PHDG vs. ACWI ETF Comparison

Comparison of PowerShares S&P 500 Downside Hedged Portfolio (PHDG) to iShares MSCI ACWI Index Fund (ACWI)

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

$37.29

Average Daily Volume

9,990

Number of Holdings ^*

496

* may have additional holdings in another (foreign) market

ACWI

iShares MSCI ACWI Index Fund

ACWI Description

The investment seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Country World Index. The fund 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 is a free float-adjusted market capitalization index designed to measure the combined equity market performance of developed and emerging markets countries. Components primarily include consumer discretionary, consumer staples, energy, financial, industrials and information technology companies. It is non-diversified.

Grade (RS Rating)

Last Trade

$112.26

Average Daily Volume

2,387,242

Number of Holdings ^*

670

* may have additional holdings in another (foreign) market

Performance

Period	PHDG	ACWI
30 Days	2.84%	1.64%
60 Days	5.35%	5.73%
90 Days	2.25%	3.07%
12 Months	15.77%	22.26%

478 Overlapping Holdings

	Symbol	Grade	Weight in PHDG	Weight in ACWI	Overlap
	A	C	0.05%	0.05%	0.05%
	AAPL	B	4.31%	4.14%	4.14%
	ABBV	B	0.42%	0.12%	0.12%
	ABBV	B	0.42%	0.41%	0.41%
	ABNB	C	0.09%	0.09%	0.09%
	ABT	C	0.25%	0.25%	0.25%
	ACGL	A	0.05%	0.05%	0.05%
	ACN	C	0.25%	0.26%	0.25%
	ADBE	C	0.33%	0.32%	0.32%
	ADI	B	0.16%	0.15%	0.15%
	ADM	F	0.04%	0.04%	0.04%
	ADP	B	0.14%	0.14%	0.14%
	ADSK	B	0.07%	0.07%	0.07%
	AEE	D	0.03%	0.02%	0.02%
	AEP	D	0.06%	0.06%	0.06%
	AES	D	0.02%	0.02%	0.02%
	AFL	A	0.06%	0.07%	0.06%
	AIG	C	0.07%	0.07%	0.07%
	AIZ	D	0.01%	0.01%	0.01%
	AJG	B	0.08%	0.08%	0.08%
	AKAM	F	0.02%	0.02%	0.02%
	ALB	F	0.02%	0.01%	0.01%
	ALGN	F	0.02%	0.02%	0.02%
	ALL	C	0.06%	0.06%	0.06%
	ALLE	D	0.01%	0.01%	0.01%
	AMAT	B	0.29%	0.27%	0.27%
	AMCR	B	0.02%	0.02%	0.02%
	AMD	B	0.35%	0.35%	0.35%
	AME	D	0.05%	0.05%	0.05%
	AMGN	B	0.23%	0.22%	0.22%
	AMP	A	0.06%	0.06%	0.06%
	AMT	C	0.12%	0.12%	0.12%
	AMZN	B	2.31%	2.35%	2.31%
	ANET	B	0.12%	0.12%	0.12%
	ANSS	D	0.04%	0.04%	0.04%
	AON	C	0.08%	0.08%	0.08%
	AOS	D	0.01%	0.02%	0.01%
	APA	D	0.01%	0.01%	0.01%
	APD	C	0.08%	0.08%	0.08%
