SPY vs. PHDG ETF Comparison

Comparison of SPDR S&P 500 (SPY) to PowerShares S&P 500 Downside Hedged Portfolio (PHDG)

SPY

SPDR S&P 500

SPY Description

The investment seeks to provide investment results that, before expenses, generally correspond to the price and yield performance of the S&P 500 Index. The Trust holds the Portfolio and cash and is not actively "managed" by traditional methods. To maintain the correspondence between the composition and weightings of Portfolio Securities and component stocks of the S&P 500 Index, the Trustee adjusts the Portfolio from time to time to conform to periodic changes in the identity and/or relative weightings of Index Securities.

Grade (RS Rating)

Last Trade

$595.51

Average Daily Volume

43,227,909

Number of Holdings ^*

499

* 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

$38.30

Average Daily Volume

12,482

Number of Holdings ^*

499

* may have additional holdings in another (foreign) market

Performance

Period	SPY	PHDG
30 Days	3.03%	0.66%
60 Days	4.54%	1.51%
90 Days	6.26%	1.58%
12 Months	32.65%	18.52%

499 Overlapping Holdings

Symbol	Grade	Weight in SPY	Weight in PHDG	Overlap
A	D	0.08%	0.04%	0.04%
AAPL	C	6.89%	3.74%	3.74%
ABBV	D	0.6%	0.32%	0.32%
ABNB	C	0.12%	0.06%	0.06%
ABT	B	0.4%	0.22%	0.22%
ACGL	D	0.07%	0.04%	0.04%
ACN	C	0.45%	0.24%	0.24%
ADBE	C	0.47%	0.25%	0.25%
ADI	D	0.21%	0.11%	0.11%
ADM	D	0.05%	0.03%	0.03%
ADP	B	0.24%	0.13%	0.13%
ADSK	A	0.13%	0.07%	0.07%
AEE	A	0.05%	0.03%	0.03%
AEP	D	0.1%	0.05%	0.05%
AES	F	0.02%	0.01%	0.01%
AFL	B	0.11%	0.06%	0.06%
AIG	B	0.1%	0.05%	0.05%
AIZ	A	0.02%	0.01%	0.01%
AJG	B	0.13%	0.07%	0.07%
AKAM	D	0.03%	0.01%	0.01%
ALB	C	0.02%	0.01%	0.01%
ALGN	D	0.03%	0.02%	0.02%
ALL	A	0.1%	0.06%	0.06%
ALLE	D	0.02%	0.01%	0.01%
AMAT	F	0.31%	0.17%	0.17%
AMCR	D	0.03%	0.02%	0.02%
AMD	F	0.45%	0.24%	0.24%
AME	A	0.09%	0.05%	0.05%
AMGN	D	0.32%	0.17%	0.17%
AMP	A	0.11%	0.06%	0.06%
AMT	D	0.18%	0.1%	0.1%
