VONV vs. PFF ETF Comparison

Comparison of Vanguard Russell 1000 Value ETF (VONV) to iShares US Preferred Stock ETF (PFF)

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 1000Â® 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

PFF

iShares US Preferred Stock ETF

PFF Description

The investment seeks to track the investment results of an index composed of U.S. preferred stocks. The fund generally invests at least 90% of its assets in securities of the underlying index and in depositary receipts representing securities of the underlying index. It seeks to track the investment results of the S&P U.S. Preferred Stock IndexTM (the "underlying index"), which measures the performance of a select group of preferred stocks listed on the New York Stock Exchange (" NYSE"), NYSE Arca, Inc. ("NYSE Arca"), NYSE Amex, NASDAQ Global Select Market, NASDAQ Select Market or NASDAQ Capital Market. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$32.70

Average Daily Volume

3,780,916

Number of Holdings ^*

227

* may have additional holdings in another (foreign) market

Performance

Period	VONV	PFF
30 Days	3.51%	-0.29%
60 Days	4.96%	-1.26%
90 Days	7.00%	2.56%
12 Months	29.73%	15.76%

73 Overlapping Holdings

Symbol	Grade	Weight in VONV	Weight in PFF	Overlap
ADC	B	0.03%	0.08%	0.03%
AGNC	D	0.03%	0.14%	0.03%
ALB	C	0.04%	1.35%	0.04%
ALL	A	0.17%	0.16%	0.16%
AMG	B	0.02%	0.09%	0.02%
AMH	D	0.05%	0.07%	0.05%
APO	B	0.08%	0.4%	0.08%
AXS	A	0.02%	0.31%	0.02%
BAC	A	1.14%	0.28%	0.28%
BAC	A	1.14%	0.06%	0.06%
BC	C	0.02%	0.08%	0.02%
BHF	B	0.01%	0.15%	0.01%
C	A	0.49%	1.68%	0.49%
CFG	B	0.08%	0.24%	0.08%
CFR	B	0.03%	0.08%	0.03%
CG	A	0.04%	0.24%	0.04%
CMS	C	0.08%	0.11%	0.08%
COF	B	0.25%	0.06%	0.06%
CTVA	C	0.17%	0.08%	0.08%
DLR	B	0.23%	0.11%	0.11%
DTE	C	0.1%	0.11%	0.1%
DUK	C	0.36%	0.62%	0.36%
EIX	B	0.13%	0.12%	0.12%
EPR	D	0.01%	0.06%	0.01%
F	C	0.16%	0.37%	0.16%
FCNCA	A	0.09%	0.2%	0.09%
FHN	A	0.04%	0.07%	0.04%
FITB	A	0.12%	0.12%	0.12%
FRT	B	0.04%	0.08%	0.04%
GL	B	0.04%	0.14%	0.04%
GS	A	0.48%	0.12%	0.12%
HBAN	A	0.09%	0.1%	0.09%
HIG	B	0.13%	0.22%	0.13%
HPE	B	0.1%	1.13%	0.1%
JPM	A	2.55%	0.41%	0.41%
KEY	B	0.06%	0.25%	0.06%
KIM	A	0.06%	0.12%	0.06%
KKR	A	0.27%	0.24%	0.24%
KMI	A	0.19%	0.13%	0.13%
KMPR	B	0.02%	0.09%	0.02%
LNC	B	0.02%	0.35%	0.02%
MET	A	0.18%	0.37%	0.18%
MS	A	0.51%	0.25%	0.25%
MTB	A	0.13%	0.16%	0.13%
NEE	D	0.65%	1.08%	0.65%
NEE	D	0.65%	0.42%	0.42%
NSA	D	0.01%	0.13%	0.01%
NTRS	A	0.08%	0.22%	0.08%
PCG	A	0.17%	0.07%	0.07%
PNFP	B	0.03%	0.14%	0.03%
PRU	A	0.18%	0.19%	0.18%
PSA	D	0.18%	0.07%	0.07%
REG	B	0.05%	0.07%	0.05%
RF	A	0.09%	0.19%	0.09%
RNR	C	0.05%	0.15%	0.05%
SCHW	B	0.38%	0.31%	0.31%
SF	B	0.04%	0.1%	0.04%
SNV	B	0.03%	0.13%	0.03%
SO	D	0.4%	0.37%	0.37%
STT	A	0.11%	0.31%	0.11%
SYF	B	0.09%	0.33%	0.09%
T	A	0.65%	0.64%	0.64%
T	A	0.65%	0.88%	0.65%
TFC	A	0.23%	0.1%	0.1%
TPG	A	0.02%	0.26%	0.02%
USB	A	0.3%	0.21%	0.21%
VNO	B	0.03%	0.12%	0.03%
VOYA	B	0.03%	0.19%	0.03%
WAL	B	0.04%	0.16%	0.04%
WBS	A	0.04%	0.08%	0.04%
WCC	B	0.03%	0.35%	0.03%
WFC	A	0.91%	0.31%	0.31%
WRB	A	0.07%	0.12%	0.07%

