SPGM vs. QARP ETF Comparison

Comparison of SPDR Portfolio MSCI Global Stock Market ETF (SPGM) to Xtrackers Russell 1000 US QARP ETF (QARP)

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

$64.09

Average Daily Volume

55,913

Number of Holdings ^*

1003

* may have additional holdings in another (foreign) market

QARP

Xtrackers Russell 1000 US QARP ETF

QARP Description

The investment seeks investment results that correspond generally to the performance, before fees and expenses, of the Russell 1000 2Qual/Val 5% Capped Factor Index (the "underlying index"). The fund will invest at least 80% of its total assets (but typically far more) in component securities of the underlying index. The underlying index is designed to track the equity market performance of companies in the United States selected on the investment style criteria ("factors") of quality and value. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$53.07

Average Daily Volume

3,232

Number of Holdings ^*

345

* may have additional holdings in another (foreign) market

Performance

Period	SPGM	QARP
30 Days	-1.13%	0.82%
60 Days	1.11%	2.74%
90 Days	2.77%	4.72%
12 Months	24.21%	25.59%

174 Overlapping Holdings

Symbol	Grade	Weight in SPGM	Weight in QARP	Overlap
A	F	0.2%	0.09%	0.09%
AAPL	C	3.74%	4.88%	3.74%
ABBV	F	0.36%	0.02%	0.02%
ABBV	F	0.19%	0.02%	0.02%
ABNB	D	0.04%	0.23%	0.04%
ABT	A	0.34%	0.22%	0.22%
ACN	C	0.28%	1.18%	0.28%
ADBE	D	0.34%	0.91%	0.34%
ADI	D	0.16%	0.08%	0.08%
ADM	D	0.08%	0.27%	0.08%
ADP	B	0.23%	0.21%	0.21%
ADSK	B	0.01%	0.06%	0.01%
ALB	B	0.01%	0.02%	0.01%
ALGN	D	0.01%	0.05%	0.01%
AMAT	F	0.24%	0.77%	0.24%
AMD	F	0.23%	0.07%	0.07%
AMG	C	0.0%	0.09%	0.0%
AMGN	D	0.21%	0.03%	0.03%
AMZN	B	2.13%	3.99%	2.13%
ANET	C	0.07%	0.13%	0.07%
AON	B	0.08%	0.33%	0.08%
APA	F	0.01%	0.02%	0.01%
APTV	F	0.0%	0.05%	0.0%
AR	B	0.0%	0.02%	0.0%
BBWI	C	0.01%	0.02%	0.01%
BIIB	F	0.07%	0.02%	0.02%
BKNG	A	0.31%	0.8%	0.31%
BKR	B	0.03%	0.1%	0.03%
BLDR	D	0.01%	0.17%	0.01%
BMY	A	0.14%	0.62%	0.14%
BRK.A	B	0.73%	5.21%	0.73%
BURL	A	0.0%	0.04%	0.0%
BX	A	0.06%	0.06%	0.06%
CAT	C	0.3%	0.67%	0.3%
CCL	A	0.02%	0.05%	0.02%
CDNS	B	0.07%	0.02%	0.02%
CF	A	0.02%	0.13%	0.02%
CHRD	F	0.0%	0.04%	0.0%
CHRW	B	0.09%	0.06%	0.06%
CHTR	B	0.1%	0.14%	0.1%
CI	D	0.08%	0.55%	0.08%
CL	D	0.13%	0.21%	0.13%
CLF	F	0.0%	0.05%	0.0%
CLX	A	0.12%	0.06%	0.06%
CMCSA	B	0.18%	0.86%	0.18%
CMG	C	0.11%	0.11%	0.11%
CMI	A	0.26%	0.26%	0.26%
CNC	F	0.0%	0.23%	0.0%
COF	B	0.15%	0.16%	0.15%
COIN	A	0.06%	0.05%	0.05%
COP	B	0.18%	0.78%	0.18%
COST	A	0.56%	2.32%	0.56%
CROX	F	0.01%	0.02%	0.01%
CSCO	B	0.36%	1.97%	0.36%
CSX	C	0.19%	0.07%	0.07%
CTSH	C	0.13%	0.3%	0.13%
CTVA	C	0.07%	0.02%	0.02%
CVS	F	0.13%	0.18%	0.13%
CVX	A	0.35%	1.54%	0.35%
DD	D	0.08%	0.02%	0.02%
DE	C	0.18%	0.24%	0.18%
