SPGM vs. FRI ETF Comparison

Comparison of SPDR Portfolio MSCI Global Stock Market ETF (SPGM) to First Trust S&P REIT Index Fund (FRI)

SPGM

SPDR Portfolio MSCI Global Stock Market ETF

SPGM Description

The investment seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the MSCI ACWI IMI Index. The fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the index and in depositary receipts based on securities comprising the index. The index is a free float-adjusted market capitalization-weighted index that is designed to measure the combined equity market performance of developed and emerging markets.

Grade (RS Rating)

Last Trade

$60.88

Average Daily Volume

39,382

Number of Holdings ^*

958

* may have additional holdings in another (foreign) market

FRI

First Trust S&P REIT Index Fund

FRI Description

The investment seeks investment results that correspond generally to the price and yield (before the fund's fees and expenses) of an equity index called the S&P United States REIT Index. The fund will normally invest at least 90% of its net assets plus the amount of any borrowings for investment purposes in common stocks that comprise the index. The index is a subset of the S&P Developed REIT Index, which measures the performance of more than 200 REITs or REIT-like structures in 15 developed markets. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$25.53

Average Daily Volume

20,025

Number of Holdings ^*

126

* may have additional holdings in another (foreign) market

Performance

Period	SPGM	FRI
30 Days	1.50%	2.90%
60 Days	5.50%	5.05%
90 Days	3.02%	-0.97%
12 Months	21.27%	8.05%

33 Overlapping Holdings

Symbol	Grade	Weight in SPGM	Weight in FRI	Overlap
AHH	C	0.02%	0.07%	0.02%
AIV	D	0.02%	0.1%	0.02%
ALEX	B	0.01%	0.12%	0.01%
CHCT	F	0.03%	0.06%	0.03%
CLDT	F	0.01%	0.04%	0.01%
DEA	B	0.06%	0.11%	0.06%
DHC	C	0.0%	0.06%	0.0%
DLR	B	0.01%	4.65%	0.01%
DOC	B	0.05%	1.33%	0.05%
DRH	D	0.0%	0.17%	0.0%
EPRT	B	0.01%	0.42%	0.01%
EQIX	D	0.04%	6.92%	0.04%
EQR	A	0.06%	2.24%	0.06%
GMRE	C	0.01%	0.05%	0.01%
GOOD	C	0.04%	0.05%	0.04%
HST	D	0.0%	1.22%	0.0%
IIPR	B	0.02%	0.29%	0.02%
INN	D	0.0%	0.06%	0.0%
KIM	B	0.0%	1.2%	0.0%
LAND	C	0.0%	0.04%	0.0%
NXRT	B	0.06%	0.08%	0.06%
PKST	F	0.0%	0.04%	0.0%
PLD	C	0.23%	9.94%	0.23%
PSA	B	0.2%	4.34%	0.2%
REG	B	0.0%	0.98%	0.0%
RLJ	D	0.0%	0.14%	0.0%
ROIC	D	0.09%	0.15%	0.09%
SPG	B	0.13%	4.65%	0.13%
SVC	F	0.0%	0.08%	0.0%
UMH	C	0.08%	0.09%	0.08%
UNIT	F	0.0%	0.06%	0.0%
WSR	B	0.01%	0.06%	0.01%
XHR	D	0.0%	0.15%	0.0%

