QVMS vs. FNDA ETF Comparison

Comparison of Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS) to Schwab Fundamental U.S. Small Company Index ETF (FNDA)

QVMS

Invesco S&P SmallCap 600 QVM Multi-factor ETF

QVMS Description

The investment seeks to track the investment results of the S&P SmallCap 600 ® Quality, Value & Momentum Top 90% Multi- Factor Index (the “underlying index”). The fund 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, designed to track the performance of a subset of securities from the S&P SmallCap 600 ® 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

$26.81

Average Daily Volume

606

Number of Holdings ^*

514

* may have additional holdings in another (foreign) market

FNDA

Schwab Fundamental U.S. Small Company Index ETF

FNDA Description

The investment seeks to track as closely as possible, before fees and expenses, the total return of the Russell Fundamental U.S. Small Company Index. The index selects, ranks, and weights securities by fundamental measures of company size - adjusted sales, retained operating cash flow, and dividends plus buybacks - rather than market capitalization. Under normal circumstances, the fund will invest at least 90% of its net assets in stocks included in the index. It may invest up to 10% of its net assets in securities not included in the index.

Grade (RS Rating)

Last Trade

$58.55

Average Daily Volume

275,352

Number of Holdings ^*

996

* may have additional holdings in another (foreign) market

Performance

Period	QVMS	FNDA
30 Days	1.66%	2.36%
60 Days	-0.15%	0.41%
90 Days	8.93%	7.32%
12 Months	20.39%	18.88%