DHI	D	0.0%	0.31%	0.0%
DLTR	F	0.04%	0.07%	0.04%
DOW	F	0.06%	0.07%	0.06%
DVN	F	0.01%	0.17%	0.01%
EA	A	0.0%	0.21%	0.0%
EBAY	D	0.1%	0.09%	0.09%
EL	F	0.04%	0.02%	0.02%
ELV	F	0.17%	0.47%	0.17%
EOG	A	0.16%	0.5%	0.16%
EPAM	C	0.01%	0.04%	0.01%
EXPE	B	0.01%	0.17%	0.01%
FAST	B	0.13%	0.22%	0.13%
FCX	F	0.04%	0.04%	0.04%
FDX	B	0.18%	0.33%	0.18%
FICO	B	0.03%	0.08%	0.03%
FOXA	B	0.05%	0.03%	0.03%
FTNT	B	0.03%	0.22%	0.03%
GEHC	D	0.02%	0.13%	0.02%
GEV	A	0.07%	0.2%	0.07%
GILD	C	0.19%	0.33%	0.19%
GIS	F	0.05%	0.09%	0.05%
GM	B	0.09%	0.25%	0.09%
GOOG	B	1.1%	2.14%	1.1%
GOOGL	B	1.1%	2.36%	1.1%
HAL	C	0.05%	0.06%	0.05%
HCA	F	0.02%	0.27%	0.02%
HD	A	0.57%	2.0%	0.57%
HPQ	B	0.11%	0.08%	0.08%
HST	D	0.0%	0.03%	0.0%
HSY	F	0.11%	0.09%	0.09%
INTC	C	0.14%	0.08%	0.08%
ISRG	A	0.18%	0.18%	0.18%
ITW	B	0.14%	0.31%	0.14%
JNJ	D	0.39%	2.32%	0.39%
JNPR	D	0.06%	0.04%	0.04%
K	B	0.07%	0.06%	0.06%
KEYS	C	0.12%	0.12%	0.12%
KLAC	F	0.04%	0.17%	0.04%
KMB	C	0.11%	0.15%	0.11%
KVUE	A	0.04%	0.21%	0.04%
LLY	F	0.7%	0.03%	0.03%
LMT	D	0.25%	0.71%	0.25%
LOW	C	0.31%	0.78%	0.31%
LRCX	F	0.06%	0.45%	0.06%
LULU	C	0.02%	0.18%	0.02%
LVS	B	0.04%	0.04%	0.04%
LYB	F	0.07%	0.09%	0.07%
M	D	0.01%	0.02%	0.01%
MA	B	0.43%	1.58%	0.43%
MCD	D	0.23%	0.39%	0.23%
MCK	A	0.25%	1.15%	0.25%
MCO	D	0.02%	0.33%	0.02%
META	C	1.43%	5.17%	1.43%
MMC	D	0.17%	0.55%	0.17%
MMM	D	0.1%	0.12%	0.1%
MO	A	0.09%	0.63%	0.09%
MOS	D	0.02%	0.04%	0.02%
MPC	D	0.17%	0.25%	0.17%
MRK	F	0.31%	0.32%	0.31%
MRNA	F	0.01%	0.05%	0.01%
MRO	A	0.07%	0.11%	0.07%
MSFT	D	3.35%	2.05%	2.05%
MU	D	0.07%	0.35%	0.07%
NKE	F	0.18%	0.31%	0.18%
NTAP	C	0.1%	0.06%	0.06%
NUE	D	0.02%	0.37%	0.02%
NVDA	A	4.01%	0.18%	0.18%
ODFL	B	0.01%	0.19%	0.01%
ON	F	0.01%	0.04%	0.01%
ORCL	A	0.43%	0.05%	0.05%
ORLY	B	0.22%	0.38%	0.22%
OTIS	C	0.04%	0.04%	0.04%
OVV	C	0.0%	0.03%	0.0%
OXY	F	0.05%	0.06%	0.05%
PFE	F	0.17%	0.48%	0.17%
PG	C	0.49%	1.34%	0.49%
PGR	B	0.17%	0.06%	0.06%
PM	A	0.21%	0.55%	0.21%
PSA	C	0.22%	0.31%	0.22%
PSX	C	0.05%	0.12%	0.05%
PYPL	B	0.15%	0.34%	0.15%
QCOM	F	0.27%	0.26%	0.26%
REGN	F	0.09%	0.26%	0.09%
ROST	D	0.17%	0.25%	0.17%
SBUX	A	0.2%	0.52%	0.2%
SJM	D	0.07%	0.03%	0.03%
SLB	C	0.07%	0.14%	0.07%
SOLV	F	0.01%	0.1%	0.01%
SPG	A	0.15%	0.2%	0.15%
SPGI	D	0.24%	0.07%	0.07%
SYF	B	0.06%	0.14%	0.06%
SYY	D	0.12%	0.33%	0.12%
T	A	0.21%	0.69%	0.21%
TGT	B	0.12%	0.4%	0.12%
THO	C	0.0%	0.03%	0.0%
TJX	A	0.35%	0.82%	0.35%
TPR	B	0.04%	0.12%	0.04%
TSLA	A	1.01%	0.75%	0.75%
TSN	B	0.08%	0.04%	0.04%
TT	A	0.19%	0.08%	0.08%
TXN	C	0.37%	0.37%	0.37%
UNH	C	0.68%	2.32%	0.68%
UNP	D	0.26%	0.12%	0.12%
UPS	C	0.11%	0.4%	0.11%
URI	B	0.02%	0.23%	0.02%
V	A	0.7%	1.84%	0.7%
VLO	C	0.11%	0.18%	0.11%
VRTX	D	0.07%	0.21%	0.07%
VZ	C	0.14%	0.65%	0.14%
WBD	B	0.02%	0.04%	0.02%
WMT	A	0.41%	2.88%	0.41%
XOM	B	0.68%	3.19%	0.68%
YUM	D	0.11%	0.05%	0.05%

