VONV vs. NZAC ETF Comparison

Comparison of Vanguard Russell 1000 Value ETF (VONV) to SPDR MSCI ACWI Climate Paris Aligned ETF (NZAC)

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

NZAC

SPDR MSCI ACWI Climate Paris Aligned ETF

NZAC Description

The fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the index. The index is designed to exceed the minimum standards for a "Paris-Aligned Benchmark" under the EU BMR. A Paris-Aligned Benchmark is designed to align with a principal objective of the Paris Agreement to limit the increase in the global average temperature to well below 2 degrees Celsius above pre-industrial levels.

Grade (RS Rating)

Last Trade

$37.32

Average Daily Volume

6,937

Number of Holdings ^*

370

* may have additional holdings in another (foreign) market

Performance

Period	VONV	NZAC
30 Days	3.51%	0.97%
60 Days	4.96%	0.81%
90 Days	7.00%	2.64%
12 Months	29.73%	25.98%

276 Overlapping Holdings

	Symbol	Grade	Weight in VONV	Weight in NZAC	Overlap
	A	D	0.15%	0.06%	0.06%
	ABBV	D	0.82%	0.34%	0.34%
	ABBV	D	0.82%	0.6%	0.6%
	ABT	B	0.78%	0.19%	0.19%
	ACGL	D	0.14%	0.12%	0.12%
	ACM	A	0.06%	0.36%	0.06%
	ACN	C	0.87%	0.39%	0.39%
	ADI	D	0.44%	0.46%	0.44%
	ADP	B	0.03%	0.2%	0.03%
	AFG	A	0.04%	0.07%	0.04%
	AFL	B	0.23%	0.28%	0.23%
	AIG	B	0.2%	0.14%	0.14%
	AIZ	A	0.04%	0.09%	0.04%
	AJG	B	0.23%	0.07%	0.07%
	ALB	C	0.04%	0.01%	0.01%
	ALGN	D	0.03%	0.03%	0.03%
	ALL	A	0.17%	0.14%	0.14%
	ALLE	D	0.05%	0.09%	0.05%
	ALLY	C	0.03%	0.02%	0.02%
	ALNY	D	0.02%	0.03%	0.02%
	AMAT	F	0.05%	0.12%	0.05%
	AMD	F	0.32%	0.27%	0.27%
	AME	A	0.17%	0.16%	0.16%
	AMGN	D	0.15%	0.21%	0.15%
	AMP	A	0.02%	0.16%	0.02%
	ANSS	B	0.11%	0.02%	0.02%
	AON	A	0.29%	0.11%	0.11%
	APH	A	0.13%	0.11%	0.11%
	APO	B	0.08%	0.17%	0.08%
	AVB	B	0.13%	0.12%	0.12%
	AVTR	F	0.06%	0.03%	0.03%
	AXP	A	0.38%	0.36%	0.36%
	AZO	C	0.02%	0.1%	0.02%
	BAC	A	1.14%	0.44%	0.44%
	BAX	D	0.07%	0.02%	0.02%
	BBWI	D	0.03%	0.01%	0.01%
	BDX	F	0.27%	0.11%	0.11%
	BIIB	F	0.1%	0.03%	0.03%
	BIO	D	0.03%	0.01%	0.01%
