AVLC vs. PFM ETF Comparison

Comparison of Avantis U.S. Large Cap Equity ETF (AVLC) to PowerShares Dividend Achievers (PFM)

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

PFM

PowerShares Dividend Achievers

PFM Description

The PowerShares Dividend AchieversTM Portfolio (Fund) seeks to replicate, before fees and expenses, the NASDAQ US Broad Dividend AchieversTM Index (Index), which is designed to identify a diversified group of dividend-paying companies. The Fund will normally invest at least 90% of its total assets in dividend paying common stocks that comprise Index. These companies have increased their annual dividend for 10 or more consecutive fiscal years. The Fund and the Index are reconstituted annually in January and rebalanced quarterly in January, April, July and October. Effective December 28, 2012, the NADAQ OMX Group, Inc., replaced Mergent, Inc., as the Index Provider of the Index. Effective February 25, 2013, the name of the Index changed from Broad Dividend Achievers Index to NASDAQ US Broad Dividend Achievers Index. There will be no change to the methodology by which NASDAQ OMX Group, Inc., the Index Provider, calculates the Index. Please see the Fund’s prospectus supplement for more information. On February 25, 2013, NASDAQ took the place of the NYSE as the official Index data source.

Grade (RS Rating)

Last Trade

$47.68

Average Daily Volume

24,412

Number of Holdings ^*

416

* may have additional holdings in another (foreign) market

Performance

Period	AVLC	PFM
30 Days	4.71%	2.19%
60 Days	6.29%	2.87%
90 Days	7.72%	5.56%
12 Months	33.08%	26.89%

