QUS vs. PFM ETF Comparison

Comparison of SPDR MSCI USA Quality Mix ETF (QUS) to PowerShares Dividend Achievers (PFM)

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

$161.92

Average Daily Volume

15,365

Number of Holdings ^*

583

* may have additional holdings in another (foreign) market

PFM

PowerShares Dividend Achievers

PFM Description

The PowerShares Dividend AchieversTM Portfolio (Fund) seeks to replicate, before fees and expenses, the NASDAQ US Broad Dividend AchieversTM Index (Index), which is designed to identify a diversified group of dividend-paying companies. The Fund will normally invest at least 90% of its total assets in dividend paying common stocks that comprise Index. These companies have increased their annual dividend for 10 or more consecutive fiscal years. The Fund and the Index are reconstituted annually in January and rebalanced quarterly in January, April, July and October. Effective December 28, 2012, the NADAQ OMX Group, Inc., replaced Mergent, Inc., as the Index Provider of the Index. Effective February 25, 2013, the name of the Index changed from Broad Dividend Achievers Index to NASDAQ US Broad Dividend Achievers Index. There will be no change to the methodology by which NASDAQ OMX Group, Inc., the Index Provider, calculates the Index. Please see the Fund’s prospectus supplement for more information. On February 25, 2013, NASDAQ took the place of the NYSE as the official Index data source.

Grade (RS Rating)

Last Trade

$47.68

Average Daily Volume

24,412

Number of Holdings ^*

416

* may have additional holdings in another (foreign) market

Performance

Period	QUS	PFM
30 Days	2.25%	2.19%
60 Days	3.15%	2.87%
90 Days	4.45%	5.56%
12 Months	29.35%	26.89%