VONV Overweight 772 Positions Relative to PFF

Symbol	Grade	Weight
BRK.A	B	3.3%
XOM	B	2.1%
UNH	C	1.94%
JNJ	D	1.54%
WMT	A	1.42%
PG	A	1.21%
CVX	A	1.03%
CSCO	B	0.89%
LIN	D	0.88%
ACN	C	0.87%
TMO	F	0.84%
PM	B	0.83%
ABBV	D	0.82%
MCD	D	0.79%
ABT	B	0.78%
IBM	C	0.76%
DIS	B	0.71%
VZ	C	0.71%
CMCSA	B	0.67%
TXN	C	0.65%
PFE	D	0.64%
RTX	C	0.64%
CAT	B	0.63%
DHR	F	0.63%
LOW	D	0.6%
SPGI	C	0.6%
GE	D	0.59%
BLK	C	0.58%
ETN	A	0.53%
COP	C	0.51%
BSX	B	0.49%
CB	C	0.46%
MDT	D	0.46%
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%
DE	A	0.41%
UPS	C	0.39%
AXP	A	0.38%
MDLZ	F	0.37%
INTC	D	0.37%
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%
HD	A	0.32%
ELV	F	0.32%
LMT	D	0.32%
GD	F	0.32%
CI	F	0.32%
REGN	F	0.32%
CME	A	0.32%
PYPL	B	0.32%
PH	A	0.32%
FI	A	0.31%
UNP	C	0.3%
PNC	B	0.3%
CVS	D	0.29%
AON	A	0.29%
APD	A	0.28%
TGT	F	0.28%
CEG	D	0.28%
EOG	A	0.28%
NOC	D	0.28%
BDX	F	0.27%
FCX	D	0.26%
CSX	B	0.26%
VRTX	F	0.25%
EMR	A	0.25%
FDX	B	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%
GM	B	0.23%
SLB	C	0.23%
ROP	B	0.23%
MMM	D	0.23%
AFL	B	0.23%
TT	A	0.22%
BK	A	0.22%
TRV	B	0.22%
MPC	D	0.21%
O	D	0.21%
AEP	D	0.21%
TJX	A	0.21%
NEM	D	0.21%
SRE	A	0.21%
PCAR	B	0.21%
AIG	B	0.2%
CARR	D	0.2%
D	C	0.2%
DHI	D	0.2%
FIS	C	0.2%
PSX	C	0.2%
HCA	F	0.2%
CCI	D	0.19%
LHX	C	0.19%
PEP	F	0.19%
ITW	B	0.19%
KVUE	A	0.18%
PEG	A	0.18%
CMI	A	0.18%
VLO	C	0.17%
CRM	B	0.17%
JCI	C	0.17%
AME	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%
RSG	A	0.16%
LEN	D	0.16%
SPG	B	0.16%
URI	B	0.16%
GLW	B	0.15%
DAL	C	0.15%
KDP	D	0.15%
MCK	B	0.15%
KR	B	0.15%
STZ	D	0.15%
DFS	B	0.15%
CTSH	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%
NUE	C	0.14%
EXR	D	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%
ROST	C	0.14%
NKE	D	0.14%
ACGL	D	0.14%
MSTR	C	0.14%
AVB	B	0.13%
RCL	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%
FANG	D	0.13%
OXY	D	0.13%
PPG	F	0.12%
EBAY	D	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%
HPQ	B	0.11%
GPN	B	0.11%
VTR	C	0.11%
EQR	B	0.11%
KMB	D	0.11%
SW	A	0.11%
PHM	D	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%
DELL	C	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%
LDOS	C	0.1%
SBUX	A	0.1%
FTV	C	0.1%
BIIB	F	0.1%
IFF	D	0.1%
UAL	A	0.1%
RMD	C	0.1%
NVR	D	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%
CCL	B	0.09%
HSY	F	0.09%
PGR	A	0.09%
CBOE	B	0.09%
LYB	F	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%
SQ	B	0.09%
PFG	D	0.08%
LH	C	0.08%
INVH	D	0.08%
IP	B	0.08%
ARE	D	0.08%
STLD	B	0.08%
BBY	D	0.08%
OMC	C	0.08%
MKC	D	0.08%
ZM	B	0.08%
WBD	C	0.08%
EQT	B	0.08%
PKG	A	0.08%
FSLR	F	0.08%
ATO	A	0.08%
TDY	B	0.08%
K	A	0.08%
IEX	B	0.07%
UTHR	C	0.07%
RS	B	0.07%
SUI	D	0.07%
PNR	A	0.07%
WSO	A	0.07%
TSN	B	0.07%
CSL	C	0.07%
SNA	A	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%
CTRA	B	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%
BLDR	D	0.07%
CNP	B	0.07%
VTRS	A	0.06%
CAG	D	0.06%
UDR	B	0.06%
RGA	A	0.06%
VLTO	D	0.06%
BRO	B	0.06%
VRSN	F	0.06%
SWKS	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%
THC	D	0.06%
JBHT	C	0.06%
TOL	B	0.06%
CF	B	0.06%
TXT	D	0.06%
SSNC	B	0.06%
MKL	A	0.06%
AVTR	F	0.06%
AKAM	D	0.06%
OC	A	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%
FNF	B	0.06%
DOC	D	0.06%
NI	A	0.06%
GEN	B	0.06%
GPC	D	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%
