VONV vs. BTAL ETF Comparison

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

VONV

Vanguard Russell 1000 Value ETF

VONV Description

The investment seeks to track the performance of a benchmark index that measures the investment return of large-capitalization value stocks in the United States. The fund employs an indexing investment approach designed to track the performance of the Russell 1000® Value Index. The index is designed to measure the performance of large-capitalization value stocks in the United States. It 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

$83.04

Average Daily Volume

318,011

Number of Holdings ^*

839

* 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

$19.52

Average Daily Volume

609,571

Number of Holdings ^*

388

* may have additional holdings in another (foreign) market

Performance

Period	VONV	BTAL
30 Days	3.44%	-2.50%
60 Days	5.25%	0.57%
90 Days	8.24%	-0.91%
12 Months	23.07%	-1.36%

305 Overlapping Holdings

	Symbol	Grade	Weight in VONV	Weight in BTAL	Overlap
	AA	D	0.03%	-0.43%	-0.43%
	ABBV	C	0.79%	0.41%	0.41%
	ACGL	C	0.16%	0.43%	0.16%
	ACN	C	0.86%	0.42%	0.42%
	ADC	C	0.03%	0.43%	0.03%
	ADP	B	0.03%	0.42%	0.03%
	AEE	C	0.09%	0.43%	0.09%
	AES	C	0.05%	-0.46%	-0.46%
	AFRM	C	0.04%	-0.57%	-0.57%
	AGNC	B	0.03%	-0.43%	-0.43%
	AIZ	B	0.04%	0.4%	0.04%
	AKAM	D	0.06%	0.4%	0.06%
	ALB	D	0.04%	-0.43%	-0.43%
	ALGN	D	0.03%	-0.45%	-0.45%
	ALL	B	0.17%	0.44%	0.17%
	ALLY	F	0.04%	-0.33%	-0.33%
	ALSN	B	0.03%	0.4%	0.03%
	AMCR	B	0.07%	0.41%	0.07%
	AMD	D	0.33%	-0.42%	-0.42%
	AMGN	B	0.16%	0.43%	0.16%
	AMKR	F	0.01%	-0.39%	-0.39%
	AON	B	0.27%	0.42%	0.27%
	APG	D	0.03%	-0.41%	-0.41%
	AR	F	0.03%	-0.42%	-0.42%
	ARE	C	0.08%	-0.46%	-0.46%
	ARMK	B	0.04%	0.45%	0.04%
	ARW	C	0.03%	0.39%	0.03%
	AVB	B	0.13%	0.44%	0.13%
	AVT	C	0.02%	0.39%	0.02%
	AWK	B	0.11%	-0.44%	-0.44%
	AXS	B	0.02%	0.43%	0.02%
	AXTA	B	0.03%	-0.42%	-0.42%
	AZO	D	0.02%	0.31%	0.02%
	BBWI	F	0.03%	-0.39%	-0.39%
	BG	D	0.06%	0.41%	0.06%
	BILL	D	0.02%	0.39%	0.02%
	BKR	C	0.14%	0.4%	0.14%
	BLD	D	0.05%	-0.43%	-0.43%
	BLDR	C	0.08%	-0.45%	-0.45%
	BLK	B	0.53%	-0.45%	-0.45%
	BMRN	F	0.07%	0.32%	0.07%
	BMY	C	0.41%	0.43%	0.41%
	BRO	C	0.06%	0.42%	0.06%
	BWA	D	0.03%	0.4%	0.03%
	BWXT	D	0.03%	0.4%	0.03%
	BXP	B	0.05%	-0.46%	-0.46%