222 Overlapping Holdings

	Symbol	Grade	Weight in QUS	Weight in PFM	Overlap
	A	D	0.11%	0.16%	0.11%
	AAPL	C	3.24%	3.9%	3.24%
	ABBV	D	0.49%	1.27%	0.49%
	ABT	B	0.16%	0.88%	0.16%
	ACN	C	1.18%	0.95%	0.95%
	ADI	D	0.14%	0.45%	0.14%
	ADM	D	0.08%	0.11%	0.08%
	ADP	B	0.54%	0.53%	0.53%
	AEE	A	0.11%	0.11%	0.11%
	AEP	D	0.19%	0.22%	0.19%
	AES	F	0.01%	0.04%	0.01%
	AFG	A	0.15%	0.05%	0.05%
	AFL	B	0.22%	0.27%	0.22%
	AIZ	A	0.12%	0.05%	0.05%
	AJG	B	0.46%	0.28%	0.28%
	ALB	C	0.02%	0.05%	0.02%
	ALL	A	0.06%	0.23%	0.06%
	AMGN	D	0.27%	0.65%	0.27%
	AMP	A	0.04%	0.24%	0.04%
	AMT	D	0.04%	0.4%	0.04%
	AON	A	0.21%	0.36%	0.21%
	AOS	F	0.03%	0.04%	0.03%
	APD	A	0.05%	0.32%	0.05%
	APH	A	0.71%	0.37%	0.37%
	ARE	D	0.02%	0.08%	0.02%
	ATO	A	0.04%	0.1%	0.04%
	AVGO	D	0.58%	3.32%	0.58%
	AVY	D	0.01%	0.07%	0.01%
	AWK	D	0.02%	0.11%	0.02%
	BAC	A	0.69%	1.56%	0.69%
	BAH	F	0.2%	0.08%	0.08%
	BBY	D	0.09%	0.08%	0.08%
	BDX	F	0.24%	0.28%	0.24%
	BEN	C	0.01%	0.05%	0.01%
	BK	A	0.09%	0.25%	0.09%
	BLK	C	0.46%	0.67%	0.46%
	BMY	B	0.34%	0.5%	0.34%
	BR	A	0.03%	0.12%	0.03%
	BRO	B	0.01%	0.13%	0.01%
	CAH	B	0.12%	0.13%	0.12%
	CAT	B	0.63%	0.81%	0.63%
	CB	C	0.65%	0.5%	0.5%
	CBOE	B	0.29%	0.09%	0.09%
	CDW	F	0.19%	0.1%	0.1%
	CHD	B	0.14%	0.12%	0.12%
	CHRW	C	0.02%	0.06%	0.02%
	CINF	A	0.03%	0.1%	0.03%
	CL	D	0.17%	0.33%	0.17%
	CLX	B	0.01%	0.09%	0.01%
	CMCSA	B	0.42%	0.72%	0.42%
	CME	A	0.23%	0.35%	0.23%
	CMI	A	0.17%	0.21%	0.17%
	CMS	C	0.09%	0.09%	0.09%
	COR	B	0.35%	0.21%	0.21%
	COST	B	1.31%	1.76%	1.31%
	CSCO	B	1.34%	1.0%	1.0%
	CSL	C	0.01%	0.09%	0.01%
	CSX	B	0.05%	0.29%	0.05%
	CTAS	B	0.23%	0.38%	0.23%
	CVX	A	0.55%	1.27%	0.55%
	DFS	B	0.07%	0.19%	0.07%
	DGX	A	0.06%	0.08%	0.06%
	DHR	F	0.09%	0.72%	0.09%
	DOV	A	0.02%	0.12%	0.02%
	DPZ	C	0.07%	0.07%	0.07%
	DTE	C	0.1%	0.11%	0.1%
	DUK	C	0.6%	0.38%	0.38%
	ECL	D	0.02%	0.3%	0.02%
	ED	D	0.42%	0.14%	0.14%
	EIX	B	0.04%	0.14%	0.04%
	ELS	C	0.0%	0.06%	0.0%
	ELV	F	0.29%	0.4%	0.29%
