CVLC vs. QVML ETF Comparison

Comparison of Calvert US Large-Cap Core Responsible Index ETF (CVLC) to Invesco S&P 500 QVM Multi-factor ETF (QVML)

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

$74.78

Average Daily Volume

11,236

Number of Holdings ^*

767

* may have additional holdings in another (foreign) market

QVML

Invesco S&P 500 QVM Multi-factor ETF

QVML Description

The investment seeks to track the investment results of the S&P 500 ® Quality, Value & Momentum Top 90% Multi- Factor Index (the “underlying index”). The fund generally will invest at least 90% of its total assets in the securities that comprise the index. S&P Dow Jones Indices LLC compiles, maintains and calculates the index, which is designed to track the performance of a subset of securities from the S&P 500 ® Index that exhibit the investment style criteria of quality, value and momentum. The index is composed of securities with multi-factor scores representing the top 90% of the parent index, as determined by the index provider. It is non-diversified.

Grade (RS Rating)

Last Trade

$35.27

Average Daily Volume

1,358

Number of Holdings ^*

446

* may have additional holdings in another (foreign) market

Performance

Period	CVLC	QVML
30 Days	2.60%	1.72%
60 Days	6.92%	6.28%
90 Days	9.17%	7.69%
12 Months	35.36%	35.24%