AMZN	C	3.92%	2.13%	2.13%
ANET	C	0.2%	0.11%	0.11%
ANSS	B	0.06%	0.03%	0.03%
AON	A	0.16%	0.09%	0.09%
AOS	F	0.02%	0.01%	0.01%
APA	D	0.02%	0.01%	0.01%
APD	A	0.14%	0.08%	0.08%
APH	A	0.17%	0.09%	0.09%
APTV	D	0.03%	0.02%	0.02%
ARE	D	0.03%	0.02%	0.02%
ATO	A	0.04%	0.02%	0.02%
AVB	B	0.06%	0.03%	0.03%
AVGO	D	1.58%	0.86%	0.86%
AVY	D	0.03%	0.02%	0.02%
AWK	D	0.05%	0.03%	0.03%
AXON	A	0.09%	0.05%	0.05%
AXP	A	0.32%	0.17%	0.17%
AZO	C	0.11%	0.06%	0.06%
BA	F	0.2%	0.11%	0.11%
BAC	A	0.62%	0.33%	0.33%
BALL	D	0.04%	0.02%	0.02%
BAX	D	0.03%	0.02%	0.02%
BBY	D	0.04%	0.02%	0.02%
BDX	F	0.13%	0.07%	0.07%
BEN	C	0.01%	0.01%	0.01%
BG	F	0.02%	0.01%	0.01%
BIIB	F	0.05%	0.03%	0.03%
BK	A	0.11%	0.06%	0.06%
BKNG	A	0.33%	0.18%	0.18%
BKR	B	0.09%	0.05%	0.05%
BLDR	D	0.04%	0.02%	0.02%
BLK	C	0.29%	0.16%	0.16%
BMY	B	0.24%	0.13%	0.13%
BR	A	0.05%	0.03%	0.03%
BRK.A	B	1.7%	0.92%	0.92%
BRO	B	0.05%	0.03%	0.03%
BSX	B	0.26%	0.14%	0.14%
BWA	D	0.02%	0.01%	0.01%
BX	A	0.26%	0.14%	0.14%
BXP	D	0.02%	0.01%	0.01%
C	A	0.26%	0.14%	0.14%
CAG	D	0.03%	0.01%	0.01%
CAH	B	0.06%	0.03%	0.03%
CARR	D	0.13%	0.07%	0.07%
CAT	B	0.37%	0.2%	0.2%
CB	C	0.21%	0.12%	0.12%
CBOE	B	0.04%	0.02%	0.02%
CBRE	B	0.08%	0.04%	0.04%
CCI	D	0.09%	0.05%	0.05%
CCL	B	0.05%	0.03%	0.03%
CDNS	B	0.16%	0.09%	0.09%
CDW	F	0.05%	0.03%	0.03%
CE	F	0.02%	0.01%	0.01%
CEG	D	0.14%	0.08%	0.08%
CF	B	0.03%	0.02%	0.02%
CFG	B	0.04%	0.02%	0.02%
CHD	B	0.05%	0.03%	0.03%
CHRW	C	0.03%	0.01%	0.01%
CHTR	C	0.08%	0.04%	0.04%
CI	F	0.18%	0.1%	0.1%
CINF	A	0.05%	0.03%	0.03%
CL	D	0.15%	0.08%	0.08%
CLX	B	0.04%	0.02%	0.02%
CMCSA	B	0.33%	0.18%	0.18%
CME	A	0.16%	0.09%	0.09%
CMG	B	0.16%	0.09%	0.09%
CMI	A	0.1%	0.05%	0.05%
CMS	C	0.04%	0.02%	0.02%
CNC	D	0.06%	0.03%	0.03%
CNP	B	0.04%	0.02%	0.02%
COF	B	0.14%	0.08%	0.08%
COP	C	0.26%	0.14%	0.14%
COR	B	0.08%	0.05%	0.05%
COST	B	0.81%	0.44%	0.44%
CPAY	A	0.05%	0.03%	0.03%
CPB	D	0.02%	0.01%	0.01%
CPRT	A	0.1%	0.05%	0.05%
CPT	B	0.03%	0.01%	0.01%
CRL	C	0.02%	0.01%	0.01%
