VB vs. FNCL ETF Comparison

Comparison of Vanguard Small-Cap ETF (VB) to Fidelity MSCI Financials Index ETF (FNCL)

VB

Vanguard Small-Cap ETF

VB Description

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

$253.78

Average Daily Volume

610,005

Number of Holdings ^*

1299

* may have additional holdings in another (foreign) market

FNCL

Fidelity MSCI Financials Index ETF

FNCL Description

The investment seeks to provide investment returns that correspond, before fees and expenses, generally to the performance of the MSCI USA IMI Financials Index. Investing at least 80% of assets in securities included in the fund's underlying index. The fund's underlying index is the MSCI USA IMI Financials Index, which represents the performance of the financial sector in the U.S. equity market. It may or may not hold all of the securities in the MSCI USA IMI Financials Index. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$71.68

Average Daily Volume

112,716

Number of Holdings ^*

380

* may have additional holdings in another (foreign) market

Performance

Period	VB	FNCL
30 Days	6.55%	7.55%
60 Days	7.77%	11.91%
90 Days	9.08%	14.78%
12 Months	33.93%	47.47%

206 Overlapping Holdings

Symbol	Grade	Weight in VB	Weight in FNCL	Overlap
ABCB	B	0.07%	0.06%	0.06%
ABR	C	0.04%	0.03%	0.03%
ACT	C	0.02%	0.02%	0.02%
AFG	A	0.16%	0.13%	0.13%
AFRM	A	0.16%	0.16%	0.16%
AGNC	C	0.12%	0.08%	0.08%
AGO	B	0.07%	0.06%	0.06%
AIZ	A	0.16%	0.15%	0.15%
ALLY	C	0.16%	0.12%	0.12%
AMBC	C	0.0%	0.01%	0.0%
AMG	B	0.09%	0.07%	0.07%
APAM	B	0.05%	0.04%	0.04%
ARI	C	0.02%	0.02%	0.02%
ASB	B	0.06%	0.05%	0.05%
AUB	B	0.06%	0.04%	0.04%
AX	B	0.06%	0.05%	0.05%
AXS	A	0.1%	0.09%	0.09%
BANF	B	0.03%	0.03%	0.03%
BANR	B	0.04%	0.03%	0.03%
BEN	C	0.05%	0.08%	0.05%
BFH	C	0.04%	0.01%	0.01%
BGC	C	0.06%	0.05%	0.05%
BHF	C	0.05%	0.04%	0.04%
BHLB	B	0.02%	0.02%	0.02%
BKU	A	0.04%	0.04%	0.04%
BOH	B	0.05%	0.04%	0.04%
BOKF	B	0.04%	0.04%	0.04%
BPOP	C	0.11%	0.09%	0.09%
BRKL	B	0.02%	0.01%	0.01%
BRSP	C	0.01%	0.01%	0.01%
BXMT	C	0.05%	0.04%	0.04%
CACC	D	0.03%	0.04%	0.03%
CADE	B	0.1%	0.08%	0.08%
CATY	B	0.05%	0.04%	0.04%
CBSH	B	0.12%	0.11%	0.11%
CBU	B	0.05%	0.04%	0.04%
CFFN	C	0.01%	0.01%	0.01%
CFR	B	0.12%	0.1%	0.1%
CG	B	0.19%	0.15%	0.15%
CHCO	B	0.03%	0.02%	0.02%
CLBK	C	0.01%	0.01%	0.01%
CMA	B	0.14%	0.11%	0.11%
CMTG	F	0.01%	0.01%	0.01%
CNNE	B	0.02%	0.01%	0.01%
CNO	B	0.06%	0.06%	0.06%
CNS	B	0.05%	0.03%	0.03%
CODI	B	0.02%	0.02%	0.02%
COLB	B	0.1%	0.08%	0.08%
COOP	B	0.09%	0.08%	0.08%
CVBF	A	0.04%	0.04%	0.04%
DBRG	F	0.04%	0.03%	0.03%
EBC	B	0.05%	0.04%	0.04%
ECPG	C	0.02%	0.01%	0.01%
EEFT	B	0.07%	0.06%	0.06%
EGBN	B	0.01%	0.01%	0.01%
EIG	B	0.02%	0.02%	0.02%
EQH	C	0.24%	0.19%	0.19%
ERIE	D	0.19%	0.13%	0.13%
ESGR	B	0.06%	0.05%	0.05%
ESNT	F	0.1%	0.07%	0.07%
EVR	B	0.16%	0.14%	0.14%
EVTC	B	0.03%	0.03%	0.03%
EWBC	A	0.22%	0.18%	0.18%
FAF	A	0.1%	0.08%	0.08%
FBP	C	0.05%	0.04%	0.04%
FBRT	D	0.02%	0.01%	0.01%
FCF	B	0.03%	0.02%	0.02%
FCNCA	A	0.34%	0.27%	0.27%
FFBC	B	0.04%	0.03%	0.03%
FFIN	B	0.07%	0.06%	0.06%
FG	A	0.01%	0.01%	0.01%
FHB	B	0.05%	0.05%	0.05%
FHI	B	0.05%	0.04%	0.04%
FHN	A	0.15%	0.14%	0.14%
FIBK	B	0.04%	0.04%	0.04%
FLYW	B	0.03%	0.03%	0.03%
FNB	A	0.09%	0.08%	0.08%
