QUS vs. BND ETF Comparison

Comparison of SPDR MSCI USA Quality Mix ETF (QUS) to Vanguard Total Bond Market ETF (BND)

QUS

SPDR MSCI USA Quality Mix ETF

QUS Description

The investment seeks to track the performance of the MSCI USA Quality Mix A-Series Index. The fund invests at least 80%, of its total assets in the securities comprising the index. The index is designed to measure the equity market performance of large-and mid-cap companies across the U.S. equity market. It aims to represent the performance of a combination of three factors: value, quality, and low volatility. It is an equal weighted combination of the following three MSCI Factor Indices in a single composite index: the MSCI USA Value Weighted Index, the MSCI USA Quality Index, and the MSCI USA Minimum Volatility Index. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$160.51

Average Daily Volume

15,309

Number of Holdings ^*

582

* may have additional holdings in another (foreign) market

BND

Vanguard Total Bond Market ETF

BND Description

The investment seeks the performance of a broad, market-weighted bond index. The fund employs an indexing investment approach designed to track the performance of the Barclays U.S. Aggregate Float Adjusted Index. This Index represents a wide spectrum of public, investment-grade, taxable, fixed income securities in the United States-including government, corporate, and international dollar-denominated bonds, as well as mortgage-backed and asset-backed securities-all with maturities of more than 1 year. All of the fund's investments will be selected through the sampling process, and at least 80% of the fund's assets will be invested in bonds held in the index.

Grade (RS Rating)

Last Trade

$72.46

Average Daily Volume

5,974,916

Number of Holdings ^*

545

* may have additional holdings in another (foreign) market

Performance

Period	QUS	BND
30 Days	0.81%	-1.85%
60 Days	3.38%	-3.37%
90 Days	5.17%	-1.52%
12 Months	29.60%	7.09%