	CACC	F	0.0%	0.41%	0.0%
	CACC	F	0.01%	0.41%	0.01%
	CACI	B	0.04%	0.44%	0.04%
	CAR	F	0.0%	-0.39%	-0.39%
	CARR	B	0.2%	-0.45%	-0.45%
	CB	B	0.46%	0.43%	0.43%
	CBOE	C	0.09%	0.42%	0.09%
	CBRE	A	0.14%	-0.44%	-0.44%
	CC	F	0.01%	-0.39%	-0.39%
	CCK	A	0.04%	0.43%	0.04%
	CCL	C	0.07%	-0.44%	-0.44%
	CE	F	0.04%	-0.39%	-0.39%
	CEG	C	0.21%	-0.44%	-0.44%
	CF	C	0.06%	0.4%	0.06%
	CFG	C	0.08%	-0.41%	-0.41%
	CG	D	0.04%	-0.43%	-0.43%
	CHD	D	0.1%	0.43%	0.1%
	CHE	C	0.03%	0.4%	0.03%
	CHH	C	0.0%	0.41%	0.0%
	CHRW	B	0.05%	0.4%	0.05%
	CI	C	0.37%	0.44%	0.37%
	CINF	B	0.08%	0.42%	0.08%
	CLH	A	0.05%	0.41%	0.05%
	CMA	B	0.03%	-0.44%	-0.44%
	CMS	C	0.08%	0.43%	0.08%
	CNC	D	0.17%	0.4%	0.17%
	CNM	F	0.01%	-0.34%	-0.34%
	CNXC	F	0.01%	-0.39%	-0.39%
	COHR	C	0.04%	-0.4%	-0.4%
	COIN	F	0.02%	-0.34%	-0.34%
	COLM	C	0.01%	0.42%	0.01%
	COTY	F	0.01%	-0.41%	-0.41%
	CPB	C	0.04%	0.43%	0.04%
	CRL	F	0.04%	-0.43%	-0.43%
	CSCO	C	0.82%	0.42%	0.42%
	CSGP	D	0.13%	-0.43%	-0.43%
	CSX	D	0.27%	0.42%	0.27%
	CTSH	C	0.16%	0.42%	0.16%
	CVNA	B	0.04%	-0.41%	-0.41%
	CW	B	0.05%	0.4%	0.05%
	CWEN	C	0.01%	-0.43%	-0.43%
	CWEN	C	0.0%	-0.43%	-0.43%
	CZR	C	0.03%	-0.44%	-0.44%
	D	C	0.19%	-0.44%	-0.44%
	DAL	C	0.11%	-0.47%	-0.47%
	DAR	F	0.03%	-0.36%	-0.36%
	DASH	C	0.02%	-0.43%	-0.43%
	DAY	D	0.03%	-0.43%	-0.43%
	DBX	D	0.02%	0.42%	0.02%
	DD	B	0.14%	0.42%	0.14%
	DELL	D	0.1%	-0.44%	-0.44%
	DGX	B	0.07%	0.42%	0.07%
	DINO	F	0.03%	-0.4%	-0.4%
	DKS	D	0.05%	-0.38%	-0.38%
	DLB	D	0.02%	0.41%	0.02%
	DOX	C	0.04%	0.42%	0.04%
	DRI	B	0.04%	0.43%	0.04%
	DUK	C	0.35%	0.43%	0.35%
	DVN	F	0.11%	0.37%	0.11%
	ED	C	0.14%	0.44%	0.14%
	EFX	B	0.12%	-0.42%	-0.42%
	EG	C	0.06%	0.43%	0.06%
	EL	F	0.05%	-0.39%	-0.39%
	ELAN	D	0.03%	-0.4%	-0.4%
	ELS	C	0.05%	0.44%	0.05%
	ELV	C	0.44%	0.44%	0.44%
	EQR	B	0.11%	0.44%	0.11%
	EQT	D	0.07%	-0.43%	-0.43%
	ETN	C	0.49%	-0.43%	-0.43%
	EW	F	0.14%	-0.42%	-0.42%
	EXP	B	0.01%	-0.47%	-0.47%
	F	F	0.18%	-0.41%	-0.41%
	FANG	D	0.14%	0.37%	0.14%
	FCN	D	0.03%	0.42%	0.03%
	FCX	D	0.25%	-0.4%	-0.4%
	FFIV	B	0.05%	0.45%	0.05%
	FLO	C	0.02%	0.43%	0.02%
	FMC	C	0.03%	0.4%	0.03%
	FND	C	0.03%	-0.44%	-0.44%
	FOXA	B	0.04%	0.4%	0.04%
	FTNT	C	0.04%	0.42%	0.04%
	FYBR	C	0.03%	-0.52%	-0.52%
	G	C	0.03%	0.41%	0.03%
	GD	B	0.33%	0.43%	0.33%
	GILD	B	0.4%	0.45%	0.4%
	GIS	B	0.16%	0.44%	0.16%
	GLPI	C	0.05%	0.42%	0.05%
