PHDG vs. QWLD ETF Comparison

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

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

$38.07

Average Daily Volume

14,069

Number of Holdings ^*

496

* may have additional holdings in another (foreign) market

QWLD

SPDR MSCI World Quality Mix ETF

QWLD Description

The investment seeks to track the performance of the MSCI World Quality Mix Index. The index captures large-and mid-cap representation across 24 developed countries and aims to represent the performance of value, low volatility, and quality factor strategies. Under normal market conditions, the fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the index or in American Depositary Receipts ("ADRs") or Global Depositary Receipts ("GDRs") based on securities comprising the index. It is non-diversified.

Grade (RS Rating)

Last Trade

$128.67

Average Daily Volume

4,311

Number of Holdings ^*

605

* may have additional holdings in another (foreign) market

Performance

Period	PHDG	QWLD
30 Days	1.47%	1.25%
60 Days	3.51%	5.04%
90 Days	2.41%	6.95%
12 Months	24.93%	28.57%

479 Overlapping Holdings

Symbol	Grade	Weight in PHDG	Weight in QWLD	Overlap
A	C	0.05%	0.07%	0.05%
AAPL	C	3.77%	2.55%	2.55%
ABBV	B	0.39%	0.4%	0.39%
ABBV	B	0.39%	0.15%	0.15%
ABNB	D	0.06%	0.01%	0.01%
ABT	C	0.23%	0.09%	0.09%
ACGL	B	0.05%	0.28%	0.05%
ACN	C	0.24%	0.62%	0.24%
ADBE	F	0.27%	0.44%	0.27%
ADI	C	0.13%	0.04%	0.04%
ADM	D	0.04%	0.05%	0.04%
ADP	C	0.13%	0.24%	0.13%
ADSK	B	0.07%	0.09%	0.07%
AEE	B	0.03%	0.08%	0.03%
AEP	C	0.06%	0.07%	0.06%
AES	C	0.02%	0.01%	0.01%
AFL	A	0.06%	0.12%	0.06%
AIG	D	0.06%	0.07%	0.06%
AIZ	B	0.01%	0.07%	0.01%
AJG	D	0.07%	0.18%	0.07%
AKAM	D	0.02%	0.13%	0.02%
ALB	D	0.01%	0.01%	0.01%
ALGN	D	0.02%	0.01%	0.01%
ALL	C	0.06%	0.07%	0.06%
ALLE	B	0.01%	0.02%	0.01%
AMAT	D	0.19%	0.33%	0.19%
