QVML vs. USPX ETF Comparison

Comparison of Invesco S&P 500 QVM Multi-factor ETF (QVML) to Franklin U.S. Equity Index ETF (USPX)

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

$35.16

Average Daily Volume

1,434

Number of Holdings ^*

447

* may have additional holdings in another (foreign) market

USPX

Franklin U.S. Equity Index ETF

USPX Description

The investment seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the LibertyQ Global Equity Index. The fund invests at least 80% of its assets in the component securities of the index and in depositary receipts representing such securities. The index includes stocks from developed and emerging market countries that have favorable exposure to multiple investment style factors.

Grade (RS Rating)

Last Trade

$52.38

Average Daily Volume

42,046

Number of Holdings ^*

543

* may have additional holdings in another (foreign) market

Performance

Period	QVML	USPX
30 Days	2.51%	3.77%
60 Days	4.26%	5.00%
90 Days	5.72%	6.73%
12 Months	32.76%	33.32%

425 Overlapping Holdings

	Symbol	Grade	Weight in QVML	Weight in USPX	Overlap
	A	D	0.08%	0.07%	0.07%
	AAPL	C	7.12%	6.32%	6.32%
	ABBV	D	0.64%	0.57%	0.57%
	ABNB	C	0.13%	0.11%	0.11%
	ABT	B	0.41%	0.39%	0.39%
	ACGL	D	0.08%	0.08%	0.08%
	ACN	C	0.47%	0.44%	0.44%
	ADBE	C	0.49%	0.43%	0.43%
	ADI	D	0.23%	0.2%	0.2%
	ADM	D	0.06%	0.05%	0.05%
	ADP	B	0.26%	0.24%	0.24%
	ADSK	A	0.14%	0.13%	0.13%
	AEE	A	0.05%	0.05%	0.05%
	AEP	D	0.1%	0.1%	0.1%
	AFL	B	0.12%	0.11%	0.11%
	AIG	B	0.11%	0.1%	0.1%
	AJG	B	0.13%	0.13%	0.13%
	AKAM	D	0.03%	0.03%	0.03%
	ALGN	D	0.03%	0.03%	0.03%
	ALL	A	0.11%	0.1%	0.1%
	ALLE	D	0.03%	0.02%	0.02%
	AMAT	F	0.34%	0.28%	0.28%
	AMCR	D	0.03%	0.03%	0.03%
	AMD	F	0.47%	0.43%	0.43%
	AME	A	0.1%	0.09%	0.09%
	AMP	A	0.12%	0.11%	0.11%
	AMZN	C	3.94%	3.77%	3.77%
	ANET	C	0.21%	0.19%	0.19%
	ANSS	B	0.06%	0.05%	0.05%
	AON	A	0.17%	0.16%	0.16%
	APA	D	0.02%	0.02%	0.02%
	APH	A	0.2%	0.16%	0.16%
	APTV	D	0.03%	0.02%	0.02%
	ARE	D	0.04%	0.03%	0.03%
