IWD vs. QVML ETF Comparison

Comparison of iShares Russell 1000 Value ETF (IWD) to Invesco S&P 500 QVM Multi-factor ETF (QVML)

IWD

iShares Russell 1000 Value ETF

IWD Description

The investment seeks to track the investment results of an index composed of large- and mid-capitalization U.S. equities that exhibit value characteristics. The fund generally invests at least 90% of its assets in securities of the underlying index and in depositary receipts representing securities of the underlying index. It seeks to track the investment results of the Russell 1000 Value Index (the "underlying index"), which measures the performance of large- and mid-capitalization value sectors of the U.S. equity market. It is a subset of the Russell 1000® Index, which measures the performance of the large-capitalization sector of the U.S. equity market.

Grade (RS Rating)

Last Trade

$188.43

Average Daily Volume

1,608,024

Number of Holdings ^*

863

* 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

$33.82

Average Daily Volume

1,105

Number of Holdings ^*

444

* may have additional holdings in another (foreign) market

Performance

Period	IWD	QVML
30 Days	3.42%	2.09%
60 Days	5.20%	3.90%
90 Days	8.20%	4.37%
12 Months	22.86%	32.66%

391 Overlapping Holdings

	Symbol	Grade	Weight in IWD	Weight in QVML	Overlap
	A	C	0.16%	0.09%	0.09%
	AAL	D	0.03%	0.02%	0.02%
	ABBV	C	0.79%	0.78%	0.78%
	ABT	C	0.82%	0.47%	0.47%
	ACGL	C	0.16%	0.1%	0.1%
	ACN	C	0.89%	0.51%	0.51%
	ADI	C	0.45%	0.25%	0.25%
	ADM	D	0.12%	0.08%	0.08%
	ADP	B	0.03%	0.27%	0.03%
	AEE	C	0.09%	0.05%	0.05%
	AEP	C	0.22%	0.13%	0.13%
	AFL	C	0.25%	0.14%	0.14%
	AIG	D	0.2%	0.13%	0.13%
	AIZ	B	0.04%	0.02%	0.02%
	AJG	D	0.24%	0.15%	0.15%
	AKAM	D	0.06%	0.04%	0.04%
	ALB	D	0.04%	0.03%	0.03%
	ALGN	D	0.03%	0.04%	0.03%
	ALL	B	0.17%	0.12%	0.12%
	ALLE	B	0.05%	0.03%	0.03%
	AMAT	D	0.05%	0.32%	0.05%
	AMCR	B	0.06%	0.04%	0.04%
	AMD	D	0.34%	0.59%	0.34%
	AME	C	0.16%	0.09%	0.09%
	AMP	A	0.02%	0.1%	0.02%
	ANSS	D	0.11%	0.06%	0.06%
	AOS	D	0.04%	0.02%	0.02%
	APA	F	0.04%	0.02%	0.02%
	APH	D	0.13%	0.17%	0.13%
	APTV	D	0.08%	0.05%	0.05%
	ARE	C	0.09%	0.05%	0.05%
	ATO	B	0.08%	0.05%	0.05%
	AVB	B	0.13%	0.08%	0.08%
	AVY	C	0.04%	0.04%	0.04%
	AXP	B	0.37%	0.37%	0.37%
	BAC	D	1.06%	0.63%	0.63%
	BALL	C	0.08%	0.05%	0.05%
	BAX	C	0.08%	0.05%	0.05%
	BBWI	F	0.02%	0.02%	0.02%
	BBY	C	0.09%	0.04%	0.04%
	BDX	D	0.27%	0.16%	0.16%
	BEN	F	0.02%	0.01%	0.01%
	BG	D	0.06%	0.03%	0.03%
	BIO	C	0.03%	0.02%	0.02%
	BK	B	0.21%	0.12%	0.12%
	BKNG	C	0.03%	0.31%	0.03%
	BKR	C	0.13%	0.08%	0.08%
	BLDR	C	0.08%	0.05%	0.05%
	BLK	B	0.53%	0.29%	0.29%
	BR	D	0.01%	0.06%	0.01%
	BRK.A	C	3.32%	1.95%	1.95%
	BRO	C	0.06%	0.06%	0.06%
	BSX	B	0.5%	0.28%	0.28%
	BWA	D	0.03%	0.02%	0.02%
	BXP	B	0.05%	0.03%	0.03%
	C	C	0.45%	0.27%	0.27%
	CAG	C	0.06%	0.04%	0.04%
