IWS vs. PHDG ETF Comparison

Comparison of iShares Russell Mid-cap Value ETF (IWS) to PowerShares S&P 500 Downside Hedged Portfolio (PHDG)

IWS

iShares Russell Mid-cap Value ETF

IWS Description

The investment seeks to track the investment results of an index composed of mid-capitalization U.S. equities that exhibit value characteristics. 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. It seeks to track the investment results of the Russell Midcap Value Index (the "underlying index"), which measures the performance of the mid-capitalization value sector of the U.S. equity market.

Grade (RS Rating)

Last Trade

$137.38

Average Daily Volume

277,468

Number of Holdings ^*

707

* 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	IWS	PHDG
30 Days	3.96%	-1.45%
60 Days	5.27%	1.30%
90 Days	6.56%	1.18%
12 Months	30.55%	18.05%

281 Overlapping Holdings

	Symbol	Grade	Weight in IWS	Weight in PHDG	Overlap
	A	D	0.41%	0.04%	0.04%
	ACGL	C	0.4%	0.04%	0.04%
	ADM	D	0.28%	0.03%	0.03%
	AEE	A	0.27%	0.03%	0.03%
	AES	F	0.11%	0.01%	0.01%
	AFL	B	0.68%	0.06%	0.06%
	AIZ	A	0.13%	0.01%	0.01%
	AJG	A	0.65%	0.07%	0.07%
	AKAM	D	0.14%	0.01%	0.01%
	ALB	B	0.13%	0.01%	0.01%
	ALGN	D	0.08%	0.02%	0.02%
	ALL	A	0.48%	0.06%	0.06%
	ALLE	C	0.13%	0.01%	0.01%
	AMCR	C	0.16%	0.02%	0.02%
	AME	A	0.49%	0.05%	0.05%
	AMP	A	0.06%	0.06%	0.06%
	ANSS	B	0.32%	0.03%	0.03%
	AOS	F	0.1%	0.01%	0.01%
	APA	D	0.09%	0.01%	0.01%
	APTV	F	0.16%	0.02%	0.02%
	ARE	F	0.2%	0.02%	0.02%
	ATO	A	0.24%	0.02%	0.02%
	AVB	B	0.36%	0.03%	0.03%
	AVY	F	0.11%	0.02%	0.02%
	AWK	C	0.29%	0.03%	0.03%
	BALL	F	0.21%	0.02%	0.02%
	BAX	F	0.18%	0.02%	0.02%
	BBY	D	0.22%	0.02%	0.02%
	BEN	C	0.07%	0.01%	0.01%
	BG	D	0.14%	0.01%	0.01%
	BIIB	F	0.26%	0.03%	0.03%
	BK	A	0.64%	0.06%	0.06%
	BKR	A	0.47%	0.05%	0.05%
	BLDR	D	0.21%	0.02%	0.02%
	BR	A	0.03%	0.03%	0.03%
	BRO	B	0.16%	0.03%	0.03%
	BWA	D	0.09%	0.01%	0.01%
	BXP	C	0.14%	0.01%	0.01%
	CAG	F	0.14%	0.01%	0.01%
	CAH	B	0.13%	0.03%	0.03%
	CBOE	C	0.23%	0.02%	0.02%
	CBRE	B	0.44%	0.04%	0.04%
	CCI	C	0.5%	0.05%	0.05%
	CCL	A	0.27%	0.03%	0.03%
	CDW	F	0.13%	0.03%	0.03%
	CE	F	0.07%	0.01%	0.01%
	CF	A	0.18%	0.02%	0.02%
	CFG	B	0.23%	0.02%	0.02%
	CHD	A	0.29%	0.03%	0.03%
	CHRW	B	0.14%	0.01%	0.01%
	CHTR	C	0.4%	0.04%	0.04%
	CINF	A	0.26%	0.03%	0.03%
	CMI	A	0.54%	0.05%	0.05%
	CMS	C	0.22%	0.02%	0.02%
	CNC	D	0.33%	0.03%	0.03%
	CNP	A	0.21%	0.02%	0.02%
	CPB	D	0.09%	0.01%	0.01%
	CPT	B	0.14%	0.01%	0.01%
	CRL	D	0.11%	0.01%	0.01%
	CSGP	D	0.32%	0.03%	0.03%
	CTLT	C	0.12%	0.01%	0.01%
	CTRA	B	0.21%	0.02%	0.02%
	CTSH	B	0.42%	0.04%	0.04%
	CTVA	C	0.43%	0.04%	0.04%
	CZR	F	0.09%	0.01%	0.01%
	DAL	B	0.45%	0.04%	0.04%
	DAY	B	0.11%	0.01%	0.01%
	DD	C	0.38%	0.04%	0.04%
	DFS	B	0.48%	0.05%	0.05%
