QVML vs. SPY ETF Comparison

Comparison of Invesco S&P 500 QVM Multi-factor ETF (QVML) to SPDR S&P 500 (SPY)

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

SPY

SPDR S&P 500

SPY Description

The investment seeks to provide investment results that, before expenses, generally correspond to the price and yield performance of the S&P 500 Index. The Trust holds the Portfolio and cash and is not actively "managed" by traditional methods. To maintain the correspondence between the composition and weightings of Portfolio Securities and component stocks of the S&P 500 Index, the Trustee adjusts the Portfolio from time to time to conform to periodic changes in the identity and/or relative weightings of Index Securities.

Grade (RS Rating)

Last Trade

$570.98

Average Daily Volume

50,678,851

Number of Holdings ^*

496

* may have additional holdings in another (foreign) market

Performance

Period	QVML	SPY
30 Days	2.09%	2.20%
60 Days	3.90%	4.01%
90 Days	4.37%	4.86%
12 Months	32.66%	31.53%

444 Overlapping Holdings

	Symbol	Grade	Weight in QVML	Weight in SPY	Overlap
	A	C	0.09%	0.09%	0.09%
	AAL	D	0.02%	0.02%	0.02%
	AAPL	C	6.84%	6.87%	6.84%
	ABBV	C	0.78%	0.74%	0.74%
	ABNB	D	0.12%	0.11%	0.11%
	ABT	C	0.47%	0.43%	0.43%
	ACGL	C	0.1%	0.09%	0.09%
	ACN	C	0.51%	0.47%	0.47%
	ADBE	F	0.6%	0.56%	0.56%
	ADI	C	0.25%	0.24%	0.24%
	ADM	D	0.08%	0.06%	0.06%
	ADP	B	0.27%	0.24%	0.24%
	ADSK	C	0.12%	0.12%	0.12%
	AEE	C	0.05%	0.05%	0.05%
	AEP	C	0.13%	0.12%	0.12%
	AFL	C	0.14%	0.12%	0.12%
	AIG	D	0.13%	0.1%	0.1%
	AIZ	B	0.02%	0.02%	0.02%
	AJG	D	0.15%	0.14%	0.14%
	AKAM	D	0.04%	0.03%	0.03%
	ALB	D	0.03%	0.02%	0.02%
	ALGN	D	0.04%	0.03%	0.03%
	ALL	B	0.12%	0.1%	0.1%
	ALLE	B	0.03%	0.03%	0.03%
	AMAT	D	0.32%	0.33%	0.32%
	AMCR	B	0.04%	0.03%	0.03%
	AMD	D	0.59%	0.52%	0.52%
	AME	C	0.09%	0.08%	0.08%
	AMP	A	0.1%	0.09%	0.09%
	AMZN	C	3.79%	3.61%	3.61%
	ANET	B	0.2%	0.18%	0.18%
	ANSS	D	0.06%	0.06%	0.06%
	AOS	D	0.02%	0.02%	0.02%
	APA	F	0.02%	0.02%	0.02%
	APH	D	0.17%	0.16%	0.16%
	APTV	D	0.05%	0.04%	0.04%
	ARE	C	0.05%	0.04%	0.04%
	ATO	B	0.05%	0.04%	0.04%
