VONV vs. QARP ETF Comparison

Comparison of Vanguard Russell 1000 Value ETF (VONV) to Xtrackers Russell 1000 US QARP ETF (QARP)

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

$86.65

Average Daily Volume

369,875

Number of Holdings ^*

842

* may have additional holdings in another (foreign) market

QARP

Xtrackers Russell 1000 US QARP ETF

QARP Description

The investment seeks investment results that correspond generally to the performance, before fees and expenses, of the Russell 1000 2Qual/Val 5% Capped Factor Index (the "underlying index"). The fund will invest at least 80% of its total assets (but typically far more) in component securities of the underlying index. The underlying index is designed to track the equity market performance of companies in the United States selected on the investment style criteria ("factors") of quality and value. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$53.79

Average Daily Volume

3,250

Number of Holdings ^*

345

* may have additional holdings in another (foreign) market

Performance

Period	VONV	QARP
30 Days	2.60%	2.45%
60 Days	4.54%	3.59%
90 Days	6.20%	5.04%
12 Months	28.76%	26.16%

299 Overlapping Holdings

	Symbol	Grade	Weight in VONV	Weight in QARP	Overlap
	A	D	0.15%	0.09%	0.09%
	AAL	B	0.03%	0.04%	0.03%
	ABBV	F	0.82%	0.02%	0.02%
	ABT	B	0.78%	0.22%	0.22%
	ACGL	C	0.14%	0.24%	0.14%
	ACI	C	0.03%	0.05%	0.03%
	ACM	B	0.06%	0.04%	0.04%
	ACN	B	0.87%	1.18%	0.87%
	ADI	D	0.44%	0.08%	0.08%
	ADM	D	0.11%	0.27%	0.11%
	ADP	A	0.03%	0.21%	0.03%
	AGCO	D	0.02%	0.06%	0.02%
	ALB	B	0.04%	0.02%	0.02%
	ALGN	D	0.03%	0.05%	0.03%
	ALK	B	0.02%	0.04%	0.02%
	ALSN	B	0.04%	0.04%	0.04%
	AMAT	F	0.05%	0.77%	0.05%
	AMCR	C	0.06%	0.03%	0.03%
	AMD	F	0.32%	0.07%	0.07%
	AMG	B	0.02%	0.09%	0.02%
	AMGN	F	0.15%	0.03%	0.03%
	AON	A	0.29%	0.33%	0.29%
	AOS	F	0.04%	0.06%	0.04%
	APA	D	0.03%	0.02%	0.02%
	APTV	F	0.06%	0.05%	0.05%
	AR	B	0.03%	0.02%	0.02%
	ARMK	B	0.04%	0.04%	0.04%
	ATO	A	0.08%	0.07%	0.07%
	AYI	B	0.04%	0.08%	0.04%
	AZO	C	0.02%	0.34%	0.02%
	BBWI	C	0.03%	0.02%	0.02%
	BBY	D	0.08%	0.23%	0.08%
	BIIB	F	0.1%	0.02%	0.02%
	BJ	A	0.04%	0.11%	0.04%
	BKNG	A	0.04%	0.8%	0.04%
	BKR	A	0.15%	0.1%	0.1%
	BLD	D	0.04%	0.05%	0.04%
