Latest Sector Allocation Summary

Sector ETFs ( 85% )

SECTORS	ETF	S&P Weight	FSI Weight	Delta
Information Technology	XLK	25.60%	28.30%	2.7%	OW	OW
Consumer Discretionary	XLY	9.20%	9.60%	0.4%	OW	OW
Utilities	XLU	2.10%	4.00%	1.9%	N	OW
Communication Services	XLC	8.20%	8.40%	0.2%	OW	N
Financials	XLF	11.80%	14.20%	2.4%	OW	OW
Industrials	XLI	7.20%	7.60%	0.4%	OW	OW
Real Estate	XLRE	1.90%	1.90%	0.0%	OW	N
Health Care	XLV	8.90%	6.90%	-2.0%	N	N
Consumer Staples	XLP	5.70%	3.40%	-2.3%	UW	UW
Energy	XLE	2.70%	0.70%	-2.0%	N	UW
Materials	XLB	1.60%	0.00%	-1.6%	N	UW
Total		85%	85%

Note: S&P Index Weight as of May 2nd, 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	25.60%	28.30%	2.7%	OW	OW
Consumer Discretionary XLY	XLY	9.20%	9.60%	0.4%	OW	OW
Utilities XLU	XLU	2.10%	4.00%	1.9%	N	OW
Communication Services XLC	XLC	8.20%	8.40%	0.2%	OW	N
Financials XLF	XLF	11.80%	14.20%	2.4%	OW	OW
Industrials XLI	XLI	7.20%	7.60%	0.4%	OW	OW
Real Estate XLRE	XLRE	1.90%	1.90%	0.0%	OW	N
Health Care XLV	XLV	8.90%	6.90%	-2.0%	N	N
Consumer Staples XLP	XLP	5.70%	3.40%	-2.3%	UW	UW
Energy XLE	XLE	2.70%	0.70%	-2.0%	N	UW
Materials XLB	XLB	1.60%	0.00%	-1.6%	N	UW
Total		85%	85%

Note: S&P Index Weight as of May 2nd, 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
XLU XLU	XLU	N	OW
XLC XLC	XLC	OW	N
XLF XLF	XLF	OW	OW
XLI XLI	XLI	OW	OW
XLRE XLRE	XLRE	OW	N
XLV XLV	XLV	N	OW N
XLP XLP	XLP	UW	UW
XLE XLE	XLE	N	UW
XLB XLB	XLB	N	UW

Note: S&P Index Weight as of May 2nd, 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
XLU XLU	XLU	N	OW
XLC XLC	XLC	OW	N
XLF XLF	XLF	OW	OW
XLI XLI	XLI	OW	OW
XLRE XLRE	XLRE	OW	N
XLV XLV	XLV	N	OW N
XLP XLP	XLP	UW	UW
XLE XLE	XLE	N	UW
XLB XLB	XLB	N	UW

Note: S&P Index Weight as of May 2nd, 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