PHDG vs. ILCB ETF Comparison

Comparison of PowerShares S&P 500 Downside Hedged Portfolio (PHDG) to iShares Morningstar U.S. Equity ETF (ILCB)

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

$38.08

Average Daily Volume

10,254

Number of Holdings ^*

496

* may have additional holdings in another (foreign) market

ILCB

iShares Morningstar U.S. Equity ETF

ILCB Description

The investment seeks to track the investment results of the Morningstar US Large-Mid Cap IndexSM composed of large- and 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 stocks issued by large-mid capitalization companies that have exhibited similar growth and value characteristics, as determined by Morningstar, Inc. (Morningstar or the index provider) proprietary index methodology.

Grade (RS Rating)

Last Trade

$76.92

Average Daily Volume

14,917

Number of Holdings ^*

615

* may have additional holdings in another (foreign) market

Performance

Period	PHDG	ILCB
30 Days	3.66%	4.13%
60 Days	6.37%	6.70%
90 Days	6.39%	8.78%
12 Months	15.90%	26.27%

472 Overlapping Holdings

Symbol	Grade	Weight in PHDG	Weight in ILCB	Overlap
A	D	0.05%	0.08%	0.05%
AAPL	B	4.44%	6.56%	4.44%
ABBV	B	0.4%	0.59%	0.4%
ABNB	D	0.09%	0.13%	0.09%
ABT	D	0.25%	0.36%	0.25%
ACGL	D	0.05%	0.07%	0.05%
ACN	D	0.27%	0.39%	0.27%
ADBE	C	0.36%	0.52%	0.36%
ADI	B	0.16%	0.23%	0.16%
ADM	C	0.05%	0.06%	0.05%
ADP	F	0.13%	0.2%	0.13%
ADSK	C	0.07%	0.11%	0.07%
AEE	C	0.03%	0.04%	0.03%
AEP	C	0.06%	0.09%	0.06%
AES	D	0.02%	0.03%	0.02%
AFL	A	0.07%	0.09%	0.07%
AIG	C	0.07%	0.1%	0.07%
AJG	A	0.08%	0.12%	0.08%
AKAM	D	0.02%	0.03%	0.02%
ALB	F	0.02%	0.02%	0.02%
ALGN	F	0.02%	0.04%	0.02%
ALL	D	0.06%	0.09%	0.06%
ALLE	C	0.01%	0.02%	0.01%
AMAT	C	0.28%	0.41%	0.28%
AMCR	D	0.02%	0.03%	0.02%
AMD	C	0.37%	0.54%	0.37%
AME	C	0.05%	0.08%	0.05%
