VONE vs. BTAL ETF Comparison

Comparison of Vanguard Russell 1000 ETF (VONE) to QuantShares U.S. Market Neutral Anti Beta Fund ETF (BTAL)

VONE

Vanguard Russell 1000 ETF

VONE Description

The investment seeks to track the performance of a benchmark index that measures the investment return of large-capitalization stocks in the United States. The fund employs an indexing investment approach designed to track the performance of the Russell 1000® Index. The index is designed to measure the performance of large-capitalization stocks in the United States. The fund attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index.

Grade (RS Rating)

Last Trade

$272.04

Average Daily Volume

57,733

Number of Holdings ^*

980

* may have additional holdings in another (foreign) market

BTAL

QuantShares U.S. Market Neutral Anti Beta Fund ETF

BTAL Description

The investment seeks performance results that correspond to the price and yield performance, before fees and expenses, of the Dow Jones U.S. Thematic Market Neutral Anti-Beta Index. The fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in common stock, including the short positions, in the Target Anti-Beta Index. The Target Anti-Beta Index is a market neutral index that is dollar-neutral. As such, it identifies long and short securities positions of approximately equal dollar amounts. In choosing to track a market neutral index, the fund seeks to limit the effects of general market movements on the fund.

Grade (RS Rating)

Last Trade

$19.01

Average Daily Volume

445,126

Number of Holdings ^*

392

* may have additional holdings in another (foreign) market

Performance

Period	VONE	BTAL
30 Days	3.73%	-4.57%
60 Days	5.23%	-3.16%
90 Days	7.15%	-3.70%
12 Months	33.49%	-6.81%

