AVLC vs. FMDE ETF Comparison

Comparison of Avantis U.S. Large Cap Equity ETF (AVLC) to Fidelity Enhanced Mid Cap ETF (FMDE)

AVLC

Avantis U.S. Large Cap Equity ETF

AVLC Description

The fund invests primarily in a diverse group of U.S. companies across market sectors and industry groups. The fund seeks securities of companies that it expects to have higher returns by placing an enhanced emphasis on securities of companies with higher profitability and value characteristics. Conversely, the fund seeks to underweight or exclude securities it expects to have lower returns, such as securities of companies with lower levels of profitability and less attractive value characteristics

Grade (RS Rating)

Last Trade

$69.74

Average Daily Volume

19,482

Number of Holdings ^*

976

* may have additional holdings in another (foreign) market

FMDE

Fidelity Enhanced Mid Cap ETF

FMDE Description

The fund will normally invest at least 80% of assets in common stocks included in the Russell Midcap® Index, which is a market capitalization-weighted index designed to measure the performance of the mid-cap segment of the U.S. equity market. The adviser will generally use computer-aided, quantitative analysis of historical valuation, growth, profitability, and other factors to select a broadly diversified group of stocks that may have the potential to provide a higher total return than that of the index. It will invest in domestic and foreign issuers.

Grade (RS Rating)

Last Trade

$34.97

Average Daily Volume

149,789

Number of Holdings ^*

292

* may have additional holdings in another (foreign) market

Performance

Period	AVLC	FMDE
30 Days	4.71%	8.08%
60 Days	6.29%	9.45%
90 Days	7.72%	11.70%
12 Months	33.08%	39.69%