AMCR	B	0.02%	0.08%	0.02%
AMD	C	0.29%	0.04%	0.04%
AME	C	0.05%	0.01%	0.01%
AMGN	D	0.21%	0.19%	0.19%
AMP	B	0.05%	0.08%	0.05%
AMT	C	0.12%	0.03%	0.03%
AMZN	C	1.99%	0.35%	0.35%
ANET	C	0.11%	0.19%	0.11%
ANSS	D	0.03%	0.0%	0.0%
AON	B	0.09%	0.15%	0.09%
AOS	B	0.01%	0.02%	0.01%
APA	F	0.01%	0.03%	0.01%
APD	B	0.07%	0.03%	0.03%
APH	C	0.09%	0.4%	0.09%
APTV	D	0.02%	0.02%	0.02%
ARE	C	0.02%	0.01%	0.01%
ATO	B	0.02%	0.01%	0.01%
AVB	C	0.04%	0.01%	0.01%
AVGO	C	0.83%	0.12%	0.12%
AVY	C	0.02%	0.03%	0.02%
AWK	C	0.03%	0.01%	0.01%
AXON	B	0.03%	0.0%	0.0%
AXP	B	0.17%	0.06%	0.06%
AZO	B	0.06%	0.27%	0.06%
BA	F	0.1%	0.01%	0.01%
BAC	D	0.32%	0.33%	0.32%
BALL	C	0.02%	0.01%	0.01%
BAX	C	0.02%	0.02%	0.02%
BBWI	D	0.01%	0.0%	0.0%
BBY	A	0.02%	0.06%	0.02%
BDX	D	0.08%	0.07%	0.07%
BEN	F	0.01%	0.01%	0.01%
BG	F	0.02%	0.03%	0.02%
BIIB	F	0.03%	0.02%	0.02%
BIO	C	0.01%	0.0%	0.0%
BK	B	0.06%	0.05%	0.05%
BKNG	B	0.16%	0.02%	0.02%
BKR	C	0.04%	0.02%	0.02%
BLDR	C	0.03%	0.05%	0.03%
BLK	B	0.15%	0.22%	0.15%
BMY	C	0.11%	0.19%	0.11%
BR	C	0.03%	0.04%	0.03%
BRK.A	C	0.95%	0.7%	0.7%
BRO	C	0.03%	0.13%	0.03%
BSX	B	0.14%	0.02%	0.02%
BX	C	0.13%	0.02%	0.02%
BXP	C	0.01%	0.01%	0.01%
C	C	0.14%	0.22%	0.14%
CAG	B	0.02%	0.05%	0.02%
CAH	C	0.03%	0.12%	0.03%
CARR	B	0.08%	0.02%	0.02%
CAT	B	0.21%	0.35%	0.21%
CB	B	0.13%	0.4%	0.13%
CBOE	C	0.02%	0.25%	0.02%
CBRE	B	0.04%	0.03%	0.03%
CCI	C	0.06%	0.02%	0.02%
CCL	C	0.02%	0.01%	0.01%
CDNS	D	0.09%	0.12%	0.09%
CDW	D	0.04%	0.09%	0.04%
CE	D	0.01%	0.01%	0.01%
CEG	C	0.08%	0.02%	0.02%
CF	B	0.02%	0.12%	0.02%
CFG	D	0.02%	0.03%	0.02%
CHD	C	0.03%	0.18%	0.03%
CHRW	B	0.01%	0.01%	0.01%
CHTR	D	0.04%	0.05%	0.04%
CI	C	0.12%	0.19%	0.12%
CINF	C	0.02%	0.02%	0.02%
CL	C	0.1%	0.22%	0.1%
CLX	C	0.02%	0.01%	0.01%
CMCSA	C	0.18%	0.16%	0.16%
CME	B	0.09%	0.15%	0.09%
CMG	D	0.09%	0.13%	0.09%
CMI	B	0.05%	0.08%	0.05%
CMS	B	0.02%	0.05%	0.02%
CNC	D	0.05%	0.06%	0.05%
