IWS vs. VBR ETF Comparison

Comparison of iShares Russell Mid-cap Value ETF (IWS) to Vanguard Small-Cap Value ETF - DNQ (VBR)

IWS

iShares Russell Mid-cap Value ETF

IWS Description

The investment seeks to track the investment results of an index composed of mid-capitalization U.S. equities that exhibit value characteristics. 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 Russell Midcap Value Index (the "underlying index"), which measures the performance of the mid-capitalization value sector of the U.S. equity market.

Grade (RS Rating)

Last Trade

$134.95

Average Daily Volume

272,522

Number of Holdings ^*

706

* may have additional holdings in another (foreign) market

VBR

Vanguard Small-Cap Value ETF - DNQ

VBR Description

The investment seeks to track the performance of a benchmark index that measures the investment return of small-capitalization value stocks. The fund employs an indexing investment approach designed to track the performance of the CRSP US Small Cap Value Index, a broadly diversified index of value stocks of small U.S. companies. 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

$207.08

Average Daily Volume

421,482

Number of Holdings ^*

797

* may have additional holdings in another (foreign) market

Performance

Period	IWS	VBR
30 Days	0.51%	0.99%
60 Days	3.41%	4.06%
90 Days	6.07%	7.32%
12 Months	28.25%	29.33%