SPGM Overweight 925 Positions Relative to FRI

Symbol	Grade	Weight
NVDA	C	3.99%
AAPL	B	3.81%
MSFT	A	3.79%
AMZN	B	2.02%
META	B	1.37%
GOOG	A	1.21%
GOOGL	A	1.18%
AVGO	C	1.02%
TSM	B	1.0%
LLY	A	0.88%
JPM	B	0.8%
BRK.A	B	0.67%
XOM	C	0.66%
V	C	0.65%
TSLA	C	0.61%
COST	B	0.61%
UNH	D	0.58%
HD	C	0.52%
PG	A	0.51%
BAC	B	0.47%
MRK	A	0.44%
TMO	D	0.44%
AMAT	B	0.41%
QCOM	C	0.4%
TXN	B	0.4%
JNJ	F	0.39%
ABBV	B	0.39%
MA	C	0.39%
CRM	D	0.37%
ADBE	C	0.37%
ORCL	B	0.37%
WFC	D	0.36%
WMT	B	0.35%
CVX	C	0.35%
INTU	C	0.35%
TJX	A	0.34%
ABT	C	0.34%
NFLX	B	0.33%
LIN	B	0.33%
DHR	C	0.33%
AXP	C	0.31%
GS	B	0.31%
TM	D	0.31%
KO	A	0.31%
CSCO	C	0.3%
RTX	C	0.3%
PEP	C	0.29%
LOW	D	0.28%
DIS	C	0.28%
AMD	B	0.28%
CAT	C	0.27%
CB	B	0.26%
MCK	A	0.26%
BKNG	A	0.26%
C	C	0.25%
UNP	D	0.25%
ELV	B	0.24%
AMGN	B	0.24%
NVS	A	0.24%
ACN	C	0.24%
IBM	B	0.24%
NKE	C	0.24%
MS	B	0.24%
NEE	B	0.24%
GD	B	0.24%
LMT	A	0.23%
ETN	D	0.23%
AFL	A	0.22%
MDT	D	0.22%
A	C	0.22%
WM	B	0.22%
MCD	D	0.21%
CMI	C	0.21%
HON	A	0.21%
SPGI	B	0.21%
ADP	B	0.2%
ORLY	B	0.2%
ABBV	B	0.2%
PFE	C	0.2%
DE	D	0.19%
EMR	D	0.19%
COP	D	0.19%
CSX	D	0.19%
MPC	C	0.19%
SONY	D	0.19%
SYK	B	0.19%
ADI	B	0.19%
ROST	A	0.19%
SBUX	F	0.19%
BDX	D	0.18%
MET	C	0.18%
TRV	D	0.18%
T	A	0.18%
INTC	F	0.18%
AMT	C	0.17%
SCHW	C	0.17%
BABA	F	0.17%
UL	A	0.17%
TEL	B	0.17%
TT	B	0.17%
PM	A	0.17%
MMC	B	0.17%
JCI	B	0.16%
FDX	C	0.16%
CMCSA	D	0.16%
IBN	A	0.16%
MUFG	C	0.15%
PGR	C	0.15%
NOC	F	0.15%
CNI	D	0.15%
EOG	C	0.15%
NSC	D	0.15%
PRU	A	0.15%
AEP	D	0.15%
CVS	D	0.15%
BK	B	0.15%
DFS	B	0.15%
ALL	C	0.14%
VZ	B	0.14%
CL	A	0.14%
GILD	C	0.14%
INFY	B	0.14%
GE	D	0.14%
ECL	A	0.14%
IR	C	0.13%
SYY	C	0.13%
PEG	B	0.13%
CEG	B	0.13%
VLO	C	0.13%
ITW	D	0.13%
HSY	D	0.13%
CMG	B	0.13%
UBER	B	0.13%
PH	D	0.13%
BSX	A	0.13%
REGN	A	0.13%
GLW	A	0.13%
PNC	D	0.13%
TD	F	0.12%
UPS	F	0.12%
YUM	D	0.12%
KEYS	D	0.12%
HPQ	B	0.12%
COF	D	0.12%
NOW	B	0.12%
KMB	B	0.12%
TGT	C	0.12%
RDY	B	0.12%
HES	C	0.12%
BA	D	0.12%