	EMN	D	0.02%	0.05%	0.02%
	EMR	A	0.05%	0.32%	0.05%
	ERIE	D	0.17%	0.08%	0.08%
	ES	D	0.03%	0.1%	0.03%
	ESS	B	0.01%	0.08%	0.01%
	ETN	A	0.05%	0.62%	0.05%
	EVRG	A	0.02%	0.06%	0.02%
	EXPD	D	0.06%	0.07%	0.06%
	EXR	D	0.02%	0.15%	0.02%
	FAST	B	0.15%	0.2%	0.15%
	FDS	B	0.05%	0.08%	0.05%
	FITB	A	0.06%	0.14%	0.06%
	FNF	B	0.02%	0.07%	0.02%
	GD	F	0.07%	0.34%	0.07%
	GGG	B	0.05%	0.07%	0.05%
	GLW	B	0.14%	0.17%	0.14%
	GPC	D	0.02%	0.07%	0.02%
	GS	A	0.3%	0.8%	0.3%
	GWW	B	0.2%	0.25%	0.2%
	HD	A	0.35%	1.76%	0.35%
	HEI	B	0.0%	0.06%	0.0%
	HEI	B	0.0%	0.06%	0.0%
	HIG	B	0.09%	0.15%	0.09%
	HII	D	0.01%	0.03%	0.01%
	HON	B	0.53%	0.64%	0.53%
	HPQ	B	0.07%	0.16%	0.07%
	HRL	D	0.08%	0.07%	0.07%
	HSY	F	0.18%	0.11%	0.11%
	HUBB	B	0.07%	0.1%	0.07%
	HUM	C	0.2%	0.14%	0.14%
	IBM	C	0.67%	0.83%	0.67%
	ICE	C	0.14%	0.39%	0.14%
	IEX	B	0.05%	0.07%	0.05%
	INTU	C	0.04%	0.82%	0.04%
	IPG	D	0.01%	0.04%	0.01%
	ITW	B	0.27%	0.35%	0.27%
	JBHT	C	0.05%	0.08%	0.05%
	JKHY	D	0.04%	0.05%	0.04%
	JNJ	D	1.64%	1.61%	1.61%
	JPM	A	1.06%	3.01%	1.06%
	KEY	B	0.04%	0.08%	0.04%
	KLAC	D	0.29%	0.36%	0.29%
	KMB	D	0.1%	0.2%	0.1%
	KO	D	0.81%	1.15%	0.81%
	KR	B	0.31%	0.18%	0.18%
	LHX	C	0.04%	0.2%	0.04%
	LII	A	0.01%	0.09%	0.01%
	LIN	D	0.15%	0.93%	0.15%
	LMT	D	0.72%	0.55%	0.55%
	LNT	A	0.05%	0.07%	0.05%
	LOW	D	0.13%	0.66%	0.13%
	LYB	F	0.04%	0.12%	0.04%
	MA	C	1.69%	2.06%	1.69%
	MAA	B	0.01%	0.08%	0.01%
	MAS	D	0.01%	0.07%	0.01%
	MCD	D	0.5%	0.9%	0.5%
	MCHP	D	0.1%	0.15%	0.1%
	MCK	B	0.61%	0.34%	0.34%
	MCO	B	0.21%	0.37%	0.21%
	MDLZ	F	0.22%	0.37%	0.22%
	MDT	D	0.15%	0.48%	0.15%
	MET	A	0.09%	0.25%	0.09%
	MKC	D	0.01%	0.08%	0.01%
	MKTX	D	0.03%	0.04%	0.03%
	MMC	B	0.69%	0.48%	0.48%
	MMM	D	0.28%	0.31%	0.28%
	MO	A	0.07%	0.41%	0.07%
	MRK	F	0.46%	1.06%	0.46%
	MS	A	0.21%	0.94%	0.21%
	MSFT	F	2.7%	3.91%	2.7%
	MSI	B	0.63%	0.35%	0.35%
	NDAQ	A	0.02%	0.2%	0.02%
	NDSN	B	0.01%	0.06%	0.01%
	NEE	D	0.1%	0.68%	0.1%
	NI	A	0.02%	0.07%	0.02%