369 Overlapping Holdings

Symbol	Grade	Weight in QUS	Weight in BND	Overlap
A	F	0.11%	0.01%	0.01%
AAPL	C	3.19%	0.01%	0.01%
ABBV	F	0.58%	0.01%	0.01%
ABT	C	0.15%	0.01%	0.01%
ACGL	C	0.37%	0.01%	0.01%
ADBE	C	0.69%	0.01%	0.01%
ADI	D	0.15%	0.01%	0.01%
ADM	F	0.08%	0.01%	0.01%
ADP	A	0.54%	0.01%	0.01%
ADSK	B	0.16%	0.01%	0.01%
AEE	B	0.11%	0.01%	0.01%
AEP	D	0.18%	0.01%	0.01%
AES	F	0.01%	0.01%	0.01%
AFG	A	0.15%	0.01%	0.01%
AFL	C	0.21%	0.01%	0.01%
AIG	B	0.12%	0.01%	0.01%
AIZ	A	0.12%	0.01%	0.01%
AJG	A	0.45%	0.01%	0.01%
ALB	C	0.02%	0.01%	0.01%
ALL	B	0.06%	0.01%	0.01%
ALLE	D	0.04%	0.01%	0.01%
ALLY	C	0.03%	0.01%	0.01%
AMAT	F	0.53%	0.01%	0.01%
AMCR	D	0.02%	0.01%	0.01%
AMGN	F	0.31%	0.01%	0.01%
AMH	C	0.01%	0.01%	0.01%
AMP	A	0.04%	0.01%	0.01%
AMT	F	0.04%	0.01%	0.01%
AMZN	A	0.69%	0.01%	0.01%
AON	B	0.21%	0.01%	0.01%
APD	B	0.04%	0.01%	0.01%
APH	B	0.73%	0.01%	0.01%
APO	B	0.03%	0.01%	0.01%
APTV	F	0.02%	0.01%	0.01%
ARE	F	0.02%	0.01%	0.01%
ATO	B	0.04%	0.01%	0.01%
AVB	B	0.02%	0.01%	0.01%
AVGO	C	0.63%	0.01%	0.01%
AVY	F	0.01%	0.01%	0.01%
AWK	D	0.02%	0.01%	0.01%
AXP	B	0.1%	0.01%	0.01%
AZO	B	0.35%	0.01%	0.01%
BA	F	0.02%	0.01%	0.01%
BAC	A	0.66%	0.01%	0.01%
BAX	F	0.02%	0.01%	0.01%
BBY	C	0.09%	0.01%	0.01%
BDX	F	0.24%	0.01%	0.01%
BEN	C	0.01%	0.01%	0.01%
BG	D	0.04%	0.01%	0.01%
BIIB	F	0.02%	0.01%	0.01%
BK	B	0.09%	0.01%	0.01%
BKNG	A	0.04%	0.01%	0.01%
BMY	B	0.32%	0.01%	0.01%
BR	A	0.03%	0.01%	0.01%
BRO	B	0.01%	0.01%	0.01%
BSX	A	0.04%	0.01%	0.01%
BXP	D	0.02%	0.01%	0.01%
C	B	0.44%	0.01%	0.01%
CAG	F	0.02%	0.01%	0.01%
CAH	B	0.12%	0.01%	0.01%
CARR	C	0.04%	0.01%	0.01%
CAT	B	0.63%	0.01%	0.01%
CB	C	0.62%	0.01%	0.01%
CBOE	D	0.28%	0.01%	0.01%
CCI	F	0.03%	0.01%	0.01%
CDNS	B	0.29%	0.01%	0.01%
CE	F	0.01%	0.01%	0.01%
CF	B	0.03%	0.01%	0.01%
CFG	B	0.06%	0.01%	0.01%
CHD	A	0.14%	0.01%	0.01%
CHRW	A	0.02%	0.01%	0.01%
