IWR vs. SSPY ETF Comparison

Comparison of iShares Russell Mid-Cap ETF (IWR) to Syntax Stratified LargeCap ETF (SSPY)

IWR

iShares Russell Mid-Cap ETF

IWR Description

The investment seeks to track the investment results of an index composed of mid-capitalization U.S. equities. The fund generally invests at least 90% of its assets in securities of the underlying index and in depositary receipts representing securities of the underlying index. The underlying index measures the performance of the mid-capitalization sector of the U.S. equity market. The underlying index is a float-adjusted, capitalization-weighted index of the 800 smallest issuers in the Russell 1000® Index.

Grade (RS Rating)

Last Trade

$94.53

Average Daily Volume

1,461,787

Number of Holdings ^*

803

* may have additional holdings in another (foreign) market

SSPY

Syntax Stratified LargeCap ETF

SSPY Description

The investment seeks to provide investment results that, before expenses, correspond generally to the total return performance of publicly traded equity securities of companies in the Syntax Stratified LargeCap Index (the "index"). Under normal market conditions, the fund generally invests substantially all, and at least 95% of its total assets in the securities comprising the index. The index, which was created by Syntax, LLC, an affiliate of the fund's investment adviser, is the stratified-weight version of the widely used S&P 500® Index and holds the same constituents as the S&P 500.

Grade (RS Rating)

Last Trade

$82.04

Average Daily Volume

2,303

Number of Holdings ^*

500

* may have additional holdings in another (foreign) market

Performance

Period	IWR	SSPY
30 Days	6.87%	4.23%
60 Days	7.84%	1.79%
90 Days	9.96%	3.72%
12 Months	34.02%	23.81%

