PHDG vs. IWB ETF Comparison

Comparison of PowerShares S&P 500 Downside Hedged Portfolio (PHDG) to iShares Russell 1000 ETF (IWB)

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

IWB

iShares Russell 1000 ETF

IWB Description

The investment seeks to track the investment results of an index 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. It seeks to track the investment results of the Russell 1000® Index (the "underlying index"), which measures the performance of large- and mid-capitalization sectors of the U.S. equity market.

Grade (RS Rating)

Last Trade

$297.87

Average Daily Volume

811,846

Number of Holdings ^*

1001

* may have additional holdings in another (foreign) market

Performance

Period	PHDG	IWB
30 Days	2.84%	2.82%
60 Days	5.35%	6.86%
90 Days	2.25%	3.65%
12 Months	15.77%	27.38%

492 Overlapping Holdings

	Symbol	Grade	Weight in PHDG	Weight in IWB	Overlap
	A	C	0.05%	0.08%	0.05%
	AAL	F	0.01%	0.01%	0.01%
	AAPL	B	4.31%	6.25%	4.31%
	ABBV	B	0.42%	0.61%	0.42%
	ABNB	C	0.09%	0.12%	0.09%
	ABT	C	0.25%	0.36%	0.25%
	ACGL	A	0.05%	0.07%	0.05%
	ACN	C	0.25%	0.36%	0.25%
	ADBE	C	0.33%	0.47%	0.33%
	ADI	B	0.16%	0.23%	0.16%
	ADM	F	0.04%	0.06%	0.04%
	ADP	B	0.14%	0.2%	0.14%
	ADSK	B	0.07%	0.1%	0.07%
	AEE	D	0.03%	0.04%	0.03%
	AEP	D	0.06%	0.09%	0.06%
	AES	D	0.02%	0.03%	0.02%
	AFL	A	0.06%	0.1%	0.06%
	AIG	C	0.07%	0.1%	0.07%
	AIZ	D	0.01%	0.02%	0.01%
	AJG	B	0.08%	0.11%	0.08%
	AKAM	F	0.02%	0.03%	0.02%
	ALB	F	0.02%	0.02%	0.02%
	ALGN	F	0.02%	0.04%	0.02%
	ALL	C	0.06%	0.08%	0.06%
	ALLE	D	0.01%	0.02%	0.01%
	AMAT	B	0.29%	0.41%	0.29%
	AMCR	B	0.02%	0.03%	0.02%
	AMD	B	0.35%	0.5%	0.35%
	AME	D	0.05%	0.08%	0.05%
	AMGN	B	0.23%	0.33%	0.23%
	AMP	A	0.06%	0.09%	0.06%
	AMT	C	0.12%	0.18%	0.12%
	AMZN	B	2.31%	3.3%	2.31%
	ANET	B	0.12%	0.17%	0.12%
	ANSS	D	0.04%	0.06%	0.04%
	AON	C	0.08%	0.12%	0.08%
	AOS	D	0.01%	0.02%	0.01%
	APA	D	0.01%	0.02%	0.01%
	APD	C	0.08%	0.12%	0.08%
	APH	B	0.12%	0.16%	0.12%
	APTV	F	0.03%	0.04%	0.03%
	ARE	C	0.03%	0.04%	0.03%
	ATO	B	0.02%	0.04%	0.02%
	AVB	A	0.04%	0.06%	0.04%
	AVGO	C	1.1%	1.56%	1.1%
	AVY	B	0.03%	0.04%	0.03%
	AWK	C	0.04%	0.05%	0.04%
	AXON	D	0.03%	0.04%	0.03%
	AXP	C	0.18%	0.27%	0.18%
	AZO	B	0.07%	0.1%	0.07%
	BA	D	0.14%	0.2%	0.14%
	BAC	B	0.38%	0.55%	0.38%
	BALL	D	0.03%	0.04%	0.03%
	BAX	D	0.02%	0.03%	0.02%
	BBWI	D	0.01%	0.02%	0.01%
	BBY	B	0.02%	0.04%	0.02%
	BDX	D	0.09%	0.14%	0.09%
	BEN	D	0.01%	0.01%	0.01%
	BG	B	0.02%	0.03%	0.02%
	BIIB	C	0.04%	0.06%	0.04%
	BIO	D	0.01%	0.01%	0.01%
	BK	B	0.06%	0.09%	0.06%
	BKNG	A	0.19%	0.28%	0.19%
	BKR	B	0.04%	0.06%	0.04%
	BLDR	F	0.03%	0.04%	0.03%
	BLK	B	0.15%	0.23%	0.15%
	BMY	D	0.12%	0.17%	0.12%
	BR	B	0.03%	0.05%	0.03%
	BRK.A	B	1.03%	1.5%	1.03%