410 Overlapping Holdings

	Symbol	Grade	Weight in QVMS	Weight in FNDA	Overlap
	AAT	B	0.11%	0.07%	0.07%
	ABCB	B	0.35%	0.12%	0.12%
	ABR	C	0.23%	0.09%	0.09%
	ACA	C	0.39%	0.17%	0.17%
	ACIW	B	0.47%	0.18%	0.18%
	ACLS	F	0.25%	0.04%	0.04%
	ADUS	B	0.18%	0.06%	0.06%
	AEIS	D	0.32%	0.1%	0.1%
	AEO	F	0.34%	0.05%	0.05%
	AGO	C	0.38%	0.22%	0.22%
	AHCO	B	0.07%	0.04%	0.04%
	AIN	F	0.24%	0.1%	0.1%
	AIR	C	0.2%	0.12%	0.12%
	AKR	B	0.21%	0.09%	0.09%
	ALEX	B	0.13%	0.1%	0.1%
	ALG	D	0.17%	0.07%	0.07%
	ALGT	F	0.05%	0.02%	0.02%
	ALK	C	0.45%	0.06%	0.06%
	ALKS	C	0.38%	0.03%	0.03%
	ALRM	F	0.25%	0.03%	0.03%
	AMBC	F	0.06%	0.02%	0.02%
	AMCX	F	0.02%	0.08%	0.02%
	AMN	F	0.15%	0.12%	0.12%
	AMPH	C	0.16%	0.0%	0.0%
	AMR	F	0.22%	0.1%	0.1%
	AMSF	C	0.08%	0.01%	0.01%
	AMWD	C	0.12%	0.13%	0.12%
	ANDE	D	0.13%	0.06%	0.06%
	AOSL	D	0.07%	0.01%	0.01%
	APAM	C	0.26%	0.13%	0.13%
	APLE	D	0.27%	0.16%	0.16%
	APOG	C	0.13%	0.12%	0.12%
	ARCB	D	0.2%	0.17%	0.17%
	ARI	F	0.12%	0.09%	0.09%
	AROC	D	0.25%	0.13%	0.13%
	ASIX	C	0.06%	0.05%	0.05%
	ASTE	F	0.06%	0.05%	0.05%
	ASTH	B	0.19%	0.02%	0.02%
	ATGE	D	0.25%	0.19%	0.19%
	ATI	D	0.74%	0.09%	0.09%
	AUB	C	0.3%	0.05%	0.05%
	AVA	B	0.28%	0.17%	0.17%
	AVNS	B	0.1%	0.04%	0.04%
	AWI	C	0.49%	0.21%	0.21%
	AWR	B	0.28%	0.06%	0.06%
	AX	D	0.28%	0.1%	0.1%
	AXL	F	0.06%	0.08%	0.06%
	AZZ	D	0.21%	0.11%	0.11%
	B	D	0.16%	0.13%	0.13%
	BANF	B	0.14%	0.03%	0.03%
	BANR	B	0.17%	0.11%	0.11%
	BCPC	C	0.48%	0.1%	0.1%
	BDN	B	0.08%	0.11%	0.08%
	BGC	B	0.34%	0.13%	0.13%
	BGS	D	0.06%	0.08%	0.06%
	BHE	C	0.14%	0.22%	0.14%
	BHLB	C	0.1%	0.01%	0.01%
	BJRI	D	0.06%	0.03%	0.03%
	BKE	B	0.11%	0.09%	0.09%
	BKU	C	0.23%	0.28%	0.23%
	BLMN	F	0.14%	0.07%	0.07%
	BMI	A	0.54%	0.07%	0.07%
	BOH	C	0.23%	0.13%	0.13%
	BOOT	B	0.37%	0.12%	0.12%
	BRC	B	0.3%	0.04%	0.04%
	BRKL	C	0.08%	0.03%	0.03%
	BXMT	C	0.29%	0.14%	0.14%
	CABO	F	0.14%	0.1%	0.1%
	CAKE	D	0.15%	0.06%	0.06%
	CAL	F	0.11%	0.08%	0.08%
	CALM	B	0.26%	0.16%	0.16%
	CARG	B	0.19%	0.06%	0.06%
	CARS	D	0.09%	0.03%	0.03%
	CASH	B	0.14%	0.06%	0.06%
	CATY	C	0.27%	0.15%	0.15%
	CBRL	F	0.07%	0.09%	0.07%
	CBU	C	0.28%	0.1%	0.1%
	CCOI	C	0.29%	0.08%	0.08%
	CCRN	F	0.04%	0.02%	0.02%
	CCS	B	0.25%	0.22%	0.22%
	CEIX	C	0.23%	0.13%	0.13%
	CENTA	D	0.2%	0.09%	0.09%
	CFFN	D	0.06%	0.04%	0.04%
	CHCO	B	0.15%	0.05%	0.05%
	CHEF	C	0.12%	0.05%	0.05%
	CLB	D	0.07%	0.03%	0.03%
	CLW	F	0.04%	0.04%	0.04%
	CNK	B	0.26%	0.16%	0.16%
	CNMD	D	0.21%	0.05%	0.05%
	CNS	A	0.2%	0.08%	0.08%
	CNXN	B	0.07%	0.09%	0.07%
	COHU	D	0.1%	0.04%	0.04%
	COOP	B	0.51%	0.22%	0.22%
	CORT	B	0.27%	0.07%	0.07%
	CPF	B	0.06%	0.04%	0.04%
	CPK	A	0.25%	0.07%	0.07%
	CRC	C	0.27%	0.16%	0.16%
	CRK	D	0.08%	0.05%	0.05%
	CRS	B	0.63%	0.25%	0.25%
	CRVL	B	0.24%	0.01%	0.01%
	CSGS	C	0.12%	0.07%	0.07%
	CSR	C	0.1%	0.03%	0.03%
	CTRE	A	0.36%	0.02%	0.02%
	CTS	D	0.13%	0.05%	0.05%
	CUBI	F	0.12%	0.06%	0.06%
	CVBF	C	0.2%	0.09%	0.09%
	CVCO	B	0.28%	0.13%	0.13%
	CVGW	B	0.05%	0.05%	0.05%
	CVI	F	0.06%	0.06%	0.06%
	CWEN	A	0.3%	0.09%	0.09%
	CWK	B	0.23%	0.21%	0.21%
	CWT	A	0.29%	0.08%	0.08%
	CXW	D	0.18%	0.19%	0.18%
	DBI	F	0.03%	0.03%	0.03%
	DEA	B	0.11%	0.06%	0.06%
	DEI	A	0.25%	0.21%	0.21%
	DFIN	B	0.15%	0.07%	0.07%
	DIOD	F	0.25%	0.12%	0.12%
	DLX	D	0.07%	0.1%	0.07%
	DNOW	D	0.12%	0.13%	0.12%
	DORM	B	0.28%	0.12%	0.12%
	DRH	C	0.16%	0.12%	0.12%
	DXPE	C	0.06%	0.05%	0.05%
	DY	C	0.48%	0.3%	0.3%
	EAT	B	0.29%	0.14%	0.14%
	EGBN	C	0.06%	0.04%	0.04%
	EIG	B	0.11%	0.09%	0.09%
	ENR	D	0.17%	0.09%	0.09%
	ENSG	A	0.76%	0.15%	0.15%
	ENV	C	0.3%	0.06%	0.06%
	ENVA	C	0.2%	0.16%	0.16%
	EPAC	B	0.2%	0.05%	0.05%
	EPC	F	0.16%	0.12%	0.12%
	EPRT	A	0.44%	0.05%	0.05%
	ESE	C	0.27%	0.08%	0.08%
