QWLD vs. BTAL ETF Comparison

Comparison of SPDR MSCI World Quality Mix ETF (QWLD) to QuantShares U.S. Market Neutral Anti Beta Fund ETF (BTAL)

QWLD

SPDR MSCI World Quality Mix ETF

QWLD Description

The investment seeks to track the performance of the MSCI World Quality Mix Index. The index captures large-and mid-cap representation across 24 developed countries and aims to represent the performance of value, low volatility, and quality factor strategies. Under normal market conditions, the fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the index or in American Depositary Receipts ("ADRs") or Global Depositary Receipts ("GDRs") based on securities comprising the index. It is non-diversified.

Grade (RS Rating)

Last Trade

$128.25

Average Daily Volume

4,874

Number of Holdings ^*

605

* may have additional holdings in another (foreign) market

BTAL

QuantShares U.S. Market Neutral Anti Beta Fund ETF

BTAL Description

The investment seeks performance results that correspond to the price and yield performance, before fees and expenses, of the Dow Jones U.S. Thematic Market Neutral Anti-Beta Index. The fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in common stock, including the short positions, in the Target Anti-Beta Index. The Target Anti-Beta Index is a market neutral index that is dollar-neutral. As such, it identifies long and short securities positions of approximately equal dollar amounts. In choosing to track a market neutral index, the fund seeks to limit the effects of general market movements on the fund.

Grade (RS Rating)

Last Trade

$19.52

Average Daily Volume

609,571

Number of Holdings ^*

388

* may have additional holdings in another (foreign) market

Performance

Period	QWLD	BTAL
30 Days	1.92%	-2.50%
60 Days	4.80%	0.57%
90 Days	6.62%	-0.91%
12 Months	25.18%	-1.36%

