QWLD vs. PHDG ETF Comparison

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

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

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

$38.15

Average Daily Volume

12,398

Number of Holdings ^*

499

* may have additional holdings in another (foreign) market

Performance

Period	QWLD	PHDG
30 Days	-0.47%	-1.45%
60 Days	0.20%	1.30%
90 Days	0.50%	1.18%
12 Months	22.20%	18.05%

484 Overlapping Holdings

	Symbol	Grade	Weight in QWLD	Weight in PHDG	Overlap
	A	D	0.06%	0.04%	0.04%
	AAPL	C	2.57%	3.74%	2.57%
	ABBV	F	0.16%	0.32%	0.16%
	ABBV	F	0.34%	0.32%	0.32%
	ABNB	C	0.01%	0.06%	0.01%
	ABT	B	0.09%	0.22%	0.09%
	ACGL	C	0.26%	0.04%	0.04%
	ACN	B	0.65%	0.24%	0.24%
	ADBE	C	0.42%	0.25%	0.25%
	ADI	D	0.04%	0.11%	0.04%
	ADM	D	0.05%	0.03%	0.03%
	ADP	A	0.26%	0.13%	0.13%
	ADSK	A	0.1%	0.07%	0.07%
	AEE	A	0.09%	0.03%	0.03%
	AEP	C	0.07%	0.05%	0.05%
	AES	F	0.01%	0.01%	0.01%
	AFL	B	0.12%	0.06%	0.06%
	AIG	B	0.07%	0.05%	0.05%
	AIZ	A	0.08%	0.01%	0.01%
	AJG	A	0.19%	0.07%	0.07%
	AKAM	D	0.11%	0.01%	0.01%
	ALB	B	0.01%	0.01%	0.01%
	ALGN	D	0.0%	0.02%	0.0%
	ALL	A	0.08%	0.06%	0.06%
	ALLE	C	0.02%	0.01%	0.01%
	AMAT	F	0.29%	0.17%	0.17%
	AMCR	C	0.08%	0.02%	0.02%
	AMD	F	0.03%	0.24%	0.03%
	AME	A	0.01%	0.05%	0.01%
	AMGN	F	0.16%	0.17%	0.16%
	AMP	A	0.09%	0.06%	0.06%
	AMT	C	0.02%	0.1%	0.02%
	AMZN	C	0.37%	2.13%	0.37%
	ANET	C	0.19%	0.11%	0.11%
	ANSS	B	0.0%	0.03%	0.0%
	AON	A	0.17%	0.09%	0.09%
	AOS	F	0.02%	0.01%	0.01%
	APA	D	0.02%	0.01%	0.01%
	APD	A	0.03%	0.08%	0.03%
	APH	A	0.43%	0.09%	0.09%
	APTV	F	0.01%	0.02%	0.01%
	ARE	F	0.01%	0.02%	0.01%
	ATO	A	0.01%	0.02%	0.01%
	AVB	B	0.01%	0.03%	0.01%
	AVGO	D	0.11%	0.86%	0.11%
	AVY	F	0.03%	0.02%	0.02%
	AWK	C	0.01%	0.03%	0.01%
	AXON	A	0.0%	0.05%	0.0%
	AXP	A	0.06%	0.17%	0.06%
	AZO	C	0.28%	0.06%	0.06%
	BA	F	0.01%	0.11%	0.01%
