PHDG vs. USPX ETF Comparison

Comparison of PowerShares S&P 500 Downside Hedged Portfolio (PHDG) to Franklin U.S. Equity Index ETF (USPX)

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

$38.30

Average Daily Volume

12,482

Number of Holdings ^*

499

* may have additional holdings in another (foreign) market

USPX

Franklin U.S. Equity Index ETF

USPX Description

The investment seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the LibertyQ Global Equity Index. The fund invests at least 80% of its assets in the component securities of the index and in depositary receipts representing such securities. The index includes stocks from developed and emerging market countries that have favorable exposure to multiple investment style factors.

Grade (RS Rating)

Last Trade

$52.38

Average Daily Volume

42,046

Number of Holdings ^*

543

* may have additional holdings in another (foreign) market

Performance

Period	PHDG	USPX
30 Days	0.66%	3.77%
60 Days	1.51%	5.00%
90 Days	1.58%	6.73%
12 Months	18.52%	33.32%

472 Overlapping Holdings

	Symbol	Grade	Weight in PHDG	Weight in USPX	Overlap
	A	D	0.04%	0.07%	0.04%
	AAPL	C	3.74%	6.32%	3.74%
	ABBV	D	0.32%	0.57%	0.32%
	ABNB	C	0.06%	0.11%	0.06%
	ABT	B	0.22%	0.39%	0.22%
	ACGL	D	0.04%	0.08%	0.04%
	ACN	C	0.24%	0.44%	0.24%
	ADBE	C	0.25%	0.43%	0.25%
	ADI	D	0.11%	0.2%	0.11%
	ADM	D	0.03%	0.05%	0.03%
	ADP	B	0.13%	0.24%	0.13%
	ADSK	A	0.07%	0.13%	0.07%
	AEE	A	0.03%	0.05%	0.03%
	AEP	D	0.05%	0.1%	0.05%
	AES	F	0.01%	0.02%	0.01%
	AFL	B	0.06%	0.11%	0.06%
	AIG	B	0.05%	0.1%	0.05%
	AJG	B	0.07%	0.13%	0.07%
	AKAM	D	0.01%	0.03%	0.01%
	ALB	C	0.01%	0.02%	0.01%
	ALGN	D	0.02%	0.03%	0.02%
	ALL	A	0.06%	0.1%	0.06%
	ALLE	D	0.01%	0.02%	0.01%
	AMAT	F	0.17%	0.28%	0.17%
	AMCR	D	0.02%	0.03%	0.02%
	AMD	F	0.24%	0.43%	0.24%
	AME	A	0.05%	0.09%	0.05%
	AMGN	D	0.17%	0.3%	0.17%
	AMP	A	0.06%	0.11%	0.06%