	GLW	C	0.13%	0.42%	0.13%
	GME	F	0.03%	-0.41%	-0.41%
	GNRC	D	0.02%	-0.38%	-0.38%
	GPC	D	0.08%	0.4%	0.08%
	HHH	C	0.01%	-0.43%	-0.43%
	HIG	B	0.14%	0.43%	0.14%
	HON	D	0.46%	0.41%	0.41%
	HOOD	C	0.05%	-0.44%	-0.44%
	HPQ	D	0.11%	0.39%	0.11%
	HRB	C	0.03%	0.42%	0.03%
	HUM	F	0.17%	0.38%	0.17%
	IBKR	B	0.05%	0.42%	0.05%
	IBM	B	0.74%	0.45%	0.45%
	ILMN	C	0.08%	-0.41%	-0.41%
	INTC	F	0.38%	-0.44%	-0.44%
	ITT	B	0.05%	-0.42%	-0.42%
	J	C	0.08%	0.4%	0.08%
	JAZZ	D	0.03%	0.39%	0.03%
	JHG	B	0.02%	-0.42%	-0.42%
	JLL	B	0.03%	-0.43%	-0.43%
	JNJ	C	1.61%	0.43%	0.43%
	JNPR	B	0.05%	0.41%	0.05%
	KBR	D	0.03%	0.37%	0.03%
	KHC	C	0.13%	0.41%	0.13%
	KKR	B	0.24%	-0.44%	-0.44%
	KMI	B	0.17%	0.42%	0.17%
	KMX	D	0.05%	-0.39%	-0.39%
	KO	C	0.48%	0.42%	0.42%
	KR	C	0.14%	0.44%	0.14%
	KRC	B	0.02%	-0.44%	-0.44%
	KSS	F	0.01%	-0.41%	-0.41%
	L	C	0.06%	0.41%	0.06%
	LAMR	B	0.03%	-0.46%	-0.46%
	LITE	B	0.02%	-0.42%	-0.42%
	LMT	C	0.33%	0.4%	0.33%
	LNC	D	0.02%	-0.39%	-0.39%
	LNG	C	0.08%	0.42%	0.08%
	LNT	B	0.06%	0.43%	0.06%
	LPX	B	0.01%	-0.43%	-0.43%
	LYFT	D	0.01%	-0.43%	-0.43%
	MAN	C	0.01%	0.41%	0.01%
	MCD	B	0.78%	0.41%	0.41%
	MCK	F	0.17%	0.41%	0.17%
	MDU	C	0.02%	0.45%	0.02%
	MGM	F	0.04%	-0.41%	-0.41%
	MKC	C	0.08%	0.45%	0.08%
	MKL	C	0.06%	0.47%	0.06%
	MKSI	F	0.03%	-0.39%	-0.39%
	MMC	C	0.39%	0.41%	0.39%
	MOH	D	0.03%	0.43%	0.03%
	MOS	F	0.04%	0.36%	0.04%
	MRNA	F	0.1%	-0.37%	-0.37%
	MRVL	C	0.24%	-0.45%	-0.45%
	MSA	D	0.03%	0.41%	0.03%
	MSI	B	0.15%	0.44%	0.15%
	MSM	D	0.02%	0.41%	0.02%
	MSTR	D	0.08%	0.4%	0.08%
	MTCH	C	0.04%	0.39%	0.04%
	MTDR	F	0.02%	-0.37%	-0.37%
	MU	F	0.43%	-0.37%	-0.37%
	NEM	B	0.25%	0.42%	0.25%
	NEU	D	0.02%	0.45%	0.02%
	NOC	B	0.29%	0.41%	0.29%
	NRG	C	0.04%	-0.41%	-0.41%
	NTRS	A	0.07%	-0.43%	-0.43%
	NVT	D	0.05%	-0.42%	-0.42%
	NWL	C	0.01%	0.45%	0.01%
	O	C	0.21%	0.42%	0.21%
	OC	D	0.06%	-0.38%	-0.38%
	OHI	B	0.04%	0.43%	0.04%
	OLLI	C	0.02%	0.43%	0.02%
	ON	D	0.13%	0.38%	0.13%
	ORI	B	0.04%	0.42%	0.04%
	ORLY	C	0.02%	0.45%	0.02%
	OXY	F	0.15%	0.37%	0.15%
	OZK	D	0.02%	-0.41%	-0.41%
	PAG	D	0.01%	0.39%	0.01%
	PATH	D	0.0%	-0.41%	-0.41%
	PAYC	D	0.01%	0.44%	0.01%
	PAYX	C	0.11%	0.43%	0.11%
	PCAR	D	0.2%	0.42%	0.2%
	PENN	D	0.01%	-0.44%	-0.44%
	PFE	C	0.66%	0.43%	0.43%
	PFGC	B	0.04%	-0.43%	-0.43%
	PGR	B	0.09%	0.43%	0.09%
	PKG	B	0.07%	0.43%	0.07%
