VONV vs. PFM ETF Comparison

Comparison of Vanguard Russell 1000 Value ETF (VONV) to PowerShares Dividend Achievers (PFM)

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

$76.26

Average Daily Volume

330,753

Number of Holdings ^*

813

* may have additional holdings in another (foreign) market

PFM

PowerShares Dividend Achievers

PFM Description

The PowerShares Dividend AchieversTM Portfolio (Fund) seeks to replicate, before fees and expenses, the NASDAQ US Broad Dividend AchieversTM Index (Index), which is designed to identify a diversified group of dividend-paying companies. The Fund will normally invest at least 90% of its total assets in dividend paying common stocks that comprise Index. These companies have increased their annual dividend for 10 or more consecutive fiscal years. The Fund and the Index are reconstituted annually in January and rebalanced quarterly in January, April, July and October. Effective December 28, 2012, the NADAQ OMX Group, Inc., replaced Mergent, Inc., as the Index Provider of the Index. Effective February 25, 2013, the name of the Index changed from Broad Dividend Achievers Index to NASDAQ US Broad Dividend Achievers Index. There will be no change to the methodology by which NASDAQ OMX Group, Inc., the Index Provider, calculates the Index. Please see the Fund’s prospectus supplement for more information. On February 25, 2013, NASDAQ took the place of the NYSE as the official Index data source.

Grade (RS Rating)

Last Trade

$43.00

Average Daily Volume

25,634

Number of Holdings ^*

420

* may have additional holdings in another (foreign) market

Performance

Period	VONV	PFM
30 Days	-0.90%	1.73%
60 Days	0.05%	3.73%
90 Days	-1.23%	3.16%
12 Months	13.91%	15.94%

