VONV vs. INRO ETF Comparison

Comparison of Vanguard Russell 1000 Value ETF (VONV) to BlackRock U.S. Industry Rotation ETF (INRO)

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

$85.21

Average Daily Volume

368,652

Number of Holdings ^*

844

* may have additional holdings in another (foreign) market

INRO

BlackRock U.S. Industry Rotation ETF

INRO Description

INRO is targeted US equity exposure, actively managed by shifting the selection and weighting of the portfolio towards industries among the broad domestic market. Portfolio allocation is based on five potential sources of return: information regarding the current economic cycle, valuation, quality metrics, analyst expectation data and recent individual industry trends. The strategy aims to capture the potential alpha from the dispersion between industry allocations and the broad market. During temporary defensive periods, the fund may depart from this principal investment strategy to invest 100% of the portfolio in liquid, short-term securities. The fund may engage in active and frequent trading. Derivatives may also be used to seek returns or hedge exposure. Up to one-third of the value of the funds assets may be lending.

Grade (RS Rating)

Last Trade

$28.37

Average Daily Volume

3,683

Number of Holdings ^*

444

* may have additional holdings in another (foreign) market

Performance

Period	VONV	INRO
30 Days	1.23%	2.93%
60 Days	5.38%	8.21%
90 Days	7.88%	9.07%
12 Months	29.73%

