CVLC vs. PHDG ETF Comparison

Comparison of Calvert US Large-Cap Core Responsible Index ETF (CVLC) to PowerShares S&P 500 Downside Hedged Portfolio (PHDG)

CVLC

Calvert US Large-Cap Core Responsible Index ETF

CVLC Description

Under normal circumstances, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in securities included in the underlying index. The index is composed of common stocks of large companies that operate their businesses in a manner consistent with the Calvert Principles for Responsible Investment.

Grade (RS Rating)

Last Trade

$75.02

Average Daily Volume

17,582

Number of Holdings ^*

768

* 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	CVLC	PHDG
30 Days	4.12%	0.66%
60 Days	5.53%	1.51%
90 Days	7.26%	1.58%
12 Months	33.80%	18.52%

392 Overlapping Holdings

	Symbol	Grade	Weight in CVLC	Weight in PHDG	Overlap
	A	D	0.08%	0.04%	0.04%
	AAPL	C	6.44%	3.74%	3.74%
	ABBV	D	0.66%	0.32%	0.32%
	ABNB	C	0.12%	0.06%	0.06%
	ABT	B	0.45%	0.22%	0.22%
	ACGL	D	0.09%	0.04%	0.04%
	ACN	C	0.47%	0.24%	0.24%
	ADBE	C	0.47%	0.25%	0.25%
	ADI	D	0.22%	0.11%	0.11%
	ADP	B	0.26%	0.13%	0.13%
	ADSK	A	0.14%	0.07%	0.07%
	AEE	A	0.06%	0.03%	0.03%
	AES	F	0.02%	0.01%	0.01%
	AFL	B	0.14%	0.06%	0.06%
	AIG	B	0.12%	0.05%	0.05%
	AJG	B	0.14%	0.07%	0.07%
	AKAM	D	0.03%	0.01%	0.01%
	ALGN	D	0.04%	0.02%	0.02%
	ALL	A	0.13%	0.06%	0.06%
	ALLE	D	0.03%	0.01%	0.01%
	AMAT	F	0.29%	0.17%	0.17%
	AMCR	D	0.04%	0.02%	0.02%
	AMD	F	0.46%	0.24%	0.24%
	AME	A	0.13%	0.05%	0.05%
	AMGN	D	0.34%	0.17%	0.17%
	AMP	A	0.14%	0.06%	0.06%
	AMT	D	0.22%	0.1%	0.1%
	AMZN	C	3.65%	2.13%	2.13%
	ANET	C	0.2%	0.11%	0.11%
	ANSS	B	0.06%	0.03%	0.03%
	AON	A	0.2%	0.09%	0.09%
	AOS	F	0.02%	0.01%	0.01%
	APD	A	0.2%	0.08%	0.08%
	APH	A	0.24%	0.09%	0.09%
	APTV	D	0.03%	0.02%	0.02%
	ARE	D	0.04%	0.02%	0.02%
	AVB	B	0.08%	0.03%	0.03%
	AVGO	D	1.53%	0.86%	0.86%
	AVY	D	0.04%	0.02%	0.02%
	AWK	D	0.06%	0.03%	0.03%
	AXON	A	0.12%	0.05%	0.05%
	AXP	A	0.4%	0.17%	0.17%
	AZO	C	0.11%	0.06%	0.06%
	BAC	A	0.75%	0.33%	0.33%
	BALL	D	0.05%	0.02%	0.02%
	BAX	D	0.04%	0.02%	0.02%
	BBY	D	0.04%	0.02%	0.02%
	BDX	F	0.15%	0.07%	0.07%
	BEN	C	0.02%	0.01%	0.01%