CHTR	B	0.09%	0.01%	0.01%
CI	D	0.23%	0.01%	0.01%
CINF	A	0.03%	0.01%	0.01%
CL	F	0.16%	0.01%	0.01%
CLX	A	0.01%	0.01%	0.01%
CMCSA	B	0.42%	0.01%	0.01%
CME	B	0.22%	0.01%	0.01%
CMI	A	0.16%	0.01%	0.01%
CMS	D	0.08%	0.01%	0.01%
CNH	D	0.02%	0.01%	0.01%
CNP	B	0.02%	0.01%	0.01%
COF	B	0.16%	0.01%	0.01%
COP	C	0.16%	0.01%	0.01%
COST	B	1.33%	0.01%	0.01%
CPB	F	0.12%	0.01%	0.01%
CPT	C	0.01%	0.01%	0.01%
CRM	B	0.11%	0.01%	0.01%
CSCO	A	1.32%	0.01%	0.01%
CSL	B	0.01%	0.01%	0.01%
CSX	B	0.05%	0.01%	0.01%
CTAS	B	0.24%	0.01%	0.01%
CTVA	C	0.17%	0.01%	0.01%
CVS	F	0.3%	0.01%	0.01%
CVX	A	0.52%	0.01%	0.01%
D	D	0.13%	0.01%	0.01%
DAL	A	0.01%	0.01%	0.01%
DD	D	0.04%	0.01%	0.01%
DE	D	0.1%	0.01%	0.01%
DELL	C	0.06%	0.01%	0.01%
DFS	B	0.07%	0.01%	0.01%
DG	F	0.02%	0.01%	0.01%
DGX	B	0.06%	0.01%	0.01%
DHI	D	0.19%	0.01%	0.01%
DHR	F	0.09%	0.01%	0.01%
DIS	B	0.15%	0.01%	0.01%
DLR	C	0.04%	0.01%	0.01%
DLTR	F	0.02%	0.01%	0.01%
DOC	C	0.01%	0.01%	0.01%
DOV	A	0.02%	0.01%	0.01%
DOW	F	0.06%	0.01%	0.01%
DRI	B	0.01%	0.01%	0.01%
DT	C	0.0%	0.01%	0.0%
DTE	D	0.09%	0.01%	0.01%
DUK	D	0.59%	0.01%	0.01%
DVN	F	0.04%	0.01%	0.01%
EA	A	0.3%	0.01%	0.01%
EBAY	C	0.02%	0.01%	0.01%
ECL	C	0.02%	0.01%	0.01%
ED	D	0.42%	0.01%	0.01%
EFX	F	0.01%	0.01%	0.01%
EG	D	0.17%	0.01%	0.01%
EIX	C	0.04%	0.01%	0.01%
EL	F	0.01%	0.01%	0.01%
EMN	D	0.02%	0.01%	0.01%
EMR	A	0.05%	0.01%	0.01%
EOG	A	0.15%	0.01%	0.01%
EQH	B	0.02%	0.01%	0.01%
EQIX	B	0.02%	0.01%	0.01%
EQR	C	0.02%	0.01%	0.01%
ES	D	0.02%	0.01%	0.01%
ESS	C	0.01%	0.01%	0.01%
ETN	B	0.05%	0.01%	0.01%
ETR	B	0.05%	0.01%	0.01%
EVRG	A	0.02%	0.01%	0.01%
EW	F	0.12%	0.01%	0.01%
EXC	C	0.05%	0.01%	0.01%
EXPE	B	0.02%	0.01%	0.01%
EXR	D	0.02%	0.01%	0.01%
FANG	C	0.22%	0.01%	0.01%
FDX	B	0.11%	0.01%	0.01%
FE	D	0.02%	0.01%	0.01%
FIS	B	0.03%	0.01%	0.01%
FITB	A	0.06%	0.01%	0.01%
FNF	C	0.02%	0.01%	0.01%
FOXA	A	0.02%	0.01%	0.01%