358 Overlapping Holdings

	Symbol	Grade	Weight in VONV	Weight in INRO	Overlap
	A	F	0.17%	0.1%	0.1%
	ABT	C	0.78%	0.07%	0.07%
	ACGL	D	0.16%	0.07%	0.07%
	ACM	B	0.06%	0.04%	0.04%
	ACN	C	0.88%	0.13%	0.13%
	ADI	F	0.45%	0.24%	0.24%
	ADP	A	0.03%	0.23%	0.03%
	AEP	D	0.21%	0.2%	0.2%
	AFG	A	0.04%	0.02%	0.02%
	AFL	C	0.25%	0.17%	0.17%
	AIG	B	0.19%	0.16%	0.16%
	AIZ	A	0.04%	0.03%	0.03%
	AJG	A	0.22%	0.17%	0.17%
	AKAM	F	0.06%	0.01%	0.01%
	ALGN	F	0.03%	0.01%	0.01%
	ALL	A	0.17%	0.14%	0.14%
	ALLE	D	0.05%	0.07%	0.05%
	ALLY	C	0.03%	0.02%	0.02%
	AMAT	F	0.05%	0.32%	0.05%
	AMCR	D	0.06%	0.22%	0.06%
	AMD	F	0.36%	0.48%	0.36%
	AME	A	0.16%	0.08%	0.08%
	AMP	A	0.02%	0.17%	0.02%
	ANSS	B	0.11%	0.05%	0.05%
	AON	A	0.27%	0.2%	0.2%
	AOS	F	0.04%	0.06%	0.04%
	APA	F	0.04%	0.01%	0.01%
	APH	B	0.13%	0.13%	0.13%
	APO	B	0.07%	0.04%	0.04%
	ARE	F	0.08%	0.02%	0.02%
	AVTR	F	0.07%	0.04%	0.04%
	AVY	F	0.04%	0.25%	0.04%
	AXP	B	0.38%	1.43%	0.38%
	AZO	C	0.02%	0.19%	0.02%
	BA	F	0.29%	0.08%	0.08%
	BAC	A	1.07%	0.89%	0.89%
	BALL	D	0.08%	0.28%	0.08%
	BAX	F	0.08%	0.01%	0.01%
	BBWI	C	0.03%	0.03%	0.03%
	BBY	D	0.09%	0.07%	0.07%
	BDX	D	0.28%	0.02%	0.02%
	BEN	C	0.02%	0.03%	0.02%
	BIO	C	0.03%	0.02%	0.02%
	BK	B	0.21%	0.11%	0.11%
	BKNG	A	0.03%	0.09%	0.03%
	BLDR	D	0.08%	0.13%	0.08%
	BMY	B	0.42%	0.03%	0.03%
	BR	A	0.01%	0.07%	0.01%
	BRK.A	B	3.33%	0.41%	0.41%
	BRO	A	0.05%	0.08%	0.05%
	BSX	A	0.49%	0.04%	0.04%
	BXP	D	0.05%	0.87%	0.05%
	C	A	0.47%	0.38%	0.38%
	CAH	A	0.04%	0.01%	0.01%
	CARR	C	0.22%	0.37%	0.22%
	CAT	C	0.65%	0.53%	0.53%
	CB	C	0.46%	0.31%	0.31%
	CBOE	D	0.09%	0.04%	0.04%
	CBRE	A	0.15%	0.09%	0.09%
	CCI	F	0.2%	0.09%	0.09%
	CCK	D	0.04%	0.17%	0.04%
	CCL	A	0.07%	0.01%	0.01%
	CDW	F	0.06%	0.04%	0.04%
	CEG	D	0.27%	0.26%	0.26%
	CFG	B	0.07%	0.06%	0.06%
	CG	C	0.04%	0.04%	0.04%
	CHRD	F	0.03%	0.01%	0.01%
	CI	D	0.35%	0.04%	0.04%
	CINF	A	0.08%	0.07%	0.07%
	CME	A	0.31%	0.27%	0.27%
	CMI	A	0.17%	0.13%	0.13%
	CNC	F	0.16%	0.01%	0.01%
	CNH	D	0.04%	0.02%	0.02%
	COF	B	0.22%	0.57%	0.22%
	COIN	B	0.02%	0.11%	0.02%
	COP	C	0.49%	0.19%	0.19%
	CPRT	A	0.01%	0.23%	0.01%
	CRL	C	0.04%	0.02%	0.02%
	CRM	B	0.15%	0.46%	0.15%
	CSGP	D	0.12%	0.06%	0.06%
	CSL	B	0.07%	0.13%	0.07%
	CSX	B	0.27%	0.21%	0.21%
	CTAS	A	0.01%	0.4%	0.01%
	CTRA	B	0.07%	0.03%	0.03%
	CTSH	A	0.15%	0.03%	0.03%
	CVS	F	0.31%	0.03%	0.03%
	CVX	B	1.0%	0.4%	0.4%