	ETH	F	0.06%	0.04%	0.04%
	EVTC	D	0.2%	0.04%	0.04%
	EXPI	C	0.08%	0.05%	0.05%
	EYE	F	0.08%	0.05%	0.05%
	FBK	B	0.14%	0.01%	0.01%
	FBNC	C	0.16%	0.05%	0.05%
	FBP	D	0.3%	0.09%	0.09%
	FCF	C	0.15%	0.07%	0.07%
	FCPT	A	0.24%	0.05%	0.05%
	FDP	B	0.09%	0.2%	0.09%
	FELE	D	0.34%	0.12%	0.12%
	FFBC	C	0.22%	0.11%	0.11%
	FHB	C	0.26%	0.19%	0.19%
	FIZZ	F	0.09%	0.02%	0.02%
	FLGT	D	0.04%	0.02%	0.02%
	FN	D	0.71%	0.15%	0.15%
	FORM	F	0.29%	0.07%	0.07%
	FSS	D	0.49%	0.12%	0.12%
	FTDR	B	0.34%	0.09%	0.09%
	FUL	D	0.39%	0.19%	0.19%
	FULT	D	0.29%	0.13%	0.13%
	FWRD	C	0.07%	0.12%	0.07%
	GBX	C	0.14%	0.16%	0.14%
	GDEN	D	0.06%	0.02%	0.02%
	GDOT	C	0.04%	0.04%	0.04%
	GEO	D	0.16%	0.23%	0.16%
	GES	F	0.05%	0.07%	0.05%
	GFF	C	0.22%	0.09%	0.09%
	GIII	C	0.13%	0.2%	0.13%
	GMS	C	0.3%	0.19%	0.19%
	GPRE	F	0.07%	0.05%	0.05%
	GRBK	B	0.16%	0.04%	0.04%
	GTY	A	0.14%	0.02%	0.02%
	GVA	B	0.29%	0.22%	0.22%
	HAFC	C	0.05%	0.03%	0.03%
	HAIN	D	0.07%	0.08%	0.07%
	HASI	B	0.35%	0.03%	0.03%
	HAYN	D	0.07%	0.01%	0.01%
	HAYW	D	0.17%	0.03%	0.03%
	HCC	D	0.26%	0.25%	0.25%
	HCSG	C	0.07%	0.08%	0.07%
	HFWA	C	0.07%	0.03%	0.03%
	HI	F	0.18%	0.08%	0.08%
	HIW	A	0.31%	0.24%	0.24%
	HLX	F	0.12%	0.07%	0.07%
	HMN	C	0.12%	0.06%	0.06%
	HNI	C	0.22%	0.19%	0.19%
	HOPE	C	0.13%	0.11%	0.11%
	HP	F	0.3%	0.19%	0.19%
	HPP	F	0.06%	0.13%	0.06%
	HSII	C	0.06%	0.03%	0.03%
	HTH	C	0.13%	0.11%	0.11%
	HTLD	D	0.05%	0.05%	0.05%
	HVT	D	0.03%	0.04%	0.03%
	HWKN	C	0.19%	0.08%	0.08%
	HZO	C	0.05%	0.07%	0.05%
	IAC	C	0.32%	0.12%	0.12%
	IBP	C	0.42%	0.1%	0.1%
	IBTX	B	0.19%	0.09%	0.09%
	ICHR	F	0.07%	0.04%	0.04%
	ICUI	B	0.28%	0.15%	0.15%
	IDCC	B	0.29%	0.12%	0.12%
	IIIN	D	0.06%	0.01%	0.01%
	IIPR	A	0.32%	0.01%	0.01%
	INDB	C	0.24%	0.08%	0.08%
	INVA	B	0.1%	0.06%	0.06%
	IOSP	D	0.25%	0.11%	0.11%
	IPAR	D	0.19%	0.03%	0.03%
	ITGR	B	0.38%	0.13%	0.13%
	ITRI	C	0.4%	0.13%	0.13%
	JBGS	B	0.13%	0.15%	0.13%
	JBLU	D	0.17%	0.12%	0.12%
	JBSS	F	0.08%	0.05%	0.05%
	JBT	D	0.24%	0.09%	0.09%
	JJSF	D	0.22%	0.08%	0.08%
	KALU	D	0.1%	0.1%	0.1%
	KAR	D	0.16%	0.13%	0.13%
	KELYA	D	0.06%	0.14%	0.06%
	KFY	B	0.34%	0.21%	0.21%
	KLG	C	0.11%	0.08%	0.08%
	KLIC	D	0.2%	0.07%	0.07%
	KMT	B	0.18%	0.16%	0.16%
	KN	D	0.13%	0.07%	0.07%
	KOP	F	0.07%	0.06%	0.06%
	KREF	B	0.06%	0.04%	0.04%
	KTB	A	0.34%	0.14%	0.14%
	KWR	D	0.2%	0.06%	0.06%
	LBRT	D	0.28%	0.13%	0.13%
	LCII	C	0.27%	0.18%	0.18%
	LGIH	C	0.19%	0.15%	0.15%
	LGND	C	0.16%	0.01%	0.01%
	LKFN	C	0.14%	0.04%	0.04%
	LNN	C	0.11%	0.04%	0.04%
	LPG	F	0.12%	0.05%	0.05%
	LRN	B	0.28%	0.11%	0.11%
	LTC	B	0.14%	0.05%	0.05%
	LXP	B	0.25%	0.1%	0.1%
	LZB	C	0.16%	0.16%	0.16%
	MAC	B	0.32%	0.26%	0.26%
	MATV	B	0.08%	0.08%	0.08%
	MATW	F	0.07%	0.04%	0.04%
	MATX	C	0.42%	0.06%	0.06%
	MC	B	0.4%	0.18%	0.18%
	MCY	C	0.15%	0.14%	0.14%
	MD	C	0.08%	0.09%	0.08%
	MERC	F	0.03%	0.03%	0.03%
	MGEE	A	0.3%	0.09%	0.09%
	MGPI	C	0.12%	0.01%	0.01%
	MGY	D	0.41%	0.08%	0.08%
	MHO	B	0.38%	0.28%	0.28%
	MLKN	D	0.18%	0.17%	0.17%
	MMI	C	0.08%	0.06%	0.06%
	MMSI	A	0.49%	0.09%	0.09%
	MNRO	D	0.06%	0.05%	0.05%
	MODG	F	0.12%	0.05%	0.05%
	MOG.A	B	0.49%	0.22%	0.22%
	MOV	F	0.03%	0.02%	0.02%
	MRCY	C	0.17%	0.07%	0.07%
	MRTN	D	0.09%	0.07%	0.07%
	MTRN	F	0.2%	0.07%	0.07%
	MTUS	F	0.05%	0.04%	0.04%
	MTX	F	0.21%	0.14%	0.14%
	MXL	F	0.09%	0.02%	0.02%
	MYE	F	0.05%	0.02%	0.02%
	MYGN	C	0.2%	0.05%	0.05%
	MYRG	F	0.15%	0.07%	0.07%
	NBHC	D	0.14%	0.01%	0.01%
	NBR	F	0.06%	0.06%	0.06%
	NBTB	D	0.19%	0.07%	0.07%
	NHC	D	0.15%	0.11%	0.11%
	NMIH	B	0.29%	0.08%	0.08%
	NOG	F	0.3%	0.03%	0.03%
	NPK	C	0.03%	0.02%	0.02%
	NPO	D	0.28%	0.09%	0.09%
	NTCT	D	0.13%	0.09%	0.09%
	NUS	F	0.03%	0.06%	0.03%
	NVEE	F	0.1%	0.04%	0.04%
	NVRI	D	0.07%	0.08%	0.07%