CRM	B	0.64%	0.35%	0.35%
CRWD	B	0.16%	0.09%	0.09%
CSCO	B	0.46%	0.25%	0.25%
CSGP	D	0.06%	0.03%	0.03%
CSX	B	0.14%	0.07%	0.07%
CTAS	B	0.15%	0.08%	0.08%
CTLT	B	0.02%	0.01%	0.01%
CTRA	B	0.04%	0.02%	0.02%
CTSH	B	0.08%	0.04%	0.04%
CTVA	C	0.08%	0.04%	0.04%
CVS	D	0.14%	0.07%	0.07%
CVX	A	0.55%	0.3%	0.3%
CZR	F	0.02%	0.01%	0.01%
D	C	0.09%	0.05%	0.05%
DAL	C	0.08%	0.04%	0.04%
DAY	B	0.02%	0.01%	0.01%
DD	D	0.07%	0.04%	0.04%
DE	A	0.2%	0.11%	0.11%
DECK	A	0.05%	0.03%	0.03%
DELL	C	0.08%	0.04%	0.04%
DFS	B	0.09%	0.05%	0.05%
DG	F	0.03%	0.02%	0.02%
DGX	A	0.03%	0.02%	0.02%
DHI	D	0.1%	0.05%	0.05%
DHR	F	0.31%	0.17%	0.17%
DIS	B	0.39%	0.21%	0.21%
DLR	B	0.11%	0.06%	0.06%
DLTR	F	0.03%	0.01%	0.01%
DOC	D	0.03%	0.02%	0.02%
DOV	A	0.06%	0.03%	0.03%
DOW	F	0.06%	0.03%	0.03%
DPZ	C	0.03%	0.02%	0.02%
DRI	B	0.04%	0.02%	0.02%
DTE	C	0.05%	0.03%	0.03%
DUK	C	0.17%	0.09%	0.09%
DVA	B	0.01%	0.01%	0.01%
DVN	F	0.05%	0.03%	0.03%
DXCM	D	0.06%	0.03%	0.03%
EA	A	0.08%	0.04%	0.04%
EBAY	D	0.06%	0.03%	0.03%
ECL	D	0.12%	0.07%	0.07%
ED	D	0.07%	0.04%	0.04%
EFX	F	0.06%	0.03%	0.03%
EG	C	0.03%	0.02%	0.02%
EIX	B	0.06%	0.03%	0.03%
EL	F	0.03%	0.02%	0.02%
ELV	F	0.19%	0.1%	0.1%
EMN	D	0.02%	0.01%	0.01%
EMR	A	0.15%	0.08%	0.08%
ENPH	F	0.02%	0.01%	0.01%
EOG	A	0.15%	0.08%	0.08%
EPAM	C	0.03%	0.02%	0.02%
EQIX	A	0.17%	0.09%	0.09%
EQR	B	0.05%	0.03%	0.03%
EQT	B	0.05%	0.03%	0.03%
ERIE	D	0.02%	0.01%	0.01%
ES	D	0.04%	0.02%	0.02%
ESS	B	0.04%	0.02%	0.02%
ETN	A	0.29%	0.16%	0.16%
ETR	B	0.06%	0.03%	0.03%
EVRG	A	0.03%	0.02%	0.02%
EW	C	0.08%	0.04%	0.04%
EXC	C	0.08%	0.04%	0.04%
EXPD	D	0.03%	0.02%	0.02%
EXPE	B	0.05%	0.02%	0.02%
EXR	D	0.07%	0.04%	0.04%
F	C	0.09%	0.05%	0.05%
FANG	D	0.07%	0.04%	0.04%
FAST	B	0.09%	0.05%	0.05%
FCX	D	0.12%	0.07%	0.07%
FDS	B	0.04%	0.02%	0.02%
FDX	B	0.13%	0.07%	0.07%
FE	C	0.04%	0.02%	0.02%
FFIV	B	0.03%	0.02%	0.02%
FI	A	0.24%	0.13%	0.13%
FICO	B	0.11%	0.06%	0.06%
FIS	C	0.1%	0.05%	0.05%
FITB	A	0.06%	0.03%	0.03%
FMC	D	0.01%	0.01%	0.01%
