VONV vs. QVML ETF Comparison

Comparison of Vanguard Russell 1000 Value ETF (VONV) to Invesco S&P 500 QVM Multi-factor ETF (QVML)

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

QVML

Invesco S&P 500 QVM Multi-factor ETF

QVML Description

The investment seeks to track the investment results of the S&P 500 ® Quality, Value & Momentum Top 90% Multi- Factor Index (the “underlying index”). The fund generally will invest at least 90% of its total assets in the securities that comprise the index. S&P Dow Jones Indices LLC compiles, maintains and calculates the index, which is designed to track the performance of a subset of securities from the S&P 500 ® Index that exhibit the investment style criteria of quality, value and momentum. The index is composed of securities with multi-factor scores representing the top 90% of the parent index, as determined by the index provider. It is non-diversified.

Grade (RS Rating)

Last Trade

$33.82

Average Daily Volume

1,105

Number of Holdings ^*

444

* may have additional holdings in another (foreign) market

Performance

Period	VONV	QVML
30 Days	3.44%	2.09%
60 Days	5.25%	3.90%
90 Days	8.24%	4.37%
12 Months	23.07%	32.66%

390 Overlapping Holdings

	Symbol	Grade	Weight in VONV	Weight in QVML	Overlap
	A	C	0.17%	0.09%	0.09%
	AAL	D	0.03%	0.02%	0.02%
	ABBV	C	0.79%	0.78%	0.78%
	ABT	C	0.79%	0.47%	0.47%
	ACGL	C	0.16%	0.1%	0.1%
	ACN	C	0.86%	0.51%	0.51%
	ADI	C	0.47%	0.25%	0.25%
	ADM	D	0.12%	0.08%	0.08%
	ADP	B	0.03%	0.27%	0.03%
	AEE	C	0.09%	0.05%	0.05%
	AEP	C	0.21%	0.13%	0.13%
	AFL	C	0.25%	0.14%	0.14%
	AIG	D	0.21%	0.13%	0.13%
	AIZ	B	0.04%	0.02%	0.02%
	AJG	D	0.24%	0.15%	0.15%
	AKAM	D	0.06%	0.04%	0.04%
	ALB	D	0.04%	0.03%	0.03%
	ALGN	D	0.03%	0.04%	0.03%
	ALL	B	0.17%	0.12%	0.12%
	ALLE	B	0.05%	0.03%	0.03%
	AMAT	D	0.05%	0.32%	0.05%
	AMCR	B	0.07%	0.04%	0.04%
	AMD	D	0.33%	0.59%	0.33%
	AME	C	0.16%	0.09%	0.09%
	AMP	A	0.02%	0.1%	0.02%
	ANSS	D	0.11%	0.06%	0.06%
	AOS	D	0.04%	0.02%	0.02%
	APA	F	0.04%	0.02%	0.02%
	APH	D	0.13%	0.17%	0.13%
	APTV	D	0.08%	0.05%	0.05%
	ARE	C	0.08%	0.05%	0.05%
	ATO	B	0.08%	0.05%	0.05%
	AVB	B	0.13%	0.08%	0.08%
	AVY	C	0.04%	0.04%	0.04%
	AXP	B	0.37%	0.37%	0.37%
	BAC	D	1.11%	0.63%	0.63%
	BALL	C	0.08%	0.05%	0.05%