SPGM Overweight 829 Positions Relative to QARP

Symbol	Grade	Weight
TSM	B	0.99%
JPM	A	0.95%
AVGO	C	0.87%
BAC	A	0.53%
CRM	B	0.49%
WFC	A	0.44%
INTU	B	0.38%
GS	B	0.38%
TMO	F	0.38%
NFLX	A	0.37%
AXP	B	0.36%
RTX	D	0.33%
MS	A	0.32%
LIN	D	0.32%
DIS	B	0.3%
KO	D	0.29%
DHR	D	0.28%
CB	C	0.27%
IBM	C	0.27%
PEP	F	0.26%
AFL	C	0.26%
C	B	0.26%
TM	D	0.26%
NEE	C	0.25%
ETN	B	0.24%
PLD	D	0.23%
MDT	D	0.23%
SONY	B	0.22%
HON	B	0.22%
NVS	D	0.22%
WM	B	0.22%
GD	D	0.22%
EMR	A	0.21%
TRV	A	0.21%
BABA	D	0.2%
MET	A	0.2%
DFS	B	0.2%
SYK	A	0.2%
HSBH	A	0.19%
BK	B	0.19%
SCHW	A	0.18%
JCI	B	0.18%
NSC	B	0.17%
MUFG	A	0.17%
PNC	B	0.17%
IBN	D	0.17%
PH	B	0.17%
PRU	B	0.16%
AEP	C	0.16%
NOW	B	0.16%
INFY	D	0.16%
AMT	D	0.16%
ALL	A	0.16%
BDX	F	0.16%
NOC	D	0.16%
UL	D	0.16%
GLW	B	0.15%
PEG	C	0.15%
ECL	D	0.14%
BSX	A	0.14%
GE	D	0.14%
SHOP	B	0.14%
PLTR	A	0.13%
IR	B	0.13%
UBER	F	0.13%
CNI	F	0.13%
MTB	A	0.13%
RDY	D	0.12%
ROIC	A	0.12%
EIX	C	0.12%
HES	B	0.12%
CEG	C	0.12%
USB	B	0.12%
MKC	D	0.11%
KKR	A	0.11%
PANW	B	0.11%
TD	D	0.11%
MELI	D	0.1%
DUK	C	0.1%
ICE	C	0.1%
BA	D	0.1%
CRWD	B	0.09%
UMH	A	0.09%
CME	A	0.09%
BLK	B	0.09%
ZTS	D	0.09%
AZN	F	0.08%
STT	B	0.08%
PDD	D	0.08%
SMFG	A	0.08%
APD	A	0.08%
CHT	C	0.08%
PPL	A	0.08%
WMB	A	0.08%
BCS	B	0.07%
DEO	F	0.07%
VRT	A	0.07%
TMUS	B	0.07%
MFG	A	0.07%
FE	C	0.07%
HPE	B	0.07%
NXRT	A	0.07%
TCOM	B	0.07%
F	C	0.07%
SO	C	0.07%
CHD	A	0.07%
DEA	D	0.06%
UMC	F	0.06%
AXON	A	0.06%
EQR	C	0.06%
FTV	D	0.06%
APP	A	0.06%
CARR	D	0.06%
WIT	B	0.06%
STX	D	0.06%
VALE	F	0.06%
EXC	C	0.06%
WDC	F	0.06%
HDB	B	0.06%
EQIX	A	0.05%
STLA	F	0.05%
DOC	D	0.05%
FI	A	0.05%
ITUB	D	0.05%
NMR	B	0.05%
MOD	A	0.05%
GOOD	A	0.05%
BEN	C	0.05%
MSTR	A	0.05%
BAX	F	0.05%
LYG	C	0.05%
E	F	0.05%
MRVL	B	0.05%
TTD	B	0.05%
MDLZ	F	0.05%
RCL	A	0.04%
AA	A	0.04%
ALLE	D	0.04%
YUMC	B	0.04%
KB	B	0.04%
LW	C	0.04%
SE	A	0.04%
SNPS	C	0.04%
VLTO	C	0.04%
CAG	F	0.04%
PKX	F	0.04%
HMC	F	0.03%
LNTH	F	0.03%
ITCI	B	0.03%
LNW	F	0.03%
FTI	A	0.03%
AXNX	A	0.03%
DDOG	A	0.03%
QTWO	B	0.03%
WTTR	A	0.03%
NU	C	0.03%
TAC	B	0.03%
BIDU	F	0.03%
TEAM	A	0.03%
BBD	D	0.03%
PBR	D	0.03%