FOUR	A	0.1%	0.07%	0.07%
FRME	B	0.03%	0.03%	0.03%
FULT	A	0.05%	0.04%	0.04%
GBCI	B	0.1%	0.08%	0.08%
GL	C	0.16%	0.13%	0.13%
GNW	A	0.05%	0.04%	0.04%
GSHD	A	0.04%	0.04%	0.04%
HASI	D	0.07%	0.04%	0.04%
HGTY	B	0.01%	0.0%	0.0%
HLI	A	0.15%	0.12%	0.12%
HLNE	B	0.08%	0.09%	0.08%
HMN	B	0.03%	0.02%	0.02%
HOMB	A	0.08%	0.07%	0.07%
HOOD	B	0.28%	0.21%	0.21%
HOPE	C	0.02%	0.02%	0.02%
HTH	C	0.02%	0.02%	0.02%
HTLF	B	0.02%	0.04%	0.02%
HWC	B	0.07%	0.06%	0.06%
IBOC	B	0.06%	0.05%	0.05%
IBTX	B	0.03%	0.03%	0.03%
INDB	B	0.04%	0.04%	0.04%
IVZ	B	0.12%	0.07%	0.07%
JEF	A	0.15%	0.15%	0.15%
JHG	B	0.09%	0.08%	0.08%
JKHY	D	0.22%	0.16%	0.16%
JXN	C	0.12%	0.09%	0.09%
KMPR	A	0.06%	0.06%	0.06%
KNSL	B	0.16%	0.13%	0.13%
KREF	C	0.01%	0.01%	0.01%
LADR	B	0.02%	0.02%	0.02%
LC	A	0.02%	0.02%	0.02%
LMND	B	0.02%	0.02%	0.02%
LNC	C	0.1%	0.07%	0.07%
LOB	C	0.01%	0.02%	0.01%
LPRO	B	0.01%	0.01%	0.01%
MC	C	0.08%	0.06%	0.06%
MCY	A	0.03%	0.03%	0.03%
MKTX	D	0.17%	0.12%	0.12%
MORN	B	0.15%	0.12%	0.12%
MQ	D	0.04%	0.02%	0.02%
MTG	C	0.11%	0.08%	0.08%
NATL	B	0.03%	0.03%	0.03%
NAVI	F	0.02%	0.02%	0.02%
NBHC	C	0.03%	0.02%	0.02%
NBTB	B	0.03%	0.03%	0.03%
NNI	D	0.02%	0.02%	0.02%
NRDS	C	0.01%	0.01%	0.01%
NWBI	B	0.03%	0.02%	0.02%
OFG	B	0.03%	0.02%	0.02%
OMF	A	0.1%	0.09%	0.09%
ONB	C	0.1%	0.09%	0.09%
ORI	A	0.13%	0.12%	0.12%
OSCR	D	0.05%	0.03%	0.03%
OWL	A	0.19%	0.13%	0.13%
OZK	B	0.08%	0.06%	0.06%
PAY	A	0.01%	0.01%	0.01%
PAYO	A	0.04%	0.03%	0.03%
PB	B	0.11%	0.1%	0.1%
PFS	B	0.04%	0.03%	0.03%
PFSI	C	0.04%	0.05%	0.04%
PIPR	A	0.08%	0.07%	0.07%
PJT	A	0.05%	0.05%	0.05%
PLMR	A	0.02%	0.03%	0.02%
PMT	C	0.02%	0.02%	0.02%
PNFP	B	0.13%	0.12%	0.12%
PPBI	C	0.04%	0.03%	0.03%
PRA	C	0.01%	0.01%	0.01%
PRAA	D	0.01%	0.01%	0.01%
PRG	C	0.03%	0.03%	0.03%
PRI	B	0.15%	0.13%	0.13%
PRK	B	0.04%	0.04%	0.04%
PX	A	0.01%	0.01%	0.01%
RDN	D	0.09%	0.07%	0.07%
RGA	A	0.23%	0.19%	0.19%
RLI	A	0.11%	0.09%	0.09%
RNR	C	0.23%	0.17%	0.17%
RNST	B	0.03%	0.03%	0.03%
RWT	D	0.02%	0.01%	0.01%
RYAN	A	0.1%	0.09%	0.09%
SAFT	B	0.02%	0.01%	0.01%
SEIC	B	0.14%	0.11%	0.11%
SF	B	0.17%	0.15%	0.15%
SFBS	C	0.07%	0.06%	0.06%
SFNC	C	0.05%	0.04%	0.04%
SIGI	C	0.09%	0.07%	0.07%
SLM	A	0.08%	0.06%	0.06%
SNV	C	0.11%	0.11%	0.11%
SOFI	B	0.18%	0.17%	0.17%
SPNT	B	0.02%	0.02%	0.02%
SSB	B	0.12%	0.1%	0.1%
STBA	B	0.02%	0.02%	0.02%
STEP	C	0.06%	0.05%	0.05%
STWD	C	0.1%	0.07%	0.07%
TCBI	C	0.06%	0.05%	0.05%
TFIN	B	0.02%	0.03%	0.02%
TFSL	A	0.01%	0.01%	0.01%
THG	A	0.08%	0.07%	0.07%
TMP	B	0.01%	0.01%	0.01%
TOST	B	0.21%	0.18%	0.18%
TOWN	B	0.04%	0.03%	0.03%
TPG	A	0.09%	0.06%	0.06%
TRMK	C	0.03%	0.03%	0.03%
TRTX	C	0.0%	0.01%	0.0%
TRUP	B	0.03%	0.02%	0.02%
UBSI	B	0.08%	0.07%	0.07%
UCB	A	0.06%	0.04%	0.04%
UMBF	B	0.07%	0.07%	0.07%
UNM	A	0.16%	0.16%	0.16%
UPST	B	0.06%	0.06%	0.06%
UWMC	D	0.01%	0.01%	0.01%
VCTR	B	0.02%	0.04%	0.02%
VIRT	A	0.04%	0.04%	0.04%
VLY	B	0.07%	0.06%	0.06%
VOYA	B	0.13%	0.1%	0.1%
VRTS	B	0.02%	0.02%	0.02%
WABC	B	0.02%	0.02%	0.02%
WAFD	B	0.05%	0.04%	0.04%
WAL	B	0.14%	0.12%	0.12%
WBS	A	0.15%	0.13%	0.13%
WD	D	0.06%	0.05%	0.05%
WEX	D	0.12%	0.09%	0.09%
WRLD	C	0.01%	0.0%	0.0%
WSBC	B	0.03%	0.03%	0.03%
WSFS	B	0.05%	0.04%	0.04%
WT	A	0.02%	0.02%	0.02%
WTFC	A	0.13%	0.11%	0.11%
WTM	A	0.07%	0.06%	0.06%
WU	F	0.06%	0.03%	0.03%
ZION	B	0.13%	0.11%	0.11%