	BAC	A	0.39%	0.33%	0.33%
	BALL	F	0.01%	0.02%	0.01%
	BAX	F	0.01%	0.02%	0.01%
	BBY	D	0.06%	0.02%	0.02%
	BDX	F	0.07%	0.07%	0.07%
	BEN	C	0.01%	0.01%	0.01%
	BG	D	0.03%	0.01%	0.01%
	BIIB	F	0.01%	0.03%	0.01%
	BK	A	0.05%	0.06%	0.05%
	BKNG	A	0.03%	0.18%	0.03%
	BKR	A	0.02%	0.05%	0.02%
	BLDR	D	0.05%	0.02%	0.02%
	BLK	B	0.25%	0.16%	0.16%
	BMY	B	0.21%	0.13%	0.13%
	BR	A	0.04%	0.03%	0.03%
	BRK.A	B	0.73%	0.92%	0.73%
	BRO	B	0.14%	0.03%	0.03%
	BSX	A	0.02%	0.14%	0.02%
	BX	A	0.03%	0.14%	0.03%
	BXP	C	0.01%	0.01%	0.01%
	C	A	0.25%	0.14%	0.14%
	CAG	F	0.04%	0.01%	0.01%
	CAH	B	0.13%	0.03%	0.03%
	CARR	C	0.02%	0.07%	0.02%
	CAT	B	0.36%	0.2%	0.2%
	CB	C	0.4%	0.12%	0.12%
	CBOE	C	0.24%	0.02%	0.02%
	CBRE	B	0.03%	0.04%	0.03%
	CCI	C	0.01%	0.05%	0.01%
	CCL	A	0.01%	0.03%	0.01%
	CDNS	B	0.13%	0.09%	0.09%
	CDW	F	0.07%	0.03%	0.03%
	CE	F	0.01%	0.01%	0.01%
	CEG	C	0.02%	0.08%	0.02%
	CF	A	0.13%	0.02%	0.02%
	CFG	B	0.04%	0.02%	0.02%
	CHD	A	0.19%	0.03%	0.03%
	CHRW	B	0.01%	0.01%	0.01%
	CHTR	C	0.05%	0.04%	0.04%
	CI	D	0.18%	0.1%	0.1%
	CINF	A	0.02%	0.03%	0.02%
	CL	D	0.2%	0.08%	0.08%
	CLX	A	0.01%	0.02%	0.01%
	CMCSA	B	0.17%	0.18%	0.17%
	CME	B	0.16%	0.09%	0.09%
	CMG	B	0.14%	0.09%	0.09%
	CMI	A	0.1%	0.05%	0.05%
	CMS	C	0.05%	0.02%	0.02%
	CNC	D	0.05%	0.03%	0.03%
	CNP	A	0.01%	0.02%	0.01%
	COF	C	0.1%	0.08%	0.08%
	COP	C	0.1%	0.14%	0.1%
	COR	B	0.41%	0.05%	0.05%
	COST	A	0.76%	0.44%	0.44%
	CPAY	A	0.01%	0.03%	0.01%
	CPB	D	0.09%	0.01%	0.01%
	CPRT	B	0.08%	0.05%	0.05%
	CPT	B	0.01%	0.01%	0.01%
	CRL	D	0.0%	0.01%	0.0%
	CRM	B	0.06%	0.35%	0.06%
	CRWD	B	0.0%	0.09%	0.0%
	CSCO	B	1.03%	0.25%	0.25%
	CSGP	D	0.0%	0.03%	0.0%
	CSX	C	0.11%	0.07%	0.07%
	CTAS	B	0.14%	0.08%	0.08%
	CTLT	C	0.01%	0.01%	0.01%
	CTRA	B	0.02%	0.02%	0.02%
	CTSH	B	0.2%	0.04%	0.04%
	CTVA	C	0.04%	0.04%	0.04%
	CVS	D	0.16%	0.07%	0.07%
	CVX	A	0.33%	0.3%	0.3%
	D	C	0.06%	0.05%	0.05%