351 Overlapping Holdings

	Symbol	Grade	Weight in CVLC	Weight in QVML	Overlap
	A	F	0.09%	0.09%	0.09%
	AAPL	C	6.29%	7.06%	6.29%
	ABBV	D	0.79%	0.75%	0.75%
	ABNB	C	0.13%	0.14%	0.13%
	ABT	C	0.45%	0.41%	0.41%
	ACGL	D	0.09%	0.08%	0.08%
	ACN	C	0.47%	0.46%	0.46%
	ADBE	C	0.47%	0.46%	0.46%
	ADI	F	0.23%	0.25%	0.23%
	ADP	A	0.26%	0.26%	0.26%
	ADSK	A	0.14%	0.14%	0.14%
	AEE	A	0.06%	0.05%	0.05%
	AFL	C	0.13%	0.12%	0.12%
	AIG	B	0.12%	0.11%	0.11%
	AJG	A	0.14%	0.13%	0.13%
	AKAM	F	0.03%	0.04%	0.03%
	ALGN	F	0.03%	0.03%	0.03%
	ALL	A	0.12%	0.11%	0.11%
	ALLE	D	0.03%	0.03%	0.03%
	AMAT	F	0.32%	0.36%	0.32%
	AMCR	D	0.04%	0.03%	0.03%
	AMD	F	0.49%	0.5%	0.49%
	AME	A	0.12%	0.09%	0.09%
	AMP	A	0.14%	0.12%	0.12%
	AMZN	A	3.69%	3.9%	3.69%
	ANET	C	0.23%	0.24%	0.23%
	ANSS	B	0.06%	0.07%	0.06%
	AON	A	0.2%	0.17%	0.17%
	AOS	F	0.03%	0.02%	0.02%
	APH	B	0.24%	0.2%	0.2%
	APTV	D	0.03%	0.03%	0.03%
	ARE	F	0.05%	0.04%	0.04%
	AVB	A	0.08%	0.07%	0.07%
	AVGO	C	1.65%	1.73%	1.65%
	AVY	F	0.04%	0.04%	0.04%
	AWK	D	0.06%	0.05%	0.05%
	AXON	B	0.09%	0.07%	0.07%
	AXP	B	0.41%	0.35%	0.35%
	AZO	C	0.11%	0.12%	0.11%
	BAC	A	0.72%	0.67%	0.67%
	BALL	D	0.05%	0.04%	0.04%
	BAX	F	0.04%	0.04%	0.04%
	BBY	D	0.04%	0.04%	0.04%
	BDX	D	0.15%	0.14%	0.14%
	BEN	C	0.01%	0.01%	0.01%
	BG	D	0.03%	0.03%	0.03%
	BK	B	0.14%	0.12%	0.12%
	BKNG	A	0.35%	0.36%	0.35%
	BKR	B	0.23%	0.1%	0.1%
	BR	A	0.05%	0.06%	0.05%
	BRO	A	0.06%	0.06%	0.06%
	BSX	A	0.28%	0.26%	0.26%
	BWA	B	0.02%	0.02%	0.02%
	BX	A	0.31%	0.26%	0.26%
	BXP	D	0.03%	0.02%	0.02%
	C	A	0.32%	0.3%	0.3%
	CAG	F	0.04%	0.03%	0.03%
	CARR	C	0.18%	0.13%	0.13%
	CAT	C	0.53%	0.44%	0.44%
	CBOE	D	0.05%	0.04%	0.04%
	CBRE	A	0.1%	0.08%	0.08%
	CDNS	B	0.17%	0.17%	0.17%
	CDW	F	0.06%	0.06%	0.06%
	CE	F	0.03%	0.02%	0.02%
	CEG	D	0.18%	0.17%	0.17%
	CFG	B	0.05%	0.05%	0.05%
	CHD	B	0.05%	0.05%	0.05%
	CHRW	A	0.03%	0.03%	0.03%
	CHTR	B	0.08%	0.09%	0.08%
	CI	D	0.19%	0.19%	0.19%
	CINF	A	0.06%	0.05%	0.05%
	CL	F	0.15%	0.16%	0.15%
	CMCSA	B	0.36%	0.37%	0.36%
	CME	A	0.2%	0.17%	0.17%
	CMG	B	0.22%	0.17%	0.17%
	CMI	A	0.13%	0.11%	0.11%
	CMS	C	0.05%	0.04%	0.04%
	CNC	F	0.07%	0.07%	0.07%
	COF	B	0.18%	0.16%	0.16%
	COST	B	0.79%	0.84%	0.79%
	CPB	F	0.03%	0.02%	0.02%
	CPRT	A	0.11%	0.11%	0.11%
	CPT	C	0.03%	0.03%	0.03%
	CRL	C	0.02%	0.02%	0.02%
	CRM	B	0.6%	0.64%	0.6%