	DG	F	0.18%	0.02%	0.02%
	DGX	A	0.2%	0.02%	0.02%
	DHI	F	0.53%	0.05%	0.05%
	DLR	B	0.64%	0.06%	0.06%
	DLTR	F	0.14%	0.01%	0.01%
	DOC	C	0.16%	0.02%	0.02%
	DOV	A	0.3%	0.03%	0.03%
	DOW	F	0.34%	0.03%	0.03%
	DPZ	C	0.11%	0.02%	0.02%
	DRI	B	0.1%	0.02%	0.02%
	DTE	C	0.27%	0.03%	0.03%
	DVN	F	0.27%	0.03%	0.03%
	EA	A	0.47%	0.04%	0.04%
	EBAY	D	0.34%	0.03%	0.03%
	ED	C	0.37%	0.04%	0.04%
	EFX	F	0.27%	0.03%	0.03%
	EG	C	0.15%	0.02%	0.02%
	EIX	B	0.35%	0.03%	0.03%
	EMN	C	0.13%	0.01%	0.01%
	EPAM	B	0.13%	0.02%	0.02%
	EQR	C	0.31%	0.03%	0.03%
	EQT	B	0.26%	0.03%	0.03%
	ES	C	0.24%	0.02%	0.02%
	ESS	B	0.21%	0.02%	0.02%
	ETR	B	0.35%	0.03%	0.03%
	EVRG	A	0.16%	0.02%	0.02%
	EXC	C	0.43%	0.04%	0.04%
	EXPD	C	0.16%	0.02%	0.02%
	EXR	C	0.38%	0.04%	0.04%
	FANG	C	0.37%	0.04%	0.04%
	FAST	B	0.08%	0.05%	0.05%
	FDS	B	0.13%	0.02%	0.02%
	FE	C	0.26%	0.02%	0.02%
	FFIV	B	0.15%	0.02%	0.02%
	FICO	B	0.09%	0.06%	0.06%
	FIS	C	0.54%	0.05%	0.05%
	FITB	B	0.35%	0.03%	0.03%
	FMC	D	0.07%	0.01%	0.01%
	FOX	A	0.06%	0.01%	0.01%
	FOXA	A	0.12%	0.01%	0.01%
	FRT	B	0.1%	0.01%	0.01%
	FSLR	F	0.22%	0.02%	0.02%
	FTV	C	0.29%	0.03%	0.03%
	GEHC	D	0.37%	0.04%	0.04%
	GEN	B	0.18%	0.02%	0.02%
	GIS	D	0.39%	0.04%	0.04%
	GL	C	0.11%	0.01%	0.01%
	GLW	B	0.39%	0.04%	0.04%
	GNRC	C	0.06%	0.01%	0.01%
	GPC	D	0.19%	0.02%	0.02%
	GPN	B	0.33%	0.03%	0.03%
	GRMN	B	0.36%	0.03%	0.03%
	GWW	B	0.07%	0.06%	0.06%
	HAL	C	0.29%	0.03%	0.03%
	HAS	D	0.01%	0.01%	0.01%
	HBAN	A	0.28%	0.03%	0.03%
	HES	B	0.16%	0.04%	0.04%
	HIG	B	0.38%	0.04%	0.04%
	HII	F	0.08%	0.01%	0.01%
	HLT	A	0.33%	0.07%	0.07%
	HOLX	D	0.2%	0.02%	0.02%
	HPE	B	0.3%	0.03%	0.03%
	HPQ	B	0.3%	0.04%	0.04%
	HRL	D	0.09%	0.01%	0.01%
	HSIC	C	0.1%	0.01%	0.01%
	HST	C	0.13%	0.01%	0.01%
	HSY	F	0.24%	0.03%	0.03%
	HUBB	B	0.26%	0.03%	0.03%
	HUM	C	0.37%	0.04%	0.04%
	HWM	A	0.47%	0.05%	0.05%
	IEX	C	0.19%	0.02%	0.02%
	IFF	D	0.24%	0.02%	0.02%
	INCY	C	0.13%	0.01%	0.01%
	INVH	D	0.23%	0.02%	0.02%
	IP	A	0.22%	0.02%	0.02%
	IPG	D	0.11%	0.01%	0.01%
	IQV	F	0.34%	0.04%	0.04%
	IR	B	0.45%	0.04%	0.04%
	IRM	C	0.16%	0.04%	0.04%
	IVZ	B	0.07%	0.01%	0.01%
	J	D	0.19%	0.02%	0.02%
	JBHT	C	0.16%	0.02%	0.02%
	JBL	C	0.14%	0.02%	0.02%
	JKHY	D	0.14%	0.01%	0.01%
	JNPR	D	0.13%	0.01%	0.01%
	K	A	0.23%	0.02%	0.02%
	KEY	B	0.2%	0.02%	0.02%
	KEYS	A	0.29%	0.03%	0.03%
	KIM	A	0.18%	0.02%	0.02%
	KMI	A	0.58%	0.06%	0.06%
	KMX	B	0.13%	0.01%	0.01%
	KR	B	0.42%	0.04%	0.04%
	KVUE	A	0.5%	0.05%	0.05%
	L	A	0.17%	0.02%	0.02%
	LDOS	C	0.24%	0.02%	0.02%
	LEN	D	0.02%	0.04%	0.02%
	LEN	D	0.44%	0.04%	0.04%
	LH	B	0.22%	0.02%	0.02%
	LHX	C	0.51%	0.05%	0.05%
	LKQ	F	0.11%	0.01%	0.01%
	LNT	A	0.17%	0.02%	0.02%
	LUV	C	0.21%	0.02%	0.02%
	LW	C	0.08%	0.01%	0.01%
	LYB	F	0.24%	0.02%	0.02%
	MAA	B	0.2%	0.02%	0.02%
	MAS	D	0.19%	0.02%	0.02%
