CVLC vs. PFM ETF Comparison

Comparison of Calvert US Large-Cap Core Responsible Index ETF (CVLC) to PowerShares Dividend Achievers (PFM)

CVLC

Calvert US Large-Cap Core Responsible Index ETF

CVLC Description

Under normal circumstances, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in securities included in the underlying index. The index is composed of common stocks of large companies that operate their businesses in a manner consistent with the Calvert Principles for Responsible Investment.

Grade (RS Rating)

Last Trade

$75.02

Average Daily Volume

17,582

Number of Holdings ^*

768

* 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	CVLC	PFM
30 Days	4.12%	2.19%
60 Days	5.53%	2.87%
90 Days	7.26%	5.56%
12 Months	33.80%	26.89%

257 Overlapping Holdings

Symbol	Grade	Weight in CVLC	Weight in PFM	Overlap
A	D	0.08%	0.16%	0.08%
AAPL	C	6.44%	3.9%	3.9%
ABBV	D	0.66%	1.27%	0.66%
ABT	B	0.45%	0.88%	0.45%
ACN	C	0.47%	0.95%	0.47%
ADI	D	0.22%	0.45%	0.22%
ADP	B	0.26%	0.53%	0.26%
AEE	A	0.06%	0.11%	0.06%
AES	F	0.02%	0.04%	0.02%
AFG	A	0.02%	0.05%	0.02%
AFL	B	0.14%	0.27%	0.14%
AGCO	D	0.02%	0.03%	0.02%
AIT	A	0.03%	0.04%	0.03%
AJG	B	0.14%	0.28%	0.14%
AL	B	0.01%	0.02%	0.01%
ALL	A	0.13%	0.23%	0.13%
AMGN	D	0.34%	0.65%	0.34%
AMP	A	0.14%	0.24%	0.14%
AMT	D	0.22%	0.4%	0.22%
AON	A	0.2%	0.36%	0.2%
AOS	F	0.02%	0.04%	0.02%
APD	A	0.2%	0.32%	0.2%
APH	A	0.24%	0.37%	0.24%
ARE	D	0.04%	0.08%	0.04%
ASH	D	0.01%	0.02%	0.01%
ATR	B	0.03%	0.05%	0.03%
AVGO	D	1.53%	3.32%	1.53%
AVT	C	0.01%	0.02%	0.01%
AVY	D	0.04%	0.07%	0.04%
AWK	D	0.06%	0.11%	0.06%
AXS	A	0.02%	0.03%	0.02%
BAC	A	0.75%	1.56%	0.75%
BAH	F	0.04%	0.08%	0.04%
BBY	D	0.04%	0.08%	0.04%
BC	C	0.01%	0.02%	0.01%
BCPC	B	0.02%	0.02%	0.02%
BDX	F	0.15%	0.28%	0.15%
BEN	C	0.02%	0.05%	0.02%
BK	A	0.14%	0.25%	0.14%
BLK	C	0.38%	0.67%	0.38%
BMI	B	0.02%	0.03%	0.02%
BMY	B	0.26%	0.5%	0.26%
BOKF	B	0.01%	0.03%	0.01%
BR	A	0.06%	0.12%	0.06%
BRO	B	0.06%	0.13%	0.06%
CADE	B	0.02%	0.03%	0.02%
CASY	A	0.04%	0.06%	0.04%
CAT	B	0.5%	0.81%	0.5%
CBOE	B	0.05%	0.09%	0.05%
CBSH	A	0.02%	0.04%	0.02%
CBT	C	0.02%	0.03%	0.02%
CDW	F	0.05%	0.1%	0.05%
CFR	B	0.02%	0.04%	0.02%
CHD	B	0.05%	0.12%	0.05%
CHE	D	0.02%	0.04%	0.02%
CHRW	C	0.03%	0.06%	0.03%
CINF	A	0.06%	0.1%	0.06%
CL	D	0.15%	0.33%	0.15%
CLX	B	0.04%	0.09%	0.04%
CMCSA	B	0.35%	0.72%	0.35%
CME	A	0.2%	0.35%	0.2%
CMI	A	0.14%	0.21%	0.14%
CMS	C	0.05%	0.09%	0.05%