	ATO	A	0.04%	0.05%	0.04%
	AVB	B	0.07%	0.06%	0.06%
	AVGO	D	1.61%	1.48%	1.48%
	AVY	D	0.03%	0.03%	0.03%
	AWK	D	0.05%	0.05%	0.05%
	AXON	A	0.09%	0.09%	0.09%
	AXP	A	0.35%	0.31%	0.31%
	AZO	C	0.12%	0.1%	0.1%
	BAC	A	0.69%	0.62%	0.62%
	BALL	D	0.04%	0.04%	0.04%
	BAX	D	0.03%	0.03%	0.03%
	BBY	D	0.04%	0.03%	0.03%
	BDX	F	0.14%	0.13%	0.13%
	BEN	C	0.01%	0.01%	0.01%
	BG	F	0.03%	0.02%	0.02%
	BK	A	0.12%	0.12%	0.12%
	BKNG	A	0.36%	0.33%	0.33%
	BKR	B	0.1%	0.09%	0.09%
	BLDR	D	0.05%	0.04%	0.04%
	BLK	C	0.32%	0.31%	0.31%
	BR	A	0.06%	0.05%	0.05%
	BRK.A	B	1.87%	1.67%	1.67%
	BRO	B	0.06%	0.05%	0.05%
	BSX	B	0.27%	0.25%	0.25%
	BX	A	0.27%	0.25%	0.25%
	BXP	D	0.02%	0.02%	0.02%
	C	A	0.3%	0.25%	0.25%
	CAG	D	0.03%	0.02%	0.02%
	CAH	B	0.06%	0.06%	0.06%
	CARR	D	0.13%	0.12%	0.12%
	CAT	B	0.42%	0.37%	0.37%
	CB	C	0.25%	0.21%	0.21%
	CBRE	B	0.08%	0.08%	0.08%
	CCL	B	0.05%	0.05%	0.05%
	CDNS	B	0.18%	0.16%	0.16%
	CDW	F	0.05%	0.05%	0.05%
	CE	F	0.02%	0.01%	0.01%
	CEG	D	0.16%	0.14%	0.14%
	CF	B	0.04%	0.03%	0.03%
	CFG	B	0.05%	0.04%	0.04%
	CHD	B	0.05%	0.05%	0.05%
	CHTR	C	0.09%	0.08%	0.08%
	CI	F	0.2%	0.18%	0.18%
	CINF	A	0.05%	0.05%	0.05%
	CL	D	0.16%	0.15%	0.15%
	CMCSA	B	0.37%	0.33%	0.33%
	CME	A	0.17%	0.16%	0.16%
	CMG	B	0.17%	0.16%	0.16%
	CMI	A	0.11%	0.1%	0.1%
	CMS	C	0.04%	0.04%	0.04%
	CNC	D	0.07%	0.06%	0.06%
	CNP	B	0.04%	0.04%	0.04%
	COF	B	0.16%	0.14%	0.14%
	COP	C	0.31%	0.26%	0.26%
	COR	B	0.09%	0.08%	0.08%
	COST	B	0.85%	0.79%	0.79%
	CPAY	A	0.06%	0.04%	0.04%
	CPB	D	0.02%	0.02%	0.02%
	CPRT	A	0.11%	0.1%	0.1%
	CPT	B	0.03%	0.02%	0.02%
	CRL	C	0.02%	0.02%	0.02%
	CRM	B	0.69%	0.59%	0.59%
	CRWD	B	0.18%	0.16%	0.16%
	CSCO	B	0.51%	0.45%	0.45%
	CSGP	D	0.06%	0.06%	0.06%
	CSX	B	0.15%	0.13%	0.13%
	CTAS	B	0.15%	0.15%	0.15%
	CTRA	B	0.04%	0.04%	0.04%
	CTSH	B	0.09%	0.08%	0.08%
	CTVA	C	0.09%	0.08%	0.08%
	CVS	D	0.15%	0.13%	0.13%
	CVX	A	0.63%	0.53%	0.53%
	D	C	0.1%	0.09%	0.09%
	DAL	C	0.08%	0.08%	0.08%
	DAY	B	0.03%	0.02%	0.02%
	DD	D	0.08%	0.07%	0.07%
	DE	A	0.21%	0.2%	0.2%
	DECK	A	0.06%	0.05%	0.05%