253 Overlapping Holdings

	Symbol	Grade	Weight in VONV	Weight in PFM	Overlap
	A	D	0.03%	0.18%	0.03%
	ABT	D	0.77%	0.85%	0.77%
	ADC	B	0.03%	0.03%	0.03%
	ADI	B	0.54%	0.53%	0.53%
	ADM	C	0.15%	0.14%	0.14%
	ADP	D	0.07%	0.46%	0.07%
	AEE	D	0.09%	0.09%	0.09%
	AEP	C	0.22%	0.22%	0.22%
	AES	D	0.03%	0.06%	0.03%
	AFG	D	0.04%	0.05%	0.04%
	AFL	B	0.24%	0.24%	0.24%
	AGCO	F	0.03%	0.03%	0.03%
	AGO	D	0.02%	0.02%	0.02%
	AIZ	D	0.04%	0.04%	0.04%
	AJG	A	0.24%	0.27%	0.24%
	AL	C	0.02%	0.03%	0.02%
	ALB	F	0.07%	0.05%	0.05%
	ALL	D	0.2%	0.2%	0.2%
	AMGN	B	0.24%	0.79%	0.24%
	AON	C	0.26%	0.3%	0.26%
	AOS	D	0.04%	0.05%	0.04%
	APD	D	0.27%	0.27%	0.27%
	APH	B	0.18%	0.38%	0.18%
	ARE	C	0.1%	0.1%	0.1%
	ASH	D	0.02%	0.02%	0.02%
	ATO	D	0.08%	0.08%	0.08%
	ATR	D	0.04%	0.04%	0.04%
	AVT	D	0.02%	0.02%	0.02%
	AVY	D	0.06%	0.08%	0.06%
	AWK	B	0.12%	0.12%	0.12%
	AXS	C	0.03%	0.03%	0.03%
	BAC	B	1.28%	1.44%	1.28%
	BBY	C	0.07%	0.09%	0.07%
	BC	F	0.02%	0.02%	0.02%
	BDX	F	0.31%	0.31%	0.31%
	BEN	F	0.03%	0.06%	0.03%
	BK	B	0.21%	0.21%	0.21%
	BLK	B	0.53%	0.54%	0.53%
	BMY	F	0.39%	0.39%	0.39%
	BOKF	D	0.01%	0.03%	0.01%
	BR	B	0.02%	0.11%	0.02%
	BRO	B	0.06%	0.12%	0.06%
	CAH	D	0.06%	0.11%	0.06%
	CASY	B	0.05%	0.07%	0.05%
	CAT	D	0.2%	0.75%	0.2%
	CB	C	0.51%	0.5%	0.5%
	CBOE	D	0.08%	0.08%	0.08%
	CBSH	C	0.03%	0.03%	0.03%
	CDW	D	0.01%	0.14%	0.01%
	CE	F	0.07%	0.07%	0.07%
	CFR	D	0.03%	0.03%	0.03%
	CHD	C	0.01%	0.12%	0.01%
	CHE	D	0.01%	0.04%	0.01%
	CHRW	C	0.01%	0.05%	0.01%
	CINF	C	0.08%	0.09%	0.08%
	CL	B	0.35%	0.38%	0.35%
	CMCSA	F	0.73%	0.7%	0.7%
	CME	D	0.34%	0.33%	0.33%
	CMI	D	0.18%	0.18%	0.18%
	CMS	D	0.08%	0.08%	0.08%
	CSCO	D	0.88%	0.9%	0.88%
	CSL	C	0.09%	0.09%	0.09%
	CSX	D	0.27%	0.3%	0.27%
	CTAS	A	0.03%	0.34%	0.03%
	CUBE	B	0.04%	0.05%	0.04%
	CVX	D	1.3%	1.35%	1.3%
	DCI	D	0.02%	0.04%	0.02%
	DFS	B	0.14%	0.15%	0.14%
	DGX	C	0.07%	0.07%	0.07%
	DHR	D	0.78%	0.88%	0.78%
	DOV	D	0.12%	0.12%	0.12%
	DTE	D	0.11%	0.11%	0.11%
	DUK	C	0.37%	0.36%	0.36%
	ECL	B	0.06%	0.32%	0.06%
	ED	D	0.15%	0.15%	0.15%
	EGP	B	0.04%	0.04%	0.04%
	EIX	C	0.13%	0.13%	0.13%
	ELS	C	0.03%	0.06%	0.03%
	ELV	C	0.51%	0.58%	0.51%
	EMN	D	0.06%	0.05%	0.05%
	EMR	C	0.3%	0.29%	0.29%
	ES	C	0.1%	0.09%	0.09%