	DAL	B	0.01%	0.04%	0.01%
	DAY	B	0.0%	0.01%	0.0%
	DD	C	0.02%	0.04%	0.02%
	DE	B	0.06%	0.11%	0.06%
	DECK	A	0.05%	0.03%	0.03%
	DELL	B	0.01%	0.04%	0.01%
	DFS	B	0.04%	0.05%	0.04%
	DG	F	0.01%	0.02%	0.01%
	DGX	A	0.11%	0.02%	0.02%
	DHI	F	0.1%	0.05%	0.05%
	DHR	F	0.05%	0.17%	0.05%
	DIS	B	0.1%	0.21%	0.1%
	DLR	B	0.02%	0.06%	0.02%
	DLTR	F	0.01%	0.01%	0.01%
	DOC	C	0.01%	0.02%	0.01%
	DOV	A	0.05%	0.03%	0.03%
	DOW	F	0.03%	0.03%	0.03%
	DPZ	C	0.06%	0.02%	0.02%
	DRI	B	0.03%	0.02%	0.02%
	DTE	C	0.02%	0.03%	0.02%
	DUK	C	0.36%	0.09%	0.09%
	DVA	C	0.01%	0.01%	0.01%
	DVN	F	0.03%	0.03%	0.03%
	DXCM	C	0.0%	0.03%	0.0%
	EA	A	0.2%	0.04%	0.04%
	EBAY	D	0.01%	0.03%	0.01%
	ECL	D	0.01%	0.07%	0.01%
	ED	C	0.35%	0.04%	0.04%
	EFX	F	0.01%	0.03%	0.01%
	EG	C	0.06%	0.02%	0.02%
	EIX	B	0.03%	0.03%	0.03%
	EL	F	0.01%	0.02%	0.01%
	ELV	F	0.21%	0.1%	0.1%
	EMN	C	0.01%	0.01%	0.01%
	EMR	B	0.03%	0.08%	0.03%
	ENPH	F	0.01%	0.01%	0.01%
	EOG	A	0.06%	0.08%	0.06%
	EPAM	B	0.02%	0.02%	0.02%
	EQIX	A	0.02%	0.09%	0.02%
	EQR	C	0.01%	0.03%	0.01%
	EQT	B	0.02%	0.03%	0.02%
	ERIE	D	0.12%	0.01%	0.01%
	ES	C	0.01%	0.02%	0.01%
	ESS	B	0.01%	0.02%	0.01%
	ETN	A	0.03%	0.16%	0.03%
	ETR	B	0.03%	0.03%	0.03%
	EVRG	A	0.01%	0.02%	0.01%
	EW	C	0.07%	0.04%	0.04%
	EXC	C	0.03%	0.04%	0.03%
	EXPD	C	0.04%	0.02%	0.02%
	EXPE	B	0.01%	0.02%	0.01%
	EXR	C	0.01%	0.04%	0.01%
	F	C	0.09%	0.05%	0.05%
	FANG	C	0.09%	0.04%	0.04%
	FAST	B	0.09%	0.05%	0.05%
	FCX	F	0.02%	0.07%	0.02%
	FDS	B	0.03%	0.02%	0.02%
	FDX	B	0.07%	0.07%	0.07%
	FE	C	0.01%	0.02%	0.01%
	FFIV	B	0.16%	0.02%	0.02%
	FI	A	0.09%	0.13%	0.09%
	FICO	B	0.05%	0.06%	0.05%
	FIS	C	0.02%	0.05%	0.02%
	FITB	B	0.03%	0.03%	0.03%
	FOX	A	0.01%	0.01%	0.01%
	FOXA	A	0.01%	0.01%	0.01%
	FSLR	F	0.01%	0.02%	0.01%
	FTNT	C	0.01%	0.06%	0.01%
	FTV	C	0.01%	0.03%	0.01%
	GD	D	0.18%	0.08%	0.08%
	GDDY	A	0.25%	0.03%	0.03%
	GE	D	0.31%	0.21%	0.21%
	GEHC	D	0.02%	0.04%	0.02%
