Latest Sector Allocation Summary

Sector ETFs ( 85% )

SECTORS	ETF	S&P Weight	FSI Weight	Delta
Information Technology	XLK	29.00%	31.50%	2.5%	OW	OW
Consumer Discretionary	XLY	9.20%	9.30%	0.1%	OW	N
Energy	XLE	2.40%	4.20%	1.8%	N	UW
Communication Services	XLC	9.30%	11.60%	2.3%	OW	OW
Financials	XLF	10.80%	11.00%	0.2%	OW	N
Industrials	XLI	6.77%	7.20%	0.4%	OW	OW
Health Care	XLV	8.10%	8.10%	0.0%	N	N
Materials	XLB	1.40%	1.40%	0.0%	N	UW
Utilities	XLU	1.90%	0.00%	-1.9%	N	OW
Consumer Staples	XLP	4.60%	0.70%	-3.9%	UW	UW
Real Estate	XLRE	1.50%	0.00%	-1.5%	OW	UW
Total		85%	85%

Note: S&P Index Weight as of December 8th, 2025.

OW

Overweight

N

Neutral

UW

Underweight

HC - Health Care

IT - Information Technology

CD - Consumer Discretionary

UT - Utilities

CST - Consumer Staples

EN - Energy

CS - Communication Services

FN - Financials

IN - Industrials

RE - Real Estate

MT - Materials

SECTORS	ETF	S&P Weight	FSI Weight	Delta
Information Technology XLK	XLK	29.00%	31.50%	2.5%	OW	OW
Consumer Discretionary XLY	XLY	9.20%	9.30%	0.1%	OW	N
Energy XLE	XLE	2.40%	4.20%	1.8%	N	UW
Communication Services XLC	XLC	9.30%	11.60%	2.3%	OW	OW
Financials XLF	XLF	10.80%	11.00%	0.2%	OW	N
Industrials XLI	XLI	6.77%	7.20%	0.4%	OW	OW
Health Care XLV	XLV	8.10%	8.10%	0.0%	N	N
Materials XLB	XLB	1.40%	1.40%	0.0%	N	UW
Utilities XLU	XLU	1.90%	0.00%	-1.9%	N	OW
Consumer Staples XLP	XLP	4.60%	0.70%	-3.9%	UW	UW
Real Estate XLRE	XLRE	1.50%	0.00%	-1.5%	OW	UW
Total		85%	85%

Note: S&P Index Weight as of December 8th, 2025.

OW

Overweight

N

Neutral

UW

Underweight

HC - Health Care

IT - Information Technology

CD - Consumer Discretionary

UT - Utilities

CST - Consumer Staples

EN - Energy

CS - Communication Services

FN - Financials

IN - Industrials

RE - Real Estate

MT - Materials

Individual ETFs ( 15% )

Sector Changes

ETF	Ticker
XLK XLK	XLK	OW	OW
XLY XLY	XLY	OW	N
XLE XLE	XLE	N	UW
XLC XLC	XLC	OW	OW
XLF XLF	XLF	OW	N
XLI XLI	XLI	OW	OW
XLV XLV	XLV	N	N
XLB XLB	XLB	N	UW
XLU XLU	XLU	N	OW
XLP XLP	XLP	UW	UW
XLRE XLRE	XLRE	OW	UW

Note: S&P Index Weight as of December 8th, 2025.

OW

Overweight

N

Neutral

UW

Underweight

HC - Health Care

IT - Information Technology

CD - Consumer Discretionary

UT - Utilities

CST - Consumer Staples

EN - Energy

CS - Communication Services

FN - Financials

IN - Industrials

RE - Real Estate

MT - Materials

ETF	Ticker
XLK XLK	XLK	OW	OW
XLY XLY	XLY	OW	N
XLE XLE	XLE	N	UW
XLC XLC	XLC	OW	OW
XLF XLF	XLF	OW	N
XLI XLI	XLI	OW	OW
XLV XLV	XLV	N	N
XLB XLB	XLB	N	UW
XLU XLU	XLU	N	OW
XLP XLP	XLP	UW	UW
XLRE XLRE	XLRE	OW	UW

Note: S&P Index Weight as of December 8th, 2025.

OW

Overweight

N

Neutral

UW

Underweight

HC - Health Care

IT - Information Technology

CD - Consumer Discretionary

UT - Utilities

CST - Consumer Staples

EN - Energy

CS - Communication Services

FN - Financials

IN - Industrials

RE - Real Estate

MT - Materials