	CAH	C	0.05%	0.06%	0.05%
	CARR	B	0.26%	0.14%	0.14%
	CAT	B	0.59%	0.42%	0.42%
	CB	B	0.47%	0.28%	0.28%
	CBOE	C	0.09%	0.05%	0.05%
	CBRE	A	0.15%	0.08%	0.08%
	CCL	C	0.07%	0.04%	0.04%
	CDW	D	0.06%	0.07%	0.06%
	CE	F	0.04%	0.03%	0.03%
	CEG	C	0.21%	0.14%	0.14%
	CF	C	0.06%	0.04%	0.04%
	CFG	C	0.07%	0.04%	0.04%
	CHD	D	0.1%	0.06%	0.06%
	CHRW	B	0.05%	0.03%	0.03%
	CHTR	D	0.13%	0.08%	0.08%
	CI	C	0.37%	0.25%	0.25%
	CINF	B	0.08%	0.05%	0.05%
	CL	D	0.16%	0.2%	0.16%
	CMCSA	D	0.62%	0.39%	0.39%
	CME	C	0.32%	0.19%	0.19%
	CMI	C	0.17%	0.1%	0.1%
	CMS	C	0.08%	0.05%	0.05%
	CNC	D	0.16%	0.1%	0.1%
	CNP	C	0.07%	0.04%	0.04%
	COF	B	0.21%	0.12%	0.12%
	COP	D	0.49%	0.29%	0.29%
	CPB	C	0.04%	0.03%	0.03%
	CPRT	D	0.01%	0.1%	0.01%
	CPT	B	0.05%	0.03%	0.03%
	CRL	F	0.04%	0.02%	0.02%
	CRM	D	0.15%	0.57%	0.15%
	CSCO	C	0.82%	0.48%	0.48%
	CSGP	D	0.13%	0.07%	0.07%
	CSX	D	0.27%	0.16%	0.16%
	CTAS	B	0.01%	0.16%	0.01%
	CTRA	D	0.07%	0.04%	0.04%
	CTSH	C	0.16%	0.09%	0.09%
	CTVA	B	0.16%	0.1%	0.1%
	CVS	D	0.3%	0.17%	0.17%
	CVX	D	0.98%	0.6%	0.6%
	CZR	C	0.03%	0.02%	0.02%
	D	C	0.2%	0.12%	0.12%
	DAL	C	0.12%	0.07%	0.07%
	DAY	D	0.03%	0.02%	0.02%
	DD	B	0.14%	0.08%	0.08%
	DE	B	0.41%	0.24%	0.24%
	DFS	B	0.13%	0.08%	0.08%
	DG	F	0.08%	0.05%	0.05%
	DGX	B	0.07%	0.04%	0.04%
	DHI	B	0.23%	0.14%	0.14%
	DHR	B	0.74%	0.41%	0.41%
	DIS	D	0.67%	0.4%	0.4%
	DLR	B	0.21%	0.12%	0.12%
	DLTR	F	0.06%	0.04%	0.04%
	DOC	C	0.07%	0.04%	0.04%
	DOV	B	0.1%	0.06%	0.06%
	DOW	D	0.14%	0.08%	0.08%
	DPZ	F	0.04%	0.03%	0.03%
	DRI	B	0.04%	0.04%	0.04%
	DTE	C	0.11%	0.06%	0.06%
	DUK	C	0.37%	0.21%	0.21%
	DVN	F	0.1%	0.06%	0.06%
	EA	D	0.16%	0.08%	0.08%
	EBAY	B	0.13%	0.08%	0.08%
	ECL	B	0.03%	0.14%	0.03%
	ED	C	0.15%	0.09%	0.09%
	EFX	B	0.12%	0.08%	0.08%
	EG	C	0.06%	0.04%	0.04%
	EIX	C	0.13%	0.08%	0.08%
	ELV	C	0.44%	0.3%	0.3%
	EMN	B	0.05%	0.03%	0.03%
	EMR	D	0.24%	0.14%	0.14%
	EOG	D	0.28%	0.17%	0.17%
	EPAM	F	0.04%	0.03%	0.03%
	EQR	B	0.12%	0.06%	0.06%
	EQT	D	0.07%	0.03%	0.03%
	ES	C	0.1%	0.06%	0.06%
	ESS	B	0.08%	0.05%	0.05%
	ETN	C	0.49%	0.29%	0.29%
	ETR	B	0.11%	0.06%	0.06%
	EVRG	B	0.05%	0.03%	0.03%
	EW	F	0.13%	0.1%	0.1%
	EXC	C	0.16%	0.1%	0.1%
	EXPD	C	0.06%	0.04%	0.04%
	EXR	B	0.15%	0.09%	0.09%
	F	F	0.17%	0.1%	0.1%
	FANG	D	0.12%	0.08%	0.08%
	FAST	C	0.03%	0.1%	0.03%
	FCX	D	0.25%	0.15%	0.15%
	FDS	C	0.04%	0.04%	0.04%
	FDX	C	0.26%	0.16%	0.16%
	FE	C	0.1%	0.06%	0.06%
	FFIV	B	0.05%	0.03%	0.03%
	FITB	B	0.12%	0.07%	0.07%
	FMC	C	0.03%	0.02%	0.02%
	FOXA	B	0.04%	0.04%	0.04%
	FRT	C	0.04%	0.02%	0.02%
	FSLR	C	0.1%	0.05%	0.05%
	FTV	C	0.1%	0.06%	0.06%
	GD	B	0.34%	0.16%	0.16%
	GE	B	0.62%	0.44%	0.44%
	GEHC	C	0.14%	0.09%	0.09%
	GEV	B	0.25%	0.14%	0.14%
	GIS	B	0.17%	0.1%	0.1%
	GL	C	0.04%	0.02%	0.02%
	GLW	C	0.13%	0.07%	0.07%
	GM	C	0.21%	0.11%	0.11%
	GNRC	D	0.02%	0.02%	0.02%
	GPC	D	0.08%	0.04%	0.04%
	GPN	D	0.11%	0.07%	0.07%
	GRMN	D	0.11%	0.07%	0.07%
	GS	C	0.45%	0.37%	0.37%