	MCHP	F	0.37%	0.04%	0.04%
	MGM	D	0.1%	0.01%	0.01%
	MHK	D	0.08%	0.01%	0.01%
	MKC	C	0.21%	0.02%	0.02%
	MKTX	D	0.11%	0.01%	0.01%
	MLM	C	0.37%	0.04%	0.04%
	MOH	F	0.07%	0.02%	0.02%
	MOS	F	0.09%	0.01%	0.01%
	MRO	B	0.18%	0.02%	0.02%
	MSCI	C	0.21%	0.05%	0.05%
	MTB	A	0.39%	0.04%	0.04%
	MTCH	D	0.09%	0.01%	0.01%
	MTD	F	0.27%	0.03%	0.03%
	NDAQ	A	0.36%	0.03%	0.03%
	NDSN	B	0.16%	0.02%	0.02%
	NI	A	0.18%	0.02%	0.02%
	NRG	B	0.12%	0.02%	0.02%
	NTAP	C	0.15%	0.03%	0.03%
	NTRS	A	0.24%	0.02%	0.02%
	NUE	C	0.39%	0.04%	0.04%
	NVR	D	0.28%	0.03%	0.03%
	NWS	A	0.04%	0.0%	0.0%
	NWSA	A	0.12%	0.01%	0.01%
	O	C	0.54%	0.05%	0.05%
	OKE	A	0.7%	0.07%	0.07%
	OMC	C	0.21%	0.02%	0.02%
	ON	D	0.31%	0.03%	0.03%
	OTIS	C	0.44%	0.04%	0.04%
	PARA	C	0.07%	0.01%	0.01%
	PAYC	B	0.05%	0.01%	0.01%
	PAYX	B	0.32%	0.05%	0.05%
	PCG	A	0.49%	0.05%	0.05%
	PEG	A	0.49%	0.05%	0.05%
	PFG	D	0.22%	0.02%	0.02%
	PHM	D	0.29%	0.03%	0.03%
	PKG	A	0.23%	0.02%	0.02%
	PNR	A	0.19%	0.02%	0.02%
	PNW	A	0.11%	0.01%	0.01%
	PPG	F	0.32%	0.03%	0.03%
	PPL	A	0.27%	0.03%	0.03%
	PRU	A	0.5%	0.05%	0.05%
	PTC	B	0.1%	0.02%	0.02%
	PWR	A	0.36%	0.05%	0.05%
	QRVO	F	0.07%	0.01%	0.01%
	RCL	A	0.39%	0.06%	0.06%
	REG	A	0.15%	0.01%	0.01%
	RF	A	0.27%	0.03%	0.03%
	RJF	A	0.33%	0.03%	0.03%
	RL	C	0.09%	0.01%	0.01%
	RMD	C	0.27%	0.04%	0.04%
	ROK	C	0.33%	0.04%	0.04%
	ROST	D	0.39%	0.05%	0.05%
	RVTY	F	0.15%	0.02%	0.02%
	SBAC	D	0.26%	0.03%	0.03%
	SJM	D	0.12%	0.01%	0.01%
	SNA	A	0.2%	0.02%	0.02%
	SOLV	D	0.1%	0.01%	0.01%
	SPG	A	0.48%	0.06%	0.06%
	STE	D	0.24%	0.02%	0.02%
	STLD	B	0.23%	0.02%	0.02%
	STT	B	0.32%	0.03%	0.03%
	SW	A	0.29%	0.03%	0.03%
	SWK	D	0.14%	0.01%	0.01%
	SWKS	F	0.15%	0.01%	0.01%
	SYF	B	0.28%	0.03%	0.03%
	SYY	D	0.16%	0.04%	0.04%
	TAP	C	0.12%	0.01%	0.01%
	TDY	B	0.24%	0.02%	0.02%
	TECH	F	0.12%	0.01%	0.01%
	TER	F	0.02%	0.02%	0.02%
	TFX	F	0.1%	0.01%	0.01%
	TPR	B	0.14%	0.01%	0.01%
	TRMB	B	0.19%	0.02%	0.02%
	TROW	B	0.29%	0.03%	0.03%
	TSN	B	0.2%	0.02%	0.02%
	TTWO	A	0.34%	0.03%	0.03%
	TXT	D	0.17%	0.02%	0.02%
	TYL	B	0.04%	0.03%	0.03%
	UAL	A	0.33%	0.03%	0.03%
	UDR	B	0.16%	0.01%	0.01%
	UHS	D	0.13%	0.01%	0.01%
	ULTA	F	0.03%	0.02%	0.02%
	URI	C	0.46%	0.06%	0.06%
	VICI	C	0.36%	0.04%	0.04%
	VLTO	C	0.15%	0.03%	0.03%
	VMC	B	0.3%	0.04%	0.04%
	VRSN	C	0.16%	0.02%	0.02%
	VTR	B	0.28%	0.03%	0.03%
	VTRS	A	0.17%	0.02%	0.02%
	WAB	B	0.38%	0.04%	0.04%
	WAT	C	0.09%	0.02%	0.02%
	WBA	F	0.07%	0.01%	0.01%
	WBD	B	0.25%	0.02%	0.02%
	WDC	D	0.23%	0.02%	0.02%
	WEC	A	0.34%	0.03%	0.03%
	WMB	A	0.76%	0.07%	0.07%
	WRB	A	0.2%	0.02%	0.02%
	WST	C	0.1%	0.03%	0.03%
	WTW	B	0.35%	0.03%	0.03%
	WY	F	0.25%	0.02%	0.02%
	WYNN	C	0.09%	0.01%	0.01%
	XEL	A	0.43%	0.04%	0.04%
	XYL	D	0.32%	0.03%	0.03%
	YUM	D	0.26%	0.04%	0.04%
	ZBH	C	0.25%	0.02%	0.02%
	ZBRA	B	0.17%	0.02%	0.02%