	DFS	B	0.1%	0.09%	0.09%
	DG	F	0.04%	0.03%	0.03%
	DGX	A	0.04%	0.04%	0.04%
	DHI	D	0.1%	0.09%	0.09%
	DHR	F	0.33%	0.29%	0.29%
	DIS	B	0.43%	0.41%	0.41%
	DLR	B	0.12%	0.11%	0.11%
	DLTR	F	0.04%	0.03%	0.03%
	DOC	D	0.03%	0.03%	0.03%
	DOV	A	0.06%	0.05%	0.05%
	DOW	F	0.07%	0.06%	0.06%
	DRI	B	0.04%	0.04%	0.04%
	DTE	C	0.05%	0.05%	0.05%
	DUK	C	0.18%	0.17%	0.17%
	DVN	F	0.06%	0.05%	0.05%
	EA	A	0.09%	0.08%	0.08%
	EBAY	D	0.06%	0.06%	0.06%
	ECL	D	0.13%	0.12%	0.12%
	ED	D	0.07%	0.06%	0.06%
	EFX	F	0.07%	0.06%	0.06%
	EG	C	0.04%	0.03%	0.03%
	EIX	B	0.07%	0.06%	0.06%
	ELV	F	0.2%	0.18%	0.18%
	EMN	D	0.03%	0.02%	0.02%
	EMR	A	0.16%	0.14%	0.14%
	EOG	A	0.18%	0.15%	0.15%
	EPAM	C	0.03%	0.03%	0.03%
	EQR	B	0.05%	0.05%	0.05%
	EQT	B	0.05%	0.05%	0.05%
	ES	D	0.05%	0.04%	0.04%
	ESS	B	0.04%	0.04%	0.04%
	ETN	A	0.31%	0.28%	0.28%
	ETR	B	0.07%	0.06%	0.06%
	EVRG	A	0.03%	0.03%	0.03%
	EW	C	0.09%	0.08%	0.08%
	EXC	C	0.08%	0.08%	0.08%
	EXPD	D	0.04%	0.03%	0.03%
	EXPE	B	0.05%	0.04%	0.04%
	EXR	D	0.07%	0.07%	0.07%
	F	C	0.1%	0.08%	0.08%
	FANG	D	0.08%	0.06%	0.06%
	FAST	B	0.1%	0.09%	0.09%
	FCX	D	0.14%	0.12%	0.12%
	FDS	B	0.04%	0.04%	0.04%
	FDX	B	0.15%	0.13%	0.13%
	FE	C	0.04%	0.04%	0.04%
	FFIV	B	0.03%	0.03%	0.03%
	FI	A	0.26%	0.24%	0.24%
	FIS	C	0.1%	0.1%	0.1%
	FITB	A	0.07%	0.06%	0.06%
	FOXA	B	0.04%	0.02%	0.02%
	FSLR	F	0.04%	0.04%	0.04%
	FTNT	C	0.13%	0.12%	0.12%
	FTV	C	0.06%	0.05%	0.05%
	GD	F	0.14%	0.13%	0.13%
	GDDY	A	0.06%	0.05%	0.05%
	GE	D	0.43%	0.38%	0.38%
	GEHC	F	0.07%	0.06%	0.06%
	GEN	B	0.04%	0.03%	0.03%
	GEV	B	0.18%	0.18%	0.18%
	GILD	C	0.24%	0.22%	0.22%
	GIS	D	0.08%	0.07%	0.07%
	GLW	B	0.08%	0.07%	0.07%
	GM	B	0.15%	0.12%	0.12%
	GOOG	C	4.33%	1.77%	1.77%
	GPC	D	0.04%	0.03%	0.03%
	GPN	B	0.06%	0.06%	0.06%
	GRMN	B	0.07%	0.06%	0.06%
	GS	A	0.43%	0.38%	0.38%
	GWW	B	0.11%	0.09%	0.09%
	HAL	C	0.06%	0.05%	0.05%
	HBAN	A	0.06%	0.05%	0.05%
	HCA	F	0.14%	0.12%	0.12%
	HD	A	0.84%	0.79%	0.79%
	HES	B	0.09%	0.08%	0.08%
	HIG	B	0.07%	0.07%	0.07%
	HII	D	0.02%	0.02%	0.02%
	HOLX	D	0.04%	0.04%	0.04%
	HON	B	0.32%	0.29%	0.29%
