VONV vs. QARP ETF Comparison

Comparison of Vanguard Russell 1000 Value ETF (VONV) to Xtrackers Russell 1000 US QARP ETF (QARP)

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 1000Â® 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

QARP

Xtrackers Russell 1000 US QARP ETF

QARP Description

The investment seeks investment results that correspond generally to the performance, before fees and expenses, of the Russell 1000 2Qual/Val 5% Capped Factor Index (the "underlying index"). The fund will invest at least 80% of its total assets (but typically far more) in component securities of the underlying index. The underlying index is designed to track the equity market performance of companies in the United States selected on the investment style criteria ("factors") of quality and value. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$51.90

Average Daily Volume

19,310

Number of Holdings ^*

344

* may have additional holdings in another (foreign) market

Performance

Period	VONV	QARP
30 Days	3.44%	2.69%
60 Days	5.25%	3.89%
90 Days	8.24%	5.41%
12 Months	23.07%	24.09%

299 Overlapping Holdings

Symbol	Grade	Weight in VONV	Weight in QARP	Overlap
A	C	0.17%	0.1%	0.1%
AAL	D	0.03%	0.03%	0.03%
ABBV	C	0.79%	0.02%	0.02%
ABT	C	0.79%	0.23%	0.23%
ACGL	C	0.16%	0.28%	0.16%
ACI	F	0.03%	0.06%	0.03%
ACM	B	0.05%	0.03%	0.03%
ACN	C	0.86%	1.2%	0.86%
ADI	C	0.47%	0.09%	0.09%
ADM	D	0.12%	0.32%	0.12%
ADP	B	0.03%	0.21%	0.03%
AGCO	D	0.02%	0.06%	0.02%
ALB	D	0.04%	0.02%	0.02%
ALGN	D	0.03%	0.05%	0.03%
ALK	C	0.02%	0.04%	0.02%
ALSN	B	0.03%	0.03%	0.03%
AMAT	D	0.05%	0.78%	0.05%
AMCR	B	0.07%	0.04%	0.04%
AMD	D	0.33%	0.08%	0.08%
AMG	C	0.02%	0.09%	0.02%
AMGN	B	0.16%	0.03%	0.03%
AON	B	0.27%	0.33%	0.27%
AOS	D	0.04%	0.07%	0.04%
APA	F	0.04%	0.02%	0.02%
APTV	D	0.08%	0.06%	0.06%
AR	F	0.03%	0.02%	0.02%
ARMK	B	0.04%	0.04%	0.04%
ATO	B	0.08%	0.07%	0.07%
AYI	B	0.03%	0.06%	0.03%
AZO	D	0.02%	0.36%	0.02%
BBWI	F	0.03%	0.02%	0.02%
BBY	C	0.09%	0.26%	0.09%
BIIB	F	0.12%	0.02%	0.02%
BJ	D	0.04%	0.1%	0.04%
BKNG	C	0.03%	0.65%	0.03%
BKR	C	0.14%	0.08%	0.08%
BLD	D	0.05%	0.05%	0.05%
BLDR	C	0.08%	0.17%	0.08%
