VONV vs. VFMF ETF Comparison

Comparison of Vanguard Russell 1000 Value ETF (VONV) to Vanguard U.S. Multifactor ETF (VFMF)

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

$86.79

Average Daily Volume

372,062

Number of Holdings ^*

842

* may have additional holdings in another (foreign) market

VFMF

Vanguard U.S. Multifactor ETF

VFMF Description

The investment seeks to provide long-term capital appreciation by investing in stocks with relatively strong recent performance, strong fundamentals, and low prices relative to fundamentals as determined by the advisor. The fund invests primarily in U.S. common stocks with the potential to generate higher returns relative to the broad U.S. equity market by investing in stocks with relatively strong recent performance, strong fundamentals, and low prices relative to fundamentals as determined by the advisor. Under normal circumstances, at least 80% of the fund's assets will be invested in securities issued by U.S. companies.

Grade (RS Rating)

Last Trade

$139.64

Average Daily Volume

8,764

Number of Holdings ^*

470

* may have additional holdings in another (foreign) market

Performance

Period	VONV	VFMF
30 Days	3.51%	6.72%
60 Days	4.96%	7.63%
90 Days	7.00%	7.99%
12 Months	29.73%	33.84%

192 Overlapping Holdings

	Symbol	Grade	Weight in VONV	Weight in VFMF	Overlap
	ABBV	D	0.82%	0.93%	0.82%
	ADTN	A	0.01%	0.02%	0.01%
	AFL	B	0.23%	1.08%	0.23%
	AGO	B	0.02%	0.17%	0.02%
	AIG	B	0.2%	1.02%	0.2%
	ALSN	B	0.04%	0.3%	0.04%
	AMAT	F	0.05%	0.78%	0.05%
	AMG	B	0.02%	0.32%	0.02%
	AMKR	D	0.01%	0.2%	0.01%
	AMP	A	0.02%	0.17%	0.02%
	AN	C	0.02%	0.14%	0.02%
	APO	B	0.08%	0.74%	0.08%
	ARW	D	0.03%	0.09%	0.03%
	AXP	A	0.38%	0.82%	0.38%
	AYI	B	0.04%	0.26%	0.04%
	AZO	C	0.02%	0.43%	0.02%
	BAC	A	1.14%	0.16%	0.16%
	BBY	D	0.08%	0.05%	0.05%
	BERY	B	0.03%	0.03%	0.03%
	BG	F	0.05%	0.16%	0.05%
	BJ	A	0.04%	0.05%	0.04%
	BK	A	0.22%	0.98%	0.22%
	BKNG	A	0.04%	0.52%	0.04%
	BLD	D	0.04%	0.19%	0.04%
	BLDR	D	0.07%	0.12%	0.07%
	BOKF	B	0.01%	0.19%	0.01%
	BPOP	B	0.02%	0.67%	0.02%
	BWA	D	0.03%	0.06%	0.03%
	BYD	C	0.02%	0.03%	0.02%
	C	A	0.49%	0.06%	0.06%
	CACI	D	0.05%	0.07%	0.05%
	CAH	B	0.04%	0.53%	0.04%
	CASY	A	0.05%	0.05%	0.05%
	CAT	B	0.63%	0.48%	0.48%
	CBOE	B	0.09%	0.34%	0.09%
	CBSH	A	0.03%	0.34%	0.03%
	CF	B	0.06%	0.16%	0.06%
	CFG	B	0.08%	0.57%	0.08%
	CG	A	0.04%	0.07%	0.04%
	CHRD	D	0.03%	0.15%	0.03%
	CI	F	0.32%	0.5%	0.32%
	CIVI	D	0.01%	0.06%	0.01%
	CL	D	0.14%	0.46%	0.14%
	CNA	B	0.0%	0.07%	0.0%
	CNM	D	0.01%	0.07%	0.01%
	COKE	C	0.03%	0.18%	0.03%
	COP	C	0.51%	0.22%	0.22%
	CR	A	0.03%	0.16%	0.03%
	CRBG	B	0.03%	0.15%	0.03%
	CRM	B	0.17%	0.19%	0.17%
	CROX	D	0.02%	0.2%	0.02%
	CRUS	D	0.02%	0.06%	0.02%
	CSL	C	0.07%	0.07%	0.07%
	CTAS	B	0.01%	0.07%	0.01%
	CTRA	B	0.07%	0.17%	0.07%
	CTSH	B	0.15%	0.12%	0.12%
	CVX	A	1.03%	0.33%	0.33%
	DASH	A	0.03%	0.05%	0.03%
	DDS	B	0.0%	0.03%	0.0%
	DELL	C	0.11%	0.23%	0.11%
	DHI	D	0.2%	0.26%	0.2%
	DKS	C	0.04%	0.15%	0.04%
	DOX	D	0.04%	0.1%	0.04%
	EBAY	D	0.12%	0.07%	0.07%
	EME	C	0.05%	0.22%	0.05%
	EOG	A	0.28%	0.51%	0.28%
	ESAB	B	0.03%	0.15%	0.03%
	EWBC	A	0.05%	0.59%	0.05%
	EXP	A	0.01%	0.11%	0.01%
