QWLD vs. MFUS ETF Comparison

Comparison of SPDR MSCI World Quality Mix ETF (QWLD) to PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (MFUS)

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

$128.03

Average Daily Volume

4,063

Number of Holdings ^*

610

* may have additional holdings in another (foreign) market

MFUS

PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF

MFUS Description

The investment seeks to track the investment results of the RAFI Dynamic Multi-Factor U.S. Index. The fund seeks to achieve its investment objective by investing at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities of the RAFI Dynamic Multi-Factor U.S. Index. The underlying index is constructed by RAFI Indices, LLC (the index provider) using a rules-based approach to construct factor portfolios within the underlying index. The underlying index consists of factor portfolios, each of which emphasizes one of the following factors: value, low volatility, quality, momentum and size.

Grade (RS Rating)

Last Trade

$50.35

Average Daily Volume

7,922

Number of Holdings ^*

809

* may have additional holdings in another (foreign) market

Performance

Period	QWLD	MFUS
30 Days	1.38%	3.55%
60 Days	8.66%	10.60%
90 Days	5.18%	6.54%
12 Months	29.66%	36.03%

419 Overlapping Holdings

Symbol	Grade	Weight in QWLD	Weight in MFUS	Overlap
A	B	0.07%	0.05%	0.05%
AAPL	C	2.54%	0.97%	0.97%
ABBV	C	0.16%	1.56%	0.16%
ABBV	C	0.39%	1.56%	0.39%
ACI	F	0.02%	0.01%	0.01%
ACM	A	0.01%	0.03%	0.01%
ACN	B	0.63%	0.23%	0.23%
ADBE	F	0.42%	0.04%	0.04%
ADM	F	0.05%	0.25%	0.05%
ADP	A	0.23%	0.1%	0.1%
ADSK	B	0.09%	0.08%	0.08%
AEP	C	0.07%	0.09%	0.07%
AES	C	0.01%	0.02%	0.01%
AFL	A	0.12%	0.22%	0.12%
AGCO	D	0.01%	0.02%	0.01%
AIG	C	0.06%	0.34%	0.06%
AIZ	B	0.07%	0.08%	0.07%
AJG	C	0.18%	0.14%	0.14%
AKAM	D	0.13%	0.03%	0.03%
ALGN	D	0.01%	0.02%	0.01%
ALL	A	0.07%	0.26%	0.07%
ALLY	F	0.01%	0.05%	0.01%
AMAT	C	0.34%	0.59%	0.34%
AMGN	D	0.18%	1.01%	0.18%
AMH	D	0.0%	0.04%	0.0%
AMP	A	0.08%	0.12%	0.08%
AMT	D	0.03%	0.16%	0.03%
AMZN	C	0.33%	1.6%	0.33%
ANET	A	0.19%	0.14%	0.14%
ANSS	D	0.0%	0.05%	0.0%
AON	A	0.15%	0.23%	0.15%
AOS	C	0.02%	0.1%	0.02%
APH	D	0.39%	0.11%	0.11%
APP	A	0.0%	0.05%	0.0%
ARES	A	0.0%	0.08%	0.0%
ATO	A	0.01%	0.02%	0.01%
AVB	C	0.01%	0.03%	0.01%
AVGO	B	0.11%	1.68%	0.11%