CNP	C	0.02%	0.01%	0.01%
COF	B	0.07%	0.08%	0.07%
COP	F	0.15%	0.1%	0.1%
COST	C	0.46%	0.76%	0.46%
CPAY	B	0.03%	0.01%	0.01%
CPB	C	0.01%	0.1%	0.01%
CPRT	D	0.05%	0.07%	0.05%
CPT	C	0.02%	0.01%	0.01%
CRL	F	0.01%	0.0%	0.0%
CRM	C	0.3%	0.05%	0.05%
CRWD	D	0.07%	0.0%	0.0%
CSCO	B	0.24%	0.92%	0.24%
CSGP	D	0.04%	0.0%	0.0%
CSX	C	0.08%	0.11%	0.08%
CTAS	C	0.08%	0.13%	0.08%
CTLT	B	0.01%	0.01%	0.01%
CTRA	F	0.02%	0.02%	0.02%
CTSH	B	0.04%	0.2%	0.04%
CTVA	B	0.05%	0.04%	0.04%
CVS	D	0.08%	0.17%	0.08%
CVX	F	0.28%	0.29%	0.28%
D	C	0.06%	0.06%	0.06%
DAL	C	0.03%	0.01%	0.01%
DAY	D	0.01%	0.0%	0.0%
DD	B	0.04%	0.02%	0.02%
DE	A	0.12%	0.06%	0.06%
DECK	C	0.03%	0.04%	0.03%
DFS	C	0.04%	0.03%	0.03%
DG	F	0.02%	0.01%	0.01%
DGX	B	0.02%	0.1%	0.02%
DHI	C	0.07%	0.12%	0.07%
DHR	B	0.21%	0.06%	0.06%
DIS	D	0.19%	0.08%	0.08%
DLR	B	0.06%	0.02%	0.02%
DLTR	F	0.02%	0.01%	0.01%
DOC	B	0.02%	0.01%	0.01%
DOV	B	0.03%	0.04%	0.03%
DOW	C	0.04%	0.04%	0.04%
DPZ	D	0.02%	0.06%	0.02%
DRI	C	0.02%	0.03%	0.02%
DTE	A	0.03%	0.02%	0.02%
DUK	B	0.1%	0.37%	0.1%
DVA	B	0.01%	0.01%	0.01%
DVN	F	0.03%	0.03%	0.03%
DXCM	F	0.03%	0.0%	0.0%
EA	D	0.04%	0.17%	0.04%
EBAY	B	0.04%	0.01%	0.01%
ECL	B	0.07%	0.01%	0.01%
ED	B	0.04%	0.37%	0.04%
EFX	C	0.04%	0.01%	0.01%
EG	B	0.02%	0.06%	0.02%
EIX	B	0.04%	0.03%	0.03%
EL	D	0.02%	0.01%	0.01%
ELV	D	0.14%	0.27%	0.14%
EMN	B	0.01%	0.01%	0.01%
EMR	D	0.07%	0.02%	0.02%
ENPH	D	0.02%	0.03%	0.02%
EOG	D	0.08%	0.05%	0.05%
EPAM	F	0.01%	0.02%	0.01%
EQIX	B	0.09%	0.01%	0.01%
EQR	C	0.03%	0.01%	0.01%
EQT	C	0.02%	0.01%	0.01%
ES	B	0.03%	0.02%	0.02%
ESS	C	0.02%	0.01%	0.01%
ETN	C	0.15%	0.03%	0.03%
ETR	A	0.03%	0.02%	0.02%
EVRG	B	0.02%	0.01%	0.01%
EW	F	0.05%	0.07%	0.05%
EXC	B	0.04%	0.03%	0.03%
EXPD	B	0.02%	0.04%	0.02%
EXPE	C	0.02%	0.01%	0.01%
EXR	C	0.04%	0.01%	0.01%
F	F	0.05%	0.09%	0.05%
FANG	F	0.04%	0.09%	0.04%
FAST	C	0.05%	0.08%	0.05%