267 Overlapping Holdings

	Symbol	Grade	Weight in AVLC	Weight in FMDE	Overlap
	A	D	0.06%	0.27%	0.06%
	ACGL	D	0.15%	0.09%	0.09%
	ACM	A	0.02%	0.17%	0.02%
	ADM	D	0.11%	0.07%	0.07%
	ADTN	A	0.01%	0.2%	0.01%
	AES	F	0.06%	0.12%	0.06%
	AFL	B	0.19%	0.02%	0.02%
	AIZ	A	0.05%	0.63%	0.05%
	AJG	B	0.05%	0.02%	0.02%
	AKAM	D	0.03%	0.03%	0.03%
	ALL	A	0.2%	0.57%	0.2%
	ALLE	D	0.02%	0.58%	0.02%
	ALSN	B	0.02%	0.37%	0.02%
	AM	A	0.03%	0.39%	0.03%
	AME	A	0.05%	0.4%	0.05%
	AMP	A	0.26%	0.6%	0.26%
	ANF	C	0.06%	0.45%	0.06%
	ANSS	B	0.04%	0.13%	0.04%
	APP	B	0.16%	0.3%	0.16%
	ARW	D	0.05%	0.01%	0.01%
	ATI	D	0.06%	0.13%	0.06%
	AWK	D	0.03%	0.1%	0.03%
	AXON	A	0.05%	0.67%	0.05%
	AXS	A	0.05%	0.09%	0.05%
	AXTA	A	0.04%	0.47%	0.04%
	AYI	B	0.04%	0.31%	0.04%
	BAH	F	0.03%	0.27%	0.03%
	BBWI	D	0.01%	0.04%	0.01%
	BBY	D	0.12%	0.03%	0.03%
	BERY	B	0.01%	0.46%	0.01%
	BIIB	F	0.03%	0.04%	0.03%
	BILL	A	0.01%	0.25%	0.01%
	BK	A	0.18%	0.99%	0.18%
	BLD	D	0.03%	0.32%	0.03%
	BLDR	D	0.07%	0.2%	0.07%
	BMRN	D	0.03%	0.03%	0.03%
	BMY	B	0.18%	0.26%	0.18%
	BRO	B	0.02%	0.25%	0.02%
	BURL	A	0.11%	0.48%	0.11%
	BWXT	B	0.06%	0.47%	0.06%
	CACI	D	0.01%	0.49%	0.01%
	CAH	B	0.03%	0.74%	0.03%
	CBOE	B	0.03%	0.27%	0.03%
	CBRE	B	0.06%	0.03%	0.03%
	CBSH	A	0.04%	0.11%	0.04%
	CCK	C	0.02%	0.48%	0.02%
	CCL	B	0.13%	0.65%	0.13%
	CDW	F	0.05%	0.25%	0.05%
	CF	B	0.09%	0.03%	0.03%
	CFG	B	0.08%	0.23%	0.08%
	CHDN	B	0.02%	0.12%	0.02%
	CI	F	0.07%	0.06%	0.06%
	CINF	A	0.07%	0.13%	0.07%
	CL	D	0.18%	0.42%	0.18%
	CLX	B	0.06%	0.65%	0.06%
	CMI	A	0.21%	0.94%	0.21%
	CNC	D	0.08%	0.57%	0.08%
	CNM	D	0.02%	0.03%	0.02%
	CNP	B	0.02%	0.52%	0.02%
	COIN	C	0.08%	0.31%	0.08%
	COR	B	0.09%	0.51%	0.09%
	CPAY	A	0.04%	0.31%	0.04%
	CPNG	D	0.12%	0.39%	0.12%
	CRUS	D	0.04%	0.44%	0.04%
	CSGP	D	0.04%	0.66%	0.04%
	CSL	C	0.13%	0.05%	0.05%
	CTAS	B	0.12%	0.52%	0.12%
	CTRA	B	0.1%	0.1%	0.1%
	CVNA	B	0.09%	0.75%	0.09%
	CW	B	0.03%	0.59%	0.03%
	CWEN	C	0.0%	0.04%	0.0%
	CWEN	C	0.0%	0.07%	0.0%
	CWEN	C	0.01%	0.07%	0.01%
	CWEN	C	0.01%	0.04%	0.01%
	DAL	C	0.23%	0.05%	0.05%
	DASH	A	0.06%	0.16%	0.06%
	DBX	B	0.01%	0.56%	0.01%
	DCI	B	0.06%	0.52%	0.06%
	DD	D	0.06%	0.58%	0.06%
	DFS	B	0.08%	0.21%	0.08%
	DGX	A	0.01%	0.04%	0.01%
	DHI	D	0.12%	0.37%	0.12%
	DKNG	B	0.01%	0.56%	0.01%
	DKS	C	0.08%	0.2%	0.08%
	DOCU	A	0.05%	0.65%	0.05%
	DTE	C	0.07%	0.06%	0.06%
	DUOL	A	0.01%	0.33%	0.01%
	DVN	F	0.14%	0.31%	0.14%
	DXCM	D	0.05%	0.27%	0.05%
	EA	A	0.06%	0.58%	0.06%
	EBAY	D	0.14%	0.32%	0.14%
	ECL	D	0.06%	0.49%	0.06%
	ED	D	0.08%	0.02%	0.02%
	EEFT	B	0.0%	0.38%	0.0%
	EG	C	0.08%	0.06%	0.06%
	EIX	B	0.09%	0.61%	0.09%
	ELAN	D	0.01%	0.27%	0.01%
	EME	C	0.14%	0.31%	0.14%
	EQH	B	0.09%	0.62%	0.09%
	ES	D	0.02%	0.09%	0.02%
	EVRG	A	0.05%	0.41%	0.05%
	EXC	C	0.1%	0.11%	0.1%
	EXEL	B	0.03%	0.52%	0.03%
	EXPE	B	0.04%	0.73%	0.04%
	FANG	D	0.17%	0.26%	0.17%
	FFIV	B	0.03%	0.54%	0.03%
	FIS	C	0.06%	0.63%	0.06%
	FIX	A	0.1%	0.38%	0.1%
	FLS	B	0.02%	0.21%	0.02%
	FTI	A	0.08%	0.12%	0.08%
	FTV	C	0.01%	0.54%	0.01%
	GAP	C	0.04%	0.49%	0.04%
	GDDY	A	0.08%	0.29%	0.08%
	GEHC	F	0.03%	0.11%	0.03%
	GILD	C	0.35%	0.51%	0.35%
	GIS	D	0.03%	0.33%	0.03%
	GL	B	0.06%	0.54%	0.06%
	GPN	B	0.01%	0.2%	0.01%
	GRMN	B	0.1%	0.52%	0.1%
	GWW	B	0.23%	0.42%	0.23%
	GXO	B	0.01%	0.14%	0.01%
	HAL	C	0.13%	0.02%	0.02%
	HES	B	0.19%	0.22%	0.19%
	HIG	B	0.19%	0.4%	0.19%
	HII	D	0.04%	0.21%	0.04%
	HLT	A	0.05%	0.45%	0.05%
	HOOD	B	0.05%	0.01%	0.01%
	HPE	B	0.08%	0.61%	0.08%
	HPQ	B	0.05%	0.01%	0.01%
	HRB	D	0.03%	0.22%	0.03%
	HUBB	B	0.04%	0.59%	0.04%
	HUBS	A	0.05%	0.61%	0.05%