CRWD	A	0.11%
EIX	D	0.11%
BMY	D	0.11%
CLX	D	0.11%
PYPL	D	0.11%
NTAP	B	0.11%
MU	C	0.11%
FAST	D	0.11%
CTSH	C	0.11%
PANW	B	0.1%
ADM	F	0.1%
ISRG	A	0.1%
EBAY	B	0.1%
MTB	C	0.1%
LRCX	B	0.1%
AZN	A	0.1%
BIIB	C	0.1%
USB	C	0.1%
MKC	D	0.1%
PDD	C	0.1%
MELI	C	0.09%
WDC	B	0.09%
SHOP	C	0.09%
CHT	C	0.09%
DUK	C	0.09%
ZTS	C	0.09%
HPE	B	0.08%
SJM	F	0.08%
VALE	F	0.08%
DEO	F	0.08%
VRTX	B	0.08%
MO	A	0.08%
DOW	D	0.08%
CHTR	C	0.08%
SLB	C	0.08%
CHD	C	0.08%
UMC	B	0.08%
F	C	0.08%
SMFG	B	0.08%
LYB	C	0.08%
EL	F	0.08%
DD	B	0.08%
GM	B	0.08%
CI	C	0.08%
CME	D	0.08%
MMM	B	0.08%
HDB	B	0.07%
WMB	A	0.07%
FE	D	0.07%
SO	B	0.07%
DLTR	F	0.07%
MRO	B	0.07%
CTVA	C	0.07%
PPL	C	0.07%
STX	B	0.07%
BLK	B	0.07%
TSN	C	0.07%
CHRW	B	0.07%
APD	C	0.07%
STLA	F	0.07%
BCS	C	0.06%
VRT	C	0.06%
MFG	C	0.06%
BAX	D	0.06%
CARR	B	0.06%
WIT	B	0.06%
HAL	D	0.06%
MDLZ	D	0.06%
GIS	C	0.06%
PSX	C	0.06%
EXC	D	0.06%
TCOM	D	0.06%
JNPR	B	0.06%
KLAC	B	0.06%
FTV	D	0.06%
STT	C	0.06%
OXY	C	0.06%
PKX	F	0.06%
ANET	B	0.06%
AON	C	0.06%
MRVL	C	0.05%
VLTO	B	0.05%
TTD	A	0.05%
FCX	C	0.05%
COIN	C	0.05%
NMR	C	0.05%
LW	C	0.05%
CAG	C	0.05%
ITUB	D	0.05%
K	D	0.05%
ABNB	C	0.05%
MRNA	C	0.05%
SMCI	C	0.05%
LYG	B	0.05%
PLTR	B	0.05%
TMUS	B	0.05%
SNPS	B	0.05%
E	D	0.05%
VGR	B	0.05%
BEN	D	0.05%
NEM	B	0.04%
KB	B	0.04%
SNOW	F	0.04%
LVS	F	0.04%
GEV	B	0.04%
TMDX	B	0.04%
FOXA	A	0.04%
MOD	C	0.04%
OTIS	C	0.04%
SYF	B	0.04%
BX	B	0.04%
KMI	A	0.03%
HCA	A	0.03%
DDOG	C	0.03%
AXNX	B	0.03%
DELL	B	0.03%
DXCM	D	0.03%
SHW	D	0.03%
WBA	F	0.03%
NET	C	0.03%
YUMC	F	0.03%
LNTH	B	0.03%
LNW	B	0.03%
KVUE	D	0.03%
BBD	F	0.03%
AXON	D	0.03%
PBR	D	0.03%
LDOS	A	0.03%
BIDU	F	0.03%
HMC	D	0.03%
MPWR	B	0.03%
BRSP	D	0.03%
SE	B	0.03%
ALLE	D	0.03%
HIMS	C	0.03%
DX	C	0.03%
TPR	C	0.03%
MTDR	D	0.02%
ENPH	D	0.02%
GGB	D	0.02%
TAL	D	0.02%
CVNA	A	0.02%
PLAY	F	0.02%
PARA	F	0.02%
URI	C	0.02%
QTWO	C	0.02%
KOS	D	0.02%
NUE	F	0.02%
MDB	D	0.02%
WBD	F	0.02%
CFG	C	0.02%
DVN	C	0.02%
ALLY	B	0.02%