	AMT	D	0.1%	0.18%	0.1%
	AMZN	C	2.13%	3.77%	2.13%
	ANET	C	0.11%	0.19%	0.11%
	ANSS	B	0.03%	0.05%	0.03%
	AON	A	0.09%	0.16%	0.09%
	APA	D	0.01%	0.02%	0.01%
	APD	A	0.08%	0.14%	0.08%
	APH	A	0.09%	0.16%	0.09%
	APTV	D	0.02%	0.02%	0.02%
	ARE	D	0.02%	0.03%	0.02%
	ATO	A	0.02%	0.05%	0.02%
	AVB	B	0.03%	0.06%	0.03%
	AVGO	D	0.86%	1.48%	0.86%
	AVY	D	0.02%	0.03%	0.02%
	AWK	D	0.03%	0.05%	0.03%
	AXON	A	0.05%	0.09%	0.05%
	AXP	A	0.17%	0.31%	0.17%
	AZO	C	0.06%	0.1%	0.06%
	BA	F	0.11%	0.2%	0.11%
	BAC	A	0.33%	0.62%	0.33%
	BALL	D	0.02%	0.04%	0.02%
	BAX	D	0.02%	0.03%	0.02%
	BBY	D	0.02%	0.03%	0.02%
	BDX	F	0.07%	0.13%	0.07%
	BEN	C	0.01%	0.01%	0.01%
	BG	F	0.01%	0.02%	0.01%
	BIIB	F	0.03%	0.04%	0.03%
	BK	A	0.06%	0.12%	0.06%
	BKNG	A	0.18%	0.33%	0.18%
	BKR	B	0.05%	0.09%	0.05%
	BLDR	D	0.02%	0.04%	0.02%
	BLK	C	0.16%	0.31%	0.16%
	BMY	B	0.13%	0.23%	0.13%
	BR	A	0.03%	0.05%	0.03%
	BRK.A	B	0.92%	1.67%	0.92%
	BRO	B	0.03%	0.05%	0.03%
	BSX	B	0.14%	0.25%	0.14%
	BX	A	0.14%	0.25%	0.14%
	BXP	D	0.01%	0.02%	0.01%
	C	A	0.14%	0.25%	0.14%
	CAG	D	0.01%	0.02%	0.01%
	CAH	B	0.03%	0.06%	0.03%
	CARR	D	0.07%	0.12%	0.07%
	CAT	B	0.2%	0.37%	0.2%
	CB	C	0.12%	0.21%	0.12%
	CBRE	B	0.04%	0.08%	0.04%
	CCI	D	0.05%	0.09%	0.05%
	CCL	B	0.03%	0.05%	0.03%
	CDNS	B	0.09%	0.16%	0.09%
	CDW	F	0.03%	0.05%	0.03%
	CE	F	0.01%	0.01%	0.01%
	CEG	D	0.08%	0.14%	0.08%
	CF	B	0.02%	0.03%	0.02%
	CFG	B	0.02%	0.04%	0.02%
	CHD	B	0.03%	0.05%	0.03%
	CHTR	C	0.04%	0.08%	0.04%
	CI	F	0.1%	0.18%	0.1%
	CINF	A	0.03%	0.05%	0.03%
	CL	D	0.08%	0.15%	0.08%
	CLX	B	0.02%	0.04%	0.02%
	CMCSA	B	0.18%	0.33%	0.18%
	CME	A	0.09%	0.16%	0.09%
	CMG	B	0.09%	0.16%	0.09%
	CMI	A	0.05%	0.1%	0.05%
	CMS	C	0.02%	0.04%	0.02%
	CNC	D	0.03%	0.06%	0.03%
	CNP	B	0.02%	0.04%	0.02%
	COF	B	0.08%	0.14%	0.08%
	COP	C	0.14%	0.26%	0.14%
	COR	B	0.05%	0.08%	0.05%
	COST	B	0.44%	0.79%	0.44%
	CPAY	A	0.03%	0.04%	0.03%
	CPB	D	0.01%	0.02%	0.01%
	CPRT	A	0.05%	0.1%	0.05%
