SHUS vs. PHDG ETF Comparison

Comparison of Syntax Stratified U.S. Total Market Hedged ETF (SHUS) to PowerShares S&P 500 Downside Hedged Portfolio (PHDG)

SHUS

Syntax Stratified U.S. Total Market Hedged ETF

SHUS Description

The investment seeks to obtain capital growth that meets or exceeds the performance of the S&P Composite 1500® Index over a full market cycle by investing in ETFs or underlying securities that provide Stratified WeightTM U.S. total equity market exposure to companies in the 1500 while seeking risk-managed growth via a defined risk hedging process. The fund will also invest in index options for risk management purposes and to seek to generate additional returns. Syntax?s Stratified Weight? is designed to correct for business risk concentrations that regularly occur in cap-weighted indices and equal-weighted indices.

Grade (RS Rating)

Last Trade

$44.29

Average Daily Volume

2,444

Number of Holdings ^*

500

* may have additional holdings in another (foreign) market

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

$38.29

Average Daily Volume

12,398

Number of Holdings ^*

499

* may have additional holdings in another (foreign) market

Performance

Period	SHUS	PHDG
30 Days	2.26%	-1.45%
60 Days	3.81%	1.30%
90 Days	5.24%	1.18%
12 Months	15.89%	18.05%

498 Overlapping Holdings

Symbol	Grade	Weight in SHUS	Weight in PHDG	Overlap
A	D	0.15%	0.04%	0.04%
AAPL	C	0.49%	3.74%	0.49%
ABBV	F	0.24%	0.32%	0.24%
ABNB	C	0.12%	0.06%	0.06%
ABT	B	0.06%	0.22%	0.06%
ACGL	C	0.14%	0.04%	0.04%
ACN	B	0.13%	0.24%	0.13%
ADBE	C	0.15%	0.25%	0.15%
ADI	D	0.22%	0.11%	0.11%
ADM	D	0.36%	0.03%	0.03%
ADP	A	0.21%	0.13%	0.13%
ADSK	A	0.16%	0.07%	0.07%
AEE	A	0.08%	0.03%	0.03%
AEP	C	0.24%	0.05%	0.05%
AES	F	0.31%	0.01%	0.01%
AFL	B	0.2%	0.06%	0.06%
AIG	B	0.19%	0.05%	0.05%
AIZ	A	0.2%	0.01%	0.01%
AJG	A	0.03%	0.07%	0.03%
AKAM	D	0.26%	0.01%	0.01%
ALB	B	0.05%	0.01%	0.01%
ALGN	D	0.1%	0.02%	0.02%
ALL	A	0.19%	0.06%	0.06%