AVTR	D	0.01%	0.04%	0.01%
AVY	D	0.03%	0.1%	0.03%
AXP	A	0.06%	0.21%	0.06%
AZO	D	0.28%	0.29%	0.28%
BAC	B	0.32%	0.39%	0.32%
BAH	C	0.16%	0.15%	0.15%
BALL	C	0.01%	0.08%	0.01%
BAX	D	0.02%	0.05%	0.02%
BBWI	F	0.0%	0.01%	0.0%
BBY	C	0.06%	0.23%	0.06%
BDX	C	0.08%	0.12%	0.08%
BEN	F	0.01%	0.02%	0.01%
BIIB	F	0.02%	0.08%	0.02%
BK	A	0.05%	0.17%	0.05%
BKNG	B	0.02%	0.36%	0.02%
BKR	B	0.02%	0.07%	0.02%
BLDR	C	0.05%	0.04%	0.04%
BLK	A	0.22%	0.17%	0.17%
BMRN	F	0.08%	0.01%	0.01%
BMY	A	0.19%	0.36%	0.19%
BR	B	0.04%	0.16%	0.04%
BRK.A	B	0.7%	2.37%	0.7%
BRO	A	0.13%	0.11%	0.11%
BSX	A	0.02%	0.2%	0.02%
BURL	C	0.01%	0.03%	0.01%
BX	C	0.02%	0.11%	0.02%
BXP	B	0.01%	0.02%	0.01%
C	B	0.22%	0.63%	0.22%
CAG	D	0.05%	0.05%	0.05%
CAH	B	0.12%	0.24%	0.12%
CARR	A	0.02%	0.05%	0.02%
CAT	A	0.36%	0.2%	0.2%
CB	A	0.39%	0.17%	0.17%
CBRE	C	0.03%	0.05%	0.03%
CCI	D	0.02%	0.08%	0.02%
CCK	C	0.01%	0.06%	0.01%
CCL	C	0.01%	0.02%	0.01%
CDW	D	0.09%	0.04%	0.04%
CE	D	0.01%	0.04%	0.01%
CEG	A	0.02%	0.13%	0.02%
CFG	C	0.03%	0.03%	0.03%
CG	B	0.01%	0.02%	0.01%
CHD	D	0.18%	0.07%	0.07%
CHRW	C	0.01%	0.14%	0.01%
CHTR	D	0.04%	0.25%	0.04%
CI	D	0.19%	0.15%	0.15%
CINF	A	0.02%	0.02%	0.02%
CL	D	0.21%	0.41%	0.21%
CLX	C	0.01%	0.12%	0.01%
CMCSA	B	0.16%	0.16%	0.16%
CME	A	0.15%	0.14%	0.14%
CMG	C	0.13%	0.2%	0.13%
CMI	A	0.09%	0.13%	0.09%
CMS	A	0.05%	0.03%	0.03%
CNC	F	0.06%	0.06%	0.06%
COF	A	0.08%	0.24%	0.08%
COIN	F	0.0%	0.06%	0.0%
COP	D	0.09%	0.07%	0.07%
COST	C	0.73%	1.36%	0.73%
CPAY	A	0.01%	0.03%	0.01%
CPB	D	0.1%	0.05%	0.05%
CPRT	B	0.07%	0.08%	0.07%
CPT	C	0.01%	0.06%	0.01%
CRBG	B	0.01%	0.04%	0.01%
CSCO	A	0.92%	0.61%	0.61%
CSL	A	0.03%	0.02%	0.02%
CSX	D	0.11%	0.11%	0.11%
CTAS	C	0.13%	0.19%	0.13%
CTLT	A	0.01%	0.02%	0.01%
CTVA	A	0.04%	0.04%	0.04%
CVS	D	0.18%	0.71%	0.18%
CVX	B	0.29%	0.36%	0.29%
D	A	0.06%	0.07%	0.06%
DASH	A	0.0%	0.09%	0.0%
DD	C	0.02%	0.11%	0.02%
DECK	B	0.04%	0.15%	0.04%
DELL	C	0.01%	0.03%	0.01%
DFS	A	0.03%	0.08%	0.03%
DG	F	0.01%	0.1%	0.01%
DGX	D	0.1%	0.09%	0.09%
DHI	C	0.12%	0.07%	0.07%
DHR	D	0.06%	0.28%	0.06%
DINO	F	0.05%	0.01%	0.01%
DKS	D	0.02%	0.09%	0.02%
DLR	C	0.02%	0.08%	0.02%
DLTR	F	0.01%	0.03%	0.01%
DOV	C	0.04%	0.02%	0.02%
DOW	B	0.04%	0.02%	0.02%
DPZ	D	0.06%	0.13%	0.06%
DRI	C	0.03%	0.03%	0.03%
DTE	B	0.02%	0.02%	0.02%
DUK	C	0.36%	0.14%	0.14%
DVA	C	0.01%	0.17%	0.01%
EA	D	0.17%	0.16%	0.16%
EBAY	A	0.01%	0.38%	0.01%