	HUM	C	0.05%	0.06%	0.05%
	HWM	A	0.05%	0.89%	0.05%
	HXL	D	0.01%	0.35%	0.01%
	IBKR	A	0.03%	0.11%	0.03%
	IDXX	F	0.11%	0.61%	0.11%
	IFF	D	0.06%	0.27%	0.06%
	INCY	C	0.03%	0.6%	0.03%
	INGR	B	0.07%	0.24%	0.07%
	IQV	D	0.04%	0.33%	0.04%
	ITT	A	0.04%	0.12%	0.04%
	JAZZ	B	0.04%	0.02%	0.02%
	JHG	A	0.02%	0.07%	0.02%
	K	A	0.03%	0.04%	0.03%
	KD	B	0.04%	0.15%	0.04%
	KEY	B	0.05%	0.65%	0.05%
	KLAC	D	0.21%	0.36%	0.21%
	KMB	D	0.14%	0.22%	0.14%
	KMI	A	0.1%	0.14%	0.1%
	KR	B	0.2%	0.73%	0.2%
	L	A	0.07%	0.06%	0.06%
	LDOS	C	0.03%	0.6%	0.03%
	LEN	D	0.17%	0.29%	0.17%
	LEN	D	0.01%	0.29%	0.01%
	LHX	C	0.03%	0.24%	0.03%
	LNG	B	0.23%	0.59%	0.23%
	LNW	D	0.02%	0.44%	0.02%
	LPLA	A	0.1%	0.09%	0.09%
	LPX	B	0.06%	0.35%	0.06%
	LSCC	D	0.01%	0.01%	0.01%
	LUV	C	0.08%	0.1%	0.08%
	LYFT	C	0.01%	0.57%	0.01%
	MANH	D	0.06%	0.54%	0.06%
	MCHP	D	0.05%	0.08%	0.05%
	MEDP	D	0.03%	0.45%	0.03%
	MGM	D	0.01%	0.28%	0.01%
	MKL	A	0.12%	0.16%	0.12%
	MKTX	D	0.05%	0.19%	0.05%
	MORN	B	0.01%	0.11%	0.01%
	MPWR	F	0.04%	0.51%	0.04%
	MRO	B	0.11%	0.02%	0.02%
	MSA	D	0.02%	0.07%	0.02%
	MSCI	C	0.05%	0.84%	0.05%
	MSI	B	0.23%	0.5%	0.23%
	MTB	A	0.12%	0.22%	0.12%
	MTDR	B	0.05%	0.28%	0.05%
	NBIX	C	0.04%	0.44%	0.04%
	NDAQ	A	0.02%	0.44%	0.02%
	NOC	D	0.05%	0.18%	0.05%
	NRG	B	0.05%	0.65%	0.05%
	NSC	B	0.22%	0.06%	0.06%
	NTAP	C	0.06%	0.64%	0.06%
	NTNX	A	0.02%	0.33%	0.02%
	NTRA	B	0.02%	0.05%	0.02%
	NUE	C	0.16%	0.6%	0.16%
	NVR	D	0.1%	0.65%	0.1%
	NVT	B	0.02%	0.41%	0.02%
	NWS	B	0.01%	0.11%	0.01%
	NWSA	B	0.03%	0.18%	0.03%
	NYT	C	0.03%	0.45%	0.03%
	OC	A	0.11%	0.23%	0.11%
	OGE	B	0.04%	0.04%	0.04%
	OKE	A	0.2%	0.01%	0.01%
	OVV	B	0.08%	0.02%	0.02%
	PCAR	B	0.25%	0.38%	0.25%
	PCG	A	0.13%	0.36%	0.13%
	PCTY	B	0.02%	0.21%	0.02%
	PEGA	A	0.03%	0.45%	0.03%
	PHM	D	0.12%	0.05%	0.05%
	PLTR	B	0.18%	0.43%	0.18%
	POST	C	0.0%	0.02%	0.0%
	PPG	F	0.05%	0.66%	0.05%
	PRU	A	0.18%	0.85%	0.18%
	PYPL	B	0.32%	0.54%	0.32%
	QRVO	F	0.02%	0.5%	0.02%
	RBLX	C	0.01%	0.72%	0.01%
	RCL	A	0.28%	0.18%	0.18%
	REYN	D	0.0%	0.03%	0.0%
	RGA	A	0.08%	0.28%	0.08%
	RJF	A	0.11%	0.78%	0.11%
	ROP	B	0.09%	0.1%	0.09%
	ROST	C	0.21%	0.71%	0.21%
	RS	B	0.07%	0.3%	0.07%
	SAM	C	0.0%	0.15%	0.0%
	SEE	C	0.01%	0.34%	0.01%
	SEIC	B	0.03%	0.24%	0.03%
	SF	B	0.04%	0.03%	0.03%
	SNX	C	0.04%	0.44%	0.04%
	SOLV	C	0.01%	0.39%	0.01%
	SQ	B	0.07%	0.97%	0.07%
	SSNC	B	0.01%	0.59%	0.01%
	STLD	B	0.12%	0.47%	0.12%
	STT	A	0.1%	0.72%	0.1%
	SWK	D	0.02%	0.01%	0.01%
	SWKS	F	0.07%	0.45%	0.07%
	SYF	B	0.15%	0.36%	0.15%
	SYY	B	0.07%	0.11%	0.07%
	TDC	D	0.0%	0.48%	0.0%
	TOL	B	0.07%	0.62%	0.07%
	TOST	B	0.02%	0.69%	0.02%
	TPL	A	0.13%	0.14%	0.13%
	TPR	B	0.08%	0.51%	0.08%
	TRGP	B	0.27%	0.56%	0.27%
	TT	A	0.14%	0.48%	0.14%
	TW	A	0.02%	0.22%	0.02%
	TWLO	A	0.04%	0.67%	0.04%
	TXG	F	0.0%	0.05%	0.0%
	TXRH	C	0.09%	0.03%	0.03%
	TXT	D	0.05%	0.59%	0.05%
	U	C	0.01%	0.04%	0.01%
	UAL	A	0.19%	0.79%	0.19%
	UHS	D	0.06%	0.32%	0.06%
	ULTA	F	0.11%	0.04%	0.04%
	UNM	A	0.06%	0.52%	0.06%
	USFD	A	0.01%	0.16%	0.01%
	UTHR	C	0.1%	0.35%	0.1%
	VEEV	C	0.05%	0.71%	0.05%
	VLTO	D	0.06%	0.1%	0.06%
	VMC	B	0.05%	0.42%	0.05%
	VMI	B	0.05%	0.37%	0.05%
	VST	B	0.13%	0.94%	0.13%
	WAB	B	0.04%	0.43%	0.04%
	WBD	C	0.03%	0.08%	0.03%
	WCC	B	0.07%	0.33%	0.07%
	WDAY	B	0.08%	0.06%	0.06%
	WMB	A	0.29%	1.12%	0.29%
	WSM	B	0.11%	0.11%	0.11%
	WTW	B	0.02%	0.72%	0.02%
	WWD	B	0.03%	0.16%	0.03%
	XEL	A	0.11%	0.28%	0.11%
	XRAY	F	0.0%	0.08%	0.0%
	Z	A	0.02%	0.32%	0.02%
	ZBRA	B	0.03%	0.25%	0.03%
	ZG	A	0.01%	0.26%	0.01%
	ZION	B	0.05%	0.34%	0.05%
	ZM	B	0.05%	0.67%	0.05%

