VONV vs. FAB ETF Comparison

Comparison of Vanguard Russell 1000 Value ETF (VONV) to First Trust Multi Cap Value AlphaDEX Fund (FAB)

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

FAB

First Trust Multi Cap Value AlphaDEX Fund

FAB Description

The investment seeks investment results that correspond generally to the price and yield (before the fund's fees and expenses) of an equity index called the Defined Multi Cap Value Index. The fund will normally invest at least 90% of its net assets in common stocks that comprise the index. The index is a modified equal-dollar weighted index designed by S&P to objectively identify and select stocks from the S&P Composite 1500(R) Value Index that may generate positive alpha relative to traditional passive-style indices through the use of the AlphaDEX(R) selection methodology. It is non-diversified.

Grade (RS Rating)

Last Trade

$88.95

Average Daily Volume

2,527

Number of Holdings ^*

665

* may have additional holdings in another (foreign) market

Performance

Period	VONV	FAB
30 Days	3.51%	6.40%
60 Days	4.96%	5.80%
90 Days	7.00%	6.32%
12 Months	29.73%	27.56%

350 Overlapping Holdings

	Symbol	Grade	Weight in VONV	Weight in FAB	Overlap
	AAP	C	0.01%	0.18%	0.01%
	ACN	C	0.87%	0.09%	0.09%
	ADM	D	0.11%	0.38%	0.11%
	ADTN	A	0.01%	0.18%	0.01%
	AEE	A	0.09%	0.36%	0.09%
	AEP	D	0.21%	0.23%	0.21%
	AFG	A	0.04%	0.05%	0.04%
	AFL	B	0.23%	0.25%	0.23%
	AGCO	D	0.02%	0.08%	0.02%
	AGO	B	0.02%	0.25%	0.02%
	AIG	B	0.2%	0.45%	0.2%
	AIZ	A	0.04%	0.09%	0.04%
	AKAM	D	0.06%	0.22%	0.06%
	AL	B	0.02%	0.23%	0.02%
	ALK	C	0.02%	0.15%	0.02%
	ALLY	C	0.03%	0.36%	0.03%
	AMG	B	0.02%	0.23%	0.02%
	AMKR	D	0.01%	0.15%	0.01%
	AN	C	0.02%	0.12%	0.02%
	APA	D	0.03%	0.2%	0.03%
	APD	A	0.28%	0.09%	0.09%
	APTV	D	0.06%	0.33%	0.06%
	AR	B	0.03%	0.09%	0.03%
	ARE	D	0.08%	0.16%	0.08%
	ARW	D	0.03%	0.15%	0.03%
	ASH	D	0.02%	0.12%	0.02%
	ATO	A	0.08%	0.36%	0.08%
	AVT	C	0.02%	0.17%	0.02%
	AWK	D	0.11%	0.08%	0.08%
	AXS	A	0.02%	0.14%	0.02%
	BAC	A	1.14%	0.3%	0.3%
	BBWI	D	0.03%	0.17%	0.03%
	BBY	D	0.08%	0.23%	0.08%
	BC	C	0.02%	0.12%	0.02%
	BEN	C	0.02%	0.18%	0.02%
	BERY	B	0.03%	0.14%	0.03%
	BG	F	0.05%	0.4%	0.05%
	BHF	B	0.01%	0.03%	0.01%
	BIIB	F	0.1%	0.22%	0.1%
	BJ	A	0.04%	0.05%	0.04%
	BKR	B	0.15%	0.3%	0.15%
	BLDR	D	0.07%	0.24%	0.07%
	BOKF	B	0.01%	0.09%	0.01%
	BPOP	B	0.02%	0.04%	0.02%
	BWA	D	0.03%	0.2%	0.03%
	BYD	C	0.02%	0.15%	0.02%
	C	A	0.49%	0.38%	0.38%
	CAG	D	0.06%	0.07%	0.06%
	CAR	C	0.0%	0.06%	0.0%
	CARR	D	0.2%	0.16%	0.16%
	CB	C	0.46%	0.35%	0.35%
