SPGM vs. BTAL ETF Comparison

Comparison of SPDR Portfolio MSCI Global Stock Market ETF (SPGM) to QuantShares U.S. Market Neutral Anti Beta Fund ETF (BTAL)

SPGM

SPDR Portfolio MSCI Global Stock Market ETF

SPGM Description

The investment seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the MSCI ACWI IMI Index. The fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the index and in depositary receipts based on securities comprising the index. The index is a free float-adjusted market capitalization-weighted index that is designed to measure the combined equity market performance of developed and emerging markets.

Grade (RS Rating)

Last Trade

$65.54

Average Daily Volume

52,333

Number of Holdings ^*

1002

* 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

$19.26

Average Daily Volume

616,493

Number of Holdings ^*

391

* may have additional holdings in another (foreign) market

Performance

Period	SPGM	BTAL
30 Days	1.39%	-2.58%
60 Days	6.62%	-7.80%
90 Days	9.98%	-6.60%
12 Months	32.31%	-8.29%

189 Overlapping Holdings

	Symbol	Grade	Weight in SPGM	Weight in BTAL	Overlap
	AA	B	0.03%	-0.5%	-0.5%
	ABBV	B	0.44%	0.43%	0.43%
	ABBV	B	0.19%	0.43%	0.19%
	ACN	C	0.27%	0.42%	0.27%
	ADP	A	0.23%	0.44%	0.23%
	AES	F	0.01%	-0.41%	-0.41%
	AFRM	B	0.01%	-0.58%	-0.58%
	AGL	F	0.0%	0.26%	0.0%
	AGNC	D	0.01%	-0.39%	-0.39%
	ALB	C	0.01%	-0.46%	-0.46%
	ALGN	F	0.01%	-0.37%	-0.37%
	ALL	B	0.16%	0.43%	0.16%
	ALLY	C	0.01%	-0.35%	-0.35%
	AMD	F	0.25%	-0.41%	-0.41%
	AMGN	C	0.23%	0.42%	0.23%
	ANET	C	0.07%	-0.47%	-0.47%
	AON	B	0.08%	0.45%	0.08%
	AR	C	0.0%	-0.42%	-0.42%
	ARWR	C	0.01%	-0.35%	-0.35%
	AVGO	B	0.93%	-0.45%	-0.45%
	AXON	B	0.04%	-0.52%	-0.52%
	BBWI	D	0.01%	-0.39%	-0.39%
	BILL	B	0.01%	0.46%	0.01%
	BKR	B	0.02%	0.46%	0.02%
	BLDR	D	0.01%	-0.42%	-0.42%
	BMY	C	0.13%	0.49%	0.13%
	BRZE	D	0.0%	-0.3%	-0.3%
	BX	A	0.06%	-0.51%	-0.51%
	CAR	D	0.0%	-0.41%	-0.41%
	CARR	D	0.06%	-0.43%	-0.43%
	CB	D	0.26%	0.43%	0.26%
	CC	C	0.0%	-0.4%	-0.4%
	CCL	B	0.02%	-0.56%	-0.56%
	CEG	D	0.14%	-0.59%	-0.59%
	CELH	F	0.01%	-0.33%	-0.33%
	CF	B	0.02%	0.43%	0.02%
	CFG	B	0.02%	-0.43%	-0.43%
	CFLT	C	0.0%	0.53%	0.0%
	CHD	C	0.07%	0.42%	0.07%
	CHRW	B	0.09%	0.42%	0.09%
	CHX	D	0.02%	-0.38%	-0.38%
	CI	F	0.08%	0.38%	0.08%
	CME	B	0.09%	0.46%	0.09%
	CMG	C	0.1%	0.42%	0.1%
	CNC	F	0.0%	0.33%	0.0%
	COHR	B	0.01%	-0.5%	-0.5%
	COIN	B	0.04%	-0.38%	-0.38%
	COTY	F	0.0%	-0.34%	-0.34%
	CRWD	C	0.08%	-0.48%	-0.48%
	CSCO	A	0.35%	0.46%	0.35%
	CSGP	D	0.0%	-0.41%	-0.41%
	CSX	B	0.18%	0.42%	0.18%
	CTSH	B	0.12%	0.41%	0.12%
	CVNA	B	0.03%	-0.68%	-0.68%
	CZR	D	0.01%	-0.45%	-0.45%
	DASH	A	0.03%	-0.52%	-0.52%
	DD	D	0.08%	0.43%	0.08%
	DELL	C	0.02%	-0.48%	-0.48%
	DKNG	C	0.02%	-0.43%	-0.43%
	DUK	D	0.1%	0.43%	0.1%
	DUOL	B	0.0%	-0.59%	-0.59%
	DVN	F	0.01%	0.36%	0.01%
	EL	F	0.06%	-0.32%	-0.32%
	ELAN	D	0.0%	-0.36%	-0.36%
	ELF	D	0.0%	-0.3%	-0.3%
	ELV	F	0.17%	0.33%	0.17%
	ENPH	F	0.01%	-0.29%	-0.29%
	EQR	D	0.06%	0.41%	0.06%
	EQT	B	0.0%	-0.48%	-0.48%
	ETN	A	0.22%	-0.47%	-0.47%
	EXPE	B	0.01%	-0.48%	-0.48%
	F	D	0.07%	-0.4%	-0.4%
	FCX	C	0.04%	-0.43%	-0.43%