	BLDR	D	0.07%	0.17%	0.07%
	BMY	B	0.45%	0.62%	0.45%
	BRK.A	B	3.3%	5.21%	3.3%
	BWA	D	0.03%	0.06%	0.03%
	CAH	B	0.04%	0.4%	0.04%
	CASY	A	0.05%	0.12%	0.05%
	CAT	B	0.63%	0.67%	0.63%
	CBOE	C	0.09%	0.07%	0.07%
	CBRE	B	0.16%	0.09%	0.09%
	CCL	A	0.09%	0.05%	0.05%
	CDW	F	0.05%	0.02%	0.02%
	CE	F	0.04%	0.02%	0.02%
	CF	A	0.06%	0.13%	0.06%
	CHE	D	0.03%	0.04%	0.03%
	CHRD	D	0.03%	0.04%	0.03%
	CHRW	B	0.05%	0.06%	0.05%
	CHTR	C	0.12%	0.14%	0.12%
	CI	D	0.32%	0.55%	0.32%
	CINF	A	0.09%	0.09%	0.09%
	CL	D	0.14%	0.21%	0.14%
	CLF	F	0.02%	0.05%	0.02%
	CMCSA	B	0.67%	0.86%	0.67%
	CMI	A	0.18%	0.26%	0.18%
	CNC	D	0.13%	0.23%	0.13%
	CNM	D	0.01%	0.04%	0.01%
	CNP	A	0.07%	0.04%	0.04%
	COF	C	0.25%	0.16%	0.16%
	COIN	C	0.02%	0.05%	0.02%
	COKE	C	0.03%	0.04%	0.03%
	COP	C	0.51%	0.78%	0.51%
	CPB	D	0.04%	0.02%	0.02%
	CPRT	B	0.01%	0.07%	0.01%
	CROX	D	0.02%	0.02%	0.02%
	CRUS	D	0.02%	0.03%	0.02%
	CSCO	B	0.89%	1.97%	0.89%
	CSL	C	0.07%	0.05%	0.05%
	CSX	C	0.26%	0.07%	0.07%
	CTAS	B	0.01%	0.08%	0.01%
	CTRA	B	0.07%	0.11%	0.07%
	CTSH	B	0.15%	0.3%	0.15%
	CTVA	C	0.17%	0.02%	0.02%
	CVS	D	0.29%	0.18%	0.18%
	CVX	A	1.03%	1.54%	1.03%
	DAL	B	0.15%	0.22%	0.15%
	DBX	B	0.02%	0.04%	0.02%
	DCI	B	0.04%	0.04%	0.04%
	DD	C	0.14%	0.02%	0.02%
	DE	B	0.41%	0.24%	0.24%
	DGX	A	0.07%	0.03%	0.03%
	DHI	F	0.2%	0.31%	0.2%
	DINO	D	0.02%	0.02%	0.02%
	DKS	D	0.04%	0.09%	0.04%
	DLTR	F	0.05%	0.07%	0.05%
	DOW	F	0.14%	0.07%	0.07%
	DOX	D	0.04%	0.07%	0.04%
	DPZ	C	0.04%	0.03%	0.03%
	DRI	B	0.04%	0.13%	0.04%
	DVN	F	0.1%	0.17%	0.1%
	EA	A	0.16%	0.21%	0.16%
	EBAY	D	0.12%	0.09%	0.09%
	EG	C	0.05%	0.06%	0.05%
	EL	F	0.04%	0.02%	0.02%
	ELV	F	0.32%	0.47%	0.32%
	EME	A	0.05%	0.15%	0.05%
	EOG	A	0.28%	0.5%	0.28%
	EPAM	B	0.04%	0.04%	0.04%
	EVR	B	0.04%	0.11%	0.04%
	EW	C	0.13%	0.06%	0.06%
	EXEL	B	0.01%	0.03%	0.01%
	EXP	B	0.01%	0.06%	0.01%
	EXPD	C	0.06%	0.13%	0.06%
	FANG	C	0.13%	0.19%	0.13%
	FAST	B	0.03%	0.22%	0.03%
	FCN	F	0.03%	0.03%	0.03%
	FCNCA	A	0.09%	0.14%	0.09%
	FCX	F	0.26%	0.04%	0.04%
	FDS	B	0.04%	0.1%	0.04%
	FDX	B	0.25%	0.33%	0.25%
	FFIV	B	0.05%	0.06%	0.05%
	FICO	B	0.03%	0.08%	0.03%
	FIVE	F	0.0%	0.02%	0.0%
	FND	D	0.03%	0.04%	0.03%
	FOXA	A	0.04%	0.03%	0.03%
	FTNT	C	0.04%	0.22%	0.04%
	G	B	0.03%	0.03%	0.03%
	GAP	C	0.02%	0.03%	0.02%
	GEHC	D	0.14%	0.13%	0.13%
