AVLC vs. INRO ETF Comparison

Comparison of Avantis U.S. Large Cap Equity ETF (AVLC) to BlackRock U.S. Industry Rotation ETF (INRO)

AVLC

Avantis U.S. Large Cap Equity ETF

AVLC Description

The fund invests primarily in a diverse group of U.S. companies across market sectors and industry groups. The fund seeks securities of companies that it expects to have higher returns by placing an enhanced emphasis on securities of companies with higher profitability and value characteristics. Conversely, the fund seeks to underweight or exclude securities it expects to have lower returns, such as securities of companies with lower levels of profitability and less attractive value characteristics

Grade (RS Rating)

Last Trade

$69.29

Average Daily Volume

19,774

Number of Holdings ^*

976

* 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

$28.27

Average Daily Volume

3,544

Number of Holdings ^*

423

* may have additional holdings in another (foreign) market

Performance

Period	AVLC	INRO
30 Days	3.17%	2.86%
60 Days	5.71%	5.93%
90 Days	7.02%	6.63%
12 Months	32.22%

401 Overlapping Holdings

Symbol	Grade	Weight in AVLC	Weight in INRO	Overlap
A	D	0.06%	0.05%	0.05%
AAPL	C	5.24%	5.57%	5.24%
ABBV	F	0.38%	0.4%	0.38%
ACGL	C	0.15%	0.06%	0.06%
ACM	B	0.02%	0.11%	0.02%
ACN	B	0.32%	0.07%	0.07%
ADBE	C	0.33%	0.32%	0.32%
ADI	D	0.15%	0.23%	0.15%
ADP	A	0.36%	0.29%	0.29%
ADSK	A	0.09%	0.1%	0.09%
AEP	C	0.14%	0.31%	0.14%
AES	F	0.06%	0.03%	0.03%
AFG	A	0.06%	0.02%	0.02%
AFL	B	0.19%	0.09%	0.09%
AIG	B	0.2%	0.08%	0.08%
AIZ	A	0.05%	0.02%	0.02%
AJG	A	0.05%	0.09%	0.05%
ALL	A	0.2%	0.08%	0.08%
ALLE	C	0.02%	0.09%	0.02%
ALLY	C	0.06%	0.02%	0.02%
ALNY	D	0.04%	0.05%	0.04%
AMAT	F	0.36%	0.32%	0.32%
AMCR	C	0.02%	0.07%	0.02%
AMD	F	0.31%	0.49%	0.31%
AME	A	0.05%	0.14%	0.05%
AMGN	F	0.19%	0.22%	0.19%
AMP	A	0.26%	0.17%	0.17%
AMZN	C	3.03%	1.46%	1.46%
ANSS	B	0.04%	0.05%	0.04%
AON	A	0.1%	0.11%	0.1%
AOS	F	0.03%	0.06%	0.03%
APA	D	0.03%	0.01%	0.01%
APD	A	0.22%	0.01%	0.01%
APH	A	0.12%	0.19%	0.12%
APO	B	0.16%	0.01%	0.01%
APP	B	0.16%	0.08%	0.08%
ARES	A	0.02%	0.11%	0.02%
ATO	A	0.05%	0.05%	0.05%
AVGO	D	1.11%	1.64%	1.11%
AVTR	F	0.01%	0.02%	0.01%
AVY	F	0.03%	0.07%	0.03%