	BAX	C	0.08%	0.05%	0.05%
	BBWI	F	0.03%	0.02%	0.02%
	BBY	C	0.09%	0.04%	0.04%
	BDX	D	0.28%	0.16%	0.16%
	BEN	F	0.02%	0.01%	0.01%
	BG	D	0.06%	0.03%	0.03%
	BIO	C	0.03%	0.02%	0.02%
	BK	B	0.2%	0.12%	0.12%
	BKNG	C	0.03%	0.31%	0.03%
	BKR	C	0.14%	0.08%	0.08%
	BLDR	C	0.08%	0.05%	0.05%
	BLK	B	0.53%	0.29%	0.29%
	BR	D	0.01%	0.06%	0.01%
	BRK.A	C	3.5%	1.95%	1.95%
	BRO	C	0.06%	0.06%	0.06%
	BSX	B	0.48%	0.28%	0.28%
	BWA	D	0.03%	0.02%	0.02%
	BXP	B	0.05%	0.03%	0.03%
	C	C	0.48%	0.27%	0.27%
	CAG	C	0.06%	0.04%	0.04%
	CAH	C	0.04%	0.06%	0.04%
	CARR	B	0.2%	0.14%	0.14%
	CAT	B	0.6%	0.42%	0.42%
	CB	B	0.46%	0.28%	0.28%
	CBOE	C	0.09%	0.05%	0.05%
	CBRE	A	0.14%	0.08%	0.08%
	CCL	C	0.07%	0.04%	0.04%
	CDW	D	0.06%	0.07%	0.06%
	CE	F	0.04%	0.03%	0.03%
	CEG	C	0.21%	0.14%	0.14%
	CF	C	0.06%	0.04%	0.04%
	CFG	C	0.08%	0.04%	0.04%
	CHD	D	0.1%	0.06%	0.06%
	CHRW	B	0.05%	0.03%	0.03%
	CHTR	D	0.13%	0.08%	0.08%
	CI	C	0.37%	0.25%	0.25%
	CINF	B	0.08%	0.05%	0.05%
	CL	D	0.16%	0.2%	0.16%
	CMCSA	D	0.62%	0.39%	0.39%
	CMI	C	0.17%	0.1%	0.1%
	CMS	C	0.08%	0.05%	0.05%
	CNC	D	0.17%	0.1%	0.1%
	CNP	C	0.07%	0.04%	0.04%
	COF	B	0.22%	0.12%	0.12%
	COP	D	0.54%	0.29%	0.29%
	CPB	C	0.04%	0.03%	0.03%
	CPRT	D	0.01%	0.1%	0.01%
	CPT	B	0.05%	0.03%	0.03%
	CRL	F	0.04%	0.02%	0.02%
	CRM	D	0.14%	0.57%	0.14%
	CSCO	C	0.82%	0.48%	0.48%
	CSGP	D	0.13%	0.07%	0.07%
	CSX	D	0.27%	0.16%	0.16%
	CTAS	B	0.01%	0.16%	0.01%
	CTRA	D	0.07%	0.04%	0.04%
	CTSH	C	0.16%	0.09%	0.09%
	CTVA	B	0.16%	0.1%	0.1%
	CVS	D	0.29%	0.17%	0.17%
	CVX	D	1.02%	0.6%	0.6%
	CZR	C	0.03%	0.02%	0.02%
	D	C	0.19%	0.12%	0.12%
	DAL	C	0.11%	0.07%	0.07%
	DAY	D	0.03%	0.02%	0.02%
	DD	B	0.14%	0.08%	0.08%
	DE	B	0.39%	0.24%	0.24%
	DFS	B	0.14%	0.08%	0.08%
	DG	F	0.07%	0.05%	0.05%
	DGX	B	0.07%	0.04%	0.04%
	DHI	B	0.22%	0.14%	0.14%
	DHR	B	0.72%	0.41%	0.41%
	DIS	D	0.67%	0.4%	0.4%
	DLR	B	0.2%	0.12%	0.12%
	DLTR	F	0.07%	0.04%	0.04%
	DOC	C	0.06%	0.04%	0.04%
	DOV	B	0.1%	0.06%	0.06%
	DOW	D	0.15%	0.08%	0.08%
	DPZ	F	0.04%	0.03%	0.03%
	DRI	B	0.04%	0.04%	0.04%
	DTE	C	0.1%	0.06%	0.06%
	DUK	C	0.35%	0.21%	0.21%
	DVN	F	0.11%	0.06%	0.06%
	EA	D	0.16%	0.08%	0.08%
	EBAY	B	0.12%	0.08%	0.08%
	ECL	B	0.03%	0.14%	0.03%
	ED	C	0.14%	0.09%	0.09%
	EFX	B	0.12%	0.08%	0.08%
	EG	C	0.06%	0.04%	0.04%
	EIX	C	0.13%	0.08%	0.08%
