VONV vs. FEX ETF Comparison

Comparison of Vanguard Russell 1000 Value ETF (VONV) to First Trust Large Cap Core AlphaDEX (FEX)

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

$85.07

Average Daily Volume

369,856

Number of Holdings ^*

844

* may have additional holdings in another (foreign) market

FEX

First Trust Large Cap Core AlphaDEX

FEX Description

The investment seeks investment results that correspond generally to the price and yield (before the fund's fees and expenses) of an equity index called the Defined Large Cap Core Index. The fund will normally invest at least 90% of its net assets in common stocks that comprise the index. The index is a modified equal-dollar weighted index designed by S&P to objectively identify and select stocks from the S&P 500(R) Index that may generate positive alpha relative to traditional passive-style indices through the use of the AlphaDEX(R) selection methodology. It is non-diversified.

Grade (RS Rating)

Last Trade

$109.01

Average Daily Volume

22,877

Number of Holdings ^*

372

* may have additional holdings in another (foreign) market

Performance

Period	VONV	FEX
30 Days	1.07%	3.33%
60 Days	4.70%	7.88%
90 Days	6.89%	9.87%
12 Months	28.25%	30.93%

320 Overlapping Holdings

	Symbol	Grade	Weight in VONV	Weight in FEX	Overlap
	ABT	C	0.78%	0.09%	0.09%
	ACGL	C	0.16%	0.3%	0.16%
	ACN	B	0.88%	0.08%	0.08%
	ADM	F	0.11%	0.37%	0.11%
	AEE	B	0.09%	0.35%	0.09%
	AEP	D	0.21%	0.31%	0.21%
	AFL	C	0.25%	0.33%	0.25%
	AIG	B	0.19%	0.34%	0.19%
	AJG	A	0.22%	0.17%	0.17%
	AKAM	F	0.06%	0.3%	0.06%
	ALL	B	0.17%	0.44%	0.17%
	ALLY	C	0.03%	0.35%	0.03%
	ALNY	D	0.02%	0.34%	0.02%
	AMGN	F	0.15%	0.08%	0.08%
	AMP	A	0.02%	0.3%	0.02%
	AON	B	0.27%	0.09%	0.09%
	APD	B	0.26%	0.18%	0.18%
	APH	B	0.13%	0.09%	0.09%
	APO	B	0.07%	0.22%	0.07%
	APTV	F	0.08%	0.32%	0.08%
	ARE	F	0.08%	0.16%	0.08%
	ATO	B	0.08%	0.35%	0.08%
	AVB	B	0.13%	0.09%	0.09%
	AVY	F	0.04%	0.08%	0.04%
	AWK	D	0.11%	0.15%	0.11%
	AXP	B	0.38%	0.45%	0.38%
	AZO	B	0.02%	0.08%	0.02%
	BAC	A	1.07%	0.29%	0.29%
	BBY	C	0.09%	0.22%	0.09%
	BDX	F	0.28%	0.08%	0.08%
	BG	D	0.05%	0.38%	0.05%
	BIIB	F	0.11%	0.22%	0.11%
	BK	B	0.21%	0.46%	0.21%
	BKNG	A	0.03%	0.3%	0.03%
	BKR	B	0.14%	0.41%	0.14%
	BLD	F	0.05%	0.08%	0.05%
	BLDR	C	0.08%	0.32%	0.08%
	BR	A	0.01%	0.18%	0.01%
	BRK.A	B	3.33%	0.25%	0.25%
	BRO	B	0.05%	0.36%	0.05%
