First Trust Horizon Managed Volatility… (HSMV) Holdings
HSMV holdings summary
as of Oct 25, 2026- Holdings
- 150 positions listed
- Top 10 weight
- 15.9% of net assets
- Effective holdings
- 105 equal-weight equivalent
- Largest holding
- INGR 2.14% Ingredion Incorporated
- Annual turnover
- 72.7% of the portfolio traded
Top 1015.9%
Top 2533.3%
Top 5058.6%
Top 10089.0%
All HSMV holdings
150 holdings
| # | Name | ||||||
|---|---|---|---|---|---|---|---|
| 1 | INGR | Ingredion Incorporated | Consumer Defensive | 2.14% | $117,244.83 | $6.18B | 10.7 |
| 2 | DLB | Dolby Laboratories, Inc. | Industrials | 2.06% | $112,915.22 | $5.62B | 25.5 |
| 3 | PECO | Phillips Edison & Company, Inc. | Real Estate | 1.65% | $90,439.59 | $5.40B | 33.5 |
| 4 | AM | Antero Midstream Corporation | Energy | 1.65% | $90,428.63 | $9.80B | 24.9 |
| 5 | BCPC | Balchem Corporation | Basic Materials | 1.63% | $89,507.90 | $5.44B | 33.6 |
| 6 | DTM | DT Midstream, Inc. | Energy | 1.43% | $78,607.14 | $12.62B | 27.1 |
| 7 | EFC | Ellington Financial Inc. | Real Estate | 1.40% | $76,705.40 | $1.53B | 7.2 |
| 8 | IOSP | Innospec Inc. | Basic Materials | 1.35% | $74,233.68 | $2.38B | 19.8 |
| 9 | OGE | OGE Energy Corp. | Utilities | 1.32% | $72,145.60 | $9.82B | 20.9 |
| 10 | STWD | Starwood Property Trust, Inc. | Real Estate | 1.31% | $71,833.21 | $4.73B | 20.8 |
| 11 | GGG | Graco Inc. | Industrials | 1.28% | $69,953.40 | $13.28B | 25.8 |
| 12 | IVT | InvenTrust Properties Corp. | Real Estate | 1.21% | $66,149.91 | $2.34B | 158.3 |
| 13 | ABM | ABM Industries Incorporated | Industrials | 1.20% | $66,001.94 | $3.00B | 18.5 |
| 14 | SWX | Southwest Gas Holdings, Inc. | Utilities | 1.20% | $65,579.94 | $6.34B | 21.9 |
| 15 | NJR | New Jersey Resources Corporation | Utilities | 1.18% | $64,418.07 | $5.30B | 14.5 |
| 16 | NNN | NNN REIT Inc | Real Estate | 1.17% | $64,056.35 | $7.97B | 20.6 |
| 17 | INVA | Innoviva, Inc. | Healthcare | 1.17% | $64,012.51 | $1.50B | 4.9 |
| 18 | GATX | GATX Corporation | Industrials | 1.16% | $63,382.25 | $5.84B | 16.4 |
| 19 | CHCO | City Holding Company | Financial Services | 1.16% | $63,338.40 | $1.99B | 15.5 |
| 20 | WABC | Westamerica Bancorporation | Financial Services | 1.13% | $62,138.17 | $1.42B | 13.6 |
| 21 | CCK | Crown Holdings, Inc. | Consumer Cyclical | 1.12% | $61,113.31 | $12.42B | 16.4 |
| 22 | SCI | Service Corporation International | Consumer Cyclical | 1.11% | $60,855.73 | $11.09B | 21.3 |
| 23 | ADC | Agree Realty Corporation | Real Estate | 1.11% | $60,565.26 | $8.36B | 36.0 |
| 24 | IDA | IDACORP, Inc. | Utilities | 1.09% | $59,896.64 | $8.00B | 22.9 |
| 25 | MSA | MSA Safety Incorporated | Industrials | 1.09% | $59,754.14 | $6.91B | 22.3 |
| 26 | EHC | Encompass Health Corporation | Healthcare | 1.09% | $59,611.65 | $12.61B | 21.4 |
| 27 | CLH | Clean Harbors, Inc. | Industrials | 1.09% | $59,523.96 | $16.90B | 38.8 |