	ELV	C	0.44%	0.3%	0.3%
	EMN	B	0.05%	0.03%	0.03%
	EMR	D	0.24%	0.14%	0.14%
	EOG	D	0.3%	0.17%	0.17%
	EPAM	F	0.04%	0.03%	0.03%
	EQR	B	0.11%	0.06%	0.06%
	EQT	D	0.07%	0.03%	0.03%
	ES	C	0.1%	0.06%	0.06%
	ESS	B	0.08%	0.05%	0.05%
	ETN	C	0.49%	0.29%	0.29%
	ETR	B	0.1%	0.06%	0.06%
	EVRG	B	0.05%	0.03%	0.03%
	EW	F	0.14%	0.1%	0.1%
	EXC	C	0.15%	0.1%	0.1%
	EXPD	C	0.06%	0.04%	0.04%
	EXR	B	0.15%	0.09%	0.09%
	F	F	0.18%	0.1%	0.1%
	FANG	D	0.14%	0.08%	0.08%
	FAST	C	0.02%	0.1%	0.02%
	FCX	D	0.25%	0.15%	0.15%
	FDS	C	0.04%	0.04%	0.04%
	FDX	C	0.27%	0.16%	0.16%
	FE	C	0.1%	0.06%	0.06%
	FFIV	B	0.05%	0.03%	0.03%
	FITB	B	0.12%	0.07%	0.07%
	FMC	C	0.03%	0.02%	0.02%
	FOXA	B	0.04%	0.04%	0.04%
	FRT	C	0.04%	0.02%	0.02%
	FSLR	C	0.1%	0.05%	0.05%
	FTV	C	0.1%	0.06%	0.06%
	GD	B	0.33%	0.16%	0.16%
	GE	B	0.6%	0.44%	0.44%
	GEHC	C	0.13%	0.09%	0.09%
	GEV	B	0.22%	0.14%	0.14%
	GIS	B	0.16%	0.1%	0.1%
	GL	C	0.04%	0.02%	0.02%
	GLW	C	0.13%	0.07%	0.07%
	GM	C	0.23%	0.11%	0.11%
	GNRC	D	0.02%	0.02%	0.02%
	GPC	D	0.08%	0.04%	0.04%
	GPN	D	0.11%	0.07%	0.07%
	GRMN	D	0.11%	0.07%	0.07%
	GS	C	0.47%	0.37%	0.37%
	GWW	B	0.02%	0.1%	0.02%
	HAL	F	0.11%	0.06%	0.06%
	HBAN	B	0.09%	0.05%	0.05%
	HCA	B	0.23%	0.18%	0.18%
	HD	B	0.3%	0.85%	0.3%
	HES	F	0.05%	0.09%	0.05%
	HIG	B	0.14%	0.08%	0.08%
	HII	D	0.04%	0.02%	0.02%
	HOLX	B	0.08%	0.05%	0.05%
	HON	D	0.46%	0.31%	0.31%
	HPE	D	0.1%	0.04%	0.04%
	HPQ	D	0.11%	0.07%	0.07%
	HRL	C	0.04%	0.02%	0.02%
	HSIC	C	0.04%	0.02%	0.02%
	HST	C	0.05%	0.03%	0.03%
	HSY	C	0.1%	0.07%	0.07%
	HUBB	B	0.09%	0.05%	0.05%
	HUM	F	0.17%	0.1%	0.1%
	HWM	B	0.15%	0.09%	0.09%
	IBM	B	0.74%	0.45%	0.45%
	ICE	C	0.37%	0.21%	0.21%
	IEX	D	0.06%	0.04%	0.04%
	IFF	B	0.11%	0.06%	0.06%
	INCY	C	0.05%	0.03%	0.03%
	INTC	F	0.38%	0.19%	0.19%
	INVH	C	0.09%	0.05%	0.05%
	IP	B	0.07%	0.04%	0.04%
	IPG	C	0.05%	0.03%	0.03%
	IQV	C	0.16%	0.1%	0.1%
	IR	C	0.15%	0.09%	0.09%
	IRM	C	0.06%	0.07%	0.06%
	ITW	C	0.19%	0.16%	0.16%
	IVZ	B	0.03%	0.02%	0.02%
	J	C	0.08%	0.04%	0.04%
	JBHT	D	0.06%	0.03%	0.03%
	JBL	D	0.05%	0.03%	0.03%
	JCI	B	0.17%	0.11%	0.11%
	JKHY	B	0.05%	0.03%	0.03%
	JNJ	C	1.61%	0.94%	0.94%
	JNPR	B	0.05%	0.03%	0.03%
	JPM	D	2.59%	1.48%	1.48%
	K	B	0.08%	0.05%	0.05%
	KDP	B	0.16%	0.09%	0.09%
	KEY	B	0.06%	0.04%	0.04%
	KEYS	C	0.11%	0.06%	0.06%
	KHC	C	0.13%	0.07%	0.07%