	BG	F	0.04%	0.01%	0.01%
	BIIB	F	0.05%	0.03%	0.03%
	BK	A	0.14%	0.06%	0.06%
	BKNG	A	0.35%	0.18%	0.18%
	BKR	B	0.24%	0.05%	0.05%
	BLK	C	0.38%	0.16%	0.16%
	BMY	B	0.26%	0.13%	0.13%
	BR	A	0.06%	0.03%	0.03%
	BRO	B	0.06%	0.03%	0.03%
	BSX	B	0.29%	0.14%	0.14%
	BWA	D	0.02%	0.01%	0.01%
	BX	A	0.32%	0.14%	0.14%
	BXP	D	0.03%	0.01%	0.01%
	C	A	0.33%	0.14%	0.14%
	CAG	D	0.04%	0.01%	0.01%
	CARR	D	0.18%	0.07%	0.07%
	CAT	B	0.5%	0.2%	0.2%
	CBOE	B	0.05%	0.02%	0.02%
	CBRE	B	0.1%	0.04%	0.04%
	CCI	D	0.11%	0.05%	0.05%
	CDNS	B	0.17%	0.09%	0.09%
	CDW	F	0.05%	0.03%	0.03%
	CE	F	0.02%	0.01%	0.01%
	CEG	D	0.17%	0.08%	0.08%
	CFG	B	0.05%	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	0.2%	0.1%	0.1%
	CINF	A	0.06%	0.03%	0.03%
	CL	D	0.15%	0.08%	0.08%
	CLX	B	0.04%	0.02%	0.02%
	CMCSA	B	0.35%	0.18%	0.18%
	CME	A	0.2%	0.09%	0.09%
	CMG	B	0.23%	0.09%	0.09%
	CMI	A	0.14%	0.05%	0.05%
	CMS	C	0.05%	0.02%	0.02%
	CNC	D	0.07%	0.03%	0.03%
	COF	B	0.17%	0.08%	0.08%
	COST	B	0.8%	0.44%	0.44%
	CPB	D	0.02%	0.01%	0.01%
	CPRT	A	0.11%	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	0.49%	0.25%	0.25%
	CSGP	D	0.06%	0.03%	0.03%
	CTAS	B	0.15%	0.08%	0.08%
	CTLT	B	0.02%	0.01%	0.01%
	CTSH	B	0.08%	0.04%	0.04%
	CVS	D	0.15%	0.07%	0.07%
	D	C	0.12%	0.05%	0.05%
	DAL	C	0.1%	0.04%	0.04%
	DAY	B	0.02%	0.01%	0.01%
	DE	A	0.28%	0.11%	0.11%
	DECK	A	0.05%	0.03%	0.03%
	DELL	C	0.08%	0.04%	0.04%
	DFS	B	0.11%	0.05%	0.05%
	DG	F	0.03%	0.02%	0.02%
	DGX	A	0.04%	0.02%	0.02%
	DHI	D	0.11%	0.05%	0.05%
	DHR	F	0.34%	0.17%	0.17%
	DIS	B	0.46%	0.21%	0.21%
	DLR	B	0.14%	0.06%	0.06%
	DLTR	F	0.03%	0.01%	0.01%
	DOC	D	0.04%	0.02%	0.02%
	DOV	A	0.08%	0.03%	0.03%
	DPZ	C	0.04%	0.02%	0.02%
	DRI	B	0.06%	0.02%	0.02%
	DTE	C	0.06%	0.03%	0.03%
	DVA	B	0.02%	0.01%	0.01%
	DXCM	D	0.07%	0.03%	0.03%
	EA	A	0.08%	0.04%	0.04%
	EBAY	D	0.06%	0.03%	0.03%
	ECL	D	0.17%	0.07%	0.07%
	ED	D	0.08%	0.04%	0.04%
	EFX	F	0.07%	0.03%	0.03%
	EG	C	0.04%	0.02%	0.02%
	EL	F	0.03%	0.02%	0.02%
	ELV	F	0.21%	0.1%	0.1%
	EMN	D	0.03%	0.01%	0.01%
	EMR	A	0.2%	0.08%	0.08%
	ENPH	F	0.02%	0.01%	0.01%
	EPAM	C	0.03%	0.02%	0.02%
	EQIX	A	0.21%	0.09%	0.09%
	EQR	B	0.07%	0.03%	0.03%
	ES	D	0.05%	0.02%	0.02%