281 Overlapping Holdings

	Symbol	Grade	Weight in AVLC	Weight in PFM	Overlap
	A	D	0.06%	0.16%	0.06%
	AAPL	C	5.24%	3.9%	3.9%
	ABBV	D	0.38%	1.27%	0.38%
	ABT	B	0.2%	0.88%	0.2%
	ACN	C	0.32%	0.95%	0.32%
	ADI	D	0.15%	0.45%	0.15%
	ADM	D	0.11%	0.11%	0.11%
	ADP	B	0.36%	0.53%	0.36%
	AEE	A	0.08%	0.11%	0.08%
	AEP	D	0.14%	0.22%	0.14%
	AES	F	0.06%	0.04%	0.04%
	AFG	A	0.06%	0.05%	0.05%
	AFL	B	0.19%	0.27%	0.19%
	AGCO	D	0.04%	0.03%	0.03%
	AGO	B	0.0%	0.02%	0.0%
	AIT	A	0.05%	0.04%	0.04%
	AIZ	A	0.05%	0.05%	0.05%
	AJG	B	0.05%	0.28%	0.05%
	AL	B	0.01%	0.02%	0.01%
	ALB	C	0.01%	0.05%	0.01%
	ALL	A	0.2%	0.23%	0.2%
	AMGN	D	0.19%	0.65%	0.19%
	AMP	A	0.26%	0.24%	0.24%
	AON	A	0.1%	0.36%	0.1%
	AOS	F	0.03%	0.04%	0.03%
	APD	A	0.22%	0.32%	0.22%
	APH	A	0.12%	0.37%	0.12%
	ATO	A	0.05%	0.1%	0.05%
	ATR	B	0.05%	0.05%	0.05%
	AVGO	D	1.11%	3.32%	1.11%
	AVY	D	0.03%	0.07%	0.03%
	AWK	D	0.03%	0.11%	0.03%
	AXS	A	0.05%	0.03%	0.03%
	BAC	A	0.42%	1.56%	0.42%
	BAH	F	0.03%	0.08%	0.03%
	BBY	D	0.12%	0.08%	0.08%
	BC	C	0.02%	0.02%	0.02%
	BCPC	B	0.01%	0.02%	0.01%
	BDX	F	0.05%	0.28%	0.05%
	BEN	C	0.01%	0.05%	0.01%
	BK	A	0.18%	0.25%	0.18%
	BLK	C	0.18%	0.67%	0.18%
	BMI	B	0.02%	0.03%	0.02%
	BMY	B	0.18%	0.5%	0.18%
	BOKF	B	0.01%	0.03%	0.01%
	BR	A	0.04%	0.12%	0.04%
	BRO	B	0.02%	0.13%	0.02%
	CADE	B	0.02%	0.03%	0.02%
	CAH	B	0.03%	0.13%	0.03%
	CASY	A	0.08%	0.06%	0.06%
	CAT	B	0.52%	0.81%	0.52%
	CB	C	0.22%	0.5%	0.22%
	CBOE	B	0.03%	0.09%	0.03%
	CBSH	A	0.04%	0.04%	0.04%
	CBT	C	0.05%	0.03%	0.03%
	CDW	F	0.05%	0.1%	0.05%
	CFR	B	0.04%	0.04%	0.04%
	CHD	B	0.05%	0.12%	0.05%
	CHDN	B	0.02%	0.04%	0.02%
	CHE	D	0.02%	0.04%	0.02%
	CHRW	C	0.03%	0.06%	0.03%
	CINF	A	0.07%	0.1%	0.07%
	CL	D	0.18%	0.33%	0.18%
	CLX	B	0.06%	0.09%	0.06%
	CMCSA	B	0.38%	0.72%	0.38%
	CME	A	0.12%	0.35%	0.12%
	CMI	A	0.21%	0.21%	0.21%
	CMS	C	0.06%	0.09%	0.06%
	COR	B	0.09%	0.21%	0.09%
	COST	B	0.94%	1.76%	0.94%
	CSCO	B	0.3%	1.0%	0.3%
	CSL	C	0.13%	0.09%	0.09%
	CSX	B	0.26%	0.29%	0.26%
	CTAS	B	0.12%	0.38%	0.12%
	CVX	A	0.64%	1.27%	0.64%
	DCI	B	0.06%	0.04%	0.04%
	DDS	B	0.01%	0.02%	0.01%
	DFS	B	0.08%	0.19%	0.08%
	DGX	A	0.01%	0.08%	0.01%
	DHR	F	0.13%	0.72%	0.13%
	DOV	A	0.03%	0.12%	0.03%
	DPZ	C	0.01%	0.07%	0.01%
	DTE	C	0.07%	0.11%	0.07%
	DUK	C	0.16%	0.38%	0.16%
	ECL	D	0.06%	0.3%	0.06%
	ED	D	0.08%	0.14%	0.08%
	EIX	B	0.09%	0.14%	0.09%
	ELV	F	0.13%	0.4%	0.13%
	EMN	D	0.04%	0.05%	0.04%
	EMR	A	0.05%	0.32%	0.05%
	ENSG	D	0.05%	0.04%	0.04%
	ERIE	D	0.02%	0.08%	0.02%