	KIM	C	0.06%	0.04%	0.04%
	KMB	D	0.11%	0.11%	0.11%
	KMI	B	0.17%	0.09%	0.09%
	KMX	D	0.05%	0.03%	0.03%
	KO	C	0.48%	0.65%	0.48%
	KR	C	0.14%	0.09%	0.09%
	KVUE	C	0.17%	0.11%	0.11%
	L	C	0.06%	0.03%	0.03%
	LDOS	B	0.09%	0.05%	0.05%
	LEN	B	0.01%	0.11%	0.01%
	LEN	B	0.18%	0.11%	0.11%
	LHX	C	0.18%	0.1%	0.1%
	LIN	B	0.92%	0.53%	0.53%
	LKQ	F	0.04%	0.02%	0.02%
	LMT	C	0.33%	0.29%	0.29%
	LNT	B	0.06%	0.04%	0.04%
	LOW	B	0.57%	0.34%	0.34%
	LUV	C	0.07%	0.04%	0.04%
	LW	D	0.02%	0.02%	0.02%
	LYB	D	0.1%	0.06%	0.06%
	MAA	B	0.08%	0.04%	0.04%
	MAR	C	0.22%	0.13%	0.13%
	MAS	B	0.07%	0.04%	0.04%
	MCHP	F	0.17%	0.1%	0.1%
	MCK	F	0.17%	0.15%	0.15%
	MDLZ	B	0.39%	0.24%	0.24%
	MDT	C	0.47%	0.28%	0.28%
	MET	B	0.19%	0.11%	0.11%
	MGM	F	0.04%	0.02%	0.02%
	MHK	C	0.03%	0.02%	0.02%
	MKC	C	0.08%	0.05%	0.05%
	MKTX	C	0.04%	0.02%	0.02%
	MLM	D	0.12%	0.08%	0.08%
	MMC	C	0.39%	0.26%	0.26%
	MNST	D	0.03%	0.09%	0.03%
	MO	C	0.37%	0.22%	0.22%
	MOH	D	0.03%	0.05%	0.03%
	MOS	F	0.04%	0.02%	0.02%
	MPC	F	0.25%	0.15%	0.15%
	MRNA	F	0.1%	0.05%	0.05%
	MRO	C	0.07%	0.04%	0.04%
	MS	D	0.45%	0.29%	0.29%
	MSI	B	0.15%	0.17%	0.15%
	MTB	B	0.11%	0.07%	0.07%
	MU	F	0.43%	0.2%	0.2%
	NDAQ	A	0.12%	0.06%	0.06%
	NDSN	C	0.06%	0.03%	0.03%
	NEE	C	0.66%	0.44%	0.44%
	NI	B	0.06%	0.03%	0.03%
	NKE	D	0.15%	0.23%	0.15%
	NOC	B	0.29%	0.18%	0.18%
	NRG	C	0.04%	0.04%	0.04%
	NSC	C	0.23%	0.14%	0.14%
	NTAP	D	0.06%	0.05%	0.05%
	NTRS	A	0.07%	0.04%	0.04%
	NUE	F	0.15%	0.09%	0.09%
	NVR	B	0.11%	0.07%	0.07%
	NWSA	D	0.04%	0.03%	0.03%
	O	C	0.21%	0.13%	0.13%
	OKE	B	0.22%	0.12%	0.12%
	OMC	B	0.08%	0.05%	0.05%
	ON	D	0.13%	0.07%	0.07%
	OXY	F	0.15%	0.08%	0.08%
	PARA	F	0.03%	0.01%	0.01%
	PAYC	D	0.01%	0.02%	0.01%
	PAYX	C	0.11%	0.1%	0.1%
	PCAR	D	0.2%	0.12%	0.12%
	PCG	C	0.17%	0.1%	0.1%
	PEG	B	0.16%	0.1%	0.1%
	PEP	C	0.2%	0.6%	0.2%
	PFG	B	0.08%	0.04%	0.04%
	PG	C	1.26%	0.95%	0.95%
	PGR	B	0.09%	0.36%	0.09%
	PH	B	0.31%	0.18%	0.18%
	PHM	B	0.11%	0.07%	0.07%
	PKG	B	0.07%	0.04%	0.04%
	PLD	C	0.47%	0.28%	0.28%
	PNC	B	0.29%	0.17%	0.17%
	PNR	B	0.06%	0.03%	0.03%
	PNW	C	0.04%	0.02%	0.02%
	PPG	D	0.12%	0.07%	0.07%
	PPL	C	0.09%	0.06%	0.06%
	PRU	C	0.17%	0.1%	0.1%
	PSA	B	0.18%	0.13%	0.13%
	PSX	F	0.24%	0.13%	0.13%
	PTC	D	0.03%	0.05%	0.03%
	PWR	B	0.11%	0.09%	0.09%
	PYPL	B	0.3%	0.18%	0.18%