FOX	A	0.01%	0.01%	0.01%
FOXA	B	0.02%	0.01%	0.01%
FRT	B	0.02%	0.01%	0.01%
FSLR	F	0.04%	0.02%	0.02%
FTNT	C	0.12%	0.06%	0.06%
FTV	C	0.05%	0.03%	0.03%
GD	F	0.15%	0.08%	0.08%
GDDY	A	0.05%	0.03%	0.03%
GE	D	0.38%	0.21%	0.21%
GEHC	F	0.08%	0.04%	0.04%
GEN	B	0.03%	0.02%	0.02%
GEV	B	0.18%	0.1%	0.1%
GILD	C	0.23%	0.12%	0.12%
GIS	D	0.07%	0.04%	0.04%
GL	B	0.02%	0.01%	0.01%
GLW	B	0.07%	0.04%	0.04%
GM	B	0.13%	0.07%	0.07%
GNRC	B	0.02%	0.01%	0.01%
GOOG	C	1.69%	0.92%	0.92%
GOOGL	C	2.04%	1.11%	1.11%
GPC	D	0.03%	0.02%	0.02%
GPN	B	0.06%	0.03%	0.03%
GRMN	B	0.06%	0.03%	0.03%
GS	A	0.37%	0.2%	0.2%
GWW	B	0.1%	0.06%	0.06%
HAL	C	0.05%	0.03%	0.03%
HAS	D	0.02%	0.01%	0.01%
HBAN	A	0.05%	0.03%	0.03%
HCA	F	0.13%	0.07%	0.07%
HD	A	0.8%	0.43%	0.43%
HES	B	0.08%	0.04%	0.04%
HIG	B	0.07%	0.04%	0.04%
HII	D	0.02%	0.01%	0.01%
HLT	A	0.12%	0.07%	0.07%
HOLX	D	0.04%	0.02%	0.02%
HON	B	0.3%	0.16%	0.16%
HPE	B	0.06%	0.03%	0.03%
HPQ	B	0.07%	0.04%	0.04%
HRL	D	0.02%	0.01%	0.01%
HSIC	B	0.02%	0.01%	0.01%
HST	C	0.02%	0.01%	0.01%
HSY	F	0.05%	0.03%	0.03%
HUBB	B	0.05%	0.03%	0.03%
HUM	C	0.07%	0.04%	0.04%
HWM	A	0.09%	0.05%	0.05%
IBM	C	0.38%	0.21%	0.21%
ICE	C	0.18%	0.1%	0.1%
IDXX	F	0.07%	0.04%	0.04%
IEX	B	0.03%	0.02%	0.02%
IFF	D	0.05%	0.02%	0.02%
INCY	C	0.02%	0.01%	0.01%
INTC	D	0.21%	0.12%	0.12%
INTU	C	0.39%	0.21%	0.21%
INVH	D	0.04%	0.02%	0.02%
IP	B	0.04%	0.02%	0.02%
IPG	D	0.02%	0.01%	0.01%
IQV	D	0.07%	0.04%	0.04%
IR	B	0.08%	0.04%	0.04%
IRM	D	0.07%	0.04%	0.04%
ISRG	A	0.38%	0.21%	0.21%
IT	C	0.08%	0.04%	0.04%
ITW	B	0.14%	0.08%	0.08%
IVZ	B	0.02%	0.01%	0.01%
J	F	0.04%	0.02%	0.02%
JBHT	C	0.03%	0.02%	0.02%
JBL	B	0.03%	0.02%	0.02%
JCI	C	0.11%	0.06%	0.06%
JKHY	D	0.02%	0.01%	0.01%
JNJ	D	0.73%	0.39%	0.39%
JNPR	F	0.03%	0.01%	0.01%
JPM	A	1.37%	0.74%	0.74%
K	A	0.04%	0.02%	0.02%
KDP	D	0.07%	0.04%	0.04%
KEY	B	0.04%	0.02%	0.02%
KEYS	A	0.05%	0.03%	0.03%
KHC	F	0.06%	0.03%	0.03%
KIM	A	0.03%	0.02%	0.02%
KKR	A	0.2%	0.11%	0.11%
KLAC	D	0.17%	0.09%	0.09%