	BRO	B	0.03%	0.04%	0.03%
	BSX	A	0.15%	0.22%	0.15%
	BWA	F	0.01%	0.02%	0.01%
	BX	B	0.12%	0.18%	0.12%
	BXP	B	0.01%	0.02%	0.01%
	C	C	0.16%	0.23%	0.16%
	CAG	C	0.02%	0.03%	0.02%
	CAH	B	0.04%	0.05%	0.04%
	CARR	B	0.08%	0.11%	0.08%
	CAT	C	0.23%	0.33%	0.23%
	CB	B	0.15%	0.21%	0.15%
	CBRE	C	0.04%	0.05%	0.04%
	CCI	D	0.06%	0.08%	0.06%
	CCL	B	0.02%	0.03%	0.02%
	CDNS	B	0.12%	0.18%	0.12%
	CDW	D	0.04%	0.06%	0.04%
	CE	D	0.02%	0.03%	0.02%
	CEG	B	0.1%	0.14%	0.1%
	CF	D	0.02%	0.03%	0.02%
	CFG	C	0.02%	0.03%	0.02%
	CHD	C	0.04%	0.05%	0.04%
	CHRW	B	0.01%	0.02%	0.01%
	CHTR	C	0.04%	0.06%	0.04%
	CI	C	0.14%	0.19%	0.14%
	CINF	C	0.02%	0.03%	0.02%
	CL	A	0.11%	0.16%	0.11%
	CLX	D	0.02%	0.03%	0.02%
	CMA	C	0.01%	0.01%	0.01%
	CMCSA	D	0.2%	0.29%	0.2%
	CME	D	0.1%	0.14%	0.1%
	CMG	B	0.13%	0.19%	0.13%
	CMI	C	0.05%	0.07%	0.05%
	CMS	D	0.02%	0.03%	0.02%
	CNC	D	0.05%	0.07%	0.05%
	CNP	B	0.03%	0.04%	0.03%
	COF	D	0.07%	0.1%	0.07%
	COP	D	0.18%	0.26%	0.18%
	COST	B	0.53%	0.77%	0.53%
	CPAY	D	0.03%	0.04%	0.03%
	CPB	D	0.01%	0.02%	0.01%
	CPRT	C	0.07%	0.09%	0.07%
	CPT	A	0.02%	0.02%	0.02%
	CRL	F	0.01%	0.02%	0.01%
	CRM	D	0.31%	0.43%	0.31%
	CSCO	C	0.26%	0.37%	0.26%
	CSGP	F	0.04%	0.06%	0.04%
	CSX	D	0.09%	0.13%	0.09%
	CTAS	A	0.08%	0.12%	0.08%
	CTLT	B	0.01%	0.02%	0.01%
	CTRA	C	0.03%	0.04%	0.03%
	CTSH	C	0.05%	0.07%	0.05%
	CTVA	C	0.05%	0.07%	0.05%
	CVS	D	0.11%	0.16%	0.11%
	CVX	C	0.37%	0.53%	0.37%
	CZR	C	0.01%	0.02%	0.01%
	D	D	0.06%	0.08%	0.06%
	DAL	D	0.04%	0.06%	0.04%
	DAY	F	0.01%	0.01%	0.01%
	DD	B	0.05%	0.07%	0.05%
	DE	D	0.14%	0.2%	0.14%
	DECK	C	0.04%	0.05%	0.04%
	DFS	B	0.04%	0.06%	0.04%
	DG	D	0.04%	0.06%	0.04%
	DGX	B	0.02%	0.03%	0.02%
	DHI	D	0.06%	0.08%	0.06%
	DHR	C	0.23%	0.34%	0.23%
	DIS	C	0.26%	0.37%	0.26%
	DLR	B	0.07%	0.09%	0.07%
	DLTR	F	0.03%	0.04%	0.03%
	DOC	B	0.02%	0.03%	0.02%
	DOV	B	0.04%	0.05%	0.04%
	DOW	D	0.05%	0.08%	0.05%
	DPZ	B	0.03%	0.04%	0.03%
	DRI	C	0.03%	0.04%	0.03%
	DTE	D	0.03%	0.05%	0.03%
	DUK	C	0.11%	0.15%	0.11%
	DVA	B	0.01%	0.02%	0.01%
	DVN	C	0.04%	0.06%	0.04%
	DXCM	D	0.06%	0.09%	0.06%
	EA	B	0.05%	0.07%	0.05%
	EBAY	B	0.04%	0.06%	0.04%
	ECL	A	0.09%	0.12%	0.09%
	ED	D	0.04%	0.06%	0.04%
	EFX	C	0.04%	0.06%	0.04%
	EG	B	0.02%	0.03%	0.02%
	EIX	D	0.04%	0.05%	0.04%
	EL	F	0.04%	0.05%	0.04%
	ELV	B	0.17%	0.25%	0.17%
	EMN	C	0.02%	0.02%	0.02%
	EMR	D	0.09%	0.12%	0.09%
	ENPH	D	0.02%	0.03%	0.02%
	EOG	C	0.1%	0.14%	0.1%
	EPAM	D	0.01%	0.02%	0.01%
	EQIX	D	0.1%	0.14%	0.1%
	EQR	A	0.03%	0.05%	0.03%
	EQT	D	0.02%	0.03%	0.02%
	ES	D	0.03%	0.04%	0.03%
	ESS	B	0.03%	0.04%	0.03%
	ETN	D	0.18%	0.26%	0.18%
	ETR	D	0.03%	0.05%	0.03%
	ETSY	F	0.01%	0.01%	0.01%
	EVRG	D	0.02%	0.02%	0.02%
	EW	B	0.07%	0.11%	0.07%
	EXC	D	0.05%	0.07%	0.05%
	EXPD	B	0.03%	0.04%	0.03%
	EXPE	B	0.02%	0.03%	0.02%