AXON	A	0.05%	0.02%	0.02%
AXP	A	0.4%	1.14%	0.4%
AZO	C	0.05%	0.15%	0.05%
BA	F	0.06%	0.04%	0.04%
BAC	A	0.42%	0.79%	0.42%
BAH	F	0.03%	0.06%	0.03%
BALL	F	0.06%	0.08%	0.06%
BBWI	C	0.01%	0.02%	0.01%
BBY	D	0.12%	0.05%	0.05%
BEN	C	0.01%	0.03%	0.01%
BIIB	F	0.03%	0.03%	0.03%
BIO	C	0.01%	0.01%	0.01%
BK	A	0.18%	0.11%	0.11%
BKR	A	0.18%	0.07%	0.07%
BLDR	D	0.07%	0.15%	0.07%
BMRN	F	0.03%	0.02%	0.02%
BMY	B	0.18%	0.12%	0.12%
BR	A	0.04%	0.07%	0.04%
BRK.A	B	0.67%	0.06%	0.06%
BRO	B	0.02%	0.04%	0.02%
BSY	F	0.01%	0.02%	0.01%
BURL	B	0.11%	0.05%	0.05%
BX	A	0.11%	0.42%	0.11%
C	A	0.23%	0.34%	0.23%
CARR	C	0.06%	0.42%	0.06%
CAT	B	0.52%	0.36%	0.36%
CB	C	0.22%	0.16%	0.16%
CBOE	C	0.03%	0.04%	0.03%
CBRE	B	0.06%	0.88%	0.06%
CCK	D	0.02%	0.05%	0.02%
CDNS	B	0.12%	0.12%	0.12%
CDW	F	0.05%	0.06%	0.05%
CEG	C	0.11%	0.45%	0.11%
CFG	B	0.08%	0.05%	0.05%
CG	B	0.02%	0.04%	0.02%
CHRD	D	0.05%	0.01%	0.01%
CINF	A	0.07%	0.04%	0.04%
CME	B	0.12%	0.26%	0.12%
CMI	A	0.21%	0.09%	0.09%
COF	C	0.23%	0.49%	0.23%
COIN	C	0.08%	0.2%	0.08%
COP	C	0.38%	0.23%	0.23%
COST	A	0.94%	0.46%	0.46%
CPRT	B	0.1%	0.21%	0.1%
CRL	D	0.01%	0.02%	0.01%
CRM	B	0.44%	0.47%	0.44%
CRWD	B	0.11%	0.11%	0.11%
CSGP	D	0.04%	0.65%	0.04%
CSL	C	0.13%	0.15%	0.13%
CSX	C	0.26%	0.26%	0.26%
CTAS	B	0.12%	0.34%	0.12%
CTLT	C	0.03%	0.01%	0.01%
CTRA	B	0.1%	0.03%	0.03%
CTSH	B	0.13%	0.02%	0.02%
CVX	A	0.64%	0.48%	0.48%
DAL	B	0.23%	0.03%	0.03%
DAY	B	0.0%	0.03%	0.0%
DDOG	A	0.05%	0.05%	0.05%
DE	B	0.3%	0.2%	0.2%
DELL	B	0.05%	0.07%	0.05%
DFS	B	0.08%	0.31%	0.08%
DG	F	0.06%	0.01%	0.01%
DHI	F	0.12%	0.33%	0.12%
DHR	F	0.13%	0.2%	0.13%
DINO	D	0.04%	0.01%	0.01%
DKS	D	0.08%	0.03%	0.03%
DLTR	F	0.07%	0.01%	0.01%
DOCU	B	0.05%	0.02%	0.02%
DOV	A	0.03%	0.06%	0.03%
DT	D	0.02%	0.03%	0.02%
DUK	C	0.16%	0.53%	0.16%
DVN	F	0.14%	0.04%	0.04%
EBAY	D	0.14%	0.02%	0.02%
EFX	F	0.02%	0.08%	0.02%
EG	C	0.08%	0.03%	0.03%
EIX	B	0.09%	0.2%	0.09%
EME	A	0.14%	0.19%	0.14%
EMR	B	0.05%	0.24%	0.05%
ENPH	F	0.01%	0.02%	0.01%
ENTG	D	0.02%	0.03%	0.02%
EOG	A	0.3%	0.14%	0.14%
EPAM	B	0.04%	0.01%	0.01%
EQT	B	0.11%	0.04%	0.04%
ERIE	D	0.02%	0.02%	0.02%
ES	C	0.02%	0.13%	0.02%
ETN	A	0.14%	0.48%	0.14%
ETR	B	0.12%	0.2%	0.12%
EVRG	A	0.05%	0.1%	0.05%
EXAS	D	0.01%	0.01%	0.01%
EXC	C	0.1%	0.24%	0.1%