	BK	A	0.22%	0.13%	0.13%
	BKNG	A	0.04%	0.24%	0.04%
	BLK	C	0.58%	0.27%	0.27%
	BMRN	D	0.05%	0.02%	0.02%
	BMY	B	0.45%	0.24%	0.24%
	BR	A	0.01%	0.08%	0.01%
	BRK.A	B	3.3%	0.39%	0.39%
	BRO	B	0.06%	0.05%	0.05%
	BSX	B	0.49%	0.31%	0.31%
	BXP	D	0.05%	0.07%	0.05%
	C	A	0.49%	0.01%	0.01%
	CARR	D	0.2%	0.03%	0.03%
	CB	C	0.46%	0.24%	0.24%
	CBOE	B	0.09%	0.03%	0.03%
	CBRE	B	0.16%	0.18%	0.16%
	CCI	D	0.19%	0.07%	0.07%
	CDW	F	0.05%	0.13%	0.05%
	CEG	D	0.28%	0.04%	0.04%
	CG	A	0.04%	0.02%	0.02%
	CHD	B	0.1%	0.1%	0.1%
	CHTR	C	0.12%	0.07%	0.07%
	CINF	A	0.09%	0.07%	0.07%
	CMCSA	B	0.67%	0.25%	0.25%
	CME	A	0.32%	0.12%	0.12%
	COF	B	0.25%	0.14%	0.14%
	COIN	C	0.02%	0.04%	0.02%
	CPRT	A	0.01%	0.04%	0.01%
	CRM	B	0.17%	0.42%	0.17%
	CSCO	B	0.89%	0.4%	0.4%
	CSGP	D	0.12%	0.02%	0.02%
	CSX	B	0.26%	0.09%	0.09%
	CTAS	B	0.01%	0.04%	0.01%
	CTLT	B	0.04%	0.02%	0.02%
	CTSH	B	0.15%	0.08%	0.08%
	DASH	A	0.03%	0.02%	0.02%
	DE	A	0.41%	0.14%	0.14%
	DFS	B	0.15%	0.09%	0.09%
	DGX	A	0.07%	0.02%	0.02%
	DHI	D	0.2%	0.06%	0.06%
	DHR	F	0.63%	0.19%	0.19%
	DIS	B	0.71%	0.29%	0.29%
	DLR	B	0.23%	0.39%	0.23%
	DLTR	F	0.05%	0.02%	0.02%
	DOC	D	0.06%	0.01%	0.01%
	EA	A	0.16%	0.01%	0.01%
	EBAY	D	0.12%	0.14%	0.12%
	ECL	D	0.03%	0.06%	0.03%
	EFX	F	0.1%	0.03%	0.03%
	EG	C	0.05%	0.03%	0.03%
	EIX	B	0.13%	0.81%	0.13%
	EL	F	0.04%	0.03%	0.03%
	ELV	F	0.32%	0.17%	0.17%
	EPAM	C	0.04%	0.01%	0.01%
	EQIX	A	0.33%	0.33%	0.33%
	EQR	B	0.11%	0.07%	0.07%
	ESS	B	0.07%	0.1%	0.07%
	ETN	A	0.53%	0.28%	0.28%
	EW	C	0.13%	0.11%	0.11%
	EXAS	D	0.03%	0.01%	0.01%
	EXR	D	0.14%	0.04%	0.04%
	FAST	B	0.03%	0.17%	0.03%
	FDS	B	0.04%	0.01%	0.01%
	FFIV	B	0.05%	0.18%	0.05%
	FI	A	0.31%	0.18%	0.18%
	FIS	C	0.2%	0.07%	0.07%
	FOX	A	0.02%	0.03%	0.02%
	FOXA	B	0.04%	0.04%	0.04%
	FSLR	F	0.08%	0.16%	0.08%
	FTNT	C	0.04%	0.09%	0.04%
	FTV	C	0.1%	0.09%	0.09%
	GILD	C	0.44%	0.06%	0.06%
	GIS	D	0.15%	0.08%	0.08%
	GLW	B	0.15%	0.19%	0.15%
	GPN	B	0.11%	0.05%	0.05%
	GRMN	B	0.12%	0.08%	0.08%
	GS	A	0.48%	0.06%	0.06%
	GWW	B	0.02%	0.21%	0.02%
	HBAN	A	0.09%	0.02%	0.02%
	HD	A	0.32%	0.58%	0.32%