	ES	D	0.02%	0.1%	0.02%
	ETN	A	0.14%	0.62%	0.14%
	EVR	B	0.04%	0.05%	0.04%
	EVRG	A	0.05%	0.06%	0.05%
	EXPD	D	0.09%	0.07%	0.07%
	EXPO	D	0.03%	0.02%	0.02%
	FAF	A	0.03%	0.03%	0.03%
	FAST	B	0.2%	0.2%	0.2%
	FDS	B	0.04%	0.08%	0.04%
	FFIN	B	0.0%	0.03%	0.0%
	FITB	A	0.14%	0.14%	0.14%
	FIX	A	0.1%	0.07%	0.07%
	FLO	D	0.0%	0.02%	0.0%
	FNF	B	0.08%	0.07%	0.07%
	GD	F	0.05%	0.34%	0.05%
	GGG	B	0.05%	0.07%	0.05%
	GL	B	0.06%	0.04%	0.04%
	GLW	B	0.09%	0.17%	0.09%
	GPC	D	0.06%	0.07%	0.06%
	GS	A	0.44%	0.8%	0.44%
	GWW	B	0.23%	0.25%	0.23%
	HD	A	0.58%	1.76%	0.58%
	HEI	B	0.01%	0.06%	0.01%
	HEI	B	0.01%	0.06%	0.01%
	HIG	B	0.19%	0.15%	0.15%
	HII	D	0.04%	0.03%	0.03%
	HOMB	A	0.02%	0.03%	0.02%
	HON	B	0.15%	0.64%	0.15%
	HPQ	B	0.05%	0.16%	0.05%
	HRL	D	0.02%	0.07%	0.02%
	HSY	F	0.09%	0.11%	0.09%
	HUBB	B	0.04%	0.1%	0.04%
	HUM	C	0.05%	0.14%	0.05%
	IBM	C	0.27%	0.83%	0.27%
	ICE	C	0.07%	0.39%	0.07%
	IDA	A	0.01%	0.03%	0.01%
	IEX	B	0.03%	0.07%	0.03%
	INGR	B	0.07%	0.04%	0.04%
	INTU	C	0.27%	0.82%	0.27%
	IPG	D	0.01%	0.04%	0.01%
	ITT	A	0.04%	0.05%	0.04%
	ITW	B	0.12%	0.35%	0.12%
	JBHT	C	0.08%	0.08%	0.08%
	JKHY	D	0.04%	0.05%	0.04%
	JNJ	D	0.58%	1.61%	0.58%
	JPM	A	1.19%	3.01%	1.19%
	KEY	B	0.05%	0.08%	0.05%
	KLAC	D	0.21%	0.36%	0.21%
	KMB	D	0.14%	0.2%	0.14%
	KO	D	0.4%	1.15%	0.4%
	KR	B	0.2%	0.18%	0.18%
	LAD	A	0.03%	0.04%	0.03%
	LANC	C	0.01%	0.02%	0.01%
	LECO	B	0.06%	0.05%	0.05%
	LFUS	F	0.02%	0.03%	0.02%
	LHX	C	0.03%	0.2%	0.03%
	LII	A	0.09%	0.09%	0.09%
	LIN	D	0.21%	0.93%	0.21%
	LMT	D	0.23%	0.55%	0.23%
	LNT	A	0.04%	0.07%	0.04%
	LOW	D	0.12%	0.66%	0.12%
	LYB	F	0.11%	0.12%	0.11%
	MA	C	0.66%	2.06%	0.66%
	MAS	D	0.02%	0.07%	0.02%
	MCD	D	0.16%	0.9%	0.16%
	MCHP	D	0.05%	0.15%	0.05%
	MCK	B	0.07%	0.34%	0.07%
	MCO	B	0.1%	0.37%	0.1%
	MDLZ	F	0.09%	0.37%	0.09%
	MDT	D	0.12%	0.48%	0.12%
	MDU	D	0.02%	0.02%	0.02%
	MET	A	0.2%	0.25%	0.2%
	MKC	D	0.01%	0.08%	0.01%
	MKTX	D	0.05%	0.04%	0.04%
	MMC	B	0.09%	0.48%	0.09%
	MMM	D	0.19%	0.31%	0.19%
	MO	A	0.09%	0.41%	0.09%
	MORN	B	0.01%	0.06%	0.01%
	MRK	F	0.32%	1.06%	0.32%
	MS	A	0.35%	0.94%	0.35%
	MSA	D	0.02%	0.03%	0.02%
	MSFT	F	4.39%	3.91%	3.91%
	MSI	B	0.23%	0.35%	0.23%
	NDAQ	A	0.02%	0.2%	0.02%
	NDSN	B	0.01%	0.06%	0.01%
	NEE	D	0.07%	0.68%	0.07%
	NFG	A	0.01%	0.02%	0.01%
	NI	A	0.02%	0.07%	0.02%
	NKE	D	0.17%	0.39%	0.17%
	NOC	D	0.05%	0.31%	0.05%
	NUE	C	0.16%	0.15%	0.15%
	NXST	C	0.01%	0.02%	0.01%
	OGE	B	0.04%	0.04%	0.04%
	ORCL	B	0.42%	2.21%	0.42%