359 Overlapping Holdings

	Symbol	Grade	Weight in VONE	Weight in BTAL	Overlap
	AA	B	0.02%	-0.56%	-0.56%
	ABBV	D	0.69%	0.36%	0.36%
	ACGL	D	0.07%	0.38%	0.07%
	ACN	C	0.41%	0.44%	0.41%
	ADC	B	0.01%	0.45%	0.01%
	ADP	B	0.23%	0.46%	0.23%
	AEE	A	0.04%	0.49%	0.04%
	AES	F	0.02%	-0.35%	-0.35%
	AFRM	B	0.02%	-0.84%	-0.84%
	AGNC	D	0.01%	-0.41%	-0.41%
	AIZ	A	0.02%	0.48%	0.02%
	AKAM	D	0.03%	0.36%	0.03%
	ALB	C	0.02%	-0.52%	-0.52%
	ALGN	D	0.03%	-0.43%	-0.43%
	ALL	A	0.09%	0.48%	0.09%
	ALLY	C	0.02%	-0.37%	-0.37%
	ALSN	B	0.02%	0.56%	0.02%
	AMCR	D	0.03%	0.39%	0.03%
	AMD	F	0.44%	-0.4%	-0.4%
	AMGN	D	0.33%	0.37%	0.33%
	AMKR	D	0.01%	-0.34%	-0.34%
	ANET	C	0.19%	-0.46%	-0.46%
	AON	A	0.14%	0.47%	0.14%
	APG	B	0.01%	-0.44%	-0.44%
	AR	B	0.01%	-0.53%	-0.53%
	ARE	D	0.04%	-0.4%	-0.4%
	ARMK	B	0.02%	0.45%	0.02%
	ARW	D	0.01%	0.37%	0.01%
	AVB	B	0.06%	0.45%	0.06%
	AVGO	D	1.47%	-0.45%	-0.45%
	AVT	C	0.01%	0.42%	0.01%
	AWK	D	0.05%	-0.42%	-0.42%
	AXON	A	0.06%	-0.74%	-0.74%
	AXS	A	0.01%	0.48%	0.01%
	AXTA	A	0.02%	-0.49%	-0.49%
	AZO	C	0.1%	0.33%	0.1%
	BBWI	D	0.01%	-0.44%	-0.44%
	BG	F	0.02%	0.4%	0.02%
	BILL	A	0.01%	0.68%	0.01%
	BKR	B	0.07%	0.53%	0.07%
	BLD	D	0.02%	-0.4%	-0.4%
	BLDR	D	0.04%	-0.44%	-0.44%
	BLK	C	0.28%	-0.54%	-0.54%
	BMRN	D	0.02%	0.29%	0.02%
	BMY	B	0.22%	0.51%	0.22%
	BRO	B	0.05%	0.47%	0.05%
	BWA	D	0.01%	0.44%	0.01%
	BWXT	B	0.02%	0.53%	0.02%
	BX	A	0.23%	-0.57%	-0.57%
	BXP	D	0.02%	-0.46%	-0.46%
	CACI	D	0.02%	0.42%	0.02%
	CAR	C	0.0%	-0.51%	-0.51%
	CARR	D	0.12%	-0.45%	-0.45%
	CB	C	0.22%	0.45%	0.22%
	CBOE	B	0.04%	0.43%	0.04%
	CBRE	B	0.08%	-0.51%	-0.51%
	CC	C	0.01%	-0.43%	-0.43%
	CCK	C	0.02%	0.43%	0.02%
	CCL	B	0.04%	-0.63%	-0.63%
	CE	F	0.03%	-0.24%	-0.24%
	CEG	D	0.16%	-0.52%	-0.52%
	CELH	F	0.01%	-0.29%	-0.29%
	CF	B	0.03%	0.46%	0.03%
	CFG	B	0.04%	-0.49%	-0.49%
	CFLT	B	0.01%	0.56%	0.01%
	CG	A	0.02%	-0.55%	-0.55%
	CHD	B	0.05%	0.47%	0.05%
	CHE	D	0.02%	0.4%	0.02%
	CHH	A	0.01%	0.5%	0.01%
	CHRW	C	0.02%	0.45%	0.02%
	CI	F	0.17%	0.4%	0.17%
	CINF	A	0.04%	0.49%	0.04%
	CLH	B	0.02%	0.43%	0.02%
	CMA	A	0.02%	-0.54%	-0.54%
	CME	A	0.15%	0.47%	0.15%
	CMG	B	0.14%	0.45%	0.14%
	CMS	C	0.04%	0.44%	0.04%
	CNC	D	0.06%	0.32%	0.06%
	CNM	D	0.02%	-0.38%	-0.38%
	CNXC	F	0.0%	-0.23%	-0.23%
	COHR	B	0.02%	-0.52%	-0.52%
	COIN	C	0.07%	-0.71%	-0.71%
	COLM	B	0.01%	0.43%	0.01%
	COR	B	0.07%	0.45%	0.07%
	COTY	F	0.01%	-0.33%	-0.33%
	CPB	D	0.02%	0.38%	0.02%
	CRL	C	0.02%	-0.41%	-0.41%
	CRWD	B	0.13%	-0.57%	-0.57%
	CSCO	B	0.42%	0.49%	0.42%
	CSGP	D	0.06%	-0.42%	-0.42%
	CSX	B	0.13%	0.45%	0.13%
	CTSH	B	0.07%	0.43%	0.07%
	CVNA	B	0.05%	-0.68%	-0.68%
	CW	B	0.02%	0.47%	0.02%
	CWEN	C	0.01%	-0.42%	-0.42%
	CWEN	C	0.0%	-0.42%	-0.42%
	CXT	B	0.01%	0.42%	0.01%
	CZR	F	0.02%	-0.42%	-0.42%
	D	C	0.1%	-0.45%	-0.45%
	DAL	C	0.07%	-0.68%	-0.68%
	DAR	C	0.01%	-0.45%	-0.45%
	DASH	A	0.1%	-0.59%	-0.59%
	DAY	B	0.02%	-0.56%	-0.56%
	DBX	B	0.01%	0.47%	0.01%
	DD	D	0.07%	0.43%	0.07%
	DECK	A	0.05%	0.44%	0.05%
	DELL	C	0.06%	-0.53%	-0.53%
	DGX	A	0.03%	0.45%	0.03%
	DINO	D	0.01%	-0.39%	-0.39%
	DKNG	B	0.03%	-0.53%	-0.53%
	DKS	C	0.02%	-0.37%	-0.37%
	DLB	B	0.01%	0.43%	0.01%
	DOX	D	0.02%	0.43%	0.02%
	DRI	B	0.04%	0.46%	0.04%
	DUK	C	0.17%	0.43%	0.17%
	DUOL	A	0.02%	-0.63%	-0.63%
	DVN	F	0.05%	0.37%	0.05%