AMGN	B	0.23%	0.34%	0.23%
AMP	B	0.06%	0.09%	0.06%
AMT	B	0.13%	0.19%	0.13%
AMZN	C	2.51%	3.81%	2.51%
ANET	C	0.13%	0.19%	0.13%
ANSS	C	0.04%	0.06%	0.04%
AON	C	0.09%	0.13%	0.09%
AOS	C	0.01%	0.02%	0.01%
APA	D	0.01%	0.02%	0.01%
APD	D	0.08%	0.12%	0.08%
APH	B	0.11%	0.17%	0.11%
APTV	F	0.03%	0.04%	0.03%
ARE	B	0.03%	0.04%	0.03%
ATO	B	0.02%	0.03%	0.02%
AVB	C	0.04%	0.06%	0.04%
AVGO	B	1.05%	1.61%	1.05%
AVY	D	0.02%	0.04%	0.02%
AWK	C	0.03%	0.05%	0.03%
AXON	D	0.03%	0.04%	0.03%
AXP	B	0.19%	0.28%	0.19%
AZO	C	0.07%	0.1%	0.07%
BA	D	0.15%	0.23%	0.15%
BAC	A	0.39%	0.57%	0.39%
BALL	D	0.03%	0.04%	0.03%
BAX	D	0.02%	0.03%	0.02%
BBY	B	0.02%	0.03%	0.02%
BDX	F	0.09%	0.14%	0.09%
BEN	D	0.01%	0.01%	0.01%
BG	B	0.02%	0.03%	0.02%
BIIB	C	0.05%	0.07%	0.05%
BK	A	0.06%	0.09%	0.06%
BKNG	C	0.18%	0.27%	0.18%
BKR	B	0.05%	0.07%	0.05%
BLDR	F	0.02%	0.03%	0.02%
BLK	B	0.15%	0.24%	0.15%
BMY	F	0.11%	0.17%	0.11%
BR	B	0.03%	0.05%	0.03%
BRK.A	C	1.02%	1.5%	1.02%
BRO	B	0.03%	0.05%	0.03%
BSX	B	0.15%	0.23%	0.15%
BX	B	0.12%	0.18%	0.12%
BXP	B	0.01%	0.02%	0.01%
C	B	0.17%	0.25%	0.17%
CAG	F	0.02%	0.03%	0.02%
CAH	F	0.03%	0.05%	0.03%
CARR	B	0.07%	0.11%	0.07%
CAT	D	0.22%	0.33%	0.22%
CB	D	0.14%	0.21%	0.14%
CBRE	B	0.04%	0.06%	0.04%
CCI	C	0.06%	0.09%	0.06%
CCL	C	0.02%	0.04%	0.02%
CDNS	C	0.12%	0.18%	0.12%
CDW	D	0.04%	0.06%	0.04%
CE	D	0.02%	0.03%	0.02%
CEG	C	0.09%	0.14%	0.09%
CF	F	0.02%	0.03%	0.02%
CFG	A	0.02%	0.03%	0.02%
CHD	D	0.04%	0.05%	0.04%
CHTR	D	0.04%	0.06%	0.04%
CI	D	0.13%	0.19%	0.13%
CINF	B	0.03%	0.04%	0.03%
CL	B	0.11%	0.16%	0.11%
CLX	D	0.02%	0.03%	0.02%
CMCSA	F	0.21%	0.31%	0.21%
CME	D	0.1%	0.15%	0.1%
CMG	D	0.12%	0.17%	0.12%
CMI	C	0.05%	0.08%	0.05%
CMS	D	0.02%	0.04%	0.02%
CNC	D	0.05%	0.07%	0.05%
CNP	D	0.03%	0.04%	0.03%
COF	C	0.07%	0.11%	0.07%
COP	D	0.19%	0.28%	0.19%
COST	C	0.53%	0.79%	0.53%
CPAY	C	0.03%	0.04%	0.03%