	NWBI	C	0.15%	0.08%	0.08%
	NWN	B	0.13%	0.08%	0.08%
	NX	D	0.09%	0.06%	0.06%
	OFG	C	0.18%	0.06%	0.06%
	OII	D	0.22%	0.07%	0.07%
	OMCL	C	0.2%	0.07%	0.07%
	OMI	D	0.1%	0.17%	0.1%
	OSIS	C	0.2%	0.09%	0.09%
	OTTR	D	0.29%	0.09%	0.09%
	OXM	D	0.12%	0.06%	0.06%
	PARR	F	0.1%	0.04%	0.04%
	PATK	A	0.26%	0.19%	0.19%
	PBH	B	0.31%	0.11%	0.11%
	PCRX	F	0.06%	0.0%	0.0%
	PDCO	D	0.17%	0.16%	0.16%
	PEB	D	0.14%	0.08%	0.08%
	PECO	B	0.41%	0.11%	0.11%
	PFBC	C	0.09%	0.01%	0.01%
	PFS	C	0.22%	0.1%	0.1%
	PHIN	C	0.2%	0.16%	0.16%
	PINC	C	0.21%	0.18%	0.18%
	PIPR	B	0.36%	0.16%	0.16%
	PJT	C	0.24%	0.06%	0.06%
	PLAB	D	0.13%	0.07%	0.07%
	PLAY	F	0.09%	0.05%	0.05%
	PLUS	B	0.21%	0.13%	0.13%
	PLXS	B	0.33%	0.22%	0.22%
	PMT	C	0.11%	0.09%	0.09%
	PPBI	D	0.21%	0.1%	0.1%
	PRA	C	0.06%	0.05%	0.05%
	PRAA	F	0.07%	0.06%	0.06%
	PRDO	D	0.13%	0.08%	0.08%
	PRFT	A	0.24%	0.05%	0.05%
	PRG	B	0.19%	0.27%	0.19%
	PRGS	B	0.23%	0.05%	0.05%
	PRK	C	0.21%	0.08%	0.08%
	PRLB	D	0.07%	0.04%	0.04%
	PRVA	F	0.17%	0.02%	0.02%
	PSMT	B	0.2%	0.17%	0.17%
	PTEN	F	0.24%	0.15%	0.15%
	PUMP	F	0.06%	0.06%	0.06%
	RAMP	F	0.15%	0.07%	0.07%
	RC	F	0.11%	0.02%	0.02%
	RDN	C	0.47%	0.27%	0.27%
	RDNT	B	0.35%	0.05%	0.05%
	RES	F	0.05%	0.04%	0.04%
	REX	D	0.06%	0.01%	0.01%
	RGR	F	0.07%	0.05%	0.05%
	RNST	D	0.17%	0.02%	0.02%
	ROCK	D	0.19%	0.08%	0.08%
	ROG	D	0.15%	0.06%	0.06%
	ROIC	B	0.17%	0.07%	0.07%
	RWT	A	0.08%	0.05%	0.05%
	RXO	D	0.26%	0.23%	0.23%
	SAFT	C	0.11%	0.08%	0.08%
	SAH	D	0.07%	0.14%	0.07%
	SATS	B	0.24%	0.54%	0.24%
	SBCF	C	0.2%	0.02%	0.02%
	SBH	C	0.12%	0.18%	0.12%
	SBSI	C	0.08%	0.04%	0.04%
	SCHL	D	0.07%	0.07%	0.07%
	SCL	D	0.14%	0.12%	0.12%
	SCSC	D	0.1%	0.13%	0.1%
	SCVL	C	0.06%	0.06%	0.06%
	SEM	D	0.33%	0.23%	0.23%
	SFBS	B	0.34%	0.02%	0.02%
	SFNC	B	0.24%	0.14%	0.14%
	SGH	F	0.08%	0.05%	0.05%
	SHEN	F	0.07%	0.04%	0.04%
	SHO	D	0.18%	0.11%	0.11%
	SHOO	B	0.28%	0.19%	0.19%
	SIG	C	0.31%	0.19%	0.19%
	SJW	C	0.16%	0.05%	0.05%
	SKT	B	0.3%	0.11%	0.11%
	SKYW	C	0.26%	0.14%	0.14%
	SLG	B	0.37%	0.08%	0.08%
	SLVM	B	0.24%	0.27%	0.24%
	SMP	C	0.06%	0.05%	0.05%
	SMPL	D	0.29%	0.05%	0.05%
	SNEX	C	0.2%	0.01%	0.01%
	SONO	F	0.12%	0.05%	0.05%
	SPSC	D	0.62%	0.04%	0.04%
	SSTK	F	0.07%	0.03%	0.03%
	STBA	C	0.14%	0.07%	0.07%
	STC	B	0.18%	0.21%	0.18%
	STRA	D	0.18%	0.09%	0.09%
	SUPN	D	0.15%	0.05%	0.05%
	SVC	F	0.07%	0.15%	0.07%
	SXC	F	0.06%	0.05%	0.05%
	SXI	D	0.18%	0.06%	0.06%
	SXT	D	0.28%	0.15%	0.15%
	TALO	F	0.15%	0.08%	0.08%
	TBBK	B	0.23%	0.01%	0.01%
	THRM	D	0.14%	0.08%	0.08%
	THRY	D	0.05%	0.05%	0.05%
	THS	C	0.19%	0.17%	0.17%
	TILE	B	0.1%	0.09%	0.09%
	TMP	C	0.06%	0.03%	0.03%
	TNC	D	0.16%	0.07%	0.07%
	TRIP	F	0.13%	0.06%	0.06%
	TRMK	C	0.18%	0.11%	0.11%
	TRN	C	0.24%	0.19%	0.19%
	TTMI	D	0.16%	0.19%	0.16%
	TWI	D	0.04%	0.0%	0.0%
	UCBI	B	0.31%	0.09%	0.09%
	UCTT	F	0.13%	0.08%	0.08%
	UE	B	0.22%	0.1%	0.1%
	UFCS	D	0.04%	0.03%	0.03%
	UNF	B	0.25%	0.17%	0.17%
	URBN	D	0.17%	0.18%	0.17%
	USNA	F	0.04%	0.04%	0.04%
	USPH	F	0.12%	0.02%	0.02%
	UTL	B	0.09%	0.04%	0.04%
	UVV	D	0.11%	0.16%	0.11%
	VBTX	B	0.12%	0.06%	0.06%
	VIAV	D	0.17%	0.09%	0.09%
	VREX	F	0.04%	0.02%	0.02%
	VRRM	D	0.41%	0.06%	0.06%
	VRTS	D	0.12%	0.02%	0.02%
	VSAT	F	0.12%	0.1%	0.1%
	VSCO	C	0.19%	0.18%	0.18%
	VSTO	B	0.2%	0.14%	0.14%
	VSTS	D	0.18%	0.15%	0.15%
	VTOL	D	0.08%	0.01%	0.01%
	WABC	D	0.12%	0.03%	0.03%
	WAFD	B	0.22%	0.17%	0.17%
	WD	B	0.31%	0.16%	0.16%
	WDFC	C	0.31%	0.06%	0.06%
	WGO	D	0.16%	0.15%	0.15%
	WNC	F	0.08%	0.08%	0.08%
	WOR	F	0.13%	0.09%	0.09%
	WRLD	D	0.03%	0.04%	0.03%
	WSFS	D	0.27%	0.09%	0.09%
	WWW	B	0.1%	0.12%	0.1%
	XHR	C	0.12%	0.1%	0.1%
	YELP	F	0.2%	0.13%	0.13%
	ZEUS	F	0.04%	0.03%	0.03%