	FANG	D	0.13%	0.6%	0.13%
	FCX	D	0.26%	0.26%	0.26%
	FDX	B	0.25%	0.54%	0.25%
	FFIV	B	0.05%	0.02%	0.02%
	FI	A	0.31%	0.51%	0.31%
	FITB	A	0.12%	0.39%	0.12%
	FLO	D	0.02%	0.06%	0.02%
	FNF	B	0.06%	0.23%	0.06%
	FTI	A	0.05%	0.14%	0.05%
	GAP	C	0.02%	0.08%	0.02%
	GILD	C	0.44%	0.43%	0.43%
	GM	B	0.23%	0.44%	0.23%
	GPC	D	0.06%	0.1%	0.06%
	GPK	C	0.03%	0.03%	0.03%
	HCA	F	0.2%	0.82%	0.2%
	HIG	B	0.13%	0.7%	0.13%
	HPE	B	0.1%	0.04%	0.04%
	HPQ	B	0.11%	0.19%	0.11%
	HRB	D	0.03%	0.45%	0.03%
	IBM	C	0.76%	0.61%	0.61%
	INGR	B	0.03%	0.35%	0.03%
	JBL	B	0.05%	0.24%	0.05%
	JEF	A	0.03%	0.19%	0.03%
	JNJ	D	1.54%	0.38%	0.38%
	JPM	A	2.55%	0.72%	0.72%
	JWN	C	0.01%	0.07%	0.01%
	KD	B	0.02%	0.16%	0.02%
	KEX	C	0.03%	0.16%	0.03%
	KMB	D	0.11%	0.59%	0.11%
	KR	B	0.15%	0.73%	0.15%
	LDOS	C	0.1%	0.15%	0.1%
	LEN	D	0.16%	0.19%	0.16%
	LEN	D	0.01%	0.19%	0.01%
	LEN	D	0.01%	0.07%	0.01%
	LEN	D	0.16%	0.07%	0.07%
	LMT	D	0.32%	0.64%	0.32%
	LOPE	B	0.01%	0.06%	0.01%
	LPX	B	0.01%	0.21%	0.01%
	LYB	F	0.09%	0.1%	0.09%
	M	D	0.02%	0.22%	0.02%
	MAN	D	0.01%	0.02%	0.01%
	MCK	B	0.15%	0.71%	0.15%
	MET	A	0.18%	0.05%	0.05%
	MHK	D	0.03%	0.22%	0.03%
	MMM	D	0.23%	0.9%	0.23%
	MO	A	0.37%	0.78%	0.37%
	MPC	D	0.21%	0.83%	0.21%
	MTDR	B	0.02%	0.08%	0.02%
	MTG	C	0.03%	0.71%	0.03%
	NTAP	C	0.05%	0.17%	0.05%
	NUE	C	0.14%	0.13%	0.13%
	NVR	D	0.1%	0.18%	0.1%
	NWS	B	0.01%	0.36%	0.01%
	NXST	C	0.01%	0.04%	0.01%
	OC	A	0.06%	0.44%	0.06%
	OGN	D	0.02%	0.12%	0.02%
	OMF	A	0.02%	0.46%	0.02%
	ORI	A	0.03%	0.45%	0.03%
	OVV	B	0.04%	0.07%	0.04%
	PCAR	B	0.21%	0.13%	0.13%
	PFG	D	0.08%	0.06%	0.06%
	PFGC	B	0.04%	0.15%	0.04%
	PGR	A	0.09%	0.2%	0.09%
	PH	A	0.32%	0.11%	0.11%
	PHM	D	0.11%	0.72%	0.11%
	PINC	B	0.01%	0.18%	0.01%
	PKG	A	0.08%	0.19%	0.08%
	PM	B	0.83%	0.81%	0.81%
	PPC	C	0.01%	0.2%	0.01%
	PR	B	0.03%	0.16%	0.03%
	PRI	A	0.04%	0.28%	0.04%
	PSTG	D	0.01%	0.12%	0.01%
	PSX	C	0.2%	0.27%	0.2%
	PVH	C	0.02%	0.39%	0.02%
	PYPL	B	0.32%	0.15%	0.15%
	QCOM	F	0.05%	0.82%	0.05%
	R	B	0.02%	0.16%	0.02%
	RCL	A	0.13%	0.12%	0.12%
	RL	B	0.03%	0.19%	0.03%
	RMD	C	0.1%	0.15%	0.1%
	RNR	C	0.05%	0.06%	0.05%
	RRC	B	0.03%	0.03%	0.03%
	RS	B	0.07%	0.11%	0.07%
	RTX	C	0.64%	0.36%	0.36%
	SKX	D	0.03%	0.26%	0.03%
	SLM	A	0.02%	0.41%	0.02%
	SN	D	0.02%	0.05%	0.02%
	SNA	A	0.07%	0.15%	0.07%
	SSD	D	0.03%	0.12%	0.03%
	STLD	B	0.08%	0.18%	0.08%
	STT	A	0.11%	0.23%	0.11%
	SWKS	F	0.06%	0.09%	0.06%
	SYF	B	0.09%	0.71%	0.09%
	T	A	0.65%	0.77%	0.65%
	TGT	F	0.28%	0.65%	0.28%
	THC	D	0.06%	0.2%	0.06%
	THO	B	0.02%	0.21%	0.02%
	TJX	A	0.21%	0.42%	0.21%
	TMUS	B	0.43%	0.75%	0.43%
	TNL	A	0.01%	0.15%	0.01%
	TOL	B	0.06%	0.25%	0.06%
	TPR	B	0.04%	0.14%	0.04%
	TT	A	0.22%	0.44%	0.22%
	UA	C	0.01%	0.12%	0.01%
	UHS	D	0.05%	0.1%	0.05%
	UNM	A	0.05%	0.28%	0.05%
	URI	B	0.16%	0.17%	0.16%
	UTHR	C	0.07%	0.37%	0.07%
	VFC	C	0.03%	0.07%	0.03%
	VIRT	B	0.01%	0.23%	0.01%
	VLO	C	0.17%	0.85%	0.17%
	VNT	B	0.02%	0.13%	0.02%
	VTRS	A	0.06%	0.04%	0.04%
	VZ	C	0.71%	0.52%	0.52%
	WCC	B	0.03%	0.12%	0.03%
	WEX	D	0.03%	0.04%	0.03%
	WFC	A	0.91%	1.25%	0.91%
	WMS	D	0.03%	0.07%	0.03%
	WMT	A	1.42%	0.78%	0.78%
	WRB	A	0.07%	0.33%	0.07%
	WSM	B	0.03%	0.28%	0.03%
	WU	D	0.01%	0.06%	0.01%
	XOM	B	2.1%	0.47%	0.47%

