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

$249.17

Average Daily Volume

597,887

Number of Holdings ^*

1303

* 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

$70.77

Average Daily Volume

102,010

Number of Holdings ^*

379

* may have additional holdings in another (foreign) market

Performance

Period	VB	FNCL
30 Days	4.74%	7.32%
60 Days	9.55%	13.55%
90 Days	11.76%	16.34%
12 Months	33.66%	48.90%

206 Overlapping Holdings

Symbol	Grade	Weight in VB	Weight in FNCL	Overlap
ABCB	B	0.07%	0.06%	0.06%
ABR	B	0.04%	0.03%	0.03%
ACT	C	0.02%	0.02%	0.02%
AFG	A	0.17%	0.12%	0.12%
AFRM	B	0.15%	0.15%	0.15%
AGNC	C	0.13%	0.08%	0.08%
AGO	B	0.06%	0.06%	0.06%
AIZ	A	0.17%	0.14%	0.14%
ALLY	C	0.16%	0.13%	0.13%
AMBC	C	0.0%	0.01%	0.0%
AMG	B	0.08%	0.07%	0.07%
APAM	B	0.05%	0.04%	0.04%
ARI	D	0.02%	0.02%	0.02%
ASB	B	0.05%	0.05%	0.05%
AUB	B	0.05%	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	0.03%	0.03%	0.03%
BEN	C	0.05%	0.08%	0.05%
BFH	B	0.04%	0.01%	0.01%
BGC	C	0.05%	0.05%	0.05%
BHF	B	0.04%	0.05%	0.04%
BHLB	B	0.02%	0.02%	0.02%
BKU	B	0.04%	0.04%	0.04%
BOH	B	0.04%	0.04%	0.04%
BOKF	B	0.04%	0.04%	0.04%
BPOP	C	0.12%	0.09%	0.09%
BRKL	B	0.01%	0.01%	0.01%
BRSP	B	0.01%	0.01%	0.01%
BXMT	D	0.05%	0.04%	0.04%
CACC	D	0.03%	0.04%	0.03%
CADE	B	0.09%	0.08%	0.08%
CATY	B	0.05%	0.05%	0.05%
CBSH	A	0.11%	0.11%	0.11%
CBU	B	0.05%	0.04%	0.04%
CFFN	B	0.01%	0.01%	0.01%
CFR	B	0.1%	0.11%	0.1%
CG	C	0.16%	0.16%	0.16%
CHCO	B	0.03%	0.02%	0.02%
CLBK	B	0.01%	0.01%	0.01%
CMA	A	0.13%	0.11%	0.11%
CMTG	D	0.01%	0.01%	0.01%
CNNE	B	0.02%	0.01%	0.01%
CNO	B	0.06%	0.06%	0.06%
CNS	C	0.04%	0.03%	0.03%
CODI	B	0.02%	0.02%	0.02%
COLB	B	0.09%	0.08%	0.08%
COOP	B	0.09%	0.08%	0.08%
CVBF	B	0.04%	0.04%	0.04%
DBRG	F	0.04%	0.03%	0.03%
EBC	B	0.05%	0.04%	0.04%
ECPG	B	0.02%	0.01%	0.01%
EEFT	C	0.07%	0.06%	0.06%
EGBN	B	0.01%	0.01%	0.01%
EIG	A	0.02%	0.02%	0.02%
EQH	B	0.22%	0.2%	0.2%
ERIE	F	0.22%	0.13%	0.13%
ESGR	C	0.06%	0.05%	0.05%
ESNT	D	0.11%	0.08%	0.08%
EVR	B	0.15%	0.14%	0.14%
EVTC	C	0.04%	0.03%	0.03%
EWBC	B	0.19%	0.19%	0.19%
FAF	C	0.1%	0.08%	0.08%
FBP	B	0.06%	0.04%	0.04%
FBRT	C	0.02%	0.01%	0.01%
FCF	B	0.03%	0.02%	0.02%
FCNCA	B	0.32%	0.29%	0.29%
FFBC	B	0.04%	0.03%	0.03%
FFIN	B	0.07%	0.06%	0.06%
FG	B	0.01%	0.01%	0.01%
FHB	B	0.05%	0.05%	0.05%
FHI	A	0.05%	0.04%	0.04%
FHN	A	0.14%	0.14%	0.14%
FIBK	B	0.04%	0.04%	0.04%
FLYW	B	0.03%	0.03%	0.03%
FNB	A	0.08%	0.08%	0.08%
FOUR	B	0.09%	0.07%	0.07%
FRME	B	0.03%	0.03%	0.03%
FULT	B	0.05%	0.05%	0.05%
GBCI	B	0.08%	0.08%	0.08%
GL	B	0.15%	0.13%	0.13%
GNW	B	0.05%	0.04%	0.04%
GSHD	A	0.03%	0.03%	0.03%
HASI	F	0.07%	0.05%	0.05%
HGTY	C	0.01%	0.0%	0.0%
HLI	B	0.14%	0.12%	0.12%
HLNE	B	0.07%	0.09%	0.07%
HMN	B	0.02%	0.02%	0.02%
HOMB	A	0.08%	0.07%	0.07%
HOOD	B	0.28%	0.2%	0.2%