APP	B	0.02%
SNAP	B	0.02%
DYN	B	0.02%
FICO	A	0.02%
LI	F	0.02%
HUBS	C	0.02%
MSTR	B	0.02%
ABEV	F	0.02%
AZEK	D	0.02%
TEAM	D	0.02%
GOLD	C	0.02%
CF	D	0.02%
BABA	F	0.02%
FTNT	F	0.02%
ZS	C	0.02%
HOV	D	0.02%
TAC	C	0.02%
CDNS	B	0.02%
TBBK	C	0.02%
WDAY	D	0.02%
LULU	F	0.02%
SHG	B	0.02%
MOS	D	0.02%
WTTR	B	0.02%
TTGT	C	0.02%
BKR	B	0.02%
FSLR	C	0.02%
GEHC	C	0.02%
CHX	C	0.02%
PINS	A	0.02%
MT	D	0.02%
DKNG	D	0.02%
RCL	A	0.02%
DASH	D	0.02%
FTI	C	0.02%
IFF	B	0.02%
ITCI	B	0.02%
SQ	D	0.02%
ALNY	A	0.01%
SONO	F	0.01%
JELD	F	0.01%
ANF	C	0.01%
RXRX	C	0.01%
BCRX	C	0.01%
FLNC	D	0.01%
PNR	D	0.01%
NSSC	B	0.01%
NVT	C	0.01%
BLFS	B	0.01%
BASE	D	0.01%
ATKR	F	0.01%
FBK	C	0.01%
CC	F	0.01%
DXC	C	0.01%
CARS	C	0.01%
CIFR	C	0.01%
BTU	D	0.01%
DNA	F	0.01%
BOOT	B	0.01%
PACK	C	0.01%
MEG	B	0.01%
PNTG	B	0.01%
SQM	F	0.01%
RPAY	B	0.01%
GNRC	D	0.01%
VITL	A	0.01%
RVLV	F	0.01%
CMPR	D	0.01%
ITRI	C	0.01%
RKLB	B	0.01%
ACLS	B	0.01%
IQ	F	0.01%
LOB	D	0.01%
AI	C	0.01%
ENVX	B	0.01%
U	F	0.01%
IMVT	D	0.01%
BE	C	0.01%
ELF	B	0.01%
PCH	F	0.01%
OGN	B	0.01%
AMR	F	0.01%
BGNE	D	0.01%
CASH	B	0.01%
LBRDK	D	0.01%
IDXX	D	0.01%
PHI	D	0.01%
INTA	C	0.01%
LASR	F	0.01%
GME	C	0.01%
KOP	F	0.01%
EXAS	F	0.01%
SLP	B	0.01%
XPO	D	0.01%
ELAN	B	0.01%
M	C	0.01%
ZETA	B	0.01%
CLNE	C	0.01%
PEN	F	0.01%
MITK	D	0.01%
AAON	C	0.01%
BZ	D	0.01%
PAY	F	0.01%
ROKU	F	0.01%
Z	C	0.01%
NOV	C	0.01%
W	F	0.01%
ULH	D	0.01%
RIOT	D	0.01%
RLX	D	0.01%
CLBT	B	0.01%
TGI	B	0.01%
FUTU	C	0.01%
JKS	F	0.01%
ACMR	D	0.01%
DOCU	D	0.01%
GSAT	F	0.01%
KD	B	0.01%
MCRI	C	0.01%
FOUR	C	0.01%
CPRX	D	0.01%
OSW	B	0.01%
XPEV	F	0.01%
JBI	D	0.01%
CENX	C	0.01%
TWLO	D	0.01%
SOFI	F	0.01%
ZTO	D	0.01%
DQ	F	0.01%
COLL	D	0.01%
ASPN	C	0.01%
MGNI	C	0.01%
PRTA	F	0.01%
YETI	C	0.01%
PHR	D	0.01%
VSTO	C	0.01%
EFC	B	0.01%
BZH	D	0.01%
AGNC	A	0.01%
PTCT	C	0.01%
PTEN	D	0.01%
SRPT	B	0.01%
COMP	D	0.01%
CZR	C	0.01%
RNA	B	0.01%
MNDY	C	0.01%
RCUS	D	0.01%
ALGN	F	0.01%
HASI	C	0.01%