	HIG	B	0.13%	0.12%	0.12%
	HLT	A	0.11%	0.02%	0.02%
	HOLX	D	0.07%	0.05%	0.05%
	HPE	B	0.1%	0.16%	0.1%
	HSIC	B	0.04%	0.05%	0.04%
	HSY	F	0.09%	0.05%	0.05%
	HUM	C	0.12%	0.06%	0.06%
	IBM	C	0.76%	0.6%	0.6%
	ICE	C	0.35%	0.13%	0.13%
	IEX	B	0.07%	0.04%	0.04%
	ILMN	D	0.09%	0.04%	0.04%
	INCY	C	0.04%	0.01%	0.01%
	INTC	D	0.37%	0.18%	0.18%
	IPG	D	0.04%	0.01%	0.01%
	IQV	D	0.13%	0.1%	0.1%
	IRM	D	0.06%	0.06%	0.06%
	ITW	B	0.19%	0.33%	0.19%
	JKHY	D	0.05%	0.01%	0.01%
	JNJ	D	1.54%	0.62%	0.62%
	JNPR	F	0.05%	0.13%	0.05%
	JPM	A	2.55%	1.09%	1.09%
	KDP	D	0.15%	0.08%	0.08%
	KEYS	A	0.1%	0.06%	0.06%
	KKR	A	0.27%	0.13%	0.13%
	KVUE	A	0.18%	0.01%	0.01%
	LEN	D	0.16%	0.06%	0.06%
	LEN	D	0.01%	0.06%	0.01%
	LH	C	0.08%	0.02%	0.02%
	LIN	D	0.88%	0.07%	0.07%
	LKQ	D	0.04%	0.03%	0.03%
	LOW	D	0.6%	0.25%	0.25%
	MAR	B	0.24%	0.02%	0.02%
	MAS	D	0.07%	0.01%	0.01%
	MCD	D	0.79%	0.36%	0.36%
	MDT	D	0.46%	0.23%	0.23%
	MET	A	0.18%	0.21%	0.18%
	MKC	D	0.08%	0.01%	0.01%
	MKL	A	0.06%	0.07%	0.06%
	MKTX	D	0.04%	0.01%	0.01%
	MMC	B	0.37%	0.2%	0.2%
	MMM	D	0.23%	0.02%	0.02%
	MNST	C	0.03%	0.03%	0.03%
	MOH	F	0.03%	0.02%	0.02%
	MRNA	F	0.07%	0.01%	0.01%
	MRVL	B	0.25%	0.12%	0.12%
	MS	A	0.51%	0.26%	0.26%
	MSI	B	0.16%	0.27%	0.16%
	MSTR	C	0.14%	0.02%	0.02%
	MTB	A	0.13%	0.1%	0.1%
	MTCH	D	0.04%	0.01%	0.01%
	MTD	D	0.11%	0.06%	0.06%
	MU	D	0.44%	0.09%	0.09%
	NDAQ	A	0.12%	0.04%	0.04%
	NEM	D	0.21%	0.08%	0.08%
	NKE	D	0.14%	0.11%	0.11%
	NSC	B	0.23%	0.04%	0.04%
	NTAP	C	0.05%	0.06%	0.05%
	NTRS	A	0.08%	0.05%	0.05%
	NVR	D	0.1%	0.03%	0.03%
	O	D	0.21%	0.07%	0.07%
	OMC	C	0.08%	0.03%	0.03%
	ORLY	B	0.02%	0.18%	0.02%
	PAYC	B	0.02%	0.01%	0.01%
	PAYX	C	0.11%	0.08%	0.08%
	PCAR	B	0.21%	0.06%	0.06%
	PFE	D	0.64%	0.19%	0.19%
	PGR	A	0.09%	0.22%	0.09%
	PH	A	0.32%	0.25%	0.25%
	PHM	D	0.11%	0.04%	0.04%
	PLD	D	0.42%	0.21%	0.21%
	PNC	B	0.3%	0.19%	0.19%
	PNR	A	0.07%	0.23%	0.07%
	PPG	F	0.12%	0.11%	0.11%
	PRU	A	0.18%	0.15%	0.15%
	PSA	D	0.18%	0.11%	0.11%
	PWR	A	0.12%	0.24%	0.12%
	PYPL	B	0.32%	0.13%	0.13%
	QCOM	F	0.05%	0.26%	0.05%
	QGEN	D	0.04%	0.01%	0.01%