COST	B	0.8%	1.76%	0.8%
CSCO	B	0.49%	1.0%	0.49%
CSL	C	0.11%	0.09%	0.09%
CTAS	B	0.15%	0.38%	0.15%
CUBE	D	0.03%	0.05%	0.03%
DCI	B	0.03%	0.04%	0.03%
DFS	B	0.11%	0.19%	0.11%
DGX	A	0.04%	0.08%	0.04%
DHR	F	0.34%	0.72%	0.34%
DOV	A	0.08%	0.12%	0.08%
DPZ	C	0.04%	0.07%	0.04%
DTE	C	0.06%	0.11%	0.06%
ECL	D	0.17%	0.3%	0.17%
ED	D	0.08%	0.14%	0.08%
ELS	C	0.03%	0.06%	0.03%
ELV	F	0.21%	0.4%	0.21%
EMN	D	0.03%	0.05%	0.03%
EMR	A	0.2%	0.32%	0.2%
ENSG	D	0.02%	0.04%	0.02%
ES	D	0.05%	0.1%	0.05%
ESS	B	0.05%	0.08%	0.05%
ETN	A	0.4%	0.62%	0.4%
EVR	B	0.03%	0.05%	0.03%
EVRG	A	0.04%	0.06%	0.04%
EXPD	D	0.04%	0.07%	0.04%
EXPO	D	0.01%	0.02%	0.01%
EXR	D	0.08%	0.15%	0.08%
FAF	A	0.01%	0.03%	0.01%
FAST	B	0.09%	0.2%	0.09%
FDS	B	0.04%	0.08%	0.04%
FELE	B	0.01%	0.02%	0.01%
FITB	A	0.08%	0.14%	0.08%
FIX	A	0.04%	0.07%	0.04%
FLO	D	0.01%	0.02%	0.01%
FR	C	0.02%	0.03%	0.02%
GATX	A	0.01%	0.02%	0.01%
GGG	B	0.04%	0.07%	0.04%
GL	B	0.02%	0.04%	0.02%
GLW	B	0.08%	0.17%	0.08%
GPC	D	0.03%	0.07%	0.03%
GS	A	0.46%	0.8%	0.46%
GWW	B	0.1%	0.25%	0.1%
HD	A	0.81%	1.76%	0.81%
HEI	B	0.08%	0.06%	0.06%
HIG	B	0.09%	0.15%	0.09%
HOMB	A	0.01%	0.03%	0.01%
HPQ	B	0.07%	0.16%	0.07%
HRL	D	0.02%	0.07%	0.02%
HSY	F	0.07%	0.11%	0.07%
HUBB	B	0.07%	0.1%	0.07%
HUM	C	0.07%	0.14%	0.07%
IBM	C	0.4%	0.83%	0.4%
ICE	C	0.22%	0.39%	0.22%
IDA	A	0.02%	0.03%	0.02%
IEX	B	0.05%	0.07%	0.05%
INGR	B	0.03%	0.04%	0.03%
INTU	C	0.4%	0.82%	0.4%
IPG	D	0.02%	0.04%	0.02%
ITT	A	0.03%	0.05%	0.03%
ITW	B	0.23%	0.35%	0.23%
JBHT	C	0.04%	0.08%	0.04%
JKHY	D	0.03%	0.05%	0.03%
JPM	A	1.44%	3.01%	1.44%
KEY	B	0.04%	0.08%	0.04%
KLAC	D	0.18%	0.36%	0.18%
KMB	D	0.09%	0.2%	0.09%
KO	D	0.56%	1.15%	0.56%
KR	B	0.12%	0.18%	0.12%
LAD	A	0.02%	0.04%	0.02%
LANC	C	0.01%	0.02%	0.01%
LECO	B	0.03%	0.05%	0.03%
LFUS	F	0.02%	0.03%	0.02%
LII	A	0.05%	0.09%	0.05%
LIN	D	0.52%	0.93%	0.52%
LNT	A	0.04%	0.07%	0.04%
LOW	D	0.31%	0.66%	0.31%
MA	C	0.91%	2.06%	0.91%
MAA	B	0.04%	0.08%	0.04%
MAS	D	0.03%	0.07%	0.03%
MCHP	D	0.07%	0.15%	0.07%
MCO	B	0.17%	0.37%	0.17%
MDLZ	F	0.24%	0.37%	0.24%
MDT	D	0.25%	0.48%	0.25%
MET	A	0.12%	0.25%	0.12%
MKC	D	0.06%	0.08%	0.06%
MKTX	D	0.02%	0.04%	0.02%
MMC	B	0.27%	0.48%	0.27%
MORN	B	0.02%	0.06%	0.02%
MRK	F	0.55%	1.06%	0.55%
MSA	D	0.02%	0.03%	0.02%
MSFT	F	5.74%	3.91%	3.91%
MSI	B	0.17%	0.35%	0.17%
NDAQ	A	0.08%	0.2%	0.08%
NDSN	B	0.04%	0.06%	0.04%
NEE	D	0.38%	0.68%	0.38%
NFG	A	0.01%	0.02%	0.01%
NI	A	0.04%	0.07%	0.04%