VONV Overweight 652 Positions Relative to VFMF

	Symbol	Grade	Weight
	BRK.A	B	3.3%
	UNH	C	1.94%
	PG	A	1.21%
	CSCO	B	0.89%
	LIN	D	0.88%
	ACN	C	0.87%
	TMO	F	0.84%
	MCD	D	0.79%
	ABT	B	0.78%
	DIS	B	0.71%
	CMCSA	B	0.67%
	TXN	C	0.65%
	NEE	D	0.65%
	PFE	D	0.64%
	DHR	F	0.63%
	LOW	D	0.6%
	SPGI	C	0.6%
	GE	D	0.59%
	BLK	C	0.58%
	ETN	A	0.53%
	MS	A	0.51%
	BSX	B	0.49%
	GS	A	0.48%
	CB	C	0.46%
	MDT	D	0.46%
	BMY	B	0.45%
	HON	B	0.45%
	MU	D	0.44%
	ADI	D	0.44%
	KO	D	0.43%
	PLD	D	0.42%
	DE	A	0.41%
	SO	D	0.4%
	UPS	C	0.39%
	SCHW	B	0.38%
	MDLZ	F	0.37%
	INTC	D	0.37%
	MMC	B	0.37%
	DUK	C	0.36%
	SYK	C	0.36%
	ICE	C	0.35%
	BA	F	0.34%
	WELL	A	0.33%
	EQIX	A	0.33%
	GEV	B	0.33%
	AMD	F	0.32%
	HD	A	0.32%
	ELV	F	0.32%
	GD	F	0.32%
	REGN	F	0.32%
	CME	A	0.32%
	UNP	C	0.3%
	PNC	B	0.3%
	USB	A	0.3%
	CVS	D	0.29%
	AON	A	0.29%
	APD	A	0.28%
	CEG	D	0.28%
	NOC	D	0.28%
	KKR	A	0.27%
	BDX	F	0.27%
	CSX	B	0.26%
	VRTX	F	0.25%
	COF	B	0.25%
	EMR	A	0.25%
	MRVL	B	0.25%
	WMB	A	0.25%
	MAR	B	0.24%
	AJG	B	0.23%
	OKE	A	0.23%
	NSC	B	0.23%
	TDG	D	0.23%
	SLB	C	0.23%
	ROP	B	0.23%
	TFC	A	0.23%
	DLR	B	0.23%
	TRV	B	0.22%
	O	D	0.21%
	AEP	D	0.21%
	NEM	D	0.21%
	SRE	A	0.21%
	CARR	D	0.2%
	D	C	0.2%
	FIS	C	0.2%
	CCI	D	0.19%
	LHX	C	0.19%
	KMI	A	0.19%
	PEP	F	0.19%
	ITW	B	0.19%
	KVUE	A	0.18%
	PRU	A	0.18%
	PSA	D	0.18%
	PEG	A	0.18%
	CMI	A	0.18%
	ALL	A	0.17%
	JCI	C	0.17%
	AME	A	0.17%
	CTVA	C	0.17%
	PCG	A	0.17%
	MSI	B	0.16%
	MCHP	D	0.16%
	EXC	C	0.16%
	OTIS	C	0.16%
	CBRE	B	0.16%
	EA	A	0.16%
	F	C	0.16%
	RSG	A	0.16%
	SPG	B	0.16%
	GLW	B	0.15%
	DAL	C	0.15%
	KDP	D	0.15%
	STZ	D	0.15%
	DFS	B	0.15%
	XEL	A	0.15%
	HWM	A	0.15%
	AMGN	D	0.15%
	GIS	D	0.15%
	BKR	B	0.15%
	A	D	0.15%
	IR	B	0.15%
	EXR	D	0.14%
	MLM	B	0.14%
	DD	D	0.14%
	DOW	F	0.14%
	GEHC	F	0.14%
	ED	D	0.14%
	ROST	C	0.14%
	NKE	D	0.14%
	ACGL	D	0.14%
	MSTR	C	0.14%
	EIX	B	0.13%
	AVB	B	0.13%
	MTB	A	0.13%
	EW	C	0.13%
	CNC	D	0.13%
	IQV	D	0.13%
	WAB	B	0.13%
	ETR	B	0.13%
	APH	A	0.13%
	VICI	C	0.13%
	OXY	D	0.13%
	PPG	F	0.12%
	XYL	D	0.12%
	CSGP	D	0.12%
	KHC	F	0.12%
	WEC	A	0.12%
	ON	D	0.12%
	PWR	A	0.12%
	NDAQ	A	0.12%
	CHTR	C	0.12%
	GRMN	B	0.12%
	WTW	B	0.12%
	HUM	C	0.12%
	ADM	D	0.11%
	GPN	B	0.11%
	VTR	C	0.11%
	EQR	B	0.11%
	SW	A	0.11%
	VMC	B	0.11%
	AWK	D	0.11%
	MTD	D	0.11%