308 Overlapping Holdings

	Symbol	Grade	Weight in IWR	Weight in SSPY	Overlap
	A	D	0.31%	0.15%	0.15%
	ACGL	D	0.3%	0.14%	0.14%
	ADM	D	0.21%	0.37%	0.21%
	AEE	A	0.2%	0.08%	0.08%
	AES	F	0.08%	0.32%	0.08%
	AFL	B	0.51%	0.2%	0.2%
	AIZ	A	0.09%	0.2%	0.09%
	AJG	B	0.52%	0.03%	0.03%
	AKAM	D	0.11%	0.27%	0.11%
	ALB	C	0.1%	0.05%	0.05%
	ALGN	D	0.14%	0.1%	0.1%
	ALL	A	0.43%	0.2%	0.2%
	ALLE	D	0.1%	0.08%	0.08%
	AMCR	D	0.12%	0.13%	0.12%
	AME	A	0.37%	0.13%	0.13%
	AMP	A	0.46%	0.08%	0.08%
	ANSS	B	0.24%	0.17%	0.17%
	AOS	F	0.07%	0.21%	0.07%
	APA	D	0.07%	0.07%	0.07%
	APTV	D	0.12%	0.4%	0.12%
	ARE	D	0.15%	0.11%	0.11%
	ATO	A	0.18%	0.33%	0.18%
	AVB	B	0.27%	0.1%	0.1%
	AVY	D	0.13%	0.06%	0.06%
	AWK	D	0.22%	0.32%	0.22%
	AXON	A	0.35%	0.09%	0.09%
	BALL	D	0.15%	0.13%	0.13%
	BAX	D	0.13%	0.05%	0.05%
	BBWI	D	0.06%	0.19%	0.06%
	BBY	D	0.16%	0.17%	0.16%
	BEN	C	0.05%	0.09%	0.05%
	BG	F	0.1%	0.37%	0.1%
	BIIB	F	0.19%	0.24%	0.19%
	BK	A	0.48%	0.11%	0.11%
	BKR	B	0.35%	0.35%	0.35%
	BLDR	D	0.17%	0.19%	0.17%
	BR	A	0.22%	0.11%	0.11%
	BRO	B	0.22%	0.04%	0.04%
	BWA	D	0.06%	0.42%	0.06%
	BXP	D	0.1%	0.11%	0.1%
	CAG	D	0.1%	0.21%	0.1%
	CAH	B	0.24%	0.19%	0.19%
	CBOE	B	0.17%	0.04%	0.04%
	CBRE	B	0.33%	0.04%	0.04%
	CCI	D	0.37%	0.06%	0.06%
	CCL	B	0.2%	0.09%	0.09%
	CDW	F	0.2%	0.13%	0.13%
	CE	F	0.07%	0.07%	0.07%
	CF	B	0.13%	0.09%	0.09%
	CFG	B	0.17%	0.06%	0.06%
	CHD	B	0.22%	0.42%	0.22%
	CHRW	C	0.11%	0.09%	0.09%
	CHTR	C	0.3%	0.47%	0.3%
	CINF	A	0.19%	0.14%	0.14%
	CLX	B	0.17%	0.41%	0.17%
	CMI	A	0.41%	0.08%	0.08%
	CMS	C	0.17%	0.08%	0.08%
	CNC	D	0.25%	0.26%	0.25%
	CNP	B	0.16%	0.26%	0.16%
	COR	B	0.33%	0.18%	0.18%
	CPAY	A	0.2%	0.04%	0.04%
	CPB	D	0.07%	0.2%	0.07%
	CPT	B	0.1%	0.11%	0.1%
	CRL	C	0.08%	0.14%	0.08%
	CSGP	D	0.24%	0.04%	0.04%
	CTLT	B	0.09%	0.25%	0.09%
	CTRA	B	0.16%	0.17%	0.16%
	CTSH	B	0.32%	0.13%	0.13%
	CTVA	C	0.32%	0.08%	0.08%
	CZR	F	0.07%	0.07%	0.07%
	DAL	C	0.34%	0.28%	0.28%
	DAY	B	0.09%	0.22%	0.09%
	DD	D	0.28%	0.05%	0.05%
	DECK	A	0.22%	0.3%	0.22%
	DFS	B	0.36%	0.69%	0.36%
	DG	F	0.14%	0.17%	0.14%
	DGX	A	0.15%	0.16%	0.15%
	DHI	D	0.39%	0.24%	0.24%
	DLR	B	0.48%	0.26%	0.26%
	DLTR	F	0.11%	0.17%	0.11%
	DOC	D	0.12%	0.11%	0.11%
	DOV	A	0.23%	0.17%	0.17%
	DOW	F	0.26%	0.07%	0.07%
	DPZ	C	0.12%	0.52%	0.12%
	DRI	B	0.16%	0.51%	0.16%
	DTE	C	0.2%	0.25%	0.2%
	DVA	B	0.07%	0.11%	0.07%
	DVN	F	0.2%	0.16%	0.16%
	DXCM	D	0.25%	0.1%	0.1%
	EA	A	0.36%	0.49%	0.36%
	EBAY	D	0.26%	0.22%	0.22%
	ED	D	0.28%	0.24%	0.24%
	EFX	F	0.25%	0.04%	0.04%
	EG	C	0.13%	0.14%	0.13%
	EIX	B	0.26%	0.25%	0.25%
	EMN	D	0.1%	0.05%	0.05%
	ENPH	F	0.06%	0.26%	0.06%
	EPAM	C	0.11%	0.13%	0.11%
	EQR	B	0.23%	0.1%	0.1%
	EQT	B	0.21%	0.18%	0.18%
	ES	D	0.18%	0.07%	0.07%