	ORI	A	0.05%	0.04%	0.04%
	OSK	B	0.02%	0.03%	0.02%
	OZK	B	0.02%	0.02%	0.02%
	PAYX	C	0.17%	0.22%	0.17%
	PB	A	0.02%	0.03%	0.02%
	PEG	A	0.1%	0.19%	0.1%
	PEP	F	0.27%	0.94%	0.27%
	PFE	D	0.15%	0.61%	0.15%
	PFG	D	0.09%	0.09%	0.09%
	PG	A	0.39%	1.73%	0.39%
	PKG	A	0.12%	0.09%	0.09%
	PM	B	0.18%	0.88%	0.18%
	PNC	B	0.22%	0.35%	0.22%
	PNW	B	0.05%	0.04%	0.04%
	POOL	C	0.07%	0.06%	0.06%
	PPG	F	0.05%	0.12%	0.05%
	PRI	A	0.07%	0.04%	0.04%
	PRU	A	0.18%	0.2%	0.18%
	PSX	C	0.19%	0.24%	0.19%
	QCOM	F	0.48%	0.79%	0.48%
	R	B	0.05%	0.03%	0.03%
	RF	A	0.08%	0.1%	0.08%
	RGA	A	0.08%	0.07%	0.07%
	RGLD	C	0.03%	0.04%	0.03%
	RHI	B	0.05%	0.03%	0.03%
	RJF	A	0.11%	0.15%	0.11%
	RLI	B	0.03%	0.03%	0.03%
	RMD	C	0.07%	0.15%	0.07%
	RNR	C	0.07%	0.06%	0.06%
	ROK	B	0.04%	0.14%	0.04%
	ROP	B	0.09%	0.26%	0.09%
	RPM	A	0.1%	0.08%	0.08%
	RRX	B	0.01%	0.05%	0.01%
	RS	B	0.07%	0.07%	0.07%
	RSG	A	0.04%	0.28%	0.04%
	RTX	C	0.16%	0.69%	0.16%
	SBUX	A	0.09%	0.49%	0.09%
	SCI	B	0.03%	0.05%	0.03%
	SEIC	B	0.03%	0.05%	0.03%
	SHW	A	0.14%	0.41%	0.14%
	SIGI	C	0.02%	0.03%	0.02%
	SJM	D	0.01%	0.05%	0.01%
	SLGN	A	0.0%	0.02%	0.0%
	SNA	A	0.08%	0.08%	0.08%
	SO	D	0.13%	0.42%	0.13%
	SON	D	0.02%	0.02%	0.02%
	SPGI	C	0.09%	0.68%	0.09%
	SRE	A	0.07%	0.25%	0.07%
	SSB	B	0.03%	0.03%	0.03%
	SSD	D	0.04%	0.03%	0.03%
	STE	F	0.04%	0.09%	0.04%
	STLD	B	0.12%	0.09%	0.09%
	STT	A	0.1%	0.12%	0.1%
	SWK	D	0.02%	0.06%	0.02%
	SWX	B	0.02%	0.02%	0.02%
	SYK	C	0.12%	0.64%	0.12%
	SYY	B	0.07%	0.16%	0.07%
	TFC	A	0.19%	0.27%	0.19%
	TGT	F	0.29%	0.31%	0.29%
	THO	B	0.01%	0.03%	0.01%
	TKR	D	0.03%	0.02%	0.02%
	TROW	B	0.1%	0.11%	0.1%
	TRV	B	0.26%	0.26%	0.26%
	TSCO	D	0.17%	0.13%	0.13%
	TSN	B	0.05%	0.08%	0.05%
	TT	A	0.14%	0.4%	0.14%
	TTC	D	0.03%	0.04%	0.03%
	TXN	C	0.26%	0.82%	0.26%
	UFPI	B	0.05%	0.03%	0.03%
	UGI	A	0.0%	0.02%	0.0%
	UNH	C	0.36%	2.35%	0.36%
	UNM	A	0.06%	0.06%	0.06%
	UNP	C	0.47%	0.62%	0.47%
	UPS	C	0.19%	0.43%	0.19%
	USB	A	0.23%	0.34%	0.23%
	V	A	0.59%	2.25%	0.59%
	VMC	B	0.05%	0.16%	0.05%
	VZ	C	0.45%	0.77%	0.45%
	WBA	F	0.0%	0.03%	0.0%
	WEC	A	0.04%	0.13%	0.04%
	WLK	D	0.02%	0.07%	0.02%
	WM	A	0.13%	0.38%	0.13%
	WMT	A	0.64%	2.92%	0.64%
	WRB	A	0.07%	0.1%	0.07%
	WSM	B	0.11%	0.07%	0.07%
	WSO	A	0.05%	0.08%	0.05%
	WST	C	0.05%	0.1%	0.05%
	WTFC	A	0.05%	0.04%	0.04%
	WTRG	B	0.01%	0.05%	0.01%
	WTS	B	0.01%	0.02%	0.01%
	XEL	A	0.11%	0.17%	0.11%
	XOM	B	1.04%	2.31%	1.04%
	XYL	D	0.04%	0.13%	0.04%
	ZION	B	0.05%	0.04%	0.04%
	ZTS	D	0.2%	0.35%	0.2%