FTNT	B	0.01%	0.01%	0.01%
FTV	C	0.02%	0.01%	0.01%
GD	C	0.07%	0.01%	0.01%
GE	D	0.11%	0.01%	0.01%
GILD	B	0.46%	0.01%	0.01%
GIS	F	0.26%	0.01%	0.01%
GLPI	D	0.01%	0.01%	0.01%
GLW	B	0.14%	0.01%	0.01%
GM	B	0.3%	0.01%	0.01%
GOOGL	C	1.22%	0.01%	0.01%
GPC	D	0.02%	0.01%	0.01%
GPN	B	0.04%	0.01%	0.01%
GS	B	0.29%	0.01%	0.01%
GWW	B	0.2%	0.01%	0.01%
H	B	0.0%	0.01%	0.0%
HAL	C	0.03%	0.01%	0.01%
HBAN	A	0.05%	0.01%	0.01%
HCA	D	0.06%	0.01%	0.01%
HD	B	0.34%	0.01%	0.01%
HES	B	0.02%	0.01%	0.01%
HIG	C	0.09%	0.01%	0.01%
HII	F	0.01%	0.01%	0.01%
HON	B	0.49%	0.01%	0.01%
HPE	B	0.06%	0.01%	0.01%
HPQ	B	0.07%	0.01%	0.01%
HRL	F	0.08%	0.01%	0.01%
HST	D	0.01%	0.01%	0.01%
HSY	F	0.18%	0.01%	0.01%
HUBB	C	0.07%	0.01%	0.01%
HUM	D	0.2%	0.01%	0.01%
IBM	D	0.69%	0.01%	0.01%
ICE	C	0.14%	0.01%	0.01%
IEX	B	0.05%	0.01%	0.01%
IFF	F	0.02%	0.01%	0.01%
ILMN	C	0.01%	0.01%	0.01%
INTC	C	0.18%	0.01%	0.01%
INTU	A	0.04%	0.01%	0.01%
INVH	D	0.01%	0.01%	0.01%
IP	B	0.04%	0.01%	0.01%
IPG	F	0.02%	0.01%	0.01%
ITW	B	0.27%	0.01%	0.01%
JBHT	C	0.05%	0.01%	0.01%
JBL	C	0.03%	0.01%	0.01%
JCI	A	0.05%	0.01%	0.01%
JNJ	D	1.62%	0.01%	0.01%
JNPR	D	0.17%	0.01%	0.01%
JPM	A	1.01%	0.01%	0.01%
K	A	0.28%	0.01%	0.01%
KDP	C	0.24%	0.01%	0.01%
KEY	B	0.04%	0.01%	0.01%
KEYS	C	0.28%	0.01%	0.01%
KIM	A	0.02%	0.01%	0.01%
KLAC	F	0.32%	0.01%	0.01%
KMB	D	0.1%	0.01%	0.01%
KMI	B	0.06%	0.01%	0.01%
KO	F	0.82%	0.01%	0.01%
KR	A	0.32%	0.01%	0.01%
L	A	0.12%	0.01%	0.01%
LDOS	C	0.02%	0.01%	0.01%
LEN	D	0.06%	0.01%	0.01%
LH	B	0.03%	0.01%	0.01%
LHX	B	0.04%	0.01%	0.01%
LII	B	0.01%	0.01%	0.01%
LIN	D	0.15%	0.01%	0.01%
LLY	F	2.09%	0.01%	0.01%
LMT	D	0.75%	0.01%	0.01%
LNT	C	0.05%	0.01%	0.01%
LOW	B	0.12%	0.01%	0.01%
LRCX	F	0.33%	0.01%	0.01%
LUV	B	0.01%	0.01%	0.01%
LVS	C	0.01%	0.01%	0.01%
LYB	F	0.04%	0.01%	0.01%
MA	B	1.66%	0.01%	0.01%
MAA	C	0.01%	0.01%	0.01%
