QUS vs. BTAL ETF Comparison

Comparison of SPDR MSCI USA Quality Mix ETF (QUS) to QuantShares U.S. Market Neutral Anti Beta Fund ETF (BTAL)

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

$161.92

Average Daily Volume

15,365

Number of Holdings ^*

583

* may have additional holdings in another (foreign) market

BTAL

QuantShares U.S. Market Neutral Anti Beta Fund ETF

BTAL Description

The investment seeks performance results that correspond to the price and yield performance, before fees and expenses, of the Dow Jones U.S. Thematic Market Neutral Anti-Beta Index. The fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in common stock, including the short positions, in the Target Anti-Beta Index. The Target Anti-Beta Index is a market neutral index that is dollar-neutral. As such, it identifies long and short securities positions of approximately equal dollar amounts. In choosing to track a market neutral index, the fund seeks to limit the effects of general market movements on the fund.

Grade (RS Rating)

Last Trade

$19.01

Average Daily Volume

445,126

Number of Holdings ^*

392

* may have additional holdings in another (foreign) market

Performance

Period	QUS	BTAL
30 Days	2.25%	-4.57%
60 Days	3.15%	-3.16%
90 Days	4.45%	-3.70%
12 Months	29.35%	-6.81%

225 Overlapping Holdings

	Symbol	Grade	Weight in QUS	Weight in BTAL	Overlap
	ABBV	D	0.49%	0.36%	0.36%
	ACGL	D	0.38%	0.38%	0.38%
	ACN	C	1.18%	0.44%	0.44%
	ADP	B	0.54%	0.46%	0.46%
	AEE	A	0.11%	0.49%	0.11%
	AES	F	0.01%	-0.35%	-0.35%
	AIZ	A	0.12%	0.48%	0.12%
	AKAM	D	0.14%	0.36%	0.14%
	ALB	C	0.02%	-0.52%	-0.52%
	ALGN	D	0.01%	-0.43%	-0.43%
	ALL	A	0.06%	0.48%	0.06%
	ALLY	C	0.03%	-0.37%	-0.37%
	AMCR	D	0.02%	0.39%	0.02%
	AMD	F	0.06%	-0.4%	-0.4%
	AMGN	D	0.27%	0.37%	0.27%
	ANET	C	0.39%	-0.46%	-0.46%
	AON	A	0.21%	0.47%	0.21%
	ARE	D	0.02%	-0.4%	-0.4%
	AVB	B	0.02%	0.45%	0.02%
	AVGO	D	0.58%	-0.45%	-0.45%
	AWK	D	0.02%	-0.42%	-0.42%
	AXON	A	0.0%	-0.74%	-0.74%
	AZO	C	0.36%	0.33%	0.33%
	BBWI	D	0.01%	-0.44%	-0.44%
	BG	F	0.05%	0.4%	0.05%
	BKR	B	0.04%	0.53%	0.04%
	BLDR	D	0.08%	-0.44%	-0.44%
	BLK	C	0.46%	-0.54%	-0.54%
	BMRN	D	0.08%	0.29%	0.08%
	BMY	B	0.34%	0.51%	0.34%
	BRO	B	0.01%	0.47%	0.01%
	BX	A	0.05%	-0.57%	-0.57%
	BXP	D	0.01%	-0.46%	-0.46%
	CARR	D	0.04%	-0.45%	-0.45%
	CB	C	0.65%	0.45%	0.45%
	CBOE	B	0.29%	0.43%	0.29%
	CBRE	B	0.05%	-0.51%	-0.51%
	CCK	C	0.02%	0.43%	0.02%
	CCL	B	0.01%	-0.63%	-0.63%