BMY	C	0.41%	0.55%	0.41%
BRK.A	C	3.5%	5.43%	3.5%
BWA	D	0.03%	0.06%	0.03%
CAH	C	0.04%	0.4%	0.04%
CASY	D	0.04%	0.12%	0.04%
CAT	B	0.6%	0.61%	0.6%
CBOE	C	0.09%	0.08%	0.08%
CBRE	A	0.14%	0.09%	0.09%
CCL	C	0.07%	0.03%	0.03%
CDW	D	0.06%	0.02%	0.02%
CE	F	0.04%	0.04%	0.04%
CF	C	0.06%	0.12%	0.06%
CHE	C	0.03%	0.04%	0.03%
CHK	D	0.04%	0.05%	0.04%
CHRD	F	0.04%	0.05%	0.04%
CHRW	B	0.05%	0.06%	0.05%
CHTR	D	0.13%	0.12%	0.12%
CI	C	0.37%	0.64%	0.37%
CINF	B	0.08%	0.09%	0.08%
CL	D	0.16%	0.26%	0.16%
CLF	F	0.02%	0.05%	0.02%
CMCSA	D	0.62%	0.82%	0.62%
CMI	C	0.17%	0.23%	0.17%
CNC	D	0.17%	0.3%	0.17%
CNM	F	0.01%	0.04%	0.01%
CNP	C	0.07%	0.04%	0.04%
COF	B	0.22%	0.13%	0.13%
COIN	F	0.02%	0.03%	0.02%
COKE	C	0.03%	0.04%	0.03%
COP	D	0.54%	0.76%	0.54%
CPB	C	0.04%	0.03%	0.03%
CPRT	D	0.01%	0.06%	0.01%
CROX	D	0.03%	0.03%	0.03%
CRUS	D	0.03%	0.03%	0.03%
CSCO	C	0.82%	1.77%	0.82%
CSL	B	0.07%	0.05%	0.05%
CSX	D	0.27%	0.07%	0.07%
CTAS	B	0.01%	0.08%	0.01%
CTRA	D	0.07%	0.1%	0.07%
CTSH	C	0.16%	0.3%	0.16%
CTVA	B	0.16%	0.02%	0.02%
CVS	D	0.29%	0.2%	0.2%
CVX	D	1.02%	1.39%	1.02%
DAL	C	0.11%	0.16%	0.11%
DBX	D	0.02%	0.04%	0.02%
DCI	C	0.04%	0.04%	0.04%
DD	B	0.14%	0.02%	0.02%
DE	B	0.39%	0.25%	0.25%
DGX	B	0.07%	0.03%	0.03%
DHI	B	0.22%	0.37%	0.22%
DINO	F	0.03%	0.02%	0.02%
DKS	D	0.05%	0.1%	0.05%
DLTR	F	0.07%	0.07%	0.07%
DOW	D	0.15%	0.08%	0.08%
DOX	C	0.04%	0.07%	0.04%
DPZ	F	0.04%	0.03%	0.03%
DRI	B	0.04%	0.13%	0.04%
DVN	F	0.11%	0.18%	0.11%
EA	D	0.16%	0.19%	0.16%
EBAY	B	0.12%	0.09%	0.09%
EG	C	0.06%	0.06%	0.06%
EL	F	0.05%	0.03%	0.03%
ELV	C	0.44%	0.67%	0.44%
EME	B	0.04%	0.12%	0.04%
EOG	D	0.3%	0.47%	0.3%
EPAM	F	0.04%	0.04%	0.04%
EVR	A	0.04%	0.09%	0.04%
EW	F	0.14%	0.06%	0.06%
EXEL	C	0.0%	0.03%	0.0%
EXP	B	0.01%	0.05%	0.01%
EXPD	C	0.06%	0.14%	0.06%
FANG	D	0.14%	0.19%	0.14%
FAST	C	0.02%	0.19%	0.02%
FCN	D	0.03%	0.03%	0.03%
FCNCA	D	0.1%	0.13%	0.1%
FCX	D	0.25%	0.04%	0.04%
FDS	C	0.04%	0.1%	0.04%
FDX	C	0.27%	0.34%	0.27%
FFIV	B	0.05%	0.05%	0.05%
FICO	B	0.03%	0.06%	0.03%
FIVE	D	0.0%	0.02%	0.0%
FND	C	0.03%	0.05%	0.03%
FOXA	B	0.04%	0.03%	0.03%
FTNT	C	0.04%	0.18%	0.04%
G	C	0.03%	0.03%	0.03%
GAP	F	0.02%	0.03%	0.02%
GEHC	C	0.13%	0.15%	0.13%