	REG	B	0.05%	0.08%	0.05%
	REGN	F	0.32%	0.1%	0.1%
	RF	A	0.09%	0.07%	0.07%
	RIVN	F	0.03%	0.01%	0.01%
	RJF	A	0.11%	0.04%	0.04%
	RMD	C	0.1%	0.07%	0.07%
	ROK	B	0.11%	0.08%	0.08%
	ROP	B	0.23%	0.02%	0.02%
	ROST	C	0.14%	0.09%	0.09%
	RPRX	D	0.04%	0.02%	0.02%
	RS	B	0.07%	0.08%	0.07%
	RVTY	F	0.06%	0.07%	0.06%
	SBAC	D	0.1%	0.03%	0.03%
	SBUX	A	0.1%	0.15%	0.1%
	SCHW	B	0.38%	0.19%	0.19%
	SEIC	B	0.03%	0.02%	0.02%
	SHW	A	0.03%	0.56%	0.03%
	SNA	A	0.07%	0.02%	0.02%
	SPG	B	0.16%	0.15%	0.15%
	SPGI	C	0.6%	0.38%	0.38%
	SQ	B	0.09%	0.02%	0.02%
	SQ	B	0.09%	0.01%	0.01%
	STE	F	0.09%	0.03%	0.03%
	STLD	B	0.08%	0.01%	0.01%
	STT	A	0.11%	0.02%	0.02%
	STZ	D	0.15%	0.03%	0.03%
	SUI	D	0.07%	0.01%	0.01%
	SWKS	F	0.06%	0.01%	0.01%
	SYF	B	0.09%	0.09%	0.09%
	SYK	C	0.36%	0.25%	0.25%
	T	A	0.65%	0.18%	0.18%
	TDG	D	0.23%	0.13%	0.13%
	TDY	B	0.08%	0.1%	0.08%
	TECH	D	0.05%	0.01%	0.01%
	TER	D	0.01%	0.03%	0.01%
	TFX	F	0.04%	0.02%	0.02%
	TGT	F	0.28%	0.02%	0.02%
	TJX	A	0.21%	0.36%	0.21%
	TMO	F	0.84%	0.32%	0.32%
	TMUS	B	0.43%	0.13%	0.13%
	TRMB	B	0.06%	0.07%	0.06%
	TROW	B	0.1%	0.05%	0.05%
	TRU	D	0.07%	0.01%	0.01%
	TRV	B	0.22%	0.15%	0.15%
	TT	A	0.22%	0.02%	0.02%
	TW	A	0.04%	0.02%	0.02%
	TXN	C	0.65%	0.27%	0.27%
	UHAL	D	0.0%	0.04%	0.0%
	UHAL	D	0.02%	0.04%	0.02%
	ULTA	F	0.01%	0.05%	0.01%
	UNH	C	1.94%	0.77%	0.77%
	UNP	C	0.3%	0.21%	0.21%
	UPS	C	0.39%	0.07%	0.07%
	URI	B	0.16%	0.05%	0.05%
	USB	A	0.3%	0.12%	0.12%
	VICI	C	0.13%	0.03%	0.03%
	VLTO	D	0.06%	0.03%	0.03%
	VMC	B	0.11%	0.02%	0.02%
	VRSN	F	0.06%	0.01%	0.01%
	VRTX	F	0.25%	0.14%	0.14%
	VTR	C	0.11%	0.06%	0.06%
	VZ	C	0.71%	0.21%	0.21%
	WAB	B	0.13%	0.08%	0.08%
	WAT	B	0.03%	0.02%	0.02%
	WELL	A	0.33%	0.15%	0.15%
	WFC	A	0.91%	0.25%	0.25%
	WMT	A	1.42%	0.35%	0.35%
	WPC	D	0.05%	0.01%	0.01%
	WRB	A	0.07%	0.07%	0.07%
	WST	C	0.04%	0.02%	0.02%
	WTW	B	0.12%	0.07%	0.07%
	WYNN	D	0.04%	0.01%	0.01%
	XYL	D	0.12%	0.36%	0.12%
	YUM	B	0.09%	0.07%	0.07%
	Z	A	0.03%	0.02%	0.02%
	ZBH	C	0.09%	0.05%	0.05%
	ZBRA	B	0.06%	0.02%	0.02%
	ZM	B	0.08%	0.02%	0.02%
	ZTS	D	0.06%	0.16%	0.06%