	ESS	B	0.16%	0.1%	0.1%
	ETR	B	0.26%	0.25%	0.25%
	EVRG	A	0.12%	0.08%	0.08%
	EXC	C	0.32%	0.3%	0.3%
	EXPD	D	0.14%	0.09%	0.09%
	EXPE	B	0.19%	0.12%	0.12%
	EXR	D	0.28%	0.11%	0.11%
	FANG	D	0.27%	0.07%	0.07%
	FAST	B	0.39%	0.13%	0.13%
	FDS	B	0.15%	0.04%	0.04%
	FE	C	0.2%	0.24%	0.2%
	FFIV	B	0.11%	0.21%	0.11%
	FICO	B	0.44%	0.05%	0.05%
	FIS	C	0.41%	0.05%	0.05%
	FITB	A	0.26%	0.06%	0.06%
	FMC	D	0.06%	0.09%	0.06%
	FOX	A	0.05%	0.1%	0.05%
	FOXA	B	0.09%	0.1%	0.09%
	FRT	B	0.08%	0.06%	0.06%
	FSLR	F	0.17%	0.2%	0.17%
	FTV	C	0.22%	0.03%	0.03%
	GDDY	A	0.21%	0.27%	0.21%
	GEHC	F	0.31%	0.1%	0.1%
	GEN	B	0.13%	0.17%	0.13%
	GIS	D	0.29%	0.21%	0.21%
	GL	B	0.08%	0.2%	0.08%
	GLW	B	0.29%	0.19%	0.19%
	GNRC	B	0.09%	0.08%	0.08%
	GPC	D	0.14%	0.15%	0.14%
	GPN	B	0.24%	0.04%	0.04%
	GRMN	B	0.27%	0.33%	0.27%
	GWW	B	0.42%	0.12%	0.12%
	HAL	C	0.22%	0.34%	0.22%
	HAS	D	0.07%	0.26%	0.07%
	HBAN	A	0.21%	0.06%	0.06%
	HES	B	0.33%	0.07%	0.07%
	HIG	B	0.28%	0.14%	0.14%
	HII	D	0.06%	0.08%	0.06%
	HLT	A	0.5%	0.12%	0.12%
	HOLX	D	0.15%	0.1%	0.1%
	HPE	B	0.23%	0.19%	0.19%
	HPQ	B	0.3%	0.35%	0.3%
	HRL	D	0.07%	0.36%	0.07%
	HSIC	B	0.07%	0.2%	0.07%
	HST	C	0.1%	0.11%	0.1%
	HSY	F	0.21%	0.18%	0.18%
	HUBB	B	0.19%	0.26%	0.19%
	HUM	C	0.27%	0.26%	0.26%
	HWM	A	0.37%	0.08%	0.08%
	IDXX	F	0.29%	0.1%	0.1%
	IEX	B	0.14%	0.2%	0.14%
	IFF	D	0.18%	0.05%	0.05%
	INCY	C	0.1%	0.25%	0.1%
	INVH	D	0.17%	0.1%	0.1%
	IP	B	0.16%	0.06%	0.06%
	IPG	D	0.08%	0.34%	0.08%
	IQV	D	0.29%	0.14%	0.14%
	IR	B	0.34%	0.2%	0.2%
	IRM	D	0.28%	0.06%	0.06%
	IT	C	0.32%	0.13%	0.13%
	IVZ	B	0.05%	0.09%	0.05%
	J	F	0.14%	0.4%	0.14%
	JBHT	C	0.12%	0.08%	0.08%
	JBL	B	0.12%	0.38%	0.12%
	JKHY	D	0.1%	0.05%	0.05%
	JNPR	F	0.1%	0.2%	0.1%
	K	A	0.17%	0.18%	0.17%
	KEY	B	0.15%	0.06%	0.06%
	KEYS	A	0.21%	0.21%	0.21%
	KIM	A	0.14%	0.06%	0.06%
	KMI	A	0.44%	0.25%	0.25%
	KMX	B	0.1%	0.14%	0.1%
	KR	B	0.32%	0.74%	0.32%
	KVUE	A	0.38%	0.42%	0.38%
	L	A	0.12%	0.49%	0.12%
	LDOS	C	0.18%	0.13%	0.13%
	LEN	D	0.33%	0.25%	0.25%
	LEN	D	0.01%	0.25%	0.01%
	LH	C	0.16%	0.16%	0.16%
	LHX	C	0.38%	0.08%	0.08%
	LKQ	D	0.08%	0.14%	0.08%
	LNT	A	0.13%	0.08%	0.08%
	LUV	C	0.16%	0.25%	0.16%
	LVS	C	0.14%	0.08%	0.08%
	LW	C	0.09%	0.22%	0.09%
	LYB	F	0.18%	0.07%	0.07%
	LYV	A	0.17%	0.09%	0.09%
	MAA	B	0.15%	0.1%	0.1%
	MAS	D	0.14%	0.19%	0.14%
	MCHP	D	0.27%	0.14%	0.14%
	MGM	D	0.07%	0.07%	0.07%
	MHK	D	0.06%	0.19%	0.06%
	MKC	D	0.15%	0.21%	0.15%
	MKTX	D	0.08%	0.04%	0.04%
	MLM	B	0.29%	0.17%	0.17%
	MOH	F	0.14%	0.25%	0.14%
	MOS	F	0.07%	0.08%	0.07%
	MPWR	F	0.22%	0.22%	0.22%
	MRO	B	0.13%	0.07%	0.07%
	MSCI	C	0.38%	0.04%	0.04%
	MTB	A	0.29%	0.06%	0.06%
	MTCH	D	0.07%	0.47%	0.07%
	MTD	D	0.21%	0.15%	0.15%
	NCLH	B	0.09%	0.09%	0.09%