ALLE	C	0.07%	0.01%	0.01%
AMAT	F	0.17%	0.17%	0.17%
AMCR	C	0.12%	0.02%	0.02%
AMD	F	0.14%	0.24%	0.14%
AME	A	0.12%	0.05%	0.05%
AMGN	F	0.23%	0.17%	0.17%
AMP	A	0.09%	0.06%	0.06%
AMT	C	0.06%	0.1%	0.06%
AMZN	C	0.21%	2.13%	0.21%
ANET	C	0.21%	0.11%	0.11%
ANSS	B	0.17%	0.03%	0.03%
AON	A	0.04%	0.09%	0.04%
AOS	F	0.21%	0.01%	0.01%
APA	D	0.07%	0.01%	0.01%
APD	A	0.05%	0.08%	0.05%
APH	A	0.18%	0.09%	0.09%
APTV	F	0.39%	0.02%	0.02%
ARE	F	0.1%	0.02%	0.02%
ATO	A	0.32%	0.02%	0.02%
AVB	B	0.1%	0.03%	0.03%
AVGO	D	0.22%	0.86%	0.22%
AVY	F	0.06%	0.02%	0.02%
AWK	C	0.32%	0.03%	0.03%
AXON	A	0.09%	0.05%	0.05%
AXP	A	0.05%	0.17%	0.05%
AZO	C	0.15%	0.06%	0.06%
BA	F	0.16%	0.11%	0.11%
BAC	A	0.12%	0.33%	0.12%
BALL	F	0.12%	0.02%	0.02%
BAX	F	0.05%	0.02%	0.02%
BBY	D	0.17%	0.02%	0.02%
BDX	F	0.05%	0.07%	0.05%
BEN	C	0.08%	0.01%	0.01%
BG	D	0.36%	0.01%	0.01%
BIIB	F	0.24%	0.03%	0.03%
BK	A	0.11%	0.06%	0.06%
BKNG	A	0.13%	0.18%	0.13%
BKR	A	0.35%	0.05%	0.05%
BLDR	D	0.19%	0.02%	0.02%
BLK	B	0.09%	0.16%	0.09%
BMY	B	0.25%	0.13%	0.13%
BR	A	0.11%	0.03%	0.03%
BRK.A	B	0.49%	0.92%	0.49%
BRO	B	0.03%	0.03%	0.03%
BSX	A	0.06%	0.14%	0.06%
BWA	D	0.41%	0.01%	0.01%
BX	A	0.08%	0.14%	0.08%
BXP	C	0.11%	0.01%	0.01%
C	A	0.13%	0.14%	0.13%
CAG	F	0.21%	0.01%	0.01%
CAH	B	0.19%	0.03%	0.03%
CARR	C	0.08%	0.07%	0.07%
CAT	B	0.14%	0.2%	0.14%
CB	C	0.14%	0.12%	0.12%
CBOE	C	0.04%	0.02%	0.02%
CBRE	B	0.04%	0.04%	0.04%
CCI	C	0.06%	0.05%	0.05%
CCL	A	0.09%	0.03%	0.03%
CDNS	B	0.33%	0.09%	0.09%
CDW	F	0.12%	0.03%	0.03%
CE	F	0.07%	0.01%	0.01%
CEG	C	0.38%	0.08%	0.08%
CF	A	0.09%	0.02%	0.02%
CFG	B	0.05%	0.02%	0.02%
CHD	A	0.41%	0.03%	0.03%
CHRW	B	0.09%	0.01%	0.01%
CHTR	C	0.46%	0.04%	0.04%
CI	D	0.18%	0.1%	0.1%
CINF	A	0.14%	0.03%	0.03%
CL	D	0.4%	0.08%	0.08%
CLX	A	0.41%	0.02%	0.02%
CMCSA	B	0.51%	0.18%	0.18%
CME	B	0.04%	0.09%	0.04%
CMG	B	0.49%	0.09%	0.09%
CMI	A	0.08%	0.05%	0.05%
CMS	C	0.07%	0.02%	0.02%
CNC	D	0.25%	0.03%	0.03%
CNP	A	0.25%	0.02%	0.02%
COF	C	0.69%	0.08%	0.08%
COP	C	0.07%	0.14%	0.07%