	CE	F	0.01%	-0.24%	-0.24%
	CEG	D	0.03%	-0.52%	-0.52%
	CELH	F	0.0%	-0.29%	-0.29%
	CF	B	0.03%	0.46%	0.03%
	CFG	B	0.07%	-0.49%	-0.49%
	CG	A	0.01%	-0.55%	-0.55%
	CHD	B	0.14%	0.47%	0.14%
	CHRW	C	0.02%	0.45%	0.02%
	CI	F	0.24%	0.4%	0.24%
	CINF	A	0.03%	0.49%	0.03%
	CME	A	0.23%	0.47%	0.23%
	CMG	B	0.22%	0.45%	0.22%
	CMS	C	0.09%	0.44%	0.09%
	CNC	D	0.08%	0.32%	0.08%
	COIN	C	0.01%	-0.71%	-0.71%
	COR	B	0.35%	0.45%	0.35%
	CPB	D	0.12%	0.38%	0.12%
	CRL	C	0.01%	-0.41%	-0.41%
	CRWD	B	0.06%	-0.57%	-0.57%
	CSCO	B	1.34%	0.49%	0.49%
	CSGP	D	0.01%	-0.42%	-0.42%
	CSX	B	0.05%	0.45%	0.05%
	CTSH	B	0.39%	0.43%	0.39%
	D	C	0.14%	-0.45%	-0.45%
	DAL	C	0.01%	-0.68%	-0.68%
	DASH	A	0.01%	-0.59%	-0.59%
	DAY	B	0.0%	-0.56%	-0.56%
	DD	D	0.04%	0.43%	0.04%
	DECK	A	0.09%	0.44%	0.09%
	DELL	C	0.06%	-0.53%	-0.53%
	DGX	A	0.06%	0.45%	0.06%
	DINO	D	0.02%	-0.39%	-0.39%
	DKNG	B	0.0%	-0.53%	-0.53%
	DKS	C	0.01%	-0.37%	-0.37%
	DRI	B	0.02%	0.46%	0.02%
	DUK	C	0.6%	0.43%	0.43%
	DVN	F	0.04%	0.37%	0.04%
	ED	D	0.42%	0.42%	0.42%
	EFX	F	0.01%	-0.35%	-0.35%
	EG	C	0.18%	0.42%	0.18%
	EL	F	0.01%	-0.31%	-0.31%
	ELS	C	0.0%	0.43%	0.0%
	ELV	F	0.29%	0.33%	0.29%
	ENPH	F	0.02%	-0.23%	-0.23%
	EQR	B	0.02%	0.44%	0.02%
	EQT	B	0.03%	-0.59%	-0.59%
	ERIE	D	0.17%	0.38%	0.17%
	ETN	A	0.05%	-0.52%	-0.52%
	EW	C	0.12%	-0.44%	-0.44%
	EXPE	B	0.02%	-0.56%	-0.56%
	F	C	0.16%	-0.44%	-0.44%
	FANG	D	0.22%	0.39%	0.22%
	FBIN	D	0.01%	-0.41%	-0.41%
	FCX	D	0.04%	-0.42%	-0.42%
	FFIV	B	0.23%	0.52%	0.23%
	FOXA	B	0.02%	0.48%	0.02%
	FTNT	C	0.01%	0.52%	0.01%
	GD	F	0.07%	0.41%	0.07%
	GILD	C	0.43%	0.49%	0.43%
	GIS	D	0.25%	0.38%	0.25%
	GLPI	C	0.01%	0.42%	0.01%
	GLW	B	0.14%	0.47%	0.14%
	GPC	D	0.02%	0.37%	0.02%
	HEI	B	0.0%	0.47%	0.0%
	HEI	B	0.0%	0.47%	0.0%
	HIG	B	0.09%	0.45%	0.09%
	HON	B	0.53%	0.47%	0.47%
	HOOD	B	0.01%	-0.72%	-0.72%
	HPQ	B	0.07%	0.45%	0.07%
	HUM	C	0.2%	0.34%	0.2%
	IBM	C	0.67%	0.45%	0.45%
	IDXX	F	0.12%	-0.39%	-0.39%
	ILMN	D	0.01%	-0.43%	-0.43%
	INTC	D	0.18%	-0.54%	-0.54%
	IOT	A	0.0%	-0.52%	-0.52%
	J	F	0.02%	0.41%	0.02%
	JNJ	D	1.64%	0.42%	0.42%
	JNPR	F	0.17%	0.39%	0.17%
	KHC	F	0.18%	0.38%	0.18%
	KKR	A	0.04%	-0.55%	-0.55%
	KMI	A	0.07%	0.56%	0.07%
	KMX	B	0.03%	-0.4%	-0.4%
	KO	D	0.81%	0.37%	0.37%
	KR	B	0.31%	0.47%	0.31%
	L	A	0.12%	0.45%	0.12%
	LMT	D	0.72%	0.38%	0.38%
	LNG	B	0.05%	0.51%	0.05%
	LNT	A	0.05%	0.46%	0.05%
	LPLA	A	0.07%	0.59%	0.07%
	LRCX	F	0.3%	-0.36%	-0.36%
	LULU	C	0.12%	0.48%	0.12%
	LYV	A	0.01%	-0.62%	-0.62%
	MCD	D	0.5%	0.42%	0.42%