	PLD	C	0.47%	-0.42%	-0.42%
	PNFP	B	0.03%	-0.41%	-0.41%
	PNW	C	0.04%	0.44%	0.04%
	PWR	B	0.11%	-0.41%	-0.41%
	PYPL	B	0.3%	-0.42%	-0.42%
	REG	C	0.05%	0.44%	0.05%
	RF	B	0.09%	-0.41%	-0.41%
	RGA	C	0.06%	0.43%	0.06%
	RGEN	F	0.03%	-0.4%	-0.4%
	RH	B	0.01%	-0.52%	-0.52%
	RIVN	F	0.05%	-0.38%	-0.38%
	RKT	C	0.01%	-0.42%	-0.42%
	RLI	B	0.02%	0.42%	0.02%
	RMD	C	0.1%	-0.45%	-0.45%
	RNR	C	0.05%	0.45%	0.05%
	ROKU	C	0.03%	-0.45%	-0.45%
	ROP	C	0.24%	0.44%	0.24%
	RRC	D	0.03%	-0.42%	-0.42%
	RSG	D	0.17%	0.41%	0.17%
	RTX	C	0.66%	0.41%	0.41%
	RYN	C	0.02%	-0.44%	-0.44%
	SAIA	D	0.02%	-0.48%	-0.48%
	SAIC	C	0.03%	0.44%	0.03%
	SCHW	D	0.35%	-0.42%	-0.42%
	SEE	D	0.02%	-0.42%	-0.42%
	SHW	B	0.03%	-0.45%	-0.45%
	SLGN	B	0.02%	0.42%	0.02%
	SMG	C	0.01%	-0.42%	-0.42%
	SNA	C	0.06%	0.42%	0.06%
	SNV	C	0.03%	-0.42%	-0.42%
	SNX	D	0.04%	0.39%	0.04%
	SOFI	C	0.03%	-0.44%	-0.44%
	SQ	D	0.09%	-0.42%	-0.42%
	SSD	D	0.03%	-0.42%	-0.42%
	ST	D	0.02%	0.38%	0.02%
	T	C	0.57%	0.47%	0.47%
	TDY	B	0.08%	0.43%	0.08%
	TER	D	0.01%	-0.39%	-0.39%
	TFX	C	0.05%	-0.44%	-0.44%
	TGT	C	0.29%	-0.41%	-0.41%
	THG	B	0.02%	0.44%	0.02%
	THO	D	0.02%	-0.39%	-0.39%
	TJX	B	0.22%	0.42%	0.22%
	TMUS	C	0.39%	0.41%	0.39%
	TOL	B	0.06%	-0.45%	-0.45%
	TPG	B	0.01%	-0.48%	-0.48%
	TROW	D	0.09%	-0.41%	-0.41%
	TRU	B	0.07%	-0.44%	-0.44%
	TRV	C	0.21%	0.46%	0.21%
	TT	B	0.22%	-0.44%	-0.44%
	TXG	D	0.0%	-0.4%	-0.4%
	TXT	D	0.07%	0.41%	0.07%
	UGI	C	0.02%	-0.42%	-0.42%
	UNH	C	2.03%	0.41%	0.41%
	UNM	B	0.04%	0.43%	0.04%
	URI	B	0.15%	-0.44%	-0.44%
	USB	B	0.3%	-0.41%	-0.41%
	USFD	B	0.05%	-0.44%	-0.44%
	UTHR	C	0.06%	0.41%	0.06%
	VFC	C	0.03%	0.43%	0.03%
	VICI	C	0.14%	0.43%	0.14%
	VNO	B	0.02%	-0.46%	-0.46%
	VRSN	D	0.06%	0.42%	0.06%
	VTRS	D	0.06%	0.42%	0.06%
	VZ	B	0.71%	0.45%	0.45%
	W	D	0.02%	-0.47%	-0.47%
	WAL	B	0.04%	-0.43%	-0.43%
	WBA	F	0.03%	-0.4%	-0.4%
	WCC	D	0.03%	-0.42%	-0.42%
	WEC	C	0.12%	0.43%	0.12%
	WELL	C	0.29%	0.45%	0.29%
	WEN	C	0.01%	0.43%	0.01%
	WH	B	0.02%	0.42%	0.02%
	WMS	D	0.03%	-0.4%	-0.4%
	WOLF	F	0.0%	-0.28%	-0.28%
	WPC	C	0.05%	0.45%	0.05%
	WRB	C	0.07%	0.41%	0.07%
	WTM	D	0.02%	0.34%	0.02%
	WTW	C	0.12%	0.41%	0.12%
	X	F	0.03%	0.4%	0.03%
	XEL	B	0.14%	0.44%	0.14%
	XOM	C	2.12%	0.39%	0.39%
	YUM	D	0.09%	0.41%	0.09%
	Z	B	0.03%	-0.46%	-0.46%
	ZI	D	0.01%	0.45%	0.01%
	ZION	D	0.03%	-0.4%	-0.4%