QVMS Overweight 104 Positions Relative to FNDA

	Symbol	Grade	Weight
	MLI	B	0.72%
	MTH	B	0.65%
	GKOS	D	0.55%
	LUMN	C	0.52%
	JXN	B	0.52%
	NSIT	C	0.49%
	OGN	C	0.47%
	LNC	D	0.46%
	BCC	C	0.45%
	AVAV	D	0.43%
	SM	F	0.42%
	GPI	B	0.41%
	ABG	F	0.4%
	ASO	C	0.4%
	AL	D	0.4%
	TPH	C	0.37%
	SHAK	C	0.34%
	SANM	D	0.33%
	MARA	F	0.3%
	MPW	B	0.29%
	DXC	C	0.28%
	GNW	B	0.27%
	RUSHA	C	0.27%
	ABM	D	0.26%
	NWL	C	0.26%
	HUBG	C	0.25%
	REZI	D	0.25%
	BL	D	0.23%
	DV	F	0.22%
	BTU	D	0.22%
	ARCH	D	0.22%
	AAP	F	0.22%
	CPRX	B	0.21%
	SITM	C	0.21%
	TDS	B	0.2%
	HBI	B	0.2%
	GSHD	C	0.2%
	PLMR	B	0.2%
	VCEL	F	0.2%
	JOE	D	0.19%
	KSS	F	0.19%
	UFPT	C	0.19%
	AGYS	D	0.19%
	FL	D	0.19%
	OI	D	0.18%
	NEO	C	0.18%
	FTRE	F	0.17%
	LMAT	B	0.16%
	TRUP	B	0.15%
	HLIT	C	0.15%
	STAA	F	0.14%
	VECO	F	0.14%
	POWL	C	0.14%
	SPNT	C	0.12%
	XNCR	C	0.12%
	DVAX	D	0.12%
	HRMY	B	0.11%
	COLL	C	0.11%
	NAVI	C	0.11%
	DAN	F	0.11%
	CERT	F	0.11%
	CXM	F	0.1%
	ARLO	F	0.1%
	XRX	F	0.1%
	ATEN	C	0.09%
	MCRI	C	0.09%
	DGII	D	0.09%
	NXRT	B	0.09%
	QNST	C	0.09%
	WS	D	0.09%
	EFC	A	0.09%
	XPEL	D	0.08%
	RCUS	C	0.08%
	ODP	F	0.08%
	UNFI	C	0.07%
	CENX	D	0.07%
	NABL	D	0.07%
	VICR	F	0.07%
	AHH	B	0.07%
	BLFS	B	0.07%
	ANIP	F	0.07%
	DCOM	B	0.07%
	TRST	C	0.06%
	CHUY	B	0.06%
	HCI	C	0.06%
	HSTM	C	0.06%
	VVI	D	0.06%
	INN	C	0.06%
	SPTN	C	0.06%
	BFS	B	0.05%
	SLP	F	0.05%
	CEVA	C	0.05%
	UHT	B	0.05%
	MCW	D	0.05%
	RGNX	D	0.05%
	EZPW	D	0.05%
	TR	C	0.05%
	WSR	D	0.05%
	MLAB	C	0.05%
	PAHC	B	0.04%
	SNCY	F	0.04%
	LQDT	B	0.04%
	CHCT	F	0.03%
	CRSR	F	0.02%

