QWLD vs. IMCV ETF Comparison

Comparison of SPDR MSCI World Quality Mix ETF (QWLD) to iShares Morningstar Mid-Cap Value ETF (IMCV)

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

IMCV

iShares Morningstar Mid-Cap Value ETF

IMCV Description

The investment seeks to track the investment results of the Morningstar® US Mid Cap Broad Value IndexSM 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. The underlying index measures the performance of stocks issued by mid-capitalization companies that have exhibited “value” characteristics as determined by Morningstar, Inc. (Morningstar or the index providerâ) proprietary index methodology.

Grade (RS Rating)

Last Trade

$76.68

Average Daily Volume

20,014

Number of Holdings ^*

303

* may have additional holdings in another (foreign) market

Performance

Period	QWLD	IMCV
30 Days	1.92%	4.21%
60 Days	4.80%	5.29%
90 Days	6.62%	8.97%
12 Months	25.18%	24.05%

275 Overlapping Holdings

	Symbol	Grade	Weight in QWLD	Weight in IMCV	Overlap
	ACGL	C	0.28%	0.53%	0.28%
	ACI	F	0.02%	0.14%	0.02%
	ACM	B	0.01%	0.1%	0.01%
	ADM	D	0.05%	0.56%	0.05%
	AEE	C	0.08%	0.42%	0.08%
	AEP	C	0.07%	1.02%	0.07%
	AES	C	0.01%	0.25%	0.01%
	AFG	B	0.02%	0.12%	0.02%
	AFL	C	0.12%	1.05%	0.12%
	AIG	D	0.07%	0.91%	0.07%
	AKAM	D	0.12%	0.15%	0.12%
	ALB	D	0.01%	0.09%	0.01%
	ALGN	D	0.0%	0.12%	0.0%
	ALL	B	0.07%	0.54%	0.07%
	ALLE	B	0.02%	0.1%	0.02%
	ALLY	F	0.01%	0.17%	0.01%
	AMCR	B	0.08%	0.3%	0.08%
	AMP	A	0.07%	0.27%	0.07%
	AOS	D	0.02%	0.05%	0.02%
	APA	F	0.03%	0.17%	0.03%
	APTV	D	0.01%	0.16%	0.01%
	ARE	C	0.01%	0.25%	0.01%
	ATO	B	0.01%	0.39%	0.01%
	AVB	B	0.01%	0.32%	0.01%
	AVTR	B	0.01%	0.14%	0.01%
	AVY	C	0.03%	0.16%	0.03%
	AWK	B	0.01%	0.27%	0.01%
	BAH	C	0.15%	0.09%	0.09%
	BALL	C	0.01%	0.17%	0.01%
	BAX	C	0.02%	0.38%	0.02%
	BBY	C	0.06%	0.36%	0.06%
	BEN	F	0.01%	0.11%	0.01%
	BG	D	0.03%	0.26%	0.03%
	BIIB	F	0.02%	0.53%	0.02%
	BK	B	0.05%	0.96%	0.05%
	BKR	C	0.02%	0.32%	0.02%
	BLDR	C	0.04%	0.22%	0.04%
	BXP	B	0.01%	0.24%	0.01%