MAR	A	0.02%	0.01%	0.01%
MAS	D	0.01%	0.01%	0.01%
MCD	C	0.5%	0.01%	0.01%
MCHP	F	0.11%	0.01%	0.01%
MCK	B	0.6%	0.01%	0.01%
MCO	C	0.21%	0.01%	0.01%
MDLZ	F	0.22%	0.01%	0.01%
MDT	D	0.15%	0.01%	0.01%
MET	C	0.08%	0.01%	0.01%
MKC	D	0.01%	0.01%	0.01%
MKL	A	0.14%	0.01%	0.01%
MLM	B	0.02%	0.01%	0.01%
MMC	D	0.68%	0.01%	0.01%
MMM	C	0.28%	0.01%	0.01%
MO	A	0.06%	0.01%	0.01%
MOS	D	0.03%	0.01%	0.01%
MPC	D	0.31%	0.01%	0.01%
MRK	F	0.48%	0.01%	0.01%
MRO	B	0.04%	0.01%	0.01%
MRVL	B	0.02%	0.01%	0.01%
MS	A	0.19%	0.01%	0.01%
MSFT	C	2.68%	0.01%	0.01%
MSI	B	0.64%	0.01%	0.01%
MTB	A	0.08%	0.01%	0.01%
MU	D	0.08%	0.01%	0.01%
NDAQ	B	0.02%	0.01%	0.01%
NEE	D	0.09%	0.01%	0.01%
NEM	F	0.2%	0.01%	0.01%
NI	A	0.02%	0.01%	0.01%
NKE	F	0.27%	0.01%	0.01%
NOC	D	0.57%	0.01%	0.01%
NOW	A	0.26%	0.01%	0.01%
NSC	B	0.05%	0.01%	0.01%
NTAP	D	0.16%	0.01%	0.01%
NTRS	A	0.03%	0.01%	0.01%
NUE	D	0.08%	0.01%	0.01%
NVDA	A	2.8%	0.01%	0.01%
NVR	D	0.11%	0.01%	0.01%
NXPI	F	0.03%	0.01%	0.01%
O	D	0.04%	0.01%	0.01%
OC	A	0.02%	0.01%	0.01%
OKE	A	0.05%	0.01%	0.01%
OMC	A	0.07%	0.01%	0.01%
ORCL	A	0.54%	0.01%	0.01%
ORLY	A	0.25%	0.01%	0.01%
OTIS	D	0.04%	0.01%	0.01%
PCAR	B	0.06%	0.01%	0.01%
PCG	A	0.06%	0.01%	0.01%
PEG	C	0.04%	0.01%	0.01%
PEP	D	1.03%	0.01%	0.01%
PFE	F	0.34%	0.01%	0.01%
PFG	C	0.03%	0.01%	0.01%
PG	C	0.57%	0.01%	0.01%
PGR	A	0.65%	0.01%	0.01%
PH	A	0.04%	0.01%	0.01%
PHM	D	0.11%	0.01%	0.01%
PKG	B	0.09%	0.01%	0.01%
PLD	D	0.08%	0.01%	0.01%
PM	B	0.11%	0.01%	0.01%
PNC	B	0.16%	0.01%	0.01%
PNR	A	0.01%	0.01%	0.01%
PPG	F	0.02%	0.01%	0.01%
PPL	A	0.02%	0.01%	0.01%
PRU	B	0.08%	0.01%	0.01%
PSA	D	0.14%	0.01%	0.01%
PSX	C	0.14%	0.01%	0.01%
PWR	B	0.02%	0.01%	0.01%
PYPL	A	0.07%	0.01%	0.01%
QCOM	F	0.57%	0.01%	0.01%
QRVO	F	0.01%	0.01%	0.01%
REG	A	0.01%	0.01%	0.01%
REGN	F	0.27%	0.01%	0.01%
RF	A	0.06%	0.01%	0.01%
RJF	A	0.03%	0.01%	0.01%
ROK	B	0.09%	0.01%	0.01%