	ED	D	0.07%	0.42%	0.07%
	EFX	F	0.06%	-0.35%	-0.35%
	EG	C	0.03%	0.42%	0.03%
	EL	F	0.03%	-0.31%	-0.31%
	ELAN	D	0.01%	-0.39%	-0.39%
	ELF	C	0.01%	-0.35%	-0.35%
	ELS	C	0.02%	0.43%	0.02%
	ELV	F	0.18%	0.33%	0.18%
	ENPH	F	0.02%	-0.23%	-0.23%
	EQR	B	0.05%	0.44%	0.05%
	EQT	B	0.04%	-0.59%	-0.59%
	ETN	A	0.25%	-0.52%	-0.52%
	EW	C	0.08%	-0.44%	-0.44%
	EXP	A	0.02%	-0.53%	-0.53%
	EXPE	B	0.04%	-0.56%	-0.56%
	F	C	0.08%	-0.44%	-0.44%
	FANG	D	0.06%	0.39%	0.06%
	FBIN	D	0.02%	-0.41%	-0.41%
	FCN	D	0.01%	0.38%	0.01%
	FCX	D	0.12%	-0.42%	-0.42%
	FFIV	B	0.03%	0.52%	0.03%
	FLO	D	0.01%	0.42%	0.01%
	FMC	D	0.02%	0.37%	0.02%
	FND	C	0.02%	-0.4%	-0.4%
	FOUR	B	0.01%	-0.54%	-0.54%
	FOXA	B	0.02%	0.48%	0.02%
	FTNT	C	0.09%	0.52%	0.09%
	FYBR	D	0.02%	-0.53%	-0.53%
	G	B	0.01%	0.49%	0.01%
	GD	F	0.15%	0.41%	0.15%
	GILD	C	0.21%	0.49%	0.21%
	GIS	D	0.07%	0.38%	0.07%
	GLPI	C	0.02%	0.42%	0.02%
	GLW	B	0.07%	0.47%	0.07%
	GME	C	0.02%	-0.56%	-0.56%
	GNRC	B	0.02%	-0.51%	-0.51%
	GPC	D	0.03%	0.37%	0.03%
	HEI	B	0.03%	0.47%	0.03%
	HEI	B	0.02%	0.47%	0.02%
	HHH	B	0.0%	-0.47%	-0.47%
	HIG	B	0.06%	0.45%	0.06%
	HON	B	0.26%	0.47%	0.26%
	HOOD	B	0.03%	-0.72%	-0.72%
	HPQ	B	0.07%	0.45%	0.07%
	HRB	D	0.02%	0.41%	0.02%
	HUM	C	0.06%	0.34%	0.06%
	IBKR	A	0.03%	0.62%	0.03%
	IBM	C	0.36%	0.45%	0.36%
	IDXX	F	0.06%	-0.39%	-0.39%
	ILMN	D	0.04%	-0.43%	-0.43%
	INTC	D	0.17%	-0.54%	-0.54%
	ITT	A	0.02%	-0.49%	-0.49%
	J	F	0.03%	0.41%	0.03%
	JAZZ	B	0.01%	0.44%	0.01%
	JHG	A	0.01%	-0.53%	-0.53%
	JLL	D	0.02%	-0.46%	-0.46%
	JNJ	D	0.74%	0.42%	0.42%
	JNPR	F	0.02%	0.39%	0.02%
	KBR	F	0.02%	0.37%	0.02%
	KHC	F	0.06%	0.38%	0.06%
	KKR	A	0.18%	-0.55%	-0.55%
	KMI	A	0.09%	0.56%	0.09%
	KMX	B	0.02%	-0.4%	-0.4%
	KO	D	0.48%	0.37%	0.37%
	KR	B	0.07%	0.47%	0.07%
	KRC	C	0.01%	-0.46%	-0.46%
	KSS	F	0.0%	-0.39%	-0.39%
	L	A	0.03%	0.45%	0.03%
	LAMR	D	0.02%	-0.46%	-0.46%
	LITE	B	0.01%	-0.62%	-0.62%
	LMT	D	0.22%	0.38%	0.22%
	LNC	B	0.01%	-0.48%	-0.48%
	LNG	B	0.08%	0.51%	0.08%
	LNT	A	0.03%	0.46%	0.03%
	LPLA	A	0.04%	0.59%	0.04%
	LPX	B	0.01%	-0.52%	-0.52%
	LRCX	F	0.18%	-0.36%	-0.36%
	LULU	C	0.07%	0.48%	0.07%
	LYFT	C	0.01%	-0.65%	-0.65%
	LYV	A	0.03%	-0.62%	-0.62%
	MAN	D	0.01%	0.37%	0.01%
	MCD	D	0.4%	0.42%	0.4%
	MCK	B	0.12%	0.51%	0.12%
	MDB	C	0.04%	-0.53%	-0.53%
	MDU	D	0.01%	0.32%	0.01%
	MGM	D	0.02%	-0.43%	-0.43%
	MKC	D	0.04%	0.41%	0.04%
	MKL	A	0.04%	0.53%	0.04%
	MKSI	C	0.01%	-0.4%	-0.4%
	MMC	B	0.21%	0.42%	0.21%
	MOH	F	0.04%	0.36%	0.04%
	MOS	F	0.02%	0.38%	0.02%
	MPWR	F	0.07%	-0.24%	-0.24%
	MRNA	F	0.03%	-0.22%	-0.22%
	MRVL	B	0.13%	-0.56%	-0.56%
	MSA	D	0.01%	0.4%	0.01%
	MSFT	F	5.76%	0.43%	0.43%
	MSI	B	0.14%	0.51%	0.14%
	MSM	C	0.01%	0.43%	0.01%
	MSTR	C	0.07%	1.19%	0.07%
	MTCH	D	0.02%	0.35%	0.02%
	MTDR	B	0.01%	-0.45%	-0.45%
	MU	D	0.21%	-0.43%	-0.43%
	MUSA	A	0.02%	0.43%	0.02%
	NEM	D	0.1%	0.35%	0.1%
	NET	B	0.05%	-0.5%	-0.5%
	NEU	C	0.01%	0.44%	0.01%
	NOC	D	0.13%	0.4%	0.13%
	NRG	B	0.04%	-0.49%	-0.49%
	NTRA	B	0.03%	-0.56%	-0.56%
	NTRS	A	0.04%	-0.54%	-0.54%
	NVDA	C	5.92%	-0.48%	-0.48%
	NVT	B	0.02%	-0.49%	-0.49%
	NWL	B	0.01%	0.54%	0.01%
	O	D	0.1%	0.39%	0.1%
	OC	A	0.03%	-0.46%	-0.46%
	OHI	C	0.02%	0.43%	0.02%
	OLLI	D	0.01%	0.41%	0.01%
	ON	D	0.06%	0.38%	0.06%
	ORI	A	0.02%	0.46%	0.02%
	ORLY	B	0.13%	0.5%	0.13%
	OWL	A	0.02%	-0.58%	-0.58%