| 28 | POST | Post Holdings, Inc. | Consumer Defensive | 1.08% | $59,167.73 | $3.45B | 14.3 |
| 29 | ATR | AptarGroup, Inc. | Healthcare | 1.08% | $59,074.56 | $7.92B | 22.5 |
| 30 | BJ | BJ's Wholesale Club Holdings, Inc. | Consumer Defensive | 1.06% | $58,279.88 | $13.00B | 21.7 |
| 31 | REYN | Reynolds Consumer Products Inc. | Consumer Cyclical | 1.06% | $58,109.99 | $4.81B | 13.9 |
| 32 | MSM | MSC Industrial Direct Co., Inc. | Industrials | 1.06% | $58,038.74 | $7.28B | 31.5 |
| 33 | LOPE | Grand Canyon Education, Inc. | Consumer Defensive | 1.04% | $57,101.57 | $4.21B | 19.6 |
| 34 | GNTX | Gentex Corporation | Consumer Cyclical | 1.04% | $57,096.09 | $4.43B | 11.1 |
| 35 | AFG | American Financial Group, Inc. | Financial Services | 1.04% | $57,002.92 | $12.37B | 13.0 |
| 36 | UVV | Universal Corporation | Consumer Defensive | 1.04% | $56,931.67 | $1.01B | 53.5 |
| 37 | MCRI | Monarch Casino & Resort, Inc. | Consumer Cyclical | 1.03% | $56,274.01 | $2.04B | 18.2 |
| 38 | WTS | Watts Water Technologies, Inc. | Industrials | 1.01% | $55,616.35 | $11.91B | 31.2 |
| 39 | ENSG | The Ensign Group, Inc. | Healthcare | 1.01% | $55,610.87 | $10.29B | 27.7 |
| 40 | LANC | Lancaster Colony Corporation | Consumer Defensive | 1.00% | $55,073.78 | — | — |
| 41 | WPC | W. P. Carey Inc. | Real Estate | 1.00% | $55,035.41 | $14.84B | 22.3 |
| 42 | MSGS | Madison Square Garden Sports Corp. | Communication Services | 0.98% | $53,561.15 | $9.54B | — |
| 43 | NEU | NewMarket Corporation | Basic Materials | 0.97% | $53,013.10 | $8.06B | 18.9 |
| 44 | PAG | Penske Automotive Group, Inc. | Consumer Cyclical | 0.96% | $52,799.36 | $13.95B | 14.9 |
| 45 | FCN | FTI Consulting, Inc. | Industrials | 0.95% | $52,059.49 | $4.10B | 17.9 |
| 46 | AWI | Armstrong World Industries, Inc. | Industrials | 0.95% | $51,873.15 | $7.11B | 23.0 |
| 47 | CHE | Chemed Corporation | Healthcare | 0.94% | $51,681.33 | $6.70B | 25.8 |
| 48 | FELE | Franklin Electric Co., Inc. | Industrials | 0.94% | $51,582.68 | $4.43B | 28.9 |
| 49 | ALV | Autoliv, Inc. | Consumer Cyclical | 0.93% | $51,215.49 | $8.35B | 13.7 |
| 50 | DCI | Donaldson Company, Inc. | Industrials | 0.93% | $51,034.63 | $10.19B | 22.8 |
| 51 | JJSF | J&J Snack Foods Corp. | Consumer Defensive | 0.92% | $50,486.58 | $1.47B | 30.5 |
| 52 | FDP | Fresh Del Monte Produce Inc | Other | 0.92% | $50,382.45 | — | — |
| 53 | CBSH | Commerce Bancshares, Inc. | Financial Services | 0.91% | $49,850.84 | $7.99B | 13.6 |
| 54 | BRX | Brixmor Property Group Inc. | Real Estate | 0.87% | $47,631.23 | $8.49B | 19.8 |
| 55 | KFY | Korn Ferry | Industrials | 0.86% | $46,913.28 | $4.09B | 13.8 |
| 56 | WDFC | WD-40 Company | Basic Materials | 0.83% | $45,274.60 | $2.69B | 30.4 |
| 57 | PBH | Prestige Consumer Healthcare Inc. | Healthcare | 0.82% | $44,721.07 | $2.36B | 14.0 |
| 58 | ITT | ITT Inc. | Industrials | 0.82% | $44,688.18 | $17.83B | 38.8 |
| 59 | POR | Portland General Electric Company | Utilities | 0.80% | $43,805.82 | $5.19B | 19.5 |