VONV Overweight 568 Positions Relative to NZAC

	Symbol	Grade	Weight
	XOM	B	2.1%
	PG	A	1.21%
	CVX	A	1.03%
	PM	B	0.83%
	NEE	D	0.65%
	RTX	C	0.64%
	CAT	B	0.63%
	GE	D	0.59%
	COP	C	0.51%
	HON	B	0.45%
	KO	D	0.43%
	SO	D	0.4%
	MDLZ	F	0.37%
	MO	A	0.37%
	DUK	C	0.36%
	BA	F	0.34%
	GEV	B	0.33%
	LMT	D	0.32%
	GD	F	0.32%
	CI	F	0.32%
	CVS	D	0.29%
	APD	A	0.28%
	EOG	A	0.28%
	NOC	D	0.28%
	FCX	D	0.26%
	EMR	A	0.25%
	FDX	B	0.25%
	WMB	A	0.25%
	OKE	A	0.23%
	GM	B	0.23%
	SLB	C	0.23%
	TFC	A	0.23%
	MPC	D	0.21%
	AEP	D	0.21%
	SRE	A	0.21%
	D	C	0.2%
	PSX	C	0.2%
	HCA	F	0.2%
	LHX	C	0.19%
	KMI	A	0.19%
	PEP	F	0.19%
	PEG	A	0.18%
	CMI	A	0.18%
	VLO	C	0.17%
	JCI	C	0.17%
	CTVA	C	0.17%
	PCG	A	0.17%
	MCHP	D	0.16%
	EXC	C	0.16%
	OTIS	C	0.16%
	F	C	0.16%
	RSG	A	0.16%
	DAL	C	0.15%
	MCK	B	0.15%
	KR	B	0.15%
	XEL	A	0.15%
	HWM	A	0.15%
	BKR	B	0.15%
	IR	B	0.15%
	NUE	C	0.14%
	CL	D	0.14%
	MLM	B	0.14%
	DD	D	0.14%
	DOW	F	0.14%
	GEHC	F	0.14%
	ED	D	0.14%
	RCL	A	0.13%
	CNC	D	0.13%
	ETR	B	0.13%
	FANG	D	0.13%
	OXY	D	0.13%
	KHC	F	0.12%
	FITB	A	0.12%
	WEC	A	0.12%
	ON	D	0.12%
	ADM	D	0.11%
	HPQ	B	0.11%
	KMB	D	0.11%
	SW	A	0.11%
	AWK	D	0.11%
	TTWO	A	0.11%
	DELL	C	0.11%
	PPL	B	0.1%
	FE	C	0.1%
	DVN	F	0.1%
	HAL	C	0.1%
	LDOS	C	0.1%
	IFF	D	0.1%
	UAL	A	0.1%
	DTE	C	0.1%
	DOV	A	0.1%
	WDC	D	0.09%
	LNG	B	0.09%
	CCL	B	0.09%
	LYB	F	0.09%
	WY	D	0.09%
	HUBB	B	0.09%
	ES	D	0.09%
	AEE	A	0.09%
	FCNCA	A	0.09%
	PFG	D	0.08%
	CFG	B	0.08%
	INVH	D	0.08%
	IP	B	0.08%
	ARE	D	0.08%
	BBY	D	0.08%
	WBD	C	0.08%
	EQT	B	0.08%
	PKG	A	0.08%
	CMS	C	0.08%
	ATO	A	0.08%
	K	A	0.08%
	UTHR	C	0.07%
	WSO	A	0.07%
	TSN	B	0.07%
	CSL	C	0.07%
	CVNA	B	0.07%
	J	F	0.07%
	DG	F	0.07%
	MAA	B	0.07%
	CTRA	B	0.07%
	BALL	D	0.07%
	LUV	C	0.07%
	MSCI	C	0.07%
	BLDR	D	0.07%
	CNP	B	0.07%
	VTRS	A	0.06%
	CAG	D	0.06%
	UDR	B	0.06%
	RGA	A	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%
	THC	D	0.06%
	JBHT	C	0.06%
	TOL	B	0.06%
	CF	B	0.06%
	TXT	D	0.06%
	SSNC	B	0.06%
	AKAM	D	0.06%
	OC	A	0.06%
	LNT	A	0.06%
	APTV	D	0.06%
	MRO	B	0.06%
	RBA	A	0.06%
	HOOD	B	0.06%
	FNF	B	0.06%
	KIM	A	0.06%
	NI	A	0.06%
	GEN	B	0.06%
	KEY	B	0.06%
	GPC	D	0.06%
	AMCR	D	0.06%
	IBKR	A	0.06%
	FTI	A	0.05%
	ITT	A	0.05%
	SCI	B	0.05%
	AES	F	0.05%
	SJM	D	0.05%
	CLH	B	0.05%
	UHS	D	0.05%
	BG	F	0.05%