	CC	C	0.01%	0.02%	0.01%
	CE	F	0.04%	0.24%	0.04%
	CF	B	0.06%	0.35%	0.06%
	CFG	B	0.08%	0.4%	0.08%
	CHRD	D	0.03%	0.22%	0.03%
	CHTR	C	0.12%	0.31%	0.12%
	CI	F	0.32%	0.08%	0.08%
	CINF	A	0.09%	0.48%	0.09%
	CIVI	D	0.01%	0.22%	0.01%
	CLF	F	0.02%	0.15%	0.02%
	CMA	A	0.03%	0.1%	0.03%
	CMCSA	B	0.67%	0.45%	0.45%
	CMI	A	0.18%	0.1%	0.1%
	CMS	C	0.08%	0.17%	0.08%
	CNC	D	0.13%	0.27%	0.13%
	CNP	B	0.07%	0.36%	0.07%
	CNXC	F	0.01%	0.17%	0.01%
	COF	B	0.25%	0.43%	0.25%
	COLB	A	0.02%	0.15%	0.02%
	COLM	B	0.01%	0.09%	0.01%
	COP	C	0.51%	0.47%	0.47%
	CPB	D	0.04%	0.08%	0.04%
	CRBG	B	0.03%	0.37%	0.03%
	CRI	D	0.01%	0.06%	0.01%
	CRL	C	0.04%	0.09%	0.04%
	CSCO	B	0.89%	0.19%	0.19%
	CSX	B	0.26%	0.18%	0.18%
	CTRA	B	0.07%	0.46%	0.07%
	CTSH	B	0.15%	0.37%	0.15%
	CTVA	C	0.17%	0.08%	0.08%
	CUZ	B	0.02%	0.09%	0.02%
	CVS	D	0.29%	0.38%	0.29%
	CVX	A	1.03%	0.48%	0.48%
	CWEN	C	0.01%	0.02%	0.01%
	CWEN	C	0.0%	0.02%	0.0%
	CXT	B	0.01%	0.05%	0.01%
	CZR	F	0.03%	0.04%	0.03%
	D	C	0.2%	0.25%	0.2%
	DAL	C	0.15%	0.56%	0.15%
	DAR	C	0.02%	0.19%	0.02%
	DD	D	0.14%	0.08%	0.08%
	DDS	B	0.0%	0.19%	0.0%
	DE	A	0.41%	0.24%	0.24%
	DG	F	0.07%	0.32%	0.07%
	DGX	A	0.07%	0.26%	0.07%
	DHI	D	0.2%	0.3%	0.2%
	DINO	D	0.02%	0.21%	0.02%
	DIS	B	0.71%	0.2%	0.2%
	DNB	B	0.01%	0.05%	0.01%
	DOC	D	0.06%	0.16%	0.06%
	DOW	F	0.14%	0.21%	0.14%
	DRI	B	0.04%	0.18%	0.04%
	DTE	C	0.1%	0.24%	0.1%
	DUK	C	0.36%	0.24%	0.24%
	DVN	F	0.1%	0.44%	0.1%
	DXC	B	0.01%	0.18%	0.01%
	EBAY	D	0.12%	0.24%	0.12%
	ED	D	0.14%	0.32%	0.14%
	EG	C	0.05%	0.41%	0.05%
	EIX	B	0.13%	0.16%	0.13%
	ELV	F	0.32%	0.14%	0.14%
	EMN	D	0.05%	0.12%	0.05%
	ENOV	C	0.01%	0.05%	0.01%
	EOG	A	0.28%	0.48%	0.28%
	EPAM	C	0.04%	0.05%	0.04%
	EQR	B	0.11%	0.25%	0.11%
	EQT	B	0.08%	0.41%	0.08%
	ETR	B	0.13%	0.39%	0.13%
	EVRG	A	0.05%	0.17%	0.05%
	EXC	C	0.16%	0.33%	0.16%
	EXPD	D	0.06%	0.08%	0.06%
	F	C	0.16%	0.46%	0.16%
	FAF	A	0.03%	0.04%	0.03%
	FANG	D	0.13%	0.37%	0.13%
	FBIN	D	0.04%	0.04%	0.04%
	FDX	B	0.25%	0.37%	0.25%
	FE	C	0.1%	0.16%	0.1%
	FHB	A	0.01%	0.06%	0.01%
	FHN	A	0.04%	0.17%	0.04%
	FITB	A	0.12%	0.28%	0.12%
	FIVE	F	0.0%	0.09%	0.0%
	FMC	D	0.03%	0.18%	0.03%
	FNB	A	0.02%	0.15%	0.02%
	FNF	B	0.06%	0.17%	0.06%
	FOXA	B	0.04%	0.49%	0.04%
	FTV	C	0.1%	0.08%	0.08%
	G	B	0.03%	0.2%	0.03%
	GD	F	0.32%	0.08%	0.08%
	GIS	D	0.15%	0.15%	0.15%
	GL	B	0.04%	0.13%	0.04%
	GM	B	0.23%	0.56%	0.23%
	GO	C	0.01%	0.05%	0.01%
	GPC	D	0.06%	0.15%	0.06%
	GXO	B	0.03%	0.05%	0.03%
	HAL	C	0.1%	0.45%	0.1%
	HAYW	B	0.01%	0.03%	0.01%
	HBAN	A	0.09%	0.42%	0.09%
	HD	A	0.32%	0.09%	0.09%
	HIG	B	0.13%	0.35%	0.13%
	HII	D	0.03%	0.1%	0.03%