	AVB	B	0.08%	0.07%	0.07%
	AVGO	C	1.51%	1.48%	1.48%
	AVY	C	0.04%	0.04%	0.04%
	AXON	B	0.06%	0.05%	0.05%
	AXP	B	0.37%	0.31%	0.31%
	BAC	D	0.63%	0.57%	0.57%
	BALL	C	0.05%	0.04%	0.04%
	BAX	C	0.05%	0.04%	0.04%
	BBWI	F	0.02%	0.01%	0.01%
	BBY	C	0.04%	0.04%	0.04%
	BDX	D	0.16%	0.14%	0.14%
	BEN	F	0.01%	0.01%	0.01%
	BG	D	0.03%	0.03%	0.03%
	BIO	C	0.02%	0.01%	0.01%
	BK	B	0.12%	0.11%	0.11%
	BKNG	C	0.31%	0.28%	0.28%
	BKR	C	0.08%	0.07%	0.07%
	BLDR	C	0.05%	0.04%	0.04%
	BLK	B	0.29%	0.26%	0.26%
	BR	D	0.06%	0.05%	0.05%
	BRK.A	C	1.95%	1.76%	1.76%
	BRO	C	0.06%	0.05%	0.05%
	BSX	B	0.28%	0.26%	0.26%
	BWA	D	0.02%	0.02%	0.02%
	BX	B	0.24%	0.22%	0.22%
	BXP	B	0.03%	0.02%	0.02%
	C	C	0.27%	0.23%	0.23%
	CAG	C	0.04%	0.03%	0.03%
	CAH	C	0.06%	0.06%	0.06%
	CARR	B	0.14%	0.13%	0.13%
	CAT	B	0.42%	0.35%	0.35%
	CB	B	0.28%	0.25%	0.25%
	CBOE	C	0.05%	0.05%	0.05%
	CBRE	A	0.08%	0.07%	0.07%
	CCL	C	0.04%	0.04%	0.04%
	CDNS	D	0.16%	0.15%	0.15%
	CDW	D	0.07%	0.06%	0.06%
	CE	F	0.03%	0.03%	0.03%
	CEG	C	0.14%	0.13%	0.13%
	CF	C	0.04%	0.03%	0.03%
	CFG	C	0.04%	0.04%	0.04%
	CHD	D	0.06%	0.05%	0.05%
	CHRW	B	0.03%	0.02%	0.02%
	CHTR	D	0.08%	0.07%	0.07%
	CI	C	0.25%	0.22%	0.22%
	CINF	B	0.05%	0.05%	0.05%
	CL	D	0.2%	0.19%	0.19%
	CLX	C	0.05%	0.04%	0.04%
	CMCSA	D	0.39%	0.32%	0.32%
	CME	C	0.19%	0.17%	0.17%
	CMG	C	0.18%	0.16%	0.16%
	CMI	C	0.1%	0.09%	0.09%
	CMS	C	0.05%	0.04%	0.04%
	CNC	D	0.1%	0.08%	0.08%
	CNP	C	0.04%	0.04%	0.04%
	COF	B	0.12%	0.11%	0.11%
	COP	D	0.29%	0.26%	0.26%
	COST	B	0.91%	0.85%	0.85%
	CPAY	B	0.06%	0.05%	0.05%
	CPB	C	0.03%	0.02%	0.02%
	CPRT	D	0.1%	0.09%	0.09%
	CPT	B	0.03%	0.03%	0.03%
	CRL	F	0.02%	0.02%	0.02%
	CRM	D	0.57%	0.52%	0.52%
	CSCO	C	0.48%	0.43%	0.43%
	CSGP	D	0.07%	0.07%	0.07%
	CSX	D	0.16%	0.14%	0.14%
	CTAS	B	0.16%	0.15%	0.15%
	CTRA	D	0.04%	0.04%	0.04%
	CTSH	C	0.09%	0.08%	0.08%
	CTVA	B	0.1%	0.08%	0.08%
	CVS	D	0.17%	0.15%	0.15%
	CVX	D	0.6%	0.51%	0.51%
	CZR	C	0.02%	0.02%	0.02%
	D	C	0.12%	0.1%	0.1%
	DAL	C	0.07%	0.06%	0.06%
	DAY	D	0.02%	0.02%	0.02%
	DD	B	0.08%	0.07%	0.07%
	DE	B	0.24%	0.22%	0.22%
	DECK	C	0.06%	0.05%	0.05%
	DFS	B	0.08%	0.07%	0.07%