AVLC Overweight 711 Positions Relative to FMDE

	Symbol	Grade	Weight
	AAPL	C	5.24%
	NVDA	C	4.82%
	MSFT	F	4.39%
	AMZN	C	3.03%
	META	D	2.26%
	GOOGL	C	1.57%
	GOOG	C	1.3%
	JPM	A	1.19%
	AVGO	D	1.11%
	XOM	B	1.04%
	COST	B	0.94%
	LLY	F	0.79%
	TSLA	B	0.78%
	BRK.A	B	0.67%
	MA	C	0.66%
	CVX	A	0.64%
	WMT	A	0.64%
	V	A	0.59%
	HD	A	0.58%
	JNJ	D	0.58%
	WFC	A	0.55%
	CAT	B	0.52%
	QCOM	F	0.48%
	NFLX	A	0.48%
	UNP	C	0.47%
	PGR	A	0.46%
	VZ	C	0.45%
	GS	A	0.44%
	CRM	B	0.44%
	TJX	A	0.44%
	T	A	0.42%
	BAC	A	0.42%
	ORCL	B	0.42%
	KO	D	0.4%
	AXP	A	0.4%
	PG	A	0.39%
	MELI	D	0.39%
	CMCSA	B	0.38%
	COP	C	0.38%
	ABBV	D	0.38%
	AMAT	F	0.36%
	UNH	C	0.36%
	ADP	B	0.36%
	MS	A	0.35%
	LRCX	F	0.34%
	ADBE	C	0.33%
	MRK	F	0.32%
	ACN	C	0.32%
	GM	B	0.31%
	TMUS	B	0.31%
	AMD	F	0.31%
	NOW	A	0.3%
	EOG	A	0.3%
	DE	A	0.3%
	CSCO	B	0.3%
	TGT	F	0.29%
	PEP	F	0.27%
	INTU	C	0.27%
	IBM	C	0.27%
	FDX	B	0.26%
	TRV	B	0.26%
	TXN	C	0.26%
	CSX	B	0.26%
	VRTX	F	0.25%
	C	A	0.23%
	LMT	D	0.23%
	COF	B	0.23%
	FTNT	C	0.23%
	USB	A	0.23%
	CMG	B	0.23%
	APD	A	0.22%
	CB	C	0.22%
	PNC	B	0.22%
	MPC	D	0.22%
	LIN	D	0.21%
	SCHW	B	0.21%
	GE	D	0.2%
	ABT	B	0.2%
	ZTS	D	0.2%
	F	C	0.2%
	URI	B	0.2%
	MET	A	0.2%
	FAST	B	0.2%
	AIG	B	0.2%
	MMM	D	0.19%
	PANW	C	0.19%
	TFC	A	0.19%
	UPS	C	0.19%
	AMGN	D	0.19%
	PSX	C	0.19%
	ISRG	A	0.18%
	PM	B	0.18%
	DIS	B	0.18%
	FCX	D	0.18%
	BLK	C	0.18%
	BKR	B	0.18%
	PAYX	C	0.17%
	VLO	C	0.17%
	TSCO	D	0.17%
	NKE	D	0.17%
	MU	D	0.17%
	MCD	D	0.16%
	DUK	C	0.16%
	INTC	D	0.16%
	DECK	A	0.16%
	RTX	C	0.16%
	APO	B	0.16%
	ADI	D	0.15%
	OXY	D	0.15%
	TMO	F	0.15%
	PFE	D	0.15%
	HON	B	0.15%
	KKR	A	0.15%
	LULU	C	0.15%
	ANET	C	0.15%
	REGN	F	0.14%
	FITB	A	0.14%
	DOW	F	0.14%
	AEP	D	0.14%
	SHW	A	0.14%
	MLM	B	0.14%
	ETN	A	0.14%
	ODFL	B	0.14%
	CTSH	B	0.13%
	WM	A	0.13%
	SO	D	0.13%
	IP	B	0.13%
	VRT	B	0.13%
	DHR	F	0.13%
	BKNG	A	0.13%
	ELV	F	0.13%
	GEV	B	0.13%
	SYK	C	0.12%
	SNPS	B	0.12%
	CDNS	B	0.12%
	MDT	D	0.12%
	CME	A	0.12%
	ETR	B	0.12%
	SFM	A	0.12%
	FCNCA	A	0.12%
	LOW	D	0.12%
	PKG	A	0.12%
	ITW	B	0.12%
	BSX	B	0.12%
	ON	D	0.12%
	VRSK	A	0.12%
	APH	A	0.12%
	HBAN	A	0.11%
	BX	A	0.11%
	NTRS	A	0.11%
	MRVL	B	0.11%
	CRWD	B	0.11%
	LYB	F	0.11%
	EQT	B	0.11%
	CEG	D	0.11%
	DRI	B	0.1%
	CPRT	A	0.1%
	AON	A	0.1%
	TROW	B	0.1%
	PEG	A	0.1%
	FLEX	A	0.1%
	RPM	A	0.1%
	SW	A	0.1%
	JBL	B	0.1%
	MCO	B	0.1%
	FSLR	F	0.1%
	MSTR	C	0.09%
	MO	A	0.09%
	VTRS	A	0.09%
	LVS	C	0.09%
	SPGI	C	0.09%
	EXPD	D	0.09%
	MDLZ	F	0.09%
	MMC	B	0.09%
	SLB	C	0.09%