NET	B	0.03%
TBBK	B	0.03%
SQ	A	0.03%
CVNA	A	0.03%
BRSP	C	0.03%
KMI	A	0.03%
DX	A	0.03%
SHW	C	0.03%
NEM	D	0.03%
LDOS	C	0.03%
SNOW	C	0.03%
DASH	A	0.03%
VERX	A	0.02%
TGTX	B	0.02%
FSLR	F	0.02%
VEEV	C	0.02%
ACEL	C	0.02%
TOST	A	0.02%
GGB	C	0.02%
OII	B	0.02%
AGYS	A	0.02%
AIV	C	0.02%
DXCM	C	0.02%
AZEK	B	0.02%
PARA	D	0.02%
IIPR	F	0.02%
AFRM	A	0.02%
GOLD	C	0.02%
ABEV	F	0.02%
SKY	A	0.02%
AHH	D	0.02%
RBLX	B	0.02%
CHCT	C	0.02%
TTGT	B	0.02%
ZM	B	0.02%
TMDX	F	0.02%
MPWR	F	0.02%
DKNG	B	0.02%
MDB	C	0.02%
ZS	B	0.02%
HUBS	B	0.02%
IFF	D	0.02%
RKLB	B	0.02%
CHX	C	0.02%
HOV	D	0.02%
LI	F	0.02%
BABA	D	0.02%
ADMA	C	0.02%
CFG	B	0.02%
DELL	B	0.02%
SHG	D	0.02%
MT	B	0.02%
WDAY	C	0.02%
HIMS	C	0.02%
MITK	D	0.01%
DT	C	0.01%
AI	B	0.01%
LASR	D	0.01%
KYMR	C	0.01%
CYH	F	0.01%
BOOT	D	0.01%
BLFS	C	0.01%
PRTA	F	0.01%
ACMR	F	0.01%
PACB	D	0.01%
CTLP	B	0.01%
BLBD	F	0.01%
SMR	A	0.01%
NR	C	0.01%
ZLAB	C	0.01%
CCO	D	0.01%
FRO	D	0.01%
PGC	A	0.01%
LC	B	0.01%
FLYW	B	0.01%
PCT	C	0.01%
BASE	C	0.01%
ALKT	B	0.01%
GDYN	C	0.01%
KOP	C	0.01%
EXPI	C	0.01%
WSR	A	0.01%
GATO	C	0.01%
DXC	D	0.01%
OMI	F	0.01%
BCRX	D	0.01%
LAZR	D	0.01%
PHI	F	0.01%
SLP	F	0.01%
CELH	F	0.01%
CLDX	F	0.01%
NOV	D	0.01%
IMVT	F	0.01%
IDYA	F	0.01%
PIXY	F	0.01%
JKS	F	0.01%
PACK	C	0.01%
PTEN	C	0.01%
KC	B	0.01%
BTU	C	0.01%
COHR	B	0.01%
U	F	0.01%
ITRI	B	0.01%
PCH	D	0.01%
RLX	C	0.01%
AUPH	C	0.01%
GTLB	B	0.01%
COLL	F	0.01%
SMAR	A	0.01%
VMEO	C	0.01%
PNR	B	0.01%
SRPT	F	0.01%
VICR	C	0.01%
HASI	F	0.01%
CLNE	F	0.01%
AES	F	0.01%
ALEX	B	0.01%
NXPI	F	0.01%
PHR	F	0.01%
CIFR	C	0.01%
DLR	A	0.01%
RDFN	D	0.01%
BGNE	D	0.01%
YETI	D	0.01%
GNRC	B	0.01%
ZETA	D	0.01%
PNTG	D	0.01%
AGNC	C	0.01%
EXAS	D	0.01%
ALNY	D	0.01%
EFC	C	0.01%
ENPH	F	0.01%
DQ	D	0.01%
CZR	F	0.01%
RCUS	F	0.01%
FBK	B	0.01%
KD	A	0.01%
DOCS	C	0.01%
AUR	C	0.01%
BILL	B	0.01%
SEMR	C	0.01%
RIOT	C	0.01%
CCB	A	0.01%
LWLG	D	0.01%
SID	D	0.01%
TWST	F	0.01%
USLM	A	0.01%
PTCT	C	0.01%
MCB	B	0.01%
RNA	C	0.01%
ULH	B	0.01%
LIND	B	0.01%
AMSC	C	0.01%
MCRI	A	0.01%
TGI	A	0.01%
MGNI	A	0.01%
INMD	C	0.01%
PEN	B	0.01%
OSW	B	0.01%
LOB	C	0.01%
MBIN	F	0.01%