	DG	F	0.05%	0.04%	0.04%
	DGX	B	0.04%	0.04%	0.04%
	DHI	B	0.14%	0.12%	0.12%
	DHR	B	0.41%	0.38%	0.38%
	DIS	D	0.4%	0.34%	0.34%
	DLR	B	0.12%	0.11%	0.11%
	DLTR	F	0.04%	0.03%	0.03%
	DOC	C	0.04%	0.03%	0.03%
	DOV	B	0.06%	0.05%	0.05%
	DOW	D	0.08%	0.08%	0.08%
	DPZ	F	0.03%	0.03%	0.03%
	DRI	B	0.04%	0.04%	0.04%
	DTE	C	0.06%	0.05%	0.05%
	DUK	C	0.21%	0.19%	0.19%
	DVA	B	0.02%	0.02%	0.02%
	DVN	F	0.06%	0.05%	0.05%
	EA	D	0.08%	0.08%	0.08%
	EBAY	B	0.08%	0.07%	0.07%
	ECL	B	0.14%	0.14%	0.14%
	ED	C	0.09%	0.08%	0.08%
	EFX	B	0.08%	0.08%	0.08%
	EG	C	0.04%	0.03%	0.03%
	EIX	C	0.08%	0.07%	0.07%
	ELV	C	0.3%	0.27%	0.27%
	EMN	B	0.03%	0.03%	0.03%
	EMR	D	0.14%	0.12%	0.12%
	EOG	D	0.17%	0.15%	0.15%
	EPAM	F	0.03%	0.02%	0.02%
	EQR	B	0.06%	0.06%	0.06%
	EQT	D	0.03%	0.04%	0.03%
	ES	C	0.06%	0.05%	0.05%
	ESS	B	0.05%	0.04%	0.04%
	ETN	C	0.29%	0.25%	0.25%
	ETR	B	0.06%	0.06%	0.06%
	EVRG	B	0.03%	0.03%	0.03%
	EW	F	0.1%	0.09%	0.09%
	EXC	C	0.1%	0.08%	0.08%
	EXPD	C	0.04%	0.04%	0.04%
	EXPE	C	0.04%	0.04%	0.04%
	EXR	B	0.09%	0.08%	0.08%
	F	F	0.1%	0.09%	0.09%
	FANG	D	0.08%	0.06%	0.06%
	FAST	C	0.1%	0.08%	0.08%
	FCX	D	0.15%	0.13%	0.13%
	FDS	C	0.04%	0.04%	0.04%
	FDX	C	0.16%	0.14%	0.14%
	FE	C	0.06%	0.05%	0.05%
	FFIV	B	0.03%	0.03%	0.03%
	FITB	B	0.07%	0.06%	0.06%
	FMC	C	0.02%	0.02%	0.02%
	FOXA	B	0.04%	0.02%	0.02%
	FRT	C	0.02%	0.02%	0.02%
	FSLR	C	0.05%	0.05%	0.05%
	FTV	C	0.06%	0.05%	0.05%
	GD	B	0.16%	0.15%	0.15%
	GE	B	0.44%	0.39%	0.39%
	GEHC	C	0.09%	0.08%	0.08%
	GEV	B	0.14%	0.12%	0.12%
	GIS	B	0.1%	0.09%	0.09%
	GL	C	0.02%	0.02%	0.02%
	GLW	C	0.07%	0.07%	0.07%
	GM	C	0.11%	0.11%	0.11%
	GNRC	D	0.02%	0.02%	0.02%
	GOOG	D	3.81%	1.59%	1.59%
	GPC	D	0.04%	0.04%	0.04%
	GPN	D	0.07%	0.06%	0.06%
	GRMN	D	0.07%	0.06%	0.06%
	GS	C	0.37%	0.33%	0.33%
	GWW	B	0.1%	0.09%	0.09%
	HAL	F	0.06%	0.05%	0.05%
	HBAN	B	0.05%	0.04%	0.04%
	HCA	B	0.18%	0.16%	0.16%
	HD	B	0.85%	0.79%	0.79%
	HES	F	0.09%	0.07%	0.07%
	HIG	B	0.08%	0.07%	0.07%
	HII	D	0.02%	0.02%	0.02%
	HOLX	B	0.05%	0.04%	0.04%
	HON	D	0.31%	0.28%	0.28%
	HPE	D	0.04%	0.05%	0.04%
	HPQ	D	0.07%	0.06%	0.06%
	HRL	C	0.02%	0.02%	0.02%