	HIW	D	0.01%	0.09%	0.01%
	HOG	D	0.02%	0.18%	0.02%
	HOLX	D	0.07%	0.08%	0.07%
	HPE	B	0.1%	0.46%	0.1%
	HPQ	B	0.11%	0.18%	0.11%
	HRL	D	0.04%	0.24%	0.04%
	HSIC	B	0.04%	0.04%	0.04%
	HST	C	0.05%	0.17%	0.05%
	HSY	F	0.09%	0.16%	0.09%
	HUM	C	0.12%	0.16%	0.12%
	IAC	D	0.01%	0.04%	0.01%
	IDA	A	0.02%	0.1%	0.02%
	IEX	B	0.07%	0.09%	0.07%
	INGR	B	0.03%	0.14%	0.03%
	INTC	D	0.37%	0.37%	0.37%
	IP	B	0.08%	0.3%	0.08%
	IPG	D	0.04%	0.08%	0.04%
	IPGP	D	0.01%	0.07%	0.01%
	IVZ	B	0.03%	0.04%	0.03%
	J	F	0.07%	0.09%	0.07%
	JAZZ	B	0.03%	0.19%	0.03%
	JBHT	C	0.06%	0.19%	0.06%
	JBL	B	0.05%	0.14%	0.05%
	JEF	A	0.03%	0.05%	0.03%
	JNJ	D	1.54%	0.16%	0.16%
	JWN	C	0.01%	0.09%	0.01%
	KDP	D	0.15%	0.16%	0.15%
	KEY	B	0.06%	0.2%	0.06%
	KEYS	A	0.1%	0.08%	0.08%
	KHC	F	0.12%	0.23%	0.12%
	KIM	A	0.06%	0.19%	0.06%
	KMI	A	0.19%	0.42%	0.19%
	KNX	B	0.03%	0.09%	0.03%
	KR	B	0.15%	0.36%	0.15%
	KRC	C	0.02%	0.18%	0.02%
	KSS	F	0.01%	0.11%	0.01%
	L	A	0.06%	0.37%	0.06%
	LAD	A	0.04%	0.2%	0.04%
	LBRDK	C	0.03%	0.2%	0.03%
	LEA	D	0.02%	0.19%	0.02%
	LEN	D	0.16%	0.4%	0.16%
	LEN	D	0.01%	0.4%	0.01%
	LFUS	F	0.02%	0.04%	0.02%
	LH	C	0.08%	0.09%	0.08%
	LHX	C	0.19%	0.09%	0.09%
	LKQ	D	0.04%	0.13%	0.04%
	LMT	D	0.32%	0.08%	0.08%
	LNC	B	0.02%	0.19%	0.02%
	LNG	B	0.09%	0.41%	0.09%
	LNT	A	0.06%	0.25%	0.06%
	LOW	D	0.6%	0.08%	0.08%
	LPX	B	0.01%	0.09%	0.01%
	LSTR	D	0.03%	0.04%	0.03%
	LUV	C	0.07%	0.28%	0.07%
	LYB	F	0.09%	0.38%	0.09%
	M	D	0.02%	0.17%	0.02%
	MAA	B	0.07%	0.08%	0.07%
	MAS	D	0.07%	0.08%	0.07%
	MAT	D	0.03%	0.04%	0.03%
	MDLZ	F	0.37%	0.08%	0.08%
	MDT	D	0.46%	0.08%	0.08%
	MDU	D	0.02%	0.16%	0.02%
	MGM	D	0.03%	0.04%	0.03%
	MIDD	C	0.03%	0.08%	0.03%
	MOH	F	0.03%	0.16%	0.03%
	MOS	F	0.03%	0.17%	0.03%
	MPC	D	0.21%	0.42%	0.21%
	MS	A	0.51%	0.32%	0.32%
	MSM	C	0.01%	0.09%	0.01%
	MTB	A	0.13%	0.31%	0.13%
	MTDR	B	0.02%	0.26%	0.02%
	MTG	C	0.03%	0.21%	0.03%
	NDSN	B	0.06%	0.08%	0.06%
	NFE	D	0.0%	0.22%	0.0%
	NFG	A	0.02%	0.17%	0.02%
	NI	A	0.06%	0.27%	0.06%
	NKE	D	0.14%	0.07%	0.07%
	NOV	C	0.02%	0.22%	0.02%
	NUE	C	0.14%	0.43%	0.14%
	NVR	D	0.1%	0.17%	0.1%
	NWSA	B	0.04%	0.19%	0.04%
	NXST	C	0.01%	0.13%	0.01%
	OC	A	0.06%	0.39%	0.06%
	OGE	B	0.03%	0.13%	0.03%
	OGN	D	0.02%	0.1%	0.02%
	OKE	A	0.23%	0.21%	0.21%
	OLN	D	0.02%	0.11%	0.02%
	OMC	C	0.08%	0.09%	0.08%
	OMF	A	0.02%	0.15%	0.02%
	ON	D	0.12%	0.32%	0.12%
	ORI	A	0.03%	0.09%	0.03%
	OSK	B	0.03%	0.24%	0.03%
	OVV	B	0.04%	0.25%	0.04%
	OXY	D	0.13%	0.43%	0.13%
	OZK	B	0.02%	0.19%	0.02%
	PAG	B	0.01%	0.13%	0.01%
	PB	A	0.03%	0.1%	0.03%
	PCAR	B	0.21%	0.51%	0.21%
	PEP	F	0.19%	0.08%	0.08%
	PFG	D	0.08%	0.09%	0.08%