HOPE	B	0.02%	0.02%	0.02%
HTH	B	0.02%	0.02%	0.02%
HTLF	B	0.02%	0.04%	0.02%
HWC	B	0.07%	0.07%	0.07%
IBOC	B	0.05%	0.05%	0.05%
IBTX	B	0.03%	0.03%	0.03%
INDB	B	0.04%	0.04%	0.04%
IVZ	C	0.12%	0.08%	0.08%
JEF	A	0.14%	0.15%	0.14%
JHG	B	0.08%	0.08%	0.08%
JKHY	C	0.21%	0.16%	0.16%
JXN	B	0.11%	0.1%	0.1%
KMPR	A	0.06%	0.05%	0.05%
KNSL	C	0.17%	0.12%	0.12%
KREF	D	0.01%	0.01%	0.01%
LADR	B	0.02%	0.02%	0.02%
LC	B	0.02%	0.02%	0.02%
LMND	B	0.01%	0.02%	0.01%
LNC	B	0.09%	0.08%	0.08%
LOB	C	0.01%	0.02%	0.01%
LPRO	B	0.01%	0.01%	0.01%
MC	B	0.08%	0.06%	0.06%
MCY	B	0.03%	0.03%	0.03%
MKTX	C	0.15%	0.13%	0.13%
MORN	B	0.14%	0.12%	0.12%
MQ	F	0.04%	0.02%	0.02%
MTG	C	0.11%	0.08%	0.08%
NATL	B	0.03%	0.03%	0.03%
NAVI	D	0.02%	0.02%	0.02%
NBHC	B	0.03%	0.02%	0.02%
NBTB	B	0.03%	0.03%	0.03%
NNI	C	0.02%	0.02%	0.02%
NRDS	B	0.01%	0.01%	0.01%
NWBI	B	0.03%	0.02%	0.02%
OFG	B	0.03%	0.03%	0.03%
OMF	A	0.09%	0.09%	0.09%
ONB	B	0.1%	0.09%	0.09%
ORI	A	0.13%	0.12%	0.12%
OSCR	F	0.06%	0.03%	0.03%
OWL	B	0.16%	0.14%	0.14%
OZK	B	0.08%	0.07%	0.07%
PAY	B	0.01%	0.01%	0.01%
PAYO	B	0.03%	0.03%	0.03%
PB	B	0.11%	0.09%	0.09%
PFS	B	0.04%	0.03%	0.03%
PFSI	D	0.05%	0.05%	0.05%
PIPR	B	0.08%	0.08%	0.08%
PJT	B	0.05%	0.05%	0.05%
PLMR	C	0.02%	0.03%	0.02%
PMT	D	0.02%	0.02%	0.02%
PNFP	B	0.12%	0.12%	0.12%
PPBI	B	0.04%	0.03%	0.03%
PRA	B	0.01%	0.01%	0.01%
PRAA	B	0.01%	0.01%	0.01%
PRG	B	0.03%	0.03%	0.03%
PRI	A	0.15%	0.13%	0.13%
PRK	B	0.04%	0.04%	0.04%
PX	B	0.01%	0.01%	0.01%
RDN	C	0.08%	0.07%	0.07%
RGA	A	0.23%	0.19%	0.19%
RLI	A	0.11%	0.08%	0.08%
RNR	D	0.23%	0.18%	0.18%
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%	0.02%	0.02%
SEIC	A	0.13%	0.11%	0.11%
SF	B	0.15%	0.15%	0.15%
SFBS	B	0.06%	0.06%	0.06%
SFNC	B	0.04%	0.04%	0.04%
SIGI	B	0.09%	0.07%	0.07%
SLM	B	0.08%	0.06%	0.06%
SNV	B	0.1%	0.11%	0.1%
SOFI	B	0.12%	0.15%	0.12%
SPNT	C	0.02%	0.02%	0.02%
SSB	B	0.12%	0.1%	0.1%
STBA	B	0.02%	0.02%	0.02%
STEP	B	0.05%	0.05%	0.05%
STWD	D	0.11%	0.07%	0.07%
TCBI	B	0.05%	0.05%	0.05%
TFIN	B	0.01%	0.03%	0.01%
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	A	0.19%	0.15%	0.15%
TOWN	B	0.04%	0.03%	0.03%
TPG	B	0.08%	0.06%	0.06%
TRMK	B	0.03%	0.03%	0.03%
TRTX	C	0.0%	0.01%	0.0%
TRUP	B	0.02%	0.02%	0.02%
UBSI	B	0.08%	0.07%	0.07%
UCB	B	0.06%	0.04%	0.04%
UMBF	B	0.07%	0.07%	0.07%
UNM	A	0.14%	0.15%	0.14%
UPST	B	0.05%	0.05%	0.05%
UWMC	F	0.01%	0.01%	0.01%
VCTR	B	0.02%	0.04%	0.02%
VIRT	B	0.04%	0.04%	0.04%
VLY	B	0.06%	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	0.15%	0.13%	0.13%
WBS	A	0.13%	0.13%	0.13%
WD	D	0.06%	0.05%	0.05%
WEX	D	0.14%	0.1%	0.1%
WRLD	C	0.01%	0.01%	0.01%
WSBC	B	0.03%	0.03%	0.03%
WSFS	B	0.05%	0.04%	0.04%
WT	B	0.02%	0.02%	0.02%
WTFC	B	0.12%	0.11%	0.11%
WTM	A	0.07%	0.06%	0.06%
WU	F	0.07%	0.03%	0.03%
ZION	B	0.11%	0.11%	0.11%