	ESS	B	0.05%	0.02%	0.02%
	ETN	A	0.4%	0.16%	0.16%
	EVRG	A	0.04%	0.02%	0.02%
	EW	C	0.09%	0.04%	0.04%
	EXC	C	0.1%	0.04%	0.04%
	EXPD	D	0.04%	0.02%	0.02%
	EXR	D	0.08%	0.04%	0.04%
	F	C	0.1%	0.05%	0.05%
	FAST	B	0.09%	0.05%	0.05%
	FDS	B	0.04%	0.02%	0.02%
	FDX	B	0.16%	0.07%	0.07%
	FFIV	B	0.03%	0.02%	0.02%
	FI	A	0.26%	0.13%	0.13%
	FICO	B	0.12%	0.06%	0.06%
	FIS	C	0.1%	0.05%	0.05%
	FITB	A	0.08%	0.03%	0.03%
	FMC	D	0.02%	0.01%	0.01%
	FRT	B	0.02%	0.01%	0.01%
	FSLR	F	0.04%	0.02%	0.02%
	FTNT	C	0.13%	0.06%	0.06%
	FTV	C	0.07%	0.03%	0.03%
	GE	D	0.5%	0.21%	0.21%
	GEHC	F	0.08%	0.04%	0.04%
	GEN	B	0.03%	0.02%	0.02%
	GEV	B	0.22%	0.1%	0.1%
	GILD	C	0.25%	0.12%	0.12%
	GIS	D	0.1%	0.04%	0.04%
	GL	B	0.02%	0.01%	0.01%
	GLW	B	0.08%	0.04%	0.04%
	GM	B	0.15%	0.07%	0.07%
	GOOGL	C	3.68%	1.11%	1.11%
	GPC	D	0.03%	0.02%	0.02%
	GS	A	0.46%	0.2%	0.2%
	GWW	B	0.1%	0.06%	0.06%
	HAS	D	0.02%	0.01%	0.01%
	HBAN	A	0.06%	0.03%	0.03%
	HD	A	0.81%	0.43%	0.43%
	HIG	B	0.09%	0.04%	0.04%
	HLT	A	0.13%	0.07%	0.07%
	HOLX	D	0.04%	0.02%	0.02%
	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	0.03%	0.01%	0.01%
	HSY	F	0.07%	0.03%	0.03%
	HUBB	B	0.07%	0.03%	0.03%
	HUM	C	0.07%	0.04%	0.04%
	IBM	C	0.4%	0.21%	0.21%
	ICE	C	0.22%	0.1%	0.1%
	IDXX	F	0.08%	0.04%	0.04%
	IEX	B	0.05%	0.02%	0.02%
	IFF	D	0.06%	0.02%	0.02%
	INCY	C	0.03%	0.01%	0.01%
	INTC	D	0.22%	0.12%	0.12%
	INTU	C	0.4%	0.21%	0.21%
	IPG	D	0.02%	0.01%	0.01%
	IQV	D	0.08%	0.04%	0.04%
	IR	B	0.12%	0.04%	0.04%
	IRM	D	0.07%	0.04%	0.04%
	ISRG	A	0.42%	0.21%	0.21%
	IT	C	0.09%	0.04%	0.04%
	ITW	B	0.23%	0.08%	0.08%
	IVZ	B	0.02%	0.01%	0.01%
	JBHT	C	0.04%	0.02%	0.02%
	JBL	B	0.03%	0.02%	0.02%
	JCI	C	0.16%	0.06%	0.06%
	JKHY	D	0.03%	0.01%	0.01%
	JNPR	F	0.03%	0.01%	0.01%
	JPM	A	1.44%	0.74%	0.74%
	K	A	0.06%	0.02%	0.02%
	KDP	D	0.09%	0.04%	0.04%
	KEY	B	0.04%	0.02%	0.02%
	KEYS	A	0.07%	0.03%	0.03%
	KHC	F	0.08%	0.03%	0.03%
	KIM	A	0.04%	0.02%	0.02%
	KKR	A	0.25%	0.11%	0.11%
	KLAC	D	0.18%	0.09%	0.09%
	KMB	D	0.09%	0.05%	0.05%
	KMX	B	0.02%	0.01%	0.01%
	KO	D	0.56%	0.26%	0.26%
	KR	B	0.12%	0.04%	0.04%
	KVUE	A	0.09%	0.05%	0.05%
	LEN	D	0.1%	0.04%	0.04%
	LH	C	0.04%	0.02%	0.02%