	CRWD	B	0.15%	0.17%	0.15%
	CSCO	A	0.48%	0.51%	0.48%
	CSGP	D	0.07%	0.06%	0.06%
	CTAS	A	0.15%	0.16%	0.15%
	CTSH	A	0.08%	0.09%	0.08%
	CVS	F	0.17%	0.15%	0.15%
	D	D	0.12%	0.1%	0.1%
	DAL	A	0.09%	0.08%	0.08%
	DAY	C	0.03%	0.03%	0.03%
	DE	D	0.29%	0.22%	0.22%
	DECK	B	0.05%	0.06%	0.05%
	DFS	B	0.11%	0.1%	0.1%
	DG	F	0.03%	0.04%	0.03%
	DGX	A	0.04%	0.04%	0.04%
	DHI	F	0.12%	0.11%	0.11%
	DHR	F	0.36%	0.34%	0.34%
	DIS	B	0.39%	0.39%	0.39%
	DLR	C	0.14%	0.12%	0.12%
	DLTR	F	0.03%	0.03%	0.03%
	DOC	C	0.04%	0.03%	0.03%
	DOV	A	0.08%	0.06%	0.06%
	DRI	B	0.06%	0.04%	0.04%
	DTE	D	0.06%	0.05%	0.05%
	DVA	C	0.02%	0.02%	0.02%
	EA	A	0.08%	0.09%	0.08%
	EBAY	C	0.06%	0.06%	0.06%
	ECL	C	0.17%	0.13%	0.13%
	ED	D	0.08%	0.07%	0.07%
	EFX	D	0.07%	0.07%	0.07%
	EG	D	0.04%	0.03%	0.03%
	ELV	F	0.22%	0.21%	0.21%
	EMN	D	0.03%	0.03%	0.03%
	EMR	A	0.2%	0.16%	0.16%
	EPAM	B	0.02%	0.03%	0.02%
	EQR	C	0.06%	0.05%	0.05%
	ES	D	0.05%	0.04%	0.04%
	ESS	C	0.05%	0.04%	0.04%
	ETN	A	0.4%	0.31%	0.31%
	EVRG	A	0.03%	0.03%	0.03%
	EW	D	0.09%	0.09%	0.09%
	EXC	C	0.09%	0.08%	0.08%
	EXPD	D	0.04%	0.04%	0.04%
	EXR	D	0.08%	0.07%	0.07%
	F	C	0.1%	0.1%	0.1%
	FAST	A	0.09%	0.1%	0.09%
	FDS	A	0.04%	0.04%	0.04%
	FDX	B	0.15%	0.14%	0.14%
	FFIV	A	0.03%	0.03%	0.03%
	FI	A	0.25%	0.26%	0.25%
	FIS	B	0.1%	0.1%	0.1%
	FITB	A	0.08%	0.07%	0.07%
	FMC	F	0.02%	0.02%	0.02%
	FRT	C	0.02%	0.02%	0.02%
	FSLR	F	0.04%	0.04%	0.04%
	FTNT	B	0.11%	0.11%	0.11%
	FTV	D	0.07%	0.06%	0.06%
	GE	C	0.5%	0.43%	0.43%
	GEHC	F	0.08%	0.08%	0.08%
	GEN	A	0.03%	0.03%	0.03%
	GEV	B	0.22%	0.19%	0.19%
	GILD	C	0.25%	0.25%	0.25%
	GIS	F	0.1%	0.08%	0.08%
	GL	B	0.02%	0.02%	0.02%
	GLW	C	0.08%	0.08%	0.08%
	GM	A	0.15%	0.15%	0.15%
	GPC	D	0.03%	0.04%	0.03%
	GS	B	0.46%	0.43%	0.43%
	GWW	B	0.1%	0.11%	0.1%
	HBAN	B	0.06%	0.06%	0.06%
	HD	B	0.76%	0.82%	0.76%
	HIG	C	0.08%	0.07%	0.07%
	HOLX	D	0.04%	0.04%	0.04%
	HPE	B	0.06%	0.07%	0.06%
	HPQ	B	0.07%	0.07%	0.07%
	HRL	F	0.03%	0.02%	0.02%
	HSIC	F	0.02%	0.02%	0.02%
	HST	C	0.03%	0.03%	0.03%
	HSY	D	0.07%	0.05%	0.05%
	HUBB	B	0.07%	0.05%	0.05%
	HUM	D	0.08%	0.08%	0.08%
	IBM	C	0.41%	0.4%	0.4%
	ICE	D	0.22%	0.19%	0.19%
	IDXX	D	0.08%	0.07%	0.07%
	IEX	B	0.05%	0.04%	0.04%
	IFF	F	0.06%	0.05%	0.05%
	INCY	B	0.03%	0.03%	0.03%
	INTC	C	0.22%	0.26%	0.22%
	INTU	A	0.37%	0.39%	0.37%
	IPG	F	0.03%	0.03%	0.03%