221 Overlapping Holdings

	Symbol	Grade	Weight in QWLD	Weight in BTAL	Overlap
	ABBV	C	0.15%	0.41%	0.15%
	ABBV	C	0.41%	0.41%	0.41%
	ACGL	C	0.28%	0.43%	0.28%
	ACN	C	0.65%	0.42%	0.42%
	ADP	B	0.24%	0.42%	0.24%
	AEE	C	0.08%	0.43%	0.08%
	AES	C	0.01%	-0.46%	-0.46%
	AIZ	B	0.07%	0.4%	0.07%
	AKAM	D	0.12%	0.4%	0.12%
	ALB	D	0.01%	-0.43%	-0.43%
	ALGN	D	0.0%	-0.45%	-0.45%
	ALL	B	0.07%	0.44%	0.07%
	ALLY	F	0.01%	-0.33%	-0.33%
	AMCR	B	0.08%	0.41%	0.08%
	AMD	D	0.04%	-0.42%	-0.42%
	AMGN	B	0.19%	0.43%	0.19%
	ANET	B	0.18%	-0.43%	-0.43%
	AON	B	0.16%	0.42%	0.16%
	ARE	C	0.01%	-0.46%	-0.46%
	AVB	B	0.01%	0.44%	0.01%
	AVGO	C	0.11%	-0.42%	-0.42%
	AWK	B	0.01%	-0.44%	-0.44%
	AXON	B	0.0%	-0.46%	-0.46%
	AZO	D	0.29%	0.31%	0.29%
	BBWI	F	0.0%	-0.39%	-0.39%
	BG	D	0.03%	0.41%	0.03%
	BKR	C	0.02%	0.4%	0.02%
	BLDR	C	0.04%	-0.45%	-0.45%
	BLK	B	0.21%	-0.45%	-0.45%
	BMRN	F	0.09%	0.32%	0.09%
	BMY	C	0.18%	0.43%	0.18%
	BRO	C	0.13%	0.42%	0.13%
	BX	B	0.02%	-0.46%	-0.46%
	BXP	B	0.01%	-0.46%	-0.46%
	CARR	B	0.02%	-0.45%	-0.45%
	CB	B	0.4%	0.43%	0.4%
	CBOE	C	0.26%	0.42%	0.26%
	CBRE	A	0.03%	-0.44%	-0.44%
	CCK	A	0.01%	0.43%	0.01%
	CCL	C	0.0%	-0.44%	-0.44%
	CE	F	0.01%	-0.39%	-0.39%
	CEG	C	0.01%	-0.44%	-0.44%
	CF	C	0.12%	0.4%	0.12%
	CFG	C	0.03%	-0.41%	-0.41%
	CG	D	0.01%	-0.43%	-0.43%
	CHD	D	0.18%	0.43%	0.18%
	CHRW	B	0.01%	0.4%	0.01%
	CI	C	0.2%	0.44%	0.2%
	CINF	B	0.02%	0.42%	0.02%
	CME	C	0.16%	0.43%	0.16%
	CMG	C	0.13%	0.42%	0.13%
	CMS	C	0.05%	0.43%	0.05%
	CNC	D	0.06%	0.4%	0.06%
	COIN	F	0.0%	-0.34%	-0.34%
	CPB	C	0.1%	0.43%	0.1%
	CRL	F	0.0%	-0.43%	-0.43%
	CRWD	D	0.0%	-0.43%	-0.43%
	CSCO	C	0.88%	0.42%	0.42%
	CSGP	D	0.0%	-0.43%	-0.43%
	CSX	D	0.11%	0.42%	0.11%
	CTSH	C	0.2%	0.42%	0.2%
	D	C	0.06%	-0.44%	-0.44%
	DAL	C	0.01%	-0.47%	-0.47%
	DASH	C	0.0%	-0.43%	-0.43%
	DAY	D	0.0%	-0.43%	-0.43%
	DD	B	0.02%	0.42%	0.02%
	DECK	C	0.04%	0.37%	0.04%
	DELL	D	0.01%	-0.44%	-0.44%
	DGX	B	0.1%	0.42%	0.1%
	DINO	F	0.05%	-0.4%	-0.4%
	DKNG	C	0.0%	-0.46%	-0.46%