CPB	B	0.01%	0.02%	0.01%
CPRT	B	0.07%	0.1%	0.07%
CPT	B	0.02%	0.02%	0.02%
CRL	D	0.01%	0.02%	0.01%
CRM	F	0.35%	0.5%	0.35%
CRWD	C	0.12%	0.18%	0.12%
CSCO	D	0.27%	0.39%	0.27%
CSGP	F	0.04%	0.06%	0.04%
CSX	C	0.09%	0.13%	0.09%
CTAS	B	0.08%	0.13%	0.08%
CTRA	D	0.03%	0.04%	0.03%
CTSH	C	0.05%	0.07%	0.05%
CTVA	D	0.05%	0.07%	0.05%
CVS	F	0.1%	0.15%	0.1%
CVX	D	0.38%	0.55%	0.38%
D	C	0.06%	0.08%	0.06%
DAL	D	0.04%	0.06%	0.04%
DAY	F	0.01%	0.02%	0.01%
DD	B	0.05%	0.07%	0.05%
DE	F	0.13%	0.19%	0.13%
DECK	D	0.03%	0.05%	0.03%
DFS	B	0.05%	0.07%	0.05%
DG	D	0.04%	0.06%	0.04%
DGX	B	0.02%	0.03%	0.02%
DHI	C	0.06%	0.08%	0.06%
DHR	D	0.22%	0.33%	0.22%
DIS	F	0.25%	0.37%	0.25%
DLR	B	0.07%	0.1%	0.07%
DLTR	F	0.03%	0.04%	0.03%
DOC	B	0.02%	0.03%	0.02%
DOV	C	0.03%	0.05%	0.03%
DOW	F	0.05%	0.08%	0.05%
DPZ	D	0.02%	0.04%	0.02%
DRI	F	0.02%	0.04%	0.02%
DTE	C	0.03%	0.05%	0.03%
DUK	B	0.11%	0.16%	0.11%
DVA	C	0.01%	0.01%	0.01%
DVN	D	0.04%	0.06%	0.04%
DXCM	D	0.06%	0.09%	0.06%
EA	B	0.05%	0.07%	0.05%
EBAY	B	0.04%	0.05%	0.04%
ECL	A	0.08%	0.12%	0.08%
ED	D	0.04%	0.06%	0.04%
EFX	C	0.04%	0.06%	0.04%
EG	C	0.02%	0.03%	0.02%
EIX	C	0.04%	0.06%	0.04%
EL	F	0.03%	0.05%	0.03%
ELV	C	0.17%	0.25%	0.17%
EMN	D	0.02%	0.02%	0.02%
EMR	B	0.09%	0.13%	0.09%
ENPH	F	0.02%	0.03%	0.02%
EOG	B	0.1%	0.15%	0.1%
EPAM	F	0.01%	0.02%	0.01%
EQIX	C	0.1%	0.15%	0.1%
EQR	C	0.03%	0.05%	0.03%
EQT	D	0.02%	0.03%	0.02%
ES	C	0.03%	0.04%	0.03%
ESS	B	0.02%	0.04%	0.02%
ETN	C	0.18%	0.26%	0.18%
ETR	D	0.03%	0.05%	0.03%
EVRG	C	0.02%	0.02%	0.02%
EW	B	0.08%	0.11%	0.08%
EXC	D	0.05%	0.07%	0.05%
EXPD	B	0.02%	0.04%	0.02%
EXPE	C	0.02%	0.03%	0.02%
EXR	B	0.05%	0.07%	0.05%
F	B	0.07%	0.1%	0.07%
FANG	B	0.05%	0.07%	0.05%
FAST	D	0.05%	0.07%	0.05%
FCX	C	0.1%	0.15%	0.1%
FDS	D	0.02%	0.03%	0.02%
FDX	B	0.09%	0.14%	0.09%
FE	C	0.03%	0.04%	0.03%
FFIV	C	0.01%	0.02%	0.01%
FICO	A	0.05%	0.08%	0.05%