VB Overweight 1093 Positions Relative to FNCL

Symbol	Grade	Weight
AXON	A	0.5%
SW	A	0.44%
DECK	A	0.4%
BAH	F	0.39%
PTC	B	0.35%
MSTR	B	0.35%
ATO	A	0.35%
EME	A	0.34%
BLDR	D	0.33%
LII	A	0.32%
CSL	C	0.32%
NRG	B	0.31%
APP	B	0.31%
TRGP	A	0.3%
WSM	C	0.28%
MANH	D	0.27%
IEX	C	0.27%
DKNG	B	0.27%
RPM	A	0.27%
PNR	A	0.27%
WSO	A	0.27%
UTHR	C	0.27%
NTNX	B	0.26%
RBA	A	0.26%
RS	B	0.26%
ENTG	D	0.26%
KIM	A	0.26%
TOL	B	0.25%
USFD	A	0.25%
DT	D	0.25%
OC	A	0.25%
GWRE	A	0.25%
PSTG	D	0.25%
ACM	B	0.24%
XPO	B	0.24%
CVNA	B	0.24%
CASY	A	0.24%
THC	D	0.24%
GGG	B	0.23%
FIX	A	0.23%
COHR	B	0.23%
DOCU	B	0.23%
NTRA	A	0.23%
TTEK	F	0.22%
GLPI	C	0.22%
CW	C	0.22%
JBL	C	0.22%
FFIV	B	0.22%
PFGC	B	0.21%
EXAS	D	0.21%
TXRH	B	0.21%
NDSN	B	0.21%
JNPR	D	0.21%
SFM	A	0.21%
JLL	D	0.21%
REG	A	0.21%
SAIA	B	0.21%
BG	D	0.2%
HST	C	0.2%
NBIX	C	0.2%
ALLE	C	0.2%
EMN	C	0.2%
PCVX	D	0.2%
CACI	D	0.2%
LDOS	C	0.2%
CPT	B	0.2%
NVT	B	0.2%
BJ	A	0.19%
CCK	D	0.19%
KMX	B	0.19%
TPL	A	0.19%
SRPT	F	0.19%
ITT	A	0.19%
BXP	C	0.19%
HUBB	B	0.19%
SJM	D	0.19%
CHRW	B	0.19%
UHS	D	0.19%
INSM	C	0.19%
LAMR	C	0.19%
WMS	F	0.19%
TWLO	A	0.19%
TECH	F	0.19%
AES	F	0.19%
ELS	C	0.19%
DAY	B	0.18%
BLD	D	0.18%
DKS	D	0.18%
CUBE	C	0.18%
PAYC	B	0.18%
EQT	B	0.18%
FTI	A	0.18%
LECO	C	0.18%
TPR	B	0.18%
OHI	C	0.18%
AMH	C	0.18%
IPG	D	0.18%
RRX	B	0.18%
BWXT	B	0.18%
NCLH	B	0.18%
ATR	B	0.18%
LW	C	0.18%
SCI	B	0.18%
CLH	C	0.18%
CTLT	C	0.17%
EPAM	B	0.17%
FBIN	D	0.17%
OVV	B	0.17%
AA	A	0.17%
DUOL	A	0.17%
FND	D	0.17%
WCC	B	0.16%
TAP	C	0.16%
TFX	F	0.16%
WTRG	B	0.16%
STLD	B	0.16%
EXP	B	0.16%
RGLD	C	0.16%
LKQ	F	0.16%
WWD	C	0.16%
ONTO	F	0.16%
GNRC	C	0.16%
ARMK	B	0.16%
PNW	A	0.16%
EHC	B	0.16%
SOLV	D	0.16%
ENSG	C	0.15%
AIT	B	0.15%
LAD	A	0.15%
FYBR	C	0.15%
HSIC	C	0.15%
KBR	F	0.15%
FLR	B	0.15%
EXEL	B	0.15%
MUSA	B	0.15%
AOS	F	0.15%
WYNN	C	0.15%
CIEN	C	0.15%
CRL	D	0.15%
AYI	B	0.15%
CHDN	B	0.15%
FRT	B	0.15%
MLI	B	0.15%
MTCH	D	0.15%
ALSN	B	0.15%
IOT	A	0.15%
LBRDK	C	0.15%
CZR	F	0.14%
GMED	A	0.14%
AXTA	B	0.14%
LNW	F	0.14%
HRB	D	0.14%
EGP	D	0.14%
TTC	C	0.14%
WING	D	0.14%
APG	B	0.14%
PEN	B	0.14%
GPK	C	0.14%
ITCI	C	0.14%
GME	C	0.14%
BRBR	A	0.14%
MOS	F	0.14%
CNM	D	0.14%
RIVN	F	0.14%
PR	B	0.14%
INGR	C	0.14%
NYT	D	0.14%
HAS	D	0.14%
FN	C	0.14%
APA	D	0.14%
REXR	F	0.14%
DTM	A	0.14%
AAL	B	0.14%
DCI	B	0.14%
LNTH	D	0.13%
VKTX	F	0.13%
AR	B	0.13%
CR	A	0.13%
BWA	D	0.13%
BERY	C	0.13%
PCTY	C	0.13%
TREX	C	0.13%
CHRD	D	0.13%
BFAM	D	0.13%
MTZ	B	0.13%
MEDP	D	0.13%
DOC	C	0.13%
X	B	0.13%
NI	A	0.13%
TPX	B	0.13%
NNN	C	0.13%
KNX	C	0.13%
OGE	A	0.13%
RVMD	C	0.13%
TKO	A	0.13%
VFC	C	0.13%
FMC	D	0.13%
PODD	C	0.13%
BRX	A	0.13%
OLED	F	0.13%
CHE	D	0.13%
SKX	D	0.13%
ROKU	D	0.13%
RBC	A	0.13%
FCN	F	0.12%
ESTC	C	0.12%
ESAB	C	0.12%
UFPI	C	0.12%
CRS	B	0.12%
S	B	0.12%
GXO	B	0.12%
RGEN	D	0.12%
MHK	D	0.12%
HII	F	0.12%
Z	A	0.12%
COLD	D	0.12%