AVLC Overweight 695 Positions Relative to PFM

	Symbol	Grade	Weight
	NVDA	C	4.82%
	AMZN	C	3.03%
	META	D	2.26%
	GOOGL	C	1.57%
	GOOG	C	1.3%
	LLY	F	0.79%
	TSLA	B	0.78%
	BRK.A	B	0.67%
	WFC	A	0.55%
	NFLX	A	0.48%
	PGR	A	0.46%
	CRM	B	0.44%
	TJX	A	0.44%
	T	A	0.42%
	AXP	A	0.4%
	MELI	D	0.39%
	COP	C	0.38%
	AMAT	F	0.36%
	GILD	C	0.35%
	LRCX	F	0.34%
	ADBE	C	0.33%
	PYPL	B	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%
	WMB	A	0.29%
	RCL	A	0.28%
	TRGP	B	0.27%
	FDX	B	0.26%
	PCAR	B	0.25%
	VRTX	F	0.25%
	C	A	0.23%
	COF	B	0.23%
	FTNT	C	0.23%
	LNG	B	0.23%
	DAL	C	0.23%
	CMG	B	0.23%
	NSC	B	0.22%
	MPC	D	0.22%
	SCHW	B	0.21%
	ROST	C	0.21%
	GE	D	0.2%
	F	C	0.2%
	URI	B	0.2%
	OKE	A	0.2%
	AIG	B	0.2%
	PANW	C	0.19%
	HES	B	0.19%
	UAL	A	0.19%
	PLTR	B	0.18%
	ISRG	A	0.18%
	DIS	B	0.18%
	FCX	D	0.18%
	BKR	B	0.18%
	VLO	C	0.17%
	LEN	D	0.17%
	MU	D	0.17%
	FANG	D	0.17%
	INTC	D	0.16%
	DECK	A	0.16%
	APP	B	0.16%
	APO	B	0.16%
	ACGL	D	0.15%
	OXY	D	0.15%
	TMO	F	0.15%
	SYF	B	0.15%
	KKR	A	0.15%
	LULU	C	0.15%
	ANET	C	0.15%
	REGN	F	0.14%
	DOW	F	0.14%
	DVN	F	0.14%
	MLM	B	0.14%
	EBAY	D	0.14%
	EME	C	0.14%
	ODFL	B	0.14%
	CTSH	B	0.13%
	IP	B	0.13%
	VRT	B	0.13%
	CCL	B	0.13%
	HAL	C	0.13%
	BKNG	A	0.13%
	VST	B	0.13%
	TPL	A	0.13%
	PCG	A	0.13%
	GEV	B	0.13%
	SNPS	B	0.12%
	MTB	A	0.12%
	CDNS	B	0.12%
	ETR	B	0.12%
	SFM	A	0.12%
	FCNCA	A	0.12%
	PHM	D	0.12%
	DHI	D	0.12%
	MKL	A	0.12%
	CPNG	D	0.12%
	BSX	B	0.12%
	ON	D	0.12%
	VRSK	A	0.12%
	HBAN	A	0.11%
	ULTA	F	0.11%
	BX	A	0.11%
	NTRS	A	0.11%
	MRVL	B	0.11%
	OC	A	0.11%
	MRO	B	0.11%
	IDXX	F	0.11%
	CRWD	B	0.11%
	EQT	B	0.11%
	BURL	A	0.11%
	CEG	D	0.11%
	GRMN	B	0.1%
	DRI	B	0.1%
	CPRT	A	0.1%
	FLEX	A	0.1%
	SW	A	0.1%
	LPLA	A	0.1%
	CTRA	B	0.1%
	UTHR	C	0.1%
	JBL	B	0.1%
	NVR	D	0.1%
	KMI	A	0.1%
	EXC	C	0.1%
	FSLR	F	0.1%
	MSTR	C	0.09%
	VTRS	A	0.09%
	LVS	C	0.09%
	CVNA	B	0.09%
	EQH	B	0.09%
	SLB	C	0.09%
	IT	C	0.09%
	PH	A	0.09%
	PWR	A	0.09%
	UBER	D	0.09%
	ADSK	A	0.09%
	TXRH	C	0.09%
	CF	B	0.09%
	CNC	D	0.08%
	OVV	B	0.08%
	EG	C	0.08%
	EW	C	0.08%
	NXPI	D	0.08%
	BG	F	0.08%
	GDDY	A	0.08%
	LUV	C	0.08%
	BJ	A	0.08%
	FICO	B	0.08%
	DKS	C	0.08%
	CTVA	C	0.08%
	WDAY	B	0.08%
	TPR	B	0.08%
	COIN	C	0.08%
	JEF	A	0.08%
	HPE	B	0.08%
	FTI	A	0.08%
	NCLH	B	0.08%
	CFG	B	0.08%
	EWBC	A	0.08%
	SQ	B	0.07%
	L	A	0.07%
	SWKS	F	0.07%
	WCC	B	0.07%
	MOH	F	0.07%
	PAYC	B	0.07%
	ORLY	B	0.07%
	SAIA	B	0.07%
	JXN	C	0.07%
	DLTR	F	0.07%
	ABNB	C	0.07%
	MLI	C	0.07%
	SPOT	B	0.07%
	TOL	B	0.07%
	CI	F	0.07%
	PPL	B	0.07%
	MUSA	A	0.07%
	FI	A	0.07%
	BLDR	D	0.07%
	TDG	D	0.07%
	EXP	A	0.07%
	ALLY	C	0.06%
	PR	B	0.06%
	VLTO	D	0.06%
	COKE	C	0.06%
	KVUE	A	0.06%
	WAL	B	0.06%
	UHS	D	0.06%
	CMA	A	0.06%
	IFF	D	0.06%
	ATI	D	0.06%
	BA	F	0.06%
	WMS	D	0.06%
	CARR	D	0.06%
	MANH	D	0.06%
	GNRC	B	0.06%
	GPK	C	0.06%
	BWXT	B	0.06%
	FIS	C	0.06%
	PFGC	B	0.06%
	EA	A	0.06%
	DG	F	0.06%
	ANF	C	0.06%
	DASH	A	0.06%
	KEYS	A	0.06%