COR	B	0.18%	0.05%	0.05%
COST	A	0.7%	0.44%	0.44%
CPAY	A	0.04%	0.03%	0.03%
CPB	D	0.2%	0.01%	0.01%
CPRT	B	0.22%	0.05%	0.05%
CPT	B	0.1%	0.01%	0.01%
CRL	D	0.14%	0.01%	0.01%
CRM	B	0.35%	0.35%	0.35%
CRWD	B	0.18%	0.09%	0.09%
CSCO	B	0.21%	0.25%	0.21%
CSGP	D	0.04%	0.03%	0.03%
CSX	C	0.08%	0.07%	0.07%
CTAS	B	0.17%	0.08%	0.08%
CTLT	C	0.24%	0.01%	0.01%
CTRA	B	0.17%	0.02%	0.02%
CTSH	B	0.13%	0.04%	0.04%
CTVA	C	0.08%	0.04%	0.04%
CVS	D	0.68%	0.07%	0.07%
CVX	A	0.75%	0.3%	0.3%
CZR	F	0.07%	0.01%	0.01%
D	C	0.24%	0.05%	0.05%
DAL	B	0.27%	0.04%	0.04%
DAY	B	0.22%	0.01%	0.01%
DD	C	0.05%	0.04%	0.04%
DE	B	0.13%	0.11%	0.11%
DECK	A	0.29%	0.03%	0.03%
DELL	B	0.17%	0.04%	0.04%
DFS	B	0.68%	0.05%	0.05%
DG	F	0.17%	0.02%	0.02%
DGX	A	0.16%	0.02%	0.02%
DHI	F	0.23%	0.05%	0.05%
DHR	F	0.1%	0.17%	0.1%
DIS	B	0.2%	0.21%	0.2%
DLR	B	0.26%	0.06%	0.06%
DLTR	F	0.17%	0.01%	0.01%
DOC	C	0.11%	0.02%	0.02%
DOV	A	0.17%	0.03%	0.03%
DOW	F	0.07%	0.03%	0.03%
DPZ	C	0.52%	0.02%	0.02%
DRI	B	0.5%	0.02%	0.02%
DTE	C	0.24%	0.03%	0.03%
DUK	C	0.07%	0.09%	0.07%
DVA	C	0.11%	0.01%	0.01%
DVN	F	0.16%	0.03%	0.03%
DXCM	C	0.09%	0.03%	0.03%
EA	A	0.48%	0.04%	0.04%
EBAY	D	0.22%	0.03%	0.03%
ECL	D	0.05%	0.07%	0.05%
ED	C	0.24%	0.04%	0.04%
EFX	F	0.04%	0.03%	0.03%
EG	C	0.14%	0.02%	0.02%
EIX	B	0.24%	0.03%	0.03%
EL	F	0.49%	0.02%	0.02%
ELV	F	0.24%	0.1%	0.1%
EMN	C	0.05%	0.01%	0.01%
EMR	B	0.03%	0.08%	0.03%
ENPH	F	0.25%	0.01%	0.01%
EOG	A	0.07%	0.08%	0.07%
EPAM	B	0.13%	0.02%	0.02%
EQIX	A	0.26%	0.09%	0.09%
EQR	C	0.1%	0.03%	0.03%
EQT	B	0.18%	0.03%	0.03%
ERIE	D	0.2%	0.01%	0.01%
ES	C	0.07%	0.02%	0.02%
ESS	B	0.1%	0.02%	0.02%
ETN	A	0.26%	0.16%	0.16%
ETR	B	0.25%	0.03%	0.03%
EVRG	A	0.08%	0.02%	0.02%
EW	C	0.06%	0.04%	0.04%
EXC	C	0.29%	0.04%	0.04%
EXPD	C	0.09%	0.02%	0.02%
EXPE	B	0.12%	0.02%	0.02%
EXR	C	0.11%	0.04%	0.04%
F	C	0.24%	0.05%	0.05%
FANG	C	0.07%	0.04%	0.04%
FAST	B	0.12%	0.05%	0.05%
FCX	F	0.29%	0.07%	0.07%
FDS	B	0.04%	0.02%	0.02%
FDX	B	0.07%	0.07%	0.07%
FE	C	0.24%	0.02%	0.02%
FFIV	B	0.2%	0.02%	0.02%