VONV Overweight 534 Positions Relative to BTAL

	Symbol	Grade	Weight
	BRK.A	C	3.5%
	JPM	D	2.59%
	WMT	C	1.35%
	PG	C	1.26%
	BAC	D	1.11%
	CVX	D	1.02%
	TMO	B	0.94%
	LIN	B	0.92%
	WFC	D	0.82%
	ABT	C	0.79%
	PM	C	0.77%
	DHR	B	0.72%
	TXN	C	0.69%
	DIS	D	0.67%
	NEE	C	0.66%
	SPGI	B	0.64%
	CMCSA	D	0.62%
	GE	B	0.6%
	CAT	B	0.6%
	LOW	B	0.57%
	COP	D	0.54%
	C	C	0.48%
	BSX	B	0.48%
	ADI	C	0.47%
	GS	C	0.47%
	MDT	C	0.47%
	REGN	C	0.46%
	MS	D	0.45%
	MDLZ	B	0.39%
	DE	B	0.39%
	UPS	D	0.38%
	SO	B	0.38%
	SYK	C	0.37%
	AXP	B	0.37%
	ICE	C	0.37%
	MO	C	0.37%
	BA	F	0.34%
	UNP	C	0.33%
	PH	B	0.31%
	HD	B	0.3%
	EOG	D	0.3%
	EQIX	C	0.3%
	CVS	D	0.29%
	PNC	B	0.29%
	BDX	D	0.28%
	FDX	C	0.27%
	VRTX	D	0.26%
	APD	B	0.25%
	MPC	F	0.25%
	SLB	F	0.25%
	AFL	C	0.25%
	AJG	D	0.24%
	TFC	C	0.24%
	PSX	F	0.24%
	TDG	B	0.24%
	EMR	D	0.24%
	MMM	B	0.24%
	GM	C	0.23%
	HCA	B	0.23%
	NSC	C	0.23%
	OKE	B	0.22%
	GEV	B	0.22%
	MAR	C	0.22%
	COF	B	0.22%
	WMB	B	0.22%
	DHI	B	0.22%
	AIG	D	0.21%
	SRE	C	0.21%
	AEP	C	0.21%
	CCI	C	0.2%
	DLR	B	0.2%
	PEP	C	0.2%
	BK	B	0.2%
	MET	B	0.19%
	FIS	B	0.19%
	ITW	C	0.19%
	VLO	F	0.19%
	LEN	B	0.18%
	LHX	C	0.18%
	PSA	B	0.18%
	JCI	B	0.17%
	A	C	0.17%
	KVUE	C	0.17%
	PCG	C	0.17%
	CMI	C	0.17%
	PRU	C	0.17%
	MCHP	F	0.17%
	KDP	B	0.16%
	CL	D	0.16%
	AME	C	0.16%
	CTVA	B	0.16%
	IQV	C	0.16%
	PEG	B	0.16%
	SPG	B	0.16%
	EA	D	0.16%
	NUE	F	0.15%
	HWM	B	0.15%
	IR	C	0.15%
	EXR	B	0.15%
	DOW	D	0.15%
	ROST	C	0.15%
	EXC	C	0.15%
	OTIS	C	0.15%
	NKE	D	0.15%
	STZ	D	0.15%
	DFS	B	0.14%
	CRM	D	0.14%
	CHTR	D	0.13%
	GEHC	C	0.13%
	EIX	C	0.13%
	XYL	C	0.13%
	APH	D	0.13%
	FITB	B	0.12%
	WAB	B	0.12%
	NDAQ	A	0.12%
	BIIB	F	0.12%
	EBAY	B	0.12%
	ADM	D	0.12%
	PPG	D	0.12%
	MTD	D	0.12%
	MLM	D	0.12%
	STT	A	0.11%
	HLT	B	0.11%
	IFF	B	0.11%
	KEYS	C	0.11%
	TTWO	C	0.11%
	NVR	B	0.11%
	HAL	F	0.11%
	PHM	B	0.11%
	ANSS	D	0.11%
	GPN	D	0.11%
	ROK	D	0.11%
	GRMN	D	0.11%
	MTB	B	0.11%
	KMB	D	0.11%
	ES	C	0.1%
	STE	C	0.1%
	SBUX	C	0.1%
	VMC	D	0.1%
	FSLR	C	0.1%
	SBAC	C	0.1%
	FCNCA	D	0.1%
	HSY	C	0.1%
	VTR	C	0.1%
	HPE	D	0.1%
	FE	C	0.1%
	RCL	B	0.1%
	DOV	B	0.1%
	LYB	D	0.1%
	ETR	B	0.1%
	DTE	C	0.1%
	FTV	C	0.1%
	LDOS	B	0.09%
	HUBB	B	0.09%
	WDC	D	0.09%
	HBAN	B	0.09%
	BBY	C	0.09%
	WY	C	0.09%
	INVH	C	0.09%
	RJF	C	0.09%
	PPL	C	0.09%
	ZBH	F	0.09%
	HOLX	B	0.08%
	MSCI	C	0.08%
	MAA	B	0.08%
	PFG	B	0.08%
	WBD	D	0.08%
	ESS	B	0.08%
	BAX	C	0.08%
	OMC	B	0.08%
	APTV	D	0.08%
	ATO	B	0.08%
	BALL	C	0.08%
	SYF	C	0.08%
	K	B	0.08%
	RS	D	0.07%
	MRO	C	0.07%