	DAL	A	0.13%	0.02%	0.02%
	DASH	A	0.02%	0.03%	0.02%
	DAY	C	0.03%	0.02%	0.02%
	DE	D	0.42%	0.3%	0.3%
	DELL	B	0.11%	0.07%	0.07%
	DFS	B	0.14%	0.34%	0.14%
	DG	F	0.07%	0.02%	0.02%
	DGX	A	0.07%	0.01%	0.01%
	DHI	F	0.22%	0.38%	0.22%
	DHR	F	0.71%	0.38%	0.38%
	DINO	D	0.03%	0.01%	0.01%
	DKS	F	0.04%	0.05%	0.04%
	DLR	C	0.21%	0.11%	0.11%
	DLTR	F	0.06%	0.01%	0.01%
	DOC	C	0.06%	0.02%	0.02%
	DOV	A	0.1%	0.08%	0.08%
	DPZ	C	0.04%	0.01%	0.01%
	DRI	B	0.04%	0.02%	0.02%
	DUK	D	0.35%	0.33%	0.33%
	DVN	F	0.1%	0.04%	0.04%
	EBAY	C	0.13%	0.04%	0.04%
	EFX	D	0.11%	0.07%	0.07%
	EG	D	0.06%	0.04%	0.04%
	EIX	C	0.13%	0.12%	0.12%
	ELV	F	0.4%	0.04%	0.04%
	EME	B	0.05%	0.06%	0.05%
	EMR	A	0.25%	0.13%	0.13%
	EOG	A	0.28%	0.11%	0.11%
	EPAM	B	0.04%	0.01%	0.01%
	EQIX	B	0.31%	0.17%	0.17%
	EQT	B	0.08%	0.04%	0.04%
	ES	D	0.09%	0.08%	0.08%
	ETN	A	0.52%	0.27%	0.27%
	ETR	B	0.11%	0.13%	0.11%
	EVRG	A	0.05%	0.06%	0.05%
	EW	D	0.13%	0.01%	0.01%
	EXC	C	0.16%	0.15%	0.15%
	EXR	D	0.15%	0.07%	0.07%
	F	C	0.16%	0.06%	0.06%
	FANG	D	0.13%	0.06%	0.06%
	FAST	A	0.03%	0.38%	0.03%
	FBIN	F	0.04%	0.07%	0.04%
	FCNCA	B	0.09%	0.06%	0.06%
	FCX	F	0.28%	0.15%	0.15%
	FDS	A	0.04%	0.07%	0.04%
	FE	D	0.1%	0.08%	0.08%
	FI	A	0.28%	0.08%	0.08%
	FICO	B	0.03%	0.07%	0.03%
	FIS	B	0.19%	0.04%	0.04%
	FITB	A	0.12%	0.1%	0.1%
	FNF	C	0.06%	0.0%	0.0%
	FSLR	F	0.11%	0.04%	0.04%
	FTNT	B	0.04%	0.08%	0.04%
	FTV	D	0.11%	0.07%	0.07%
	GD	A	0.33%	0.06%	0.06%
	GE	C	0.64%	0.17%	0.17%
	GEHC	F	0.15%	0.01%	0.01%
	GEN	A	0.06%	0.03%	0.03%
	GEV	B	0.27%	0.16%	0.16%
	GGG	B	0.06%	0.04%	0.04%
	GLPI	D	0.05%	0.03%	0.03%
	GLW	C	0.14%	0.06%	0.06%
	GM	A	0.2%	0.08%	0.08%
	GPN	B	0.1%	0.02%	0.02%
	GRMN	A	0.11%	0.23%	0.11%
	GS	B	0.45%	0.55%	0.45%
	GWW	B	0.02%	0.41%	0.02%
	H	B	0.02%	0.0%	0.0%
	HBAN	B	0.08%	0.06%	0.06%
	HCA	D	0.23%	0.03%	0.03%
	HD	B	0.32%	1.45%	0.32%
	HES	C	0.05%	0.05%	0.05%
	HIG	C	0.14%	0.1%	0.1%
	HII	D	0.04%	0.0%	0.0%
	HLT	A	0.11%	0.03%	0.03%
	HOLX	D	0.07%	0.01%	0.01%
	HON	B	0.45%	1.28%	0.45%
	HOOD	B	0.06%	0.04%	0.04%
	HPE	B	0.11%	0.05%	0.05%
	HPQ	B	0.11%	0.06%	0.06%
	HUBB	B	0.09%	0.04%	0.04%
	HUM	D	0.15%	0.01%	0.01%
	HWM	A	0.15%	0.03%	0.03%
	IBM	C	0.8%	0.12%	0.12%
	ICE	D	0.36%	0.32%	0.32%
	IEX	B	0.06%	0.04%	0.04%
	ILMN	C	0.08%	0.06%	0.06%
	INTC	C	0.4%	0.2%	0.2%
	IP	C	0.07%	0.28%	0.07%
	IQV	F	0.15%	0.09%	0.09%