QVMS Underweight 586 Positions Relative to FNDA

	Symbol	Grade	Weight
	ANF	D	-0.43%
	RCL	B	-0.41%
	FICO	A	-0.35%
	UTHR	C	-0.33%
	CRUS	D	-0.33%
	OHI	B	-0.29%
	KMPR	D	-0.28%
	CLH	B	-0.28%
	COIN	F	-0.28%
	TPC	C	-0.28%
	GME	F	-0.27%
	WAL	B	-0.27%
	VLTO	B	-0.27%
	WWD	D	-0.26%
	FRT	B	-0.26%
	SWX	C	-0.26%
	TXRH	D	-0.26%
	FLS	D	-0.25%
	SPOT	C	-0.25%
	TTEK	B	-0.25%
	HEI	A	-0.25%
	BKH	A	-0.24%
	AGNC	A	-0.24%
	SPB	B	-0.24%
	XPO	D	-0.24%
	SPR	D	-0.24%
	SF	B	-0.24%
	LNW	B	-0.23%
	DHC	C	-0.23%
	CBT	B	-0.23%
	FCN	C	-0.23%
	ELS	B	-0.23%
	UAL	C	-0.23%
	VMI	D	-0.22%
	COLD	D	-0.22%
	PB	B	-0.22%
	FIX	B	-0.22%
	ELAN	D	-0.22%
	AVNT	B	-0.22%
	GATX	C	-0.22%
	VIRT	B	-0.22%
	AIT	C	-0.22%
	BWXT	D	-0.22%
	RNR	B	-0.21%
	DBRG	D	-0.21%
	SRCL	A	-0.21%
	FNB	D	-0.21%
	EBS	D	-0.21%
	SN	B	-0.21%
	UNIT	C	-0.21%
	SCCO	D	-0.21%
	ESI	D	-0.21%
	CUBE	A	-0.21%
	LOPE	D	-0.21%
	DTM	B	-0.2%
	RPRX	C	-0.2%
	SR	A	-0.2%
	NNN	B	-0.2%
	ACHC	C	-0.2%
	Z	B	-0.2%
	KEX	C	-0.2%
	CBSH	B	-0.2%
	CUZ	B	-0.2%
	AMKR	D	-0.2%
	SMCI	F	-0.2%
	CR	C	-0.2%
	ENS	D	-0.2%
	IDA	B	-0.2%
	CROX	C	-0.2%
	GHC	C	-0.2%
	KRC	C	-0.2%
	AMH	B	-0.2%
	SBRA	A	-0.2%
	SMG	C	-0.2%
	OLLI	C	-0.19%
	MAT	C	-0.19%
	ENTG	D	-0.19%
	MPWR	C	-0.19%
	VRT	C	-0.19%
	SAIA	D	-0.19%
	ESNT	B	-0.19%
	HWC	D	-0.19%
	FDS	C	-0.19%
	WH	B	-0.19%
	WBS	D	-0.19%
	NYT	C	-0.19%
	COMM	A	-0.19%
	PNFP	B	-0.19%
	PFSI	B	-0.19%
	OGS	A	-0.19%
	CADE	C	-0.19%
	WTFC	C	-0.19%
	ASH	D	-0.19%
	NJR	A	-0.18%
	UAA	C	-0.18%
	HE	D	-0.18%
	ZM	C	-0.18%
	NWE	A	-0.18%
	HXL	F	-0.18%
	BCO	B	-0.18%
	HLI	A	-0.18%
	UBSI	C	-0.18%
	IMKTA	D	-0.18%
	KNF	B	-0.18%
	ALE	B	-0.18%
	TEX	D	-0.18%
	NOMD	B	-0.18%
	CSGP	D	-0.18%
	CFR	C	-0.18%
	PNM	B	-0.18%
	ASB	D	-0.18%
	COLM	B	-0.18%
	INCY	C	-0.18%
	COLB	C	-0.18%
	WMK	C	-0.17%
	EXEL	A	-0.17%
	BFAM	B	-0.17%
	WTM	D	-0.17%
	VVV	D	-0.17%
	BYD	C	-0.17%
	SSD	C	-0.17%
	PCH	C	-0.17%
	MTCH	C	-0.17%
	AXS	B	-0.17%
	OZK	D	-0.17%
	EEFT	F	-0.17%
	HRI	D	-0.17%
	ADTN	F	-0.17%
	MOD	C	-0.17%
	LFUS	D	-0.17%
	SCS	C	-0.17%
	BIO	C	-0.17%
	COKE	C	-0.16%
	AGR	B	-0.16%
	LITE	C	-0.16%
	UMBF	B	-0.16%
	GMED	D	-0.16%
	VEEV	C	-0.16%
	CHDN	B	-0.16%
	JELD	D	-0.16%
	VLY	C	-0.16%
	OUT	B	-0.16%
	SKY	B	-0.15%
	H	D	-0.15%
	RYN	C	-0.15%
	NMRK	B	-0.15%
	BDC	B	-0.15%
	DASH	C	-0.15%
	CACC	F	-0.15%
	TYL	B	-0.15%
	NVST	D	-0.15%
	NEU	C	-0.15%
	ONB	C	-0.15%
	EPR	B	-0.15%
	CVLT	B	-0.15%
	ROL	B	-0.15%
	WYNN	D	-0.15%
	PBI	D	-0.14%
	SNDR	B	-0.14%
	ARES	C	-0.14%
	AMED	D	-0.14%
	RGLD	B	-0.14%
	MTDR	F	-0.14%
	APG	D	-0.14%
	TPG	B	-0.14%
	MKTX	C	-0.14%
	SITE	D	-0.14%
	SIGI	C	-0.14%
	CGNX	D	-0.14%
	LAUR	C	-0.14%
	PDM	B	-0.14%
	ESAB	C	-0.14%
	SLAB	D	-0.14%
	SUM	D	-0.14%
	VNT	D	-0.14%
	GBCI	C	-0.14%
	PPC	D	-0.14%
	AMRK	C	-0.13%
	APP	B	-0.13%
	CNXC	D	-0.13%
	WTS	C	-0.13%
	WMS	D	-0.13%
	GTES	C	-0.13%
	IGT	D	-0.13%
	TROX	F	-0.13%
	DOLE	A	-0.13%
	SMTC	C	-0.13%
	GEF	D	-0.13%
	WEX	C	-0.13%
	FND	C	-0.13%
	BRKR	D	-0.12%
	OPCH	C	-0.12%
	TPL	C	-0.12%
	EXLS	B	-0.12%
	ECPG	C	-0.12%
	RH	C	-0.12%
	RLJ	F	-0.12%
	MASI	D	-0.12%
	FR	B	-0.12%
	TDC	F	-0.12%
	MANH	A	-0.12%
	DNB	C	-0.12%
	ZD	D	-0.12%
	TCBI	B	-0.12%
	DLB	D	-0.12%
	PLNT	B	-0.12%
	WEN	C	-0.12%
	STAG	B	-0.12%
	PLTR	B	-0.11%
	HLF	F	-0.11%
	TREX	F	-0.11%
	MORN	C	-0.11%
	KRG	B	-0.11%
	BMRN	F	-0.11%
	PTC	D	-0.11%
	RLI	B	-0.11%
	RRC	D	-0.11%
	TECH	D	-0.11%
	NHI	B	-0.11%
	TWLO	D	-0.11%
	TNET	D	-0.11%
	ETSY	F	-0.11%
	PSN	B	-0.11%
	BOKF	B	-0.11%
	WDAY	D	-0.11%
	VGR	C	-0.11%
	MWA	C	-0.11%
	SASR	B	-0.1%
	GNL	C	-0.1%
	AM	B	-0.1%
	MELI	B	-0.1%
	IPGP	F	-0.1%
	ENOV	F	-0.1%
	ESRT	B	-0.1%
	HTLF	B	-0.1%
	SLGN	B	-0.1%
	DDS	D	-0.1%
	WSBC	C	-0.1%
	ATKR	F	-0.1%
	PGRE	C	-0.1%
	CHRD	F	-0.1%
	MSA	D	-0.1%
	EMBC	C	-0.1%
	WSC	D	-0.1%
	LANC	D	-0.1%
	RIG	F	-0.1%
	FIBK	C	-0.1%
	CHX	D	-0.1%
	ICFI	B	-0.1%
	IBOC	C	-0.1%
	REVG	D	-0.09%
	PINS	F	-0.09%
	CDE	C	-0.09%
	IBKR	B	-0.09%
	RBC	D	-0.09%
	ONTO	D	-0.09%
	OLED	C	-0.09%
	TOWN	B	-0.09%
	JACK	F	-0.09%
	BSIG	C	-0.09%
	SNBR	C	-0.09%
	HEES	D	-0.09%
	CIVI	F	-0.09%
	RRR	F	-0.09%
	HELE	D	-0.09%
	ESGR	D	-0.09%
	RHP	D	-0.09%
	VC	F	-0.09%
	CSTM	D	-0.09%
	EGP	B	-0.09%
	TW	A	-0.09%
	BKD	D	-0.09%
	HL	B	-0.09%
	ABNB	D	-0.09%
	HGV	D	-0.09%
	CNM	F	-0.09%
	ORA	C	-0.09%
	CBZ	F	-0.08%
	ADC	B	-0.08%
	HALO	B	-0.08%
	AZEK	C	-0.08%
	AY	C	-0.08%
	EXPO	B	-0.08%
	NSA	A	-0.08%
	GOLF	D	-0.08%
	HRB	C	-0.08%
	SYNA	F	-0.08%
	CCO	C	-0.08%
	STRL	C	-0.08%
	CPNG	B	-0.08%
	CACC	F	-0.08%
	CNA	C	-0.08%
	MGRC	F	-0.08%