	NDAQ	A	0.27%	0.04%	0.04%
	NDSN	B	0.12%	0.03%	0.03%
	NI	A	0.14%	0.33%	0.14%
	NRG	B	0.16%	0.33%	0.16%
	NTAP	C	0.2%	0.17%	0.17%
	NTRS	A	0.18%	0.08%	0.08%
	NUE	C	0.29%	0.26%	0.26%
	NVR	D	0.21%	0.26%	0.21%
	NWS	B	0.03%	0.1%	0.03%
	NWSA	B	0.09%	0.1%	0.09%
	O	D	0.41%	0.07%	0.07%
	ODFL	B	0.35%	0.08%	0.08%
	OKE	A	0.53%	0.24%	0.24%
	OMC	C	0.15%	0.34%	0.15%
	ON	D	0.23%	0.23%	0.23%
	OTIS	C	0.33%	0.08%	0.08%
	PARA	C	0.05%	0.2%	0.05%
	PAYC	B	0.09%	0.22%	0.09%
	PAYX	C	0.38%	0.21%	0.21%
	PCG	A	0.37%	0.08%	0.08%
	PEG	A	0.37%	0.26%	0.26%
	PFG	D	0.16%	0.21%	0.16%
	PHM	D	0.22%	0.25%	0.22%
	PKG	A	0.17%	0.06%	0.06%
	PLTR	B	1.09%	0.23%	0.23%
	PNR	A	0.14%	0.19%	0.14%
	PNW	B	0.09%	0.07%	0.07%
	PODD	C	0.15%	0.1%	0.1%
	POOL	C	0.11%	0.13%	0.11%
	PPG	F	0.24%	0.07%	0.07%
	PPL	B	0.21%	0.08%	0.08%
	PRU	A	0.38%	0.2%	0.2%
	PTC	A	0.19%	0.17%	0.17%
	PWR	A	0.39%	0.4%	0.39%
	QRVO	F	0.05%	0.21%	0.05%
	RCL	A	0.45%	0.09%	0.09%
	REG	B	0.11%	0.06%	0.06%
	RF	A	0.2%	0.06%	0.06%
	RJF	A	0.25%	0.25%	0.25%
	RL	B	0.07%	0.32%	0.07%
	RMD	C	0.28%	0.09%	0.09%
	ROK	B	0.27%	0.03%	0.03%
	ROL	B	0.12%	0.18%	0.12%
	ROST	C	0.38%	0.72%	0.38%
	RVTY	F	0.11%	0.1%	0.1%
	SBAC	D	0.2%	0.06%	0.06%
	SJM	D	0.09%	0.21%	0.09%
	SMCI	F	0.08%	0.15%	0.08%
	SNA	A	0.15%	0.25%	0.15%
	SOLV	C	0.08%	0.05%	0.05%
	SPG	B	0.48%	0.07%	0.07%
	STE	F	0.18%	0.12%	0.12%
	STLD	B	0.17%	0.27%	0.17%
	STT	A	0.24%	0.12%	0.12%
	SW	A	0.22%	0.07%	0.07%
	SWK	D	0.11%	0.27%	0.11%
	SWKS	F	0.11%	0.21%	0.11%
	SYF	B	0.21%	0.69%	0.21%
	SYY	B	0.31%	0.75%	0.31%
	TAP	C	0.09%	0.25%	0.09%
	TDY	B	0.18%	0.03%	0.03%
	TECH	D	0.09%	0.15%	0.09%
	TER	D	0.13%	0.17%	0.13%
	TFX	F	0.08%	0.05%	0.05%
	TPR	B	0.11%	0.33%	0.11%
	TRGP	B	0.35%	0.24%	0.24%
	TRMB	B	0.14%	0.03%	0.03%
	TROW	B	0.21%	0.09%	0.09%
	TSCO	D	0.24%	0.12%	0.12%
	TSN	B	0.15%	0.36%	0.15%
	TTWO	A	0.25%	0.49%	0.25%
	TXT	D	0.13%	0.16%	0.13%
	TYL	B	0.21%	0.22%	0.21%
	UAL	A	0.25%	0.28%	0.25%
	UDR	B	0.12%	0.1%	0.1%
	UHS	D	0.1%	0.32%	0.1%
	ULTA	F	0.14%	0.17%	0.14%
	URI	B	0.46%	0.14%	0.14%
	VICI	C	0.27%	0.06%	0.06%
	VLTO	D	0.21%	0.03%	0.03%
	VMC	B	0.3%	0.17%	0.17%
	VRSK	A	0.33%	0.04%	0.04%
	VRSN	F	0.13%	0.27%	0.13%
	VST	B	0.4%	0.41%	0.4%
	VTR	C	0.21%	0.11%	0.11%
	VTRS	A	0.13%	0.24%	0.13%
	WAB	B	0.28%	0.13%	0.13%
	WAT	B	0.17%	0.15%	0.15%
	WBA	F	0.05%	0.64%	0.05%
	WBD	C	0.18%	0.19%	0.18%
	WDC	D	0.17%	0.17%	0.17%
	WEC	A	0.26%	0.07%	0.07%
	WMB	A	0.57%	0.25%	0.25%
	WRB	A	0.15%	0.14%	0.14%
	WST	C	0.19%	0.05%	0.05%
	WTW	B	0.26%	0.03%	0.03%
	WY	D	0.19%	0.17%	0.17%
	WYNN	D	0.08%	0.08%	0.08%
	XEL	A	0.32%	0.08%	0.08%
	XYL	D	0.24%	0.19%	0.19%
	YUM	B	0.31%	0.51%	0.31%
	ZBH	C	0.19%	0.12%	0.12%
	ZBRA	B	0.16%	0.13%	0.13%