KMB	D	0.09%	0.05%	0.05%
KMI	A	0.1%	0.06%	0.06%
KMX	B	0.02%	0.01%	0.01%
KO	D	0.48%	0.26%	0.26%
KR	B	0.08%	0.04%	0.04%
KVUE	A	0.09%	0.05%	0.05%
L	A	0.03%	0.02%	0.02%
LDOS	C	0.04%	0.02%	0.02%
LEN	D	0.08%	0.04%	0.04%
LH	C	0.04%	0.02%	0.02%
LHX	C	0.09%	0.05%	0.05%
LIN	D	0.43%	0.23%	0.23%
LKQ	D	0.02%	0.01%	0.01%
LLY	F	1.23%	0.67%	0.67%
LMT	D	0.23%	0.12%	0.12%
LNT	A	0.03%	0.02%	0.02%
LOW	D	0.31%	0.17%	0.17%
LRCX	F	0.19%	0.11%	0.11%
LULU	C	0.08%	0.04%	0.04%
LUV	C	0.04%	0.02%	0.02%
LVS	C	0.03%	0.02%	0.02%
LW	C	0.02%	0.01%	0.01%
LYB	F	0.04%	0.02%	0.02%
LYV	A	0.04%	0.02%	0.02%
MA	C	0.85%	0.46%	0.46%
MAA	B	0.04%	0.02%	0.02%
MAR	B	0.13%	0.07%	0.07%
MAS	D	0.03%	0.02%	0.02%
MCD	D	0.43%	0.23%	0.23%
MCHP	D	0.07%	0.04%	0.04%
MCK	B	0.16%	0.09%	0.09%
MCO	B	0.15%	0.08%	0.08%
MDLZ	F	0.17%	0.09%	0.09%
MDT	D	0.22%	0.12%	0.12%
MET	A	0.1%	0.05%	0.05%
META	D	2.5%	1.36%	1.36%
MGM	D	0.02%	0.01%	0.01%
MHK	D	0.01%	0.01%	0.01%
MKC	D	0.04%	0.02%	0.02%
MKTX	D	0.02%	0.01%	0.01%
MLM	B	0.07%	0.04%	0.04%
MMC	B	0.22%	0.12%	0.12%
MMM	D	0.14%	0.08%	0.08%
MNST	C	0.08%	0.04%	0.04%
MO	A	0.19%	0.1%	0.1%
MOH	F	0.04%	0.02%	0.02%
MOS	F	0.02%	0.01%	0.01%
MPC	D	0.11%	0.06%	0.06%
MPWR	F	0.06%	0.03%	0.03%
MRK	F	0.5%	0.27%	0.27%
MRNA	F	0.03%	0.01%	0.01%
MRO	B	0.03%	0.02%	0.02%
MS	A	0.33%	0.18%	0.18%
MSCI	C	0.09%	0.05%	0.05%
MSFT	F	6.3%	3.42%	3.42%
MSI	B	0.16%	0.09%	0.09%
MTB	A	0.07%	0.04%	0.04%
MTCH	D	0.02%	0.01%	0.01%
MTD	D	0.05%	0.03%	0.03%
MU	D	0.22%	0.12%	0.12%
NCLH	B	0.02%	0.01%	0.01%
NDAQ	A	0.06%	0.03%	0.03%
NDSN	B	0.03%	0.02%	0.02%
NEE	D	0.31%	0.17%	0.17%
NEM	D	0.09%	0.05%	0.05%
NFLX	A	0.71%	0.39%	0.39%
NI	A	0.03%	0.02%	0.02%
NKE	D	0.18%	0.1%	0.1%
NOC	D	0.14%	0.07%	0.07%
NOW	A	0.43%	0.23%	0.23%
NRG	B	0.04%	0.02%	0.02%
NSC	B	0.12%	0.06%	0.06%
NTAP	C	0.05%	0.03%	0.03%
NTRS	A	0.04%	0.02%	0.02%
NUE	C	0.07%	0.04%	0.04%
NVDA	C	7.17%	3.89%	3.89%
NVR	D	0.06%	0.03%	0.03%
NWS	B	0.01%	0.0%	0.0%
NWSA	B	0.02%	0.01%	0.01%