NKE	D	0.18%	0.39%	0.18%
NNN	D	0.02%	0.03%	0.02%
NUE	C	0.19%	0.15%	0.15%
NXST	C	0.01%	0.02%	0.01%
O	D	0.12%	0.21%	0.12%
ORCL	B	0.63%	2.21%	0.63%
ORI	A	0.02%	0.04%	0.02%
OSK	B	0.02%	0.03%	0.02%
OZK	B	0.01%	0.02%	0.01%
PAYX	C	0.1%	0.22%	0.1%
PB	A	0.02%	0.03%	0.02%
PEG	A	0.11%	0.19%	0.11%
PEP	F	0.53%	0.94%	0.53%
PFE	D	0.32%	0.61%	0.32%
PFG	D	0.05%	0.09%	0.05%
PG	A	0.8%	1.73%	0.8%
PKG	A	0.06%	0.09%	0.06%
PLD	D	0.26%	0.46%	0.26%
PNC	B	0.2%	0.35%	0.2%
POOL	C	0.03%	0.06%	0.03%
POR	C	0.01%	0.02%	0.01%
PPG	F	0.08%	0.12%	0.08%
PRI	A	0.02%	0.04%	0.02%
PRU	A	0.11%	0.2%	0.11%
QCOM	F	0.38%	0.79%	0.38%
R	B	0.02%	0.03%	0.02%
REG	B	0.03%	0.06%	0.03%
REXR	F	0.02%	0.04%	0.02%
RF	A	0.06%	0.1%	0.06%
RGA	A	0.04%	0.07%	0.04%
RHI	B	0.02%	0.03%	0.02%
RJF	A	0.07%	0.15%	0.07%
RMD	C	0.08%	0.15%	0.08%
RNR	C	0.03%	0.06%	0.03%
ROK	B	0.09%	0.14%	0.09%
ROP	B	0.12%	0.26%	0.12%
RRX	B	0.03%	0.05%	0.03%
RS	B	0.09%	0.07%	0.07%
RSG	A	0.1%	0.28%	0.1%
SBUX	A	0.31%	0.49%	0.31%
SCI	B	0.03%	0.05%	0.03%
SEIC	B	0.02%	0.05%	0.02%
SHW	A	0.25%	0.41%	0.25%
SIGI	C	0.01%	0.03%	0.01%
SJM	D	0.03%	0.05%	0.03%
SLGN	A	0.01%	0.02%	0.01%
SNA	A	0.05%	0.08%	0.05%
SON	D	0.01%	0.02%	0.01%
SPGI	C	0.35%	0.68%	0.35%
SRE	A	0.14%	0.25%	0.14%
SSB	B	0.02%	0.03%	0.02%
SSD	D	0.02%	0.03%	0.02%
STAG	F	0.02%	0.03%	0.02%
STE	F	0.05%	0.09%	0.05%
STLD	B	0.11%	0.09%	0.09%
STT	A	0.07%	0.12%	0.07%
SWK	D	0.04%	0.06%	0.04%
SWX	B	0.01%	0.02%	0.01%
SYK	C	0.31%	0.64%	0.31%
SYY	B	0.1%	0.16%	0.1%
TFC	A	0.15%	0.27%	0.15%
TGT	F	0.14%	0.31%	0.14%
THG	A	0.01%	0.03%	0.01%
THO	B	0.01%	0.03%	0.01%
TKR	D	0.01%	0.02%	0.01%
TRNO	F	0.01%	0.03%	0.01%
TROW	B	0.06%	0.11%	0.06%
TRV	B	0.15%	0.26%	0.15%
TSCO	D	0.06%	0.13%	0.06%
TT	A	0.26%	0.4%	0.26%
TTC	D	0.02%	0.04%	0.02%
TXN	C	0.39%	0.82%	0.39%
UDR	B	0.04%	0.06%	0.04%
UFPI	B	0.02%	0.03%	0.02%
UGI	A	0.01%	0.02%	0.01%
UNH	C	1.15%	2.35%	1.15%
UNM	A	0.03%	0.06%	0.03%
UNP	C	0.34%	0.62%	0.34%
UPS	C	0.23%	0.43%	0.23%
USB	A	0.19%	0.34%	0.19%
V	A	1.09%	2.25%	1.09%
VMC	B	0.2%	0.16%	0.16%
VZ	C	0.37%	0.77%	0.37%
WEC	A	0.08%	0.13%	0.08%
WM	A	0.21%	0.38%	0.21%
WMT	A	0.73%	2.92%	0.73%
WRB	A	0.05%	0.1%	0.05%
WSM	B	0.03%	0.07%	0.03%
WSO	A	0.05%	0.08%	0.05%
WST	C	0.05%	0.1%	0.05%
WTFC	A	0.02%	0.04%	0.02%
WTRG	B	0.03%	0.05%	0.03%
WTS	B	0.02%	0.02%	0.02%
XEL	A	0.09%	0.17%	0.09%
XYL	D	0.08%	0.13%	0.08%
ZION	B	0.02%	0.04%	0.02%
ZTS	D	0.18%	0.35%	0.18%