	IQV	F	0.09%	0.09%	0.09%
	IR	A	0.12%	0.09%	0.09%
	ISRG	A	0.4%	0.39%	0.39%
	IT	A	0.09%	0.09%	0.09%
	ITW	A	0.23%	0.16%	0.16%
	IVZ	C	0.02%	0.02%	0.02%
	JBHT	B	0.04%	0.03%	0.03%
	JBL	C	0.03%	0.04%	0.03%
	JCI	A	0.15%	0.12%	0.12%
	JKHY	C	0.03%	0.03%	0.03%
	JNPR	D	0.03%	0.03%	0.03%
	JPM	B	1.43%	1.54%	1.43%
	K	A	0.06%	0.04%	0.04%
	KDP	D	0.1%	0.07%	0.07%
	KEY	B	0.05%	0.04%	0.04%
	KEYS	C	0.08%	0.06%	0.06%
	KHC	F	0.08%	0.05%	0.05%
	KIM	A	0.04%	0.03%	0.03%
	KKR	B	0.25%	0.22%	0.22%
	KLAC	F	0.19%	0.21%	0.19%
	KMB	F	0.09%	0.09%	0.09%
	KMX	C	0.02%	0.03%	0.02%
	KO	F	0.57%	0.53%	0.53%
	KR	A	0.12%	0.09%	0.09%
	KVUE	B	0.09%	0.09%	0.09%
	LEN	D	0.1%	0.09%	0.09%
	LH	A	0.04%	0.04%	0.04%
	LIN	D	0.53%	0.48%	0.48%
	LKQ	D	0.02%	0.02%	0.02%
	LLY	F	1.32%	1.39%	1.32%
	LNT	C	0.04%	0.03%	0.03%
	LRCX	F	0.21%	0.23%	0.21%
	LULU	C	0.07%	0.08%	0.07%
	LW	C	0.03%	0.02%	0.02%
	MA	B	0.9%	0.88%	0.88%
	MAA	C	0.04%	0.04%	0.04%
	MAS	D	0.03%	0.04%	0.03%
	MCHP	F	0.08%	0.09%	0.08%
	MCO	C	0.16%	0.16%	0.16%
	MDLZ	F	0.25%	0.18%	0.18%
	MDT	D	0.26%	0.24%	0.24%
	MET	C	0.12%	0.1%	0.1%
	MHK	D	0.02%	0.02%	0.02%
	MKC	D	0.06%	0.04%	0.04%
	MKTX	C	0.02%	0.02%	0.02%
	MMC	C	0.27%	0.23%	0.23%
	MNST	B	0.11%	0.08%	0.08%
	MOH	F	0.04%	0.04%	0.04%
	MOS	D	0.02%	0.02%	0.02%
	MPWR	F	0.08%	0.08%	0.08%
	MRK	F	0.57%	0.55%	0.55%
	MRNA	F	0.04%	0.03%	0.03%
	MSFT	C	5.74%	6.53%	5.74%
	MSI	B	0.16%	0.17%	0.16%
	MTB	B	0.09%	0.08%	0.08%
	MU	D	0.26%	0.28%	0.26%
	NDAQ	A	0.08%	0.07%	0.07%
	NEE	D	0.37%	0.31%	0.31%
	NFLX	A	0.7%	0.74%	0.7%
	NI	A	0.04%	0.03%	0.03%
	NKE	F	0.18%	0.2%	0.18%
	NOW	A	0.43%	0.42%	0.42%
	NRG	B	0.05%	0.04%	0.04%
	NTAP	D	0.05%	0.06%	0.05%
	NTRS	A	0.05%	0.05%	0.05%
	NUE	C	0.22%	0.09%	0.09%
	NVDA	B	6.41%	7.83%	6.41%
	NVR	D	0.06%	0.06%	0.06%
	O	D	0.12%	0.1%	0.1%
	ODFL	B	0.1%	0.08%	0.08%
	OMC	B	0.04%	0.04%	0.04%
	ON	F	0.06%	0.07%	0.06%
	OXY	D	0.19%	0.08%	0.08%
	PANW	A	0.26%	0.28%	0.26%
	PARA	C	0.02%	0.01%	0.01%
	PAYC	B	0.02%	0.02%	0.02%
	PAYX	B	0.1%	0.1%	0.1%
	PCAR	B	0.17%	0.13%	0.13%
	PEG	C	0.1%	0.09%	0.09%
	PEP	D	0.55%	0.46%	0.46%
	PFG	C	0.05%	0.04%	0.04%
	PG	C	0.75%	0.8%	0.75%
	PGR	A	0.37%	0.32%	0.32%
	PH	A	0.25%	0.19%	0.19%
	PHM	D	0.06%	0.06%	0.06%
	PKG	B	0.06%	0.05%	0.05%
	PLD	D	0.25%	0.22%	0.22%
	PNC	B	0.2%	0.18%	0.18%
	PNR	A	0.05%	0.04%	0.04%