	ROK	B	0.11%
	TTWO	A	0.11%
	ANSS	B	0.11%
	RJF	A	0.11%
	HLT	A	0.11%
	PAYX	C	0.11%
	PPL	B	0.1%
	FE	C	0.1%
	TROW	B	0.1%
	DVN	F	0.1%
	CHD	B	0.1%
	HAL	C	0.1%
	SBAC	D	0.1%
	SBUX	A	0.1%
	FTV	C	0.1%
	BIIB	F	0.1%
	IFF	D	0.1%
	UAL	A	0.1%
	DTE	C	0.1%
	DOV	A	0.1%
	KEYS	A	0.1%
	EFX	F	0.1%
	WDC	D	0.09%
	LNG	B	0.09%
	CINF	A	0.09%
	STE	F	0.09%
	ZBH	C	0.09%
	RF	A	0.09%
	CCL	B	0.09%
	HSY	F	0.09%
	HBAN	A	0.09%
	WY	D	0.09%
	YUM	B	0.09%
	HUBB	B	0.09%
	ILMN	D	0.09%
	ES	D	0.09%
	AEE	A	0.09%
	FCNCA	A	0.09%
	SQ	B	0.09%
	LH	C	0.08%
	INVH	D	0.08%
	IP	B	0.08%
	ARE	D	0.08%
	OMC	C	0.08%
	MKC	D	0.08%
	ZM	B	0.08%
	WBD	C	0.08%
	NTRS	A	0.08%
	EQT	B	0.08%
	CMS	C	0.08%
	FSLR	F	0.08%
	ATO	A	0.08%
	TDY	B	0.08%
	K	A	0.08%
	IEX	B	0.07%
	SUI	D	0.07%
	PNR	A	0.07%
	WSO	A	0.07%
	TSN	B	0.07%
	DGX	A	0.07%
	CVNA	B	0.07%
	J	F	0.07%
	MRNA	F	0.07%
	DG	F	0.07%
	MAA	B	0.07%
	MAS	D	0.07%
	ESS	B	0.07%
	BAX	D	0.07%
	BALL	D	0.07%
	LUV	C	0.07%
	HOLX	D	0.07%
	MSCI	C	0.07%
	TRU	D	0.07%
	CNP	B	0.07%
	CAG	D	0.06%
	UDR	B	0.06%
	RGA	A	0.06%
	VLTO	D	0.06%
	BRO	B	0.06%
	VRSN	F	0.06%
	EXPD	D	0.06%
	NDSN	B	0.06%
	USFD	A	0.06%
	L	A	0.06%
	SYY	B	0.06%
	SWK	D	0.06%
	ZTS	D	0.06%
	ACM	A	0.06%
	RVTY	F	0.06%
	TRMB	B	0.06%
	JBHT	C	0.06%
	TXT	D	0.06%
	SSNC	B	0.06%
	MKL	A	0.06%
	AVTR	F	0.06%
	AKAM	D	0.06%
	ZBRA	B	0.06%
	LNT	A	0.06%
	IRM	D	0.06%
	APTV	D	0.06%
	MRO	B	0.06%
	RBA	A	0.06%
	HOOD	B	0.06%
	KIM	A	0.06%
	DOC	D	0.06%
	NI	A	0.06%
	GEN	B	0.06%
	KEY	B	0.06%
	AMCR	D	0.06%
	IBKR	A	0.06%
	TECH	D	0.05%
	ITT	A	0.05%
	SCI	B	0.05%
	AES	F	0.05%
	SJM	D	0.05%
	CLH	B	0.05%
	AMH	D	0.05%
	CHRW	C	0.05%
	CPT	B	0.05%
	HST	C	0.05%
	WPC	D	0.05%
	ALLE	D	0.05%
	COHR	B	0.05%
	EMN	D	0.05%
	NVT	B	0.05%
	BMRN	D	0.05%
	RPM	A	0.05%
	CDW	F	0.05%
	BXP	D	0.05%
	JNPR	F	0.05%
	EG	C	0.05%
	ELS	C	0.05%
	DLTR	F	0.05%
	GLPI	C	0.05%
	REG	B	0.05%
	CW	B	0.05%
	JKHY	D	0.05%
	HES	B	0.05%
	EVRG	A	0.05%
	GGG	B	0.05%
	DTM	B	0.04%
	WST	C	0.04%
	FYBR	D	0.04%
	DCI	B	0.04%
	BWXT	B	0.04%
	WBS	A	0.04%
	JLL	D	0.04%
	HRL	D	0.04%
	TW	A	0.04%
	WAL	B	0.04%
	CPB	D	0.04%
	NYT	C	0.04%
	HSIC	B	0.04%
	DRI	B	0.04%
	LAD	A	0.04%
	AOS	F	0.04%
	WYNN	D	0.04%
	FRT	B	0.04%
	CRL	C	0.04%
	FTNT	C	0.04%
	CIEN	B	0.04%
	MTCH	D	0.04%
	REXR	F	0.04%
	AFG	A	0.04%
	GL	B	0.04%
