D	0.07%
	HAS	D	0.07%
	BILL	A	0.07%
	CMA	A	0.07%
	BRX	A	0.07%
	SNX	C	0.07%
	PCTY	B	0.07%
	ROKU	D	0.07%
	PEN	B	0.07%
	HSIC	B	0.07%
	AXTA	A	0.07%
	WCC	B	0.07%
	RBC	A	0.07%
	EXAS	D	0.07%
	MORN	B	0.07%
	REXR	F	0.07%
	AWI	A	0.06%
	MTN	C	0.06%
	H	B	0.06%
	CFLT	B	0.06%
	SN	D	0.06%
	LSCC	D	0.06%
	AXS	A	0.06%
	MTDR	B	0.06%
	VMI	B	0.06%
	FMC	D	0.06%
	DAR	C	0.06%
	CGNX	C	0.06%
	BPOP	B	0.06%
	MTSI	B	0.06%
	MASI	A	0.06%
	ELAN	D	0.06%
	R	B	0.06%
	GXO	B	0.06%
	FR	C	0.06%
	ATI	D	0.06%
	FRPT	B	0.06%
	RGEN	D	0.06%
	VFC	C	0.06%
	ESTC	C	0.06%
	ESAB	B	0.06%
	MKSI	C	0.06%
	AGNC	D	0.06%
	GTLB	B	0.06%
	VNO	B	0.06%
	S	B	0.06%
	MIDD	C	0.06%
	CART	C	0.06%
	RYAN	B	0.06%
	WEX	D	0.06%
	PCOR	B	0.06%
	PB	A	0.06%
	TREX	C	0.06%
	WH	B	0.06%
	KEX	C	0.06%
	SMAR	A	0.06%
	JAZZ	B	0.06%
	ADC	B	0.06%
	OLED	D	0.06%
	NNN	D	0.06%
	BERY	B	0.06%
	ONTO	D	0.06%
	FLS	B	0.06%
	KBR	F	0.06%
	ENPH	F	0.06%
	LITE	B	0.05%
	RITM	C	0.05%
	PATH	C	0.05%
	NFG	A	0.05%
	OLLI	D	0.05%
	BRKR	D	0.05%
	FOX	A	0.05%
	ETSY	D	0.05%
	THG	A	0.05%
	VNT	B	0.05%
	LFUS	F	0.05%
	FNB	A	0.05%
	WFRD	D	0.05%
	IDA	A	0.05%
	WHR	B	0.05%
	LAZ	B	0.05%
	FOUR	B	0.05%
	BFAM	D	0.05%
	WBA	F	0.05%
	DOCS	C	0.05%
	STWD	C	0.05%
	ARW	D	0.05%
	UHAL	D	0.05%
	BEN	C	0.05%
	BIO	D	0.05%
	QRVO	F	0.05%
	COLD	D	0.05%
	SITE	D	0.05%
	OMF	A	0.05%
	ESI	A	0.05%
	SIRI	C	0.05%
	SAIC	F	0.05%
	MAT	D	0.05%
	NOV	C	0.05%
	MSA	D	0.05%
	KD	B	0.05%
	WSC	D	0.05%
	IVZ	B	0.05%
	PARA	C	0.05%
	COLB	A	0.05%
	BSY	D	0.05%
	ELF	C	0.05%
	FAF	A	0.05%
	STAG	F	0.05%
	LYFT	C	0.05%
	AZEK	A	0.05%
	HR	C	0.05%
	AZPN	A	0.05%
	KMPR	B	0.04%
	RYN	D	0.04%
	EEFT	B	0.04%
	PSN	D	0.04%
	SLGN	A	0.04%
	CELH	F	0.04%
	KRC	C	0.04%
	SEE	C	0.04%
	CUZ	B	0.04%
	RH	B	0.04%
	AGO	B	0.04%
	ST	F	0.04%
	HCP	B	0.04%
	ROIV	C	0.04%
	AVT	C	0.04%
	WTM	A	0.04%
	HXL	D	0.04%
	TKR	D	0.04%
	SON	D	0.04%
	BYD	C	0.04%
	NXST	C	0.04%
	INSP	D	0.04%
	UGI	A	0.04%
	AL	B	0.04%
	BROS	B	0.04%
	CIVI	D	0.04%
	OZK	B	0.04%
	AM	A	0.04%