VB Overweight 1097 Positions Relative to FNCL

Symbol	Grade	Weight
AXON	B	0.47%
SW	C	0.42%
DECK	B	0.4%
BLDR	D	0.37%
ATO	A	0.35%
PTC	B	0.34%
CSL	B	0.34%
BAH	C	0.34%
EME	B	0.33%
LII	B	0.32%
WSM	F	0.32%
NRG	B	0.31%
DKNG	B	0.29%
ENTG	D	0.28%
WSO	A	0.28%
MANH	C	0.28%
TOL	C	0.26%
RS	B	0.26%
THC	B	0.26%
UTHR	B	0.26%
PNR	A	0.26%
TRGP	B	0.26%
IEX	B	0.26%
GWRE	A	0.25%
DT	C	0.25%
OC	A	0.25%
PSTG	D	0.25%
RPM	A	0.25%
KIM	A	0.25%
APP	B	0.24%
MSTR	B	0.24%
GGG	B	0.24%
RBA	B	0.24%
NTNX	B	0.24%
NTRA	B	0.24%
USFD	A	0.24%
ACM	B	0.23%
FIX	B	0.23%
CASY	B	0.23%
AES	F	0.23%
GLPI	D	0.22%
NDSN	B	0.22%
COHR	B	0.22%
BG	D	0.22%
TTEK	C	0.21%
FND	F	0.21%
TECH	B	0.21%
ALLE	D	0.21%
DOCU	B	0.21%
JLL	C	0.21%
FFIV	A	0.21%
JNPR	D	0.21%
JBL	C	0.21%
UHS	D	0.21%
EMN	D	0.21%
REG	A	0.21%
CPT	C	0.21%
PCVX	D	0.21%
KMX	C	0.2%
CUBE	D	0.2%
WMS	F	0.2%
WING	D	0.2%
PFGC	B	0.2%
ITT	A	0.2%
SJM	F	0.2%
BLD	F	0.2%
CHRW	A	0.2%
HST	C	0.2%
INSM	D	0.2%
EXAS	F	0.2%
CW	B	0.2%
BXP	D	0.19%
DKS	F	0.19%
HUBB	B	0.19%
CCK	D	0.19%
SAIA	B	0.19%
NBIX	C	0.19%
TFX	F	0.19%
NVT	B	0.19%
CLH	B	0.19%
LAMR	D	0.19%
TXRH	A	0.19%
IPG	F	0.19%
XPO	B	0.19%
AMH	C	0.19%
ELS	C	0.19%
EPAM	B	0.18%
AOS	F	0.18%
TPR	B	0.18%
SCI	B	0.18%
EQT	B	0.18%
LECO	C	0.18%
BJ	B	0.18%
LDOS	B	0.18%
RRX	C	0.18%
SFM	B	0.18%
FBIN	F	0.18%
CACI	C	0.18%
SRPT	F	0.18%
CRL	C	0.17%
ARMK	B	0.17%
WWD	B	0.17%
CVNA	B	0.17%
ONTO	F	0.17%
REXR	F	0.17%
HII	D	0.17%
CTLT	D	0.17%
OHI	C	0.17%
LKQ	D	0.17%
ATR	A	0.17%
FTI	B	0.17%
RIVN	D	0.16%
GNRC	B	0.16%
HAS	D	0.16%
FRT	C	0.16%
SOLV	D	0.16%
EXP	B	0.16%
EHC	A	0.16%
MTCH	F	0.16%
QRVO	F	0.16%
BWXT	A	0.16%
AA	C	0.16%
TAP	B	0.16%
DUOL	B	0.16%
PNW	B	0.16%
OVV	C	0.16%
CHDN	C	0.15%
INGR	B	0.15%
LBRDK	C	0.15%
TPX	B	0.15%
TTC	F	0.15%
NCLH	B	0.15%
CHE	D	0.15%