	FOUR	B	0.01%	-0.48%	-0.48%
	FOXA	B	0.05%	0.43%	0.05%
	FTNT	A	0.02%	0.44%	0.02%
	GD	B	0.23%	0.41%	0.23%
	GH	C	0.0%	-0.36%	-0.36%
	GILD	B	0.19%	0.49%	0.19%
	GIS	F	0.06%	0.41%	0.06%
	GLW	B	0.15%	0.47%	0.15%
	GME	C	0.01%	-0.46%	-0.46%
	GNRC	A	0.01%	-0.45%	-0.45%
	HON	B	0.19%	0.42%	0.19%
	HPQ	B	0.11%	0.42%	0.11%
	IBM	D	0.27%	0.44%	0.27%
	IDXX	F	0.01%	-0.37%	-0.37%
	ILMN	B	0.01%	-0.47%	-0.47%
	INTC	C	0.13%	-0.46%	-0.46%
	JNJ	D	0.41%	0.42%	0.41%
	JNPR	C	0.06%	0.42%	0.06%
	KHC	F	0.0%	0.4%	0.0%
	KKR	B	0.1%	-0.49%	-0.49%
	KMI	A	0.03%	0.48%	0.03%
	KO	D	0.31%	0.38%	0.31%
	KSS	F	0.01%	-0.41%	-0.41%
	LMT	D	0.25%	0.39%	0.25%
	LRCX	D	0.07%	-0.38%	-0.38%
	LULU	D	0.02%	0.45%	0.02%
	LYFT	C	0.0%	-0.48%	-0.48%
	MCD	D	0.23%	0.41%	0.23%
	MCK	B	0.2%	0.41%	0.2%
	MDB	C	0.02%	-0.49%	-0.49%
	MKC	D	0.11%	0.42%	0.11%
	MMC	C	0.17%	0.4%	0.17%
	MOS	C	0.02%	0.39%	0.02%
	MPWR	F	0.03%	-0.31%	-0.31%
	MRNA	F	0.02%	-0.3%	-0.3%
	MRVL	B	0.05%	-0.5%	-0.5%
	MSFT	C	3.49%	0.41%	0.41%
	MSTR	B	0.04%	0.74%	0.04%
	MTCH	F	0.0%	0.41%	0.0%
	MTDR	C	0.01%	-0.39%	-0.39%
	MU	C	0.07%	-0.43%	-0.43%
	NEM	D	0.04%	0.36%	0.04%
	NET	C	0.03%	-0.46%	-0.46%
	NOC	C	0.17%	0.41%	0.17%
	NTLA	F	0.0%	-0.27%	-0.27%
	NTRA	A	0.0%	-0.43%	-0.43%
	NVCR	C	0.0%	-0.36%	-0.36%
	NVDA	B	3.93%	-0.44%	-0.44%
	NVT	B	0.0%	-0.48%	-0.48%
	ON	D	0.01%	0.39%	0.01%
	OPEN	F	0.01%	-0.32%	-0.32%
	ORLY	B	0.21%	0.47%	0.21%
	OXY	F	0.05%	0.37%	0.05%
	PATH	D	0.0%	-0.41%	-0.41%
	PEN	C	0.01%	-0.49%	-0.49%
	PENN	C	0.0%	-0.44%	-0.44%
	PFE	F	0.2%	0.42%	0.2%
	PGR	B	0.16%	0.42%	0.16%
	PINS	D	0.02%	-0.43%	-0.43%
	PLD	F	0.23%	-0.38%	-0.38%
	PLTR	A	0.08%	-0.58%	-0.58%
	PODD	B	0.0%	-0.52%	-0.52%
	PTON	A	0.01%	-0.76%	-0.76%
	PYPL	A	0.14%	-0.47%	-0.47%
	RBLX	B	0.02%	-0.5%	-0.5%
	REG	B	0.0%	0.43%	0.0%
	RGEN	F	0.0%	-0.39%	-0.39%
	RIG	D	0.0%	-0.38%	-0.38%
	RIVN	F	0.01%	-0.3%	-0.3%
	RKT	D	0.0%	-0.34%	-0.34%
	ROIV	C	0.0%	-0.42%	-0.42%
	ROKU	C	0.01%	-0.4%	-0.4%
	RRC	C	0.0%	-0.44%	-0.44%
	RTX	C	0.33%	0.43%	0.33%
	RUN	F	0.01%	-0.3%	-0.3%
	SCHW	B	0.16%	-0.48%	-0.48%
	SEDG	F	0.0%	-0.29%	-0.29%
	SHLS	D	0.0%	-0.44%	-0.44%
	SHW	B	0.03%	-0.44%	-0.44%
	SMCI	F	0.02%	-0.24%	-0.24%
	SNAP	C	0.01%	-0.55%	-0.55%
	SOFI	A	0.01%	-0.62%	-0.62%
	SQ	C	0.03%	-0.47%	-0.47%
	SQ	C	0.01%	-0.47%	-0.47%
	SRPT	F	0.01%	0.38%	0.01%
	T	B	0.21%	0.48%	0.21%
	TDOC	D	0.01%	-0.54%	-0.54%
	TGT	F	0.12%	-0.41%	-0.41%
	THO	C	0.0%	-0.41%	-0.41%
	TJX	C	0.33%	0.4%	0.33%
	TMUS	A	0.06%	0.45%	0.06%
	TOST	B	0.01%	-0.52%	-0.52%
	TREX	C	0.01%	-0.47%	-0.47%
	TRV	B	0.2%	0.47%	0.2%
	TSLA	B	0.81%	-0.51%	-0.51%
	TT	A	0.18%	-0.45%	-0.45%
	TTD	B	0.05%	-0.5%	-0.5%
	TXG	F	0.0%	-0.31%	-0.31%
	UBER	F	0.14%	-0.43%	-0.43%
	UNH	B	0.64%	0.4%	0.4%
	URI	B	0.02%	-0.49%	-0.49%
	USB	B	0.12%	-0.46%	-0.46%
	VEEV	B	0.02%	-0.44%	-0.44%
	VRT	A	0.06%	-0.59%	-0.59%
	VTRS	B	0.01%	0.42%	0.01%
	VZ	D	0.14%	0.43%	0.14%
	W	F	0.01%	-0.43%	-0.43%
	WBA	F	0.02%	-0.43%	-0.43%
	WM	B	0.22%	0.44%	0.22%
	WOLF	F	0.0%	-0.47%	-0.47%
	XOM	B	0.67%	0.41%	0.41%
	XPO	B	0.01%	-0.48%	-0.48%
	YUM	C	0.11%	0.41%	0.11%
	Z	B	0.01%	-0.45%	-0.45%
	ZI	C	0.0%	0.48%	0.0%
	ZS	C	0.02%	-0.4%	-0.4%