	CPT	B	0.01%	0.02%	0.01%
	CRL	C	0.01%	0.02%	0.01%
	CRM	B	0.35%	0.59%	0.35%
	CRWD	B	0.09%	0.16%	0.09%
	CSCO	B	0.25%	0.45%	0.25%
	CSGP	D	0.03%	0.06%	0.03%
	CSX	B	0.07%	0.13%	0.07%
	CTAS	B	0.08%	0.15%	0.08%
	CTRA	B	0.02%	0.04%	0.02%
	CTSH	B	0.04%	0.08%	0.04%
	CTVA	C	0.04%	0.08%	0.04%
	CVS	D	0.07%	0.13%	0.07%
	CVX	A	0.3%	0.53%	0.3%
	D	C	0.05%	0.09%	0.05%
	DAL	C	0.04%	0.08%	0.04%
	DAY	B	0.01%	0.02%	0.01%
	DD	D	0.04%	0.07%	0.04%
	DE	A	0.11%	0.2%	0.11%
	DECK	A	0.03%	0.05%	0.03%
	DELL	C	0.04%	0.07%	0.04%
	DFS	B	0.05%	0.09%	0.05%
	DG	F	0.02%	0.03%	0.02%
	DGX	A	0.02%	0.04%	0.02%
	DHI	D	0.05%	0.09%	0.05%
	DHR	F	0.17%	0.29%	0.17%
	DIS	B	0.21%	0.41%	0.21%
	DLR	B	0.06%	0.11%	0.06%
	DLTR	F	0.01%	0.03%	0.01%
	DOC	D	0.02%	0.03%	0.02%
	DOV	A	0.03%	0.05%	0.03%
	DOW	F	0.03%	0.06%	0.03%
	DPZ	C	0.02%	0.03%	0.02%
	DRI	B	0.02%	0.04%	0.02%
	DTE	C	0.03%	0.05%	0.03%
	DUK	C	0.09%	0.17%	0.09%
	DVN	F	0.03%	0.05%	0.03%
	DXCM	D	0.03%	0.06%	0.03%
	EA	A	0.04%	0.08%	0.04%
	EBAY	D	0.03%	0.06%	0.03%
	ECL	D	0.07%	0.12%	0.07%
	ED	D	0.04%	0.06%	0.04%
	EFX	F	0.03%	0.06%	0.03%
	EG	C	0.02%	0.03%	0.02%
	EIX	B	0.03%	0.06%	0.03%
	EL	F	0.02%	0.03%	0.02%
	ELV	F	0.1%	0.18%	0.1%
	EMN	D	0.01%	0.02%	0.01%
	EMR	A	0.08%	0.14%	0.08%
	ENPH	F	0.01%	0.02%	0.01%
	EOG	A	0.08%	0.15%	0.08%
	EPAM	C	0.02%	0.03%	0.02%
	EQIX	A	0.09%	0.17%	0.09%
	EQR	B	0.03%	0.05%	0.03%
	EQT	B	0.03%	0.05%	0.03%
	ES	D	0.02%	0.04%	0.02%
	ESS	B	0.02%	0.04%	0.02%
	ETN	A	0.16%	0.28%	0.16%
	ETR	B	0.03%	0.06%	0.03%
	EVRG	A	0.02%	0.03%	0.02%
	EW	C	0.04%	0.08%	0.04%
	EXC	C	0.04%	0.08%	0.04%
	EXPD	D	0.02%	0.03%	0.02%
	EXPE	B	0.02%	0.04%	0.02%
	EXR	D	0.04%	0.07%	0.04%
	F	C	0.05%	0.08%	0.05%
	FANG	D	0.04%	0.06%	0.04%
	FAST	B	0.05%	0.09%	0.05%
	FCX	D	0.07%	0.12%	0.07%
	FDS	B	0.02%	0.04%	0.02%
	FDX	B	0.07%	0.13%	0.07%
	FE	C	0.02%	0.04%	0.02%
	FFIV	B	0.02%	0.03%	0.02%
	FI	A	0.13%	0.24%	0.13%
	FICO	B	0.06%	0.11%	0.06%