	EXR	B	0.05%	0.07%	0.05%
	F	C	0.06%	0.09%	0.06%
	FANG	C	0.05%	0.07%	0.05%
	FAST	D	0.05%	0.07%	0.05%
	FCX	C	0.09%	0.14%	0.09%
	FDS	D	0.02%	0.03%	0.02%
	FDX	C	0.08%	0.12%	0.08%
	FE	D	0.03%	0.04%	0.03%
	FFIV	D	0.01%	0.02%	0.01%
	FICO	A	0.05%	0.07%	0.05%
	FIS	B	0.06%	0.09%	0.06%
	FITB	C	0.03%	0.05%	0.03%
	FMC	D	0.01%	0.01%	0.01%
	FOX	A	0.01%	0.01%	0.01%
	FOXA	A	0.01%	0.02%	0.01%
	FRT	D	0.01%	0.02%	0.01%
	FSLR	C	0.04%	0.06%	0.04%
	FTNT	F	0.05%	0.08%	0.05%
	FTV	D	0.04%	0.05%	0.04%
	GD	B	0.09%	0.15%	0.09%
	GE	D	0.25%	0.36%	0.25%
	GEHC	C	0.05%	0.07%	0.05%
	GEV	B	0.07%	0.1%	0.07%
	GILD	C	0.11%	0.16%	0.11%
	GIS	C	0.05%	0.08%	0.05%
	GL	C	0.01%	0.01%	0.01%
	GLW	A	0.04%	0.06%	0.04%
	GM	B	0.08%	0.11%	0.08%
	GNRC	D	0.01%	0.02%	0.01%
	GOOG	A	1.21%	1.77%	1.21%
	GOOGL	A	1.43%	2.08%	1.43%
	GPC	D	0.03%	0.04%	0.03%
	GPN	F	0.03%	0.05%	0.03%
	GRMN	B	0.03%	0.05%	0.03%
	GS	B	0.21%	0.29%	0.21%
	GWW	D	0.06%	0.08%	0.06%
	HAL	D	0.04%	0.06%	0.04%
	HAS	C	0.01%	0.02%	0.01%
	HBAN	C	0.02%	0.04%	0.02%
	HCA	A	0.09%	0.14%	0.09%
	HD	C	0.49%	0.71%	0.49%
	HES	C	0.05%	0.08%	0.05%
	HIG	A	0.04%	0.06%	0.04%
	HII	C	0.01%	0.02%	0.01%
	HLT	A	0.08%	0.11%	0.08%
	HOLX	D	0.02%	0.03%	0.02%
	HON	A	0.19%	0.28%	0.19%
	HPE	B	0.04%	0.06%	0.04%
	HPQ	B	0.04%	0.06%	0.04%
	HRL	F	0.01%	0.02%	0.01%
	HSIC	D	0.01%	0.02%	0.01%
	HST	D	0.02%	0.03%	0.02%
	HSY	D	0.04%	0.05%	0.04%
	HUBB	D	0.03%	0.04%	0.03%
	HUM	C	0.06%	0.09%	0.06%
	HWM	B	0.04%	0.06%	0.04%
	IBM	B	0.22%	0.31%	0.22%
	ICE	A	0.11%	0.15%	0.11%
	IDXX	D	0.06%	0.08%	0.06%
	IEX	D	0.02%	0.03%	0.02%
	IFF	B	0.03%	0.05%	0.03%
	ILMN	D	0.02%	0.03%	0.02%
	INCY	B	0.02%	0.02%	0.02%
	INTC	F	0.18%	0.26%	0.18%
	INTU	C	0.24%	0.33%	0.24%
	INVH	A	0.03%	0.04%	0.03%
	IP	A	0.02%	0.03%	0.02%
	IPG	F	0.02%	0.02%	0.02%
	IQV	D	0.05%	0.08%	0.05%
	IR	C	0.05%	0.08%	0.05%
	IRM	A	0.04%	0.05%	0.04%
	ISRG	A	0.21%	0.3%	0.21%
	IT	B	0.05%	0.07%	0.05%
	ITW	D	0.09%	0.14%	0.09%
	IVZ	C	0.01%	0.01%	0.01%
	J	D	0.02%	0.04%	0.02%
	JBHT	F	0.02%	0.03%	0.02%
	JBL	F	0.02%	0.03%	0.02%
	JCI	B	0.07%	0.09%	0.07%
	JKHY	C	0.02%	0.02%	0.02%
	JNJ	F	0.49%	0.7%	0.49%
	JNPR	B	0.02%	0.02%	0.02%
	JPM	B	0.79%	1.14%	0.79%
	K	D	0.02%	0.03%	0.02%
	KDP	A	0.05%	0.07%	0.05%
	KEY	C	0.02%	0.03%	0.02%
	KEYS	D	0.03%	0.05%	0.03%
	KHC	D	0.04%	0.05%	0.04%
	KIM	B	0.02%	0.02%	0.02%
	KLAC	B	0.16%	0.23%	0.16%
	KMB	B	0.07%	0.1%	0.07%
	KMI	A	0.05%	0.08%	0.05%
	KMX	C	0.02%	0.02%	0.02%
	KO	A	0.34%	0.49%	0.34%
	KR	D	0.05%	0.07%	0.05%
	KVUE	D	0.04%	0.07%	0.04%
	L	C	0.02%	0.03%	0.02%
	LDOS	A	0.03%	0.04%	0.03%
	LEN	D	0.05%	0.0%	0.0%
	LEN	D	0.05%	0.07%	0.05%
	LHX	A	0.06%	0.08%	0.06%
	LIN	B	0.3%	0.43%	0.3%
	LKQ	F	0.02%	0.02%	0.02%
	LLY	A	0.98%	1.51%	0.98%
	LMT	A	0.14%	0.2%	0.14%
	LNT	C	0.02%	0.03%	0.02%