	IR	A	0.16%	0.11%	0.11%
	IRM	D	0.06%	0.07%	0.06%
	ITW	A	0.19%	0.22%	0.19%
	J	B	0.06%	0.03%	0.03%
	JBHT	B	0.06%	0.05%	0.05%
	JBL	C	0.05%	0.02%	0.02%
	JCI	A	0.17%	0.31%	0.17%
	JKHY	C	0.05%	0.0%	0.0%
	JNJ	D	1.55%	0.1%	0.1%
	JPM	B	2.39%	1.93%	1.93%
	KEY	B	0.06%	0.05%	0.05%
	KEYS	C	0.11%	0.04%	0.04%
	KKR	B	0.25%	0.27%	0.25%
	KMI	B	0.17%	0.08%	0.08%
	KMX	C	0.04%	0.05%	0.04%
	KNX	B	0.03%	0.02%	0.02%
	KR	A	0.15%	0.04%	0.04%
	L	A	0.06%	0.04%	0.04%
	LDOS	B	0.09%	0.05%	0.05%
	LEN	D	0.01%	0.32%	0.01%
	LEN	D	0.18%	0.32%	0.18%
	LH	A	0.07%	0.01%	0.01%
	LHX	A	0.18%	0.04%	0.04%
	LMT	C	0.34%	0.1%	0.1%
	LNG	B	0.08%	0.06%	0.06%
	LNT	C	0.06%	0.06%	0.06%
	LOW	B	0.61%	0.56%	0.56%
	LUV	B	0.07%	0.01%	0.01%
	MAR	A	0.23%	0.04%	0.04%
	MAS	D	0.07%	0.11%	0.07%
	MCD	C	0.81%	0.14%	0.14%
	MCHP	F	0.17%	0.09%	0.09%
	MCK	A	0.14%	0.03%	0.03%
	MDT	D	0.46%	0.04%	0.04%
	MET	C	0.19%	0.14%	0.14%
	MGM	D	0.04%	0.01%	0.01%
	MKL	A	0.06%	0.05%	0.05%
	MKTX	C	0.04%	0.04%	0.04%
	MLM	B	0.12%	0.82%	0.12%
	MMC	C	0.38%	0.32%	0.32%
	MMM	C	0.24%	0.66%	0.24%
	MO	A	0.35%	0.31%	0.31%
	MOH	F	0.03%	0.01%	0.01%
	MPC	D	0.23%	0.08%	0.08%
	MRO	B	0.06%	0.03%	0.03%
	MRVL	B	0.22%	0.16%	0.16%
	MS	A	0.45%	0.46%	0.45%
	MSCI	B	0.07%	0.16%	0.07%
	MSTR	B	0.1%	0.06%	0.06%
	MTB	B	0.12%	0.1%	0.1%
	MTCH	F	0.04%	0.03%	0.03%
	MTD	F	0.13%	0.07%	0.07%
	MU	D	0.45%	0.24%	0.24%
	NDAQ	A	0.12%	0.11%	0.11%
	NDSN	B	0.06%	0.04%	0.04%
	NEE	D	0.69%	0.6%	0.6%
	NEM	F	0.24%	0.14%	0.14%
	NOC	C	0.29%	0.06%	0.06%
	NRG	B	0.04%	0.07%	0.04%
	NSC	B	0.22%	0.17%	0.17%
	NTAP	D	0.06%	0.04%	0.04%
	NTRS	A	0.07%	0.08%	0.07%
	NVR	D	0.11%	0.23%	0.11%
	OC	A	0.06%	0.09%	0.06%
	OKE	A	0.21%	0.08%	0.08%
	OKTA	C	0.03%	0.01%	0.01%
	ON	F	0.12%	0.06%	0.06%
	ORLY	A	0.02%	0.25%	0.02%
	OTIS	C	0.17%	0.12%	0.12%
	OVV	C	0.04%	0.02%	0.02%
	OXY	D	0.14%	0.05%	0.05%
	PAYC	B	0.01%	0.02%	0.01%
	PAYX	B	0.11%	0.09%	0.09%
	PCAR	B	0.2%	0.16%	0.16%
	PCG	A	0.17%	0.15%	0.15%
	PFE	F	0.65%	0.04%	0.04%
	PFG	C	0.08%	0.07%	0.07%
	PGR	A	0.09%	0.4%	0.09%
	PH	A	0.32%	0.24%	0.24%
	PHM	D	0.12%	0.2%	0.12%
	PKG	B	0.08%	0.31%	0.08%
	PM	C	0.75%	0.67%	0.67%
	PNC	B	0.29%	0.24%	0.24%
	PNR	A	0.06%	0.05%	0.05%
	PPL	A	0.1%	0.05%	0.05%
	PRU	B	0.17%	0.09%	0.09%
	PSA	C	0.19%	0.1%	0.1%
	PSTG	D	0.01%	0.03%	0.01%
	PSX	D	0.22%	0.08%	0.08%
	PTC	B	0.03%	0.04%	0.03%
	PWR	B	0.12%	0.13%	0.12%