	GWW	B	0.02%	0.1%	0.02%
	HAL	F	0.1%	0.06%	0.06%
	HBAN	B	0.08%	0.05%	0.05%
	HCA	B	0.23%	0.18%	0.18%
	HD	B	0.31%	0.85%	0.31%
	HES	F	0.05%	0.09%	0.05%
	HIG	B	0.14%	0.08%	0.08%
	HII	D	0.04%	0.02%	0.02%
	HOLX	B	0.08%	0.05%	0.05%
	HON	D	0.46%	0.31%	0.31%
	HPE	D	0.09%	0.04%	0.04%
	HPQ	D	0.1%	0.07%	0.07%
	HRL	C	0.04%	0.02%	0.02%
	HSIC	C	0.04%	0.02%	0.02%
	HST	C	0.05%	0.03%	0.03%
	HSY	C	0.1%	0.07%	0.07%
	HUBB	B	0.09%	0.05%	0.05%
	HUM	F	0.16%	0.1%	0.1%
	HWM	B	0.15%	0.09%	0.09%
	IBM	B	0.8%	0.45%	0.45%
	ICE	C	0.37%	0.21%	0.21%
	IEX	D	0.06%	0.04%	0.04%
	IFF	B	0.11%	0.06%	0.06%
	INCY	C	0.04%	0.03%	0.03%
	INTC	F	0.34%	0.19%	0.19%
	INVH	C	0.09%	0.05%	0.05%
	IP	B	0.07%	0.04%	0.04%
	IPG	C	0.05%	0.03%	0.03%
	IQV	C	0.15%	0.1%	0.1%
	IR	C	0.15%	0.09%	0.09%
	IRM	C	0.06%	0.07%	0.06%
	ITW	C	0.19%	0.16%	0.16%
	IVZ	B	0.02%	0.02%	0.02%
	J	C	0.07%	0.04%	0.04%
	JBHT	D	0.06%	0.03%	0.03%
	JBL	D	0.05%	0.03%	0.03%
	JCI	B	0.2%	0.11%	0.11%
	JKHY	B	0.05%	0.03%	0.03%
	JNJ	C	1.62%	0.94%	0.94%
	JNPR	B	0.05%	0.03%	0.03%
	JPM	D	2.37%	1.48%	1.48%
	K	B	0.09%	0.05%	0.05%
	KDP	B	0.16%	0.09%	0.09%
	KEY	B	0.06%	0.04%	0.04%
	KEYS	C	0.11%	0.06%	0.06%
	KHC	C	0.13%	0.07%	0.07%
	KIM	C	0.06%	0.04%	0.04%
	KMB	D	0.12%	0.11%	0.11%
	KMI	B	0.17%	0.09%	0.09%
	KMX	D	0.05%	0.03%	0.03%
	KO	C	0.48%	0.65%	0.48%
	KR	C	0.15%	0.09%	0.09%
	KVUE	C	0.18%	0.11%	0.11%
	L	C	0.06%	0.03%	0.03%
	LDOS	B	0.08%	0.05%	0.05%
	LEN	B	0.01%	0.11%	0.01%
	LEN	B	0.18%	0.11%	0.11%
	LHX	C	0.18%	0.1%	0.1%
	LIN	B	0.91%	0.53%	0.53%
	LKQ	F	0.04%	0.02%	0.02%
	LMT	C	0.33%	0.29%	0.29%
	LNT	B	0.06%	0.04%	0.04%
	LOW	B	0.59%	0.34%	0.34%
	LUV	C	0.07%	0.04%	0.04%
	LW	D	0.03%	0.02%	0.02%
	LYB	D	0.1%	0.06%	0.06%
	MAA	B	0.08%	0.04%	0.04%
	MAR	C	0.22%	0.13%	0.13%
	MAS	B	0.07%	0.04%	0.04%
	MCHP	F	0.17%	0.1%	0.1%
	MCK	F	0.16%	0.15%	0.15%
	MDLZ	B	0.41%	0.24%	0.24%
	MDT	C	0.48%	0.28%	0.28%
	MET	B	0.18%	0.11%	0.11%
	MGM	F	0.04%	0.02%	0.02%
	MHK	C	0.03%	0.02%	0.02%
	MKC	C	0.09%	0.05%	0.05%
	MKTX	C	0.04%	0.02%	0.02%
	MLM	D	0.12%	0.08%	0.08%
	MMC	C	0.4%	0.26%	0.26%
	MNST	D	0.03%	0.09%	0.03%
	MO	C	0.37%	0.22%	0.22%
	MOH	D	0.03%	0.05%	0.03%
	MOS	F	0.03%	0.02%	0.02%
	MPC	F	0.23%	0.15%	0.15%
	MRNA	F	0.09%	0.05%	0.05%
	MRO	C	0.06%	0.04%	0.04%
	MS	D	0.43%	0.29%	0.29%
	MSI	B	0.15%	0.17%	0.15%
	MTB	B	0.11%	0.07%	0.07%
	MU	F	0.41%	0.2%	0.2%
	NDAQ	A	0.12%	0.06%	0.06%
	NDSN	C	0.06%	0.03%	0.03%
	NEE	C	0.7%	0.44%	0.44%
	NI	B	0.06%	0.03%	0.03%
	NKE	D	0.15%	0.23%	0.15%
	NOC	B	0.29%	0.18%	0.18%
	NRG	C	0.04%	0.04%	0.04%
	NSC	C	0.22%	0.14%	0.14%
	NTAP	D	0.05%	0.05%	0.05%
	NTRS	A	0.07%	0.04%	0.04%
	NUE	F	0.14%	0.09%	0.09%
	NVR	B	0.11%	0.07%	0.07%
	NWSA	D	0.04%	0.03%	0.03%
	O	C	0.22%	0.13%	0.13%
	OKE	B	0.22%	0.12%	0.12%
	OMC	B	0.08%	0.05%	0.05%
	ON	D	0.12%	0.07%	0.07%
	OXY	F	0.14%	0.08%	0.08%
	PARA	F	0.03%	0.01%	0.01%
	PAYC	D	0.01%	0.02%	0.01%