	GLW	B	0.09%
	PFG	D	0.09%
	SBUX	A	0.09%
	IT	C	0.09%
	PH	A	0.09%
	HSY	F	0.09%
	PWR	A	0.09%
	UBER	D	0.09%
	ADSK	A	0.09%
	LII	A	0.09%
	EW	C	0.08%
	NXPI	D	0.08%
	JBHT	C	0.08%
	BG	F	0.08%
	BJ	A	0.08%
	FICO	B	0.08%
	SNA	A	0.08%
	RF	A	0.08%
	AEE	A	0.08%
	CTVA	C	0.08%
	FNF	B	0.08%
	JEF	A	0.08%
	CASY	A	0.08%
	NCLH	B	0.08%
	EWBC	A	0.08%
	ICE	C	0.07%
	MOH	F	0.07%
	PAYC	B	0.07%
	MCK	B	0.07%
	ORLY	B	0.07%
	SAIA	B	0.07%
	JXN	C	0.07%
	DLTR	F	0.07%
	WRB	A	0.07%
	ABNB	C	0.07%
	MLI	C	0.07%
	SPOT	B	0.07%
	RMD	C	0.07%
	POOL	C	0.07%
	PPL	B	0.07%
	MUSA	A	0.07%
	NEE	D	0.07%
	FI	A	0.07%
	TDG	D	0.07%
	RNR	C	0.07%
	SRE	A	0.07%
	PRI	A	0.07%
	EXP	A	0.07%
	ALLY	C	0.06%
	PR	B	0.06%
	COKE	C	0.06%
	KVUE	A	0.06%
	WAL	B	0.06%
	CMA	A	0.06%
	LECO	B	0.06%
	BA	F	0.06%
	WMS	D	0.06%
	CMS	C	0.06%
	CARR	D	0.06%
	GPC	D	0.06%
	GNRC	B	0.06%
	AFG	A	0.06%
	GPK	C	0.06%
	PFGC	B	0.06%
	DG	F	0.06%
	KEYS	A	0.06%
	BALL	D	0.06%
	ORI	A	0.05%
	ENSG	D	0.05%
	AZO	C	0.05%
	CROX	D	0.05%
	CVS	D	0.05%
	TAP	C	0.05%
	TSN	B	0.05%
	WFRD	D	0.05%
	MOS	F	0.05%
	FOXA	B	0.05%
	KDP	D	0.05%
	SKX	D	0.05%
	JLL	D	0.05%
	KHC	F	0.05%
	RHI	B	0.05%
	PNW	B	0.05%
	WBS	A	0.05%
	ZBH	C	0.05%
	CBT	C	0.05%
	WTFC	A	0.05%
	ATO	A	0.05%
	CHD	B	0.05%
	AAON	B	0.05%
	D	C	0.05%
	GD	F	0.05%
	TER	D	0.05%
	SNOW	C	0.05%
	KMX	B	0.05%
	BWA	D	0.05%
	ALV	C	0.05%
	DDOG	A	0.05%
	CHRD	D	0.05%
	STZ	D	0.05%
	WAT	B	0.05%
	UFPI	B	0.05%
	IR	B	0.05%
	MAR	B	0.05%
	LNTH	D	0.05%
	AIT	A	0.05%
	GGG	B	0.05%
	FYBR	D	0.05%
	WST	C	0.05%
	WSO	A	0.05%
	FND	C	0.05%
	CRBG	B	0.05%
	BDX	F	0.05%
	TEAM	A	0.05%
	R	B	0.05%
	HCA	F	0.05%
	TTD	B	0.05%
	KNSL	B	0.05%
	DELL	C	0.05%
	EMR	A	0.05%
	CHTR	C	0.05%
	RL	B	0.05%
	ATR	B	0.05%
	AGCO	D	0.04%
	ALNY	D	0.04%
	RSG	A	0.04%
	EVR	B	0.04%
	DTM	B	0.04%
	AWI	A	0.04%
	SSD	D	0.04%
	LNT	A	0.04%
	STE	F	0.04%
	KNX	B	0.04%
	FMC	D	0.04%
	KEX	C	0.04%
	ILMN	D	0.04%
	NSIT	F	0.04%
	PSTG	D	0.04%
	JCI	C	0.04%
	XPO	B	0.04%
	XYL	D	0.04%
	YUM	B	0.04%
	DINO	D	0.04%
	FN	D	0.04%
	LH	C	0.04%
	ROK	B	0.04%
	CMC	B	0.04%
	NET	B	0.04%
	ALGN	D	0.04%
	APTV	D	0.04%
	TYL	B	0.04%
	MTG	C	0.04%
	WCN	A	0.04%
	OTIS	C	0.04%
	TREX	C	0.04%
	KBH	D	0.04%
	WEC	A	0.04%
	SOFI	A	0.04%
	RRC	B	0.04%
	CLH	B	0.04%
	BR	A	0.04%
	JKHY	D	0.04%
	CRS	A	0.04%
	FHN	A	0.04%
	LSTR	D	0.04%
	EPAM	C	0.04%
	FDS	B	0.04%
	CHX	C	0.04%
	CFR	B	0.04%
	OMF	A	0.04%
	EMN	D	0.04%
	MHK	D	0.04%
	DOX	D	0.03%
	GWRE	A	0.03%
	COHR	B	0.03%
	MOD	A	0.03%
	SCI	B	0.03%
	LAD	A	0.03%
	IBP	D	0.03%