	CAG	C	0.05%	0.29%	0.05%
	CAH	C	0.12%	0.51%	0.12%
	CARR	B	0.02%	0.5%	0.02%
	CBRE	A	0.03%	0.26%	0.03%
	CCI	C	0.02%	0.96%	0.02%
	CCK	A	0.01%	0.13%	0.01%
	CCL	C	0.0%	0.32%	0.0%
	CE	F	0.01%	0.11%	0.01%
	CF	C	0.12%	0.27%	0.12%
	CFG	C	0.03%	0.34%	0.03%
	CG	D	0.01%	0.16%	0.01%
	CHK	D	0.02%	0.14%	0.02%
	CHTR	D	0.05%	0.63%	0.05%
	CINF	B	0.02%	0.24%	0.02%
	CLX	C	0.01%	0.14%	0.01%
	CMI	C	0.08%	0.25%	0.08%
	CMS	C	0.05%	0.25%	0.05%
	CNC	D	0.06%	0.75%	0.06%
	CNH	D	0.01%	0.18%	0.01%
	CNP	C	0.01%	0.33%	0.01%
	COF	B	0.07%	0.99%	0.07%
	CPAY	B	0.01%	0.1%	0.01%
	CPB	C	0.1%	0.19%	0.1%
	CPT	B	0.01%	0.14%	0.01%
	CRL	F	0.0%	0.07%	0.0%
	CTRA	D	0.02%	0.19%	0.02%
	CTSH	C	0.2%	0.72%	0.2%
	CTVA	B	0.04%	0.41%	0.04%
	D	C	0.06%	0.51%	0.06%
	DAL	C	0.01%	0.3%	0.01%
	DD	B	0.02%	0.34%	0.02%
	DELL	D	0.01%	0.32%	0.01%
	DFS	B	0.03%	0.27%	0.03%
	DG	F	0.01%	0.35%	0.01%
	DGX	B	0.1%	0.32%	0.1%
	DHI	B	0.12%	1.11%	0.12%
	DINO	F	0.05%	0.14%	0.05%
	DKNG	C	0.0%	0.15%	0.0%
	DKS	D	0.02%	0.13%	0.02%
	DLR	B	0.02%	0.26%	0.02%
	DLTR	F	0.01%	0.15%	0.01%
	DOC	C	0.01%	0.3%	0.01%
	DOV	B	0.04%	0.14%	0.04%
	DOW	D	0.04%	0.38%	0.04%
	DRI	B	0.03%	0.18%	0.03%
	DTE	C	0.02%	0.49%	0.02%
	DVA	B	0.01%	0.08%	0.01%
	DVN	F	0.03%	0.47%	0.03%
	EA	D	0.18%	0.19%	0.18%
	EBAY	B	0.01%	0.38%	0.01%
	ED	C	0.38%	0.67%	0.38%
	EG	C	0.06%	0.31%	0.06%
	EIX	C	0.03%	0.61%	0.03%
	ELS	C	0.0%	0.1%	0.0%
	EMN	B	0.01%	0.23%	0.01%
	ENTG	F	0.0%	0.12%	0.0%
	EPAM	F	0.02%	0.1%	0.02%
	EQH	C	0.01%	0.23%	0.01%
	EQR	B	0.01%	0.3%	0.01%
	EQT	D	0.01%	0.12%	0.01%
	ES	C	0.02%	0.44%	0.02%
	ESS	B	0.01%	0.2%	0.01%
	ETR	B	0.02%	0.5%	0.02%
	EVRG	B	0.01%	0.26%	0.01%
	EXC	C	0.03%	0.75%	0.03%
	EXPD	C	0.04%	0.32%	0.04%
	EXPE	C	0.01%	0.16%	0.01%
	EXR	B	0.01%	0.45%	0.01%
	F	F	0.09%	0.79%	0.09%
	FANG	D	0.08%	0.56%	0.08%
	FE	C	0.01%	0.42%	0.01%
	FFIV	B	0.14%	0.13%	0.13%
	FIS	B	0.02%	0.88%	0.02%
	FITB	B	0.03%	0.54%	0.03%
	FNF	B	0.01%	0.3%	0.01%
	FOX	B	0.01%	0.09%	0.01%
	FOXA	B	0.01%	0.17%	0.01%
	FTV	C	0.01%	0.14%	0.01%
	GEHC	C	0.02%	0.35%	0.02%
