QWLD vs. INRO ETF Comparison

Comparison of SPDR MSCI World Quality Mix ETF (QWLD) to BlackRock U.S. Industry Rotation ETF (INRO)

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

$127.97

Average Daily Volume

3,476

Number of Holdings ^*

610

* may have additional holdings in another (foreign) market

INRO

BlackRock U.S. Industry Rotation ETF

INRO Description

INRO is targeted US equity exposure, actively managed by shifting the selection and weighting of the portfolio towards industries among the broad domestic market. Portfolio allocation is based on five potential sources of return: information regarding the current economic cycle, valuation, quality metrics, analyst expectation data and recent individual industry trends. The strategy aims to capture the potential alpha from the dispersion between industry allocations and the broad market. During temporary defensive periods, the fund may depart from this principal investment strategy to invest 100% of the portfolio in liquid, short-term securities. The fund may engage in active and frequent trading. Derivatives may also be used to seek returns or hedge exposure. Up to one-third of the value of the funds assets may be lending.

Grade (RS Rating)

Last Trade

$28.27

Average Daily Volume

3,544

Number of Holdings ^*

423

* may have additional holdings in another (foreign) market

Performance

Period	QWLD	INRO
30 Days	-0.47%	2.86%
60 Days	0.20%	5.93%
90 Days	0.50%	6.63%
12 Months	22.20%