ADSK	B	0.01%
EXPE	B	0.01%
SEMR	D	0.01%
RDNT	C	0.01%
OMI	F	0.01%
IDYA	D	0.01%
AKRO	C	0.01%
INMD	F	0.01%
BLBD	B	0.01%
CCS	D	0.01%
EVBG	C	0.01%
NXPI	B	0.01%
SQ	D	0.01%
ERJ	C	0.01%
CLDX	C	0.01%
MBIN	D	0.01%
TGTX	B	0.01%
POWL	C	0.01%
BHF	D	0.01%
EPAM	D	0.01%
MRC	D	0.01%
MHO	C	0.01%
AES	D	0.01%
MDGL	B	0.01%
THR	D	0.01%
HSTM	B	0.01%
AKO.A	B	0.01%
ALB	F	0.01%
GMS	D	0.01%
FIS	B	0.01%
BEKE	D	0.01%
TOST	C	0.01%
AFRM	B	0.01%
ILMN	D	0.01%
SID	F	0.01%
BBWI	D	0.01%
NIO	F	0.01%
MARA	C	0.01%
ENS	C	0.01%
MATX	A	0.01%
VTRS	D	0.01%
RYTM	B	0.01%
CROX	B	0.01%
FLNG	C	0.01%
SOLV	F	0.01%
OKTA	C	0.01%
RIVN	C	0.01%
VERX	B	0.01%
TREX	F	0.01%
TWST	C	0.01%
DVAX	F	0.01%
ABR	B	0.01%
GERN	C	0.01%
KEX	B	0.01%
GRBK	B	0.01%
ORA	C	0.01%
CNH	F	0.01%
ARWR	C	0.01%
NWSA	A	0.01%
PLMR	D	0.01%
APA	D	0.01%
INSP	F	0.01%
BLDR	F	0.01%
ADMA	B	0.01%
TME	B	0.01%
VNT	D	0.01%
AGYS	B	0.01%
CCL	B	0.01%
OII	C	0.01%
VEEV	D	0.01%
BBIO	F	0.01%
RBLX	C	0.01%
ACEL	D	0.01%
IMXI	D	0.01%
PBF	D	0.01%
VIPS	F	0.01%
ZM	F	0.01%
CLSK	C	0.01%
ON	D	0.01%
KSS	C	0.01%
SKY	D	0.01%
CELH	F	0.01%
TEVA	B	0.01%
SRG	F	0.0%
KRYS	B	0.0%
XPEV	F	0.0%
LI	F	0.0%
SMWB	C	0.0%
ALEC	F	0.0%
ZNTL	F	0.0%
MP	F	0.0%
JAMF	F	0.0%
JOBY	D	0.0%
ATUS	F	0.0%
TH	F	0.0%
OEC	D	0.0%
MORF	C	0.0%
OLMA	C	0.0%
DADA	F	0.0%
REPX	B	0.0%
CRNC	F	0.0%
CRCT	D	0.0%
FLWS	C	0.0%
RGNX	F	0.0%
AGL	D	0.0%
FNA	F	0.0%
BMBL	F	0.0%
TPB	B	0.0%
CGEM	D	0.0%
ASTH	C	0.0%
BOC	F	0.0%
SNCY	D	0.0%
GDS	B	0.0%
MCB	D	0.0%
DENN	D	0.0%
LGIH	F	0.0%
MLCO	C	0.0%
DAN	F	0.0%
MLNK	B	0.0%
EDIT	F	0.0%
PRVA	F	0.0%
TELL	C	0.0%
CABA	F	0.0%
FSBC	C	0.0%
FIGS	F	0.0%
ZEUS	F	0.0%
OVV	D	0.0%
CEVA	F	0.0%
SHEN	F	0.0%
OLO	F	0.0%
KE	D	0.0%
GDOT	C	0.0%
LUMN	F	0.0%
FLGT	D	0.0%
PFC	D	0.0%
MRVI	F	0.0%
VERV	F	0.0%
MGPI	F	0.0%
ORLA	D	0.0%
TMCI	F	0.0%
LSCC	F	0.0%
LAW	F	0.0%
CTKB	F	0.0%
SAVA	F	0.0%
QFIN	B	0.0%
CNDT	D	0.0%
BEAM	C	0.0%
MNSO	F	0.0%
EYE	F	0.0%
AMRC	C	0.0%
TRUP	B	0.0%
PDFS	B	0.0%
MXL	C	0.0%