EXPD	C	0.09%	0.0%	0.0%
F	C	0.2%	0.06%	0.06%
FANG	C	0.17%	0.06%	0.06%
FAST	B	0.2%	0.41%	0.2%
FBIN	D	0.02%	0.07%	0.02%
FCNCA	A	0.12%	0.05%	0.05%
FCX	F	0.18%	0.11%	0.11%
FDS	B	0.04%	0.07%	0.04%
FDX	B	0.26%	0.02%	0.02%
FE	C	0.02%	0.15%	0.02%
FI	A	0.07%	0.01%	0.01%
FICO	B	0.08%	0.08%	0.08%
FIS	C	0.06%	0.01%	0.01%
FITB	B	0.14%	0.08%	0.08%
FNF	B	0.08%	0.0%	0.0%
FSLR	F	0.1%	0.04%	0.04%
FTNT	C	0.23%	0.09%	0.09%
FTV	C	0.01%	0.05%	0.01%
GD	D	0.05%	0.03%	0.03%
GDDY	A	0.08%	0.01%	0.01%
GE	D	0.2%	0.08%	0.08%
GEV	B	0.13%	0.31%	0.13%
GGG	B	0.05%	0.03%	0.03%
GILD	C	0.35%	0.16%	0.16%
GLW	B	0.09%	0.09%	0.09%
GM	C	0.31%	0.09%	0.09%
GOOG	C	1.3%	2.71%	1.3%
GOOGL	C	1.57%	3.12%	1.57%
GRMN	B	0.1%	0.22%	0.1%
GS	A	0.44%	0.62%	0.44%
GWW	B	0.23%	0.46%	0.23%
HAL	C	0.13%	0.04%	0.04%
HBAN	A	0.11%	0.07%	0.07%
HD	B	0.58%	1.16%	0.58%
HEI	A	0.01%	0.01%	0.01%
HEI	A	0.01%	0.01%	0.01%
HEI	A	0.01%	0.0%	0.0%
HEI	A	0.01%	0.0%	0.0%
HES	B	0.19%	0.07%	0.07%
HIG	B	0.19%	0.05%	0.05%
HII	F	0.04%	0.0%	0.0%
HON	C	0.15%	1.56%	0.15%
HOOD	B	0.05%	0.05%	0.05%
HPE	B	0.08%	0.05%	0.05%
HPQ	B	0.05%	0.06%	0.05%
HUBB	B	0.04%	0.08%	0.04%
HUBS	A	0.05%	0.05%	0.05%
HWM	A	0.05%	0.02%	0.02%
IBM	C	0.27%	0.06%	0.06%
ICE	C	0.07%	0.29%	0.07%
IEX	C	0.03%	0.03%	0.03%
ILMN	C	0.04%	0.03%	0.03%
INCY	C	0.03%	0.02%	0.02%
INTC	C	0.16%	0.22%	0.16%
INTU	B	0.27%	0.28%	0.27%
IOT	A	0.01%	0.02%	0.01%
IP	A	0.13%	0.09%	0.09%
IQV	F	0.04%	0.05%	0.04%
IR	B	0.05%	0.08%	0.05%
IT	C	0.09%	0.02%	0.02%
ITW	B	0.12%	0.15%	0.12%
J	D	0.01%	0.04%	0.01%
JBHT	C	0.08%	0.06%	0.06%
JBL	C	0.1%	0.03%	0.03%
JCI	B	0.04%	0.4%	0.04%
JNJ	C	0.58%	0.36%	0.36%
JPM	A	1.19%	1.68%	1.19%
KEY	B	0.05%	0.05%	0.05%
KEYS	A	0.06%	0.06%	0.06%
KKR	A	0.15%	0.31%	0.15%
KLAC	F	0.21%	0.18%	0.18%
KMI	A	0.1%	0.1%	0.1%
KMX	B	0.05%	0.04%	0.04%
KNX	C	0.04%	0.04%	0.04%
KR	B	0.2%	0.05%	0.05%
L	A	0.07%	0.03%	0.03%
LDOS	C	0.03%	0.06%	0.03%
LEN	D	0.17%	0.28%	0.17%
LEN	D	0.01%	0.28%	0.01%
LHX	C	0.03%	0.02%	0.02%
LII	A	0.09%	0.14%	0.09%
LIN	C	0.21%	0.02%	0.02%
LLY	F	0.79%	0.64%	0.64%
LMT	D	0.23%	0.05%	0.05%
LNG	A	0.23%	0.09%	0.09%
LNT	A	0.04%	0.1%	0.04%
LOW	C	0.12%	0.45%	0.12%
LPLA	A	0.1%	0.07%	0.07%
LRCX	F	0.34%	0.21%	0.21%
LUV	C	0.08%	0.01%	0.01%
MA	B	0.66%	0.04%	0.04%