420 Overlapping Holdings

	Symbol	Grade	Weight in QWLD	Weight in INRO	Overlap
	A	D	0.06%	0.05%	0.05%
	AAPL	C	2.57%	5.57%	2.57%
	ABBV	F	0.34%	0.4%	0.34%
	ABBV	F	0.16%	0.4%	0.16%
	ACGL	C	0.26%	0.06%	0.06%
	ACI	C	0.02%	0.01%	0.01%
	ACM	B	0.01%	0.11%	0.01%
	ACN	B	0.65%	0.07%	0.07%
	ADBE	C	0.42%	0.32%	0.32%
	ADI	D	0.04%	0.23%	0.04%
	ADP	A	0.26%	0.29%	0.26%
	ADSK	A	0.1%	0.1%	0.1%
	AEP	C	0.07%	0.31%	0.07%
	AES	F	0.01%	0.03%	0.01%
	AFG	A	0.02%	0.02%	0.02%
	AFL	B	0.12%	0.09%	0.09%
	AIG	B	0.07%	0.08%	0.07%
	AIZ	A	0.08%	0.02%	0.02%
	AJG	A	0.19%	0.09%	0.09%
	ALL	A	0.08%	0.08%	0.08%
	ALLE	C	0.02%	0.09%	0.02%
	ALLY	C	0.02%	0.02%	0.02%
	AMAT	F	0.29%	0.32%	0.29%
	AMCR	C	0.08%	0.07%	0.07%
	AMD	F	0.03%	0.49%	0.03%
	AME	A	0.01%	0.14%	0.01%
	AMGN	F	0.16%	0.22%	0.16%
	AMP	A	0.09%	0.17%	0.09%
	AMT	C	0.02%	0.11%	0.02%
	AMZN	C	0.37%	1.46%	0.37%
	ANSS	B	0.0%	0.05%	0.0%
	AON	A	0.17%	0.11%	0.11%
	AOS	F	0.02%	0.06%	0.02%
	APA	D	0.02%	0.01%	0.01%
	APD	A	0.03%	0.01%	0.01%
	APH	A	0.43%	0.19%	0.19%
	APO	B	0.02%	0.01%	0.01%
	APP	B	0.0%	0.08%	0.0%
	ARE	F	0.01%	0.04%	0.01%
	ARES	A	0.0%	0.11%	0.0%
	ATO	A	0.01%	0.05%	0.01%
	AVB	B	0.01%	0.01%	0.01%
	AVGO	D	0.11%	1.64%	0.11%
	AVTR	F	0.01%	0.02%	0.01%
	AVY	F	0.03%	0.07%	0.03%
	AXON	A	0.0%	0.02%	0.0%
	AXP	A	0.06%	1.14%	0.06%
	AZO	C	0.28%	0.15%	0.15%
	BA	F	0.01%	0.04%	0.01%
	BAC	A	0.39%	0.79%	0.39%
	BAH	F	0.15%	0.06%	0.06%
	BALL	F	0.01%	0.08%	0.01%
	BBWI	C	0.0%	0.02%	0.0%
	BBY	D	0.06%	0.05%	0.05%
	BEN	C	0.01%	0.03%	0.01%
	BIIB	F	0.01%	0.03%	0.01%
	BIO	C	0.0%	0.01%	0.0%
	BK	A	0.05%	0.11%	0.05%
	BKR	A	0.02%	0.07%	0.02%
	BLDR	D	0.05%	0.15%	0.05%
	BMRN	F	0.07%	0.02%	0.02%
	BMY	B	0.21%	0.12%	0.12%
	BR	A	0.04%	0.07%	0.04%
	BRK.A	B	0.73%	0.06%	0.06%
	BRO	B	0.14%	0.04%	0.04%
	BSY	F	0.01%	0.02%	0.01%
	BURL	B	0.01%	0.05%	0.01%