IWR Overweight 495 Positions Relative to SSPY

	Symbol	Grade	Weight
	APP	B	0.63%
	COIN	C	0.5%
	MSTR	C	0.44%
	TTD	B	0.43%
	LNG	B	0.4%
	SQ	B	0.39%
	VRT	B	0.36%
	FERG	B	0.33%
	DDOG	A	0.31%
	HUBS	A	0.27%
	VEEV	C	0.26%
	ARES	A	0.25%
	ALNY	D	0.24%
	CPNG	D	0.23%
	FCNCA	A	0.22%
	NET	B	0.22%
	TPL	A	0.21%
	RBLX	C	0.21%
	CVNA	B	0.21%
	EME	C	0.19%
	LPLA	A	0.19%
	ZM	B	0.18%
	HOOD	B	0.18%
	ILMN	D	0.18%
	EXE	B	0.18%
	MKL	A	0.18%
	CSL	C	0.17%
	IBKR	A	0.16%
	BAH	F	0.16%
	COO	D	0.16%
	LII	A	0.16%
	MDB	C	0.16%
	RS	B	0.15%
	WSO	A	0.15%
	DKNG	B	0.15%
	TOST	B	0.15%
	ZS	C	0.15%
	TRU	D	0.15%
	TWLO	A	0.14%
	NTRA	B	0.14%
	WSM	B	0.14%
	XPO	B	0.14%
	MANH	D	0.14%
	OC	A	0.14%
	FWONK	B	0.14%
	NTNX	A	0.14%
	PINS	D	0.14%
	HEI	B	0.14%
	BURL	A	0.14%
	RPM	A	0.14%
	FNF	B	0.13%
	RGA	A	0.13%
	DT	C	0.13%
	SUI	D	0.13%
	TOL	B	0.13%
	FIX	A	0.13%
	GWRE	A	0.13%
	SSNC	B	0.13%
	UTHR	C	0.13%
	DOCU	A	0.13%
	SOFI	A	0.12%
	AVTR	F	0.12%
	EQH	B	0.12%
	EWBC	A	0.12%
	ACM	A	0.12%
	ENTG	D	0.12%
	USFD	A	0.12%
	THC	D	0.12%
	PSTG	D	0.12%
	CASY	A	0.12%
	TW	A	0.12%
	GGG	B	0.12%
	PFGC	B	0.11%
	GLPI	C	0.11%
	JEF	A	0.11%
	AFRM	B	0.11%
	ELS	C	0.11%
	TXRH	C	0.11%
	RNR	C	0.11%
	CW	B	0.11%
	SAIA	B	0.11%
	BJ	A	0.1%
	BWXT	B	0.1%
	OVV	B	0.1%
	Z	A	0.1%
	UNM	A	0.1%
	NBIX	C	0.1%
	OKTA	C	0.1%
	HEI	B	0.1%
	NVT	B	0.1%
	BMRN	D	0.1%
	SCI	B	0.1%
	FTI	A	0.1%
	WPC	D	0.1%
	JLL	D	0.1%
	ITT	A	0.1%
	COHR	B	0.1%
	CLH	B	0.1%
	AMH	D	0.1%
	WBS	A	0.09%
	PRI	A	0.09%
	CACI	D	0.09%
	CCK	C	0.09%
	CAVA	B	0.09%
	EVR	B	0.09%
	FND	C	0.09%
	CUBE	D	0.09%
	LAMR	D	0.09%
	BLD	D	0.09%
	ATR	B	0.09%
	CG	A	0.09%
	TTEK	F	0.09%
	AA	B	0.09%
	DKS	C	0.09%
	FHN	A	0.09%
	RRX	B	0.09%
	DUOL	A	0.09%
	LECO	B	0.09%
	OWL	A	0.09%
	SF	B	0.09%
	FBIN	D	0.08%
	AAON	B	0.08%
	TPX	B	0.08%
	GMED	A	0.08%
	DCI	B	0.08%
	WMS	D	0.08%
	RGLD	C	0.08%
	INGR	B	0.08%
	WING	D	0.08%
	ORI	A	0.08%
	BRBR	A	0.08%
	TKO	B	0.08%
	SRPT	D	0.08%
	PNFP	B	0.08%
	AAL	B	0.08%
	CNH	C	0.08%
	DOX	D	0.08%
	CIEN	B	0.08%
	PR	B	0.08%
	HLI	B	0.08%
	WTRG	B	0.08%
	WAL	B	0.08%
	CHDN	B	0.08%
	LBRDK	C	0.08%
	ARMK	B	0.08%
	EHC	B	0.08%
	MUSA	A	0.08%
	DTM	B	0.08%
	NLY	C	0.08%
	OHI	C	0.08%
	AFG	A	0.08%
	ALLY	C	0.08%
	EXEL	B	0.08%
	GME	C	0.08%
	EXP	A	0.08%
	AYI	B	0.08%
	RPRX	D	0.08%
	LAD	A	0.08%
	ALSN	B	0.08%
	WWD	B	0.08%
	KNSL	B	0.08%
	CHRD	D	0.07%