	OXY	D	0.06%	0.38%	0.06%
	OZK	B	0.01%	-0.49%	-0.49%
	PAG	B	0.01%	0.41%	0.01%
	PATH	C	0.01%	-0.43%	-0.43%
	PAYC	B	0.02%	0.59%	0.02%
	PAYX	C	0.09%	0.47%	0.09%
	PCAR	B	0.1%	0.51%	0.1%
	PCTY	B	0.02%	0.53%	0.02%
	PEN	B	0.02%	-0.52%	-0.52%
	PENN	C	0.01%	-0.46%	-0.46%
	PFE	D	0.31%	0.37%	0.31%
	PFGC	B	0.02%	-0.49%	-0.49%
	PGR	A	0.27%	0.45%	0.27%
	PINS	D	0.04%	-0.4%	-0.4%
	PKG	A	0.04%	0.49%	0.04%
	PLD	D	0.2%	-0.39%	-0.39%
	PLTR	B	0.16%	-0.87%	-0.87%
	PNFP	B	0.02%	-0.55%	-0.55%
	PNW	B	0.02%	0.45%	0.02%
	PODD	C	0.03%	-0.59%	-0.59%
	PWR	A	0.08%	-0.51%	-0.51%
	PYPL	B	0.15%	-0.52%	-0.52%
	RBLX	C	0.05%	-0.51%	-0.51%
	REG	B	0.03%	0.45%	0.03%
	RF	A	0.04%	-0.5%	-0.5%
	RGA	A	0.03%	0.48%	0.03%
	RGEN	D	0.01%	-0.37%	-0.37%
	RH	B	0.01%	-0.53%	-0.53%
	RIVN	F	0.02%	-0.3%	-0.3%
	RKT	F	0.0%	-0.29%	-0.29%
	RLI	B	0.01%	0.51%	0.01%
	RMD	C	0.07%	-0.45%	-0.45%
	RNR	C	0.03%	0.46%	0.03%
	ROIV	C	0.01%	-0.41%	-0.41%
	ROKU	D	0.02%	-0.47%	-0.47%
	ROP	B	0.11%	0.45%	0.11%
	RRC	B	0.01%	-0.51%	-0.51%
	RSG	A	0.08%	0.43%	0.08%
	RTX	C	0.31%	0.43%	0.31%
	RYAN	B	0.01%	0.47%	0.01%
	RYN	D	0.01%	-0.44%	-0.44%
	SAIA	B	0.02%	-0.59%	-0.59%
	SAIC	F	0.01%	0.4%	0.01%
	SCHW	B	0.2%	-0.56%	-0.56%
	SEE	C	0.01%	-0.44%	-0.44%
	SHW	A	0.16%	-0.47%	-0.47%
	SLGN	A	0.01%	0.46%	0.01%
	SMCI	F	0.03%	-0.18%	-0.18%
	SMG	D	0.01%	-0.46%	-0.46%
	SNA	A	0.03%	0.55%	0.03%
	SNV	B	0.01%	-0.54%	-0.54%
	SNX	C	0.02%	0.41%	0.02%
	SOFI	A	0.02%	-0.79%	-0.79%
	SQ	B	0.08%	-0.6%	-0.6%
	SRPT	D	0.02%	0.32%	0.02%
	SSD	D	0.01%	-0.43%	-0.43%
	ST	F	0.01%	0.36%	0.01%
	T	A	0.31%	0.5%	0.31%
	TDY	B	0.04%	0.48%	0.04%
	TER	D	0.03%	-0.33%	-0.33%
	TFX	F	0.02%	-0.36%	-0.36%
	TGT	F	0.13%	-0.44%	-0.44%
	THG	A	0.01%	0.51%	0.01%
	THO	B	0.01%	-0.44%	-0.44%
	TJX	A	0.24%	0.43%	0.24%
	TMUS	B	0.21%	0.49%	0.21%
	TOL	B	0.03%	-0.47%	-0.47%
	TOST	B	0.03%	-0.71%	-0.71%
	TPG	A	0.01%	-0.58%	-0.58%
	TREX	C	0.01%	-0.45%	-0.45%
	TROW	B	0.05%	-0.48%	-0.48%
	TRU	D	0.04%	-0.44%	-0.44%
	TRV	B	0.11%	0.52%	0.11%
	TSLA	B	1.32%	-0.7%	-0.7%
	TT	A	0.16%	-0.51%	-0.51%
	TTD	B	0.1%	-0.5%	-0.5%
	TXG	F	0.0%	-0.26%	-0.26%
	TXRH	C	0.02%	0.51%	0.02%
	TXT	D	0.03%	0.4%	0.03%
	UBER	D	0.28%	-0.42%	-0.42%
	UGI	A	0.01%	-0.44%	-0.44%
	UNH	C	0.99%	0.43%	0.43%
	UNM	A	0.02%	0.57%	0.02%
	URI	B	0.1%	-0.52%	-0.52%
	USB	A	0.14%	-0.49%	-0.49%
	USFD	A	0.03%	-0.49%	-0.49%
	UTHR	C	0.03%	0.45%	0.03%
	VEEV	C	0.06%	-0.46%	-0.46%
	VFC	C	0.01%	0.48%	0.01%
	VICI	C	0.06%	0.42%	0.06%
	VNO	B	0.01%	-0.52%	-0.52%
	VRSN	F	0.03%	0.43%	0.03%
	VRT	B	0.07%	-0.67%	-0.67%
	VST	B	0.08%	-0.76%	-0.76%
	VTRS	A	0.03%	0.48%	0.03%
	VZ	C	0.34%	0.44%	0.34%
	W	F	0.01%	-0.41%	-0.41%
	WAL	B	0.02%	-0.49%	-0.49%
	WBA	F	0.01%	-0.4%	-0.4%
	WCC	B	0.02%	-0.55%	-0.55%
	WEC	A	0.06%	0.46%	0.06%
	WELL	A	0.16%	0.5%	0.16%
	WEN	D	0.01%	0.46%	0.01%
	WH	B	0.01%	0.53%	0.01%
	WM	A	0.16%	0.45%	0.16%
	WMS	D	0.02%	-0.37%	-0.37%
	WOLF	F	0.0%	-0.25%	-0.25%
	WPC	D	0.02%	0.41%	0.02%
	WRB	A	0.03%	0.45%	0.03%
	WTM	A	0.01%	0.39%	0.01%
	WTW	B	0.06%	0.45%	0.06%
	X	C	0.02%	0.43%	0.02%
	XEL	A	0.07%	0.5%	0.07%
	XOM	B	1.0%	0.44%	0.44%
	XPO	B	0.03%	-0.54%	-0.54%
	YUM	B	0.07%	0.43%	0.07%
	Z	A	0.02%	-0.56%	-0.56%
	ZI	D	0.01%	0.43%	0.01%
	ZION	B	0.01%	-0.53%	-0.53%
	ZS	C	0.03%	-0.46%	-0.46%