	QCOM	D	0.05%	0.41%	0.05%
	QRVO	F	0.04%	0.02%	0.02%
	RCL	B	0.1%	0.09%	0.09%
	REG	C	0.05%	0.03%	0.03%
	REGN	C	0.46%	0.27%	0.27%
	RF	B	0.09%	0.05%	0.05%
	RJF	C	0.09%	0.05%	0.05%
	RL	C	0.03%	0.02%	0.02%
	ROK	D	0.11%	0.07%	0.07%
	ROP	C	0.24%	0.13%	0.13%
	ROST	C	0.15%	0.12%	0.12%
	RSG	D	0.17%	0.1%	0.1%
	RTX	C	0.66%	0.38%	0.38%
	SCHW	D	0.35%	0.21%	0.21%
	SHW	B	0.03%	0.21%	0.03%
	SJM	C	0.05%	0.03%	0.03%
	SLB	F	0.25%	0.14%	0.14%
	SNA	C	0.06%	0.03%	0.03%
	SO	B	0.38%	0.23%	0.23%
	SOLV	C	0.04%	0.02%	0.02%
	SPG	B	0.16%	0.12%	0.12%
	SPGI	B	0.64%	0.38%	0.38%
	SRE	C	0.21%	0.12%	0.12%
	STE	C	0.1%	0.06%	0.06%
	STLD	F	0.07%	0.04%	0.04%
	STT	A	0.11%	0.06%	0.06%
	STZ	D	0.15%	0.09%	0.09%
	SW	B	0.05%	0.03%	0.03%
	SWK	B	0.06%	0.04%	0.04%
	SWKS	D	0.07%	0.03%	0.03%
	SYF	C	0.08%	0.04%	0.04%
	SYK	C	0.37%	0.29%	0.29%
	SYY	D	0.06%	0.09%	0.06%
	T	C	0.57%	0.37%	0.37%
	TAP	D	0.04%	0.02%	0.02%
	TDY	B	0.08%	0.05%	0.05%
	TER	D	0.01%	0.04%	0.01%
	TFC	C	0.24%	0.13%	0.13%
	TFX	C	0.05%	0.03%	0.03%
	TGT	C	0.29%	0.17%	0.17%
	TJX	B	0.22%	0.3%	0.22%
	TMO	B	0.94%	0.55%	0.55%
	TMUS	C	0.39%	0.25%	0.25%
	TPR	C	0.04%	0.02%	0.02%
	TRMB	C	0.06%	0.03%	0.03%
	TROW	D	0.09%	0.05%	0.05%
	TRV	C	0.21%	0.13%	0.13%
	TSN	C	0.07%	0.04%	0.04%
	TT	B	0.22%	0.19%	0.19%
	TXN	C	0.69%	0.41%	0.41%
	TXT	D	0.07%	0.04%	0.04%
	TYL	C	0.02%	0.06%	0.02%
	UAL	C	0.06%	0.04%	0.04%
	UDR	C	0.06%	0.03%	0.03%
	UHS	B	0.06%	0.03%	0.03%
	ULTA	D	0.01%	0.04%	0.01%
	UNH	C	2.03%	1.28%	1.28%
	UNP	C	0.33%	0.37%	0.33%
	UPS	D	0.38%	0.22%	0.22%
	URI	B	0.15%	0.12%	0.12%
	USB	B	0.3%	0.17%	0.17%
	VICI	C	0.14%	0.08%	0.08%
	VLO	F	0.19%	0.11%	0.11%
	VLTO	C	0.06%	0.06%	0.06%
	VMC	D	0.1%	0.08%	0.08%
	VRTX	D	0.26%	0.28%	0.26%
	VTR	C	0.1%	0.06%	0.06%
	VTRS	D	0.06%	0.03%	0.03%
	VZ	B	0.71%	0.45%	0.45%
	WAB	B	0.12%	0.07%	0.07%
	WBA	F	0.03%	0.02%	0.02%
	WBD	D	0.08%	0.04%	0.04%
	WDC	D	0.09%	0.05%	0.05%
	WEC	C	0.12%	0.07%	0.07%
	WELL	C	0.29%	0.17%	0.17%
	WFC	D	0.82%	0.45%	0.45%
	WMB	B	0.22%	0.13%	0.13%
	WMT	C	1.35%	0.79%	0.79%
	WRB	C	0.07%	0.04%	0.04%
	WST	D	0.04%	0.05%	0.04%
	WTW	C	0.12%	0.07%	0.07%
	WY	C	0.09%	0.05%	0.05%
	XEL	B	0.14%	0.08%	0.08%
	XOM	C	2.12%	1.24%	1.24%
	XYL	C	0.13%	0.08%	0.08%
	ZBH	F	0.09%	0.06%	0.06%
	ZBRA	B	0.06%	0.04%	0.04%
	ZTS	C	0.06%	0.2%	0.06%