	ESS	B	0.08%	0.08%	0.08%
	ETN	C	0.62%	0.59%	0.59%
	EVR	A	0.03%	0.04%	0.03%
	EVRG	D	0.06%	0.06%	0.06%
	EXPD	B	0.07%	0.08%	0.07%
	EXR	B	0.14%	0.15%	0.14%
	FAF	D	0.03%	0.03%	0.03%
	FAST	D	0.04%	0.17%	0.04%
	FITB	D	0.12%	0.11%	0.11%
	FLO	D	0.02%	0.02%	0.02%
	FNF	D	0.06%	0.06%	0.06%
	FR	C	0.03%	0.03%	0.03%
	GD	D	0.34%	0.38%	0.34%
	GGG	D	0.04%	0.06%	0.04%
	GL	D	0.03%	0.04%	0.03%
	GLW	B	0.13%	0.15%	0.13%
	GPC	D	0.09%	0.09%	0.09%
	GS	A	0.67%	0.67%	0.67%
	HEI	B	0.01%	0.06%	0.01%
	HEI	B	0.01%	0.06%	0.01%
	HIG	C	0.14%	0.14%	0.14%
	HII	D	0.05%	0.05%	0.05%
	HON	B	0.54%	0.65%	0.54%
	HPQ	C	0.12%	0.16%	0.12%
	HRL	F	0.04%	0.08%	0.04%
	HSY	F	0.04%	0.13%	0.04%
	HUBB	C	0.05%	0.09%	0.05%
	HUM	C	0.12%	0.21%	0.12%
	IBM	B	0.7%	0.74%	0.7%
	ICE	A	0.35%	0.37%	0.35%
	IDA	D	0.02%	0.02%	0.02%
	IEX	D	0.07%	0.07%	0.07%
	INGR	D	0.04%	0.04%	0.04%
	IPG	F	0.06%	0.05%	0.05%
	ITT	D	0.05%	0.05%	0.05%
	ITW	D	0.06%	0.33%	0.06%
	JBHT	F	0.05%	0.08%	0.05%
	JKHY	C	0.04%	0.06%	0.04%
	JNJ	F	1.64%	1.65%	1.64%
	JPM	B	2.72%	2.68%	2.68%
	K	D	0.07%	0.09%	0.07%
	KEY	C	0.06%	0.06%	0.06%
	KMB	B	0.01%	0.22%	0.01%
	KO	A	0.57%	1.29%	0.57%
	KR	C	0.16%	0.17%	0.16%
	LAD	F	0.03%	0.03%	0.03%
	LECO	F	0.0%	0.05%	0.0%
	LFUS	C	0.03%	0.03%	0.03%
	LHX	B	0.2%	0.2%	0.2%
	LII	B	0.07%	0.09%	0.07%
	LIN	C	0.89%	0.99%	0.89%
	LNT	B	0.06%	0.06%	0.06%
	LOW	D	0.16%	0.59%	0.16%
	LYB	D	0.12%	0.15%	0.12%
	MAA	C	0.07%	0.08%	0.07%
	MAN	D	0.02%	0.02%	0.02%
	MAS	D	0.07%	0.07%	0.07%
	MCD	F	0.51%	0.87%	0.51%
	MCHP	C	0.07%	0.23%	0.07%
	MCK	B	0.22%	0.36%	0.22%
	MCO	A	0.03%	0.36%	0.03%
	MDLZ	D	0.43%	0.42%	0.42%
	MDT	D	0.5%	0.49%	0.49%
	MDU	C	0.02%	0.02%	0.02%
	MET	D	0.21%	0.24%	0.21%
	MKC	C	0.08%	0.08%	0.08%
	MMC	B	0.1%	0.49%	0.1%
	MMM	B	0.26%	0.27%	0.26%
	MO	A	0.38%	0.37%	0.37%
	MRK	C	1.21%	1.54%	1.21%
	MS	B	0.53%	0.73%	0.53%
	MSA	C	0.03%	0.03%	0.03%
	MSI	B	0.02%	0.3%	0.02%
	NDAQ	C	0.1%	0.16%	0.1%
	NDSN	D	0.06%	0.06%	0.06%
	NEE	D	0.76%	0.71%	0.71%
	NFG	D	0.02%	0.02%	0.02%
	NI	B	0.06%	0.06%	0.06%
	NKE	F	0.24%	0.54%	0.24%
	NNN	B	0.04%	0.04%	0.04%
	NOC	D	0.28%	0.3%	0.28%
	NUE	F	0.19%	0.17%	0.17%
	NXST	B	0.02%	0.03%	0.02%
	O	C	0.2%	0.21%	0.2%
	OGE	C	0.03%	0.03%	0.03%
	ORCL	A	0.49%	1.81%	0.49%
