SPY vs. QVML ETF Comparison

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

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

$593.35

Average Daily Volume

44,032,875

Number of Holdings ^*

498

* 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

$35.09

Average Daily Volume

1,389

Number of Holdings ^*

446

* may have additional holdings in another (foreign) market

Performance

Period	SPY	QVML
30 Days	2.34%	2.14%
60 Days	5.90%	5.74%
90 Days	7.37%	7.09%
12 Months	33.73%	34.34%

446 Overlapping Holdings

	Symbol	Grade	Weight in SPY	Weight in QVML	Overlap
	A	F	0.08%	0.09%	0.08%
	AAPL	C	6.75%	7.06%	6.75%
	ABBV	F	0.71%	0.75%	0.71%
	ABNB	C	0.12%	0.14%	0.12%
	ABT	C	0.4%	0.41%	0.4%
	ACGL	C	0.08%	0.08%	0.08%
	ACN	B	0.44%	0.46%	0.44%
	ADBE	C	0.45%	0.46%	0.45%
	ADI	D	0.22%	0.25%	0.22%
	ADM	F	0.05%	0.06%	0.05%
	ADP	A	0.25%	0.26%	0.25%
	ADSK	B	0.13%	0.14%	0.13%
	AEE	B	0.05%	0.05%	0.05%
	AEP	D	0.1%	0.1%	0.1%
	AFL	C	0.11%	0.12%	0.11%
	AIG	B	0.1%	0.11%	0.1%
	AIZ	A	0.02%	0.02%	0.02%
	AJG	A	0.13%	0.13%	0.13%
	AKAM	F	0.03%	0.04%	0.03%
	ALGN	D	0.03%	0.03%	0.03%
	ALL	B	0.1%	0.11%	0.1%
	ALLE	D	0.02%	0.03%	0.02%
	AMAT	F	0.31%	0.36%	0.31%
	AMCR	D	0.03%	0.03%	0.03%
	AMD	F	0.47%	0.5%	0.47%
	AME	A	0.09%	0.09%	0.09%
	AMP	A	0.11%	0.12%	0.11%
	AMZN	A	3.86%	3.9%	3.86%
	ANET	C	0.22%	0.24%	0.22%
	ANSS	B	0.06%	0.07%	0.06%
	AON	B	0.17%	0.17%	0.17%
	AOS	F	0.02%	0.02%	0.02%
	APA	F	0.02%	0.02%	0.02%
	APH	B	0.17%	0.2%	0.17%
	APTV	F	0.03%	0.03%	0.03%
	ARE	F	0.04%	0.04%	0.04%
	ATO	B	0.04%	0.04%	0.04%
	AVB	B	0.06%	0.07%	0.06%
	AVGO	C	1.67%	1.73%	1.67%
	AVY	F	0.03%	0.04%	0.03%
	AWK	D	0.05%	0.05%	0.05%
	AXON	B	0.07%	0.07%	0.07%
	AXP	B	0.33%	0.35%	0.33%
	AZO	B	0.11%	0.12%	0.11%
	BAC	A	0.61%	0.67%	0.61%
	BALL	D	0.04%	0.04%	0.04%
	BAX	F	0.04%	0.04%	0.04%
	BBY	C	0.04%	0.04%	0.04%
	BDX	F	0.14%	0.14%	0.14%
	BEN	C	0.01%	0.01%	0.01%
	BG	D	0.02%	0.03%	0.02%
	BK	B	0.12%	0.12%	0.12%
	BKNG	A	0.33%	0.36%	0.33%
	BKR	B	0.08%	0.1%	0.08%
	BLDR	C	0.04%	0.05%	0.04%