FI	A	0.06%	0.13%	0.06%
FICO	B	0.03%	0.06%	0.03%
FIS	C	0.05%	0.05%	0.05%
FITB	B	0.05%	0.03%	0.03%
FMC	D	0.08%	0.01%	0.01%
FOX	A	0.1%	0.01%	0.01%
FOXA	A	0.1%	0.01%	0.01%
FRT	B	0.06%	0.01%	0.01%
FSLR	F	0.2%	0.02%	0.02%
FTNT	C	0.17%	0.06%	0.06%
FTV	C	0.03%	0.03%	0.03%
GD	D	0.16%	0.08%	0.08%
GDDY	A	0.26%	0.03%	0.03%
GE	D	0.17%	0.21%	0.17%
GEHC	D	0.1%	0.04%	0.04%
GEN	B	0.17%	0.02%	0.02%
GEV	B	0.18%	0.1%	0.1%
GILD	C	0.24%	0.12%	0.12%
GIS	D	0.21%	0.04%	0.04%
GL	C	0.19%	0.01%	0.01%
GLW	B	0.19%	0.04%	0.04%
GM	C	0.24%	0.07%	0.07%
GNRC	C	0.08%	0.01%	0.01%
GOOG	C	0.22%	0.92%	0.22%
GOOGL	C	0.22%	1.11%	0.22%
GPC	D	0.15%	0.02%	0.02%
GPN	B	0.04%	0.03%	0.03%
GRMN	B	0.32%	0.03%	0.03%
GS	A	0.25%	0.2%	0.2%
GWW	B	0.13%	0.06%	0.06%
HAL	C	0.33%	0.03%	0.03%
HAS	D	0.25%	0.01%	0.01%
HBAN	A	0.05%	0.03%	0.03%
HCA	F	0.33%	0.07%	0.07%
HD	B	0.25%	0.43%	0.25%
HES	B	0.07%	0.04%	0.04%
HIG	B	0.14%	0.04%	0.04%
HII	F	0.08%	0.01%	0.01%
HLT	A	0.12%	0.07%	0.07%
HOLX	D	0.1%	0.02%	0.02%
HON	C	0.16%	0.16%	0.16%
HPE	B	0.19%	0.03%	0.03%
HPQ	B	0.34%	0.04%	0.04%
HRL	D	0.36%	0.01%	0.01%
HSIC	C	0.2%	0.01%	0.01%
HST	C	0.11%	0.01%	0.01%
HSY	F	0.17%	0.03%	0.03%
HUBB	B	0.26%	0.03%	0.03%
HUM	C	0.26%	0.04%	0.04%
HWM	A	0.07%	0.05%	0.05%
IBM	C	0.33%	0.21%	0.21%
ICE	C	0.04%	0.1%	0.04%
IDXX	F	0.09%	0.04%	0.04%
IEX	C	0.2%	0.02%	0.02%
IFF	D	0.05%	0.02%	0.02%
INCY	C	0.25%	0.01%	0.01%
INTC	C	0.16%	0.12%	0.12%
INTU	B	0.2%	0.21%	0.2%
INVH	D	0.1%	0.02%	0.02%
IP	A	0.06%	0.02%	0.02%
IPG	D	0.33%	0.01%	0.01%
IQV	F	0.13%	0.04%	0.04%
IR	B	0.2%	0.04%	0.04%
IRM	C	0.06%	0.04%	0.04%
ISRG	A	0.12%	0.21%	0.12%
IT	C	0.13%	0.04%	0.04%
ITW	B	0.17%	0.08%	0.08%
IVZ	B	0.09%	0.01%	0.01%
J	D	0.39%	0.02%	0.02%
JBHT	C	0.08%	0.02%	0.02%
JBL	C	0.37%	0.02%	0.02%
JCI	B	0.08%	0.06%	0.06%
JKHY	D	0.05%	0.01%	0.01%
JNJ	C	0.23%	0.39%	0.23%
JNPR	D	0.19%	0.01%	0.01%
JPM	A	0.12%	0.74%	0.12%
K	A	0.18%	0.02%	0.02%
KDP	F	0.24%	0.04%	0.04%
KEY	B	0.06%	0.02%	0.02%
KEYS	A	0.2%	0.03%	0.03%