	APH	B	0.12%	0.11%	0.11%
	APTV	F	0.03%	0.03%	0.03%
	ARE	C	0.03%	0.03%	0.03%
	ATO	B	0.02%	0.02%	0.02%
	AVB	A	0.04%	0.04%	0.04%
	AVGO	C	1.1%	1.03%	1.03%
	AVY	B	0.03%	0.03%	0.03%
	AWK	C	0.04%	0.03%	0.03%
	AXON	D	0.03%	0.03%	0.03%
	AXP	C	0.18%	0.18%	0.18%
	AZO	B	0.07%	0.07%	0.07%
	BA	D	0.14%	0.14%	0.14%
	BAC	B	0.38%	0.38%	0.38%
	BALL	D	0.03%	0.03%	0.03%
	BAX	D	0.02%	0.02%	0.02%
	BBWI	D	0.01%	0.01%	0.01%
	BBY	B	0.02%	0.02%	0.02%
	BDX	D	0.09%	0.09%	0.09%
	BEN	D	0.01%	0.01%	0.01%
	BG	B	0.02%	0.02%	0.02%
	BIIB	C	0.04%	0.04%	0.04%
	BIO	D	0.01%	0.01%	0.01%
	BK	B	0.06%	0.06%	0.06%
	BKNG	A	0.19%	0.18%	0.18%
	BKR	B	0.04%	0.04%	0.04%
	BLDR	F	0.03%	0.02%	0.02%
	BLK	B	0.15%	0.16%	0.15%
	BMY	D	0.12%	0.11%	0.11%
	BR	B	0.03%	0.03%	0.03%
	BRK.A	B	1.03%	0.72%	0.72%
	BRO	B	0.03%	0.03%	0.03%
	BSX	A	0.15%	0.15%	0.15%
	BX	B	0.12%	0.12%	0.12%
	BXP	B	0.01%	0.01%	0.01%
	C	C	0.16%	0.16%	0.16%
	CAG	C	0.02%	0.02%	0.02%
	CAH	B	0.04%	0.04%	0.04%
	CARR	B	0.08%	0.07%	0.07%
	CAT	C	0.23%	0.22%	0.22%
	CB	B	0.15%	0.15%	0.15%
	CBRE	C	0.04%	0.04%	0.04%
	CCI	D	0.06%	0.06%	0.06%
	CCL	B	0.02%	0.02%	0.02%
	CDNS	B	0.12%	0.12%	0.12%
	CDW	D	0.04%	0.04%	0.04%
	CE	D	0.02%	0.02%	0.02%
	CEG	B	0.1%	0.09%	0.09%
	CF	D	0.02%	0.02%	0.02%
	CFG	C	0.02%	0.02%	0.02%
	CHD	C	0.04%	0.04%	0.04%
	CHRW	B	0.01%	0.01%	0.01%
	CHTR	C	0.04%	0.04%	0.04%
	CI	C	0.14%	0.13%	0.13%
	CINF	C	0.02%	0.02%	0.02%
	CL	A	0.11%	0.1%	0.1%
	CLX	D	0.02%	0.02%	0.02%
	CMCSA	D	0.2%	0.2%	0.2%
	CME	D	0.1%	0.1%	0.1%
	CMG	B	0.13%	0.12%	0.12%
	CMI	C	0.05%	0.05%	0.05%
	CMS	D	0.02%	0.02%	0.02%
	CNC	D	0.05%	0.05%	0.05%
	CNP	B	0.03%	0.03%	0.03%
	COF	D	0.07%	0.07%	0.07%
	COP	D	0.18%	0.18%	0.18%
	COST	B	0.53%	0.51%	0.51%
	CPAY	D	0.03%	0.02%	0.02%
	CPB	D	0.01%	0.01%	0.01%
	CPRT	C	0.07%	0.06%	0.06%
	CPT	A	0.02%	0.01%	0.01%
	CRL	F	0.01%	0.01%	0.01%
	CRM	D	0.31%	0.32%	0.31%
	CSCO	C	0.26%	0.26%	0.26%
	CSGP	F	0.04%	0.04%	0.04%
	CSX	D	0.09%	0.09%	0.09%
	CTAS	A	0.08%	0.09%	0.08%
	CTLT	B	0.01%	0.01%	0.01%
	CTRA	C	0.03%	0.03%	0.03%
	CTSH	C	0.05%	0.05%	0.05%
	CTVA	C	0.05%	0.05%	0.05%
	CVS	D	0.11%	0.1%	0.1%
	CVX	C	0.37%	0.37%	0.37%
	CZR	C	0.01%	0.01%	0.01%
	D	D	0.06%	0.06%	0.06%
	DAL	D	0.04%	0.01%	0.01%
	DAY	F	0.01%	0.01%	0.01%
	DD	B	0.05%	0.05%	0.05%
	DE	D	0.14%	0.14%	0.14%