	MEDP	D	0.07%
	RRC	B	0.07%
	ACI	C	0.07%
	X	C	0.07%
	SEIC	B	0.07%
	SKX	D	0.07%
	SNV	B	0.07%
	APG	B	0.07%
	CNM	D	0.07%
	CFR	B	0.07%
	VOYA	B	0.07%
	PLNT	A	0.07%
	CHE	D	0.07%
	RIVN	F	0.07%
	EGP	F	0.07%
	HRB	D	0.07%
	GPK	C	0.07%
	LNW	D	0.07%
	NYT	C	0.07%
	MTZ	B	0.07%
	TTC	D	0.07%
	CR	A	0.07%
	GLOB	B	0.07%
	WTFC	A	0.07%
	CBSH	A	0.07%
	ZION	B	0.07%
	OGE	B	0.07%
	ITCI	C	0.07%
	FYBR	D	0.07%
	BILL	A	0.07%
	CMA	A	0.07%
	BRX	A	0.07%
	SNX	C	0.07%
	PCTY	B	0.07%
	ROKU	D	0.07%
	KNX	B	0.07%
	PEN	B	0.07%
	AR	B	0.07%
	AXTA	A	0.07%
	WCC	B	0.07%
	RBC	A	0.07%
	EXAS	D	0.07%
	MORN	B	0.07%
	REXR	F	0.07%
	AWI	A	0.06%
	MTN	C	0.06%
	H	B	0.06%
	CFLT	B	0.06%
	SN	D	0.06%
	LSCC	D	0.06%
	AXS	A	0.06%
	MTDR	B	0.06%
	VMI	B	0.06%
	DAR	C	0.06%
	ALK	C	0.06%
	CGNX	C	0.06%
	FCN	D	0.06%
	BPOP	B	0.06%
	MTSI	B	0.06%
	MASI	A	0.06%
	ELAN	D	0.06%
	R	B	0.06%
	GXO	B	0.06%
	FR	C	0.06%
	ATI	D	0.06%
	FRPT	B	0.06%
	RGEN	D	0.06%
	GNTX	C	0.06%
	VFC	C	0.06%
	ESTC	C	0.06%
	ESAB	B	0.06%
	MKSI	C	0.06%
	AGNC	D	0.06%
	GTLB	B	0.06%
	OSK	B	0.06%
	VNO	B	0.06%
	S	B	0.06%
	LPX	B	0.06%
	MIDD	C	0.06%
	COKE	C	0.06%
	CART	C	0.06%
	RLI	B	0.06%
	RYAN	B	0.06%
	WEX	D	0.06%
	PCOR	B	0.06%
	PB	A	0.06%
	TREX	C	0.06%
	WH	B	0.06%
	KEX	C	0.06%
	SMAR	A	0.06%
	RHI	B	0.06%
	JAZZ	B	0.06%
	ADC	B	0.06%
	SSD	D	0.06%
	OLED	D	0.06%
	NNN	D	0.06%
	BERY	B	0.06%
	ONTO	D	0.06%
	FLS	B	0.06%
	KBR	F	0.06%
	G	B	0.06%
	LITE	B	0.05%
	RITM	C	0.05%
	VVV	F	0.05%
	PATH	C	0.05%
	NFG	A	0.05%
	THO	B	0.05%
	OLLI	D	0.05%
	BRKR	D	0.05%
	PVH	C	0.05%
	JHG	A	0.05%
	ETSY	D	0.05%
	CROX	D	0.05%
	AGCO	D	0.05%
	THG	A	0.05%
	VNT	B	0.05%
	AMG	B	0.05%
	LFUS	F	0.05%
	FNB	A	0.05%
	WFRD	D	0.05%
	IDA	A	0.05%
	WHR	B	0.05%
	LAZ	B	0.05%
	FOUR	B	0.05%
	BFAM	D	0.05%
	DOCS	C	0.05%
	STWD	C	0.05%
	ARW	D	0.05%
	UHAL	D	0.05%
	BIO	D	0.05%
	COLD	D	0.05%
	SITE	D	0.05%
	OMF	A	0.05%
	ESI	A	0.05%
	SIRI	C	0.05%
	SAIC	F	0.05%
	MAT	D	0.05%
	NOV	C	0.05%
	MSA	D	0.05%
	KD	B	0.05%
	WSC	D	0.05%
	MTG	C	0.05%
	COLB	A	0.05%
	LSTR	D	0.05%
	BSY	D	0.05%
	ELF	C	0.05%
	DBX	B	0.05%
	FAF	A	0.05%
	STAG	F	0.05%
	LYFT	C	0.05%
	AZEK	A	0.05%
	HR	C	0.05%
	DINO	D	0.05%
	AZPN	A	0.05%
	M	D	0.04%
	GAP	C	0.04%
	KMPR	B	0.04%
	RYN	D	0.04%
	EEFT	B	0.04%
	PSN	D	0.04%
	SLGN	A	0.04%
	CELH	F	0.04%
	KRC	C	0.04%
	SEE	C	0.04%
	CUZ	B	0.04%
	LOPE	B	0.04%
	RH	B	0.04%