	PAYX	C	0.11%	0.1%	0.1%
	PCAR	D	0.2%	0.12%	0.12%
	PCG	C	0.17%	0.1%	0.1%
	PEG	B	0.17%	0.1%	0.1%
	PEP	C	0.21%	0.6%	0.21%
	PFG	B	0.08%	0.04%	0.04%
	PG	C	1.29%	0.95%	0.95%
	PGR	B	0.1%	0.36%	0.1%
	PH	B	0.31%	0.18%	0.18%
	PHM	B	0.12%	0.07%	0.07%
	PKG	B	0.08%	0.04%	0.04%
	PLD	C	0.49%	0.28%	0.28%
	PNC	B	0.29%	0.17%	0.17%
	PNR	B	0.06%	0.03%	0.03%
	PNW	C	0.04%	0.02%	0.02%
	PPG	D	0.12%	0.07%	0.07%
	PPL	C	0.1%	0.06%	0.06%
	PRU	C	0.17%	0.1%	0.1%
	PSA	B	0.19%	0.13%	0.13%
	PSX	F	0.22%	0.13%	0.13%
	PTC	D	0.03%	0.05%	0.03%
	PWR	B	0.11%	0.09%	0.09%
	PYPL	B	0.3%	0.18%	0.18%
	QCOM	D	0.05%	0.41%	0.05%
	QRVO	F	0.04%	0.02%	0.02%
	RCL	B	0.11%	0.09%	0.09%
	REG	C	0.06%	0.03%	0.03%
	REGN	C	0.45%	0.27%	0.27%
	RF	B	0.08%	0.05%	0.05%
	RJF	C	0.09%	0.05%	0.05%
	RL	C	0.03%	0.02%	0.02%
	ROK	D	0.11%	0.07%	0.07%
	ROP	C	0.24%	0.13%	0.13%
	ROST	C	0.16%	0.12%	0.12%
	RSG	D	0.17%	0.1%	0.1%
	RTX	C	0.64%	0.38%	0.38%
	SCHW	D	0.34%	0.21%	0.21%
	SHW	B	0.03%	0.21%	0.03%
	SJM	C	0.05%	0.03%	0.03%
	SLB	F	0.23%	0.14%	0.14%
	SNA	C	0.06%	0.03%	0.03%
	SO	B	0.4%	0.23%	0.23%
	SOLV	C	0.04%	0.02%	0.02%
	SPG	B	0.16%	0.12%	0.12%
	SPGI	B	0.66%	0.38%	0.38%
	SRE	C	0.21%	0.12%	0.12%
	STE	C	0.1%	0.06%	0.06%
	STLD	F	0.07%	0.04%	0.04%
	STT	A	0.1%	0.06%	0.06%
	STZ	D	0.16%	0.09%	0.09%
	SW	B	0.05%	0.03%	0.03%
	SWK	B	0.06%	0.04%	0.04%
	SWKS	D	0.07%	0.03%	0.03%
	SYF	C	0.08%	0.04%	0.04%
	SYK	C	0.38%	0.29%	0.29%
	SYY	D	0.06%	0.09%	0.06%
	T	C	0.63%	0.37%	0.37%
	TAP	D	0.04%	0.02%	0.02%
	TDY	B	0.08%	0.05%	0.05%
	TER	D	0.01%	0.04%	0.01%
	TFC	C	0.23%	0.13%	0.13%
	TFX	C	0.05%	0.03%	0.03%
	TGT	C	0.28%	0.17%	0.17%
	TJX	B	0.22%	0.3%	0.22%
	TMO	B	0.95%	0.55%	0.55%
	TMUS	C	0.4%	0.25%	0.25%
	TPR	C	0.04%	0.02%	0.02%
	TRMB	C	0.06%	0.03%	0.03%
	TROW	D	0.09%	0.05%	0.05%
	TRV	C	0.22%	0.13%	0.13%
	TSN	C	0.07%	0.04%	0.04%
	TT	B	0.22%	0.19%	0.19%
	TXN	C	0.65%	0.41%	0.41%
	TXT	D	0.07%	0.04%	0.04%
	TYL	C	0.01%	0.06%	0.01%
	UAL	C	0.07%	0.04%	0.04%
	UDR	C	0.06%	0.03%	0.03%
	UHS	B	0.05%	0.03%	0.03%
	ULTA	D	0.01%	0.04%	0.01%
	UNH	C	2.06%	1.28%	1.28%
	UNP	C	0.32%	0.37%	0.32%
	UPS	D	0.38%	0.22%	0.22%
	URI	B	0.15%	0.12%	0.12%
	USB	B	0.28%	0.17%	0.17%
	VICI	C	0.14%	0.08%	0.08%
	VLO	F	0.18%	0.11%	0.11%
	VLTO	C	0.06%	0.06%	0.06%
	VMC	D	0.09%	0.08%	0.08%
	VRTX	D	0.25%	0.28%	0.25%
	VTR	C	0.11%	0.06%	0.06%
	VTRS	D	0.06%	0.03%	0.03%
	VZ	B	0.76%	0.45%	0.45%
	WAB	B	0.12%	0.07%	0.07%
	WBA	F	0.03%	0.02%	0.02%
	WBD	D	0.08%	0.04%	0.04%
	WDC	D	0.09%	0.05%	0.05%
	WEC	C	0.12%	0.07%	0.07%
	WELL	C	0.31%	0.17%	0.17%
	WFC	D	0.75%	0.45%	0.45%
	WMB	B	0.22%	0.13%	0.13%
	WMT	C	1.42%	0.79%	0.79%
	WRB	C	0.07%	0.04%	0.04%
	WST	D	0.03%	0.05%	0.03%
	WTW	C	0.12%	0.07%	0.07%
	WY	C	0.1%	0.05%	0.05%
	XEL	B	0.14%	0.08%	0.08%
	XOM	C	2.02%	1.24%	1.24%
	XYL	C	0.13%	0.08%	0.08%
	ZBH	F	0.09%	0.06%	0.06%
	ZBRA	B	0.05%	0.04%	0.04%
	ZTS	C	0.06%	0.2%	0.06%