	MCK	B	0.61%	0.51%	0.51%
	MDB	C	0.0%	-0.53%	-0.53%
	MGM	D	0.01%	-0.43%	-0.43%
	MKC	D	0.01%	0.41%	0.01%
	MKL	A	0.15%	0.53%	0.15%
	MMC	B	0.69%	0.42%	0.42%
	MOH	F	0.13%	0.36%	0.13%
	MOS	F	0.03%	0.38%	0.03%
	MPWR	F	0.07%	-0.24%	-0.24%
	MRNA	F	0.01%	-0.22%	-0.22%
	MRVL	B	0.02%	-0.56%	-0.56%
	MSFT	F	2.7%	0.43%	0.43%
	MSI	B	0.63%	0.51%	0.51%
	MSTR	C	0.0%	1.19%	0.0%
	MTCH	D	0.01%	0.35%	0.01%
	MU	D	0.07%	-0.43%	-0.43%
	NEM	D	0.18%	0.35%	0.18%
	NET	B	0.0%	-0.5%	-0.5%
	NOC	D	0.55%	0.4%	0.4%
	NRG	B	0.03%	-0.49%	-0.49%
	NTRS	A	0.03%	-0.54%	-0.54%
	NVDA	C	2.76%	-0.48%	-0.48%
	O	D	0.04%	0.39%	0.04%
	OC	A	0.02%	-0.46%	-0.46%
	ON	D	0.02%	0.38%	0.02%
	ORLY	B	0.26%	0.5%	0.26%
	OXY	D	0.1%	0.38%	0.1%
	PAYC	B	0.03%	0.59%	0.03%
	PAYX	C	0.16%	0.47%	0.16%
	PCAR	B	0.06%	0.51%	0.06%
	PFE	D	0.33%	0.37%	0.33%
	PGR	A	0.65%	0.45%	0.45%
	PINS	D	0.0%	-0.4%	-0.4%
	PKG	A	0.09%	0.49%	0.09%
	PLD	D	0.08%	-0.39%	-0.39%
	PLTR	B	0.01%	-0.87%	-0.87%
	PODD	C	0.0%	-0.59%	-0.59%
	PWR	A	0.02%	-0.51%	-0.51%
	PYPL	B	0.08%	-0.52%	-0.52%
	RBLX	C	0.0%	-0.51%	-0.51%
	REG	B	0.01%	0.45%	0.01%
	RF	A	0.06%	-0.5%	-0.5%
	RIVN	F	0.01%	-0.3%	-0.3%
	RMD	C	0.09%	-0.45%	-0.45%
	ROKU	D	0.0%	-0.47%	-0.47%
	ROP	B	0.46%	0.45%	0.45%
	RSG	A	0.54%	0.43%	0.43%
	RTX	C	0.18%	0.43%	0.18%
	SCHW	B	0.07%	-0.56%	-0.56%
	SHW	A	0.26%	-0.47%	-0.47%
	SMCI	F	0.03%	-0.18%	-0.18%
	SNA	A	0.06%	0.55%	0.06%
	SNAP	C	0.0%	-0.49%	-0.49%
	SQ	B	0.03%	-0.6%	-0.6%
	T	A	0.69%	0.5%	0.5%
	TDY	B	0.21%	0.48%	0.21%
	TER	D	0.04%	-0.33%	-0.33%
	TFX	F	0.01%	-0.36%	-0.36%
	TGT	F	0.1%	-0.44%	-0.44%
	TJX	A	0.56%	0.43%	0.43%
	TMUS	B	0.78%	0.49%	0.49%
	TOST	B	0.0%	-0.71%	-0.71%
	TROW	B	0.09%	-0.48%	-0.48%
	TRU	D	0.01%	-0.44%	-0.44%
	TRV	B	0.47%	0.52%	0.47%
	TSLA	B	0.28%	-0.7%	-0.7%
	TT	A	0.26%	-0.51%	-0.51%
	TTD	B	0.01%	-0.5%	-0.5%
	TXT	D	0.02%	0.4%	0.02%
	UBER	D	0.18%	-0.42%	-0.42%
	UNH	C	2.21%	0.43%	0.43%
	URI	B	0.04%	-0.52%	-0.52%
	USB	A	0.16%	-0.49%	-0.49%
	UTHR	C	0.1%	0.45%	0.1%
	VEEV	C	0.08%	-0.46%	-0.46%
	VICI	C	0.04%	0.42%	0.04%
	VRSN	F	0.22%	0.43%	0.22%
	VRT	B	0.01%	-0.67%	-0.67%
	VST	B	0.02%	-0.76%	-0.76%
	VTRS	A	0.05%	0.48%	0.05%
	VZ	C	0.81%	0.44%	0.44%
	WBA	F	0.06%	-0.4%	-0.4%
	WEC	A	0.29%	0.46%	0.29%
	WELL	A	0.04%	0.5%	0.04%
	WM	A	0.52%	0.45%	0.45%
	WPC	D	0.01%	0.41%	0.01%
	WRB	A	0.12%	0.45%	0.12%
	WTW	B	0.16%	0.45%	0.16%
	XEL	A	0.2%	0.5%	0.2%
	XOM	B	0.81%	0.44%	0.44%
	YUM	B	0.19%	0.43%	0.19%
	Z	A	0.01%	-0.56%	-0.56%
	ZS	C	0.0%	-0.46%	-0.46%