	HSIC	C	0.02%	0.02%	0.02%
	HST	C	0.03%	0.03%	0.03%
	HSY	C	0.07%	0.06%	0.06%
	HUBB	B	0.05%	0.05%	0.05%
	HUM	F	0.1%	0.08%	0.08%
	HWM	B	0.09%	0.08%	0.08%
	IBM	B	0.45%	0.41%	0.41%
	ICE	C	0.21%	0.2%	0.2%
	IDXX	C	0.09%	0.09%	0.09%
	IEX	D	0.04%	0.03%	0.03%
	IFF	B	0.06%	0.06%	0.06%
	INCY	C	0.03%	0.02%	0.02%
	INTC	F	0.19%	0.18%	0.18%
	INTU	C	0.41%	0.39%	0.39%
	INVH	C	0.05%	0.04%	0.04%
	IP	B	0.04%	0.03%	0.03%
	IPG	C	0.03%	0.03%	0.03%
	IQV	C	0.1%	0.09%	0.09%
	IR	C	0.09%	0.08%	0.08%
	IRM	C	0.07%	0.07%	0.07%
	ISRG	B	0.38%	0.37%	0.37%
	IT	B	0.09%	0.08%	0.08%
	ITW	C	0.16%	0.14%	0.14%
	IVZ	B	0.02%	0.02%	0.02%
	J	C	0.04%	0.04%	0.04%
	JBHT	D	0.03%	0.03%	0.03%
	JBL	D	0.03%	0.03%	0.03%
	JCI	B	0.11%	0.1%	0.1%
	JKHY	B	0.03%	0.03%	0.03%
	JNJ	C	0.94%	0.85%	0.85%
	JNPR	B	0.03%	0.03%	0.03%
	JPM	D	1.48%	1.27%	1.27%
	K	B	0.05%	0.05%	0.05%
	KDP	B	0.09%	0.08%	0.08%
	KEY	B	0.04%	0.03%	0.03%
	KEYS	C	0.06%	0.06%	0.06%
	KHC	C	0.07%	0.06%	0.06%
	KIM	C	0.04%	0.03%	0.03%
	KLAC	D	0.21%	0.22%	0.21%
	KMB	D	0.11%	0.1%	0.1%
	KMI	B	0.09%	0.09%	0.09%
	KMX	D	0.03%	0.03%	0.03%
	KO	C	0.65%	0.59%	0.59%
	KR	C	0.09%	0.07%	0.07%
	KVUE	C	0.11%	0.09%	0.09%
	L	C	0.03%	0.03%	0.03%
	LDOS	B	0.05%	0.04%	0.04%
	LEN	B	0.11%	0.09%	0.09%
	LHX	C	0.1%	0.09%	0.09%
	LIN	B	0.53%	0.48%	0.48%
	LKQ	F	0.02%	0.02%	0.02%
	LLY	C	1.65%	1.57%	1.57%
	LMT	C	0.29%	0.26%	0.26%
	LNT	B	0.04%	0.03%	0.03%
	LOW	B	0.34%	0.3%	0.3%
	LRCX	F	0.21%	0.21%	0.21%
	LULU	D	0.07%	0.06%	0.06%
	LUV	C	0.04%	0.04%	0.04%
	LVS	D	0.03%	0.03%	0.03%
	LW	D	0.02%	0.02%	0.02%
	LYB	D	0.06%	0.05%	0.05%
	LYV	B	0.03%	0.03%	0.03%
	MA	B	0.96%	0.86%	0.86%
	MAA	B	0.04%	0.04%	0.04%
	MAR	C	0.13%	0.12%	0.12%
	MAS	B	0.04%	0.04%	0.04%
	MCHP	F	0.1%	0.09%	0.09%
	MCK	F	0.15%	0.14%	0.14%
	MCO	B	0.17%	0.16%	0.16%
	MDLZ	B	0.24%	0.21%	0.21%
	MDT	C	0.28%	0.26%	0.26%
	MET	B	0.11%	0.1%	0.1%
	META	B	2.49%	2.4%	2.4%
	MGM	F	0.02%	0.02%	0.02%
	MHK	C	0.02%	0.02%	0.02%
	MKC	C	0.05%	0.04%	0.04%
	MKTX	C	0.02%	0.02%	0.02%
	MLM	D	0.08%	0.07%	0.07%
	MMC	C	0.26%	0.24%	0.24%
	MNST	D	0.09%	0.08%	0.08%
	MO	C	0.22%	0.2%	0.2%
	MOH	D	0.05%	0.04%	0.04%