	PFGC	B	0.04%	0.05%	0.04%
	PHM	D	0.11%	0.39%	0.11%
	PII	D	0.01%	0.1%	0.01%
	PINC	B	0.01%	0.14%	0.01%
	PK	B	0.01%	0.13%	0.01%
	PKG	A	0.08%	0.19%	0.08%
	PNC	B	0.3%	0.2%	0.2%
	PNFP	B	0.03%	0.05%	0.03%
	PNW	B	0.04%	0.18%	0.04%
	POST	C	0.02%	0.12%	0.02%
	PPG	F	0.12%	0.16%	0.12%
	PPL	B	0.1%	0.26%	0.1%
	PRGO	B	0.01%	0.04%	0.01%
	PRU	A	0.18%	0.18%	0.18%
	PSX	C	0.2%	0.43%	0.2%
	PVH	C	0.02%	0.22%	0.02%
	PYPL	B	0.32%	0.09%	0.09%
	R	B	0.02%	0.2%	0.02%
	REYN	D	0.01%	0.08%	0.01%
	RF	A	0.09%	0.29%	0.09%
	RGA	A	0.06%	0.18%	0.06%
	RHI	B	0.03%	0.05%	0.03%
	RJF	A	0.11%	0.23%	0.11%
	RNR	C	0.05%	0.2%	0.05%
	RRC	B	0.03%	0.19%	0.03%
	RS	B	0.07%	0.47%	0.07%
	RYN	D	0.02%	0.04%	0.02%
	SAM	C	0.01%	0.03%	0.01%
	SBUX	A	0.1%	0.09%	0.09%
	SEB	F	0.0%	0.11%	0.0%
	SEE	C	0.02%	0.04%	0.02%
	SEIC	B	0.03%	0.1%	0.03%
	SJM	D	0.05%	0.12%	0.05%
	SKX	D	0.03%	0.08%	0.03%
	SLB	C	0.23%	0.36%	0.23%
	SLGN	A	0.02%	0.09%	0.02%
	SLM	A	0.02%	0.09%	0.02%
	SNA	A	0.07%	0.32%	0.07%
	SNDR	B	0.01%	0.08%	0.01%
	SNX	C	0.03%	0.12%	0.03%
	SOLV	C	0.04%	0.17%	0.04%
	SON	D	0.02%	0.12%	0.02%
	SPB	C	0.01%	0.07%	0.01%
	SRE	A	0.21%	0.38%	0.21%
	SSNC	B	0.06%	0.17%	0.06%
	STLD	B	0.08%	0.48%	0.08%
	STT	A	0.11%	0.27%	0.11%
	STWD	C	0.02%	0.04%	0.02%
	SWKS	F	0.06%	0.3%	0.06%
	SYF	B	0.09%	0.57%	0.09%
	SYY	B	0.06%	0.24%	0.06%
	T	A	0.65%	0.44%	0.44%
	TAP	C	0.04%	0.23%	0.04%
	TDY	B	0.08%	0.28%	0.08%
	TGT	F	0.28%	0.25%	0.25%
	THO	B	0.02%	0.13%	0.02%
	TKR	D	0.02%	0.08%	0.02%
	TOL	B	0.06%	0.43%	0.06%
	TPR	B	0.04%	0.05%	0.04%
	TROW	B	0.1%	0.48%	0.1%
	TRV	B	0.22%	0.28%	0.22%
	TSN	B	0.07%	0.19%	0.07%
	TTC	D	0.03%	0.04%	0.03%
	TXT	D	0.06%	0.25%	0.06%
	UAL	A	0.1%	0.7%	0.1%
	UGI	A	0.02%	0.2%	0.02%
	UHAL	D	0.0%	0.07%	0.0%
	UHAL	D	0.02%	0.07%	0.02%
	UHS	D	0.05%	0.15%	0.05%
	ULTA	F	0.01%	0.25%	0.01%
	UNM	A	0.05%	0.21%	0.05%
	UPS	C	0.39%	0.08%	0.08%
	USB	A	0.3%	0.28%	0.28%
	VAC	B	0.01%	0.13%	0.01%
	VLO	C	0.17%	0.45%	0.17%
	VNT	B	0.02%	0.1%	0.02%
	VOYA	B	0.03%	0.04%	0.03%
	VSTS	C	0.01%	0.09%	0.01%
	VTRS	A	0.06%	0.38%	0.06%
	VZ	C	0.71%	0.32%	0.32%
	WAL	B	0.04%	0.05%	0.04%
	WBS	A	0.04%	0.17%	0.04%
	WCC	B	0.03%	0.16%	0.03%
	WEC	A	0.12%	0.17%	0.12%
	WFC	A	0.91%	0.45%	0.45%
	WHR	B	0.02%	0.14%	0.02%
	WLK	D	0.02%	0.15%	0.02%
	WPC	D	0.05%	0.08%	0.05%
	WRB	A	0.07%	0.09%	0.07%
	WTFC	A	0.03%	0.1%	0.03%
	WTRG	B	0.04%	0.09%	0.04%
	WU	D	0.01%	0.11%	0.01%
	WY	D	0.09%	0.08%	0.08%
	XEL	A	0.15%	0.37%	0.15%
	XOM	B	2.1%	0.45%	0.45%
	YETI	C	0.01%	0.05%	0.01%
	ZBH	C	0.09%	0.35%	0.09%
	ZION	B	0.03%	0.16%	0.03%
	ZM	B	0.08%	0.21%	0.08%