FIS	C	0.06%	0.09%	0.06%
FITB	B	0.03%	0.05%	0.03%
FOX	A	0.01%	0.01%	0.01%
FOXA	A	0.01%	0.02%	0.01%
FSLR	D	0.03%	0.05%	0.03%
FTNT	D	0.05%	0.08%	0.05%
FTV	D	0.04%	0.05%	0.04%
GD	D	0.09%	0.13%	0.09%
GDDY	C	0.03%	0.04%	0.03%
GE	D	0.25%	0.37%	0.25%
GEHC	C	0.05%	0.06%	0.05%
GEV	B	0.07%	0.1%	0.07%
GILD	C	0.12%	0.17%	0.12%
GIS	D	0.05%	0.07%	0.05%
GLW	B	0.04%	0.06%	0.04%
GM	B	0.07%	0.11%	0.07%
GOOG	C	1.27%	2.01%	1.27%
GOOGL	C	1.52%	2.24%	1.52%
GPC	D	0.03%	0.04%	0.03%
GPN	F	0.03%	0.05%	0.03%
GRMN	C	0.03%	0.05%	0.03%
GS	A	0.21%	0.31%	0.21%
GWW	D	0.06%	0.08%	0.06%
HAL	F	0.04%	0.06%	0.04%
HBAN	C	0.03%	0.04%	0.03%
HCA	D	0.09%	0.13%	0.09%
HD	C	0.46%	0.68%	0.46%
HES	D	0.06%	0.09%	0.06%
HIG	C	0.04%	0.06%	0.04%
HII	D	0.01%	0.02%	0.01%
HLT	B	0.08%	0.11%	0.08%
HOLX	B	0.02%	0.04%	0.02%
HON	B	0.19%	0.28%	0.19%
HPE	B	0.04%	0.05%	0.04%
HPQ	C	0.04%	0.07%	0.04%
HRL	F	0.01%	0.02%	0.01%
HST	D	0.02%	0.03%	0.02%
HSY	D	0.04%	0.06%	0.04%
HUBB	D	0.03%	0.04%	0.03%
HUM	D	0.06%	0.09%	0.06%
HWM	D	0.04%	0.07%	0.04%
IBM	C	0.22%	0.33%	0.22%
ICE	A	0.11%	0.17%	0.11%
IDXX	D	0.05%	0.08%	0.05%
IEX	D	0.02%	0.03%	0.02%
IFF	B	0.03%	0.05%	0.03%
INCY	B	0.01%	0.02%	0.01%
INTC	D	0.18%	0.27%	0.18%
INTU	C	0.26%	0.38%	0.26%
INVH	C	0.03%	0.04%	0.03%
IP	C	0.02%	0.03%	0.02%
IPG	F	0.02%	0.02%	0.02%
IQV	D	0.05%	0.08%	0.05%
IR	B	0.05%	0.08%	0.05%
IRM	B	0.04%	0.06%	0.04%
ISRG	B	0.21%	0.31%	0.21%
IT	C	0.05%	0.07%	0.05%
ITW	D	0.09%	0.14%	0.09%
J	C	0.02%	0.04%	0.02%
JBHT	D	0.02%	0.03%	0.02%
JBL	F	0.02%	0.03%	0.02%
JCI	C	0.06%	0.09%	0.06%
JKHY	D	0.02%	0.02%	0.02%
JNJ	D	0.49%	0.72%	0.49%
JNPR	B	0.02%	0.02%	0.02%
JPM	B	0.83%	1.23%	0.83%
K	D	0.02%	0.03%	0.02%
KDP	D	0.05%	0.07%	0.05%
KEY	B	0.02%	0.03%	0.02%
KEYS	D	0.03%	0.05%	0.03%
KHC	D	0.04%	0.06%	0.04%
KIM	C	0.02%	0.03%	0.02%
KKR	B	0.1%	0.14%	0.1%