	DECK	C	0.04%	0.03%	0.03%
	DFS	B	0.04%	0.04%	0.04%
	DG	D	0.04%	0.04%	0.04%
	DGX	B	0.02%	0.02%	0.02%
	DHI	D	0.06%	0.06%	0.06%
	DHR	C	0.23%	0.23%	0.23%
	DIS	C	0.26%	0.25%	0.25%
	DLR	B	0.07%	0.06%	0.06%
	DLTR	F	0.03%	0.03%	0.03%
	DOC	B	0.02%	0.02%	0.02%
	DOV	B	0.04%	0.04%	0.04%
	DOW	D	0.05%	0.05%	0.05%
	DPZ	B	0.03%	0.02%	0.02%
	DRI	C	0.03%	0.03%	0.03%
	DTE	D	0.03%	0.03%	0.03%
	DUK	C	0.11%	0.1%	0.1%
	DVA	B	0.01%	0.01%	0.01%
	DVN	C	0.04%	0.04%	0.04%
	DXCM	D	0.06%	0.06%	0.06%
	EA	B	0.05%	0.05%	0.05%
	EBAY	B	0.04%	0.04%	0.04%
	ECL	A	0.09%	0.09%	0.09%
	ED	D	0.04%	0.04%	0.04%
	EFX	C	0.04%	0.04%	0.04%
	EG	B	0.02%	0.02%	0.02%
	EIX	D	0.04%	0.04%	0.04%
	EL	F	0.04%	0.03%	0.03%
	ELV	B	0.17%	0.17%	0.17%
	EMN	C	0.02%	0.01%	0.01%
	EMR	D	0.09%	0.08%	0.08%
	ENPH	D	0.02%	0.02%	0.02%
	EOG	C	0.1%	0.1%	0.1%
	EPAM	D	0.01%	0.01%	0.01%
	EQIX	D	0.1%	0.1%	0.1%
	EQR	A	0.03%	0.03%	0.03%
	EQT	D	0.02%	0.02%	0.02%
	ES	D	0.03%	0.03%	0.03%
	ESS	B	0.03%	0.02%	0.02%
	ETN	D	0.18%	0.18%	0.18%
	ETR	D	0.03%	0.03%	0.03%
	ETSY	F	0.01%	0.01%	0.01%
	EVRG	D	0.02%	0.02%	0.02%
	EW	B	0.07%	0.07%	0.07%
	EXC	D	0.05%	0.05%	0.05%
	EXPD	B	0.03%	0.03%	0.03%
	EXPE	B	0.02%	0.02%	0.02%
	EXR	B	0.05%	0.04%	0.04%
	F	C	0.06%	0.06%	0.06%
	FANG	C	0.05%	0.04%	0.04%
	FAST	D	0.05%	0.05%	0.05%
	FCX	C	0.09%	0.1%	0.09%
	FDS	D	0.02%	0.02%	0.02%
	FDX	C	0.08%	0.08%	0.08%
	FE	D	0.03%	0.03%	0.03%
	FFIV	D	0.01%	0.01%	0.01%
	FICO	A	0.05%	0.05%	0.05%
	FIS	B	0.06%	0.06%	0.06%
	FITB	C	0.03%	0.03%	0.03%
	FOXA	A	0.01%	0.01%	0.01%
	FSLR	C	0.04%	0.04%	0.04%
	FTNT	F	0.05%	0.05%	0.05%
	FTV	D	0.04%	0.03%	0.03%
	GD	B	0.09%	0.09%	0.09%
	GE	D	0.25%	0.24%	0.24%
	GEHC	C	0.05%	0.05%	0.05%
	GEV	B	0.07%	0.07%	0.07%
	GILD	C	0.11%	0.11%	0.11%
	GIS	C	0.05%	0.05%	0.05%
	GLW	A	0.04%	0.04%	0.04%
	GM	B	0.08%	0.08%	0.08%
	GOOG	A	1.21%	1.23%	1.21%
	GOOGL	A	1.43%	1.39%	1.39%
	GPC	D	0.03%	0.03%	0.03%
	GPN	F	0.03%	0.03%	0.03%
	GRMN	B	0.03%	0.03%	0.03%
	GS	B	0.21%	0.2%	0.2%
	GWW	D	0.06%	0.06%	0.06%
	HAL	D	0.04%	0.04%	0.04%
	HBAN	C	0.02%	0.03%	0.02%
	HCA	A	0.09%	0.09%	0.09%
	HD	C	0.49%	0.47%	0.47%
	HES	C	0.05%	0.05%	0.05%
	HIG	A	0.04%	0.04%	0.04%
	HII	C	0.01%	0.01%	0.01%
	HLT	A	0.08%	0.08%	0.08%
	HOLX	D	0.02%	0.02%	0.02%
	HON	A	0.19%	0.19%	0.19%
	HPE	B	0.04%	0.04%	0.04%