	UNM	A	0.05%
	AMH	D	0.05%
	CHRW	C	0.05%
	CPT	B	0.05%
	HST	C	0.05%
	CASY	A	0.05%
	CACI	D	0.05%
	COHR	B	0.05%
	EMN	D	0.05%
	NVT	B	0.05%
	JBL	B	0.05%
	RPM	A	0.05%
	EME	C	0.05%
	ELS	C	0.05%
	GLPI	C	0.05%
	CW	B	0.05%
	HES	B	0.05%
	RNR	C	0.05%
	EVRG	A	0.05%
	EWBC	A	0.05%
	GGG	B	0.05%
	DTM	B	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%
	WAL	B	0.04%
	CPB	D	0.04%
	NYT	C	0.04%
	DRI	B	0.04%
	LAD	A	0.04%
	AOS	F	0.04%
	FRT	B	0.04%
	CRL	C	0.04%
	CIEN	B	0.04%
	REXR	F	0.04%
	AYI	B	0.04%
	ALSN	B	0.04%
	GL	B	0.04%
	DPZ	C	0.04%
	FHN	A	0.04%
	EVR	B	0.04%
	TAP	C	0.04%
	DAY	B	0.04%
	PRI	A	0.04%
	RGLD	C	0.04%
	SOFI	A	0.04%
	WTRG	B	0.04%
	CNH	C	0.04%
	EHC	B	0.04%
	WWD	B	0.04%
	ARMK	B	0.04%
	DKS	C	0.04%
	PNW	B	0.04%
	AA	B	0.04%
	SOLV	C	0.04%
	DOX	D	0.04%
	AFRM	B	0.04%
	TTEK	F	0.04%
	CE	F	0.04%
	FBIN	D	0.04%
	BLD	D	0.04%
	SF	B	0.04%
	OVV	B	0.04%
	NWSA	B	0.04%
	AVY	D	0.04%
	OHI	C	0.04%
	KMX	B	0.04%
	PFGC	B	0.04%
	CUBE	D	0.04%
	CAH	B	0.04%
	NTNX	A	0.04%
	TPR	B	0.04%
	TWLO	A	0.04%
	CCK	C	0.04%
	RRX	B	0.04%
	NRG	B	0.04%
	ATR	B	0.04%
	BJ	A	0.04%
	LSTR	D	0.03%
	MKSI	C	0.03%
	ARW	D	0.03%
	MTSI	B	0.03%
	OKTA	C	0.03%
	IVZ	B	0.03%
	WEX	D	0.03%
	XP	F	0.03%
	FAF	A	0.03%
	RGEN	D	0.03%
	MTG	C	0.03%
	ATI	D	0.03%
	SIRI	C	0.03%
	WMS	D	0.03%
	BFAM	D	0.03%
	CGNX	C	0.03%
	PB	A	0.03%
	PARA	C	0.03%
	OSK	B	0.03%
	KEX	C	0.03%
	HRB	D	0.03%
	G	B	0.03%
	QRVO	F	0.03%
	STAG	F	0.03%
	JAZZ	B	0.03%
	WBA	F	0.03%
	COKE	C	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%
	SSD	D	0.03%
	FR	C	0.03%
	FLS	B	0.03%
	ESAB	B	0.03%
	WSM	B	0.03%
	GNTX	C	0.03%
	PR	B	0.03%
	MHK	D	0.03%
	GXO	B	0.03%
	LBRDK	C	0.03%
	FICO	B	0.03%
	RRC	B	0.03%
	SNV	B	0.03%
	CHE	D	0.03%
	ONTO	D	0.03%
	VFC	C	0.03%
	VNO	B	0.03%
	HII	D	0.03%
	COLD	D	0.03%
	ADC	B	0.03%
	SKX	D	0.03%
	SAIC	F	0.03%
	CBSH	A	0.03%
	CFR	B	0.03%
	ZION	B	0.03%
	AR	B	0.03%
	WTFC	A	0.03%
	ACI	C	0.03%
	LW	C	0.03%
	BWA	D	0.03%
	LECO	B	0.03%
	CR	A	0.03%
	MTZ	B	0.03%
	CHRD	D	0.03%
	APG	B	0.03%
	NNN	D	0.03%
	RL	B	0.03%
	RBC	A	0.03%
	TKO	B	0.03%
	OGE	B	0.03%
	PNFP	B	0.03%
	JEF	A	0.03%
	BERY	B	0.03%
	BRX	A	0.03%
	FMC	D	0.03%
	VOYA	B	0.03%
	CRBG	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%
	GWRE	A	0.03%
	GME	C	0.03%
	AXTA	A	0.03%