FCX	C	0.07%	0.03%	0.03%
FDS	C	0.02%	0.03%	0.02%
FDX	D	0.08%	0.06%	0.06%
FE	B	0.03%	0.01%	0.01%
FFIV	B	0.01%	0.15%	0.01%
FICO	B	0.05%	0.04%	0.04%
FIS	C	0.05%	0.02%	0.02%
FITB	B	0.03%	0.03%	0.03%
FOX	B	0.01%	0.01%	0.01%
FOXA	B	0.01%	0.01%	0.01%
FSLR	C	0.03%	0.01%	0.01%
FTNT	B	0.05%	0.01%	0.01%
FTV	C	0.03%	0.01%	0.01%
GD	C	0.08%	0.19%	0.08%
GDDY	C	0.03%	0.21%	0.03%
GE	C	0.23%	0.33%	0.23%
GEHC	B	0.04%	0.02%	0.02%
GEV	B	0.08%	0.02%	0.02%
GILD	B	0.12%	0.23%	0.12%
GIS	B	0.05%	0.38%	0.05%
GLW	B	0.04%	0.02%	0.02%
GM	C	0.06%	0.15%	0.06%
GOOG	D	0.91%	0.87%	0.87%
GOOGL	D	1.09%	0.99%	0.99%
GPC	D	0.02%	0.06%	0.02%
GPN	D	0.03%	0.02%	0.02%
GRMN	D	0.03%	0.04%	0.03%
GS	B	0.19%	0.14%	0.14%
GWW	B	0.05%	0.1%	0.05%
HAL	F	0.03%	0.02%	0.02%
HBAN	B	0.02%	0.03%	0.02%
HCA	B	0.09%	0.04%	0.04%
HD	B	0.44%	0.14%	0.14%
HES	F	0.04%	0.01%	0.01%
HIG	B	0.04%	0.03%	0.03%
HII	F	0.01%	0.01%	0.01%
HLT	B	0.06%	0.01%	0.01%
HOLX	D	0.02%	0.01%	0.01%
HON	C	0.15%	0.23%	0.15%
HPE	C	0.03%	0.03%	0.03%
HPQ	C	0.03%	0.04%	0.03%
HRL	F	0.01%	0.1%	0.01%
HSIC	C	0.01%	0.01%	0.01%
HST	D	0.01%	0.01%	0.01%
HSY	D	0.03%	0.18%	0.03%
HUBB	B	0.03%	0.04%	0.03%
HUM	F	0.04%	0.17%	0.04%
HWM	B	0.04%	0.01%	0.01%
IBM	B	0.22%	0.49%	0.22%
ICE	C	0.1%	0.03%	0.03%
IDXX	D	0.05%	0.09%	0.05%
IEX	C	0.02%	0.02%	0.02%
IFF	A	0.03%	0.01%	0.01%
INCY	C	0.01%	0.12%	0.01%
INTC	D	0.1%	0.09%	0.09%
INTU	D	0.21%	0.24%	0.21%
INVH	D	0.02%	0.01%	0.01%
IP	C	0.02%	0.02%	0.02%
IPG	C	0.01%	0.02%	0.01%
IQV	D	0.05%	0.01%	0.01%
IR	B	0.04%	0.01%	0.01%
IRM	C	0.04%	0.01%	0.01%
ISRG	C	0.2%	0.23%	0.2%
IT	C	0.05%	0.03%	0.03%
ITW	B	0.08%	0.13%	0.08%
J	A	0.02%	0.01%	0.01%
JBHT	D	0.02%	0.03%	0.02%
JBL	C	0.02%	0.01%	0.01%
JCI	B	0.06%	0.03%	0.03%
JKHY	B	0.01%	0.06%	0.01%
JNJ	C	0.45%	1.15%	0.45%
JNPR	A	0.01%	0.13%	0.01%
JPM	D	0.69%	0.52%	0.52%
K	A	0.02%	0.22%	0.02%
KDP	B	0.04%	0.16%	0.04%
KEY	C	0.02%	0.02%	0.02%