	GEV	B	0.02%	0.56%	0.02%
	GIS	B	0.38%	0.78%	0.38%
	GLPI	C	0.01%	0.25%	0.01%
	GLW	C	0.02%	0.61%	0.02%
	GM	C	0.15%	0.99%	0.15%
	GPC	D	0.06%	0.21%	0.06%
	GPN	D	0.02%	0.32%	0.02%
	GRMN	D	0.05%	0.17%	0.05%
	HAL	F	0.01%	0.21%	0.01%
	HBAN	B	0.03%	0.39%	0.03%
	HIG	B	0.03%	0.64%	0.03%
	HII	D	0.01%	0.08%	0.01%
	HOLX	B	0.01%	0.35%	0.01%
	HPE	D	0.03%	0.42%	0.03%
	HPQ	D	0.04%	0.61%	0.04%
	HRL	C	0.1%	0.12%	0.1%
	HST	C	0.01%	0.23%	0.01%
	HSY	C	0.18%	0.25%	0.18%
	HUM	F	0.18%	0.72%	0.18%
	IFF	B	0.01%	0.5%	0.01%
	INCY	C	0.12%	0.09%	0.09%
	IP	B	0.02%	0.31%	0.02%
	IPG	C	0.02%	0.22%	0.02%
	IQV	C	0.01%	0.29%	0.01%
	IRM	C	0.01%	0.32%	0.01%
	J	C	0.01%	0.11%	0.01%
	JBHT	D	0.03%	0.1%	0.03%
	JBL	D	0.01%	0.1%	0.01%
	JCI	B	0.02%	0.38%	0.02%
	JNPR	B	0.13%	0.23%	0.13%
	K	B	0.23%	0.4%	0.23%
	KDP	B	0.16%	0.49%	0.16%
	KEY	B	0.02%	0.28%	0.02%
	KEYS	C	0.17%	0.27%	0.17%
	KHC	C	0.22%	0.59%	0.22%
	KIM	C	0.01%	0.08%	0.01%
	KMB	D	0.12%	0.58%	0.12%
	KMI	B	0.03%	0.78%	0.03%
	KMX	D	0.01%	0.11%	0.01%
	KR	C	0.28%	0.71%	0.28%
	KVUE	C	0.08%	0.76%	0.08%
	L	C	0.16%	0.27%	0.16%
	LDOS	B	0.01%	0.23%	0.01%
	LEN	B	0.09%	0.83%	0.09%
	LEN	B	0.09%	0.03%	0.03%
	LHX	C	0.02%	0.81%	0.02%
	LKQ	F	0.01%	0.2%	0.01%
	LNG	C	0.05%	0.53%	0.05%
	LNT	B	0.03%	0.28%	0.03%
	LUV	C	0.0%	0.18%	0.0%
	LYB	D	0.03%	0.45%	0.03%
	MAA	B	0.01%	0.23%	0.01%
	MAS	B	0.01%	0.19%	0.01%
	MCHP	F	0.07%	0.44%	0.07%
	MGM	F	0.01%	0.09%	0.01%
	MKC	C	0.01%	0.18%	0.01%
	MKL	C	0.12%	0.14%	0.12%
	MOH	D	0.07%	0.17%	0.07%
	MOS	F	0.02%	0.16%	0.02%
	MRNA	F	0.02%	0.24%	0.02%
	MRO	C	0.02%	0.28%	0.02%
	MSTR	D	0.0%	0.16%	0.0%
	MTB	B	0.04%	0.53%	0.04%
	NDAQ	A	0.01%	0.32%	0.01%
	NEM	B	0.04%	0.5%	0.04%
	NI	B	0.01%	0.28%	0.01%
	NRG	C	0.01%	0.21%	0.01%
	NSC	C	0.03%	1.04%	0.03%
	NTAP	D	0.04%	0.22%	0.04%
	NTRS	A	0.01%	0.34%	0.01%
	NUE	F	0.04%	0.64%	0.04%
	NVR	B	0.07%	0.53%	0.07%
	NWSA	D	0.01%	0.19%	0.01%
	O	C	0.03%	0.68%	0.03%
	OC	D	0.03%	0.27%	0.03%
	OKE	B	0.03%	1.0%	0.03%
	OMC	B	0.04%	0.37%	0.04%
	ON	D	0.01%	0.37%	0.01%
	OTIS	C	0.01%	0.28%	0.01%