	WCC	B	0.03%
	GPK	C	0.03%
	TTC	D	0.03%
	CMA	A	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%
	ORI	A	0.03%
	X	C	0.03%
	SNX	C	0.03%
	INGR	B	0.03%
	KMPR	B	0.02%
	MSGS	A	0.02%
	RH	B	0.02%
	HOG	D	0.02%
	ACHC	F	0.02%
	TYL	B	0.02%
	AN	C	0.02%
	SITE	D	0.02%
	GTES	A	0.02%
	W	F	0.02%
	AWI	A	0.02%
	CLF	F	0.02%
	FLO	D	0.02%
	OLED	D	0.02%
	GAP	C	0.02%
	M	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%
	AGO	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%
	SLM	A	0.02%
	BYD	C	0.02%
	HXL	D	0.02%
	OLN	D	0.02%
	AVT	C	0.02%
	OGN	D	0.02%
	SN	D	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%
	SON	D	0.02%
	ST	F	0.02%
	FNB	A	0.02%
	KD	B	0.02%
	IDA	A	0.02%
	CROX	D	0.02%
	THO	B	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%
	PVH	C	0.02%
	H	B	0.02%
	WHR	B	0.02%
	NFG	A	0.02%
	OMF	A	0.02%
	OLLI	D	0.02%
	MTDR	B	0.02%
	BPOP	B	0.02%
	SRCL	C	0.02%
	VNT	B	0.02%
	MDU	D	0.02%
	CRUS	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%
	AMG	B	0.02%
	NOV	C	0.02%
	MSA	D	0.02%
	STWD	C	0.02%
	WH	B	0.02%
	DAR	C	0.02%
	VMI	B	0.02%
	ELAN	D	0.02%
	AGCO	D	0.02%
	R	B	0.02%
	UA	C	0.01%
	SNDR	B	0.01%
	FTRE	D	0.01%
	GO	C	0.01%
	LYFT	C	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%
	PPC	C	0.01%
	QS	F	0.01%
	UAA	C	0.01%
	AZEK	A	0.01%
	LPX	B	0.01%
	CRI	D	0.01%
	PSTG	D	0.01%
	PINC	B	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%
	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%
	JWN	C	0.01%
	ADTN	A	0.01%
	EXP	A	0.01%
	HAYW	B	0.01%
	BOKF	B	0.01%
	MP	B	0.01%
	SHC	F	0.01%
	HHH	B	0.01%
	SPB	C	0.01%
	CWEN	C	0.01%
	CC	C	0.01%
	VIRT	B	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%
	LOPE	B	0.01%
	MPW	F	0.01%
	PAG	B	0.01%
	COTY	F	0.01%
	AMKR	D	0.01%
	PK	B	0.01%
	NSA	D	0.01%
	CNM	D	0.01%
	BHF	B	0.01%
	MAN	D	0.01%
	MASI	A	0.01%
	PENN	C	0.01%
	WU	D	0.01%
	AM	A	0.01%
	AMED	F	0.01%
	IRDM	D	0.01%
	PLNT	A	0.01%
	FHB	A	0.01%
	TNL	A	0.01%
	SPR	D	0.01%
	U	C	0.01%
	NXST	C	0.01%
	NWS	B	0.01%
	EPR	D	0.01%
	ZI	D	0.01%
	PRGO	B	0.01%
	HIW	D	0.01%
	CIVI	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%
	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%
	CNA	B	0.0%
	DV	C	0.0%
	DDS	B	0.0%
	HAS	D	0.0%
	NCNO	B	0.0%
	CERT	F	0.0%