	NKE	D	0.28%	0.39%	0.28%
	NOC	D	0.55%	0.31%	0.31%
	NUE	C	0.07%	0.15%	0.07%
	O	D	0.04%	0.21%	0.04%
	ORCL	B	0.53%	2.21%	0.53%
	PAYX	C	0.16%	0.22%	0.16%
	PEG	A	0.04%	0.19%	0.04%
	PEP	F	1.01%	0.94%	0.94%
	PFE	D	0.33%	0.61%	0.33%
	PFG	D	0.03%	0.09%	0.03%
	PG	A	0.59%	1.73%	0.59%
	PKG	A	0.09%	0.09%	0.09%
	PLD	D	0.08%	0.46%	0.08%
	PM	B	0.11%	0.88%	0.11%
	PNC	B	0.17%	0.35%	0.17%
	POOL	C	0.04%	0.06%	0.04%
	PPG	F	0.02%	0.12%	0.02%
	PRU	A	0.08%	0.2%	0.08%
	PSX	C	0.14%	0.24%	0.14%
	QCOM	F	0.55%	0.79%	0.55%
	REG	B	0.01%	0.06%	0.01%
	RF	A	0.06%	0.1%	0.06%
	RJF	A	0.03%	0.15%	0.03%
	RMD	C	0.09%	0.15%	0.09%
	ROK	B	0.1%	0.14%	0.1%
	ROP	B	0.46%	0.26%	0.26%
	RPM	A	0.01%	0.08%	0.01%
	RS	B	0.03%	0.07%	0.03%
	RSG	A	0.54%	0.28%	0.28%
	RTX	C	0.18%	0.69%	0.18%
	SBUX	A	0.06%	0.49%	0.06%
	SEIC	B	0.03%	0.05%	0.03%
	SHW	A	0.26%	0.41%	0.26%
	SJM	D	0.02%	0.05%	0.02%
	SNA	A	0.06%	0.08%	0.06%
	SO	D	0.54%	0.42%	0.42%
	SPGI	C	0.07%	0.68%	0.07%
	SRE	A	0.06%	0.25%	0.06%
	STE	F	0.01%	0.09%	0.01%
	STLD	B	0.04%	0.09%	0.04%
	STT	A	0.06%	0.12%	0.06%
	SWK	D	0.02%	0.06%	0.02%
	SYK	C	0.05%	0.64%	0.05%
	SYY	B	0.05%	0.16%	0.05%
	TFC	A	0.16%	0.27%	0.16%
	TGT	F	0.1%	0.31%	0.1%
	TROW	B	0.09%	0.11%	0.09%
	TRV	B	0.47%	0.26%	0.26%
	TSCO	D	0.09%	0.13%	0.09%
	TSN	B	0.3%	0.08%	0.08%
	TT	A	0.26%	0.4%	0.26%
	TTC	D	0.03%	0.04%	0.03%
	TXN	C	1.06%	0.82%	0.82%
	UDR	B	0.01%	0.06%	0.01%
	UNH	C	2.21%	2.35%	2.21%
	UNP	C	0.08%	0.62%	0.08%
	UPS	C	0.11%	0.43%	0.11%
	USB	A	0.16%	0.34%	0.16%
	V	A	1.91%	2.25%	1.91%
	VMC	B	0.02%	0.16%	0.02%
	VZ	C	0.81%	0.77%	0.77%
	WBA	F	0.06%	0.03%	0.03%
	WEC	A	0.29%	0.13%	0.13%
	WLK	D	0.01%	0.07%	0.01%
	WM	A	0.52%	0.38%	0.38%
	WMT	A	0.94%	2.92%	0.94%
	WRB	A	0.12%	0.1%	0.1%
	WSM	B	0.06%	0.07%	0.06%
	WSO	A	0.06%	0.08%	0.06%
	WST	C	0.06%	0.1%	0.06%
	WTRG	B	0.01%	0.05%	0.01%
	XEL	A	0.2%	0.17%	0.17%
	XOM	B	0.81%	2.31%	0.81%
	XYL	D	0.01%	0.13%	0.01%
	ZTS	D	0.25%	0.35%	0.25%