SAIC	F	0.12%
SNX	D	0.12%
AAON	B	0.12%
SMAR	B	0.12%
HQY	A	0.12%
ADC	A	0.12%
VNO	C	0.12%
RL	C	0.12%
SSD	F	0.12%
EXLS	B	0.11%
HALO	F	0.11%
FRPT	A	0.11%
JAZZ	B	0.11%
MTSI	B	0.11%
LUMN	C	0.11%
ATI	C	0.11%
POOL	C	0.11%
MTH	D	0.11%
EVRG	A	0.11%
PLNT	A	0.11%
UHAL	D	0.11%
KEX	B	0.11%
OSK	C	0.11%
MKSI	C	0.11%
ANF	F	0.11%
RHI	C	0.11%
QRVO	F	0.11%
TMHC	C	0.11%
PCOR	B	0.11%
STAG	D	0.11%
G	B	0.11%
CVLT	B	0.11%
GKOS	B	0.11%
CGNX	D	0.11%
RRC	B	0.11%
FLS	B	0.11%
MAT	D	0.11%
MASI	B	0.11%
BIO	C	0.11%
FR	D	0.11%
UDR	B	0.11%
MIDD	C	0.11%
WH	B	0.11%
GNTX	C	0.11%
LSCC	D	0.11%
WFRD	D	0.1%
TRNO	F	0.1%
INSP	D	0.1%
PARA	C	0.1%
DBX	B	0.1%
SUM	B	0.1%
MTDR	B	0.1%
SIRI	C	0.1%
MOD	A	0.1%
DVA	C	0.1%
CRUS	D	0.1%
ALTR	B	0.1%
CSWI	B	0.1%
BMI	B	0.1%
ESI	B	0.1%
CBT	D	0.1%
BILL	A	0.1%
WSC	F	0.1%
ELF	C	0.1%
HRI	C	0.1%
BRKR	D	0.1%
CYTK	F	0.1%
R	B	0.1%
CWST	A	0.1%
ALK	B	0.1%
AVAV	C	0.1%
CTRE	C	0.1%
GTLB	B	0.1%
LFUS	D	0.1%
INCY	C	0.1%
CLF	F	0.1%
CROX	D	0.1%
RHP	B	0.1%
AWI	A	0.1%
NOV	C	0.1%
NOVT	D	0.1%
CMC	B	0.1%
SPSC	D	0.1%
MSA	F	0.1%
H	B	0.1%
BBWI	C	0.1%
DAR	C	0.1%
LSTR	D	0.1%
MTN	C	0.1%
ELAN	D	0.1%
LPX	B	0.1%
DINO	D	0.1%
ARW	D	0.1%
VMI	B	0.1%
SITE	F	0.1%
AGCO	D	0.1%
AZEK	A	0.1%
GTLS	A	0.09%
PSN	D	0.09%
BCC	B	0.09%
ST	F	0.09%
VVV	D	0.09%
MATX	C	0.09%
MMS	F	0.09%
IBP	D	0.09%
WTS	B	0.09%
TKR	D	0.09%
AN	C	0.09%
THO	B	0.09%
BC	C	0.09%
KD	B	0.09%
CRDO	B	0.09%
VRNS	D	0.09%
CHX	C	0.09%
LEA	F	0.09%
NXST	C	0.09%
MOG.A	B	0.09%
BCPC	B	0.09%
IONS	F	0.09%
MMSI	A	0.09%
PVH	C	0.09%
KNF	B	0.09%
IDA	A	0.09%
NFG	A	0.09%
BPMC	B	0.09%
EPRT	B	0.09%
CFLT	B	0.09%
ALB	B	0.09%
U	C	0.09%
MDU	D	0.09%
ETSY	D	0.09%
OLLI	D	0.09%
KRG	B	0.09%
COKE	C	0.09%
WHR	B	0.09%
BECN	B	0.09%
VNT	C	0.09%
NSIT	F	0.09%
SRCL	B	0.09%
ACI	C	0.09%
ACA	A	0.08%
SKY	A	0.08%
SHAK	C	0.08%
PECO	A	0.08%
GPI	B	0.08%
BDC	C	0.08%
RYN	D	0.08%
CUZ	B	0.08%
MARA	B	0.08%
RH	C	0.08%
XRAY	F	0.08%
KRC	B	0.08%
KTB	B	0.08%
AVT	C	0.08%
MDGL	B	0.08%
EXPO	D	0.08%
HXL	F	0.08%
CIVI	D	0.08%
SM	B	0.08%
DY	D	0.08%
OLN	F	0.08%
OGN	F	0.08%
AM	A	0.08%
QTWO	A	0.08%
AUR	C	0.08%
POR	C	0.08%
CNX	A	0.08%
SLG	B	0.08%
GATX	A	0.08%
HCP	B	0.08%
CELH	F	0.08%
ZWS	B	0.08%
FIVE	F	0.08%
FSS	B	0.08%
KBH	D	0.08%
ZETA	D	0.08%
ITRI	C	0.08%
GAP	C	0.08%
POST	C	0.08%
ROIV	C	0.08%
UGI	C	0.08%
RMBS	B	0.08%
ACIW	B	0.08%
PATH	C	0.08%
SON	F	0.08%
ICUI	D	0.07%
W	D	0.07%
RKLB	A	0.07%
FUL	F	0.07%
ZG	A	0.07%
M	F	0.07%
OGS	A	0.07%
MAC	B	0.07%
LOPE	C	0.07%
VRRM	F	0.07%
EDR	A	0.07%
AEIS	C	0.07%
MSGS	A	0.07%
LITE	B	0.07%
BKH	A	0.07%
SLGN	A	0.07%
ITGR	B	0.07%
QLYS	B	0.07%
CRC	A	0.07%
CWAN	B	0.07%
MGM	D	0.07%
FLO	D	0.07%
SEE	C	0.07%
ALKS	C	0.07%
AVNT	B	0.07%
APPF	B	0.07%
BCO	F	0.07%
RDNT	B	0.07%
CORT	B	0.07%
DLB	B	0.07%
EAT	A	0.07%
BOX	B	0.07%
IRT	A	0.07%
LYFT	C	0.07%
DOCS	C	0.07%
PRCT	B	0.07%
AL	B	0.07%
BYD	B	0.07%