GEV	B	0.22%	0.13%	0.13%
GGG	C	0.06%	0.07%	0.06%
GILD	B	0.4%	0.31%	0.31%
GIS	B	0.16%	0.11%	0.11%
GLPI	C	0.05%	0.03%	0.03%
GM	C	0.23%	0.21%	0.21%
GNTX	F	0.03%	0.04%	0.03%
GPC	D	0.08%	0.08%	0.08%
GRMN	D	0.11%	0.14%	0.11%
GWW	B	0.02%	0.24%	0.02%
HAL	F	0.11%	0.06%	0.06%
HCA	B	0.23%	0.32%	0.23%
HD	B	0.3%	1.94%	0.3%
HII	D	0.04%	0.03%	0.03%
HLI	B	0.03%	0.03%	0.03%
HOLX	B	0.08%	0.05%	0.05%
HPQ	D	0.11%	0.08%	0.08%
HRB	C	0.03%	0.09%	0.03%
HST	C	0.05%	0.03%	0.03%
HSY	C	0.1%	0.1%	0.1%
HUM	F	0.17%	0.4%	0.17%
INCY	C	0.05%	0.06%	0.05%
INGR	B	0.04%	0.04%	0.04%
INTC	F	0.38%	0.07%	0.07%
IP	B	0.07%	0.04%	0.04%
ITT	B	0.05%	0.04%	0.04%
ITW	C	0.19%	0.31%	0.19%
J	C	0.08%	0.04%	0.04%
JBHT	D	0.06%	0.05%	0.05%
JBL	D	0.05%	0.05%	0.05%
JHG	B	0.02%	0.02%	0.02%
JKHY	B	0.05%	0.05%	0.05%
JNJ	C	1.61%	2.71%	1.61%
JNPR	B	0.05%	0.04%	0.04%
K	B	0.08%	0.06%	0.06%
KEYS	C	0.11%	0.12%	0.11%
KMB	D	0.11%	0.18%	0.11%
KNX	C	0.03%	0.03%	0.03%
KR	C	0.14%	0.28%	0.14%
KVUE	C	0.17%	0.21%	0.17%
LAMR	B	0.03%	0.03%	0.03%
LEA	F	0.03%	0.05%	0.03%
LECO	F	0.03%	0.04%	0.03%
LEN	B	0.01%	0.45%	0.01%
LEN	B	0.18%	0.45%	0.18%
LKQ	F	0.04%	0.03%	0.03%
LMT	C	0.33%	0.81%	0.33%
LNG	C	0.08%	0.06%	0.06%
LOPE	D	0.01%	0.03%	0.01%
LOW	B	0.57%	0.76%	0.57%
LPX	B	0.01%	0.03%	0.01%
LSTR	D	0.03%	0.05%	0.03%
LUV	C	0.07%	0.1%	0.07%
LYB	D	0.1%	0.11%	0.1%
M	F	0.02%	0.02%	0.02%
MAR	C	0.22%	0.11%	0.11%
MAS	B	0.07%	0.08%	0.07%
MCD	B	0.78%	0.41%	0.41%
MCHP	F	0.17%	0.04%	0.04%
MCK	F	0.17%	1.01%	0.17%
MGM	F	0.04%	0.05%	0.04%
MHK	C	0.03%	0.03%	0.03%
MKTX	C	0.04%	0.05%	0.04%
MMC	C	0.39%	0.61%	0.39%
MMM	B	0.24%	0.12%	0.12%
MNST	D	0.03%	0.14%	0.03%
MO	C	0.37%	0.65%	0.37%
MOH	D	0.03%	0.07%	0.03%
MOS	F	0.04%	0.04%	0.04%
MPC	F	0.25%	0.28%	0.25%
MRNA	F	0.1%	0.1%	0.1%
MRO	C	0.07%	0.11%	0.07%
MSCI	C	0.08%	0.22%	0.08%
MSM	D	0.02%	0.03%	0.02%
MTD	D	0.12%	0.11%	0.11%
MTG	B	0.03%	0.12%	0.03%
MTZ	B	0.03%	0.02%	0.02%
MU	F	0.43%	0.32%	0.32%
NEU	D	0.02%	0.02%	0.02%
NKE	D	0.15%	0.34%	0.15%
NTAP	D	0.06%	0.06%	0.06%
NUE	F	0.15%	0.37%	0.15%
NVR	B	0.11%	0.23%	0.11%
NYT	C	0.04%	0.04%	0.04%
OC	D	0.06%	0.11%	0.06%
OLN	D	0.02%	0.03%	0.02%
ON	D	0.13%	0.05%	0.05%