QUS Overweight 361 Positions Relative to PFM

	Symbol	Grade	Weight
	NVDA	C	2.76%
	META	D	2.32%
	LLY	F	1.92%
	GOOGL	C	1.2%
	GOOG	C	1.12%
	BRK.A	B	1.1%
	TMUS	B	0.78%
	ADBE	C	0.71%
	AMZN	C	0.69%
	T	A	0.69%
	PGR	A	0.65%
	VRTX	F	0.57%
	TJX	A	0.56%
	WCN	A	0.53%
	WFC	A	0.5%
	AMAT	F	0.48%
	C	A	0.45%
	GILD	C	0.43%
	ANET	C	0.39%
	CTSH	B	0.39%
	ACGL	D	0.38%
	AZO	C	0.36%
	GDDY	A	0.34%
	FCNCA	A	0.34%
	PANW	C	0.32%
	GM	B	0.32%
	MPC	D	0.32%
	FI	A	0.31%
	EA	A	0.31%
	LRCX	F	0.3%
	CDNS	B	0.29%
	K	A	0.29%
	CVS	D	0.29%
	SNPS	B	0.28%
	TSLA	B	0.28%
	NOW	A	0.27%
	ORLY	B	0.26%
	KEYS	A	0.26%
	REGN	F	0.25%
	GIS	D	0.25%
	CI	F	0.24%
	FFIV	B	0.23%
	KDP	D	0.23%
	CMG	B	0.22%
	FANG	D	0.22%
	VRSN	F	0.22%
	TDY	B	0.21%
	FICO	B	0.2%
	INCY	C	0.2%
	GRMN	B	0.2%
	YUM	B	0.19%
	DHI	D	0.19%
	EG	C	0.18%
	INTC	D	0.18%
	KHC	F	0.18%
	PTC	A	0.18%
	UBER	D	0.18%
	NEM	D	0.18%
	JNPR	F	0.17%
	COF	B	0.17%
	COP	C	0.17%
	ROL	B	0.17%
	DIS	B	0.17%
	ADSK	A	0.16%
	WTW	B	0.16%
	NTAP	C	0.16%
	F	C	0.16%
	CTVA	C	0.16%
	VLO	C	0.15%
	MKL	A	0.15%
	WMB	A	0.15%
	VRSK	A	0.15%
	WDAY	B	0.15%
	EOG	A	0.15%
	D	C	0.14%
	NFLX	A	0.14%
	CPRT	A	0.14%
	PSA	D	0.14%
	AKAM	D	0.14%
	MOH	F	0.13%
	IT	C	0.13%
	GEN	B	0.13%
	ODFL	B	0.13%
	MNST	C	0.12%
	CRM	B	0.12%
	CPB	D	0.12%
	AIG	B	0.12%
	FDX	B	0.12%
	LULU	C	0.12%
	IDXX	F	0.12%
	EW	C	0.12%
	L	A	0.12%
	AXP	A	0.11%
	NVR	D	0.11%
	PHM	D	0.11%
	GE	D	0.11%
	NBIX	C	0.11%
	WBD	C	0.11%
	OXY	D	0.1%
	UTHR	C	0.1%
	TMO	F	0.1%
	DE	A	0.1%
	TPL	A	0.09%
	DECK	A	0.09%
	CHTR	C	0.09%
	EME	C	0.08%
	PYPL	B	0.08%
	BLDR	D	0.08%
	ULTA	F	0.08%
	BMRN	D	0.08%
	VLTO	D	0.08%
	MTB	A	0.08%
	HUBS	A	0.08%
	VEEV	C	0.08%
	CNC	D	0.08%
	STX	D	0.07%
	MANH	D	0.07%
	WAT	B	0.07%
	KMI	A	0.07%
	CFG	B	0.07%
	MU	D	0.07%
	OMC	C	0.07%
	TW	A	0.07%
	SCHW	B	0.07%
	MELI	D	0.07%
	HOLX	D	0.07%
	ALNY	D	0.07%
	MPWR	F	0.07%
	LPLA	A	0.07%
	PCAR	B	0.06%
	SOLV	C	0.06%
	HBAN	A	0.06%
	EXC	C	0.06%
	PCG	A	0.06%
	DOW	F	0.06%
	DELL	C	0.06%
	HCA	F	0.06%
	AMD	F	0.06%
	LEN	D	0.06%
	SYF	B	0.06%
	HPE	B	0.06%
	CRWD	B	0.06%
	GEV	B	0.05%
	APA	D	0.05%
	BG	F	0.05%
	BX	A	0.05%
	ETR	B	0.05%
	SWKS	F	0.05%
	CBRE	B	0.05%
	NSC	B	0.05%
	JCI	C	0.05%
	VTRS	A	0.05%
	SLB	C	0.05%
	OKE	A	0.05%
	LNG	B	0.05%
	ISRG	A	0.04%
	WELL	A	0.04%
	CARR	D	0.04%
	MRO	B	0.04%
	VICI	C	0.04%
	DLR	B	0.04%
	ALLE	D	0.04%
	KNX	B	0.04%
	BKNG	A	0.04%
	IP	B	0.04%
	PH	A	0.04%
	OTIS	C	0.04%
	GPN	B	0.04%
	URI	B	0.04%
	DD	D	0.04%
	BSX	B	0.04%
	KVUE	A	0.04%
	FCX	D	0.04%
	BKR	B	0.04%
	EPAM	C	0.04%
	KKR	A	0.04%
	DVN	F	0.04%