	BR	A	0.05%	0.06%	0.05%
	BRK.A	B	1.71%	1.83%	1.71%
	BRO	B	0.05%	0.06%	0.05%
	BSX	A	0.25%	0.26%	0.25%
	BWA	B	0.02%	0.02%	0.02%
	BX	A	0.25%	0.26%	0.25%
	BXP	D	0.02%	0.02%	0.02%
	C	B	0.26%	0.3%	0.26%
	CAG	F	0.03%	0.03%	0.03%
	CAH	B	0.06%	0.06%	0.06%
	CARR	C	0.13%	0.13%	0.13%
	CAT	B	0.4%	0.44%	0.4%
	CB	C	0.21%	0.24%	0.21%
	CBOE	D	0.04%	0.04%	0.04%
	CBRE	B	0.08%	0.08%	0.08%
	CCL	B	0.05%	0.05%	0.05%
	CDNS	B	0.16%	0.17%	0.16%
	CDW	F	0.05%	0.06%	0.05%
	CE	F	0.02%	0.02%	0.02%
	CEG	D	0.15%	0.17%	0.15%
	CF	B	0.03%	0.03%	0.03%
	CFG	B	0.04%	0.05%	0.04%
	CHD	A	0.05%	0.05%	0.05%
	CHRW	A	0.02%	0.03%	0.02%
	CHTR	B	0.08%	0.09%	0.08%
	CI	D	0.18%	0.19%	0.18%
	CINF	A	0.05%	0.05%	0.05%
	CL	F	0.15%	0.16%	0.15%
	CMCSA	B	0.35%	0.37%	0.35%
	CME	B	0.16%	0.17%	0.16%
	CMG	B	0.16%	0.17%	0.16%
	CMI	A	0.1%	0.11%	0.1%
	CMS	D	0.04%	0.04%	0.04%
	CNC	F	0.07%	0.07%	0.07%
	CNP	B	0.04%	0.04%	0.04%
	COF	B	0.15%	0.16%	0.15%
	COP	C	0.26%	0.31%	0.26%
	COR	B	0.09%	0.09%	0.09%
	COST	B	0.79%	0.84%	0.79%
	CPAY	A	0.05%	0.05%	0.05%
	CPB	F	0.02%	0.02%	0.02%
	CPRT	A	0.1%	0.11%	0.1%
	CPT	C	0.02%	0.03%	0.02%
	CRL	C	0.02%	0.02%	0.02%
	CRM	B	0.59%	0.64%	0.59%
	CRWD	B	0.15%	0.17%	0.15%
	CSCO	A	0.46%	0.51%	0.46%
	CSGP	F	0.06%	0.06%	0.06%
	CSX	B	0.14%	0.15%	0.14%
	CTAS	B	0.15%	0.16%	0.15%
	CTRA	B	0.04%	0.04%	0.04%
	CTSH	A	0.08%	0.09%	0.08%
	CTVA	C	0.09%	0.09%	0.09%
	CVS	F	0.15%	0.15%	0.15%
	CVX	A	0.53%	0.6%	0.53%
	CZR	F	0.02%	0.02%	0.02%
	D	D	0.1%	0.1%	0.1%
	DAL	A	0.08%	0.08%	0.08%
	DAY	B	0.03%	0.03%	0.03%
	DD	D	0.07%	0.08%	0.07%
	DE	D	0.21%	0.22%	0.21%
	DECK	B	0.05%	0.06%	0.05%
	DFS	B	0.09%	0.1%	0.09%
	DG	F	0.03%	0.04%	0.03%
	DGX	B	0.03%	0.04%	0.03%
	DHI	D	0.1%	0.11%	0.1%
	DHR	F	0.32%	0.34%	0.32%
	DIS	B	0.36%	0.39%	0.36%
	DLR	C	0.11%	0.12%	0.11%
	DLTR	F	0.03%	0.03%	0.03%
	DOC	C	0.03%	0.03%	0.03%
	DOV	A	0.06%	0.06%	0.06%
	DOW	F	0.07%	0.08%	0.07%
	DRI	B	0.04%	0.04%	0.04%
	DTE	D	0.05%	0.05%	0.05%
	DUK	D	0.17%	0.18%	0.17%
	DVA	C	0.01%	0.02%	0.01%
	DVN	F	0.05%	0.06%	0.05%