NXPI	D	0.11%	0.06%	0.06%
O	D	0.1%	0.05%	0.05%
ODFL	B	0.08%	0.05%	0.05%
OKE	A	0.13%	0.07%	0.07%
OMC	C	0.04%	0.02%	0.02%
ON	D	0.06%	0.03%	0.03%
ORCL	B	0.59%	0.32%	0.32%
ORLY	B	0.14%	0.08%	0.08%
OTIS	C	0.08%	0.04%	0.04%
OXY	D	0.07%	0.04%	0.04%
PANW	C	0.25%	0.14%	0.14%
PARA	C	0.01%	0.01%	0.01%
PAYC	B	0.02%	0.01%	0.01%
PAYX	C	0.09%	0.05%	0.05%
PCAR	B	0.12%	0.07%	0.07%
PCG	A	0.09%	0.05%	0.05%
PEG	A	0.09%	0.05%	0.05%
PEP	F	0.45%	0.24%	0.24%
PFE	D	0.29%	0.16%	0.16%
PFG	D	0.04%	0.02%	0.02%
PG	A	0.78%	0.42%	0.42%
PGR	A	0.3%	0.16%	0.16%
PH	A	0.18%	0.1%	0.1%
PHM	D	0.05%	0.03%	0.03%
PKG	A	0.04%	0.02%	0.02%
PLD	D	0.21%	0.11%	0.11%
PLTR	B	0.24%	0.13%	0.13%
PM	B	0.4%	0.21%	0.21%
PNC	B	0.16%	0.09%	0.09%
PNR	A	0.03%	0.02%	0.02%
PNW	B	0.02%	0.01%	0.01%
PODD	C	0.04%	0.02%	0.02%
POOL	C	0.03%	0.01%	0.01%
PPG	F	0.06%	0.03%	0.03%
PPL	B	0.05%	0.03%	0.03%
PRU	A	0.09%	0.05%	0.05%
PSA	D	0.1%	0.06%	0.06%
PSX	C	0.11%	0.06%	0.06%
PTC	A	0.05%	0.02%	0.02%
PWR	A	0.09%	0.05%	0.05%
PYPL	B	0.17%	0.09%	0.09%
QCOM	F	0.36%	0.2%	0.2%
QRVO	F	0.01%	0.01%	0.01%
RCL	A	0.11%	0.06%	0.06%
REG	B	0.02%	0.01%	0.01%
REGN	F	0.16%	0.09%	0.09%
RF	A	0.05%	0.03%	0.03%
RJF	A	0.06%	0.03%	0.03%
RL	B	0.02%	0.01%	0.01%
RMD	C	0.07%	0.04%	0.04%
ROK	B	0.06%	0.04%	0.04%
ROL	B	0.03%	0.02%	0.02%
ROP	B	0.12%	0.07%	0.07%
ROST	C	0.09%	0.05%	0.05%
RSG	A	0.08%	0.05%	0.05%
RTX	C	0.31%	0.17%	0.17%
RVTY	F	0.03%	0.02%	0.02%
SBAC	D	0.05%	0.03%	0.03%
SBUX	A	0.22%	0.12%	0.12%
SCHW	B	0.24%	0.13%	0.13%
SHW	A	0.18%	0.1%	0.1%
SJM	D	0.02%	0.01%	0.01%
SLB	C	0.12%	0.07%	0.07%
SMCI	F	0.02%	0.01%	0.01%
SNA	A	0.04%	0.02%	0.02%
SNPS	B	0.17%	0.09%	0.09%
SO	D	0.19%	0.1%	0.1%
SOLV	C	0.02%	0.01%	0.01%
SPG	B	0.11%	0.06%	0.06%
SPGI	C	0.32%	0.18%	0.18%
SRE	A	0.11%	0.06%	0.06%
STE	F	0.04%	0.02%	0.02%
STLD	B	0.04%	0.02%	0.02%
STT	A	0.06%	0.03%	0.03%
STX	D	0.04%	0.02%	0.02%
STZ	D	0.08%	0.04%	0.04%
SW	A	0.05%	0.03%	0.03%
SWK	D	0.03%	0.01%	0.01%
SWKS	F	0.03%	0.01%	0.01%