IWD Overweight 472 Positions Relative to QVML

	Symbol	Grade	Weight
	MCD	B	0.81%
	PM	C	0.79%
	PFE	C	0.67%
	GILD	B	0.42%
	BMY	C	0.4%
	EQIX	C	0.32%
	BA	F	0.31%
	AON	B	0.28%
	FI	A	0.28%
	APD	B	0.26%
	NEM	B	0.25%
	MRVL	C	0.24%
	KKR	B	0.24%
	TDG	B	0.24%
	MMM	B	0.24%
	CRH	B	0.24%
	CCI	C	0.21%
	FIS	B	0.19%
	AMGN	B	0.16%
	FERG	D	0.15%
	OTIS	C	0.15%
	BIIB	F	0.12%
	AWK	B	0.12%
	MTD	D	0.12%
	HLT	B	0.11%
	SBAC	C	0.11%
	RMD	C	0.11%
	DELL	D	0.1%
	SBUX	C	0.1%
	TTWO	C	0.1%
	COO	B	0.09%
	FCNCA	D	0.09%
	YUM	D	0.09%
	LH	C	0.08%
	LNG	C	0.08%
	SQ	D	0.08%
	ILMN	C	0.08%
	MSTR	D	0.08%
	SSNC	B	0.07%
	WSO	C	0.07%
	ZM	C	0.07%
	CSL	B	0.07%
	MSCI	C	0.07%
	SUI	B	0.07%
	AVTR	B	0.07%
	TRU	B	0.07%
	USFD	B	0.06%
	WPC	C	0.06%
	AMH	C	0.06%
	GGG	C	0.06%
	ELS	C	0.06%
	RGA	C	0.06%
	OC	D	0.06%
	HOOD	C	0.06%
	UTHR	C	0.06%
	VRSN	D	0.06%
	GEN	B	0.06%
	RVTY	B	0.06%
	APO	C	0.06%
	MKL	C	0.06%
	TOL	B	0.06%
	THC	A	0.06%
	FNF	B	0.06%
	RS	D	0.06%
	BMRN	F	0.06%
	EME	B	0.05%
	BLD	D	0.05%
	DKS	D	0.05%
	SCI	B	0.05%
	TECH	C	0.05%
	CASY	D	0.05%
	CW	B	0.05%
	RPM	B	0.05%
	CUBE	B	0.05%
	EL	F	0.05%
	CLH	A	0.05%
	AES	C	0.05%
	ACM	B	0.05%
	IBKR	B	0.05%
	GLPI	C	0.05%
	RNR	C	0.05%
	FHN	D	0.04%
	NYT	C	0.04%
	TTC	D	0.04%
	FTNT	C	0.04%
	CG	D	0.04%
	WAL	B	0.04%
	PRI	B	0.04%
	ORI	B	0.04%
	NNN	C	0.04%
	INGR	B	0.04%
	FYBR	C	0.04%
	EGP	B	0.04%
	CNH	D	0.04%
	GPK	B	0.04%
	EHC	C	0.04%
	MTCH	C	0.04%
	Z	B	0.04%
	RGLD	C	0.04%
	CHK	D	0.04%
	PFGC	B	0.04%
	AFG	B	0.04%
	UNM	B	0.04%
	TTEK	C	0.04%
	CVNA	B	0.04%
	WWD	D	0.04%
	WTRG	D	0.04%
	DOX	C	0.04%
	FWONK	C	0.04%
	ARMK	B	0.04%
	OHI	B	0.04%
	ATR	B	0.04%
	AFRM	C	0.04%
	NLY	B	0.04%
	NTNX	C	0.04%
	RRX	C	0.04%
	FTI	D	0.04%
	OVV	F	0.04%
	COHR	C	0.04%
	FBIN	B	0.04%
	CACI	B	0.04%
	CCK	A	0.04%
	RPRX	C	0.04%
	BJ	D	0.04%
	CTLT	B	0.04%
	NVT	D	0.04%
	REXR	C	0.04%
	EWBC	D	0.04%
	RIVN	F	0.04%
	ITT	B	0.04%
	NOV	F	0.03%
	CROX	D	0.03%
	CGNX	F	0.03%
	OKTA	F	0.03%
	STWD	B	0.03%
	BPOP	C	0.03%
	CART	A	0.03%
	VNO	B	0.03%
	RHI	D	0.03%
	LSTR	D	0.03%
	MAT	C	0.03%
	MSA	D	0.03%
	VFC	C	0.03%
	CFR	C	0.03%
	OSK	F	0.03%
	PB	B	0.03%
	SNV	C	0.03%
	FAF	B	0.03%
	PR	F	0.03%
	RGEN	F	0.03%
	ARW	C	0.03%
	JAZZ	D	0.03%
	ZION	D	0.03%