	BSX	A	0.49%	0.26%	0.26%
	C	B	0.47%	0.37%	0.37%
	CAG	F	0.06%	0.07%	0.06%
	CARR	C	0.22%	0.24%	0.22%
	CASY	B	0.05%	0.27%	0.05%
	CAT	B	0.65%	0.25%	0.25%
	CB	C	0.46%	0.33%	0.33%
	CBOE	D	0.09%	0.08%	0.08%
	CCI	F	0.2%	0.07%	0.07%
	CCL	B	0.07%	0.44%	0.07%
	CE	F	0.04%	0.24%	0.04%
	CEG	D	0.27%	0.31%	0.27%
	CF	B	0.06%	0.41%	0.06%
	CFG	B	0.07%	0.38%	0.07%
	CHTR	B	0.12%	0.31%	0.12%
	CI	D	0.35%	0.17%	0.17%
	CINF	A	0.08%	0.46%	0.08%
	CL	F	0.15%	0.15%	0.15%
	CMCSA	B	0.63%	0.44%	0.44%
	CMI	A	0.17%	0.19%	0.17%
	CMS	D	0.08%	0.24%	0.08%
	CNC	F	0.16%	0.34%	0.16%
	CNP	B	0.07%	0.34%	0.07%
	COF	B	0.22%	0.42%	0.22%
	COIN	B	0.02%	0.15%	0.02%
	COP	C	0.49%	0.44%	0.44%
	CPB	F	0.04%	0.15%	0.04%
	CRBG	C	0.03%	0.36%	0.03%
	CSCO	A	0.85%	0.28%	0.28%
	CSL	B	0.07%	0.17%	0.07%
	CSX	B	0.27%	0.27%	0.27%
	CTAS	B	0.01%	0.36%	0.01%
	CTRA	B	0.07%	0.44%	0.07%
	CTSH	A	0.15%	0.44%	0.15%
	CTVA	C	0.16%	0.17%	0.16%
	CVNA	B	0.05%	0.48%	0.05%
	CVS	F	0.31%	0.37%	0.31%
	CVX	A	1.0%	0.44%	0.44%
	D	D	0.19%	0.25%	0.19%
	DAL	A	0.13%	0.52%	0.13%
	DASH	A	0.02%	0.41%	0.02%
	DD	D	0.15%	0.16%	0.15%
	DE	D	0.42%	0.24%	0.24%
	DELL	C	0.11%	0.2%	0.11%
	DG	F	0.07%	0.3%	0.07%
	DGX	B	0.07%	0.34%	0.07%
	DHI	D	0.22%	0.37%	0.22%
	DIS	B	0.7%	0.18%	0.18%
	DOC	C	0.06%	0.16%	0.06%
	DOV	A	0.1%	0.09%	0.09%
	DOW	F	0.15%	0.21%	0.15%
	DRI	B	0.04%	0.17%	0.04%
	DTE	D	0.11%	0.31%	0.11%
	DUK	D	0.35%	0.33%	0.33%
	DVN	F	0.1%	0.42%	0.1%
	EBAY	C	0.13%	0.32%	0.13%
	ECL	C	0.03%	0.16%	0.03%
	ED	D	0.14%	0.32%	0.14%
	EFX	F	0.11%	0.23%	0.11%
	EG	D	0.06%	0.39%	0.06%
	EIX	C	0.13%	0.24%	0.13%
	ELV	F	0.4%	0.21%	0.21%
	EME	B	0.05%	0.51%	0.05%
	EMR	A	0.25%	0.1%	0.1%
	EOG	A	0.28%	0.45%	0.28%
	EQIX	B	0.31%	0.09%	0.09%
	EQR	C	0.11%	0.25%	0.11%
	EQT	B	0.08%	0.4%	0.08%
	ESS	C	0.07%	0.09%	0.07%
	ETN	B	0.52%	0.19%	0.19%
	ETR	B	0.11%	0.38%	0.11%
	EXC	C	0.16%	0.32%	0.16%
	EXPD	C	0.06%	0.08%	0.06%
	EXR	D	0.15%	0.15%	0.15%
	F	C	0.16%	0.44%	0.16%
	FANG	C	0.13%	0.43%	0.13%
	FCNCA	B	0.09%	0.4%	0.09%
	FCX	F	0.28%	0.08%	0.08%
	FDX	B	0.25%	0.35%	0.25%
	FE	D	0.1%	0.16%	0.1%
	FI	A	0.28%	0.4%	0.28%
	FICO	B	0.03%	0.51%	0.03%
	FITB	A	0.12%	0.28%	0.12%
	FNF	C	0.06%	0.16%	0.06%
	FOXA	A	0.04%	0.45%	0.04%
	FSLR	F	0.11%	0.26%	0.11%
	FTNT	B	0.04%	0.31%	0.04%
	FTV	C	0.11%	0.16%	0.11%
	GD	C	0.33%	0.17%	0.17%
	GE	D	0.64%	0.33%	0.33%
	GEHC	D	0.15%	0.08%	0.08%
	GEN	B	0.06%	0.37%	0.06%
	GIS	F	0.16%	0.22%	0.16%