	PYPL	A	0.32%	0.05%	0.05%
	QCOM	F	0.05%	0.39%	0.05%
	QRVO	F	0.04%	0.02%	0.02%
	RCL	A	0.11%	0.03%	0.03%
	RF	B	0.08%	0.07%	0.07%
	RIVN	D	0.04%	0.01%	0.01%
	RJF	A	0.09%	0.1%	0.09%
	RMD	C	0.1%	0.01%	0.01%
	ROK	B	0.11%	0.06%	0.06%
	ROP	A	0.24%	0.09%	0.09%
	ROST	F	0.15%	0.18%	0.15%
	RSG	A	0.16%	0.23%	0.16%
	RTX	C	0.64%	0.14%	0.14%
	RVTY	C	0.06%	0.04%	0.04%
	SBAC	D	0.1%	0.05%	0.05%
	SBUX	B	0.1%	0.07%	0.07%
	SCHW	A	0.34%	0.34%	0.34%
	SEIC	A	0.03%	0.06%	0.03%
	SNA	A	0.06%	0.05%	0.05%
	SO	D	0.39%	0.37%	0.37%
	SPGI	C	0.64%	0.51%	0.51%
	SQ	B	0.09%	0.03%	0.03%
	SSNC	C	0.06%	0.03%	0.03%
	STE	F	0.09%	0.01%	0.01%
	STT	B	0.11%	0.11%	0.11%
	SW	C	0.1%	0.41%	0.1%
	SWK	F	0.07%	0.04%	0.04%
	SWKS	F	0.06%	0.03%	0.03%
	SYF	B	0.08%	0.21%	0.08%
	SYK	A	0.36%	0.04%	0.04%
	SYY	B	0.06%	0.03%	0.03%
	TDG	B	0.25%	0.06%	0.06%
	TDY	A	0.08%	0.03%	0.03%
	TECH	B	0.05%	0.03%	0.03%
	TER	F	0.01%	0.03%	0.01%
	TFC	B	0.23%	0.18%	0.18%
	TGT	C	0.29%	0.07%	0.07%
	TJX	B	0.22%	0.47%	0.22%
	TMO	F	0.93%	0.49%	0.49%
	TMUS	A	0.4%	4.54%	0.4%
	TRMB	B	0.06%	0.02%	0.02%
	TROW	B	0.09%	0.05%	0.05%
	TRU	D	0.08%	0.04%	0.04%
	TRV	B	0.21%	0.16%	0.16%
	TT	A	0.23%	0.54%	0.23%
	TTC	F	0.04%	0.02%	0.02%
	TW	C	0.03%	0.06%	0.03%
	TWLO	A	0.03%	0.01%	0.01%
	TXN	C	0.65%	0.39%	0.39%
	TXT	C	0.07%	0.01%	0.01%
	TYL	B	0.01%	0.04%	0.01%
	UHAL	C	0.02%	0.02%	0.02%
	UHAL	C	0.0%	0.02%	0.0%
	UHS	D	0.05%	0.01%	0.01%
	ULTA	C	0.01%	0.07%	0.01%
	UNH	B	1.98%	0.23%	0.23%
	UNP	C	0.31%	0.44%	0.31%
	URI	B	0.16%	0.44%	0.16%
	USB	A	0.28%	0.23%	0.23%
	VICI	D	0.14%	0.06%	0.06%
	VLO	D	0.17%	0.06%	0.06%
	VLTO	C	0.06%	0.13%	0.06%
	VMC	B	0.1%	0.81%	0.1%
	VRSN	C	0.06%	0.01%	0.01%
	VTR	C	0.1%	0.04%	0.04%
	VTRS	B	0.05%	0.01%	0.01%
	WAB	A	0.13%	0.1%	0.1%
	WAT	A	0.03%	0.05%	0.03%
	WBA	D	0.03%	0.01%	0.01%
	WDC	D	0.09%	0.04%	0.04%
	WELL	B	0.31%	0.11%	0.11%
	WFC	A	0.78%	0.68%	0.68%
	WMB	B	0.22%	0.1%	0.1%
	WMT	A	1.39%	0.36%	0.36%
	WRB	B	0.07%	0.05%	0.05%
	WSM	F	0.03%	0.07%	0.03%
	WSO	A	0.07%	0.14%	0.07%
	WST	B	0.03%	0.05%	0.03%
	WTW	A	0.12%	0.06%	0.06%
	WY	F	0.1%	0.05%	0.05%
	WYNN	F	0.04%	0.01%	0.01%
	XEL	A	0.14%	0.14%	0.14%
	XOM	B	2.08%	0.79%	0.79%
	XYL	D	0.13%	0.08%	0.08%
	YUM	B	0.1%	0.02%	0.02%
	Z	B	0.03%	0.02%	0.02%
	ZBH	C	0.09%	0.01%	0.01%
	ZBRA	A	0.06%	0.03%	0.03%
	ZM	B	0.07%	0.03%	0.03%
	ZTS	D	0.06%	0.02%	0.02%