ROKU	D	0.01%
BZH	C	0.01%
DH	F	0.01%
MNDY	D	0.01%
XPO	B	0.01%
TREX	D	0.01%
CCS	F	0.01%
FUTU	C	0.01%
BE	A	0.01%
CASH	B	0.01%
OKTA	D	0.01%
SDGR	C	0.01%
ARWR	D	0.01%
TREE	F	0.01%
AKO.A	F	0.01%
GERN	F	0.01%
ENS	D	0.01%
VSTO	A	0.01%
LUMN	C	0.01%
THR	B	0.01%
CPRX	C	0.01%
TFIN	B	0.01%
MDGL	C	0.01%
AAOI	A	0.01%
SCCO	F	0.01%
TME	F	0.01%
FOUR	A	0.01%
CLDT	C	0.01%
MRC	B	0.01%
PBF	D	0.01%
Z	A	0.01%
RIVN	F	0.01%
CLBT	B	0.01%
NBR	D	0.01%
CLSK	C	0.01%
NIO	F	0.01%
SMCI	F	0.01%
TTI	B	0.01%
CENX	B	0.01%
AKRO	C	0.01%
INTA	B	0.01%
FLNG	C	0.01%
MARA	C	0.01%
GMS	B	0.01%
HSTM	A	0.01%
RDNT	B	0.01%
DOCU	B	0.01%
BHF	C	0.01%
LBRDK	C	0.01%
AAON	B	0.01%
FIS	C	0.01%
SQ	A	0.01%
TDOC	D	0.01%
GME	C	0.01%
RVLV	B	0.01%
PAY	A	0.01%
SNAP	D	0.01%
UPST	B	0.01%
MHO	D	0.01%
BBIO	F	0.01%
ABR	B	0.01%
GSAT	C	0.01%
CNH	C	0.01%
KOS	D	0.01%
KSS	F	0.01%
ERJ	A	0.01%
BEKE	C	0.01%
DVAX	C	0.01%
VNT	C	0.01%
XPEV	C	0.01%
NWSA	B	0.01%
KEX	B	0.01%
ILMN	C	0.01%
ORA	B	0.01%
INSP	F	0.01%
GMRE	F	0.01%
TWLO	A	0.01%
PTON	C	0.01%
VIPS	F	0.01%
COMP	B	0.01%
DDD	C	0.01%
VTRS	A	0.01%
APH	B	0.01%
EPRT	A	0.01%
MATX	B	0.01%
TAL	D	0.01%
GRBK	D	0.01%
TEVA	D	0.01%
IMXI	B	0.01%
PLAY	D	0.01%
WBA	F	0.01%
PINS	F	0.01%
RYTM	C	0.01%
TDG	D	0.01%
DYN	F	0.01%
SRRK	B	0.01%
MTDR	C	0.01%
SOFI	A	0.01%
POWL	C	0.01%
ALLY	C	0.01%
PLMR	A	0.01%
KRYS	C	0.0%
LI	F	0.0%
AGL	F	0.0%
XPEV	C	0.0%
SCLX	F	0.0%
SMWB	A	0.0%
JAMF	F	0.0%
OEC	C	0.0%
MP	C	0.0%
JOBY	B	0.0%
CRCT	F	0.0%
TH	C	0.0%
WOLF	F	0.0%
FLWS	F	0.0%
BMBL	C	0.0%
DAN	F	0.0%
CGEM	F	0.0%
MLCO	F	0.0%
SEDG	F	0.0%
ASTH	F	0.0%
HDSN	F	0.0%
MRVI	F	0.0%
MGPI	F	0.0%
BOC	D	0.0%
ZEUS	C	0.0%
SHEN	F	0.0%
SAGE	F	0.0%
DENN	D	0.0%
SPRY	C	0.0%
PKST	F	0.0%
KE	C	0.0%
LGIH	F	0.0%
MLNK	C	0.0%
FLGT	F	0.0%
FIGS	F	0.0%
ITOS	F	0.0%
LSCC	D	0.0%
OLPX	D	0.0%
MXL	C	0.0%
GRPN	F	0.0%
SNCY	C	0.0%
MNSO	C	0.0%
VRE	A	0.0%
PRVA	C	0.0%
FNA	B	0.0%
MAX	F	0.0%
EYE	C	0.0%
RENB	F	0.0%
ORLA	C	0.0%
PUMP	D	0.0%
TPB	A	0.0%
PD	C	0.0%
KRNT	B	0.0%
RGNX	D	0.0%
SVC	F	0.0%
REPL	C	0.0%
VIR	F	0.0%
PARR	F	0.0%
NABL	F	0.0%
CEVA	B	0.0%
LYEL	F	0.0%
BVN	D	0.0%