| 60 | SR | Spire Inc. | Utilities | 0.79% | $43,148.16 | $4.85B | 23.8 |
| 61 | OGS | ONE Gas, Inc. | Utilities | 0.79% | $43,142.68 | $4.75B | 16.3 |
| 62 | RPM | RPM International Inc. | Basic Materials | 0.78% | $42,720.68 | $12.72B | 18.4 |
| 63 | NFG | National Fuel Gas Company | Energy | 0.74% | $40,353.09 | $7.60B | 11.1 |
| 64 | GLPI | Gaming and Leisure Properties, Inc. | Real Estate | 0.72% | $39,657.06 | $11.76B | 11.5 |
| 65 | AVA | Avista Corporation | Utilities | 0.72% | $39,481.69 | $3.07B | 13.2 |
| 66 | AAYA | ANNALY CAP.MGMT DL -01 | Other | 0.70% | $38,533.56 | — | — |
| 67 | CFR | Cullen/Frost Bankers, Inc. | Financial Services | 0.70% | $38,434.91 | $9.64B | 14.7 |
| 68 | FCF | First Commonwealth Financial Corporation | Financial Services | 0.69% | $37,985.50 | $2.06B | 12.5 |
| 69 | EGP | EastGroup Properties, Inc. | Real Estate | 0.67% | $36,467.40 | $10.56B | 34.5 |
| 70 | HMN | Horace Mann Educators Corporation | Financial Services | 0.65% | $35,574.07 | $1.88B | 10.8 |
| 71 | KRG | Kite Realty Group Trust | Real Estate | 0.65% | $35,535.71 | $5.05B | 15.4 |
| 72 | ELS | Equity LifeStyle Properties, Inc. | Real Estate | 0.65% | $35,491.87 | $12.27B | 29.6 |
| 73 | CDP | COPT Defense Properties | Real Estate | 0.64% | $35,058.91 | $3.86B | 23.1 |
| 74 | CPK | Chesapeake Utilities Corporation | Utilities | 0.63% | $34,680.75 | $3.34B | 21.1 |
| 75 | PB | Prosperity Bancshares, Inc. | Financial Services | 0.59% | $32,439.22 | $8.15B | 11.7 |
| 76 | MDU | MDU Resources Group, Inc. | Utilities | 0.58% | $31,737.71 | $4.00B | 20.2 |
| 77 | HOMB | Home Bancshares, Inc. (Conway, AR) | Financial Services | 0.54% | $29,622.23 | $5.84B | 12.0 |
| 78 | NWN | Northwest Natural Holding Company | Utilities | 0.54% | $29,605.79 | $2.06B | 16.3 |
| 79 | THG | The Hanover Insurance Group, Inc. | Financial Services | 0.54% | $29,392.04 | $8.11B | 11.2 |
| 80 | IBOC | International Bancshares Corporation | Financial Services | 0.53% | $28,772.75 | $4.19B | 10.2 |
| 81 | PFBC | Preferred Bank | Financial Services | 0.52% | $28,767.27 | $1.24B | 9.7 |
| 82 | CNO | CNO Financial Group, Inc. | Financial Services | 0.52% | $28,630.25 | $5.06B | 18.9 |
| 83 | BNL | Broadstone Net Lease, Inc. | Real Estate | 0.52% | $28,454.88 | $3.86B | 23.9 |
| 84 | TRMK | Trustmark Corporation | Financial Services | 0.50% | $27,451.94 | $2.61B | 11.4 |
| 85 | FCPT | Four Corners Property Trust, Inc. | Real Estate | 0.50% | $27,419.06 | $2.41B | 20.0 |
| 86 | UBSI | United Bankshares, Inc. | Financial Services | 0.50% | $27,183.39 | $6.36B | 12.7 |
| 87 | AWR | American States Water Company | Utilities | 0.48% | $26,531.21 | $3.31B | 22.9 |
| 88 | NWBI | Northwest Bancshares, Inc. | Financial Services | 0.48% | $26,213.34 | $2.19B | 14.4 |
| 89 | STBA | S&T Bancorp, Inc. | Financial Services | 0.45% | $24,426.69 | $1.72B | 13.0 |