	HPE	B	0.07%	0.05%	0.05%
	HPQ	B	0.07%	0.07%	0.07%
	HRL	D	0.02%	0.02%	0.02%
	HST	C	0.03%	0.02%	0.02%
	HSY	F	0.05%	0.05%	0.05%
	HUBB	B	0.05%	0.05%	0.05%
	HUM	C	0.08%	0.06%	0.06%
	HWM	A	0.09%	0.09%	0.09%
	IBM	C	0.39%	0.37%	0.37%
	ICE	C	0.19%	0.18%	0.18%
	IDXX	F	0.07%	0.07%	0.07%
	IEX	B	0.04%	0.04%	0.04%
	IFF	D	0.05%	0.04%	0.04%
	INCY	C	0.03%	0.03%	0.03%
	INTC	D	0.25%	0.2%	0.2%
	INTU	C	0.4%	0.37%	0.37%
	INVH	D	0.04%	0.04%	0.04%
	IP	B	0.04%	0.04%	0.04%
	IPG	D	0.02%	0.02%	0.02%
	IQV	D	0.08%	0.07%	0.07%
	IR	B	0.09%	0.08%	0.08%
	ISRG	A	0.4%	0.37%	0.37%
	IT	C	0.09%	0.08%	0.08%
	ITW	B	0.16%	0.16%	0.16%
	J	F	0.04%	0.03%	0.03%
	JBHT	C	0.03%	0.03%	0.03%
	JCI	C	0.12%	0.11%	0.11%
	JKHY	D	0.03%	0.03%	0.03%
	JNJ	D	0.77%	0.73%	0.73%
	JNPR	F	0.03%	0.02%	0.02%
	JPM	A	1.59%	1.36%	1.36%
	K	A	0.05%	0.04%	0.04%
	KDP	D	0.07%	0.07%	0.07%
	KEY	B	0.04%	0.04%	0.04%
	KEYS	A	0.06%	0.05%	0.05%
	KHC	F	0.05%	0.05%	0.05%
	KIM	A	0.03%	0.03%	0.03%
	KKR	A	0.22%	0.19%	0.19%
	KLAC	D	0.2%	0.17%	0.17%
	KMB	D	0.09%	0.09%	0.09%
	KMI	A	0.11%	0.11%	0.11%
	KMX	B	0.03%	0.02%	0.02%
	KO	D	0.52%	0.47%	0.47%
	KR	B	0.09%	0.08%	0.08%
	KVUE	A	0.09%	0.08%	0.08%
	L	A	0.03%	0.03%	0.03%
	LDOS	C	0.05%	0.04%	0.04%
	LEN	D	0.09%	0.08%	0.08%
	LH	C	0.05%	0.04%	0.04%
	LHX	C	0.1%	0.1%	0.1%
	LIN	D	0.47%	0.42%	0.42%
	LKQ	D	0.02%	0.02%	0.02%
	LLY	F	1.38%	1.24%	1.24%
	LMT	D	0.24%	0.23%	0.23%
	LNT	A	0.03%	0.03%	0.03%
	LRCX	F	0.22%	0.18%	0.18%
	LULU	C	0.08%	0.07%	0.07%
	LUV	C	0.04%	0.04%	0.04%
	LW	C	0.02%	0.02%	0.02%
	LYB	F	0.05%	0.04%	0.04%
	MA	C	0.89%	0.83%	0.83%
	MAA	B	0.04%	0.04%	0.04%
	MAS	D	0.04%	0.03%	0.03%
	MCHP	D	0.08%	0.07%	0.07%
	MCK	B	0.18%	0.17%	0.17%
	MCO	B	0.16%	0.15%	0.15%
	MDLZ	F	0.18%	0.17%	0.17%
	MDT	D	0.24%	0.22%	0.22%
	MET	A	0.11%	0.1%	0.1%
	META	D	2.71%	2.37%	2.37%
	MGM	D	0.02%	0.02%	0.02%
	MKC	D	0.04%	0.04%	0.04%
	MLM	B	0.08%	0.07%	0.07%
	MMC	B	0.23%	0.22%	0.22%
	MMM	D	0.16%	0.14%	0.14%
	MNST	C	0.08%	0.07%	0.07%
	MO	A	0.2%	0.19%	0.19%
	MOH	F	0.04%	0.03%	0.03%