	GLPI	D	0.05%	0.08%	0.05%
	GM	B	0.2%	0.54%	0.2%
	GPC	D	0.08%	0.22%	0.08%
	GRMN	A	0.11%	0.3%	0.11%
	GS	B	0.45%	0.51%	0.45%
	GWW	B	0.02%	0.29%	0.02%
	HAL	C	0.1%	0.43%	0.1%
	HBAN	A	0.08%	0.4%	0.08%
	HCA	D	0.23%	0.37%	0.23%
	HD	B	0.32%	0.08%	0.08%
	HIG	C	0.14%	0.33%	0.14%
	HLT	A	0.11%	0.27%	0.11%
	HOLX	D	0.07%	0.16%	0.07%
	HOOD	B	0.06%	0.35%	0.06%
	HPE	B	0.11%	0.45%	0.11%
	HPQ	B	0.11%	0.09%	0.09%
	HRL	F	0.04%	0.24%	0.04%
	HSY	F	0.1%	0.16%	0.1%
	HUBB	C	0.09%	0.18%	0.09%
	HUM	D	0.15%	0.22%	0.15%
	HWM	B	0.15%	0.48%	0.15%
	IBM	D	0.8%	0.32%	0.32%
	ICE	C	0.36%	0.25%	0.25%
	IEX	B	0.06%	0.18%	0.06%
	INTC	C	0.4%	0.36%	0.36%
	IP	B	0.07%	0.39%	0.07%
	IQV	F	0.15%	0.08%	0.08%
	IR	A	0.16%	0.18%	0.16%
	IRM	D	0.06%	0.41%	0.06%
	J	D	0.06%	0.19%	0.06%
	JBHT	C	0.06%	0.29%	0.06%
	JCI	A	0.17%	0.09%	0.09%
	JNJ	D	1.55%	0.24%	0.24%
	JPM	A	2.39%	0.28%	0.28%
	KDP	C	0.16%	0.22%	0.16%
	KEY	B	0.06%	0.19%	0.06%
	KEYS	C	0.11%	0.17%	0.11%
	KHC	F	0.12%	0.23%	0.12%
	KIM	A	0.06%	0.18%	0.06%
	KKR	B	0.25%	0.5%	0.25%
	KMB	D	0.11%	0.08%	0.08%
	KMI	B	0.17%	0.41%	0.17%
	KO	F	0.47%	0.15%	0.15%
	KR	A	0.15%	0.35%	0.15%
	L	A	0.06%	0.35%	0.06%
	LEN	D	0.01%	0.38%	0.01%
	LEN	D	0.18%	0.38%	0.18%
	LH	B	0.07%	0.18%	0.07%
	LHX	B	0.18%	0.19%	0.18%
	LMT	D	0.34%	0.08%	0.08%
	LNG	B	0.08%	0.4%	0.08%
	LNT	C	0.06%	0.25%	0.06%
	LOW	B	0.61%	0.08%	0.08%
	LUV	B	0.07%	0.28%	0.07%
	LYB	F	0.1%	0.37%	0.1%
	MAA	C	0.07%	0.17%	0.07%
	MAR	A	0.23%	0.1%	0.1%
	MAS	D	0.07%	0.08%	0.07%
	MCD	C	0.81%	0.08%	0.08%
	MDLZ	F	0.39%	0.15%	0.15%
	MDT	D	0.46%	0.16%	0.16%
	MET	C	0.19%	0.08%	0.08%
	MKC	D	0.08%	0.08%	0.08%
	MKL	A	0.06%	0.09%	0.06%
	MMC	D	0.38%	0.08%	0.08%
	MO	A	0.35%	0.09%	0.09%
	MOH	F	0.03%	0.16%	0.03%
	MPC	D	0.23%	0.4%	0.23%
	MS	A	0.45%	0.32%	0.32%
	MSCI	B	0.07%	0.09%	0.07%
	MSI	B	0.15%	0.37%	0.15%
	MSTR	B	0.1%	0.17%	0.1%
	MTB	A	0.12%	0.4%	0.12%
	MU	D	0.45%	0.09%	0.09%
	NDAQ	B	0.12%	0.18%	0.12%
	NDSN	B	0.06%	0.08%	0.06%
	NEE	D	0.69%	0.3%	0.3%
	NI	A	0.06%	0.35%	0.06%
	NKE	F	0.16%	0.14%	0.14%
	NOC	D	0.29%	0.08%	0.08%
	NRG	C	0.04%	0.43%	0.04%
	NSC	B	0.22%	0.09%	0.09%
	NTAP	D	0.06%	0.16%	0.06%
	NTRS	A	0.07%	0.3%	0.07%
	NUE	D	0.14%	0.44%	0.14%
	NVR	D	0.11%	0.24%	0.11%
	NWSA	B	0.04%	0.18%	0.04%
	O	D	0.22%	0.15%	0.15%
	OC	A	0.06%	0.46%	0.06%
	OKE	A	0.21%	0.3%	0.21%
	OMC	A	0.08%	0.17%	0.08%
	ON	F	0.12%	0.4%	0.12%
	ORLY	A	0.02%	0.09%	0.02%
	OTIS	D	0.17%	0.08%	0.08%
