Confused about ETF holdings

That's a good point,thanks. So I filtered the enegy sector from the MSCI. It doesn't seem that bad of an overlap? True the Lyxor Oil & Gas also has 11.5% in Industrials. Sorry if formating is hell.

Name Weight Sector Location EXXON MOBIL CORP 0.31 Energy United States CHEVRON CORP 0.31 Energy United States TOTAL 0.19 Energy France ENBRIDGE INC 0.13 Energy Canada BP PLC 0.12 Energy United Kingdom ROYAL DUTCH SHELL PLC 0.12 Energy United Kingdom ROYAL DUTCH SHELL PLC CLASS B 0.1 Energy United Kingdom TC ENERGY CORP 0.09 Energy Canada CONOCOPHILLIPS 0.08 Energy United States NESTE 0.06 Energy Finland KINDER MORGAN INC 0.05 Energy United States PHILLIPS 0.05 Energy United States WILLIAMS INC 0.05 Energy United States EOG RESOURCES INC 0.05 Energy United States SCHLUMBERGER NV 0.05 Energy United States CANADIAN NATURAL RESOURCES LTD 0.05 Energy Canada MARATHON PETROLEUM CORP 0.04 Energy United States SUNCOR ENERGY INC 0.04 Energy Canada ENI 0.04 Energy Italy VALERO ENERGY CORP 0.04 Energy United States PIONEER NATURAL RESOURCE 0.03 Energy United States WOODSIDE PETROLEUM LTD 0.03 Energy Australia EQUINOR 0.03 Energy Norway PEMBINA PIPELINE CORP 0.03 Energy Canada ENEOS HOLDINGS INC 0.03 Energy Japan REPSOL SA 0.02 Energy Spain CHENIERE ENERGY INC 0.02 Energy United States HALLIBURTON 0.02 Energy United States ONEOK INC 0.02 Energy United States HESS CORP 0.02 Energy United States OCCIDENTAL PETROLEUM CORP 0.02 Energy United States CABOT OIL & GAS CORP 0.02 Energy United States CONCHO RESOURCES INC 0.02 Energy United States ORIGIN ENERGY LTD 0.01 Energy Australia SANTOS LTD 0.01 Energy Australia CENOVUS ENERGY INC 0.01 Energy Canada BAKER HUGHES CLASS A 0.01 Energy United States GALP ENERGIA SGPS SA 0.01 Energy Portugal INPEX CORP 0.01 Energy Japan DIAMONDBACK ENERGY INC 0.01 Energy United States CAMECO CORP 0.01 Energy Canada LUNDIN ENERGY 0.01 Energy Sweden AMPOL LTD 0.01 Energy Australia IDEMITSU KOSAN LTD 0.01 Energy Japan OMV AG 0.01 Energy Austria IMPERIAL OIL LTD 0.01 Energy Canada KONINKLIJKE VOPAK NV 0.01 Energy Netherlands INTER PIPELINE LTD 0.01 Energy Canada NATIONAL OILWELL VARCO INC 0.01 Energy United States PARKLAND CORP 0.01 Energy Canada KEYERA CORP 0.01 Energy Canada OIL SEARCH LTD 0.01 Energy Australia TENARIS SA 0.01 Energy Italy WASHINGTON H SOUL PATTINSON & COM 0 Energy Australia

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