	VNOM	A	0.04%
	U	C	0.04%
	VKTX	F	0.04%
	APPF	B	0.04%
	POST	C	0.04%
	SLM	A	0.04%
	LNC	B	0.04%
	CCCS	B	0.04%
	IONS	F	0.04%
	TPG	A	0.04%
	BC	C	0.04%
	WEN	D	0.03%
	AMTM	D	0.03%
	BHF	B	0.03%
	SMG	D	0.03%
	PENN	C	0.03%
	VAC	B	0.03%
	ZI	D	0.03%
	HUN	F	0.03%
	YETI	C	0.03%
	NCNO	B	0.03%
	IRDM	D	0.03%
	EPR	D	0.03%
	ZG	A	0.03%
	HIW	D	0.03%
	ACHC	F	0.03%
	FHB	A	0.03%
	IAC	D	0.03%
	NVST	B	0.03%
	SPR	D	0.03%
	W	F	0.03%
	TNL	A	0.03%
	NWS	B	0.03%
	NWL	B	0.03%
	PRGO	B	0.03%
	DNB	B	0.03%
	XRAY	F	0.03%
	MDU	D	0.03%
	DXC	B	0.03%
	ASH	D	0.03%
	PEGA	A	0.03%
	OGN	D	0.03%
	LINE	F	0.03%
	HOG	D	0.03%
	FLO	D	0.03%
	RARE	D	0.03%
	CHH	A	0.03%
	GFS	C	0.03%
	MSGS	A	0.03%
	GTES	A	0.03%
	AN	C	0.03%
	DLB	B	0.03%
	WLK	D	0.03%
	VSTS	C	0.02%
	CRI	D	0.02%
	UAA	C	0.02%
	ALAB	B	0.02%
	RKT	F	0.02%
	QDEL	F	0.02%
	LBTYK	A	0.02%
	INFA	D	0.02%
	LBTYA	B	0.02%
	IPGP	D	0.02%
	LCID	F	0.02%
	KSS	F	0.02%
	SHC	F	0.02%
	PPC	C	0.02%
	ADT	C	0.02%
	AZTA	D	0.02%
	RCM	F	0.02%
	AAP	C	0.02%
	HAYW	B	0.02%
	CWEN	C	0.02%
	JWN	C	0.02%
	ALGM	D	0.02%
	CPRI	F	0.02%
	SPB	C	0.02%
	MP	B	0.02%
	HHH	B	0.02%
	ENOV	C	0.02%
	MPW	F	0.02%
	AGR	B	0.02%
	BOKF	B	0.02%
	WU	D	0.02%
	CXT	B	0.02%
	APLS	D	0.02%
	COTY	F	0.02%
	CACC	D	0.02%
	DV	C	0.02%
	FIVN	C	0.02%
	TDC	D	0.02%
	SAM	C	0.02%
	COLM	B	0.02%
	VIRT	B	0.02%
	CC	C	0.02%
	AMKR	D	0.02%
	ECG	C	0.02%
	AMED	F	0.02%
	MAN	D	0.02%
	PAG	B	0.02%
	RNG	B	0.02%
	SNRE	D	0.02%
	NSA	D	0.02%
	LLYVK	A	0.02%
	PK	B	0.02%
	UWMC	D	0.01%
	PLTK	B	0.01%
	SEB	F	0.01%
	TFSL	A	0.01%
	WOLF	F	0.01%
	LOAR	A	0.01%
	CWEN	C	0.01%
	CNA	B	0.01%
	AS	B	0.01%
	CERT	F	0.01%
	PYCR	C	0.01%
	DDS	B	0.01%
	LLYVA	A	0.01%
	UI	A	0.01%
	TXG	F	0.01%
	SNDR	B	0.01%
	REYN	D	0.01%
	TRIP	F	0.01%
	LBRDA	C	0.01%
	LEG	F	0.01%
	DJT	C	0.01%
	GO	C	0.01%
	QS	F	0.01%
	CAR	C	0.01%
	FTRE	D	0.01%
	FWONA	B	0.01%
	UA	C	0.01%
	CLVT	F	0.01%
	BIRK	D	0.01%
	CNXC	F	0.01%
	PARAA	B	0.0%
	SEG	B	0.0%
	GRAL	C	0.0%
	UHAL	D	0.0%
	NFE	D	0.0%