	GEN	B	0.12%	0.02%	0.02%
	GEV	B	0.02%	0.1%	0.02%
	GILD	C	0.24%	0.12%	0.12%
	GIS	D	0.33%	0.04%	0.04%
	GLW	B	0.02%	0.04%	0.02%
	GM	C	0.19%	0.07%	0.07%
	GOOG	C	0.94%	0.92%	0.92%
	GOOGL	C	1.07%	1.11%	1.07%
	GPC	D	0.05%	0.02%	0.02%
	GPN	B	0.02%	0.03%	0.02%
	GRMN	B	0.05%	0.03%	0.03%
	GS	A	0.17%	0.2%	0.17%
	GWW	B	0.11%	0.06%	0.06%
	HAL	C	0.02%	0.03%	0.02%
	HBAN	A	0.03%	0.03%	0.03%
	HCA	F	0.04%	0.07%	0.04%
	HD	B	0.15%	0.43%	0.15%
	HES	B	0.01%	0.04%	0.01%
	HIG	B	0.03%	0.04%	0.03%
	HII	F	0.01%	0.01%	0.01%
	HLT	A	0.01%	0.07%	0.01%
	HOLX	D	0.01%	0.02%	0.01%
	HON	C	0.26%	0.16%	0.16%
	HPE	B	0.04%	0.03%	0.03%
	HPQ	B	0.04%	0.04%	0.04%
	HRL	D	0.09%	0.01%	0.01%
	HSIC	C	0.01%	0.01%	0.01%
	HST	C	0.01%	0.01%	0.01%
	HSY	F	0.16%	0.03%	0.03%
	HUBB	B	0.04%	0.03%	0.03%
	HUM	C	0.15%	0.04%	0.04%
	HWM	A	0.01%	0.05%	0.01%
	IBM	C	0.46%	0.21%	0.21%
	ICE	C	0.03%	0.1%	0.03%
	IDXX	F	0.07%	0.04%	0.04%
	IEX	C	0.03%	0.02%	0.02%
	IFF	D	0.01%	0.02%	0.01%
	INCY	C	0.15%	0.01%	0.01%
	INTC	C	0.1%	0.12%	0.1%
	INTU	B	0.27%	0.21%	0.21%
	INVH	D	0.01%	0.02%	0.01%
	IP	A	0.02%	0.02%	0.02%
	IPG	D	0.02%	0.01%	0.01%
	IQV	F	0.01%	0.04%	0.01%
	IR	B	0.01%	0.04%	0.01%
	IRM	C	0.01%	0.04%	0.01%
	ISRG	A	0.25%	0.21%	0.21%
	IT	C	0.03%	0.04%	0.03%
	ITW	B	0.13%	0.08%	0.08%
	J	D	0.01%	0.02%	0.01%
	JBHT	C	0.03%	0.02%	0.02%
	JBL	C	0.02%	0.02%	0.02%
	JCI	B	0.03%	0.06%	0.03%
	JKHY	D	0.07%	0.01%	0.01%
	JNJ	C	1.1%	0.39%	0.39%
	JNPR	D	0.12%	0.01%	0.01%
	JPM	A	0.6%	0.74%	0.6%
	K	A	0.23%	0.02%	0.02%
	KDP	F	0.14%	0.04%	0.04%
	KEY	B	0.02%	0.02%	0.02%
	KEYS	A	0.17%	0.03%	0.03%
	KHC	F	0.2%	0.03%	0.03%
	KIM	A	0.01%	0.02%	0.01%
	KKR	A	0.02%	0.11%	0.02%
	KLAC	F	0.14%	0.09%	0.09%
	KMB	C	0.11%	0.05%	0.05%
	KMI	A	0.04%	0.06%	0.04%
	KMX	B	0.02%	0.01%	0.01%
	KO	D	0.56%	0.26%	0.26%
	KR	B	0.31%	0.04%	0.04%
	KVUE	A	0.08%	0.05%	0.05%
	L	A	0.17%	0.02%	0.02%