VONE Overweight 621 Positions Relative to BTAL

	Symbol	Grade	Weight
	AAPL	C	6.26%
	AMZN	C	3.3%
	META	D	2.37%
	GOOGL	C	1.92%
	GOOG	C	1.62%
	BRK.A	B	1.57%
	LLY	F	1.27%
	JPM	A	1.21%
	V	A	0.87%
	MA	C	0.79%
	COST	B	0.74%
	PG	A	0.74%
	HD	A	0.74%
	WMT	A	0.68%
	NFLX	A	0.62%
	BAC	A	0.54%
	CRM	B	0.52%
	ORCL	B	0.5%
	CVX	A	0.49%
	MRK	F	0.49%
	PEP	F	0.44%
	WFC	A	0.43%
	LIN	D	0.42%
	TMO	F	0.4%
	ADBE	C	0.4%
	PM	B	0.39%
	NOW	A	0.37%
	ABT	B	0.37%
	GE	D	0.36%
	QCOM	F	0.35%
	CAT	B	0.35%
	TXN	C	0.35%
	DIS	B	0.34%
	ISRG	A	0.34%
	INTU	C	0.32%
	CMCSA	B	0.32%
	NEE	D	0.31%
	GS	A	0.31%
	DHR	F	0.3%
	BKNG	A	0.3%
	LOW	D	0.29%
	SPGI	C	0.29%
	AMAT	F	0.29%
	AXP	A	0.29%
	UNP	C	0.27%
	MS	A	0.26%
	SYK	C	0.25%
	BSX	B	0.24%
	COP	C	0.24%
	VRTX	F	0.23%
	C	A	0.23%
	FI	A	0.22%
	MDT	D	0.22%
	SBUX	A	0.21%
	ADI	D	0.21%
	PANW	C	0.21%
	BA	F	0.2%
	UPS	C	0.19%
	AMT	D	0.19%
	SO	D	0.19%
	DE	A	0.19%
	MDLZ	F	0.18%
	NKE	D	0.18%
	MO	A	0.18%
	REGN	F	0.17%
	ICE	C	0.17%
	KLAC	D	0.17%
	ZTS	D	0.16%
	GEV	B	0.16%
	EQIX	A	0.16%
	CL	D	0.15%
	ITW	B	0.15%
	SNPS	B	0.15%
	APH	A	0.15%
	PH	A	0.15%
	MMM	D	0.14%
	CTAS	B	0.14%
	CVS	D	0.14%
	MCO	B	0.14%
	APO	B	0.14%
	PNC	B	0.14%
	CDNS	B	0.14%
	BDX	F	0.13%
	HCA	F	0.13%
	APD	A	0.13%
	EOG	A	0.13%
	TDG	D	0.13%
	AJG	B	0.12%
	ADSK	A	0.12%
	ECL	D	0.12%
	COF	B	0.12%
	EMR	A	0.12%
	FDX	B	0.12%
	WMB	A	0.12%
	BK	A	0.11%
	OKE	A	0.11%
	NSC	B	0.11%
	SPOT	B	0.11%
	GM	B	0.11%
	SLB	C	0.11%
	DLR	B	0.11%
	HLT	A	0.11%
	TFC	A	0.11%
	AFL	B	0.11%
	ABNB	C	0.11%
	MAR	B	0.11%
	DHI	D	0.1%
	FIS	C	0.1%
	JCI	C	0.1%
	AMP	A	0.1%
	PSX	C	0.1%
	MPC	D	0.1%
	PSA	D	0.1%
	AEP	D	0.1%
	SRE	A	0.1%
	SPG	B	0.1%
	CPRT	A	0.09%
	CMI	A	0.09%
	FAST	B	0.09%
	KMB	D	0.09%
	ROST	C	0.09%
	MET	A	0.09%
	CCI	D	0.09%
	LHX	C	0.09%
	FICO	B	0.09%
	NU	C	0.09%
	GWW	B	0.09%
	RCL	A	0.09%
	AIG	B	0.09%
	WDAY	B	0.09%
	ODFL	B	0.08%
	OTIS	C	0.08%
	EA	A	0.08%
	HWM	A	0.08%
	VLO	C	0.08%
	LEN	D	0.08%
	AME	A	0.08%
	CTVA	C	0.08%
	PCG	A	0.08%
	KVUE	A	0.08%
	MSCI	C	0.08%
	PRU	A	0.08%
	PEG	A	0.08%
	APP	B	0.08%
	EXR	D	0.07%
	DOW	F	0.07%
	IRM	D	0.07%
	MLM	B	0.07%
	SNOW	C	0.07%
	VMC	B	0.07%
	TRGP	B	0.07%
	STZ	D	0.07%
	KDP	D	0.07%
	IQV	D	0.07%
	DFS	B	0.07%
	SYY	B	0.07%
	DDOG	A	0.07%
	HES	B	0.07%
	IT	C	0.07%
	MNST	C	0.07%
	A	D	0.07%
	GEHC	F	0.07%
	IR	B	0.07%
	MCHP	D	0.07%
	EXC	C	0.07%
	VRSK	A	0.07%
	PPG	F	0.06%
	EBAY	D	0.06%
	XYL	D	0.06%
	TEAM	A	0.06%
	FITB	A	0.06%
	CPNG	D	0.06%
	NDAQ	A	0.06%
	ROK	B	0.06%
	ARES	A	0.06%
	GRMN	B	0.06%
	CHTR	C	0.06%
	EIX	B	0.06%
	MTB	A	0.06%
	WAB	B	0.06%
	ETR	B	0.06%
	ALNY	D	0.06%
	NUE	C	0.06%
	NTAP	C	0.05%
	PPL	B	0.05%
	FE	C	0.05%
	HAL	C	0.05%
	SBAC	D	0.05%
	BR	A	0.05%
	LDOS	C	0.05%
	FTV	C	0.05%
	VLTO	D	0.05%
	CDW	F	0.05%
	HPE	B	0.05%
	BIIB	F	0.05%
	IFF	D	0.05%
	TYL	B	0.05%
	UAL	A	0.05%
	DTE	C	0.05%
	HSY	F	0.05%
	KEYS	A	0.05%
	DOV	A	0.05%
	NVR	D	0.05%
	ADM	D	0.05%
	GPN	B	0.05%