	CHRW	C	0.03%
	BCC	B	0.03%
	G	B	0.03%
	MRNA	F	0.03%
	GMED	A	0.03%
	TKR	D	0.03%
	DY	D	0.03%
	IEX	B	0.03%
	FAF	A	0.03%
	ENLC	A	0.03%
	UHAL	D	0.03%
	RLI	B	0.03%
	GME	C	0.03%
	X	C	0.03%
	ROL	B	0.03%
	AFRM	B	0.03%
	HALO	F	0.03%
	OLN	D	0.03%
	ZS	C	0.03%
	CTLT	B	0.03%
	MTZ	B	0.03%
	MDB	C	0.03%
	PODD	C	0.03%
	HLNE	B	0.03%
	EXPO	D	0.03%
	NU	C	0.03%
	VOYA	B	0.03%
	STX	D	0.03%
	MTD	D	0.03%
	WDC	D	0.03%
	MUR	D	0.03%
	PVH	C	0.03%
	HOLX	D	0.03%
	GNTX	C	0.03%
	EHC	B	0.03%
	RGLD	C	0.03%
	TTWO	A	0.03%
	RIVN	F	0.03%
	ESNT	D	0.03%
	MAT	D	0.03%
	AA	B	0.03%
	DOV	A	0.03%
	PTC	A	0.03%
	ALK	C	0.03%
	SSB	B	0.03%
	BPOP	B	0.03%
	VFC	C	0.03%
	TTC	D	0.03%
	TDY	B	0.03%
	CIEN	B	0.03%
	CIVI	D	0.03%
	APA	D	0.03%
	AR	B	0.03%
	MNST	C	0.03%
	PNFP	B	0.03%
	LEA	D	0.03%
	CLF	F	0.03%
	CVLT	B	0.03%
	AVY	D	0.03%
	SNV	B	0.03%
	AOS	F	0.03%
	ONB	B	0.03%
	PNR	A	0.02%
	EXLS	B	0.02%
	ROIV	C	0.02%
	BC	C	0.02%
	INSM	C	0.02%
	FRPT	B	0.02%
	MAS	D	0.02%
	RBC	A	0.02%
	TRU	D	0.02%
	PPC	C	0.02%
	OMC	C	0.02%
	CHH	A	0.02%
	OKTA	C	0.02%
	HRL	D	0.02%
	ARMK	B	0.02%
	FCN	D	0.02%
	AZN	D	0.02%
	BAX	D	0.02%
	MDU	D	0.02%
	HOMB	A	0.02%
	OZK	B	0.02%
	FSS	B	0.02%
	ROKU	D	0.02%
	OLED	D	0.02%
	ONTO	D	0.02%
	NOV	C	0.02%
	HAS	D	0.02%
	SIGI	C	0.02%
	DAR	C	0.02%
	BRKR	D	0.02%
	BMI	B	0.02%
	HLI	B	0.02%
	ARES	A	0.02%
	FLR	B	0.02%
	GLOB	B	0.02%
	FE	C	0.02%
	OLLI	D	0.02%
	LYV	A	0.02%
	MMSI	B	0.02%
	AMCR	D	0.02%
	MOG.A	B	0.02%
	CHE	D	0.02%
	DOCS	C	0.02%
	LFUS	F	0.02%
	TECH	D	0.02%
	SWX	B	0.02%
	FBIN	D	0.02%
	VRSN	F	0.02%
	LW	C	0.02%
	EFX	F	0.02%
	MTH	D	0.02%
	SN	D	0.02%
	EL	F	0.02%
	DT	C	0.02%
	COOP	B	0.02%
	CG	A	0.02%
	NEM	D	0.02%
	ENTG	D	0.02%
	OSK	B	0.02%
	CSWI	A	0.02%
	PINS	D	0.02%
	FOX	A	0.02%
	M	D	0.02%
	HESM	B	0.02%
	MGY	A	0.02%
	PCVX	D	0.02%
	JNPR	F	0.02%
	QLYS	C	0.02%
	IVZ	B	0.02%
	SON	D	0.02%
	RVTY	F	0.02%
	THC	D	0.02%
	TMHC	B	0.02%
	AMKR	D	0.02%
	RVMD	C	0.02%
	MASI	A	0.02%
	LBRDK	C	0.02%
	CADE	B	0.02%
	TRMB	B	0.02%
	TPX	B	0.02%
	ERIE	D	0.02%
	RPRX	D	0.02%
	TFX	F	0.02%
	WLK	D	0.02%
	NI	A	0.02%
	PB	A	0.02%
	SATS	D	0.02%
	GFS	C	0.01%
	SNAP	C	0.01%
	HEI	B	0.01%
	RMBS	C	0.01%
	ELF	C	0.01%
	FLUT	A	0.01%
	H	B	0.01%
	PAG	B	0.01%
	NEU	C	0.01%
	SMMT	D	0.01%
	IONS	F	0.01%
	PI	D	0.01%
	RRX	B	0.01%
	CE	F	0.01%
	CFLT	B	0.01%
	TNET	D	0.01%
	CYTK	F	0.01%
	CHWY	B	0.01%
	LCID	F	0.01%
	AAL	B	0.01%
	GTLS	B	0.01%
	TDW	F	0.01%
	EXAS	D	0.01%
	RGEN	D	0.01%
	VAL	D	0.01%
	NOVT	D	0.01%
	VERX	B	0.01%