	ORI	D	0.04%	0.04%	0.04%
	OSK	D	0.03%	0.03%	0.03%
	OZK	D	0.02%	0.02%	0.02%
	PB	D	0.03%	0.03%	0.03%
	PEG	B	0.17%	0.17%	0.17%
	PEP	D	0.34%	1.07%	0.34%
	PFE	C	0.75%	0.74%	0.74%
	PFG	D	0.09%	0.09%	0.09%
	PG	C	1.46%	1.84%	1.46%
	PII	F	0.02%	0.02%	0.02%
	PKG	C	0.08%	0.08%	0.08%
	PLD	C	0.47%	0.48%	0.47%
	PM	B	0.73%	0.74%	0.73%
	PNC	C	0.29%	0.28%	0.28%
	PNW	C	0.04%	0.04%	0.04%
	PPG	D	0.11%	0.14%	0.11%
	PRGO	F	0.02%	0.02%	0.02%
	PRI	C	0.01%	0.04%	0.01%
	PRU	B	0.2%	0.2%	0.2%
	PSX	D	0.29%	0.28%	0.28%
	QCOM	B	0.14%	1.02%	0.14%
	R	B	0.02%	0.03%	0.02%
	REG	B	0.05%	0.05%	0.05%
	REXR	C	0.04%	0.04%	0.04%
	RF	B	0.08%	0.08%	0.08%
	RGA	C	0.06%	0.06%	0.06%
	RGLD	B	0.04%	0.04%	0.04%
	RHI	F	0.03%	0.03%	0.03%
	RJF	D	0.11%	0.12%	0.11%
	RLI	D	0.02%	0.03%	0.02%
	RNR	D	0.04%	0.06%	0.04%
	ROP	B	0.26%	0.28%	0.26%
	RPM	D	0.05%	0.06%	0.05%
	RRX	F	0.05%	0.04%	0.04%
	RS	D	0.08%	0.08%	0.08%
	RSG	A	0.18%	0.29%	0.18%
	RTX	D	0.72%	0.63%	0.63%
	SCI	C	0.03%	0.05%	0.03%
	SEIC	D	0.03%	0.04%	0.03%
	SHW	D	0.06%	0.35%	0.06%
	SJM	D	0.05%	0.05%	0.05%
	SLGN	D	0.02%	0.02%	0.02%
	SNA	F	0.07%	0.06%	0.06%
	SO	B	0.41%	0.4%	0.4%
	SON	F	0.03%	0.02%	0.02%
	SPGI	B	0.58%	0.66%	0.58%
	SRE	B	0.23%	0.23%	0.23%
	STAG	B	0.03%	0.03%	0.03%
	STE	C	0.1%	0.1%	0.1%
	STLD	D	0.09%	0.09%	0.09%
	STT	C	0.11%	0.1%	0.1%
	SWK	D	0.06%	0.06%	0.06%
	SYK	B	0.42%	0.61%	0.42%
	TFC	B	0.23%	0.24%	0.23%
	THG	D	0.02%	0.02%	0.02%
	THO	D	0.02%	0.02%	0.02%
	TKR	D	0.02%	0.03%	0.02%
	TROW	C	0.12%	0.12%	0.12%
	TRV	D	0.23%	0.22%	0.22%
	TSN	D	0.07%	0.08%	0.07%
	TT	B	0.24%	0.35%	0.24%
	TXN	B	0.49%	0.83%	0.49%
	UDR	B	0.06%	0.06%	0.06%
	UGI	D	0.02%	0.02%	0.02%
	UNH	D	0.34%	2.1%	0.34%
	UNM	D	0.05%	0.05%	0.05%
	UNP	D	0.38%	0.64%	0.38%
	UPS	D	0.34%	0.46%	0.34%
	USB	D	0.29%	0.29%	0.29%
	VMC	D	0.12%	0.15%	0.12%
	VZ	B	0.8%	0.81%	0.8%
	WBA	F	0.05%	0.05%	0.05%
	WEC	D	0.12%	0.12%	0.12%
	WLK	D	0.02%	0.09%	0.02%
	WM	B	0.04%	0.4%	0.04%
	WMT	A	1.31%	2.57%	1.31%
	WRB	C	0.08%	0.1%	0.08%
	WSM	D	0.08%	0.09%	0.08%
	WSO	B	0.06%	0.07%	0.06%
	WTFC	D	0.03%	0.03%	0.03%
	WTRG	C	0.04%	0.05%	0.04%
	XEL	D	0.14%	0.14%	0.14%
	XOM	D	2.47%	2.42%	2.42%
	XYL	D	0.14%	0.15%	0.14%
	ZION	C	0.03%	0.03%	0.03%