IWS Overweight 426 Positions Relative to PHDG

	Symbol	Grade	Weight
	MSTR	B	0.55%
	FERG	B	0.42%
	SQ	A	0.3%
	FCNCA	A	0.29%
	LNG	A	0.26%
	ZM	C	0.24%
	HOOD	B	0.24%
	EXE	A	0.24%
	ILMN	C	0.24%
	IBKR	A	0.21%
	COO	D	0.21%
	RS	B	0.2%
	WSO	A	0.2%
	CVNA	B	0.19%
	TRU	D	0.19%
	CSL	C	0.19%
	FNF	B	0.18%
	OC	A	0.18%
	MKL	A	0.18%
	RGA	A	0.17%
	SUI	C	0.17%
	TOL	B	0.17%
	SSNC	B	0.17%
	UTHR	C	0.17%
	EWBC	A	0.16%
	ACM	B	0.16%
	USFD	A	0.16%
	THC	D	0.16%
	GGG	B	0.16%
	TWLO	A	0.15%
	RPM	A	0.15%
	RNR	C	0.15%
	UNM	A	0.15%
	CW	C	0.15%
	EME	A	0.15%
	AVTR	F	0.15%
	ITT	A	0.14%
	COHR	B	0.14%
	CLH	C	0.14%
	AMH	C	0.14%
	GLPI	C	0.14%
	AFRM	A	0.14%
	ELS	C	0.14%
	SF	B	0.13%
	BJ	A	0.13%
	OVV	B	0.13%
	Z	A	0.13%
	SOFI	B	0.13%
	SCI	B	0.13%
	BMRN	F	0.13%
	FTI	A	0.13%
	NVT	B	0.13%
	NTNX	B	0.13%
	WPC	C	0.13%
	CASY	A	0.13%
	CCK	D	0.12%
	EVR	B	0.12%
	CUBE	C	0.12%
	FWONK	A	0.12%
	PFGC	B	0.12%
	ATR	B	0.12%
	AA	A	0.12%
	CG	B	0.12%
	FHN	A	0.12%
	RRX	B	0.12%
	DOX	D	0.11%
	CIEN	C	0.11%
	COIN	C	0.11%
	WTRG	B	0.11%
	WAL	B	0.11%
	EHC	B	0.11%
	ARMK	B	0.11%
	DTM	A	0.11%
	OHI	C	0.11%
	AFG	A	0.11%
	NLY	C	0.11%
	GME	C	0.11%
	AYI	B	0.11%
	RPRX	D	0.11%
	BLD	D	0.11%
	DKS	D	0.11%
	LAD	A	0.11%
	ALSN	B	0.11%
	WWD	C	0.11%
	WBS	A	0.11%
	PRI	B	0.11%
	CACI	D	0.11%
	TTEK	F	0.1%
	ZION	B	0.1%
	GWRE	A	0.1%
	ALLY	C	0.1%
	BRX	A	0.1%
	SNX	D	0.1%
	KNX	C	0.1%
	HLI	A	0.1%
	AAL	B	0.1%
	AR	B	0.1%
	RBC	A	0.1%
	WCC	B	0.1%
	AXTA	B	0.1%
	TW	A	0.1%
	REXR	F	0.1%
	GMED	A	0.1%
	FBIN	D	0.1%
	RGLD	C	0.1%
	BWXT	B	0.1%
	DCI	B	0.1%
	CMA	B	0.1%
	INGR	C	0.1%
	JEF	A	0.1%
	ORI	A	0.1%
	BRBR	A	0.1%
	CNH	C	0.1%
	PNFP	B	0.1%
	FLS	B	0.09%
	G	B	0.09%
	ACI	C	0.09%
	CHRD	D	0.09%
	RRC	B	0.09%
	SEIC	B	0.09%
	SNV	C	0.09%
	X	B	0.09%
	APG	B	0.09%
	TKO	A	0.09%
	LECO	C	0.09%
	CFR	B	0.09%
	VOYA	B	0.09%
	LAMR	C	0.09%
	EGP	D	0.09%
	RIVN	F	0.09%
	GPK	C	0.09%
	NYT	D	0.09%
	TTC	C	0.09%
	CR	A	0.09%
	MTZ	B	0.09%
	JLL	D	0.09%
	FYBR	C	0.09%
	CBSH	B	0.09%
	OGE	A	0.09%
	WTFC	A	0.09%
	RLI	A	0.08%