303 Overlapping Holdings

Symbol	Grade	Weight in IWS	Weight in VBR	Overlap
AA	A	0.12%	0.29%	0.12%
AAL	B	0.09%	0.21%	0.09%
AAP	D	0.02%	0.07%	0.02%
ACHC	F	0.04%	0.16%	0.04%
ACI	C	0.09%	0.17%	0.09%
ACM	B	0.16%	0.4%	0.16%
ADC	A	0.08%	0.22%	0.08%
AES	F	0.1%	0.41%	0.1%
AFG	A	0.11%	0.29%	0.11%
AGCO	F	0.06%	0.18%	0.06%
AGNC	C	0.08%	0.24%	0.08%
AGO	A	0.05%	0.11%	0.05%
AIZ	A	0.12%	0.3%	0.12%
AL	B	0.05%	0.13%	0.05%
ALB	B	0.13%	0.16%	0.13%
ALK	A	0.07%	0.16%	0.07%
ALLE	D	0.14%	0.37%	0.14%
ALLY	C	0.1%	0.28%	0.1%
ALSN	B	0.11%	0.24%	0.11%
AM	A	0.04%	0.15%	0.04%
AMED	F	0.03%	0.09%	0.03%
AMG	C	0.06%	0.15%	0.06%
AMKR	F	0.03%	0.1%	0.03%
AN	D	0.05%	0.17%	0.05%
APA	F	0.09%	0.26%	0.09%
APG	C	0.09%	0.24%	0.09%
AR	B	0.09%	0.12%	0.09%
ARMK	C	0.11%	0.29%	0.11%
ARW	F	0.07%	0.2%	0.07%
ASH	F	0.04%	0.12%	0.04%
ATO	A	0.23%	0.58%	0.23%
ATR	B	0.13%	0.31%	0.13%
AVT	C	0.06%	0.14%	0.06%
AXS	A	0.07%	0.17%	0.07%
AXTA	B	0.1%	0.23%	0.1%
AYI	B	0.11%	0.24%	0.11%
AZTA	F	0.03%	0.06%	0.03%
BBWI	C	0.07%	0.2%	0.07%
BC	D	0.06%	0.16%	0.06%
BEN	C	0.07%	0.09%	0.07%
BERY	D	0.08%	0.21%	0.08%
BG	D	0.13%	0.39%	0.13%
BHF	C	0.03%	0.08%	0.03%
BIO	C	0.08%	0.19%	0.08%
BJ	B	0.13%	0.32%	0.13%
BLDR	D	0.21%	0.65%	0.21%
BOKF	B	0.03%	0.07%	0.03%
BPOP	C	0.07%	0.21%	0.07%
BRX	A	0.09%	0.24%	0.09%
BWA	D	0.08%	0.24%	0.08%
BXP	D	0.14%	0.33%	0.14%
BYD	B	0.06%	0.06%	0.06%
CACI	C	0.14%	0.32%	0.14%
CAR	C	0.01%	0.04%	0.01%
CBSH	A	0.09%	0.2%	0.09%
CC	D	0.03%	0.09%	0.03%
CCK	D	0.12%	0.33%	0.12%
CFR	B	0.09%	0.19%	0.09%
CG	B	0.12%	0.29%	0.12%
CHRD	F	0.09%	0.23%	0.09%
CHRW	B	0.14%	0.35%	0.14%
CLF	F	0.05%	0.17%	0.05%
CMA	B	0.1%	0.23%	0.1%
CNXC	F	0.02%	0.08%	0.02%
COHR	B	0.16%	0.2%	0.16%
COLB	B	0.07%	0.16%	0.07%
COLM	B	0.03%	0.04%	0.03%
COTY	F	0.03%	0.09%	0.03%
CPRI	F	0.03%	0.14%	0.03%
CPT	C	0.14%	0.38%	0.14%
CR	A	0.09%	0.22%	0.09%
CRI	F	0.02%	0.06%	0.02%
CRUS	F	0.06%	0.19%	0.06%
CSL	C	0.19%	0.6%	0.19%
CUZ	B	0.05%	0.13%	0.05%
CWEN	C	0.03%	0.03%	0.03%
CWEN	C	0.01%	0.03%	0.01%
CWEN	C	0.01%	0.07%	0.01%
CWEN	C	0.03%	0.07%	0.03%
CXT	C	0.03%	0.08%	0.03%
DCI	B	0.1%	0.26%	0.1%
DDS	B	0.01%	0.05%	0.01%
DINO	D	0.07%	0.21%	0.07%
DJT	C	0.01%	0.01%	0.01%
DKS	D	0.11%	0.24%	0.11%
DNB	B	0.04%	0.11%	0.04%
DOC	D	0.17%	0.23%	0.17%
DTM	A	0.1%	0.22%	0.1%
DXC	D	0.04%	0.11%	0.04%
EGP	D	0.09%	0.26%	0.09%
EHC	B	0.11%	0.28%	0.11%
ELAN	D	0.07%	0.21%	0.07%
EME	A	0.16%	0.58%	0.16%
EMN	D	0.13%	0.38%	0.13%
ENOV	C	0.03%	0.07%	0.03%
EPAM	C	0.13%	0.31%	0.13%
EPR	D	0.04%	0.11%	0.04%
ESAB	C	0.08%	0.18%	0.08%