SPGM Overweight 813 Positions Relative to BTAL

	Symbol	Grade	Weight
	AAPL	B	3.82%
	AMZN	B	2.02%
	META	B	1.52%
	GOOG	B	1.11%
	GOOGL	B	1.11%
	TSM	B	1.03%
	JPM	B	0.87%
	LLY	D	0.79%
	BRK.A	C	0.7%
	V	B	0.65%
	COST	B	0.55%
	HD	B	0.55%
	PG	D	0.48%
	BAC	B	0.48%
	CRM	A	0.45%
	MA	A	0.43%
	TMO	F	0.41%
	ORCL	A	0.41%
	WMT	A	0.4%
	TXN	A	0.38%
	WFC	B	0.38%
	AXP	B	0.35%
	ABT	B	0.34%
	LIN	D	0.34%
	INTU	A	0.34%
	NFLX	A	0.34%
	MRK	F	0.34%
	GS	B	0.33%
	CVX	B	0.32%
	ADBE	F	0.32%
	DHR	F	0.3%
	LOW	B	0.3%
	CAT	B	0.29%
	QCOM	C	0.28%
	BKNG	B	0.28%
	MS	B	0.28%
	TM	F	0.27%
	PEP	F	0.27%
	AFL	D	0.26%
	AMAT	D	0.26%
	NEE	D	0.26%
	DIS	C	0.25%
	C	B	0.25%
	UNP	D	0.25%
	MDT	C	0.24%
	CMI	B	0.24%
	SPGI	D	0.23%
	NVS	D	0.23%
	PM	C	0.22%
	PSA	D	0.22%
	A	D	0.21%
	SONY	C	0.21%
	BABA	D	0.21%
	HSBH	F	0.2%
	SBUX	B	0.2%
	MET	C	0.2%
	DE	C	0.19%
	BK	B	0.19%
	SYK	A	0.19%
	CMCSA	B	0.18%
	UL	D	0.18%
	DFS	B	0.18%
	EMR	B	0.18%
	ADI	D	0.18%
	IBN	C	0.18%
	NKE	F	0.18%
	JCI	A	0.17%
	COP	C	0.17%
	FDX	B	0.17%
	BDX	F	0.17%
	ROST	D	0.17%
	AMT	F	0.17%
	ISRG	A	0.17%
	PRU	C	0.16%
	INFY	D	0.16%
	AEP	D	0.16%
	NSC	B	0.16%
	NOW	B	0.15%
	MPC	F	0.15%
	MUFG	B	0.15%
	PH	B	0.15%
	PNC	A	0.15%
	COF	B	0.14%
	BSX	A	0.14%
	SPG	A	0.14%
	GE	C	0.14%
	ECL	D	0.14%
	EOG	B	0.14%
	PEG	D	0.14%
	FAST	B	0.13%
	CL	F	0.13%
	CNI	F	0.13%
	ITW	B	0.13%
	CVS	F	0.13%
	CLX	B	0.12%
	EIX	D	0.12%
	HSY	F	0.12%
	SYY	C	0.12%
	RDY	D	0.12%
	IR	B	0.12%
	KEYS	A	0.12%
	MTB	B	0.12%
	MELI	D	0.11%
	SHOP	B	0.11%
	UPS	D	0.11%
	ICE	D	0.11%
	HES	C	0.11%
	KMB	D	0.11%
	REGN	F	0.11%
	TD	D	0.11%
	BA	F	0.11%
	ZTS	F	0.1%
	NTAP	C	0.1%
	MMM	C	0.1%
	PANW	A	0.1%
	VLO	D	0.1%
	EBAY	D	0.1%
	ROIC	A	0.1%
	CHTR	B	0.09%
	AZN	F	0.09%
	UMH	C	0.09%
	STT	B	0.08%
	BIIB	F	0.08%
	WMB	B	0.08%
	PPL	B	0.08%
	APD	B	0.08%
	CTVA	C	0.08%
	CHT	D	0.08%
	MO	B	0.08%
	PDD	D	0.08%
	ADM	F	0.08%
	GM	B	0.08%
	DOW	F	0.07%
	K	A	0.07%
	HDB	B	0.07%
	HPE	B	0.07%
	SLB	D	0.07%
	WDC	C	0.07%
	CDNS	B	0.07%
	FE	D	0.07%
	VALE	D	0.07%
	LYB	F	0.07%
	DEO	F	0.07%
	SMFG	B	0.07%
	SO	D	0.07%
	SJM	D	0.07%
	VRTX	A	0.07%
	TSN	D	0.07%
	TCOM	C	0.07%
	BAX	F	0.06%
	MDLZ	F	0.06%
	FTV	F	0.06%
	MFG	B	0.06%
	UMC	F	0.06%
	GEV	A	0.06%
	WIT	B	0.06%
	BCS	B	0.06%
	DEA	D	0.06%
	MRO	B	0.06%