KEYS	B	0.03%	0.17%	0.03%
KHC	C	0.03%	0.22%	0.03%
KIM	C	0.02%	0.01%	0.01%
KKR	B	0.1%	0.02%	0.02%
KLAC	D	0.12%	0.18%	0.12%
KMB	C	0.05%	0.12%	0.05%
KMI	C	0.05%	0.03%	0.03%
KMX	D	0.01%	0.01%	0.01%
KO	B	0.31%	0.64%	0.31%
KR	B	0.04%	0.3%	0.04%
KVUE	B	0.05%	0.08%	0.05%
L	D	0.02%	0.16%	0.02%
LDOS	A	0.02%	0.01%	0.01%
LEN	B	0.05%	0.09%	0.05%
LHX	C	0.05%	0.02%	0.02%
LIN	B	0.26%	0.06%	0.06%
LKQ	F	0.01%	0.01%	0.01%
LLY	D	0.83%	1.39%	0.83%
LMT	A	0.14%	0.45%	0.14%
LNT	A	0.02%	0.03%	0.02%
LOW	B	0.17%	0.07%	0.07%
LRCX	D	0.12%	0.2%	0.12%
LULU	D	0.04%	0.06%	0.04%
LUV	C	0.02%	0.0%	0.0%
LVS	C	0.02%	0.0%	0.0%
LW	D	0.01%	0.0%	0.0%
LYB	D	0.03%	0.03%	0.03%
LYV	A	0.02%	0.0%	0.0%
MA	B	0.46%	0.67%	0.46%
MAA	C	0.02%	0.01%	0.01%
MAR	B	0.07%	0.01%	0.01%
MAS	B	0.02%	0.01%	0.01%
MCD	B	0.24%	0.42%	0.24%
MCHP	D	0.05%	0.07%	0.05%
MCK	F	0.08%	0.47%	0.08%
MCO	C	0.09%	0.13%	0.09%
MDLZ	C	0.11%	0.16%	0.11%
MDT	B	0.14%	0.06%	0.06%
MET	B	0.06%	0.05%	0.05%
META	B	1.4%	2.11%	1.4%
MGM	D	0.01%	0.01%	0.01%
MKC	C	0.02%	0.01%	0.01%
MKTX	D	0.01%	0.02%	0.01%
MLM	D	0.04%	0.01%	0.01%
MMC	C	0.13%	0.51%	0.13%
MMM	B	0.08%	0.14%	0.08%
MNST	D	0.04%	0.06%	0.04%
MO	C	0.1%	0.04%	0.04%
MOH	D	0.02%	0.07%	0.02%
MOS	F	0.01%	0.02%	0.01%
MPC	F	0.07%	0.18%	0.07%
MPWR	B	0.05%	0.06%	0.05%
MRK	F	0.34%	0.5%	0.34%
MRNA	F	0.03%	0.01%	0.01%
MRO	D	0.02%	0.02%	0.02%
MS	B	0.14%	0.09%	0.09%
MSCI	C	0.05%	0.0%	0.0%
MSFT	C	3.72%	2.36%	2.36%
MSI	B	0.08%	0.58%	0.08%
MTB	C	0.03%	0.04%	0.03%
MTCH	C	0.01%	0.0%	0.0%
MU	D	0.11%	0.04%	0.04%
NDAQ	C	0.04%	0.01%	0.01%
NDSN	C	0.02%	0.02%	0.02%
NEE	B	0.19%	0.06%	0.06%
NEM	C	0.07%	0.05%	0.05%
NFLX	B	0.35%	0.46%	0.35%
NI	B	0.02%	0.01%	0.01%
NKE	D	0.11%	0.19%	0.11%
NOC	B	0.08%	0.34%	0.08%
NOW	C	0.22%	0.01%	0.01%
NRG	B	0.02%	0.01%	0.01%
NSC	C	0.06%	0.03%	0.03%
NTAP	D	0.03%	0.04%	0.03%
NTRS	C	0.02%	0.01%	0.01%