	SUM	B	0.01%
	ALTR	B	0.01%
	WYNN	D	0.01%
	CACC	D	0.01%
	PEN	B	0.01%
	WTRG	B	0.01%
	CAG	D	0.01%
	CPB	D	0.01%
	NDSN	B	0.01%
	HQY	B	0.01%
	NXST	C	0.01%
	PATH	C	0.01%
	AVAV	D	0.01%
	ESAB	B	0.01%
	DDS	B	0.01%
	BRBR	A	0.01%
	PCOR	B	0.01%
	NPAB	B	0.01%
	ACHC	F	0.01%
	PSN	D	0.01%
	IPG	D	0.01%
	DLB	B	0.01%
	FOUR	B	0.01%
	HEI	B	0.01%
	GTLB	B	0.01%
	HSIC	B	0.01%
	BROS	B	0.01%
	MTN	C	0.01%
	MKSI	C	0.01%
	KRYS	B	0.01%
	AGR	B	0.01%
	CWAN	B	0.01%
	RRR	D	0.01%
	ESTC	C	0.01%
	UI	A	0.01%
	CWST	A	0.01%
	VRNS	D	0.01%
	LKQ	D	0.01%
	MTCH	D	0.01%
	ATKR	C	0.01%
	BSY	D	0.01%
	BECN	B	0.01%
	VNT	B	0.01%
	APPF	B	0.01%
	AVTR	F	0.01%
	PARA	C	0.01%
	MARA	C	0.01%
	BOKF	B	0.01%
	OGN	D	0.01%
	SJM	D	0.01%
	J	F	0.01%
	RYAN	B	0.01%
	SRPT	D	0.01%
	MTSI	B	0.01%
	KBR	F	0.01%
	IDA	A	0.01%
	XP	F	0.01%
	LEVI	F	0.01%
	WEX	D	0.01%
	CRL	C	0.01%
	BEN	C	0.01%
	AZEK	A	0.01%
	MIDD	C	0.01%
	BCPC	B	0.01%
	ENPH	F	0.01%
	NFG	A	0.01%
	LUMN	C	0.01%
	AN	C	0.01%
	BYD	C	0.01%
	VVV	F	0.01%
	SPSC	C	0.01%
	WTS	B	0.01%
	BIO	D	0.01%
	SMAR	A	0.01%
	TTEK	F	0.01%
	PLNT	A	0.01%
	ZWS	B	0.01%
	LNC	B	0.01%
	MDGL	B	0.01%
	MKC	D	0.01%
	WSC	D	0.01%
	GKOS	B	0.01%
	PFSI	D	0.01%
	SITE	D	0.01%
	WING	D	0.01%
	DVA	B	0.01%
	IOT	A	0.01%
	VKTX	F	0.01%
	AL	B	0.01%
	PBF	D	0.01%
	THO	B	0.01%
	FIVE	F	0.01%
	SM	B	0.01%
	SMCI	F	0.01%
	CR	A	0.01%
	WH	B	0.01%
	ALB	C	0.01%
	LANC	C	0.01%
	ITCI	C	0.01%
	AUR	C	0.01%
	CELH	F	0.01%
	S	B	0.01%
	DPZ	C	0.01%
	CGNX	C	0.01%
	NVST	B	0.0%
	TPG	A	0.0%
	CRSP	D	0.0%
	WOLF	F	0.0%
	WHR	B	0.0%
	RARE	D	0.0%
	AGL	F	0.0%
	EMBC	C	0.0%
	KLG	C	0.0%
	HIMS	B	0.0%
	SEDG	F	0.0%
	COTY	F	0.0%
	FG	B	0.0%
	CNXC	F	0.0%
	FFIN	B	0.0%
	IMVT	F	0.0%
	DXC	B	0.0%
	RNA	D	0.0%
	SPB	C	0.0%
	SIRI	C	0.0%
	WBA	F	0.0%
	UGI	A	0.0%
	BRZE	C	0.0%
	CRVL	A	0.0%
	BBIO	F	0.0%
	GBCI	B	0.0%
	UHAL	D	0.0%
	AGO	B	0.0%
	APLS	D	0.0%
	IPGP	D	0.0%
	INFA	D	0.0%
	FNB	A	0.0%
	PLUG	F	0.0%
	ZI	D	0.0%
	ALKS	B	0.0%
	FIZZ	C	0.0%
	RDN	C	0.0%
	HCP	B	0.0%
	CAR	C	0.0%
	HRI	B	0.0%
	SNDR	B	0.0%
	WK	B	0.0%
	TENB	C	0.0%
	FLO	D	0.0%
	ALIT	C	0.0%
	FRHC	B	0.0%
	ST	F	0.0%
	LBRDA	C	0.0%
	OPCH	D	0.0%
	W	F	0.0%
	NFE	D	0.0%
	BIRK	D	0.0%
	OWL	A	0.0%
	INSP	D	0.0%
	ESI	A	0.0%
	CRDO	B	0.0%
	CZR	F	0.0%
	MMS	F	0.0%
	AMG	B	0.0%
	COLB	A	0.0%
	ACT	D	0.0%
	ETSY	D	0.0%
	BFAM	D	0.0%
	CNA	B	0.0%
	NUVL	D	0.0%
	DAY	B	0.0%
	RDDT	B	0.0%
	TMDX	F	0.0%
	SAIC	F	0.0%
	ALGM	D	0.0%
	ZETA	D	0.0%
	RBRK	A	0.0%
	RH	B	0.0%
	SLGN	A	0.0%
	TKO	B	0.0%
	APG	B	0.0%
	BPMC	C	0.0%