	NXRT	C	0.06%
	STX	D	0.06%
	EXC	D	0.06%
	HAL	D	0.05%
	STLA	F	0.05%
	EQIX	B	0.05%
	KLAC	F	0.05%
	GOOD	B	0.05%
	CAG	F	0.05%
	MOD	C	0.05%
	BEN	C	0.05%
	PSX	F	0.05%
	ITUB	F	0.05%
	LYG	D	0.05%
	DOC	B	0.05%
	SYF	B	0.05%
	E	F	0.05%
	PKX	F	0.05%
	APP	B	0.04%
	LNTH	D	0.04%
	YUMC	B	0.04%
	ALLE	C	0.04%
	TPR	A	0.04%
	DLTR	F	0.04%
	LDOS	A	0.04%
	SE	C	0.04%
	OTIS	B	0.04%
	KB	C	0.04%
	LW	C	0.04%
	NMR	B	0.04%
	LVS	C	0.04%
	VLTO	D	0.04%
	SNPS	B	0.04%
	ABNB	D	0.04%
	FI	B	0.04%
	HCA	D	0.03%
	LNW	C	0.03%
	AXNX	A	0.03%
	ITCI	A	0.03%
	DDOG	C	0.03%
	LI	F	0.03%
	TAC	C	0.03%
	TBBK	C	0.03%
	PBR	F	0.03%
	HMC	F	0.03%
	NU	B	0.03%
	BBD	F	0.03%
	BIDU	F	0.03%
	RCL	B	0.03%
	SNOW	C	0.03%
	BRSP	B	0.03%
	DX	B	0.03%
	KVUE	A	0.03%
	OII	B	0.02%
	TAL	C	0.02%
	TEVA	C	0.02%
	ACEL	C	0.02%
	DXCM	D	0.02%
	FSLR	F	0.02%
	MCO	C	0.02%
	AIV	D	0.02%
	SRRK	C	0.02%
	AZEK	B	0.02%
	PARA	C	0.02%
	SKY	C	0.02%
	HUBS	B	0.02%
	WBD	C	0.02%
	ZM	A	0.02%
	AHH	D	0.02%
	ABEV	F	0.02%
	ADMA	B	0.02%
	CHCT	C	0.02%
	TTGT	C	0.02%
	TMDX	F	0.02%
	WTTR	B	0.02%
	GOLD	D	0.02%
	WDAY	C	0.02%
	TEAM	B	0.02%
	FICO	B	0.02%
	MT	B	0.02%
	IIPR	F	0.02%
	HOV	D	0.02%
	QTWO	B	0.02%
	GEHC	D	0.02%
	SHG	D	0.02%
	BABA	D	0.02%
	HIMS	B	0.02%
	FTI	B	0.02%
	IFF	F	0.02%
	AI	C	0.01%
	CCO	C	0.01%
	NR	D	0.01%
	MITK	C	0.01%
	EVH	F	0.01%
	FLNC	D	0.01%
	WEAV	B	0.01%
	OGN	F	0.01%
	CLOV	D	0.01%
	KOP	D	0.01%
	FRO	F	0.01%
	DT	C	0.01%
	M	C	0.01%
	LC	B	0.01%
	TIGR	C	0.01%
	PACK	C	0.01%
	CDE	C	0.01%
	ENVX	F	0.01%
	CTLP	C	0.01%
	CIFR	B	0.01%
	EXPI	C	0.01%
	GDYN	A	0.01%
	WSR	B	0.01%
	ITRI	A	0.01%
	BTU	B	0.01%
	DXC	C	0.01%
	NOV	D	0.01%
	ACMR	D	0.01%
	AUPH	C	0.01%
	PIXY	F	0.01%
	SLP	F	0.01%
	GTLB	C	0.01%
	CYH	D	0.01%
	AAOI	A	0.01%
	KYMR	B	0.01%
	PTEN	D	0.01%
	VICR	B	0.01%
	BLFS	B	0.01%
	VERV	D	0.01%
	ALKT	C	0.01%
	LIND	B	0.01%
	ZLAB	C	0.01%
	RLX	F	0.01%
	PNR	B	0.01%
	OMI	F	0.01%
	USLM	A	0.01%
	BLBD	F	0.01%
	PCH	F	0.01%
	PHI	F	0.01%
	KD	B	0.01%
	IDYA	F	0.01%
	LASR	D	0.01%
	DOCS	B	0.01%
	AMSC	B	0.01%
	YETI	F	0.01%
	CLDX	F	0.01%
	SMAR	B	0.01%
	RIOT	C	0.01%
	IMVT	C	0.01%
	ALEX	B	0.01%
	PRTA	F	0.01%
	VKTX	C	0.01%
	FBK	B	0.01%
	PCT	C	0.01%
	BCRX	C	0.01%
	LEU	C	0.01%
	MGNI	C	0.01%
	TGI	B	0.01%
	ULH	B	0.01%