	FIS	C	0.05%	0.1%	0.05%
	FITB	A	0.03%	0.06%	0.03%
	FOX	A	0.01%	0.01%	0.01%
	FOXA	B	0.01%	0.02%	0.01%
	FSLR	F	0.02%	0.04%	0.02%
	FTNT	C	0.06%	0.12%	0.06%
	FTV	C	0.03%	0.05%	0.03%
	GD	F	0.08%	0.13%	0.08%
	GDDY	A	0.03%	0.05%	0.03%
	GE	D	0.21%	0.38%	0.21%
	GEHC	F	0.04%	0.06%	0.04%
	GEN	B	0.02%	0.03%	0.02%
	GEV	B	0.1%	0.18%	0.1%
	GILD	C	0.12%	0.22%	0.12%
	GIS	D	0.04%	0.07%	0.04%
	GLW	B	0.04%	0.07%	0.04%
	GM	B	0.07%	0.12%	0.07%
	GOOG	C	0.92%	1.77%	0.92%
	GOOGL	C	1.11%	1.98%	1.11%
	GPC	D	0.02%	0.03%	0.02%
	GPN	B	0.03%	0.06%	0.03%
	GRMN	B	0.03%	0.06%	0.03%
	GS	A	0.2%	0.38%	0.2%
	GWW	B	0.06%	0.09%	0.06%
	HAL	C	0.03%	0.05%	0.03%
	HBAN	A	0.03%	0.05%	0.03%
	HCA	F	0.07%	0.12%	0.07%
	HD	A	0.43%	0.79%	0.43%
	HES	B	0.04%	0.08%	0.04%
	HIG	B	0.04%	0.07%	0.04%
	HII	D	0.01%	0.02%	0.01%
	HLT	A	0.07%	0.12%	0.07%
	HOLX	D	0.02%	0.04%	0.02%
	HON	B	0.16%	0.29%	0.16%
	HPE	B	0.03%	0.05%	0.03%
	HPQ	B	0.04%	0.07%	0.04%
	HRL	D	0.01%	0.02%	0.01%
	HST	C	0.01%	0.02%	0.01%
	HSY	F	0.03%	0.05%	0.03%
	HUBB	B	0.03%	0.05%	0.03%
	HUM	C	0.04%	0.06%	0.04%
	HWM	A	0.05%	0.09%	0.05%
	IBM	C	0.21%	0.37%	0.21%
	ICE	C	0.1%	0.18%	0.1%
	IDXX	F	0.04%	0.07%	0.04%
	IEX	B	0.02%	0.04%	0.02%
	IFF	D	0.02%	0.04%	0.02%
	INCY	C	0.01%	0.03%	0.01%
	INTC	D	0.12%	0.2%	0.12%
	INTU	C	0.21%	0.37%	0.21%
	INVH	D	0.02%	0.04%	0.02%
	IP	B	0.02%	0.04%	0.02%
	IPG	D	0.01%	0.02%	0.01%
	IQV	D	0.04%	0.07%	0.04%
	IR	B	0.04%	0.08%	0.04%
	IRM	D	0.04%	0.07%	0.04%
	ISRG	A	0.21%	0.37%	0.21%
	IT	C	0.04%	0.08%	0.04%
	ITW	B	0.08%	0.16%	0.08%
	J	F	0.02%	0.03%	0.02%
	JBHT	C	0.02%	0.03%	0.02%
	JCI	C	0.06%	0.11%	0.06%
	JKHY	D	0.01%	0.03%	0.01%
	JNJ	D	0.39%	0.73%	0.39%
	JNPR	F	0.01%	0.02%	0.01%
	JPM	A	0.74%	1.36%	0.74%
	K	A	0.02%	0.04%	0.02%
	KDP	D	0.04%	0.07%	0.04%
	KEY	B	0.02%	0.04%	0.02%
	KEYS	A	0.03%	0.05%	0.03%
	KHC	F	0.03%	0.05%	0.03%
	KIM	A	0.02%	0.03%	0.02%
	KKR	A	0.11%	0.19%	0.11%
	KLAC	D	0.09%	0.17%	0.09%