VONV Overweight 560 Positions Relative to PFM

	Symbol	Grade	Weight
	BRK.A	C	3.52%
	WFC	C	1.0%
	DIS	D	0.88%
	GE	D	0.83%
	COP	D	0.65%
	MU	C	0.63%
	T	B	0.61%
	INTC	C	0.6%
	C	B	0.55%
	AMD	B	0.54%
	BSX	B	0.51%
	SCHW	D	0.5%
	CI	D	0.43%
	AXP	C	0.43%
	REGN	B	0.43%
	TMUS	B	0.4%
	BA	C	0.4%
	TMO	D	0.39%
	GILD	C	0.37%
	FCX	C	0.35%
	CVS	D	0.35%
	EOG	D	0.34%
	PH	D	0.32%
	CEG	B	0.32%
	MPC	D	0.3%
	SLB	D	0.3%
	WELL	A	0.27%
	MRVL	C	0.27%
	FDX	B	0.27%
	TDG	D	0.27%
	PCAR	D	0.26%
	AIG	D	0.26%
	VLO	D	0.25%
	HCA	C	0.25%
	CRM	C	0.25%
	NSC	D	0.24%
	KKR	C	0.24%
	GM	B	0.24%
	COF	D	0.24%
	WMB	B	0.23%
	MRNA	D	0.22%
	F	B	0.22%
	GEV	B	0.22%
	NEM	A	0.22%
	OKE	B	0.21%
	DHI	D	0.21%
	FIS	B	0.21%
	D	C	0.21%
	DLR	B	0.21%
	CARR	C	0.2%
	OXY	D	0.2%
	DOW	D	0.19%
	JCI	D	0.19%
	PCG	D	0.18%
	CNC	D	0.18%
	KMI	B	0.18%
	SPG	C	0.18%
	OTIS	B	0.18%
	COIN	C	0.18%
	LEN	D	0.18%
	AME	D	0.18%
	GIS	D	0.18%
	CTVA	D	0.18%
	CCI	D	0.18%
	EA	B	0.17%
	URI	D	0.17%
	STZ	B	0.17%
	EXC	D	0.17%
	IR	C	0.17%
	BKR	C	0.16%
	MLM	D	0.16%
	DD	C	0.16%
	EQIX	C	0.16%
	FANG	B	0.16%
	DVN	D	0.15%
	ON	C	0.15%
	ACGL	C	0.15%
	HWM	C	0.15%
	BIIB	C	0.15%
	KDP	D	0.15%
	CTSH	C	0.15%
	PWR	D	0.14%
	VICI	D	0.14%
	GEHC	D	0.14%
	WAB	D	0.14%
	PGR	B	0.14%
	DAL	D	0.14%
	VRT	C	0.14%
	HLT	B	0.13%
	AVB	B	0.13%
	AMAT	B	0.13%
	KHC	D	0.13%
	FSLR	C	0.13%
	VST	C	0.12%
	MTB	C	0.12%
	PHM	D	0.12%
	GRMN	C	0.12%
	GPN	D	0.12%
	FTV	D	0.12%
	HAL	F	0.12%
	EBAY	B	0.12%
	TTWO	C	0.12%
	CBRE	C	0.12%
	HPE	C	0.11%
	WTW	B	0.11%
	ETR	D	0.11%
	RCL	B	0.11%
	ZBH	D	0.11%
	DLTR	F	0.11%
	EQR	B	0.11%
	WDC	B	0.11%
	KVUE	F	0.11%
	IFF	B	0.11%
	INVH	A	0.1%
	CTRA	D	0.1%
	BALL	D	0.1%
	MKL	D	0.1%
	VLTO	D	0.1%
	PPL	D	0.1%
	FE	C	0.1%
	WY	F	0.1%
	SQ	C	0.1%
	ICLR	B	0.1%
	APTV	F	0.1%
	OMC	D	0.09%
	TDY	D	0.09%
	HES	D	0.09%
	SBAC	F	0.09%
	MSCI	C	0.09%
	CNP	B	0.09%
	EL	F	0.09%
	BLDR	F	0.09%
	HBAN	D	0.09%
	LDOS	B	0.09%
	VTR	A	0.09%
	NVR	D	0.09%
	AVTR	D	0.08%
	FCNCA	C	0.08%
	CFG	B	0.08%
	MRO	B	0.08%
	NTRS	C	0.08%
	HOLX	C	0.08%
	TXT	D	0.08%
	BAX	C	0.08%
	UAL	D	0.08%
	J	D	0.08%
	SYF	B	0.08%
	ENTG	B	0.08%
	KEYS	D	0.08%
	PSA	B	0.08%
	CSGP	F	0.08%
	WBD	F	0.08%
	NRG	D	0.08%
	DOC	B	0.07%
	L	D	0.07%
	CAG	D	0.07%
	EG	D	0.07%
	AMCR	D	0.07%
	VRSN	C	0.07%
	SWKS	C	0.07%
	EQT	D	0.07%
	NTAP	A	0.07%
	CCL	C	0.07%
	CF	F	0.07%
	BG	B	0.07%
	IP	C	0.07%
	ZM	F	0.07%
	LUV	D	0.07%
	OC	D	0.07%
	ACM	D	0.06%
	DKS	C	0.06%
	USFD	C	0.06%
	AMH	A	0.06%
	APP	B	0.06%
	XPO	C	0.06%
	WPC	D	0.06%
	BLD	D	0.06%
	BMRN	C	0.06%
	UTHR	B	0.06%
	HST	D	0.06%
	TOL	D	0.06%
	VTRS	D	0.06%
	OKTA	C	0.06%
	KIM	B	0.06%
	IBKR	B	0.06%