KHC	F	0.21%	0.03%	0.03%
KIM	A	0.06%	0.02%	0.02%
KKR	A	0.09%	0.11%	0.09%
KLAC	F	0.17%	0.09%	0.09%
KMB	C	0.41%	0.05%	0.05%
KMI	A	0.25%	0.06%	0.06%
KMX	B	0.14%	0.01%	0.01%
KO	D	0.24%	0.26%	0.24%
KR	B	0.73%	0.04%	0.04%
KVUE	A	0.41%	0.05%	0.05%
L	A	0.49%	0.02%	0.02%
LDOS	C	0.13%	0.02%	0.02%
LEN	D	0.24%	0.04%	0.04%
LH	B	0.16%	0.02%	0.02%
LHX	C	0.08%	0.05%	0.05%
LIN	C	0.04%	0.23%	0.04%
LKQ	F	0.14%	0.01%	0.01%
LLY	F	0.23%	0.67%	0.23%
LMT	D	0.08%	0.12%	0.08%
LNT	A	0.08%	0.02%	0.02%
LOW	C	0.25%	0.17%	0.17%
LULU	C	0.3%	0.04%	0.04%
LUV	C	0.25%	0.02%	0.02%
LVS	B	0.08%	0.02%	0.02%
LW	C	0.22%	0.01%	0.01%
LYB	F	0.07%	0.02%	0.02%
LYV	A	0.09%	0.02%	0.02%
MA	B	0.05%	0.46%	0.05%
MAA	B	0.1%	0.02%	0.02%
MAR	A	0.12%	0.07%	0.07%
MAS	D	0.19%	0.02%	0.02%
MCD	D	0.49%	0.23%	0.23%
MCHP	F	0.13%	0.04%	0.04%
MCK	A	0.18%	0.09%	0.09%
MCO	B	0.04%	0.08%	0.04%
MDLZ	F	0.18%	0.09%	0.09%
MDT	D	0.06%	0.12%	0.06%
MET	A	0.21%	0.05%	0.05%
META	D	0.46%	1.36%	0.46%
MGM	D	0.07%	0.01%	0.01%
MHK	D	0.18%	0.01%	0.01%
MKC	C	0.21%	0.02%	0.02%
MKTX	D	0.04%	0.01%	0.01%
MLM	C	0.17%	0.04%	0.04%
MMC	B	0.03%	0.12%	0.03%
MMM	D	0.17%	0.08%	0.08%
MNST	C	0.25%	0.04%	0.04%
MO	A	0.35%	0.1%	0.1%
MOH	F	0.25%	0.02%	0.02%
MOS	F	0.08%	0.01%	0.01%
MPC	D	0.48%	0.06%	0.06%
MPWR	F	0.21%	0.03%	0.03%
MRK	D	0.24%	0.27%	0.24%
MRNA	F	0.23%	0.01%	0.01%
MRO	B	0.07%	0.02%	0.02%
MS	A	0.26%	0.18%	0.18%
MSCI	C	0.04%	0.05%	0.04%
MSFT	D	0.32%	3.42%	0.32%
MSI	B	0.49%	0.09%	0.09%
MTB	A	0.06%	0.04%	0.04%
MTCH	D	0.46%	0.01%	0.01%
MTD	F	0.14%	0.03%	0.03%
MU	D	0.15%	0.12%	0.12%
NCLH	B	0.09%	0.01%	0.01%
NDAQ	A	0.04%	0.03%	0.03%
NDSN	B	0.03%	0.02%	0.02%
NEE	C	0.24%	0.17%	0.17%
NEM	D	0.24%	0.05%	0.05%
NFLX	A	0.22%	0.39%	0.22%
NI	A	0.32%	0.02%	0.02%
NKE	F	0.33%	0.1%	0.1%
NOC	D	0.08%	0.07%	0.07%
NOW	A	0.22%	0.23%	0.22%
NRG	B	0.32%	0.02%	0.02%
NSC	B	0.08%	0.06%	0.06%
NTAP	C	0.17%	0.03%	0.03%
NTRS	A	0.08%	0.02%	0.02%
NUE	C	0.25%	0.04%	0.04%
NVDA	B	0.13%	3.89%	0.13%
NVR	D	0.3%	0.03%	0.03%
NWS	A	0.1%	0.0%	0.0%