	KMB	D	0.05%	0.09%	0.05%
	KMI	A	0.06%	0.11%	0.06%
	KMX	B	0.01%	0.02%	0.01%
	KO	D	0.26%	0.47%	0.26%
	KR	B	0.04%	0.08%	0.04%
	KVUE	A	0.05%	0.08%	0.05%
	L	A	0.02%	0.03%	0.02%
	LDOS	C	0.02%	0.04%	0.02%
	LEN	D	0.04%	0.08%	0.04%
	LH	C	0.02%	0.04%	0.02%
	LHX	C	0.05%	0.1%	0.05%
	LIN	D	0.23%	0.42%	0.23%
	LKQ	D	0.01%	0.02%	0.01%
	LLY	F	0.67%	1.24%	0.67%
	LMT	D	0.12%	0.23%	0.12%
	LNT	A	0.02%	0.03%	0.02%
	LOW	D	0.17%	0.3%	0.17%
	LRCX	F	0.11%	0.18%	0.11%
	LULU	C	0.04%	0.07%	0.04%
	LUV	C	0.02%	0.04%	0.02%
	LVS	C	0.02%	0.04%	0.02%
	LW	C	0.01%	0.02%	0.01%
	LYB	F	0.02%	0.04%	0.02%
	LYV	A	0.02%	0.04%	0.02%
	MA	C	0.46%	0.83%	0.46%
	MAA	B	0.02%	0.04%	0.02%
	MAR	B	0.07%	0.13%	0.07%
	MAS	D	0.02%	0.03%	0.02%
	MCD	D	0.23%	0.41%	0.23%
	MCHP	D	0.04%	0.07%	0.04%
	MCK	B	0.09%	0.17%	0.09%
	MCO	B	0.08%	0.15%	0.08%
	MDLZ	F	0.09%	0.17%	0.09%
	MDT	D	0.12%	0.22%	0.12%
	MET	A	0.05%	0.1%	0.05%
	META	D	1.36%	2.37%	1.36%
	MGM	D	0.01%	0.02%	0.01%
	MKC	D	0.02%	0.04%	0.02%
	MLM	B	0.04%	0.07%	0.04%
	MMC	B	0.12%	0.22%	0.12%
	MMM	D	0.08%	0.14%	0.08%
	MNST	C	0.04%	0.07%	0.04%
	MO	A	0.1%	0.19%	0.1%
	MOH	F	0.02%	0.03%	0.02%
	MOS	F	0.01%	0.02%	0.01%
	MPC	D	0.06%	0.1%	0.06%
	MPWR	F	0.03%	0.05%	0.03%
	MRK	F	0.27%	0.48%	0.27%
	MRNA	F	0.01%	0.02%	0.01%
	MRO	B	0.02%	0.03%	0.02%
	MS	A	0.18%	0.33%	0.18%
	MSCI	C	0.05%	0.09%	0.05%
	MSFT	F	3.42%	6.06%	3.42%
	MSI	B	0.09%	0.15%	0.09%
	MTB	A	0.04%	0.07%	0.04%
	MTD	D	0.03%	0.05%	0.03%
	MU	D	0.12%	0.21%	0.12%
	NDAQ	A	0.03%	0.06%	0.03%
	NEE	D	0.17%	0.31%	0.17%
	NEM	D	0.05%	0.09%	0.05%
	NFLX	A	0.39%	0.71%	0.39%
	NI	A	0.02%	0.03%	0.02%
	NKE	D	0.1%	0.18%	0.1%
	NOC	D	0.07%	0.13%	0.07%
	NOW	A	0.23%	0.39%	0.23%
	NRG	B	0.02%	0.04%	0.02%
	NSC	B	0.06%	0.11%	0.06%
	NTAP	C	0.03%	0.05%	0.03%
	NTRS	A	0.02%	0.05%	0.02%
	NUE	C	0.04%	0.07%	0.04%
	NVDA	C	3.89%	6.61%	3.89%
	NVR	D	0.03%	0.05%	0.03%
	NWS	B	0.0%	0.01%	0.0%
	NWSA	B	0.01%	0.02%	0.01%