ECL	C	0.01%	0.08%	0.01%
ED	C	0.37%	0.06%	0.06%
EFX	D	0.01%	0.13%	0.01%
EIX	C	0.03%	0.05%	0.03%
ELS	D	0.0%	0.04%	0.0%
ELV	F	0.26%	0.2%	0.2%
EME	B	0.04%	0.04%	0.04%
EMN	C	0.01%	0.04%	0.01%
EMR	B	0.02%	0.07%	0.02%
EQH	B	0.01%	0.08%	0.01%
EQR	C	0.01%	0.04%	0.01%
ERIE	A	0.15%	0.06%	0.06%
ES	D	0.02%	0.04%	0.02%
ESS	D	0.01%	0.02%	0.01%
ETR	A	0.02%	0.04%	0.02%
EVRG	C	0.01%	0.02%	0.01%
EXC	C	0.03%	0.07%	0.03%
EXPD	D	0.04%	0.09%	0.04%
EXR	D	0.01%	0.13%	0.01%
F	D	0.09%	0.15%	0.09%
FANG	D	0.08%	0.05%	0.05%
FAST	C	0.08%	0.11%	0.08%
FCNCA	D	0.09%	0.05%	0.05%
FDS	C	0.03%	0.04%	0.03%
FE	C	0.01%	0.03%	0.01%
FFIV	B	0.14%	0.06%	0.06%
FICO	C	0.04%	0.21%	0.04%
FIS	A	0.02%	0.07%	0.02%
FITB	C	0.03%	0.04%	0.03%
FNF	C	0.01%	0.03%	0.01%
FOXA	B	0.01%	0.1%	0.01%
FTNT	A	0.01%	0.06%	0.01%
GD	C	0.18%	0.24%	0.18%
GDDY	B	0.21%	0.1%	0.1%
GE	B	0.32%	0.61%	0.32%
GEHC	C	0.02%	0.08%	0.02%
GGG	C	0.03%	0.03%	0.03%
GILD	A	0.22%	0.79%	0.22%
GIS	C	0.37%	0.2%	0.2%
GLPI	C	0.01%	0.07%	0.01%
GLW	C	0.02%	0.19%	0.02%
GM	D	0.15%	0.32%	0.15%
GS	B	0.14%	0.35%	0.14%
GWW	B	0.1%	0.19%	0.1%
H	B	0.0%	0.01%	0.0%
HBAN	B	0.03%	0.03%	0.03%
HCA	C	0.04%	0.3%	0.04%
HD	A	0.14%	0.6%	0.14%
HEI	C	0.0%	0.04%	0.0%
HEI	C	0.0%	0.04%	0.0%
HIG	A	0.03%	0.06%	0.03%
HII	F	0.01%	0.03%	0.01%
HLT	A	0.01%	0.09%	0.01%
HOLX	D	0.01%	0.03%	0.01%
HOOD	B	0.0%	0.03%	0.0%
HPE	B	0.03%	0.1%	0.03%
HPQ	B	0.04%	0.29%	0.04%
HRL	F	0.1%	0.02%	0.02%
HSIC	D	0.01%	0.03%	0.01%
HST	D	0.01%	0.02%	0.01%
HSY	D	0.17%	0.06%	0.06%
HUBB	A	0.04%	0.03%	0.03%
HWM	A	0.01%	0.15%	0.01%
IBM	A	0.49%	1.14%	0.49%
ICE	A	0.03%	0.3%	0.03%
IDXX	D	0.09%	0.06%	0.06%
IEX	D	0.02%	0.08%	0.02%
IFF	D	0.01%	0.04%	0.01%
INCY	B	0.12%	0.01%	0.01%
INTC	D	0.1%	0.19%	0.1%
INVH	D	0.01%	0.04%	0.01%
IP	C	0.02%	0.08%	0.02%
IPG	D	0.02%	0.04%	0.02%
IR	A	0.01%	0.08%	0.01%
IRM	B	0.01%	0.12%	0.01%
ISRG	C	0.23%	0.23%	0.23%
IT	A	0.03%	0.14%	0.03%
ITW	C	0.13%	0.1%	0.1%
JBHT	D	0.03%	0.02%	0.02%
JBL	C	0.02%	0.03%	0.02%
JCI	C	0.03%	0.06%	0.03%
JKHY	A	0.06%	0.1%	0.06%
JNJ	D	1.13%	1.28%	1.13%
JNPR	C	0.13%	0.13%	0.13%
JPM	C	0.51%	0.88%	0.51%
K	B	0.22%	0.15%	0.15%
KDP	C	0.16%	0.08%	0.08%
KEY	B	0.02%	0.02%	0.02%
KHC	F	0.22%	0.16%	0.16%
KIM	C	0.01%	0.02%	0.01%
KKR	A	0.02%	0.14%	0.02%
KLAC	B	0.18%	0.28%	0.18%
KMB	D	0.12%	0.18%	0.12%
KMI	A	0.03%	0.09%	0.03%
KNX	D	0.01%	0.01%	0.01%
KO	C	0.64%	1.16%	0.64%