CTKB	C	0.0%
FSBC	B	0.0%
HOG	F	0.0%
CRSR	D	0.0%
SGRY	F	0.0%
OLO	B	0.0%
OLMA	F	0.0%
TMCI	C	0.0%
HUMA	F	0.0%
PFC	B	0.0%
GOGO	C	0.0%
COTY	F	0.0%
MBAVU	A	0.0%
ICHR	C	0.0%
IRTC	C	0.0%
HE	C	0.0%
SWBI	C	0.0%
CNDT	D	0.0%
IBP	F	0.0%
ELVN	C	0.0%
MAT	D	0.0%
ZUO	B	0.0%
LAND	F	0.0%
TLRY	F	0.0%
APLS	F	0.0%
ETNB	D	0.0%
KRUS	D	0.0%
RIG	D	0.0%
LILAK	F	0.0%
SAVA	C	0.0%
CECO	C	0.0%
HAE	C	0.0%
LPRO	C	0.0%
CALX	D	0.0%
SHLS	F	0.0%
XPOF	B	0.0%
CXM	C	0.0%
APPN	C	0.0%
THRM	F	0.0%
CAR	C	0.0%
GDS	C	0.0%
PDFS	D	0.0%
QFIN	B	0.0%
QTRX	D	0.0%
AOSL	C	0.0%
NMIH	D	0.0%
AMRC	F	0.0%
ESTA	F	0.0%
SHC	F	0.0%
XPRO	F	0.0%
XHR	B	0.0%
DJT	C	0.0%
DBI	F	0.0%
RXST	F	0.0%
FBRT	C	0.0%
NCNO	B	0.0%
ATRO	F	0.0%
MQ	F	0.0%
SM	C	0.0%
PUBM	C	0.0%
DNOW	B	0.0%
ADUS	D	0.0%
ATEC	C	0.0%
LESL	C	0.0%
HURN	B	0.0%
BROS	A	0.0%
ENIC	B	0.0%
CEIX	A	0.0%
NVRI	F	0.0%
MDXG	A	0.0%
UCTT	F	0.0%
CUBI	C	0.0%
AMRK	F	0.0%
FDMT	F	0.0%
LXRX	F	0.0%
STAA	F	0.0%
YMAB	F	0.0%
MNTK	F	0.0%
NARI	C	0.0%
ATEN	A	0.0%
IOVA	F	0.0%
DGII	B	0.0%
GKOS	A	0.0%
UVV	B	0.0%
HAYN	A	0.0%
YOU	D	0.0%
SIBN	F	0.0%
MERC	F	0.0%
VNET	C	0.0%
ORIC	F	0.0%
PRO	C	0.0%
TASK	C	0.0%
CHEF	B	0.0%
ARLO	C	0.0%
NNDM	F	0.0%
IDT	B	0.0%
VTLE	C	0.0%
NOVA	F	0.0%
ARDX	F	0.0%
S	B	0.0%
HL	C	0.0%
ALHC	C	0.0%
IAS	D	0.0%
SABR	B	0.0%
SANA	F	0.0%
ULCC	D	0.0%
SKE	C	0.0%
HAYW	B	0.0%
TITN	D	0.0%
ARQT	C	0.0%
NEOG	D	0.0%
GDRX	F	0.0%
CYRX	F	0.0%
PENN	C	0.0%
GH	B	0.0%
FVRR	B	0.0%
CDNA	D	0.0%
AVNS	F	0.0%
RVNC	F	0.0%
NEXT	B	0.0%
KRNY	B	0.0%
MEG	F	0.0%
SIGA	F	0.0%
TNDM	F	0.0%
DHC	F	0.0%
ATHM	D	0.0%
EB	C	0.0%
NTLA	F	0.0%
FSLY	F	0.0%
FIZZ	C	0.0%
CYTK	D	0.0%
RRC	B	0.0%
PCVX	D	0.0%
GLBE	A	0.0%
RKT	F	0.0%
VCYT	B	0.0%
NVCR	D	0.0%
EMBC	D	0.0%
TXG	F	0.0%
VZIO	A	0.0%
STOK	D	0.0%
ZI	D	0.0%
HTHT	C	0.0%
YY	B	0.0%
SITM	B	0.0%
UWMC	D	0.0%
METC	C	0.0%
ADNT	F	0.0%
BIGC	C	0.0%
EWCZ	D	0.0%
EYPT	D	0.0%
WGO	D	0.0%
FC	F	0.0%
GNK	D	0.0%
SOUN	C	0.0%
PHAT	F	0.0%
ARRY	F	0.0%
LMND	A	0.0%
OSPN	B	0.0%
SNDX	F	0.0%
BEAM	C	0.0%
BHB	B	0.0%
ENVA	B	0.0%
FIVN	C	0.0%
NVAX	F	0.0%
CFLT	B	0.0%
HRI	C	0.0%
MTW	C	0.0%
AMC	D	0.0%
CRMT	F	0.0%
DFH	F	0.0%
IIIV	B	0.0%