IWR Underweight 110 Positions Relative to QARP

	Symbol	Grade	Weight
	BRK.A	B	-5.21%
	META	D	-5.17%
	AAPL	C	-4.88%
	AMZN	C	-3.99%
	XOM	B	-3.19%
	WMT	A	-2.88%
	GOOGL	C	-2.36%
	UNH	C	-2.32%
	JNJ	D	-2.32%
	COST	B	-2.32%
	GOOG	C	-2.14%
	MSFT	F	-2.05%
	HD	A	-2.0%
	CSCO	B	-1.97%
	V	A	-1.84%
	MA	C	-1.58%
	CVX	A	-1.54%
	PG	A	-1.34%
	ACN	C	-1.18%
	MCK	B	-1.15%
	ADBE	C	-0.91%
	CMCSA	B	-0.86%
	TJX	A	-0.82%
	BKNG	A	-0.8%
	COP	C	-0.78%
	LOW	D	-0.78%
	AMAT	F	-0.77%
	TSLA	B	-0.75%
	LMT	D	-0.71%
	T	A	-0.69%
	CAT	B	-0.67%
	VZ	C	-0.65%
	MO	A	-0.63%
	BMY	B	-0.62%
	CI	F	-0.55%
	PM	B	-0.55%
	MMC	B	-0.55%
	SBUX	A	-0.52%
	EOG	A	-0.5%
	PFE	D	-0.48%
	ELV	F	-0.47%
	LRCX	F	-0.45%
	TGT	F	-0.4%
	UPS	C	-0.4%
	MCD	D	-0.39%
	ORLY	B	-0.38%
	TXN	C	-0.37%
	MU	D	-0.35%
	AZO	C	-0.34%
	PYPL	B	-0.34%
	FDX	B	-0.33%
	GILD	C	-0.33%
	MCO	B	-0.33%
	AON	A	-0.33%
	MRK	F	-0.32%
	PSA	D	-0.31%
	ITW	B	-0.31%
	NKE	D	-0.31%
	HCA	F	-0.27%
	QCOM	F	-0.26%
	REGN	F	-0.26%
	GM	B	-0.25%
	MPC	D	-0.25%
	PCAR	B	-0.24%
	DE	A	-0.24%
	ABNB	C	-0.23%
	ABT	B	-0.22%
	FTNT	C	-0.22%
	CL	D	-0.21%
	ADP	B	-0.21%
	VRTX	F	-0.21%
	GEV	B	-0.2%
	ISRG	A	-0.18%
	VLO	C	-0.18%
	NVDA	C	-0.18%
	CVS	D	-0.18%
	LULU	C	-0.18%
	KLAC	D	-0.17%
	COF	B	-0.16%
	MNST	C	-0.15%
	KMB	D	-0.15%
	SLB	C	-0.14%
	ANET	C	-0.13%
	MMM	D	-0.12%
	PSX	C	-0.12%
	UNP	C	-0.12%
	MAR	B	-0.12%
	CMG	B	-0.11%
	TT	A	-0.08%
	CTAS	B	-0.08%
	INTC	D	-0.08%
	ADI	D	-0.08%
	CSX	B	-0.07%
	CPRT	A	-0.07%
	SPGI	C	-0.07%
	AMD	F	-0.07%
	EW	C	-0.06%
	PGR	A	-0.06%
	OXY	D	-0.06%
	BX	A	-0.06%
	ADSK	A	-0.06%
	ORCL	B	-0.05%
	MRNA	F	-0.05%
	FCX	D	-0.04%
	AMGN	D	-0.03%
	LLY	F	-0.03%
	ABBV	D	-0.02%
	CDNS	B	-0.02%
	EL	F	-0.02%
	IWB	A	-0.0%

IWR: Top Represented Industries & Keywords

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

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

QARP: Top Represented Industries & Keywords

Industries: Specialty Retail Oil & Gas E&P Semiconductors Drug Manufacturers - Major Capital Markets Diversified Industrials Restaurants Biotechnology Business Services Engineering & Construction Health Care Plans Auto Parts Building Materials Diagnostics & Research Household & Personal Products Integrated Shipping & Logistics Software - Application Software - Infrastructure Airlines Apparel Stores

Keywords: S&P 500 Nasdaq 100 Computing Dow Jones Component Natural Gas Electronics Chemical Building Materials Insurance Retailing Semiconductor Mining Construction Transport Clothing Petroleum Industry Telecommunications Aerospace Medicine Mobile Devices