	OVV	F	0.02%	0.19%	0.02%
	PCAR	D	0.09%	0.92%	0.09%
	PCG	C	0.03%	0.46%	0.03%
	PEG	B	0.02%	0.78%	0.02%
	PFG	B	0.02%	0.36%	0.02%
	PHM	B	0.06%	0.31%	0.06%
	PINS	F	0.0%	0.14%	0.0%
	PKG	B	0.03%	0.35%	0.03%
	PNR	B	0.02%	0.08%	0.02%
	POOL	C	0.03%	0.13%	0.03%
	PPG	D	0.01%	0.34%	0.01%
	PPL	C	0.01%	0.45%	0.01%
	PRU	C	0.04%	0.79%	0.04%
	PSA	B	0.09%	0.55%	0.09%
	QRVO	F	0.01%	0.08%	0.01%
	RCL	B	0.0%	0.23%	0.0%
	REG	C	0.01%	0.14%	0.01%
	RF	B	0.03%	0.38%	0.03%
	RJF	C	0.01%	0.17%	0.01%
	RPM	B	0.01%	0.1%	0.01%
	RPRX	C	0.01%	0.21%	0.01%
	RS	D	0.01%	0.3%	0.01%
	SJM	C	0.08%	0.24%	0.08%
	SNA	C	0.03%	0.18%	0.03%
	SOLV	C	0.03%	0.18%	0.03%
	SPG	B	0.02%	0.94%	0.02%
	SRE	C	0.03%	0.98%	0.03%
	SSNC	B	0.01%	0.3%	0.01%
	STLD	F	0.02%	0.31%	0.02%
	STT	A	0.03%	0.47%	0.03%
	STX	C	0.01%	0.39%	0.01%
	STZ	D	0.01%	0.35%	0.01%
	SW	B	0.02%	0.42%	0.02%
	SWK	B	0.01%	0.15%	0.01%
	SWKS	D	0.03%	0.31%	0.03%
	SYF	C	0.03%	0.36%	0.03%
	TAP	D	0.01%	0.18%	0.01%
	TDY	B	0.05%	0.17%	0.05%
	TEL	D	0.08%	0.39%	0.08%
	TER	D	0.03%	0.2%	0.03%
	TFC	C	0.08%	1.04%	0.08%
	TFX	C	0.01%	0.13%	0.01%
	TRGP	B	0.03%	0.36%	0.03%
	TRMB	C	0.0%	0.09%	0.0%
	TROW	D	0.05%	0.43%	0.05%
	TRV	C	0.27%	0.58%	0.27%
	TSCO	C	0.05%	0.16%	0.05%
	TSN	C	0.14%	0.16%	0.14%
	TXT	D	0.01%	0.16%	0.01%
	UDR	C	0.0%	0.1%	0.0%
	UHAL	A	0.01%	0.01%	0.01%
	UHAL	A	0.01%	0.07%	0.01%
	UHS	B	0.01%	0.14%	0.01%
	ULTA	D	0.07%	0.17%	0.07%
	URI	B	0.02%	0.48%	0.02%
	UTHR	C	0.14%	0.24%	0.14%
	VICI	C	0.02%	0.66%	0.02%
	VLO	F	0.07%	0.82%	0.07%
	VLTO	C	0.05%	0.2%	0.05%
	VST	C	0.01%	0.2%	0.01%
	VTR	C	0.01%	0.32%	0.01%
	VTRS	D	0.03%	0.26%	0.03%
	WAT	C	0.04%	0.13%	0.04%
	WBA	F	0.04%	0.12%	0.04%
	WBD	D	0.05%	0.35%	0.05%
	WDC	D	0.01%	0.39%	0.01%
	WEC	C	0.2%	0.56%	0.2%
	WLK	D	0.0%	0.05%	0.0%
	WMB	B	0.15%	1.02%	0.15%
	WPC	C	0.01%	0.26%	0.01%
	WRB	C	0.14%	0.14%	0.14%
	WSM	D	0.04%	0.12%	0.04%
	WTRG	D	0.01%	0.12%	0.01%
	WTW	C	0.07%	0.28%	0.07%
	WY	C	0.02%	0.44%	0.02%
	XEL	B	0.08%	0.66%	0.08%
	ZBH	F	0.01%	0.2%	0.01%
	ZBRA	B	0.01%	0.08%	0.01%
	ZM	C	0.01%	0.3%	0.01%