ESI	B	0.07%	0.17%	0.07%
EVR	B	0.12%	0.27%	0.12%
EVRG	A	0.15%	0.19%	0.15%
EWBC	A	0.15%	0.33%	0.15%
FAF	C	0.07%	0.19%	0.07%
FBIN	F	0.11%	0.32%	0.11%
FCN	F	0.08%	0.24%	0.08%
FCNCA	A	0.28%	0.57%	0.28%
FFIV	B	0.15%	0.37%	0.15%
FHB	B	0.04%	0.09%	0.04%
FHN	A	0.12%	0.24%	0.12%
FLO	D	0.04%	0.13%	0.04%
FLS	A	0.09%	0.2%	0.09%
FMC	D	0.08%	0.24%	0.08%
FNB	B	0.06%	0.15%	0.06%
FR	C	0.08%	0.21%	0.08%
FRT	B	0.1%	0.28%	0.1%
FTRE	D	0.02%	0.05%	0.02%
FYBR	C	0.09%	0.25%	0.09%
G	B	0.09%	0.2%	0.09%
GAP	D	0.05%	0.15%	0.05%
GL	C	0.11%	0.27%	0.11%
GLPI	C	0.14%	0.39%	0.14%
GME	C	0.1%	0.25%	0.1%
GO	C	0.02%	0.04%	0.02%
GPK	D	0.1%	0.26%	0.1%
GTES	A	0.05%	0.12%	0.05%
HAS	D	0.01%	0.28%	0.01%
HAYW	B	0.02%	0.07%	0.02%
HII	F	0.09%	0.3%	0.09%
HIW	D	0.04%	0.1%	0.04%
HOG	F	0.04%	0.13%	0.04%
HRB	D	0.07%	0.26%	0.07%
HSIC	C	0.09%	0.27%	0.09%
HUBB	B	0.27%	0.33%	0.27%
HUN	F	0.04%	0.11%	0.04%
IAC	D	0.04%	0.11%	0.04%
IDA	A	0.06%	0.16%	0.06%
IEX	B	0.19%	0.47%	0.19%
INFA	D	0.02%	0.06%	0.02%
INGR	B	0.11%	0.26%	0.11%
IPG	F	0.12%	0.34%	0.12%
IPGP	D	0.02%	0.06%	0.02%
ITT	A	0.14%	0.35%	0.14%
IVZ	C	0.07%	0.22%	0.07%
JAZZ	C	0.08%	0.19%	0.08%
JBL	C	0.15%	0.37%	0.15%
JEF	A	0.1%	0.26%	0.1%
JHG	B	0.06%	0.14%	0.06%
JLL	D	0.1%	0.37%	0.1%
JNPR	D	0.14%	0.37%	0.14%
JWN	C	0.02%	0.08%	0.02%
KBR	F	0.1%	0.25%	0.1%
KD	A	0.07%	0.15%	0.07%
KEX	B	0.08%	0.2%	0.08%
KIM	A	0.18%	0.45%	0.18%
KMPR	A	0.04%	0.11%	0.04%
KMX	C	0.12%	0.35%	0.12%
KNX	B	0.1%	0.24%	0.1%
KRC	C	0.05%	0.13%	0.05%
KSS	F	0.02%	0.06%	0.02%
LAD	B	0.11%	0.24%	0.11%
LAMR	D	0.09%	0.17%	0.09%
LDOS	C	0.29%	0.32%	0.29%
LEA	F	0.06%	0.18%	0.06%
LEG	F	0.02%	0.05%	0.02%
LKQ	F	0.11%	0.3%	0.11%
LNC	B	0.06%	0.15%	0.06%
LPX	B	0.02%	0.2%	0.02%
LYFT	C	0.02%	0.13%	0.02%
M	D	0.05%	0.12%	0.05%
MAN	F	0.03%	0.1%	0.03%
MAT	D	0.07%	0.19%	0.07%
MDU	D	0.04%	0.15%	0.04%
MGM	D	0.09%	0.13%	0.09%
MHK	D	0.08%	0.25%	0.08%
MIDD	D	0.08%	0.22%	0.08%
MKSI	C	0.08%	0.21%	0.08%
MOS	D	0.1%	0.25%	0.1%
MPW	F	0.03%	0.1%	0.03%
MSA	D	0.07%	0.19%	0.07%
MSM	D	0.04%	0.11%	0.04%
MTG	D	0.07%	0.19%	0.07%
MTZ	A	0.1%	0.11%	0.1%
NFG	A	0.06%	0.16%	0.06%
NI	A	0.17%	0.22%	0.17%
NNN	C	0.08%	0.26%	0.08%
NRG	B	0.13%	0.54%	0.13%
NVST	C	0.04%	0.1%	0.04%
NVT	C	0.14%	0.34%	0.14%
NWL	B	0.04%	0.09%	0.04%
NXST	C	0.03%	0.15%	0.03%
NYT	D	0.1%	0.25%	0.1%
OC	A	0.18%	0.44%	0.18%
OGE	A	0.09%	0.24%	0.09%
OGN	F	0.04%	0.14%	0.04%
OHI	B	0.11%	0.3%	0.11%
OLN	F	0.06%	0.16%	0.06%
OMF	A	0.07%	0.16%	0.07%
ORI	A	0.1%	0.24%	0.1%
OSK	C	0.08%	0.19%	0.08%
OVV	C	0.12%	0.29%	0.12%
OZK	B	0.05%	0.13%	0.05%