	LOW	D	0.18%	0.26%	0.18%
	LRCX	B	0.2%	0.29%	0.2%
	LULU	F	0.05%	0.07%	0.05%
	LUV	B	0.02%	0.03%	0.02%
	LVS	F	0.02%	0.03%	0.02%
	LW	C	0.02%	0.02%	0.02%
	LYB	C	0.03%	0.05%	0.03%
	LYV	D	0.02%	0.03%	0.02%
	MA	C	0.51%	0.75%	0.51%
	MAA	B	0.02%	0.03%	0.02%
	MAR	B	0.08%	0.12%	0.08%
	MAS	D	0.02%	0.03%	0.02%
	MCD	D	0.25%	0.37%	0.25%
	MCHP	D	0.07%	0.1%	0.07%
	MCK	A	0.11%	0.16%	0.11%
	MCO	A	0.09%	0.13%	0.09%
	MDLZ	D	0.12%	0.18%	0.12%
	MDT	D	0.15%	0.21%	0.15%
	MET	C	0.06%	0.09%	0.06%
	META	B	1.52%	2.21%	1.52%
	MGM	B	0.02%	0.02%	0.02%
	MHK	D	0.01%	0.01%	0.01%
	MKC	D	0.02%	0.03%	0.02%
	MKTX	F	0.01%	0.01%	0.01%
	MLM	D	0.05%	0.07%	0.05%
	MMC	B	0.14%	0.21%	0.14%
	MMM	B	0.08%	0.11%	0.08%
	MNST	D	0.05%	0.07%	0.05%
	MO	A	0.11%	0.16%	0.11%
	MOH	F	0.02%	0.04%	0.02%
	MOS	D	0.01%	0.02%	0.01%
	MPC	C	0.09%	0.13%	0.09%
	MPWR	B	0.06%	0.08%	0.06%
	MRK	A	0.45%	0.65%	0.45%
	MRNA	C	0.06%	0.09%	0.06%
	MRO	B	0.02%	0.03%	0.02%
	MS	B	0.17%	0.23%	0.17%
	MSCI	C	0.05%	0.07%	0.05%
	MSFT	A	4.59%	6.65%	4.59%
	MSI	A	0.09%	0.13%	0.09%
	MTB	C	0.03%	0.05%	0.03%
	MTCH	F	0.01%	0.02%	0.01%
	MTD	B	0.04%	0.06%	0.04%
	MU	C	0.23%	0.34%	0.23%
	NCLH	B	0.01%	0.01%	0.01%
	NDAQ	C	0.03%	0.04%	0.03%
	NDSN	D	0.02%	0.03%	0.02%
	NEE	B	0.2%	0.29%	0.2%
	NEM	B	0.07%	0.1%	0.07%
	NFLX	B	0.41%	0.59%	0.41%
	NI	B	0.02%	0.02%	0.02%
	NKE	C	0.16%	0.22%	0.16%
	NOC	F	0.08%	0.12%	0.08%
	NOW	B	0.21%	0.3%	0.21%
	NRG	B	0.03%	0.04%	0.03%
	NSC	D	0.07%	0.1%	0.07%
	NTAP	B	0.04%	0.05%	0.04%
	NTRS	D	0.02%	0.03%	0.02%
	NUE	F	0.05%	0.08%	0.05%
	NVDA	C	4.64%	6.45%	4.64%
	NVR	C	0.03%	0.04%	0.03%
	NWS	A	0.0%	0.01%	0.0%
	NWSA	A	0.01%	0.02%	0.01%
	O	D	0.06%	0.09%	0.06%
	ODFL	D	0.04%	0.07%	0.04%
	OKE	B	0.06%	0.09%	0.06%
	OMC	D	0.02%	0.04%	0.02%
	ON	D	0.04%	0.06%	0.04%
	ORCL	B	0.32%	0.45%	0.32%
	ORLY	B	0.09%	0.12%	0.09%
	OTIS	C	0.05%	0.08%	0.05%
	OXY	C	0.06%	0.08%	0.06%
	PANW	B	0.14%	0.19%	0.14%
	PARA	F	0.01%	0.01%	0.01%
	PAYC	F	0.01%	0.01%	0.01%
	PAYX	B	0.06%	0.08%	0.06%
	PCAR	D	0.08%	0.11%	0.08%
	PCG	C	0.05%	0.07%	0.05%
	PEG	B	0.05%	0.07%	0.05%
	PEP	C	0.32%	0.46%	0.32%
	PFE	C	0.21%	0.31%	0.21%
	PFG	C	0.02%	0.04%	0.02%
	PG	A	0.55%	0.79%	0.55%
	PGR	C	0.17%	0.25%	0.17%
	PH	D	0.09%	0.13%	0.09%
	PHM	D	0.03%	0.05%	0.03%
	PKG	B	0.02%	0.03%	0.02%
	PLD	C	0.14%	0.2%	0.14%
	PM	A	0.22%	0.31%	0.22%
	PNC	D	0.09%	0.12%	0.09%
	PNR	D	0.02%	0.03%	0.02%
	PNW	C	0.01%	0.02%	0.01%
	PODD	B	0.02%	0.03%	0.02%
	POOL	F	0.02%	0.03%	0.02%
	PPG	D	0.04%	0.06%	0.04%
	PPL	C	0.03%	0.04%	0.03%
	PRU	A	0.06%	0.08%	0.06%
	PSA	B	0.06%	0.09%	0.06%
	PSX	C	0.08%	0.12%	0.08%
	PTC	C	0.03%	0.04%	0.03%
	PWR	B	0.06%	0.08%	0.06%
	PYPL	D	0.09%	0.13%	0.09%
	QCOM	C	0.35%	0.51%	0.35%
	QRVO	B	0.02%	0.02%	0.02%
	RCL	A	0.05%	0.07%	0.05%