	GCI	D	-0.08%
	NSP	F	-0.08%
	NOW	B	-0.08%
	HAE	D	-0.08%
	FSLR	D	-0.08%
	FRME	D	-0.08%
	NGVT	F	-0.08%
	BV	B	-0.08%
	LADR	B	-0.08%
	ROKU	C	-0.08%
	REXR	C	-0.08%
	SAM	F	-0.08%
	KFRC	F	-0.08%
	FFIN	C	-0.08%
	KW	C	-0.08%
	ACCO	C	-0.07%
	VRSN	D	-0.07%
	NBIX	D	-0.07%
	WTRG	D	-0.07%
	IRDM	D	-0.07%
	OPEN	D	-0.07%
	MMS	D	-0.07%
	JWN	C	-0.07%
	AAON	A	-0.07%
	AGRO	C	-0.07%
	LILAK	C	-0.07%
	DXCM	F	-0.07%
	ATSG	D	-0.07%
	HOMB	C	-0.07%
	PTVE	D	-0.07%
	TTD	B	-0.07%
	COTY	D	-0.07%
	MRC	D	-0.07%
	MEDP	D	-0.07%
	NNI	B	-0.07%
	CODI	D	-0.07%
	GWRE	A	-0.07%
	GO	F	-0.07%
	KOS	F	-0.07%
	FIVE	D	-0.07%
	CNDT	C	-0.07%
	CSWI	B	-0.07%
	CHH	C	-0.07%
	CNX	B	-0.07%
	KAI	C	-0.07%
	PAYC	D	-0.07%
	RYI	F	-0.07%
	IRT	A	-0.07%
	POWI	F	-0.07%
	REYN	C	-0.07%
	COMP	B	-0.07%
	RNG	D	-0.07%
	YETI	D	-0.07%
	LGF.A	D	-0.07%
	NTB	C	-0.07%
	PR	D	-0.06%
	AGX	B	-0.06%
	GLNG	D	-0.06%
	EFSC	C	-0.06%
	BXC	D	-0.06%
	OEC	F	-0.06%
	MSM	D	-0.06%
	CRL	D	-0.06%
	APO	C	-0.06%
	TRNO	B	-0.06%
	HMST	B	-0.06%
	WING	B	-0.06%
	SWBI	D	-0.06%
	ZWS	B	-0.06%
	AAL	D	-0.06%
	CWST	A	-0.06%
	GTN	F	-0.06%
	TRS	D	-0.06%
	ROAD	A	-0.06%
	BLKB	B	-0.06%
	BLD	D	-0.06%
	FTI	D	-0.06%
	ENPH	D	-0.06%
	CNSL	A	-0.06%
	TNL	F	-0.06%
	SABR	D	-0.06%
	STNG	D	-0.06%
	BSY	D	-0.06%
	EBC	B	-0.06%
	DHT	C	-0.06%
	AAN	C	-0.06%
	BNL	A	-0.06%
	SFL	D	-0.06%
	NTGR	C	-0.06%
	CHE	C	-0.06%
	DBX	D	-0.06%
	ILPT	C	-0.06%
	BZH	B	-0.06%
	BUSE	C	-0.06%
	ZUMZ	D	-0.06%
	HHH	C	-0.06%
	JAZZ	D	-0.06%
	CMPR	F	-0.06%
	FOXF	F	-0.05%
	STNE	F	-0.05%
	EXAS	C	-0.05%
	ERIE	B	-0.05%
	XP	D	-0.05%
	IHRT	D	-0.05%
	NEOG	D	-0.05%
	SBLK	D	-0.05%
	WFRD	D	-0.05%
	CBL	C	-0.05%
	W	D	-0.05%
	UIS	C	-0.05%
	TSE	D	-0.05%
	GCO	F	-0.05%
	AZTA	D	-0.05%
	NOVT	D	-0.05%
	FHI	B	-0.05%
	CPS	F	-0.05%
	PAGS	F	-0.05%
	ZIMV	D	-0.05%
	LBRDK	D	-0.05%
	GFS	F	-0.05%
	SSB	B	-0.05%
	ALIT	D	-0.05%
	SENEA	B	-0.05%
	CWH	C	-0.05%
	RDUS	D	-0.05%
	PSTG	D	-0.05%
	WHD	C	-0.05%
	QLYS	F	-0.05%
	LYFT	D	-0.05%
	GLOB	D	-0.05%
	VSH	F	-0.05%
	HURN	C	-0.05%
	TRTX	C	-0.05%
	HQY	C	-0.05%
	KTOS	B	-0.05%
	DCO	B	-0.04%
	PEGA	C	-0.04%
	VRNT	F	-0.04%
	CRAI	C	-0.04%
	TEN	C	-0.04%
	TNK	D	-0.04%
	SEB	C	-0.04%
	BBSI	B	-0.04%
	EVRI	C	-0.04%
	EBF	B	-0.04%
	PTON	C	-0.04%
	ECVT	F	-0.04%
	CMRE	D	-0.04%
	SFIX	D	-0.04%
	GLDD	C	-0.04%
	DAC	D	-0.04%
	EAF	D	-0.04%
	INSW	D	-0.04%
	RGEN	F	-0.04%
	WOOF	C	-0.04%
	WTTR	D	-0.04%
	CLVT	D	-0.04%
	CNNE	D	-0.04%
	TBI	F	-0.04%
	CMCO	F	-0.04%
	LIVN	D	-0.04%
	UVE	B	-0.04%
	PRIM	C	-0.04%
	TUP	F	-0.04%
	STEP	B	-0.04%
	PODD	B	-0.04%
	BRBR	C	-0.04%
	IART	F	-0.04%
	BRSP	D	-0.03%
	PLOW	C	-0.03%
	RUN	C	-0.03%
	DHIL	C	-0.03%
	CRGY	F	-0.03%
	SNOW	F	-0.03%
	ARCO	F	-0.03%
	TPIC	D	-0.03%
	WASH	B	-0.03%
	ALTO	D	-0.03%
	CSV	C	-0.03%
	IVT	B	-0.03%
	SGRY	C	-0.03%
	ZI	D	-0.03%
	MTW	F	-0.03%
	SRCE	C	-0.03%
	AMC	D	-0.03%
	PEN	D	-0.03%
	OPK	C	-0.03%
	OPI	F	-0.03%
	BRY	F	-0.03%
	CNOB	B	-0.03%
	LSCC	D	-0.03%
	GNK	D	-0.03%
	SHYF	D	-0.03%
	PFC	C	-0.03%
	WOW	D	-0.03%
	TCBK	C	-0.03%
	PZZA	D	-0.03%
	TDOC	D	-0.03%
	VAL	F	-0.03%
	OCFC	B	-0.03%
	AVO	B	-0.03%
	RKT	B	-0.03%
	MED	F	-0.02%
	PLCE	D	-0.02%
	VIR	F	-0.02%
	AGL	F	-0.02%
	OKTA	F	-0.02%
	DIN	F	-0.02%
	USM	B	-0.02%
	LEVI	C	-0.02%
	GTLS	F	-0.02%
	DENN	F	-0.02%
	AGM	D	-0.02%
	LYV	C	-0.02%
	KNSL	C	-0.02%
	VSEC	D	-0.02%
	OIS	F	-0.02%
	ATNI	C	-0.02%
	IRBT	F	-0.02%
	TITN	F	-0.02%
	CMP	F	-0.02%
	CALX	D	-0.02%
	DT	C	-0.02%
	XPRO	F	-0.02%
	FLWS	D	-0.02%
	DAY	C	-0.02%
	CTRN	F	-0.02%
	KRNY	D	-0.02%
	TKO	B	-0.02%
	RYAM	B	-0.02%
	SRI	F	-0.02%
	ARKO	D	-0.02%
	CLDT	D	-0.02%
	HLIO	D	-0.02%
	CLOV	C	-0.02%
	VCTR	B	-0.02%
	CMTG	F	-0.02%
	MEI	F	-0.02%
	MODV	F	-0.02%
	CCSI	C	-0.02%
	TOST	C	-0.02%
	RGP	D	-0.02%
	INMD	D	-0.01%
	TTEC	F	-0.01%
	DNUT	D	-0.01%
	THR	D	-0.01%
	ONEW	F	-0.01%
	EVH	C	-0.01%
	PEBO	C	-0.01%
	SPWH	D	-0.01%
	LXU	D	-0.01%
	NIC	C	-0.01%
	NR	D	-0.01%
	HLNE	B	-0.01%
	AMRC	C	-0.01%
	HOV	C	-0.01%
	CMTL	D	-0.01%
	MBUU	D	-0.01%
	TK	C	-0.01%
	IRWD	F	-0.01%
	KE	F	-0.01%
	LESL	F	-0.01%
	PETS	D	-0.01%
	GPRO	F	-0.01%
	MP	D	-0.01%
	WMG	D	-0.01%
	PKST	C	-0.01%
	PRM	B	-0.01%
	BMBL	F	-0.01%
	WOLF	F	-0.01%
	SEDG	F	-0.01%
	RILY	F	-0.01%
	EDR	A	-0.01%
	AVD	F	-0.01%
	GSL	D	-0.01%
	SSP	F	-0.01%
	NU	B	-0.01%
	GPMT	D	-0.01%
	SNAP	F	-0.01%
	SSYS	F	-0.01%
	RMBS	F	-0.01%
	CRMT	F	-0.01%
	JRVR	F	-0.01%
	CHGG	F	-0.0%
	SEG	C	-0.0%
	ALGM	D	-0.0%
	WTI	F	-0.0%
	GIC	D	-0.0%
	CRNC	F	-0.0%
	HY	D	-0.0%
	GSM	F	-0.0%
	CENT	D	-0.0%
	MSBI	D	-0.0%