PAG	B	0.03%	0.09%	0.03%
PARA	D	0.07%	0.16%	0.07%
PB	A	0.08%	0.19%	0.08%
PENN	C	0.03%	0.08%	0.03%
PFGC	B	0.12%	0.35%	0.12%
PII	F	0.04%	0.13%	0.04%
PINC	B	0.03%	0.06%	0.03%
PK	D	0.03%	0.08%	0.03%
PNFP	B	0.1%	0.1%	0.1%
PNR	B	0.19%	0.47%	0.19%
PNW	B	0.11%	0.29%	0.11%
POST	C	0.06%	0.08%	0.06%
PPC	B	0.02%	0.05%	0.02%
PR	B	0.08%	0.12%	0.08%
PRGO	C	0.04%	0.1%	0.04%
PRI	A	0.11%	0.26%	0.11%
PSN	C	0.06%	0.14%	0.06%
PVH	C	0.06%	0.16%	0.06%
QRVO	F	0.07%	0.28%	0.07%
R	B	0.08%	0.17%	0.08%
REG	A	0.15%	0.38%	0.15%
REYN	D	0.02%	0.05%	0.02%
RGA	B	0.16%	0.41%	0.16%
RHI	C	0.08%	0.19%	0.08%
RIVN	F	0.1%	0.14%	0.1%
RL	C	0.1%	0.21%	0.1%
RLI	A	0.07%	0.19%	0.07%
RNR	C	0.15%	0.41%	0.15%
RPM	B	0.14%	0.45%	0.14%
RRC	B	0.09%	0.2%	0.09%
RRX	B	0.13%	0.32%	0.13%
RS	B	0.2%	0.46%	0.2%
RYN	D	0.05%	0.14%	0.05%
SAIC	F	0.08%	0.21%	0.08%
SCI	A	0.13%	0.31%	0.13%
SEB	F	0.01%	0.02%	0.01%
SEE	D	0.03%	0.12%	0.03%
SEIC	B	0.09%	0.23%	0.09%
SF	B	0.12%	0.26%	0.12%
SIRI	D	0.07%	0.15%	0.07%
SJM	D	0.13%	0.35%	0.13%
SLGN	A	0.05%	0.12%	0.05%
SLM	B	0.05%	0.14%	0.05%
SMG	C	0.03%	0.11%	0.03%
SNDR	B	0.02%	0.03%	0.02%
SNV	B	0.09%	0.18%	0.09%
SNX	D	0.1%	0.22%	0.1%
SOLV	F	0.11%	0.28%	0.11%
SON	F	0.05%	0.15%	0.05%
SPB	C	0.03%	0.07%	0.03%
ST	F	0.05%	0.16%	0.05%
STAG	D	0.07%	0.21%	0.07%
STLD	B	0.24%	0.27%	0.24%
STWD	C	0.07%	0.19%	0.07%
SW	A	0.29%	0.74%	0.29%
TAP	B	0.11%	0.29%	0.11%
TFX	F	0.1%	0.34%	0.1%
THC	C	0.17%	0.46%	0.17%
THG	A	0.06%	0.14%	0.06%
THO	C	0.06%	0.16%	0.06%
TKR	F	0.05%	0.15%	0.05%
TNL	B	0.04%	0.09%	0.04%
TOL	B	0.17%	0.46%	0.17%
TPG	A	0.05%	0.14%	0.05%
TPR	B	0.13%	0.31%	0.13%
TTEK	F	0.11%	0.36%	0.11%
UA	C	0.02%	0.03%	0.02%
UAA	C	0.02%	0.05%	0.02%
UGI	C	0.05%	0.15%	0.05%
UHAL	D	0.04%	0.02%	0.02%
UHAL	D	0.0%	0.2%	0.0%
UHAL	D	0.0%	0.02%	0.0%
UHAL	D	0.04%	0.2%	0.04%
UHS	D	0.13%	0.37%	0.13%
UNM	A	0.14%	0.25%	0.14%
USFD	A	0.17%	0.43%	0.17%
UTHR	C	0.19%	0.46%	0.19%
VAC	C	0.04%	0.07%	0.04%
VFC	C	0.08%	0.22%	0.08%
VIRT	A	0.03%	0.07%	0.03%
VMI	B	0.07%	0.17%	0.07%
VNO	C	0.09%	0.21%	0.09%
VNT	C	0.07%	0.15%	0.07%
VOYA	B	0.09%	0.22%	0.09%
VSTS	F	0.02%	0.06%	0.02%
WAL	B	0.11%	0.26%	0.11%
WBA	F	0.07%	0.09%	0.07%
WBS	A	0.11%	0.23%	0.11%
WCC	B	0.1%	0.24%	0.1%
WEN	C	0.02%	0.09%	0.02%
WHR	B	0.06%	0.17%	0.06%
WLK	F	0.05%	0.08%	0.05%
WSM	D	0.07%	0.45%	0.07%
WTFC	B	0.09%	0.21%	0.09%
WTM	A	0.05%	0.12%	0.05%
WTRG	B	0.11%	0.27%	0.11%
WU	F	0.03%	0.12%	0.03%
X	C	0.1%	0.21%	0.1%
XRAY	D	0.04%	0.16%	0.04%
Z	A	0.13%	0.28%	0.13%
ZG	A	0.04%	0.06%	0.04%
ZION	B	0.09%	0.2%	0.09%