	BX	A	0.03%	0.42%	0.03%
	BXP	C	0.01%	1.38%	0.01%
	C	A	0.25%	0.34%	0.25%
	CARR	C	0.02%	0.42%	0.02%
	CAT	B	0.36%	0.36%	0.36%
	CB	C	0.4%	0.16%	0.16%
	CBOE	C	0.24%	0.04%	0.04%
	CBRE	B	0.03%	0.88%	0.03%
	CCI	C	0.01%	0.05%	0.01%
	CCK	D	0.01%	0.05%	0.01%
	CDNS	B	0.13%	0.12%	0.12%
	CDW	F	0.07%	0.06%	0.06%
	CEG	C	0.02%	0.45%	0.02%
	CFG	B	0.04%	0.05%	0.04%
	CG	B	0.01%	0.04%	0.01%
	CHRD	D	0.01%	0.01%	0.01%
	CINF	A	0.02%	0.04%	0.02%
	CME	B	0.16%	0.26%	0.16%
	CMI	A	0.1%	0.09%	0.09%
	CNH	C	0.01%	0.02%	0.01%
	COF	C	0.1%	0.49%	0.1%
	COIN	C	0.01%	0.2%	0.01%
	COP	C	0.1%	0.23%	0.1%
	COST	A	0.76%	0.46%	0.46%
	CPRT	B	0.08%	0.21%	0.08%
	CPT	B	0.01%	0.0%	0.0%
	CRL	D	0.0%	0.02%	0.0%
	CRM	B	0.06%	0.47%	0.06%
	CRWD	B	0.0%	0.11%	0.0%
	CSGP	D	0.0%	0.65%	0.0%
	CSL	C	0.03%	0.15%	0.03%
	CSX	C	0.11%	0.26%	0.11%
	CTAS	B	0.14%	0.34%	0.14%
	CTLT	C	0.01%	0.01%	0.01%
	CTRA	B	0.02%	0.03%	0.02%
	CTSH	B	0.2%	0.02%	0.02%
	CVX	A	0.33%	0.48%	0.33%
	DAL	B	0.01%	0.03%	0.01%
	DAY	B	0.0%	0.03%	0.0%
	DDOG	A	0.0%	0.05%	0.0%
	DE	B	0.06%	0.2%	0.06%
	DELL	B	0.01%	0.07%	0.01%
	DFS	B	0.04%	0.31%	0.04%
	DG	F	0.01%	0.01%	0.01%
	DHI	F	0.1%	0.33%	0.1%
	DHR	F	0.05%	0.2%	0.05%
	DINO	D	0.05%	0.01%	0.01%
	DKS	D	0.02%	0.03%	0.02%
	DLR	B	0.02%	0.07%	0.02%
	DLTR	F	0.01%	0.01%	0.01%
	DOC	C	0.01%	0.03%	0.01%
	DOCU	B	0.0%	0.02%	0.0%
	DOV	A	0.05%	0.06%	0.05%
	DT	D	0.0%	0.03%	0.0%
	DUK	C	0.36%	0.53%	0.36%
	DVN	F	0.03%	0.04%	0.03%
	EBAY	D	0.01%	0.02%	0.01%
	EFX	F	0.01%	0.08%	0.01%
	EG	C	0.06%	0.03%	0.03%
	EIX	B	0.03%	0.2%	0.03%
	EME	A	0.04%	0.19%	0.04%
	EMR	B	0.03%	0.24%	0.03%
	ENPH	F	0.01%	0.02%	0.01%
	ENTG	D	0.0%	0.03%	0.0%
	EOG	A	0.06%	0.14%	0.06%
	EPAM	B	0.02%	0.01%	0.01%
	EQIX	A	0.02%	0.1%	0.02%
	EQR	C	0.01%	0.01%	0.01%
	EQT	B	0.02%	0.04%	0.02%
	ERIE	D	0.12%	0.02%	0.02%
	ES	C	0.01%	0.13%	0.01%