QVMS: Top Represented Industries & Keywords

Industries: Banks - Regional - US REIT - Diversified Biotechnology Packaged Foods Diversified Industrials REIT - Retail Specialty Chemicals Insurance - Property & Casualty Software - Application Auto Parts Oil & Gas Equipment & Services REIT - Hotel & Motel Restaurants Specialty Retail Apparel Stores Building Materials Electronic Components Medical Instruments & Supplies Oil & Gas E&P Semiconductor Equipment & Materials

Keywords: Bank Banking Real Estate Investment Trust Deposit Products Real Estate Loans Computing Medicine Clothing Aerospace Chemical Insurance Retail Store Semiconductor Commercial Bank Commercial Banking Mining Mortgage Loan Fashion Transport Construction

FNDA: Top Represented Industries & Keywords

Industries: Banks - Regional - US Software - Application Diversified Industrials REIT - Diversified Business Services Specialty Chemicals Asset Management Packaged Foods Biotechnology Oil & Gas E&P Oil & Gas Equipment & Services Specialty Retail Engineering & Construction Insurance - Property & Casualty REIT - Retail Semiconductors Building Materials Capital Markets Restaurants Shipping & Ports

Keywords: Bank Banking Real Estate Investment Trust Deposit Products Computing Chemical Construction Insurance Mining Real Estate Loans Commercial Banking Natural Gas Electronics Aerospace Telecommunications Medicine S&P 500 Semiconductor Transport Clothing