Latest Sector Allocation Summary

Sector ETFs ( 85% )

SECTORS	ETF	S&P Weight	FSI Weight	Delta
Information Technology	XLK	27.80%	28.40%	0.6%	OW	OW
Consumer Discretionary	XLY	9.50%	11.80%	2.3%	OW	OW
Communication Services	XLC	9.10%	11.40%	2.3%	OW	OW
Financials	XLF	11.50%	13.80%	2.3%	OW	OW
Industrials	XLI	7.00%	7.30%	0.3%	OW	OW
Real Estate	XLRE	1.60%	1.70%	0.1%	OW	N
Health Care	XLV	7.70%	7.70%	0.0%	N	N
Materials	XLB	1.60%	1.60%	0.0%	N	N
Utilities	XLU	1.90%	0.00%	-1.9%	N	OW
Consumer Staples	XLP	4.90%	0.90%	-4.0%	UW	N
Energy	XLE	2.50%	0.50%	-2.0%	N	UW
Total		85%	85%

Note: S&P Index Weight as of September 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	27.80%	28.40%	0.6%	OW	OW
Consumer Discretionary XLY	XLY	9.50%	11.80%	2.3%	OW	OW
Communication Services XLC	XLC	9.10%	11.40%	2.3%	OW	OW
Financials XLF	XLF	11.50%	13.80%	2.3%	OW	OW
Industrials XLI	XLI	7.00%	7.30%	0.3%	OW	OW
Real Estate XLRE	XLRE	1.60%	1.70%	0.1%	OW	N
Health Care XLV	XLV	7.70%	7.70%	0.0%	N	N
Materials XLB	XLB	1.60%	1.60%	0.0%	N	N
Utilities XLU	XLU	1.90%	0.00%	-1.9%	N	OW
Consumer Staples XLP	XLP	4.90%	0.90%	-4.0%	UW	N
Energy XLE	XLE	2.50%	0.50%	-2.0%	N	UW
Total		85%	85%

Note: S&P Index Weight as of September 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	OW
XLC XLC	XLC	OW	N OW
XLF XLF	XLF	OW	OW
XLI XLI	XLI	OW	OW
XLRE XLRE	XLRE	OW	N
XLV XLV	XLV	N	UW N
XLB XLB	XLB	N	N
XLU XLU	XLU	N	OW
XLP XLP	XLP	UW	N
XLE XLE	XLE	N	N UW

Note: S&P Index Weight as of September 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	OW
XLC XLC	XLC	OW	N OW
XLF XLF	XLF	OW	OW
XLI XLI	XLI	OW	OW
XLRE XLRE	XLRE	OW	N
XLV XLV	XLV	N	UW N
XLB XLB	XLB	N	N
XLU XLU	XLU	N	OW
XLP XLP	XLP	UW	N
XLE XLE	XLE	N	N UW

Note: S&P Index Weight as of September 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