	HPQ	B	0.04%	0.05%	0.04%
	HRL	F	0.01%	0.01%	0.01%
	HSIC	D	0.01%	0.01%	0.01%
	HST	D	0.02%	0.02%	0.02%
	HSY	D	0.04%	0.04%	0.04%
	HUBB	D	0.03%	0.03%	0.03%
	HUM	C	0.06%	0.06%	0.06%
	HWM	B	0.04%	0.04%	0.04%
	IBM	B	0.22%	0.22%	0.22%
	ICE	A	0.11%	0.11%	0.11%
	IDXX	D	0.06%	0.05%	0.05%
	IEX	D	0.02%	0.02%	0.02%
	IFF	B	0.03%	0.03%	0.03%
	ILMN	D	0.02%	0.02%	0.02%
	INCY	B	0.02%	0.01%	0.01%
	INTC	F	0.18%	0.18%	0.18%
	INTU	C	0.24%	0.23%	0.23%
	INVH	A	0.03%	0.03%	0.03%
	IP	A	0.02%	0.02%	0.02%
	IPG	F	0.02%	0.02%	0.02%
	IQV	D	0.05%	0.05%	0.05%
	IR	C	0.05%	0.05%	0.05%
	IRM	A	0.04%	0.04%	0.04%
	ISRG	A	0.21%	0.2%	0.2%
	IT	B	0.05%	0.05%	0.05%
	ITW	D	0.09%	0.1%	0.09%
	J	D	0.02%	0.02%	0.02%
	JBHT	F	0.02%	0.02%	0.02%
	JBL	F	0.02%	0.02%	0.02%
	JCI	B	0.07%	0.06%	0.06%
	JKHY	C	0.02%	0.02%	0.02%
	JNJ	F	0.49%	0.48%	0.48%
	JNPR	B	0.02%	0.02%	0.02%
	JPM	B	0.79%	0.77%	0.77%
	K	D	0.02%	0.02%	0.02%
	KDP	A	0.05%	0.05%	0.05%
	KEY	C	0.02%	0.02%	0.02%
	KEYS	D	0.03%	0.03%	0.03%
	KHC	D	0.04%	0.04%	0.04%
	KIM	B	0.02%	0.02%	0.02%
	KLAC	B	0.16%	0.15%	0.15%
	KMB	B	0.07%	0.06%	0.06%
	KMI	A	0.05%	0.06%	0.05%
	KMX	C	0.02%	0.02%	0.02%
	KO	A	0.34%	0.34%	0.34%
	KR	D	0.05%	0.05%	0.05%
	KVUE	D	0.04%	0.05%	0.04%
	L	C	0.02%	0.02%	0.02%
	LDOS	A	0.03%	0.03%	0.03%
	LEN	D	0.05%	0.05%	0.05%
	LHX	A	0.06%	0.06%	0.06%
	LIN	B	0.3%	0.29%	0.29%
	LKQ	F	0.02%	0.02%	0.02%
	LLY	A	0.98%	0.96%	0.96%
	LMT	A	0.14%	0.14%	0.14%
	LNT	C	0.02%	0.02%	0.02%
	LOW	D	0.18%	0.17%	0.17%
	LRCX	B	0.2%	0.19%	0.19%
	LULU	F	0.05%	0.05%	0.05%
	LUV	B	0.02%	0.01%	0.01%
	LVS	F	0.02%	0.02%	0.02%
	LW	C	0.02%	0.02%	0.02%
	LYB	C	0.03%	0.03%	0.03%
	LYV	D	0.02%	0.02%	0.02%
	MA	C	0.51%	0.51%	0.51%
	MAA	B	0.02%	0.02%	0.02%
	MAR	B	0.08%	0.08%	0.08%
	MAS	D	0.02%	0.02%	0.02%
	MCD	D	0.25%	0.25%	0.25%
	MCHP	D	0.07%	0.06%	0.06%
	MCK	A	0.11%	0.11%	0.11%
	MCO	A	0.09%	0.09%	0.09%
	MDLZ	D	0.12%	0.12%	0.12%
	MDT	D	0.15%	0.14%	0.14%
	MET	C	0.06%	0.06%	0.06%
	META	B	1.52%	1.48%	1.48%
	MGM	B	0.02%	0.01%	0.01%
	MKC	D	0.02%	0.02%	0.02%
	MKTX	F	0.01%	0.01%	0.01%
	MLM	D	0.05%	0.05%	0.05%
	MMC	B	0.14%	0.14%	0.14%
	MMM	B	0.08%	0.08%	0.08%
	MNST	D	0.05%	0.05%	0.05%
	MO	A	0.11%	0.11%	0.11%
	MOH	F	0.02%	0.02%	0.02%
	MOS	D	0.01%	0.01%	0.01%
	MPC	C	0.09%	0.08%	0.08%
	MPWR	B	0.06%	0.05%	0.05%