	MOS	F	0.02%	0.02%	0.02%
	MPC	F	0.15%	0.12%	0.12%
	MPWR	C	0.09%	0.09%	0.09%
	MRK	D	0.66%	0.62%	0.62%
	MRNA	F	0.05%	0.06%	0.05%
	MRO	C	0.04%	0.03%	0.03%
	MS	D	0.29%	0.26%	0.26%
	MSFT	C	7.0%	6.73%	6.73%
	MSI	B	0.17%	0.15%	0.15%
	MTB	B	0.07%	0.06%	0.06%
	MU	F	0.2%	0.21%	0.2%
	NCLH	C	0.02%	0.02%	0.02%
	NDAQ	A	0.06%	0.06%	0.06%
	NDSN	C	0.03%	0.03%	0.03%
	NEE	C	0.44%	0.37%	0.37%
	NFLX	B	0.69%	0.63%	0.63%
	NI	B	0.03%	0.03%	0.03%
	NKE	D	0.23%	0.2%	0.2%
	NOC	B	0.18%	0.15%	0.15%
	NOW	B	0.39%	0.38%	0.38%
	NRG	C	0.04%	0.04%	0.04%
	NSC	C	0.14%	0.12%	0.12%
	NTAP	D	0.05%	0.05%	0.05%
	NTRS	A	0.04%	0.04%	0.04%
	NUE	F	0.09%	0.07%	0.07%
	NVDA	D	6.04%	6.15%	6.04%
	NVR	B	0.07%	0.06%	0.06%
	NWSA	D	0.03%	0.02%	0.02%
	NXPI	F	0.13%	0.13%	0.13%
	O	C	0.13%	0.12%	0.12%
	ODFL	D	0.08%	0.07%	0.07%
	OKE	B	0.12%	0.11%	0.11%
	OMC	B	0.05%	0.04%	0.04%
	ON	D	0.07%	0.06%	0.06%
	ORCL	C	0.5%	0.54%	0.5%
	OXY	F	0.08%	0.07%	0.07%
	PANW	D	0.24%	0.24%	0.24%
	PARA	F	0.01%	0.01%	0.01%
	PAYC	D	0.02%	0.02%	0.02%
	PAYX	C	0.1%	0.09%	0.09%
	PCAR	D	0.12%	0.11%	0.11%
	PCG	C	0.1%	0.09%	0.09%
	PEG	B	0.1%	0.09%	0.09%
	PEP	C	0.6%	0.52%	0.52%
	PFG	B	0.04%	0.04%	0.04%
	PG	C	0.95%	0.88%	0.88%
	PGR	B	0.36%	0.31%	0.31%
	PH	B	0.18%	0.16%	0.16%
	PHM	B	0.07%	0.06%	0.06%
	PKG	B	0.04%	0.04%	0.04%
	PLD	C	0.28%	0.26%	0.26%
	PNC	B	0.17%	0.15%	0.15%
	PNR	B	0.03%	0.03%	0.03%
	PNW	C	0.02%	0.02%	0.02%
	POOL	C	0.03%	0.03%	0.03%
	PPG	D	0.07%	0.06%	0.06%
	PPL	C	0.06%	0.05%	0.05%
	PRU	C	0.1%	0.09%	0.09%
	PSA	B	0.13%	0.12%	0.12%
	PSX	F	0.13%	0.11%	0.11%
	PTC	D	0.05%	0.04%	0.04%
	PWR	B	0.09%	0.08%	0.08%
	PYPL	B	0.18%	0.16%	0.16%
	QCOM	D	0.41%	0.4%	0.4%
	QRVO	F	0.02%	0.02%	0.02%
	RCL	B	0.09%	0.08%	0.08%
	REG	C	0.03%	0.03%	0.03%
	REGN	C	0.27%	0.26%	0.26%
	RF	B	0.05%	0.04%	0.04%
	RJF	C	0.05%	0.05%	0.05%
	RL	C	0.02%	0.01%	0.01%
	ROK	D	0.07%	0.06%	0.06%
	ROL	C	0.03%	0.03%	0.03%
	ROP	C	0.13%	0.13%	0.13%
	ROST	C	0.12%	0.11%	0.11%
	RSG	D	0.1%	0.09%	0.09%
	RTX	C	0.38%	0.34%	0.34%
	SCHW	D	0.21%	0.2%	0.2%
	SHW	B	0.21%	0.19%	0.19%
	SJM	C	0.03%	0.03%	0.03%
	SLB	F	0.14%	0.12%	0.12%