	NXPI	D	0.06%	0.11%	0.06%
	O	D	0.05%	0.1%	0.05%
	ODFL	B	0.05%	0.08%	0.05%
	OKE	A	0.07%	0.12%	0.07%
	OMC	C	0.02%	0.04%	0.02%
	ON	D	0.03%	0.06%	0.03%
	ORCL	B	0.32%	0.58%	0.32%
	ORLY	B	0.08%	0.14%	0.08%
	OTIS	C	0.04%	0.08%	0.04%
	OXY	D	0.04%	0.06%	0.04%
	PANW	C	0.14%	0.24%	0.14%
	PAYC	B	0.01%	0.02%	0.01%
	PAYX	C	0.05%	0.09%	0.05%
	PCAR	B	0.07%	0.11%	0.07%
	PCG	A	0.05%	0.09%	0.05%
	PEG	A	0.05%	0.09%	0.05%
	PEP	F	0.24%	0.43%	0.24%
	PFE	D	0.16%	0.28%	0.16%
	PFG	D	0.02%	0.04%	0.02%
	PG	A	0.42%	0.79%	0.42%
	PGR	A	0.16%	0.29%	0.16%
	PH	A	0.1%	0.17%	0.1%
	PHM	D	0.03%	0.06%	0.03%
	PKG	A	0.02%	0.04%	0.02%
	PLD	D	0.11%	0.21%	0.11%
	PLTR	B	0.13%	0.26%	0.13%
	PM	B	0.21%	0.39%	0.21%
	PNC	B	0.09%	0.16%	0.09%
	PNR	A	0.02%	0.03%	0.02%
	PODD	C	0.02%	0.04%	0.02%
	POOL	C	0.01%	0.03%	0.01%
	PPG	F	0.03%	0.06%	0.03%
	PPL	B	0.03%	0.05%	0.03%
	PRU	A	0.05%	0.09%	0.05%
	PSA	D	0.06%	0.1%	0.06%
	PSX	C	0.06%	0.11%	0.06%
	PTC	A	0.02%	0.04%	0.02%
	PWR	A	0.05%	0.09%	0.05%
	PYPL	B	0.09%	0.18%	0.09%
	QCOM	F	0.2%	0.35%	0.2%
	QRVO	F	0.01%	0.01%	0.01%
	RCL	A	0.06%	0.11%	0.06%
	REG	B	0.01%	0.03%	0.01%
	REGN	F	0.09%	0.16%	0.09%
	RF	A	0.03%	0.05%	0.03%
	RJF	A	0.03%	0.06%	0.03%
	RMD	C	0.04%	0.06%	0.04%
	ROK	B	0.04%	0.07%	0.04%
	ROL	B	0.02%	0.03%	0.02%
	ROP	B	0.07%	0.11%	0.07%
	ROST	C	0.05%	0.09%	0.05%
	RSG	A	0.05%	0.08%	0.05%
	RTX	C	0.17%	0.31%	0.17%
	RVTY	F	0.02%	0.03%	0.02%
	SBAC	D	0.03%	0.04%	0.03%
	SBUX	A	0.12%	0.22%	0.12%
	SCHW	B	0.13%	0.23%	0.13%
	SHW	A	0.1%	0.18%	0.1%
	SJM	D	0.01%	0.02%	0.01%
	SLB	C	0.07%	0.12%	0.07%
	SMCI	F	0.01%	0.02%	0.01%
	SNA	A	0.02%	0.04%	0.02%
	SNPS	B	0.09%	0.16%	0.09%
	SO	D	0.1%	0.19%	0.1%
	SPG	B	0.06%	0.11%	0.06%
	SPGI	C	0.18%	0.31%	0.18%
	SRE	A	0.06%	0.11%	0.06%
	STE	F	0.02%	0.04%	0.02%
	STLD	B	0.02%	0.04%	0.02%
	STT	A	0.03%	0.06%	0.03%
	STX	D	0.02%	0.04%	0.02%
	STZ	D	0.04%	0.07%	0.04%
	SW	A	0.03%	0.05%	0.03%