NUE	D	0.04%	0.04%	0.04%
NVDA	C	3.31%	2.04%	2.04%
NVR	B	0.03%	0.07%	0.03%
NWSA	D	0.01%	0.01%	0.01%
NXPI	D	0.07%	0.02%	0.02%
O	B	0.06%	0.02%	0.02%
ODFL	D	0.04%	0.07%	0.04%
OKE	C	0.06%	0.03%	0.03%
OMC	B	0.02%	0.04%	0.02%
ON	D	0.04%	0.01%	0.01%
ORCL	B	0.31%	0.23%	0.23%
ORLY	B	0.08%	0.22%	0.08%
OTIS	B	0.04%	0.01%	0.01%
OXY	F	0.04%	0.04%	0.04%
PANW	D	0.12%	0.16%	0.12%
PARA	D	0.01%	0.01%	0.01%
PAYC	D	0.01%	0.02%	0.01%
PAYX	C	0.05%	0.09%	0.05%
PCAR	D	0.06%	0.1%	0.06%
PCG	C	0.05%	0.03%	0.03%
PEG	B	0.05%	0.02%	0.02%
PEP	D	0.27%	0.83%	0.27%
PFE	D	0.19%	0.21%	0.19%
PFG	B	0.02%	0.02%	0.02%
PG	C	0.46%	0.96%	0.46%
PGR	C	0.17%	0.34%	0.17%
PH	B	0.09%	0.02%	0.02%
PHM	B	0.03%	0.07%	0.03%
PKG	B	0.02%	0.03%	0.02%
PLD	C	0.14%	0.05%	0.05%
PM	C	0.21%	0.06%	0.06%
PNC	C	0.09%	0.08%	0.08%
PNR	B	0.02%	0.03%	0.02%
PODD	C	0.02%	0.0%	0.0%
POOL	C	0.02%	0.03%	0.02%
PPG	C	0.03%	0.01%	0.01%
PPL	A	0.03%	0.01%	0.01%
PRU	C	0.05%	0.04%	0.04%
PSA	C	0.06%	0.09%	0.06%
PSX	F	0.06%	0.14%	0.06%
PTC	C	0.02%	0.07%	0.02%
PWR	B	0.05%	0.01%	0.01%
PYPL	B	0.09%	0.04%	0.04%
QCOM	D	0.22%	0.33%	0.22%
QRVO	F	0.01%	0.01%	0.01%
RCL	B	0.05%	0.0%	0.0%
REG	C	0.01%	0.01%	0.01%
REGN	D	0.14%	0.44%	0.14%
RF	B	0.02%	0.03%	0.02%
RJF	C	0.03%	0.01%	0.01%
RMD	C	0.04%	0.05%	0.04%
ROK	D	0.03%	0.05%	0.03%
ROL	C	0.02%	0.08%	0.02%
ROP	C	0.07%	0.49%	0.07%
ROST	C	0.06%	0.02%	0.02%
RSG	D	0.05%	0.44%	0.05%
RTX	B	0.18%	0.09%	0.09%
SBAC	C	0.03%	0.01%	0.01%
SBUX	C	0.13%	0.03%	0.03%
SCHW	D	0.11%	0.03%	0.03%
SHW	B	0.1%	0.14%	0.1%
SJM	C	0.01%	0.08%	0.01%
SLB	F	0.07%	0.03%	0.03%
SMCI	F	0.03%	0.04%	0.03%
SNA	B	0.02%	0.03%	0.02%
SNPS	F	0.09%	0.12%	0.09%
SO	B	0.11%	0.47%	0.11%
SOLV	D	0.01%	0.03%	0.01%
SPG	B	0.06%	0.02%	0.02%
SPGI	C	0.19%	0.04%	0.04%
SRE	B	0.06%	0.03%	0.03%
STE	B	0.03%	0.01%	0.01%
STLD	C	0.02%	0.02%	0.02%
STT	B	0.03%	0.03%	0.03%
STX	B	0.02%	0.01%	0.01%