	MRK	A	0.45%	0.44%	0.44%
	MRNA	C	0.06%	0.06%	0.06%
	MRO	B	0.02%	0.02%	0.02%
	MS	B	0.17%	0.16%	0.16%
	MSCI	C	0.05%	0.05%	0.05%
	MSFT	A	4.59%	4.23%	4.23%
	MSI	A	0.09%	0.09%	0.09%
	MTB	C	0.03%	0.03%	0.03%
	MTCH	F	0.01%	0.01%	0.01%
	MTD	B	0.04%	0.04%	0.04%
	MU	C	0.23%	0.21%	0.21%
	NDAQ	C	0.03%	0.03%	0.03%
	NDSN	D	0.02%	0.02%	0.02%
	NEE	B	0.2%	0.2%	0.2%
	NEM	B	0.07%	0.06%	0.06%
	NFLX	B	0.41%	0.4%	0.4%
	NI	B	0.02%	0.02%	0.02%
	NKE	C	0.16%	0.16%	0.16%
	NOC	F	0.08%	0.08%	0.08%
	NOW	B	0.21%	0.2%	0.2%
	NRG	B	0.03%	0.02%	0.02%
	NSC	D	0.07%	0.07%	0.07%
	NTAP	B	0.04%	0.04%	0.04%
	NTRS	D	0.02%	0.02%	0.02%
	NUE	F	0.05%	0.05%	0.05%
	NVDA	C	4.64%	4.4%	4.4%
	NVR	C	0.03%	0.03%	0.03%
	NWSA	A	0.01%	0.01%	0.01%
	NXPI	B	0.1%	0.09%	0.09%
	O	D	0.06%	0.06%	0.06%
	ODFL	D	0.04%	0.05%	0.04%
	OKE	B	0.06%	0.06%	0.06%
	OMC	D	0.02%	0.02%	0.02%
	ON	D	0.04%	0.04%	0.04%
	ORCL	B	0.32%	0.32%	0.32%
	ORLY	B	0.09%	0.09%	0.09%
	OTIS	C	0.05%	0.05%	0.05%
	OXY	C	0.06%	0.06%	0.06%
	PANW	B	0.14%	0.13%	0.13%
	PARA	F	0.01%	0.01%	0.01%
	PAYC	F	0.01%	0.01%	0.01%
	PAYX	B	0.06%	0.05%	0.05%
	PCAR	D	0.08%	0.08%	0.08%
	PCG	C	0.05%	0.05%	0.05%
	PEG	B	0.05%	0.05%	0.05%
	PEP	C	0.32%	0.31%	0.31%
	PFE	C	0.21%	0.21%	0.21%
	PFG	C	0.02%	0.03%	0.02%
	PG	A	0.55%	0.53%	0.53%
	PGR	C	0.17%	0.17%	0.17%
	PH	D	0.09%	0.09%	0.09%
	PHM	D	0.03%	0.03%	0.03%
	PKG	B	0.02%	0.02%	0.02%
	PLD	C	0.14%	0.14%	0.14%
	PM	A	0.22%	0.21%	0.21%
	PNC	D	0.09%	0.08%	0.08%
	PNR	D	0.02%	0.02%	0.02%
	PODD	B	0.02%	0.02%	0.02%
	POOL	F	0.02%	0.02%	0.02%
	PPG	D	0.04%	0.04%	0.04%
	PPL	C	0.03%	0.03%	0.03%
	PRU	A	0.06%	0.06%	0.06%
	PSA	B	0.06%	0.06%	0.06%
	PSX	C	0.08%	0.08%	0.08%
	PTC	C	0.03%	0.03%	0.03%
	PWR	B	0.06%	0.05%	0.05%
	PYPL	D	0.09%	0.08%	0.08%
	QCOM	C	0.35%	0.32%	0.32%
	QRVO	B	0.02%	0.02%	0.02%
	RCL	A	0.05%	0.05%	0.05%
	REG	B	0.01%	0.01%	0.01%
	REGN	A	0.15%	0.15%	0.15%
	RF	C	0.02%	0.02%	0.02%
	RJF	C	0.03%	0.03%	0.03%
	RMD	D	0.04%	0.04%	0.04%
	ROK	D	0.04%	0.04%	0.04%
	ROL	A	0.02%	0.02%	0.02%
	ROP	A	0.08%	0.08%	0.08%
	ROST	A	0.07%	0.07%	0.07%
	RSG	A	0.05%	0.06%	0.05%
	RTX	C	0.19%	0.19%	0.19%
	SBAC	F	0.03%	0.03%	0.03%
	SBUX	F	0.13%	0.12%	0.12%
	SCHW	C	0.15%	0.15%	0.15%
	SHW	D	0.1%	0.1%	0.1%
	SJM	F	0.02%	0.01%	0.01%
	SLB	C	0.09%	0.09%	0.09%