VONV Overweight 449 Positions Relative to QVML

	Symbol	Grade	Weight
	MCD	B	0.78%
	PM	C	0.77%
	PFE	C	0.66%
	BMY	C	0.41%
	GILD	B	0.4%
	BA	F	0.34%
	EQIX	C	0.3%
	AON	B	0.27%
	NEM	B	0.25%
	APD	B	0.25%
	KKR	B	0.24%
	TDG	B	0.24%
	MRVL	C	0.24%
	MMM	B	0.24%
	CCI	C	0.2%
	FIS	B	0.19%
	AMGN	B	0.16%
	OTIS	C	0.15%
	BIIB	F	0.12%
	MTD	D	0.12%
	HLT	B	0.11%
	TTWO	C	0.11%
	AWK	B	0.11%
	SBUX	C	0.1%
	DELL	D	0.1%
	SBAC	C	0.1%
	FCNCA	D	0.1%
	RMD	C	0.1%
	SQ	D	0.09%
	YUM	D	0.09%
	MSCI	C	0.08%
	MSTR	D	0.08%
	LNG	C	0.08%
	ILMN	C	0.08%
	RS	D	0.07%
	WSO	C	0.07%
	SUI	B	0.07%
	ZM	C	0.07%
	BMRN	F	0.07%
	CSL	B	0.07%
	AVTR	B	0.07%
	TRU	B	0.07%
	GGG	C	0.06%
	RGA	C	0.06%
	OC	D	0.06%
	VRSN	D	0.06%
	TOL	B	0.06%
	APO	C	0.06%
	FNF	B	0.06%
	MKL	C	0.06%
	RBA	B	0.06%
	UTHR	C	0.06%
	THC	A	0.06%
	SSNC	B	0.06%
	NVT	D	0.05%
	RPRX	C	0.05%
	RPM	B	0.05%
	ITT	B	0.05%
	BLD	D	0.05%
	OVV	F	0.05%
	TECH	C	0.05%
	FTI	D	0.05%
	EWBC	D	0.05%
	CUBE	B	0.05%
	RIVN	F	0.05%
	CW	B	0.05%
	AES	C	0.05%
	DKS	D	0.05%
	CLH	A	0.05%
	WPC	C	0.05%
	RNR	C	0.05%
	HOOD	C	0.05%
	IBKR	B	0.05%
	ELS	C	0.05%
	AMH	C	0.05%
	EL	F	0.05%
	GLPI	C	0.05%
	USFD	B	0.05%
	ACM	B	0.05%
	DCI	C	0.04%
	SF	A	0.04%
	TWLO	D	0.04%
	WAL	B	0.04%
	CG	D	0.04%
	EVR	A	0.04%
	INGR	B	0.04%
	NYT	C	0.04%
	EGP	B	0.04%
	FTNT	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%
	CHRD	F	0.04%
	EHC	C	0.04%
	RGLD	C	0.04%
	AFG	B	0.04%
	ARMK	B	0.04%
	TTC	D	0.04%
	OHI	B	0.04%
	PFGC	B	0.04%
	CHK	D	0.04%
	WTRG	D	0.04%
	MTCH	C	0.04%
	WWD	D	0.04%
	TTEK	C	0.04%
	DOX	C	0.04%
	AFRM	C	0.04%
	QGEN	C	0.04%
	ATR	B	0.04%
	ALLY	F	0.04%
	COHR	C	0.04%
	CVNA	B	0.04%
	BJ	D	0.04%
	CCK	A	0.04%
	UNM	B	0.04%
	CACI	B	0.04%
	REXR	C	0.04%
	NTNX	C	0.04%
	CTLT	B	0.04%
	EME	B	0.04%
	CASY	D	0.04%
	RRX	C	0.04%
	SCI	B	0.04%
	R	A	0.03%
	GME	F	0.03%
	VFC	C	0.03%
	FAF	B	0.03%
	RHI	D	0.03%
	FICO	B	0.03%
	WMS	D	0.03%
	LSTR	D	0.03%
	MAT	C	0.03%
	FLS	D	0.03%
	CGNX	F	0.03%
	BPOP	C	0.03%
	Z	B	0.03%
	LEA	F	0.03%
	PB	B	0.03%
	CFR	C	0.03%
	DAR	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%
	MTG	B	0.03%
	EXAS	C	0.03%
	SEIC	C	0.03%
	BFAM	C	0.03%
	G	C	0.03%
	SOFI	C	0.03%
	KEX	C	0.03%
	WSM	D	0.03%
	SWN	D	0.03%
	NOV	F	0.03%
	SSD	D	0.03%
	OSK	F	0.03%
	PR	F	0.03%
	JAZZ	D	0.03%
	FYBR	C	0.03%
	HRB	C	0.03%
	WTFC	B	0.03%