	DPZ	C	0.04%
	QGEN	D	0.04%
	FHN	A	0.04%
	TFX	F	0.04%
	EVR	B	0.04%
	TAP	C	0.04%
	DAY	B	0.04%
	LKQ	D	0.04%
	RGLD	C	0.04%
	FOXA	B	0.04%
	SOFI	A	0.04%
	WTRG	B	0.04%
	CNH	C	0.04%
	EPAM	C	0.04%
	EHC	B	0.04%
	WWD	B	0.04%
	ARMK	B	0.04%
	AIZ	A	0.04%
	PNW	B	0.04%
	AA	B	0.04%
	SOLV	C	0.04%
	EL	F	0.04%
	AFRM	B	0.04%
	TTEK	F	0.04%
	CE	F	0.04%
	FBIN	D	0.04%
	SF	B	0.04%
	NWSA	B	0.04%
	AVY	D	0.04%
	OHI	C	0.04%
	RPRX	D	0.04%
	KMX	B	0.04%
	CTLT	B	0.04%
	MKTX	D	0.04%
	CUBE	D	0.04%
	NTNX	A	0.04%
	TWLO	A	0.04%
	CCK	C	0.04%
	INCY	C	0.04%
	RRX	B	0.04%
	IPG	D	0.04%
	NRG	B	0.04%
	ATR	B	0.04%
	ALB	C	0.04%
	FDS	B	0.04%
	LSTR	D	0.03%
	MKSI	C	0.03%
	MTSI	B	0.03%
	OKTA	C	0.03%
	IVZ	B	0.03%
	ALGN	D	0.03%
	XP	F	0.03%
	BBWI	D	0.03%
	FAF	A	0.03%
	RGEN	D	0.03%
	ATI	D	0.03%
	SIRI	C	0.03%
	BFAM	D	0.03%
	CGNX	C	0.03%
	PB	A	0.03%
	PARA	C	0.03%
	OSK	B	0.03%
	G	B	0.03%
	QRVO	F	0.03%
	STAG	F	0.03%
	JAZZ	B	0.03%
	WBA	F	0.03%
	RHI	B	0.03%
	FCN	D	0.03%
	MAT	D	0.03%
	AGNC	D	0.03%
	ROKU	D	0.03%
	FND	C	0.03%
	MIDD	C	0.03%
	MOH	F	0.03%
	FR	C	0.03%
	FLS	B	0.03%
	BIO	D	0.03%
	GNTX	C	0.03%
	GXO	B	0.03%
	FAST	B	0.03%
	LBRDK	C	0.03%
	FICO	B	0.03%
	SNV	B	0.03%
	CHE	D	0.03%
	ONTO	D	0.03%
	Z	A	0.03%
	VNO	B	0.03%
	HII	D	0.03%
	COLD	D	0.03%
	ADC	B	0.03%
	SAIC	F	0.03%
	SEIC	B	0.03%
	WAT	B	0.03%
	CFR	B	0.03%
	ZION	B	0.03%
	SHW	A	0.03%
	AR	B	0.03%
	WTFC	A	0.03%
	MNST	C	0.03%
	ACI	C	0.03%
	LW	C	0.03%
	EXAS	D	0.03%
	LECO	B	0.03%
	MTZ	B	0.03%
	APG	B	0.03%
	NNN	D	0.03%
	RBC	A	0.03%
	TKO	B	0.03%
	OGE	B	0.03%
	PNFP	B	0.03%
	BRX	A	0.03%
	FMC	D	0.03%
	ECL	D	0.03%
	VOYA	B	0.03%
	KNX	B	0.03%
	AAL	B	0.03%
	KBR	F	0.03%
	HLI	B	0.03%
	GMED	A	0.03%
	EGP	F	0.03%
	RIVN	F	0.03%
	ALLY	C	0.03%
	GWRE	A	0.03%
	GME	C	0.03%
	AXTA	A	0.03%
	TTC	D	0.03%
	CMA	A	0.03%
	ADP	B	0.03%
	APA	D	0.03%
	MGM	D	0.03%
	MOS	F	0.03%
	BRBR	A	0.03%
	LAMR	D	0.03%
	CZR	F	0.03%
	PTC	A	0.03%
	X	C	0.03%
	SNX	C	0.03%
	ALNY	D	0.02%
	KMPR	B	0.02%
	MSGS	A	0.02%
	RH	B	0.02%
	HOG	D	0.02%
	ACHC	F	0.02%
	TYL	B	0.02%
	SITE	D	0.02%
	PAYC	B	0.02%
	GTES	A	0.02%
	W	F	0.02%
	AWI	A	0.02%
	CLF	F	0.02%
	UHAL	D	0.02%
	OLED	D	0.02%
	FRPT	B	0.02%
	ASH	D	0.02%
	EEFT	B	0.02%
	SLGN	A	0.02%
	LITE	B	0.02%
	DLB	B	0.02%
	TPG	A	0.02%
	DBX	B	0.02%
	WSC	D	0.02%