SWX	B	0.07%
KRYS	C	0.07%
RARE	F	0.07%
TENB	C	0.07%
MUR	D	0.07%
MGY	A	0.07%
ORA	B	0.07%
PI	D	0.07%
SBRA	C	0.07%
NJR	A	0.07%
ABG	C	0.07%
GTES	A	0.07%
LANC	C	0.06%
SLAB	F	0.06%
MWA	B	0.06%
NHI	D	0.06%
FOLD	F	0.06%
YOU	D	0.06%
RIG	D	0.06%
ZI	D	0.06%
POWI	F	0.06%
EPR	C	0.06%
NOG	B	0.06%
AEO	F	0.06%
IAC	F	0.06%
NWL	C	0.06%
TGTX	B	0.06%
CALM	A	0.06%
PRGO	C	0.06%
SR	A	0.06%
GMS	B	0.06%
CCOI	B	0.06%
JBT	B	0.06%
WDFC	B	0.06%
MSM	C	0.06%
HIW	C	0.06%
BROS	A	0.06%
DXC	B	0.06%
AXNX	A	0.06%
TPH	D	0.06%
NVST	B	0.06%
HUN	F	0.06%
CHH	A	0.06%
CDP	C	0.06%
SKYW	C	0.06%
AXSM	B	0.06%
SKT	A	0.06%
RUSHA	C	0.06%
SANM	B	0.06%
HAE	C	0.06%
PBH	A	0.06%
IIPR	D	0.06%
ASO	F	0.06%
GVA	A	0.06%
KFY	B	0.06%
ALE	A	0.06%
PII	F	0.06%
NUVL	C	0.06%
SMG	C	0.06%
FELE	B	0.06%
PEGA	B	0.06%
ACHC	F	0.06%
SPR	D	0.06%
NEU	D	0.06%
IDCC	B	0.06%
HOG	D	0.06%
BOOT	C	0.06%
FTDR	B	0.06%
LRN	A	0.06%
RXO	D	0.06%
HL	D	0.06%
SIG	B	0.06%
WK	B	0.06%
ENS	F	0.06%
BLKB	B	0.06%
ASGN	F	0.06%
PLXS	B	0.06%
ASH	F	0.06%
PNM	B	0.06%
DNB	B	0.06%
OPCH	D	0.06%
WHD	B	0.06%
PRGS	A	0.05%
GHC	B	0.05%
PK	C	0.05%
MPW	F	0.05%
ALIT	C	0.05%
ACLS	F	0.05%
NEOG	F	0.05%
DNLI	D	0.05%
GFF	A	0.05%
MGRC	B	0.05%
RNG	C	0.05%
CRVL	B	0.05%
APLS	F	0.05%
AMKR	D	0.05%
TRN	B	0.05%
TDW	F	0.05%
IOVA	F	0.05%
NSA	C	0.05%
PTON	A	0.05%
ATGE	B	0.05%
FORM	D	0.05%
AVA	A	0.05%
JWN	D	0.05%
DORM	B	0.05%
BRC	D	0.05%
DEI	B	0.05%
YETI	D	0.05%
MAN	F	0.05%
HP	C	0.05%
SATS	D	0.05%
MIR	A	0.05%
PENN	C	0.05%
PTEN	C	0.05%
PAG	B	0.05%
SMPL	B	0.05%
NPO	A	0.05%
CWT	C	0.05%
RUN	F	0.05%
ADTN	A	0.05%
PTCT	B	0.05%
ATKR	D	0.05%
AWR	B	0.05%
TDC	D	0.05%
AMED	F	0.05%
BL	B	0.05%
SHOO	F	0.05%
CWK	C	0.05%
RDDT	A	0.05%
ENV	B	0.05%
IRDM	D	0.05%
SITM	B	0.05%
VAL	F	0.05%
BTU	B	0.05%
HIMS	B	0.05%
TNL	A	0.05%
PRIM	A	0.05%
SXT	C	0.05%
APLE	B	0.05%
COMP	B	0.05%
AROC	A	0.05%
NCNO	C	0.05%
ESE	B	0.05%
CHWY	B	0.05%
KTOS	B	0.05%
WBA	F	0.05%
MGEE	B	0.05%
CNK	C	0.05%
NWE	B	0.05%
PCH	F	0.05%
OTTR	C	0.05%
CBZ	B	0.05%
TEX	F	0.05%
WEN	D	0.05%
BBIO	F	0.05%
HCC	B	0.05%
SGBX	F	0.05%
BNL	D	0.05%
SMTC	B	0.05%
ABM	B	0.05%
SEM	B	0.05%
IVT	A	0.04%
AAP	D	0.04%
IPAR	B	0.04%
B	A	0.04%
OSIS	A	0.04%
IPGP	D	0.04%
AZZ	A	0.04%
WERN	C	0.04%
YELP	C	0.04%
TTMI	C	0.04%
SXI	B	0.04%
JOBY	B	0.04%
DOCN	C	0.04%
AMBA	B	0.04%
FL	F	0.04%
SGRY	F	0.04%
FIVN	C	0.04%
HNI	B	0.04%
CPRI	F	0.04%
KYMR	D	0.04%
OMCL	C	0.04%
TWST	F	0.04%
IRTC	C	0.04%
ASTH	F	0.04%
ARWR	D	0.04%
GT	C	0.04%
HHH	B	0.04%
ENR	B	0.04%
AMR	C	0.04%
ENOV	C	0.04%
CDE	C	0.04%
DV	C	0.04%
HBI	B	0.04%
RNA	C	0.04%
CWEN	C	0.04%
CNXC	F	0.04%
ACVA	B	0.04%
VSCO	C	0.04%
SPB	C	0.04%
EPAC	C	0.04%
CRNX	C	0.04%
NARI	C	0.04%
MTX	B	0.04%
VAC	C	0.04%
INTA	B	0.04%
VERX	A	0.04%
SHC	F	0.04%
HAYW	B	0.04%
ARCB	C	0.04%
FRSH	B	0.04%
OII	B	0.04%
VC	F	0.04%
ALRM	C	0.04%
OUT	A	0.04%
URBN	C	0.04%
ARCH	B	0.04%