WYNN	F	0.15%
APA	F	0.15%
MUSA	B	0.15%
EGP	C	0.15%
DAY	C	0.15%
RGLD	C	0.15%
HSIC	F	0.15%
STLD	B	0.15%
LW	C	0.15%
TWLO	A	0.15%
IOT	B	0.15%
OLED	F	0.15%
WTRG	C	0.15%
ROKU	C	0.15%
ATI	D	0.14%
ALSN	A	0.14%
BRX	A	0.14%
MLI	B	0.14%
AR	B	0.14%
AYI	B	0.14%
LAD	B	0.14%
TKO	D	0.14%
MOS	D	0.14%
FN	B	0.14%
AIT	A	0.14%
CNM	D	0.14%
CZR	F	0.14%
PR	C	0.14%
PAYC	B	0.14%
MHK	D	0.14%
TPL	B	0.14%
NYT	C	0.14%
KBR	B	0.14%
RBC	B	0.14%
GME	C	0.14%
FYBR	D	0.14%
CIEN	B	0.14%
SKX	F	0.14%
HRB	D	0.14%
DCI	A	0.14%
GPK	D	0.14%
NNN	F	0.14%
CR	B	0.13%
SNX	C	0.13%
Z	B	0.13%
VFC	C	0.13%
NI	A	0.13%
MTZ	B	0.13%
SWN	C	0.13%
BRBR	A	0.13%
RGEN	C	0.13%
AXTA	A	0.13%
DOC	C	0.13%
COLD	F	0.13%
LNW	F	0.13%
CHRD	F	0.13%
SSD	D	0.13%
GMED	B	0.13%
BFAM	F	0.13%
PODD	B	0.13%
APG	B	0.13%
CROX	F	0.13%
FCN	F	0.13%
FLR	C	0.13%
ENSG	C	0.13%
FMC	F	0.13%
OGE	B	0.13%
WCC	B	0.13%
BWA	B	0.13%
MEDP	C	0.13%
KNX	B	0.13%
RRC	B	0.12%
KEX	B	0.12%
STAG	D	0.12%
HQY	B	0.12%
VNO	C	0.12%
SAIC	C	0.12%
ANF	D	0.12%
X	C	0.12%
PEN	B	0.12%
LUMN	B	0.12%
DINO	D	0.12%
TREX	C	0.12%
HALO	B	0.12%
ELAN	D	0.12%
SMAR	A	0.12%
SPSC	D	0.12%
LSCC	D	0.12%
MKSI	C	0.12%
BRKR	F	0.12%
ITCI	C	0.12%
AAL	B	0.12%
RL	B	0.12%
BERY	C	0.12%
FR	C	0.12%
MTH	D	0.12%
UDR	C	0.12%
MIDD	C	0.12%
CRS	B	0.12%
ADC	A	0.12%
UFPI	B	0.12%
LNTH	F	0.12%
DTM	B	0.12%
MAT	C	0.11%
TRNO	D	0.11%
BIO	C	0.11%
H	B	0.11%
OSK	B	0.11%
JAZZ	B	0.11%
MTN	D	0.11%
LFUS	D	0.11%
MOD	C	0.11%
S	B	0.11%
MSA	D	0.11%
FRPT	B	0.11%
CRUS	F	0.11%
COKE	C	0.11%
VKTX	D	0.11%
RHI	B	0.11%
LSTR	B	0.11%
ESTC	C	0.11%
CVLT	A	0.11%
WSC	F	0.11%
EVRG	A	0.11%
AZEK	B	0.11%
GKOS	A	0.11%
FLS	B	0.11%
LPX	B	0.11%
SITE	D	0.11%
RVMD	B	0.11%
GNTX	C	0.11%
POOL	D	0.11%
PLNT	A	0.11%
PCTY	A	0.11%
DVA	C	0.11%
CGNX	C	0.11%
TMHC	C	0.11%
G	B	0.11%