HOG	F	0.0%
APPN	D	0.0%
VIR	F	0.0%
RENB	C	0.0%
ELVN	C	0.0%
APTV	F	0.0%
MAT	F	0.0%
SGRY	F	0.0%
CECO	B	0.0%
NKLA	F	0.0%
SHC	C	0.0%
ZUO	D	0.0%
MAX	D	0.0%
LPRO	D	0.0%
VNET	C	0.0%
DH	F	0.0%
HAE	D	0.0%
KRUS	F	0.0%
NCNO	B	0.0%
HIBB	A	0.0%
NMIH	B	0.0%
PARR	F	0.0%
SOUN	D	0.0%
NABL	A	0.0%
SANA	F	0.0%
MDXG	F	0.0%
ETNB	F	0.0%
IBP	D	0.0%
BVN	C	0.0%
THO	F	0.0%
OSPN	C	0.0%
XPOF	B	0.0%
DGII	F	0.0%
WOLF	D	0.0%
ICHR	D	0.0%
GRPN	C	0.0%
GOGO	F	0.0%
FUBO	F	0.0%
YOU	B	0.0%
HURN	C	0.0%
CUBI	C	0.0%
CEIX	B	0.0%
LMND	C	0.0%
MODN	B	0.0%
IRTC	C	0.0%
BROS	A	0.0%
SWBI	D	0.0%
ALHC	C	0.0%
COTY	D	0.0%
CXM	D	0.0%
CAR	D	0.0%
ALTG	F	0.0%
CALX	C	0.0%
AMC	D	0.0%
TLRY	F	0.0%
DNOW	C	0.0%
S	D	0.0%
VCYT	C	0.0%
ATEN	D	0.0%
PACB	F	0.0%
IDT	D	0.0%
SABR	F	0.0%
RVNC	F	0.0%
CRSR	F	0.0%
RIG	F	0.0%
LILAK	B	0.0%
SEDG	F	0.0%
KNSA	C	0.0%
AOSL	A	0.0%
THRM	F	0.0%
PDFS	B	0.0%
GKOS	B	0.0%
UVV	D	0.0%
ESTA	D	0.0%
NARI	C	0.0%
ADUS	A	0.0%
QTRX	F	0.0%
ENVA	C	0.0%
SITM	B	0.0%
OSUR	F	0.0%
ENIC	D	0.0%
ULCC	F	0.0%
SM	C	0.0%
ATRO	B	0.0%
FVRR	D	0.0%
LWLG	F	0.0%
HAYN	D	0.0%
VSCO	F	0.0%
APLS	F	0.0%
SIBN	F	0.0%
HAYW	D	0.0%
HRI	D	0.0%
NOVA	C	0.0%
TASK	C	0.0%
GLBE	C	0.0%
AA	C	0.0%
SHLS	F	0.0%
CHEF	A	0.0%
RXST	D	0.0%
DHI	D	0.0%
AMRK	C	0.0%
PENN	C	0.0%
HL	D	0.0%
MQ	D	0.0%
CCB	C	0.0%
IAS	D	0.0%
ATEC	F	0.0%
DBI	D	0.0%
ACHR	D	0.0%
PCVX	B	0.0%
YY	F	0.0%
NVRI	C	0.0%
LCID	F	0.0%
EMBC	C	0.0%
PUBM	D	0.0%
LAZR	F	0.0%
NNDM	F	0.0%
CLF	F	0.0%
MNTK	C	0.0%
ATHM	B	0.0%
GH	C	0.0%
ARLO	C	0.0%
AVNS	F	0.0%
IAG	C	0.0%
AX	C	0.0%
IIIV	D	0.0%
NEXT	B	0.0%
CYRX	F	0.0%
PRO	D	0.0%
VZIO	B	0.0%
SIGA	C	0.0%
YEXT	F	0.0%
FIZZ	B	0.0%
UCTT	B	0.0%
XPRO	B	0.0%
RRC	D	0.0%
BRBR	C	0.0%
ARDX	F	0.0%
HTHT	F	0.0%
NTRA	B	0.0%
TITN	F	0.0%
CYTK	F	0.0%
WGO	F	0.0%
CCBG	D	0.0%
RVMD	B	0.0%
FC	D	0.0%
NEOG	C	0.0%
GRAB	C	0.0%
RKT	C	0.0%
FSLY	F	0.0%
FRSH	F	0.0%
VRDN	D	0.0%
PL	D	0.0%
SQSP	A	0.0%
STAA	C	0.0%
QNST	D	0.0%
PODD	B	0.0%
GXO	F	0.0%
BXC	F	0.0%
CNC	D	0.0%