	LDOS	C	0.01%	0.02%	0.01%
	LEN	D	0.09%	0.04%	0.04%
	LH	B	0.02%	0.02%	0.02%
	LHX	C	0.02%	0.05%	0.02%
	LIN	C	0.06%	0.23%	0.06%
	LKQ	F	0.01%	0.01%	0.01%
	LLY	F	1.14%	0.67%	0.67%
	LMT	D	0.42%	0.12%	0.12%
	LNT	A	0.03%	0.02%	0.02%
	LOW	C	0.07%	0.17%	0.07%
	LRCX	F	0.18%	0.11%	0.11%
	LULU	C	0.07%	0.04%	0.04%
	LUV	C	0.0%	0.02%	0.0%
	LVS	B	0.0%	0.02%	0.0%
	LW	C	0.0%	0.01%	0.0%
	LYB	F	0.03%	0.02%	0.02%
	LYV	A	0.0%	0.02%	0.0%
	MA	B	0.71%	0.46%	0.46%
	MAA	B	0.01%	0.02%	0.01%
	MAR	A	0.01%	0.07%	0.01%
	MAS	D	0.01%	0.02%	0.01%
	MCD	D	0.42%	0.23%	0.23%
	MCHP	F	0.06%	0.04%	0.04%
	MCK	A	0.58%	0.09%	0.09%
	MCO	B	0.13%	0.08%	0.08%
	MDLZ	F	0.14%	0.09%	0.09%
	MDT	D	0.06%	0.12%	0.06%
	MET	A	0.05%	0.05%	0.05%
	META	D	2.11%	1.36%	1.36%
	MGM	D	0.01%	0.01%	0.01%
	MKC	C	0.01%	0.02%	0.01%
	MKTX	D	0.02%	0.01%	0.01%
	MLM	C	0.01%	0.04%	0.01%
	MMC	B	0.51%	0.12%	0.12%
	MMM	D	0.14%	0.08%	0.08%
	MNST	C	0.07%	0.04%	0.04%
	MO	A	0.04%	0.1%	0.04%
	MOH	F	0.06%	0.02%	0.02%
	MOS	F	0.02%	0.01%	0.01%
	MPC	D	0.17%	0.06%	0.06%
	MPWR	F	0.04%	0.03%	0.03%
	MRK	D	0.42%	0.27%	0.27%
	MRNA	F	0.01%	0.01%	0.01%
	MRO	B	0.02%	0.02%	0.02%
	MS	A	0.12%	0.18%	0.12%
	MSCI	C	0.0%	0.05%	0.0%
	MSFT	D	2.3%	3.42%	2.3%
	MSI	B	0.65%	0.09%	0.09%
	MTB	A	0.05%	0.04%	0.04%
	MTCH	D	0.0%	0.01%	0.0%
	MU	D	0.04%	0.12%	0.04%
	NDAQ	A	0.01%	0.03%	0.01%
	NDSN	B	0.02%	0.02%	0.02%
	NEE	C	0.06%	0.17%	0.06%
	NEM	D	0.04%	0.05%	0.04%
	NFLX	A	0.54%	0.39%	0.39%
	NI	A	0.01%	0.02%	0.01%
	NKE	F	0.17%	0.1%	0.1%
	NOC	D	0.32%	0.07%	0.07%
	NOW	A	0.01%	0.23%	0.01%
	NRG	B	0.02%	0.02%	0.02%
	NSC	B	0.03%	0.06%	0.03%
	NTAP	C	0.04%	0.03%	0.03%
	NTRS	A	0.02%	0.02%	0.02%
	NUE	C	0.04%	0.04%	0.04%
	NVDA	B	2.53%	3.89%	2.53%
	NVR	D	0.06%	0.03%	0.03%
	NWSA	A	0.01%	0.01%	0.01%
	NXPI	D	0.02%	0.06%	0.02%
	O	C	0.02%	0.05%	0.02%
	ODFL	C	0.08%	0.05%	0.05%
	OKE	A	0.03%	0.07%	0.03%