	POOL	D	0.03%	0.03%	0.03%
	PPG	F	0.08%	0.06%	0.06%
	PRU	B	0.11%	0.1%	0.1%
	PSA	C	0.12%	0.11%	0.11%
	PTC	B	0.05%	0.05%	0.05%
	PWR	B	0.11%	0.1%	0.1%
	PYPL	A	0.17%	0.19%	0.17%
	QCOM	F	0.4%	0.43%	0.4%
	QRVO	F	0.01%	0.02%	0.01%
	REG	A	0.03%	0.03%	0.03%
	REGN	F	0.19%	0.19%	0.19%
	RF	B	0.06%	0.05%	0.05%
	RJF	A	0.07%	0.06%	0.06%
	RL	B	0.02%	0.02%	0.02%
	RMD	C	0.08%	0.07%	0.07%
	ROK	B	0.09%	0.07%	0.07%
	ROL	B	0.03%	0.03%	0.03%
	ROP	A	0.13%	0.13%	0.13%
	ROST	F	0.09%	0.1%	0.09%
	RSG	A	0.1%	0.09%	0.09%
	RVTY	C	0.03%	0.03%	0.03%
	SCHW	A	0.28%	0.23%	0.23%
	SHW	A	0.24%	0.19%	0.19%
	SMCI	F	0.02%	0.03%	0.02%
	SNA	A	0.05%	0.04%	0.04%
	SNPS	B	0.18%	0.2%	0.18%
	SPG	B	0.14%	0.12%	0.12%
	SPGI	C	0.34%	0.33%	0.33%
	SRE	A	0.13%	0.12%	0.12%
	STE	F	0.05%	0.04%	0.04%
	STLD	B	0.12%	0.05%	0.05%
	STT	B	0.07%	0.06%	0.06%
	SW	C	0.08%	0.06%	0.06%
	SWK	F	0.04%	0.03%	0.03%
	SWKS	F	0.03%	0.03%	0.03%
	SYF	B	0.07%	0.06%	0.06%
	SYK	A	0.29%	0.26%	0.26%
	SYY	B	0.11%	0.08%	0.08%
	T	A	0.33%	0.31%	0.31%
	TDY	A	0.06%	0.05%	0.05%
	TER	F	0.04%	0.04%	0.04%
	TFC	B	0.15%	0.14%	0.14%
	TFX	F	0.02%	0.02%	0.02%
	TGT	C	0.13%	0.15%	0.13%
	TJX	B	0.26%	0.28%	0.26%
	TMO	F	0.47%	0.44%	0.44%
	TMUS	A	0.24%	0.25%	0.24%
	TPR	B	0.02%	0.02%	0.02%
	TROW	B	0.06%	0.06%	0.06%
	TRV	B	0.14%	0.12%	0.12%
	TSCO	C	0.06%	0.06%	0.06%
	TT	A	0.24%	0.19%	0.19%
	TTWO	A	0.06%	0.06%	0.06%
	TXN	C	0.41%	0.44%	0.41%
	TYL	B	0.05%	0.06%	0.05%
	UBER	F	0.31%	0.33%	0.31%
	UDR	C	0.03%	0.03%	0.03%
	ULTA	C	0.04%	0.04%	0.04%
	UNH	B	1.14%	1.17%	1.14%
	UNP	C	0.35%	0.32%	0.32%
	UPS	C	0.23%	0.2%	0.2%
	URI	B	0.16%	0.13%	0.13%
	USB	A	0.2%	0.17%	0.17%
	V	A	1.07%	0.98%	0.98%
	VLTO	C	0.05%	0.05%	0.05%
	VMC	B	0.21%	0.08%	0.08%
	VRSK	A	0.09%	0.08%	0.08%
	VRTX	B	0.28%	0.28%	0.28%
	VTR	C	0.06%	0.05%	0.05%
	VZ	C	0.36%	0.34%	0.34%
	WAB	A	0.1%	0.08%	0.08%
	WAT	A	0.05%	0.05%	0.05%
	WBD	B	0.04%	0.05%	0.04%
	WDC	D	0.05%	0.05%	0.05%
	WEC	B	0.07%	0.06%	0.06%
	WELL	B	0.2%	0.16%	0.16%
	WFC	A	0.61%	0.55%	0.55%
	WM	A	0.21%	0.17%	0.17%
	WMT	A	0.71%	0.73%	0.71%
	WRB	B	0.04%	0.04%	0.04%
	WST	B	0.05%	0.05%	0.05%
	WTW	A	0.08%	0.07%	0.07%
	WY	F	0.04%	0.05%	0.04%
	XEL	A	0.09%	0.07%	0.07%
	XYL	D	0.08%	0.07%	0.07%
	ZBH	C	0.05%	0.05%	0.05%
	ZBRA	A	0.04%	0.04%	0.04%
	ZTS	D	0.17%	0.16%	0.16%