	WSO	C	0.07%
	SUI	B	0.07%
	IP	B	0.07%
	ZM	C	0.07%
	LUV	C	0.07%
	CNP	C	0.07%
	DLTR	F	0.07%
	CSL	B	0.07%
	MAS	B	0.07%
	AVTR	B	0.07%
	SWKS	D	0.07%
	STLD	F	0.07%
	CTRA	D	0.07%
	TSN	C	0.07%
	DG	F	0.07%
	NTAP	D	0.06%
	UHS	B	0.06%
	TRMB	C	0.06%
	ZBRA	B	0.06%
	GGG	C	0.06%
	IRM	C	0.06%
	JBHT	D	0.06%
	UAL	C	0.06%
	NDSN	C	0.06%
	EXPD	C	0.06%
	UDR	C	0.06%
	PNR	B	0.06%
	ZTS	C	0.06%
	SYY	D	0.06%
	NI	B	0.06%
	CAG	C	0.06%
	CDW	D	0.06%
	APO	C	0.06%
	VLTO	C	0.06%
	FNF	B	0.06%
	KIM	C	0.06%
	IEX	D	0.06%
	SWK	B	0.06%
	RBA	B	0.06%
	KEY	B	0.06%
	DOC	C	0.06%
	THC	A	0.06%
	SSNC	B	0.06%
	RPRX	C	0.05%
	RPM	B	0.05%
	INCY	C	0.05%
	OVV	F	0.05%
	TECH	C	0.05%
	FTI	D	0.05%
	EWBC	D	0.05%
	CUBE	B	0.05%
	JBL	D	0.05%
	SJM	C	0.05%
	EMN	B	0.05%
	ALLE	B	0.05%
	SW	B	0.05%
	QCOM	D	0.05%
	IPG	C	0.05%
	HST	C	0.05%
	JKHY	B	0.05%
	CPT	B	0.05%
	EVRG	B	0.05%
	AMAT	D	0.05%
	AMH	C	0.05%
	ACM	B	0.05%
	HES	F	0.05%
	DCI	C	0.04%
	SF	A	0.04%
	TWLO	D	0.04%
	EVR	A	0.04%
	INGR	B	0.04%
	NYT	C	0.04%
	SOLV	C	0.04%
	EGP	B	0.04%
	MKTX	C	0.04%
	WST	D	0.04%
	HSIC	C	0.04%
	CNH	D	0.04%
	FHN	D	0.04%
	GPK	B	0.04%
	PRI	B	0.04%
	CHRD	F	0.04%
	EHC	C	0.04%
	RGLD	C	0.04%
	DPZ	F	0.04%
	TPR	C	0.04%
	HRL	C	0.04%
	TAP	D	0.04%
	FRT	C	0.04%
	AFG	B	0.04%
	TTC	D	0.04%
	GL	C	0.04%
	CHK	D	0.04%
	WTRG	D	0.04%
	WWD	D	0.04%
	TTEK	C	0.04%
	AOS	D	0.04%
	QGEN	C	0.04%
	ATR	B	0.04%
	APA	F	0.04%
	FDS	C	0.04%
	EPAM	F	0.04%
	BJ	D	0.04%
	NWSA	D	0.04%
	REXR	C	0.04%
	NTNX	C	0.04%
	CTLT	B	0.04%
	EME	B	0.04%
	LKQ	F	0.04%
	AVY	C	0.04%
	CASY	D	0.04%
	RRX	C	0.04%
	CAH	C	0.04%
	QRVO	F	0.04%
	SCI	B	0.04%
	HII	D	0.04%
	IVZ	B	0.03%
	R	A	0.03%
	PARA	F	0.03%
	FAF	B	0.03%
	RHI	D	0.03%
	FICO	B	0.03%
	AAL	D	0.03%
	LSTR	D	0.03%
	MAT	C	0.03%
	BIO	C	0.03%
	FLS	D	0.03%
	CGNX	F	0.03%
	BPOP	C	0.03%
	LEA	F	0.03%
	RL	C	0.03%
	PB	B	0.03%
	CFR	C	0.03%
	LFUS	C	0.03%
	GWRE	A	0.03%
	OKTA	F	0.03%
	XP	D	0.03%
	MTG	B	0.03%
	EXAS	C	0.03%
	SEIC	C	0.03%
	BFAM	C	0.03%
	KEX	C	0.03%
	WSM	D	0.03%
	SWN	D	0.03%
	NOV	F	0.03%
	OSK	F	0.03%
	PR	F	0.03%
	WTFC	B	0.03%
	MTZ	B	0.03%
	CROX	D	0.03%
	MNST	D	0.03%
	VOYA	B	0.03%
	WEX	C	0.03%
	GNTX	F	0.03%
	WYNN	D	0.03%
	BRBR	C	0.03%
	HLI	B	0.03%
	STAG	C	0.03%
	ACHC	C	0.03%
	FR	B	0.03%
	MIDD	D	0.03%
	CRBG	D	0.03%
	CBSH	C	0.03%
	DTM	B	0.03%
	LECO	F	0.03%
	CR	C	0.03%
	JEF	B	0.03%
	ONTO	D	0.03%
	CRUS	D	0.03%
	AYI	B	0.03%
	ATI	C	0.03%
	OGE	C	0.03%
	COKE	C	0.03%
	WAT	C	0.03%
	BERY	B	0.03%
	TKO	B	0.03%
	WBS	D	0.03%
	BKNG	C	0.03%