	DAR	C	0.08%
	ELAN	D	0.08%
	FCN	F	0.08%
	MTSI	B	0.08%
	GXO	B	0.08%
	FND	D	0.08%
	R	B	0.08%
	SSD	F	0.08%
	FR	D	0.08%
	ATI	C	0.08%
	ESAB	C	0.08%
	GNTX	C	0.08%
	AGNC	C	0.08%
	OSK	C	0.08%
	VFC	C	0.08%
	BBWI	C	0.08%
	VNO	C	0.08%
	KBR	F	0.08%
	MIDD	C	0.08%
	CART	C	0.08%
	SKX	D	0.08%
	COKE	C	0.08%
	LBRDK	C	0.08%
	KEX	B	0.08%
	RHI	C	0.08%
	ROKU	D	0.08%
	PB	B	0.08%
	CHE	D	0.08%
	ADC	A	0.08%
	JAZZ	B	0.08%
	PR	B	0.08%
	BERY	C	0.08%
	NNN	C	0.08%
	LNC	C	0.07%
	WHR	B	0.07%
	VNT	C	0.07%
	IDA	A	0.07%
	RGEN	D	0.07%
	S	B	0.07%
	STWD	C	0.07%
	ARW	D	0.07%
	BPOP	C	0.07%
	BIO	C	0.07%
	COLD	D	0.07%
	OMF	A	0.07%
	MTDR	B	0.07%
	SAIC	F	0.07%
	MAT	D	0.07%
	NOV	C	0.07%
	SIRI	C	0.07%
	MSA	F	0.07%
	ESI	B	0.07%
	KD	B	0.07%
	MTG	C	0.07%
	CGNX	D	0.07%
	LSTR	D	0.07%
	BILL	A	0.07%
	OKTA	C	0.07%
	COLB	B	0.07%
	FAF	A	0.07%
	STAG	D	0.07%
	MKSI	C	0.07%
	HR	B	0.07%
	WEX	D	0.07%
	AZPN	A	0.07%
	DINO	D	0.07%
	HRB	D	0.07%
	AXS	A	0.07%
	VMI	B	0.07%
	ALK	B	0.07%
	WSM	C	0.07%
	WH	B	0.07%
	BYD	B	0.06%
	UGI	C	0.06%
	AL	B	0.06%
	BFAM	D	0.06%
	OZK	B	0.06%
	POST	C	0.06%
	SLM	A	0.06%
	CCCS	B	0.06%
	SN	D	0.06%
	LEA	F	0.06%
	EXAS	D	0.06%
	CRUS	D	0.06%
	BC	C	0.06%
	LITE	B	0.06%
	RITM	C	0.06%
	THO	B	0.06%
	NFG	A	0.06%
	OLLI	D	0.06%
	DOCS	C	0.06%
	PVH	C	0.06%
	H	B	0.06%
	WMS	F	0.06%
	SAIA	B	0.06%
	ONTO	F	0.06%
	JHG	B	0.06%
	THG	A	0.06%
	AMG	B	0.06%
	LFUS	D	0.06%
	AGCO	D	0.06%
	FNB	A	0.06%
	GTES	A	0.05%
	TPG	A	0.05%
	DLB	B	0.05%
	AN	C	0.05%
	WLK	D	0.05%
	M	F	0.05%
	GAP	C	0.05%
	KMPR	A	0.05%
	EEFT	B	0.05%
	SLGN	A	0.05%
	RYN	D	0.05%
	AWI	A	0.05%
	PSN	D	0.05%
	WSC	F	0.05%
	DBX	B	0.05%
	KRC	B	0.05%
	CUZ	B	0.05%
	AGO	B	0.05%
	ST	F	0.05%
	AVT	C	0.05%
	ROIV	C	0.05%
	CROX	D	0.05%
	FRPT	A	0.05%
	HXL	F	0.05%
	OLN	F	0.05%
	WTM	A	0.05%
	TKR	D	0.05%
	SON	F	0.05%
	SMG	C	0.04%
	HUN	F	0.04%
	AM	A	0.04%
	ZG	A	0.04%
	ALNY	D	0.04%
	EPR	C	0.04%
	HIW	C	0.04%
	MASI	B	0.04%
	ACHC	F	0.04%
	FHB	B	0.04%
	UHAL	D	0.04%
	IAC	F	0.04%
	PII	F	0.04%