MANH	D	0.06%	0.03%	0.03%
MAS	D	0.02%	0.12%	0.02%
MCHP	F	0.05%	0.08%	0.05%
MCO	B	0.1%	0.26%	0.1%
MDB	B	0.03%	0.01%	0.01%
MELI	C	0.39%	0.07%	0.07%
MET	A	0.2%	0.08%	0.08%
META	D	2.26%	3.77%	2.26%
MKL	A	0.12%	0.04%	0.04%
MKTX	D	0.05%	0.03%	0.03%
MLM	C	0.14%	0.59%	0.14%
MMC	B	0.09%	0.16%	0.09%
MMM	D	0.19%	0.78%	0.19%
MO	A	0.09%	0.39%	0.09%
MPC	D	0.22%	0.1%	0.1%
MPWR	F	0.04%	0.06%	0.04%
MRK	D	0.32%	0.24%	0.24%
MRNA	F	0.03%	0.02%	0.02%
MRO	B	0.11%	0.03%	0.03%
MRVL	B	0.11%	0.17%	0.11%
MS	A	0.35%	0.52%	0.35%
MSCI	C	0.05%	0.15%	0.05%
MSFT	D	4.39%	4.18%	4.18%
MSTR	B	0.09%	0.08%	0.08%
MTB	A	0.12%	0.09%	0.09%
MTCH	D	0.01%	0.02%	0.01%
MTD	F	0.03%	0.04%	0.03%
MU	D	0.17%	0.25%	0.17%
NBIX	C	0.04%	0.02%	0.02%
NDAQ	A	0.02%	0.12%	0.02%
NDSN	B	0.01%	0.03%	0.01%
NEE	C	0.07%	0.94%	0.07%
NEM	D	0.02%	0.11%	0.02%
NET	B	0.04%	0.01%	0.01%
NOC	D	0.05%	0.03%	0.03%
NOW	A	0.3%	0.3%	0.3%
NRG	B	0.05%	0.12%	0.05%
NSC	B	0.22%	0.23%	0.22%
NTAP	C	0.06%	0.04%	0.04%
NTRS	A	0.11%	0.08%	0.08%
NUE	C	0.16%	0.01%	0.01%
NVDA	B	4.82%	7.42%	4.82%
NVR	D	0.1%	0.22%	0.1%
NXPI	D	0.08%	0.12%	0.08%
OC	A	0.11%	0.11%	0.11%
ODFL	C	0.14%	0.17%	0.14%
OKE	A	0.2%	0.11%	0.11%
ON	D	0.12%	0.06%	0.06%
ORCL	A	0.42%	0.44%	0.42%
ORLY	B	0.07%	0.21%	0.07%
OTIS	C	0.04%	0.08%	0.04%
OVV	B	0.08%	0.02%	0.02%
OXY	D	0.15%	0.06%	0.06%
PANW	B	0.19%	0.18%	0.18%
PAYC	B	0.07%	0.03%	0.03%
PAYX	B	0.17%	0.11%	0.11%
PCAR	B	0.25%	0.11%	0.11%
PCG	A	0.13%	0.26%	0.13%
PFE	F	0.15%	0.14%	0.14%
PFG	D	0.09%	0.04%	0.04%
PGR	A	0.46%	0.23%	0.23%
PH	A	0.09%	0.17%	0.09%
PHM	D	0.12%	0.19%	0.12%
PINS	F	0.02%	0.05%	0.02%
PKG	A	0.12%	0.1%	0.1%
PLTR	B	0.18%	0.17%	0.17%
PM	B	0.18%	0.83%	0.18%
PNC	B	0.22%	0.2%	0.2%
PNR	A	0.02%	0.04%	0.02%
PPL	A	0.07%	0.05%	0.05%
PRU	A	0.18%	0.07%	0.07%
PSTG	D	0.04%	0.03%	0.03%
PSX	C	0.19%	0.1%	0.1%
PTC	B	0.03%	0.04%	0.03%
PWR	A	0.09%	0.37%	0.09%
PYPL	B	0.32%	0.01%	0.01%
QCOM	F	0.48%	0.39%	0.39%
QRVO	F	0.02%	0.01%	0.01%
REGN	F	0.14%	0.12%	0.12%
RF	A	0.08%	0.07%	0.07%
RIVN	F	0.03%	0.01%	0.01%
RJF	A	0.11%	0.11%	0.11%
ROK	C	0.04%	0.1%	0.04%
ROL	B	0.03%	0.06%	0.03%
ROP	B	0.09%	0.09%	0.09%
ROST	D	0.21%	0.14%	0.14%
RPRX	D	0.02%	0.01%	0.01%
RS	B	0.07%	0.01%	0.01%
RSG	A	0.04%	0.2%	0.04%