ROP	A	0.47%	0.01%	0.01%
ROST	D	0.03%	0.01%	0.01%
RPM	A	0.01%	0.01%	0.01%
RPRX	F	0.01%	0.01%	0.01%
RS	C	0.03%	0.01%	0.01%
RSG	B	0.53%	0.01%	0.01%
RTX	D	0.19%	0.01%	0.01%
SBUX	B	0.06%	0.01%	0.01%
SCHW	B	0.06%	0.01%	0.01%
SHW	A	0.26%	0.01%	0.01%
SJM	F	0.02%	0.01%	0.01%
SLB	C	0.05%	0.01%	0.01%
SNA	A	0.06%	0.01%	0.01%
SO	D	0.53%	0.01%	0.01%
SPG	A	0.03%	0.01%	0.01%
SPGI	C	0.06%	0.01%	0.01%
SRE	B	0.06%	0.01%	0.01%
STE	D	0.01%	0.01%	0.01%
STLD	C	0.04%	0.01%	0.01%
STT	B	0.06%	0.01%	0.01%
STZ	D	0.02%	0.01%	0.01%
SUI	F	0.01%	0.01%	0.01%
SWK	F	0.02%	0.01%	0.01%
SWKS	F	0.05%	0.01%	0.01%
SYF	B	0.06%	0.01%	0.01%
SYK	A	0.05%	0.01%	0.01%
SYY	D	0.05%	0.01%	0.01%
T	A	0.66%	0.01%	0.01%
TAP	B	0.02%	0.01%	0.01%
TDY	B	0.22%	0.01%	0.01%
TFC	B	0.15%	0.01%	0.01%
TGT	C	0.1%	0.01%	0.01%
TJX	A	0.54%	0.01%	0.01%
TMO	F	0.11%	0.01%	0.01%
TMUS	A	0.76%	0.01%	0.01%
TRMB	B	0.01%	0.01%	0.01%
TRV	B	0.45%	0.01%	0.01%
TSCO	D	0.09%	0.01%	0.01%
TSN	B	0.27%	0.01%	0.01%
TT	B	0.26%	0.01%	0.01%
TXN	B	1.13%	0.01%	0.01%
TXT	D	0.02%	0.01%	0.01%
UDR	C	0.01%	0.01%	0.01%
UHS	D	0.02%	0.01%	0.01%
UNH	B	2.25%	0.01%	0.01%
UNP	D	0.08%	0.01%	0.01%
UPS	C	0.11%	0.01%	0.01%
USB	B	0.16%	0.01%	0.01%
V	A	1.85%	0.01%	0.01%
VLO	C	0.14%	0.01%	0.01%
VMC	B	0.02%	0.01%	0.01%
VRSK	A	0.15%	0.01%	0.01%
VRSN	C	0.22%	0.01%	0.01%
VTR	C	0.02%	0.01%	0.01%
VTRS	B	0.05%	0.01%	0.01%
VZ	D	0.77%	0.01%	0.01%
WAB	B	0.02%	0.01%	0.01%
WBA	D	0.07%	0.01%	0.01%
WEC	B	0.28%	0.01%	0.01%
WELL	B	0.04%	0.01%	0.01%
WFC	A	0.46%	0.01%	0.01%
WLK	F	0.01%	0.01%	0.01%
WM	A	0.52%	0.01%	0.01%
WMB	B	0.14%	0.01%	0.01%
WMT	A	0.93%	0.01%	0.01%
WPC	F	0.01%	0.01%	0.01%
WRB	B	0.12%	0.01%	0.01%
WTRG	C	0.01%	0.01%	0.01%
WY	F	0.03%	0.01%	0.01%
XEL	A	0.19%	0.01%	0.01%
XOM	B	0.81%	0.01%	0.01%
XYL	F	0.01%	0.01%	0.01%
ZBH	C	0.02%	0.01%	0.01%
ZTS	D	0.24%	0.01%	0.01%