KR	C	0.3%	0.37%	0.3%
L	C	0.16%	0.06%	0.06%
LDOS	A	0.01%	0.11%	0.01%
LEN	C	0.09%	0.07%	0.07%
LHX	A	0.02%	0.23%	0.02%
LII	C	0.0%	0.22%	0.0%
LLY	D	1.31%	2.87%	1.31%
LMT	A	0.45%	0.82%	0.45%
LNT	B	0.03%	0.02%	0.02%
LOW	C	0.07%	0.34%	0.07%
LPLA	D	0.03%	0.05%	0.03%
LRCX	D	0.21%	0.19%	0.19%
LW	D	0.0%	0.03%	0.0%
LYB	B	0.03%	0.18%	0.03%
MA	A	0.66%	0.27%	0.27%
MAA	D	0.01%	0.02%	0.01%
MANH	A	0.04%	0.04%	0.04%
MAR	A	0.01%	0.04%	0.01%
MAS	C	0.01%	0.06%	0.01%
MCD	A	0.42%	0.55%	0.42%
MCK	F	0.45%	0.5%	0.45%
MCO	D	0.13%	0.12%	0.12%
MDLZ	D	0.16%	0.26%	0.16%
MET	A	0.05%	0.32%	0.05%
META	A	2.1%	2.37%	2.1%
MKC	C	0.01%	0.06%	0.01%
MKTX	B	0.01%	0.02%	0.01%
MLM	F	0.01%	0.07%	0.01%
MMC	D	0.5%	0.19%	0.19%
MMM	C	0.15%	0.63%	0.15%
MNST	D	0.06%	0.07%	0.06%
MO	D	0.04%	0.66%	0.04%
MOS	F	0.02%	0.01%	0.01%
MPC	D	0.18%	0.36%	0.18%
MPWR	B	0.06%	0.1%	0.06%
MRK	F	0.49%	1.0%	0.49%
MRO	B	0.02%	0.03%	0.02%
MS	A	0.09%	0.18%	0.09%
MSCI	B	0.0%	0.06%	0.0%
MSI	A	0.58%	0.18%	0.18%
MTB	A	0.04%	0.03%	0.03%
MU	D	0.04%	0.15%	0.04%
NBIX	F	0.1%	0.04%	0.04%
NDAQ	C	0.01%	0.05%	0.01%
NDSN	C	0.02%	0.05%	0.02%
NEE	C	0.06%	0.25%	0.06%
NEM	C	0.05%	0.22%	0.05%
NFLX	A	0.45%	0.46%	0.45%
NI	A	0.01%	0.02%	0.01%
NKE	D	0.19%	0.07%	0.07%
NOC	B	0.33%	0.38%	0.33%
NOW	B	0.01%	0.31%	0.01%
NRG	A	0.02%	0.07%	0.02%
NSC	C	0.03%	0.07%	0.03%
NTAP	D	0.04%	0.1%	0.04%
NTRS	B	0.01%	0.03%	0.01%
NUE	D	0.04%	0.08%	0.04%
NVDA	B	2.11%	1.64%	1.64%
NVR	C	0.07%	0.1%	0.07%
NWSA	D	0.01%	0.04%	0.01%
O	C	0.02%	0.06%	0.02%
OC	C	0.03%	0.02%	0.02%
ODFL	F	0.07%	0.02%	0.02%
OKE	A	0.02%	0.09%	0.02%
OMC	C	0.04%	0.06%	0.04%
ORCL	A	0.23%	1.38%	0.23%
ORLY	A	0.22%	0.19%	0.19%
OTIS	A	0.01%	0.08%	0.01%
PANW	B	0.15%	0.22%	0.15%
PARA	F	0.01%	0.01%	0.01%
PAYX	B	0.09%	0.04%	0.04%
PEG	A	0.02%	0.06%	0.02%
PEP	F	0.81%	0.77%	0.77%
PFE	D	0.2%	0.64%	0.2%
PFG	A	0.02%	0.01%	0.01%
PG	D	0.95%	1.04%	0.95%
PGR	B	0.33%	0.6%	0.33%
PH	A	0.02%	0.13%	0.02%
PHM	C	0.07%	0.11%	0.07%
PKG	B	0.03%	0.07%	0.03%
PLTR	A	0.0%	0.14%	0.0%
PM	D	0.06%	0.83%	0.06%
PNC	C	0.08%	0.11%	0.08%
PNR	C	0.03%	0.02%	0.02%
POOL	D	0.03%	0.07%	0.03%
PPG	D	0.02%	0.05%	0.02%
PPL	C	0.01%	0.04%	0.01%
PRU	B	0.04%	0.23%	0.04%
PSA	C	0.09%	0.1%	0.09%
PSTG	F	0.0%	0.04%	0.0%
PSX	D	0.13%	0.23%	0.13%
PTC	B	0.07%	0.04%	0.04%
PWR	A	0.01%	0.11%	0.01%
PYPL	A	0.04%	0.11%	0.04%
QCOM	D	0.33%	0.8%	0.33%