	NVST	B	0.04%
	CLF	F	0.04%
	W	D	0.04%
	TNL	A	0.04%
	NWL	C	0.04%
	VNOM	A	0.04%
	PRGO	C	0.04%
	CIVI	D	0.04%
	XRAY	F	0.04%
	DNB	B	0.04%
	MDU	D	0.04%
	NEU	D	0.04%
	MSGS	A	0.04%
	DXC	B	0.04%
	PLNT	A	0.04%
	RH	C	0.04%
	OLED	F	0.04%
	MSM	C	0.04%
	OGN	F	0.04%
	ASH	F	0.04%
	LINE	F	0.04%
	SITE	F	0.04%
	HOG	D	0.04%
	FLO	D	0.04%
	GFS	C	0.04%
	HAYW	B	0.03%
	JWN	D	0.03%
	CWEN	C	0.03%
	YETI	D	0.03%
	PINC	B	0.03%
	ALGM	D	0.03%
	CPRI	F	0.03%
	SPB	C	0.03%
	EXP	B	0.03%
	MP	C	0.03%
	ENOV	C	0.03%
	HHH	B	0.03%
	MPW	F	0.03%
	AGR	A	0.03%
	CC	C	0.03%
	BOKF	B	0.03%
	WU	F	0.03%
	COTY	F	0.03%
	CXT	C	0.03%
	COLM	C	0.03%
	CNM	D	0.03%
	SEE	C	0.03%
	VIRT	A	0.03%
	ECG	C	0.03%
	U	C	0.03%
	AMED	F	0.03%
	AMKR	D	0.03%
	MAN	F	0.03%
	NSA	C	0.03%
	PAG	B	0.03%
	PK	C	0.03%
	IRDM	D	0.03%
	SNRE	D	0.03%
	LLYVK	A	0.03%
	BROS	A	0.03%
	NXST	C	0.03%
	SPR	D	0.03%
	AMTM	D	0.03%
	BHF	C	0.03%
	LOPE	C	0.03%
	VAC	C	0.03%
	PENN	C	0.03%
	ZI	D	0.03%
	TRIP	F	0.02%
	SNDR	B	0.02%
	REYN	D	0.02%
	LEG	F	0.02%
	FTRE	D	0.02%
	WEN	D	0.02%
	EXEL	B	0.02%
	UA	C	0.02%
	QS	F	0.02%
	CLVT	D	0.02%
	GO	C	0.02%
	BIRK	D	0.02%
	ALAB	B	0.02%
	VSTS	C	0.02%
	CNXC	F	0.02%
	CRI	F	0.02%
	UAA	C	0.02%
	PSTG	D	0.02%
	RKT	F	0.02%
	AZEK	A	0.02%
	PPC	C	0.02%
	LCID	F	0.02%
	ETSY	D	0.02%
	LBTYK	A	0.02%
	INFA	D	0.02%
	KSS	F	0.02%
	IPGP	D	0.02%
	QDEL	F	0.02%
	LYFT	C	0.02%
	LBTYA	F	0.02%
	BRKR	D	0.02%
	GLOB	B	0.02%
	SHC	F	0.02%
	AZTA	D	0.02%
	LPX	B	0.02%
	ADT	C	0.02%
	AAP	D	0.02%
	RCM	A	0.02%
	SAM	C	0.02%
	TXG	F	0.01%
	PLTK	B	0.01%
	CHH	A	0.01%
	DJT	C	0.01%
	CACC	D	0.01%
	SEB	F	0.01%
	PATH	C	0.01%
	TFSL	A	0.01%
	UI	B	0.01%
	WOLF	F	0.01%
	CWEN	C	0.01%
	LSCC	D	0.01%
	FIVE	F	0.01%
	HCP	B	0.01%
	MTN	C	0.01%
	CAR	C	0.01%
	CNA	C	0.01%
	LBRDA	C	0.01%
	FWONA	A	0.01%
	PYCR	B	0.01%
	AS	A	0.01%
	CERT	F	0.01%
	DV	C	0.01%
	LLYVA	A	0.01%
	NCNO	C	0.01%
	DDS	B	0.01%
	LOAR	B	0.0%
	PARAA	B	0.0%
	UWMC	D	0.0%
	SEG	B	0.0%
	NFE	D	0.0%
	UHAL	D	0.0%
	GRAL	B	0.0%
	LAZ	B	0.0%
	IONS	F	0.0%

