PHDG vs. QUS ETF Comparison

Comparison of PowerShares S&P 500 Downside Hedged Portfolio (PHDG) to SPDR MSCI USA Quality Mix ETF (QUS)

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

$37.41

Average Daily Volume

10,125

Number of Holdings ^*

496

* may have additional holdings in another (foreign) market

QUS

SPDR MSCI USA Quality Mix ETF

QUS Description

The investment seeks to track the performance of the MSCI USA Quality Mix A-Series Index. The fund invests at least 80%, of its total assets in the securities comprising the index. The index is designed to measure the equity market performance of large-and mid-cap companies across the U.S. equity market. It aims to represent the performance of a combination of three factors: value, quality, and low volatility. It is an equal weighted combination of the following three MSCI Factor Indices in a single composite index: the MSCI USA Value Weighted Index, the MSCI USA Quality Index, and the MSCI USA Minimum Volatility Index. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$147.45

Average Daily Volume

28,215

Number of Holdings ^*

588

* may have additional holdings in another (foreign) market

Performance

Period	PHDG	QUS
30 Days	3.67%	3.08%
60 Days	5.69%	5.07%
90 Days	2.17%	1.93%
12 Months	16.10%	23.16%

481 Overlapping Holdings

Symbol	Grade	Weight in PHDG	Weight in QUS	Overlap
A	D	0.05%	0.12%	0.05%
AAPL	B	4.29%	3.28%	3.28%
ABBV	B	0.42%	0.55%	0.42%
ABNB	C	0.09%	0.02%	0.02%
ABT	D	0.25%	0.15%	0.15%
ACGL	B	0.05%	0.39%	0.05%
ACN	D	0.27%	1.08%	0.27%
ADBE	B	0.33%	0.8%	0.33%
ADI	B	0.16%	0.16%	0.16%
ADM	F	0.05%	0.1%	0.05%
ADP	D	0.14%	0.46%	0.14%
ADSK	B	0.07%	0.14%	0.07%
AEE	D	0.03%	0.09%	0.03%
AEP	C	0.06%	0.18%	0.06%
AES	D	0.02%	0.02%	0.02%
AFL	B	0.07%	0.19%	0.07%
AIG	D	0.07%	0.13%	0.07%
AIZ	D	0.01%	0.1%	0.01%
AJG	B	0.08%	0.42%	0.08%
AKAM	F	0.02%	0.16%	0.02%
ALB	F	0.02%	0.02%	0.02%
ALGN	F	0.02%	0.01%	0.01%
ALL	D	0.06%	0.05%	0.05%
ALLE	C	0.01%	0.03%	0.01%
AMAT	B	0.27%	0.71%	0.27%
AMCR	C	0.02%	0.02%	0.02%
AMD	B	0.35%	0.08%	0.08%
AME	D	0.05%	0.02%	0.02%
AMGN	B	0.23%	0.32%	0.23%
AMP	C	0.06%	0.03%	0.03%
AMT	B	0.13%	0.04%	0.04%
AMZN	B	2.47%	0.7%	0.7%
ANET	A	0.12%	0.37%	0.12%