	OMC	C	0.04%	0.02%	0.02%
	ON	D	0.01%	0.03%	0.01%
	ORCL	A	0.25%	0.32%	0.25%
	ORLY	B	0.24%	0.08%	0.08%
	OTIS	C	0.01%	0.04%	0.01%
	OXY	D	0.03%	0.04%	0.03%
	PANW	B	0.18%	0.14%	0.14%
	PARA	C	0.01%	0.01%	0.01%
	PAYC	B	0.02%	0.01%	0.01%
	PAYX	B	0.1%	0.05%	0.05%
	PCAR	B	0.11%	0.07%	0.07%
	PCG	A	0.03%	0.05%	0.03%
	PEG	A	0.02%	0.05%	0.02%
	PEP	F	0.77%	0.24%	0.24%
	PFE	F	0.18%	0.16%	0.16%
	PFG	D	0.02%	0.02%	0.02%
	PG	C	0.95%	0.42%	0.42%
	PGR	A	0.35%	0.16%	0.16%
	PH	A	0.02%	0.1%	0.02%
	PHM	D	0.06%	0.03%	0.03%
	PKG	A	0.04%	0.02%	0.02%
	PLD	F	0.04%	0.11%	0.04%
	PLTR	B	0.0%	0.13%	0.0%
	PM	B	0.07%	0.21%	0.07%
	PNC	B	0.1%	0.09%	0.09%
	PNR	A	0.03%	0.02%	0.02%
	PODD	C	0.0%	0.02%	0.0%
	POOL	C	0.03%	0.01%	0.01%
	PPG	F	0.01%	0.03%	0.01%
	PPL	A	0.01%	0.03%	0.01%
	PRU	A	0.05%	0.05%	0.05%
	PSA	C	0.09%	0.06%	0.06%
	PSX	C	0.14%	0.06%	0.06%
	PTC	B	0.08%	0.02%	0.02%
	PWR	A	0.01%	0.05%	0.01%
	PYPL	B	0.04%	0.09%	0.04%
	QCOM	F	0.32%	0.2%	0.2%
	QRVO	F	0.0%	0.01%	0.0%
	RCL	A	0.01%	0.06%	0.01%
	REG	A	0.01%	0.01%	0.01%
	REGN	F	0.31%	0.09%	0.09%
	RF	A	0.03%	0.03%	0.03%
	RJF	A	0.02%	0.03%	0.02%
	RMD	C	0.05%	0.04%	0.04%
	ROK	C	0.06%	0.04%	0.04%
	ROL	B	0.08%	0.02%	0.02%
	ROP	B	0.48%	0.07%	0.07%
	ROST	D	0.02%	0.05%	0.02%
	RSG	A	0.46%	0.05%	0.05%
	RTX	D	0.09%	0.17%	0.09%
	RVTY	F	0.01%	0.02%	0.01%
	SBAC	D	0.01%	0.03%	0.01%
	SBUX	A	0.04%	0.12%	0.04%
	SCHW	B	0.04%	0.13%	0.04%
	SHW	B	0.14%	0.1%	0.1%
	SJM	D	0.07%	0.01%	0.01%
	SLB	C	0.03%	0.07%	0.03%
	SMCI	F	0.01%	0.01%	0.01%
	SNA	A	0.04%	0.02%	0.02%
	SNPS	B	0.12%	0.09%	0.09%
	SO	C	0.46%	0.1%	0.1%
	SOLV	D	0.03%	0.01%	0.01%
	SPG	A	0.02%	0.06%	0.02%
	SPGI	C	0.04%	0.18%	0.04%
	SRE	A	0.04%	0.06%	0.04%
	STE	D	0.01%	0.02%	0.01%
	STLD	B	0.02%	0.02%	0.02%
	STT	B	0.03%	0.03%	0.03%
	STX	C	0.01%	0.02%	0.01%
	STZ	D	0.01%	0.04%	0.01%
	SW	A	0.03%	0.03%	0.03%
	SWK	D	0.01%	0.01%	0.01%