	LIN	D	0.52%	0.23%	0.23%
	LKQ	D	0.02%	0.01%	0.01%
	LLY	F	1.28%	0.67%	0.67%
	LNT	A	0.04%	0.02%	0.02%
	LOW	D	0.31%	0.17%	0.17%
	LRCX	F	0.19%	0.11%	0.11%
	LULU	C	0.07%	0.04%	0.04%
	LW	C	0.03%	0.01%	0.01%
	LYV	A	0.04%	0.02%	0.02%
	MA	C	0.91%	0.46%	0.46%
	MAA	B	0.04%	0.02%	0.02%
	MAR	B	0.15%	0.07%	0.07%
	MAS	D	0.03%	0.02%	0.02%
	MCHP	D	0.07%	0.04%	0.04%
	MCO	B	0.17%	0.08%	0.08%
	MDLZ	F	0.24%	0.09%	0.09%
	MDT	D	0.25%	0.12%	0.12%
	MET	A	0.12%	0.05%	0.05%
	MHK	D	0.01%	0.01%	0.01%
	MKC	D	0.06%	0.02%	0.02%
	MKTX	D	0.02%	0.01%	0.01%
	MMC	B	0.27%	0.12%	0.12%
	MNST	C	0.11%	0.04%	0.04%
	MOH	F	0.04%	0.02%	0.02%
	MOS	F	0.02%	0.01%	0.01%
	MPWR	F	0.06%	0.03%	0.03%
	MRK	F	0.55%	0.27%	0.27%
	MRNA	F	0.03%	0.01%	0.01%
	MSCI	C	0.1%	0.05%	0.05%
	MSFT	F	5.74%	3.42%	3.42%
	MSI	B	0.17%	0.09%	0.09%
	MTB	A	0.09%	0.04%	0.04%
	MTD	D	0.06%	0.03%	0.03%
	MU	D	0.23%	0.12%	0.12%
	NDAQ	A	0.08%	0.03%	0.03%
	NDSN	B	0.04%	0.02%	0.02%
	NEE	D	0.38%	0.17%	0.17%
	NFLX	A	0.75%	0.39%	0.39%
	NI	A	0.04%	0.02%	0.02%
	NKE	D	0.18%	0.1%	0.1%
	NOW	A	0.44%	0.23%	0.23%
	NRG	B	0.05%	0.02%	0.02%
	NTAP	C	0.05%	0.03%	0.03%
	NTRS	A	0.05%	0.02%	0.02%
	NUE	C	0.19%	0.04%	0.04%
	NVDA	C	6.33%	3.89%	3.89%
	NVR	D	0.07%	0.03%	0.03%
	O	D	0.12%	0.05%	0.05%
	ODFL	B	0.1%	0.05%	0.05%
	OMC	C	0.04%	0.02%	0.02%
	ON	D	0.06%	0.03%	0.03%
	ORCL	B	0.63%	0.32%	0.32%
	ORLY	B	0.14%	0.08%	0.08%
	OTIS	C	0.11%	0.04%	0.04%
	OXY	D	0.18%	0.04%	0.04%
	PANW	C	0.26%	0.14%	0.14%
	PARA	C	0.01%	0.01%	0.01%
	PAYC	B	0.02%	0.01%	0.01%
	PAYX	C	0.1%	0.05%	0.05%
	PCAR	B	0.16%	0.07%	0.07%
	PEG	A	0.11%	0.05%	0.05%
	PEP	F	0.53%	0.24%	0.24%
	PFE	D	0.32%	0.16%	0.16%
	PFG	D	0.05%	0.02%	0.02%
	PG	A	0.8%	0.42%	0.42%
	PGR	A	0.37%	0.16%	0.16%
	PH	A	0.25%	0.1%	0.1%
	PHM	D	0.06%	0.03%	0.03%
	PKG	A	0.06%	0.02%	0.02%
	PLD	D	0.26%	0.11%	0.11%
	PNC	B	0.2%	0.09%	0.09%
	PNR	A	0.05%	0.02%	0.02%
	PODD	C	0.04%	0.02%	0.02%
	POOL	C	0.03%	0.01%	0.01%
	PPG	F	0.08%	0.03%	0.03%
	PRU	A	0.11%	0.05%	0.05%
	PSA	D	0.13%	0.06%	0.06%
	PTC	A	0.05%	0.02%	0.02%
	PWR	A	0.12%	0.05%	0.05%
	PYPL	B	0.19%	0.09%	0.09%
	QCOM	F	0.38%	0.2%	0.2%
	QRVO	F	0.01%	0.01%	0.01%
	REG	B	0.03%	0.01%	0.01%