	GMED	D	0.03%
	LAD	D	0.03%
	KNX	C	0.03%
	ACI	F	0.03%
	BRX	B	0.03%
	MHK	C	0.03%
	COLD	D	0.03%
	CIEN	C	0.03%
	TW	B	0.03%
	PTC	D	0.03%
	ECL	B	0.03%
	SKX	D	0.03%
	RBC	C	0.03%
	NNN	C	0.03%
	TYL	C	0.02%
	DXC	C	0.02%
	KMPR	D	0.02%
	LSXMK	D	0.02%
	IAC	C	0.02%
	PRGO	D	0.02%
	AMP	A	0.02%
	SITE	C	0.02%
	CPRI	D	0.02%
	DOCS	B	0.02%
	CLF	F	0.02%
	BYD	C	0.02%
	UHAL	A	0.02%
	AGO	C	0.02%
	M	F	0.02%
	CUZ	B	0.02%
	FRPT	B	0.02%
	PSN	B	0.02%
	PII	D	0.02%
	CIVI	F	0.02%
	OLED	C	0.02%
	ASH	D	0.02%
	GAP	F	0.02%
	HOG	C	0.02%
	ALK	C	0.02%
	S	C	0.02%
	GFS	F	0.02%
	AN	D	0.02%
	EEFT	D	0.02%
	ZG	B	0.02%
	AL	D	0.02%
	SLM	D	0.02%
	WLK	D	0.02%
	WSC	D	0.02%
	FOX	B	0.02%
	SN	B	0.02%
	IDA	C	0.02%
	OLN	D	0.02%
	XRAY	D	0.02%
	HXL	F	0.02%
	COLB	B	0.02%
	WHR	D	0.02%
	FNB	C	0.02%
	BC	C	0.02%
	KD	D	0.02%
	VNT	F	0.02%
	NFG	B	0.02%
	TKR	D	0.02%
	SRCL	A	0.02%
	LBRDK	F	0.02%
	SON	C	0.02%
	AMG	C	0.02%
	OMF	D	0.02%
	GWW	B	0.02%
	PVH	F	0.02%
	AGCO	D	0.02%
	H	C	0.02%
	VMI	D	0.02%
	POST	C	0.02%
	BEN	F	0.02%
	OGN	D	0.02%
	GXO	D	0.02%
	ESAB	C	0.02%
	ESI	D	0.02%
	LW	D	0.02%
	MTSI	D	0.02%
	FAST	C	0.02%
	STWD	B	0.02%
	SNDR	B	0.01%
	CERT	F	0.01%
	TRIP	F	0.01%
	INFA	D	0.01%
	LEG	D	0.01%
	MP	D	0.01%
	UAA	C	0.01%
	REYN	C	0.01%
	BROS	D	0.01%
	PPC	D	0.01%
	LEN	B	0.01%
	AZEK	C	0.01%
	GO	F	0.01%
	ALGM	F	0.01%
	VSTS	D	0.01%
	FTRE	D	0.01%
	PSTG	F	0.01%
	SHC	C	0.01%
	IPGP	F	0.01%
	SAM	F	0.01%
	BIRK	F	0.01%
	QS	F	0.01%
	GLOB	D	0.01%
	ADTN	D	0.01%
	HAYW	C	0.01%
	BR	D	0.01%
	RCM	C	0.01%
	ETSY	F	0.01%
	JWN	C	0.01%
	ULTA	D	0.01%
	CRI	D	0.01%
	BOKF	B	0.01%
	YETI	D	0.01%
	PINC	C	0.01%
	MASI	F	0.01%
	AGR	B	0.01%
	VIRT	C	0.01%
	ENOV	D	0.01%
	BRKR	D	0.01%
	VAC	F	0.01%
	MPW	C	0.01%
	AAP	F	0.01%
	AZTA	F	0.01%
	U	D	0.01%
	SPB	C	0.01%
	CLVT	D	0.01%
	IRDM	D	0.01%
	BHF	F	0.01%
	LOPE	D	0.01%
	TNL	D	0.01%
	FHB	D	0.01%
	AM	C	0.01%
	AMED	C	0.01%
	NVST	D	0.01%
	CPRT	D	0.01%
	PK	D	0.01%
	PLNT	B	0.01%
	NXST	D	0.01%
	NWS	D	0.01%
	NSA	B	0.01%
	HIW	B	0.01%
	WU	F	0.01%
	EPR	B	0.01%
	CTAS	B	0.01%
	MSGS	B	0.01%
	LCID	C	0.01%
	SPR	D	0.01%
	HUN	D	0.01%
	DNB	C	0.01%
	AWI	B	0.01%
	ALNY	C	0.01%
	GTES	C	0.01%
	UHAL	A	0.0%
	SEG	C	0.0%
	UWMC	D	0.0%
	NFE	F	0.0%
	DJT	F	0.0%
	UI	B	0.0%
	IONS	F	0.0%
	LBRDA	F	0.0%
	PLTK	C	0.0%
	SIRI	C	0.0%
	TFSL	C	0.0%
	HCP	B	0.0%
	SEB	D	0.0%
	FIVE	D	0.0%
	LSCC	D	0.0%
	PYCR	D	0.0%
	NCNO	D	0.0%
	DDS	F	0.0%
	AMC	F	0.0%
	MTN	D	0.0%
	CNA	C	0.0%
	HAS	B	0.0%
	UA	D	0.0%
	EXEL	C	0.0%
	DV	F	0.0%