CVLC Overweight 511 Positions Relative to PFM

Symbol	Grade	Weight
NVDA	C	6.33%
GOOGL	C	3.68%
AMZN	C	3.65%
TSLA	B	1.86%
LLY	F	1.28%
NFLX	A	0.75%
CRM	B	0.64%
WFC	A	0.63%
GE	D	0.5%
ADBE	C	0.47%
AMD	F	0.46%
DIS	B	0.46%
NOW	A	0.44%
TMO	F	0.44%
ISRG	A	0.42%
AXP	A	0.4%
PGR	A	0.37%
BKNG	A	0.35%
T	A	0.34%
C	A	0.33%
BX	A	0.32%
UBER	D	0.31%
SCHW	B	0.3%
BSX	B	0.29%
AMAT	F	0.29%
DE	A	0.28%
VRTX	F	0.27%
TJX	A	0.27%
FI	A	0.26%
PANW	C	0.26%
TMUS	B	0.25%
GILD	C	0.25%
KKR	A	0.25%
PH	A	0.25%
BKR	B	0.24%
MU	D	0.23%
CMG	B	0.23%
INTC	D	0.22%
GEV	B	0.22%
EQIX	A	0.21%
CI	F	0.2%
WELL	A	0.2%
ANET	C	0.2%
PYPL	B	0.19%
LRCX	F	0.19%
CARR	D	0.18%
REGN	F	0.18%
OXY	D	0.18%
APO	B	0.17%
CDNS	B	0.17%
SNPS	B	0.17%
CEG	D	0.17%
COF	B	0.17%
FDX	B	0.16%
JCI	C	0.16%
MRVL	B	0.16%
PCAR	B	0.16%
CRWD	B	0.16%
COIN	C	0.15%
MAR	B	0.15%
CVS	D	0.15%
GM	B	0.15%
URI	B	0.15%
ADSK	A	0.14%
ORLY	B	0.14%
SPG	B	0.14%
DLR	B	0.14%
AME	A	0.13%
FTNT	C	0.13%
PSA	D	0.13%
HLT	A	0.13%
PWR	A	0.12%
WDAY	B	0.12%
IR	B	0.12%
APP	B	0.12%
D	C	0.12%
ABNB	C	0.12%
FICO	B	0.12%
AXON	A	0.12%
AIG	B	0.12%
VRT	B	0.12%
MNST	C	0.11%
AZO	C	0.11%
YUM	B	0.11%
CCI	D	0.11%
CPRT	A	0.11%
TTD	B	0.11%
OTIS	C	0.11%
DHI	D	0.11%
ODFL	B	0.1%
WAB	B	0.1%
EXC	C	0.1%
CBRE	B	0.1%
SQ	B	0.1%
DAL	C	0.1%
GIS	D	0.1%
MSCI	C	0.1%
LEN	D	0.1%
FIS	C	0.1%
F	C	0.1%
IT	C	0.09%
MTB	A	0.09%
VRSK	A	0.09%
EW	C	0.09%
KVUE	A	0.09%
ROST	C	0.09%
ACGL	D	0.09%
OC	A	0.09%
KDP	D	0.09%
ARES	A	0.08%
IDXX	F	0.08%
GEHC	F	0.08%
IQV	D	0.08%
KHC	F	0.08%
DDOG	A	0.08%
WTW	B	0.08%
DELL	C	0.08%
TEAM	A	0.08%
AVB	B	0.08%
CHTR	C	0.08%
CTSH	B	0.08%
EA	A	0.08%
SNOW	C	0.08%
NVR	D	0.07%
FCNCA	A	0.07%
VEEV	C	0.07%
EQR	B	0.07%
CNC	D	0.07%
ALNY	D	0.07%
DXCM	D	0.07%
EFX	F	0.07%
LULU	C	0.07%
HUBS	A	0.07%
IRM	D	0.07%
KEYS	A	0.07%
FTV	C	0.07%
SW	A	0.07%
IFF	D	0.06%
MTD	D	0.06%
DRI	B	0.06%
EME	C	0.06%
NET	B	0.06%
MPWR	F	0.06%
SBAC	D	0.06%
HPE	B	0.06%
LPLA	A	0.06%
ON	D	0.06%
EBAY	D	0.06%
K	A	0.06%
TTWO	A	0.06%
TDY	B	0.06%
ANSS	B	0.06%
HBAN	A	0.06%
SYF	B	0.06%
VTR	C	0.06%
CSGP	D	0.06%
PHM	D	0.06%
ZM	B	0.05%
WDC	D	0.05%
NRG	B	0.05%
IBKR	A	0.05%
WAT	B	0.05%
PTC	A	0.05%
WBD	C	0.05%
ILMN	D	0.05%
TRMB	B	0.05%
PNR	A	0.05%
NTAP	C	0.05%
ZBH	C	0.05%