QRVO	F	0.01%	0.01%	0.01%
RCL	B	0.0%	0.08%	0.0%
REGN	D	0.41%	0.49%	0.41%
RF	B	0.03%	0.01%	0.01%
RMD	C	0.05%	0.17%	0.05%
ROL	C	0.08%	0.07%	0.07%
ROP	D	0.48%	0.06%	0.06%
RPM	A	0.01%	0.12%	0.01%
RPRX	D	0.01%	0.03%	0.01%
RS	D	0.01%	0.04%	0.01%
RSG	D	0.43%	0.13%	0.13%
RTX	A	0.09%	0.23%	0.09%
SBAC	C	0.01%	0.03%	0.01%
SBUX	B	0.04%	0.09%	0.04%
SCHW	D	0.03%	0.04%	0.03%
SEIC	B	0.01%	0.07%	0.01%
SHW	C	0.14%	0.22%	0.14%
SJM	D	0.08%	0.04%	0.04%
SLB	D	0.03%	0.01%	0.01%
SMCI	F	0.03%	0.14%	0.03%
SO	A	0.46%	0.13%	0.13%
SPG	A	0.02%	0.16%	0.02%
SPGI	C	0.04%	0.27%	0.04%
SQ	D	0.01%	0.05%	0.01%
SRE	C	0.03%	0.08%	0.03%
SSNC	C	0.01%	0.02%	0.01%
STE	D	0.01%	0.08%	0.01%
STLD	C	0.02%	0.04%	0.02%
STZ	D	0.01%	0.06%	0.01%
SUI	D	0.01%	0.05%	0.01%
SYF	A	0.03%	0.24%	0.03%
SYY	D	0.03%	0.13%	0.03%
T	B	0.37%	0.74%	0.37%
TAP	D	0.01%	0.08%	0.01%
TDG	A	0.01%	0.17%	0.01%
TER	C	0.03%	0.04%	0.03%
TFC	D	0.08%	0.08%	0.08%
TFX	C	0.01%	0.03%	0.01%
TGT	C	0.15%	0.77%	0.15%
TJX	D	0.33%	0.38%	0.33%
TMO	D	0.07%	0.33%	0.07%
TMUS	A	0.64%	0.38%	0.38%
TRGP	A	0.03%	0.09%	0.03%
TROW	D	0.05%	0.08%	0.05%
TRV	B	0.26%	0.2%	0.2%
TSCO	A	0.05%	0.12%	0.05%
TSN	D	0.13%	0.16%	0.13%
TTC	F	0.02%	0.07%	0.02%
TTWO	D	0.01%	0.06%	0.01%
TW	A	0.0%	0.05%	0.0%
TXN	C	0.49%	0.3%	0.3%
TYL	D	0.0%	0.08%	0.0%
UBER	C	0.01%	0.23%	0.01%
UDR	C	0.0%	0.03%	0.0%
UHAL	C	0.01%	0.04%	0.01%
UHAL	C	0.01%	0.01%	0.01%
UHS	D	0.01%	0.07%	0.01%
ULTA	D	0.07%	0.04%	0.04%
UNH	B	1.3%	0.79%	0.79%
UNP	F	0.27%	0.54%	0.27%
UPS	D	0.07%	0.25%	0.07%
URI	C	0.02%	0.09%	0.02%
USB	C	0.08%	0.1%	0.08%
UTHR	C	0.14%	0.18%	0.14%
V	B	1.05%	0.28%	0.28%
VLO	F	0.07%	0.16%	0.07%
VLTO	A	0.05%	0.05%	0.05%
VRSK	D	0.0%	0.17%	0.0%
VRSN	C	0.14%	0.04%	0.04%
VRTX	D	0.42%	0.22%	0.22%
VST	A	0.01%	0.21%	0.01%
VTR	C	0.01%	0.04%	0.01%
VTRS	D	0.03%	0.13%	0.03%
VZ	C	0.61%	1.11%	0.61%
WAB	A	0.01%	0.05%	0.01%
WAT	B	0.04%	0.05%	0.04%
WBA	F	0.04%	0.11%	0.04%
WDC	C	0.01%	0.08%	0.01%
WELL	C	0.02%	0.11%	0.02%
WFC	B	0.21%	0.73%	0.21%
WM	B	0.48%	0.26%	0.26%
WMB	A	0.15%	0.08%	0.08%
WMT	A	0.71%	1.68%	0.71%
WPC	C	0.01%	0.03%	0.01%
WRB	C	0.13%	0.02%	0.02%
WSM	C	0.04%	0.21%	0.04%
WSO	C	0.03%	0.2%	0.03%
WST	D	0.03%	0.04%	0.03%
WTW	C	0.07%	0.1%	0.07%
XOM	A	0.45%	0.42%	0.42%
XRX	D	0.0%	0.01%	0.0%
XYL	C	0.01%	0.12%	0.01%
YUM	C	0.15%	0.12%	0.12%
ZBRA	B	0.01%	0.02%	0.01%
ZTS	C	0.16%	0.06%	0.06%

