Employing a systematic, quantitative framework, the advisor identifies U.S. equities exhibiting robust recent performance. The fund's holdings form a broadly diversified portfolio, spanning various market capitalizations (large, mid, and small), sectors, and industry groups. Its primary objective is to achieve significant long-term capital appreciation. Generally, a minimum of 80% of the fund's assets are allocated to securities issued by U.S. companies. The fund specifically defines its 'Momentum' factor based on total returns over the periods of month T-12 to T-1 and month T-7 to T-1, in addition to the intercept value from a one-year regression comparing individual stock returns to their regional benchmark.

Advanced Micro Devices, Inc.

Marathon Petroleum Corporation

Intel Corp.

Valero Energy Corporation

Dell Technologies Inc.

Phillips 66

Fortinet, Inc.

Micron Technology, Inc.

Applied Materials, Inc.

Marvell Technology, Inc.

Technology

Healthcare

Industrials

Energy

Financial Services

Consumer Cyclical

Basic Materials

Consumer Defensive

Communication Services

Real Estate

Vanguard U.S. Momentum Factor ETF

VFMO Holdings & Sector Breakdown