IWS Overweight 407 Positions Relative to VBR

Symbol	Grade	Weight
WMB	A	0.74%
OKE	A	0.68%
AFL	C	0.66%
DLR	A	0.64%
AJG	B	0.64%
BK	B	0.62%
KMI	A	0.56%
FIS	C	0.54%
DHI	D	0.54%
O	C	0.54%
CMI	A	0.53%
LHX	B	0.53%
CCI	C	0.5%
KVUE	A	0.49%
PCG	A	0.48%
URI	B	0.48%
AME	A	0.48%
BKR	B	0.47%
SPG	A	0.47%
HWM	A	0.47%
ALL	A	0.47%
DFS	B	0.47%
PRU	B	0.47%
EA	A	0.46%
PEG	C	0.46%
LEN	D	0.45%
IR	B	0.45%
CBRE	B	0.45%
OTIS	C	0.44%
CTVA	C	0.44%
DAL	A	0.43%
MSTR	A	0.43%
KR	B	0.43%
CTSH	C	0.43%
A	F	0.43%
MCHP	F	0.42%
FERG	C	0.42%
XEL	A	0.41%
NUE	D	0.41%
EXC	C	0.41%
GIS	F	0.4%
ACGL	D	0.4%
CHTR	B	0.4%
GLW	B	0.4%
MLM	B	0.39%
ROST	D	0.39%
HUM	D	0.38%
MTB	A	0.38%
RCL	A	0.38%
IQV	F	0.38%
EXR	C	0.38%
WAB	B	0.38%
DD	D	0.38%
ED	C	0.37%
FANG	D	0.37%
HIG	B	0.37%
GEHC	D	0.37%
GRMN	B	0.36%
AVB	B	0.36%
PWR	A	0.36%
WTW	B	0.35%
NDAQ	A	0.35%
DOW	F	0.35%
VICI	C	0.35%
EBAY	D	0.34%
CSGP	F	0.34%
FITB	B	0.34%
EIX	C	0.34%
CNC	F	0.34%
ETR	A	0.34%
RJF	A	0.33%
XYL	D	0.33%
ON	F	0.33%
PAYX	B	0.33%
TTWO	A	0.33%
WEC	A	0.33%
PPG	F	0.32%
HLT	A	0.32%
ANSS	B	0.32%
GPN	C	0.31%
ROK	B	0.31%
STT	B	0.31%
HPE	B	0.31%
UAL	A	0.31%
VMC	B	0.31%
KEYS	C	0.31%
HPQ	B	0.3%
PHM	D	0.3%
MTD	F	0.3%
DOV	B	0.3%
EQR	C	0.3%
VTR	B	0.29%
FTV	D	0.29%
AWK	C	0.29%
EFX	F	0.29%
NVR	D	0.29%
RMD	C	0.29%
TROW	B	0.28%
HAL	C	0.28%
CHD	A	0.28%
PPL	A	0.27%
DVN	F	0.27%
ADM	D	0.27%
HBAN	B	0.27%
SYF	B	0.27%
BIIB	F	0.27%
RF	A	0.26%
IFF	D	0.26%
YUM	D	0.26%
FE	C	0.26%
CCL	A	0.26%
SQ	A	0.26%
AEE	A	0.26%
SBAC	D	0.26%
ILMN	C	0.26%
DTE	C	0.26%
EQT	A	0.25%
WDC	F	0.25%
CINF	A	0.25%
LNG	A	0.25%
WY	D	0.25%
HSY	F	0.24%
ZBH	C	0.24%
WBD	B	0.24%
LYB	F	0.24%
TDY	B	0.24%
EXE	A	0.23%
NTRS	A	0.23%
K	B	0.23%
PKG	B	0.23%
ZM	B	0.23%
ES	C	0.23%
STE	D	0.23%
IP	A	0.22%
CMS	C	0.22%
OMC	C	0.22%
COO	D	0.22%
HOOD	A	0.22%
LH	B	0.22%
INVH	D	0.22%
FSLR	F	0.22%
CBOE	C	0.22%
CFG	B	0.22%
LUV	B	0.21%
CNP	A	0.21%
BBY	D	0.21%
MSCI	B	0.21%
ESS	A	0.21%
TRU	D	0.21%
MKC	D	0.21%
PFG	C	0.21%
ARE	F	0.21%
J	D	0.2%
WSO	A	0.2%
CTRA	B	0.2%
MAA	A	0.2%
BALL	D	0.2%
SNA	B	0.2%
CVNA	A	0.19%
BAX	F	0.19%
KEY	B	0.19%
DGX	A	0.19%
TRMB	B	0.19%
MAS	D	0.19%
WRB	B	0.19%
IBKR	A	0.19%
HOLX	D	0.19%
MKL	A	0.18%
TXT	D	0.18%
TSN	B	0.18%
DG	F	0.18%
GPC	F	0.18%
APTV	F	0.17%
AVTR	F	0.17%
CF	A	0.17%
VTRS	A	0.17%
SUI	C	0.17%
JBHT	C	0.17%
FNF	A	0.17%
MRO	A	0.17%
SSNC	C	0.17%
ZBRA	B	0.17%
GEN	B	0.17%
VRSN	F	0.16%
UDR	C	0.16%
SYY	D	0.16%
GGG	B	0.16%
CW	B	0.16%
LNT	A	0.16%
AMCR	D	0.16%
NDSN	D	0.16%
L	A	0.16%
IRM	C	0.16%
RVTY	D	0.16%
BRO	B	0.16%
AKAM	F	0.15%
CAG	F	0.15%
SWK	F	0.15%
HES	B	0.15%
NTAP	C	0.15%
EXPD	D	0.15%
SWKS	F	0.15%
VLTO	C	0.15%