VONV Overweight 492 Positions Relative to FAB

	Symbol	Grade	Weight
	BRK.A	B	3.3%
	JPM	A	2.55%
	UNH	C	1.94%
	WMT	A	1.42%
	PG	A	1.21%
	LIN	D	0.88%
	TMO	F	0.84%
	PM	B	0.83%
	ABBV	D	0.82%
	MCD	D	0.79%
	ABT	B	0.78%
	IBM	C	0.76%
	TXN	C	0.65%
	NEE	D	0.65%
	PFE	D	0.64%
	RTX	C	0.64%
	CAT	B	0.63%
	DHR	F	0.63%
	SPGI	C	0.6%
	GE	D	0.59%
	BLK	C	0.58%
	ETN	A	0.53%
	BSX	B	0.49%
	GS	A	0.48%
	BMY	B	0.45%
	HON	B	0.45%
	MU	D	0.44%
	ADI	D	0.44%
	GILD	C	0.44%
	TMUS	B	0.43%
	KO	D	0.43%
	PLD	D	0.42%
	SO	D	0.4%
	AXP	A	0.38%
	SCHW	B	0.38%
	MMC	B	0.37%
	MO	A	0.37%
	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%
	REGN	F	0.32%
	CME	A	0.32%
	PH	A	0.32%
	FI	A	0.31%
	UNP	C	0.3%
	AON	A	0.29%
	CEG	D	0.28%
	NOC	D	0.28%
	KKR	A	0.27%
	BDX	F	0.27%
	FCX	D	0.26%
	VRTX	F	0.25%
	EMR	A	0.25%
	MRVL	B	0.25%
	WMB	A	0.25%
	MAR	B	0.24%
	AJG	B	0.23%
	NSC	B	0.23%
	TDG	D	0.23%
	ROP	B	0.23%
	TFC	A	0.23%
	DLR	B	0.23%
	MMM	D	0.23%
	TT	A	0.22%
	BK	A	0.22%
	O	D	0.21%
	TJX	A	0.21%
	NEM	D	0.21%
	FIS	C	0.2%
	HCA	F	0.2%
	CCI	D	0.19%
	ITW	B	0.19%
	KVUE	A	0.18%
	PSA	D	0.18%
	PEG	A	0.18%
	MET	A	0.18%
	ALL	A	0.17%
	CRM	B	0.17%
	JCI	C	0.17%
	AME	A	0.17%
	PCG	A	0.17%
	MSI	B	0.16%
	MCHP	D	0.16%
	OTIS	C	0.16%
	CBRE	B	0.16%
	EA	A	0.16%
	RSG	A	0.16%
	SPG	B	0.16%
	URI	B	0.16%
	GLW	B	0.15%
	MCK	B	0.15%
	STZ	D	0.15%
	DFS	B	0.15%
	HWM	A	0.15%
	AMGN	D	0.15%
	A	D	0.15%
	IR	B	0.15%
	EXR	D	0.14%
	CL	D	0.14%
	MLM	B	0.14%
	GEHC	F	0.14%
	ROST	C	0.14%
	ACGL	D	0.14%
	MSTR	C	0.14%
	AVB	B	0.13%
	RCL	A	0.13%
	EW	C	0.13%
	IQV	D	0.13%
	WAB	B	0.13%
	APH	A	0.13%
	VICI	C	0.13%
	XYL	D	0.12%
	CSGP	D	0.12%
	PWR	A	0.12%
	NDAQ	A	0.12%
	GRMN	B	0.12%
	WTW	B	0.12%
	GPN	B	0.11%
	VTR	C	0.11%
	KMB	D	0.11%
	SW	A	0.11%
	VMC	B	0.11%
	MTD	D	0.11%
	ROK	B	0.11%
	TTWO	A	0.11%
	ANSS	B	0.11%
	HLT	A	0.11%
	DELL	C	0.11%
	PAYX	C	0.11%
	CHD	B	0.1%
	SBAC	D	0.1%
	LDOS	C	0.1%
	IFF	D	0.1%
	RMD	C	0.1%
	DOV	A	0.1%
	EFX	F	0.1%
	WDC	D	0.09%
	STE	F	0.09%
	CCL	B	0.09%
	PGR	A	0.09%
	CBOE	B	0.09%
	YUM	B	0.09%
	HUBB	B	0.09%
	ILMN	D	0.09%
	ES	D	0.09%
	FCNCA	A	0.09%
	SQ	B	0.09%
	APO	B	0.08%
	INVH	D	0.08%
	MKC	D	0.08%
	WBD	C	0.08%
	NTRS	A	0.08%
	FSLR	F	0.08%
	K	A	0.08%
	UTHR	C	0.07%
	SUI	D	0.07%
	PNR	A	0.07%
	WSO	A	0.07%
	CSL	C	0.07%
	CVNA	B	0.07%
	MRNA	F	0.07%
	ESS	B	0.07%
	BAX	D	0.07%
	BALL	D	0.07%
	MSCI	C	0.07%
	TRU	D	0.07%
	UDR	B	0.06%
	VLTO	D	0.06%
	BRO	B	0.06%
	VRSN	F	0.06%
	USFD	A	0.06%
	SWK	D	0.06%
	ZTS	D	0.06%
	ACM	A	0.06%
	RVTY	F	0.06%
	TRMB	B	0.06%
	THC	D	0.06%
	MKL	A	0.06%
	AVTR	F	0.06%
	ZBRA	B	0.06%
	IRM	D	0.06%
	MRO	B	0.06%
	RBA	A	0.06%
	HOOD	B	0.06%
	GEN	B	0.06%
	AMCR	D	0.06%
	IBKR	A	0.06%
	QCOM	F	0.05%
	FTI	A	0.05%
	TECH	D	0.05%
	ITT	A	0.05%
	SCI	B	0.05%
	AES	F	0.05%
	CLH	B	0.05%
	AMH	D	0.05%
	CHRW	C	0.05%
	CPT	B	0.05%
	CASY	A	0.05%
	CACI	D	0.05%
	ALLE	D	0.05%
	COHR	B	0.05%
	AMAT	F	0.05%
	NVT	B	0.05%
	BMRN	D	0.05%
	RPM	A	0.05%
	EME	C	0.05%
	CDW	F	0.05%
	BXP	D	0.05%
	JNPR	F	0.05%
	ELS	C	0.05%
	DLTR	F	0.05%
	GLPI	C	0.05%
	NTAP	C	0.05%
	REG	B	0.05%
	CW	B	0.05%
	JKHY	D	0.05%
	HES	B	0.05%
	EWBC	A	0.05%
	GGG	B	0.05%
	FFIV	B	0.05%
	DTM	B	0.04%
	WST	C	0.04%
	FYBR	D	0.04%
	DCI	B	0.04%
	BWXT	B	0.04%
	JLL	D	0.04%
	TW	A	0.04%
	NYT	C	0.04%
	AOS	F	0.04%
	WYNN	D	0.04%
	FRT	B	0.04%
	FTNT	C	0.04%