	GEV	B	0.33%	0.2%	0.2%
	GGG	B	0.05%	0.07%	0.05%
	GILD	C	0.44%	0.33%	0.33%
	GIS	D	0.15%	0.09%	0.09%
	GLPI	C	0.05%	0.03%	0.03%
	GM	C	0.23%	0.25%	0.23%
	GNTX	C	0.03%	0.04%	0.03%
	GPC	D	0.06%	0.07%	0.06%
	GRMN	B	0.12%	0.16%	0.12%
	GWW	B	0.02%	0.27%	0.02%
	HAL	C	0.1%	0.06%	0.06%
	HCA	F	0.2%	0.27%	0.2%
	HD	B	0.32%	2.0%	0.32%
	HII	F	0.03%	0.02%	0.02%
	HLI	A	0.03%	0.04%	0.03%
	HOLX	D	0.07%	0.04%	0.04%
	HPQ	B	0.11%	0.08%	0.08%
	HRB	D	0.03%	0.08%	0.03%
	HST	C	0.05%	0.03%	0.03%
	HSY	F	0.09%	0.09%	0.09%
	HUM	C	0.12%	0.31%	0.12%
	INCY	C	0.04%	0.07%	0.04%
	INGR	C	0.03%	0.05%	0.03%
	INTC	C	0.37%	0.08%	0.08%
	IP	A	0.08%	0.04%	0.04%
	ITT	A	0.05%	0.05%	0.05%
	ITW	B	0.19%	0.31%	0.19%
	J	D	0.07%	0.04%	0.04%
	JBHT	C	0.06%	0.05%	0.05%
	JBL	C	0.05%	0.06%	0.05%
	JHG	B	0.02%	0.03%	0.02%
	JKHY	D	0.05%	0.05%	0.05%
	JNJ	C	1.54%	2.32%	1.54%
	JNPR	D	0.05%	0.04%	0.04%
	K	A	0.08%	0.06%	0.06%
	KEYS	A	0.1%	0.12%	0.1%
	KMB	C	0.11%	0.15%	0.11%
	KNX	C	0.03%	0.03%	0.03%
	KR	B	0.15%	0.3%	0.15%
	KVUE	A	0.18%	0.21%	0.18%
	LAMR	C	0.03%	0.03%	0.03%
	LEA	F	0.02%	0.04%	0.02%
	LECO	C	0.03%	0.04%	0.03%
	LEN	D	0.16%	0.4%	0.16%
	LEN	D	0.01%	0.4%	0.01%
	LH	B	0.08%	0.07%	0.07%
	LKQ	F	0.04%	0.02%	0.02%
	LMT	D	0.32%	0.71%	0.32%
	LNG	A	0.09%	0.07%	0.07%
	LOPE	C	0.01%	0.03%	0.01%
	LOW	C	0.6%	0.78%	0.6%
	LPX	B	0.01%	0.04%	0.01%
	LSTR	D	0.03%	0.05%	0.03%
	LUV	C	0.07%	0.11%	0.07%
	LYB	F	0.09%	0.09%	0.09%
	M	F	0.02%	0.02%	0.02%
	MAR	A	0.24%	0.12%	0.12%
	MAS	D	0.07%	0.07%	0.07%
	MCD	D	0.79%	0.39%	0.39%
	MCHP	F	0.16%	0.04%	0.04%
	MCK	A	0.15%	1.15%	0.15%
	MGM	D	0.03%	0.05%	0.03%
	MHK	D	0.03%	0.02%	0.02%
	MKTX	D	0.04%	0.05%	0.04%
	MMC	B	0.37%	0.55%	0.37%
	MMM	D	0.23%	0.12%	0.12%
	MNST	C	0.03%	0.15%	0.03%
	MO	A	0.37%	0.63%	0.37%
	MOH	F	0.03%	0.06%	0.03%
	MOS	F	0.03%	0.04%	0.03%
	MPC	D	0.21%	0.25%	0.21%
	MRNA	F	0.07%	0.05%	0.05%
	MRO	B	0.06%	0.11%	0.06%
	MSCI	C	0.07%	0.23%	0.07%
	MSM	C	0.01%	0.03%	0.01%
	MTD	F	0.11%	0.09%	0.09%
	MTG	C	0.03%	0.11%	0.03%
	MTZ	B	0.03%	0.03%	0.03%
	MU	D	0.44%	0.35%	0.35%
	NEU	D	0.01%	0.02%	0.01%
	NKE	F	0.14%	0.31%	0.14%
	NTAP	C	0.05%	0.06%	0.05%
	NUE	C	0.14%	0.37%	0.14%
	NVR	D	0.1%	0.23%	0.1%
	NYT	D	0.04%	0.04%	0.04%
	OC	A	0.06%	0.13%	0.06%
	OLN	F	0.02%	0.03%	0.02%
	ON	D	0.12%	0.04%	0.04%