	GATO	C	0.01%
	PHR	F	0.01%
	DLR	B	0.01%
	MCB	B	0.01%
	PACB	D	0.01%
	GSAT	B	0.01%
	MDGL	B	0.01%
	CLNE	C	0.01%
	CCB	B	0.01%
	JKS	C	0.01%
	LOB	C	0.01%
	CROX	F	0.01%
	U	D	0.01%
	LUMN	B	0.01%
	EFC	D	0.01%
	RCUS	C	0.01%
	COLL	F	0.01%
	PNTG	D	0.01%
	NXPI	D	0.01%
	BGNE	D	0.01%
	MBIN	F	0.01%
	SEMR	F	0.01%
	MCRI	B	0.01%
	CENX	B	0.01%
	CASH	B	0.01%
	BZH	C	0.01%
	OSW	B	0.01%
	PTCT	B	0.01%
	RNA	B	0.01%
	DH	F	0.01%
	THR	F	0.01%
	INMD	C	0.01%
	DQ	C	0.01%
	PAY	A	0.01%
	RDFN	D	0.01%
	UPST	B	0.01%
	HASI	F	0.01%
	RVLV	B	0.01%
	SDGR	D	0.01%
	CLSK	C	0.01%
	SID	F	0.01%
	ALNY	B	0.01%
	TFIN	B	0.01%
	RDNT	A	0.01%
	OKTA	D	0.01%
	MRC	B	0.01%
	ADSK	A	0.01%
	CLDT	C	0.01%
	MARA	C	0.01%
	PBF	F	0.01%
	DOCU	A	0.01%
	TWLO	A	0.01%
	AAON	B	0.01%
	CCS	D	0.01%
	VSTO	B	0.01%
	LWLG	C	0.01%
	AKO.A	F	0.01%
	ENS	F	0.01%
	TWST	C	0.01%
	INTA	B	0.01%
	GMS	B	0.01%
	FUTU	C	0.01%
	HSTM	A	0.01%
	TTI	C	0.01%
	TME	D	0.01%
	LBRDK	B	0.01%
	CPRX	B	0.01%
	EPAM	C	0.01%
	MNDY	A	0.01%
	FLNG	F	0.01%
	APA	F	0.01%
	AUR	C	0.01%
	BHF	B	0.01%
	NBR	C	0.01%
	CLBT	B	0.01%
	EXAS	F	0.01%
	GERN	D	0.01%
	ERJ	B	0.01%
	SCCO	D	0.01%
	VNT	B	0.01%
	XPEV	C	0.01%
	KEX	C	0.01%
	FIS	C	0.01%
	MHO	C	0.01%
	MATX	B	0.01%
	AKRO	B	0.01%
	COMP	B	0.01%
	IMXI	B	0.01%
	BBIO	D	0.01%
	KOS	F	0.01%
	NWSA	B	0.01%
	ZETA	B	0.01%
	TREE	D	0.01%
	DVAX	C	0.01%
	ABR	B	0.01%
	RKLB	B	0.01%
	NIO	F	0.01%
	CNH	D	0.01%
	ORA	B	0.01%
	RYTM	A	0.01%
	VIPS	D	0.01%
	APH	B	0.01%
	TGTX	A	0.01%
	EPRT	C	0.01%
	VERX	B	0.01%
	AGYS	C	0.01%
	DDD	D	0.01%
	PLMR	C	0.01%
	GMRE	D	0.01%
	POWL	B	0.01%
	BEKE	C	0.01%
	PLAY	C	0.01%
	INSP	D	0.01%
	SOLV	C	0.01%
	DYN	F	0.01%
	NUE	C	0.01%
	GRBK	D	0.01%
	TDG	C	0.01%
	GGB	C	0.01%
	KRYS	C	0.0%
	XPEV	C	0.0%
	LI	F	0.0%
	SMWB	A	0.0%
	SCLX	F	0.0%
	OEC	F	0.0%
	JOBY	F	0.0%
	JAMF	F	0.0%
	MP	B	0.0%
	TH	D	0.0%
	BMBL	D	0.0%
	FLWS	C	0.0%
	DAN	F	0.0%
	FNA	D	0.0%
	CRCT	D	0.0%
	CGEM	F	0.0%
	ZEUS	D	0.0%
	MLCO	C	0.0%
	OVV	D	0.0%
	BOC	B	0.0%
	DENN	C	0.0%
	KE	C	0.0%
	MGPI	F	0.0%
	SPRY	A	0.0%
	LGIH	D	0.0%
	PKST	C	0.0%
	SHEN	F	0.0%
	HDSN	F	0.0%
	TPB	B	0.0%
	MLNK	B	0.0%
	SNCY	C	0.0%
	KRNT	B	0.0%
	ASTH	D	0.0%
	TMCI	D	0.0%
	PRVA	C	0.0%
	ITOS	F	0.0%
	SAGE	F	0.0%
	LSCC	C	0.0%
	VRE	B	0.0%
	LYEL	F	0.0%
	EYE	D	0.0%