	REG	B	0.01%	0.02%	0.01%
	REGN	A	0.15%	0.21%	0.15%
	RF	C	0.02%	0.04%	0.02%
	RHI	D	0.01%	0.01%	0.01%
	RJF	C	0.03%	0.04%	0.03%
	RL	B	0.01%	0.01%	0.01%
	RMD	D	0.04%	0.06%	0.04%
	ROK	D	0.04%	0.06%	0.04%
	ROL	A	0.02%	0.03%	0.02%
	ROP	A	0.08%	0.12%	0.08%
	ROST	A	0.07%	0.1%	0.07%
	RSG	A	0.05%	0.08%	0.05%
	RTX	C	0.19%	0.3%	0.19%
	SBAC	F	0.03%	0.04%	0.03%
	SBUX	F	0.13%	0.18%	0.13%
	SCHW	C	0.15%	0.22%	0.15%
	SHW	D	0.1%	0.14%	0.1%
	SJM	F	0.02%	0.02%	0.02%
	SLB	C	0.09%	0.13%	0.09%
	SNA	D	0.02%	0.03%	0.02%
	SNPS	B	0.13%	0.19%	0.13%
	SO	B	0.12%	0.17%	0.12%
	SOLV	F	0.01%	0.01%	0.01%
	SPG	B	0.07%	0.1%	0.07%
	SPGI	B	0.19%	0.28%	0.19%
	SRE	B	0.07%	0.09%	0.07%
	STE	D	0.03%	0.04%	0.03%
	STLD	D	0.03%	0.04%	0.03%
	STT	C	0.03%	0.04%	0.03%
	STZ	B	0.06%	0.09%	0.06%
	SWK	D	0.02%	0.03%	0.02%
	SWKS	B	0.02%	0.03%	0.02%
	SYF	B	0.02%	0.04%	0.02%
	SYK	B	0.16%	0.25%	0.16%
	SYY	C	0.05%	0.07%	0.05%
	T	A	0.18%	0.26%	0.18%
	TAP	F	0.01%	0.02%	0.01%
	TDG	B	0.1%	0.14%	0.1%
	TDY	D	0.03%	0.04%	0.03%
	TECH	C	0.02%	0.02%	0.02%
	TER	B	0.03%	0.05%	0.03%
	TFC	C	0.07%	0.1%	0.07%
	TFX	D	0.01%	0.02%	0.01%
	TGT	C	0.09%	0.13%	0.09%
	TJX	A	0.17%	0.25%	0.17%
	TMO	D	0.3%	0.44%	0.3%
	TMUS	B	0.13%	0.17%	0.13%
	TPR	C	0.01%	0.02%	0.01%
	TRGP	A	0.04%	0.05%	0.04%
	TRMB	D	0.02%	0.03%	0.02%
	TROW	B	0.04%	0.05%	0.04%
	TRV	D	0.07%	0.1%	0.07%
	TSCO	C	0.04%	0.06%	0.04%
	TSLA	C	0.71%	1.02%	0.71%
	TSN	C	0.02%	0.03%	0.02%
	TT	B	0.11%	0.16%	0.11%
	TTWO	B	0.03%	0.05%	0.03%
	TXN	B	0.25%	0.36%	0.25%
	TXT	D	0.02%	0.03%	0.02%
	TYL	B	0.03%	0.04%	0.03%
	UAL	D	0.02%	0.03%	0.02%
	UBER	B	0.2%	0.28%	0.2%
	UDR	B	0.02%	0.03%	0.02%
	UHS	B	0.02%	0.02%	0.02%
	ULTA	D	0.03%	0.04%	0.03%
	UNH	D	0.62%	0.89%	0.62%
	UNP	D	0.19%	0.27%	0.19%
	UPS	F	0.13%	0.19%	0.13%
	URI	C	0.06%	0.09%	0.06%
	USB	C	0.08%	0.12%	0.08%
	V	C	0.6%	0.87%	0.6%
	VICI	D	0.04%	0.06%	0.04%
	VLO	C	0.07%	0.1%	0.07%
	VLTO	B	0.03%	0.04%	0.03%
	VMC	D	0.05%	0.07%	0.05%
	VRSK	A	0.05%	0.08%	0.05%
	VRSN	C	0.02%	0.03%	0.02%
	VRTX	B	0.17%	0.24%	0.17%
	VST	B	0.04%	0.06%	0.04%
	VTR	A	0.03%	0.04%	0.03%
	VTRS	D	0.02%	0.02%	0.02%
	VZ	B	0.23%	0.34%	0.23%
	WAB	D	0.04%	0.06%	0.04%
	WAT	D	0.02%	0.03%	0.02%
	WBA	F	0.02%	0.02%	0.02%
	WBD	F	0.02%	0.03%	0.02%
	WDC	B	0.04%	0.05%	0.04%
	WEC	D	0.03%	0.05%	0.03%
	WELL	B	0.08%	0.12%	0.08%
	WFC	D	0.29%	0.43%	0.29%
	WM	B	0.11%	0.17%	0.11%
	WMB	A	0.07%	0.1%	0.07%
	WMT	B	0.4%	0.58%	0.4%
	WRB	B	0.02%	0.03%	0.02%
	WRK	D	0.02%	0.03%	0.02%
	WST	F	0.03%	0.05%	0.03%
	WTW	B	0.04%	0.05%	0.04%
	WY	F	0.03%	0.04%	0.03%
	WYNN	D	0.01%	0.02%	0.01%
	XEL	D	0.04%	0.06%	0.04%
	XOM	C	0.68%	0.99%	0.68%
	XYL	C	0.05%	0.07%	0.05%
	YUM	D	0.05%	0.08%	0.05%
	ZBH	D	0.03%	0.04%	0.03%
	ZBRA	C	0.02%	0.03%	0.02%
	ZTS	C	0.11%	0.16%	0.11%