SJM	D	0.05%
CLH	B	0.05%
UHS	D	0.05%
BG	F	0.05%
UNM	A	0.05%
CHRW	C	0.05%
CPT	B	0.05%
HST	C	0.05%
WPC	D	0.05%
CASY	A	0.05%
CACI	D	0.05%
ALLE	D	0.05%
COHR	B	0.05%
AMAT	F	0.05%
EMN	D	0.05%
NVT	B	0.05%
JBL	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%
EG	C	0.05%
ELS	C	0.05%
DLTR	F	0.05%
GLPI	C	0.05%
NTAP	C	0.05%
CW	B	0.05%
JKHY	D	0.05%
HES	B	0.05%
EVRG	A	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%
HRL	D	0.04%
TW	A	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%
CRL	C	0.04%
FTNT	C	0.04%
CIEN	B	0.04%
MTCH	D	0.04%
REXR	F	0.04%
AFG	A	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%
TAP	C	0.04%
DAY	B	0.04%
PRI	A	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%
DKS	C	0.04%
AIZ	A	0.04%
PNW	B	0.04%
AA	B	0.04%
SOLV	C	0.04%
DOX	D	0.04%
EL	F	0.04%
AFRM	B	0.04%
TTEK	F	0.04%
CE	F	0.04%
FBIN	D	0.04%
BLD	D	0.04%
OVV	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%
PFGC	B	0.04%
MKTX	D	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%
INCY	C	0.04%
RRX	B	0.04%
IPG	D	0.04%
NRG	B	0.04%
ATR	B	0.04%
FDS	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%
ALGN	D	0.03%
WEX	D	0.03%
XP	F	0.03%
BBWI	D	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%
ROKU	D	0.03%
FND	C	0.03%
MIDD	C	0.03%
SSD	D	0.03%
MOH	F	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%
GXO	B	0.03%
FAST	B	0.03%
LBRDK	C	0.03%
FICO	B	0.03%
RRC	B	0.03%
CHE	D	0.03%
ONTO	D	0.03%
VFC	C	0.03%
Z	A	0.03%
HII	D	0.03%
COLD	D	0.03%
SKX	D	0.03%
SAIC	F	0.03%
SEIC	B	0.03%
WAT	B	0.03%
CBSH	A	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%
BWA	D	0.03%
EXAS	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%
JEF	A	0.03%
BERY	B	0.03%
BRX	A	0.03%
FMC	D	0.03%
ECL	D	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%
RIVN	F	0.03%
ALLY	C	0.03%
GWRE	A	0.03%
GME	C	0.03%
AXTA	A	0.03%
GPK	C	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%
ORI	A	0.03%
X	C	0.03%
SNX	C	0.03%
INGR	B	0.03%
ALNY	D	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%
PAYC	B	0.02%
GTES	A	0.02%
W	F	0.02%
AWI	A	0.02%
CLF	F	0.02%
FLO	D	0.02%
UHAL	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%
DBX	B	0.02%
AGO	B	0.02%
WSC	D	0.02%
AZO	C	0.02%
WTM	A	0.02%
WLK	D	0.02%
BILL	A	0.02%
AMP	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%
ORLY	B	0.02%
SON	D	0.02%
ST	F	0.02%
FNB	A	0.02%
FOX	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%
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%
COIN	C	0.02%
SRCL	C	0.02%
VNT	B	0.02%
MDU	D	0.02%
CRUS	D	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%
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%
R	B	0.02%
UA	C	0.01%
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%
LEN	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%
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%
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%
ULTA	F	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%
CNM	D	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%
CPRT	A	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%
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%
CTAS	B	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%
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 154 Positions Relative to PFF