	DKS	D	0.02%	-0.38%	-0.38%
	DRI	B	0.03%	0.43%	0.03%
	DUK	C	0.37%	0.43%	0.37%
	DVN	F	0.03%	0.37%	0.03%
	ED	C	0.38%	0.44%	0.38%
	EFX	B	0.01%	-0.42%	-0.42%
	EG	C	0.06%	0.43%	0.06%
	EL	F	0.01%	-0.39%	-0.39%
	ELS	C	0.0%	0.44%	0.0%
	ELV	C	0.28%	0.44%	0.28%
	ENPH	D	0.03%	-0.39%	-0.39%
	EQR	B	0.01%	0.44%	0.01%
	EQT	D	0.01%	-0.43%	-0.43%
	ERIE	B	0.15%	0.47%	0.15%
	ETN	C	0.02%	-0.43%	-0.43%
	EW	F	0.07%	-0.42%	-0.42%
	EXPE	C	0.01%	-0.41%	-0.41%
	F	F	0.09%	-0.41%	-0.41%
	FANG	D	0.08%	0.37%	0.08%
	FCX	D	0.02%	-0.4%	-0.4%
	FFIV	B	0.14%	0.45%	0.14%
	FOXA	B	0.01%	0.4%	0.01%
	FTNT	C	0.01%	0.42%	0.01%
	GD	B	0.19%	0.43%	0.19%
	GILD	B	0.22%	0.45%	0.22%
	GIS	B	0.38%	0.44%	0.38%
	GLPI	C	0.01%	0.42%	0.01%
	GLW	C	0.02%	0.42%	0.02%
	GPC	D	0.06%	0.4%	0.06%
	HEI	B	0.0%	0.44%	0.0%
	HEI	B	0.0%	0.44%	0.0%
	HIG	B	0.03%	0.43%	0.03%
	HON	D	0.24%	0.41%	0.24%
	HOOD	C	0.0%	-0.44%	-0.44%
	HPQ	D	0.04%	0.39%	0.04%
	HUM	F	0.18%	0.38%	0.18%
	IBM	B	0.48%	0.45%	0.45%
	IDXX	C	0.09%	-0.46%	-0.46%
	ILMN	C	0.0%	-0.41%	-0.41%
	INTC	F	0.08%	-0.44%	-0.44%
	IOT	B	0.0%	-0.47%	-0.47%
	J	C	0.01%	0.4%	0.01%
	JNJ	C	1.19%	0.43%	0.43%
	JNPR	B	0.13%	0.41%	0.13%
	KHC	C	0.22%	0.41%	0.22%
	KKR	B	0.02%	-0.44%	-0.44%
	KMI	B	0.03%	0.42%	0.03%
	KMX	D	0.01%	-0.39%	-0.39%
	KO	C	0.65%	0.42%	0.42%
	KR	C	0.28%	0.44%	0.28%
	L	C	0.16%	0.41%	0.16%
	LMT	C	0.45%	0.4%	0.4%
	LNG	C	0.05%	0.42%	0.05%
	LNT	B	0.03%	0.43%	0.03%
	LPLA	D	0.03%	0.37%	0.03%
	LRCX	F	0.2%	-0.38%	-0.38%
	LULU	D	0.06%	0.4%	0.06%
	LYV	B	0.0%	-0.45%	-0.45%
	MCD	B	0.42%	0.41%	0.41%
	MCK	F	0.49%	0.41%	0.41%
	MGM	F	0.01%	-0.41%	-0.41%
	MKC	C	0.01%	0.45%	0.01%
	MKL	C	0.12%	0.47%	0.12%
	MMC	C	0.53%	0.41%	0.41%
	MOH	D	0.07%	0.43%	0.07%
	MOS	F	0.02%	0.36%	0.02%
	MPWR	C	0.06%	-0.35%	-0.35%
	MRNA	F	0.02%	-0.37%	-0.37%
	MRVL	C	0.01%	-0.45%	-0.45%
	MSFT	C	2.36%	0.43%	0.43%
	MSI	B	0.58%	0.44%	0.44%
	MSTR	D	0.0%	0.4%	0.0%
	MTCH	C	0.0%	0.39%	0.0%
	MU	F	0.04%	-0.37%	-0.37%
	NEM	B	0.04%	0.42%	0.04%
	NET	D	0.0%	-0.41%	-0.41%