	REGN	F	0.18%	0.09%	0.09%
	RF	A	0.06%	0.03%	0.03%
	RJF	A	0.07%	0.03%	0.03%
	RL	B	0.02%	0.01%	0.01%
	RMD	C	0.08%	0.04%	0.04%
	ROK	B	0.09%	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	0.1%	0.05%	0.05%
	RVTY	F	0.03%	0.02%	0.02%
	SBAC	D	0.06%	0.03%	0.03%
	SBUX	A	0.31%	0.12%	0.12%
	SCHW	B	0.3%	0.13%	0.13%
	SHW	A	0.25%	0.1%	0.1%
	SJM	D	0.03%	0.01%	0.01%
	SMCI	F	0.02%	0.01%	0.01%
	SNA	A	0.05%	0.02%	0.02%
	SNPS	B	0.17%	0.09%	0.09%
	SPG	B	0.14%	0.06%	0.06%
	SPGI	C	0.35%	0.18%	0.18%
	SRE	A	0.14%	0.06%	0.06%
	STE	F	0.05%	0.02%	0.02%
	STLD	B	0.11%	0.02%	0.02%
	STT	A	0.07%	0.03%	0.03%
	STX	D	0.04%	0.02%	0.02%
	SW	A	0.07%	0.03%	0.03%
	SWK	D	0.04%	0.01%	0.01%
	SWKS	F	0.03%	0.01%	0.01%
	SYF	B	0.06%	0.03%	0.03%
	SYK	C	0.31%	0.14%	0.14%
	SYY	B	0.1%	0.04%	0.04%
	T	A	0.34%	0.17%	0.17%
	TDY	B	0.06%	0.02%	0.02%
	TECH	D	0.02%	0.01%	0.01%
	TER	D	0.03%	0.02%	0.02%
	TFC	A	0.15%	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	0.44%	0.22%	0.22%
	TMUS	B	0.25%	0.13%	0.13%
	TPR	B	0.03%	0.01%	0.01%
	TRMB	B	0.05%	0.02%	0.02%
	TROW	B	0.06%	0.03%	0.03%
	TRV	B	0.15%	0.06%	0.06%
	TSCO	D	0.06%	0.03%	0.03%
	TSLA	B	1.86%	0.93%	0.93%
	TT	A	0.26%	0.1%	0.1%
	TTWO	A	0.06%	0.03%	0.03%
	TXN	C	0.39%	0.2%	0.2%
	TYL	B	0.05%	0.03%	0.03%
	UBER	D	0.31%	0.16%	0.16%
	UDR	B	0.04%	0.01%	0.01%
	ULTA	F	0.03%	0.02%	0.02%
	UNH	C	1.15%	0.59%	0.59%
	UNP	C	0.34%	0.15%	0.15%
	UPS	C	0.23%	0.1%	0.1%
	URI	B	0.15%	0.06%	0.06%
	USB	A	0.19%	0.08%	0.08%
	V	A	1.09%	0.56%	0.56%
	VLTO	D	0.05%	0.03%	0.03%
	VMC	B	0.2%	0.04%	0.04%
	VRSK	A	0.09%	0.04%	0.04%
	VRSN	F	0.03%	0.02%	0.02%
	VRTX	F	0.27%	0.13%	0.13%
	VTR	C	0.06%	0.03%	0.03%
	VZ	C	0.37%	0.19%	0.19%
	WAB	B	0.1%	0.04%	0.04%
	WAT	B	0.05%	0.02%	0.02%
	WBD	C	0.05%	0.02%	0.02%
	WDC	D	0.05%	0.02%	0.02%
	WEC	A	0.08%	0.03%	0.03%
	WELL	A	0.2%	0.08%	0.08%
	WFC	A	0.63%	0.27%	0.27%
	WM	A	0.21%	0.09%	0.09%
	WMT	A	0.73%	0.4%	0.4%
	WRB	A	0.05%	0.02%	0.02%
	WST	C	0.05%	0.03%	0.03%
	WTW	B	0.08%	0.03%	0.03%
	WY	D	0.04%	0.02%	0.02%
	XEL	A	0.09%	0.04%	0.04%
	XYL	D	0.08%	0.03%	0.03%
	YUM	B	0.11%	0.04%	0.04%
	ZBH	C	0.05%	0.02%	0.02%
	ZBRA	B	0.04%	0.02%	0.02%
	ZTS	D	0.18%	0.09%	0.09%