	ESS	B	0.01%	0.01%	0.01%
	ETN	A	0.03%	0.48%	0.03%
	ETR	B	0.03%	0.2%	0.03%
	EVRG	A	0.01%	0.1%	0.01%
	EXAS	D	0.0%	0.01%	0.0%
	EXC	C	0.03%	0.24%	0.03%
	EXPD	C	0.04%	0.0%	0.0%
	EXR	C	0.01%	0.04%	0.01%
	F	C	0.09%	0.06%	0.06%
	FANG	C	0.09%	0.06%	0.06%
	FAST	B	0.09%	0.41%	0.09%
	FBIN	D	0.0%	0.07%	0.0%
	FCNCA	A	0.11%	0.05%	0.05%
	FCX	F	0.02%	0.11%	0.02%
	FDS	B	0.03%	0.07%	0.03%
	FDX	B	0.07%	0.02%	0.02%
	FE	C	0.01%	0.15%	0.01%
	FI	A	0.09%	0.01%	0.01%
	FICO	B	0.05%	0.08%	0.05%
	FIS	C	0.02%	0.01%	0.01%
	FITB	B	0.03%	0.08%	0.03%
	FNF	B	0.01%	0.0%	0.0%
	FSLR	F	0.01%	0.04%	0.01%
	FTNT	C	0.01%	0.09%	0.01%
	FTV	C	0.01%	0.05%	0.01%
	GD	D	0.18%	0.03%	0.03%
	GDDY	A	0.25%	0.01%	0.01%
	GE	D	0.31%	0.08%	0.08%
	GEN	B	0.12%	0.03%	0.03%
	GEV	B	0.02%	0.31%	0.02%
	GGG	B	0.03%	0.03%	0.03%
	GILD	C	0.24%	0.16%	0.16%
	GLPI	C	0.01%	0.02%	0.01%
	GLW	B	0.02%	0.09%	0.02%
	GM	C	0.19%	0.09%	0.09%
	GOOG	C	0.94%	2.71%	0.94%
	GOOGL	C	1.07%	3.12%	1.07%
	GRMN	B	0.05%	0.22%	0.05%
	GS	A	0.17%	0.62%	0.17%
	GWW	B	0.11%	0.46%	0.11%
	HAL	C	0.02%	0.04%	0.02%
	HBAN	A	0.03%	0.07%	0.03%
	HD	B	0.15%	1.16%	0.15%
	HEI	A	0.0%	0.01%	0.0%
	HEI	A	0.0%	0.0%	0.0%
	HEI	A	0.0%	0.0%	0.0%
	HEI	A	0.0%	0.01%	0.0%
	HES	B	0.01%	0.07%	0.01%
	HIG	B	0.03%	0.05%	0.03%
	HII	F	0.01%	0.0%	0.0%
	HON	C	0.26%	1.56%	0.26%
	HOOD	B	0.0%	0.05%	0.0%
	HPE	B	0.04%	0.05%	0.04%
	HPQ	B	0.04%	0.06%	0.04%
	HUBB	B	0.04%	0.08%	0.04%
	HWM	A	0.01%	0.02%	0.01%
	IBM	C	0.46%	0.06%	0.06%
	ICE	C	0.03%	0.29%	0.03%
	IEX	C	0.03%	0.03%	0.03%
	ILMN	C	0.0%	0.03%	0.0%
	INCY	C	0.15%	0.02%	0.02%
	INTC	C	0.1%	0.22%	0.1%
	INTU	B	0.27%	0.28%	0.27%
	INVH	D	0.01%	0.01%	0.01%
	IOT	A	0.0%	0.02%	0.0%
	IP	A	0.02%	0.09%	0.02%
	IQV	F	0.01%	0.05%	0.01%
	IR	B	0.01%	0.08%	0.01%
	IRM	C	0.01%	0.04%	0.01%
	IT	C	0.03%	0.02%	0.02%
	ITW	B	0.13%	0.15%	0.13%