QUS Overweight 358 Positions Relative to BTAL

	Symbol	Grade	Weight
	AAPL	C	3.24%
	META	D	2.32%
	LLY	F	1.92%
	V	A	1.91%
	MA	C	1.69%
	COST	B	1.31%
	GOOGL	C	1.2%
	GOOG	C	1.12%
	BRK.A	B	1.1%
	TXN	C	1.06%
	JPM	A	1.06%
	PEP	F	1.01%
	WMT	A	0.94%
	APH	A	0.71%
	ADBE	C	0.71%
	AMZN	C	0.69%
	BAC	A	0.69%
	CAT	B	0.63%
	PG	A	0.59%
	VRTX	F	0.57%
	QCOM	F	0.55%
	CVX	A	0.55%
	SO	D	0.54%
	WCN	A	0.53%
	ORCL	B	0.53%
	WFC	A	0.5%
	AMAT	F	0.48%
	AJG	B	0.46%
	MRK	F	0.46%
	C	A	0.45%
	CMCSA	B	0.42%
	HD	A	0.35%
	GDDY	A	0.34%
	FCNCA	A	0.34%
	PANW	C	0.32%
	GM	B	0.32%
	MPC	D	0.32%
	FI	A	0.31%
	EA	A	0.31%
	TSN	B	0.3%
	GS	A	0.3%
	CDNS	B	0.29%
	K	A	0.29%
	CVS	D	0.29%
	KLAC	D	0.29%
	SNPS	B	0.28%
	MMM	D	0.28%
	NKE	D	0.28%
	NOW	A	0.27%
	ITW	B	0.27%
	KEYS	A	0.26%
	ZTS	D	0.25%
	REGN	F	0.25%
	BDX	F	0.24%
	KDP	D	0.23%
	CTAS	B	0.23%
	AFL	B	0.22%
	MDLZ	F	0.22%
	MS	A	0.21%
	MCO	B	0.21%
	GWW	B	0.2%
	BAH	F	0.2%
	FICO	B	0.2%
	INCY	C	0.2%
	GRMN	B	0.2%
	DHI	D	0.19%
	AEP	D	0.19%
	CDW	F	0.19%
	PTC	A	0.18%
	HSY	F	0.18%
	CL	D	0.17%
	PNC	B	0.17%
	COF	B	0.17%
	COP	C	0.17%
	ROL	B	0.17%
	CMI	A	0.17%
	DIS	B	0.17%
	ABT	B	0.16%
	TFC	A	0.16%
	ADSK	A	0.16%
	NTAP	C	0.16%
	CTVA	C	0.16%
	VLO	C	0.15%
	WMB	A	0.15%
	MDT	D	0.15%
	VRSK	A	0.15%
	AFG	A	0.15%
	WDAY	B	0.15%
	FAST	B	0.15%
	EOG	A	0.15%
	LIN	D	0.15%
	NFLX	A	0.14%
	ADI	D	0.14%
	CPRT	A	0.14%
	ICE	C	0.14%
	PSA	D	0.14%
	PSX	C	0.14%
	LOW	D	0.13%
	IT	C	0.13%
	GEN	B	0.13%
	ODFL	B	0.13%
	MNST	C	0.12%
	CRM	B	0.12%
	AIG	B	0.12%
	CAH	B	0.12%
	FDX	B	0.12%
	AXP	A	0.11%
	NVR	D	0.11%
	PHM	D	0.11%
	A	D	0.11%
	GE	D	0.11%
	NBIX	C	0.11%
	PM	B	0.11%
	UPS	C	0.11%
	WBD	C	0.11%
	DTE	C	0.1%
	NEE	D	0.1%