	AGO	B	0.04%
	FIVE	F	0.04%
	ST	F	0.04%
	HCP	B	0.04%
	ROIV	C	0.04%
	AVT	C	0.04%
	WTM	A	0.04%
	HXL	D	0.04%
	OLN	D	0.04%
	TKR	D	0.04%
	SON	D	0.04%
	BYD	C	0.04%
	NXST	C	0.04%
	INSP	D	0.04%
	UGI	A	0.04%
	AL	B	0.04%
	BROS	B	0.04%
	CIVI	D	0.04%
	OZK	B	0.04%
	AM	A	0.04%
	VNOM	A	0.04%
	U	C	0.04%
	VKTX	F	0.04%
	APPF	B	0.04%
	POST	C	0.04%
	SLM	A	0.04%
	LNC	B	0.04%
	CLF	F	0.04%
	CCCS	B	0.04%
	LEA	D	0.04%
	IONS	F	0.04%
	TPG	A	0.04%
	CRUS	D	0.04%
	BC	C	0.04%
	WEN	D	0.03%
	AMTM	D	0.03%
	BHF	B	0.03%
	SMG	D	0.03%
	PENN	C	0.03%
	VAC	B	0.03%
	ZI	D	0.03%
	HUN	F	0.03%
	YETI	C	0.03%
	NCNO	B	0.03%
	IRDM	D	0.03%
	EPR	D	0.03%
	ZG	A	0.03%
	HIW	D	0.03%
	PII	D	0.03%
	ACHC	F	0.03%
	FHB	A	0.03%
	IAC	D	0.03%
	NVST	B	0.03%
	SPR	D	0.03%
	W	F	0.03%
	TNL	A	0.03%
	NWL	B	0.03%
	PRGO	B	0.03%
	DNB	B	0.03%
	XRAY	F	0.03%
	MDU	D	0.03%
	NEU	C	0.03%
	DXC	B	0.03%
	MSM	C	0.03%
	ASH	D	0.03%
	PEGA	A	0.03%
	OGN	D	0.03%
	LINE	F	0.03%
	HOG	D	0.03%
	FLO	D	0.03%
	RARE	D	0.03%
	CHH	A	0.03%
	GFS	C	0.03%
	MSGS	A	0.03%
	GTES	A	0.03%
	AN	C	0.03%
	DLB	B	0.03%
	WLK	D	0.03%
	VSTS	C	0.02%
	CRI	D	0.02%
	UAA	C	0.02%
	ALAB	B	0.02%
	RKT	F	0.02%
	QDEL	F	0.02%
	LBTYK	A	0.02%
	INFA	D	0.02%
	LBTYA	B	0.02%
	IPGP	D	0.02%
	LCID	F	0.02%
	KSS	F	0.02%
	SHC	F	0.02%
	PPC	C	0.02%
	ADT	C	0.02%
	AZTA	D	0.02%
	RCM	F	0.02%
	AAP	C	0.02%
	HAYW	B	0.02%
	CWEN	C	0.02%
	JWN	C	0.02%
	PINC	B	0.02%
	ALGM	D	0.02%
	CPRI	F	0.02%
	SPB	C	0.02%
	MP	B	0.02%
	HHH	B	0.02%
	ENOV	C	0.02%
	MPW	F	0.02%
	AGR	B	0.02%
	BOKF	B	0.02%
	WU	D	0.02%
	CXT	B	0.02%
	APLS	D	0.02%
	COTY	F	0.02%
	CACC	D	0.02%
	DV	C	0.02%
	FIVN	C	0.02%
	TDC	D	0.02%
	SAM	C	0.02%
	COLM	B	0.02%
	VIRT	B	0.02%
	CC	C	0.02%
	AMKR	D	0.02%
	ECG	C	0.02%
	AMED	F	0.02%
	MAN	D	0.02%
	PAG	B	0.02%
	RNG	B	0.02%
	SNRE	D	0.02%
	NSA	D	0.02%
	LLYVK	A	0.02%
	PK	B	0.02%
	UWMC	D	0.01%
	PLTK	B	0.01%
	SEB	F	0.01%
	TFSL	A	0.01%
	WOLF	F	0.01%
	LOAR	A	0.01%
	CWEN	C	0.01%
	CNA	B	0.01%
	AS	B	0.01%
	CERT	F	0.01%
	PYCR	C	0.01%
	DDS	B	0.01%
	LLYVA	A	0.01%
	UI	A	0.01%
	TXG	F	0.01%
	SNDR	B	0.01%
	REYN	D	0.01%
	TRIP	F	0.01%
	LBRDA	C	0.01%
	LEG	F	0.01%
	DJT	C	0.01%
	GO	C	0.01%
	QS	F	0.01%
	CAR	C	0.01%
	FTRE	D	0.01%
	FWONA	B	0.01%
	UA	C	0.01%
	CLVT	F	0.01%
	BIRK	D	0.01%
	CNXC	F	0.01%
	PARAA	B	0.0%
	SEG	B	0.0%
	GRAL	C	0.0%
	UHAL	D	0.0%
	NFE	D	0.0%