CVLC Overweight 376 Positions Relative to PHDG

	Symbol	Grade	Weight
	APO	B	0.17%
	MRVL	B	0.16%
	COIN	C	0.15%
	WDAY	B	0.12%
	APP	B	0.12%
	VRT	B	0.12%
	TTD	B	0.11%
	CSL	C	0.11%
	SQ	B	0.1%
	OC	A	0.09%
	RS	B	0.09%
	ARES	A	0.08%
	HEI	B	0.08%
	DDOG	A	0.08%
	TEAM	A	0.08%
	SNOW	C	0.08%
	FCNCA	A	0.07%
	VEEV	C	0.07%
	ALNY	D	0.07%
	HUBS	A	0.07%
	EME	C	0.06%
	NET	B	0.06%
	LPLA	A	0.06%
	ZM	B	0.05%
	IBKR	A	0.05%
	ILMN	D	0.05%
	WSO	A	0.05%
	CVNA	B	0.05%
	RBLX	C	0.05%
	LII	A	0.05%
	MANH	D	0.04%
	EWBC	A	0.04%
	COHR	B	0.04%
	PINS	D	0.04%
	TWLO	A	0.04%
	UTHR	C	0.04%
	PFGC	B	0.04%
	SOFI	A	0.04%
	TW	A	0.04%
	TXRH	C	0.04%
	CMC	B	0.04%
	TOL	B	0.04%
	SUI	D	0.04%
	EQH	B	0.04%
	RGA	A	0.04%
	ATI	D	0.04%
	FIX	A	0.04%
	CW	B	0.04%
	XPO	B	0.04%
	ZS	C	0.04%
	SFM	A	0.04%
	TRU	D	0.04%
	CASY	A	0.04%
	GGG	B	0.04%
	MDB	C	0.04%
	BAH	F	0.04%
	USFD	A	0.04%
	OHI	C	0.03%
	WBS	A	0.03%
	BLD	D	0.03%
	KNSL	B	0.03%
	WMS	D	0.03%
	DCI	B	0.03%
	WTRG	B	0.03%
	INGR	B	0.03%
	CG	A	0.03%
	NBIX	C	0.03%
	SCI	B	0.03%
	WING	D	0.03%
	CUBE	D	0.03%
	EVR	B	0.03%
	WWD	B	0.03%
	BMRN	D	0.03%
	FHN	A	0.03%
	TTEK	F	0.03%
	LAMR	D	0.03%
	MLI	C	0.03%
	ARMK	B	0.03%
	AYI	B	0.03%
	ALSN	B	0.03%
	SF	B	0.03%
	AIT	A	0.03%
	DT	C	0.03%
	WPC	D	0.03%
	JEF	A	0.03%
	AFRM	B	0.03%
	JLL	D	0.03%
	CCK	C	0.03%
	CLH	B	0.03%
	ATR	B	0.03%
	OWL	A	0.03%
	ELS	C	0.03%
	AVTR	F	0.03%
	ENTG	D	0.03%
	Z	A	0.03%
	PSTG	D	0.03%
	LECO	B	0.03%
	RRX	B	0.03%
	WSM	B	0.03%
	SUM	B	0.03%
	RNR	C	0.03%
	SAIA	B	0.03%
	SSNC	B	0.03%
	GWRE	A	0.03%
	UNM	A	0.03%
	NVT	B	0.03%
	NTNX	A	0.03%
	TOST	B	0.03%
	DOCU	A	0.03%
	BURL	A	0.03%
	ITT	A	0.03%
	ACM	A	0.03%
	FSS	B	0.02%
	MOD	A	0.02%
	COLD	D	0.02%
	SMAR	A	0.02%
	IDA	A	0.02%
	LSTR	D	0.02%
	OLED	D	0.02%
	CVLT	B	0.02%
	GXO	B	0.02%
	FCN	D	0.02%
	HLNE	B	0.02%
	ELAN	D	0.02%
	WSC	D	0.02%
	WEX	D	0.02%
	UFPI	B	0.02%
	LPX	B	0.02%
	MTH	D	0.02%
	G	B	0.02%
	ESTC	C	0.02%
	MTG	C	0.02%
	RHP	B	0.02%
	SKX	D	0.02%
	WTS	B	0.02%
	STAG	F	0.02%
	ALK	C	0.02%
	BCPC	B	0.02%
	R	B	0.02%
	JAZZ	B	0.02%
	AGCO	D	0.02%
	OMF	A	0.02%
	ONTO	D	0.02%
	GKOS	B	0.02%
	RHI	B	0.02%
	CBT	C	0.02%
	LFUS	F	0.02%
	WH	B	0.02%
	AXS	A	0.02%
	ONB	B	0.02%
	VNO	B	0.02%
	NOVT	D	0.02%
	FR	C	0.02%
	BPOP	B	0.02%
	MOG.A	B	0.02%
	CADE	B	0.02%
	RYAN	B	0.02%
	TMHC	B	0.02%
	RIVN	F	0.02%
	SNX	C	0.02%
	ESI	A	0.02%
	BMI	B	0.02%
	MEDP	D	0.02%
	ENSG	D	0.02%
	MSA	D	0.02%
	PLNT	A	0.02%
	HQY	B	0.02%
	TPX	B	0.02%
	PCTY	B	0.02%
	FBIN	D	0.02%
	WCC	B	0.02%
	BILL	A	0.02%
	HRB	D	0.02%
	ROKU	D	0.02%
	BRBR	A	0.02%
	JXN	C	0.02%
	AGNC	D	0.02%
	CHE	D	0.02%
	COKE	C	0.02%
	ALV	C	0.02%
	NYT	C	0.02%
	VMI	B	0.02%
	PB	A	0.02%
	NNN	D	0.02%
	CGNX	C	0.02%
	DAR	C	0.02%