QWLD Overweight 332 Positions Relative to IMCV

	Symbol	Grade	Weight
	AAPL	C	2.56%
	MSFT	C	2.36%
	NVDA	D	2.1%
	META	B	1.96%
	LLY	C	1.42%
	UNH	C	1.36%
	JNJ	C	1.19%
	V	C	1.12%
	PG	C	0.98%
	GOOGL	D	0.95%
	NVS	C	0.89%
	CSCO	C	0.88%
	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%
	KO	C	0.65%
	ACN	C	0.65%
	TMUS	C	0.64%
	VZ	B	0.61%
	MSI	B	0.58%
	MMC	C	0.53%
	JPM	D	0.52%
	MRK	D	0.51%
	WM	D	0.5%
	MCK	F	0.49%
	ROP	C	0.49%
	ADBE	F	0.49%
	TXN	C	0.49%
	IBM	B	0.48%
	REGN	C	0.47%
	SO	B	0.47%
	RSG	D	0.46%
	LMT	C	0.45%
	NFLX	B	0.45%
	XOM	C	0.44%
	VRTX	D	0.44%
	MCD	B	0.42%
	ABBV	C	0.41%
	CB	B	0.4%
	APH	D	0.38%
	T	C	0.37%
	DUK	C	0.37%
	TJX	B	0.35%
	AMZN	C	0.34%
	QCOM	D	0.34%
	PGR	B	0.34%
	BAC	D	0.33%
	NOC	B	0.33%
	AMAT	D	0.32%
	CAT	B	0.32%
	UL	C	0.3%
	AZO	D	0.29%
	GE	B	0.29%
	WCN	D	0.28%
	UNP	C	0.28%
	CVX	D	0.28%
	ELV	C	0.28%
	CBOE	C	0.26%
	INTU	C	0.25%
	HON	D	0.24%
	ISRG	B	0.24%
	ADP	B	0.24%
	CL	D	0.23%
	ORCL	C	0.22%
	ORLY	C	0.22%
	GILD	B	0.22%
	GDDY	C	0.21%
	C	C	0.21%
	BLK	B	0.21%
	PFE	C	0.21%
	MFG	D	0.2%
	CI	C	0.2%
	LRCX	F	0.2%
	WFC	D	0.2%
	GD	B	0.19%
	CHKP	B	0.19%
	AJG	D	0.19%
	AMGN	B	0.19%
	ANET	B	0.18%
	MPC	F	0.18%
	KLAC	D	0.18%
	CHD	D	0.18%
	BMY	C	0.18%
	MDLZ	B	0.17%
	CVS	D	0.17%
	NKE	D	0.17%
	CME	C	0.16%
	AON	B	0.16%
	PANW	D	0.16%
	ZTS	C	0.16%
	YUM	D	0.15%
	ERIE	B	0.15%
	ABBV	C	0.15%
	CMCSA	D	0.15%
	CTAS	B	0.14%
	TD	B	0.14%
	HD	B	0.14%
	SHW	B	0.14%
	GS	C	0.14%
	VRSN	D	0.14%
	MMM	B	0.14%
	TM	F	0.14%
	TGT	C	0.14%
	E	C	0.13%
	BRO	C	0.13%
	CMG	C	0.13%
	PSX	F	0.13%
	MCO	B	0.13%
	TT	B	0.13%
	DEO	C	0.12%
	CDNS	D	0.12%
	MUFG	D	0.12%
	ITW	C	0.12%
	CNI	D	0.11%
	CSX	D	0.11%
	AVGO	C	0.11%
	NBIX	F	0.11%
	SNPS	D	0.11%
	TSLA	C	0.11%
	GWW	B	0.1%
	BCS	B	0.1%
	IDXX	C	0.09%
	CDW	D	0.09%
	MS	D	0.09%
	RTX	C	0.09%
	SMFG	D	0.09%
	COP	D	0.09%
	STLA	F	0.09%
	LYG	B	0.09%
	PAYX	C	0.09%
	BMRN	F	0.09%
	FCNCA	D	0.09%
	ABT	C	0.09%
	BDX	D	0.08%
	FAST	C	0.08%
	HMC	D	0.08%
	ROL	C	0.08%
	PNC	B	0.08%
	SONY	C	0.08%
	INTC	F	0.08%
	USB	B	0.08%
	ADSK	C	0.08%
	UPS	D	0.07%
	A	C	0.07%
	PM	C	0.07%
	CPRT	D	0.07%
	ODFL	D	0.07%
	PTC	D	0.07%
	LOW	B	0.07%
	FDX	C	0.07%
	EW	F	0.07%
	AIZ	B	0.07%
	TMO	B	0.07%
	DIS	D	0.07%
	DPZ	F	0.06%
	AXP	B	0.06%
	RMD	C	0.06%
	LULU	D	0.06%
	DHR	B	0.06%
	MDT	C	0.06%
	NEE	C	0.06%