	OXY	F	0.14%	0.41%	0.14%
	PAYX	B	0.11%	0.09%	0.09%
	PCAR	B	0.2%	0.49%	0.2%
	PCG	A	0.17%	0.27%	0.17%
	PEG	C	0.18%	0.25%	0.18%
	PEP	D	0.19%	0.08%	0.08%
	PFG	C	0.08%	0.17%	0.08%
	PGR	A	0.09%	0.43%	0.09%
	PH	A	0.32%	0.37%	0.32%
	PHM	D	0.12%	0.39%	0.12%
	PKG	B	0.08%	0.28%	0.08%
	PM	B	0.75%	0.34%	0.34%
	PNC	B	0.29%	0.19%	0.19%
	PPG	F	0.12%	0.24%	0.12%
	PPL	A	0.1%	0.25%	0.1%
	PRU	B	0.17%	0.17%	0.17%
	PSA	D	0.19%	0.23%	0.19%
	PSX	C	0.22%	0.41%	0.22%
	PWR	B	0.12%	0.46%	0.12%
	PYPL	A	0.32%	0.19%	0.19%
	RCL	A	0.11%	0.55%	0.11%
	RF	A	0.08%	0.28%	0.08%
	RGA	A	0.06%	0.18%	0.06%
	RIVN	F	0.04%	0.08%	0.04%
	RJF	A	0.09%	0.22%	0.09%
	RMD	C	0.1%	0.34%	0.1%
	ROST	D	0.15%	0.16%	0.15%
	RPM	A	0.05%	0.09%	0.05%
	RS	C	0.07%	0.47%	0.07%
	RSG	B	0.16%	0.09%	0.09%
	RVTY	C	0.06%	0.08%	0.06%
	SBAC	D	0.1%	0.08%	0.08%
	SBUX	B	0.1%	0.09%	0.09%
	SHW	A	0.03%	0.26%	0.03%
	SLB	C	0.24%	0.44%	0.24%
	SNA	A	0.06%	0.52%	0.06%
	SO	D	0.39%	0.16%	0.16%
	SPG	A	0.16%	0.18%	0.16%
	SPGI	C	0.64%	0.25%	0.25%
	SRE	B	0.21%	0.37%	0.21%
	SSNC	C	0.06%	0.25%	0.06%
	STLD	C	0.07%	0.49%	0.07%
	STT	B	0.11%	0.27%	0.11%
	SWKS	F	0.06%	0.37%	0.06%
	SYF	B	0.08%	0.55%	0.08%
	SYK	A	0.36%	0.09%	0.09%
	SYY	D	0.06%	0.17%	0.06%
	T	A	0.62%	0.42%	0.42%
	TDG	D	0.25%	0.24%	0.24%
	TDY	B	0.08%	0.28%	0.08%
	TGT	C	0.29%	0.33%	0.29%
	THC	B	0.06%	0.42%	0.06%
	TJX	A	0.22%	0.25%	0.22%
	TMO	F	0.93%	0.07%	0.07%
	TMUS	A	0.4%	0.39%	0.39%
	TOL	B	0.06%	0.43%	0.06%
	TROW	A	0.09%	0.45%	0.09%
	TRV	B	0.21%	0.28%	0.21%
	TSN	B	0.07%	0.17%	0.07%
	TT	B	0.23%	0.45%	0.23%
	TXT	D	0.07%	0.33%	0.07%
	TYL	B	0.01%	0.26%	0.01%
	UAL	A	0.07%	0.65%	0.07%
	ULTA	C	0.01%	0.33%	0.01%
	UPS	C	0.39%	0.16%	0.16%
	URI	B	0.16%	0.45%	0.16%
	USB	B	0.28%	0.28%	0.28%
	UTHR	B	0.06%	0.47%	0.06%
	VICI	D	0.14%	0.08%	0.08%
	VLO	C	0.17%	0.43%	0.17%
	VLTO	D	0.06%	0.23%	0.06%
	VRTX	B	0.24%	0.09%	0.09%
	VTR	C	0.1%	0.34%	0.1%
	VTRS	B	0.05%	0.38%	0.05%
	VZ	D	0.75%	0.3%	0.3%
	WAB	B	0.13%	0.46%	0.13%
	WAT	B	0.03%	0.09%	0.03%
	WEC	B	0.12%	0.26%	0.12%
	WELL	B	0.31%	0.27%	0.27%
	WFC	A	0.78%	0.43%	0.43%
	WLK	F	0.02%	0.14%	0.02%
	WMB	B	0.22%	0.1%	0.1%
	WRB	B	0.07%	0.18%	0.07%
	WSM	F	0.03%	0.07%	0.03%
	WSO	B	0.07%	0.18%	0.07%
	WST	B	0.03%	0.09%	0.03%
	WY	F	0.1%	0.15%	0.1%
	XEL	A	0.14%	0.35%	0.14%
	XOM	B	2.08%	0.43%	0.43%
	XYL	F	0.13%	0.15%	0.13%
	ZBH	C	0.09%	0.34%	0.09%
	ZM	B	0.07%	0.31%	0.07%
	ZTS	D	0.06%	0.08%	0.06%