IWS Underweight 219 Positions Relative to PHDG

	Symbol	Grade	Weight
	NVDA	B	-3.89%
	AAPL	C	-3.74%
	MSFT	D	-3.42%
	AMZN	C	-2.13%
	META	D	-1.36%
	GOOGL	C	-1.11%
	TSLA	B	-0.93%
	GOOG	C	-0.92%
	BRK.A	B	-0.92%
	AVGO	D	-0.86%
	JPM	A	-0.74%
	LLY	F	-0.67%
	UNH	B	-0.59%
	XOM	B	-0.58%
	V	A	-0.56%
	MA	B	-0.46%
	COST	A	-0.44%
	HD	B	-0.43%
	PG	C	-0.42%
	WMT	A	-0.4%
	NFLX	A	-0.39%
	JNJ	C	-0.39%
	CRM	B	-0.35%
	BAC	A	-0.33%
	ORCL	A	-0.32%
	ABBV	F	-0.32%
	CVX	A	-0.3%
	WFC	A	-0.27%
	MRK	D	-0.27%
	KO	D	-0.26%
	CSCO	B	-0.25%
	ADBE	C	-0.25%
	AMD	F	-0.24%
	PEP	F	-0.24%
	ACN	B	-0.24%
	MCD	D	-0.23%
	NOW	A	-0.23%
	LIN	C	-0.23%
	ABT	B	-0.22%
	TMO	F	-0.22%
	ISRG	A	-0.21%
	IBM	C	-0.21%
	GE	D	-0.21%
	INTU	B	-0.21%
	DIS	B	-0.21%
	PM	B	-0.21%
	QCOM	F	-0.2%
	GS	A	-0.2%
	CAT	B	-0.2%
	TXN	C	-0.2%
	VZ	C	-0.19%
	SPGI	C	-0.18%
	MS	A	-0.18%
	CMCSA	B	-0.18%
	BKNG	A	-0.18%
	DHR	F	-0.17%
	AMAT	F	-0.17%
	LOW	C	-0.17%
	NEE	C	-0.17%
	RTX	D	-0.17%
	AMGN	F	-0.17%
	T	A	-0.17%
	AXP	A	-0.17%
	ETN	A	-0.16%
	BLK	B	-0.16%
	PFE	F	-0.16%
	UBER	F	-0.16%
	HON	C	-0.16%
	PGR	A	-0.16%
	TJX	A	-0.15%
	UNP	C	-0.15%
	PANW	B	-0.14%
	BSX	A	-0.14%
	C	A	-0.14%
	BX	A	-0.14%
	COP	C	-0.14%
	SYK	B	-0.14%
	TMUS	B	-0.13%
	BMY	B	-0.13%
	PLTR	B	-0.13%
	SCHW	B	-0.13%
	FI	A	-0.13%
	ADP	A	-0.13%
	VRTX	D	-0.13%
	INTC	C	-0.12%
	CB	C	-0.12%
	MMC	B	-0.12%
	MU	D	-0.12%
	MDT	D	-0.12%
	SBUX	A	-0.12%
	LMT	D	-0.12%
	GILD	C	-0.12%
	LRCX	F	-0.11%
	ANET	C	-0.11%
	BA	F	-0.11%
	DE	B	-0.11%
	KKR	A	-0.11%
	ADI	D	-0.11%
	PLD	F	-0.11%
	PH	A	-0.1%
	GEV	B	-0.1%
	ICE	C	-0.1%
	SHW	B	-0.1%
	CI	D	-0.1%
	AMT	C	-0.1%
	NKE	F	-0.1%
	TT	A	-0.1%
	ELV	F	-0.1%
	MO	A	-0.1%
	SO	C	-0.1%
	UPS	C	-0.1%
	ZTS	D	-0.09%
	MCK	A	-0.09%
	CRWD	B	-0.09%
	CME	B	-0.09%
	WM	B	-0.09%