MOMO	B	0.0%
DFH	F	0.0%
AR	B	0.0%
AXSM	B	0.0%
DUOL	B	0.0%
SPWR	D	0.0%
CFLT	F	0.0%
CSTL	D	0.0%
ZI	F	0.0%
MTW	F	0.0%
FIVN	F	0.0%
NVCR	C	0.0%
EVRI	C	0.0%
NX	F	0.0%
GNK	C	0.0%
LEU	C	0.0%
WRBY	C	0.0%
VRNS	C	0.0%
NCLH	B	0.0%
UEC	F	0.0%
BURL	A	0.0%
EB	F	0.0%
UWMC	C	0.0%
APPF	B	0.0%
ACCD	F	0.0%
CERT	F	0.0%
BIGC	C	0.0%
FSM	D	0.0%
PRG	B	0.0%
MTCH	F	0.0%
RNG	F	0.0%
ADNT	F	0.0%
SNDX	D	0.0%
FROG	C	0.0%
PFSI	B	0.0%
BYND	F	0.0%
PCG	C	0.0%
PAR	B	0.0%
LSPD	D	0.0%
SDGR	F	0.0%
BRZE	F	0.0%
PTGX	C	0.0%
NUVL	B	0.0%
FDMT	D	0.0%
PTON	D	0.0%
PCT	C	0.0%
DCO	B	0.0%
KHC	D	0.0%
TTWO	B	0.0%
PGC	F	0.0%
FCEL	F	0.0%
UPWK	D	0.0%
REZI	D	0.0%
TNDM	C	0.0%
ENFN	F	0.0%
VVI	D	0.0%
PETQ	B	0.0%
PHAT	C	0.0%
KC	F	0.0%
TXG	F	0.0%
TRNS	C	0.0%
DIN	F	0.0%
IBUY	B	0.0%
OPEN	F	0.0%
PRCT	C	0.0%
ACVA	C	0.0%
GDYN	C	0.0%
TUYA	F	0.0%
WEAV	F	0.0%
CASS	D	0.0%
VGR	B	0.0%
DOCN	F	0.0%
PLUG	F	0.0%
LYFT	F	0.0%
CIG	C	0.0%
HSII	C	0.0%
WIRE	B	0.0%
SITE	F	0.0%
CRMT	D	0.0%
PLPC	D	0.0%
CHGX	A	0.0%
EXTR	C	0.0%
SAM	C	0.0%
AUR	D	0.0%
OSCR	D	0.0%
RGEN	F	0.0%
KEP	F	0.0%
HUYA	D	0.0%
NTLA	C	0.0%
ARVN	F	0.0%
ETSY	F	0.0%
CSGP	F	0.0%
SPR	C	0.0%
KLG	F	0.0%
AMG	C	0.0%
ZLAB	C	0.0%
BILI	B	0.0%
HEES	F	0.0%
UPST	F	0.0%
KREF	D	0.0%
ARCT	F	0.0%
VMEO	D	0.0%
IIIN	D	0.0%
INSW	B	0.0%
GDRX	C	0.0%
HCP	A	0.0%
KYMR	D	0.0%
PATH	D	0.0%
FLYW	F	0.0%
ALKT	C	0.0%
CHPT	F	0.0%
DDD	F	0.0%
TIGR	C	0.0%
ASAN	D	0.0%
GPN	F	0.0%
NEO	F	0.0%
EQT	D	0.0%
DMRC	C	0.0%
RUN	C	0.0%
CTLP	C	0.0%
SPT	F	0.0%
TIGO	B	0.0%
INDI	D	0.0%
LEGH	C	0.0%
ODFL	D	0.0%
DT	F	0.0%
AUPH	C	0.0%
ESTC	C	0.0%
QS	F	0.0%
DOCS	C	0.0%
WIX	C	0.0%
BILL	F	0.0%
CYH	F	0.0%
EA	B	0.0%
USLM	B	0.0%
TDOC	F	0.0%
CDE	C	0.0%
VICR	F	0.0%
EXPI	F	0.0%
RCKT	C	0.0%
ARRY	F	0.0%
AMPS	D	0.0%
PIXY	F	0.0%
BJRI	B	0.0%
LIND	B	0.0%
CIB	D	0.0%
VPG	F	0.0%
PLAB	F	0.0%
GTLB	F	0.0%
RAMP	D	0.0%
ROCK	D	0.0%
RDFN	F	0.0%
NVAX	C	0.0%
EVH	F	0.0%
CCO	F	0.0%
WRLD	F	0.0%
SRRK	F	0.0%
COHR	B	0.0%
VKTX	D	0.0%
SMAR	B	0.0%