	MCHP	D	0.1%
	KMB	D	0.1%
	ROK	B	0.1%
	TMO	F	0.1%
	DE	A	0.1%
	DHR	F	0.09%
	TPL	A	0.09%
	MET	A	0.09%
	TSCO	D	0.09%
	CHTR	C	0.09%
	BK	A	0.09%
	BBY	D	0.09%
	EME	C	0.08%
	HRL	D	0.08%
	ULTA	F	0.08%
	UNP	C	0.08%
	ADM	D	0.08%
	VLTO	D	0.08%
	MTB	A	0.08%
	HUBS	A	0.08%
	PRU	A	0.08%
	MO	A	0.07%
	STX	D	0.07%
	HUBB	B	0.07%
	MANH	D	0.07%
	SPGI	C	0.07%
	DPZ	C	0.07%
	WAT	B	0.07%
	OMC	C	0.07%
	TW	A	0.07%
	MELI	D	0.07%
	HOLX	D	0.07%
	NUE	C	0.07%
	DFS	B	0.07%
	ALNY	D	0.07%
	SOLV	C	0.06%
	WSO	A	0.06%
	HBAN	A	0.06%
	EXC	C	0.06%
	WSM	B	0.06%
	STT	A	0.06%
	PCG	A	0.06%
	DOW	F	0.06%
	HCA	F	0.06%
	FITB	A	0.06%
	SBUX	A	0.06%
	LEN	D	0.06%
	SYF	B	0.06%
	SRE	A	0.06%
	EXPD	D	0.06%
	HPE	B	0.06%
	WST	C	0.06%
	GEV	B	0.05%
	APD	A	0.05%
	SYY	B	0.05%
	APA	D	0.05%
	ETR	B	0.05%
	SWKS	F	0.05%
	GGG	B	0.05%
	IEX	B	0.05%
	JBHT	C	0.05%
	FDS	B	0.05%
	NSC	B	0.05%
	JCI	C	0.05%
	EMR	A	0.05%
	SLB	C	0.05%
	SYK	C	0.05%
	OKE	A	0.05%
	ISRG	A	0.04%
	MRO	B	0.04%
	AMT	D	0.04%
	DLR	B	0.04%
	JKHY	D	0.04%
	INTU	C	0.04%
	ALLE	D	0.04%
	KNX	B	0.04%
	BKNG	A	0.04%
	IP	B	0.04%
	PEG	A	0.04%
	PH	A	0.04%
	OTIS	C	0.04%
	GPN	B	0.04%
	AMP	A	0.04%
	ATO	A	0.04%
	STLD	B	0.04%
	BSX	B	0.04%
	KVUE	A	0.04%
	EPAM	C	0.04%
	LHX	C	0.04%
	KEY	B	0.04%
	EIX	B	0.04%
	POOL	C	0.04%
	LYB	F	0.04%
	CCI	D	0.03%
	CNH	C	0.03%
	ES	D	0.03%
	PPL	B	0.03%
	RS	B	0.03%
	TTC	D	0.03%
	HAL	C	0.03%
	SW	A	0.03%
	NXPI	D	0.03%
	AOS	F	0.03%
	PARA	C	0.03%
	ACI	C	0.03%
	TRGP	B	0.03%
	BR	A	0.03%
	GEHC	F	0.03%
	FSLR	F	0.03%
	APO	B	0.03%
	WY	D	0.03%
	ROST	C	0.03%
	JBL	B	0.03%
	MKTX	D	0.03%
	SEIC	B	0.03%
	OVV	B	0.03%
	SPG	B	0.03%
	LW	C	0.03%
	LH	C	0.03%
	CTRA	B	0.03%