VONV Underweight 85 Positions Relative to BTAL

	Symbol	Grade	Weight
	SBRA	C	-0.47%
	ERIE	B	-0.47%
	PNM	B	-0.44%
	HEI	B	-0.44%
	MUSA	D	-0.43%
	HQY	C	-0.43%
	MSFT	C	-0.43%
	SIGI	D	-0.43%
	CME	C	-0.43%
	SFM	B	-0.43%
	RYAN	D	-0.42%
	EDR	A	-0.42%
	FOXF	D	-0.42%
	TGNA	D	-0.42%
	CMG	C	-0.42%
	TXRH	C	-0.41%
	PCTY	C	-0.41%
	CFLT	F	-0.41%
	ASGN	D	-0.41%
	WM	D	-0.41%
	LULU	D	-0.4%
	TNET	F	-0.4%
	MUR	F	-0.38%
	SRPT	D	-0.37%
	LPLA	D	-0.37%
	DECK	C	-0.37%
	AGL	F	-0.32%
	BRZE	F	--0.32%
	ELF	F	--0.32%
	CELH	F	--0.35%
	MPWR	C	--0.35%
	ARWR	F	--0.36%
	SEDG	F	--0.36%
	SMCI	F	--0.36%
	RMBS	F	--0.37%
	CHX	F	--0.38%
	NVDA	D	--0.38%
	RIG	F	--0.38%
	POWI	F	--0.38%
	LRCX	F	--0.38%
	ZS	F	--0.38%
	RUN	C	--0.39%
	PEN	D	--0.39%
	XPO	D	--0.39%
	ENPH	D	--0.39%
	PINS	F	--0.39%
	GTLS	F	--0.4%
	NTLA	F	--0.4%
	PTON	C	--0.41%
	NET	D	--0.41%
	GH	D	--0.41%
	EXPE	C	--0.41%
	AVGO	C	--0.42%
	OPEN	D	--0.42%
	NVCR	D	--0.42%
	UBER	C	--0.42%
	CRSP	F	--0.42%
	OWL	C	--0.43%
	FOUR	C	--0.43%
	TTD	B	--0.43%
	ANET	B	--0.43%
	SNAP	F	--0.43%
	TREX	D	--0.43%
	CRWD	D	--0.43%
	VST	C	--0.44%
	NWE	B	--0.44%
	RBLX	B	--0.44%
	TOST	C	--0.45%
	LYV	B	--0.45%
	VEEV	C	--0.45%
	NTRA	C	--0.45%
	TSLA	C	--0.45%
	BX	B	--0.46%
	AXON	B	--0.46%
	VRT	C	--0.46%
	IDXX	C	--0.46%
	DKNG	C	--0.46%
	IOT	B	--0.47%
	DUOL	B	--0.47%
	TDOC	D	--0.48%
	SHLS	D	--0.5%
	PLTR	B	--0.5%
	DNLI	C	--0.51%
	PODD	B	--0.51%
	MDB	D	--0.52%

VONV: Top Represented Industries & Keywords

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

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

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 Semiconductor Telecommunications Banking Cloud Computing Electronics IBD 50 Medicine Bank Biotechnology Casualty Insurance