	WTM	A	0.02%
	WLK	D	0.02%
	BILL	A	0.02%
	RYN	D	0.02%
	OZK	B	0.02%
	XRAY	F	0.02%
	AL	B	0.02%
	CUZ	B	0.02%
	KRC	C	0.02%
	DOCS	C	0.02%
	HXL	D	0.02%
	OLN	D	0.02%
	AVT	C	0.02%
	ROIV	C	0.02%
	PSN	D	0.02%
	GNRC	B	0.02%
	SEE	C	0.02%
	UGI	A	0.02%
	ZG	A	0.02%
	ORLY	B	0.02%
	SON	D	0.02%
	ST	F	0.02%
	FNB	A	0.02%
	FOX	A	0.02%
	IDA	A	0.02%
	THG	A	0.02%
	JHG	A	0.02%
	TKR	D	0.02%
	POST	C	0.02%
	SAIA	B	0.02%
	BC	C	0.02%
	LEA	D	0.02%
	H	B	0.02%
	WHR	B	0.02%
	NFG	A	0.02%
	OLLI	D	0.02%
	COIN	C	0.02%
	SRCL	C	0.02%
	MDU	D	0.02%
	LNC	B	0.02%
	BEN	C	0.02%
	S	B	0.02%
	COLB	A	0.02%
	LFUS	F	0.02%
	ALK	C	0.02%
	ESI	A	0.02%
	AXS	A	0.02%
	DINO	D	0.02%
	RLI	B	0.02%
	NOV	C	0.02%
	MSA	D	0.02%
	STWD	C	0.02%
	GWW	B	0.02%
	WH	B	0.02%
	DAR	C	0.02%
	VMI	B	0.02%
	ELAN	D	0.02%
	AGCO	D	0.02%
	SNDR	B	0.01%
	FTRE	D	0.01%
	GO	C	0.01%
	LYFT	C	0.01%
	TER	D	0.01%
	REYN	D	0.01%
	EXEL	B	0.01%
	LEG	F	0.01%
	TRIP	F	0.01%
	WOLF	F	0.01%
	WEN	D	0.01%
	INFA	D	0.01%
	VSTS	C	0.01%
	BIRK	D	0.01%
	QS	F	0.01%
	UAA	C	0.01%
	AZEK	A	0.01%
	CRI	D	0.01%
	CNXC	F	0.01%
	KSS	F	0.01%
	SAM	C	0.01%
	ETSY	D	0.01%
	YETI	C	0.01%
	AAP	C	0.01%
	AZTA	D	0.01%
	BR	A	0.01%
	BROS	B	0.01%
	LCID	F	0.01%
	GLOB	B	0.01%
	IPGP	D	0.01%
	RKT	F	0.01%
	RCM	F	0.01%
	BRKR	D	0.01%
	ENOV	C	0.01%
	CPRI	F	0.01%
	HAYW	B	0.01%
	MP	B	0.01%
	SHC	F	0.01%
	HHH	B	0.01%
	ULTA	F	0.01%
	SPB	C	0.01%
	CWEN	C	0.01%
	CC	C	0.01%
	AGR	B	0.01%
	ALGM	D	0.01%
	CXT	B	0.01%
	VAC	B	0.01%
	CLVT	F	0.01%
	COLM	B	0.01%
	MPW	F	0.01%
	PAG	B	0.01%
	COTY	F	0.01%
	PK	B	0.01%
	NSA	D	0.01%
	BHF	B	0.01%
	MASI	A	0.01%
	PENN	C	0.01%
	AM	A	0.01%
	AMED	F	0.01%
	CPRT	A	0.01%
	IRDM	D	0.01%
	PLNT	A	0.01%
	FHB	A	0.01%
	SPR	D	0.01%
	U	C	0.01%
	EPR	D	0.01%
	ZI	D	0.01%
	PRGO	B	0.01%
	HIW	D	0.01%
	DXC	B	0.01%
	IAC	D	0.01%
	NEU	C	0.01%
	PII	D	0.01%
	GFS	C	0.01%
	MSM	C	0.01%
	NVST	B	0.01%
	DNB	B	0.01%
	HUN	F	0.01%
	NWL	B	0.01%
	SMG	D	0.01%
	UHAL	D	0.0%
	UWMC	D	0.0%
	SEG	B	0.0%
	NFE	D	0.0%
	IONS	F	0.0%
	TXG	F	0.0%
	PLTK	B	0.0%
	CHH	A	0.0%
	CACC	D	0.0%
	UI	A	0.0%
	TFSL	A	0.0%
	LBRDA	C	0.0%
	SEB	F	0.0%
	PATH	C	0.0%
	CWEN	C	0.0%
	DJT	C	0.0%
	CAR	C	0.0%
	LSCC	D	0.0%
	PYCR	C	0.0%
	MTN	C	0.0%
	HCP	B	0.0%
	FIVE	F	0.0%
	DV	C	0.0%
	HAS	D	0.0%
	NCNO	B	0.0%
	CERT	F	0.0%