	EA	A	0.08%	0.09%	0.08%
	EBAY	C	0.06%	0.06%	0.06%
	ECL	C	0.12%	0.13%	0.12%
	ED	D	0.07%	0.07%	0.07%
	EFX	F	0.07%	0.07%	0.07%
	EG	D	0.03%	0.03%	0.03%
	EIX	C	0.06%	0.07%	0.06%
	ELV	F	0.2%	0.21%	0.2%
	EMN	D	0.02%	0.03%	0.02%
	EMR	A	0.14%	0.16%	0.14%
	EOG	A	0.14%	0.17%	0.14%
	EPAM	B	0.02%	0.03%	0.02%
	EQR	C	0.05%	0.05%	0.05%
	EQT	B	0.05%	0.05%	0.05%
	ES	D	0.04%	0.04%	0.04%
	ESS	C	0.04%	0.04%	0.04%
	ETN	B	0.28%	0.31%	0.28%
	ETR	B	0.06%	0.06%	0.06%
	EVRG	A	0.03%	0.03%	0.03%
	EW	F	0.08%	0.09%	0.08%
	EXC	C	0.08%	0.08%	0.08%
	EXPD	C	0.03%	0.04%	0.03%
	EXPE	B	0.04%	0.05%	0.04%
	EXR	D	0.07%	0.07%	0.07%
	F	C	0.09%	0.1%	0.09%
	FANG	C	0.07%	0.08%	0.07%
	FAST	B	0.1%	0.1%	0.1%
	FCX	F	0.13%	0.16%	0.13%
	FDS	A	0.04%	0.04%	0.04%
	FDX	B	0.13%	0.14%	0.13%
	FE	D	0.04%	0.04%	0.04%
	FFIV	B	0.03%	0.03%	0.03%
	FI	A	0.24%	0.26%	0.24%
	FIS	B	0.09%	0.1%	0.09%
	FITB	A	0.06%	0.07%	0.06%
	FMC	F	0.02%	0.02%	0.02%
	FOXA	A	0.02%	0.03%	0.02%
	FRT	B	0.02%	0.02%	0.02%
	FSLR	F	0.04%	0.04%	0.04%
	FTNT	B	0.1%	0.11%	0.1%
	FTV	C	0.05%	0.06%	0.05%
	GD	C	0.16%	0.15%	0.15%
	GDDY	B	0.05%	0.06%	0.05%
	GE	D	0.39%	0.43%	0.39%
	GEHC	D	0.08%	0.08%	0.08%
	GEN	B	0.03%	0.03%	0.03%
	GEV	B	0.18%	0.19%	0.18%
	GILD	B	0.23%	0.25%	0.23%
	GIS	F	0.07%	0.08%	0.07%
	GL	B	0.02%	0.02%	0.02%
	GLW	B	0.07%	0.08%	0.07%
	GM	B	0.12%	0.15%	0.12%
	GNRC	B	0.02%	0.03%	0.02%
	GOOG	C	1.71%	4.43%	1.71%
	GPC	D	0.03%	0.04%	0.03%
	GPN	B	0.06%	0.06%	0.06%
	GRMN	A	0.06%	0.07%	0.06%
	GS	B	0.37%	0.43%	0.37%
	GWW	B	0.11%	0.11%	0.11%
	HAL	C	0.05%	0.06%	0.05%
	HBAN	A	0.05%	0.06%	0.05%
	HCA	D	0.13%	0.15%	0.13%
	HD	B	0.77%	0.82%	0.77%
	HES	B	0.08%	0.09%	0.08%
	HIG	C	0.07%	0.07%	0.07%
	HII	F	0.02%	0.02%	0.02%
	HOLX	D	0.04%	0.04%	0.04%
	HON	B	0.28%	0.3%	0.28%
	HPE	B	0.06%	0.07%	0.06%
	HPQ	B	0.07%	0.07%	0.07%
	HRL	F	0.02%	0.02%	0.02%
	HSIC	F	0.02%	0.02%	0.02%
	HST	D	0.03%	0.03%	0.03%
	HSY	F	0.05%	0.05%	0.05%
	HUBB	C	0.05%	0.05%	0.05%
	HUM	D	0.07%	0.08%	0.07%
	HWM	B	0.09%	0.09%	0.09%
	IBM	D	0.39%	0.4%	0.39%