VLTO	D	0.05%
BALL	D	0.05%
CFG	B	0.05%
BIIB	F	0.05%
DECK	A	0.05%
CVNA	B	0.05%
NTRS	A	0.05%
TYL	B	0.05%
RBLX	C	0.05%
ALGN	D	0.04%
MANH	D	0.04%
EWBC	A	0.04%
COHR	B	0.04%
DOC	D	0.04%
PINS	D	0.04%
TWLO	A	0.04%
UTHR	C	0.04%
PFGC	B	0.04%
BG	F	0.04%
CAG	D	0.04%
SOFI	A	0.04%
BAX	D	0.04%
TW	A	0.04%
TXRH	C	0.04%
CMC	B	0.04%
TOL	B	0.04%
SUI	D	0.04%
EQH	B	0.04%
ATI	D	0.04%
FSLR	F	0.04%
MOH	F	0.04%
CW	B	0.04%
XPO	B	0.04%
ZS	C	0.04%
EG	C	0.04%
SFM	A	0.04%
KIM	A	0.04%
HOLX	D	0.04%
PODD	C	0.04%
TRU	D	0.04%
AMCR	D	0.04%
OMC	C	0.04%
ZBRA	B	0.04%
MDB	C	0.04%
STX	D	0.04%
LYV	A	0.04%
WY	D	0.04%
LH	C	0.04%
USFD	A	0.04%
JNPR	F	0.03%
OHI	C	0.03%
WBS	A	0.03%
BLD	D	0.03%
KNSL	B	0.03%
WMS	D	0.03%
CG	A	0.03%
NBIX	C	0.03%
TPR	B	0.03%
WING	D	0.03%
WWD	B	0.03%
BMRN	D	0.03%
FHN	A	0.03%
TTEK	F	0.03%
LAMR	D	0.03%
MLI	C	0.03%
EPAM	C	0.03%
DLTR	F	0.03%
AKAM	D	0.03%
ARMK	B	0.03%
AYI	B	0.03%
ALSN	B	0.03%
SWKS	F	0.03%
SF	B	0.03%
MRNA	F	0.03%
DT	C	0.03%
HST	C	0.03%
FFIV	B	0.03%
WPC	D	0.03%
EL	F	0.03%
JBL	B	0.03%
JEF	A	0.03%
AFRM	B	0.03%
LW	C	0.03%
JLL	D	0.03%
CCK	C	0.03%
BXP	D	0.03%
RVTY	F	0.03%
CLH	B	0.03%
CPT	B	0.03%
OWL	A	0.03%
AVTR	F	0.03%
ENTG	D	0.03%
Z	A	0.03%
PSTG	D	0.03%
SUM	B	0.03%
ROL	B	0.03%
INCY	C	0.03%
SAIA	B	0.03%
SSNC	B	0.03%
VRSN	F	0.03%
APTV	D	0.03%
DG	F	0.03%
GWRE	A	0.03%
NVT	B	0.03%
NTNX	A	0.03%
TOST	B	0.03%
DOCU	A	0.03%
BURL	A	0.03%
ALLE	D	0.03%
ULTA	F	0.03%
TER	D	0.03%
ACM	A	0.03%
GEN	B	0.03%
FSS	B	0.02%
MOD	A	0.02%
COLD	D	0.02%
SMAR	A	0.02%
LSTR	D	0.02%
OLED	D	0.02%
CVLT	B	0.02%
GXO	B	0.02%
ENPH	F	0.02%
FCN	D	0.02%
HLNE	B	0.02%
ELAN	D	0.02%
WSC	D	0.02%
WEX	D	0.02%
LPX	B	0.02%
MTH	D	0.02%
G	B	0.02%
ESTC	C	0.02%
MTG	C	0.02%
RHP	B	0.02%
SKX	D	0.02%
RL	B	0.02%
ALK	C	0.02%
HAS	D	0.02%
JAZZ	B	0.02%
OMF	A	0.02%
ONTO	D	0.02%
GKOS	B	0.02%
WH	B	0.02%
ONB	B	0.02%
VNO	B	0.02%
NOVT	D	0.02%
BPOP	B	0.02%
MOG.A	B	0.02%
RYAN	B	0.02%
TMHC	B	0.02%
RIVN	F	0.02%
SNX	C	0.02%
ESI	A	0.02%
MEDP	D	0.02%
PLNT	A	0.02%
HQY	B	0.02%
DVA	B	0.02%
TPX	B	0.02%
PCTY	B	0.02%
FBIN	D	0.02%
WCC	B	0.02%
BILL	A	0.02%
HRB	D	0.02%
ROKU	D	0.02%
BRBR	A	0.02%
JXN	C	0.02%
AGNC	D	0.02%
BWA	D	0.02%
COKE	C	0.02%
ALV	C	0.02%
NYT	C	0.02%
VMI	B	0.02%