	RRC	D	0.03%
	MTZ	B	0.03%
	AGNC	B	0.03%
	CROX	D	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%
	GNTX	F	0.03%
	WYNN	D	0.03%
	ROKU	C	0.03%
	ARW	C	0.03%
	BRBR	C	0.03%
	HLI	B	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%
	FND	C	0.03%
	PNFP	B	0.03%
	CRBG	D	0.03%
	CMA	B	0.03%
	ELAN	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%
	CHE	C	0.03%
	AR	F	0.03%
	CRUS	D	0.03%
	AYI	B	0.03%
	ATI	C	0.03%
	OGE	C	0.03%
	COKE	C	0.03%
	DINO	F	0.03%
	WAT	C	0.03%
	BERY	B	0.03%
	AXTA	B	0.03%
	FCN	D	0.03%
	AA	D	0.03%
	TKO	B	0.03%
	APG	D	0.03%
	WBS	D	0.03%
	ALSN	B	0.03%
	GMED	D	0.03%
	LAD	D	0.03%
	LAMR	B	0.03%
	KNX	C	0.03%
	ACI	F	0.03%
	BRX	B	0.03%
	COLD	D	0.03%
	CIEN	C	0.03%
	TW	B	0.03%
	JLL	B	0.03%
	KBR	D	0.03%
	SKX	D	0.03%
	X	F	0.03%
	RBC	C	0.03%
	NNN	C	0.03%
	DXC	C	0.02%
	MSM	D	0.02%
	KMPR	D	0.02%
	LITE	B	0.02%
	NEU	D	0.02%
	LSXMK	D	0.02%
	W	D	0.02%
	IAC	C	0.02%
	PRGO	D	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%
	SAIA	D	0.02%
	DLB	D	0.02%
	BILL	D	0.02%
	KRC	B	0.02%
	AGO	C	0.02%
	M	F	0.02%
	CUZ	B	0.02%
	FRPT	B	0.02%
	SLGN	B	0.02%
	FLO	C	0.02%
	DBX	D	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%
	RYN	C	0.02%
	GFS	F	0.02%
	AN	D	0.02%
	OZK	D	0.02%
	WTM	D	0.02%
	EEFT	D	0.02%
	ZG	B	0.02%
	AZO	D	0.02%
	AL	D	0.02%
	SEE	D	0.02%
	SLM	D	0.02%
	WLK	D	0.02%
	JHG	B	0.02%
	AVT	C	0.02%
	WSC	D	0.02%
	FOX	B	0.02%
	SN	B	0.02%
	IDA	C	0.02%
	ORLY	C	0.02%
	OLN	D	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%
	THO	D	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%
	AMG	C	0.02%
	OMF	D	0.02%
	WH	B	0.02%
	PVH	F	0.02%
	AGCO	D	0.02%
	DASH	C	0.02%
	H	C	0.02%
	VMI	D	0.02%
	POST	C	0.02%
	OGN	D	0.02%
	ST	D	0.02%
	COIN	F	0.02%
	GXO	D	0.02%
	ESAB	C	0.02%
	RLI	B	0.02%
	ESI	D	0.02%
	VNO	B	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%
	LPX	B	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%
	EXP	B	0.01%
	KSS	F	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%
	PINC	C	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%
	CNM	F	0.01%
	SPB	C	0.01%
	CLVT	D	0.01%
	PENN	D	0.01%
	IRDM	D	0.01%
	BHF	F	0.01%
	LOPE	D	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%
	FIVE	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%
	EXEL	C	0.0%
	DV	F	0.0%