	J	D	0.01%	0.04%	0.01%
	JBHT	C	0.03%	0.06%	0.03%
	JBL	C	0.02%	0.03%	0.02%
	JCI	B	0.03%	0.4%	0.03%
	JNJ	C	1.1%	0.36%	0.36%
	JPM	A	0.6%	1.68%	0.6%
	KEY	B	0.02%	0.05%	0.02%
	KEYS	A	0.17%	0.06%	0.06%
	KKR	A	0.02%	0.31%	0.02%
	KLAC	F	0.14%	0.18%	0.14%
	KMI	A	0.04%	0.1%	0.04%
	KMX	B	0.02%	0.04%	0.02%
	KNX	C	0.01%	0.04%	0.01%
	KR	B	0.31%	0.05%	0.05%
	L	A	0.17%	0.03%	0.03%
	LDOS	C	0.01%	0.06%	0.01%
	LEN	D	0.09%	0.28%	0.09%
	LHX	C	0.02%	0.02%	0.02%
	LII	A	0.0%	0.14%	0.0%
	LIN	C	0.06%	0.02%	0.02%
	LLY	F	1.14%	0.64%	0.64%
	LMT	D	0.42%	0.05%	0.05%
	LNG	A	0.06%	0.09%	0.06%
	LNT	A	0.03%	0.1%	0.03%
	LOW	C	0.07%	0.45%	0.07%
	LPLA	A	0.05%	0.07%	0.05%
	LRCX	F	0.18%	0.21%	0.18%
	LUV	C	0.0%	0.01%	0.0%
	MA	B	0.71%	0.04%	0.04%
	MAA	B	0.01%	0.01%	0.01%
	MANH	D	0.04%	0.03%	0.03%
	MAS	D	0.01%	0.12%	0.01%
	MCHP	F	0.06%	0.08%	0.06%
	MCO	B	0.13%	0.26%	0.13%
	MELI	C	0.01%	0.07%	0.01%
	MET	A	0.05%	0.08%	0.05%
	META	D	2.11%	3.77%	2.11%
	MKL	A	0.13%	0.04%	0.04%
	MKTX	D	0.02%	0.03%	0.02%
	MLM	C	0.01%	0.59%	0.01%
	MMC	B	0.51%	0.16%	0.16%
	MMM	D	0.14%	0.78%	0.14%
	MO	A	0.04%	0.39%	0.04%
	MPC	D	0.17%	0.1%	0.1%
	MPWR	F	0.04%	0.06%	0.04%
	MRK	D	0.42%	0.24%	0.24%
	MRNA	F	0.01%	0.02%	0.01%
	MRO	B	0.02%	0.03%	0.02%
	MRVL	B	0.01%	0.17%	0.01%
	MS	A	0.12%	0.52%	0.12%
	MSCI	C	0.0%	0.15%	0.0%
	MSFT	D	2.3%	4.18%	2.3%
	MSTR	B	0.0%	0.08%	0.0%
	MTB	A	0.05%	0.09%	0.05%
	MTCH	D	0.0%	0.02%	0.0%
	MU	D	0.04%	0.25%	0.04%
	NBIX	C	0.11%	0.02%	0.02%
	NDAQ	A	0.01%	0.12%	0.01%
	NDSN	B	0.02%	0.03%	0.02%
	NEE	C	0.06%	0.94%	0.06%
	NEM	D	0.04%	0.11%	0.04%
	NET	B	0.0%	0.01%	0.0%
	NOC	D	0.32%	0.03%	0.03%
	NOW	A	0.01%	0.3%	0.01%
	NRG	B	0.02%	0.12%	0.02%
	NSC	B	0.03%	0.23%	0.03%
	NTAP	C	0.04%	0.04%	0.04%
	NTRS	A	0.02%	0.08%	0.02%
	NUE	C	0.04%	0.01%	0.01%
	NVDA	B	2.53%	7.42%	2.53%