	SEIC	C	0.03%
	GNTX	F	0.03%
	MTG	B	0.03%
	SOFI	C	0.03%
	WTFC	B	0.03%
	SWN	D	0.03%
	RRC	D	0.03%
	BFAM	C	0.03%
	G	C	0.03%
	FICO	B	0.03%
	SSD	D	0.03%
	WCC	D	0.03%
	SAIC	C	0.03%
	KEX	C	0.03%
	MTZ	B	0.03%
	MIDD	D	0.03%
	LECO	F	0.03%
	ACHC	C	0.03%
	MKSI	F	0.03%
	HR	C	0.03%
	BWXT	D	0.03%
	CRUS	D	0.03%
	HRB	C	0.03%
	ELAN	D	0.03%
	EXAS	C	0.03%
	STAG	C	0.03%
	AGNC	B	0.03%
	ONTO	D	0.03%
	PNFP	B	0.03%
	HLI	B	0.03%
	DINO	F	0.03%
	WYNN	D	0.03%
	FR	B	0.03%
	DTM	B	0.03%
	CR	C	0.03%
	CBSH	C	0.03%
	WSM	D	0.03%
	WEX	C	0.03%
	LAD	D	0.03%
	WAT	C	0.03%
	FND	C	0.03%
	ADC	C	0.03%
	BRBR	C	0.03%
	ATI	C	0.03%
	KBR	D	0.03%
	COKE	C	0.03%
	GWRE	A	0.03%
	CMA	B	0.03%
	CHE	C	0.03%
	AXTA	B	0.03%
	BERY	B	0.03%
	JEF	B	0.03%
	VOYA	B	0.03%
	WBS	D	0.03%
	ALSN	B	0.03%
	AR	F	0.03%
	FCN	D	0.03%
	GMED	D	0.03%
	ALLY	F	0.03%
	APG	D	0.03%
	TKO	B	0.03%
	ACI	F	0.03%
	ROKU	C	0.03%
	AYI	B	0.03%
	X	F	0.03%
	CIEN	C	0.03%
	AA	D	0.03%
	RBC	C	0.03%
	OGE	C	0.03%
	SKX	D	0.03%
	COLD	D	0.03%
	KNX	C	0.03%
	CHRD	F	0.03%
	TW	B	0.03%
	TWLO	D	0.03%
	JLL	B	0.03%
	BRX	B	0.03%
	LAMR	B	0.03%
	DCI	C	0.03%
	EVR	A	0.03%
	SNX	D	0.03%
	SF	A	0.03%
	LITE	B	0.02%
	COTY	F	0.02%
	CLF	F	0.02%
	ALNY	C	0.02%
	PRGO	D	0.02%
	MPW	C	0.02%
	NEU	D	0.02%
	CIVI	F	0.02%
	DXC	C	0.02%
	RH	B	0.02%
	IAC	C	0.02%
	UHAL	A	0.02%
	SITE	C	0.02%
	BILL	D	0.02%
	GFS	F	0.02%
	M	F	0.02%
	ROIV	C	0.02%
	DLB	D	0.02%
	BYD	C	0.02%
	DBX	D	0.02%
	GAP	F	0.02%
	KRC	B	0.02%
	AN	D	0.02%
	ASH	D	0.02%
	CPRI	D	0.02%
	FLO	C	0.02%
	DOCS	B	0.02%
	EEFT	D	0.02%
	AGO	C	0.02%
	S	C	0.02%
	W	D	0.02%
	WTM	D	0.02%
	OZK	D	0.02%
	PII	D	0.02%
	SLGN	B	0.02%
	FRPT	B	0.02%
	CUZ	B	0.02%
	PSN	B	0.02%
	AVT	C	0.02%
	AL	D	0.02%
	HOG	C	0.02%
	SLM	D	0.02%
	WLK	D	0.02%
	RYN	C	0.02%
	AZO	D	0.02%
	SAIA	D	0.02%
	JHG	B	0.02%
	OLED	C	0.02%
	CCCS	D	0.02%
	FOX	B	0.02%
	LNC	D	0.02%
	HXL	F	0.02%
	UGI	C	0.02%
	FNB	C	0.02%
	LBRDK	F	0.02%
	WSC	D	0.02%
	VNT	F	0.02%
	OLN	D	0.02%
	ST	D	0.02%
	COLB	B	0.02%
	THO	D	0.02%
	KD	D	0.02%
	WHR	D	0.02%
	ALK	C	0.02%
	IDA	C	0.02%
	ORLY	C	0.02%
	COIN	F	0.02%
	OGN	D	0.02%
	OMF	D	0.02%
	THG	B	0.02%
	TKR	D	0.02%
	MTDR	F	0.02%
	PVH	F	0.02%
	BC	C	0.02%
	XRAY	D	0.02%
	H	C	0.02%
	VMI	D	0.02%
	SN	B	0.02%