	ICE	C	0.18%	0.19%	0.18%
	IDXX	F	0.07%	0.07%	0.07%
	IEX	B	0.04%	0.04%	0.04%
	IFF	F	0.04%	0.05%	0.04%
	INCY	B	0.03%	0.03%	0.03%
	INTC	C	0.21%	0.26%	0.21%
	INTU	A	0.36%	0.39%	0.36%
	INVH	D	0.04%	0.04%	0.04%
	IP	B	0.04%	0.04%	0.04%
	IPG	F	0.02%	0.03%	0.02%
	IQV	F	0.08%	0.09%	0.08%
	IR	A	0.08%	0.09%	0.08%
	ISRG	A	0.36%	0.39%	0.36%
	IT	B	0.08%	0.09%	0.08%
	ITW	B	0.15%	0.16%	0.15%
	IVZ	B	0.02%	0.02%	0.02%
	J	D	0.04%	0.04%	0.04%
	JBHT	C	0.03%	0.03%	0.03%
	JBL	C	0.03%	0.04%	0.03%
	JCI	A	0.11%	0.12%	0.11%
	JKHY	C	0.03%	0.03%	0.03%
	JNJ	D	0.76%	0.8%	0.76%
	JNPR	D	0.03%	0.03%	0.03%
	JPM	A	1.4%	1.54%	1.4%
	K	A	0.04%	0.04%	0.04%
	KDP	C	0.07%	0.07%	0.07%
	KEY	B	0.04%	0.04%	0.04%
	KEYS	C	0.06%	0.06%	0.06%
	KHC	F	0.06%	0.05%	0.05%
	KIM	A	0.03%	0.03%	0.03%
	KKR	B	0.2%	0.22%	0.2%
	KLAC	F	0.18%	0.21%	0.18%
	KMB	D	0.09%	0.09%	0.09%
	KMI	B	0.1%	0.11%	0.1%
	KMX	B	0.02%	0.03%	0.02%
	KO	F	0.49%	0.53%	0.49%
	KR	A	0.08%	0.09%	0.08%
	KVUE	A	0.09%	0.09%	0.09%
	L	A	0.03%	0.03%	0.03%
	LDOS	C	0.05%	0.06%	0.05%
	LEN	D	0.08%	0.09%	0.08%
	LH	B	0.04%	0.04%	0.04%
	LHX	B	0.1%	0.11%	0.1%
	LIN	D	0.44%	0.48%	0.44%
	LKQ	C	0.02%	0.02%	0.02%
	LLY	F	1.22%	1.39%	1.22%
	LMT	D	0.23%	0.25%	0.23%
	LNT	C	0.03%	0.03%	0.03%
	LRCX	F	0.2%	0.23%	0.2%
	LULU	B	0.07%	0.08%	0.07%
	LUV	B	0.04%	0.04%	0.04%
	LW	B	0.02%	0.02%	0.02%
	LYB	F	0.04%	0.05%	0.04%
	MA	B	0.86%	0.88%	0.86%
	MAA	C	0.04%	0.04%	0.04%
	MAS	D	0.03%	0.04%	0.03%
	MCHP	F	0.08%	0.09%	0.08%
	MCK	B	0.14%	0.18%	0.14%
	MCO	C	0.14%	0.16%	0.14%
	MDLZ	F	0.18%	0.18%	0.18%
	MDT	D	0.23%	0.24%	0.23%
	MET	C	0.1%	0.1%	0.1%
	META	B	2.49%	2.77%	2.49%
	MGM	D	0.02%	0.02%	0.02%
	MHK	D	0.02%	0.02%	0.02%
	MKC	D	0.04%	0.04%	0.04%
	MKTX	C	0.02%	0.02%	0.02%
	MLM	B	0.08%	0.08%	0.08%
	MMC	D	0.22%	0.23%	0.22%
	MMM	C	0.15%	0.16%	0.15%
	MNST	B	0.08%	0.08%	0.08%
	MO	A	0.18%	0.19%	0.18%
	MOH	F	0.04%	0.04%	0.04%
	MOS	D	0.02%	0.02%	0.02%
	MPC	D	0.1%	0.13%	0.1%
	MPWR	F	0.08%	0.08%	0.08%
	MRK	F	0.51%	0.55%	0.51%
	MRNA	F	0.03%	0.03%	0.03%
	MRO	B	0.03%	0.04%	0.03%