	DD	D	0.06%
	LPX	B	0.06%
	NTAP	C	0.06%
	CBRE	B	0.06%
	BALL	D	0.06%
	VMI	B	0.05%
	AZO	C	0.05%
	CROX	D	0.05%
	MSCI	C	0.05%
	ZM	B	0.05%
	CVS	D	0.05%
	TAP	C	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%
	DXCM	D	0.05%
	KHC	F	0.05%
	WBS	A	0.05%
	ZBH	C	0.05%
	ARW	D	0.05%
	MTDR	B	0.05%
	AAON	B	0.05%
	D	C	0.05%
	TER	D	0.05%
	SNOW	C	0.05%
	KMX	B	0.05%
	BWA	D	0.05%
	ALV	C	0.05%
	AXON	A	0.05%
	HUBS	A	0.05%
	DDOG	A	0.05%
	TXT	D	0.05%
	CHRD	D	0.05%
	VEEV	C	0.05%
	STZ	D	0.05%
	WAT	B	0.05%
	IR	B	0.05%
	MAR	B	0.05%
	LNTH	D	0.05%
	FYBR	D	0.05%
	HWM	A	0.05%
	AME	A	0.05%
	DOCU	A	0.05%
	FND	C	0.05%
	CRBG	B	0.05%
	TEAM	A	0.05%
	NRG	B	0.05%
	HCA	F	0.05%
	HOOD	B	0.05%
	TTD	B	0.05%
	KNSL	B	0.05%
	DELL	C	0.05%
	HLT	A	0.05%
	CHTR	C	0.05%
	RL	B	0.05%
	ALNY	D	0.04%
	DTM	B	0.04%
	AWI	A	0.04%
	TWLO	A	0.04%
	KNX	B	0.04%
	FMC	D	0.04%
	SNX	C	0.04%
	KEX	C	0.04%
	NBIX	C	0.04%
	ILMN	D	0.04%
	NSIT	F	0.04%
	PSTG	D	0.04%
	JCI	C	0.04%
	XPO	B	0.04%
	YUM	B	0.04%
	IQV	D	0.04%
	DINO	D	0.04%
	FN	D	0.04%
	LH	C	0.04%
	CMC	B	0.04%
	CPAY	A	0.04%
	NET	B	0.04%
	CRUS	D	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%
	KD	B	0.04%
	CSGP	D	0.04%
	AXTA	A	0.04%
	SOFI	A	0.04%
	RRC	B	0.04%
	CLH	B	0.04%
	JAZZ	B	0.04%
	CRS	A	0.04%
	FHN	A	0.04%
	WAB	B	0.04%
	ANSS	B	0.04%
	GAP	C	0.04%
	LSTR	D	0.04%
	EPAM	C	0.04%
	SF	B	0.04%
	AYI	B	0.04%
	CHX	C	0.04%
	OMF	A	0.04%
	EXPE	B	0.04%
	MPWR	F	0.04%
	MHK	D	0.04%
	DOX	D	0.03%
	MEDP	D	0.03%
	LDOS	C	0.03%
	GWRE	A	0.03%
	IBKR	A	0.03%
	COHR	B	0.03%
	MOD	A	0.03%
	IBP	D	0.03%
	BCC	B	0.03%
	BLD	D	0.03%
	G	B	0.03%
	MRNA	F	0.03%
	GMED	A	0.03%
	DY	D	0.03%
	ENLC	A	0.03%
	UHAL	D	0.03%
	GME	C	0.03%
	NWSA	B	0.03%
	FFIV	B	0.03%
	X	C	0.03%
	ROL	B	0.03%
	AFRM	B	0.03%
	HALO	F	0.03%
	BIIB	F	0.03%
	OLN	D	0.03%
	PEGA	A	0.03%
	NYT	C	0.03%
	ZS	C	0.03%
	CTLT	B	0.03%
	ZBRA	B	0.03%
	MTZ	B	0.03%
	MDB	C	0.03%
	PODD	C	0.03%
	HLNE	B	0.03%
	WWD	B	0.03%
	NU	C	0.03%
	VOYA	B	0.03%
	BMRN	D	0.03%
	STX	D	0.03%
	MTD	D	0.03%
	WDC	D	0.03%
	MUR	D	0.03%
	AM	A	0.03%
	PVH	C	0.03%
	AKAM	D	0.03%
	HOLX	D	0.03%
	GNTX	C	0.03%
	EHC	B	0.03%
	EXEL	B	0.03%
	TTWO	A	0.03%
	RIVN	F	0.03%
	GEHC	F	0.03%
	INCY	C	0.03%
	ESNT	D	0.03%
	MAT	D	0.03%
	AA	B	0.03%
	GIS	D	0.03%
	PTC	A	0.03%
	K	A	0.03%
	ALK	C	0.03%
	CW	B	0.03%
	BPOP	B	0.03%
	VFC	C	0.03%
	TDY	B	0.03%
	CIEN	B	0.03%
	WBD	C	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%
	HRB	D	0.03%
	SNV	B	0.03%
	ONB	B	0.03%
	PCTY	B	0.02%
	PNR	A	0.02%
	EXLS	B	0.02%
	LNW	D	0.02%
	ROIV	C	0.02%
	INSM	C	0.02%
	FRPT	B	0.02%
	RBC	A	0.02%
	TRU	D	0.02%
	PPC	C	0.02%
	OMC	C	0.02%
	CHH	A	0.02%
	QRVO	F	0.02%
	OKTA	C	0.02%
	ARMK	B	0.02%
	FCN	D	0.02%
	AZN	D	0.02%
	BAX	D	0.02%
	NVT	B	0.02%
	ALSN	B	0.02%
	WTW	B	0.02%
	FSS	B	0.02%
	ROKU	D	0.02%
	OLED	D	0.02%
	ONTO	D	0.02%
	CNM	D	0.02%
	NOV	C	0.02%
	HAS	D	0.02%
	DAR	C	0.02%
	BRKR	D	0.02%