VONV Overweight 524 Positions Relative to FEX

	Symbol	Grade	Weight
	UNH	B	1.98%
	WMT	A	1.39%
	PG	C	1.26%
	LIN	D	0.91%
	ABBV	F	0.79%
	DHR	F	0.71%
	PFE	F	0.65%
	TXN	B	0.65%
	RTX	D	0.64%
	BLK	A	0.55%
	PLD	D	0.46%
	HON	B	0.45%
	ADI	D	0.45%
	BMY	B	0.42%
	GILD	B	0.41%
	REGN	F	0.4%
	AMD	F	0.36%
	SCHW	B	0.34%
	UNP	D	0.31%
	CME	B	0.31%
	BA	F	0.29%
	GEV	B	0.27%
	ROP	A	0.24%
	MMM	C	0.24%
	NEM	F	0.24%
	TFC	B	0.23%
	MRVL	B	0.22%
	DLR	C	0.21%
	FIS	B	0.19%
	ITW	B	0.19%
	KVUE	A	0.18%
	MCHP	F	0.17%
	A	F	0.17%
	AME	A	0.16%
	STZ	D	0.16%
	CBRE	B	0.15%
	EA	A	0.15%
	CRM	B	0.15%
	GLW	B	0.14%
	DFS	B	0.14%
	MCK	B	0.14%
	MTD	F	0.13%
	EW	F	0.13%
	WTW	A	0.12%
	CSGP	F	0.12%
	MLM	B	0.12%
	IFF	F	0.11%
	ANSS	B	0.11%
	ROK	B	0.11%
	YUM	B	0.1%
	VMC	B	0.1%
	SW	B	0.1%
	CHD	A	0.1%
	GPN	B	0.1%
	TTWO	A	0.1%
	SQ	B	0.09%
	INVH	D	0.09%
	MRNA	F	0.09%
	LDOS	C	0.09%
	WDC	D	0.09%
	ES	D	0.09%
	STE	D	0.09%
	TRU	D	0.08%
	BAX	F	0.08%
	WBD	B	0.08%
	ILMN	C	0.08%
	BALL	D	0.08%
	K	A	0.08%
	SUI	F	0.07%
	SWK	F	0.07%
	AVTR	F	0.07%
	RNR	D	0.06%
	ACM	B	0.06%
	USFD	B	0.06%
	DLTR	F	0.06%
	AES	F	0.06%
	GGG	B	0.06%
	EL	F	0.06%
	IBKR	A	0.06%
	RBA	B	0.06%
	MRO	B	0.06%
	UDR	C	0.06%
	ZBRA	B	0.06%
	VRSN	C	0.06%
	CDW	F	0.06%
	TRMB	B	0.06%
	PNR	A	0.06%
	AMCR	D	0.06%
	EWBC	B	0.05%
	NVT	C	0.05%
	TFX	F	0.05%
	COHR	C	0.05%
	QCOM	F	0.05%
	IPG	F	0.05%
	CUBE	D	0.05%
	JBL	C	0.05%
	CLH	B	0.05%
	HST	D	0.05%
	ITT	A	0.05%
	TECH	D	0.05%
	CW	C	0.05%
	SJM	F	0.05%
	BXP	D	0.05%
	JNPR	D	0.05%
	ALLE	D	0.05%
	CPT	C	0.05%
	CHRW	A	0.05%
	JKHY	C	0.05%
	FFIV	B	0.05%
	AMH	C	0.05%
	EMN	D	0.05%
	ELS	B	0.05%
	UHS	D	0.05%
	BMRN	F	0.05%
	REG	A	0.05%
	HES	B	0.05%
	WPC	F	0.05%
	AMAT	F	0.05%
	EVRG	A	0.05%
	DCI	A	0.04%
	CIEN	B	0.04%
	APA	F	0.04%
	NYT	C	0.04%
	EGP	D	0.04%
	CZR	F	0.04%
	INGR	B	0.04%
	TTC	F	0.04%
	MGM	D	0.04%
	SNX	C	0.04%
	WYNN	C	0.04%
	EVR	B	0.04%
	PRI	B	0.04%
	RGLD	C	0.04%
	WAL	B	0.04%
	HSIC	F	0.04%
	GL	B	0.04%
	SF	A	0.04%
	FRT	B	0.04%
	AFRM	B	0.04%
	CG	B	0.04%
	MKTX	C	0.04%
	EHC	B	0.04%
	SOLV	C	0.04%
	AA	C	0.04%
	MTCH	F	0.04%
	AFG	A	0.04%
	CNH	D	0.04%
	WTRG	C	0.04%
	QRVO	F	0.04%
	DPZ	C	0.04%
	INCY	B	0.04%
	TTEK	F	0.04%
	DOX	C	0.04%
	OHI	C	0.04%
	OVV	C	0.04%
	PNW	A	0.04%
	CRL	C	0.04%
	TAP	B	0.04%
	QGEN	D	0.04%
	ARMK	B	0.04%
	WWD	B	0.04%
	PFGC	B	0.04%
	NTNX	B	0.04%
	AIZ	A	0.04%
	LKQ	C	0.04%
	EPAM	B	0.04%
	HII	F	0.04%
	ATR	A	0.04%
	DKS	D	0.04%
	TPR	A	0.04%
	AOS	F	0.04%