AAON	B	0.11%
BBWI	C	0.11%
UHAL	C	0.11%
NSIT	F	0.11%
EXEL	B	0.11%
ARW	F	0.11%
VMI	B	0.1%
EXPO	D	0.1%
EXLS	B	0.1%
BPMC	B	0.1%
WHR	B	0.1%
ACI	C	0.1%
DAR	B	0.1%
IBP	F	0.1%
ESI	B	0.1%
OLLI	C	0.1%
CLF	D	0.1%
EPRT	C	0.1%
R	A	0.1%
VRNS	D	0.1%
AN	C	0.1%
ETSY	C	0.1%
CSWI	B	0.1%
RHP	B	0.1%
ESAB	B	0.1%
CBT	C	0.1%
CWST	A	0.1%
LEA	F	0.1%
ELF	C	0.1%
WH	A	0.1%
AGCO	F	0.1%
CYTK	C	0.1%
WFRD	D	0.1%
GXO	B	0.1%
U	F	0.1%
NOV	C	0.1%
INSP	F	0.1%
CMC	B	0.1%
PCOR	B	0.1%
MASI	B	0.1%
NOVT	C	0.1%
BMI	B	0.1%
MTSI	B	0.1%
MDU	F	0.09%
KD	A	0.09%
GTLS	A	0.09%
TKR	F	0.09%
ACIW	B	0.09%
PATH	C	0.09%
BILL	A	0.09%
BECN	B	0.09%
OPCH	F	0.09%
SON	D	0.09%
UGI	D	0.09%
GAP	B	0.09%
ALTR	C	0.09%
VVV	B	0.09%
ZETA	D	0.09%
INCY	B	0.09%
ST	F	0.09%
POST	D	0.09%
DY	C	0.09%
MMSI	B	0.09%
KBH	D	0.09%
XRAY	F	0.09%
BCC	B	0.09%
IDA	A	0.09%
AUR	D	0.09%
NFG	C	0.09%
BC	C	0.09%
MTDR	C	0.09%
THO	B	0.09%
ALB	B	0.09%
ACHC	F	0.09%
MMS	D	0.09%
PVH	C	0.09%
OLN	D	0.09%
AVAV	C	0.09%
PARA	C	0.09%
SRCL	B	0.09%
WTS	B	0.09%
IONS	F	0.09%
ALK	A	0.09%
BCPC	B	0.09%
FSS	C	0.09%
DBX	B	0.09%
CHX	D	0.09%
AWI	B	0.09%
MOG.A	B	0.09%
GTLB	B	0.09%
KRG	B	0.09%
IRT	A	0.08%
PECO	A	0.08%
RDNT	B	0.08%
FIVE	F	0.08%
ACA	B	0.08%
DOCS	B	0.08%
CNX	B	0.08%
NJR	A	0.08%
KRYS	B	0.08%
GATX	A	0.08%
CPRI	F	0.08%
CTRE	C	0.08%
ABG	B	0.08%
BDC	C	0.08%
AVT	C	0.08%
MATX	A	0.08%
RYN	F	0.08%
SUM	C	0.08%
ITRI	B	0.08%
MUR	F	0.08%
BCO	F	0.08%
RARE	D	0.08%
APPF	B	0.08%
GPI	A	0.08%
HCP	A	0.08%
SKY	B	0.08%
ZWS	B	0.08%
OGN	F	0.08%
RH	C	0.08%
POR	D	0.08%
PSN	B	0.08%
TMDX	F	0.08%
CIVI	F	0.08%
HXL	D	0.08%
KNF	C	0.08%
NXST	C	0.08%
AM	B	0.08%
BOOT	D	0.08%
CELH	F	0.08%
ROIV	C	0.08%
PI	D	0.08%
VNT	B	0.08%
SIRI	D	0.08%
W	F	0.08%
TPH	D	0.07%
ASH	F	0.07%
CWAN	B	0.07%
FELE	A	0.07%
LITE	A	0.07%
ENS	D	0.07%