	SWKS	F	0.03%	0.01%	0.01%
	SYF	B	0.04%	0.03%	0.03%
	SYK	B	0.03%	0.14%	0.03%
	SYY	D	0.03%	0.04%	0.03%
	T	A	0.39%	0.17%	0.17%
	TAP	C	0.01%	0.01%	0.01%
	TDG	D	0.01%	0.08%	0.01%
	TDY	B	0.06%	0.02%	0.02%
	TECH	F	0.0%	0.01%	0.0%
	TER	F	0.02%	0.02%	0.02%
	TFC	A	0.09%	0.07%	0.07%
	TFX	F	0.0%	0.01%	0.0%
	TGT	F	0.15%	0.08%	0.08%
	TJX	A	0.35%	0.15%	0.15%
	TMO	F	0.06%	0.22%	0.06%
	TMUS	B	0.76%	0.13%	0.13%
	TRGP	A	0.04%	0.05%	0.04%
	TRMB	B	0.01%	0.02%	0.01%
	TROW	B	0.05%	0.03%	0.03%
	TRV	B	0.3%	0.06%	0.06%
	TSCO	D	0.06%	0.03%	0.03%
	TSLA	B	0.16%	0.93%	0.16%
	TSN	B	0.15%	0.02%	0.02%
	TT	A	0.15%	0.1%	0.1%
	TTWO	A	0.01%	0.03%	0.01%
	TXN	C	0.48%	0.2%	0.2%
	TXT	D	0.01%	0.02%	0.01%
	TYL	B	0.0%	0.03%	0.0%
	UBER	F	0.01%	0.16%	0.01%
	UDR	B	0.0%	0.01%	0.0%
	UHS	D	0.01%	0.01%	0.01%
	ULTA	F	0.06%	0.02%	0.02%
	UNH	B	1.35%	0.59%	0.59%
	UNP	C	0.26%	0.15%	0.15%
	UPS	C	0.07%	0.1%	0.07%
	URI	C	0.02%	0.06%	0.02%
	USB	A	0.09%	0.08%	0.08%
	V	A	1.21%	0.56%	0.56%
	VICI	C	0.02%	0.04%	0.02%
	VLO	C	0.08%	0.05%	0.05%
	VLTO	C	0.05%	0.03%	0.03%
	VMC	B	0.01%	0.04%	0.01%
	VRSK	A	0.01%	0.04%	0.01%
	VRSN	C	0.14%	0.02%	0.02%
	VRTX	D	0.43%	0.13%	0.13%
	VST	A	0.01%	0.05%	0.01%
	VTR	B	0.01%	0.03%	0.01%
	VTRS	A	0.03%	0.02%	0.02%
	VZ	C	0.58%	0.19%	0.19%
	WAB	B	0.01%	0.04%	0.01%
	WAT	C	0.04%	0.02%	0.02%
	WBA	F	0.04%	0.01%	0.01%
	WBD	B	0.07%	0.02%	0.02%
	WDC	D	0.01%	0.02%	0.01%
	WEC	A	0.2%	0.03%	0.03%
	WELL	A	0.02%	0.08%	0.02%
	WFC	A	0.28%	0.27%	0.27%
	WM	B	0.52%	0.09%	0.09%
	WMB	A	0.19%	0.07%	0.07%
	WMT	A	0.76%	0.4%	0.4%
	WRB	A	0.14%	0.02%	0.02%
	WST	C	0.04%	0.03%	0.03%
	WTW	B	0.07%	0.03%	0.03%
	WY	F	0.02%	0.02%	0.02%
	WYNN	C	0.0%	0.01%	0.0%
	XEL	A	0.09%	0.04%	0.04%
	XOM	B	0.47%	0.58%	0.47%
	XYL	D	0.01%	0.03%	0.01%
	YUM	D	0.15%	0.04%	0.04%
	ZBH	C	0.01%	0.02%	0.01%
	ZBRA	B	0.01%	0.02%	0.01%
	ZTS	D	0.15%	0.09%	0.09%