	MOS	F	0.02%	0.02%	0.02%
	MPC	D	0.13%	0.1%	0.1%
	MPWR	F	0.06%	0.05%	0.05%
	MRK	F	0.54%	0.48%	0.48%
	MRNA	F	0.03%	0.02%	0.02%
	MRO	B	0.04%	0.03%	0.03%
	MS	A	0.37%	0.33%	0.33%
	MSFT	F	6.58%	6.06%	6.06%
	MSI	B	0.18%	0.15%	0.15%
	MTB	A	0.08%	0.07%	0.07%
	MU	D	0.25%	0.21%	0.21%
	NDAQ	A	0.07%	0.06%	0.06%
	NEE	D	0.31%	0.31%	0.31%
	NFLX	A	0.78%	0.71%	0.71%
	NI	A	0.03%	0.03%	0.03%
	NKE	D	0.2%	0.18%	0.18%
	NOC	D	0.15%	0.13%	0.13%
	NOW	A	0.44%	0.39%	0.39%
	NRG	B	0.04%	0.04%	0.04%
	NSC	B	0.13%	0.11%	0.11%
	NTAP	C	0.05%	0.05%	0.05%
	NTRS	A	0.05%	0.05%	0.05%
	NUE	C	0.08%	0.07%	0.07%
	NVDA	C	7.76%	6.61%	6.61%
	NVR	D	0.06%	0.05%	0.05%
	NWSA	B	0.03%	0.02%	0.02%
	NXPI	D	0.13%	0.11%	0.11%
	O	D	0.1%	0.1%	0.1%
	ODFL	B	0.09%	0.08%	0.08%
	OKE	A	0.14%	0.12%	0.12%
	OMC	C	0.04%	0.04%	0.04%
	ON	D	0.07%	0.06%	0.06%
	OXY	D	0.08%	0.06%	0.06%
	PANW	C	0.28%	0.24%	0.24%
	PAYC	B	0.02%	0.02%	0.02%
	PAYX	C	0.1%	0.09%	0.09%
	PCAR	B	0.13%	0.11%	0.11%
	PCG	A	0.09%	0.09%	0.09%
	PEG	A	0.09%	0.09%	0.09%
	PEP	F	0.47%	0.43%	0.43%
	PFG	D	0.04%	0.04%	0.04%
	PG	A	0.82%	0.79%	0.79%
	PGR	A	0.32%	0.29%	0.29%
	PH	A	0.19%	0.17%	0.17%
	PHM	D	0.06%	0.06%	0.06%
	PKG	A	0.05%	0.04%	0.04%
	PLD	D	0.22%	0.21%	0.21%
	PM	B	0.41%	0.39%	0.39%
	PNC	B	0.18%	0.16%	0.16%
	PNR	A	0.04%	0.03%	0.03%
	POOL	C	0.03%	0.03%	0.03%
	PPG	F	0.06%	0.06%	0.06%
	PPL	B	0.05%	0.05%	0.05%
	PRU	A	0.1%	0.09%	0.09%
	PSA	D	0.11%	0.1%	0.1%
	PSX	C	0.13%	0.11%	0.11%
	PTC	A	0.05%	0.04%	0.04%
	PWR	A	0.1%	0.09%	0.09%
	PYPL	B	0.2%	0.18%	0.18%
	QCOM	F	0.41%	0.35%	0.35%
	QRVO	F	0.01%	0.01%	0.01%
	RCL	A	0.12%	0.11%	0.11%
	REG	B	0.03%	0.03%	0.03%
	REGN	F	0.18%	0.16%	0.16%
	RF	A	0.05%	0.05%	0.05%
	RJF	A	0.06%	0.06%	0.06%
	RMD	C	0.07%	0.06%	0.06%
	ROK	B	0.07%	0.07%	0.07%
	ROL	B	0.03%	0.03%	0.03%
	ROP	B	0.13%	0.11%	0.11%
	ROST	C	0.1%	0.09%	0.09%
	RSG	A	0.09%	0.08%	0.08%
	RTX	C	0.34%	0.31%	0.31%
	RVTY	F	0.03%	0.03%	0.03%
	SCHW	B	0.26%	0.23%	0.23%
	SHW	A	0.19%	0.18%	0.18%
	SLB	C	0.14%	0.12%	0.12%
	SMCI	F	0.02%	0.02%	0.02%