	NOC	B	0.33%	0.41%	0.33%
	NRG	C	0.01%	-0.41%	-0.41%
	NTRS	A	0.01%	-0.43%	-0.43%
	NVDA	D	2.1%	-0.38%	-0.38%
	O	C	0.03%	0.42%	0.03%
	OC	D	0.03%	-0.38%	-0.38%
	ON	D	0.01%	0.38%	0.01%
	ORLY	C	0.22%	0.45%	0.22%
	OXY	F	0.03%	0.37%	0.03%
	PAYC	D	0.02%	0.44%	0.02%
	PAYX	C	0.09%	0.43%	0.09%
	PCAR	D	0.09%	0.42%	0.09%
	PFE	C	0.21%	0.43%	0.21%
	PGR	B	0.34%	0.43%	0.34%
	PINS	F	0.0%	-0.39%	-0.39%
	PKG	B	0.03%	0.43%	0.03%
	PLD	C	0.05%	-0.42%	-0.42%
	PLTR	B	0.0%	-0.5%	-0.5%
	PODD	B	0.0%	-0.51%	-0.51%
	PWR	B	0.01%	-0.41%	-0.41%
	PYPL	B	0.04%	-0.42%	-0.42%
	RBLX	B	0.0%	-0.44%	-0.44%
	REG	C	0.01%	0.44%	0.01%
	RF	B	0.03%	-0.41%	-0.41%
	RIVN	F	0.0%	-0.38%	-0.38%
	RMD	C	0.06%	-0.45%	-0.45%
	ROKU	C	0.0%	-0.45%	-0.45%
	ROP	C	0.49%	0.44%	0.44%
	RSG	D	0.46%	0.41%	0.41%
	RTX	C	0.09%	0.41%	0.09%
	SCHW	D	0.03%	-0.42%	-0.42%
	SHW	B	0.14%	-0.45%	-0.45%
	SMCI	F	0.03%	-0.36%	-0.36%
	SNA	C	0.03%	0.42%	0.03%
	SNAP	F	0.0%	-0.43%	-0.43%
	SQ	D	0.01%	-0.42%	-0.42%
	T	C	0.37%	0.47%	0.37%
	TDY	B	0.05%	0.43%	0.05%
	TER	D	0.03%	-0.39%	-0.39%
	TFX	C	0.01%	-0.44%	-0.44%
	TGT	C	0.14%	-0.41%	-0.41%
	TJX	B	0.35%	0.42%	0.35%
	TMUS	C	0.64%	0.41%	0.41%
	TOST	C	0.0%	-0.45%	-0.45%
	TROW	D	0.05%	-0.41%	-0.41%
	TRU	B	0.01%	-0.44%	-0.44%
	TRV	C	0.27%	0.46%	0.27%
	TSLA	C	0.11%	-0.45%	-0.45%
	TT	B	0.13%	-0.44%	-0.44%
	TTD	B	0.0%	-0.43%	-0.43%
	TXT	D	0.01%	0.41%	0.01%
	UBER	C	0.01%	-0.42%	-0.42%
	UNH	C	1.36%	0.41%	0.41%
	URI	B	0.02%	-0.44%	-0.44%
	USB	B	0.08%	-0.41%	-0.41%
	UTHR	C	0.14%	0.41%	0.14%
	VEEV	C	0.05%	-0.45%	-0.45%
	VICI	C	0.02%	0.43%	0.02%
	VRSN	D	0.14%	0.42%	0.14%
	VRT	C	0.0%	-0.46%	-0.46%
	VST	C	0.01%	-0.44%	-0.44%
	VTRS	D	0.03%	0.42%	0.03%
	VZ	B	0.61%	0.45%	0.45%
	WBA	F	0.04%	-0.4%	-0.4%
	WEC	C	0.2%	0.43%	0.2%
	WELL	C	0.02%	0.45%	0.02%
	WM	D	0.5%	0.41%	0.41%
	WPC	C	0.01%	0.45%	0.01%
	WRB	C	0.14%	0.41%	0.14%
	WTW	C	0.07%	0.41%	0.07%
	XEL	B	0.08%	0.44%	0.08%
	XOM	C	0.44%	0.39%	0.39%
	YUM	D	0.15%	0.41%	0.15%
	Z	B	0.0%	-0.46%	-0.46%