	SWK	D	0.01%	0.03%	0.01%
	SWKS	F	0.01%	0.03%	0.01%
	SYF	B	0.03%	0.05%	0.03%
	SYK	C	0.14%	0.27%	0.14%
	SYY	B	0.04%	0.07%	0.04%
	T	A	0.17%	0.32%	0.17%
	TAP	C	0.01%	0.02%	0.01%
	TDG	D	0.08%	0.14%	0.08%
	TDY	B	0.02%	0.04%	0.02%
	TECH	D	0.01%	0.02%	0.01%
	TER	D	0.02%	0.03%	0.02%
	TFC	A	0.07%	0.12%	0.07%
	TFX	F	0.01%	0.01%	0.01%
	TGT	F	0.08%	0.14%	0.08%
	TJX	A	0.15%	0.27%	0.15%
	TMO	F	0.22%	0.38%	0.22%
	TMUS	B	0.13%	0.23%	0.13%
	TRGP	B	0.05%	0.08%	0.05%
	TRMB	B	0.02%	0.03%	0.02%
	TROW	B	0.03%	0.05%	0.03%
	TRV	B	0.06%	0.11%	0.06%
	TSCO	D	0.03%	0.05%	0.03%
	TSLA	B	0.93%	1.75%	0.93%
	TSN	B	0.02%	0.04%	0.02%
	TT	A	0.1%	0.17%	0.1%
	TTWO	A	0.03%	0.06%	0.03%
	TXN	C	0.2%	0.36%	0.2%
	TXT	D	0.02%	0.03%	0.02%
	TYL	B	0.03%	0.05%	0.03%
	UAL	A	0.03%	0.06%	0.03%
	UBER	D	0.16%	0.29%	0.16%
	UDR	B	0.01%	0.03%	0.01%
	UHS	D	0.01%	0.02%	0.01%
	ULTA	F	0.02%	0.03%	0.02%
	UNH	C	0.59%	1.07%	0.59%
	UNP	C	0.15%	0.28%	0.15%
	UPS	C	0.1%	0.19%	0.1%
	URI	B	0.06%	0.11%	0.06%
	USB	A	0.08%	0.15%	0.08%
	V	A	0.56%	1.01%	0.56%
	VICI	C	0.04%	0.06%	0.04%
	VLO	C	0.05%	0.09%	0.05%
	VLTO	D	0.03%	0.05%	0.03%
	VMC	B	0.04%	0.08%	0.04%
	VRSK	A	0.04%	0.08%	0.04%
	VRSN	F	0.02%	0.03%	0.02%
	VRTX	F	0.13%	0.24%	0.13%
	VST	B	0.05%	0.09%	0.05%
	VTR	C	0.03%	0.05%	0.03%
	VTRS	A	0.02%	0.03%	0.02%
	VZ	C	0.19%	0.35%	0.19%
	WAB	B	0.04%	0.07%	0.04%
	WAT	B	0.02%	0.04%	0.02%
	WBA	F	0.01%	0.01%	0.01%
	WBD	C	0.02%	0.04%	0.02%
	WDC	D	0.02%	0.04%	0.02%
	WEC	A	0.03%	0.06%	0.03%
	WELL	A	0.08%	0.16%	0.08%
	WFC	A	0.27%	0.5%	0.27%
	WM	A	0.09%	0.15%	0.09%
	WMB	A	0.07%	0.13%	0.07%
	WMT	A	0.4%	0.72%	0.4%
	WRB	A	0.02%	0.04%	0.02%
	WST	C	0.03%	0.05%	0.03%
	WTW	B	0.03%	0.06%	0.03%
	WY	D	0.02%	0.04%	0.02%
	WYNN	D	0.01%	0.02%	0.01%
	XEL	A	0.04%	0.08%	0.04%
	XOM	B	0.58%	1.04%	0.58%
	XYL	D	0.03%	0.06%	0.03%
	YUM	B	0.04%	0.07%	0.04%
	ZBH	C	0.02%	0.04%	0.02%
	ZBRA	B	0.02%	0.05%	0.02%
	ZTS	D	0.09%	0.16%	0.09%