	SMCI	F	0.05%	0.05%	0.05%
	SNA	C	0.03%	0.03%	0.03%
	SNPS	D	0.17%	0.16%	0.16%
	SO	B	0.23%	0.21%	0.21%
	SOLV	C	0.02%	0.02%	0.02%
	SPG	B	0.12%	0.11%	0.11%
	SPGI	B	0.38%	0.35%	0.35%
	SRE	C	0.12%	0.11%	0.11%
	STE	C	0.06%	0.05%	0.05%
	STLD	F	0.04%	0.03%	0.03%
	STT	A	0.06%	0.05%	0.05%
	STZ	D	0.09%	0.09%	0.09%
	SW	B	0.03%	0.05%	0.03%
	SWK	B	0.04%	0.03%	0.03%
	SWKS	D	0.03%	0.03%	0.03%
	SYF	C	0.04%	0.04%	0.04%
	SYK	C	0.29%	0.27%	0.27%
	SYY	D	0.09%	0.08%	0.08%
	T	C	0.37%	0.33%	0.33%
	TAP	D	0.02%	0.02%	0.02%
	TDY	B	0.05%	0.04%	0.04%
	TEL	D	0.11%	0.09%	0.09%
	TER	D	0.04%	0.04%	0.04%
	TFC	C	0.13%	0.12%	0.12%
	TFX	C	0.03%	0.02%	0.02%
	TGT	C	0.17%	0.15%	0.15%
	TJX	B	0.3%	0.29%	0.29%
	TMO	B	0.55%	0.51%	0.51%
	TMUS	C	0.25%	0.22%	0.22%
	TPR	C	0.02%	0.02%	0.02%
	TRGP	B	0.07%	0.07%	0.07%
	TRMB	C	0.03%	0.03%	0.03%
	TROW	D	0.05%	0.05%	0.05%
	TRV	C	0.13%	0.11%	0.11%
	TSCO	C	0.07%	0.06%	0.06%
	TSN	C	0.04%	0.04%	0.04%
	TT	B	0.19%	0.17%	0.17%
	TXN	C	0.41%	0.39%	0.39%
	TXT	D	0.04%	0.04%	0.04%
	TYL	C	0.06%	0.05%	0.05%
	UAL	C	0.04%	0.03%	0.03%
	UBER	C	0.29%	0.31%	0.29%
	UDR	C	0.03%	0.03%	0.03%
	UHS	B	0.03%	0.03%	0.03%
	ULTA	D	0.04%	0.04%	0.04%
	UNH	C	1.28%	1.16%	1.16%
	UNP	C	0.37%	0.32%	0.32%
	UPS	D	0.22%	0.2%	0.2%
	URI	B	0.12%	0.1%	0.1%
	USB	B	0.17%	0.15%	0.15%
	V	C	1.07%	0.96%	0.96%
	VICI	C	0.08%	0.07%	0.07%
	VLO	F	0.11%	0.09%	0.09%
	VLTO	C	0.06%	0.05%	0.05%
	VMC	D	0.08%	0.07%	0.07%
	VRSK	D	0.09%	0.08%	0.08%
	VRTX	D	0.28%	0.26%	0.26%
	VST	C	0.07%	0.06%	0.06%
	VTR	C	0.06%	0.06%	0.06%
	VTRS	D	0.03%	0.03%	0.03%
	VZ	B	0.45%	0.39%	0.39%
	WAB	B	0.07%	0.06%	0.06%
	WBA	F	0.02%	0.01%	0.01%
	WBD	D	0.04%	0.03%	0.03%
	WDC	D	0.05%	0.04%	0.04%
	WEC	C	0.07%	0.06%	0.06%
	WELL	C	0.17%	0.16%	0.16%
	WFC	D	0.45%	0.4%	0.4%
	WM	D	0.19%	0.16%	0.16%
	WMB	B	0.13%	0.12%	0.12%
	WMT	C	0.79%	0.72%	0.72%
	WRB	C	0.04%	0.04%	0.04%
	WST	D	0.05%	0.05%	0.05%
	WTW	C	0.07%	0.06%	0.06%
	WY	C	0.05%	0.05%	0.05%
	XEL	B	0.08%	0.08%	0.08%
	XOM	C	1.24%	1.05%	1.05%
	XYL	C	0.08%	0.07%	0.07%
	ZBH	F	0.06%	0.05%	0.05%
	ZBRA	B	0.04%	0.04%	0.04%
	ZTS	C	0.2%	0.18%	0.18%