	HLI	B	0.02%
	ARES	A	0.02%
	FLR	B	0.02%
	GLOB	B	0.02%
	JHG	A	0.02%
	FE	C	0.02%
	OLLI	D	0.02%
	Z	A	0.02%
	LYV	A	0.02%
	MMSI	B	0.02%
	AMCR	D	0.02%
	MOG.A	B	0.02%
	FLS	B	0.02%
	DOCS	C	0.02%
	TOST	B	0.02%
	TECH	D	0.02%
	CCK	C	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%
	CNP	B	0.02%
	COOP	B	0.02%
	CG	A	0.02%
	NEM	D	0.02%
	ENTG	D	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%
	NTRA	B	0.02%
	JNPR	F	0.02%
	QLYS	C	0.02%
	TW	A	0.02%
	IVZ	B	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%
	TRMB	B	0.02%
	ALLE	D	0.02%
	TPX	B	0.02%
	ACM	A	0.02%
	RPRX	D	0.02%
	TFX	F	0.02%
	NTNX	A	0.02%
	SATS	D	0.02%
	GFS	C	0.01%
	SNAP	C	0.01%
	LYFT	C	0.01%
	SEE	C	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%
	ADTN	A	0.01%
	PI	D	0.01%
	ZG	A	0.01%
	CE	F	0.01%
	BBWI	D	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%
	U	C	0.01%
	CWEN	C	0.01%
	TDW	F	0.01%
	EXAS	D	0.01%
	RGEN	D	0.01%
	LEN	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%
	CAG	D	0.01%
	CPB	D	0.01%
	DKNG	B	0.01%
	GXO	B	0.01%
	HQY	B	0.01%
	PATH	C	0.01%
	AVAV	D	0.01%
	NWS	B	0.01%
	HXL	D	0.01%
	ESAB	B	0.01%
	BRBR	A	0.01%
	PCOR	B	0.01%
	NPAB	B	0.01%
	ACHC	F	0.01%
	PSN	D	0.01%
	DLB	B	0.01%
	FOUR	B	0.01%
	GTLB	B	0.01%
	HSIC	B	0.01%
	BROS	B	0.01%
	MTN	C	0.01%
	SOLV	C	0.01%
	MKSI	C	0.01%
	KRYS	B	0.01%
	AGR	B	0.01%
	BILL	A	0.01%
	CWAN	B	0.01%
	RRR	D	0.01%
	LSCC	D	0.01%
	ESTC	C	0.01%
	UI	A	0.01%
	CWST	A	0.01%
	SSNC	B	0.01%
	DBX	B	0.01%
	VRNS	D	0.01%
	LKQ	D	0.01%
	DUOL	A	0.01%
	MTCH	D	0.01%
	ATKR	C	0.01%
	BSY	D	0.01%
	BECN	B	0.01%
	VNT	B	0.01%
	CACI	D	0.01%
	USFD	A	0.01%
	APPF	B	0.01%
	AVTR	F	0.01%
	PARA	C	0.01%
	MARA	C	0.01%
	OGN	D	0.01%
	GPN	B	0.01%
	J	F	0.01%
	RYAN	B	0.01%
	SRPT	D	0.01%
	RBLX	C	0.01%
	BERY	B	0.01%
	MTSI	B	0.01%
	KBR	F	0.01%
	XP	F	0.01%
	LEVI	F	0.01%
	WEX	D	0.01%
	CRL	C	0.01%
	MGM	D	0.01%
	AZEK	A	0.01%
	MIDD	C	0.01%
	ENPH	F	0.01%
	LUMN	C	0.01%
	AN	C	0.01%
	BYD	C	0.01%
	VVV	F	0.01%
	SPSC	C	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%
	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%
	PBF	D	0.01%
	FTV	C	0.01%
	ELAN	D	0.01%
	FIVE	F	0.01%
	SM	B	0.01%
	SMCI	F	0.01%
	CR	A	0.01%
	WH	B	0.01%
	ITCI	C	0.01%
	AUR	C	0.01%
	CELH	F	0.01%
	S	B	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%
	IMVT	F	0.0%
	DXC	B	0.0%
	RNA	D	0.0%
	SPB	C	0.0%
	TXG	F	0.0%
	SIRI	C	0.0%
	SAM	C	0.0%
	BRZE	C	0.0%
	CRVL	A	0.0%
	BBIO	F	0.0%
	GBCI	B	0.0%
	UHAL	D	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%
	CWEN	C	0.0%
	TDC	D	0.0%
	RDN	C	0.0%
	HCP	B	0.0%
	CAR	C	0.0%
	EEFT	B	0.0%
	HRI	B	0.0%
	SNDR	B	0.0%
	WK	B	0.0%
	TENB	C	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%
	POST	C	0.0%
	ACT	D	0.0%
	ETSY	D	0.0%
	BFAM	D	0.0%
	XRAY	F	0.0%
	REYN	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%
	TKO	B	0.0%
	APG	B	0.0%
	BPMC	C	0.0%