IWR Underweight 193 Positions Relative to SSPY

	Symbol	Grade	Weight
	XOM	B	-0.77%
	CVX	A	-0.76%
	WMT	A	-0.73%
	TJX	A	-0.72%
	COST	B	-0.71%
	COF	B	-0.7%
	CVS	D	-0.69%
	CMCSA	B	-0.52%
	PSX	C	-0.51%
	VLO	C	-0.5%
	EL	F	-0.5%
	CMG	B	-0.5%
	AAPL	C	-0.5%
	MCD	D	-0.5%
	BRK.A	B	-0.5%
	MPC	D	-0.49%
	MSI	B	-0.49%
	SBUX	A	-0.48%
	META	D	-0.47%
	KMB	D	-0.42%
	PG	A	-0.42%
	CL	D	-0.41%
	CEG	D	-0.38%
	SLB	C	-0.35%
	PM	B	-0.35%
	CRM	B	-0.35%
	MO	A	-0.35%
	IBM	C	-0.34%
	ORCL	B	-0.34%
	SNPS	B	-0.34%
	TMUS	B	-0.33%
	VZ	C	-0.33%
	T	A	-0.33%
	HCA	F	-0.33%
	NKE	D	-0.33%
	CDNS	B	-0.33%
	MSFT	F	-0.32%
	LULU	C	-0.31%
	FCX	D	-0.3%
	TSLA	B	-0.28%
	EQIX	A	-0.27%
	LOW	D	-0.26%
	HD	A	-0.26%
	MS	A	-0.26%
	UNH	C	-0.26%
	ETN	A	-0.26%
	GM	B	-0.25%
	NEM	D	-0.25%
	KO	D	-0.25%
	F	C	-0.25%
	GILD	C	-0.25%
	STZ	D	-0.25%
	ZTS	D	-0.25%
	MNST	C	-0.25%
	BMY	B	-0.25%
	GS	A	-0.25%
	SCHW	B	-0.25%
	MRNA	F	-0.24%
	AMGN	D	-0.24%
	JNJ	D	-0.24%
	AEP	D	-0.24%
	MRK	F	-0.24%
	D	C	-0.24%
	PFE	D	-0.24%
	KDP	D	-0.24%
	NEE	D	-0.24%
	ELV	F	-0.24%
	ABBV	D	-0.24%
	AVGO	D	-0.23%
	CPRT	A	-0.23%
	GOOGL	C	-0.23%
	GOOG	C	-0.23%
	TXN	C	-0.23%
	LLY	F	-0.23%
	VRTX	F	-0.23%
	NXPI	D	-0.23%
	REGN	F	-0.22%
	NFLX	A	-0.22%
	AMZN	C	-0.22%
	QCOM	F	-0.22%
	NOW	A	-0.22%
	ADI	D	-0.22%
	ANET	C	-0.21%
	DIS	B	-0.21%
	CSCO	B	-0.21%
	KHC	F	-0.21%
	MET	A	-0.21%
	ADP	B	-0.21%
	AIG	B	-0.2%
	INTU	C	-0.2%
	ERIE	D	-0.2%
	CI	F	-0.19%
	APH	A	-0.19%
	TEL	B	-0.19%
	PGR	A	-0.19%
	PEP	F	-0.18%
	RSG	A	-0.18%
	CTAS	B	-0.18%
	AMAT	F	-0.18%
	CRWD	B	-0.18%
	GEV	B	-0.18%
	WM	A	-0.18%
	MDLZ	F	-0.18%
	MCK	B	-0.18%
	HON	B	-0.17%
	TGT	F	-0.17%
	ADSK	A	-0.17%
	MMM	D	-0.17%
	FTNT	C	-0.17%
	ITW	B	-0.17%
	GE	D	-0.17%
	DELL	C	-0.17%
	KLAC	D	-0.17%
	STX	D	-0.17%
	INTC	D	-0.16%
	PANW	C	-0.16%
	ADBE	C	-0.16%
	GD	F	-0.16%
	BA	F	-0.16%
	MU	D	-0.15%
	AZO	C	-0.14%
	CAT	B	-0.14%
	TMO	F	-0.14%
	TRV	B	-0.14%
	ORLY	B	-0.14%
	CB	C	-0.14%
	AMD	F	-0.14%
	JPM	A	-0.13%
	PCAR	B	-0.13%
	DE	A	-0.13%
	ACN	C	-0.13%
	WFC	A	-0.13%
	C	A	-0.13%
	NVDA	C	-0.13%
	MAR	B	-0.12%
	ABNB	C	-0.12%
	SYK	C	-0.12%
	ISRG	A	-0.12%
	BAC	A	-0.12%
	WELL	A	-0.11%
	PSA	D	-0.11%
	BKNG	A	-0.11%
	UBER	D	-0.11%
	DHR	F	-0.1%
	LMT	D	-0.09%
	NOC	D	-0.09%
	UPS	C	-0.09%
	KKR	A	-0.09%
	SO	D	-0.08%
	SRE	A	-0.08%
	CARR	D	-0.08%
	TDG	D	-0.08%
	JCI	C	-0.08%
	PH	A	-0.08%
	UNP	C	-0.08%
	NSC	B	-0.08%
	RTX	C	-0.08%
	BX	A	-0.08%
	BLK	C	-0.08%
	CSX	B	-0.08%
	OXY	D	-0.07%
	COP	C	-0.07%
	EOG	A	-0.07%
	FDX	B	-0.07%
	TT	A	-0.07%
	DUK	C	-0.07%
	TFC	A	-0.06%
	FI	A	-0.06%
	USB	A	-0.06%
	PNC	B	-0.06%
	EW	C	-0.06%
	ABT	B	-0.06%
	MDT	D	-0.06%
	PYPL	B	-0.06%
	BSX	B	-0.06%
	PLD	D	-0.06%
	AMT	D	-0.06%
	SHW	A	-0.06%
	ECL	D	-0.05%
	APD	A	-0.05%
	BDX	F	-0.05%
	AON	A	-0.04%
	MMC	B	-0.04%
	SPGI	C	-0.04%
	MCO	B	-0.04%
	MA	C	-0.04%
	ICE	C	-0.04%
	V	A	-0.04%
	AXP	A	-0.04%
	CME	A	-0.04%
	LIN	D	-0.04%
	ROP	B	-0.03%
	EMR	A	-0.03%

IWR: Top Represented Industries & Keywords

Industries: Software - Application Banks - Regional - US Diversified Industrials Biotechnology Diagnostics & Research Software - Infrastructure Business Services Utilities - Regulated Electric Asset Management Oil & Gas E&P Specialty Retail Packaged Foods Packaging & Containers Information Technology Services Semiconductors Building Materials Capital Markets Insurance - Property & Casualty REIT - Residential Specialty Chemicals

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

SSPY: 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 Aerospace Chemical Medicine Real Estate Investment Trust Telecommunications Bank Banking Semiconductor Insurance Products Petroleum Industry Transport Investment Bank