	SMCI	C	0.06%	0.07%	0.06%
	SNA	D	0.02%	0.02%	0.02%
	SNPS	B	0.13%	0.12%	0.12%
	SO	B	0.12%	0.12%	0.12%
	SOLV	F	0.01%	0.01%	0.01%
	SPG	B	0.07%	0.06%	0.06%
	SPGI	B	0.19%	0.19%	0.19%
	SRE	B	0.07%	0.06%	0.06%
	STE	D	0.03%	0.03%	0.03%
	STLD	D	0.03%	0.03%	0.03%
	STT	C	0.03%	0.03%	0.03%
	STX	B	0.03%	0.03%	0.03%
	STZ	B	0.06%	0.06%	0.06%
	SWK	D	0.02%	0.02%	0.02%
	SWKS	B	0.02%	0.02%	0.02%
	SYF	B	0.02%	0.03%	0.02%
	SYK	B	0.16%	0.16%	0.16%
	SYY	C	0.05%	0.05%	0.05%
	T	A	0.18%	0.17%	0.17%
	TAP	F	0.01%	0.01%	0.01%
	TDG	B	0.1%	0.1%	0.1%
	TDY	D	0.03%	0.02%	0.02%
	TECH	C	0.02%	0.02%	0.02%
	TEL	B	0.06%	0.06%	0.06%
	TER	B	0.03%	0.03%	0.03%
	TFC	C	0.07%	0.07%	0.07%
	TFX	D	0.01%	0.01%	0.01%
	TGT	C	0.09%	0.09%	0.09%
	TJX	A	0.17%	0.17%	0.17%
	TMO	D	0.3%	0.29%	0.29%
	TMUS	B	0.13%	0.13%	0.13%
	TRGP	A	0.04%	0.03%	0.03%
	TRMB	D	0.02%	0.02%	0.02%
	TROW	B	0.04%	0.03%	0.03%
	TRV	D	0.07%	0.07%	0.07%
	TSCO	C	0.04%	0.04%	0.04%
	TSLA	C	0.71%	0.7%	0.7%
	TSN	C	0.02%	0.02%	0.02%
	TT	B	0.11%	0.1%	0.1%
	TTWO	B	0.03%	0.03%	0.03%
	TXN	B	0.25%	0.24%	0.24%
	TXT	D	0.02%	0.02%	0.02%
	TYL	B	0.03%	0.03%	0.03%
	UBER	B	0.2%	0.18%	0.18%
	UDR	B	0.02%	0.02%	0.02%
	UHS	B	0.02%	0.02%	0.02%
	ULTA	D	0.03%	0.02%	0.02%
	UNH	D	0.62%	0.6%	0.6%
	UNP	D	0.19%	0.18%	0.18%
	UPS	F	0.13%	0.13%	0.13%
	URI	C	0.06%	0.06%	0.06%
	USB	C	0.08%	0.08%	0.08%
	V	C	0.6%	0.59%	0.59%
	VICI	D	0.04%	0.04%	0.04%
	VLO	C	0.07%	0.07%	0.07%
	VLTO	B	0.03%	0.03%	0.03%
	VMC	D	0.05%	0.04%	0.04%
	VRSK	A	0.05%	0.05%	0.05%
	VRSN	C	0.02%	0.02%	0.02%
	VRTX	B	0.17%	0.16%	0.16%
	VST	B	0.04%	0.04%	0.04%
	VTR	A	0.03%	0.03%	0.03%
	VTRS	D	0.02%	0.02%	0.02%
	VZ	B	0.23%	0.23%	0.23%
	WAB	D	0.04%	0.04%	0.04%
	WAT	D	0.02%	0.02%	0.02%
	WBA	F	0.02%	0.02%	0.02%
	WBD	F	0.02%	0.02%	0.02%
	WDC	B	0.04%	0.03%	0.03%
	WEC	D	0.03%	0.03%	0.03%
	WELL	B	0.08%	0.08%	0.08%
	WFC	D	0.29%	0.28%	0.28%
	WM	B	0.11%	0.11%	0.11%
	WMB	A	0.07%	0.07%	0.07%
	WMT	B	0.4%	0.41%	0.4%
	WRB	B	0.02%	0.02%	0.02%
	WRK	D	0.02%	0.02%	0.02%
	WST	F	0.03%	0.03%	0.03%
	WTW	B	0.04%	0.04%	0.04%
	WY	F	0.03%	0.03%	0.03%
	WYNN	D	0.01%	0.01%	0.01%
	XEL	D	0.04%	0.04%	0.04%
	XOM	C	0.68%	0.68%	0.68%
	XYL	C	0.05%	0.05%	0.05%
	YUM	D	0.05%	0.05%	0.05%
	ZBH	D	0.03%	0.03%	0.03%
	ZBRA	C	0.02%	0.02%	0.02%
	ZTS	C	0.11%	0.1%	0.1%