QWLD Overweight 384 Positions Relative to BTAL

	Symbol	Grade	Weight
	AAPL	C	2.56%
	META	B	1.96%
	LLY	C	1.42%
	V	C	1.12%
	PG	C	0.98%
	GOOGL	D	0.95%
	NVS	C	0.89%
	PEP	C	0.86%
	GOOG	D	0.83%
	COST	B	0.76%
	WMT	C	0.72%
	BRK.A	C	0.71%
	MA	B	0.67%
	JPM	D	0.52%
	MRK	D	0.51%
	ADBE	F	0.49%
	TXN	C	0.49%
	REGN	C	0.47%
	SO	B	0.47%
	NFLX	B	0.45%
	VRTX	D	0.44%
	APH	D	0.38%
	AMZN	C	0.34%
	QCOM	D	0.34%
	BAC	D	0.33%
	AMAT	D	0.32%
	CAT	B	0.32%
	UL	C	0.3%
	GE	B	0.29%
	WCN	D	0.28%
	UNP	C	0.28%
	CVX	D	0.28%
	INTU	C	0.25%
	ISRG	B	0.24%
	K	B	0.23%
	CL	D	0.23%
	ORCL	C	0.22%
	GDDY	C	0.21%
	C	C	0.21%
	MFG	D	0.2%
	WFC	D	0.2%
	CHKP	B	0.19%
	AJG	D	0.19%
	EA	D	0.18%
	MPC	F	0.18%
	KLAC	D	0.18%
	HSY	C	0.18%
	KEYS	C	0.17%
	MDLZ	B	0.17%
	CVS	D	0.17%
	NKE	D	0.17%
	KDP	B	0.16%
	PANW	D	0.16%
	ZTS	C	0.16%
	GM	C	0.15%
	BAH	C	0.15%
	CMCSA	D	0.15%
	WMB	B	0.15%
	CTAS	B	0.14%
	TD	B	0.14%
	HD	B	0.14%
	GS	C	0.14%
	TSN	C	0.14%
	MMM	B	0.14%
	TM	F	0.14%
	E	C	0.13%
	PSX	F	0.13%
	MCO	B	0.13%
	AFL	C	0.12%
	KMB	D	0.12%
	DHI	B	0.12%
	DEO	C	0.12%
	CAH	C	0.12%
	INCY	C	0.12%
	CDNS	D	0.12%
	MUFG	D	0.12%
	ITW	C	0.12%
	CNI	D	0.11%
	NBIX	F	0.11%
	SNPS	D	0.11%
	GWW	B	0.1%
	BCS	B	0.1%
	HRL	C	0.1%
	CDW	D	0.09%
	MS	D	0.09%
	SMFG	D	0.09%
	COP	D	0.09%
	STLA	F	0.09%
	LYG	B	0.09%
	LEN	B	0.09%
	PSA	B	0.09%
	FCNCA	D	0.09%
	ABT	C	0.09%
	BDX	D	0.08%
	SJM	C	0.08%
	FAST	C	0.08%
	HMC	D	0.08%
	KVUE	C	0.08%
	TFC	C	0.08%
	ROL	C	0.08%
	CMI	C	0.08%
	PNC	B	0.08%
	SONY	C	0.08%
	TEL	D	0.08%
	ADSK	C	0.08%
	ULTA	D	0.07%
	UPS	D	0.07%
	AIG	D	0.07%
	NVR	B	0.07%
	A	C	0.07%
	PM	C	0.07%
	CPRT	D	0.07%
	ODFL	D	0.07%
	PTC	D	0.07%
	MCHP	F	0.07%
	LOW	B	0.07%
	FDX	C	0.07%
	VLO	F	0.07%
	TMO	B	0.07%
	COF	B	0.07%
	AMP	A	0.07%
	AEP	C	0.07%
	DIS	D	0.07%
	DPZ	F	0.06%
	AXP	B	0.06%