	FIS	C	0.03%
	PFG	D	0.03%
	RJF	A	0.03%
	APP	B	0.02%
	SSNC	B	0.02%
	CPAY	A	0.02%
	BALL	D	0.02%
	SJM	D	0.02%
	ABNB	C	0.02%
	STZ	D	0.02%
	LKQ	D	0.02%
	LDOS	C	0.02%
	VMC	B	0.02%
	DLTR	F	0.02%
	EMN	D	0.02%
	WDC	D	0.02%
	NDAQ	A	0.02%
	DOV	A	0.02%
	MLM	B	0.02%
	VTR	C	0.02%
	IR	B	0.02%
	FTV	C	0.02%
	UHS	D	0.02%
	NI	A	0.02%
	EQH	B	0.02%
	IFF	D	0.02%
	KIM	A	0.02%
	MAR	B	0.02%
	APTV	D	0.02%
	EBAY	D	0.02%
	CAG	D	0.02%
	IQV	D	0.02%
	FNF	B	0.02%
	CRBG	B	0.02%
	CNP	B	0.02%
	DG	F	0.02%
	EVRG	A	0.02%
	WAB	B	0.02%
	SWK	D	0.02%
	HES	B	0.02%
	BIIB	F	0.02%
	ZBH	C	0.02%
	BAX	D	0.02%
	BA	F	0.02%
	EQIX	A	0.02%
	EXR	D	0.02%
	AME	A	0.02%
	TAP	C	0.02%
	FE	C	0.02%
	PPG	F	0.02%
	ECL	D	0.02%
	ENTG	D	0.01%
	TYL	B	0.01%
	MTD	D	0.01%
	BIO	D	0.01%
	LUV	C	0.01%
	NDSN	B	0.01%
	LII	A	0.01%
	QRVO	F	0.01%
	LVS	C	0.01%
	SBAC	D	0.01%
	ARES	A	0.01%
	UDR	B	0.01%
	UHAL	D	0.01%
	AMH	D	0.01%
	WLK	D	0.01%
	CTLT	B	0.01%
	RPRX	D	0.01%
	ANSS	B	0.01%
	TDG	D	0.01%
	MSCI	C	0.01%
	CPT	B	0.01%
	DVA	B	0.01%
	AVY	D	0.01%
	HII	D	0.01%
	WTRG	B	0.01%
	HST	C	0.01%
	CSL	C	0.01%
	AVTR	F	0.01%
	FOX	A	0.01%
	ESS	B	0.01%
	IRM	D	0.01%
	MAS	D	0.01%
	PNR	A	0.01%
	RPM	A	0.01%
	NWSA	B	0.01%
	HLT	A	0.01%
	RCL	A	0.01%
	SUI	D	0.01%
	CLX	B	0.01%
	BEN	C	0.01%
	STE	F	0.01%
	ZBRA	B	0.01%
	TWLO	A	0.01%
	HSIC	B	0.01%
	INVH	D	0.01%
	TRMB	B	0.01%
	BURL	A	0.01%
	MAA	B	0.01%
	TTWO	A	0.01%
	ACM	A	0.01%
	DOC	D	0.01%
	XYL	D	0.01%
	HWM	A	0.01%
	CHRD	D	0.01%
	IPG	D	0.01%
	ZM	B	0.01%
	RVTY	F	0.01%
	TEAM	A	0.0%
	BSY	D	0.0%
	PSTG	D	0.0%
	DDOG	A	0.0%
	H	B	0.0%
	DT	C	0.0%
	WYNN	D	0.0%
	DOCU	A	0.0%
	EXAS	D	0.0%
	SNOW	C	0.0%
	DXCM	D	0.0%
	TECH	D	0.0%
	OKTA	C	0.0%