VONV Underweight 280 Positions Relative to VFMF

	Symbol	Grade	Weight
	GOOG	C	-0.9%
	META	D	-0.82%
	MLI	C	-0.71%
	OFG	B	-0.64%
	NVDA	C	-0.63%
	COST	B	-0.52%
	KLAC	D	-0.52%
	BCC	B	-0.52%
	GOOGL	C	-0.5%
	FBP	B	-0.5%
	ANET	C	-0.5%
	MRK	F	-0.46%
	COLL	F	-0.46%
	CNO	A	-0.4%
	AMAL	B	-0.39%
	UFPI	B	-0.37%
	KELYA	F	-0.36%
	ANDE	D	-0.34%
	PRDO	B	-0.34%
	EIG	B	-0.34%
	IBOC	A	-0.34%
	SCS	C	-0.32%
	CPF	A	-0.31%
	NMIH	D	-0.31%
	CASH	A	-0.3%
	NTB	B	-0.3%
	SIG	B	-0.3%
	GIII	D	-0.3%
	ACT	D	-0.29%
	GFF	A	-0.29%
	SRCE	B	-0.28%
	CALM	A	-0.28%
	TK	D	-0.27%
	EAT	A	-0.26%
	TPC	C	-0.26%
	MHO	D	-0.25%
	FCF	A	-0.25%
	PFBC	B	-0.25%
	WSFS	A	-0.24%
	PHIN	A	-0.24%
	ASO	F	-0.24%
	NSIT	F	-0.24%
	CPAY	A	-0.23%
	MLKN	D	-0.23%
	WTTR	B	-0.23%
	WFRD	D	-0.22%
	MBIN	D	-0.22%
	RDN	C	-0.21%
	GNW	A	-0.21%
	SIGA	F	-0.21%
	EQH	B	-0.2%
	CVCO	A	-0.2%
	AX	A	-0.2%
	CAL	D	-0.2%
	SPOT	B	-0.2%
	AMWD	C	-0.2%
	ASC	F	-0.2%
	GMS	B	-0.2%
	AMRX	C	-0.19%
	AHCO	F	-0.19%
	ATGE	B	-0.19%
	HWKN	B	-0.19%
	STNG	F	-0.18%
	VCTR	B	-0.18%
	PLUS	F	-0.18%
	TILE	B	-0.18%
	IMKTA	C	-0.18%
	BELFB	C	-0.18%
	REVG	B	-0.18%
	PATK	D	-0.18%
	TEX	D	-0.18%
	IESC	B	-0.18%
	TMHC	B	-0.18%
	CNOB	B	-0.18%
	BLX	C	-0.18%
	HP	B	-0.18%
	COOP	B	-0.17%
	SKYW	B	-0.17%
	DLX	B	-0.17%
	ALKS	B	-0.17%
	AEO	F	-0.17%
	PLAB	C	-0.17%
	MRC	B	-0.17%
	AIT	A	-0.17%
	COR	B	-0.17%
	WMK	C	-0.16%
	BV	B	-0.16%
	STBA	B	-0.16%
	TBBK	B	-0.16%
	DECK	A	-0.16%
	IDT	B	-0.16%
	FIX	A	-0.16%
	DVA	B	-0.16%
	GNK	D	-0.16%
	OMI	F	-0.16%
	KBH	D	-0.16%
	SFM	A	-0.16%
	SXC	A	-0.16%
	ASB	B	-0.16%
	KTB	B	-0.15%
	DHT	F	-0.15%
	CRC	B	-0.15%
	MEDP	D	-0.15%
	SCSC	B	-0.15%
	SLVM	B	-0.15%
	CHCO	B	-0.15%
	WABC	B	-0.14%
	DAKT	B	-0.14%
	CVLT	B	-0.14%
	ETD	C	-0.14%
	NR	B	-0.14%
	CNXN	C	-0.14%
	ABCB	B	-0.14%
	TNK	F	-0.14%
	MCY	A	-0.14%
	BBW	B	-0.14%
	PUMP	B	-0.14%
	MUSA	A	-0.14%
	CMC	B	-0.14%
	ENS	D	-0.14%
	LNTH	D	-0.14%
	HAFC	A	-0.13%
	SPOK	C	-0.13%
	MUR	D	-0.13%
	HBI	B	-0.13%
	EXPE	B	-0.13%
	HCC	B	-0.13%
	SM	B	-0.13%
	TPH	D	-0.13%
	NMRK	B	-0.13%
	INSW	F	-0.12%
	DNOW	B	-0.12%
	PTGX	C	-0.12%
	KNTK	B	-0.12%
	ROCK	C	-0.12%
	BHLB	B	-0.12%
	ZEUS	C	-0.12%
	FIBK	A	-0.12%
	CBU	B	-0.12%
	CPRX	C	-0.12%
	HWC	B	-0.12%
	CYH	F	-0.12%
	IMMR	C	-0.12%
	URBN	C	-0.12%
	AGX	B	-0.12%
	SPTN	D	-0.11%
	SCHL	D	-0.11%
	HALO	F	-0.11%
	LPG	F	-0.11%
	SBSI	B	-0.11%
	CEIX	A	-0.11%
	REX	D	-0.11%
	CNX	A	-0.11%
	AMR	C	-0.11%
	MATX	C	-0.11%
	ITRI	B	-0.1%
	MPWR	F	-0.1%
	GRBK	D	-0.1%
	QCRH	A	-0.1%
	WHD	B	-0.1%
	FLWS	F	-0.1%
	LRN	A	-0.1%
	JXN	C	-0.1%
	VERX	B	-0.1%
	SANM	B	-0.1%
	CDNA	D	-0.1%
	AZZ	B	-0.1%
	CRVL	A	-0.09%
	GRND	A	-0.09%
	APOG	B	-0.09%
	OXM	D	-0.09%
	NAVI	C	-0.09%