	TER	D	0.04%
	CCI	D	0.03%
	CNH	C	0.03%
	SMCI	F	0.03%
	PPL	B	0.03%
	ALLY	C	0.03%
	HAL	C	0.03%
	SW	A	0.03%
	NXPI	D	0.03%
	NRG	B	0.03%
	EQT	B	0.03%
	PARA	C	0.03%
	ACI	C	0.03%
	KMX	B	0.03%
	TRGP	B	0.03%
	GEHC	F	0.03%
	FSLR	F	0.03%
	APO	B	0.03%
	WY	D	0.03%
	SQ	B	0.03%
	ROST	C	0.03%
	JBL	B	0.03%
	CF	B	0.03%
	OVV	B	0.03%
	CEG	D	0.03%
	SPG	B	0.03%
	LW	C	0.03%
	LH	C	0.03%
	MOS	F	0.03%
	NTRS	A	0.03%
	CTRA	B	0.03%
	FIS	C	0.03%
	PAYC	B	0.03%
	DRI	B	0.02%
	APP	B	0.02%
	SSNC	B	0.02%
	CPAY	A	0.02%
	CCK	C	0.02%
	BALL	D	0.02%
	ABNB	C	0.02%
	STZ	D	0.02%
	LKQ	D	0.02%
	LDOS	C	0.02%
	AMCR	D	0.02%
	DLTR	F	0.02%
	WDC	D	0.02%
	EXPE	B	0.02%
	MLM	B	0.02%
	VTR	C	0.02%
	IR	B	0.02%
	FTV	C	0.02%
	UHS	D	0.02%
	EQH	B	0.02%
	IFF	D	0.02%
	J	F	0.02%
	KIM	A	0.02%
	MAR	B	0.02%
	EQR	B	0.02%
	TXT	D	0.02%
	APTV	D	0.02%
	EBAY	D	0.02%
	MRVL	B	0.02%
	CAG	D	0.02%
	AVB	B	0.02%
	OC	A	0.02%
	IQV	D	0.02%
	CRBG	B	0.02%
	CNP	B	0.02%
	DG	F	0.02%
	VST	B	0.02%
	WAB	B	0.02%
	HES	B	0.02%
	PWR	A	0.02%
	ON	D	0.02%
	BIIB	F	0.02%
	ZBH	C	0.02%
	BAX	D	0.02%
	FOXA	B	0.02%
	BA	F	0.02%
	EQIX	A	0.02%
	DINO	D	0.02%
	AME	A	0.02%
	TAP	C	0.02%
	FE	C	0.02%
	ENPH	F	0.02%
	TTD	B	0.01%
	HOOD	B	0.01%
	ENTG	D	0.01%
	RIVN	F	0.01%
	MTCH	D	0.01%
	TYL	B	0.01%
	MTD	D	0.01%
	BIO	D	0.01%
	LUV	C	0.01%
	BBWI	D	0.01%
	Z	A	0.01%
	ALGN	D	0.01%
	QRVO	F	0.01%
	LVS	C	0.01%
	LYV	A	0.01%
	TFX	F	0.01%
	VRT	B	0.01%
	SBAC	D	0.01%
	PLTR	B	0.01%
	ILMN	D	0.01%
	ARES	A	0.01%
	UHAL	D	0.01%
	CSGP	D	0.01%
	AMH	D	0.01%
	CRL	C	0.01%
	CTLT	B	0.01%
	RPRX	D	0.01%
	ANSS	B	0.01%
	MGM	D	0.01%
	TDG	D	0.01%
	MSCI	C	0.01%
	DASH	A	0.01%
	CPT	B	0.01%
	DVA	B	0.01%
	GLPI	C	0.01%
	EL	F	0.01%
	FBIN	D	0.01%
	HST	C	0.01%
	TRU	D	0.01%
	AVTR	F	0.01%
	FOX	A	0.01%
	IRM	D	0.01%
	PNR	A	0.01%
	NWSA	B	0.01%
	HLT	A	0.01%
	RCL	A	0.01%
	SUI	D	0.01%
	CE	F	0.01%
	WPC	D	0.01%
	FTNT	C	0.01%
	ZBRA	B	0.01%
	MRNA	F	0.01%
	TWLO	A	0.01%
	HSIC	B	0.01%
	INVH	D	0.01%
	TRMB	B	0.01%
	BURL	A	0.01%
	TTWO	A	0.01%
	ACM	A	0.01%
	DOC	D	0.01%
	COIN	C	0.01%
	DAL	C	0.01%
	CCL	B	0.01%
	EFX	F	0.01%
	HWM	A	0.01%
	CHRD	D	0.01%
	DKS	C	0.01%
	CG	A	0.01%
	BXP	D	0.01%
	ZM	B	0.01%
	RVTY	F	0.01%
	CELH	F	0.0%
	IOT	A	0.0%
	ZS	C	0.0%
	TEAM	A	0.0%
	NET	B	0.0%
	RBLX	C	0.0%
	MDB	C	0.0%
	TOST	B	0.0%
	DKNG	B	0.0%
	BSY	D	0.0%
	PSTG	D	0.0%
	DDOG	A	0.0%
	SNAP	C	0.0%
	H	B	0.0%
	DT	C	0.0%
	WYNN	D	0.0%
	PODD	C	0.0%
	DOCU	A	0.0%
	EXAS	D	0.0%
	DAY	B	0.0%
	ROKU	D	0.0%
	SNOW	C	0.0%
	PINS	D	0.0%
	DXCM	D	0.0%
	MSTR	C	0.0%
	TECH	D	0.0%
	OKTA	C	0.0%
	AXON	A	0.0%