ORLY	C	0.02%	0.37%	0.02%
OSK	F	0.03%	0.03%	0.03%
OTIS	C	0.15%	0.04%	0.04%
OVV	F	0.05%	0.03%	0.03%
OXY	F	0.15%	0.06%	0.06%
PAYC	D	0.01%	0.03%	0.01%
PAYX	C	0.11%	0.19%	0.11%
PCAR	D	0.2%	0.21%	0.2%
PFE	C	0.66%	0.59%	0.59%
PFGC	B	0.04%	0.07%	0.04%
PG	C	1.26%	1.51%	1.26%
PGR	B	0.09%	0.06%	0.06%
PHM	B	0.11%	0.23%	0.11%
PII	D	0.02%	0.03%	0.02%
PINC	C	0.01%	0.03%	0.01%
PKG	B	0.07%	0.05%	0.05%
PM	C	0.77%	0.58%	0.58%
PSA	B	0.18%	0.35%	0.18%
PSX	F	0.24%	0.12%	0.12%
PVH	F	0.02%	0.03%	0.02%
PWR	B	0.11%	0.05%	0.05%
PYPL	B	0.3%	0.28%	0.28%
QCOM	D	0.05%	0.27%	0.05%
REGN	C	0.46%	0.4%	0.4%
RHI	D	0.03%	0.06%	0.03%
RL	C	0.03%	0.05%	0.03%
RLI	B	0.02%	0.02%	0.02%
RNR	C	0.05%	0.06%	0.05%
ROK	D	0.11%	0.09%	0.09%
ROST	C	0.15%	0.29%	0.15%
RPRX	C	0.05%	0.03%	0.03%
RS	D	0.07%	0.15%	0.07%
SAIA	D	0.02%	0.04%	0.02%
SBUX	C	0.1%	0.51%	0.1%
SEIC	C	0.03%	0.06%	0.03%
SJM	C	0.05%	0.03%	0.03%
SKX	D	0.03%	0.07%	0.03%
SLB	F	0.25%	0.14%	0.14%
SNA	C	0.06%	0.1%	0.06%
SOLV	C	0.04%	0.11%	0.04%
SPG	B	0.16%	0.2%	0.16%
SPGI	B	0.64%	0.08%	0.08%
SSD	D	0.03%	0.03%	0.03%
STLD	F	0.07%	0.2%	0.07%
SWKS	D	0.07%	0.1%	0.07%
SYF	C	0.08%	0.1%	0.08%
SYY	D	0.06%	0.37%	0.06%
T	C	0.57%	0.72%	0.57%
TAP	D	0.04%	0.03%	0.03%
TER	D	0.01%	0.04%	0.01%
TGT	C	0.29%	0.41%	0.29%
THO	D	0.02%	0.03%	0.02%
TJX	B	0.22%	0.85%	0.22%
TOL	B	0.06%	0.07%	0.06%
TPR	C	0.04%	0.09%	0.04%
TROW	D	0.09%	0.23%	0.09%
TSN	C	0.07%	0.04%	0.04%
TT	B	0.22%	0.07%	0.07%
TTEK	C	0.04%	0.03%	0.03%
TXN	C	0.69%	0.38%	0.38%
TXT	D	0.07%	0.06%	0.06%
UAL	C	0.06%	0.06%	0.06%
UHS	B	0.06%	0.06%	0.06%
ULTA	D	0.01%	0.16%	0.01%
UNH	C	2.03%	2.48%	2.03%
UNP	C	0.33%	0.14%	0.14%
UPS	D	0.38%	0.42%	0.38%
URI	B	0.15%	0.2%	0.15%
USFD	B	0.05%	0.03%	0.03%
UTHR	C	0.06%	0.1%	0.06%
VICI	C	0.14%	0.08%	0.08%
VLO	F	0.19%	0.18%	0.18%
VRSN	D	0.06%	0.06%	0.06%
VRTX	D	0.26%	0.22%	0.22%
VZ	B	0.71%	0.74%	0.71%
WAT	C	0.03%	0.03%	0.03%
WBD	D	0.08%	0.03%	0.03%
WMT	C	1.35%	2.86%	1.35%
WSM	D	0.03%	0.16%	0.03%
WSO	C	0.07%	0.07%	0.07%
WST	D	0.04%	0.08%	0.04%
WTW	C	0.12%	0.03%	0.03%
WY	C	0.09%	0.08%	0.08%
WYNN	D	0.03%	0.03%	0.03%
X	F	0.03%	0.03%	0.03%
XOM	C	2.12%	3.11%	2.12%
YUM	D	0.09%	0.06%	0.06%