SYF	B	0.05%	0.03%	0.03%
SYK	C	0.26%	0.14%	0.14%
SYY	B	0.07%	0.04%	0.04%
T	A	0.32%	0.17%	0.17%
TAP	C	0.02%	0.01%	0.01%
TDG	D	0.14%	0.08%	0.08%
TDY	B	0.04%	0.02%	0.02%
TECH	D	0.02%	0.01%	0.01%
TER	D	0.03%	0.02%	0.02%
TFC	A	0.12%	0.07%	0.07%
TFX	F	0.02%	0.01%	0.01%
TGT	F	0.14%	0.08%	0.08%
TJX	A	0.27%	0.15%	0.15%
TMO	F	0.4%	0.22%	0.22%
TMUS	B	0.23%	0.13%	0.13%
TPR	B	0.03%	0.01%	0.01%
TRGP	B	0.08%	0.05%	0.05%
TRMB	B	0.03%	0.02%	0.02%
TROW	B	0.05%	0.03%	0.03%
TRV	B	0.12%	0.06%	0.06%
TSCO	D	0.06%	0.03%	0.03%
TSLA	B	1.72%	0.93%	0.93%
TSN	B	0.04%	0.02%	0.02%
TT	A	0.18%	0.1%	0.1%
TTWO	A	0.06%	0.03%	0.03%
TXN	C	0.37%	0.2%	0.2%
TXT	D	0.03%	0.02%	0.02%
TYL	B	0.05%	0.03%	0.03%
UAL	A	0.06%	0.03%	0.03%
UBER	D	0.3%	0.16%	0.16%
UDR	B	0.03%	0.01%	0.01%
UHS	D	0.02%	0.01%	0.01%
ULTA	F	0.04%	0.02%	0.02%
UNH	C	1.09%	0.59%	0.59%
UNP	C	0.28%	0.15%	0.15%
UPS	C	0.19%	0.1%	0.1%
URI	B	0.11%	0.06%	0.06%
USB	A	0.16%	0.08%	0.08%
V	A	1.02%	0.56%	0.56%
VICI	C	0.07%	0.04%	0.04%
VLO	C	0.09%	0.05%	0.05%
VLTO	D	0.05%	0.03%	0.03%
VMC	B	0.07%	0.04%	0.04%
VRSK	A	0.08%	0.04%	0.04%
VRSN	F	0.03%	0.02%	0.02%
VRTX	F	0.25%	0.13%	0.13%
VST	B	0.09%	0.05%	0.05%
VTR	C	0.05%	0.03%	0.03%
VTRS	A	0.03%	0.02%	0.02%
VZ	C	0.34%	0.19%	0.19%
WAB	B	0.07%	0.04%	0.04%
WAT	B	0.04%	0.02%	0.02%
WBA	F	0.01%	0.01%	0.01%
WBD	C	0.04%	0.02%	0.02%
WDC	D	0.04%	0.02%	0.02%
WEC	A	0.06%	0.03%	0.03%
WELL	A	0.15%	0.08%	0.08%
WFC	A	0.49%	0.27%	0.27%
WM	A	0.16%	0.09%	0.09%
WMB	A	0.13%	0.07%	0.07%
WMT	A	0.73%	0.4%	0.4%
WRB	A	0.04%	0.02%	0.02%
WST	C	0.05%	0.03%	0.03%
WTW	B	0.06%	0.03%	0.03%
WY	D	0.04%	0.02%	0.02%
WYNN	D	0.02%	0.01%	0.01%
XEL	A	0.08%	0.04%	0.04%
XOM	B	1.06%	0.58%	0.58%
XYL	D	0.06%	0.03%	0.03%
YUM	B	0.08%	0.04%	0.04%
ZBH	C	0.04%	0.02%	0.02%
ZBRA	B	0.04%	0.02%	0.02%
ZTS	D	0.16%	0.09%	0.09%

SPY Overweight 0 Positions Relative to PHDG

	Symbol	Grade	Weight

SPY Underweight 0 Positions Relative to PHDG

	Symbol	Grade	Weight