INCY	C	0.14%
HST	D	0.14%
CASY	A	0.14%
TWLO	A	0.14%
BMRN	F	0.14%
JKHY	D	0.14%
ELS	B	0.14%
CLH	C	0.14%
EG	D	0.14%
CDW	F	0.14%
FDS	B	0.13%
TECH	F	0.13%
CAH	B	0.13%
NTNX	B	0.13%
WPC	C	0.13%
FTI	A	0.13%
DLTR	F	0.13%
AMH	C	0.13%
CTLT	D	0.12%
BLD	F	0.12%
WWD	B	0.12%
AFRM	A	0.12%
FWONK	B	0.12%
CUBE	C	0.12%
CRL	D	0.12%
DAY	B	0.12%
NWSA	B	0.12%
SOFI	A	0.12%
RGLD	C	0.11%
NLY	C	0.11%
MKTX	D	0.11%
AVY	D	0.11%
RPRX	F	0.11%
FOXA	B	0.11%
CIEN	B	0.11%
DPZ	C	0.11%
DOX	D	0.11%
GWRE	A	0.1%
CZR	F	0.1%
HRL	D	0.1%
HLI	B	0.1%
TTC	F	0.1%
WAT	C	0.1%
PTC	B	0.1%
AOS	F	0.1%
GMED	A	0.1%
RBC	A	0.1%
BWXT	A	0.1%
CNH	C	0.1%
BRBR	A	0.1%
TW	A	0.1%
REXR	F	0.1%
WST	D	0.1%
DRI	C	0.1%
MTCH	F	0.09%
LW	C	0.09%
WYNN	D	0.09%
ROKU	D	0.09%
LBRDK	C	0.09%
TKO	A	0.09%
CART	C	0.09%
LECO	C	0.09%
FICO	B	0.09%
COIN	A	0.09%
CPB	D	0.09%
CGNX	D	0.08%
GNTX	F	0.08%
GXO	B	0.08%
MOH	F	0.08%
ATI	C	0.08%
SSD	D	0.08%
COKE	C	0.08%
FAST	B	0.08%
CHE	F	0.08%
SKX	F	0.08%
MTSI	B	0.08%
OLLI	D	0.07%
MTDR	C	0.07%
LFUS	D	0.07%
S	B	0.07%
NOV	D	0.07%
DAR	B	0.07%
ONTO	F	0.07%
COLD	F	0.07%
AZPN	A	0.07%
DOCS	C	0.07%
FND	F	0.07%
HR	C	0.07%
WH	B	0.07%
RGEN	F	0.07%
LSTR	D	0.07%
OKTA	D	0.07%
WEX	F	0.07%
GWW	B	0.07%
ALGN	D	0.07%
CE	F	0.07%
WSC	F	0.06%
CCCS	B	0.06%
FOX	A	0.06%
SN	D	0.06%
RITM	D	0.06%
LITE	B	0.06%
EXAS	D	0.06%
GNRC	B	0.06%
BFAM	F	0.06%
H	B	0.06%
WMS	F	0.06%
BILL	B	0.06%
SAIA	C	0.06%
AMTM	F	0.05%
LINE	F	0.05%
OLED	F	0.05%
SITE	D	0.05%
GFS	C	0.05%
PAYC	B	0.05%
DLB	F	0.05%
EEFT	C	0.05%
AWI	B	0.05%
DBX	C	0.05%
AMP	A	0.05%
CROX	F	0.05%
HXL	F	0.05%
FRPT	A	0.05%
ROIV	D	0.05%
LBTYK	A	0.04%
LBTYA	F	0.04%
MASI	B	0.04%
U	F	0.04%
LOPE	B	0.04%
W	D	0.04%
NWS	A	0.04%
ZI	D	0.04%
NEU	D	0.04%
PLNT	A	0.04%
CIVI	D	0.04%
MSGS	B	0.04%
VNOM	A	0.04%
ALNY	D	0.04%
TYL	B	0.04%
RH	D	0.04%
BR	B	0.03%
BRKR	F	0.03%
YETI	D	0.03%
GLOB	C	0.03%
SHC	F	0.03%
QDEL	F	0.03%
ULTA	F	0.03%
EXP	B	0.03%
AGR	A	0.03%
MP	C	0.03%
HHH	B	0.03%
ALGM	F	0.03%
CNM	C	0.03%
LLYVK	A	0.03%
NSA	C	0.03%
BROS	A	0.03%
IRDM	F	0.03%
SPR	D	0.03%
ECG	C	0.03%
TER	F	0.02%
TRIP	F	0.02%
EXEL	B	0.02%
BIRK	D	0.02%
LEN	D	0.02%
QS	D	0.02%
CLVT	D	0.02%
AZEK	B	0.02%
ALAB	B	0.02%
PSTG	F	0.02%
ETSY	D	0.02%
SAM	C	0.02%
LCID	F	0.02%
RKT	F	0.02%
RCM	A	0.02%
ADT	B	0.02%
IONS	F	0.01%
TXG	F	0.01%
PLTK	B	0.01%
CHH	A	0.01%
CACC	F	0.01%
UI	A	0.01%
TFSL	A	0.01%
PATH	C	0.01%
FIVE	F	0.01%
HCP	B	0.01%
LSCC	D	0.01%
MTN	C	0.01%
CNA	C	0.01%
FWONA	B	0.01%
AS	A	0.01%
PYCR	C	0.01%
LLYVA	A	0.01%
DV	C	0.01%
LBRDA	C	0.01%
WOLF	F	0.01%
CERT	F	0.01%
NCNO	B	0.01%
LOAR	B	0.0%
PARAA	C	0.0%
SEG	B	0.0%
UWMC	D	0.0%
NFE	F	0.0%
GRAL	C	0.0%
LAZ	B	0.0%