CVLC Overweight 416 Positions Relative to QVML

	Symbol	Grade	Weight
	GOOGL	B	3.71%
	TSLA	B	1.65%
	ORCL	A	0.61%
	AMGN	F	0.38%
	PFE	F	0.34%
	SBUX	B	0.3%
	LOW	B	0.29%
	BMY	B	0.25%
	AMT	F	0.22%
	EQIX	B	0.2%
	APD	B	0.19%
	MRVL	B	0.16%
	APO	B	0.16%
	ORLY	A	0.14%
	MAR	A	0.14%
	HLT	A	0.13%
	TTD	B	0.12%
	COIN	B	0.12%
	VRT	B	0.12%
	YUM	B	0.11%
	CCI	F	0.11%
	FICO	B	0.11%
	WDAY	B	0.11%
	OTIS	C	0.11%
	CSL	B	0.11%
	MSCI	B	0.1%
	RS	B	0.1%
	OC	A	0.09%
	SQ	B	0.09%
	ALNY	D	0.08%
	ARES	B	0.08%
	SNOW	C	0.08%
	DDOG	B	0.08%
	DELL	B	0.08%
	APP	B	0.07%
	FCNCA	B	0.07%
	VEEV	B	0.07%
	IRM	D	0.07%
	HEI	B	0.07%
	TEAM	B	0.07%
	EME	B	0.06%
	RBLX	B	0.06%
	SBAC	D	0.06%
	BIIB	F	0.06%
	LPLA	B	0.06%
	NET	B	0.06%
	DXCM	C	0.06%
	HUBS	B	0.06%
	MTD	F	0.06%
	STX	D	0.05%
	TRMB	B	0.05%
	WSO	A	0.05%
	BAH	C	0.05%
	CVNA	B	0.05%
	LII	B	0.05%
	ILMN	C	0.05%
	SAIA	B	0.04%
	NVT	B	0.04%
	MANH	C	0.04%
	EWBC	B	0.04%
	TW	C	0.04%
	COHR	B	0.04%
	TOL	C	0.04%
	RGA	A	0.04%
	ACM	B	0.04%
	TXRH	A	0.04%
	FIX	B	0.04%
	PODD	B	0.04%
	PFGC	B	0.04%
	ZS	B	0.04%
	UTHR	B	0.04%
	ATI	D	0.04%
	CMC	B	0.04%
	SUI	D	0.04%
	SFM	B	0.04%
	EQH	B	0.04%
	NDSN	B	0.04%
	CLX	A	0.04%
	CW	B	0.04%
	XPO	B	0.04%
	GGG	B	0.04%
	MDB	C	0.04%
	PINS	F	0.04%
	CASY	B	0.04%
	LYV	B	0.04%
	DPZ	C	0.04%
	ZM	B	0.04%
	IBKR	A	0.04%
	TRU	D	0.04%
	USFD	A	0.04%
	WBS	A	0.03%
	DUOL	B	0.03%
	CUBE	D	0.03%
	SRPT	F	0.03%
	ALLY	C	0.03%
	WAL	B	0.03%
	OKTA	C	0.03%
	DCI	A	0.03%
	SNAP	C	0.03%
	WING	D	0.03%
	FHN	A	0.03%
	CNH	D	0.03%
	AFRM	B	0.03%
	TOST	A	0.03%
	TECH	B	0.03%
	WTRG	C	0.03%
	BLD	F	0.03%
	WWD	B	0.03%
	SCI	B	0.03%
	AYI	B	0.03%
	INGR	B	0.03%
	NBIX	C	0.03%
	EVR	B	0.03%
	LBRDK	C	0.03%
	CG	C	0.03%
	BMRN	F	0.03%
	LAMR	D	0.03%
	ALSN	A	0.03%
	AIT	A	0.03%
	SF	B	0.03%
	JEF	A	0.03%
	MLI	B	0.03%
	ARMK	B	0.03%
	WPC	F	0.03%
	EL	F	0.03%
	ELS	C	0.03%
	JLL	C	0.03%
	TTEK	C	0.03%
	DT	C	0.03%
	SOFI	B	0.03%
	WSM	F	0.03%
	CCK	D	0.03%
	WMS	F	0.03%
	BURL	C	0.03%
	OWL	B	0.03%
	CLH	B	0.03%
	ATR	A	0.03%
	UNM	A	0.03%
	NTNX	B	0.03%
	DOCU	B	0.03%
	GWRE	A	0.03%
	TWLO	A	0.03%
	LECO	C	0.03%
	ENTG	D	0.03%
	SSNC	C	0.03%
	SUM	C	0.03%
	RRX	C	0.03%
	SJM	F	0.03%
	AVTR	F	0.03%
	VRSN	C	0.03%
	RNR	D	0.03%
	ITT	A	0.03%
	PSTG	D	0.03%
	FSS	C	0.02%
	SMAR	A	0.02%
	ITRI	B	0.02%
	MOD	C	0.02%
	VFC	C	0.02%
	HLNE	B	0.02%
	ALK	A	0.02%
	LNC	B	0.02%
	S	B	0.02%
	ESTC	C	0.02%
	CVLT	A	0.02%
	TREX	C	0.02%
	LSCC	D	0.02%
	BC	C	0.02%
	MTG	C	0.02%
	FCN	F	0.02%
	LSTR	B	0.02%
	PLNT	A	0.02%
	SAIC	C	0.02%
	BIO	C	0.02%
	GXO	B	0.02%
	MTH	D	0.02%
	WTS	B	0.02%
	R	A	0.02%
	RHP	B	0.02%
	AXS	A	0.02%
	OMF	A	0.02%
	WEX	D	0.02%
	SKX	F	0.02%
	UFPI	B	0.02%
	AGCO	F	0.02%
	WH	A	0.02%
	BCPC	B	0.02%
	HAS	D	0.02%
	TPX	B	0.02%
	GKOS	A	0.02%
	RIVN	D	0.02%
	RYAN	A	0.02%
	STAG	D	0.02%
	FR	C	0.02%
	RGEN	C	0.02%
	HALO	B	0.02%
	OLED	F	0.02%
	RHI	B	0.02%
	CADE	B	0.02%
	BRBR	A	0.02%
	COKE	C	0.02%
	ONB	B	0.02%
	BPOP	C	0.02%
	COLD	F	0.02%
	TMHC	C	0.02%
	DAR	B	0.02%