	LAD	A	0.02%
	OSK	B	0.02%
	SNV	B	0.02%
	ESAB	B	0.02%
	CNM	D	0.02%
	VOYA	B	0.02%
	GTLS	B	0.02%
	MKSI	C	0.02%
	FRPT	B	0.02%
	SSB	B	0.02%
	PEN	B	0.02%
	EXAS	D	0.02%
	DOX	D	0.02%
	CIEN	B	0.02%
	MIDD	C	0.02%
	MTZ	B	0.02%
	MORN	B	0.02%
	GMED	A	0.02%
	CFR	B	0.02%
	KNX	B	0.02%
	SRPT	D	0.02%
	SEIC	B	0.02%
	BRX	A	0.02%
	APG	B	0.02%
	SSD	D	0.02%
	BERY	B	0.02%
	WTFC	A	0.02%
	ZION	B	0.02%
	EXEL	B	0.02%
	FND	C	0.02%
	FLS	B	0.02%
	ACI	C	0.02%
	DKS	C	0.02%
	EHC	B	0.02%
	RPRX	D	0.02%
	AAL	B	0.02%
	CBSH	A	0.02%
	ORI	A	0.02%
	REXR	F	0.02%
	CMA	A	0.02%
	BJ	A	0.02%
	TTC	D	0.02%
	SNAP	C	0.02%
	PNFP	B	0.02%
	GPK	C	0.02%
	LBRDK	C	0.02%
	HLI	B	0.02%
	WAL	B	0.02%
	DUOL	A	0.02%
	ALLY	C	0.02%
	AXTA	A	0.02%
	OKTA	C	0.02%
	AFG	A	0.02%
	PRI	A	0.02%
	CNH	C	0.02%
	COTY	F	0.01%
	ALGM	D	0.01%
	COLM	B	0.01%
	PAG	B	0.01%
	APLS	D	0.01%
	CWEN	C	0.01%
	AGR	B	0.01%
	ZI	D	0.01%
	TNET	D	0.01%
	PFSI	D	0.01%
	CACC	D	0.01%
	MSM	C	0.01%
	BOKF	B	0.01%
	BBIO	F	0.01%
	CDP	C	0.01%
	XRAY	F	0.01%
	CHWY	B	0.01%
	OPCH	D	0.01%
	SIG	B	0.01%
	NSIT	F	0.01%
	AN	C	0.01%
	M	D	0.01%
	CHH	A	0.01%
	OGN	D	0.01%
	BCO	D	0.01%
	ATKR	C	0.01%
	CWAN	B	0.01%
	DLB	B	0.01%
	EEFT	B	0.01%
	FIVE	F	0.01%
	AVT	C	0.01%
	RH	B	0.01%
	PSN	D	0.01%
	GAP	C	0.01%
	WMG	C	0.01%
	LANC	C	0.01%
	ABG	B	0.01%
	TENB	C	0.01%
	HOG	D	0.01%
	IONS	F	0.01%
	ASH	D	0.01%
	MMS	F	0.01%
	APPF	B	0.01%
	HCP	B	0.01%
	BCC	B	0.01%
	EXPO	D	0.01%
	NXST	C	0.01%
	CROX	D	0.01%
	QLYS	C	0.01%
	ZWS	B	0.01%
	OLLI	D	0.01%
	ETSY	D	0.01%
	PVH	C	0.01%
	SWX	B	0.01%
	CRUS	D	0.01%
	INSP	D	0.01%
	IBP	D	0.01%
	RMBS	C	0.01%
	FELE	B	0.01%
	VRNS	D	0.01%
	POR	C	0.01%
	BRKR	D	0.01%
	WTM	A	0.01%
	WHR	B	0.01%
	FLO	D	0.01%
	ARW	D	0.01%
	CELH	F	0.01%
	BECN	B	0.01%
	VNT	B	0.01%
	BPMC	C	0.01%
	SITE	D	0.01%
	SLGN	A	0.01%
	MAT	D	0.01%
	UGI	A	0.01%
	DOCS	C	0.01%
	LEA	D	0.01%
	ALTR	B	0.01%
	RDN	C	0.01%
	DY	D	0.01%
	HALO	F	0.01%
	OZK	B	0.01%
	SLM	A	0.01%
	AZEK	A	0.01%
	MMSI	B	0.01%
	SAIC	F	0.01%
	FOUR	B	0.01%
	ELF	C	0.01%
	THO	B	0.01%
	AWI	A	0.01%
	LYFT	C	0.01%
	BFAM	D	0.01%
	TPG	A	0.01%
	ST	F	0.01%
	TKR	D	0.01%
	CFLT	B	0.01%
	NFG	A	0.01%
	DBX	B	0.01%
	AMG	B	0.01%
	KD	B	0.01%
	HXL	D	0.01%
	BBWI	D	0.01%
	SON	D	0.01%
	SPSC	C	0.01%
	KBH	D	0.01%
	BIO	D	0.01%
	EPRT	B	0.01%
	TRNO	F	0.01%
	HOMB	A	0.01%
	FAF	A	0.01%
	ESNT	D	0.01%
	AL	B	0.01%
	KRG	B	0.01%
	MTN	C	0.01%
	LSCC	D	0.01%
	JHG	A	0.01%
	GME	C	0.01%
	ITRI	B	0.01%
	STWD	C	0.01%
	THG	A	0.01%
	ANF	C	0.01%
	SEE	C	0.01%
	RGEN	D	0.01%
	FNB	A	0.01%
	BC	C	0.01%
	EXLS	B	0.01%
	CWST	A	0.01%
	TREX	C	0.01%
	COOP	B	0.01%
	H	B	0.01%
	S	B	0.01%
	VFC	C	0.01%
	SIGI	C	0.01%
	LNC	B	0.01%
	GATX	A	0.01%
	LEVI	F	0.0%