VONV Overweight 540 Positions Relative to QARP

Symbol	Grade	Weight
JPM	D	2.59%
BAC	D	1.11%
TMO	B	0.94%
LIN	B	0.92%
WFC	D	0.82%
IBM	B	0.74%
DHR	B	0.72%
DIS	D	0.67%
RTX	C	0.66%
NEE	C	0.66%
GE	B	0.6%
BLK	B	0.53%
ETN	C	0.49%
C	C	0.48%
BSX	B	0.48%
KO	C	0.48%
GS	C	0.47%
MDT	C	0.47%
PLD	C	0.47%
HON	D	0.46%
CB	B	0.46%
MS	D	0.45%
TMUS	C	0.39%
MDLZ	B	0.39%
SO	B	0.38%
SYK	C	0.37%
AXP	B	0.37%
ICE	C	0.37%
SCHW	D	0.35%
DUK	C	0.35%
BA	F	0.34%
GD	B	0.33%
PH	B	0.31%
USB	B	0.3%
EQIX	C	0.3%
WELL	C	0.29%
NOC	B	0.29%
PNC	B	0.29%
BDX	D	0.28%
NEM	B	0.25%
APD	B	0.25%
AFL	C	0.25%
AJG	D	0.24%
ROP	C	0.24%
TFC	C	0.24%
KKR	B	0.24%
TDG	B	0.24%
MRVL	C	0.24%
EMR	D	0.24%
NSC	C	0.23%
OKE	B	0.22%
WMB	B	0.22%
AIG	D	0.21%
SRE	C	0.21%
CEG	C	0.21%
TRV	C	0.21%
AEP	C	0.21%
O	C	0.21%
CCI	C	0.2%
DLR	B	0.2%
CARR	B	0.2%
PEP	C	0.2%
BK	B	0.2%
MET	B	0.19%
FIS	B	0.19%
D	C	0.19%
F	F	0.18%
LHX	C	0.18%
JCI	B	0.17%
KMI	B	0.17%
ALL	B	0.17%
PCG	C	0.17%
RSG	D	0.17%
PRU	C	0.17%
KDP	B	0.16%
AME	C	0.16%
IQV	C	0.16%
PEG	B	0.16%
HWM	B	0.15%
IR	C	0.15%
EXR	B	0.15%
EXC	C	0.15%
MSI	B	0.15%
STZ	D	0.15%
XEL	B	0.14%
HIG	B	0.14%
DFS	B	0.14%
ED	C	0.14%
CRM	D	0.14%
CSGP	D	0.13%
KHC	C	0.13%
AVB	B	0.13%
GLW	C	0.13%
EIX	C	0.13%
XYL	C	0.13%
APH	D	0.13%
FITB	B	0.12%
WEC	C	0.12%
WAB	B	0.12%
NDAQ	A	0.12%
EFX	B	0.12%
PPG	D	0.12%
MLM	D	0.12%
STT	A	0.11%
HLT	B	0.11%
IFF	B	0.11%
TTWO	C	0.11%
AWK	B	0.11%
ANSS	D	0.11%
GPN	D	0.11%
EQR	B	0.11%
MTB	B	0.11%
ES	C	0.1%
STE	C	0.1%
VMC	D	0.1%
DELL	D	0.1%
FSLR	C	0.1%
SBAC	C	0.1%
CHD	D	0.1%
VTR	C	0.1%
HPE	D	0.1%
FE	C	0.1%
RCL	B	0.1%
DOV	B	0.1%
ETR	B	0.1%
DTE	C	0.1%
RMD	C	0.1%
FTV	C	0.1%
SQ	D	0.09%
LDOS	B	0.09%
HUBB	B	0.09%
WDC	D	0.09%
RF	B	0.09%
HBAN	B	0.09%
AEE	C	0.09%
INVH	C	0.09%
RJF	C	0.09%
PPL	C	0.09%
ZBH	F	0.09%
MAA	B	0.08%
PFG	B	0.08%
ESS	B	0.08%
BAX	C	0.08%
OMC	B	0.08%
MSTR	D	0.08%
CFG	C	0.08%
BALL	C	0.08%
MKC	C	0.08%
CMS	C	0.08%
TDY	B	0.08%
ARE	C	0.08%
ILMN	C	0.08%
SUI	B	0.07%
ZM	C	0.07%
BMRN	F	0.07%
AVTR	B	0.07%
TRU	B	0.07%
DG	F	0.07%
NTRS	A	0.07%
EQT	D	0.07%
WRB	C	0.07%
TRMB	C	0.06%
ZBRA	B	0.06%
BRO	C	0.06%
IRM	C	0.06%
BG	D	0.06%
VTRS	D	0.06%
RGA	C	0.06%