	NVR	D	0.06%	0.22%	0.06%
	NXPI	D	0.02%	0.12%	0.02%
	OC	A	0.03%	0.11%	0.03%
	ODFL	C	0.08%	0.17%	0.08%
	OKE	A	0.03%	0.11%	0.03%
	ON	D	0.01%	0.06%	0.01%
	ORCL	A	0.25%	0.44%	0.25%
	ORLY	B	0.24%	0.21%	0.21%
	OTIS	C	0.01%	0.08%	0.01%
	OVV	B	0.02%	0.02%	0.02%
	OXY	D	0.03%	0.06%	0.03%
	PANW	B	0.18%	0.18%	0.18%
	PAYC	B	0.02%	0.03%	0.02%
	PAYX	B	0.1%	0.11%	0.1%
	PCAR	B	0.11%	0.11%	0.11%
	PCG	A	0.03%	0.26%	0.03%
	PFE	F	0.18%	0.14%	0.14%
	PFG	D	0.02%	0.04%	0.02%
	PGR	A	0.35%	0.23%	0.23%
	PH	A	0.02%	0.17%	0.02%
	PHM	D	0.06%	0.19%	0.06%
	PINS	F	0.0%	0.05%	0.0%
	PKG	A	0.04%	0.1%	0.04%
	PLTR	B	0.0%	0.17%	0.0%
	PM	B	0.07%	0.83%	0.07%
	PNC	B	0.1%	0.2%	0.1%
	PNR	A	0.03%	0.04%	0.03%
	PPL	A	0.01%	0.05%	0.01%
	PRU	A	0.05%	0.07%	0.05%
	PSA	C	0.09%	0.07%	0.07%
	PSTG	D	0.0%	0.03%	0.0%
	PSX	C	0.14%	0.1%	0.1%
	PTC	B	0.08%	0.04%	0.04%
	PWR	A	0.01%	0.37%	0.01%
	PYPL	B	0.04%	0.01%	0.01%
	QCOM	F	0.32%	0.39%	0.32%
	QRVO	F	0.0%	0.01%	0.0%
	REGN	F	0.31%	0.12%	0.12%
	RF	A	0.03%	0.07%	0.03%
	RIVN	F	0.0%	0.01%	0.0%
	RJF	A	0.02%	0.11%	0.02%
	ROK	C	0.06%	0.1%	0.06%
	ROL	B	0.08%	0.06%	0.06%
	ROP	B	0.48%	0.09%	0.09%
	ROST	D	0.02%	0.14%	0.02%
	RPRX	D	0.01%	0.01%	0.01%
	RS	B	0.02%	0.01%	0.01%
	RSG	A	0.46%	0.2%	0.2%
	RTX	D	0.09%	0.07%	0.07%
	RVTY	F	0.01%	0.02%	0.01%
	SBAC	D	0.01%	0.03%	0.01%
	SCHW	B	0.04%	0.37%	0.04%
	SEIC	B	0.02%	0.02%	0.02%
	SHW	B	0.14%	0.01%	0.01%
	SLB	C	0.03%	0.09%	0.03%
	SMCI	F	0.01%	0.02%	0.01%
	SNA	A	0.04%	0.04%	0.04%
	SNAP	D	0.0%	0.04%	0.0%
	SNOW	B	0.0%	0.01%	0.0%
	SNPS	B	0.12%	0.12%	0.12%
	SO	C	0.46%	0.59%	0.46%
	SPGI	C	0.04%	0.52%	0.04%
	SSNC	B	0.01%	0.03%	0.01%
	STLD	B	0.02%	0.01%	0.01%
	STT	B	0.03%	0.05%	0.03%
	STX	C	0.01%	0.04%	0.01%
	SUI	C	0.01%	0.01%	0.01%
	SW	A	0.03%	0.12%	0.03%
	SWK	D	0.01%	0.03%	0.01%
	SWKS	F	0.03%	0.03%	0.03%
	SYF	B	0.04%	0.18%	0.04%