	REXR	F	0.04%
	BJ	B	0.04%
	FBIN	F	0.04%
	CAH	B	0.04%
	CTLT	D	0.04%
	UNM	A	0.04%
	RRX	B	0.04%
	RPRX	F	0.04%
	ALB	C	0.04%
	CACI	C	0.04%
	CCK	D	0.04%
	FTI	B	0.04%
	SCI	B	0.04%
	FDS	A	0.04%
	KMX	B	0.04%
	LW	B	0.03%
	BPOP	C	0.03%
	MAT	C	0.03%
	OSK	B	0.03%
	WBA	D	0.03%
	FAST	B	0.03%
	PARA	B	0.03%
	IVZ	B	0.03%
	BIO	C	0.03%
	PB	B	0.03%
	OKTA	C	0.03%
	MTG	C	0.03%
	LFUS	D	0.03%
	MSA	D	0.03%
	XP	F	0.03%
	CGNX	C	0.03%
	FAF	C	0.03%
	CFR	B	0.03%
	CRUS	F	0.03%
	RHI	B	0.03%
	ZION	B	0.03%
	LSTR	B	0.03%
	WMS	F	0.03%
	LBRDK	C	0.03%
	FLS	B	0.03%
	SOFI	B	0.03%
	JAZZ	B	0.03%
	AAL	B	0.03%
	SEIC	A	0.03%
	MKSI	C	0.03%
	BFAM	F	0.03%
	GNTX	C	0.03%
	PR	C	0.03%
	VNO	C	0.03%
	G	B	0.03%
	ARW	F	0.03%
	VFC	C	0.03%
	DINO	D	0.03%
	CROX	F	0.03%
	WTFC	B	0.03%
	STAG	D	0.03%
	KEX	A	0.03%
	HRB	D	0.03%
	CBSH	A	0.03%
	RGEN	C	0.03%
	SAIC	D	0.03%
	BBWI	C	0.03%
	ELAN	C	0.03%
	RRC	B	0.03%
	FR	D	0.03%
	MNST	B	0.03%
	SSD	F	0.03%
	WCC	B	0.03%
	MIDD	D	0.03%
	HLI	B	0.03%
	PNFP	B	0.03%
	ADC	A	0.03%
	EXAS	F	0.03%
	APG	C	0.03%
	ONTO	F	0.03%
	JEF	B	0.03%
	DTM	A	0.03%
	Z	B	0.03%
	LECO	C	0.03%
	WEX	D	0.03%
	AGNC	C	0.03%
	MTZ	B	0.03%
	ACI	C	0.03%
	BERY	D	0.03%
	CR	B	0.03%
	RL	B	0.03%
	SWN	C	0.03%
	X	D	0.03%
	ALGN	D	0.03%
	BWXT	B	0.03%
	BRBR	A	0.03%
	KBR	D	0.03%
	COKE	C	0.03%
	CMA	A	0.03%
	WBS	A	0.03%
	AXTA	A	0.03%
	FCN	F	0.03%
	GMED	B	0.03%
	SKX	F	0.03%
	CHE	D	0.03%
	ROKU	C	0.03%
	COLD	F	0.03%
	VOYA	B	0.03%
	BWA	B	0.03%
	CHRD	D	0.03%
	ADP	A	0.03%
	DAY	B	0.03%
	GWRE	A	0.03%
	FMC	F	0.03%
	OGE	B	0.03%
	ATI	F	0.03%
	FND	F	0.03%
	AR	B	0.03%
	MHK	D	0.03%
	BRX	A	0.03%
	ALSN	B	0.03%
	TKO	D	0.03%
	PTC	B	0.03%
	KNX	C	0.03%
	AYI	A	0.03%
	FHN	A	0.03%
	RBC	B	0.03%
	MOS	D	0.03%
	GME	C	0.03%
	LAD	B	0.03%
	TW	B	0.03%
	LAMR	D	0.03%
	FYBR	D	0.03%
	ORI	A	0.03%
	GPK	D	0.03%
	NNN	F	0.03%
	JLL	C	0.03%
	TWLO	B	0.03%
	AWI	B	0.02%
	MSM	C	0.02%
	CLF	F	0.02%
	GFS	C	0.02%
	HUN	F	0.02%
	RH	C	0.02%
	IAC	F	0.02%
	BILL	B	0.02%
	AGO	B	0.02%
	PII	F	0.02%
	DBX	B	0.02%
	WTM	A	0.02%
	LITE	B	0.02%
	SITE	D	0.02%
	SLGN	B	0.02%
	M	C	0.02%
	EEFT	C	0.02%
	FLO	F	0.02%
	FRPT	B	0.02%
	ASH	F	0.02%
	UHAL	D	0.02%
	GAP	B	0.02%
	OZK	B	0.02%
	BYD	A	0.02%
	AN	C	0.02%
	CUZ	B	0.02%
	DLB	D	0.02%
	KRC	C	0.02%
	HOG	D	0.02%
	AL	B	0.02%
	RYN	F	0.02%
	PSN	C	0.02%
	AVT	C	0.02%
	GNRC	B	0.02%
	SAIA	B	0.02%
	CPRI	F	0.02%
	OLED	F	0.02%
	DOCS	B	0.02%
	SLM	A	0.02%
	ROIV	D	0.02%
	WSC	F	0.02%
	HXL	F	0.02%
	OGN	F	0.02%