	ORLY	B	0.02%	0.38%	0.02%
	OSK	C	0.03%	0.04%	0.03%
	OTIS	C	0.16%	0.04%	0.04%
	OVV	B	0.04%	0.03%	0.03%
	OXY	D	0.13%	0.06%	0.06%
	PAYC	B	0.02%	0.04%	0.02%
	PAYX	B	0.11%	0.2%	0.11%
	PCAR	B	0.21%	0.24%	0.21%
	PFE	F	0.64%	0.48%	0.48%
	PFGC	B	0.04%	0.08%	0.04%
	PG	C	1.21%	1.34%	1.21%
	PGR	A	0.09%	0.06%	0.06%
	PHM	D	0.11%	0.21%	0.11%
	PII	F	0.01%	0.03%	0.01%
	PINC	B	0.01%	0.03%	0.01%
	PKG	A	0.08%	0.06%	0.06%
	PM	B	0.83%	0.55%	0.55%
	PSA	C	0.18%	0.31%	0.18%
	PSX	C	0.2%	0.12%	0.12%
	PVH	C	0.02%	0.03%	0.02%
	PWR	A	0.12%	0.06%	0.06%
	PYPL	B	0.32%	0.34%	0.32%
	QCOM	F	0.05%	0.26%	0.05%
	REGN	F	0.32%	0.26%	0.26%
	RHI	C	0.03%	0.07%	0.03%
	RL	C	0.03%	0.05%	0.03%
	RLI	A	0.02%	0.03%	0.02%
	RNR	C	0.05%	0.05%	0.05%
	ROK	C	0.11%	0.09%	0.09%
	ROST	D	0.14%	0.25%	0.14%
	RPRX	D	0.04%	0.03%	0.03%
	RS	B	0.07%	0.17%	0.07%
	SAIA	B	0.02%	0.05%	0.02%
	SBUX	A	0.1%	0.52%	0.1%
	SEIC	B	0.03%	0.07%	0.03%
	SJM	D	0.05%	0.03%	0.03%
	SKX	D	0.03%	0.06%	0.03%
	SLB	C	0.23%	0.14%	0.14%
	SNA	A	0.07%	0.12%	0.07%
	SOLV	D	0.04%	0.1%	0.04%
	SPG	A	0.16%	0.2%	0.16%
	SPGI	C	0.6%	0.07%	0.07%
	SSD	F	0.03%	0.03%	0.03%
	STLD	B	0.08%	0.23%	0.08%
	SWKS	F	0.06%	0.08%	0.06%
	SYF	B	0.09%	0.14%	0.09%
	SYY	D	0.06%	0.33%	0.06%
	T	A	0.65%	0.69%	0.65%
	TAP	C	0.04%	0.04%	0.04%
	TER	F	0.01%	0.03%	0.01%
	TGT	F	0.28%	0.4%	0.28%
	THO	B	0.02%	0.03%	0.02%
	TJX	A	0.21%	0.82%	0.21%
	TOL	B	0.06%	0.07%	0.06%
	TPR	B	0.04%	0.12%	0.04%
	TROW	B	0.1%	0.25%	0.1%
	TSN	B	0.07%	0.04%	0.04%
	TT	A	0.22%	0.08%	0.08%
	TTEK	F	0.04%	0.02%	0.02%
	TXN	C	0.65%	0.37%	0.37%
	TXT	D	0.06%	0.06%	0.06%
	UAL	A	0.1%	0.1%	0.1%
	UHS	D	0.05%	0.05%	0.05%
	ULTA	F	0.01%	0.15%	0.01%
	UNH	B	1.94%	2.32%	1.94%
	UNP	C	0.3%	0.12%	0.12%
	UPS	C	0.39%	0.4%	0.39%
	URI	C	0.16%	0.23%	0.16%
	USFD	A	0.06%	0.04%	0.04%
	UTHR	C	0.07%	0.11%	0.07%
	VICI	C	0.13%	0.07%	0.07%
	VLO	C	0.17%	0.18%	0.17%
	VRSN	C	0.06%	0.06%	0.06%
	VRTX	D	0.25%	0.21%	0.21%
	VZ	C	0.71%	0.65%	0.65%
	WAT	C	0.03%	0.03%	0.03%
	WBD	B	0.08%	0.04%	0.04%
	WMT	A	1.42%	2.88%	1.42%
	WSM	C	0.03%	0.15%	0.03%
	WSO	A	0.07%	0.08%	0.07%
	WST	C	0.04%	0.09%	0.04%
	WTW	B	0.12%	0.03%	0.03%
	WY	F	0.09%	0.08%	0.08%
	WYNN	C	0.04%	0.04%	0.04%
	X	B	0.03%	0.03%	0.03%
	XOM	B	2.1%	3.19%	2.1%
	YUM	D	0.09%	0.05%	0.05%