	SYY	D	0.03%	0.04%	0.03%
	TDG	D	0.01%	0.03%	0.01%
	TDY	B	0.06%	0.05%	0.05%
	TECH	F	0.0%	0.02%	0.0%
	TER	F	0.02%	0.03%	0.02%
	TFC	A	0.09%	0.15%	0.09%
	TGT	F	0.15%	0.08%	0.08%
	TJX	A	0.35%	0.38%	0.35%
	TMO	F	0.06%	0.26%	0.06%
	TMUS	B	0.76%	4.59%	0.76%
	TPL	A	0.06%	0.05%	0.05%
	TRGP	A	0.04%	0.07%	0.04%
	TRMB	B	0.01%	0.04%	0.01%
	TROW	B	0.05%	0.05%	0.05%
	TRU	D	0.01%	0.05%	0.01%
	TRV	B	0.3%	0.09%	0.09%
	TSCO	D	0.06%	0.09%	0.06%
	TSLA	B	0.16%	1.32%	0.16%
	TT	A	0.15%	0.65%	0.15%
	TTC	C	0.02%	0.02%	0.02%
	TW	A	0.0%	0.05%	0.0%
	TWLO	A	0.01%	0.01%	0.01%
	TXN	C	0.48%	0.41%	0.41%
	TXT	D	0.01%	0.01%	0.01%
	TYL	B	0.0%	0.04%	0.0%
	UBER	F	0.01%	0.5%	0.01%
	UHAL	D	0.0%	0.02%	0.0%
	ULTA	F	0.06%	0.05%	0.05%
	UNH	B	1.35%	0.01%	0.01%
	UNP	C	0.26%	0.55%	0.26%
	UPS	C	0.07%	0.03%	0.03%
	URI	C	0.02%	0.5%	0.02%
	USB	A	0.09%	0.2%	0.09%
	UTHR	C	0.15%	0.02%	0.02%
	V	A	1.21%	0.04%	0.04%
	VICI	C	0.02%	0.05%	0.02%
	VLO	C	0.08%	0.08%	0.08%
	VLTO	C	0.05%	0.11%	0.05%
	VMC	B	0.01%	0.61%	0.01%
	VRSK	A	0.01%	0.09%	0.01%
	VRSN	C	0.14%	0.01%	0.01%
	VRT	B	0.0%	0.14%	0.0%
	VRTX	D	0.43%	0.17%	0.17%
	VST	A	0.01%	0.17%	0.01%
	VTR	B	0.01%	0.06%	0.01%
	VTRS	A	0.03%	0.01%	0.01%
	WAB	B	0.01%	0.07%	0.01%
	WAT	C	0.04%	0.03%	0.03%
	WBA	F	0.04%	0.01%	0.01%
	WCN	A	0.27%	0.2%	0.2%
	WDAY	B	0.04%	0.08%	0.04%
	WDC	D	0.01%	0.04%	0.01%
	WELL	A	0.02%	0.18%	0.02%
	WFC	A	0.28%	0.62%	0.28%
	WM	B	0.52%	0.37%	0.37%
	WMB	A	0.19%	0.12%	0.12%
	WMT	A	0.76%	0.41%	0.41%
	WRB	A	0.14%	0.03%	0.03%
	WSM	C	0.03%	0.05%	0.03%
	WSO	A	0.03%	0.16%	0.03%
	WST	C	0.04%	0.03%	0.03%
	WTW	B	0.07%	0.05%	0.05%
	WY	F	0.02%	0.03%	0.02%
	XEL	A	0.09%	0.23%	0.09%
	XOM	B	0.47%	0.95%	0.47%
	XYL	D	0.01%	0.06%	0.01%
	Z	A	0.0%	0.25%	0.0%
	ZBRA	B	0.01%	0.04%	0.01%
	ZM	C	0.01%	0.04%	0.01%
	ZTS	D	0.15%	0.08%	0.08%