NDSN	C	0.06%
UDR	C	0.06%
PNR	B	0.06%
ZTS	C	0.06%
NI	B	0.06%
L	C	0.06%
CAG	C	0.06%
LNT	B	0.06%
APO	C	0.06%
VLTO	C	0.06%
FNF	B	0.06%
AKAM	D	0.06%
KIM	C	0.06%
IEX	D	0.06%
MKL	C	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%
NVT	D	0.05%
RPM	B	0.05%
TECH	C	0.05%
FTI	D	0.05%
TFX	C	0.05%
EWBC	D	0.05%
CUBE	B	0.05%
RIVN	F	0.05%
BXP	B	0.05%
EMN	B	0.05%
CW	B	0.05%
ALLE	B	0.05%
SW	B	0.05%
AES	C	0.05%
IPG	C	0.05%
KMX	D	0.05%
CLH	A	0.05%
CPT	B	0.05%
WPC	C	0.05%
EVRG	B	0.05%
REG	C	0.05%
HOOD	C	0.05%
IBKR	B	0.05%
ELS	C	0.05%
AMH	C	0.05%
HES	F	0.05%
SF	A	0.04%
TWLO	D	0.04%
WAL	B	0.04%
CG	D	0.04%
EGP	B	0.04%
HSIC	C	0.04%
CNH	D	0.04%
ORI	B	0.04%
FHN	D	0.04%
GPK	B	0.04%
PRI	B	0.04%
SNX	D	0.04%
EHC	C	0.04%
RGLD	C	0.04%
HRL	C	0.04%
FRT	C	0.04%
AFG	B	0.04%
TTC	D	0.04%
GL	C	0.04%
OHI	B	0.04%
WTRG	D	0.04%
MTCH	C	0.04%
WWD	D	0.04%
PNW	C	0.04%
AFRM	C	0.04%
CRL	F	0.04%
QGEN	C	0.04%
ATR	B	0.04%
AIZ	B	0.04%
ALLY	F	0.04%
COHR	C	0.04%
CVNA	B	0.04%
CCK	A	0.04%
UNM	B	0.04%
NRG	C	0.04%
CACI	B	0.04%
NWSA	D	0.04%
REXR	C	0.04%
NTNX	C	0.04%
CTLT	B	0.04%
AVY	C	0.04%
RRX	C	0.04%
QRVO	F	0.04%
SCI	B	0.04%
IVZ	B	0.03%
R	A	0.03%
GME	F	0.03%
PARA	F	0.03%
VFC	C	0.03%
FAF	B	0.03%
WMS	D	0.03%
MAT	C	0.03%
BIO	C	0.03%
FLS	D	0.03%
CGNX	F	0.03%
BPOP	C	0.03%
Z	B	0.03%
PB	B	0.03%
CFR	C	0.03%
DAR	F	0.03%
WBA	F	0.03%
LFUS	C	0.03%
GWRE	A	0.03%
SAIC	C	0.03%
SNV	C	0.03%
OKTA	F	0.03%
XP	D	0.03%
MSA	D	0.03%
EXAS	C	0.03%
BFAM	C	0.03%
SOFI	C	0.03%
KEX	C	0.03%
SWN	D	0.03%
NOV	F	0.03%
PR	F	0.03%
JAZZ	D	0.03%
FYBR	C	0.03%
WTFC	B	0.03%
RRC	D	0.03%
AGNC	B	0.03%
ZION	D	0.03%
VOYA	B	0.03%
RGEN	F	0.03%
WCC	D	0.03%
WEX	C	0.03%
ADC	C	0.03%
ROKU	C	0.03%
ARW	C	0.03%
BRBR	C	0.03%
STAG	C	0.03%
ACHC	C	0.03%
BWXT	D	0.03%
FR	B	0.03%
MKSI	F	0.03%
MIDD	D	0.03%
PNFP	B	0.03%
CRBG	D	0.03%
CMA	B	0.03%
DAY	D	0.03%
ELAN	D	0.03%
CBSH	C	0.03%
DTM	B	0.03%
SHW	B	0.03%
CR	C	0.03%
JEF	B	0.03%
ONTO	D	0.03%
ATI	C	0.03%
OGE	C	0.03%
BERY	B	0.03%
AXTA	B	0.03%
FMC	C	0.03%
AA	D	0.03%
TKO	B	0.03%
APG	D	0.03%
WBS	D	0.03%
CZR	C	0.03%
GMED	D	0.03%
LAD	D	0.03%
BRX	B	0.03%
COLD	D	0.03%
CIEN	C	0.03%
TW	B	0.03%
JLL	B	0.03%
PTC	D	0.03%