NWSA	A	0.1%	0.01%	0.01%
NXPI	D	0.23%	0.06%	0.06%
O	C	0.06%	0.05%	0.05%
ODFL	C	0.08%	0.05%	0.05%
OKE	A	0.24%	0.07%	0.07%
OMC	C	0.33%	0.02%	0.02%
ON	D	0.22%	0.03%	0.03%
ORCL	A	0.34%	0.32%	0.32%
ORLY	B	0.14%	0.08%	0.08%
OTIS	C	0.08%	0.04%	0.04%
OXY	D	0.07%	0.04%	0.04%
PANW	B	0.16%	0.14%	0.14%
PARA	C	0.2%	0.01%	0.01%
PAYC	B	0.21%	0.01%	0.01%
PAYX	B	0.21%	0.05%	0.05%
PCAR	B	0.12%	0.07%	0.07%
PCG	A	0.07%	0.05%	0.05%
PEG	A	0.25%	0.05%	0.05%
PEP	F	0.17%	0.24%	0.17%
PFE	F	0.24%	0.16%	0.16%
PFG	D	0.2%	0.02%	0.02%
PG	C	0.41%	0.42%	0.41%
PGR	A	0.19%	0.16%	0.16%
PH	A	0.08%	0.1%	0.08%
PHM	D	0.25%	0.03%	0.03%
PKG	A	0.06%	0.02%	0.02%
PLD	F	0.06%	0.11%	0.06%
PLTR	B	0.22%	0.13%	0.13%
PM	B	0.35%	0.21%	0.21%
PNC	B	0.06%	0.09%	0.06%
PNR	A	0.19%	0.02%	0.02%
PNW	A	0.07%	0.01%	0.01%
PODD	C	0.1%	0.02%	0.02%
POOL	C	0.13%	0.01%	0.01%
PPG	F	0.07%	0.03%	0.03%
PPL	A	0.08%	0.03%	0.03%
PRU	A	0.2%	0.05%	0.05%
PSA	C	0.1%	0.06%	0.06%
PSX	C	0.5%	0.06%	0.06%
PTC	B	0.17%	0.02%	0.02%
PWR	A	0.4%	0.05%	0.05%
PYPL	B	0.06%	0.09%	0.06%
QCOM	F	0.22%	0.2%	0.2%
QRVO	F	0.21%	0.01%	0.01%
RCL	A	0.08%	0.06%	0.06%
REG	A	0.06%	0.01%	0.01%
REGN	F	0.23%	0.09%	0.09%
RF	A	0.06%	0.03%	0.03%
RJF	A	0.25%	0.03%	0.03%
RL	C	0.32%	0.01%	0.01%
RMD	C	0.09%	0.04%	0.04%
ROK	C	0.03%	0.04%	0.03%
ROL	B	0.18%	0.02%	0.02%
ROP	B	0.03%	0.07%	0.03%
ROST	D	0.71%	0.05%	0.05%
RSG	A	0.18%	0.05%	0.05%
RTX	D	0.08%	0.17%	0.08%
RVTY	F	0.1%	0.02%	0.02%
SBAC	D	0.06%	0.03%	0.03%
SBUX	A	0.48%	0.12%	0.12%
SCHW	B	0.25%	0.13%	0.13%
SHW	B	0.06%	0.1%	0.06%
SJM	D	0.21%	0.01%	0.01%
SLB	C	0.34%	0.07%	0.07%
SMCI	F	0.15%	0.01%	0.01%
SNA	A	0.25%	0.02%	0.02%
SNPS	B	0.34%	0.09%	0.09%
SO	C	0.08%	0.1%	0.08%
SOLV	D	0.05%	0.01%	0.01%
SPG	A	0.06%	0.06%	0.06%
SPGI	C	0.04%	0.18%	0.04%
SRE	A	0.07%	0.06%	0.06%
STE	D	0.12%	0.02%	0.02%
STLD	B	0.27%	0.02%	0.02%
STT	B	0.11%	0.03%	0.03%
STX	C	0.17%	0.02%	0.02%
STZ	D	0.25%	0.04%	0.04%
SW	A	0.07%	0.03%	0.03%
SWK	D	0.26%	0.01%	0.01%
SWKS	F	0.21%	0.01%	0.01%