	DHR	B	0.06%
	BBY	C	0.06%
	MDT	C	0.06%
	NEE	C	0.06%
	LIN	B	0.06%
	DE	B	0.06%
	MNST	D	0.06%
	PHM	B	0.06%
	JKHY	B	0.06%
	LOGI	D	0.06%
	BK	B	0.05%
	CHTR	D	0.05%
	GRMN	D	0.05%
	CAG	C	0.05%
	WBD	D	0.05%
	VLTO	C	0.05%
	BTI	C	0.05%
	EOG	D	0.05%
	ADM	D	0.05%
	TSCO	C	0.05%
	ROK	D	0.05%
	MTB	B	0.04%
	WSM	D	0.04%
	WAT	C	0.04%
	SBUX	C	0.04%
	MANH	B	0.04%
	SPGI	B	0.04%
	EXPD	C	0.04%
	MO	C	0.04%
	FICO	B	0.04%
	ADI	C	0.04%
	BR	D	0.04%
	DOW	D	0.04%
	NUE	F	0.04%
	HCA	B	0.04%
	DOV	B	0.04%
	CTVA	B	0.04%
	OMC	B	0.04%
	WDAY	D	0.04%
	PRU	C	0.04%
	MT	D	0.04%
	NTAP	D	0.04%
	MET	B	0.04%
	CRM	D	0.04%
	EIX	C	0.03%
	OKE	B	0.03%
	JBHT	D	0.03%
	HBAN	B	0.03%
	APA	F	0.03%
	SYF	C	0.03%
	POOL	C	0.03%
	NSC	C	0.03%
	SYY	D	0.03%
	AMT	C	0.03%
	SLB	F	0.03%
	CSL	B	0.03%
	AVY	C	0.03%
	HPE	D	0.03%
	WSO	C	0.03%
	STT	A	0.03%
	ICE	C	0.03%
	LYB	D	0.03%
	SOLV	C	0.03%
	SYK	C	0.03%
	FITB	B	0.03%
	PCG	C	0.03%
	SWKS	D	0.03%
	DFS	B	0.03%
	SRE	C	0.03%
	TRGP	B	0.03%
	TPL	B	0.03%
	EXC	C	0.03%
	IT	B	0.03%
	EME	B	0.03%
	HUBB	B	0.03%
	WST	D	0.03%
	NMR	D	0.02%
	GEV	B	0.02%
	MKTX	C	0.02%
	CHK	D	0.02%
	ACI	F	0.02%
	BA	F	0.02%
	TTC	D	0.02%
	BIIB	F	0.02%
	WY	C	0.02%
	ES	C	0.02%
	OVV	F	0.02%
	BAX	C	0.02%
	NXPI	F	0.02%
	SPG	B	0.02%
	CCI	C	0.02%
	PH	B	0.02%
	GEHC	C	0.02%
	AOS	D	0.02%
	AER	B	0.02%
	DLR	B	0.02%
	CTRA	D	0.02%
	FIS	B	0.02%
	PFG	B	0.02%
	DTE	C	0.02%
	IP	B	0.02%
	STLD	F	0.02%
	ROST	C	0.02%
	AFG	B	0.02%
	EPAM	F	0.02%
	MRO	C	0.02%
	KEY	B	0.02%
	NDSN	C	0.02%
	GPN	D	0.02%
	PEG	B	0.02%
	ETR	B	0.02%
	BKNG	C	0.02%
	BSX	B	0.02%
	ALLE	B	0.02%
	EMR	D	0.02%
	LHX	C	0.02%
	IEX	D	0.02%
	SW	B	0.02%
	PNR	B	0.02%
	APD	B	0.02%
	GGG	C	0.02%
	JCI	B	0.02%
	IPG	C	0.02%
	FDS	C	0.02%
	AMH	C	0.01%
	VRSK	D	0.01%
	OTEX	D	0.01%
	RPM	B	0.01%
	CPT	B	0.01%