| 90 | WSFS | WSFS Financial Corporation | Financial Services | 0.43% | $23,401.83 | $3.92B | 12.8 |
| 91 | UGI | UGI Corporation | Utilities | 0.41% | $22,711.29 | $8.24B | 12.8 |
| 92 | ACT | Enact Holdings, Inc. | Financial Services | 0.41% | $22,629.08 | $6.36B | 9.8 |
| 93 | UE | Urban Edge Properties | Real Estate | 0.41% | $22,568.79 | $2.68B | 36.8 |
| 94 | MGEE | MGE Energy, Inc. | Utilities | 0.41% | $22,541.39 | $2.73B | 17.8 |
| 95 | OTTR | Otter Tail Corporation | Industrials | 0.40% | $21,686.43 | $3.78B | 19.5 |
| 96 | PRI | Primerica, Inc. | Financial Services | 0.39% | $21,368.56 | $8.70B | 11.4 |
| 97 | EPRT | Essential Properties Realty Trust, Inc. | Real Estate | 0.39% | $21,149.34 | $5.66B | 20.2 |
| 98 | AGO | Assured Guaranty Ltd. | Financial Services | 0.38% | $20,963.00 | $3.12B | 9.4 |
| 99 | MTG | MGIC Investment Corporation | Financial Services | 0.38% | $20,897.23 | $5.71B | 8.7 |
| 100 | INDB | Independent Bank Corp. | Financial Services | 0.38% | $20,891.75 | $3.78B | 11.8 |
| 101 | ORI | Old Republic International Corporation | Financial Services | 0.35% | $18,984.53 | $9.58B | 8.8 |
| 102 | GNW | Genworth Financial, Inc. | Financial Services | 0.34% | $18,589.93 | $3.43B | 18.1 |
| 103 | CATY | Cathay General Bancorp | Financial Services | 0.32% | $17,373.26 | $4.00B | 11.7 |
| 104 | BKH | Black Hills Corporation | Utilities | 0.32% | $17,351.34 | $5.84B | 19.3 |
| 105 | HTH | Hilltop Holdings Inc. | Financial Services | 0.32% | $17,323.93 | $2.11B | 13.6 |
| 106 | UNM | Unum Group | Financial Services | 0.32% | $17,274.61 | $14.60B | 21.5 |
| 107 | ABCB | Ameris Bancorp | Financial Services | 0.31% | $17,236.24 | $5.35B | 14.4 |
| 108 | HR | Healthcare Realty Trust Incorporated | Real Estate | 0.31% | $16,885.49 | $6.07B | — |
| 109 | RGA | Reinsurance Group of America, Incorporated | Financial Services | 0.30% | $16,556.66 | $17.42B | 11.7 |
| 110 | SJW | SJW Group Common Stock | Utilities | 0.30% | $16,348.40 | — | — |
| 111 | ESNT | Essent Group Ltd. | Financial Services | 0.30% | $16,205.91 | $5.82B | 9.0 |
| 112 | RDN | Radian Group Inc. | Financial Services | 0.27% | $15,049.52 | $4.50B | 8.4 |
| 113 | WAFD | Washington Federal, Inc. | Financial Services | 0.26% | $14,474.06 | $2.16B | 9.2 |
| 114 | AMH | American Homes 4 Rent | Real Estate | 0.26% | $14,276.76 | $12.82B | 24.8 |
| 115 | NTST | NETSTREIT Corp. | Real Estate | 0.26% | $14,227.44 | $1.75B | 122.8 |
| 116 | SEIC | SEI Investments Company | Financial Services | 0.24% | $13,180.66 | $12.53B | 18.4 |
| 117 | NMIH | NMI Holdings, Inc. | Financial Services | 0.24% | $13,049.13 | $3.06B | 8.0 |
| 118 | EIG | Employers Holdings, Inc. | Financial Services | 0.23% | $12,835.38 | $919.8M | 68.3 |
| 119 | LTC | LTC Properties, Inc. | Real Estate | 0.23% | $12,490.11 | $2.35B | 15.6 |
| 120 | OHI | Omega Healthcare Investors, Inc. | Real Estate | 0.22% | $12,309.25 | $14.39B | 16.3 |
| 121 | FR | First Industrial Realty Trust, Inc. | Real Estate | 0.22% | $12,298.29 | $8.05B | 21.4 |