QUS Underweight 168 Positions Relative to BTAL

	Symbol	Grade	Weight
	BILL	A	-0.68%
	IBKR	A	-0.62%
	SFM	A	-0.6%
	HQY	B	-0.58%
	UNM	A	-0.57%
	ALSN	B	-0.56%
	CFLT	B	-0.56%
	NWL	B	-0.54%
	PCTY	B	-0.53%
	WH	B	-0.53%
	BWXT	B	-0.53%
	TGNA	B	-0.53%
	TXRH	C	-0.51%
	RLI	B	-0.51%
	THG	A	-0.51%
	CHH	A	-0.5%
	PNM	F	-0.5%
	G	B	-0.49%
	VFC	C	-0.48%
	SIGI	C	-0.48%
	RGA	A	-0.48%
	AXS	A	-0.48%
	SBRA	C	-0.47%
	DBX	B	-0.47%
	CW	B	-0.47%
	RYAN	B	-0.47%
	EDR	A	-0.46%
	WEN	D	-0.46%
	SLGN	A	-0.46%
	RNR	C	-0.46%
	ORI	A	-0.46%
	ARMK	B	-0.45%
	ADC	B	-0.45%
	PNW	B	-0.45%
	JAZZ	B	-0.44%
	BWA	D	-0.44%
	CDP	C	-0.44%
	NEU	C	-0.44%
	DOX	D	-0.43%
	DLB	B	-0.43%
	CLH	B	-0.43%
	ZI	D	-0.43%
	MUSA	A	-0.43%
	X	C	-0.43%
	OHI	C	-0.43%
	MSM	C	-0.43%
	COLM	B	-0.43%
	FLO	D	-0.42%
	AVT	C	-0.42%
	CACI	D	-0.42%
	CXT	B	-0.42%
	HRB	D	-0.41%
	SNX	C	-0.41%
	OLLI	D	-0.41%
	PAG	B	-0.41%
	SAIC	F	-0.4%
	CHE	D	-0.4%
	MSA	D	-0.4%
	ASGN	F	-0.39%
	WTM	A	-0.39%
	FCN	D	-0.38%
	FMC	D	-0.37%
	MAN	D	-0.37%
	KBR	F	-0.37%
	ARW	D	-0.37%
	TNET	D	-0.37%
	MUR	D	-0.37%
	ST	F	-0.36%
	FOXF	F	-0.35%
	MDU	D	-0.32%
	SRPT	D	-0.32%
	AGL	F	-0.16%
	SEDG	F	--0.19%
	RUN	F	--0.21%
	CNXC	F	--0.23%
	WOLF	F	--0.25%
	TXG	F	--0.26%
	NTLA	F	--0.27%
	RKT	F	--0.29%
	OPEN	D	--0.3%
	BRZE	C	--0.33%
	COTY	F	--0.33%
	AMKR	D	--0.34%
	ELF	C	--0.35%
	SHLS	F	--0.35%
	ARWR	F	--0.35%
	WMS	D	--0.37%
	RGEN	D	--0.37%
	NVCR	C	--0.38%
	RIG	D	--0.38%
	CNM	D	--0.38%
	KSS	F	--0.39%
	ELAN	D	--0.39%
	FND	C	--0.4%
	MKSI	C	--0.4%
	BLD	D	--0.4%
	ROIV	C	--0.41%
	AGNC	D	--0.41%
	W	F	--0.41%
	POWI	D	--0.41%
	DNLI	D	--0.42%
	CHX	C	--0.42%
	CZR	F	--0.42%
	CWEN	C	--0.42%
	CC	C	--0.43%
	CRSP	D	--0.43%
	PATH	C	--0.43%
	SSD	D	--0.43%
	SEE	C	--0.44%
	THO	B	--0.44%
	UGI	A	--0.44%
	RYN	D	--0.44%
	APG	B	--0.44%
	TREX	C	--0.45%
	NWE	B	--0.45%
	DAR	C	--0.45%
	MTDR	B	--0.45%
	SMG	D	--0.46%
	LAMR	D	--0.46%
	KRC	C	--0.46%
	JLL	D	--0.46%