CORT	B	0.07%
HAE	B	0.07%
M	D	0.07%
GTES	B	0.07%
BYD	A	0.07%
LOPE	B	0.07%
SLGN	A	0.07%
ASO	F	0.07%
OGS	A	0.07%
ICUI	D	0.07%
CRC	B	0.07%
SEE	C	0.07%
BKH	B	0.07%
NUVL	D	0.07%
ZG	B	0.07%
FUL	F	0.07%
CFLT	B	0.07%
CRDO	B	0.07%
VRRM	F	0.07%
LYFT	B	0.07%
SBRA	C	0.07%
ITGR	B	0.07%
MGY	B	0.07%
SIG	B	0.07%
BLKB	C	0.07%
FLO	F	0.07%
PII	F	0.07%
ORA	C	0.07%
MGM	D	0.07%
CUZ	C	0.07%
SWX	B	0.07%
QLYS	B	0.07%
SLG	C	0.07%
HRI	B	0.07%
BOX	A	0.07%
MARA	C	0.07%
AL	B	0.07%
KRC	C	0.07%
RMBS	B	0.07%
KTB	B	0.07%
HOG	F	0.07%
DLB	C	0.07%
QTWO	A	0.07%
SM	C	0.07%
TENB	C	0.07%
AVNT	B	0.07%
ALKS	B	0.07%
TDW	F	0.06%
AMKR	F	0.06%
NVST	C	0.06%
RUSHA	B	0.06%
SXT	B	0.06%
NPO	B	0.06%
LANC	C	0.06%
CDP	C	0.06%
ACLS	F	0.06%
PEGA	A	0.06%
SMTC	B	0.06%
VAL	F	0.06%
BROS	B	0.06%
GVA	B	0.06%
YETI	C	0.06%
MAN	F	0.06%
WDFC	B	0.06%
NWE	C	0.06%
LRN	B	0.06%
MPW	F	0.06%
CHWY	B	0.06%
HIW	D	0.06%
PCH	F	0.06%
SANM	B	0.06%
GMS	B	0.06%
AXNX	A	0.06%
IDCC	B	0.06%
FORM	F	0.06%
BNL	D	0.06%
PBH	A	0.06%
PRGO	C	0.06%
BBIO	F	0.06%
RKLB	B	0.06%
SEM	B	0.06%
SKT	B	0.06%
POWI	C	0.06%
AXSM	B	0.06%
FTDR	B	0.06%
NHI	D	0.06%
SR	C	0.06%
SMG	D	0.06%
ALE	A	0.06%
EPR	D	0.06%
PLXS	C	0.06%
SLAB	F	0.06%
DXC	B	0.06%
SPR	F	0.06%
DNB	B	0.06%
IIPR	F	0.06%
RXO	C	0.06%
RUN	F	0.06%
MSGS	C	0.06%
WK	B	0.06%
MSM	B	0.06%
IAC	F	0.06%
MDGL	C	0.06%
SHAK	C	0.06%
KFY	B	0.06%
MAC	B	0.06%
EDR	C	0.06%
PNM	B	0.06%
PRCT	C	0.06%
AEO	F	0.06%
AEIS	C	0.06%
WHD	B	0.06%
ASGN	C	0.06%
NEU	C	0.06%
HUN	F	0.06%
HL	D	0.06%
AIN	D	0.05%
TNDM	F	0.05%
ACVA	C	0.05%
ADTN	B	0.05%
PK	B	0.05%
REZI	A	0.05%
LXP	C	0.05%
IOSP	B	0.05%
DIOD	F	0.05%
LBRT	F	0.05%
CNXC	F	0.05%
PTCT	B	0.05%
TRN	B	0.05%
PENN	B	0.05%
PRGS	A	0.05%
TNET	D	0.05%
WLK	F	0.05%
PBF	F	0.05%
LCII	C	0.05%
TDC	D	0.05%
ALGM	F	0.05%