	SW	A	0.05%
	CAH	B	0.05%
	VTR	C	0.05%
	PHM	D	0.05%
	HUBS	A	0.05%
	MTD	D	0.05%
	ANSS	B	0.05%
	TTWO	A	0.05%
	STT	A	0.05%
	RJF	A	0.05%
	DXCM	D	0.05%
	TSCO	D	0.05%
	LVS	C	0.04%
	HOLX	D	0.04%
	PFG	D	0.04%
	CNP	B	0.04%
	WAT	B	0.04%
	LH	C	0.04%
	IP	B	0.04%
	INVH	D	0.04%
	LII	A	0.04%
	STLD	B	0.04%
	ZBRA	B	0.04%
	CLX	B	0.04%
	BBY	D	0.04%
	OMC	C	0.04%
	CSL	C	0.04%
	ZM	B	0.04%
	WBD	C	0.04%
	EME	C	0.04%
	FSLR	F	0.04%
	ATO	A	0.04%
	K	A	0.04%
	WDC	D	0.04%
	SYF	B	0.04%
	STE	F	0.04%
	TPL	A	0.04%
	ZBH	C	0.04%
	PTC	A	0.04%
	CPAY	A	0.04%
	WST	C	0.04%
	LYB	F	0.04%
	HBAN	A	0.04%
	WY	D	0.04%
	HUBB	B	0.04%
	FCNCA	A	0.04%
	ES	D	0.04%
	BAH	F	0.04%
	GDDY	A	0.04%
	DLTR	F	0.03%
	ROL	B	0.03%
	JKHY	D	0.03%
	EWBC	A	0.03%
	TWLO	A	0.03%
	POOL	C	0.03%
	EVRG	A	0.03%
	GGG	B	0.03%
	CAG	D	0.03%
	JBL	B	0.03%
	FIX	A	0.03%
	UDR	B	0.03%
	NDSN	B	0.03%
	SWKS	F	0.03%
	DOCU	A	0.03%
	ACM	A	0.03%
	SWK	D	0.03%
	DPZ	C	0.03%
	CASY	A	0.03%
	TW	A	0.03%
	RVTY	F	0.03%
	TRMB	B	0.03%
	THC	D	0.03%
	EQH	B	0.03%
	JBHT	C	0.03%
	SSNC	B	0.03%
	GWRE	A	0.03%
	NTNX	A	0.03%
	AVTR	F	0.03%
	MRO	B	0.03%
	RBA	A	0.03%
	PSTG	D	0.03%
	APTV	D	0.03%
	FNF	B	0.03%
	KIM	A	0.03%
	BURL	A	0.03%
	GEN	B	0.03%
	ENTG	D	0.03%
	NI	A	0.03%
	DOC	D	0.03%
	DT	C	0.03%
	KEY	B	0.03%
	MANH	D	0.03%
	RPM	A	0.03%
	IEX	B	0.03%
	RS	B	0.03%
	SUI	D	0.03%
	WSO	A	0.03%
	PNR	A	0.03%
	TSN	B	0.03%
	AVY	D	0.03%
	EXPD	D	0.03%
	WSM	B	0.03%
	FDS	B	0.03%
	MAS	D	0.03%
	MAA	B	0.03%
	DG	F	0.03%
	ULTA	F	0.03%
	CTRA	B	0.03%
	ESS	B	0.03%
	BALL	D	0.03%
	BAX	D	0.03%
	LUV	C	0.03%
	OGE	B	0.02%
	CRBG	B	0.02%
	TPX	B	0.02%
	MEDP	D	0.02%
	BRX	A	0.02%
	RBC	A	0.02%
	KNX	B	0.02%
	RL	B	0.02%
	BERY	B	0.02%
	VOYA	B	0.02%
	EGP	F	0.02%
	GMED	A	0.02%
	TTC	D	0.02%
	SKX	D	0.02%
	LNW	D	0.02%
	WING	D	0.02%
	OLED	D	0.02%
	APA	D	0.02%
	BRBR	A	0.02%
	GPK	C	0.02%
	DCI	B	0.02%
	INGR	B	0.02%
	WBS	A	0.02%
	ITCI	C	0.02%
	DTM	B	0.02%
	HRL	D	0.02%
	GLOB	B	0.02%
	NYT	C	0.02%
	MORN	B	0.02%
	LAD	A	0.02%
	HLI	B	0.02%
	AAL	B	0.02%
	LBRDK	C	0.02%
	HSIC	B	0.02%
	AOS	F	0.02%
	PR	B	0.02%
	REXR	F	0.02%
	HAS	D	0.02%
	FRT	B	0.02%
	AYI	B	0.02%
	TKO	B	0.02%
	CIEN	B	0.02%
	AFG	A	0.02%
	GL	B	0.02%
	QGEN	D	0.02%
	PRI	A	0.02%
	KNSL	B	0.02%
	TAP	C	0.02%
	FHN	A	0.02%
	SCCO	F	0.02%
	EVR	B	0.02%
	EXEL	B	0.02%
	RGLD	C	0.02%
	WTRG	B	0.02%
	ONTO	D	0.02%
	WWD	B	0.02%
	CHDN	B	0.02%
	EHC	B	0.02%
	LKQ	D	0.02%
	WYNN	D	0.02%
	CNH	C	0.02%
	SOLV	C	0.02%
	SF	B	0.02%
	EPAM	C	0.02%
	CTLT	B	0.02%
	OVV	B	0.02%
	MKTX	D	0.02%
	RPRX	D	0.02%
	LECO	B	0.02%
	CUBE	D	0.02%
	TPR	B	0.02%
	NWSA	B	0.02%
	JEF	A	0.02%
	ATR	B	0.02%
	NCLH	B	0.02%
	BJ	A	0.02%
	RRX	B	0.02%
	IPG	D	0.02%
	LW	C	0.02%
	TECH	D	0.02%
	FTI	A	0.02%
	SCI	B	0.02%
	SJM	D	0.02%
	OKTA	C	0.02%
	INCY	C	0.02%
	UHS	D	0.02%
	AMH	D	0.02%
	HST	C	0.02%
	CPT	B	0.02%
	NBIX	C	0.02%
	ALLE	D	0.02%
	EMN	D	0.02%
	EXAS	D	0.02%
	TTEK	F	0.02%