	PENN	C	--0.46%
	TOL	B	--0.47%
	HHH	B	--0.47%
	LNC	B	--0.48%
	AXTA	A	--0.49%
	OZK	B	--0.49%
	USFD	A	--0.49%
	PFGC	B	--0.49%
	ITT	A	--0.49%
	WAL	B	--0.49%
	GH	B	--0.49%
	NVT	B	--0.49%
	CAR	C	--0.51%
	RMBS	C	--0.51%
	GNRC	B	--0.51%
	RRC	B	--0.51%
	LPX	B	--0.52%
	COHR	B	--0.52%
	PEN	B	--0.52%
	VNO	B	--0.52%
	ZION	B	--0.53%
	AR	B	--0.53%
	JHG	A	--0.53%
	EXP	A	--0.53%
	RH	B	--0.53%
	FYBR	D	--0.53%
	SNV	B	--0.54%
	FOUR	B	--0.54%
	XPO	B	--0.54%
	CMA	A	--0.54%
	PNFP	B	--0.55%
	WCC	B	--0.55%
	AA	B	--0.56%
	GME	C	--0.56%
	TDOC	C	--0.56%
	NTRA	B	--0.56%
	GTLS	B	--0.58%
	OWL	A	--0.58%
	TPG	A	--0.58%
	SAIA	B	--0.59%
	LITE	B	--0.62%
	DUOL	A	--0.63%
	LYFT	C	--0.65%
	CVNA	B	--0.68%
	PTON	B	--0.69%
	SOFI	A	--0.79%
	AFRM	B	--0.84%

QUS: Top Represented Industries & Keywords

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

Keywords: S&P 500 Nasdaq 100 Computing Natural Gas Insurance Electricity Dow Jones Component Electronics Chemical Aerospace Real Estate Investment Trust Telecommunications Medicine Bank Semiconductor Cloud Computing Banking Insurance Products Mining IBD 50

BTAL: Top Represented Industries & Keywords

Industries: Software - Application Insurance - Property & Casualty Software - Infrastructure Biotechnology Semiconductors Utilities - Regulated Electric Asset Management Banks - Regional - US Specialty Retail Aerospace & Defense Business Services Oil & Gas E&P Building Materials Information Technology Services Restaurants Diagnostics & Research Drug Manufacturers - Major Health Care Plans Diversified Industrials Household & Personal Products

Keywords: S&P 500 Nasdaq 100 Insurance Natural Gas Computing Insurance Products Electricity Real Estate Investment Trust Aerospace Chemical IBD 50 Semiconductor Telecommunications Banking Cloud Computing Dow Jones Component Electronics Biotechnology Medicine Bank