IWS Underweight 498 Positions Relative to VBR

Symbol	Grade	Weight
BAH	D	-0.61%
EQH	B	-0.39%
SFM	A	-0.32%
MUSA	B	-0.26%
AIT	B	-0.25%
FLR	B	-0.24%
MLI	B	-0.24%
SWN	C	-0.23%
UFPI	C	-0.22%
ANF	C	-0.21%
LUMN	C	-0.21%
SSB	B	-0.21%
MTH	D	-0.21%
JXN	C	-0.2%
DVA	C	-0.2%
TMHC	B	-0.2%
NSIT	F	-0.2%
ESNT	D	-0.19%
CBT	C	-0.18%
CMC	B	-0.18%
MOG.A	B	-0.17%
CADE	B	-0.17%
XPO	B	-0.17%
ONB	B	-0.17%
VVV	D	-0.16%
KBH	D	-0.16%
BCC	C	-0.16%
AUR	C	-0.16%
COOP	B	-0.16%
SRCL	B	-0.16%
SIGI	B	-0.16%
WTS	B	-0.16%
KNF	B	-0.15%
GBCI	B	-0.15%
RDN	D	-0.15%
BECN	B	-0.15%
GATX	B	-0.14%
ABG	B	-0.14%
PIPR	B	-0.14%
BDC	B	-0.14%
MATX	B	-0.14%
SUM	B	-0.14%
MUR	F	-0.14%
BCO	F	-0.14%
HOMB	A	-0.14%
GPI	B	-0.14%
ZWS	B	-0.14%
POR	C	-0.14%
UBSI	B	-0.14%
UMBF	B	-0.13%
ITGR	B	-0.13%
SBRA	B	-0.13%
SIG	C	-0.13%
NUVL	D	-0.13%
HWC	B	-0.13%
SWX	A	-0.13%
FFIN	B	-0.13%
NCLH	B	-0.13%
SLG	B	-0.13%
KTB	A	-0.13%
AVNT	B	-0.13%
ACA	A	-0.13%
CNX	A	-0.13%
NJR	A	-0.13%
HASI	F	-0.12%
TPH	D	-0.12%
ABCB	B	-0.12%
ENS	D	-0.12%
ASO	F	-0.12%
OGS	A	-0.12%
ICUI	D	-0.12%
CRC	A	-0.12%
BKH	A	-0.12%
FUL	F	-0.12%
ESGR	B	-0.11%
NHI	D	-0.11%
SR	A	-0.11%
ALE	A	-0.11%
PLXS	B	-0.11%
MDGL	C	-0.11%
VLY	B	-0.11%
KFY	B	-0.11%
MAC	A	-0.11%
EDR	A	-0.11%
PNM	B	-0.11%
AEO	F	-0.11%
ASGN	F	-0.11%
HL	C	-0.11%
TCBI	B	-0.1%
MGEE	A	-0.1%
RUSHA	B	-0.1%
ABM	B	-0.1%
ESE	B	-0.1%
HCC	B	-0.1%
IBOC	B	-0.1%
TEX	D	-0.1%
AUB	B	-0.1%
AX	B	-0.1%
SXT	C	-0.1%
NPO	A	-0.1%
CDP	C	-0.1%
GVA	A	-0.1%
UCB	A	-0.1%
FBP	B	-0.1%
NWE	C	-0.1%
CNO	B	-0.1%
SANM	B	-0.1%
PCH	D	-0.1%
GMS	B	-0.1%
BNL	D	-0.1%
PBH	A	-0.1%
SEM	B	-0.1%
SKT	A	-0.1%
WD	D	-0.1%
GNW	A	-0.09%
SATS	C	-0.09%
PRIM	A	-0.09%
ALIT	C	-0.09%
NSP	F	-0.09%
UNF	B	-0.09%
PTEN	C	-0.09%
WSFS	B	-0.09%
APAM	B	-0.09%
ATKR	D	-0.09%
AVA	C	-0.09%
CBU	B	-0.09%
SYNA	D	-0.09%
ASB	B	-0.09%
COMP	B	-0.09%
GFF	B	-0.09%
AWR	A	-0.09%
CWK	C	-0.09%
BTU	C	-0.09%
EBC	B	-0.09%
BRC	C	-0.09%
APLE	B	-0.09%
SKYW	B	-0.09%
AROC	A	-0.09%
EAT	A	-0.09%
OTTR	C	-0.09%
BGC	C	-0.09%
FULT	B	-0.09%
TGNA	B	-0.08%
HUBG	A	-0.08%
GHC	B	-0.08%
URBN	C	-0.08%
ATGE	B	-0.08%
BKU	A	-0.08%
DY	C	-0.08%
AIN	C	-0.08%
ABR	B	-0.08%
ADTN	A	-0.08%
REZI	A	-0.08%
LXP	D	-0.08%
IOSP	C	-0.08%
WAFD	B	-0.08%
TRN	A	-0.08%
PRGS	B	-0.08%
PBF	D	-0.08%
TDC	D	-0.08%
PFSI	C	-0.08%
DEI	B	-0.08%
CATY	B	-0.08%
FHI	B	-0.08%
WERN	B	-0.07%
ENR	B	-0.07%
SM	C	-0.07%
FFBC	B	-0.07%
PFS	B	-0.07%
PECO	A	-0.07%
MTRN	C	-0.07%
AZZ	A	-0.07%
VSH	F	-0.07%
BFH	B	-0.07%
CVBF	B	-0.07%
ARCH	B	-0.07%
SMMT	D	-0.07%
INDB	B	-0.07%
HNI	B	-0.07%
PPBI	B	-0.07%
PRK	B	-0.07%
FL	F	-0.07%
DBRG	F	-0.07%
HBI	B	-0.07%
OSIS	A	-0.07%
RNG	C	-0.07%
AKR	A	-0.07%
CDE	C	-0.07%
MTX	C	-0.07%
BOH	B	-0.07%
GT	C	-0.07%
RNA	C	-0.07%
ARCB	C	-0.07%
IOVA	F	-0.07%
FIBK	B	-0.07%
SFNC	B	-0.07%
MGRC	B	-0.07%
OUT	A	-0.07%
BXMT	C	-0.07%
UE	A	-0.07%
PHIN	B	-0.06%
BANF	B	-0.06%
RXO	C	-0.06%
HURN	B	-0.06%
GNL	D	-0.06%
PRG	C	-0.06%
HI	C	-0.06%
NMRK	B	-0.06%
THS	F	-0.06%
RNST	B	-0.06%
WLY	B	-0.06%
VYX	C	-0.06%
SFBS	B	-0.06%
JOBY	B	-0.06%
NBTB	B	-0.06%
VGR	B	-0.06%
VIAV	C	-0.06%
OMCL	C	-0.06%
VSCO	A	-0.06%
KMT	C	-0.06%
CGON	F	-0.06%
LAUR	A	-0.06%
EQC	A	-0.06%
IBTX	B	-0.06%
OI	D	-0.06%
IVT	A	-0.06%
BANR	B	-0.06%
NATL	B	-0.06%
FRME	B	-0.06%
OFG	B	-0.06%
TDS	B	-0.06%
SHO	D	-0.06%
STRA	C	-0.06%
SXI	B	-0.06%
TOWN	B	-0.06%
EVTC	B	-0.06%
ZD	B	-0.06%
BLKB	B	-0.06%
AIR	B	-0.06%
MHO	D	-0.06%
MIR	A	-0.06%
PSMT	D	-0.06%
VRNT	D	-0.05%
CABO	C	-0.05%
UPBD	C	-0.05%
HLIO	C	-0.05%
HE	C	-0.05%
LTC	B	-0.05%