Symbol	Grade	Weight
ARES	A	-1.0%
TBB	C	-0.79%
SOJD	F	-0.55%
TBC	C	-0.51%
SREA	D	-0.46%
RZC	C	-0.46%
CMSD	C	-0.38%
JXN	C	-0.37%
CHSCO	C	-0.36%
PRS	B	-0.35%
BTSG	C	-0.35%
CHSCL	C	-0.33%
BANC	A	-0.32%
GTLS	B	-0.32%
QRTEP	F	-0.32%
CTDD	C	-0.31%
DUKB	C	-0.31%
CHSCM	D	-0.31%
UZE	B	-0.29%
USM	B	-0.29%
FITBI	C	-0.29%
BPYPM	C	-0.28%
NLY	C	-0.27%
CHSCN	D	-0.27%
SOJC	D	-0.27%
PFH	F	-0.25%
RZB	C	-0.25%
TDS	B	-0.23%
PBI	B	-0.23%
DTW	D	-0.23%
FG	B	-0.23%
CHSCP	F	-0.22%
EAI	C	-0.22%
AGNCN	B	-0.21%
RLJ	C	-0.2%
ESGRP	D	-0.2%
UNMA	C	-0.19%
ATHS	C	-0.19%
ACGLO	C	-0.19%
UMH	C	-0.18%
MGR	D	-0.18%
WTFCP	A	-0.18%
NGL	D	-0.18%
KREF	D	-0.17%
CMSC	C	-0.17%
TCBI	B	-0.16%
TVC	C	-0.15%
ELC	C	-0.15%
NRUC	D	-0.15%
NAVI	C	-0.15%
SR	A	-0.15%
GPJA	F	-0.15%
OZKAP	D	-0.15%
WAFD	B	-0.14%
FBRT	C	-0.14%
AIZN	D	-0.14%
EQH	B	-0.14%
HPP	F	-0.14%
EMP	D	-0.14%
DBRG	F	-0.13%
DDT	B	-0.13%
TVE	C	-0.12%
SLMBP	C	-0.12%
SLG	B	-0.12%
CMSA	C	-0.12%
FCNCO	D	-0.12%
SFB	D	-0.12%
SITC	D	-0.11%
LBRDP	C	-0.11%
AUB	B	-0.11%
HWC	B	-0.11%
AFGC	C	-0.11%
NYMTM	B	-0.11%
SIGI	C	-0.1%
WSBC	A	-0.1%
TRTX	B	-0.1%
SPLP	D	-0.1%
FULT	A	-0.1%
AFGE	D	-0.1%
RITM	C	-0.1%
VLY	B	-0.1%
DHC	F	-0.1%
CIM	D	-0.09%
GPMT	C	-0.09%
CADE	B	-0.09%
ZIONO	D	-0.09%
ARR	D	-0.09%
AGNCL	B	-0.09%
AFGD	C	-0.09%
CION	C	-0.09%
AHH	D	-0.09%
BNRE.A	C	-0.09%
BOH	B	-0.08%
QVCD	D	-0.08%
ATLC	B	-0.08%
TWO	D	-0.08%
GAIN	C	-0.08%
AFGB	C	-0.08%
LANDO	B	-0.08%
NYMTL	A	-0.08%
ARGD	C	-0.08%
CNO	A	-0.08%
WTFCM	B	-0.08%
MBIN	D	-0.08%
NYMTN	D	-0.08%
RILY	F	-0.07%
ACR	A	-0.07%
ENO	D	-0.07%
BPOPM	C	-0.07%
CLDT	B	-0.07%
IVR	F	-0.07%
FCRX	A	-0.07%
ABR	C	-0.07%
CTO	B	-0.07%
MHNC	D	-0.07%
FTAI	B	-0.07%
ONB	B	-0.07%
PMT	D	-0.07%
VLYPP	A	-0.07%
NEWT	B	-0.07%
MFA	D	-0.07%
HTLF	B	-0.07%
NMFC	D	-0.07%
MSBI	B	-0.07%
DRH	B	-0.07%
EQC	B	-0.07%
TRIN	A	-0.07%
SNCR	F	-0.07%
DX	B	-0.07%
RILYN	C	-0.06%
BFS	C	-0.06%
PEB	D	-0.06%
LXP	D	-0.06%
CNOB	B	-0.06%
PSEC	D	-0.06%
CODI	B	-0.06%
VLYPO	B	-0.06%
EFC	C	-0.06%
GNL	F	-0.06%
BW	D	-0.06%
SAR	A	-0.06%
DCOMP	C	-0.06%
FATBP	D	-0.05%
MHLA	C	-0.05%
CIO	D	-0.05%
INN	D	-0.05%
SHO	C	-0.05%
FOSL	C	-0.05%
ASB	B	-0.05%
RC	D	-0.05%
SLNHP	C	-0.04%
OPI	F	-0.04%
BHR	B	-0.03%
XELAP	F	-0.0%