RTX	D	0.16%	0.07%	0.07%
RVTY	F	0.02%	0.02%	0.02%
SCHW	B	0.21%	0.37%	0.21%
SEIC	B	0.03%	0.02%	0.02%
SHW	B	0.14%	0.01%	0.01%
SLB	C	0.09%	0.09%	0.09%
SMCI	F	0.01%	0.02%	0.01%
SNA	A	0.08%	0.04%	0.04%
SNAP	D	0.01%	0.04%	0.01%
SNOW	B	0.05%	0.01%	0.01%
SNPS	B	0.12%	0.12%	0.12%
SO	C	0.13%	0.59%	0.13%
SPGI	C	0.09%	0.52%	0.09%
SSNC	B	0.01%	0.03%	0.01%
STLD	B	0.12%	0.01%	0.01%
STT	B	0.1%	0.05%	0.05%
STX	C	0.03%	0.04%	0.03%
SW	A	0.1%	0.12%	0.1%
SWK	D	0.02%	0.03%	0.02%
SWKS	F	0.07%	0.03%	0.03%
SYF	B	0.15%	0.18%	0.15%
SYY	D	0.07%	0.04%	0.04%
TDG	D	0.07%	0.03%	0.03%
TDY	B	0.03%	0.05%	0.03%
TEAM	A	0.05%	0.06%	0.05%
TECH	F	0.02%	0.02%	0.02%
TER	F	0.05%	0.03%	0.03%
TFC	A	0.19%	0.15%	0.15%
TGT	F	0.29%	0.08%	0.08%
TJX	A	0.44%	0.38%	0.38%
TMO	F	0.15%	0.26%	0.15%
TMUS	B	0.31%	4.59%	0.31%
TPL	A	0.13%	0.05%	0.05%
TRGP	A	0.27%	0.07%	0.07%
TRMB	B	0.02%	0.04%	0.02%
TROW	B	0.1%	0.05%	0.05%
TRU	D	0.02%	0.05%	0.02%
TRV	B	0.26%	0.09%	0.09%
TSCO	D	0.17%	0.09%	0.09%
TSLA	B	0.78%	1.32%	0.78%
TT	A	0.14%	0.65%	0.14%
TTC	C	0.03%	0.02%	0.02%
TW	A	0.02%	0.05%	0.02%
TWLO	A	0.04%	0.01%	0.01%
TXN	C	0.26%	0.41%	0.26%
TXT	D	0.05%	0.01%	0.01%
TYL	B	0.04%	0.04%	0.04%
UBER	F	0.09%	0.5%	0.09%
UHAL	D	0.03%	0.02%	0.02%
UHAL	D	0.0%	0.02%	0.0%
ULTA	F	0.11%	0.05%	0.05%
UNH	B	0.36%	0.01%	0.01%
UNP	C	0.47%	0.55%	0.47%
UPS	C	0.19%	0.03%	0.03%
URI	C	0.2%	0.5%	0.2%
USB	A	0.23%	0.2%	0.2%
UTHR	C	0.1%	0.02%	0.02%
V	A	0.59%	0.04%	0.04%
VLO	C	0.17%	0.08%	0.08%
VLTO	C	0.06%	0.11%	0.06%
VMC	B	0.05%	0.61%	0.05%
VRSK	A	0.12%	0.09%	0.09%
VRSN	C	0.02%	0.01%	0.01%
VRT	B	0.13%	0.14%	0.13%
VRTX	D	0.25%	0.17%	0.17%
VST	A	0.13%	0.17%	0.13%
VTRS	A	0.09%	0.01%	0.01%
WAB	B	0.04%	0.07%	0.04%
WAT	C	0.05%	0.03%	0.03%
WBA	F	0.0%	0.01%	0.0%
WCN	A	0.04%	0.2%	0.04%
WDAY	B	0.08%	0.08%	0.08%
WDC	D	0.03%	0.04%	0.03%
WFC	A	0.55%	0.62%	0.55%
WM	B	0.13%	0.37%	0.13%
WMB	A	0.29%	0.12%	0.12%
WMT	A	0.64%	0.41%	0.41%
WRB	A	0.07%	0.03%	0.03%
WSM	C	0.11%	0.05%	0.05%
WSO	A	0.05%	0.16%	0.05%
WST	C	0.05%	0.03%	0.03%
WTW	B	0.02%	0.05%	0.02%
XEL	A	0.11%	0.23%	0.11%
XOM	B	1.04%	0.95%	0.95%
XYL	D	0.04%	0.06%	0.04%
Z	A	0.02%	0.25%	0.02%
ZBRA	B	0.03%	0.04%	0.03%
ZM	C	0.05%	0.04%	0.04%
ZS	B	0.03%	0.03%	0.03%
ZTS	D	0.2%	0.08%	0.08%