	SAM	C	0.01%
	VAC	B	0.01%
	CACC	D	0.01%
	CLVT	F	0.01%
	APLS	D	0.01%
	MPW	F	0.01%
	NWS	B	0.01%
	RNG	B	0.01%
	NSA	D	0.01%
	PK	B	0.01%
	BHF	B	0.01%
	AMED	F	0.01%
	YETI	C	0.01%
	NCNO	B	0.01%
	FHB	A	0.01%
	ZG	A	0.01%
	TDC	D	0.01%
	TNL	A	0.01%
	IRDM	D	0.01%
	EPR	D	0.01%
	HIW	D	0.01%
	NVST	B	0.01%
	PRGO	B	0.01%
	BROS	B	0.01%
	DXC	B	0.01%
	PEGA	A	0.01%
	GFS	C	0.01%
	DNB	B	0.01%
	HUN	F	0.01%
	IAC	D	0.01%
	WU	D	0.01%
	PII	D	0.01%
	HOG	D	0.01%
	SPR	D	0.01%
	KMPR	B	0.01%
	ACHC	F	0.01%
	LOPE	B	0.01%
	GTES	A	0.01%
	AN	C	0.01%
	GAP	C	0.01%
	MSGS	A	0.01%
	ASH	D	0.01%
	EEFT	B	0.01%
	M	D	0.01%
	AGO	B	0.01%
	WLK	D	0.01%
	APPF	B	0.01%
	AL	B	0.01%
	CUZ	B	0.01%
	BYD	C	0.01%
	RARE	D	0.01%
	AM	A	0.01%
	XRAY	F	0.01%
	HCP	B	0.01%
	SLM	A	0.01%
	HXL	D	0.01%
	CIVI	D	0.01%
	OGN	D	0.01%
	OLN	D	0.01%
	PSN	D	0.01%
	SON	D	0.01%
	DOCS	C	0.01%
	IDA	A	0.01%
	VVV	F	0.01%
	KD	B	0.01%
	FIVE	F	0.01%
	FNB	A	0.01%
	TKR	D	0.01%
	BC	C	0.01%
	NXST	C	0.01%
	LEA	D	0.01%
	POST	C	0.01%
	FOX	A	0.01%
	WHR	B	0.01%
	NFG	A	0.01%
	OMF	A	0.01%
	PVH	C	0.01%
	SRCL	C	0.01%
	VNT	B	0.01%
	WFRD	D	0.01%
	INSP	D	0.01%
	COLB	A	0.01%
	AWI	A	0.01%
	BEN	C	0.01%
	U	C	0.01%
	ETSY	D	0.01%
	CRUS	D	0.01%
	WSC	D	0.01%
	IONS	F	0.01%
	STWD	C	0.01%
	NOV	C	0.01%
	LFUS	F	0.01%
	CLF	F	0.01%
	ESI	A	0.01%
	SN	D	0.01%
	ALK	C	0.01%
	MTN	C	0.01%
	MTG	C	0.01%
	FRPT	B	0.01%
	AGCO	D	0.01%
	AMG	B	0.01%
	VMI	B	0.01%
	PARA	C	0.01%
	LSTR	D	0.01%
	MASI	A	0.01%
	R	B	0.01%
	MTSI	B	0.01%
	AZEK	A	0.01%
	SITE	D	0.01%
	H	B	0.01%
	IVZ	B	0.01%
	BPOP	B	0.01%
	GTLB	B	0.01%
	BRKR	D	0.01%
	PB	A	0.01%
	CROX	D	0.01%
	SIRI	C	0.01%
	FAF	A	0.01%
	ESTC	C	0.01%
	ATI	D	0.01%
	OSK	B	0.01%
	STAG	F	0.01%
	KEX	C	0.01%
	BSY	D	0.01%
	QRVO	F	0.01%
	FR	C	0.01%
	FLS	B	0.01%
	MIDD	C	0.01%
	GXO	B	0.01%
	PLNT	A	0.01%
	GNTX	C	0.01%
	UHAL	D	0.01%
	RHI	B	0.01%
	CGNX	C	0.01%
	PCOR	B	0.01%
	MAT	D	0.01%
	BIO	D	0.01%
	LSCC	D	0.01%
	ESAB	B	0.01%
	COKE	C	0.01%
	MHK	D	0.01%
	S	B	0.01%
	DVA	B	0.01%
	XP	F	0.01%
	WEX	D	0.01%
	CBSH	A	0.01%
	HII	D	0.01%
	COLD	D	0.01%
	ACI	C	0.01%
	CFR	B	0.01%
	WTFC	A	0.01%
	MTZ	B	0.01%
	BFAM	D	0.01%
	SEIC	B	0.01%
	VKTX	F	0.01%
	CR	A	0.01%
	CHRD	D	0.01%
	SMAR	A	0.01%
	AAON	B	0.01%
	NNN	D	0.01%
	AMC	C	0.0%
	SEG	B	0.0%
	LEN	D	0.0%
	NFE	D	0.0%
	PLTK	B	0.0%
	UHAL	D	0.0%
	TFSL	A	0.0%
	UWMC	D	0.0%
	SEB	F	0.0%
	PYCR	C	0.0%
	CNA	B	0.0%
	DDS	B	0.0%
	UI	A	0.0%
	UA	C	0.0%
	SNDR	B	0.0%
	CERT	F	0.0%
	LBRDA	C	0.0%
	GO	C	0.0%
	REYN	D	0.0%
	FTRE	D	0.0%
	LEG	F	0.0%
	TRIP	F	0.0%
	INFA	D	0.0%
	QS	F	0.0%
	BIRK	D	0.0%
	VSTS	C	0.0%
	PINC	B	0.0%
	PPC	C	0.0%
	CRI	D	0.0%
	UAA	C	0.0%
	DJT	C	0.0%
	LCID	F	0.0%
	AAP	C	0.0%
	FIVN	C	0.0%
	ENOV	C	0.0%
	RCM	F	0.0%
	IPGP	D	0.0%
	SHC	F	0.0%
	HAYW	B	0.0%
	AZTA	D	0.0%
	CPRI	F	0.0%
	JWN	C	0.0%
	BOKF	B	0.0%
	ADTN	A	0.0%
	MP	B	0.0%
	DV	C	0.0%
	VIRT	B	0.0%
	AGR	B	0.0%
	ALGM	D	0.0%
	SPB	C	0.0%