	CIEN	B	0.04%
	MTCH	D	0.04%
	REXR	F	0.04%
	AYI	B	0.04%
	ALSN	B	0.04%
	DPZ	C	0.04%
	QGEN	D	0.04%
	TFX	F	0.04%
	EVR	B	0.04%
	BKNG	A	0.04%
	DAY	B	0.04%
	PRI	A	0.04%
	RGLD	C	0.04%
	SOFI	A	0.04%
	CNH	C	0.04%
	EHC	B	0.04%
	WWD	B	0.04%
	ARMK	B	0.04%
	DKS	C	0.04%
	AA	B	0.04%
	DOX	D	0.04%
	EL	F	0.04%
	AFRM	B	0.04%
	TTEK	F	0.04%
	BLD	D	0.04%
	SF	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%
	CAH	B	0.04%
	NTNX	A	0.04%
	TWLO	A	0.04%
	CCK	C	0.04%
	CG	A	0.04%
	INCY	C	0.04%
	RRX	B	0.04%
	NRG	B	0.04%
	ATR	B	0.04%
	ALB	C	0.04%
	FDS	B	0.04%
	MKSI	C	0.03%
	MTSI	B	0.03%
	OKTA	C	0.03%
	ALGN	D	0.03%
	WEX	D	0.03%
	XP	F	0.03%
	RGEN	D	0.03%
	ATI	D	0.03%
	SIRI	C	0.03%
	WMS	D	0.03%
	BFAM	D	0.03%
	CGNX	C	0.03%
	PARA	C	0.03%
	KEX	C	0.03%
	HRB	D	0.03%
	QRVO	F	0.03%
	STAG	F	0.03%
	WBA	F	0.03%
	COKE	C	0.03%
	FCN	D	0.03%
	AGNC	D	0.03%
	ROKU	D	0.03%
	FND	C	0.03%
	SSD	D	0.03%
	DASH	A	0.03%
	FR	C	0.03%
	FLS	B	0.03%
	BIO	D	0.03%
	ESAB	B	0.03%
	WSM	B	0.03%
	GNTX	C	0.03%
	PR	B	0.03%
	MHK	D	0.03%
	FAST	B	0.03%
	FICO	B	0.03%
	SNV	B	0.03%
	CHE	D	0.03%
	ONTO	D	0.03%
	VFC	C	0.03%
	Z	A	0.03%
	VNO	B	0.03%
	COLD	D	0.03%
	ADC	B	0.03%
	SAIC	F	0.03%
	WAT	B	0.03%
	CBSH	A	0.03%
	CFR	B	0.03%
	SHW	A	0.03%
	MNST	C	0.03%
	ACI	C	0.03%
	LW	C	0.03%
	EXAS	D	0.03%
	LECO	B	0.03%
	CR	A	0.03%
	MTZ	B	0.03%
	APG	B	0.03%
	NNN	D	0.03%
	RL	B	0.03%
	RBC	A	0.03%
	TKO	B	0.03%
	BRX	A	0.03%
	ECL	D	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%
	GWRE	A	0.03%
	GME	C	0.03%
	AXTA	A	0.03%
	GPK	C	0.03%
	ADP	B	0.03%
	BRBR	A	0.03%
	LAMR	D	0.03%
	PTC	A	0.03%
	X	C	0.03%
	ALNY	D	0.02%
	KMPR	B	0.02%
	MSGS	A	0.02%
	RH	B	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%
	FLO	D	0.02%
	OLED	D	0.02%
	GAP	C	0.02%
	FRPT	B	0.02%
	EEFT	B	0.02%
	LITE	B	0.02%
	DLB	B	0.02%
	TPG	A	0.02%
	DBX	B	0.02%
	WSC	D	0.02%
	AZO	C	0.02%
	WTM	A	0.02%
	BILL	A	0.02%
	AMP	A	0.02%
	XRAY	F	0.02%
	DOCS	C	0.02%
	HXL	D	0.02%
	SN	D	0.02%
	ROIV	C	0.02%
	PSN	D	0.02%
	GNRC	B	0.02%
	ZG	A	0.02%
	ORLY	B	0.02%
	ST	F	0.02%
	FOX	A	0.02%
	KD	B	0.02%
	CROX	D	0.02%
	THG	A	0.02%
	JHG	A	0.02%
	SAIA	B	0.02%
	H	B	0.02%
	OLLI	D	0.02%
	COIN	C	0.02%
	SRCL	C	0.02%
	CRUS	D	0.02%
	S	B	0.02%
	ESI	A	0.02%
	RLI	B	0.02%
	MSA	D	0.02%
	GWW	B	0.02%
	WH	B	0.02%
	VMI	B	0.02%
	ELAN	D	0.02%
	UA	C	0.01%
	FTRE	D	0.01%
	LYFT	C	0.01%
	TER	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%
	BIRK	D	0.01%
	PPC	C	0.01%
	QS	F	0.01%
	UAA	C	0.01%
	AZEK	A	0.01%
	PSTG	D	0.01%
	ETSY	D	0.01%
	AZTA	D	0.01%
	BR	A	0.01%
	BROS	B	0.01%
	LCID	F	0.01%
	GLOB	B	0.01%
	RKT	F	0.01%
	RCM	F	0.01%
	BRKR	D	0.01%
	CPRI	F	0.01%
	EXP	A	0.01%
	MP	B	0.01%
	SHC	F	0.01%
	HHH	B	0.01%
	VIRT	B	0.01%
	AGR	B	0.01%
	ALGM	D	0.01%
	CLVT	F	0.01%
	LOPE	B	0.01%
	MPW	F	0.01%
	COTY	F	0.01%
	NSA	D	0.01%
	CNM	D	0.01%
	MAN	D	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%
	TNL	A	0.01%
	SPR	D	0.01%
	U	C	0.01%
	NWS	B	0.01%
	EPR	D	0.01%
	ZI	D	0.01%
	NEU	C	0.01%
	GFS	C	0.01%
	NVST	B	0.01%
	HUN	F	0.01%
	CTAS	B	0.01%
	NWL	B	0.01%
	SMG	D	0.01%
	UWMC	D	0.0%
	SEG	B	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%
	PATH	C	0.0%
	DJT	C	0.0%
	LSCC	D	0.0%
	PYCR	C	0.0%
	MTN	C	0.0%
	HCP	B	0.0%
	CNA	B	0.0%
	DV	C	0.0%
	HAS	D	0.0%
	NCNO	B	0.0%
	CERT	F	0.0%