QWLD Overweight 192 Positions Relative to MFUS

Symbol	Grade	Weight
MSFT	D	2.31%
GOOGL	B	1.0%
NVS	D	0.87%
GOOG	B	0.87%
COR	F	0.38%
UL	D	0.3%
ACGL	A	0.28%
WCN	D	0.26%
CBOE	B	0.24%
HON	C	0.23%
INTU	F	0.23%
CTSH	B	0.2%
CHKP	A	0.19%
WEC	B	0.19%
MFG	B	0.19%
KEYS	B	0.17%
HUM	F	0.17%
TM	D	0.15%
TD	B	0.14%
TT	A	0.14%
TSLA	C	0.13%
CF	A	0.13%
DEO	C	0.13%
MKL	B	0.12%
SNPS	F	0.12%
MUFG	D	0.12%
E	C	0.12%
CDNS	D	0.12%
GEN	A	0.11%
LYG	C	0.1%
PCAR	D	0.1%
STLA	F	0.1%
BCS	B	0.1%
CNI	D	0.1%
TEL	D	0.09%
SMFG	D	0.09%
ABT	C	0.09%
KVUE	C	0.08%
XEL	C	0.08%
DIS	D	0.08%
AMCR	C	0.08%
AEE	A	0.08%
HMC	D	0.08%
SONY	C	0.08%
EW	F	0.07%
LOGI	D	0.07%
MOH	F	0.07%
MCHP	F	0.07%
FI	A	0.07%
ROK	D	0.06%
GPC	D	0.06%
WBD	F	0.06%
MDT	C	0.06%
EG	A	0.06%
LIN	C	0.06%
LULU	D	0.06%
FDX	F	0.06%
DE	C	0.06%
BTI	D	0.05%
LNG	A	0.05%
PLD	D	0.05%
CRM	B	0.05%
MT	B	0.05%
EOG	B	0.05%
TDY	A	0.05%
TPL	A	0.04%
WDAY	D	0.04%
ADI	B	0.04%
AMD	C	0.04%
GRMN	D	0.04%
VEEV	C	0.04%
DVN	F	0.03%
APD	C	0.03%
ETN	B	0.03%
SW	C	0.03%
APA	F	0.03%
BG	F	0.03%
ENPH	F	0.03%
SOLV	C	0.03%
FCX	B	0.03%
SNA	C	0.03%
SYK	C	0.03%
SWKS	F	0.03%
STT	A	0.03%
PCG	C	0.03%
OXY	D	0.03%
ON	F	0.02%
PAYC	D	0.02%
OVV	D	0.02%
CNH	C	0.02%
NMR	F	0.02%
APTV	D	0.02%
SWK	C	0.02%
WY	C	0.02%
NXPI	F	0.02%
CHK	C	0.02%
GEV	A	0.02%
AER	C	0.02%
CTRA	D	0.02%
EPAM	F	0.02%
ROST	D	0.02%
AFG	A	0.02%
GPN	F	0.02%
VICI	C	0.02%
ALLE	A	0.02%
WTRG	D	0.01%
OTEX	D	0.01%
TRMB	B	0.01%
MGM	D	0.01%
FOX	B	0.01%
FBIN	C	0.01%
DAL	C	0.01%
REG	C	0.01%
TRU	C	0.01%
FSLR	C	0.01%
ZM	B	0.01%
MBAVU	C	0.01%
STX	C	0.01%
CCEP	C	0.01%
DOC	C	0.01%
RVTY	C	0.01%
CHRD	F	0.01%
MRVL	C	0.01%
EL	D	0.01%
EXPE	B	0.01%
SE	B	0.01%
ABNB	D	0.01%
VMC	D	0.01%
FTV	C	0.01%
ARE	D	0.01%
WFG	C	0.01%
LKQ	F	0.01%
ALB	D	0.01%
AWK	D	0.01%
TXT	F	0.01%
AME	C	0.01%
CNP	B	0.01%
BSY	D	0.01%
HES	D	0.01%
ZBH	F	0.01%
APO	A	0.01%
J	F	0.01%
EQT	C	0.01%
MRNA	F	0.01%
IQV	F	0.01%
RJF	B	0.01%
EQIX	C	0.01%
HAL	D	0.01%
MELI	D	0.01%
BA	F	0.01%
KMX	F	0.01%
GLBE	C	0.0%
IOT	C	0.0%
NET	D	0.0%
TOST	B	0.0%
RBLX	D	0.0%
DDOG	B	0.0%
DKNG	C	0.0%
SNAP	D	0.0%
FUTU	A	0.0%
MSTR	B	0.0%
DAY	C	0.0%
DOCU	A	0.0%
GRAB	C	0.0%
DT	B	0.0%
SNOW	F	0.0%
PODD	C	0.0%
PINS	D	0.0%
DXCM	F	0.0%
CRWD	D	0.0%
WYNN	B	0.0%
OKTA	F	0.0%
ROKU	C	0.0%
TECH	D	0.0%
EXAS	C	0.0%
TTD	A	0.0%
AXON	A	0.0%
Z	C	0.0%
LYV	A	0.0%
LUV	B	0.0%
VRT	B	0.0%
ENTG	D	0.0%
RIVN	F	0.0%
ILMN	B	0.0%
QGEN	F	0.0%
CRL	F	0.0%
CSGP	F	0.0%
WLK	C	0.0%
LVS	B	0.0%
BIO	B	0.0%
MTCH	B	0.0%
TWLO	B	0.0%