| 122 | ARR | ARMOUR Residential REIT, Inc. | Real Estate | 0.22% | $12,276.37 | $1.87B | 3.3 |
| 123 | DEA | Easterly Government Properties, Inc. | Real Estate | 0.20% | $10,834.99 | $1.07B | 114.8 |
| 124 | RNR | RenaissanceRe Holdings Ltd. | Financial Services | 0.19% | $10,604.81 | $14.59B | 6.1 |
| 125 | TRNO | Terreno Realty Corporation | Real Estate | 0.19% | $10,286.94 | $6.98B | 17.2 |
| 126 | APLE | Apple Hospitality REIT, Inc. | Real Estate | 0.19% | $10,265.02 | $4.03B | 23.0 |
| 127 | GTY | Getty Realty Corp. | Real Estate | 0.18% | $9,903.31 | $1.76B | 17.2 |
| 128 | LAMR | Lamar Advertising Company | Real Estate | 0.17% | $9,426.50 | $15.24B | 27.4 |
| 129 | STAG | STAG Industrial, Inc. | Real Estate | 0.17% | $9,399.10 | $7.05B | 27.6 |
| 130 | RLI | RLI Corp. | Financial Services | 0.17% | $9,322.37 | $5.60B | 12.8 |
| 131 | REXR | Rexford Industrial Realty, Inc. | Real Estate | 0.17% | $9,130.55 | $8.42B | — |
| 132 | SBRA | Sabra Health Care REIT, Inc. | Real Estate | 0.16% | $8,966.14 | $4.94B | 77.4 |
| 133 | HIW | Highwoods Properties, Inc. | Real Estate | 0.16% | $8,938.73 | $3.30B | 19.4 |
| 134 | CURB | Curbline Properties Corp. | Real Estate | 0.16% | $8,905.85 | $3.05B | 94.7 |
| 135 | CWT | California Water Service Group | Utilities | 0.16% | $8,900.37 | $2.87B | 20.8 |
| 136 | AHR | American Healthcare REIT, Inc. | Real Estate | 0.16% | $8,544.14 | $11.60B | 79.4 |
| 137 | SKT | Tanger Factory Outlet Centers, Inc. | Real Estate | 0.16% | $8,500.29 | $4.24B | 32.5 |
| 138 | AKR | Acadia Realty Trust | Real Estate | 0.15% | $8,472.89 | $2.71B | 54.7 |
| 139 | FF60 | FIRSTCASH HLDGS INC.DL-01 | Financial Services | 0.15% | $8,472.89 | — | — |
| 140 | CUZ | Cousins Properties Incorporated | Real Estate | 0.15% | $8,456.45 | $4.55B | 691.0 |
| 141 | CTRE | CareTrust REIT, Inc. | Real Estate | 0.15% | $8,346.84 | $8.64B | 22.8 |
| 142 | IRT | Independence Realty Trust, Inc. | Real Estate | 0.15% | $8,330.39 | $3.57B | 82.1 |
| 143 | EPR | EPR Properties | Real Estate | 0.15% | $8,198.86 | $4.27B | 17.9 |
| 144 | CUBE | CubeSmart | Real Estate | 0.15% | $8,176.94 | $8.83B | 26.7 |
| 145 | RYN | Rayonier Inc. | Real Estate | 0.15% | $7,985.12 | $5.68B | 41.3 |
| 146 | FNF | Fidelity National Financial, Inc. | Financial Services | 0.14% | $7,404.19 | $10.74B | 13.9 |
| 147 | GNL | Global Net Lease, Inc. | Real Estate | 0.13% | $7,349.38 | $1.72B | — |
| 148 | FAF | First American Financial Corporation | Financial Services | 0.13% | $7,305.54 | $6.63B | 9.0 |
| 149 | BXMT | Blackstone Mortgage Trust, Inc. | Real Estate | 0.13% | $7,261.69 | $1.77B | 131.6 |
| 150 | PMT | PennyMac Mortgage Investment Trust | Real Estate | 0.12% | $6,532.78 | $641.8M | 4.8 |
Weights as a percentage of net assets. Value held = weight × net assets ($5.5M). Market cap and P/E from each company's latest fundamentals (U.S.-listed stocks).