PHDG Overweight 5 Positions Relative to IWB

	Symbol	Grade	Weight
	NXPI	B	0.1%
	SMCI	C	0.06%
	TEL	B	0.06%
	STX	B	0.03%
	CBOE	D	0.02%

PHDG Underweight 509 Positions Relative to IWB

	Symbol	Grade	Weight
	FI	D	-0.18%
	CRWD	A	-0.17%
	KKR	B	-0.15%
	MRVL	C	-0.13%
	APO	A	-0.12%
	PLTR	B	-0.1%
	SPOT	B	-0.09%
	TTD	A	-0.09%
	LNG	B	-0.08%
	COR	B	-0.08%
	SNOW	F	-0.08%
	COIN	C	-0.08%
	FERG	D	-0.08%
	WDAY	D	-0.08%
	DDOG	C	-0.07%
	VRT	C	-0.07%
	SQ	D	-0.07%
	DASH	D	-0.07%
	ARES	C	-0.05%
	NET	C	-0.05%
	TEAM	D	-0.05%
	PINS	A	-0.05%
	VEEV	D	-0.05%
	ICLR	B	-0.05%
	HUBS	C	-0.05%
	NU	B	-0.05%
	LH	C	-0.04%
	LII	B	-0.04%
	EME	B	-0.04%
	FCNCA	D	-0.04%
	COO	D	-0.04%
	DKNG	D	-0.04%
	ALNY	A	-0.04%
	GDDY	A	-0.04%
	BAH	B	-0.04%
	PSTG	C	-0.04%
	WSM	C	-0.04%
	CSL	B	-0.04%
	MKL	C	-0.04%
	ENTG	B	-0.04%
	LPLA	B	-0.04%
	CPNG	D	-0.04%
	IBKR	B	-0.03%
	FND	D	-0.03%
	NBIX	C	-0.03%
	WING	B	-0.03%
	FNF	D	-0.03%
	DKS	B	-0.03%
	NTNX	C	-0.03%
	BLD	D	-0.03%
	GEN	B	-0.03%
	RVTY	C	-0.03%
	NVT	C	-0.03%
	OKTA	C	-0.03%
	EQH	A	-0.03%
	GGG	D	-0.03%
	SSNC	B	-0.03%
	TRU	C	-0.03%
	UTHR	A	-0.03%
	HOOD	B	-0.03%
	RGA	B	-0.03%
	THC	B	-0.03%
	FWONK	B	-0.03%
	CASY	B	-0.03%
	SUI	C	-0.03%
	TPL	B	-0.03%
	RPM	C	-0.03%
	HEI	A	-0.03%
	ZM	F	-0.03%
	RBA	B	-0.03%
	AVTR	D	-0.03%
	MANH	B	-0.03%
	MDB	D	-0.03%
	BURL	A	-0.03%
	BMRN	C	-0.03%
	ZS	C	-0.03%
	OC	C	-0.03%
	APP	B	-0.03%
	RS	D	-0.03%
	WSO	B	-0.03%
	RBLX	C	-0.03%
	RIVN	C	-0.02%
	EGP	C	-0.02%
	HRB	A	-0.02%
	AYI	D	-0.02%
	INGR	D	-0.02%
	EXP	D	-0.02%
	RBC	C	-0.02%
	NNN	B	-0.02%
	AXTA	C	-0.02%
	ORI	C	-0.02%
	GMED	A	-0.02%
	GNTX	D	-0.02%
	RGLD	C	-0.02%
	CHE	D	-0.02%
	RRC	D	-0.02%
	OWL	C	-0.02%
	FHN	C	-0.02%
	OHI	A	-0.02%
	SF	B	-0.02%
	CGNX	B	-0.02%
	CCK	D	-0.02%
	NYT	B	-0.02%
	TPX	D	-0.02%
	LSCC	F	-0.02%
	X	F	-0.02%
	ACI	F	-0.02%
	UNM	C	-0.02%
	EHC	B	-0.02%
	CG	D	-0.02%
	PRI	B	-0.02%
	DINO	D	-0.02%
	JEF	B	-0.02%
	KNSL	F	-0.02%
	GPK	C	-0.02%
	FBIN	F	-0.02%
	BWXT	B	-0.02%
	KBR	C	-0.02%
	DCI	D	-0.02%
	DOX	D	-0.02%
	ARMK	A	-0.02%
	ELAN	B	-0.02%
	ESTC	C	-0.02%
	SNX	C	-0.02%
	CNM	D	-0.02%
	MKSI	B	-0.02%
	TOST	C	-0.02%
	CELH	F	-0.02%
	AFG	D	-0.02%
	TWLO	D	-0.02%
	TREX	F	-0.02%
	REXR	C	-0.02%
	SCCO	C	-0.02%
	MEDP	B	-0.02%
	WTRG	C	-0.02%
	MUSA	A	-0.02%
	RRX	F	-0.02%
	AR	B	-0.02%
	CACI	A	-0.02%
	COHR	B	-0.02%
	CROX	B	-0.02%
	QGEN	D	-0.02%
	OLED	B	-0.02%
	RPRX	D	-0.02%
	ATR	C	-0.02%
	CHDN	A	-0.02%
	SKX	B	-0.02%
	EWBC	C	-0.02%
	CUBE	B	-0.02%
	NLY	B	-0.02%
	CNH	F	-0.02%
	LAMR	B	-0.02%
	TTC	C	-0.02%
	JLL	B	-0.02%
	BSY	D	-0.02%
	DOCU	D	-0.02%
	LECO	F	-0.02%
	CHK	D	-0.02%
	SCI	B	-0.02%
	HEI	A	-0.02%
	PFGC	C	-0.02%
	SRPT	B	-0.02%