	NFG	B	0.02%
	SON	C	0.02%
	AMG	C	0.02%
	GME	F	0.02%
	MDU	C	0.02%
	DAR	F	0.02%
	ESAB	C	0.02%
	WH	B	0.02%
	MTSI	D	0.02%
	AGCO	D	0.02%
	SRCL	A	0.02%
	POST	C	0.02%
	ESI	D	0.02%
	DASH	C	0.02%
	RITM	B	0.02%
	LEA	F	0.02%
	R	A	0.02%
	GXO	D	0.02%
	OLLI	C	0.02%
	RLI	B	0.02%
	AZPN	B	0.02%
	WMS	D	0.02%
	LFUS	C	0.02%
	FLS	D	0.02%
	AXS	B	0.02%
	SIRI	C	0.02%
	EXEL	C	0.01%
	LYFT	D	0.01%
	SNDR	B	0.01%
	CERT	F	0.01%
	TRIP	F	0.01%
	PPC	D	0.01%
	WEN	C	0.01%
	UAA	C	0.01%
	UA	D	0.01%
	INFA	D	0.01%
	ALGM	F	0.01%
	GO	F	0.01%
	FTRE	D	0.01%
	AS	C	0.01%
	MP	D	0.01%
	PSTG	F	0.01%
	BIRK	F	0.01%
	LEG	D	0.01%
	AZEK	C	0.01%
	BROS	D	0.01%
	LPX	B	0.01%
	IPGP	F	0.01%
	HAYW	C	0.01%
	SAM	F	0.01%
	REYN	C	0.01%
	VSTS	D	0.01%
	ADT	C	0.01%
	LLYVK	B	0.01%
	GLOB	D	0.01%
	KSS	F	0.01%
	QS	F	0.01%
	JWN	C	0.01%
	EXP	B	0.01%
	ETSY	F	0.01%
	MASI	F	0.01%
	CNM	F	0.01%
	YETI	D	0.01%
	BOKF	B	0.01%
	HHH	C	0.01%
	CWEN	C	0.01%
	RCM	C	0.01%
	AAP	F	0.01%
	CC	F	0.01%
	WU	F	0.01%
	ENOV	D	0.01%
	BRKR	D	0.01%
	SHC	C	0.01%
	AGR	B	0.01%
	CRI	D	0.01%
	VAC	F	0.01%
	SEE	D	0.01%
	BHF	F	0.01%
	PINC	C	0.01%
	AZTA	F	0.01%
	QDEL	D	0.01%
	CLVT	D	0.01%
	ZG	B	0.01%
	SPB	C	0.01%
	COLM	C	0.01%
	VNOM	C	0.01%
	PAG	D	0.01%
	RKT	C	0.01%
	LOPE	D	0.01%
	CXT	D	0.01%
	TNL	D	0.01%
	PK	D	0.01%
	VIRT	C	0.01%
	IRDM	D	0.01%
	SMG	C	0.01%
	FHB	D	0.01%
	AM	C	0.01%
	AMED	C	0.01%
	NWS	D	0.01%
	NXST	D	0.01%
	PENN	D	0.01%
	CNXC	F	0.01%
	PLNT	B	0.01%
	U	D	0.01%
	NWL	C	0.01%
	ZI	D	0.01%
	LBTYA	B	0.01%
	SPR	D	0.01%
	NSA	B	0.01%
	MAN	C	0.01%
	HIW	B	0.01%
	NVST	D	0.01%
	AMKR	F	0.01%
	LCID	C	0.01%
	GTES	C	0.01%
	MSGS	B	0.01%
	LBTYK	B	0.01%
	DNB	C	0.01%
	TPG	B	0.01%
	HUN	D	0.01%
	KMPR	D	0.01%
	EPR	B	0.01%
	MSM	D	0.01%
	AWI	B	0.01%
	SEG	C	0.0%
	LOAR	C	0.0%
	PARAA	D	0.0%
	UWMC	D	0.0%
	LAZ	B	0.0%
	NFE	F	0.0%
	GRAL	F	0.0%
	DJT	F	0.0%
	UHAL	A	0.0%
	IONS	F	0.0%
	UI	B	0.0%
	PLTK	C	0.0%
	CHH	C	0.0%
	CACC	F	0.0%
	PATH	D	0.0%
	HCP	B	0.0%
	TFSL	C	0.0%
	TXG	D	0.0%
	CAR	F	0.0%
	LSCC	D	0.0%
	SEB	D	0.0%
	LBRDA	F	0.0%
	LLYVA	B	0.0%
	PYCR	D	0.0%
	ALAB	D	0.0%
	NCNO	D	0.0%
	CWEN	C	0.0%
	FWONA	C	0.0%
	FIVE	D	0.0%
	DDS	F	0.0%
	WOLF	F	0.0%
	MTN	D	0.0%
	DV	F	0.0%
	CNA	C	0.0%
	HAS	B	0.0%