HSMV sector breakdown
| Sector | Weight | Holdings | Largest |
|---|---|---|---|
| Real Estate | 20.1% | 46 | PECO, EFC, STWD |
| Financial Services | 18.4% | 41 | CHCO, WABC, AFG |
| Industrials | 15.8% | 15 | DLB, GGG, ABM |
| Utilities | 11.7% | 17 | OGE, SWX, NJR |
| Consumer Defensive | 8.3% | 7 | INGR, POST, BJ |
| Consumer Cyclical | 7.3% | 7 | CCK, SCI, REYN |
| Healthcare | 6.1% | 6 | INVA, EHC, ATR |
| Basic Materials | 5.6% | 5 | BCPC, IOSP, NEU |
| Energy | 3.8% | 3 | AM, DTM, NFG |
| Other | 1.6% | 2 | FDP, AAYA |
| Communication Services | 1.0% | 1 | MSGS |
Sum of the weights of the holdings in each sector.
HSMV top industries
Banks - Regional
10.4%
REIT - Retail
8.9%
Utilities - Regulated Gas
6.4%
Specialty Chemicals
5.6%
Packaged Foods
5.1%
Specialty Industrial Machinery
5.0%
Utilities - Regulated Electric
3.6%
Specialty Business Services
3.3%
REIT - Mortgage
3.2%
Oil & Gas Midstream
3.1%
Medical Care Facilities
3.0%
Insurance - Property & Casualty
2.7%
Insurance - Specialty
2.5%
Packaging & Containers
2.2%
Auto Parts
2.0%
HSMV overlap with other ETFs
| ETF | Fund | Overlap | Shared holdings | Expense ratio |
|---|---|---|---|---|
| IWM | iShares Russell 2000 ETF | 8.5% | 75 of 1,962 | 0.19% |
| VTI | Vanguard Total Stock Market ETF | 1.2% | 149 of 2,941 | 0.03% |
| VXUS | Vanguard Total International Stock ETF | 0.7% | 16 of 8,035 | 0.05% |
| SPY | SPDR S&P 500 ETF | 0.0% | 0 of 502 | 0.09% |
| QQQ | Invesco QQQ ETF | 0.0% | 0 of 101 | 0.17% |
| DIA | SPDR Dow Jones Industrial Average ETF | 0.0% | 0 of 30 | 0.16% |
Overlap = sum over shared holdings of the smaller of the two weights. 100% means identical portfolios.
About the HSMV portfolio
First Trust Horizon Managed Volatility… holds 150 positions. The ten largest make up 15.9% of the fund and the top 50 58.6%, so it behaves like a portfolio of about 105 equally weighted stocks. The biggest positions are Ingredion Incorporated (2.14%), Dolby Laboratories, Inc. (2.06%), Phillips Edison & Company, Inc. (1.65%), Antero Midstream Corporation (1.65%), Balchem Corporation (1.63%).
By sector, Real Estate is 20.1%, Financial Services is 18.4%, Industrials is 15.8%. Holdings data is from the fund's latest portfolio as reported by EODHD on October 25, 2026; positions change as the fund rebalances.
Related: HSMV chart, HSMV performance, HSMV dividends, HSMV valuation, HSMV overview.
HSMV holdings FAQ
How many holdings does HSMV have?
HSMV holds 150 positions as of October 25, 2026.
What are the top 10 holdings of HSMV?
The ten largest holdings are Ingredion Incorporated (2.14%), Dolby Laboratories, Inc. (2.06%), Phillips Edison & Company, Inc. (1.65%), Antero Midstream Corporation (1.65%), Balchem Corporation (1.63%), DT Midstream, Inc. (1.43%), Ellington Financial Inc. (1.40%), Innospec Inc. (1.35%), OGE Energy Corp. (1.32%), Starwood Property Trust, Inc. (1.31%). Together they are 15.9% of the fund.
What percentage of HSMV is Ingredion Incorporated?
Ingredion Incorporated is the largest holding at 2.14% of net assets, about $117,244.83 of the fund's $5.5M.
Which sector is the largest in HSMV?
Real Estate is the largest sector at 20.1%, followed by Financial Services (18.4%) and Industrials (15.8%), based on the sectors of the individual holdings.
How concentrated is HSMV?
The top 10 holdings are 15.9% of the fund. By the effective number of holdings (1 divided by the sum of squared weights) HSMV behaves like a portfolio of about 105 equally weighted stocks.