QVML Overweight 0 Positions Relative to SPY

	Symbol	Grade	Weight

QVML Underweight 52 Positions Relative to SPY

	Symbol	Grade	Weight
	GOOGL	D	-1.9%
	TSLA	C	-1.35%
	MCD	B	-0.45%
	PM	C	-0.42%
	AMGN	B	-0.38%
	PFE	C	-0.36%
	SBUX	C	-0.24%
	AMT	C	-0.24%
	GILD	B	-0.22%
	BMY	C	-0.21%
	BA	F	-0.2%
	EQIX	C	-0.18%
	KKR	B	-0.17%
	TDG	B	-0.16%
	AON	B	-0.16%
	MMM	B	-0.15%
	ORLY	C	-0.14%
	CRWD	D	-0.13%
	NEM	B	-0.13%
	APD	B	-0.13%
	AZO	D	-0.12%
	CCI	C	-0.11%
	HLT	B	-0.11%
	MSCI	C	-0.1%
	FICO	B	-0.1%
	FIS	B	-0.1%
	FTNT	C	-0.1%
	RMD	C	-0.08%
	YUM	D	-0.08%
	OTIS	C	-0.08%
	SBAC	C	-0.06%
	DXCM	F	-0.06%
	AWK	B	-0.06%
	BIIB	F	-0.06%
	MTD	D	-0.06%
	GDDY	C	-0.05%
	TTWO	C	-0.05%
	WAT	C	-0.04%
	EL	F	-0.04%
	STX	C	-0.04%
	AES	C	-0.03%
	ENPH	D	-0.03%
	PODD	B	-0.03%
	VRSN	D	-0.03%
	WYNN	D	-0.02%
	HAS	B	-0.02%
	MTCH	C	-0.02%
	CTLT	B	-0.02%
	TECH	C	-0.02%
	NWS	D	-0.01%
	FOX	B	-0.01%
	ETSY	F	-0.01%

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

SPY: Top Represented Industries & Keywords

Industries: Diversified Industrials Utilities - Regulated Electric Software - Application Semiconductors Business Services Diagnostics & Research Asset Management Oil & Gas E&P Aerospace & Defense Banks - Regional - US Capital Markets Drug Manufacturers - Major Packaged Foods Specialty Retail Medical Devices Medical Instruments & Supplies Credit Services Health Care Plans Household & Personal Products Information Technology Services

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