CVLC Underweight 107 Positions Relative to PHDG

	Symbol	Grade	Weight
	META	D	-1.36%
	GOOG	C	-0.92%
	BRK.A	B	-0.92%
	XOM	B	-0.58%
	JNJ	D	-0.39%
	CVX	A	-0.3%
	MCD	D	-0.23%
	PM	B	-0.21%
	MS	A	-0.18%
	RTX	C	-0.17%
	HON	B	-0.16%
	COP	C	-0.14%
	PLTR	B	-0.13%
	CB	C	-0.12%
	LMT	D	-0.12%
	BA	F	-0.11%
	MO	A	-0.1%
	SO	D	-0.1%
	MCK	B	-0.09%
	DUK	C	-0.09%
	TDG	D	-0.08%
	MMM	D	-0.08%
	GD	F	-0.08%
	EOG	A	-0.08%
	SLB	C	-0.07%
	FCX	D	-0.07%
	OKE	A	-0.07%
	HCA	F	-0.07%
	WMB	A	-0.07%
	NOC	D	-0.07%
	CSX	B	-0.07%
	KMI	A	-0.06%
	MPC	D	-0.06%
	PSX	C	-0.06%
	RCL	A	-0.06%
	NXPI	D	-0.06%
	NSC	B	-0.06%
	TRGP	B	-0.05%
	COR	B	-0.05%
	VLO	C	-0.05%
	PCG	A	-0.05%
	HWM	A	-0.05%
	NEM	D	-0.05%
	LHX	C	-0.05%
	VST	B	-0.05%
	AEP	D	-0.05%
	VICI	C	-0.04%
	FANG	D	-0.04%
	DD	D	-0.04%
	MLM	B	-0.04%
	STZ	D	-0.04%
	CTVA	C	-0.04%
	HES	B	-0.04%
	PPL	B	-0.03%
	CCL	B	-0.03%
	DVN	F	-0.03%
	ADM	D	-0.03%
	EQT	B	-0.03%
	CPAY	A	-0.03%
	GDDY	A	-0.03%
	HAL	C	-0.03%
	GPN	B	-0.03%
	CAH	B	-0.03%
	UAL	A	-0.03%
	DOW	F	-0.03%
	ETR	B	-0.03%
	EIX	B	-0.03%
	GRMN	B	-0.03%
	VTRS	A	-0.02%
	L	A	-0.02%
	CF	B	-0.02%
	TXT	D	-0.02%
	MRO	B	-0.02%
	LVS	C	-0.02%
	J	F	-0.02%
	TSN	B	-0.02%
	CTRA	B	-0.02%
	INVH	D	-0.02%
	LUV	C	-0.02%
	CNP	B	-0.02%
	IP	B	-0.02%
	FE	C	-0.02%
	BLDR	D	-0.02%
	LYB	F	-0.02%
	ATO	A	-0.02%
	LDOS	C	-0.02%
	EXPE	B	-0.02%
	FOX	A	-0.01%
	WBA	F	-0.01%
	HII	D	-0.01%
	MTCH	D	-0.01%
	APA	D	-0.01%
	CZR	F	-0.01%
	MGM	D	-0.01%
	WYNN	D	-0.01%
	SOLV	C	-0.01%
	ERIE	D	-0.01%
	PNW	B	-0.01%
	FOXA	B	-0.01%
	TAP	C	-0.01%
	NWSA	B	-0.01%
	AIZ	A	-0.01%
	GNRC	B	-0.01%
	NCLH	B	-0.01%
	UHS	D	-0.01%
	ALB	C	-0.01%
	NWS	B	-0.0%

CVLC: Top Represented Industries & Keywords

Industries: Software - Application Banks - Regional - US Diversified Industrials Business Services Asset Management Biotechnology Software - Infrastructure Diagnostics & Research Specialty Retail Semiconductors Capital Markets Packaged Foods Utilities - Regulated Electric Scientific & Technical Instruments Credit Services Insurance - Property & Casualty Medical Devices Medical Instruments & Supplies Packaging & Containers Building Materials

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

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