PHDG Overweight 19 Positions Relative to ACWI

	Symbol	Grade	Weight
	UAL	D	0.02%
	CBOE	D	0.02%
	FOX	A	0.01%
	MHK	D	0.01%
	CMA	C	0.01%
	IVZ	C	0.01%
	RHI	D	0.01%
	GL	C	0.01%
	FMC	D	0.01%
	RL	B	0.01%
	NCLH	B	0.01%
	AAL	F	0.01%
	FRT	D	0.01%
	BWA	F	0.01%
	HAS	C	0.01%
	PNW	C	0.01%
	GNRC	D	0.01%
	TPR	C	0.01%
	NWS	A	0.0%

PHDG Underweight 192 Positions Relative to ACWI

	Symbol	Grade	Weight
	NVO	A	-0.63%
	TM	D	-0.28%
	NVS	A	-0.28%
	BABA	F	-0.2%
	UL	A	-0.19%
	MUFG	C	-0.15%
	SONY	D	-0.14%
	CRWD	A	-0.12%
	PDD	C	-0.12%
	FI	D	-0.12%
	SMFG	B	-0.11%
	DEO	F	-0.1%
	MELI	C	-0.1%
	IBN	A	-0.1%
	CNI	D	-0.09%
	KKR	B	-0.09%
	CRH	D	-0.08%
	HDB	B	-0.08%
	MRVL	C	-0.08%
	PLTR	B	-0.07%
	COR	B	-0.06%
	TTD	A	-0.06%
	COIN	C	-0.06%
	STLA	F	-0.06%
	WCN	A	-0.06%
	WDAY	D	-0.06%
	MFG	C	-0.06%
	APO	A	-0.06%
	HMC	D	-0.06%
	LYG	B	-0.06%
	E	D	-0.05%
	SQ	D	-0.05%
	SNOW	F	-0.05%
	LNG	B	-0.05%
	DELL	B	-0.05%
	FERG	D	-0.05%
	BCS	C	-0.05%
	TCOM	D	-0.04%
	PINS	A	-0.04%
	HUBS	C	-0.04%
	STM	D	-0.04%
	VEEV	D	-0.04%
	SE	B	-0.04%
	GOLD	C	-0.04%
	DASH	D	-0.04%
	DDOG	C	-0.04%
	VRT	C	-0.04%
	DKNG	D	-0.03%
	COO	D	-0.03%
	ALNY	A	-0.03%
	PSTG	C	-0.03%
	ENTG	B	-0.03%
	MKL	C	-0.03%
	UMC	B	-0.03%
	CSL	B	-0.03%
	LPLA	B	-0.03%
	GIB	D	-0.03%
	KB	B	-0.03%
	BAH	B	-0.03%
	NET	C	-0.03%
	MSTR	B	-0.03%
	TEAM	D	-0.03%
	ARES	C	-0.03%
	BIDU	F	-0.03%
	HEI	A	-0.02%
	HOOD	B	-0.02%
	ALLY	B	-0.02%
	DT	F	-0.02%
	OVV	D	-0.02%
	CYBR	B	-0.02%
	YUMC	F	-0.02%
	TW	D	-0.02%
	XRX	F	-0.02%
	WPC	D	-0.02%
	NBIX	C	-0.02%
	UTHR	A	-0.02%
	HEI	A	-0.02%
	SSNC	B	-0.02%
	SHG	B	-0.02%
	GGG	D	-0.02%
	DKS	B	-0.02%
	GEN	B	-0.02%
	RVTY	C	-0.02%
	ZM	F	-0.02%
	FNF	D	-0.02%
	RPM	C	-0.02%
	CHT	C	-0.02%
	CHKP	B	-0.02%
	APP	B	-0.02%
	OKTA	C	-0.02%
	MANH	B	-0.02%
	AVTR	D	-0.02%
	FWONK	B	-0.02%
	TPL	B	-0.02%
	TRU	C	-0.02%
	EQH	A	-0.02%
	CCEP	A	-0.02%
	BMRN	C	-0.02%
	BURL	A	-0.02%
	SNAP	B	-0.02%
	SUI	C	-0.02%
	ZS	C	-0.02%
	OC	C	-0.02%
	LOGI	B	-0.02%
	MDB	D	-0.02%
	RS	D	-0.02%
	WSO	B	-0.02%
	RBLX	C	-0.02%
	NMR	C	-0.02%
	FCNCA	D	-0.02%
	LH	C	-0.02%
	LII	B	-0.02%
	EME	B	-0.02%
	WSM	C	-0.02%
	GDDY	A	-0.02%
	AER	A	-0.02%
	TEVA	B	-0.02%
	BILI	B	-0.01%
	FUTU	C	-0.01%
	XPEV	F	-0.01%
	KEP	F	-0.01%
	VIPS	F	-0.01%