VONE Underweight 35 Positions Relative to BTAL

	Symbol	Grade	Weight
	SFM	A	-0.6%
	HQY	B	-0.58%
	TGNA	B	-0.53%
	PNM	F	-0.5%
	SIGI	C	-0.48%
	SBRA	C	-0.47%
	EDR	A	-0.46%
	CDP	C	-0.44%
	ASGN	F	-0.39%
	ERIE	D	-0.38%
	TNET	D	-0.37%
	MUR	D	-0.37%
	FOXF	F	-0.35%
	AGL	F	-0.16%
	SEDG	F	--0.19%
	RUN	F	--0.21%
	NTLA	F	--0.27%
	OPEN	D	--0.3%
	BRZE	C	--0.33%
	SHLS	F	--0.35%
	ARWR	F	--0.35%
	NVCR	C	--0.38%
	RIG	D	--0.38%
	POWI	D	--0.41%
	DNLI	D	--0.42%
	CHX	C	--0.42%
	CRSP	D	--0.43%
	NWE	B	--0.45%
	GH	B	--0.49%
	SNAP	C	--0.49%
	RMBS	C	--0.51%
	IOT	A	--0.52%
	TDOC	C	--0.56%
	GTLS	B	--0.58%
	PTON	B	--0.69%

VONE: Top Represented Industries & Keywords

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

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

BTAL: Top Represented Industries & Keywords

Industries: Software - Application Insurance - Property & Casualty Software - Infrastructure Biotechnology Semiconductors Utilities - Regulated Electric Asset Management Banks - Regional - US Specialty Retail Aerospace & Defense Business Services Oil & Gas E&P Building Materials Information Technology Services Restaurants Diagnostics & Research Drug Manufacturers - Major Health Care Plans Diversified Industrials Household & Personal Products

Keywords: S&P 500 Nasdaq 100 Insurance Natural Gas Computing Insurance Products Electricity Real Estate Investment Trust Aerospace Chemical IBD 50 Semiconductor Telecommunications Banking Cloud Computing Dow Jones Component Electronics Biotechnology Medicine Bank