VONV Underweight 318 Positions Relative to FAB

	Symbol	Grade	Weight
	NOG	A	-0.25%
	CNX	A	-0.25%
	JXN	C	-0.24%
	SM	B	-0.24%
	HP	B	-0.24%
	STX	D	-0.23%
	ATKR	C	-0.23%
	PTEN	C	-0.23%
	CMC	B	-0.23%
	AMR	C	-0.22%
	TMHC	B	-0.22%
	PBF	D	-0.22%
	URBN	C	-0.22%
	HCC	B	-0.22%
	CADE	B	-0.21%
	CXW	B	-0.21%
	MUR	D	-0.21%
	RDN	C	-0.21%
	TEX	D	-0.21%
	LBRT	D	-0.2%
	RIOT	C	-0.2%
	MATX	C	-0.2%
	RUSHA	C	-0.2%
	TPH	D	-0.2%
	ESNT	D	-0.19%
	MTH	D	-0.19%
	CNO	A	-0.19%
	MGY	A	-0.19%
	MHO	D	-0.19%
	OTTR	C	-0.18%
	GBDC	C	-0.18%
	HRI	B	-0.18%
	BKH	A	-0.18%
	COOP	B	-0.18%
	ASO	F	-0.18%
	GPI	A	-0.18%
	POR	C	-0.17%
	SR	A	-0.17%
	BCC	B	-0.17%
	KBH	D	-0.16%
	BMBL	C	-0.16%
	SUM	B	-0.16%
	GBX	A	-0.16%
	SIG	B	-0.16%
	SANM	B	-0.15%
	CTOS	C	-0.15%
	ECVT	C	-0.15%
	CUBI	C	-0.15%
	BFH	B	-0.15%
	JBT	B	-0.15%
	HTZ	C	-0.15%
	RIG	D	-0.14%
	KMT	B	-0.14%
	EIG	B	-0.14%
	TALO	C	-0.14%
	DNOW	B	-0.14%
	ULH	B	-0.14%
	ABG	B	-0.14%
	GMS	B	-0.14%
	TGNA	B	-0.14%
	VTLE	C	-0.14%
	VLY	B	-0.14%
	CABO	C	-0.14%
	REZI	A	-0.13%
	GIII	D	-0.13%
	WS	B	-0.13%
	BTU	B	-0.13%
	KOS	F	-0.13%
	CRGY	B	-0.13%
	SPNT	A	-0.13%
	IART	C	-0.13%
	OGS	A	-0.13%
	APLE	B	-0.13%
	RLJ	C	-0.13%
	TDS	B	-0.13%
	GT	C	-0.13%
	GPOR	B	-0.13%
	HELE	C	-0.13%
	SWX	B	-0.13%
	GEF	A	-0.13%
	RES	D	-0.12%
	BY	B	-0.12%
	ZD	C	-0.12%
	PEBO	A	-0.12%
	PRDO	B	-0.12%
	AVA	A	-0.12%
	TRMK	B	-0.12%
	EPC	D	-0.12%
	VC	D	-0.12%
	INDB	B	-0.12%
	IMKTA	C	-0.12%
	SHO	C	-0.12%
	ENS	D	-0.12%
	PARR	D	-0.12%
	PLAB	C	-0.12%
	INVA	D	-0.12%
	UVV	B	-0.12%
	AEO	F	-0.11%
	VSH	D	-0.11%
	MRC	B	-0.11%
	CCS	D	-0.11%
	WMK	C	-0.11%
	SAH	A	-0.11%
	DBRG	F	-0.11%
	WKC	D	-0.11%
	USM	B	-0.11%
	PHIN	A	-0.11%
	EBC	B	-0.11%
	GHC	C	-0.11%
	FOR	F	-0.11%
	CAL	D	-0.11%
	FFBC	A	-0.11%
	NWE	B	-0.1%
	ODFL	B	-0.1%
	CRC	B	-0.1%
	ABCB	B	-0.1%
	ABR	C	-0.1%
	OEC	C	-0.1%
	MLKN	D	-0.1%
	NAVI	C	-0.1%
	PRG	C	-0.1%
	UBSI	B	-0.1%
	EQC	B	-0.1%
	NWN	A	-0.1%
	LZB	B	-0.1%
	BV	B	-0.1%
	CENTA	C	-0.1%
	HWC	B	-0.1%
	LADR	B	-0.1%
	BECN	B	-0.1%
	SBH	C	-0.1%
	GEO	B	-0.1%
	CVI	F	-0.1%
	HGV	B	-0.1%
	SCSC	B	-0.1%
	VSCO	B	-0.1%
	HOV	D	-0.1%
	DRH	B	-0.1%
	CMCO	B	-0.1%
	AMWD	C	-0.1%
	GES	F	-0.1%
	MLI	C	-0.1%
	FRME	B	-0.09%
	TNET	D	-0.09%
	PFBC	B	-0.09%
	CLX	B	-0.09%
	UFPI	B	-0.09%
	ALKS	B	-0.09%
	KFY	B	-0.09%
	WSBC	A	-0.09%
	CATY	B	-0.09%
	CRK	B	-0.09%
	SASR	B	-0.09%
	CASH	A	-0.09%
	BNL	D	-0.09%
	PDCO	D	-0.09%
	PLYA	B	-0.09%
	ADNT	F	-0.09%
	PNM	F	-0.09%
	BANR	B	-0.09%
	CVBF	A	-0.09%
	ANDE	D	-0.09%
	ACA	A	-0.09%
	BUSE	B	-0.08%
	ARCB	C	-0.08%
	MODG	F	-0.08%
	WERN	C	-0.08%
	WGO	C	-0.08%
	MCRI	A	-0.08%
	PTVE	B	-0.08%
	ALG	B	-0.08%
	DAN	D	-0.08%
	HOPE	B	-0.08%
	FIBK	A	-0.08%
	FCF	A	-0.08%
	SRCE	B	-0.08%
	HUBG	A	-0.08%
	NX	C	-0.08%
	XRX	F	-0.08%
	LAUR	A	-0.08%
	BKE	B	-0.08%
	BKU	A	-0.08%
	TCBK	B	-0.08%
	VBTX	B	-0.08%
	KALU	C	-0.08%
	WSFS	A	-0.08%
	HY	D	-0.08%