VONV Underweight 55 Positions Relative to QVML

	Symbol	Grade	Weight
	MSFT	C	-7.0%
	AAPL	C	-6.84%
	NVDA	D	-6.04%
	GOOG	D	-3.81%
	AMZN	C	-3.79%
	META	B	-2.49%
	LLY	C	-1.65%
	AVGO	C	-1.51%
	V	C	-1.07%
	MA	B	-0.96%
	COST	B	-0.91%
	NFLX	B	-0.69%
	MRK	D	-0.66%
	ADBE	F	-0.6%
	ORCL	C	-0.5%
	INTU	C	-0.41%
	NOW	B	-0.39%
	ISRG	B	-0.38%
	UBER	C	-0.29%
	PANW	D	-0.24%
	BX	B	-0.24%
	LRCX	F	-0.21%
	KLAC	D	-0.21%
	ANET	B	-0.2%
	WM	D	-0.19%
	CME	C	-0.19%
	CMG	C	-0.18%
	SNPS	D	-0.17%
	MCO	B	-0.17%
	CDNS	D	-0.16%
	NXPI	F	-0.13%
	ABNB	D	-0.12%
	ADSK	C	-0.12%
	TEL	D	-0.11%
	VRSK	D	-0.09%
	MPWR	C	-0.09%
	IT	B	-0.09%
	IDXX	C	-0.09%
	ODFL	D	-0.08%
	VST	C	-0.07%
	LULU	D	-0.07%
	TSCO	C	-0.07%
	TRGP	B	-0.07%
	CPAY	B	-0.06%
	DECK	C	-0.06%
	AXON	B	-0.06%
	CLX	C	-0.05%
	SMCI	F	-0.05%
	EXPE	C	-0.04%
	LYV	B	-0.03%
	POOL	C	-0.03%
	ROL	C	-0.03%
	LVS	D	-0.03%
	NCLH	C	-0.02%
	DVA	B	-0.02%

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

QVML: Top Represented Industries & Keywords

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

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