AVLC Overweight 577 Positions Relative to INRO

Symbol	Grade	Weight
NFLX	A	0.48%
VZ	C	0.45%
T	A	0.42%
KO	D	0.4%
PG	C	0.39%
CMCSA	B	0.38%
CSCO	B	0.3%
RCL	A	0.28%
PEP	F	0.27%
MSI	B	0.23%
CMG	B	0.23%
ABT	B	0.2%
UAL	A	0.19%
CL	D	0.18%
ISRG	A	0.18%
DIS	B	0.18%
BLK	B	0.18%
NKE	F	0.17%
MCD	D	0.16%
DECK	A	0.16%
LULU	C	0.15%
ANET	C	0.15%
DOW	F	0.14%
KMB	C	0.14%
CCL	A	0.13%
BKNG	A	0.13%
ELV	F	0.13%
SYK	B	0.12%
MDT	D	0.12%
SFM	A	0.12%
CPNG	D	0.12%
BSX	A	0.12%
ADM	D	0.11%
IDXX	F	0.11%
LYB	F	0.11%
DRI	B	0.1%
PEG	A	0.1%
FLEX	B	0.1%
RPM	A	0.1%
FIX	A	0.1%
LVS	B	0.09%
CVNA	B	0.09%
EQH	C	0.09%
MDLZ	F	0.09%
COR	B	0.09%
SBUX	A	0.09%
HSY	F	0.09%
TXRH	B	0.09%
CF	A	0.09%
CNC	D	0.08%
EW	C	0.08%
RGA	A	0.08%
BG	D	0.08%
BJ	A	0.08%
AEE	A	0.08%
CTVA	C	0.08%
TPR	B	0.08%
JEF	A	0.08%
FTI	A	0.08%
ED	C	0.08%
CASY	A	0.08%
NCLH	B	0.08%
EWBC	A	0.08%
SQ	A	0.07%
DTE	C	0.07%
WCC	B	0.07%
MOH	F	0.07%
MCK	A	0.07%
SAIA	B	0.07%
JXN	C	0.07%
ABNB	C	0.07%
MLI	B	0.07%
SPOT	B	0.07%
TOL	B	0.07%
INGR	C	0.07%
RMD	C	0.07%
POOL	C	0.07%
CI	D	0.07%
MUSA	B	0.07%
RNR	C	0.07%
SRE	A	0.07%
PRI	B	0.07%
EXP	B	0.07%
UNM	A	0.06%
PR	B	0.06%
COKE	C	0.06%
KVUE	A	0.06%
WAL	B	0.06%
UHS	D	0.06%
CMA	B	0.06%
LECO	C	0.06%
IFF	D	0.06%
ATI	C	0.06%
GL	C	0.06%
WMS	F	0.06%
CMS	C	0.06%
GPC	D	0.06%
GNRC	C	0.06%
GPK	C	0.06%
CLX	A	0.06%
BWXT	B	0.06%
DCI	B	0.06%
PFGC	B	0.06%
EA	A	0.06%
ANF	F	0.06%
DASH	B	0.06%
DD	C	0.06%
LPX	B	0.06%
ECL	D	0.06%
VMI	B	0.05%
ORI	A	0.05%
ENSG	C	0.05%
CROX	D	0.05%
CVS	D	0.05%
TAP	C	0.05%
TSN	B	0.05%
WFRD	D	0.05%
MOS	F	0.05%
FOXA	A	0.05%
KDP	F	0.05%
SKX	D	0.05%
JLL	D	0.05%
DXCM	C	0.05%
KHC	F	0.05%
RHI	C	0.05%
PNW	A	0.05%
WBS	A	0.05%
ZBH	C	0.05%
ARW	D	0.05%
CBT	D	0.05%
HUM	C	0.05%
WTFC	A	0.05%
CHD	A	0.05%
MTDR	B	0.05%
AAON	B	0.05%
D	C	0.05%
BWA	D	0.05%
ALV	C	0.05%
PPG	F	0.05%
VEEV	C	0.05%
STZ	D	0.05%
UFPI	C	0.05%
ZION	B	0.05%
MAR	A	0.05%
LNTH	D	0.05%
AIT	B	0.05%
FYBR	C	0.05%
AXS	A	0.05%
FND	D	0.05%
CRBG	B	0.05%
BDX	F	0.05%
R	B	0.05%
HCA	F	0.05%
TTD	B	0.05%
KNSL	B	0.05%
HLT	A	0.05%
CHTR	C	0.05%
RL	C	0.05%
ATR	B	0.05%
AGCO	D	0.04%
EVR	B	0.04%
DTM	A	0.04%
AWI	A	0.04%
SSD	F	0.04%
STE	D	0.04%
FMC	D	0.04%
SNX	D	0.04%
KEX	B	0.04%
NSIT	F	0.04%
XPO	B	0.04%
YUM	D	0.04%
FN	C	0.04%
LH	B	0.04%
CMC	B	0.04%
CPAY	A	0.04%
CRUS	D	0.04%
ALGN	D	0.04%
APTV	F	0.04%
MTG	C	0.04%
OGE	A	0.04%
TREX	C	0.04%
ITT	A	0.04%
KBH	D	0.04%
KD	B	0.04%
WEC	A	0.04%
AXTA	B	0.04%
SOFI	B	0.04%
RRC	B	0.04%
CLH	C	0.04%
JKHY	D	0.04%
JAZZ	B	0.04%
CRS	B	0.04%
FHN	A	0.04%
GAP	C	0.04%
LSTR	D	0.04%
SF	B	0.04%
CBSH	B	0.04%
AYI	B	0.04%
CHX	C	0.04%
CFR	B	0.04%