	AON	A	-0.09%
	CMG	B	-0.09%
	MSI	B	-0.09%
	PNC	B	-0.09%
	REGN	F	-0.09%
	CDNS	B	-0.09%
	SNPS	B	-0.09%
	DUK	C	-0.09%
	EQIX	A	-0.09%
	KLAC	F	-0.09%
	APH	A	-0.09%
	MDLZ	F	-0.09%
	PYPL	B	-0.09%
	COF	C	-0.08%
	APD	A	-0.08%
	CEG	C	-0.08%
	TGT	F	-0.08%
	ORLY	B	-0.08%
	TDG	D	-0.08%
	MMM	D	-0.08%
	ITW	B	-0.08%
	EMR	B	-0.08%
	CTAS	B	-0.08%
	CL	D	-0.08%
	GD	D	-0.08%
	MCO	B	-0.08%
	EOG	A	-0.08%
	WELL	A	-0.08%
	USB	A	-0.08%
	PCAR	B	-0.07%
	ROP	B	-0.07%
	SLB	C	-0.07%
	TFC	A	-0.07%
	FCX	F	-0.07%
	ECL	D	-0.07%
	CARR	C	-0.07%
	HCA	F	-0.07%
	GM	C	-0.07%
	BDX	F	-0.07%
	MAR	A	-0.07%
	FDX	B	-0.07%
	ADSK	A	-0.07%
	NOC	D	-0.07%
	CSX	C	-0.07%
	CVS	D	-0.07%
	PSA	C	-0.06%
	MPC	D	-0.06%
	AZO	C	-0.06%
	PSX	C	-0.06%
	JCI	B	-0.06%
	NXPI	D	-0.06%
	SRE	A	-0.06%
	TRV	B	-0.06%
	ABNB	C	-0.06%
	NSC	B	-0.06%
	FTNT	C	-0.06%
	TRGP	A	-0.05%
	ODFL	C	-0.05%
	COR	B	-0.05%
	RSG	A	-0.05%
	F	C	-0.05%
	AXON	A	-0.05%
	KMB	C	-0.05%
	VLO	C	-0.05%
	NEM	D	-0.05%
	D	C	-0.05%
	VST	A	-0.05%
	MET	A	-0.05%
	AIG	B	-0.05%
	AEP	C	-0.05%
	CPRT	B	-0.05%
	OXY	D	-0.04%
	IDXX	F	-0.04%
	KDP	F	-0.04%
	STZ	D	-0.04%
	LULU	C	-0.04%
	DELL	B	-0.04%
	MNST	C	-0.04%
	EW	C	-0.04%
	VRSK	A	-0.04%
	IT	C	-0.04%
	CPAY	A	-0.03%
	GDDY	A	-0.03%
	DECK	A	-0.03%
	KHC	F	-0.03%
	MPWR	F	-0.03%
	TSCO	D	-0.03%
	DXCM	C	-0.03%
	ROL	B	-0.02%
	EL	F	-0.02%
	LVS	B	-0.02%
	PODD	C	-0.02%
	LYV	A	-0.02%
	STX	C	-0.02%
	CLX	A	-0.02%
	EXPE	B	-0.02%
	DVA	C	-0.01%
	ENPH	F	-0.01%
	SMCI	F	-0.01%
	ERIE	D	-0.01%
	NCLH	B	-0.01%
	MRNA	F	-0.01%
	POOL	C	-0.01%

IWS: Top Represented Industries & Keywords

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

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

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