QWLD Overweight 192 Positions Relative to INRO

	Symbol	Grade	Weight
	CSCO	B	1.03%
	PG	C	0.95%
	NVS	F	0.79%
	PEP	F	0.77%
	MSI	B	0.65%
	MCK	A	0.58%
	VZ	C	0.58%
	KO	D	0.56%
	NFLX	A	0.54%
	MCD	D	0.42%
	COR	B	0.41%
	T	A	0.39%
	ED	C	0.35%
	GIS	D	0.33%
	UL	D	0.27%
	HSBH	B	0.25%
	BLK	B	0.25%
	ISRG	A	0.25%
	MFG	A	0.24%
	K	A	0.23%
	ELV	F	0.21%
	EA	A	0.2%
	KHC	F	0.2%
	CL	D	0.2%
	WEC	A	0.2%
	ANET	C	0.19%
	CHD	A	0.19%
	CI	D	0.18%
	CMCSA	B	0.17%
	NKE	F	0.17%
	CHKP	C	0.17%
	HSY	F	0.16%
	CVS	D	0.16%
	FFIV	B	0.16%
	TM	F	0.15%
	TSN	B	0.15%
	YUM	D	0.15%
	HUM	C	0.15%
	CMG	B	0.14%
	KDP	F	0.14%
	MUFG	B	0.14%
	MDLZ	F	0.14%
	CAH	B	0.13%
	CF	A	0.13%
	JNPR	D	0.12%
	TD	D	0.12%
	E	F	0.12%
	DGX	A	0.11%
	AKAM	D	0.11%
	KMB	C	0.11%
	BCS	A	0.11%
	DEO	F	0.11%
	DIS	B	0.1%
	CNI	F	0.1%
	SMFG	B	0.1%
	CPB	D	0.09%
	LYG	D	0.09%
	AEE	A	0.09%
	HRL	D	0.09%
	ABT	B	0.09%
	KVUE	A	0.08%
	SONY	B	0.08%
	STLA	F	0.08%
	JKHY	D	0.07%
	WBD	B	0.07%
	MNST	C	0.07%
	HMC	F	0.07%
	EW	C	0.07%
	SJM	D	0.07%
	LULU	C	0.07%
	BDX	F	0.07%
	IDXX	F	0.07%
	MDT	D	0.06%
	D	C	0.06%
	MOH	F	0.06%
	LOGI	D	0.06%
	DPZ	C	0.06%
	VEEV	C	0.05%
	BTI	B	0.05%
	ADM	D	0.05%
	CNC	D	0.05%
	MT	B	0.05%
	CMS	C	0.05%
	DECK	A	0.05%
	GPC	D	0.05%
	RMD	C	0.05%
	CHTR	C	0.05%
	HCA	F	0.04%
	SRE	A	0.04%
	SBUX	A	0.04%
	CAG	F	0.04%
	OMC	C	0.04%
	CTVA	C	0.04%
	PLD	F	0.04%
	LYB	F	0.03%
	BG	D	0.03%
	POOL	C	0.03%
	BKNG	A	0.03%
	SOLV	D	0.03%
	SYK	B	0.03%
	DRI	B	0.03%
	DOW	F	0.03%
	SQ	A	0.02%
	GEHC	D	0.02%
	NMR	B	0.02%
	DTE	C	0.02%
	SPG	A	0.02%
	AER	A	0.02%
	MOS	F	0.02%
	LH	B	0.02%
	IPG	D	0.02%
	GPN	B	0.02%
	PEG	A	0.02%
	O	C	0.02%
	DD	C	0.02%
	BSX	A	0.02%
	DASH	B	0.01%
	WTRG	B	0.01%
	MGM	D	0.01%
	MBAVU	C	0.01%
	RCL	A	0.01%
	HST	C	0.01%
	EL	F	0.01%
	DVA	C	0.01%
	RPM	A	0.01%
	FOX	A	0.01%
	NWSA	A	0.01%
	TTWO	A	0.01%
	STE	D	0.01%
	REG	A	0.01%
	CLX	A	0.01%
	CCL	A	0.01%
	WPC	C	0.01%
	CE	F	0.01%
	MKC	C	0.01%
	HLT	A	0.01%
	HSIC	C	0.01%
	CCEP	C	0.01%
	AGCO	D	0.01%
	STZ	D	0.01%
	AWK	C	0.01%
	CPAY	A	0.01%
	LKQ	F	0.01%
	WFG	C	0.01%
	ABNB	C	0.01%
	SE	A	0.01%
	EMN	C	0.01%
	HOLX	D	0.01%
	IFF	D	0.01%
	NI	A	0.01%
	KIM	A	0.01%
	ALB	B	0.01%
	EXPE	B	0.01%
	EQH	C	0.01%
	UHS	D	0.01%
	APTV	F	0.01%
	MAR	A	0.01%
	ZBH	C	0.01%
	CNP	A	0.01%
	CRBG	B	0.01%
	CHRW	B	0.01%
	FOXA	A	0.01%
	BAX	F	0.01%
	TAP	C	0.01%
	ECL	D	0.01%
	PPG	F	0.01%
	PARA	C	0.01%
	GLBE	B	0.0%
	RBLX	C	0.0%
	XRX	F	0.0%
	DKNG	B	0.0%
	TOST	B	0.0%
	H	B	0.0%
	FUTU	D	0.0%
	PODD	C	0.0%
	GRAB	A	0.0%
	ROKU	D	0.0%
	WYNN	C	0.0%
	OKTA	C	0.0%
	DXCM	C	0.0%
	TTD	B	0.0%
	ELS	C	0.0%
	WLK	D	0.0%
	LYV	A	0.0%
	QGEN	D	0.0%
	LW	C	0.0%
	LVS	B	0.0%
	TFX	F	0.0%
	UDR	B	0.0%
	OTEX	F	0.0%
	AMH	C	0.0%
	ALGN	D	0.0%

QWLD Underweight 6 Positions Relative to INRO

	Symbol	Grade	Weight
	TEAM	A	-0.06%
	ALNY	D	-0.05%
	HUBS	A	-0.05%
	MTD	F	-0.04%
	ZS	B	-0.03%
	MDB	B	-0.01%

QWLD: Top Represented Industries & Keywords

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

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

INRO: Top Represented Industries & Keywords

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

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