	MS	A	0.33%	0.36%	0.33%
	MSFT	C	6.23%	6.53%	6.23%
	MSI	B	0.16%	0.17%	0.16%
	MTB	A	0.07%	0.08%	0.07%
	MU	D	0.25%	0.28%	0.25%
	NCLH	B	0.02%	0.02%	0.02%
	NDAQ	B	0.06%	0.07%	0.06%
	NEE	D	0.31%	0.31%	0.31%
	NFLX	A	0.67%	0.74%	0.67%
	NI	A	0.03%	0.03%	0.03%
	NKE	F	0.18%	0.2%	0.18%
	NOC	D	0.14%	0.15%	0.14%
	NOW	A	0.41%	0.42%	0.41%
	NRG	C	0.04%	0.04%	0.04%
	NSC	B	0.12%	0.13%	0.12%
	NTAP	D	0.05%	0.06%	0.05%
	NTRS	A	0.04%	0.05%	0.04%
	NUE	D	0.08%	0.09%	0.08%
	NVDA	A	7.14%	7.83%	7.14%
	NVR	D	0.06%	0.06%	0.06%
	NWSA	B	0.02%	0.03%	0.02%
	NXPI	F	0.12%	0.14%	0.12%
	O	D	0.1%	0.1%	0.1%
	ODFL	B	0.09%	0.08%	0.08%
	OKE	A	0.12%	0.13%	0.12%
	OMC	A	0.04%	0.04%	0.04%
	ON	F	0.06%	0.07%	0.06%
	OXY	F	0.07%	0.08%	0.07%
	PANW	B	0.25%	0.28%	0.25%
	PARA	B	0.01%	0.01%	0.01%
	PAYC	B	0.02%	0.02%	0.02%
	PAYX	B	0.09%	0.1%	0.09%
	PCAR	B	0.12%	0.13%	0.12%
	PCG	A	0.09%	0.09%	0.09%
	PEG	C	0.08%	0.09%	0.08%
	PEP	D	0.45%	0.46%	0.45%
	PFG	C	0.04%	0.04%	0.04%
	PG	C	0.76%	0.8%	0.76%
	PGR	A	0.3%	0.32%	0.3%
	PH	A	0.18%	0.19%	0.18%
	PHM	D	0.05%	0.06%	0.05%
	PKG	B	0.04%	0.05%	0.04%
	PLD	D	0.21%	0.22%	0.21%
	PM	B	0.39%	0.4%	0.39%
	PNC	B	0.16%	0.18%	0.16%
	PNR	A	0.03%	0.04%	0.03%
	PNW	A	0.02%	0.02%	0.02%
	POOL	D	0.03%	0.03%	0.03%
	PPG	F	0.06%	0.06%	0.06%
	PPL	A	0.05%	0.05%	0.05%
	PRU	B	0.09%	0.1%	0.09%
	PSA	D	0.1%	0.11%	0.1%
	PSX	C	0.11%	0.13%	0.11%
	PTC	B	0.05%	0.05%	0.05%
	PWR	B	0.09%	0.1%	0.09%
	PYPL	A	0.17%	0.19%	0.17%
	QCOM	F	0.38%	0.43%	0.38%
	QRVO	F	0.01%	0.02%	0.01%
	RCL	A	0.11%	0.11%	0.11%
	REG	A	0.02%	0.03%	0.02%
	REGN	F	0.17%	0.19%	0.17%
	RF	A	0.05%	0.05%	0.05%
	RJF	A	0.06%	0.06%	0.06%
	RL	B	0.02%	0.02%	0.02%
	RMD	C	0.07%	0.07%	0.07%
	ROK	B	0.07%	0.07%	0.07%
	ROL	C	0.03%	0.03%	0.03%
	ROP	A	0.12%	0.13%	0.12%
	ROST	D	0.09%	0.1%	0.09%
	RSG	B	0.08%	0.09%	0.08%
	RTX	D	0.32%	0.35%	0.32%
	RVTY	C	0.03%	0.03%	0.03%
	SCHW	B	0.23%	0.23%	0.23%
	SHW	A	0.18%	0.19%	0.18%
	SLB	C	0.12%	0.14%	0.12%
	SMCI	F	0.02%	0.03%	0.02%
	SNA	A	0.04%	0.04%	0.04%
	SNPS	C	0.17%	0.2%	0.17%