AVLC Underweight 28 Positions Relative to FMDE

	Symbol	Grade	Weight
	SPG	B	-0.96%
	VICI	C	-0.63%
	CCI	D	-0.6%
	AMH	D	-0.49%
	PSA	D	-0.46%
	BRX	A	-0.45%
	IGT	F	-0.38%
	RNG	B	-0.34%
	WU	D	-0.33%
	EQR	B	-0.29%
	GLPI	C	-0.27%
	PLTK	B	-0.25%
	GTES	A	-0.23%
	SBAC	D	-0.22%
	DOC	D	-0.15%
	REG	B	-0.13%
	CTRE	D	-0.1%
	LEG	F	-0.08%
	VSTS	C	-0.07%
	AMT	D	-0.06%
	FR	C	-0.06%
	VIRT	B	-0.06%
	TNL	A	-0.06%
	WEN	D	-0.05%
	EGP	F	-0.05%
	EPR	D	-0.03%
	QGEN	D	-0.02%
	STAG	F	-0.01%

AVLC: Top Represented Industries & Keywords

Industries: Software - Application Biotechnology Banks - Regional - US Diversified Industrials Business Services Software - Infrastructure Asset Management Oil & Gas E&P Semiconductors Utilities - Regulated Electric Specialty Retail Diagnostics & Research Capital Markets Packaged Foods Information Technology Services Specialty Chemicals Aerospace & Defense Building Materials Insurance - Property & Casualty Medical Instruments & Supplies

Keywords: S&P 500 Nasdaq 100 Computing Natural Gas Insurance Banking Electronics Bank Chemical Aerospace Medicine Electricity Mining Telecommunications Semiconductor Dow Jones Component IBD 50 Insurance Products Biotechnology Building Materials

FMDE: Top Represented Industries & Keywords

Industries: Software - Application Diversified Industrials Utilities - Regulated Electric Business Services Capital Markets Diagnostics & Research Aerospace & Defense Oil & Gas E&P Software - Infrastructure Biotechnology Semiconductors Specialty Retail Asset Management Banks - Regional - US Building Materials Insurance - Property & Casualty Oil & Gas Midstream Residential Construction Apparel Stores Communication Equipment

Keywords: S&P 500 Nasdaq 100 Insurance Computing Natural Gas Aerospace Electricity Disability Electronics Cloud Computing Real Estate Investment Trust IBD 50 Insurance Products Telecommunications Life Insurance Mining Technology Solutions Building Materials Mobile Devices Bank