OMF	A	0.04%
EXPE	B	0.04%
EMN	C	0.04%
MHK	D	0.04%
DOX	D	0.03%
MEDP	D	0.03%
GWRE	A	0.03%
IBKR	A	0.03%
COHR	B	0.03%
MOD	A	0.03%
SCI	B	0.03%
LAD	A	0.03%
IBP	D	0.03%
CHRW	B	0.03%
BCC	B	0.03%
BLD	D	0.03%
G	B	0.03%
GMED	A	0.03%
TKR	D	0.03%
DY	D	0.03%
FAF	A	0.03%
ENLC	A	0.03%
RLI	A	0.03%
GME	C	0.03%
NWSA	A	0.03%
FFIV	B	0.03%
X	B	0.03%
AFRM	A	0.03%
HALO	F	0.03%
OLN	F	0.03%
PEGA	B	0.03%
NYT	D	0.03%
AWK	C	0.03%
MTZ	B	0.03%
PODD	C	0.03%
HLNE	B	0.03%
WWD	C	0.03%
EXPO	D	0.03%
NU	C	0.03%
VOYA	B	0.03%
MUR	D	0.03%
AM	A	0.03%
PVH	C	0.03%
AKAM	D	0.03%
HOLX	D	0.03%
GNTX	C	0.03%
EHC	B	0.03%
RGLD	C	0.03%
EXEL	B	0.03%
TTWO	A	0.03%
GEHC	D	0.03%
ESNT	F	0.03%
MAT	D	0.03%
AA	A	0.03%
GIS	D	0.03%
K	A	0.03%
ALK	B	0.03%
CW	C	0.03%
SSB	B	0.03%
CAH	B	0.03%
BPOP	C	0.03%
VFC	C	0.03%
CIEN	C	0.03%
WBD	B	0.03%
CIVI	D	0.03%
AR	B	0.03%
MNST	C	0.03%
PNFP	B	0.03%
LEA	F	0.03%
CLF	F	0.03%
CVLT	B	0.03%
HRB	D	0.03%
SNV	C	0.03%
ONB	C	0.03%
PCTY	C	0.02%
EXLS	B	0.02%
LNW	F	0.02%
ROIV	C	0.02%
MSA	F	0.02%
BC	C	0.02%
INSM	C	0.02%
FRPT	A	0.02%
RBC	A	0.02%
PPC	C	0.02%
OMC	C	0.02%
CHH	A	0.02%
OKTA	C	0.02%
HRL	D	0.02%
ARMK	B	0.02%
FCN	F	0.02%
AZN	F	0.02%
BAX	F	0.02%
MDU	D	0.02%
NVT	B	0.02%
HOMB	A	0.02%
ALSN	B	0.02%
OZK	B	0.02%
FSS	B	0.02%
ROKU	D	0.02%
OLED	F	0.02%
ONTO	F	0.02%
CNM	D	0.02%
NOV	C	0.02%
HAS	D	0.02%
SIGI	C	0.02%
DAR	C	0.02%
BRKR	D	0.02%
BMI	B	0.02%
HLI	A	0.02%
FLR	B	0.02%
GLOB	B	0.02%
JHG	B	0.02%
OLLI	D	0.02%
LYV	A	0.02%
MMSI	A	0.02%
MOG.A	B	0.02%
CHE	D	0.02%
FLS	B	0.02%
DOCS	C	0.02%
TOST	B	0.02%
LFUS	D	0.02%
SWX	B	0.02%
LW	C	0.02%
MTH	D	0.02%
SN	D	0.02%
EL	F	0.02%
CNP	A	0.02%
COOP	B	0.02%
OSK	C	0.02%
CSWI	B	0.02%
FOX	A	0.02%
M	F	0.02%
HESM	B	0.02%
MGY	A	0.02%
PCVX	D	0.02%
NTRA	A	0.02%
JNPR	D	0.02%
QLYS	B	0.02%
IVZ	B	0.02%
SON	F	0.02%
THC	D	0.02%
TMHC	C	0.02%
AMKR	D	0.02%
RVMD	C	0.02%
MASI	B	0.02%
CHDN	B	0.02%
LBRDK	C	0.02%
CADE	B	0.02%
TPX	B	0.02%
TFX	F	0.02%
WLK	D	0.02%
NTNX	B	0.02%
NI	A	0.02%
PB	B	0.02%
SATS	D	0.02%
GFS	C	0.01%
LYFT	C	0.01%
SEE	C	0.01%
RMBS	B	0.01%
ELF	C	0.01%
FLUT	A	0.01%
H	B	0.01%
PAG	B	0.01%
NEU	D	0.01%
SMMT	D	0.01%
IONS	F	0.01%
ADTN	A	0.01%
PI	D	0.01%
RRX	B	0.01%
ZG	A	0.01%
CE	F	0.01%
CFLT	B	0.01%
TNET	F	0.01%
CYTK	F	0.01%
CHWY	B	0.01%
LCID	F	0.01%
AAL	B	0.01%
GTLS	A	0.01%
U	C	0.01%
CWEN	C	0.01%
TDW	F	0.01%
RGEN	D	0.01%
VAL	F	0.01%
NOVT	D	0.01%
VERX	A	0.01%
SUM	B	0.01%
ALTR	B	0.01%
WYNN	C	0.01%
CACC	D	0.01%
PEN	B	0.01%
WTRG	B	0.01%
CAG	F	0.01%
CPB	D	0.01%
DKNG	B	0.01%
GXO	B	0.01%
HQY	A	0.01%
NXST	C	0.01%
PATH	C	0.01%
AVAV	C	0.01%
NWS	A	0.01%
HXL	F	0.01%
ESAB	C	0.01%
DDS	B	0.01%