NBHC	B	-0.05%
CENTA	C	-0.05%
AMN	F	-0.05%
CRGY	A	-0.05%
ANDE	F	-0.05%
SUPN	B	-0.05%
STEP	B	-0.05%
CHCO	B	-0.05%
NHC	B	-0.05%
SCL	D	-0.05%
FCF	B	-0.05%
NPAB	F	-0.05%
WSBC	B	-0.05%
SHOO	D	-0.05%
NWBI	B	-0.05%
GEO	A	-0.05%
DRH	B	-0.05%
MLKN	F	-0.05%
PDCO	F	-0.05%
TROX	D	-0.05%
WKC	D	-0.05%
LGND	C	-0.05%
MCY	B	-0.05%
TRMK	B	-0.05%
LRN	A	-0.05%
PZZA	F	-0.05%
TTMI	B	-0.05%
GOLF	B	-0.05%
EPC	F	-0.05%
LZB	B	-0.05%
KAR	A	-0.05%
B	A	-0.05%
CAKE	B	-0.05%
IMVT	F	-0.05%
ROIC	A	-0.05%
PBI	B	-0.04%
AIV	C	-0.04%
INSW	F	-0.04%
AAT	A	-0.04%
PMT	D	-0.04%
UVV	B	-0.04%
WOR	F	-0.04%
PDM	D	-0.04%
WABC	B	-0.04%
JELD	F	-0.04%
ARI	C	-0.04%
BKD	F	-0.04%
OXM	F	-0.04%
NNI	D	-0.04%
UNIT	B	-0.04%
NX	C	-0.04%
VC	F	-0.04%
LADR	B	-0.04%
VCTR	B	-0.04%
WWW	A	-0.04%
CXW	B	-0.04%
BKE	B	-0.04%
SPNT	A	-0.04%
HP	C	-0.04%
VSAT	F	-0.04%
CSGS	B	-0.04%
WT	A	-0.04%
DNOW	B	-0.04%
DAN	F	-0.04%
RRR	F	-0.04%
REVG	B	-0.04%
SBH	B	-0.04%
ALEX	B	-0.04%
VRE	A	-0.04%
BLMN	F	-0.04%
VRTS	B	-0.04%
HELE	C	-0.04%
NGVT	C	-0.04%
CODI	B	-0.04%
HMN	B	-0.04%
HOPE	B	-0.04%
ESRT	C	-0.04%
LCII	D	-0.04%
HTH	B	-0.04%
NTCT	C	-0.04%
GBX	B	-0.04%
HEES	C	-0.04%
JBGS	F	-0.04%
KN	B	-0.04%
BHE	B	-0.04%
STBA	B	-0.04%
CNK	A	-0.04%
DYN	F	-0.04%
GEF	B	-0.04%
APOG	B	-0.04%
ELME	D	-0.04%
GTY	A	-0.04%
NWN	A	-0.04%
USM	B	-0.03%
MATV	F	-0.03%
SMR	A	-0.03%
CMTG	D	-0.03%
JACK	D	-0.03%
BDN	C	-0.03%
BV	C	-0.03%
LGF.A	F	-0.03%
DNUT	F	-0.03%
MMI	B	-0.03%
ODP	F	-0.03%
UNFI	B	-0.03%
JBLU	F	-0.03%
TRS	B	-0.03%
MD	C	-0.03%
CBRL	C	-0.03%
THR	B	-0.03%
FA	D	-0.03%
ATSG	A	-0.03%
RWT	D	-0.03%
INVA	C	-0.03%
VSTO	A	-0.03%
LEVI	F	-0.03%
MRC	B	-0.03%
HTLF	B	-0.03%
SCSC	B	-0.03%
CARS	C	-0.03%
ECPG	C	-0.03%
FBRT	C	-0.03%
CNNE	B	-0.03%
CSR	A	-0.03%
ETWO	F	-0.03%
AVNS	F	-0.03%
KALU	C	-0.03%
WMK	B	-0.03%
WS	B	-0.03%
KFRC	D	-0.03%
ACT	D	-0.03%
KWR	D	-0.03%
FDP	B	-0.03%
SCS	B	-0.03%
XRX	F	-0.03%
OMI	F	-0.03%
DK	D	-0.03%
SAFT	B	-0.03%
BHLB	B	-0.03%
AMRX	C	-0.03%
GIII	D	-0.03%
MYGN	F	-0.03%
EIG	B	-0.03%
NAVI	F	-0.03%
MSGE	F	-0.03%
IART	C	-0.03%
LC	B	-0.03%
TILE	B	-0.02%
HTLD	B	-0.02%
ATUS	C	-0.02%
MXL	C	-0.02%
CAL	F	-0.02%
FOR	F	-0.02%
GES	F	-0.02%
BMBL	C	-0.02%
BASE	C	-0.02%
SCHL	F	-0.02%
CMPR	F	-0.02%
HY	D	-0.02%
KELYA	F	-0.02%
CFFN	B	-0.02%
PCRX	C	-0.02%
SWI	B	-0.02%
TMP	B	-0.02%
BGS	F	-0.02%
MATW	C	-0.02%
HPP	F	-0.02%
PUMP	D	-0.02%
HLF	C	-0.02%
AXL	C	-0.02%
RGR	F	-0.02%
KOP	C	-0.02%
ECVT	C	-0.02%
AMWD	C	-0.02%
KREF	D	-0.02%
ASTE	C	-0.02%
BRSP	C	-0.02%
PRLB	C	-0.02%
XHR	B	-0.02%
SVC	F	-0.02%
MODG	F	-0.02%
PRA	B	-0.02%
SAH	B	-0.02%
HAIN	D	-0.02%
WNC	D	-0.02%
CVI	D	-0.02%
EMBC	D	-0.02%
HCSG	C	-0.02%
MNRO	C	-0.02%
PRAA	C	-0.02%
FG	B	-0.02%
BRKL	B	-0.02%
EYE	C	-0.02%
DLX	B	-0.02%
RBRK	A	-0.02%
NUS	C	-0.01%
LDI	C	-0.01%
BRCC	F	-0.01%
OPK	B	-0.01%
TWKS	B	-0.01%
DIN	C	-0.01%
OLPX	D	-0.01%
VREX	C	-0.01%
CENT	C	-0.01%
TGI	A	-0.01%
ALX	D	-0.01%
CMP	C	-0.01%
AMBC	C	-0.01%
TRTX	B	-0.01%
SWBI	C	-0.01%
KRO	F	-0.01%
SRCL	B	-0.01%
ZIP	D	-0.01%
NAPA	A	-0.01%
CNDT	D	-0.01%
CRCT	F	-0.01%
WOOF	D	-0.01%
EGBN	B	-0.01%
RUSHB	B	-0.01%
WRLD	D	-0.01%
HTZ	C	-0.01%
INN	D	-0.01%
VMEO	C	-0.01%
BJRI	C	-0.01%
EE	A	-0.01%
RMR	F	-0.01%
GRC	B	-0.01%
PTVE	B	-0.01%
NVRI	F	-0.01%
FWRD	D	-0.01%
NABL	F	-0.01%
USNA	C	-0.01%
CLB	C	-0.01%
SSTK	F	-0.01%
CLBK	C	-0.01%
CCO	D	-0.01%
ARRY	F	-0.01%
GCMG	A	-0.01%
LGF.A	F	-0.01%
CWH	C	-0.01%
BFS	C	-0.01%
DAWN	D	-0.01%
PWSC	C	-0.0%
SCWX	C	-0.0%
AC	B	-0.0%
AMCX	C	-0.0%
TASK	C	-0.0%
ACDC	C	-0.0%
LESL	C	-0.0%
GEF	B	-0.0%