SPGM Underweight 93 Positions Relative to FRI

Symbol	Grade	Weight
WELL	B	-5.55%
O	D	-4.27%
EXR	B	-3.16%
VICI	D	-2.82%
AVB	A	-2.76%
IRM	A	-2.49%
INVH	A	-1.97%
VTR	A	-1.95%
ESS	B	-1.75%
ARE	C	-1.75%
MAA	B	-1.57%
SUI	C	-1.39%
UDR	B	-1.18%
WPC	D	-1.17%
GLPI	C	-1.13%
CPT	A	-1.12%
ELS	C	-1.12%
AMH	B	-1.1%
CUBE	B	-0.96%
REXR	C	-0.92%
BXP	B	-0.86%
EGP	C	-0.77%
OHI	A	-0.77%
NNN	B	-0.74%
FRT	D	-0.71%
COLD	C	-0.66%
BRX	B	-0.65%
STAG	C	-0.62%
FR	C	-0.61%
ADC	B	-0.6%
RHP	D	-0.58%
AIRC	A	-0.54%
TRNO	C	-0.53%
KRG	B	-0.46%
VNO	B	-0.39%
IRT	A	-0.39%
PECO	C	-0.38%
SLG	B	-0.36%
CUZ	D	-0.34%
KRC	F	-0.33%
CTRE	C	-0.32%
SBRA	A	-0.32%
NSA	B	-0.31%
EPR	C	-0.3%
APLE	D	-0.3%
MAC	D	-0.3%
PK	D	-0.3%
BNL	B	-0.28%
MPW	C	-0.28%
NHI	B	-0.28%
SKT	D	-0.28%
HIW	B	-0.26%
LXP	B	-0.25%
SITC	B	-0.25%
DEI	C	-0.21%
FCPT	B	-0.21%
EQC	B	-0.2%
SHO	D	-0.2%
UE	A	-0.2%
AKR	B	-0.17%
IVT	D	-0.16%
PEB	D	-0.16%
GNL	F	-0.14%
GTY	D	-0.13%
LTC	B	-0.13%
ESRT	D	-0.12%
JBGS	C	-0.12%
NTST	D	-0.11%
CSR	B	-0.1%
AAT	B	-0.1%
PDM	B	-0.09%
BDN	D	-0.08%
PGRE	D	-0.07%
PLYM	C	-0.07%
HPP	F	-0.06%
BFS	D	-0.05%
UHT	C	-0.05%
FPI	B	-0.05%
CBL	B	-0.05%
OLP	B	-0.04%
ALX	B	-0.04%
PSTL	D	-0.03%
CTO	B	-0.03%
NXDT	D	-0.02%
PINE	C	-0.02%
CIO	C	-0.02%
BRT	D	-0.02%
ILPT	F	-0.02%
OPI	C	-0.01%
BHR	C	-0.01%
FSP	F	-0.01%
AHT	F	-0.0%
CLPR	F	-0.0%