	WTRG	D	0.01%
	CTLT	B	0.01%
	UHAL	A	0.01%
	FOX	B	0.01%
	HST	C	0.01%
	TTWO	C	0.01%
	DVA	B	0.01%
	NWSA	D	0.01%
	RPRX	C	0.01%
	SBAC	C	0.01%
	HLT	B	0.01%
	CLX	C	0.01%
	BURL	B	0.01%
	MBAVU	C	0.01%
	BEN	F	0.01%
	FSLR	C	0.01%
	IRM	C	0.01%
	HWM	B	0.01%
	MAS	B	0.01%
	ZM	C	0.01%
	ACM	B	0.01%
	STE	C	0.01%
	HSIC	C	0.01%
	SUI	B	0.01%
	QRVO	F	0.01%
	SE	B	0.01%
	ZBRA	B	0.01%
	ESS	B	0.01%
	STX	C	0.01%
	INVH	C	0.01%
	CPAY	B	0.01%
	HII	D	0.01%
	DOC	C	0.01%
	CCEP	B	0.01%
	AVTR	B	0.01%
	ABNB	D	0.01%
	MAA	B	0.01%
	IR	C	0.01%
	XYL	C	0.01%
	AGCO	D	0.01%
	CHRD	F	0.01%
	VMC	D	0.01%
	KNX	C	0.01%
	WFG	B	0.01%
	SSNC	B	0.01%
	STZ	D	0.01%
	FTV	C	0.01%
	MLM	D	0.01%
	EQH	C	0.01%
	LDOS	B	0.01%
	NDAQ	A	0.01%
	TDG	B	0.01%
	DLTR	F	0.01%
	EMN	B	0.01%
	LKQ	F	0.01%
	NI	B	0.01%
	OTIS	C	0.01%
	BALL	C	0.01%
	WDC	D	0.01%
	MAR	C	0.01%
	KIM	C	0.01%
	VTR	C	0.01%
	HOLX	B	0.01%
	APO	C	0.01%
	CRBG	D	0.01%
	WAB	B	0.01%
	AME	C	0.01%
	HES	F	0.01%
	CNP	C	0.01%
	BSY	D	0.01%
	FNF	B	0.01%
	EBAY	B	0.01%
	ZBH	F	0.01%
	TAP	D	0.01%
	ATO	B	0.01%
	EVRG	B	0.01%
	IFF	B	0.01%
	NOW	B	0.01%
	UHS	B	0.01%
	JBL	D	0.01%
	DG	F	0.01%
	RJF	C	0.01%
	PARA	F	0.01%
	SEIC	C	0.01%
	ECL	B	0.01%
	PPL	C	0.01%
	CNH	D	0.01%
	IQV	C	0.01%
	APTV	D	0.01%
	RS	D	0.01%
	EQIX	C	0.01%
	FE	C	0.01%
	SWK	B	0.01%
	EXR	B	0.01%
	HAL	F	0.01%
	PPG	D	0.01%
	MELI	B	0.01%
	GLBE	C	0.0%
	XRX	D	0.0%
	DDOG	D	0.0%
	FUTU	D	0.0%
	H	C	0.0%
	PSTG	F	0.0%
	DOCU	C	0.0%
	GRAB	C	0.0%
	APP	C	0.0%
	DT	C	0.0%
	SNOW	F	0.0%
	WYNN	D	0.0%
	DXCM	F	0.0%
	OKTA	F	0.0%
	TECH	C	0.0%
	EXAS	C	0.0%
	LII	B	0.0%
	TYL	C	0.0%
	TW	B	0.0%
	LUV	C	0.0%
	LW	D	0.0%
	ENTG	F	0.0%
	LVS	D	0.0%
	RCL	B	0.0%
	WLK	D	0.0%
	MSCI	C	0.0%
	ARES	B	0.0%
	QGEN	C	0.0%
	BIO	C	0.0%
	TWLO	D	0.0%
	ANSS	D	0.0%
	UDR	C	0.0%
	TRMB	C	0.0%