ANSS	D	0.04%	0.01%	0.01%
AON	C	0.09%	0.17%	0.09%
AOS	D	0.01%	0.03%	0.01%
APA	D	0.01%	0.06%	0.01%
APD	D	0.08%	0.04%	0.04%
APH	B	0.11%	0.73%	0.11%
APTV	F	0.03%	0.03%	0.03%
ARE	C	0.03%	0.02%	0.02%
ATO	B	0.02%	0.03%	0.02%
AVB	A	0.04%	0.02%	0.02%
AVGO	C	0.97%	0.6%	0.6%
AVY	C	0.03%	0.01%	0.01%
AWK	B	0.04%	0.02%	0.02%
AXON	C	0.03%	0.0%	0.0%
AXP	C	0.18%	0.09%	0.09%
AZO	B	0.07%	0.36%	0.07%
BA	D	0.14%	0.03%	0.03%
BAC	A	0.37%	0.62%	0.37%
BALL	D	0.03%	0.02%	0.02%
BAX	F	0.02%	0.02%	0.02%
BBWI	F	0.01%	0.01%	0.01%
BBY	B	0.02%	0.09%	0.02%
BDX	D	0.09%	0.27%	0.09%
BEN	D	0.01%	0.01%	0.01%
BG	B	0.02%	0.06%	0.02%
BIIB	C	0.05%	0.03%	0.03%
BIO	F	0.01%	0.01%	0.01%
BK	A	0.06%	0.07%	0.06%
BKNG	A	0.19%	0.03%	0.03%
BKR	B	0.05%	0.04%	0.04%
BLDR	F	0.02%	0.07%	0.02%
BLK	B	0.15%	0.37%	0.15%
BMY	F	0.12%	0.28%	0.12%
BR	C	0.03%	0.03%	0.03%
BRK.A	C	1.04%	1.03%	1.03%
BRO	B	0.03%	0.01%	0.01%
BSX	A	0.16%	0.04%	0.04%
BX	B	0.12%	0.03%	0.03%
BXP	B	0.01%	0.01%	0.01%
C	C	0.16%	0.43%	0.16%
CAG	D	0.02%	0.03%	0.02%
CAH	D	0.03%	0.11%	0.03%
CARR	B	0.07%	0.03%	0.03%
CAT	C	0.22%	0.57%	0.22%
CB	C	0.15%	0.63%	0.15%
CBOE	D	0.03%	0.26%	0.03%
CBRE	B	0.04%	0.03%	0.03%
CCI	C	0.06%	0.02%	0.02%
CCL	B	0.03%	0.01%	0.01%
CDNS	B	0.12%	0.33%	0.12%
CDW	D	0.04%	0.26%	0.04%
CE	F	0.02%	0.02%	0.02%
CEG	C	0.09%	0.03%	0.03%
CF	D	0.02%	0.03%	0.02%
CFG	C	0.02%	0.05%	0.02%
CHD	C	0.04%	0.15%	0.04%
CHRW	B	0.01%	0.02%	0.01%
CHTR	C	0.04%	0.07%	0.04%
CI	D	0.14%	0.27%	0.14%
CINF	C	0.03%	0.03%	0.03%
CL	B	0.11%	0.19%	0.11%
CLX	D	0.02%	0.01%	0.01%
CMCSA	C	0.21%	0.4%	0.21%
CME	D	0.1%	0.21%	0.1%
CMG	C	0.13%	0.27%	0.13%
CMI	D	0.05%	0.14%	0.05%
CMS	D	0.02%	0.08%	0.02%
CNC	F	0.05%	0.11%	0.05%
CNP	A	0.03%	0.02%	0.02%
COF	C	0.07%	0.13%	0.07%
COP	D	0.19%	0.18%	0.18%
COST	B	0.53%	1.32%	0.53%
CPAY	D	0.03%	0.01%	0.01%
CPB	C	0.01%	0.13%	0.01%
CPRT	C	0.07%	0.14%	0.07%
CPT	A	0.02%	0.01%	0.01%
CRL	F	0.01%	0.01%	0.01%
CRM	D	0.33%	0.1%	0.1%
CRWD	B	0.12%	0.08%	0.08%
CSCO	C	0.27%	1.17%	0.27%
CSGP	D	0.04%	0.01%	0.01%
CSX	C	0.09%	0.05%	0.05%
CTAS	B	0.08%	0.21%	0.08%
CTLT	B	0.01%	0.01%	0.01%
CTRA	D	0.03%	0.04%	0.03%
CTSH	C	0.05%	0.37%	0.05%
CTVA	C	0.05%	0.17%	0.05%
CVS	D	0.11%	0.36%	0.11%
CVX	C	0.38%	0.57%	0.38%