KLAC	B	0.16%	0.24%	0.16%
KMB	A	0.06%	0.1%	0.06%
KMI	A	0.05%	0.08%	0.05%
KMX	C	0.02%	0.02%	0.02%
KO	B	0.34%	0.51%	0.34%
KR	C	0.05%	0.07%	0.05%
KVUE	F	0.05%	0.07%	0.05%
L	C	0.02%	0.03%	0.02%
LDOS	B	0.03%	0.04%	0.03%
LEN	C	0.05%	0.07%	0.05%
LEN	C	0.05%	0.0%	0.0%
LHX	A	0.06%	0.09%	0.06%
LIN	C	0.29%	0.43%	0.29%
LKQ	D	0.02%	0.02%	0.02%
LLY	B	0.99%	1.56%	0.99%
LMT	D	0.14%	0.2%	0.14%
LNT	B	0.02%	0.03%	0.02%
LOW	C	0.17%	0.25%	0.17%
LRCX	C	0.2%	0.29%	0.2%
LULU	F	0.05%	0.07%	0.05%
LUV	D	0.02%	0.04%	0.02%
LVS	F	0.02%	0.04%	0.02%
LW	F	0.02%	0.02%	0.02%
LYB	F	0.03%	0.05%	0.03%
LYV	C	0.02%	0.03%	0.02%
MA	D	0.51%	0.76%	0.51%
MAA	B	0.02%	0.03%	0.02%
MAR	C	0.08%	0.12%	0.08%
MAS	C	0.02%	0.03%	0.02%
MCD	D	0.25%	0.37%	0.25%
MCHP	D	0.07%	0.1%	0.07%
MCK	C	0.11%	0.16%	0.11%
MCO	A	0.09%	0.14%	0.09%
MDLZ	F	0.12%	0.18%	0.12%
MDT	D	0.14%	0.21%	0.14%
MET	C	0.06%	0.09%	0.06%
META	C	1.56%	2.29%	1.56%
MGM	C	0.02%	0.02%	0.02%
MKC	C	0.02%	0.04%	0.02%
MLM	D	0.05%	0.07%	0.05%
MMC	A	0.15%	0.22%	0.15%
MMM	B	0.08%	0.12%	0.08%
MNST	D	0.05%	0.08%	0.05%
MO	A	0.11%	0.16%	0.11%
MOH	F	0.02%	0.04%	0.02%
MOS	F	0.01%	0.02%	0.01%
MPC	F	0.09%	0.13%	0.09%
MPWR	C	0.06%	0.08%	0.06%
MRK	C	0.44%	0.65%	0.44%
MRNA	D	0.05%	0.08%	0.05%
MRO	B	0.02%	0.03%	0.02%
MS	A	0.17%	0.26%	0.17%
MSCI	C	0.05%	0.08%	0.05%
MSFT	C	4.76%	7.02%	4.76%
MSI	B	0.09%	0.13%	0.09%
MTB	A	0.03%	0.05%	0.03%
MTD	D	0.04%	0.06%	0.04%
MU	C	0.21%	0.31%	0.21%
NDAQ	B	0.03%	0.05%	0.03%
NDSN	D	0.02%	0.02%	0.02%
NEE	C	0.2%	0.3%	0.2%
NEM	A	0.07%	0.1%	0.07%
NFLX	C	0.41%	0.6%	0.41%
NI	A	0.02%	0.03%	0.02%
NKE	F	0.13%	0.18%	0.13%
NOC	F	0.09%	0.13%	0.09%
NOW	C	0.22%	0.33%	0.22%
NRG	D	0.02%	0.03%	0.02%
NSC	D	0.07%	0.1%	0.07%
NTAP	B	0.04%	0.06%	0.04%
NTRS	B	0.02%	0.04%	0.02%
NUE	D	0.05%	0.08%	0.05%
NVDA	C	4.38%	6.26%	4.38%
NVR	B	0.03%	0.05%	0.03%
NWS	A	0.0%	0.01%	0.0%