VONV Overweight 543 Positions Relative to QARP

	Symbol	Grade	Weight
	JPM	A	2.55%
	BAC	A	1.14%
	WFC	A	0.91%
	LIN	C	0.88%
	TMO	F	0.84%
	IBM	C	0.76%
	DIS	B	0.71%
	NEE	C	0.65%
	RTX	D	0.64%
	DHR	F	0.63%
	GE	D	0.59%
	BLK	B	0.58%
	ETN	A	0.53%
	MS	A	0.51%
	C	A	0.49%
	BSX	A	0.49%
	GS	A	0.48%
	CB	C	0.46%
	MDT	D	0.46%
	HON	C	0.45%
	TMUS	B	0.43%
	KO	D	0.43%
	PLD	F	0.42%
	SO	C	0.4%
	AXP	A	0.38%
	SCHW	B	0.38%
	MDLZ	F	0.37%
	DUK	C	0.36%
	SYK	B	0.36%
	ICE	C	0.35%
	BA	F	0.34%
	WELL	A	0.33%
	EQIX	A	0.33%
	GD	D	0.32%
	CME	B	0.32%
	PH	A	0.32%
	FI	A	0.31%
	PNC	B	0.3%
	USB	A	0.3%
	APD	A	0.28%
	CEG	C	0.28%
	NOC	D	0.28%
	KKR	A	0.27%
	BDX	F	0.27%
	EMR	B	0.25%
	MRVL	B	0.25%
	WMB	A	0.25%
	AJG	A	0.23%
	OKE	A	0.23%
	NSC	B	0.23%
	TDG	D	0.23%
	ROP	B	0.23%
	TFC	A	0.23%
	DLR	B	0.23%
	AFL	B	0.23%
	BK	A	0.22%
	TRV	B	0.22%
	O	C	0.21%
	AEP	C	0.21%
	NEM	D	0.21%
	SRE	A	0.21%
	AIG	B	0.2%
	CARR	C	0.2%
	D	C	0.2%
	FIS	C	0.2%
	CCI	C	0.19%
	LHX	C	0.19%
	KMI	A	0.19%
	PEP	F	0.19%
	PRU	A	0.18%
	PEG	A	0.18%
	MET	A	0.18%
	ALL	A	0.17%
	CRM	B	0.17%
	JCI	B	0.17%
	AME	A	0.17%
	PCG	A	0.17%
	MSI	B	0.16%
	EXC	C	0.16%
	F	C	0.16%
	RSG	A	0.16%
	GLW	B	0.15%
	KDP	F	0.15%
	STZ	D	0.15%
	DFS	B	0.15%
	XEL	A	0.15%
	HWM	A	0.15%
	IR	B	0.15%
	EXR	C	0.14%
	MLM	C	0.14%
	ED	C	0.14%
	MSTR	B	0.14%
	EIX	B	0.13%
	AVB	B	0.13%
	RCL	A	0.13%
	HIG	B	0.13%
	MTB	A	0.13%
	IQV	F	0.13%
	WAB	B	0.13%
	ETR	B	0.13%
	APH	A	0.13%
	PPG	F	0.12%
	XYL	D	0.12%
	CSGP	D	0.12%
	KHC	F	0.12%
	FITB	B	0.12%
	WEC	A	0.12%
	NDAQ	A	0.12%
	GPN	B	0.11%
	VTR	B	0.11%
	EQR	C	0.11%
	SW	A	0.11%
	VMC	B	0.11%
	AWK	C	0.11%
	TTWO	A	0.11%
	ANSS	B	0.11%
	STT	B	0.11%
	RJF	A	0.11%
	HLT	A	0.11%
	DELL	B	0.11%
	PPL	A	0.1%
	FE	C	0.1%
	CHD	A	0.1%
	SBAC	D	0.1%
	LDOS	C	0.1%
	FTV	C	0.1%
	HPE	B	0.1%
	IFF	D	0.1%
	RMD	C	0.1%
	DTE	C	0.1%
	DOV	A	0.1%
	EFX	F	0.1%
	WDC	D	0.09%
	STE	D	0.09%
	ZBH	C	0.09%
	RF	A	0.09%
	HBAN	A	0.09%
	HUBB	B	0.09%
	ILMN	C	0.09%
	ES	C	0.09%
	AEE	A	0.09%
	SQ	A	0.09%
	APO	B	0.08%
	PFG	D	0.08%
	CFG	B	0.08%
	INVH	D	0.08%
	ARE	F	0.08%
	OMC	C	0.08%
	MKC	C	0.08%
	ZM	C	0.08%
	NTRS	A	0.08%
	EQT	B	0.08%
	CMS	C	0.08%
	FSLR	F	0.08%
	TDY	B	0.08%
	IEX	C	0.07%
	SUI	C	0.07%
	PNR	A	0.07%
	WRB	A	0.07%
	CVNA	B	0.07%
	DG	F	0.07%
	MAA	B	0.07%
	ESS	B	0.07%
	BAX	F	0.07%
	BALL	F	0.07%
	TRU	D	0.07%
	VTRS	A	0.06%
	CAG	F	0.06%
	UDR	B	0.06%