	SO	D	0.19%	0.19%	0.19%
	SOLV	C	0.02%	0.02%	0.02%
	SPG	A	0.11%	0.12%	0.11%
	SPGI	C	0.31%	0.33%	0.31%
	SRE	B	0.11%	0.12%	0.11%
	STE	D	0.04%	0.04%	0.04%
	STLD	C	0.04%	0.05%	0.04%
	STT	B	0.06%	0.06%	0.06%
	STZ	D	0.07%	0.08%	0.07%
	SW	B	0.05%	0.06%	0.05%
	SWK	F	0.03%	0.03%	0.03%
	SWKS	F	0.03%	0.03%	0.03%
	SYF	B	0.05%	0.06%	0.05%
	SYK	A	0.25%	0.26%	0.25%
	SYY	D	0.08%	0.08%	0.08%
	T	A	0.32%	0.31%	0.31%
	TAP	B	0.02%	0.02%	0.02%
	TDY	B	0.04%	0.05%	0.04%
	TER	F	0.04%	0.04%	0.04%
	TFC	B	0.13%	0.14%	0.13%
	TFX	F	0.02%	0.02%	0.02%
	TGT	C	0.14%	0.15%	0.14%
	TJX	A	0.26%	0.28%	0.26%
	TMO	F	0.43%	0.44%	0.43%
	TMUS	A	0.23%	0.25%	0.23%
	TPR	A	0.02%	0.02%	0.02%
	TRGP	B	0.08%	0.09%	0.08%
	TROW	A	0.05%	0.06%	0.05%
	TRV	B	0.12%	0.12%	0.12%
	TSCO	D	0.06%	0.06%	0.06%
	TSN	B	0.03%	0.04%	0.03%
	TT	B	0.18%	0.19%	0.18%
	TTWO	A	0.05%	0.06%	0.05%
	TXN	B	0.39%	0.44%	0.39%
	TXT	D	0.03%	0.04%	0.03%
	TYL	B	0.05%	0.06%	0.05%
	UAL	A	0.06%	0.05%	0.05%
	UBER	F	0.31%	0.33%	0.31%
	UDR	C	0.03%	0.03%	0.03%
	UHS	D	0.02%	0.03%	0.02%
	ULTA	C	0.04%	0.04%	0.04%
	UNH	B	1.1%	1.17%	1.1%
	UNP	D	0.3%	0.32%	0.3%
	UPS	C	0.2%	0.2%	0.2%
	URI	B	0.12%	0.13%	0.12%
	USB	B	0.16%	0.17%	0.16%
	V	A	1.02%	0.98%	0.98%
	VICI	D	0.06%	0.07%	0.06%
	VLO	C	0.09%	0.1%	0.09%
	VLTO	D	0.05%	0.05%	0.05%
	VMC	B	0.08%	0.08%	0.08%
	VRSK	A	0.08%	0.08%	0.08%
	VRTX	B	0.25%	0.28%	0.25%
	VST	B	0.09%	0.1%	0.09%
	VTR	C	0.05%	0.05%	0.05%
	VTRS	B	0.03%	0.03%	0.03%
	VZ	D	0.35%	0.34%	0.34%
	WAB	B	0.07%	0.08%	0.07%
	WAT	B	0.05%	0.05%	0.05%
	WBA	D	0.01%	0.01%	0.01%
	WBD	B	0.04%	0.05%	0.04%
	WDC	D	0.05%	0.05%	0.05%
	WEC	B	0.06%	0.06%	0.06%
	WELL	B	0.15%	0.16%	0.15%
	WFC	A	0.49%	0.55%	0.49%
	WM	A	0.16%	0.17%	0.16%
	WMB	B	0.13%	0.15%	0.13%
	WMT	A	0.72%	0.73%	0.72%
	WRB	B	0.04%	0.04%	0.04%
	WST	B	0.05%	0.05%	0.05%
	WTW	A	0.06%	0.07%	0.06%
	WY	F	0.05%	0.05%	0.05%
	XEL	A	0.07%	0.07%	0.07%
	XOM	B	1.07%	1.22%	1.07%
	XYL	F	0.06%	0.07%	0.06%
	ZBH	C	0.04%	0.05%	0.04%
	ZBRA	B	0.04%	0.04%	0.04%
	ZTS	D	0.15%	0.16%	0.15%