SAM	C	0.04%
AGIO	C	0.04%
RIOT	C	0.04%
TNET	F	0.04%
RPD	B	0.04%
HUBG	A	0.04%
LBRT	D	0.04%
WLK	D	0.04%
GH	B	0.04%
DIOD	D	0.04%
CARG	B	0.04%
FROG	C	0.04%
AKR	B	0.04%
EVH	F	0.04%
COTY	F	0.04%
VCYT	B	0.04%
COLM	C	0.04%
TMDX	F	0.04%
RRR	F	0.04%
HGV	C	0.04%
ALGM	D	0.04%
LCID	F	0.04%
CXT	C	0.04%
LXP	D	0.04%
NSP	F	0.04%
PBF	D	0.04%
TDS	B	0.04%
IOSP	C	0.04%
LCII	C	0.04%
UE	B	0.04%
UNF	B	0.04%
CC	C	0.04%
TGNA	B	0.04%
SYNA	C	0.04%
AI	B	0.04%
REZI	A	0.04%
NGVT	B	0.03%
LEG	F	0.03%
GTY	A	0.03%
HLIO	B	0.03%
NPAB	F	0.03%
ATRC	C	0.03%
CABO	B	0.03%
TDOC	C	0.03%
SCL	C	0.03%
PD	C	0.03%
MLKN	F	0.03%
RXRX	F	0.03%
GEF	A	0.03%
RAMP	B	0.03%
LZB	B	0.03%
AMC	C	0.03%
DDS	B	0.03%
CVCO	A	0.03%
UAA	C	0.03%
TRIP	F	0.03%
LEVI	F	0.03%
TXG	F	0.03%
HEES	C	0.03%
BEAM	D	0.03%
ARVN	F	0.03%
MRCY	C	0.03%
VECO	F	0.03%
APOG	C	0.03%
NVCR	C	0.03%
TNC	D	0.03%
LTC	B	0.03%
PDCO	F	0.03%
MGNI	B	0.03%
JBLU	F	0.03%
DRH	B	0.03%
HE	C	0.03%
WOLF	F	0.03%
THS	D	0.03%
GOLF	B	0.03%
UPWK	B	0.03%
PZZA	F	0.03%
KAR	B	0.03%
OI	C	0.03%
PPC	C	0.03%
EPC	F	0.03%
PLUG	F	0.03%
NEO	C	0.03%
QS	F	0.03%
GBX	A	0.03%
VSTS	C	0.03%
SUPN	C	0.03%
GNL	F	0.03%
ALKT	B	0.03%
ACAD	C	0.03%
PCT	C	0.03%
LTH	C	0.03%
BRZE	C	0.03%
CRGY	B	0.03%
LGND	C	0.03%
BE	B	0.03%
ROG	D	0.03%
VYX	B	0.03%
CRI	F	0.03%
ROIC	A	0.03%
MYGN	F	0.03%
KNTK	A	0.03%
NMRK	C	0.03%
AZTA	D	0.03%
CGON	F	0.03%
JJSF	C	0.03%
IMVT	F	0.03%
HI	C	0.03%
PHIN	A	0.03%
KSS	F	0.03%
KAI	B	0.03%
MHO	D	0.03%
PRVA	C	0.03%
KMT	B	0.03%
CALX	D	0.03%
AIR	B	0.03%
WLY	B	0.03%
SWTX	C	0.03%
GEO	B	0.03%
SMMT	D	0.03%
EQC	B	0.03%
PINC	B	0.03%
LGIH	F	0.03%
STRA	C	0.03%
PSMT	D	0.03%
KWR	C	0.03%
VIAV	C	0.03%
SHO	D	0.03%
TNDM	D	0.03%
HURN	C	0.03%
ZD	B	0.03%
MP	C	0.03%
LAUR	A	0.03%
CNMD	C	0.03%
MTRN	C	0.03%
RCM	A	0.03%
JOE	F	0.03%
VSH	F	0.03%
AIN	C	0.03%
CAKE	C	0.03%
INFA	D	0.03%
LGF.A	C	0.02%
SCSC	C	0.02%
CWEN	C	0.02%
SHLS	F	0.02%
EXTR	C	0.02%
BV	C	0.02%
OMI	F	0.02%
JACK	C	0.02%
ARRY	F	0.02%
RVLV	A	0.02%
DK	C	0.02%
DNUT	F	0.02%
DJT	C	0.02%
AHCO	F	0.02%
MXL	C	0.02%
USM	B	0.02%
ODP	F	0.02%
MRC	B	0.02%
DAN	D	0.02%
CARS	C	0.02%
AMRC	F	0.02%
UA	C	0.02%
ALGT	B	0.02%
WMK	C	0.02%
JBI	F	0.02%
SCS	C	0.02%
ASAN	B	0.02%
EXPI	D	0.02%
INSW	F	0.02%
ROCK	C	0.02%
TRS	B	0.02%
CMPR	D	0.02%
INVA	D	0.02%
SNDR	B	0.02%
NFE	D	0.02%
OPEN	F	0.02%
CBRL	C	0.02%
FIZZ	C	0.02%
MD	C	0.02%
SDGR	C	0.02%
KFRC	D	0.02%
CSR	B	0.02%
VICR	C	0.02%
ATSG	B	0.02%
OXM	F	0.02%
VSAT	F	0.02%
KW	C	0.02%
RBRK	A	0.02%
MSGE	F	0.02%
KALU	C	0.02%
AIV	C	0.02%
UTZ	D	0.02%
CWH	B	0.02%
JELD	F	0.02%
IAS	C	0.02%
UNFI	A	0.02%
WOR	F	0.02%
PGNY	F	0.02%
VSTO	A	0.02%
GIII	D	0.02%
PLAY	D	0.02%
WWW	A	0.02%
SABR	C	0.02%
BKD	F	0.02%
UNIT	B	0.02%
AMRX	C	0.02%
AESI	B	0.02%
ALHC	C	0.02%
UVV	B	0.02%
RDFN	D	0.02%
PYCR	B	0.02%
CEIX	A	0.02%
PBI	B	0.02%
CERT	F	0.02%
AAT	B	0.02%
DYN	F	0.02%
FDP	B	0.02%