	FTI	C	-0.02%
	ALLY	B	-0.02%
	ITT	D	-0.02%
	CW	B	-0.02%
	TTEK	B	-0.02%
	GWRE	A	-0.02%
	WWD	B	-0.02%
	DT	F	-0.02%
	ELS	C	-0.02%
	GLPI	C	-0.02%
	TXRH	A	-0.02%
	CLH	A	-0.02%
	NTRA	B	-0.02%
	RNR	B	-0.02%
	OVV	D	-0.02%
	BJ	A	-0.02%
	XPO	D	-0.02%
	TW	D	-0.02%
	WPC	D	-0.02%
	WMS	C	-0.02%
	ACM	C	-0.02%
	SAIA	B	-0.02%
	AMH	B	-0.02%
	USFD	A	-0.02%
	TOL	D	-0.02%
	FHB	C	-0.01%
	CLVT	D	-0.01%
	DV	D	-0.01%
	BOKF	C	-0.01%
	RUN	C	-0.01%
	ZG	C	-0.01%
	CNXC	F	-0.01%
	TNDM	C	-0.01%
	BHF	D	-0.01%
	SAM	C	-0.01%
	SPB	C	-0.01%
	MPW	C	-0.01%
	NVST	F	-0.01%
	SMG	D	-0.01%
	HIW	B	-0.01%
	COLM	C	-0.01%
	PENN	C	-0.01%
	FIVN	F	-0.01%
	AMED	F	-0.01%
	WEN	F	-0.01%
	PAG	D	-0.01%
	TPG	C	-0.01%
	RARE	F	-0.01%
	CACC	D	-0.01%
	EPR	C	-0.01%
	GTES	D	-0.01%
	VAC	F	-0.01%
	CXT	C	-0.01%
	AZTA	C	-0.01%
	PK	D	-0.01%
	DOCS	C	-0.01%
	IRDM	F	-0.01%
	NSA	B	-0.01%
	WOLF	D	-0.01%
	HCP	A	-0.01%
	NEU	D	-0.01%
	LSXMK	F	-0.01%
	TNL	B	-0.01%
	TDC	D	-0.01%
	IAC	F	-0.01%
	CHH	B	-0.01%
	LITE	B	-0.01%
	MAN	D	-0.01%
	WU	D	-0.01%
	RH	F	-0.01%
	YETI	C	-0.01%
	MSGS	C	-0.01%
	PRGO	F	-0.01%
	SLGN	D	-0.01%
	CC	F	-0.01%
	DXC	C	-0.01%
	CUZ	D	-0.01%
	CPRI	F	-0.01%
	SPR	C	-0.01%
	ZI	F	-0.01%
	KRC	F	-0.01%
	KMPR	D	-0.01%
	MSM	D	-0.01%
	FOUR	C	-0.01%
	COTY	D	-0.01%
	COLB	F	-0.01%
	HUN	D	-0.01%
	AAP	F	-0.01%
	BEPC	B	-0.01%
	BYD	D	-0.01%
	LOPE	D	-0.01%
	GTLB	F	-0.01%
	ROIV	C	-0.01%
	LAZ	D	-0.01%
	OZK	D	-0.01%
	APLS	F	-0.01%
	FLO	C	-0.01%
	PII	F	-0.01%
	HOG	F	-0.01%
	AGO	C	-0.01%
	PATH	D	-0.01%
	S	D	-0.01%
	THG	D	-0.01%
	RYN	C	-0.01%
	CCCS	C	-0.01%
	DLB	F	-0.01%
	IDA	D	-0.01%
	W	F	-0.01%
	JHG	B	-0.01%
	SLM	C	-0.01%
	UGI	D	-0.01%
	CAVA	B	-0.01%
	VNO	B	-0.01%
	EEFT	D	-0.01%
	WTM	B	-0.01%
	FNB	C	-0.01%
	U	F	-0.01%
	GFS	C	-0.01%
	WHR	F	-0.01%
	THO	F	-0.01%
	AL	C	-0.01%
	AN	D	-0.01%
	BILL	F	-0.01%
	VFC	C	-0.01%
	LYFT	F	-0.01%
	INSP	F	-0.01%
	NFG	C	-0.01%
	ASH	C	-0.01%
	AM	A	-0.01%
	NXST	C	-0.01%
	WLK	D	-0.01%
	M	C	-0.01%
	AVT	B	-0.01%
	GPS	C	-0.01%
	TKR	D	-0.01%
	PB	D	-0.01%
	AMG	C	-0.01%
	POST	C	-0.01%
	BC	F	-0.01%
	PCOR	D	-0.01%
	AWI	D	-0.01%
	MDU	A	-0.01%
	SEE	C	-0.01%
	RYAN	B	-0.01%
	ALK	D	-0.01%
	SMAR	B	-0.01%
	HXL	D	-0.01%
	SRCL	B	-0.01%
	SNV	C	-0.01%
	RITM	D	-0.01%
	DBX	D	-0.01%
	R	B	-0.01%
	OGN	B	-0.01%
	CFLT	F	-0.01%
	LNC	B	-0.01%
	FAF	D	-0.01%
	ESAB	D	-0.01%
	AZPN	D	-0.01%
	XRAY	F	-0.01%
	AXS	B	-0.01%
	DAR	D	-0.01%
	GXO	F	-0.01%
	VVV	B	-0.01%
	WTFC	C	-0.01%
	PCTY	F	-0.01%
	OMF	D	-0.01%
	FRPT	B	-0.01%
	RLI	D	-0.01%
	LPX	C	-0.01%
	G	D	-0.01%
	AIRC	A	-0.01%
	SON	D	-0.01%
	CFR	D	-0.01%
	XP	D	-0.01%
	VMI	B	-0.01%
	LBRDK	D	-0.01%
	MTG	B	-0.01%
	WH	C	-0.01%
	KD	B	-0.01%