NWSA	A	0.01%	0.02%	0.01%
NXPI	B	0.1%	0.14%	0.1%
O	C	0.06%	0.09%	0.06%
ODFL	C	0.05%	0.07%	0.05%
OKE	A	0.07%	0.1%	0.07%
OMC	C	0.02%	0.03%	0.02%
ON	D	0.04%	0.06%	0.04%
ORCL	B	0.32%	0.47%	0.32%
ORLY	C	0.08%	0.12%	0.08%
OTIS	B	0.05%	0.08%	0.05%
OXY	D	0.06%	0.08%	0.06%
PANW	C	0.15%	0.23%	0.15%
PAYC	F	0.01%	0.01%	0.01%
PAYX	F	0.05%	0.08%	0.05%
PCAR	D	0.07%	0.11%	0.07%
PCG	C	0.05%	0.08%	0.05%
PEG	B	0.05%	0.08%	0.05%
PEP	D	0.31%	0.46%	0.31%
PFE	C	0.22%	0.32%	0.22%
PFG	C	0.02%	0.04%	0.02%
PG	D	0.53%	0.79%	0.53%
PGR	B	0.17%	0.25%	0.17%
PH	C	0.09%	0.13%	0.09%
PHM	C	0.03%	0.05%	0.03%
PKG	C	0.02%	0.03%	0.02%
PLD	C	0.15%	0.21%	0.15%
PM	A	0.22%	0.32%	0.22%
PNC	A	0.09%	0.13%	0.09%
PNR	D	0.02%	0.03%	0.02%
PODD	C	0.02%	0.03%	0.02%
POOL	F	0.02%	0.02%	0.02%
PPG	D	0.04%	0.06%	0.04%
PPL	D	0.03%	0.04%	0.03%
PRU	A	0.06%	0.09%	0.06%
PSA	B	0.06%	0.09%	0.06%
PSX	D	0.08%	0.12%	0.08%
PTC	C	0.03%	0.05%	0.03%
PWR	D	0.05%	0.08%	0.05%
PYPL	D	0.09%	0.13%	0.09%
QCOM	C	0.32%	0.47%	0.32%
QRVO	B	0.02%	0.02%	0.02%
RCL	B	0.05%	0.07%	0.05%
REG	B	0.01%	0.02%	0.01%
REGN	B	0.15%	0.22%	0.15%
RF	A	0.03%	0.04%	0.03%
RJF	D	0.03%	0.05%	0.03%
RMD	D	0.04%	0.06%	0.04%
ROK	C	0.04%	0.06%	0.04%
ROL	C	0.02%	0.03%	0.02%
ROP	C	0.08%	0.12%	0.08%
ROST	A	0.07%	0.1%	0.07%
RSG	A	0.05%	0.08%	0.05%
RTX	D	0.19%	0.27%	0.19%
SBAC	C	0.03%	0.04%	0.03%
SBUX	F	0.12%	0.18%	0.12%
SCHW	C	0.15%	0.22%	0.15%
SHW	C	0.1%	0.14%	0.1%
SJM	F	0.02%	0.02%	0.02%
SLB	D	0.09%	0.14%	0.09%
SMCI	C	0.06%	0.09%	0.06%
SNA	D	0.02%	0.03%	0.02%
SNPS	B	0.13%	0.19%	0.13%
SO	B	0.12%	0.17%	0.12%
SOLV	F	0.01%	0.01%	0.01%
SPG	B	0.07%	0.09%	0.07%
SPGI	A	0.2%	0.29%	0.2%
SRE	B	0.07%	0.1%	0.07%
STE	D	0.03%	0.04%	0.03%
STLD	C	0.03%	0.04%	0.03%
STT	B	0.03%	0.05%	0.03%
STX	B	0.03%	0.04%	0.03%
STZ	B	0.06%	0.08%	0.06%
SWK	D	0.02%	0.03%	0.02%
SWKS	B	0.02%	0.03%	0.02%