	LIN	B	0.06%
	DE	B	0.06%
	MNST	D	0.06%
	MPWR	C	0.06%
	JKHY	B	0.06%
	LOGI	D	0.06%
	VEEV	C	0.05%
	BTI	C	0.05%
	PLD	C	0.05%
	EOG	D	0.05%
	ROK	D	0.05%
	PYPL	B	0.04%
	MU	F	0.04%
	SBUX	C	0.04%
	MANH	B	0.04%
	SPGI	B	0.04%
	AMD	D	0.04%
	MO	C	0.04%
	FICO	B	0.04%
	ADI	C	0.04%
	BR	D	0.04%
	HCA	B	0.04%
	WDAY	D	0.04%
	MT	D	0.04%
	DECK	C	0.04%
	MET	B	0.04%
	CRM	D	0.04%
	SYY	D	0.03%
	AMT	C	0.03%
	SLB	F	0.03%
	ENPH	D	0.03%
	CSL	B	0.03%
	WSO	C	0.03%
	ICE	C	0.03%
	SYK	C	0.03%
	LPLA	D	0.03%
	SCHW	D	0.03%
	TPL	B	0.03%
	IT	B	0.03%
	SMCI	F	0.03%
	EME	B	0.03%
	HUBB	B	0.03%
	OXY	F	0.03%
	WST	D	0.03%
	NMR	D	0.02%
	MKTX	C	0.02%
	PAYC	D	0.02%
	BA	F	0.02%
	TTC	D	0.02%
	NXPI	F	0.02%
	PH	B	0.02%
	AER	B	0.02%
	ROST	C	0.02%
	KKR	B	0.02%
	WELL	C	0.02%
	NDSN	C	0.02%
	BX	B	0.02%
	BKNG	C	0.02%
	BSX	B	0.02%
	EMR	D	0.02%
	IEX	D	0.02%
	FCX	D	0.02%
	ETN	C	0.02%
	APD	B	0.02%
	GGG	C	0.02%
	FDS	C	0.02%
	AMH	C	0.01%
	VRSK	D	0.01%
	OTEX	D	0.01%
	CTLT	B	0.01%
	TTWO	C	0.01%
	FTNT	C	0.01%
	SBAC	C	0.01%
	HLT	B	0.01%
	TRU	B	0.01%
	BURL	B	0.01%
	MBAVU	C	0.01%
	FSLR	C	0.01%
	HWM	B	0.01%
	STE	C	0.01%
	HSIC	C	0.01%
	SUI	B	0.01%
	SE	B	0.01%
	EL	F	0.01%
	INVH	C	0.01%
	CCEP	B	0.01%
	ABNB	D	0.01%
	IR	C	0.01%
	XYL	C	0.01%
	EFX	B	0.01%
	AGCO	D	0.01%
	CHRD	F	0.01%
	VMC	D	0.01%
	KNX	C	0.01%
	WFG	B	0.01%
	MLM	D	0.01%
	MRVL	C	0.01%
	TDG	B	0.01%
	PWR	B	0.01%
	MAR	C	0.01%
	APO	C	0.01%
	CRBG	D	0.01%
	WAB	B	0.01%
	AME	C	0.01%
	HES	F	0.01%
	BSY	D	0.01%
	CHRW	B	0.01%
	UBER	C	0.01%
	SQ	D	0.01%
	NOW	B	0.01%
	PARA	F	0.01%
	SEIC	C	0.01%
	ECL	B	0.01%
	CEG	C	0.01%
	EQIX	C	0.01%
	MELI	B	0.01%
	GLBE	C	0.0%
	IOT	B	0.0%
	TOST	C	0.0%
	NET	D	0.0%
	RBLX	B	0.0%
	XRX	D	0.0%
	DDOG	D	0.0%
	SNAP	F	0.0%
	FUTU	D	0.0%
	H	C	0.0%
	PSTG	F	0.0%
	DOCU	C	0.0%
	HEI	B	0.0%
	DAY	D	0.0%
	GRAB	C	0.0%
	APP	C	0.0%
	DT	C	0.0%
	SNOW	F	0.0%
	PODD	B	0.0%
	WYNN	D	0.0%
	CRWD	D	0.0%
	HOOD	C	0.0%
	DXCM	F	0.0%
	ROKU	C	0.0%
	OKTA	F	0.0%
	TECH	C	0.0%
	TTD	B	0.0%
	EXAS	C	0.0%
	LII	B	0.0%
	Z	B	0.0%
	TYL	C	0.0%
	TW	B	0.0%
	PLTR	B	0.0%
	AXON	B	0.0%
	VRT	C	0.0%
	HEI	B	0.0%
	LYV	B	0.0%
	LW	D	0.0%
	LVS	D	0.0%
	BBWI	F	0.0%
	DASH	C	0.0%
	COIN	F	0.0%
	MSCI	C	0.0%
	ILMN	C	0.0%
	RIVN	F	0.0%
	ARES	B	0.0%
	MTCH	C	0.0%
	QGEN	C	0.0%
	BIO	C	0.0%
	TWLO	D	0.0%
	ANSS	D	0.0%
	CSGP	D	0.0%