	HQY	B	0.02%
	ENSG	C	0.02%
	LFUS	D	0.02%
	CBT	C	0.02%
	WSC	F	0.02%
	MOG.A	B	0.02%
	ALV	C	0.02%
	MSA	D	0.02%
	VNO	C	0.02%
	ESI	B	0.02%
	CHE	D	0.02%
	AGNC	C	0.02%
	NOVT	C	0.02%
	PB	B	0.02%
	BMI	B	0.02%
	NNN	F	0.02%
	ONTO	F	0.02%
	SNX	C	0.02%
	WCC	B	0.02%
	HRB	D	0.02%
	ENPH	F	0.02%
	LAD	B	0.02%
	VMI	B	0.02%
	ROKU	C	0.02%
	MKSI	C	0.02%
	PCTY	A	0.02%
	PEN	B	0.02%
	GTLS	A	0.02%
	NYT	C	0.02%
	VOYA	B	0.02%
	MEDP	C	0.02%
	CGNX	C	0.02%
	FRPT	B	0.02%
	MORN	B	0.02%
	CIEN	B	0.02%
	SNV	B	0.02%
	BRX	A	0.02%
	FBIN	F	0.02%
	SSB	B	0.02%
	GMED	B	0.02%
	JXN	B	0.02%
	OSK	B	0.02%
	SEIC	A	0.02%
	ESAB	B	0.02%
	MTZ	B	0.02%
	CFR	B	0.02%
	FND	F	0.02%
	WTFC	B	0.02%
	MIDD	C	0.02%
	BERY	C	0.02%
	KNX	B	0.02%
	AAL	B	0.02%
	SSD	D	0.02%
	DKS	F	0.02%
	CBSH	A	0.02%
	ACI	C	0.02%
	ORI	A	0.02%
	ZION	B	0.02%
	DOX	C	0.02%
	FLS	B	0.02%
	CNM	D	0.02%
	APG	B	0.02%
	EXEL	B	0.02%
	EXAS	F	0.02%
	EHC	A	0.02%
	REXR	F	0.02%
	RPRX	F	0.02%
	CMA	A	0.02%
	PNFP	B	0.02%
	BJ	B	0.02%
	CTLT	D	0.02%
	GPK	D	0.02%
	AFG	A	0.02%
	AXTA	A	0.02%
	PRI	A	0.02%
	TTC	F	0.02%
	KNSL	C	0.02%
	AES	F	0.02%
	HLI	B	0.02%
	OHI	C	0.02%
	Z	B	0.02%
	COTY	F	0.01%
	COLM	B	0.01%
	PAG	B	0.01%
	CWEN	D	0.01%
	AGR	C	0.01%
	ALGM	F	0.01%
	APLS	F	0.01%
	TNET	D	0.01%
	PFSI	D	0.01%
	CACC	D	0.01%
	ZI	D	0.01%
	BOKF	B	0.01%
	CHWY	B	0.01%
	MSM	B	0.01%
	BBIO	F	0.01%
	CWAN	B	0.01%
	SIG	B	0.01%
	CHH	B	0.01%
	AN	C	0.01%
	M	D	0.01%
	OPCH	F	0.01%
	CDP	C	0.01%
	FIVE	F	0.01%
	EEFT	C	0.01%
	OGN	F	0.01%
	DLB	C	0.01%
	WMG	B	0.01%
	NSIT	F	0.01%
	RH	C	0.01%
	GAP	B	0.01%
	BCO	F	0.01%
	AVT	C	0.01%
	ABG	B	0.01%
	WTM	A	0.01%
	HOG	F	0.01%
	ATKR	D	0.01%
	TENB	C	0.01%
	LYFT	B	0.01%
	APPF	B	0.01%
	PSN	B	0.01%
	LANC	C	0.01%
	XRAY	F	0.01%
	SWX	B	0.01%
	DOCS	B	0.01%
	HCP	A	0.01%
	BCC	B	0.01%
	ELF	C	0.01%
	PVH	C	0.01%
	ZWS	B	0.01%
	WHR	B	0.01%
	EXPO	D	0.01%
	KD	A	0.01%
	CRUS	F	0.01%
	CROX	F	0.01%
	OLLI	C	0.01%
	IONS	F	0.01%
	MMS	D	0.01%
	POR	D	0.01%
	ASH	F	0.01%
	ETSY	C	0.01%
	FELE	A	0.01%
	DY	C	0.01%
	QLYS	B	0.01%
	VRNS	D	0.01%
	NXST	C	0.01%
	BECN	B	0.01%
	GME	C	0.01%
	UGI	D	0.01%
	FLO	F	0.01%
	SLGN	A	0.01%
	MAT	C	0.01%
	RDN	C	0.01%
	ALTR	C	0.01%
	LEA	F	0.01%
	ARW	F	0.01%
	AZEK	B	0.01%
	SLM	B	0.01%
	VNT	B	0.01%
	MMSI	B	0.01%
	IBP	F	0.01%
	OZK	B	0.01%
	RMBS	B	0.01%
	FOUR	B	0.01%
	AWI	B	0.01%
	THO	B	0.01%
	SITE	D	0.01%
	AMG	B	0.01%
	CFLT	B	0.01%
	EPRT	C	0.01%
	ANF	D	0.01%
	BRKR	F	0.01%
	FAF	C	0.01%
	NFG	C	0.01%
	BBWI	C	0.01%
	TRNO	D	0.01%
	THG	A	0.01%
	INSP	F	0.01%
	AL	B	0.01%
	DBX	B	0.01%
	BPMC	B	0.01%
	TPG	B	0.01%
	ST	F	0.01%
	G	B	0.01%
	TKR	F	0.01%
	SON	D	0.01%
	BILL	A	0.01%
	ELAN	D	0.01%
	HOMB	A	0.01%
	CELH	F	0.01%
	KBH	D	0.01%
	HXL	D	0.01%
	SPSC	D	0.01%
	JHG	B	0.01%
	STWD	D	0.01%
	IDA	A	0.01%
	KRG	B	0.01%
	ESNT	D	0.01%
	MTN	D	0.01%
	CWST	A	0.01%
	FNB	A	0.01%
	SIGI	B	0.01%
	H	B	0.01%
	COOP	B	0.01%
	EXLS	B	0.01%
	BFAM	F	0.01%
	LPX	B	0.01%
	JAZZ	B	0.01%
	SEE	C	0.01%
	GATX	A	0.01%
	LEVI	F	0.0%