	RNST	B	-0.08%
	SFNC	B	-0.08%
	EFSC	B	-0.08%
	VRTS	B	-0.08%
	FULT	A	-0.08%
	ASGN	F	-0.08%
	TTMI	B	-0.07%
	LC	A	-0.07%
	LILAK	D	-0.07%
	SJW	D	-0.07%
	PEB	D	-0.07%
	MRTN	C	-0.07%
	UNF	B	-0.07%
	KLG	C	-0.07%
	DIOD	D	-0.07%
	XHR	B	-0.07%
	MMS	F	-0.07%
	SBCF	A	-0.06%
	GOGO	C	-0.06%
	FBNC	A	-0.06%
	CSGS	B	-0.06%
	AMN	F	-0.06%
	FHI	A	-0.06%
	PBH	A	-0.06%
	OMI	F	-0.06%
	KAR	B	-0.06%
	DFH	D	-0.06%
	NIC	B	-0.06%
	SNEX	B	-0.06%
	HMN	B	-0.06%
	GRBK	D	-0.06%
	ASB	B	-0.06%
	SCVL	F	-0.06%
	VSAT	F	-0.06%
	SSTK	F	-0.06%
	LGIH	D	-0.06%
	ROG	D	-0.05%
	PATK	D	-0.05%
	FLR	B	-0.05%
	ALIT	C	-0.05%
	DFIN	D	-0.05%
	SEM	B	-0.05%
	DEA	D	-0.05%
	MUSA	A	-0.05%
	SHEN	F	-0.05%
	THRM	D	-0.05%
	LCII	C	-0.05%
	SSB	B	-0.05%
	PSMT	C	-0.05%
	UCB	A	-0.05%
	SYNA	C	-0.05%
	AUB	B	-0.05%
	OFG	B	-0.05%
	SCL	C	-0.05%
	ARI	C	-0.05%
	ALEX	C	-0.05%
	LNN	B	-0.05%
	KWR	C	-0.05%
	HTH	B	-0.05%
	STBA	B	-0.05%
	UMBF	B	-0.05%
	DK	C	-0.05%
	ROCK	C	-0.05%
	ABM	B	-0.05%
	MTX	B	-0.05%
	WAFD	B	-0.05%
	TOWN	B	-0.05%
	HLF	C	-0.05%
	IOSP	B	-0.05%
	BHE	B	-0.05%
	NWBI	B	-0.05%
	UPWK	B	-0.04%
	MYRG	B	-0.04%
	NSP	D	-0.04%
	FOXF	F	-0.04%
	AVNS	F	-0.04%
	WD	D	-0.04%
	FUL	F	-0.04%
	ODP	F	-0.04%
	NJR	A	-0.04%
	AVNT	B	-0.04%
	FELE	B	-0.04%
	SKY	A	-0.04%
	WTS	B	-0.04%
	AIR	B	-0.03%
	SAFT	C	-0.03%
	MTRN	C	-0.03%
	XPEL	C	-0.03%
	DEI	B	-0.03%
	HLIO	B	-0.03%
	GNW	A	-0.03%
	IVT	B	-0.03%
	CVCO	A	-0.03%
	PPBI	B	-0.03%
	ROIC	A	-0.03%
	NBTB	B	-0.03%
	FDP	B	-0.03%
	BHLB	B	-0.03%
	PFS	B	-0.03%
	CBU	B	-0.03%
	FBK	B	-0.03%
	MCW	B	-0.03%
	MGPI	F	-0.03%
	TCBI	B	-0.03%
	OPCH	D	-0.03%
	OLPX	D	-0.02%
	BLMN	F	-0.02%
	PLUS	F	-0.02%
	GIC	D	-0.02%
	GPRE	F	-0.02%
	JBGS	D	-0.02%
	OXM	D	-0.02%
	SHOO	D	-0.02%
	AIN	C	-0.02%
	MSGE	F	-0.02%
	LXP	D	-0.02%
	RC	D	-0.02%
	CMTG	F	-0.02%
	SHLS	F	-0.02%
	CNXN	C	-0.02%
	NVEE	F	-0.02%
	KFRC	D	-0.02%
	NNI	D	-0.02%
	STC	B	-0.02%
	NMRK	B	-0.02%
	CNMD	C	-0.02%
	OI	C	-0.02%
	MSEX	B	-0.02%
	UPBD	B	-0.02%
	EVTC	B	-0.02%
	PGRE	F	-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

FAB: Top Represented Industries & Keywords

Industries: Banks - Regional - US Oil & Gas E&P Utilities - Regulated Electric Residential Construction Specialty Retail Asset Management REIT - Diversified Specialty Chemicals Packaged Foods Packaging & Containers Auto Parts Building Materials Credit Services Diversified Industrials Utilities - Regulated Gas Insurance - Property & Casualty Rental & Leasing Services Utilities - Diversified Insurance - Life Oil & Gas Equipment & Services

Keywords: S&P 500 Bank Banking Natural Gas Insurance Deposit Products Electricity Commercial Banking Chemical Mining Real Estate Investment Trust Insurance Products Transport Electronics Nasdaq 100 Building Materials Commercial Bank Real Estate Loans Clothing Investment Management