UNIT	B	0.0%
EVH	F	0.0%
WOOF	D	0.0%
INN	D	0.0%
GDOT	D	0.0%
CDMO	A	0.0%
EGBN	B	0.0%
APPF	C	0.0%
ARCT	F	0.0%
HUYA	F	0.0%
MOMO	D	0.0%
BRBR	A	0.0%
NX	C	0.0%
INSW	F	0.0%
TRNS	F	0.0%
OSCR	C	0.0%
ALT	C	0.0%
FROG	C	0.0%
JANX	C	0.0%
ACLS	F	0.0%
MTCH	F	0.0%
INDI	C	0.0%
FRSH	C	0.0%
FATE	F	0.0%
ATUS	C	0.0%
BXC	B	0.0%
KHC	F	0.0%
QNST	C	0.0%
ERAS	C	0.0%
GXO	B	0.0%
NTRA	A	0.0%
GRAB	A	0.0%
PODD	B	0.0%
IQ	F	0.0%
ALEC	F	0.0%
RCKT	F	0.0%
BRZE	C	0.0%
AX	B	0.0%
VSCO	A	0.0%
DIN	C	0.0%
FUBO	F	0.0%
AXSM	B	0.0%
TUYA	C	0.0%
RXRX	D	0.0%
VPG	F	0.0%
ETSY	D	0.0%
CCBG	B	0.0%
LMB	A	0.0%
ATKR	D	0.0%
BYND	F	0.0%
LCID	F	0.0%
RVMD	B	0.0%
CERT	F	0.0%
KIM	A	0.0%
CSTL	C	0.0%
ESTC	C	0.0%
PFSI	C	0.0%
VRNS	D	0.0%
ARVN	F	0.0%
YEXT	B	0.0%
ELF	C	0.0%
UEC	A	0.0%
NSSC	F	0.0%
TRUP	B	0.0%
NUVL	D	0.0%
ASPN	F	0.0%
NUVB	C	0.0%
SPT	C	0.0%
DUOL	A	0.0%
PCG	A	0.0%
VITL	D	0.0%
DCO	B	0.0%
KLG	D	0.0%
IIIN	D	0.0%
RLAY	F	0.0%
DOCN	D	0.0%
JELD	F	0.0%
PLPC	B	0.0%
CSGP	F	0.0%
SPR	D	0.0%
TTWO	A	0.0%
CASS	B	0.0%
RGEN	F	0.0%
SAM	C	0.0%
VRDN	D	0.0%
ALLO	F	0.0%
RNG	C	0.0%
JBI	F	0.0%
SITE	D	0.0%
ENFN	B	0.0%
IBUY	B	0.0%
LSPD	B	0.0%
ANF	C	0.0%
RLJ	C	0.0%
PRG	C	0.0%
PTGX	D	0.0%
RUN	F	0.0%
ACVA	A	0.0%
HCP	B	0.0%
WRBY	A	0.0%
RPAY	D	0.0%
CIG	C	0.0%
AMPS	C	0.0%
CHGX	B	0.0%
CC	D	0.0%
CLOV	D	0.0%
ACHR	B	0.0%
PLUG	F	0.0%
EDIT	F	0.0%
KEP	B	0.0%
VVI	B	0.0%
REZI	A	0.0%
PL	A	0.0%
PATH	C	0.0%
DMRC	B	0.0%
BZ	F	0.0%
BILI	C	0.0%
PLAB	D	0.0%
CIB	B	0.0%
NCLH	B	0.0%
ENVX	F	0.0%
RAMP	C	0.0%
OGN	F	0.0%
NPAB	F	0.0%
QS	D	0.0%
WRLD	D	0.0%
CHPT	F	0.0%
NVT	C	0.0%
EVRI	A	0.0%
EQT	A	0.0%
APLD	A	0.0%
DRH	B	0.0%
KREF	D	0.0%
LYFT	C	0.0%
EXTR	C	0.0%
ROIV	D	0.0%
PAYO	A	0.0%
BLND	A	0.0%
UPWK	C	0.0%
ROCK	D	0.0%
WULF	C	0.0%
HSII	B	0.0%
LEU	C	0.0%
VKTX	F	0.0%
OPEN	F	0.0%
NEO	C	0.0%
ASAN	C	0.0%
FLNC	C	0.0%
PAR	A	0.0%
BJRI	C	0.0%
REPX	A	0.0%
NRIX	C	0.0%
LEGH	D	0.0%
PRCT	B	0.0%
CARS	C	0.0%
TIGR	D	0.0%
IDXX	F	0.0%
AMR	C	0.0%
WIX	A	0.0%
ELAN	D	0.0%
SONO	C	0.0%
CDE	C	0.0%
SQM	D	0.0%
W	D	0.0%
MNMD	C	0.0%
VERV	D	0.0%
GPN	C	0.0%
HEES	C	0.0%
REG	A	0.0%
WEAV	B	0.0%
XMTR	C	0.0%
CMPR	F	0.0%