	TAL	D	-0.01%
	BZ	D	-0.01%
	UHAL	D	-0.01%
	PATH	D	-0.01%
	CFLT	F	-0.01%
	WLK	D	-0.01%
	AZPN	D	-0.01%
	GRAB	C	-0.01%
	H	B	-0.01%
	IOT	D	-0.01%
	PCTY	F	-0.01%
	ROKU	F	-0.01%
	NIO	F	-0.01%
	AGCO	F	-0.01%
	RGEN	F	-0.01%
	ACI	F	-0.01%
	RIVN	C	-0.01%
	HTHT	F	-0.01%
	Z	C	-0.01%
	CLF	F	-0.01%
	WIT	B	-0.01%
	EXAS	F	-0.01%
	DINO	D	-0.01%
	KNX	C	-0.01%
	BGNE	D	-0.01%
	MNDY	C	-0.01%
	LSCC	F	-0.01%
	FBIN	F	-0.01%
	ZTO	D	-0.01%
	TS	D	-0.01%
	SEIC	C	-0.01%
	WTRG	C	-0.01%
	BSY	D	-0.01%
	TOST	C	-0.01%
	WIX	C	-0.01%
	TWLO	D	-0.01%
	CELH	F	-0.01%
	ERIE	C	-0.01%
	CHK	D	-0.01%
	CNH	F	-0.01%
	SCCO	C	-0.01%
	CG	D	-0.01%
	NLY	B	-0.01%
	CCK	D	-0.01%
	RPRX	D	-0.01%
	TTC	C	-0.01%
	BEKE	D	-0.01%
	AFG	D	-0.01%
	DOCU	D	-0.01%
	GLPI	C	-0.01%
	AU	C	-0.01%
	AMH	B	-0.01%
	TME	B	-0.01%
	BAP	C	-0.01%
	ELS	C	-0.01%
	ACM	C	-0.01%
	LI	F	-0.01%
	KT	B	-0.0%
	IQ	F	-0.0%
	MNSO	F	-0.0%
	ATHM	B	-0.0%
	QFIN	B	-0.0%
	SKM	C	-0.0%
	DOOO	D	-0.0%
	SBSW	F	-0.0%
	LEGN	D	-0.0%
	GLBE	C	-0.0%
	LPL	C	-0.0%
	BVN	C	-0.0%
	U	F	-0.0%

PHDG: Top Represented Industries & Keywords

Industries: Diversified Industrials Utilities - Regulated Electric Software - Application Semiconductors Business Services Diagnostics & Research Banks - Regional - US Oil & Gas E&P Aerospace & Defense Asset Management Capital Markets Drug Manufacturers - Major Packaged Foods Specialty Retail Medical Devices Medical Instruments & Supplies 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 Aerospace Real Estate Investment Trust Telecommunications Bank Banking Medicine Semiconductor Insurance Products Petroleum Industry Transport Disability

ACWI: Top Represented Industries & Keywords

Industries: Software - Application Diversified Industrials Semiconductors Utilities - Regulated Electric Specialty Retail Business Services Diagnostics & Research Software - Infrastructure Biotechnology Internet Content & Information Asset Management Capital Markets Oil & Gas E&P Aerospace & Defense Auto Manufacturers Banks - Regional - US Drug Manufacturers - Major Information Technology Services REIT - Residential Specialty Chemicals

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