	GPOR	B	-0.09%
	WLY	B	-0.09%
	MOG.A	B	-0.09%
	DXPE	B	-0.09%
	JELD	F	-0.09%
	INDB	B	-0.09%
	FDP	B	-0.08%
	PSMT	C	-0.08%
	SFNC	B	-0.08%
	ARCB	C	-0.08%
	SD	D	-0.08%
	HSTM	B	-0.08%
	ACCO	C	-0.08%
	UPBD	B	-0.08%
	DOLE	D	-0.07%
	USAP	B	-0.07%
	DESP	B	-0.07%
	MTUS	C	-0.07%
	ZIMV	D	-0.07%
	PLPC	B	-0.07%
	EPC	D	-0.07%
	BBSI	B	-0.07%
	HIMS	B	-0.07%
	HVT	D	-0.07%
	STRL	B	-0.07%
	NTGR	B	-0.07%
	IDCC	A	-0.07%
	RES	D	-0.07%
	LZB	B	-0.07%
	MTH	D	-0.07%
	FN	D	-0.06%
	NHC	C	-0.06%
	UTI	A	-0.06%
	GOGL	F	-0.06%
	CENTA	C	-0.06%
	JILL	C	-0.06%
	FRME	B	-0.06%
	CATY	B	-0.06%
	HNI	B	-0.06%
	AMZN	C	-0.06%
	NAT	F	-0.06%
	AGM	C	-0.06%
	OSUR	F	-0.05%
	TCBI	B	-0.05%
	GRNT	B	-0.05%
	CLW	F	-0.05%
	NOG	A	-0.05%
	BKE	B	-0.05%
	LBRT	D	-0.05%
	UFPT	B	-0.05%
	SCVL	F	-0.05%
	NX	C	-0.05%
	BTU	B	-0.05%
	ZUMZ	C	-0.05%
	SUPN	C	-0.05%
	CBT	C	-0.05%
	YOU	D	-0.05%
	PRK	B	-0.05%
	MD	B	-0.05%
	ADMA	B	-0.05%
	CRS	A	-0.05%
	LQDT	B	-0.05%
	OSBC	A	-0.05%
	LYTS	B	-0.05%
	SMLR	B	-0.04%
	CTS	C	-0.04%
	HOV	D	-0.04%
	HEES	B	-0.04%
	WGO	C	-0.04%
	GOLF	B	-0.04%
	HSII	B	-0.04%
	STGW	B	-0.04%
	SXI	B	-0.04%
	BKU	A	-0.04%
	KFRC	D	-0.04%
	MCRI	A	-0.04%
	MBUU	C	-0.04%
	MGY	A	-0.04%
	NSSC	D	-0.04%
	TNC	D	-0.04%
	SHOO	D	-0.04%
	GEO	B	-0.04%
	PRMW	C	-0.04%
	EFSC	B	-0.04%
	CRAI	B	-0.04%
	ATEN	B	-0.03%
	GPI	A	-0.03%
	UVSP	B	-0.03%
	BSIG	A	-0.03%
	STRA	C	-0.03%
	PRLB	A	-0.03%
	KMT	B	-0.03%
	MOV	C	-0.03%
	CCRN	F	-0.03%
	HFWA	B	-0.03%
	BRY	F	-0.03%
	EPAC	B	-0.03%
	TPL	A	-0.03%
	TCBK	B	-0.03%
	WNC	C	-0.03%
	INGN	C	-0.02%
	VRA	F	-0.02%
	RGP	F	-0.02%
	ATKR	C	-0.02%
	BUSE	B	-0.02%
	PEBO	A	-0.02%
	SB	F	-0.02%
	MBWM	B	-0.02%

VONV: Top Represented Industries & Keywords

Industries: Diversified Industrials Banks - Regional - US Utilities - Regulated Electric Software - Application Asset Management Oil & Gas E&P 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 Dow Jones Component Beverage Medicine

VFMF: Top Represented Industries & Keywords

Industries: Banks - Regional - US Oil & Gas E&P Specialty Retail Residential Construction Shipping & Ports Asset Management Building Materials Oil & Gas Equipment & Services Apparel Manufacturing Credit Services Diversified Industrials Apparel Stores Business Services Electronic Components Software - Application Steel Banks - Global Biotechnology Education & Training Services Engineering & Construction

Keywords: S&P 500 Bank Banking Deposit Products Insurance Clothing Computing Construction Mining Natural Gas Nasdaq 100 Aerospace Building Materials Chemical Retail Store Commercial Banking Electronics Fashion Insurance Products Investment Management