CVLC Underweight 95 Positions Relative to QVML

	Symbol	Grade	Weight
	GOOG	B	-4.43%
	META	B	-2.77%
	BRK.A	B	-1.83%
	XOM	B	-1.22%
	JNJ	D	-0.8%
	CVX	B	-0.6%
	PM	C	-0.4%
	MS	A	-0.36%
	RTX	C	-0.35%
	COP	C	-0.31%
	HON	B	-0.3%
	LMT	C	-0.25%
	CB	C	-0.24%
	SO	D	-0.19%
	MO	A	-0.19%
	DUK	D	-0.18%
	MCK	A	-0.18%
	EOG	A	-0.17%
	FCX	F	-0.16%
	MMM	C	-0.16%
	WMB	B	-0.15%
	GD	A	-0.15%
	HCA	D	-0.15%
	CSX	B	-0.15%
	NOC	C	-0.15%
	NXPI	F	-0.14%
	SLB	C	-0.14%
	PSX	D	-0.13%
	MPC	D	-0.13%
	NSC	B	-0.13%
	OKE	A	-0.13%
	LHX	A	-0.11%
	KMI	B	-0.11%
	RCL	A	-0.11%
	VST	B	-0.1%
	VLO	D	-0.1%
	AEP	D	-0.1%
	COR	A	-0.09%
	TRGP	B	-0.09%
	CTVA	C	-0.09%
	HES	C	-0.09%
	PCG	A	-0.09%
	HWM	A	-0.09%
	DOW	F	-0.08%
	STZ	D	-0.08%
	FANG	D	-0.08%
	DD	D	-0.08%
	MLM	B	-0.08%
	VICI	D	-0.07%
	EIX	C	-0.07%
	GRMN	A	-0.07%
	ADM	F	-0.06%
	LDOS	B	-0.06%
	DVN	F	-0.06%
	GDDY	A	-0.06%
	CAH	A	-0.06%
	GPN	B	-0.06%
	HAL	C	-0.06%
	ETR	B	-0.06%
	BLDR	D	-0.05%
	LYB	F	-0.05%
	EXPE	B	-0.05%
	PPL	A	-0.05%
	CCL	A	-0.05%
	EQT	B	-0.05%
	CPAY	A	-0.05%
	UAL	B	-0.05%
	TSN	C	-0.04%
	TXT	C	-0.04%
	MRO	B	-0.04%
	CNP	B	-0.04%
	LUV	B	-0.04%
	J	B	-0.04%
	CTRA	B	-0.04%
	INVH	D	-0.04%
	ATO	A	-0.04%
	IP	C	-0.04%
	FE	D	-0.04%
	GNRC	B	-0.03%
	UHS	D	-0.03%
	L	A	-0.03%
	NWSA	B	-0.03%
	FOXA	A	-0.03%
	CF	B	-0.03%
	VTRS	B	-0.03%
	HII	D	-0.02%
	CZR	F	-0.02%
	APA	F	-0.02%
	SOLV	D	-0.02%
	MGM	D	-0.02%
	PNW	B	-0.02%
	TAP	B	-0.02%
	AIZ	A	-0.02%
	NCLH	B	-0.02%
	WBA	D	-0.01%

CVLC: Top Represented Industries & Keywords

Industries: Software - Application Banks - Regional - US Diversified Industrials Business Services Asset Management Biotechnology Software - Infrastructure Diagnostics & Research Specialty Retail Semiconductors Capital Markets Packaged Foods Utilities - Regulated Electric Scientific & Technical Instruments Credit Services Insurance - Property & Casualty Medical Devices Medical Instruments & Supplies Packaging & Containers Building Materials

Keywords: S&P 500 Nasdaq 100 Computing Insurance Bank Banking Electronics Real Estate Investment Trust Chemical Natural Gas Medicine Aerospace Electricity Mining Semiconductor Telecommunications Cloud Computing Building Materials Insurance Products Beverage

QVML: Top Represented Industries & Keywords

Industries: Diversified Industrials Software - Application Utilities - Regulated Electric Semiconductors Business Services Diagnostics & Research Oil & Gas E&P Asset Management Banks - Regional - US Capital Markets Medical Instruments & Supplies Packaged Foods Aerospace & Defense Credit Services Health Care Plans Information Technology Services Insurance - Property & Casualty Medical Devices REIT - Residential Specialty Retail

Keywords: S&P 500 Nasdaq 100 Natural Gas Electricity Insurance Computing Dow Jones Component Electronics Aerospace Real Estate Investment Trust Bank Chemical Banking Medicine Semiconductor Telecommunications Insurance Products Petroleum Industry Investment Bank Mobile Devices