	MXL	C	0.0%
	FLGT	F	0.0%
	CTKB	C	0.0%
	PUMP	F	0.0%
	PARR	F	0.0%
	RGNX	D	0.0%
	OLO	C	0.0%
	OLPX	F	0.0%
	RENB	D	0.0%
	PD	C	0.0%
	CEVA	B	0.0%
	VIR	C	0.0%
	MRVI	F	0.0%
	CHRD	F	0.0%
	FIGS	D	0.0%
	MNSO	C	0.0%
	FSBC	B	0.0%
	APTV	F	0.0%
	HOG	F	0.0%
	PFC	B	0.0%
	CRSR	F	0.0%
	GOGO	C	0.0%
	GRPN	D	0.0%
	HAE	B	0.0%
	BVN	F	0.0%
	REPL	B	0.0%
	ORLA	C	0.0%
	IRTC	C	0.0%
	ICHR	C	0.0%
	MDXG	C	0.0%
	SVC	F	0.0%
	LPRO	D	0.0%
	CNDT	C	0.0%
	NABL	F	0.0%
	HE	D	0.0%
	CECO	D	0.0%
	ATEC	C	0.0%
	HUMA	C	0.0%
	XPOF	C	0.0%
	SWBI	C	0.0%
	SAVA	D	0.0%
	BROS	B	0.0%
	ZUO	C	0.0%
	ETNB	C	0.0%
	SGRY	D	0.0%
	IBP	F	0.0%
	APLS	F	0.0%
	CXM	D	0.0%
	GDS	B	0.0%
	MAT	C	0.0%
	APPN	B	0.0%
	DNOW	C	0.0%
	OLMA	C	0.0%
	KRUS	C	0.0%
	THRM	F	0.0%
	LAND	F	0.0%
	PDFS	C	0.0%
	ELVN	B	0.0%
	MAX	F	0.0%
	CUBI	C	0.0%
	XHR	B	0.0%
	CEIX	B	0.0%
	NMIH	D	0.0%
	NCNO	B	0.0%
	QFIN	C	0.0%
	TLRY	F	0.0%
	CALX	F	0.0%
	LESL	D	0.0%
	XPRO	F	0.0%
	SM	C	0.0%
	HURN	B	0.0%
	SHC	C	0.0%
	MBAVU	C	0.0%
	LMND	B	0.0%
	DBI	F	0.0%
	FBRT	B	0.0%
	QTRX	C	0.0%
	PUBM	C	0.0%
	FDMT	F	0.0%
	ATEN	B	0.0%
	ADUS	D	0.0%
	AMRC	F	0.0%
	ENIC	C	0.0%
	ESTA	C	0.0%
	NARI	C	0.0%
	ATRO	F	0.0%
	AOSL	F	0.0%
	RXST	F	0.0%
	UVV	C	0.0%
	DGII	B	0.0%
	UCTT	D	0.0%
	PRO	C	0.0%
	TASK	B	0.0%
	LILAK	F	0.0%
	VTLE	D	0.0%
	GKOS	B	0.0%
	NEXT	C	0.0%
	HAYN	A	0.0%
	CHEF	B	0.0%
	ARLO	D	0.0%
	VNET	C	0.0%
	SIBN	D	0.0%
	STAA	F	0.0%
	IDT	B	0.0%
	CLF	D	0.0%
	MERC	C	0.0%
	KRNY	B	0.0%
	ULCC	C	0.0%
	ARQT	C	0.0%
	DJT	D	0.0%
	ORIC	C	0.0%
	EB	D	0.0%
	S	B	0.0%
	TITN	D	0.0%
	NNDM	F	0.0%
	METC	C	0.0%
	CYRX	F	0.0%
	ALHC	B	0.0%
	FIVN	D	0.0%
	DHI	D	0.0%
	FIZZ	B	0.0%
	NEOG	C	0.0%
	MQ	F	0.0%
	AVNS	F	0.0%
	HAYW	C	0.0%
	AMRK	F	0.0%
	FVRR	B	0.0%
	SABR	C	0.0%
	SOUN	C	0.0%
	YMAB	C	0.0%
	BIGC	D	0.0%
	YY	D	0.0%
	GLBE	B	0.0%
	GNK	D	0.0%
	SITM	B	0.0%
	VCYT	B	0.0%
	ATHM	D	0.0%
	CYTK	D	0.0%
	OSPN	B	0.0%
	CDNA	D	0.0%
	NVRI	F	0.0%
	MNTK	C	0.0%
	EMBC	C	0.0%
	ARDX	F	0.0%
	IOVA	D	0.0%
	ENVA	B	0.0%
	VZIO	B	0.0%
	ARRY	F	0.0%
	WGO	C	0.0%
	IAS	C	0.0%
	FRSH	C	0.0%
	CDMO	B	0.0%
	HL	D	0.0%
	BHB	B	0.0%
	BEAM	C	0.0%
	STOK	C	0.0%
	INDI	D	0.0%
	YOU	D	0.0%
	HTHT	C	0.0%
	FSLY	D	0.0%
	TNDM	F	0.0%
	ADNT	F	0.0%
	SIGA	D	0.0%
	HRI	B	0.0%
	CRMT	F	0.0%
	VSCO	B	0.0%
	SKE	C	0.0%