QWLD Underweight 169 Positions Relative to BTAL

	Symbol	Grade	Weight
	SBRA	C	-0.47%
	ARMK	B	-0.45%
	NEU	D	-0.45%
	NWL	C	-0.45%
	RNR	C	-0.45%
	ZI	D	-0.45%
	MDU	C	-0.45%
	PNW	C	-0.44%
	PNM	B	-0.44%
	SAIC	C	-0.44%
	CACI	B	-0.44%
	THG	B	-0.44%
	UNM	B	-0.43%
	VFC	C	-0.43%
	MUSA	D	-0.43%
	AXS	B	-0.43%
	HQY	C	-0.43%
	FLO	C	-0.43%
	OHI	B	-0.43%
	SIGI	D	-0.43%
	WEN	C	-0.43%
	OLLI	C	-0.43%
	SFM	B	-0.43%
	RGA	C	-0.43%
	ADC	C	-0.43%
	HRB	C	-0.42%
	RYAN	D	-0.42%
	EDR	A	-0.42%
	SLGN	B	-0.42%
	WH	B	-0.42%
	FOXF	D	-0.42%
	ORI	B	-0.42%
	TGNA	D	-0.42%
	IBKR	B	-0.42%
	COLM	C	-0.42%
	FCN	D	-0.42%
	DBX	D	-0.42%
	DOX	C	-0.42%
	RLI	B	-0.42%
	TXRH	C	-0.41%
	PCTY	C	-0.41%
	MAN	C	-0.41%
	MSA	D	-0.41%
	CFLT	F	-0.41%
	ASGN	D	-0.41%
	G	C	-0.41%
	MSM	D	-0.41%
	CHH	C	-0.41%
	CLH	A	-0.41%
	DLB	D	-0.41%
	CACC	F	-0.41%
	BWA	D	-0.4%
	X	F	-0.4%
	TNET	F	-0.4%
	BWXT	D	-0.4%
	CHE	C	-0.4%
	ALSN	B	-0.4%
	FMC	C	-0.4%
	CW	B	-0.4%
	SNX	D	-0.39%
	AVT	C	-0.39%
	PAG	D	-0.39%
	JAZZ	D	-0.39%
	ARW	C	-0.39%
	BILL	D	-0.39%
	MUR	F	-0.38%
	ST	D	-0.38%
	SRPT	D	-0.37%
	KBR	D	-0.37%
	WTM	D	-0.34%
	AGL	F	-0.32%
	WOLF	F	--0.28%
	BRZE	F	--0.32%
	ELF	F	--0.32%
	CNM	F	--0.34%
	CELH	F	--0.35%
	ARWR	F	--0.36%
	DAR	F	--0.36%
	SEDG	F	--0.36%
	RMBS	F	--0.37%
	MTDR	F	--0.37%
	CHX	F	--0.38%
	RIG	F	--0.38%
	GNRC	D	--0.38%
	POWI	F	--0.38%
	ZS	F	--0.38%
	THO	D	--0.39%
	CC	F	--0.39%
	RUN	C	--0.39%
	PEN	D	--0.39%
	XPO	D	--0.39%
	LNC	D	--0.39%
	AMKR	F	--0.39%
	MKSI	F	--0.39%
	CNXC	F	--0.39%
	CAR	F	--0.39%
	ZION	D	--0.4%
	RGEN	F	--0.4%
	ELAN	D	--0.4%
	TXG	D	--0.4%
	WMS	D	--0.4%
	COHR	C	--0.4%
	GTLS	F	--0.4%
	NTLA	F	--0.4%
	PTON	C	--0.41%
	OZK	D	--0.41%
	COTY	F	--0.41%
	GH	D	--0.41%
	CVNA	B	--0.41%
	GME	F	--0.41%
	PATH	D	--0.41%
	PNFP	B	--0.41%
	KSS	F	--0.41%
	APG	D	--0.41%
	AR	F	--0.42%
	WCC	D	--0.42%
	RKT	C	--0.42%
	OPEN	D	--0.42%
	JHG	B	--0.42%
	NVCR	D	--0.42%
	SMG	C	--0.42%
	RRC	D	--0.42%
	AXTA	B	--0.42%
	SSD	D	--0.42%
	SNV	C	--0.42%
	ITT	B	--0.42%
	NVT	D	--0.42%
	CRSP	F	--0.42%
	LITE	B	--0.42%
	UGI	C	--0.42%
	SEE	D	--0.42%
	JLL	B	--0.43%
	AGNC	B	--0.43%
	WAL	B	--0.43%
	OWL	C	--0.43%
	LPX	B	--0.43%
	CWEN	C	--0.43%
	FOUR	C	--0.43%
	BLD	D	--0.43%
	TREX	D	--0.43%
	PFGC	B	--0.43%
	AA	D	--0.43%
	HHH	C	--0.43%
	LYFT	D	--0.43%
	NWE	B	--0.44%
	RYN	C	--0.44%
	USFD	B	--0.44%
	FND	C	--0.44%
	PENN	D	--0.44%
	CZR	C	--0.44%
	SOFI	C	--0.44%
	CMA	B	--0.44%
	KRC	B	--0.44%
	NTRA	C	--0.45%
	TOL	B	--0.45%
	VNO	B	--0.46%
	LAMR	B	--0.46%
	EXP	B	--0.47%
	W	D	--0.47%
	DUOL	B	--0.47%
	TDOC	D	--0.48%
	TPG	B	--0.48%
	SAIA	D	--0.48%
	SHLS	D	--0.5%
	DNLI	C	--0.51%
	RH	B	--0.52%
	FYBR	C	--0.52%
	MDB	D	--0.52%
	AFRM	C	--0.57%

QWLD: Top Represented Industries & Keywords

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

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

BTAL: Top Represented Industries & Keywords

Industries: Software - Application Insurance - Property & Casualty Software - Infrastructure Biotechnology Semiconductors Utilities - Regulated Electric Asset Management Banks - Regional - US Specialty Retail Aerospace & Defense Business Services Oil & Gas E&P Building Materials Information Technology Services Restaurants Diagnostics & Research Drug Manufacturers - Major Health Care Plans Diversified Industrials Household & Personal Products

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