IWD Underweight 54 Positions Relative to QVML

	Symbol	Grade	Weight
	MSFT	C	-7.0%
	AAPL	C	-6.84%
	NVDA	D	-6.04%
	GOOG	D	-3.81%
	AMZN	C	-3.79%
	META	B	-2.49%
	LLY	C	-1.65%
	AVGO	C	-1.51%
	V	C	-1.07%
	MA	B	-0.96%
	COST	B	-0.91%
	NFLX	B	-0.69%
	MRK	D	-0.66%
	ADBE	F	-0.6%
	ORCL	C	-0.5%
	INTU	C	-0.41%
	NOW	B	-0.39%
	ISRG	B	-0.38%
	UBER	C	-0.29%
	PANW	D	-0.24%
	BX	B	-0.24%
	LRCX	F	-0.21%
	KLAC	D	-0.21%
	ANET	B	-0.2%
	WM	D	-0.19%
	CMG	C	-0.18%
	SNPS	D	-0.17%
	MCO	B	-0.17%
	CDNS	D	-0.16%
	NXPI	F	-0.13%
	ABNB	D	-0.12%
	ADSK	C	-0.12%
	TEL	D	-0.11%
	VRSK	D	-0.09%
	MPWR	C	-0.09%
	IT	B	-0.09%
	IDXX	C	-0.09%
	ODFL	D	-0.08%
	VST	C	-0.07%
	LULU	D	-0.07%
	TSCO	C	-0.07%
	TRGP	B	-0.07%
	CPAY	B	-0.06%
	DECK	C	-0.06%
	AXON	B	-0.06%
	CLX	C	-0.05%
	SMCI	F	-0.05%
	EXPE	C	-0.04%
	LYV	B	-0.03%
	POOL	C	-0.03%
	ROL	C	-0.03%
	LVS	D	-0.03%
	NCLH	C	-0.02%
	DVA	B	-0.02%

IWD: Top Represented Industries & Keywords

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

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

QVML: Top Represented Industries & Keywords

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

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