CZR	C	0.01%	0.01%	0.01%
D	D	0.06%	0.12%	0.06%
DAL	D	0.04%	0.01%	0.01%
DAY	F	0.01%	0.0%	0.0%
DD	B	0.05%	0.04%	0.04%
DE	D	0.14%	0.11%	0.11%
DECK	B	0.04%	0.08%	0.04%
DFS	A	0.04%	0.06%	0.04%
DG	D	0.04%	0.04%	0.04%
DGX	D	0.02%	0.05%	0.02%
DHI	D	0.06%	0.17%	0.06%
DHR	D	0.23%	0.1%	0.1%
DIS	D	0.26%	0.16%	0.16%
DLR	A	0.07%	0.03%	0.03%
DLTR	F	0.03%	0.03%	0.03%
DOC	B	0.02%	0.01%	0.01%
DOV	B	0.03%	0.02%	0.02%
DOW	D	0.05%	0.08%	0.05%
DPZ	B	0.03%	0.09%	0.03%
DRI	C	0.03%	0.01%	0.01%
DTE	C	0.03%	0.09%	0.03%
DUK	D	0.11%	0.57%	0.11%
DVA	C	0.01%	0.01%	0.01%
DVN	C	0.04%	0.06%	0.04%
DXCM	F	0.06%	0.01%	0.01%
EA	B	0.05%	0.29%	0.05%
EBAY	B	0.04%	0.02%	0.02%
ECL	B	0.09%	0.03%	0.03%
ED	D	0.04%	0.42%	0.04%
EFX	B	0.04%	0.01%	0.01%
EG	B	0.02%	0.19%	0.02%
EIX	D	0.04%	0.04%	0.04%
EL	F	0.04%	0.02%	0.02%
ELV	A	0.17%	0.42%	0.17%
EMN	C	0.02%	0.02%	0.02%
EMR	C	0.08%	0.05%	0.05%
ENPH	F	0.02%	0.04%	0.02%
EOG	C	0.1%	0.15%	0.1%
EPAM	D	0.01%	0.03%	0.01%
EQIX	C	0.1%	0.02%	0.02%
EQR	A	0.03%	0.02%	0.02%
EQT	D	0.02%	0.02%	0.02%
ES	F	0.03%	0.03%	0.03%
ESS	B	0.02%	0.01%	0.01%
ETN	D	0.18%	0.05%	0.05%
ETR	C	0.03%	0.04%	0.03%
ETSY	F	0.01%	0.0%	0.0%
EVRG	C	0.02%	0.02%	0.02%
EW	B	0.08%	0.18%	0.08%
EXC	D	0.05%	0.05%	0.05%
EXPD	B	0.03%	0.07%	0.03%
EXPE	C	0.02%	0.01%	0.01%
EXR	B	0.05%	0.02%	0.02%
F	C	0.07%	0.19%	0.07%
FANG	C	0.05%	0.26%	0.05%
FAST	F	0.05%	0.13%	0.05%
FCX	D	0.1%	0.05%	0.05%
FDS	D	0.02%	0.04%	0.02%
FDX	A	0.09%	0.13%	0.09%
FE	D	0.03%	0.02%	0.02%
FFIV	C	0.01%	0.17%	0.01%
FICO	A	0.05%	0.14%	0.05%
FIS	B	0.06%	0.03%	0.03%
FITB	C	0.03%	0.05%	0.03%
FOX	A	0.01%	0.01%	0.01%
FOXA	A	0.01%	0.02%	0.01%
FSLR	C	0.04%	0.04%	0.04%
FTNT	D	0.05%	0.01%	0.01%
FTV	D	0.04%	0.02%	0.02%
GD	C	0.09%	0.08%	0.08%
GDDY	B	0.03%	0.27%	0.03%
GE	D	0.24%	0.11%	0.11%
GEHC	D	0.05%	0.03%	0.03%
GEV	B	0.07%	0.03%	0.03%
GILD	C	0.12%	0.36%	0.12%
GIS	D	0.05%	0.28%	0.05%
GLW	B	0.04%	0.12%	0.04%
GM	B	0.07%	0.28%	0.07%
GOOG	B	1.26%	1.27%	1.26%
GOOGL	B	1.51%	1.37%	1.37%
GPC	D	0.03%	0.02%	0.02%
GPN	D	0.03%	0.03%	0.03%
GRMN	B	0.03%	0.17%	0.03%
GS	B	0.21%	0.25%	0.21%
GWW	D	0.06%	0.16%	0.06%
HAL	D	0.04%	0.03%	0.03%
HBAN	C	0.03%	0.04%	0.03%
HCA	C	0.09%	0.06%	0.06%
HD	B	0.47%	0.31%	0.31%
HES	D	0.06%	0.02%	0.02%