	IIIV	B	0.0%
	EGBN	B	0.0%
	MTW	C	0.0%
	ALT	C	0.0%
	APPF	D	0.0%
	AX	B	0.0%
	BRBR	A	0.0%
	UWMC	F	0.0%
	NOVA	F	0.0%
	AMC	F	0.0%
	FC	F	0.0%
	PCVX	D	0.0%
	UNIT	B	0.0%
	GRAB	B	0.0%
	TRNS	F	0.0%
	FROG	C	0.0%
	DIN	C	0.0%
	LMB	A	0.0%
	NX	C	0.0%
	INN	D	0.0%
	BXC	B	0.0%
	GDOT	D	0.0%
	EWCZ	D	0.0%
	RVNC	F	0.0%
	SANA	F	0.0%
	DHC	F	0.0%
	DFH	D	0.0%
	MOMO	C	0.0%
	CCBG	B	0.0%
	INSW	F	0.0%
	EYPT	D	0.0%
	SNDX	C	0.0%
	MEG	F	0.0%
	BURL	C	0.0%
	WOOF	D	0.0%
	AXSM	D	0.0%
	GDRX	F	0.0%
	RVMD	B	0.0%
	LXRX	F	0.0%
	ATUS	C	0.0%
	ERAS	B	0.0%
	ETSY	D	0.0%
	TUYA	D	0.0%
	ATKR	D	0.0%
	ESTC	C	0.0%
	ARCT	F	0.0%
	WRBY	B	0.0%
	YEXT	B	0.0%
	NUVB	C	0.0%
	HUYA	F	0.0%
	QNST	C	0.0%
	KIM	A	0.0%
	ACHR	C	0.0%
	GXO	C	0.0%
	OSCR	F	0.0%
	JANX	C	0.0%
	HST	C	0.0%
	REZI	A	0.0%
	PFSI	D	0.0%
	IIIN	F	0.0%
	ACVA	C	0.0%
	LSPD	C	0.0%
	DCO	C	0.0%
	PLPC	A	0.0%
	NVAX	F	0.0%
	SPT	F	0.0%
	PL	C	0.0%
	RXRX	D	0.0%
	TTWO	B	0.0%
	CERT	D	0.0%
	PCG	B	0.0%
	VRNS	D	0.0%
	XMTR	C	0.0%
	KC	C	0.0%
	SAM	C	0.0%
	ENFN	B	0.0%
	UEC	B	0.0%
	VPG	F	0.0%
	VVI	B	0.0%
	ACLS	F	0.0%
	NUVL	D	0.0%
	CASS	B	0.0%
	TRUP	C	0.0%
	KLG	C	0.0%
	PRG	C	0.0%
	ANF	C	0.0%
	RLJ	D	0.0%
	AMPS	F	0.0%
	FATE	F	0.0%
	IBUY	B	0.0%
	CHGX	A	0.0%
	NSSC	F	0.0%
	RCKT	F	0.0%
	CIG	D	0.0%
	FUBO	F	0.0%
	BLND	A	0.0%
	RNG	B	0.0%
	REPX	A	0.0%
	PAYO	A	0.0%
	ALEC	C	0.0%
	LCID	F	0.0%
	IQ	F	0.0%
	JBI	F	0.0%
	BYND	F	0.0%
	HCP	A	0.0%
	PAR	A	0.0%
	SPR	F	0.0%
	NCLH	B	0.0%
	RPAY	C	0.0%
	SITE	C	0.0%
	DOCN	D	0.0%
	RAMP	C	0.0%
	RLAY	F	0.0%
	MNMD	C	0.0%
	CSTL	B	0.0%
	ARVN	D	0.0%
	HSII	A	0.0%
	KEP	D	0.0%
	ASAN	C	0.0%
	CARS	C	0.0%
	VRDN	A	0.0%
	NEO	C	0.0%
	UPWK	B	0.0%
	PLUG	D	0.0%
	AMR	C	0.0%
	BE	C	0.0%
	ASPN	F	0.0%
	PLAB	C	0.0%
	ALLO	C	0.0%
	GPN	C	0.0%
	CIB	B	0.0%
	ROCK	C	0.0%
	WULF	B	0.0%
	PTGX	C	0.0%
	EVRI	A	0.0%
	WRLD	C	0.0%
	HEES	B	0.0%
	DRH	B	0.0%
	WIX	B	0.0%
	FLYW	C	0.0%
	EDIT	F	0.0%
	APLD	C	0.0%
	EXTR	B	0.0%
	VITL	F	0.0%
	NPAB	F	0.0%
	EA	B	0.0%
	KREF	D	0.0%
	LEGH	C	0.0%
	PHAT	C	0.0%
	BZ	D	0.0%
	BASE	C	0.0%
	SMR	B	0.0%
	PGC	B	0.0%
	SONO	C	0.0%
	AMG	C	0.0%
	BOOT	D	0.0%
	VMEO	B	0.0%
	BILI	C	0.0%
	SQM	F	0.0%
	BJRI	C	0.0%
	CMPR	F	0.0%
	NRIX	B	0.0%
	PRCT	A	0.0%
	CHPT	F	0.0%
	DMRC	C	0.0%
	JELD	F	0.0%
	QS	F	0.0%
	ODFL	B	0.0%
	LAZR	D	0.0%