QWLD Underweight 28 Positions Relative to IMCV

	Symbol	Grade	Weight
	FERG	D	-0.73%
	COR	D	-0.36%
	LH	C	-0.35%
	UAL	C	-0.31%
	THC	A	-0.3%
	RGA	C	-0.26%
	RNR	C	-0.25%
	CPNG	B	-0.19%
	UNM	B	-0.18%
	TOL	B	-0.18%
	RVTY	B	-0.16%
	AR	F	-0.15%
	FLEX	C	-0.15%
	GEN	B	-0.14%
	USFD	B	-0.13%
	COO	B	-0.12%
	SNX	D	-0.11%
	SIRI	C	-0.11%
	BLD	D	-0.1%
	SCI	B	-0.1%
	BJ	D	-0.1%
	XPO	D	-0.08%
	CASY	D	-0.08%
	RRX	C	-0.08%
	PAG	D	-0.06%
	AGR	B	-0.05%
	NWS	D	-0.05%
	COTY	F	-0.02%

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

IMCV: Top Represented Industries & Keywords

Industries: Utilities - Regulated Electric Oil & Gas E&P Packaged Foods Specialty Retail Asset Management Banks - Regional - US Insurance - Property & Casualty REIT - Residential Specialty Chemicals Utilities - Diversified Business Services Diagnostics & Research Diversified Industrials Packaging & Containers Oil & Gas Midstream Residential Construction Scientific & Technical Instruments Biotechnology Broadcasting - TV Building Materials

Keywords: S&P 500 Natural Gas Electricity Nasdaq 100 Insurance Real Estate Investment Trust Aerospace Electronics Insurance Products Beverage Computing Bank Chemical Banking Building Materials Disability Food Products Petroleum Industry Telecommunications Financial Products