STZ	C	0.05%	0.01%	0.01%
SW	B	0.03%	0.02%	0.02%
SWK	B	0.02%	0.02%	0.02%
SWKS	F	0.02%	0.03%	0.02%
SYF	C	0.02%	0.03%	0.02%
SYK	C	0.14%	0.03%	0.03%
SYY	C	0.04%	0.03%	0.03%
T	B	0.17%	0.36%	0.17%
TAP	D	0.01%	0.01%	0.01%
TDG	B	0.09%	0.01%	0.01%
TDY	B	0.02%	0.05%	0.02%
TECH	C	0.01%	0.0%	0.0%
TEL	D	0.05%	0.08%	0.05%
TER	C	0.02%	0.03%	0.02%
TFC	D	0.07%	0.08%	0.07%
TFX	B	0.01%	0.01%	0.01%
TGT	C	0.08%	0.15%	0.08%
TJX	C	0.15%	0.34%	0.15%
TMO	B	0.27%	0.07%	0.07%
TMUS	B	0.12%	0.64%	0.12%
TRGP	C	0.04%	0.03%	0.03%
TRMB	C	0.02%	0.01%	0.01%
TROW	C	0.03%	0.05%	0.03%
TRV	C	0.06%	0.27%	0.06%
TSCO	B	0.03%	0.05%	0.03%
TSLA	C	0.77%	0.12%	0.12%
TSN	D	0.02%	0.13%	0.02%
TT	B	0.1%	0.14%	0.1%
TTWO	D	0.03%	0.01%	0.01%
TXN	B	0.22%	0.48%	0.22%
TXT	D	0.02%	0.01%	0.01%
TYL	C	0.03%	0.0%	0.0%
UBER	C	0.18%	0.01%	0.01%
UDR	C	0.02%	0.0%	0.0%
UHS	C	0.02%	0.01%	0.01%
ULTA	D	0.02%	0.07%	0.02%
UNH	C	0.61%	1.29%	0.61%
UNP	D	0.17%	0.27%	0.17%
UPS	D	0.11%	0.06%	0.06%
URI	B	0.06%	0.02%	0.02%
USB	C	0.08%	0.08%	0.08%
V	C	0.51%	1.11%	0.51%
VICI	C	0.04%	0.02%	0.02%
VLO	F	0.05%	0.07%	0.05%
VLTO	B	0.03%	0.05%	0.03%
VMC	C	0.04%	0.01%	0.01%
VRSK	D	0.04%	0.0%	0.0%
VRSN	C	0.02%	0.14%	0.02%
VRTX	D	0.14%	0.42%	0.14%
VST	B	0.03%	0.01%	0.01%
VTR	C	0.03%	0.01%	0.01%
VTRS	D	0.02%	0.03%	0.02%
VZ	A	0.21%	0.6%	0.21%
WAB	B	0.04%	0.01%	0.01%
WAT	B	0.02%	0.04%	0.02%
WBA	F	0.01%	0.04%	0.01%
WBD	D	0.02%	0.06%	0.02%
WDC	C	0.02%	0.01%	0.01%
WEC	B	0.03%	0.19%	0.03%
WELL	C	0.09%	0.02%	0.02%
WFC	D	0.22%	0.21%	0.21%
WM	D	0.09%	0.49%	0.09%
WMB	C	0.06%	0.16%	0.06%
WMT	B	0.38%	0.72%	0.38%
WRB	D	0.02%	0.13%	0.02%
WST	D	0.03%	0.03%	0.03%
WTW	B	0.03%	0.07%	0.03%
WY	C	0.03%	0.02%	0.02%
WYNN	C	0.01%	0.0%	0.0%
XEL	B	0.04%	0.08%	0.04%
XOM	D	0.59%	0.46%	0.46%
XYL	C	0.04%	0.01%	0.01%
YUM	B	0.04%	0.14%	0.04%
ZBH	F	0.03%	0.01%	0.01%
ZBRA	B	0.02%	0.01%	0.01%
ZTS	B	0.1%	0.16%	0.1%