QUS Overweight 213 Positions Relative to BND

Symbol	Grade	Weight
META	B	2.41%
ACN	B	1.16%
GOOG	C	1.13%
BRK.A	B	1.06%
VRTX	B	0.62%
WCN	A	0.52%
ANET	C	0.41%
CTSH	A	0.4%
COR	B	0.36%
GDDY	B	0.32%
FCNCA	B	0.32%
PANW	B	0.31%
FI	A	0.3%
ELV	F	0.3%
SNPS	C	0.29%
TSLA	B	0.27%
BAH	C	0.24%
FFIV	B	0.23%
CMG	B	0.22%
INCY	B	0.22%
FICO	B	0.21%
CDW	F	0.21%
GRMN	A	0.2%
YUM	B	0.19%
PTC	B	0.18%
KHC	F	0.18%
ROL	C	0.17%
PAYX	B	0.17%
ERIE	F	0.17%
UBER	F	0.17%
F	C	0.16%
WDAY	B	0.15%
FAST	B	0.15%
WTW	A	0.15%
CPRT	A	0.14%
ODFL	B	0.14%
MOH	F	0.14%
AKAM	F	0.14%
GEN	B	0.13%
NFLX	A	0.13%
IT	B	0.13%
LULU	B	0.12%
NBIX	C	0.12%
MNST	B	0.12%
IDXX	F	0.12%
UTHR	B	0.11%
WBD	B	0.11%
MPWR	F	0.1%
OXY	F	0.1%
RMD	C	0.1%
CNC	F	0.09%
TPL	B	0.09%
VEEV	B	0.09%
TROW	A	0.09%
EME	B	0.08%
BLDR	C	0.08%
HUBS	B	0.08%
VLTO	D	0.08%
ULTA	C	0.08%
BMRN	F	0.08%
ALNY	D	0.08%
DECK	B	0.08%
AMD	F	0.07%
MANH	C	0.07%
DPZ	C	0.07%
TW	B	0.07%
MELI	D	0.07%
WAT	B	0.07%
STX	D	0.07%
HOLX	D	0.07%
LPLA	A	0.07%
WSO	B	0.06%
WSM	F	0.06%
SOLV	C	0.06%
CRWD	B	0.06%
EXPD	C	0.06%
WST	B	0.06%
GGG	B	0.05%
GEV	B	0.05%
TER	F	0.05%
FDS	A	0.05%
CBRE	B	0.05%
LNG	B	0.05%
VICI	D	0.04%
PAYC	B	0.04%
JKHY	C	0.04%
KVUE	A	0.04%
KNX	C	0.04%
EPAM	B	0.04%
BKR	B	0.04%
URI	B	0.04%
KKR	B	0.04%
FCX	F	0.04%
APA	F	0.04%
BX	A	0.04%
POOL	D	0.04%
EQT	B	0.03%
ENPH	F	0.03%
KMX	B	0.03%
SW	B	0.03%
TTC	F	0.03%
TRGP	B	0.03%
ACI	C	0.03%
PARA	B	0.03%
AOS	F	0.03%
NRG	C	0.03%
FSLR	F	0.03%
GEHC	D	0.03%
SEIC	A	0.03%
OVV	C	0.03%
MKTX	C	0.03%
CTRA	B	0.03%
CEG	D	0.03%
LW	B	0.03%
SMCI	F	0.03%
ISRG	A	0.03%
CPAY	A	0.02%
BALL	D	0.02%
SSNC	C	0.02%
CCK	D	0.02%
MRNA	F	0.02%
RVTY	C	0.02%
ABNB	C	0.02%
LKQ	C	0.02%
IR	A	0.02%
WDC	D	0.02%
J	D	0.02%
CRBG	C	0.02%
VST	B	0.02%
IQV	F	0.02%
DINO	D	0.02%
AME	A	0.02%
ON	F	0.02%
SQ	B	0.02%
TTD	B	0.01%
MTCH	F	0.01%
RIVN	F	0.01%
ENTG	F	0.01%
TYL	B	0.01%
BBWI	C	0.01%
MTD	F	0.01%
ALGN	D	0.01%
LYV	A	0.01%
PLTR	B	0.01%
Z	B	0.01%
NDSN	B	0.01%
BIO	C	0.01%
TFX	F	0.01%
SBAC	D	0.01%
VRT	B	0.01%
ARES	B	0.01%
CTLT	D	0.01%
DVA	C	0.01%
CSGP	F	0.01%
MGM	D	0.01%
UHAL	D	0.01%
MSCI	B	0.01%
DASH	A	0.01%
ANSS	B	0.01%
TDG	D	0.01%
CRL	C	0.01%
FOX	A	0.01%
FBIN	F	0.01%
RCL	A	0.01%
HLT	A	0.01%
TRU	D	0.01%
IRM	D	0.01%
AVTR	F	0.01%
NWSA	B	0.01%
COIN	B	0.01%
TWLO	B	0.01%
HSIC	F	0.01%
BURL	C	0.01%
ZBRA	B	0.01%
TTWO	A	0.01%
CCL	B	0.01%
ACM	B	0.01%
HWM	B	0.01%
CHRD	D	0.01%
DKS	D	0.01%
ZM	B	0.01%
CG	B	0.01%
APP	B	0.01%
CELH	F	0.0%
IOT	B	0.0%
ZS	B	0.0%
TEAM	B	0.0%
NET	B	0.0%
RBLX	B	0.0%
MDB	C	0.0%
TOST	A	0.0%
DKNG	B	0.0%
BSY	F	0.0%
DDOG	B	0.0%
PSTG	D	0.0%
SNAP	C	0.0%
WYNN	C	0.0%
DOCU	B	0.0%
PODD	B	0.0%
HEI	A	0.0%
MSTR	B	0.0%
EXAS	F	0.0%
SNOW	C	0.0%
DXCM	C	0.0%
DAY	B	0.0%
ROKU	C	0.0%
PINS	F	0.0%
HEI	A	0.0%
ELS	B	0.0%
OKTA	C	0.0%
TECH	D	0.0%
AXON	B	0.0%
HOOD	B	0.0%