VONV Underweight 96 Positions Relative to NZAC

	Symbol	Grade	Weight
	NVDA	C	-4.67%
	AAPL	C	-4.47%
	MSFT	F	-4.03%
	AMZN	C	-2.38%
	META	D	-1.62%
	GOOG	C	-1.45%
	TSLA	B	-1.32%
	AVGO	D	-1.1%
	GOOGL	C	-1.03%
	LLY	F	-0.94%
	V	A	-0.75%
	MA	C	-0.65%
	ORCL	B	-0.59%
	NFLX	A	-0.49%
	MRK	F	-0.47%
	NVS	D	-0.41%
	NOW	A	-0.39%
	ADBE	C	-0.35%
	ISRG	A	-0.31%
	INTU	C	-0.31%
	BABA	D	-0.24%
	MCO	B	-0.22%
	TD	F	-0.19%
	BX	A	-0.19%
	UBER	D	-0.17%
	SONY	B	-0.17%
	KLAC	D	-0.15%
	HDB	C	-0.14%
	PANW	C	-0.14%
	MELI	D	-0.14%
	SHOP	B	-0.12%
	AMT	D	-0.11%
	LI	F	-0.11%
	INFY	B	-0.11%
	WM	A	-0.1%
	LRCX	F	-0.1%
	EQH	B	-0.1%
	DEO	F	-0.1%
	ADSK	A	-0.09%
	SCCO	F	-0.08%
	PDD	F	-0.08%
	LULU	C	-0.08%
	MUFG	B	-0.08%
	PLTR	B	-0.07%
	HSBH	B	-0.07%
	CMG	B	-0.07%
	WIT	A	-0.07%
	TCOM	B	-0.06%
	ANET	C	-0.06%
	AXON	A	-0.06%
	IDXX	F	-0.06%
	CPAY	A	-0.05%
	LYV	A	-0.05%
	VRSK	A	-0.05%
	ABNB	C	-0.05%
	TTD	B	-0.05%
	ENPH	F	-0.05%
	DXCM	D	-0.04%
	BCS	C	-0.04%
	XPEV	C	-0.04%
	BAH	F	-0.03%
	WDAY	B	-0.03%
	AZN	D	-0.03%
	XRX	F	-0.03%
	CCEP	C	-0.03%
	VEEV	C	-0.03%
	ERIE	D	-0.03%
	GDDY	A	-0.03%
	IT	C	-0.03%
	BIDU	F	-0.03%
	BURL	A	-0.03%
	NIO	F	-0.02%
	ROL	B	-0.02%
	CRWD	B	-0.02%
	PODD	C	-0.02%
	HEI	B	-0.02%
	BCH	F	-0.02%
	ASAI	F	-0.02%
	VRT	B	-0.02%
	SNOW	C	-0.02%
	ODFL	B	-0.02%
	POOL	C	-0.02%
	MBAVU	D	-0.01%
	SMCI	F	-0.01%
	NXPI	D	-0.01%
	SNAP	C	-0.01%
	CLX	B	-0.01%
	NBIX	C	-0.01%
	PINS	D	-0.01%
	KB	B	-0.01%
	QFIN	B	-0.01%
	DOCU	A	-0.01%
	LYG	F	-0.01%
	TEVA	D	-0.01%
	NIO	F	-0.0%
	WIT	A	-0.0%

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

NZAC: Top Represented Industries & Keywords

Industries: Software - Application Business Services Diagnostics & Research Asset Management Drug Manufacturers - Major Diversified Industrials Semiconductors Biotechnology Capital Markets Information Technology Services Internet Content & Information Credit Services Insurance - Property & Casualty Medical Devices Medical Instruments & Supplies Specialty Retail Banks - Global Insurance - Diversified Insurance Brokers Specialty Chemicals

Keywords: S&P 500 Nasdaq 100 Insurance Computing Dow Jones Component Bank Medicine Banking Telecommunications Insurance Products Mobile Devices Investment Bank Electronics Financial Products Real Estate Investment Trust Work From Home Biotechnology Cloud Computing Chemical Semiconductor