	ZBRA	C	0.06%
	HOOD	B	0.06%
	PNR	D	0.06%
	NVT	D	0.06%
	SSNC	B	0.06%
	WRK	C	0.06%
	THC	C	0.06%
	TRMB	C	0.06%
	AKAM	F	0.06%
	TRU	C	0.06%
	TFX	C	0.05%
	VRTX	B	0.05%
	CNM	D	0.05%
	FFIV	C	0.05%
	AR	D	0.05%
	MOS	F	0.05%
	NTNX	C	0.05%
	RPRX	F	0.05%
	CNH	F	0.05%
	EWBC	D	0.05%
	KMX	C	0.05%
	ALLY	B	0.05%
	CRL	F	0.05%
	CPT	B	0.05%
	NWSA	B	0.05%
	CW	C	0.05%
	CLH	B	0.05%
	MGM	B	0.05%
	WWD	D	0.05%
	UHS	C	0.05%
	CHK	D	0.05%
	FTI	B	0.05%
	SUI	C	0.05%
	JNPR	B	0.05%
	LYV	C	0.05%
	LKQ	F	0.05%
	GLPI	B	0.05%
	ILMN	D	0.05%
	BBWI	F	0.05%
	EME	D	0.05%
	IRM	B	0.05%
	WBS	D	0.04%
	COLD	C	0.04%
	BJ	B	0.04%
	GDDY	A	0.04%
	HAS	D	0.04%
	CGNX	B	0.04%
	ACI	F	0.04%
	AA	B	0.04%
	AZO	C	0.04%
	OHI	B	0.04%
	SF	B	0.04%
	WCC	D	0.04%
	EHC	B	0.04%
	AYI	D	0.04%
	TWLO	D	0.04%
	FRT	C	0.04%
	SOLV	F	0.04%
	TW	C	0.04%
	GNTX	D	0.04%
	SWN	D	0.04%
	NYT	A	0.04%
	MOH	F	0.04%
	BWA	F	0.04%
	RBC	C	0.04%
	ARMK	C	0.04%
	MKSI	B	0.04%
	JEF	B	0.04%
	CPB	B	0.04%
	X	C	0.04%
	CLF	D	0.04%
	RRC	D	0.04%
	ORLY	C	0.04%
	ELAN	D	0.04%
	EFX	B	0.04%
	NU	B	0.04%
	FHN	C	0.04%
	GNRC	C	0.04%
	DINO	D	0.04%
	SKX	C	0.04%
	SNX	D	0.04%
	CCK	F	0.04%
	HSIC	D	0.04%
	CG	C	0.04%
	TTEK	D	0.04%
	DOX	D	0.04%
	FOXA	B	0.04%
	WYNN	D	0.04%
	GWRE	A	0.04%
	TPR	C	0.04%
	CACI	B	0.04%
	BXP	C	0.04%
	DRI	D	0.04%
	QGEN	D	0.04%
	JLL	B	0.04%
	TAP	F	0.04%
	PTC	B	0.04%
	QRVO	B	0.04%
	CTLT	B	0.04%
	SAIA	C	0.04%
	POST	C	0.03%
	AMG	D	0.03%
	OGN	C	0.03%
	WSC	F	0.03%
	OMF	D	0.03%
	JBL	F	0.03%
	KBR	D	0.03%
	XP	F	0.03%
	GPS	C	0.03%
	PFGC	D	0.03%
	AIRC	A	0.03%
	IVZ	D	0.03%
	GMED	B	0.03%
	STWD	D	0.03%
	SNV	B	0.03%
	MTG	B	0.03%
	ESAB	D	0.03%
	HXL	D	0.03%
	FCN	D	0.03%
	GXO	F	0.03%
	BIO	D	0.03%
	LPX	D	0.03%
	XRAY	F	0.03%
	PNFP	D	0.03%
	KD	C	0.03%
	ALSN	D	0.03%
	CRUS	A	0.03%
	ACHC	F	0.03%
	GME	C	0.03%
	ST	C	0.03%
	MAT	F	0.03%
	BPOP	D	0.03%
	DE	F	0.03%
	ROKU	C	0.03%
	HLI	A	0.03%
	H	C	0.03%
	PYPL	D	0.03%
	DAR	F	0.03%
	MTN	F	0.03%
	MHK	D	0.03%
	OLN	F	0.03%
	FMC	F	0.03%
	LRCX	B	0.03%
	DTM	B	0.03%
	FLS	D	0.03%
	FYBR	B	0.03%
	SOFI	F	0.03%
	AFRM	F	0.03%
	AGNC	A	0.03%
	CMA	C	0.03%
	BRX	B	0.03%
	DAY	F	0.03%
	WAL	B	0.03%
	TPX	D	0.03%
	MIDD	F	0.03%
	AZEK	D	0.03%
	CIEN	F	0.03%
	BERY	D	0.03%
	OWL	D	0.03%
	BWXT	B	0.03%
	MTZ	C	0.03%
	SAIC	D	0.03%
	PARA	C	0.03%
	AXTA	D	0.03%
	ARW	D	0.03%
	PVH	F	0.03%
	CRBG	C	0.03%
	CR	C	0.03%
	LEA	F	0.03%
	KEX	B	0.03%
	VOYA	D	0.03%
	RL	C	0.03%
	OVV	D	0.03%
	NOV	D	0.03%
	RIVN	C	0.03%
	COHR	B	0.03%
	DASH	C	0.03%
	KNX	C	0.03%
	W	D	0.02%
	PK	D	0.02%
	ETSY	F	0.02%
	AM	B	0.02%
	NEU	D	0.02%
	MSGS	B	0.02%
	OLLI	B	0.02%
	S	C	0.02%
	CUZ	D	0.02%