PHDG Overweight 27 Positions Relative to USPX

	Symbol	Grade	Weight
	NDSN	B	0.02%
	JBL	B	0.02%
	CBOE	B	0.02%
	PARA	C	0.01%
	FMC	D	0.01%
	DVA	B	0.01%
	MHK	D	0.01%
	BWA	D	0.01%
	IVZ	B	0.01%
	MTCH	D	0.01%
	HAS	D	0.01%
	HSIC	B	0.01%
	CZR	F	0.01%
	RL	B	0.01%
	FRT	B	0.01%
	AOS	F	0.01%
	SOLV	C	0.01%
	GL	B	0.01%
	MKTX	D	0.01%
	ERIE	D	0.01%
	PNW	B	0.01%
	CTLT	B	0.01%
	AIZ	A	0.01%
	GNRC	B	0.01%
	NCLH	B	0.01%
	CHRW	C	0.01%
	TPR	B	0.01%

PHDG Underweight 71 Positions Relative to USPX

	Symbol	Grade	Weight
	MELI	D	-0.18%
	MRVL	B	-0.15%
	APO	B	-0.13%
	COIN	C	-0.12%
	DASH	A	-0.11%
	TTD	B	-0.11%
	WDAY	B	-0.11%
	LNG	B	-0.09%
	SQ	B	-0.09%
	SNOW	C	-0.08%
	VRT	B	-0.08%
	DDOG	A	-0.07%
	TEAM	A	-0.07%
	ALNY	D	-0.06%
	CPNG	D	-0.06%
	FCNCA	A	-0.06%
	VEEV	C	-0.06%
	ARES	A	-0.06%
	HUBS	A	-0.06%
	MKL	A	-0.05%
	LII	A	-0.05%
	LPLA	A	-0.05%
	RBLX	C	-0.05%
	NET	B	-0.05%
	TPL	A	-0.05%
	ZM	B	-0.04%
	ZS	C	-0.04%
	WSO	A	-0.04%
	ILMN	D	-0.04%
	MDB	C	-0.04%
	AVTR	F	-0.03%
	RGA	A	-0.03%
	EWBC	A	-0.03%
	DT	C	-0.03%
	SUI	D	-0.03%
	EQH	B	-0.03%
	OC	A	-0.03%
	ENTG	D	-0.03%
	FNF	B	-0.03%
	DOCU	A	-0.03%
	BURL	A	-0.03%
	SSNC	B	-0.03%
	FLEX	A	-0.03%
	HEI	B	-0.03%
	PINS	D	-0.03%
	TRU	D	-0.03%
	TWLO	A	-0.03%
	BAH	F	-0.03%
	ACI	C	-0.02%
	SCCO	F	-0.02%
	EXAS	D	-0.02%
	CG	A	-0.02%
	RPRX	D	-0.02%
	CNH	C	-0.02%
	CCK	C	-0.02%
	HEI	B	-0.02%
	AFG	A	-0.02%
	SNAP	C	-0.02%
	Z	A	-0.02%
	NBIX	C	-0.02%
	OKTA	C	-0.02%
	WPC	D	-0.02%
	BMRN	D	-0.02%
	ELS	C	-0.02%
	AGR	B	-0.01%
	ZG	A	-0.01%
	WLK	D	-0.01%
	U	C	-0.01%
	SIRI	C	-0.01%
	BSY	D	-0.01%
	CRBG	B	-0.01%

PHDG: Top Represented Industries & Keywords

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

USPX: Top Represented Industries & Keywords

Industries: Software - Application Utilities - Regulated Electric Diversified Industrials Business Services Diagnostics & Research Semiconductors Asset Management Aerospace & Defense Banks - Regional - US Oil & Gas E&P Biotechnology Capital Markets Drug Manufacturers - Major Insurance - Property & Casualty Packaged Foods REIT - Residential Software - Infrastructure Specialty Chemicals Specialty Retail Medical Devices

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