PDM	D	0.02%
IART	C	0.02%
WS	C	0.02%
DNOW	B	0.02%
GO	C	0.02%
SPT	C	0.02%
XPRO	D	0.02%
JAMF	F	0.02%
HRMY	D	0.02%
VRE	B	0.02%
BKE	B	0.02%
LNN	B	0.02%
RLJ	C	0.02%
CSGS	B	0.02%
REVG	C	0.02%
THRM	F	0.02%
VRNT	C	0.02%
LBRDA	C	0.02%
CAR	C	0.02%
SBH	C	0.02%
MODG	F	0.02%
ALEX	B	0.02%
NTLA	F	0.02%
NX	C	0.02%
ZUO	B	0.02%
ESRT	C	0.02%
APPN	B	0.02%
FLNC	D	0.02%
BLMN	F	0.02%
REYN	D	0.02%
NTCT	C	0.02%
STAA	F	0.02%
INFN	D	0.02%
ENVX	F	0.02%
TROX	D	0.02%
XNCR	B	0.02%
UPBD	B	0.02%
AMN	F	0.02%
PEB	D	0.02%
XHR	B	0.02%
CXW	C	0.02%
WRBY	A	0.02%
SMR	B	0.02%
HELE	C	0.02%
KN	B	0.02%
NVAX	F	0.02%
ANDE	D	0.02%
WKC	C	0.02%
JBGS	F	0.02%
NWN	A	0.02%
ELME	D	0.02%
BHE	C	0.02%
CENTA	C	0.02%
FOXF	F	0.02%
FTRE	D	0.02%
NHC	C	0.02%
SONO	C	0.02%
NVRI	D	0.01%
INN	D	0.01%
ADPT	C	0.01%
RMR	F	0.01%
SNCY	C	0.01%
RCUS	F	0.01%
EE	A	0.01%
PTVE	B	0.01%
FWRD	D	0.01%
OPK	C	0.01%
USNA	C	0.01%
TWKS	B	0.01%
ARHS	F	0.01%
CCO	C	0.01%
ALX	D	0.01%
HTLD	C	0.01%
SANA	F	0.01%
BFS	C	0.01%
SCHL	F	0.01%
TR	B	0.01%
GDRX	F	0.01%
TILE	B	0.01%
CHPT	F	0.01%
GCMG	B	0.01%
LGF.A	C	0.01%
CAL	F	0.01%
PHR	F	0.01%
GES	F	0.01%
IBTA	C	0.01%
INST	B	0.01%
CTKB	C	0.01%
OLO	A	0.01%
SVC	F	0.01%
TGI	B	0.01%
IRWD	F	0.01%
ATUS	B	0.01%
DAWN	D	0.01%
ULCC	D	0.01%
RES	D	0.01%
CDNA	D	0.01%
CVI	F	0.01%
FOR	F	0.01%
MAX	F	0.01%
NAPA	A	0.01%
RCKT	F	0.01%
ZIP	D	0.01%
SRCL	B	0.01%
MLNK	C	0.01%
PUBM	C	0.01%
BASE	B	0.01%
HPP	F	0.01%
PUMP	C	0.01%
KELYA	F	0.01%
QXO	D	0.01%
HY	D	0.01%
UHAL	D	0.01%
AXL	C	0.01%
BGS	F	0.01%
LFST	B	0.01%
SEMR	C	0.01%
IBUY	B	0.01%
RGR	F	0.01%
KOP	C	0.01%
SWI	C	0.01%
HLX	B	0.01%
SEB	F	0.01%
VMEO	B	0.01%
BMBL	C	0.01%
MATW	C	0.01%
NOVA	F	0.01%
PRLB	B	0.01%
FA	C	0.01%
ECVT	C	0.01%
AMWD	C	0.01%
HSTM	B	0.01%
SHEN	F	0.01%
PTLO	F	0.01%
DFH	D	0.01%
ETWO	F	0.01%
HLF	C	0.01%
ASTE	C	0.01%
MCW	C	0.01%
PCRX	C	0.01%
WNC	C	0.01%
YEXT	B	0.01%
SAH	C	0.01%
COUR	F	0.01%
RSI	A	0.01%
UDMY	D	0.01%
GRC	A	0.01%
MNRO	D	0.01%
HAIN	D	0.01%
AGL	F	0.01%
NABL	F	0.01%
SSTK	F	0.01%
MATV	D	0.01%
GSAT	C	0.01%
HCSG	C	0.01%
EMBC	C	0.01%
FIGS	F	0.01%
BJRI	C	0.01%
EYE	C	0.01%
VIR	D	0.01%
CXM	C	0.01%
BCRX	D	0.01%
DLX	B	0.01%
BDN	C	0.01%
VZIO	A	0.01%
PRO	C	0.01%
CRK	B	0.01%
DRVN	B	0.01%
AVNS	F	0.01%
RLAY	F	0.01%
XMTR	B	0.01%
MMI	C	0.01%
THR	B	0.01%
CLB	B	0.01%
MRVI	F	0.01%
PGRE	F	0.01%
FSLY	D	0.01%
CENX	B	0.01%
XRX	F	0.01%
SCWX	C	0.0%
AC	B	0.0%
ZNTL	F	0.0%
AMCX	C	0.0%
ACDC	B	0.0%
GEF	A	0.0%
PRME	F	0.0%
INNV	F	0.0%
LAZR	D	0.0%
LDI	C	0.0%
NUS	D	0.0%
ANGI	F	0.0%
BIGC	B	0.0%
BRCC	F	0.0%
SAGE	F	0.0%
OLPX	D	0.0%
GOGO	C	0.0%
RGNX	D	0.0%
DH	F	0.0%
TASK	C	0.0%
DIN	C	0.0%
PL	B	0.0%
LESL	D	0.0%
ANAB	F	0.0%
BOWL	C	0.0%
CENT	C	0.0%
RUSHB	C	0.0%
HPK	B	0.0%
ENFN	B	0.0%
CMP	C	0.0%
KRO	C	0.0%
CRSR	C	0.0%
VREX	B	0.0%
SWBI	C	0.0%
CNDT	C	0.0%
LASR	D	0.0%
HTZ	C	0.0%
CRCT	F	0.0%
WOOF	D	0.0%

