Alps Equal Sector Weight ETF provides simple, equal-weighted exposure to all 11 GICS sectors, aiming to reduce sector concentration risk. EQL has consistently underperformed the S&P 500 and leading sector ETFs over multiple timeframes, especially during tech-driven markets. With a 0.27% expense ratio, EQL is costlier than replicating its strategy directly via underlying Select Sector SPDR ETFs (0.08%).