SPY Overweight 52 Positions Relative to QVML

	Symbol	Grade	Weight
	GOOGL	C	2.06%
	TSLA	B	1.6%
	ORCL	A	0.58%
	MCD	C	0.42%
	AMGN	F	0.34%
	PFE	F	0.31%
	LOW	B	0.3%
	SBUX	B	0.22%
	PLTR	B	0.22%
	BMY	B	0.22%
	BA	F	0.21%
	AMT	F	0.18%
	EQIX	B	0.17%
	TDG	D	0.15%
	APD	B	0.14%
	ORLY	A	0.14%
	MAR	A	0.13%
	HLT	A	0.12%
	NEM	F	0.1%
	FICO	B	0.1%
	CCI	F	0.09%
	MSCI	B	0.09%
	YUM	B	0.08%
	DELL	C	0.08%
	OTIS	D	0.08%
	IRM	D	0.07%
	MTD	F	0.06%
	SBAC	D	0.05%
	BIIB	F	0.05%
	DXCM	C	0.05%
	TRMB	B	0.04%
	LVS	C	0.04%
	LYV	A	0.04%
	CLX	A	0.04%
	STX	D	0.04%
	NDSN	B	0.03%
	EL	F	0.03%
	DPZ	C	0.03%
	VRSN	C	0.03%
	PODD	B	0.03%
	WYNN	C	0.02%
	HAS	D	0.02%
	MTCH	F	0.02%
	AES	F	0.02%
	ENPH	F	0.02%
	ERIE	F	0.02%
	CTLT	D	0.02%
	ALB	C	0.02%
	TECH	D	0.02%
	SJM	F	0.02%
	NWS	B	0.01%
	FOX	A	0.01%

SPY Underweight 0 Positions Relative to QVML

	Symbol	Grade	Weight

SPY: Top Represented Industries & Keywords

Industries: Diversified Industrials Software - Application Utilities - Regulated Electric Business Services Semiconductors Diagnostics & Research Oil & Gas E&P Aerospace & Defense Asset Management Banks - Regional - US Capital Markets Drug Manufacturers - Major Packaged Foods Medical Devices Medical Instruments & Supplies Specialty Retail 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 Medicine Real Estate Investment Trust Aerospace Telecommunications Bank Semiconductor Banking Insurance Products Petroleum Industry Transport Investment Bank

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