QWLD Overweight 126 Positions Relative to PHDG

	Symbol	Grade	Weight
	NVS	F	0.79%
	UL	D	0.27%
	WCN	A	0.27%
	HSBH	B	0.25%
	MFG	A	0.24%
	CHKP	C	0.17%
	TM	F	0.15%
	UTHR	C	0.15%
	BAH	F	0.15%
	MUFG	B	0.14%
	MKL	A	0.13%
	TD	D	0.12%
	E	F	0.12%
	NBIX	C	0.11%
	BCS	A	0.11%
	FCNCA	A	0.11%
	DEO	F	0.11%
	CNI	F	0.1%
	SMFG	B	0.1%
	LYG	D	0.09%
	SONY	B	0.08%
	STLA	F	0.08%
	HMC	F	0.07%
	BMRN	F	0.07%
	TPL	A	0.06%
	LNG	A	0.06%
	LOGI	D	0.06%
	VEEV	C	0.05%
	LPLA	A	0.05%
	BTI	B	0.05%
	DINO	D	0.05%
	MT	B	0.05%
	MANH	D	0.04%
	WDAY	B	0.04%
	EME	A	0.04%
	GGG	B	0.03%
	CSL	C	0.03%
	WSO	A	0.03%
	OC	A	0.03%
	WSM	C	0.03%
	ALLY	C	0.02%
	TTC	C	0.02%
	ACI	C	0.02%
	SQ	A	0.02%
	APO	B	0.02%
	RS	B	0.02%
	SEIC	B	0.02%
	NMR	B	0.02%
	OVV	B	0.02%
	AER	A	0.02%
	AFG	A	0.02%
	DKS	D	0.02%
	DASH	B	0.01%
	WTRG	B	0.01%
	RPRX	D	0.01%
	MBAVU	C	0.01%
	GLPI	C	0.01%
	RPM	A	0.01%
	TRU	D	0.01%
	AVTR	F	0.01%
	SUI	C	0.01%
	BURL	B	0.01%
	WPC	C	0.01%
	TWLO	A	0.01%
	CG	B	0.01%
	COIN	C	0.01%
	CCEP	C	0.01%
	ACM	B	0.01%
	ZM	C	0.01%
	CHRD	D	0.01%
	CCK	D	0.01%
	AGCO	D	0.01%
	SSNC	B	0.01%
	WFG	C	0.01%
	SE	A	0.01%
	KNX	C	0.01%
	BSY	F	0.01%
	MRVL	B	0.01%
	EQH	C	0.01%
	FNF	B	0.01%
	CRBG	B	0.01%
	MELI	C	0.01%
	CNH	C	0.01%
	GLBE	B	0.0%
	IOT	A	0.0%
	NET	B	0.0%
	RBLX	C	0.0%
	XRX	F	0.0%
	DDOG	A	0.0%
	DKNG	B	0.0%
	TOST	B	0.0%
	SNAP	D	0.0%
	H	B	0.0%
	PSTG	D	0.0%
	FUTU	D	0.0%
	HEI	A	0.0%
	PINS	F	0.0%
	DT	D	0.0%
	SNOW	B	0.0%
	DOCU	B	0.0%
	EXAS	D	0.0%
	GRAB	A	0.0%
	ROKU	D	0.0%
	OKTA	C	0.0%
	MSTR	B	0.0%
	LII	A	0.0%
	TTD	B	0.0%
	ELS	C	0.0%
	HOOD	B	0.0%
	ENTG	D	0.0%
	TW	A	0.0%
	HEI	A	0.0%
	RIVN	F	0.0%
	Z	A	0.0%
	WLK	D	0.0%
	QGEN	D	0.0%
	VRT	B	0.0%
	APP	B	0.0%
	BBWI	C	0.0%
	BIO	C	0.0%
	ILMN	C	0.0%
	OTEX	F	0.0%
	AMH	C	0.0%
	UHAL	D	0.0%
	ARES	A	0.0%
	FBIN	D	0.0%

QWLD Underweight 16 Positions Relative to PHDG

	Symbol	Grade	Weight
	MTD	F	-0.03%
	UAL	A	-0.03%
	FMC	D	-0.01%
	MHK	D	-0.01%
	BWA	D	-0.01%
	IVZ	B	-0.01%
	HAS	D	-0.01%
	CZR	F	-0.01%
	RL	C	-0.01%
	FRT	B	-0.01%
	GL	C	-0.01%
	PNW	A	-0.01%
	GNRC	C	-0.01%
	NCLH	B	-0.01%
	TPR	B	-0.01%
	NWS	A	-0.0%

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

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