HIG	B	0.04%	0.08%	0.04%
HII	D	0.01%	0.02%	0.01%
HLT	A	0.07%	0.01%	0.01%
HOLX	C	0.02%	0.07%	0.02%
HON	B	0.2%	0.52%	0.2%
HPE	B	0.04%	0.07%	0.04%
HPQ	B	0.04%	0.07%	0.04%
HRL	F	0.01%	0.08%	0.01%
HSIC	F	0.01%	0.01%	0.01%
HST	D	0.02%	0.01%	0.01%
HSY	F	0.04%	0.21%	0.04%
HUBB	D	0.03%	0.06%	0.03%
HUM	C	0.06%	0.27%	0.06%
HWM	C	0.04%	0.01%	0.01%
IBM	B	0.22%	0.6%	0.22%
ICE	A	0.11%	0.13%	0.11%
IDXX	D	0.06%	0.15%	0.06%
IEX	D	0.02%	0.04%	0.02%
IFF	B	0.03%	0.02%	0.02%
INCY	B	0.02%	0.18%	0.02%
INTC	F	0.18%	0.24%	0.18%
INTU	B	0.25%	0.04%	0.04%
INVH	A	0.03%	0.01%	0.01%
IP	B	0.02%	0.03%	0.02%
IPG	F	0.02%	0.02%	0.02%
IQV	F	0.05%	0.02%	0.02%
IR	C	0.05%	0.02%	0.02%
IRM	A	0.04%	0.01%	0.01%
ISRG	A	0.22%	0.03%	0.03%
IT	B	0.05%	0.12%	0.05%
ITW	D	0.09%	0.25%	0.09%
J	D	0.02%	0.02%	0.02%
JBHT	F	0.02%	0.04%	0.02%
JBL	F	0.02%	0.03%	0.02%
JCI	C	0.06%	0.04%	0.04%
JKHY	B	0.02%	0.04%	0.02%
JNJ	F	0.49%	1.68%	0.49%
JNPR	B	0.02%	0.17%	0.02%
JPM	A	0.79%	0.92%	0.79%
K	D	0.02%	0.22%	0.02%
KDP	C	0.05%	0.27%	0.05%
KEY	C	0.02%	0.03%	0.02%
KEYS	D	0.03%	0.25%	0.03%
KHC	D	0.04%	0.2%	0.04%
KIM	B	0.02%	0.02%	0.02%
KKR	B	0.1%	0.03%	0.03%
KLAC	B	0.15%	0.41%	0.15%
KMB	B	0.07%	0.11%	0.07%
KMI	A	0.05%	0.05%	0.05%
KMX	B	0.02%	0.03%	0.02%
KO	A	0.35%	0.9%	0.35%
KR	D	0.05%	0.29%	0.05%
KVUE	F	0.05%	0.03%	0.03%
L	D	0.02%	0.12%	0.02%
LDOS	B	0.03%	0.02%	0.02%
LEN	D	0.05%	0.06%	0.05%
LHX	A	0.06%	0.04%	0.04%
LIN	B	0.3%	0.16%	0.16%
LKQ	F	0.02%	0.02%	0.02%
LLY	A	1.0%	2.48%	1.0%
LMT	A	0.14%	0.67%	0.14%
LNT	C	0.02%	0.04%	0.02%
LOW	D	0.18%	0.11%	0.11%
LRCX	B	0.19%	0.49%	0.19%
LULU	F	0.05%	0.12%	0.05%
LUV	B	0.02%	0.0%	0.0%
LVS	F	0.02%	0.0%	0.0%
LW	F	0.02%	0.04%	0.02%
LYB	C	0.03%	0.06%	0.03%
LYV	C	0.02%	0.0%	0.0%
MA	D	0.52%	1.56%	0.52%
MAA	B	0.02%	0.01%	0.01%
MAR	B	0.08%	0.01%	0.01%
MAS	D	0.02%	0.01%	0.01%
MCD	D	0.26%	0.47%	0.26%
MCHP	C	0.07%	0.15%	0.07%
MCK	B	0.11%	0.64%	0.11%
MCO	A	0.09%	0.2%	0.09%
MDLZ	D	0.12%	0.24%	0.12%
MDT	D	0.15%	0.15%	0.15%
MET	D	0.06%	0.08%	0.06%
META	B	1.57%	2.29%	1.57%
MGM	B	0.02%	0.01%	0.01%
MKC	D	0.02%	0.01%	0.01%
MKTX	F	0.01%	0.02%	0.01%
MLM	D	0.05%	0.02%	0.02%
MMC	B	0.14%	0.7%	0.14%
MMM	B	0.08%	0.23%	0.08%
MNST	D	0.05%	0.12%	0.05%
MO	B	0.11%	0.06%	0.06%