SYF	A	0.03%	0.04%	0.03%
SYK	C	0.16%	0.24%	0.16%
SYY	D	0.05%	0.07%	0.05%
T	B	0.19%	0.27%	0.19%
TAP	F	0.01%	0.02%	0.01%
TDG	D	0.1%	0.15%	0.1%
TDY	D	0.03%	0.04%	0.03%
TECH	D	0.02%	0.02%	0.02%
TEL	A	0.06%	0.09%	0.06%
TER	B	0.03%	0.05%	0.03%
TFC	A	0.07%	0.11%	0.07%
TFX	C	0.01%	0.02%	0.01%
TGT	C	0.09%	0.14%	0.09%
TJX	A	0.17%	0.26%	0.17%
TMO	D	0.29%	0.42%	0.29%
TMUS	B	0.13%	0.15%	0.13%
TRGP	A	0.04%	0.06%	0.04%
TRMB	C	0.02%	0.03%	0.02%
TROW	B	0.04%	0.05%	0.04%
TRV	D	0.06%	0.1%	0.06%
TSCO	D	0.04%	0.06%	0.04%
TSLA	C	0.95%	1.4%	0.95%
TSN	D	0.02%	0.03%	0.02%
TT	A	0.1%	0.15%	0.1%
TTWO	F	0.03%	0.05%	0.03%
TXN	B	0.25%	0.37%	0.25%
TXT	C	0.02%	0.03%	0.02%
TYL	B	0.03%	0.04%	0.03%
UAL	D	0.02%	0.03%	0.02%
UBER	C	0.2%	0.29%	0.2%
UDR	B	0.02%	0.02%	0.02%
UHS	B	0.02%	0.02%	0.02%
ULTA	D	0.03%	0.04%	0.03%
UNH	D	0.63%	0.92%	0.63%
UNP	D	0.19%	0.28%	0.19%
UPS	F	0.14%	0.2%	0.14%
URI	C	0.06%	0.09%	0.06%
USB	B	0.09%	0.13%	0.09%
V	F	0.59%	0.87%	0.59%
VICI	C	0.04%	0.06%	0.04%
VLO	D	0.07%	0.11%	0.07%
VLTO	D	0.03%	0.05%	0.03%
VMC	C	0.04%	0.07%	0.04%
VRSK	B	0.05%	0.08%	0.05%
VRSN	D	0.02%	0.03%	0.02%
VRTX	A	0.17%	0.25%	0.17%
VST	C	0.04%	0.06%	0.04%
VTR	A	0.03%	0.04%	0.03%
VTRS	C	0.02%	0.03%	0.02%
VZ	B	0.24%	0.35%	0.24%
WAB	D	0.04%	0.06%	0.04%
WAT	D	0.02%	0.04%	0.02%
WBA	F	0.01%	0.02%	0.01%
WBD	F	0.02%	0.03%	0.02%
WDC	B	0.03%	0.05%	0.03%
WEC	D	0.03%	0.05%	0.03%
WELL	B	0.09%	0.13%	0.09%
WFC	B	0.29%	0.43%	0.29%
WM	B	0.11%	0.16%	0.11%
WMB	B	0.07%	0.11%	0.07%
WMT	B	0.41%	0.61%	0.41%
WRB	D	0.02%	0.03%	0.02%
WRK	C	0.02%	0.03%	0.02%
WST	D	0.03%	0.05%	0.03%
WTW	B	0.04%	0.06%	0.04%
WY	D	0.03%	0.04%	0.03%
WYNN	F	0.01%	0.02%	0.01%
XEL	D	0.04%	0.06%	0.04%
XOM	D	0.72%	1.06%	0.72%
XYL	D	0.04%	0.07%	0.04%
YUM	F	0.05%	0.07%	0.05%
ZBH	F	0.03%	0.04%	0.03%
ZBRA	B	0.02%	0.03%	0.02%
ZTS	C	0.11%	0.17%	0.11%