QWLD Underweight 392 Positions Relative to MFUS

Symbol	Grade	Weight
THC	D	-0.29%
ANF	D	-0.24%
SFM	A	-0.2%
CASY	D	-0.15%
MUSA	D	-0.15%
EVR	C	-0.11%
CW	A	-0.1%
MTD	C	-0.1%
CRS	B	-0.1%
AEO	C	-0.09%
GPI	C	-0.09%
ALSN	A	-0.09%
LSTR	F	-0.09%
EHC	C	-0.09%
TMHC	C	-0.09%
JXN	A	-0.09%
CACI	A	-0.09%
BWXT	A	-0.09%
LPX	C	-0.08%
ATR	A	-0.08%
SLG	C	-0.08%
HRB	C	-0.08%
AYI	A	-0.08%
ITT	C	-0.08%
GPK	D	-0.08%
NSIT	B	-0.07%
R	C	-0.07%
UFPI	C	-0.07%
AN	D	-0.07%
MTH	C	-0.07%
HCC	C	-0.07%
VNO	B	-0.07%
BCC	C	-0.07%
MLI	B	-0.07%
WU	D	-0.07%
ALNY	C	-0.07%
WCC	D	-0.07%
THO	C	-0.07%
CALM	A	-0.07%
HLI	A	-0.07%
ABG	D	-0.07%
TXRH	A	-0.06%
SEE	C	-0.06%
BC	C	-0.06%
CNX	A	-0.06%
JLL	C	-0.06%
AMG	B	-0.06%
TPH	C	-0.06%
BERY	C	-0.06%
RGA	B	-0.06%
PK	D	-0.06%
CRI	D	-0.06%
MMS	C	-0.06%
FCN	C	-0.06%
CHE	D	-0.06%
SCI	D	-0.06%
MSM	D	-0.06%
INGR	B	-0.06%
EXP	C	-0.06%
TOL	C	-0.06%
ARW	C	-0.05%
MHO	C	-0.05%
NFG	A	-0.05%
CUBE	C	-0.05%
URBN	F	-0.05%
IBKR	A	-0.05%
HBI	B	-0.05%
GNRC	B	-0.05%
SLGN	B	-0.05%
USFD	C	-0.05%
COOP	B	-0.05%
G	A	-0.05%
ATI	C	-0.05%
SEB	F	-0.05%
GNTX	D	-0.05%
VIRT	B	-0.05%
LUMN	C	-0.05%
TEX	F	-0.05%
WEN	B	-0.05%
MTN	D	-0.05%
ATGE	D	-0.05%
CBT	B	-0.05%
NXST	D	-0.05%
BTU	B	-0.05%
KTB	C	-0.05%
OGN	F	-0.05%
LECO	D	-0.05%
GAP	F	-0.05%
SKYW	B	-0.05%
LAMR	C	-0.05%
POST	C	-0.05%
FIX	A	-0.05%
CMC	D	-0.05%
SLM	B	-0.05%
LANC	F	-0.04%
KBH	D	-0.04%
TDS	C	-0.04%
NYT	C	-0.04%
DBRG	D	-0.04%
UNM	A	-0.04%
BHF	D	-0.04%
AVT	B	-0.04%
BLD	D	-0.04%
CVLT	B	-0.04%
TRN	C	-0.04%
BDC	A	-0.04%
WTM	C	-0.04%
JHG	A	-0.04%
EXEL	B	-0.04%
JWN	D	-0.04%
ASO	D	-0.04%
CLH	B	-0.04%
CMA	C	-0.04%
COLD	D	-0.04%
SLVM	C	-0.04%
SON	D	-0.04%
HUBG	D	-0.04%
MAC	B	-0.04%
CPNG	C	-0.04%
GATX	F	-0.04%
FLEX	B	-0.04%
TKR	B	-0.04%
FLO	D	-0.04%
AROC	B	-0.04%
TGNA	B	-0.04%
FTI	B	-0.04%
SMG	C	-0.04%
ABM	D	-0.04%
CNO	B	-0.04%
AGNC	B	-0.04%
KD	D	-0.04%
LOPE	D	-0.04%
OLN	D	-0.04%
RGLD	C	-0.04%
FL	F	-0.04%
SRCL	B	-0.04%
THG	A	-0.04%
DCI	B	-0.04%
AR	C	-0.04%
GVA	A	-0.04%
CRUS	D	-0.04%
SIG	C	-0.04%
MOG.A	C	-0.04%
BKE	B	-0.03%
APAM	B	-0.03%
NEU	F	-0.03%
MTG	A	-0.03%
FHI	A	-0.03%
PLXS	A	-0.03%
KSS	D	-0.03%
THS	D	-0.03%
DRH	B	-0.03%
LNC	B	-0.03%
STC	D	-0.03%
MSA	F	-0.03%
LZB	D	-0.03%
HXL	F	-0.03%
RYN	C	-0.03%
UNF	A	-0.03%
WHR	C	-0.03%
ADNT	F	-0.03%
COKE	C	-0.03%
HOG	D	-0.03%
XRAY	D	-0.03%
XPO	F	-0.03%
DK	F	-0.03%
BKU	D	-0.03%
VC	F	-0.03%
DDS	D	-0.03%
MASI	B	-0.03%
RLI	A	-0.03%
OI	D	-0.03%
GMS	B	-0.03%
RL	B	-0.03%
COHR	B	-0.03%
APLE	B	-0.03%
MATX	C	-0.03%
X	F	-0.03%
PRG	C	-0.03%
GNW	A	-0.03%
BFAM	C	-0.03%
MC	B	-0.03%
WH	C	-0.03%
SM	D	-0.03%
AWI	A	-0.03%
MAN	D	-0.03%
OSK	F	-0.03%
GBX	C	-0.03%
AVA	D	-0.03%
MORN	B	-0.03%
MDU	C	-0.03%
IVZ	A	-0.03%
BJ	B	-0.03%
AMKR	F	-0.03%