SYF	B	0.68%	0.03%	0.03%
SYK	B	0.12%	0.14%	0.12%
SYY	D	0.73%	0.04%	0.04%
T	A	0.33%	0.17%	0.17%
TAP	C	0.25%	0.01%	0.01%
TDG	D	0.06%	0.08%	0.06%
TDY	B	0.03%	0.02%	0.02%
TECH	F	0.15%	0.01%	0.01%
TER	F	0.16%	0.02%	0.02%
TFC	A	0.05%	0.07%	0.05%
TFX	F	0.05%	0.01%	0.01%
TGT	F	0.17%	0.08%	0.08%
TJX	A	0.71%	0.15%	0.15%
TMO	F	0.14%	0.22%	0.14%
TMUS	B	0.33%	0.13%	0.13%
TPR	B	0.32%	0.01%	0.01%
TRGP	A	0.24%	0.05%	0.05%
TRMB	B	0.03%	0.02%	0.02%
TROW	B	0.08%	0.03%	0.03%
TRV	B	0.14%	0.06%	0.06%
TSCO	D	0.12%	0.03%	0.03%
TSLA	B	0.27%	0.93%	0.27%
TSN	B	0.35%	0.02%	0.02%
TT	A	0.08%	0.1%	0.08%
TTWO	A	0.48%	0.03%	0.03%
TXN	C	0.22%	0.2%	0.2%
TXT	D	0.16%	0.02%	0.02%
TYL	B	0.21%	0.03%	0.03%
UAL	A	0.28%	0.03%	0.03%
UBER	F	0.11%	0.16%	0.11%
UDR	B	0.1%	0.01%	0.01%
UHS	D	0.32%	0.01%	0.01%
ULTA	F	0.17%	0.02%	0.02%
UNH	B	0.25%	0.59%	0.25%
UNP	C	0.08%	0.15%	0.08%
UPS	C	0.08%	0.1%	0.08%
URI	C	0.14%	0.06%	0.06%
USB	A	0.05%	0.08%	0.05%
V	A	0.04%	0.56%	0.04%
VICI	C	0.06%	0.04%	0.04%
VLO	C	0.49%	0.05%	0.05%
VLTO	C	0.03%	0.03%	0.03%
VMC	B	0.17%	0.04%	0.04%
VRSK	A	0.04%	0.04%	0.04%
VRSN	C	0.27%	0.02%	0.02%
VRTX	D	0.23%	0.13%	0.13%
VST	A	0.4%	0.05%	0.05%
VTR	B	0.11%	0.03%	0.03%
VTRS	A	0.24%	0.02%	0.02%
VZ	C	0.32%	0.19%	0.19%
WAB	B	0.13%	0.04%	0.04%
WAT	C	0.15%	0.02%	0.02%
WBA	F	0.63%	0.01%	0.01%
WBD	B	0.19%	0.02%	0.02%
WDC	D	0.17%	0.02%	0.02%
WEC	A	0.07%	0.03%	0.03%
WELL	A	0.11%	0.08%	0.08%
WFC	A	0.13%	0.27%	0.13%
WM	B	0.18%	0.09%	0.09%
WMB	A	0.24%	0.07%	0.07%
WMT	A	0.72%	0.4%	0.4%
WRB	A	0.13%	0.02%	0.02%
WST	C	0.05%	0.03%	0.03%
WTW	B	0.04%	0.03%	0.03%
WY	F	0.17%	0.02%	0.02%
WYNN	C	0.08%	0.01%	0.01%
XEL	A	0.07%	0.04%	0.04%
XOM	B	0.75%	0.58%	0.58%
XYL	D	0.19%	0.03%	0.03%
YUM	D	0.5%	0.04%	0.04%
ZBH	C	0.12%	0.02%	0.02%
ZBRA	B	0.13%	0.02%	0.02%
ZTS	D	0.25%	0.09%	0.09%

SHUS Overweight 2 Positions Relative to PHDG

	Symbol	Grade	Weight
	TEL	B	0.19%
	BBWI	C	0.19%

SHUS Underweight 1 Positions Relative to PHDG

	Symbol	Grade	Weight
	LRCX	F	-0.11%