PHDG Overweight 25 Positions Relative to ILCB

Symbol	Grade	Weight
CBOE	F	0.03%
PARA	D	0.01%
BIO	D	0.01%
MHK	C	0.01%
RL	C	0.01%
IVZ	C	0.01%
FMC	F	0.01%
ETSY	F	0.01%
GL	D	0.01%
AAL	F	0.01%
BWA	F	0.01%
FRT	A	0.01%
HAS	D	0.01%
NCLH	C	0.01%
MKTX	D	0.01%
MTCH	D	0.01%
CZR	D	0.01%
HSIC	D	0.01%
GNRC	C	0.01%
AIZ	D	0.01%
BBWI	F	0.01%
PNW	B	0.01%
TPR	C	0.01%
CTLT	B	0.01%
CHRW	C	0.01%

PHDG Underweight 143 Positions Relative to ILCB

Symbol	Grade	Weight
FI	C	-0.18%
MELI	B	-0.16%
MRVL	C	-0.13%
PLTR	B	-0.11%
SNOW	F	-0.1%
WDAY	F	-0.1%
APO	A	-0.1%
CRH	C	-0.1%
TTD	C	-0.09%
COIN	D	-0.09%
DELL	C	-0.08%
COR	D	-0.08%
DDOG	C	-0.08%
FERG	D	-0.08%
LNG	B	-0.08%
DASH	F	-0.07%
VRT	D	-0.07%
SQ	D	-0.07%
TEAM	D	-0.06%
HUBS	F	-0.06%
ALNY	A	-0.06%
CPNG	D	-0.05%
NET	C	-0.05%
ARES	C	-0.05%
PINS	D	-0.05%
VEEV	D	-0.05%
WSM	C	-0.04%
COO	D	-0.04%
LH	C	-0.04%
EME	D	-0.04%
LII	B	-0.04%
DKNG	F	-0.04%
ZS	C	-0.04%
APP	C	-0.04%
MDB	F	-0.04%
CSL	B	-0.04%
PSTG	B	-0.04%
MKL	D	-0.04%
RBLX	C	-0.04%
BAH	B	-0.04%
MSTR	D	-0.04%
ENTG	B	-0.04%
LPLA	D	-0.04%
FCNCA	B	-0.04%
FLEX	D	-0.03%
WING	D	-0.03%
AMH	C	-0.03%
TW	D	-0.03%
OVV	D	-0.03%
DT	F	-0.03%
XPO	D	-0.03%
SAIA	D	-0.03%
FNF	C	-0.03%
RVTY	C	-0.03%
NVT	D	-0.03%
EQH	A	-0.03%
RGA	A	-0.03%
THC	B	-0.03%
IBKR	D	-0.03%
RPM	D	-0.03%
GGG	D	-0.03%
HEI	B	-0.03%
NBIX	B	-0.03%
NTRA	B	-0.03%
AVTR	D	-0.03%
SSNC	B	-0.03%
ZM	F	-0.03%
CASY	B	-0.03%
SRPT	C	-0.03%
NTNX	D	-0.03%
TPL	B	-0.03%
SUI	C	-0.03%
GEN	B	-0.03%
TRU	B	-0.03%
OKTA	D	-0.03%
BURL	A	-0.03%
OC	C	-0.03%
FWONK	B	-0.03%
BMRN	C	-0.03%
MANH	C	-0.03%
RS	C	-0.03%
WSO	B	-0.03%
ILMN	D	-0.03%
SNAP	C	-0.03%
ACI	F	-0.02%
MORN	B	-0.02%
EXAS	F	-0.02%
UNM	D	-0.02%
CG	C	-0.02%
AFG	D	-0.02%
DINO	F	-0.02%
CHK	D	-0.02%
CNM	D	-0.02%
CCK	D	-0.02%
CNH	F	-0.02%
WTRG	C	-0.02%
CELH	F	-0.02%
RRX	D	-0.02%
ERIE	D	-0.02%
AR	D	-0.02%
TWLO	F	-0.02%
HEI	B	-0.02%
PFGC	F	-0.02%
CHDN	B	-0.02%
MEDP	B	-0.02%
FND	F	-0.02%
SCCO	C	-0.02%
SCI	C	-0.02%
RPRX	D	-0.02%
BJ	B	-0.02%
LECO	F	-0.02%
TTEK	D	-0.02%
RNR	D	-0.02%
ALLY	A	-0.02%
DOCU	D	-0.02%
WMS	D	-0.02%
FIX	D	-0.02%
ELS	C	-0.02%
CLH	B	-0.02%
GLPI	B	-0.02%
TOL	C	-0.02%
DKS	C	-0.02%
HOOD	C	-0.02%
UTHR	B	-0.02%
ACM	D	-0.02%
WPC	C	-0.02%
BLD	C	-0.02%
USFD	D	-0.02%
PAG	C	-0.01%
COTY	F	-0.01%
U	F	-0.01%
WLK	D	-0.01%
AZPN	F	-0.01%
BRKR	F	-0.01%
SNX	D	-0.01%
UHAL	D	-0.01%
PCOR	F	-0.01%
BSY	F	-0.01%
UHAL	D	-0.0%
ALAB	F	-0.0%
FWONA	C	-0.0%
SIRI	D	-0.0%
AGR	D	-0.0%