QUS Underweight 195 Positions Relative to PFM

	Symbol	Grade	Weight
	EPD	A	-0.29%
	MPLX	A	-0.21%
	RGA	A	-0.07%
	FIX	A	-0.07%
	UNM	A	-0.06%
	RNR	C	-0.06%
	MORN	B	-0.06%
	CASY	A	-0.06%
	CUBE	D	-0.05%
	ATR	B	-0.05%
	EVR	B	-0.05%
	RRX	B	-0.05%
	LECO	B	-0.05%
	ITT	A	-0.05%
	SCI	B	-0.05%
	ENSG	D	-0.04%
	EGP	F	-0.04%
	CHE	D	-0.04%
	OGE	B	-0.04%
	ZION	B	-0.04%
	WTFC	A	-0.04%
	CFR	B	-0.04%
	INGR	B	-0.04%
	DCI	B	-0.04%
	REXR	F	-0.04%
	CBSH	A	-0.04%
	RGLD	C	-0.04%
	ORI	A	-0.04%
	GL	B	-0.04%
	LAD	A	-0.04%
	AIT	A	-0.04%
	CHDN	B	-0.04%
	PRI	A	-0.04%
	PNW	B	-0.04%
	THG	A	-0.03%
	TRNO	F	-0.03%
	THO	B	-0.03%
	FFIN	B	-0.03%
	UMBF	B	-0.03%
	SIGI	C	-0.03%
	LFUS	F	-0.03%
	IDA	A	-0.03%
	CBT	C	-0.03%
	HOMB	A	-0.03%
	BMI	B	-0.03%
	STAG	F	-0.03%
	MSA	D	-0.03%
	FAF	A	-0.03%
	CADE	B	-0.03%
	FR	C	-0.03%
	AGCO	D	-0.03%
	R	B	-0.03%
	OSK	B	-0.03%
	AXS	A	-0.03%
	BOKF	B	-0.03%
	SSD	D	-0.03%
	ADC	B	-0.03%
	RHI	B	-0.03%
	NNN	D	-0.03%
	PB	A	-0.03%
	SSB	B	-0.03%
	UFPI	B	-0.03%
	RLI	B	-0.03%
	WSFS	A	-0.02%
	CBU	B	-0.02%
	PRGO	B	-0.02%
	SR	A	-0.02%
	PII	D	-0.02%
	MGEE	C	-0.02%
	GFF	A	-0.02%
	AUB	B	-0.02%
	MDU	D	-0.02%
	CCOI	B	-0.02%
	WDFC	B	-0.02%
	ASH	D	-0.02%
	BANF	B	-0.02%
	ASB	B	-0.02%
	FUL	F	-0.02%
	CNO	A	-0.02%
	BKH	A	-0.02%
	IBOC	A	-0.02%
	AVNT	B	-0.02%
	FLO	D	-0.02%
	POR	C	-0.02%
	KAI	A	-0.02%
	NJR	A	-0.02%
	AVT	C	-0.02%
	EXPO	D	-0.02%
	FELE	B	-0.02%
	LANC	C	-0.02%
	SON	D	-0.02%
	CNS	B	-0.02%
	NXST	C	-0.02%
	AGO	B	-0.02%
	UGI	A	-0.02%
	TKR	D	-0.02%
	MATX	C	-0.02%
	AL	B	-0.02%
	GATX	A	-0.02%
	DDS	B	-0.02%
	OZK	B	-0.02%
	BC	C	-0.02%
	SWX	B	-0.02%
	UBSI	B	-0.02%
	BCPC	B	-0.02%
	WTS	B	-0.02%
	NFG	A	-0.02%
	SLGN	A	-0.02%
	MSEX	B	-0.01%
	GABC	B	-0.01%
	TR	B	-0.01%
	UVV	B	-0.01%
	LNN	B	-0.01%
	WABC	B	-0.01%
	NWN	A	-0.01%
	CSGS	B	-0.01%
	TCBK	B	-0.01%
	STBA	B	-0.01%
	SRCE	B	-0.01%
	ANDE	D	-0.01%
	TNC	D	-0.01%
	HMN	B	-0.01%
	DKL	C	-0.01%
	SCL	C	-0.01%
	GTY	B	-0.01%
	SJW	D	-0.01%
	APOG	B	-0.01%
	LKFN	B	-0.01%
	NHC	C	-0.01%
	CHCO	B	-0.01%
	AGM	C	-0.01%
	WOR	F	-0.01%
	WSBC	A	-0.01%
	SYBT	B	-0.01%
	HI	C	-0.01%
	NBTB	B	-0.01%
	LMAT	A	-0.01%
	MTRN	C	-0.01%
	SXI	B	-0.01%
	HNI	B	-0.01%
	FRME	B	-0.01%
	TOWN	B	-0.01%
	HWKN	B	-0.01%
	NSP	D	-0.01%
	ABR	C	-0.01%
	CPK	A	-0.01%
	CWT	D	-0.01%
	WAFD	B	-0.01%
	IOSP	B	-0.01%
	MAN	D	-0.01%
	AVA	A	-0.01%
	INDB	B	-0.01%
	SFNC	B	-0.01%
	TRN	C	-0.01%
	KWR	C	-0.01%
	AWR	B	-0.01%
	BRC	D	-0.01%
	JJSF	B	-0.01%
	OTTR	C	-0.01%
	NWE	B	-0.01%
	POWI	D	-0.01%
	FIBK	A	-0.01%
	ABM	B	-0.01%
	JOUT	D	-0.0%
	FLIC	B	-0.0%
	ARTNA	D	-0.0%
	HVT	D	-0.0%
	ODC	C	-0.0%
	BMRC	B	-0.0%
	CTO	B	-0.0%
	YORW	D	-0.0%
	AROW	B	-0.0%
	UHT	D	-0.0%
	THFF	B	-0.0%
	PLOW	D	-0.0%
	HIFS	B	-0.0%
	CASS	B	-0.0%
	SPTN	D	-0.0%
	WASH	C	-0.0%
	MATW	C	-0.0%
	GSBC	B	-0.0%
	SMBC	B	-0.0%
	HY	D	-0.0%
	MBWM	B	-0.0%
	HBNC	B	-0.0%
	MNRO	D	-0.0%
	FCBC	B	-0.0%
	HFWA	B	-0.0%
	SCVL	F	-0.0%
	PFC	A	-0.0%
	GRC	A	-0.0%
	SBSI	B	-0.0%
	CTBI	B	-0.0%
	TMP	B	-0.0%
	AMSF	B	-0.0%