VONV Overweight 486 Positions Relative to INRO

	Symbol	Grade	Weight
	PG	C	1.26%
	LIN	D	0.91%
	CSCO	A	0.85%
	ABBV	D	0.79%
	VZ	C	0.75%
	DIS	B	0.7%
	CMCSA	B	0.63%
	T	A	0.62%
	BLK	B	0.55%
	KO	F	0.47%
	PLD	D	0.46%
	GILD	C	0.41%
	REGN	F	0.4%
	MDLZ	F	0.39%
	UPS	C	0.39%
	APD	B	0.26%
	FDX	B	0.25%
	SLB	C	0.24%
	VRTX	B	0.24%
	O	D	0.22%
	SRE	A	0.21%
	D	D	0.19%
	PEP	D	0.19%
	KVUE	B	0.18%
	PEG	C	0.18%
	KDP	D	0.16%
	NKE	F	0.16%
	SPG	B	0.16%
	STZ	D	0.16%
	CTVA	C	0.16%
	GIS	F	0.16%
	DD	D	0.15%
	CL	F	0.15%
	AMGN	F	0.15%
	EA	A	0.15%
	DOW	F	0.15%
	MSI	B	0.15%
	ED	D	0.14%
	NUE	C	0.14%
	BKR	B	0.14%
	AVB	A	0.13%
	WEC	B	0.12%
	CHTR	B	0.12%
	PPG	F	0.12%
	KHC	F	0.12%
	DTE	D	0.11%
	IFF	F	0.11%
	EQR	C	0.11%
	KMB	F	0.11%
	BIIB	F	0.11%
	ADM	F	0.11%
	AWK	D	0.11%
	HSY	D	0.1%
	LYB	F	0.1%
	CHD	B	0.1%
	HAL	C	0.1%
	TTWO	A	0.1%
	INVH	D	0.09%
	MRNA	F	0.09%
	AEE	A	0.09%
	GPC	D	0.08%
	APTV	D	0.08%
	OMC	B	0.08%
	WBD	B	0.08%
	MKC	D	0.08%
	ATO	A	0.08%
	CMS	C	0.08%
	K	A	0.08%
	RS	B	0.07%
	SUI	D	0.07%
	TSN	C	0.07%
	MAA	C	0.07%
	CNP	B	0.07%
	UAL	B	0.07%
	STLD	B	0.07%
	ESS	C	0.07%
	RNR	D	0.06%
	USFD	A	0.06%
	AES	F	0.06%
	RGA	A	0.06%
	EL	F	0.06%
	IBKR	A	0.06%
	RBA	B	0.06%
	UDR	C	0.06%
	KIM	A	0.06%
	CAG	F	0.06%
	EXPD	D	0.06%
	NI	A	0.06%
	CF	B	0.06%
	UTHR	B	0.06%
	TOL	C	0.06%
	THC	B	0.06%
	EWBC	B	0.05%
	CASY	B	0.05%
	NVT	B	0.05%
	TFX	F	0.05%
	COHR	B	0.05%
	BLD	F	0.05%
	RPM	A	0.05%
	IPG	F	0.05%
	CUBE	D	0.05%
	CLH	B	0.05%
	CVNA	B	0.05%
	HST	C	0.05%
	ITT	A	0.05%
	CW	B	0.05%
	SJM	F	0.05%
	JNPR	D	0.05%
	CPT	C	0.05%
	CHRW	A	0.05%
	FFIV	A	0.05%
	AMH	C	0.05%
	EMN	D	0.05%
	ELS	C	0.05%
	BMRN	F	0.05%
	REG	A	0.05%
	WPC	F	0.05%
	BG	D	0.05%
	DCI	A	0.04%
	CIEN	B	0.04%
	NYT	C	0.04%
	EGP	C	0.04%
	CZR	F	0.04%
	INGR	B	0.04%
	SNX	C	0.04%
	EVR	B	0.04%
	PRI	A	0.04%
	HRL	F	0.04%
	RGLD	C	0.04%
	WAL	B	0.04%
	HSIC	F	0.04%
	GL	B	0.04%
	SF	B	0.04%
	CPB	F	0.04%
	FRT	C	0.04%
	AFRM	B	0.04%
	EHC	A	0.04%
	SOLV	D	0.04%
	AA	C	0.04%
	FOXA	A	0.04%
	WTRG	C	0.04%
	INCY	B	0.04%
	TTEK	C	0.04%
	DOX	C	0.04%
	OHI	C	0.04%
	PNW	B	0.04%
	NWSA	B	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%
	LKQ	D	0.04%
	ATR	A	0.04%
	TPR	B	0.04%
	REXR	F	0.04%
	BJ	B	0.04%
	CE	F	0.04%
	CTLT	D	0.04%
	UNM	A	0.04%
	RRX	C	0.04%
	RPRX	F	0.04%
	ALB	B	0.04%
	CACI	C	0.04%
	FTI	B	0.04%
	SCI	B	0.04%
	LW	C	0.03%
	BPOP	C	0.03%
	MAT	C	0.03%
	OSK	B	0.03%
	PARA	C	0.03%
	IVZ	C	0.03%
	PB	B	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%
	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%
	CROX	F	0.03%
	WTFC	B	0.03%
	STAG	D	0.03%
	KEX	B	0.03%
	HRB	D	0.03%
	CBSH	A	0.03%
	RGEN	C	0.03%
	SAIC	C	0.03%
	ELAN	D	0.03%
	RRC	B	0.03%
	FR	C	0.03%
	MNST	B	0.03%
	SSD	D	0.03%
	WCC	B	0.03%
	MIDD	C	0.03%
	HLI	B	0.03%
	CRBG	C	0.03%
	PNFP	B	0.03%
	ADC	A	0.03%
	EXAS	F	0.03%
	APG	B	0.03%
	ONTO	F	0.03%
	JEF	A	0.03%