	SNA	A	0.04%	0.04%	0.04%
	SNPS	B	0.19%	0.16%	0.16%
	SO	D	0.19%	0.19%	0.19%
	SPG	B	0.13%	0.11%	0.11%
	SPGI	C	0.34%	0.31%	0.31%
	SRE	A	0.12%	0.11%	0.11%
	STE	F	0.05%	0.04%	0.04%
	STLD	B	0.05%	0.04%	0.04%
	STT	A	0.06%	0.06%	0.06%
	STZ	D	0.08%	0.07%	0.07%
	SW	A	0.06%	0.05%	0.05%
	SWK	D	0.03%	0.03%	0.03%
	SWKS	F	0.03%	0.03%	0.03%
	SYF	B	0.06%	0.05%	0.05%
	SYK	C	0.27%	0.27%	0.27%
	SYY	B	0.08%	0.07%	0.07%
	T	A	0.31%	0.32%	0.31%
	TAP	C	0.02%	0.02%	0.02%
	TDY	B	0.05%	0.04%	0.04%
	TER	D	0.04%	0.03%	0.03%
	TFC	A	0.14%	0.12%	0.12%
	TFX	F	0.02%	0.01%	0.01%
	TGT	F	0.16%	0.14%	0.14%
	TJX	A	0.28%	0.27%	0.27%
	TMO	F	0.43%	0.38%	0.38%
	TMUS	B	0.26%	0.23%	0.23%
	TRGP	B	0.09%	0.08%	0.08%
	TROW	B	0.06%	0.05%	0.05%
	TRV	B	0.12%	0.11%	0.11%
	TSCO	D	0.06%	0.05%	0.05%
	TSN	B	0.04%	0.04%	0.04%
	TT	A	0.2%	0.17%	0.17%
	TTWO	A	0.06%	0.06%	0.06%
	TXN	C	0.42%	0.36%	0.36%
	TXT	D	0.04%	0.03%	0.03%
	TYL	B	0.06%	0.05%	0.05%
	UAL	A	0.06%	0.06%	0.06%
	UBER	D	0.33%	0.29%	0.29%
	UDR	B	0.03%	0.03%	0.03%
	UHS	D	0.03%	0.02%	0.02%
	ULTA	F	0.04%	0.03%	0.03%
	UNH	C	1.15%	1.07%	1.07%
	UNP	C	0.31%	0.28%	0.28%
	UPS	C	0.2%	0.19%	0.19%
	URI	B	0.13%	0.11%	0.11%
	USB	A	0.17%	0.15%	0.15%
	V	A	0.99%	1.01%	0.99%
	VICI	C	0.07%	0.06%	0.06%
	VLO	C	0.11%	0.09%	0.09%
	VLTO	D	0.05%	0.05%	0.05%
	VMC	B	0.08%	0.08%	0.08%
	VRSK	A	0.09%	0.08%	0.08%
	VRTX	F	0.27%	0.24%	0.24%
	VST	B	0.1%	0.09%	0.09%
	VTR	C	0.05%	0.05%	0.05%
	VTRS	A	0.03%	0.03%	0.03%
	VZ	C	0.34%	0.35%	0.34%
	WAB	B	0.08%	0.07%	0.07%
	WAT	B	0.05%	0.04%	0.04%
	WBA	F	0.01%	0.01%	0.01%
	WBD	C	0.05%	0.04%	0.04%
	WDC	D	0.04%	0.04%	0.04%
	WEC	A	0.06%	0.06%	0.06%
	WELL	A	0.16%	0.16%	0.16%
	WFC	A	0.58%	0.5%	0.5%
	WM	A	0.17%	0.15%	0.15%
	WMB	A	0.15%	0.13%	0.13%
	WMT	A	0.74%	0.72%	0.72%
	WRB	A	0.04%	0.04%	0.04%
	WST	C	0.05%	0.05%	0.05%
	WTW	B	0.07%	0.06%	0.06%
	WY	D	0.05%	0.04%	0.04%
	XEL	A	0.08%	0.08%	0.08%
	XOM	B	1.22%	1.04%	1.04%
	XYL	D	0.07%	0.06%	0.06%
	ZBH	C	0.05%	0.04%	0.04%
	ZBRA	B	0.04%	0.05%	0.04%
	ZTS	D	0.16%	0.16%	0.16%