MOH	F	0.02%	0.14%	0.02%
MOS	D	0.01%	0.04%	0.01%
MPC	D	0.09%	0.38%	0.09%
MPWR	B	0.05%	0.11%	0.05%
MRK	C	0.46%	0.67%	0.46%
MRNA	D	0.06%	0.05%	0.05%
MRO	B	0.02%	0.04%	0.02%
MS	B	0.17%	0.16%	0.16%
MSCI	F	0.05%	0.01%	0.01%
MSFT	B	4.69%	3.14%	3.14%
MSI	A	0.09%	0.53%	0.09%
MTB	B	0.03%	0.06%	0.03%
MTCH	F	0.01%	0.01%	0.01%
MTD	B	0.04%	0.01%	0.01%
MU	C	0.22%	0.11%	0.11%
NDAQ	C	0.03%	0.01%	0.01%
NDSN	D	0.02%	0.01%	0.01%
NEE	D	0.21%	0.1%	0.1%
NEM	B	0.07%	0.2%	0.07%
NFLX	B	0.41%	0.12%	0.12%
NI	B	0.02%	0.02%	0.02%
NKE	F	0.16%	0.37%	0.16%
NOC	D	0.08%	0.51%	0.08%
NOW	B	0.22%	0.22%	0.22%
NRG	C	0.03%	0.03%	0.03%
NSC	F	0.07%	0.04%	0.04%
NTAP	A	0.04%	0.18%	0.04%
NTRS	C	0.02%	0.03%	0.02%
NUE	D	0.05%	0.08%	0.05%
NVDA	B	4.34%	2.62%	2.62%
NVR	C	0.04%	0.1%	0.04%
NWSA	A	0.01%	0.01%	0.01%
NXPI	B	0.1%	0.04%	0.04%
O	D	0.06%	0.04%	0.04%
ODFL	D	0.04%	0.12%	0.04%
OKE	B	0.07%	0.04%	0.04%
OMC	D	0.02%	0.07%	0.02%
ON	F	0.04%	0.03%	0.03%
ORCL	B	0.31%	0.43%	0.31%
ORLY	B	0.09%	0.24%	0.09%
OTIS	B	0.05%	0.04%	0.04%
OXY	C	0.06%	0.13%	0.06%
PANW	B	0.15%	0.28%	0.15%
PARA	D	0.01%	0.03%	0.01%
PAYC	F	0.01%	0.02%	0.01%
PAYX	D	0.05%	0.14%	0.05%
PCAR	D	0.08%	0.06%	0.06%
PCG	D	0.05%	0.05%	0.05%
PEG	B	0.05%	0.03%	0.03%
PEP	D	0.32%	1.13%	0.32%
PFE	C	0.22%	0.39%	0.22%
PFG	D	0.02%	0.03%	0.02%
PG	C	0.55%	0.63%	0.55%
PGR	D	0.17%	0.56%	0.17%
PH	C	0.09%	0.03%	0.03%
PHM	D	0.03%	0.1%	0.03%
PKG	B	0.02%	0.07%	0.02%
PLD	C	0.14%	0.08%	0.08%
PM	B	0.22%	0.1%	0.1%
PNC	C	0.08%	0.13%	0.08%
PNR	D	0.02%	0.01%	0.01%
PODD	C	0.02%	0.0%	0.0%
POOL	F	0.02%	0.04%	0.02%
PPG	D	0.04%	0.03%	0.03%
PPL	D	0.03%	0.02%	0.02%
PRU	B	0.06%	0.08%	0.06%
PSA	B	0.06%	0.13%	0.06%
PSX	D	0.08%	0.17%	0.08%
PTC	C	0.03%	0.18%	0.03%
PWR	C	0.05%	0.02%	0.02%
PYPL	F	0.09%	0.06%	0.06%
QCOM	C	0.31%	0.72%	0.31%
QRVO	B	0.02%	0.02%	0.02%
RCL	A	0.05%	0.01%	0.01%
REG	B	0.01%	0.01%	0.01%
REGN	B	0.16%	0.38%	0.16%
RF	C	0.02%	0.05%	0.02%
RJF	C	0.03%	0.03%	0.03%
RMD	D	0.04%	0.08%	0.04%
ROK	D	0.04%	0.1%	0.04%
ROL	B	0.02%	0.18%	0.02%
ROP	A	0.08%	0.5%	0.08%
ROST	B	0.07%	0.03%	0.03%
RSG	A	0.06%	0.54%	0.06%
RTX	D	0.19%	0.17%	0.17%
SBAC	D	0.03%	0.0%	0.0%
SBUX	F	0.12%	0.05%	0.05%
SCHW	C	0.15%	0.07%	0.07%
SHW	D	0.1%	0.22%	0.1%