	RH	D	0.02%
	FOX	B	0.02%
	AWI	D	0.02%
	KMPR	C	0.02%
	TER	A	0.02%
	ALNY	A	0.02%
	IAC	F	0.02%
	CC	F	0.02%
	BYD	C	0.02%
	UHAL	D	0.02%
	PSTG	B	0.02%
	Z	C	0.02%
	VVV	B	0.02%
	CPRI	D	0.02%
	COTY	F	0.02%
	KRC	F	0.02%
	MSM	F	0.02%
	WU	D	0.02%
	COLB	D	0.02%
	EXPE	C	0.02%
	GPK	D	0.02%
	HUN	F	0.02%
	FRPT	A	0.02%
	VNT	D	0.02%
	AAP	F	0.02%
	CZR	C	0.02%
	VNO	C	0.02%
	WEX	D	0.02%
	G	D	0.02%
	RYN	D	0.02%
	WTM	D	0.02%
	JHG	B	0.02%
	OLED	A	0.02%
	HOG	F	0.02%
	GFS	C	0.02%
	RGEN	F	0.02%
	VFC	D	0.02%
	ZG	C	0.02%
	SITE	F	0.02%
	AAL	F	0.02%
	YUM	D	0.02%
	DLB	D	0.02%
	SRCL	B	0.02%
	ANSS	C	0.02%
	AN	D	0.02%
	TYL	A	0.02%
	VMI	C	0.02%
	FNB	C	0.02%
	WHR	C	0.02%
	LNC	C	0.02%
	ALK	F	0.02%
	M	C	0.02%
	BFAM	C	0.02%
	EXAS	D	0.02%
	NCLH	C	0.02%
	BILL	F	0.02%
	WH	C	0.02%
	ESI	B	0.02%
	LBRDK	C	0.02%
	PATH	D	0.01%
	LVS	F	0.01%
	INFA	B	0.01%
	CNA	B	0.01%
	HE	F	0.01%
	SNDR	B	0.01%
	KLG	F	0.01%
	CERT	D	0.01%
	CPAY	D	0.01%
	LSTR	D	0.01%
	CAR	F	0.01%
	VSTS	F	0.01%
	PPC	B	0.01%
	REYN	D	0.01%
	LEG	F	0.01%
	MRCY	D	0.01%
	MP	D	0.01%
	TNL	D	0.01%
	EXEL	C	0.01%
	PLUG	F	0.01%
	DOCS	B	0.01%
	ZI	F	0.01%
	NATL	B	0.01%
	ADTN	D	0.01%
	LEN	D	0.01%
	TDOC	F	0.01%
	UAA	F	0.01%
	VIRT	C	0.01%
	HAYW	F	0.01%
	NCNO	B	0.01%
	RCM	F	0.01%
	TRIP	F	0.01%
	VSAT	F	0.01%
	CABO	F	0.01%
	QS	F	0.01%
	PHIN	D	0.01%
	GO	D	0.01%
	IART	C	0.01%
	LCID	D	0.01%
	TPG	D	0.01%
	ICUI	B	0.01%
	PINC	F	0.01%
	FTRE	D	0.01%
	NYCB	D	0.01%
	LAMR	B	0.01%
	ODFL	C	0.01%
	CRI	F	0.01%
	KSS	F	0.01%
	SEE	F	0.01%
	HRB	B	0.01%
	JWN	B	0.01%
	EEFT	D	0.01%
	BHF	F	0.01%
	AGR	C	0.01%
	FHB	C	0.01%
	IPGP	D	0.01%
	DNB	F	0.01%
	PENN	C	0.01%
	CLVT	F	0.01%
	ENOV	F	0.01%
	CNXC	C	0.01%
	HIW	C	0.01%
	SPB	D	0.01%
	EXP	D	0.01%
	NSA	B	0.01%
	AZTA	D	0.01%
	INCY	D	0.01%
	PLNT	B	0.01%
	TNDM	C	0.01%
	SLM	D	0.01%
	LITE	B	0.01%
	NWS	B	0.01%
	IQV	D	0.01%
	AMED	A	0.01%
	APA	F	0.01%
	NWL	F	0.01%
	PAG	D	0.01%
	COLM	D	0.01%
	DXC	C	0.01%
	EPR	C	0.01%
	CACC	B	0.01%
	LOPE	C	0.01%
	CACC	B	0.01%
	JAZZ	F	0.01%
	RUN	F	0.01%
	RBA	B	0.01%
	ROST	B	0.01%
	CWEN	D	0.01%
	SPR	B	0.01%
	VAC	F	0.01%
	NVST	F	0.01%
	GTES	D	0.01%
	MPW	F	0.01%
	WOLF	F	0.01%
	U	F	0.01%
	PLTK	F	0.0%
	UI	B	0.0%
	AGL	D	0.0%
	SAM	C	0.0%
	IRDM	D	0.0%
	OLPX	F	0.0%
	UHAL	D	0.0%
	WOOF	C	0.0%
	LBRDA	C	0.0%
	MRVI	F	0.0%
	SHC	C	0.0%
	PYCR	D	0.0%
	UWMC	D	0.0%
	MUSA	C	0.0%
	MCW	F	0.0%
	HTZ	F	0.0%
	DBX	D	0.0%
	TFSL	D	0.0%
	TECH	D	0.0%
	DRVN	C	0.0%
	SEB	F	0.0%
	LW	F	0.0%
	BSY	D	0.0%
	SIRI	C	0.0%
	IONS	B	0.0%
	DNA	F	0.0%
	ALLE	D	0.0%
	MTCH	F	0.0%
	UA	F	0.0%
	VSCO	D	0.0%
	HCP	A	0.0%
	BIRK	B	0.0%
	RKT	C	0.0%
	AMC	C	0.0%