ECL	B	0.03%
KBR	D	0.03%
RBC	C	0.03%
NNN	C	0.03%
TYL	C	0.02%
DXC	C	0.02%
KMPR	D	0.02%
LITE	B	0.02%
LSXMK	D	0.02%
W	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%
BYD	C	0.02%
UHAL	A	0.02%
DLB	D	0.02%
BILL	D	0.02%
KRC	B	0.02%
AGO	C	0.02%
CUZ	B	0.02%
FRPT	B	0.02%
SLGN	B	0.02%
FLO	C	0.02%
PSN	B	0.02%
CIVI	F	0.02%
OLED	C	0.02%
ASH	D	0.02%
HOG	C	0.02%
S	C	0.02%
RYN	C	0.02%
GFS	F	0.02%
AN	D	0.02%
OZK	D	0.02%
WTM	D	0.02%
EEFT	D	0.02%
GNRC	D	0.02%
ZG	B	0.02%
AL	D	0.02%
SEE	D	0.02%
SLM	D	0.02%
WLK	D	0.02%
AVT	C	0.02%
WSC	D	0.02%
FOX	B	0.02%
SN	B	0.02%
IDA	C	0.02%
MDU	C	0.02%
XRAY	D	0.02%
HXL	F	0.02%
THG	B	0.02%
COLB	B	0.02%
UGI	C	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%
OLLI	C	0.02%
SRCL	A	0.02%
LBRDK	F	0.02%
LNC	D	0.02%
SON	C	0.02%
OMF	D	0.02%
WH	B	0.02%
DASH	C	0.02%
H	C	0.02%
VMI	D	0.02%
POST	C	0.02%
BEN	F	0.02%
OGN	D	0.02%
ST	D	0.02%
GXO	D	0.02%
ESAB	C	0.02%
ESI	D	0.02%
VNO	B	0.02%
LW	D	0.02%
MTSI	D	0.02%
MTDR	F	0.02%
STWD	B	0.02%
AXS	B	0.02%
SNDR	B	0.01%
LYFT	D	0.01%
CERT	F	0.01%
WEN	C	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%
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%
KSS	F	0.01%
BR	D	0.01%
RCM	C	0.01%
ETSY	F	0.01%
JWN	C	0.01%
HHH	C	0.01%
CRI	D	0.01%
BOKF	B	0.01%
YETI	D	0.01%
MASI	F	0.01%
AGR	B	0.01%
VIRT	C	0.01%
ENOV	D	0.01%
CWEN	C	0.01%
BRKR	D	0.01%
VAC	F	0.01%
MPW	C	0.01%
AAP	F	0.01%
CC	F	0.01%
COLM	C	0.01%
AZTA	F	0.01%
U	D	0.01%
RKT	C	0.01%
SPB	C	0.01%
CLVT	D	0.01%
PENN	D	0.01%
IRDM	D	0.01%
BHF	F	0.01%
CACC	F	0.01%
NWL	C	0.01%
SMG	C	0.01%
RH	B	0.01%
TNL	D	0.01%
ZI	D	0.01%
FHB	D	0.01%
AM	C	0.01%
AMED	C	0.01%
PAG	D	0.01%
NVST	D	0.01%
PK	D	0.01%
TPG	B	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%
MAN	C	0.01%
EPR	B	0.01%
MSGS	B	0.01%
LCID	C	0.01%
SPR	D	0.01%
CNXC	F	0.01%
HUN	D	0.01%
DNB	C	0.01%
AWI	B	0.01%
COTY	F	0.01%
ALNY	C	0.01%
AMKR	F	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%
CHH	C	0.0%
CACC	F	0.0%
SIRI	C	0.0%
TFSL	C	0.0%
PATH	D	0.0%
HCP	B	0.0%
CWEN	C	0.0%
SEB	D	0.0%
TXG	D	0.0%
CAR	F	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%
WOLF	F	0.0%
DV	F	0.0%