	DTM	B	0.03%
	LECO	C	0.03%
	WEX	D	0.03%
	AGNC	C	0.03%
	MTZ	B	0.03%
	ACI	C	0.03%
	BERY	C	0.03%
	CR	B	0.03%
	RL	B	0.03%
	SWN	C	0.03%
	X	C	0.03%
	BWXT	A	0.03%
	BRBR	A	0.03%
	KBR	B	0.03%
	COKE	C	0.03%
	SHW	A	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%
	GWRE	A	0.03%
	FMC	F	0.03%
	OGE	B	0.03%
	ATI	D	0.03%
	FND	F	0.03%
	AR	B	0.03%
	MHK	D	0.03%
	BRX	A	0.03%
	ECL	C	0.03%
	ALSN	A	0.03%
	TKO	D	0.03%
	AYI	B	0.03%
	FHN	A	0.03%
	RBC	B	0.03%
	MOS	D	0.03%
	GME	C	0.03%
	LAD	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%
	AWI	B	0.02%
	MSM	B	0.02%
	CLF	D	0.02%
	ALNY	D	0.02%
	GFS	C	0.02%
	HUN	F	0.02%
	RH	C	0.02%
	IAC	F	0.02%
	BILL	A	0.02%
	AGO	B	0.02%
	PII	F	0.02%
	DBX	B	0.02%
	WTM	A	0.02%
	LITE	A	0.02%
	SITE	D	0.02%
	SLGN	A	0.02%
	M	D	0.02%
	EEFT	C	0.02%
	FLO	F	0.02%
	FRPT	B	0.02%
	ASH	F	0.02%
	GAP	B	0.02%
	OZK	B	0.02%
	BYD	A	0.02%
	AN	C	0.02%
	CUZ	C	0.02%
	DLB	C	0.02%
	KRC	C	0.02%
	HOG	F	0.02%
	AL	B	0.02%
	RYN	F	0.02%
	PSN	B	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	B	0.02%
	ROIV	C	0.02%
	WSC	F	0.02%
	HXL	D	0.02%
	OGN	F	0.02%
	JHG	B	0.02%
	SEE	C	0.02%
	FNB	A	0.02%
	WLK	F	0.02%
	FOX	A	0.02%
	W	F	0.02%
	KD	A	0.02%
	IDA	A	0.02%
	VNT	B	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	D	0.02%
	WH	A	0.02%
	MTDR	C	0.02%
	ZG	B	0.02%
	COLB	B	0.02%
	S	B	0.02%
	TKR	F	0.02%
	AMG	B	0.02%
	PVH	C	0.02%
	OLN	D	0.02%
	NFG	C	0.02%
	MDU	F	0.02%
	THO	B	0.02%
	SRCL	B	0.02%
	POST	D	0.02%
	ALK	A	0.02%
	WHR	B	0.02%
	BC	C	0.02%
	SIRI	D	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	A	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	D	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	D	0.01%
	REYN	D	0.01%
	GO	C	0.01%
	PPC	B	0.01%
	LEG	F	0.01%
	IPGP	C	0.01%
	BIRK	F	0.01%
	SAM	B	0.01%
	UAA	B	0.01%
	VSTS	D	0.01%
	PINC	A	0.01%
	AZEK	B	0.01%
	QS	F	0.01%
	BROS	B	0.01%
	GLOB	B	0.01%
	ADTN	B	0.01%
	LPX	B	0.01%
	HAYW	C	0.01%
	EXP	B	0.01%
	RCM	B	0.01%
	ETSY	C	0.01%
	JWN	B	0.01%
	BOKF	B	0.01%
	MP	C	0.01%
	AAP	D	0.01%
	CRI	D	0.01%
	KSS	F	0.01%
	ENOV	C	0.01%
	YETI	C	0.01%
	HHH	B	0.01%
	CNXC	F	0.01%
	VIRT	B	0.01%
	AZTA	F	0.01%
	SPB	B	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	D	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	B	0.01%
	FHB	B	0.01%
	TNL	A	0.01%
	PAG	B	0.01%
	AMED	F	0.01%
	IRDM	C	0.01%
	LCID	F	0.01%
	NXST	C	0.01%
	AM	B	0.01%
	ZI	D	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	F	0.01%
	DNB	B	0.01%
	PRGO	C	0.01%
	MSGS	C	0.01%
	GTES	B	0.01%
	TPG	B	0.01%
	DXC	B	0.01%
	EPR	D	0.01%
	NEU	C	0.01%
	CIVI	F	0.01%
	SMG	D	0.01%
	KMPR	A	0.01%
	U	F	0.01%
	SEG	F	0.0%
	UWMC	F	0.0%
	NFE	F	0.0%
	DJT	D	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	D	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	D	0.0%
	CNA	C	0.0%
	DDS	C	0.0%
	HAS	D	0.0%
	WOLF	F	0.0%
	EXEL	B	0.0%