AVLC Underweight 136 Positions Relative to PFM

	Symbol	Grade	Weight
	PLD	D	-0.46%
	AMT	D	-0.4%
	EPD	A	-0.29%
	MPLX	A	-0.21%
	O	D	-0.21%
	EXR	D	-0.15%
	ARE	D	-0.08%
	MAA	B	-0.08%
	ESS	B	-0.08%
	ELS	C	-0.06%
	REG	B	-0.06%
	UDR	B	-0.06%
	CUBE	D	-0.05%
	EGP	F	-0.04%
	REXR	F	-0.04%
	THG	A	-0.03%
	TRNO	F	-0.03%
	UMBF	B	-0.03%
	STAG	F	-0.03%
	FR	C	-0.03%
	ADC	B	-0.03%
	NNN	D	-0.03%
	WSFS	A	-0.02%
	CBU	B	-0.02%
	PRGO	B	-0.02%
	SR	A	-0.02%
	PII	D	-0.02%
	MGEE	C	-0.02%
	GFF	A	-0.02%
	AUB	B	-0.02%
	CCOI	B	-0.02%
	WDFC	B	-0.02%
	ASH	D	-0.02%
	BANF	B	-0.02%
	ASB	B	-0.02%
	FUL	F	-0.02%
	CNO	A	-0.02%
	BKH	A	-0.02%
	IBOC	A	-0.02%
	AVNT	B	-0.02%
	POR	C	-0.02%
	KAI	A	-0.02%
	NJR	A	-0.02%
	AVT	C	-0.02%
	FELE	B	-0.02%
	CNS	B	-0.02%
	MATX	C	-0.02%
	GATX	A	-0.02%
	UBSI	B	-0.02%
	MSEX	B	-0.01%
	GABC	B	-0.01%
	TR	B	-0.01%
	UVV	B	-0.01%
	LNN	B	-0.01%
	WABC	B	-0.01%
	NWN	A	-0.01%
	CSGS	B	-0.01%
	TCBK	B	-0.01%
	STBA	B	-0.01%
	SRCE	B	-0.01%
	ANDE	D	-0.01%
	TNC	D	-0.01%
	HMN	B	-0.01%
	DKL	C	-0.01%
	SCL	C	-0.01%
	GTY	B	-0.01%
	SJW	D	-0.01%
	APOG	B	-0.01%
	LKFN	B	-0.01%
	NHC	C	-0.01%
	CHCO	B	-0.01%
	AGM	C	-0.01%
	WOR	F	-0.01%
	WSBC	A	-0.01%
	SYBT	B	-0.01%
	HI	C	-0.01%
	NBTB	B	-0.01%
	LMAT	A	-0.01%
	MTRN	C	-0.01%
	SXI	B	-0.01%
	HNI	B	-0.01%
	FRME	B	-0.01%
	TOWN	B	-0.01%
	HWKN	B	-0.01%
	NSP	D	-0.01%
	ABR	C	-0.01%
	CPK	A	-0.01%
	CWT	D	-0.01%
	WAFD	B	-0.01%
	IOSP	B	-0.01%
	MAN	D	-0.01%
	AVA	A	-0.01%
	INDB	B	-0.01%
	SFNC	B	-0.01%
	TRN	C	-0.01%
	KWR	C	-0.01%
	AWR	B	-0.01%
	BRC	D	-0.01%
	JJSF	B	-0.01%
	OTTR	C	-0.01%
	NWE	B	-0.01%
	POWI	D	-0.01%
	FIBK	A	-0.01%
	ABM	B	-0.01%
	JOUT	D	-0.0%
	FLIC	B	-0.0%
	ARTNA	D	-0.0%
	HVT	D	-0.0%
	ODC	C	-0.0%
	BMRC	B	-0.0%
	CTO	B	-0.0%
	YORW	D	-0.0%
	AROW	B	-0.0%
	UHT	D	-0.0%
	THFF	B	-0.0%
	PLOW	D	-0.0%
	HIFS	B	-0.0%
	CASS	B	-0.0%
	SPTN	D	-0.0%
	WASH	C	-0.0%
	MATW	C	-0.0%
	GSBC	B	-0.0%
	SMBC	B	-0.0%
	HY	D	-0.0%
	MBWM	B	-0.0%
	HBNC	B	-0.0%
	MNRO	D	-0.0%
	FCBC	B	-0.0%
	HFWA	B	-0.0%
	SCVL	F	-0.0%
	PFC	A	-0.0%
	GRC	A	-0.0%
	SBSI	B	-0.0%
	CTBI	B	-0.0%
	TMP	B	-0.0%
	AMSF	B	-0.0%

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

PFM: Top Represented Industries & Keywords

Industries: Banks - Regional - US Diversified Industrials Specialty Chemicals Utilities - Regulated Electric Insurance - Property & Casualty Business Services Asset Management Capital Markets Insurance - Life REIT - Industrial Utilities - Diversified Utilities - Regulated Gas Utilities - Regulated Water Packaged Foods Aerospace & Defense Drug Manufacturers - Major Semiconductors Tools & Accessories Building Materials Household & Personal Products

Keywords: S&P 500 Bank Banking Insurance Natural Gas Chemical Electricity Nasdaq 100 Mining Insurance Products Deposit Products Dow Jones Component Electronics Commercial Banking Real Estate Investment Trust Plastic Trust Services Disability Financial Products Aerospace