	JHG	A	0.02%
	SEE	C	0.02%
	FNB	B	0.02%
	FOX	A	0.02%
	W	F	0.02%
	KD	A	0.02%
	IDA	A	0.02%
	VNT	C	0.02%
	OMF	A	0.02%
	UGI	D	0.02%
	THG	A	0.02%
	ST	F	0.02%
	XRAY	F	0.02%
	LNC	B	0.02%
	SON	F	0.02%
	WH	A	0.02%
	MTDR	B	0.02%
	ZG	B	0.02%
	COLB	A	0.02%
	S	B	0.02%
	TKR	F	0.02%
	AMG	B	0.02%
	PVH	C	0.02%
	OLN	F	0.02%
	NFG	D	0.02%
	MDU	D	0.02%
	THO	B	0.02%
	SRCL	B	0.02%
	POST	D	0.02%
	ALK	A	0.02%
	WHR	B	0.02%
	BC	D	0.02%
	H	B	0.02%
	BEN	C	0.02%
	SIRI	C	0.02%
	ACHC	F	0.02%
	VMI	B	0.02%
	SN	C	0.02%
	DAR	B	0.02%
	OLLI	C	0.02%
	ESAB	B	0.02%
	RLI	A	0.02%
	AGCO	F	0.02%
	R	B	0.02%
	ESI	B	0.02%
	GXO	B	0.02%
	LEA	F	0.02%
	AXS	A	0.02%
	MTSI	B	0.02%
	SNV	B	0.02%
	STWD	C	0.02%
	NOV	C	0.02%
	UA	B	0.01%
	SNDR	B	0.01%
	CERT	F	0.01%
	LYFT	B	0.01%
	TRIP	D	0.01%
	WEN	C	0.01%
	FTRE	D	0.01%
	INFA	F	0.01%
	REYN	D	0.01%
	GO	C	0.01%
	PPC	C	0.01%
	LEG	F	0.01%
	TER	F	0.01%
	PSTG	D	0.01%
	IPGP	C	0.01%
	BIRK	F	0.01%
	SAM	B	0.01%
	UAA	B	0.01%
	VSTS	D	0.01%
	PINC	B	0.01%
	AZEK	B	0.01%
	QS	F	0.01%
	BROS	B	0.01%
	GLOB	B	0.01%
	ADTN	B	0.01%
	LPX	A	0.01%
	HAYW	B	0.01%
	EXP	B	0.01%
	RCM	B	0.01%
	ETSY	D	0.01%
	JWN	B	0.01%
	BOKF	B	0.01%
	MP	C	0.01%
	AAP	C	0.01%
	CRI	D	0.01%
	KSS	D	0.01%
	ENOV	C	0.01%
	YETI	D	0.01%
	HHH	B	0.01%
	CNXC	F	0.01%
	VIRT	B	0.01%
	AZTA	F	0.01%
	SPB	A	0.01%
	SHC	D	0.01%
	AGR	C	0.01%
	VAC	B	0.01%
	RKT	F	0.01%
	CWEN	D	0.01%
	BRKR	F	0.01%
	MASI	B	0.01%
	CXT	F	0.01%
	BHF	B	0.01%
	ALGM	F	0.01%
	COLM	B	0.01%
	LOPE	B	0.01%
	CC	C	0.01%
	CNM	D	0.01%
	PENN	B	0.01%
	CLVT	F	0.01%
	PK	C	0.01%
	FHB	B	0.01%
	TNL	A	0.01%
	PAG	B	0.01%
	AMED	F	0.01%
	IRDM	B	0.01%
	CPRT	A	0.01%
	LCID	F	0.01%
	PAYC	B	0.01%
	NXST	C	0.01%
	AM	B	0.01%
	ZI	C	0.01%
	NWL	B	0.01%
	NSA	D	0.01%
	PLNT	A	0.01%
	NWS	B	0.01%
	MAN	F	0.01%
	SPR	F	0.01%
	WU	F	0.01%
	HIW	D	0.01%
	NVST	C	0.01%
	AMKR	F	0.01%
	MPW	F	0.01%
	COTY	D	0.01%
	DNB	B	0.01%
	PRGO	C	0.01%
	MSGS	B	0.01%
	GTES	B	0.01%
	TPG	B	0.01%
	DXC	B	0.01%
	EPR	D	0.01%
	NEU	C	0.01%
	CIVI	D	0.01%
	SMG	D	0.01%
	KMPR	A	0.01%
	U	F	0.01%
	UHAL	D	0.0%
	SEG	F	0.0%
	UWMC	F	0.0%
	NFE	F	0.0%
	DJT	C	0.0%
	IONS	F	0.0%
	CHH	B	0.0%
	UI	B	0.0%
	PLTK	B	0.0%
	CACC	D	0.0%
	LBRDA	C	0.0%
	TFSL	A	0.0%
	PATH	C	0.0%
	TXG	F	0.0%
	CWEN	D	0.0%
	SEB	F	0.0%
	CAR	C	0.0%
	PYCR	B	0.0%
	LSCC	D	0.0%
	FIVE	F	0.0%
	NCNO	B	0.0%
	HCP	A	0.0%
	AMC	C	0.0%
	DV	C	0.0%
	MTN	C	0.0%
	CNA	C	0.0%
	DDS	B	0.0%
	HAS	D	0.0%
	WOLF	F	0.0%
	EXEL	B	0.0%