DOX	B	-0.03%
TPX	C	-0.03%
SHOO	A	-0.03%
RUSHA	D	-0.03%
GEO	D	-0.03%
PRIM	A	-0.03%
SEM	D	-0.03%
SANM	D	-0.03%
KEX	C	-0.02%
TDC	D	-0.02%
GES	F	-0.02%
BHE	C	-0.02%
PHIN	D	-0.02%
DAN	D	-0.02%
CWEN	C	-0.02%
AXTA	C	-0.02%
LAD	C	-0.02%
FR	D	-0.02%
DNOW	F	-0.02%
WAL	C	-0.02%
TTEK	A	-0.02%
APG	F	-0.02%
CROX	C	-0.02%
NWL	D	-0.02%
VSCO	C	-0.02%
HP	D	-0.02%
VFC	A	-0.02%
SATS	C	-0.02%
LXP	D	-0.02%
JBLU	B	-0.02%
ODP	F	-0.02%
EWBC	B	-0.02%
HNI	B	-0.02%
SNDR	D	-0.02%
APOG	B	-0.02%
LEG	D	-0.02%
VSH	F	-0.02%
DORM	C	-0.02%
ANDE	D	-0.02%
RHI	D	-0.02%
OSIS	C	-0.02%
SAM	D	-0.02%
M	D	-0.02%
NAVI	D	-0.02%
LNW	F	-0.02%
GWRE	A	-0.02%
VVV	D	-0.02%
MCY	B	-0.02%
YELP	D	-0.02%
PMT	B	-0.02%
CC	D	-0.02%
EPC	F	-0.02%
BRKR	D	-0.02%
NSP	F	-0.02%
VSTO	B	-0.02%
NTCT	C	-0.02%
RLJ	D	-0.02%
GHC	A	-0.02%
SXT	C	-0.02%
DLB	D	-0.02%
OHI	C	-0.02%
KBR	A	-0.02%
XHR	A	-0.02%
CXW	F	-0.02%
PBF	F	-0.02%
PVH	D	-0.02%
AIR	C	-0.02%
SKX	B	-0.02%
HAE	F	-0.02%
SBH	B	-0.02%
GMED	B	-0.02%
KMPR	D	-0.02%
PSN	A	-0.02%
GEF	B	-0.02%
PFSI	C	-0.02%
WMS	D	-0.02%
PINC	F	-0.02%
RRC	D	-0.02%
FAF	C	-0.02%
PAG	D	-0.02%
ACA	C	-0.02%
LBRDK	C	-0.02%
JEF	A	-0.02%
ORA	C	-0.02%
OMF	D	-0.02%
PDCO	F	-0.02%
WERN	D	-0.02%
PNM	B	-0.02%
HUN	B	-0.01%
AAP	F	-0.01%
NOV	F	-0.01%
SCL	D	-0.01%
MLKN	F	-0.01%
ARCH	D	-0.01%
CACC	F	-0.01%
KALU	D	-0.01%
ECPG	F	-0.01%
ELAN	D	-0.01%
GIII	C	-0.01%
SSB	C	-0.01%
UVV	D	-0.01%
MKSI	F	-0.01%
ARI	F	-0.01%
HTH	F	-0.01%
IGT	F	-0.01%
WGO	D	-0.01%
PB	D	-0.01%
ARMK	C	-0.01%
ESI	C	-0.01%
CFR	B	-0.01%
UAL	A	-0.01%
CNXN	C	-0.01%
ALEX	D	-0.01%
RDN	D	-0.01%
FDP	C	-0.01%
OUT	C	-0.01%
IMKTA	F	-0.01%
CNS	C	-0.01%
WOR	F	-0.01%
SVC	D	-0.01%
PNW	C	-0.01%
IDCC	A	-0.01%
SR	D	-0.01%
PPC	C	-0.01%
RKT	D	-0.01%
UGI	C	-0.01%
CLF	D	-0.01%
TPR	B	-0.01%
SPR	D	-0.01%
SWX	C	-0.01%
SIGI	D	-0.01%
WAFD	D	-0.01%
SHO	B	-0.01%
CENTA	F	-0.01%
PECO	C	-0.01%
FHN	D	-0.01%
AMED	D	-0.01%
JBGS	C	-0.01%
FLR	B	-0.01%
ESAB	C	-0.01%
WMK	D	-0.01%
SPB	C	-0.01%
JELD	D	-0.01%
CBSH	D	-0.01%
WTFC	B	-0.01%
CADE	B	-0.01%
CNM	F	-0.01%
ONB	D	-0.01%
BRC	C	-0.01%
DTM	A	-0.01%
DXC	C	-0.01%
FELE	C	-0.01%
STRA	F	-0.01%
SAIC	A	-0.01%
CSGS	B	-0.01%
TTMI	D	-0.01%
KN	B	-0.01%
DY	C	-0.01%
CPRI	C	-0.01%
VNT	F	-0.01%
CR	A	-0.01%
LEA	F	-0.01%
WBS	D	-0.01%
CVI	D	-0.01%
OMI	F	-0.01%
SF	A	-0.01%
LADR	D	-0.01%
NNI	B	-0.01%
WWD	C	-0.01%
ZION	D	-0.01%
AMWD	C	-0.01%
GME	D	-0.01%
GOLF	F	-0.01%
MHK	C	-0.01%
NNN	C	-0.01%
RBC	C	-0.01%
DEI	A	-0.01%
SAH	D	-0.01%
SNV	D	-0.01%
IOSP	F	-0.01%
TNET	D	-0.01%
REZI	D	-0.01%
ADC	C	-0.01%
PTEN	F	-0.01%
ICUI	B	-0.01%
MUR	F	-0.01%
HE	F	-0.01%
GT	F	-0.01%
AA	B	-0.01%
FYBR	C	-0.01%
PSMT	A	-0.01%
SCS	D	-0.01%
ESNT	A	-0.01%
BWA	C	-0.01%
LAUR	C	-0.01%
SCCO	B	-0.0%
NOMD	D	-0.0%
WOLF	F	-0.0%