VONV Underweight 168 Positions Relative to PFM

	Symbol	Grade	Weight
	AAPL	A	-4.38%
	MSFT	A	-4.29%
	AVGO	B	-3.45%
	V	C	-1.97%
	MA	C	-1.92%
	COST	A	-1.77%
	HD	C	-1.59%
	ABBV	C	-1.4%
	ACN	D	-0.89%
	INTU	A	-0.85%
	LMT	C	-0.53%
	KLAC	B	-0.51%
	AMT	B	-0.43%
	SBUX	F	-0.42%
	ZTS	C	-0.38%
	TGT	D	-0.32%
	EPD	B	-0.29%
	GWW	C	-0.21%
	TEL	B	-0.21%
	PAYX	D	-0.2%
	AMP	B	-0.2%
	MPLX	B	-0.2%
	SYY	D	-0.17%
	TSCO	D	-0.14%
	ROK	D	-0.14%
	RMD	C	-0.13%
	WST	F	-0.11%
	BAH	C	-0.09%
	ERIE	C	-0.08%
	CLX	D	-0.08%
	DPZ	D	-0.08%
	FDS	C	-0.07%
	MORN	B	-0.06%
	TTC	C	-0.05%
	CHDN	B	-0.05%
	FIX	D	-0.05%
	POOL	F	-0.05%
	MKTX	C	-0.04%
	BMI	C	-0.03%
	DDS	D	-0.03%
	SSB	D	-0.03%
	SIGI	F	-0.03%
	TRNO	B	-0.03%
	UFPI	D	-0.03%
	ENSG	B	-0.03%
	SSD	F	-0.03%
	AIT	C	-0.03%
	JJSF	B	-0.02%
	GFF	D	-0.02%
	SR	C	-0.02%
	NSP	F	-0.02%
	CNS	B	-0.02%
	KAI	B	-0.02%
	IBOC	C	-0.02%
	ALE	C	-0.02%
	OTTR	D	-0.02%
	BKH	D	-0.02%
	AVNT	D	-0.02%
	POWI	D	-0.02%
	UMBF	C	-0.02%
	FFIN	D	-0.02%
	FUL	D	-0.02%
	NJR	D	-0.02%
	UBSI	D	-0.02%
	POR	D	-0.02%
	MATX	B	-0.02%
	FELE	D	-0.02%
	GATX	B	-0.02%
	HOMB	D	-0.02%
	BCPC	A	-0.02%
	EXPO	C	-0.02%
	WTS	D	-0.02%
	LANC	B	-0.02%
	CADE	D	-0.02%
	CBT	D	-0.02%
	SWX	D	-0.02%
	CSGS	F	-0.01%
	UVV	D	-0.01%
	WABC	D	-0.01%
	STBA	B	-0.01%
	TCBK	C	-0.01%
	TR	C	-0.01%
	SRCE	B	-0.01%
	NWN	F	-0.01%
	HMN	D	-0.01%
	SYBT	C	-0.01%
	GTY	D	-0.01%
	APOG	D	-0.01%
	LNN	D	-0.01%
	LKFN	D	-0.01%
	CHCO	C	-0.01%
	WSBC	D	-0.01%
	ANDE	D	-0.01%
	NHC	A	-0.01%
	SJW	D	-0.01%
	AGM	B	-0.01%
	DKL	C	-0.01%
	NBTB	B	-0.01%
	TNC	D	-0.01%
	LMAT	A	-0.01%
	HWKN	B	-0.01%
	SCL	D	-0.01%
	FRME	D	-0.01%
	SXI	D	-0.01%
	TOWN	B	-0.01%
	INDB	D	-0.01%
	HNI	C	-0.01%
	SFNC	D	-0.01%
	WAFD	C	-0.01%
	MTRN	F	-0.01%
	WOR	F	-0.01%
	TRN	D	-0.01%
	CPK	C	-0.01%
	CBU	B	-0.01%
	CCOI	D	-0.01%
	AWR	D	-0.01%
	AVA	D	-0.01%
	ABR	B	-0.01%
	MGEE	D	-0.01%
	FIBK	B	-0.01%
	WSFS	B	-0.01%
	CWT	C	-0.01%
	BANF	D	-0.01%
	HI	F	-0.01%
	AUB	C	-0.01%
	BRC	B	-0.01%
	CNO	B	-0.01%
	WDFC	D	-0.01%
	ASB	D	-0.01%
	NWE	D	-0.01%
	IOSP	D	-0.01%
	KWR	F	-0.01%
	ABM	B	-0.01%
	FLIC	F	-0.0%
	BMRC	C	-0.0%
	JOUT	F	-0.0%
	ODC	F	-0.0%
	ARTNA	C	-0.0%
	HVT	F	-0.0%
	HIFS	B	-0.0%
	CTO	B	-0.0%
	THFF	D	-0.0%
	AROW	B	-0.0%
	WASH	C	-0.0%
	SMBC	C	-0.0%
	HBNC	D	-0.0%
	PLOW	F	-0.0%
	UHT	C	-0.0%
	YORW	B	-0.0%
	CASS	D	-0.0%
	HFWA	D	-0.0%
	SPTN	F	-0.0%
	GSBC	C	-0.0%
	MBWM	C	-0.0%
	FCBC	B	-0.0%
	MNRO	F	-0.0%
	TMP	C	-0.0%
	PFC	D	-0.0%
	MATW	F	-0.0%
	CTBI	C	-0.0%
	SBSI	D	-0.0%
	ATRI	B	-0.0%
	AMSF	F	-0.0%
	GRC	C	-0.0%
	MSEX	C	-0.0%
	SCVL	C	-0.0%
	HY	D	-0.0%
	GABC	B	-0.0%

VONV: Top Represented Industries & Keywords

Industries: Banks - Regional - US Diversified Industrials Utilities - Regulated Electric Asset Management Biotechnology Software - Application Business Services Oil & Gas E&P Specialty Retail Packaged Foods Specialty Chemicals Capital Markets Insurance - Property & Casualty Packaging & Containers Semiconductors Aerospace & Defense Diagnostics & Research REIT - Residential Software - Infrastructure Information Technology Services

Keywords: S&P 500 Nasdaq 100 Natural Gas Insurance Bank Real Estate Investment Trust Electricity Banking Computing Aerospace Electronics Chemical Mining Insurance Products Telecommunications Medicine Semiconductor Transport Biotechnology Dow Jones Component

PFM: Top Represented Industries & Keywords

Industries: Banks - Regional - US Diversified Industrials Utilities - Regulated Electric Specialty Chemicals Insurance - Property & Casualty Business Services Asset Management Capital Markets Insurance - Life Packaged Foods REIT - Industrial Utilities - Diversified Utilities - Regulated Gas Utilities - Regulated Water Aerospace & Defense Drug Manufacturers - Major Medical Instruments & Supplies Semiconductors Tools & Accessories Building Materials

Keywords: S&P 500 Bank Banking Insurance Natural Gas Chemical Electricity Nasdaq 100 Mining Insurance Products Deposit Products Electronics Dow Jones Component Commercial Banking Real Estate Investment Trust Plastic Trust Services Aerospace Disability Financial Products