VONV Underweight 53 Positions Relative to FEX

	Symbol	Grade	Weight
	APP	B	-0.92%
	PLTR	B	-0.68%
	AXON	B	-0.64%
	VRT	B	-0.53%
	EXPE	B	-0.52%
	VST	B	-0.51%
	TRGP	B	-0.44%
	HEI	A	-0.42%
	BURL	C	-0.41%
	CPNG	B	-0.41%
	RBLX	B	-0.41%
	TPL	B	-0.4%
	GDDY	B	-0.39%
	BAH	C	-0.38%
	LYV	A	-0.38%
	ORCL	A	-0.37%
	ANET	C	-0.35%
	LII	B	-0.35%
	COST	B	-0.35%
	META	B	-0.34%
	ERIE	F	-0.33%
	TTD	B	-0.3%
	NVDA	A	-0.3%
	NOW	A	-0.29%
	NFLX	A	-0.28%
	ISRG	A	-0.27%
	AVGO	C	-0.26%
	MANH	C	-0.25%
	MCO	C	-0.25%
	STX	D	-0.23%
	TSLA	B	-0.22%
	CPAY	A	-0.2%
	DECK	B	-0.19%
	IT	B	-0.18%
	LVS	C	-0.17%
	LLY	F	-0.16%
	UBER	F	-0.16%
	AAPL	C	-0.16%
	TSCO	D	-0.16%
	AMT	F	-0.14%
	MPWR	F	-0.12%
	ADSK	B	-0.1%
	PANW	B	-0.1%
	ODFL	B	-0.1%
	CMG	B	-0.09%
	MA	B	-0.09%
	GOOGL	C	-0.09%
	ARES	B	-0.09%
	AMZN	A	-0.09%
	POOL	D	-0.08%
	ROL	C	-0.08%
	CLX	A	-0.08%
	KLAC	F	-0.07%

VONV: Top Represented Industries & Keywords

Industries: Diversified Industrials Banks - Regional - US Utilities - Regulated Electric Software - Application Oil & Gas E&P Asset Management Business Services Semiconductors Biotechnology Diagnostics & Research Specialty Retail Capital Markets Packaged Foods Specialty Chemicals 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 Biotechnology Beverage Dow Jones Component Medicine

FEX: Top Represented Industries & Keywords

Industries: Utilities - Regulated Electric Software - Application Specialty Retail Asset Management Banks - Regional - US Business Services Diversified Industrials Insurance - Property & Casualty Aerospace & Defense Oil & Gas E&P Capital Markets Diagnostics & Research Health Care Plans Packaged Foods Semiconductors Specialty Chemicals Telecom Services Utilities - Diversified Credit Services Insurance Brokers

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