QUS: Top Represented Industries & Keywords

Industries: Software - Application Diversified Industrials Utilities - Regulated Electric Business Services Diagnostics & Research Asset Management Semiconductors Oil & Gas E&P Software - Infrastructure Capital Markets Specialty Retail Aerospace & Defense Banks - Regional - US Biotechnology REIT - Residential Specialty Chemicals Drug Manufacturers - Major Insurance - Property & Casualty Packaged Foods Internet Content & Information

Keywords: S&P 500 Nasdaq 100 Computing Natural Gas Insurance Electricity Dow Jones Component Electronics Chemical Aerospace Real Estate Investment Trust Telecommunications Medicine Bank Semiconductor Cloud Computing Banking Insurance Products Mining IBD 50

PFM: Top Represented Industries & Keywords

Industries: Banks - Regional - US Diversified Industrials Specialty Chemicals Utilities - Regulated Electric Insurance - Property & Casualty Business Services Asset Management Capital Markets Insurance - Life REIT - Industrial Utilities - Diversified Utilities - Regulated Gas Utilities - Regulated Water Packaged Foods Aerospace & Defense Drug Manufacturers - Major Semiconductors Tools & Accessories Building Materials Household & Personal Products

Keywords: S&P 500 Bank Banking Insurance Natural Gas Chemical Electricity Nasdaq 100 Mining Insurance Products Deposit Products Dow Jones Component Electronics Commercial Banking Real Estate Investment Trust Plastic Trust Services Disability Financial Products Aerospace