QUS Underweight 176 Positions Relative to BND

Symbol	Grade	Weight
WIT	B	-0.09%
LXP	D	-0.01%
PAA	C	-0.01%
NFG	D	-0.01%
OSK	B	-0.01%
ORI	A	-0.01%
OCSL	D	-0.01%
NYC	D	-0.01%
NWE	C	-0.01%
MCY	B	-0.01%
PDM	D	-0.01%
GSBD	F	-0.01%
HUN	F	-0.01%
HRB	D	-0.01%
HPP	F	-0.01%
INGR	B	-0.01%
JBLU	C	-0.01%
ET	A	-0.01%
FSK	A	-0.01%
CAF	C	-0.01%
BWA	B	-0.01%
FHN	A	-0.01%
CUBE	D	-0.01%
FAF	C	-0.01%
FLEX	B	-0.01%
DSS	F	-0.01%
COKE	C	-0.01%
AL	B	-0.01%
AYI	A	-0.01%
AWH	F	-0.01%
CM	A	-0.01%
AVA	C	-0.01%
AER	B	-0.01%
CHI	A	-0.01%
BLK	A	-0.01%
BKH	A	-0.01%
BIDU	F	-0.01%
BHF	B	-0.01%
BERY	D	-0.01%
CP	F	-0.01%
COO	D	-0.01%
THG	A	-0.01%
TEL	B	-0.01%
ZION	B	-0.01%
TME	F	-0.01%
NOV	C	-0.01%
NNN	F	-0.01%
OHI	C	-0.01%
OGS	B	-0.01%
OGE	B	-0.01%
LEA	F	-0.01%
MPLX	A	-0.01%
IVZ	B	-0.01%
JLL	C	-0.01%
GL	B	-0.01%
JHG	A	-0.01%
JEF	B	-0.01%
JD	C	-0.01%
KMT	B	-0.01%
KMPR	A	-0.01%
GBDC	B	-0.01%
UNM	A	-0.01%
WB	F	-0.01%
UBS	B	-0.01%
VNT	C	-0.01%
WTFC	B	-0.01%
R	B	-0.01%
SLG	C	-0.01%
SKT	A	-0.01%
SITC	F	-0.01%
RL	B	-0.01%
RIV	A	-0.01%
SCS	B	-0.01%
RGA	A	-0.01%
REXR	F	-0.01%
SAVE	F	-0.01%
SAFE	F	-0.01%
SON	F	-0.01%
SNX	C	-0.01%
SNV	B	-0.01%
NHI	D	-0.01%
NEU	C	-0.01%
LNC	B	-0.01%
MHK	D	-0.01%
NVT	C	-0.01%
GP	F	-0.01%
HR	C	-0.01%
HP	C	-0.01%
HOG	D	-0.01%
HIW	D	-0.01%
HAS	D	-0.01%
GXO	B	-0.01%
ESGR	B	-0.01%
EPRT	C	-0.01%
EPR	D	-0.01%
FRT	B	-0.01%
BRX	A	-0.01%
AAT	B	-0.01%
AAP	C	-0.01%
PECO	B	-0.01%
EE	B	-0.01%
DXC	B	-0.01%
CTS	C	-0.01%
FMC	F	-0.01%
FLS	B	-0.01%
FLO	F	-0.01%
DOX	C	-0.01%
BC	D	-0.01%
COE	D	-0.01%
CNO	B	-0.01%
CNA	C	-0.01%
AXS	A	-0.01%
AVT	C	-0.01%
CMA	A	-0.01%
AGR	C	-0.01%
AGO	B	-0.01%
CHH	B	-0.01%
BMO	A	-0.01%
ARW	F	-0.01%
ADC	A	-0.01%
ARCC	A	-0.01%
CBT	C	-0.01%
AN	C	-0.01%
CACC	D	-0.01%
BDN	D	-0.01%
BCSF	A	-0.01%
AMG	B	-0.01%
AAL	B	-0.01%
XRAY	F	-0.01%
TKR	F	-0.01%
OPI	F	-0.01%
LEG	F	-0.01%
LAZ	C	-0.01%
MP	C	-0.01%
KEX	A	-0.01%
KSS	D	-0.01%
KRG	B	-0.01%
KRC	C	-0.01%
KOF	F	-0.01%
WBS	A	-0.01%
TSLX	D	-0.01%
SWX	B	-0.01%
VOYA	B	-0.01%
VNO	C	-0.01%
VMI	B	-0.01%
STLA	F	-0.01%
WU	F	-0.01%
WEST	D	-0.01%
VFC	C	-0.01%
WHR	B	-0.01%
PNW	A	-0.01%
RYN	F	-0.01%
SIGI	B	-0.01%
RNR	D	-0.01%
SF	A	-0.01%
PSEC	F	-0.01%
SBRA	C	-0.01%
PRE	D	-0.01%
MAIN	A	-0.01%
UAL	A	-0.01%
RY	C	-0.01%
SCCO	F	-0.01%
BHP	F	-0.01%
DB	D	-0.01%
EDC	F	-0.01%
GSK	F	-0.01%
EPD	A	-0.01%
BNS	A	-0.01%
EQNR	D	-0.01%
BABA	D	-0.01%
VOD	F	-0.01%
AZN	F	-0.01%
NWG	B	-0.01%
MUFG	A	-0.01%
TD	D	-0.01%
HSBC	B	-0.01%