	RGA	A	0.06%
	VLTO	C	0.06%
	BRO	B	0.06%
	NDSN	B	0.06%
	L	A	0.06%
	SWK	D	0.06%
	ZTS	D	0.06%
	RVTY	F	0.06%
	TRMB	B	0.06%
	THC	D	0.06%
	SSNC	B	0.06%
	MKL	A	0.06%
	AVTR	F	0.06%
	AKAM	D	0.06%
	ZBRA	B	0.06%
	LNT	A	0.06%
	IRM	C	0.06%
	RBA	A	0.06%
	HOOD	B	0.06%
	FNF	B	0.06%
	KIM	A	0.06%
	DOC	C	0.06%
	NI	A	0.06%
	GEN	B	0.06%
	KEY	B	0.06%
	IBKR	A	0.06%
	FTI	A	0.05%
	TECH	F	0.05%
	SCI	B	0.05%
	AES	F	0.05%
	CLH	C	0.05%
	BG	D	0.05%
	UNM	A	0.05%
	AMH	C	0.05%
	CPT	B	0.05%
	WPC	C	0.05%
	CACI	D	0.05%
	ALLE	C	0.05%
	COHR	B	0.05%
	EMN	C	0.05%
	NVT	B	0.05%
	BMRN	F	0.05%
	RPM	A	0.05%
	BXP	C	0.05%
	ELS	C	0.05%
	REG	A	0.05%
	CW	C	0.05%
	HES	B	0.05%
	EVRG	A	0.05%
	EWBC	A	0.05%
	DTM	A	0.04%
	FYBR	C	0.04%
	BWXT	B	0.04%
	WBS	A	0.04%
	JLL	D	0.04%
	HRL	D	0.04%
	TW	A	0.04%
	WAL	B	0.04%
	HSIC	C	0.04%
	LAD	A	0.04%
	FRT	B	0.04%
	CRL	D	0.04%
	CIEN	C	0.04%
	MTCH	D	0.04%
	REXR	F	0.04%
	AFG	A	0.04%
	GL	C	0.04%
	QGEN	D	0.04%
	FHN	A	0.04%
	TFX	F	0.04%
	DAY	B	0.04%
	PRI	B	0.04%
	RGLD	C	0.04%
	SOFI	B	0.04%
	WTRG	B	0.04%
	CNH	C	0.04%
	EHC	B	0.04%
	WWD	C	0.04%
	AIZ	A	0.04%
	PNW	A	0.04%
	AA	A	0.04%
	AFRM	A	0.04%
	FBIN	D	0.04%
	SF	B	0.04%
	NWSA	A	0.04%
	AVY	F	0.04%
	OHI	C	0.04%
	KMX	B	0.04%
	CTLT	C	0.04%
	CUBE	C	0.04%
	NTNX	B	0.04%
	TWLO	A	0.04%
	CCK	D	0.04%
	CG	B	0.04%
	RRX	B	0.04%
	IPG	D	0.04%
	NRG	B	0.04%
	ATR	B	0.04%
	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%
	ATI	C	0.03%
	SIRI	C	0.03%
	WMS	F	0.03%
	BFAM	D	0.03%
	CGNX	D	0.03%
	PB	B	0.03%
	PARA	C	0.03%
	KEX	B	0.03%
	QRVO	F	0.03%
	STAG	D	0.03%
	JAZZ	B	0.03%
	WBA	F	0.03%
	MAT	D	0.03%
	AGNC	C	0.03%
	ROKU	D	0.03%
	MIDD	C	0.03%
	DASH	B	0.03%
	FR	D	0.03%
	FLS	B	0.03%
	BIO	C	0.03%
	ESAB	C	0.03%
	PR	B	0.03%
	GXO	B	0.03%
	LBRDK	C	0.03%
	RRC	B	0.03%
	SNV	C	0.03%
	ONTO	F	0.03%
	VFC	C	0.03%
	Z	A	0.03%
	VNO	C	0.03%
	COLD	D	0.03%
	ADC	A	0.03%
	SAIC	F	0.03%
	CBSH	B	0.03%
	CFR	B	0.03%
	ZION	B	0.03%
	SHW	B	0.03%
	WTFC	A	0.03%
	LW	C	0.03%
	EXAS	D	0.03%
	CR	A	0.03%
	APG	B	0.03%
	NNN	C	0.03%
	RBC	A	0.03%
	TKO	A	0.03%
	OGE	A	0.03%
	PNFP	B	0.03%
	JEF	A	0.03%
	BERY	C	0.03%
	BRX	A	0.03%
	FMC	D	0.03%
	ECL	D	0.03%
	VOYA	B	0.03%
	CRBG	B	0.03%
	KBR	F	0.03%
	GMED	A	0.03%
	EGP	D	0.03%
	RIVN	F	0.03%
	ALLY	C	0.03%
	GWRE	A	0.03%
	GME	C	0.03%
	AXTA	B	0.03%
	WCC	B	0.03%
	GPK	C	0.03%
	TTC	C	0.03%
	CMA	B	0.03%
	BRBR	A	0.03%