VONV Underweight 46 Positions Relative to QARP

Symbol	Grade	Weight
AAPL	C	-5.0%
META	B	-4.8%
AMZN	C	-3.6%
COST	B	-2.39%
MSFT	C	-2.12%
GOOGL	D	-2.12%
GOOG	D	-1.92%
V	C	-1.81%
MA	B	-1.57%
ADBE	F	-1.05%
TSLA	C	-0.58%
LRCX	F	-0.46%
MRK	D	-0.4%
MCO	B	-0.35%
ABNB	D	-0.21%
KLAC	D	-0.2%
ISRG	B	-0.17%
ODFL	D	-0.17%
TSCO	C	-0.16%
LPLA	D	-0.14%
NVDA	D	-0.14%
LULU	D	-0.14%
EXPE	C	-0.13%
DECK	C	-0.12%
VST	C	-0.12%
ANET	B	-0.11%
CPNG	B	-0.1%
CMG	C	-0.1%
LYV	B	-0.07%
CLX	C	-0.07%
MUSA	D	-0.06%
ADSK	C	-0.06%
POOL	C	-0.06%
BX	B	-0.05%
TXRH	C	-0.05%
LVS	D	-0.04%
KNSL	C	-0.04%
LLY	C	-0.04%
ORCL	C	-0.04%
BURL	B	-0.04%
VVV	D	-0.03%
ROL	C	-0.03%
MEDP	F	-0.03%
FIX	B	-0.03%
CDNS	D	-0.02%
IWB	B	-0.0%