FMC	D	0.02%
CGNX	C	0.02%
DAR	C	0.02%
HSIC	B	0.02%
IVZ	B	0.02%
SNV	B	0.02%
ESAB	B	0.02%
SMCI	F	0.02%
CNM	D	0.02%
VOYA	B	0.02%
GTLS	B	0.02%
MKSI	C	0.02%
FRPT	B	0.02%
LKQ	D	0.02%
PEN	B	0.02%
EXAS	D	0.02%
DOX	D	0.02%
CIEN	B	0.02%
MIDD	C	0.02%
TFX	F	0.02%
MTZ	B	0.02%
GMED	A	0.02%
KNX	B	0.02%
SRPT	D	0.02%
BRX	A	0.02%
APG	B	0.02%
BERY	B	0.02%
CRL	C	0.02%
EXEL	B	0.02%
FND	C	0.02%
FLS	B	0.02%
ACI	C	0.02%
DKS	C	0.02%
EHC	B	0.02%
RPRX	D	0.02%
AAL	B	0.02%
CMA	A	0.02%
CE	F	0.02%
BJ	A	0.02%
FRT	B	0.02%
SNAP	C	0.02%
PNFP	B	0.02%
MOS	F	0.02%
PAYC	B	0.02%
GPK	C	0.02%
CTLT	B	0.02%
TECH	D	0.02%
DAY	B	0.02%
CPB	D	0.02%
KMX	B	0.02%
LBRDK	C	0.02%
HLI	B	0.02%
WAL	B	0.02%
DUOL	A	0.02%
ALLY	C	0.02%
AXTA	A	0.02%
OKTA	C	0.02%
CNH	C	0.02%
COTY	F	0.01%
ALGM	D	0.01%
COLM	B	0.01%
PAG	B	0.01%
APLS	D	0.01%
CWEN	C	0.01%
AGR	B	0.01%
ZI	D	0.01%
TNET	D	0.01%
PFSI	D	0.01%
CACC	D	0.01%
MSM	C	0.01%
BBIO	F	0.01%
CDP	C	0.01%
XRAY	F	0.01%
CHWY	B	0.01%
OPCH	D	0.01%
SIG	B	0.01%
NSIT	F	0.01%
AN	C	0.01%
M	D	0.01%
CHH	A	0.01%
OGN	D	0.01%
BCO	D	0.01%
ATKR	C	0.01%
CWAN	B	0.01%
DLB	B	0.01%
EEFT	B	0.01%
FIVE	F	0.01%
RH	B	0.01%
PSN	D	0.01%
GAP	C	0.01%
WMG	C	0.01%
ABG	B	0.01%
TENB	C	0.01%
HOG	D	0.01%
IONS	F	0.01%
MMS	F	0.01%
APPF	B	0.01%
HCP	B	0.01%
BCC	B	0.01%
CROX	D	0.01%
QLYS	C	0.01%
ZWS	B	0.01%
OLLI	D	0.01%
ETSY	D	0.01%
PVH	C	0.01%
CRUS	D	0.01%
INSP	D	0.01%
IBP	D	0.01%
RMBS	C	0.01%
VRNS	D	0.01%
BRKR	D	0.01%
WTM	A	0.01%
WHR	B	0.01%
ARW	D	0.01%
CELH	F	0.01%
BECN	B	0.01%
VNT	B	0.01%
BPMC	C	0.01%
SITE	D	0.01%
MAT	D	0.01%
DOCS	C	0.01%
LEA	D	0.01%
ALTR	B	0.01%
RDN	C	0.01%
DY	D	0.01%
HALO	F	0.01%
SLM	A	0.01%
AZEK	A	0.01%
MMSI	B	0.01%
SAIC	F	0.01%
FOUR	B	0.01%
QRVO	F	0.01%
ELF	C	0.01%
AWI	A	0.01%
LYFT	C	0.01%
BFAM	D	0.01%
TPG	A	0.01%
ST	F	0.01%
CFLT	B	0.01%
DBX	B	0.01%
AMG	B	0.01%
KD	B	0.01%
HXL	D	0.01%
BBWI	D	0.01%
SPSC	C	0.01%
KBH	D	0.01%
BIO	D	0.01%
EPRT	B	0.01%
ESNT	D	0.01%
KRG	B	0.01%
MTN	C	0.01%
LSCC	D	0.01%
JHG	A	0.01%
GME	C	0.01%
ITRI	B	0.01%
STWD	C	0.01%
ANF	C	0.01%
SEE	C	0.01%
RGEN	D	0.01%
MHK	D	0.01%
FNB	A	0.01%
EXLS	B	0.01%
PARA	C	0.01%
CWST	A	0.01%
TREX	C	0.01%
COOP	B	0.01%
H	B	0.01%
S	B	0.01%
VFC	C	0.01%
LNC	B	0.01%
LEVI	F	0.0%