	CZR	F	0.03%
	PTC	B	0.03%
	ORI	A	0.03%
	SNX	D	0.03%
	ALNY	D	0.02%
	KMPR	A	0.02%
	MSGS	A	0.02%
	RH	C	0.02%
	HOG	D	0.02%
	ACHC	F	0.02%
	TYL	B	0.02%
	AN	C	0.02%
	SITE	F	0.02%
	GTES	A	0.02%
	W	D	0.02%
	AWI	A	0.02%
	FLO	D	0.02%
	UHAL	D	0.02%
	OLED	F	0.02%
	FRPT	A	0.02%
	ASH	F	0.02%
	EEFT	B	0.02%
	SLGN	A	0.02%
	LITE	B	0.02%
	DLB	B	0.02%
	TPG	A	0.02%
	AGO	B	0.02%
	WSC	F	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	B	0.02%
	DOCS	C	0.02%
	SLM	A	0.02%
	BYD	B	0.02%
	HXL	F	0.02%
	AVT	C	0.02%
	OGN	F	0.02%
	SN	D	0.02%
	ROIV	C	0.02%
	PSN	D	0.02%
	GNRC	C	0.02%
	SEE	C	0.02%
	UGI	C	0.02%
	ZG	A	0.02%
	SON	F	0.02%
	ST	F	0.02%
	FNB	A	0.02%
	FOX	A	0.02%
	KD	B	0.02%
	IDA	A	0.02%
	THG	A	0.02%
	TKR	D	0.02%
	POST	C	0.02%
	BC	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	C	0.02%
	SRCL	B	0.02%
	VNT	C	0.02%
	MDU	D	0.02%
	LNC	C	0.02%
	BEN	C	0.02%
	S	B	0.02%
	COLB	B	0.02%
	LFUS	D	0.02%
	ESI	B	0.02%
	AXS	A	0.02%
	NOV	C	0.02%
	MSA	F	0.02%
	STWD	C	0.02%
	WH	B	0.02%
	DAR	C	0.02%
	VMI	B	0.02%
	ELAN	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%
	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%
	CRI	F	0.01%
	PSTG	D	0.01%
	CNXC	F	0.01%
	KSS	F	0.01%
	SAM	C	0.01%
	ETSY	D	0.01%
	YETI	D	0.01%
	AAP	D	0.01%
	AZTA	D	0.01%
	BR	A	0.01%
	BROS	A	0.01%
	LCID	F	0.01%
	GLOB	B	0.01%
	IPGP	D	0.01%
	RKT	F	0.01%
	RCM	A	0.01%
	BRKR	D	0.01%
	ENOV	C	0.01%
	CPRI	F	0.01%
	JWN	D	0.01%
	ADTN	A	0.01%
	HAYW	B	0.01%
	BOKF	B	0.01%
	MP	C	0.01%
	SHC	F	0.01%
	HHH	B	0.01%
	SPB	C	0.01%
	CWEN	C	0.01%
	CC	C	0.01%
	VIRT	A	0.01%
	AGR	A	0.01%
	ALGM	D	0.01%
	CXT	C	0.01%
	VAC	C	0.01%
	CLVT	D	0.01%
	COLM	C	0.01%
	MPW	F	0.01%
	PAG	B	0.01%
	COTY	F	0.01%
	AMKR	D	0.01%
	PK	C	0.01%
	NSA	C	0.01%
	BHF	C	0.01%
	MAN	F	0.01%
	MASI	B	0.01%
	PENN	C	0.01%
	WU	F	0.01%
	AM	A	0.01%
	AMED	F	0.01%
	IRDM	D	0.01%
	PLNT	A	0.01%
	FHB	B	0.01%
	TNL	A	0.01%
	SPR	D	0.01%
	U	C	0.01%
	NXST	C	0.01%
	NWS	A	0.01%
	EPR	C	0.01%
	ZI	D	0.01%
	PRGO	C	0.01%
	HIW	C	0.01%
	CIVI	D	0.01%
	DXC	B	0.01%
	IAC	F	0.01%
	GFS	C	0.01%
	NVST	B	0.01%
	DNB	B	0.01%
	HUN	F	0.01%
	NWL	C	0.01%
	SMG	C	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	B	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	B	0.0%
	MTN	C	0.0%
	HCP	B	0.0%
	CNA	C	0.0%
	DV	C	0.0%
	DDS	B	0.0%
	HAS	D	0.0%
	NCNO	C	0.0%
	CERT	F	0.0%