VONV Underweight 88 Positions Relative to INRO

	Symbol	Grade	Weight
	NVDA	B	-7.14%
	AAPL	C	-5.81%
	MSFT	C	-4.62%
	META	B	-3.86%
	GOOGL	B	-3.12%
	GOOG	B	-2.71%
	AMZN	A	-2.44%
	AVGO	C	-1.59%
	TSLA	B	-0.98%
	ORCL	A	-0.45%
	WM	A	-0.45%
	UBER	F	-0.43%
	COST	B	-0.38%
	BX	A	-0.38%
	ADBE	C	-0.34%
	V	A	-0.31%
	NOW	A	-0.31%
	MA	B	-0.28%
	INTU	A	-0.28%
	MCO	C	-0.26%
	VEEV	B	-0.25%
	WCN	A	-0.24%
	LRCX	F	-0.21%
	PANW	A	-0.19%
	KLAC	F	-0.19%
	AMT	F	-0.19%
	LLY	F	-0.16%
	CDNS	B	-0.13%
	MELI	D	-0.13%
	NXPI	F	-0.13%
	SNPS	B	-0.13%
	PLTR	B	-0.13%
	LII	B	-0.12%
	ODFL	B	-0.12%
	ARES	B	-0.11%
	TSCO	C	-0.11%
	CRWD	B	-0.11%
	ADSK	A	-0.1%
	VRT	B	-0.08%
	MPWR	F	-0.08%
	WDAY	B	-0.08%
	MRK	F	-0.07%
	LPLA	B	-0.07%
	ROL	B	-0.07%
	VRSK	A	-0.07%
	DDOG	B	-0.06%
	TEAM	B	-0.06%
	ISRG	A	-0.06%
	PINS	F	-0.06%
	BURL	C	-0.06%
	TRGP	B	-0.05%
	CMG	B	-0.05%
	APP	B	-0.05%
	STX	D	-0.04%
	SNAP	C	-0.04%
	ABNB	C	-0.04%
	HUBS	B	-0.04%
	BAH	C	-0.04%
	DOCU	B	-0.03%
	MANH	C	-0.03%
	ENPH	F	-0.03%
	FLUT	A	-0.03%
	DT	C	-0.03%
	ERIE	F	-0.03%
	TPL	B	-0.03%
	ZS	B	-0.03%
	ENTG	D	-0.03%
	NET	B	-0.02%
	BSY	F	-0.02%
	IOT	B	-0.02%
	SNOW	C	-0.02%
	IT	A	-0.02%
	AXON	B	-0.02%
	SMCI	F	-0.02%
	TOST	A	-0.01%
	HEI	B	-0.01%
	IDXX	D	-0.01%
	DXCM	C	-0.01%
	DKNG	B	-0.01%
	MDB	C	-0.01%
	CPAY	A	-0.01%
	LVS	C	-0.01%
	EXPE	B	-0.01%
	GDDY	A	-0.01%
	COR	A	-0.01%
	DVA	C	-0.0%
	PODD	B	-0.0%
	HEI	B	-0.0%

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

INRO: Top Represented Industries & Keywords

Industries: Software - Application Diversified Industrials Business Services Diagnostics & Research Semiconductors Asset Management Oil & Gas E&P Capital Markets Software - Infrastructure Utilities - Regulated Electric Aerospace & Defense Banks - Regional - US Specialty Retail Insurance - Property & Casualty Internet Content & Information Medical Devices Credit Services Health Care Plans Information Technology Services Medical Instruments & Supplies

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