SPGM Underweight 204 Positions Relative to BTAL

	Symbol	Grade	Weight
	PAYC	B	-0.55%
	SFM	A	-0.53%
	NWL	B	-0.52%
	BWXT	B	-0.51%
	IBKR	B	-0.51%
	LPLA	A	-0.51%
	FFIV	B	-0.5%
	ALSN	A	-0.5%
	SNA	A	-0.5%
	CACI	B	-0.5%
	MDU	F	-0.49%
	PCTY	B	-0.49%
	TGNA	B	-0.49%
	SBRA	B	-0.49%
	VFC	B	-0.49%
	UNM	B	-0.49%
	HQY	A	-0.48%
	WEN	C	-0.48%
	WELL	B	-0.48%
	WH	A	-0.48%
	TXRH	B	-0.48%
	CHH	B	-0.47%
	CDP	C	-0.47%
	XEL	B	-0.47%
	SAIC	B	-0.47%
	MKL	B	-0.47%
	MSI	A	-0.46%
	OHI	B	-0.46%
	TDY	A	-0.46%
	PKG	B	-0.46%
	PCAR	B	-0.46%
	CCK	C	-0.45%
	LNG	A	-0.45%
	KR	A	-0.45%
	DBX	C	-0.45%
	ARMK	B	-0.45%
	PNM	B	-0.45%
	AEE	A	-0.45%
	THG	A	-0.45%
	PAYX	A	-0.45%
	RNR	B	-0.45%
	EDR	C	-0.45%
	CW	A	-0.45%
	UTHR	B	-0.45%
	WEC	B	-0.44%
	DOX	A	-0.44%
	ROP	B	-0.44%
	CMS	D	-0.44%
	LNT	D	-0.44%
	DRI	B	-0.44%
	CINF	B	-0.44%
	RLI	A	-0.44%
	NEU	D	-0.43%
	AVB	A	-0.43%
	PNW	B	-0.43%
	RGA	B	-0.43%
	AXS	A	-0.43%
	DLB	C	-0.43%
	WTW	B	-0.43%
	ADC	B	-0.43%
	SLGN	B	-0.43%
	SIGI	B	-0.43%
	ED	D	-0.43%
	CBOE	D	-0.43%
	X	C	-0.43%
	RYAN	B	-0.43%
	BRO	B	-0.43%
	COLM	C	-0.42%
	COR	B	-0.42%
	L	A	-0.42%
	GLPI	D	-0.42%
	AVT	B	-0.42%
	ELS	C	-0.42%
	AKAM	F	-0.42%
	ORI	B	-0.42%
	FMC	D	-0.42%
	AMCR	D	-0.42%
	HEI	C	-0.42%
	BWA	D	-0.42%
	DGX	B	-0.42%
	VICI	D	-0.41%
	AIZ	A	-0.41%
	MSM	C	-0.41%
	ERIE	D	-0.41%
	OLLI	C	-0.41%
	G	B	-0.41%
	ASGN	B	-0.41%
	WRB	B	-0.41%
	VRSN	D	-0.41%
	FLO	F	-0.41%
	HIG	C	-0.41%
	KBR	A	-0.41%
	WPC	D	-0.4%
	CXT	D	-0.4%
	MUSA	C	-0.4%
	EG	D	-0.4%
	CPB	D	-0.4%
	SNX	B	-0.4%
	CLH	B	-0.4%
	J	C	-0.4%
	RSG	B	-0.4%
	JAZZ	B	-0.4%
	O	D	-0.4%
	FOXF	F	-0.39%
	MSA	D	-0.39%
	MOH	F	-0.39%
	DECK	B	-0.39%
	HRB	D	-0.39%
	FCN	F	-0.38%
	FANG	D	-0.38%
	ACGL	D	-0.38%
	PAG	C	-0.38%
	ST	F	-0.38%
	TXT	D	-0.38%
	CHE	F	-0.38%
	ARW	F	-0.37%
	BG	F	-0.36%
	MAN	F	-0.36%
	WTM	B	-0.36%
	MUR	F	-0.35%
	TNET	F	-0.35%
	GPC	F	-0.34%
	BMRN	F	-0.31%
	HUM	F	-0.31%
	AZO	D	-0.3%
	CNXC	F	--0.25%
	TER	F	--0.33%
	AMKR	F	--0.33%
	DINO	F	--0.34%
	MKSI	D	--0.36%
	DKS	D	--0.36%
	TFX	F	--0.37%
	KMX	F	--0.37%
	CRL	D	--0.38%
	CNM	D	--0.38%
	EFX	D	--0.38%
	BLD	F	--0.39%
	POWI	C	--0.4%
	FND	F	--0.4%
	EW	F	--0.41%
	CRSP	C	--0.41%
	OC	B	--0.41%
	APG	B	--0.41%
	WMS	D	--0.41%
	CE	F	--0.41%
	DAR	C	--0.41%
	UGI	D	--0.42%
	AWK	D	--0.42%
	SSD	C	--0.42%
	MGM	F	--0.42%
	ARE	D	--0.42%
	GTLS	B	--0.42%
	TROW	B	--0.43%
	NWE	D	--0.43%
	CWEN	D	--0.43%
	RMD	B	--0.44%
	LPX	B	--0.44%
	ITT	A	--0.44%
	HHH	B	--0.44%
	OZK	B	--0.44%
	TRU	C	--0.45%
	SEE	C	--0.45%
	RF	B	--0.45%
	DNLI	B	--0.45%
	WAL	B	--0.45%
	RYN	D	--0.45%
	TOL	B	--0.45%
	LNC	B	--0.46%
	AXTA	A	--0.46%
	PNFP	B	--0.46%
	ZION	B	--0.46%
	PWR	A	--0.46%
	D	C	--0.46%
	USFD	B	--0.46%
	FBIN	D	--0.46%
	RMBS	C	--0.46%
	HOOD	A	--0.47%
	KRC	B	--0.47%
	PFGC	B	--0.47%
	LAMR	C	--0.47%
	NRG	B	--0.47%
	JLL	C	--0.47%
	BXP	B	--0.47%
	JHG	A	--0.48%
	LITE	B	--0.48%
	SNV	B	--0.48%
	EXP	B	--0.49%
	CBRE	A	--0.49%
	CMA	B	--0.49%
	IOT	A	--0.49%
	NTRS	B	--0.49%
	WCC	B	--0.51%
	DAY	A	--0.52%
	VNO	A	--0.52%
	RH	B	--0.52%
	LYV	B	--0.53%
	CG	B	--0.53%
	SMG	D	--0.53%
	FYBR	C	--0.53%
	SAIA	C	--0.54%
	OWL	B	--0.55%
	TPG	B	--0.58%
	DAL	B	--0.6%
	VST	B	--0.63%

SPGM: Top Represented Industries & Keywords

Industries: Biotechnology Software - Application Software - Infrastructure Information Technology Services Medical Devices Semiconductors Diagnostics & Research Oil & Gas E&P Internet Content & Information Specialty Retail Aerospace & Defense Banks - Regional - US Credit Services Diversified Industrials Telecom Services Oil & Gas Equipment & Services Auto Manufacturers Capital Markets Medical Instruments & Supplies Building Materials

Keywords: S&P 500 Nasdaq 100 Computing Medicine Biopharmaceutical Biotechnology Natural Gas Banking Bank Cancer Telecommunications Cloud Computing Life Sciences Real Estate Investment Trust Electricity Semiconductor Mining Transport Dow Jones Component IBD 50

BTAL: Top Represented Industries & Keywords

Industries: Software - Application Insurance - Property & Casualty Software - Infrastructure Biotechnology Semiconductors Utilities - Regulated Electric Banks - Regional - US Specialty Retail Aerospace & Defense Asset Management 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 IBD 50 Semiconductor Telecommunications Banking Cloud Computing Electronics Biotechnology Medicine Bank Casualty Insurance