	IONS	B	-0.01%
	BFAM	C	-0.01%
	STWD	D	-0.01%
	MASI	B	-0.01%
	ST	D	-0.01%
	PNFP	D	-0.01%
	BPOP	C	-0.01%
	SITE	F	-0.01%
	SAIC	D	-0.01%
	UHAL	D	-0.01%
	SOFI	F	-0.01%
	OLN	D	-0.01%
	ZION	C	-0.01%
	MAT	F	-0.01%
	HR	B	-0.01%
	VNT	D	-0.01%
	ADC	B	-0.01%
	OLLI	B	-0.01%
	ACHC	D	-0.01%
	FIVE	F	-0.01%
	FR	C	-0.01%
	ESI	B	-0.01%
	PLNT	B	-0.01%
	LFUS	C	-0.01%
	FYBR	B	-0.01%
	PEN	F	-0.01%
	FLS	C	-0.01%
	CBSH	C	-0.01%
	GLOB	C	-0.01%
	LSTR	B	-0.01%
	AGCO	F	-0.01%
	EXEL	B	-0.01%
	GME	C	-0.01%
	WAL	C	-0.01%
	STAG	C	-0.01%
	TKO	B	-0.01%
	H	B	-0.01%
	AA	C	-0.01%
	MIDD	D	-0.01%
	ROKU	F	-0.01%
	SEIC	C	-0.01%
	ARW	C	-0.01%
	LEA	F	-0.01%
	BRKR	F	-0.01%
	AZEK	D	-0.01%
	AGNC	A	-0.01%
	MTN	F	-0.01%
	PVH	C	-0.01%
	MTZ	B	-0.01%
	DTM	A	-0.01%
	BRX	B	-0.01%
	OSK	D	-0.01%
	CRUS	A	-0.01%
	CIEN	D	-0.01%
	RGEN	F	-0.01%
	ALSN	C	-0.01%
	AFRM	B	-0.01%
	FCN	C	-0.01%
	CR	B	-0.01%
	KEX	B	-0.01%
	HLI	C	-0.01%
	LAD	F	-0.01%
	JAZZ	F	-0.01%
	MSA	C	-0.01%
	WBS	D	-0.01%
	BERY	C	-0.01%
	VOYA	B	-0.01%
	WSC	F	-0.01%
	WEX	D	-0.01%
	WCC	D	-0.01%
	OGE	C	-0.01%
	NOV	C	-0.01%
	KNX	C	-0.01%
	COLD	C	-0.01%
	EVR	B	-0.01%
	MORN	C	-0.01%
	SWN	D	-0.01%
	CLF	F	-0.01%
	EXAS	F	-0.01%
	Z	C	-0.01%
	RNAC	D	-0.0%
	PLTK	D	-0.0%
	PARAA	F	-0.0%
	OLPX	C	-0.0%
	WOOF	C	-0.0%
	NLOP	C	-0.0%
	HTZ	F	-0.0%
	CHPT	F	-0.0%
	AMBP	D	-0.0%
	UHAL	D	-0.0%
	MCW	D	-0.0%
	SEB	F	-0.0%
	UI	C	-0.0%
	DNA	F	-0.0%
	LLYVA	D	-0.0%
	UWMC	C	-0.0%
	CART	D	-0.0%
	DRVN	D	-0.0%
	TFSL	D	-0.0%
	PYCR	D	-0.0%
	MRVI	F	-0.0%
	CWEN	C	-0.0%
	LBRDA	D	-0.0%
	SSRM	F	-0.0%
	HE	F	-0.0%
	CNA	C	-0.0%
	KLG	F	-0.0%
	PTON	D	-0.0%
	SNDR	C	-0.0%
	UA	C	-0.0%
	VSTS	D	-0.0%
	AMC	D	-0.0%
	UAA	C	-0.0%
	NFE	F	-0.0%
	INFA	D	-0.0%
	PLUG	F	-0.0%
	MP	F	-0.0%
	PPC	C	-0.0%
	SHC	C	-0.0%
	BIRK	B	-0.0%
	REYN	B	-0.0%
	CERT	F	-0.0%
	VSAT	F	-0.0%
	VSCO	F	-0.0%
	MRCY	F	-0.0%
	VYX	F	-0.0%
	LSXMA	F	-0.0%
	LEG	F	-0.0%
	LLYVK	D	-0.0%
	FWONA	B	-0.0%
	RKT	C	-0.0%
	TDOC	F	-0.0%
	SIRI	F	-0.0%
	QS	F	-0.0%
	TXG	F	-0.0%
	NATL	B	-0.0%
	ADT	B	-0.0%
	CAR	D	-0.0%
	TRIP	F	-0.0%
	QDEL	F	-0.0%
	HAYW	D	-0.0%
	RCM	B	-0.0%
	PHIN	D	-0.0%
	LCID	F	-0.0%
	GO	D	-0.0%
	IART	D	-0.0%
	CABO	F	-0.0%
	AGL	D	-0.0%
	VIRT	C	-0.0%
	NVCR	C	-0.0%
	FTRE	F	-0.0%
	ALGM	F	-0.0%
	CWEN	C	-0.0%
	HHH	D	-0.0%
	NCNO	B	-0.0%
	NYCB	F	-0.0%
	PINC	F	-0.0%
	RNG	F	-0.0%
	ICUI	C	-0.0%
	KSS	C	-0.0%
	CRI	F	-0.0%
	PEGA	C	-0.0%
	JWN	C	-0.0%
	DNB	F	-0.0%
	ENOV	F	-0.0%
	AGR	D	-0.0%
	IPGP	F	-0.0%
	NWL	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

IWB: Top Represented Industries & Keywords

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

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