SJM	F	0.02%	0.02%	0.02%
SLB	D	0.09%	0.06%	0.06%
SMCI	C	0.06%	0.12%	0.06%
SNA	D	0.02%	0.05%	0.02%
SNPS	B	0.13%	0.34%	0.13%
SO	B	0.12%	0.51%	0.12%
SOLV	F	0.01%	0.04%	0.01%
SPG	B	0.07%	0.03%	0.03%
SPGI	B	0.2%	0.06%	0.06%
SRE	B	0.07%	0.06%	0.06%
STE	C	0.03%	0.01%	0.01%
STLD	C	0.03%	0.04%	0.03%
STT	C	0.03%	0.05%	0.03%
STX	B	0.03%	0.07%	0.03%
STZ	B	0.06%	0.02%	0.02%
SWK	F	0.02%	0.02%	0.02%
SWKS	B	0.02%	0.06%	0.02%
SYF	A	0.03%	0.05%	0.03%
SYK	B	0.16%	0.05%	0.05%
SYY	D	0.05%	0.05%	0.05%
T	A	0.19%	0.61%	0.19%
TAP	F	0.01%	0.02%	0.01%
TDG	C	0.1%	0.01%	0.01%
TDY	D	0.03%	0.18%	0.03%
TECH	D	0.02%	0.0%	0.0%
TEL	B	0.06%	0.18%	0.06%
TER	B	0.03%	0.07%	0.03%
TFC	C	0.07%	0.13%	0.07%
TFX	D	0.01%	0.01%	0.01%
TGT	D	0.09%	0.1%	0.09%
TJX	A	0.18%	0.55%	0.18%
TMO	D	0.3%	0.12%	0.12%
TMUS	B	0.13%	0.62%	0.13%
TRGP	A	0.04%	0.02%	0.02%
TRMB	C	0.02%	0.01%	0.01%
TROW	B	0.04%	0.1%	0.04%
TRV	D	0.07%	0.4%	0.07%
TSCO	C	0.04%	0.09%	0.04%
TSLA	C	0.76%	0.18%	0.18%
TSN	C	0.02%	0.28%	0.02%
TT	B	0.1%	0.23%	0.1%
TTWO	B	0.03%	0.01%	0.01%
TXN	B	0.24%	1.08%	0.24%
TXT	D	0.02%	0.02%	0.02%
TYL	A	0.03%	0.01%	0.01%
UBER	B	0.2%	0.19%	0.19%
UDR	B	0.02%	0.01%	0.01%
UHS	B	0.02%	0.02%	0.02%
ULTA	F	0.03%	0.09%	0.03%
UNH	C	0.62%	1.93%	0.62%
UNP	D	0.19%	0.08%	0.08%
UPS	D	0.14%	0.13%	0.13%
URI	C	0.06%	0.03%	0.03%
USB	C	0.09%	0.14%	0.09%
V	D	0.6%	1.8%	0.6%
VICI	C	0.04%	0.03%	0.03%
VLO	C	0.07%	0.17%	0.07%
VLTO	C	0.03%	0.08%	0.03%
VMC	D	0.05%	0.02%	0.02%
VRSK	A	0.05%	0.15%	0.05%
VRSN	C	0.02%	0.24%	0.02%
VRTX	B	0.17%	0.63%	0.17%
VST	C	0.04%	0.01%	0.01%
VTR	A	0.03%	0.02%	0.02%
VTRS	D	0.02%	0.04%	0.02%
VZ	B	0.24%	0.85%	0.24%
WAB	D	0.04%	0.02%	0.02%
WAT	F	0.02%	0.06%	0.02%
WBA	F	0.02%	0.12%	0.02%
WBD	D	0.02%	0.1%	0.02%
WDC	B	0.03%	0.02%	0.02%
WEC	D	0.03%	0.25%	0.03%
WELL	A	0.08%	0.03%	0.03%
WFC	C	0.28%	0.41%	0.28%
WM	A	0.11%	0.54%	0.11%
WMB	A	0.07%	0.12%	0.07%
WMT	A	0.41%	0.82%	0.41%
WRB	C	0.02%	0.11%	0.02%
WRK	D	0.02%	0.03%	0.02%
WST	D	0.03%	0.07%	0.03%
WTW	B	0.04%	0.14%	0.04%
WY	F	0.03%	0.03%	0.03%
WYNN	D	0.01%	0.0%	0.0%
XEL	D	0.04%	0.17%	0.04%
XOM	C	0.72%	0.83%	0.72%
XYL	C	0.05%	0.02%	0.02%
YUM	D	0.05%	0.19%	0.05%
ZBH	D	0.03%	0.02%	0.02%
ZBRA	C	0.02%	0.01%	0.01%
ZTS	C	0.11%	0.26%	0.11%