VONV Underweight 47 Positions Relative to QARP

	Symbol	Grade	Weight
	META	D	-5.17%
	AAPL	C	-4.88%
	AMZN	C	-3.99%
	GOOGL	C	-2.36%
	COST	A	-2.32%
	GOOG	C	-2.14%
	MSFT	D	-2.05%
	V	A	-1.84%
	MA	B	-1.58%
	ADBE	C	-0.91%
	TSLA	B	-0.75%
	LRCX	F	-0.45%
	COR	B	-0.4%
	MCO	B	-0.33%
	MRK	D	-0.32%
	ABNB	C	-0.23%
	VST	A	-0.2%
	ODFL	C	-0.19%
	LPLA	A	-0.19%
	ISRG	A	-0.18%
	NVDA	B	-0.18%
	LULU	C	-0.18%
	KLAC	F	-0.17%
	EXPE	B	-0.17%
	TSCO	D	-0.16%
	DECK	A	-0.13%
	ANET	C	-0.13%
	CMG	B	-0.11%
	CPNG	D	-0.1%
	LYV	A	-0.08%
	TXRH	B	-0.06%
	BX	A	-0.06%
	POOL	C	-0.06%
	ADSK	A	-0.06%
	CLX	A	-0.06%
	FIX	A	-0.05%
	ORCL	A	-0.05%
	MUSA	B	-0.05%
	KNSL	B	-0.04%
	ROL	B	-0.04%
	BURL	B	-0.04%
	LVS	B	-0.04%
	MEDP	D	-0.03%
	VVV	D	-0.03%
	LLY	F	-0.03%
	CDNS	B	-0.02%
	IWB	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

QARP: Top Represented Industries & Keywords

Industries: Specialty Retail Oil & Gas E&P Semiconductors Drug Manufacturers - Major Capital Markets Diversified Industrials Restaurants Biotechnology Business Services Engineering & Construction Health Care Plans Auto Parts Building Materials Diagnostics & Research Household & Personal Products Integrated Shipping & Logistics Software - Application Software - Infrastructure Airlines Apparel Stores

Keywords: S&P 500 Nasdaq 100 Computing Dow Jones Component Natural Gas Electronics Chemical Building Materials Insurance Retailing Semiconductor Mining Construction Transport Clothing Petroleum Industry Telecommunications Aerospace Medicine Mobile Devices