QVML Overweight 22 Positions Relative to USPX

	Symbol	Grade	Weight
	CBOE	B	0.04%
	AIZ	A	0.03%
	GNRC	B	0.03%
	TPR	B	0.03%
	CHRW	C	0.03%
	JBL	B	0.03%
	FMC	D	0.02%
	MHK	D	0.02%
	DVA	B	0.02%
	FRT	B	0.02%
	RL	B	0.02%
	IVZ	B	0.02%
	CZR	F	0.02%
	BWA	D	0.02%
	SOLV	C	0.02%
	HSIC	B	0.02%
	AOS	F	0.02%
	GL	B	0.02%
	MKTX	D	0.02%
	PNW	B	0.02%
	NCLH	B	0.02%
	PARA	C	0.01%

QVML Underweight 118 Positions Relative to USPX

	Symbol	Grade	Weight
	GOOGL	C	-1.98%
	TSLA	B	-1.75%
	ORCL	B	-0.58%
	MCD	D	-0.41%
	AMGN	D	-0.3%
	LOW	D	-0.3%
	PFE	D	-0.28%
	PLTR	B	-0.26%
	BMY	B	-0.23%
	SBUX	A	-0.22%
	BA	F	-0.2%
	AMT	D	-0.18%
	MELI	D	-0.18%
	EQIX	A	-0.17%
	MRVL	B	-0.15%
	APD	A	-0.14%
	TDG	D	-0.14%
	ORLY	B	-0.14%
	APO	B	-0.13%
	MAR	B	-0.13%
	HLT	A	-0.12%
	COIN	C	-0.12%
	DASH	A	-0.11%
	TTD	B	-0.11%
	FICO	B	-0.11%
	WDAY	B	-0.11%
	CCI	D	-0.09%
	LNG	B	-0.09%
	SQ	B	-0.09%
	NEM	D	-0.09%
	MSCI	C	-0.09%
	OTIS	C	-0.08%
	SNOW	C	-0.08%
	VRT	B	-0.08%
	DELL	C	-0.07%
	IRM	D	-0.07%
	YUM	B	-0.07%
	DDOG	A	-0.07%
	TEAM	A	-0.07%
	ALNY	D	-0.06%
	CPNG	D	-0.06%
	FCNCA	A	-0.06%
	VEEV	C	-0.06%
	ARES	A	-0.06%
	DXCM	D	-0.06%
	HUBS	A	-0.06%
	MKL	A	-0.05%
	LII	A	-0.05%
	LPLA	A	-0.05%
	MTD	D	-0.05%
	RBLX	C	-0.05%
	NET	B	-0.05%
	TPL	A	-0.05%
	LYV	A	-0.04%
	STX	D	-0.04%
	ZM	B	-0.04%
	CLX	B	-0.04%
	LVS	C	-0.04%
	ZS	C	-0.04%
	PODD	C	-0.04%
	WSO	A	-0.04%
	ILMN	D	-0.04%
	SBAC	D	-0.04%
	MDB	C	-0.04%
	BIIB	F	-0.04%
	AVTR	F	-0.03%
	RGA	A	-0.03%
	EWBC	A	-0.03%
	VRSN	F	-0.03%
	DT	C	-0.03%
	SUI	D	-0.03%
	EQH	B	-0.03%
	EL	F	-0.03%
	OC	A	-0.03%
	ENTG	D	-0.03%
	FNF	B	-0.03%
	DOCU	A	-0.03%
	BURL	A	-0.03%
	SSNC	B	-0.03%
	FLEX	A	-0.03%
	HEI	B	-0.03%
	PINS	D	-0.03%
	TRMB	B	-0.03%
	DPZ	C	-0.03%
	TRU	D	-0.03%
	TWLO	A	-0.03%
	BAH	F	-0.03%
	ACI	C	-0.02%
	SCCO	F	-0.02%
	ENPH	F	-0.02%
	EXAS	D	-0.02%
	WYNN	D	-0.02%
	CG	A	-0.02%
	RPRX	D	-0.02%
	AES	F	-0.02%
	CNH	C	-0.02%
	SJM	D	-0.02%
	CCK	C	-0.02%
	TECH	D	-0.02%
	HEI	B	-0.02%
	AFG	A	-0.02%
	SNAP	C	-0.02%
	Z	A	-0.02%
	NBIX	C	-0.02%
	OKTA	C	-0.02%
	WPC	D	-0.02%
	ALB	C	-0.02%
	BMRN	D	-0.02%
	ELS	C	-0.02%
	AGR	B	-0.01%
	NWS	B	-0.01%
	ZG	A	-0.01%
	WLK	D	-0.01%
	U	C	-0.01%
	FOX	A	-0.01%
	SIRI	C	-0.01%
	BSY	D	-0.01%
	CRBG	B	-0.01%

QVML: Top Represented Industries & Keywords

Industries: Diversified Industrials Software - Application Utilities - Regulated Electric Semiconductors Business Services Asset Management Diagnostics & Research Oil & Gas E&P 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

USPX: Top Represented Industries & Keywords

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

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