BRBR	A	0.01%
PCOR	B	0.01%
NPAB	F	0.01%
ACHC	F	0.01%
PSN	D	0.01%
IPG	D	0.01%
DLB	B	0.01%
FOUR	A	0.01%
MORN	B	0.01%
GTLB	B	0.01%
HSIC	C	0.01%
BROS	A	0.01%
MTN	C	0.01%
SOLV	D	0.01%
MKSI	C	0.01%
KRYS	C	0.01%
AGR	A	0.01%
BILL	A	0.01%
CWAN	B	0.01%
RRR	F	0.01%
LSCC	D	0.01%
ESTC	C	0.01%
UI	B	0.01%
CWST	A	0.01%
DBX	B	0.01%
VRNS	D	0.01%
LKQ	F	0.01%
DUOL	A	0.01%
ATKR	D	0.01%
BECN	B	0.01%
VNT	C	0.01%
CACI	D	0.01%
USFD	A	0.01%
APPF	B	0.01%
PARA	C	0.01%
MARA	B	0.01%
BOKF	B	0.01%
OGN	F	0.01%
SJM	D	0.01%
GPN	B	0.01%
RYAN	A	0.01%
SRPT	F	0.01%
RBLX	C	0.01%
BERY	C	0.01%
MTSI	B	0.01%
KBR	F	0.01%
IDA	A	0.01%
XP	F	0.01%
LEVI	F	0.01%
WEX	D	0.01%
MGM	D	0.01%
AZEK	A	0.01%
MIDD	C	0.01%
BCPC	B	0.01%
DGX	A	0.01%
NFG	A	0.01%
LUMN	C	0.01%
AN	C	0.01%
BYD	B	0.01%
VVV	D	0.01%
SPSC	D	0.01%
WTS	B	0.01%
SMAR	B	0.01%
TTEK	F	0.01%
PLNT	A	0.01%
ZWS	B	0.01%
LNC	C	0.01%
MDGL	B	0.01%
MKC	C	0.01%
WSC	F	0.01%
GKOS	B	0.01%
PFSI	C	0.01%
SITE	F	0.01%
WING	D	0.01%
DVA	C	0.01%
VKTX	F	0.01%
AL	B	0.01%
PBF	D	0.01%
THO	B	0.01%
ELAN	D	0.01%
FIVE	F	0.01%
SM	B	0.01%
CR	A	0.01%
WH	B	0.01%
ALB	B	0.01%
LANC	C	0.01%
ITCI	C	0.01%
AUR	C	0.01%
CELH	F	0.01%
S	B	0.01%
DPZ	C	0.01%
CGNX	D	0.01%
NVST	B	0.0%
TPG	A	0.0%
CRSP	D	0.0%
WOLF	F	0.0%
WHR	B	0.0%
RARE	F	0.0%
AGL	F	0.0%
EMBC	C	0.0%
KLG	B	0.0%
HIMS	B	0.0%
SEDG	F	0.0%
COTY	F	0.0%
FG	A	0.0%
CNXC	F	0.0%
FFIN	B	0.0%
IMVT	F	0.0%
DXC	B	0.0%
RNA	C	0.0%
SPB	C	0.0%
TXG	F	0.0%
SIRI	C	0.0%
SAM	C	0.0%
UGI	C	0.0%
BRZE	C	0.0%
CRVL	B	0.0%
BBIO	F	0.0%
GBCI	B	0.0%
AGO	B	0.0%
APLS	F	0.0%
IPGP	D	0.0%
INFA	D	0.0%
FNB	A	0.0%
PLUG	F	0.0%
ZI	D	0.0%
ALKS	C	0.0%
FIZZ	C	0.0%
CWEN	C	0.0%
TDC	D	0.0%
RDN	D	0.0%
HCP	B	0.0%
CAR	C	0.0%
EEFT	B	0.0%
HRI	C	0.0%
SNDR	B	0.0%
WK	B	0.0%
TENB	C	0.0%
FLO	D	0.0%
ALIT	C	0.0%
FRHC	B	0.0%
ST	F	0.0%
LBRDA	C	0.0%
OPCH	D	0.0%
W	D	0.0%
NFE	D	0.0%
BIRK	D	0.0%
OWL	A	0.0%
INSP	D	0.0%
ESI	B	0.0%
CRDO	B	0.0%
CZR	F	0.0%
MMS	F	0.0%
AMG	B	0.0%
COLB	B	0.0%
POST	C	0.0%
ACT	C	0.0%
ETSY	D	0.0%
BFAM	D	0.0%
XRAY	F	0.0%
REYN	D	0.0%
CNA	C	0.0%
NUVL	C	0.0%
RDDT	A	0.0%
TMDX	F	0.0%
SAIC	F	0.0%
ALGM	D	0.0%
ZETA	D	0.0%
RBRK	A	0.0%
RH	C	0.0%
SLGN	A	0.0%
TKO	A	0.0%
APG	B	0.0%
BPMC	B	0.0%

AVLC Underweight 26 Positions Relative to INRO

Symbol	Grade	Weight
BXP	C	-1.38%
WELL	A	-0.18%
AMT	C	-0.11%
EQIX	A	-0.1%
PSA	C	-0.07%
DLR	B	-0.07%
VTR	B	-0.06%
VICI	C	-0.05%
CCI	C	-0.05%
ARE	F	-0.04%
IRM	C	-0.04%
EXR	C	-0.04%
GEN	B	-0.03%
SBAC	D	-0.03%
WY	F	-0.03%
DOC	C	-0.03%
CNH	C	-0.02%
GLPI	C	-0.02%
SUI	C	-0.01%
ACI	C	-0.01%
ESS	B	-0.01%
MAA	B	-0.01%
INVH	D	-0.01%
EQR	C	-0.01%
AVB	B	-0.01%
CPT	B	-0.0%