SPGM Underweight 172 Positions Relative to QARP

Symbol	Grade	Weight
CAH	B	-0.4%
LEN	D	-0.4%
COR	B	-0.4%
AZO	C	-0.34%
HUM	D	-0.31%
KR	B	-0.3%
GWW	B	-0.27%
TROW	B	-0.25%
PCAR	C	-0.24%
ACGL	D	-0.24%
MSCI	B	-0.23%
NVR	D	-0.23%
STLD	B	-0.23%
BBY	D	-0.23%
DAL	A	-0.22%
PHM	D	-0.21%
PAYX	B	-0.2%
VST	A	-0.2%
FANG	D	-0.19%
LPLA	A	-0.19%
RS	B	-0.17%
GRMN	B	-0.16%
TSCO	D	-0.16%
MNST	C	-0.15%
EME	A	-0.15%
ULTA	F	-0.15%
WSM	D	-0.15%
FCNCA	A	-0.14%
DECK	A	-0.13%
DRI	C	-0.13%
OC	A	-0.13%
EXPD	D	-0.13%
SNA	B	-0.12%
CASY	A	-0.12%
MAR	B	-0.12%
UTHR	C	-0.11%
LUV	B	-0.11%
BJ	B	-0.11%
MTG	D	-0.11%
CTRA	B	-0.11%
EVR	B	-0.11%
CPNG	D	-0.1%
FDS	B	-0.1%
UAL	A	-0.1%
WST	D	-0.09%
DKS	D	-0.09%
CINF	A	-0.09%
MTD	F	-0.09%
ROK	B	-0.09%
CBRE	B	-0.09%
WSO	A	-0.08%
AYI	B	-0.08%
SWKS	F	-0.08%
CTAS	B	-0.08%
WY	D	-0.08%
HRB	D	-0.08%
PFGC	B	-0.08%
LYV	A	-0.08%
INCY	C	-0.07%
DOX	D	-0.07%
GGG	B	-0.07%
GPC	F	-0.07%
CPRT	B	-0.07%
LH	B	-0.07%
RHI	C	-0.07%
SEIC	B	-0.07%
CBOE	C	-0.07%
LNG	A	-0.07%
VICI	C	-0.07%
ATO	A	-0.07%
TOL	B	-0.07%
MAS	D	-0.07%
EG	D	-0.06%
AGCO	F	-0.06%
EW	C	-0.06%
EXP	B	-0.06%
PKG	B	-0.06%
PWR	A	-0.06%
TXRH	B	-0.06%
FFIV	B	-0.06%
SKX	F	-0.06%
JBL	C	-0.06%
TXT	D	-0.06%
MOH	F	-0.06%
POOL	D	-0.06%
VRSN	F	-0.06%
AOS	F	-0.06%
BWA	D	-0.06%
INGR	B	-0.05%
FIX	A	-0.05%
JKHY	D	-0.05%
BLD	F	-0.05%
JBHT	C	-0.05%
ITT	A	-0.05%
LSTR	D	-0.05%
UHS	D	-0.05%
CSL	C	-0.05%
SAIA	C	-0.05%
MGM	D	-0.05%
MKTX	D	-0.05%
RNR	C	-0.05%
MUSA	B	-0.05%
RL	C	-0.05%
ACI	C	-0.05%
TAP	B	-0.04%
J	D	-0.04%
ACM	B	-0.04%
AAL	B	-0.04%
MCHP	F	-0.04%
OSK	C	-0.04%
USFD	A	-0.04%
NYT	D	-0.04%
KNSL	B	-0.04%
CHE	F	-0.04%
ROL	B	-0.04%
ARMK	C	-0.04%
CNP	A	-0.04%
LPX	B	-0.04%
WYNN	D	-0.04%
CNM	C	-0.04%
ALSN	B	-0.04%
COKE	C	-0.04%
LEA	F	-0.04%
PAYC	B	-0.04%
GNTX	F	-0.04%
FND	F	-0.04%
LECO	C	-0.04%
HLI	B	-0.04%
HOLX	D	-0.04%
DBX	C	-0.04%
DCI	B	-0.04%
IP	A	-0.04%
ALK	A	-0.04%
SSD	D	-0.03%
CRUS	F	-0.03%
PII	F	-0.03%
OLN	F	-0.03%
MTZ	A	-0.03%
FCN	F	-0.03%
RLI	A	-0.03%
WAT	C	-0.03%
PINC	B	-0.03%
G	B	-0.03%
GLPI	C	-0.03%
WTW	B	-0.03%
RPRX	F	-0.03%
KNX	B	-0.03%
MSM	D	-0.03%
DPZ	C	-0.03%
DGX	A	-0.03%
TER	F	-0.03%
PVH	C	-0.03%
LOPE	B	-0.03%
GAP	D	-0.03%
JHG	B	-0.03%
LAMR	D	-0.03%
MEDP	D	-0.03%
VVV	D	-0.03%
AMCR	D	-0.03%
X	C	-0.03%
EXEL	B	-0.03%
DINO	D	-0.02%
CDW	F	-0.02%
NEU	D	-0.02%
HII	F	-0.02%
CE	F	-0.02%
CPB	D	-0.02%
FIVE	F	-0.02%
TTEK	F	-0.02%
LKQ	F	-0.02%
MHK	D	-0.02%
IWB	A	-0.0%