PHDG Overweight 18 Positions Relative to QWLD

Symbol	Grade	Weight
MTD	C	0.04%
UAL	B	0.02%
ETSY	D	0.01%
RL	B	0.01%
AAL	D	0.01%
BWA	C	0.01%
IVZ	B	0.01%
FMC	B	0.01%
MHK	B	0.01%
FRT	C	0.01%
NCLH	B	0.01%
GNRC	D	0.01%
CZR	C	0.01%
GL	D	0.01%
HAS	B	0.01%
TPR	A	0.01%
PNW	C	0.01%
NWS	D	0.0%

PHDG Underweight 126 Positions Relative to QWLD

Symbol	Grade	Weight
NVS	C	-0.88%
UL	B	-0.3%
WCN	D	-0.26%
MFG	D	-0.2%
CHKP	B	-0.19%
ERIE	B	-0.16%
BAH	B	-0.16%
TM	D	-0.15%
TD	C	-0.14%
UTHR	B	-0.14%
DEO	C	-0.13%
E	D	-0.13%
MKL	C	-0.12%
MUFG	D	-0.12%
CNI	D	-0.11%
NBIX	F	-0.11%
FCNCA	D	-0.1%
BCS	B	-0.1%
SMFG	D	-0.09%
STLA	F	-0.09%
LYG	B	-0.09%
SONY	C	-0.08%
HMC	D	-0.08%
BMRN	F	-0.07%
LOGI	D	-0.06%
MT	C	-0.05%
LNG	D	-0.05%
BTI	C	-0.05%
DINO	F	-0.05%
MANH	B	-0.04%
EME	B	-0.04%
TPL	C	-0.04%
WDAY	D	-0.04%
WSM	C	-0.04%
VEEV	C	-0.04%
GGG	C	-0.03%
DKS	D	-0.03%
OC	C	-0.03%
WSO	C	-0.03%
CSL	B	-0.03%
LPLA	D	-0.03%
NMR	F	-0.02%
ACI	F	-0.02%
TTC	F	-0.02%
OVV	F	-0.02%
CHK	C	-0.02%
AER	C	-0.02%
AFG	C	-0.02%
WTRG	D	-0.01%
OTEX	D	-0.01%
RPM	B	-0.01%
UHAL	B	-0.01%
RPRX	C	-0.01%
GLPI	C	-0.01%
CG	C	-0.01%
BURL	C	-0.01%
TRU	B	-0.01%
ZM	C	-0.01%
SUI	C	-0.01%
MBAVU	D	-0.01%
ACM	B	-0.01%
WPC	C	-0.01%
AVTR	C	-0.01%
CCEP	C	-0.01%
SE	B	-0.01%
AGCO	D	-0.01%
MRVL	D	-0.01%
CCK	B	-0.01%
CHRD	F	-0.01%
KNX	C	-0.01%
SSNC	C	-0.01%
WFG	B	-0.01%
EQH	C	-0.01%
DELL	C	-0.01%
BSY	C	-0.01%
CRBG	C	-0.01%
FNF	B	-0.01%
APO	B	-0.01%
SQ	D	-0.01%
ALLY	F	-0.01%
SEIC	B	-0.01%
CNH	C	-0.01%
RS	D	-0.01%
MELI	C	-0.01%
GLBE	C	-0.0%
IOT	C	-0.0%
NET	D	-0.0%
TOST	C	-0.0%
RBLX	C	-0.0%
XRX	D	-0.0%
DDOG	D	-0.0%
DKNG	C	-0.0%
SNAP	D	-0.0%
FUTU	A	-0.0%
MSTR	C	-0.0%
H	B	-0.0%
PSTG	F	-0.0%
DOCU	C	-0.0%
HEI	C	-0.0%
GRAB	B	-0.0%
DT	C	-0.0%
PINS	D	-0.0%
SNOW	F	-0.0%
APP	C	-0.0%
HOOD	C	-0.0%
ROKU	D	-0.0%
OKTA	F	-0.0%
TTD	B	-0.0%
EXAS	D	-0.0%
LII	C	-0.0%
TW	B	-0.0%
PLTR	C	-0.0%
Z	C	-0.0%
ELS	D	-0.0%
HEI	C	-0.0%
VRT	C	-0.0%
ENTG	D	-0.0%
RIVN	F	-0.0%
DASH	B	-0.0%
COIN	F	-0.0%
QGEN	C	-0.0%
WLK	C	-0.0%
ILMN	D	-0.0%
ARES	B	-0.0%
TWLO	C	-0.0%
AMH	D	-0.0%