PHDG Overweight 15 Positions Relative to QUS

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

PHDG Underweight 107 Positions Relative to QUS

Symbol	Grade	Weight
WCN	A	-0.54%
FCNCA	C	-0.27%
BAH	B	-0.22%
ERIE	C	-0.16%
AFG	D	-0.15%
NBIX	C	-0.14%
WDAY	D	-0.14%
MKL	C	-0.14%
BMRN	C	-0.12%
UTHR	A	-0.1%
VEEV	F	-0.08%
ALNY	B	-0.08%
MANH	B	-0.07%
DELL	C	-0.07%
MELI	B	-0.07%
LPLA	B	-0.07%
WSM	C	-0.07%
HUBS	C	-0.07%
EME	C	-0.06%
TW	C	-0.06%
LNG	B	-0.05%
TPL	B	-0.05%
WSO	C	-0.05%
KNX	C	-0.04%
GGG	D	-0.04%
CNH	F	-0.03%
RS	D	-0.03%
SEIC	D	-0.03%
CLF	D	-0.03%
LSCC	F	-0.03%
ALLY	B	-0.03%
ACI	F	-0.03%
CHK	D	-0.03%
TTC	B	-0.03%
DINO	D	-0.03%
OVV	C	-0.03%
MRVL	C	-0.02%
PCTY	F	-0.02%
DKS	B	-0.02%
OC	C	-0.02%
CHRD	C	-0.02%
EQH	B	-0.02%
FNF	C	-0.02%
CRBG	C	-0.02%
APO	A	-0.02%
SQ	D	-0.02%
PINS	B	-0.01%
OKTA	C	-0.01%
VRT	D	-0.01%
RIVN	C	-0.01%
DASH	D	-0.01%
LII	B	-0.01%
ARES	D	-0.01%
GLPI	B	-0.01%
TWLO	D	-0.01%
ENTG	B	-0.01%
AMH	A	-0.01%
UHAL	D	-0.01%
ZM	D	-0.01%
ILMN	F	-0.01%
RPM	D	-0.01%
RPRX	F	-0.01%
COIN	C	-0.01%
SUI	C	-0.01%
TRU	C	-0.01%
WTRG	C	-0.01%
WLK	D	-0.01%
CSL	C	-0.01%
CG	C	-0.01%
BURL	B	-0.01%
WPC	D	-0.01%
ACM	D	-0.01%
SSNC	B	-0.01%
CCK	F	-0.01%
AVTR	F	-0.01%
MDB	F	-0.0%
CELH	F	-0.0%
IOT	D	-0.0%
TEAM	D	-0.0%
ZS	C	-0.0%
CFLT	C	-0.0%
PATH	F	-0.0%
NET	B	-0.0%
DOCU	D	-0.0%
U	F	-0.0%
RBLX	B	-0.0%
DT	F	-0.0%
TOST	B	-0.0%
H	B	-0.0%
DKNG	D	-0.0%
RGEN	D	-0.0%
ROKU	D	-0.0%
MSTR	C	-0.0%
EXAS	F	-0.0%
DDOG	B	-0.0%
BSY	D	-0.0%
SNOW	D	-0.0%
PSTG	B	-0.0%
HEI	B	-0.0%
PLTR	B	-0.0%
SNAP	B	-0.0%
HEI	B	-0.0%
HOOD	B	-0.0%
ELS	B	-0.0%
TTD	A	-0.0%
APP	B	-0.0%
Z	C	-0.0%