CVLC Underweight 159 Positions Relative to PFM

Symbol	Grade	Weight
XOM	B	-2.31%
JNJ	D	-1.61%
CVX	A	-1.27%
MS	A	-0.94%
MCD	D	-0.9%
PM	B	-0.88%
RTX	C	-0.69%
HON	B	-0.64%
LMT	D	-0.55%
CB	C	-0.5%
SO	D	-0.42%
MO	A	-0.41%
DUK	C	-0.38%
GD	F	-0.34%
MCK	B	-0.34%
NOC	D	-0.31%
MMM	D	-0.31%
CSX	B	-0.29%
EPD	A	-0.29%
PSX	C	-0.24%
AEP	D	-0.22%
COR	B	-0.21%
MPLX	A	-0.21%
LHX	C	-0.2%
EIX	B	-0.14%
CAH	B	-0.13%
LYB	F	-0.12%
ADM	D	-0.11%
ATO	A	-0.1%
RPM	A	-0.08%
TSN	B	-0.08%
ERIE	D	-0.08%
WLK	D	-0.07%
FNF	B	-0.07%
AIZ	A	-0.05%
ALB	C	-0.05%
EGP	F	-0.04%
OGE	B	-0.04%
RGLD	C	-0.04%
CHDN	B	-0.04%
PNW	B	-0.04%
FFIN	B	-0.03%
UMBF	B	-0.03%
WBA	F	-0.03%
ADC	B	-0.03%
HII	D	-0.03%
RLI	B	-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%
MDU	D	-0.02%
CCOI	B	-0.02%
WDFC	B	-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%
KAI	A	-0.02%
NJR	A	-0.02%
CNS	B	-0.02%
AGO	B	-0.02%
MATX	C	-0.02%
DDS	B	-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%