VB Underweight 174 Positions Relative to FNCL

Symbol	Grade	Weight
JPM	A	-8.6%
BRK.A	B	-7.67%
V	A	-6.01%
MA	B	-5.35%
BAC	A	-4.0%
WFC	A	-3.14%
GS	A	-2.35%
AXP	A	-2.05%
SPGI	C	-2.02%
MS	A	-2.0%
BLK	B	-1.93%
PGR	A	-1.87%
C	A	-1.61%
BX	A	-1.6%
FI	A	-1.53%
SCHW	B	-1.5%
CB	C	-1.37%
MMC	B	-1.35%
KKR	A	-1.16%
ICE	C	-1.11%
PYPL	B	-1.05%
PNC	B	-1.03%
CME	B	-0.99%
USB	A	-0.98%
MCO	B	-0.98%
AON	A	-0.91%
COF	C	-0.87%
APO	B	-0.81%
AJG	A	-0.8%
TFC	A	-0.77%
AFL	B	-0.74%
TRV	B	-0.73%
BK	A	-0.71%
AMP	A	-0.69%
COIN	C	-0.66%
ALL	A	-0.64%
MET	A	-0.63%
AIG	B	-0.63%
FIS	C	-0.61%
MSCI	C	-0.59%
SQ	A	-0.58%
PRU	A	-0.56%
DFS	B	-0.54%
ACGL	C	-0.46%
MTB	A	-0.44%
HIG	B	-0.43%
NDAQ	A	-0.42%
WTW	B	-0.4%
FITB	B	-0.4%
ARES	A	-0.39%
RJF	A	-0.39%
GPN	B	-0.37%
STT	B	-0.35%
BRO	B	-0.33%
TROW	B	-0.33%
HBAN	A	-0.32%
SYF	B	-0.32%
CPAY	A	-0.31%
RF	A	-0.3%
LPLA	A	-0.29%
CINF	A	-0.29%
MKL	A	-0.28%
CFG	B	-0.27%
NTRS	A	-0.27%
CBOE	C	-0.26%
PFG	D	-0.25%
KEY	B	-0.23%
WRB	A	-0.23%
FDS	B	-0.23%
IBKR	A	-0.22%
L	A	-0.2%
EG	C	-0.2%
FNF	B	-0.19%
TW	A	-0.18%
NMIH	C	-0.04%
SYBT	B	-0.03%
AGM	B	-0.03%
FBK	C	-0.03%
FRHC	B	-0.03%
BANC	B	-0.03%
EFSC	B	-0.03%
SBCF	B	-0.03%
TBBK	B	-0.03%
ENVA	B	-0.03%
SNEX	B	-0.03%
OCFC	B	-0.02%
SRCE	B	-0.02%
PEBO	B	-0.02%
RC	D	-0.02%
GABC	B	-0.02%
NIC	B	-0.02%
VBTX	B	-0.02%
TCBK	C	-0.02%
QCRH	B	-0.02%
CUBI	B	-0.02%
BUSE	B	-0.02%
RKT	F	-0.02%
SKWD	A	-0.02%
DFIN	D	-0.02%
LKFN	C	-0.02%
SASR	B	-0.02%
FBNC	B	-0.02%
STC	B	-0.02%
CASH	B	-0.02%
HONE	C	-0.01%
KRNY	C	-0.01%
CCBG	B	-0.01%
GDOT	D	-0.01%
GSBC	C	-0.01%
UFCS	A	-0.01%
HAFC	B	-0.01%
TREE	F	-0.01%
NFBK	C	-0.01%
BHB	C	-0.01%
SPFI	C	-0.01%
TIPT	C	-0.01%
PGC	B	-0.01%
FMNB	B	-0.01%
TRST	B	-0.01%
MCB	B	-0.01%
EZPW	B	-0.01%
FSBC	C	-0.01%
THFF	B	-0.01%
CTLP	B	-0.01%
MSBI	B	-0.01%
SMBC	B	-0.01%
UVE	B	-0.01%
IIIV	C	-0.01%
CAC	C	-0.01%
RBCAA	B	-0.01%
EQBK	B	-0.01%
RPAY	D	-0.01%
IMXI	B	-0.01%
CPF	B	-0.01%
BFST	C	-0.01%
CASS	C	-0.01%
MCBS	B	-0.01%
AMTB	B	-0.01%
FCBC	C	-0.01%
HTBK	B	-0.01%
PFBC	B	-0.01%
AMAL	B	-0.01%
OSBC	A	-0.01%
FMBH	B	-0.01%
CCB	A	-0.01%
CFB	B	-0.01%
WASH	C	-0.01%
HFWA	C	-0.01%
BFC	B	-0.01%
BHRB	B	-0.01%
HBNC	B	-0.01%
MBIN	F	-0.01%
BSIG	A	-0.01%
DX	B	-0.01%
MBWM	B	-0.01%
BY	B	-0.01%
SBSI	C	-0.01%
OBK	C	-0.01%
CNOB	B	-0.01%
EFC	C	-0.01%
CTBI	B	-0.01%
HCI	C	-0.01%
IBCP	B	-0.01%
FBMS	B	-0.01%
UVSP	B	-0.01%
AMSF	B	-0.01%
PFC	B	-0.01%
DCOM	B	-0.01%
AROW	B	-0.0%
RILY	F	-0.0%
GCBC	C	-0.0%
DGICA	A	-0.0%
DHIL	B	-0.0%
HBT	B	-0.0%