DORM	B	0.05%
DEI	C	0.05%
JWN	B	0.05%
SQSP	A	0.05%
SATS	C	0.05%
PRIM	B	0.05%
ALIT	B	0.05%
NSP	F	0.05%
CALM	B	0.05%
UNF	B	0.05%
APLS	F	0.05%
PTEN	C	0.05%
WEN	C	0.05%
CC	C	0.05%
NWL	B	0.05%
ATKR	D	0.05%
AVA	C	0.05%
TNL	A	0.05%
YOU	D	0.05%
CNK	B	0.05%
SYNA	D	0.05%
HIMS	B	0.05%
CRVL	B	0.05%
BL	B	0.05%
COMP	B	0.05%
WBA	D	0.05%
GFF	A	0.05%
ENV	B	0.05%
AWR	B	0.05%
CWK	B	0.05%
EVH	F	0.05%
DNLI	B	0.05%
SMPL	B	0.05%
JBT	A	0.05%
AMED	F	0.05%
FOLD	D	0.05%
SITM	B	0.05%
BTU	B	0.05%
CWT	D	0.05%
BRC	A	0.05%
ZI	D	0.05%
CBZ	B	0.05%
APLE	B	0.05%
SKYW	B	0.05%
IRDM	C	0.05%
SGBX	F	0.05%
AROC	B	0.05%
PAG	B	0.05%
TGTX	B	0.05%
COTY	F	0.05%
EAT	B	0.05%
OTTR	C	0.05%
LCID	F	0.05%
NEOG	F	0.05%
NSA	D	0.05%
MGEE	A	0.05%
ABM	B	0.05%
ESE	B	0.05%
KTOS	B	0.05%
HCC	C	0.05%
CCOI	C	0.05%
RIG	D	0.05%
TEX	D	0.05%
NOG	B	0.05%
SHOO	D	0.05%
MWA	B	0.05%
CHH	B	0.05%
STRA	C	0.04%
SXI	B	0.04%
CALX	F	0.04%
ZD	B	0.04%
AMBA	C	0.04%
CNMD	C	0.04%
AIR	C	0.04%
KSS	F	0.04%
YELP	C	0.04%
CRI	D	0.04%
MHO	D	0.04%
DOCN	D	0.04%
MIR	C	0.04%
PSMT	C	0.04%
AZTA	F	0.04%
KWR	C	0.04%
VERX	B	0.04%
WERN	B	0.04%
EPAC	B	0.04%
ENR	B	0.04%
IPAR	B	0.04%
TXG	F	0.04%
KYMR	C	0.04%
ARWR	C	0.04%
DV	C	0.04%
HAYW	C	0.04%
VAC	B	0.04%
IRTC	C	0.04%
MTRN	B	0.04%
AAP	D	0.04%
INTA	B	0.04%
HHH	B	0.04%
AZZ	B	0.04%
VSH	F	0.04%
MYGN	F	0.04%
LGIH	F	0.04%
ARCH	B	0.04%
SMMT	D	0.04%
JOE	F	0.04%
ENOV	C	0.04%
HNI	B	0.04%
FRSH	B	0.04%
ASTH	F	0.04%
FL	F	0.04%
HBI	B	0.04%
OSIS	B	0.04%
SGRY	F	0.04%
RNG	B	0.04%
CDE	D	0.04%
AKR	C	0.04%
MTX	B	0.04%
CARG	B	0.04%
RPD	C	0.04%
SAM	B	0.04%
TWST	F	0.04%
GT	C	0.04%
OII	B	0.04%
AGIO	B	0.04%
SPB	B	0.04%
CWEN	D	0.04%
RNA	B	0.04%
ALRM	C	0.04%
ARCB	C	0.04%
IOVA	D	0.04%
FROG	C	0.04%
HGV	B	0.04%
MGRC	B	0.04%
OUT	C	0.04%
UE	B	0.04%
SHC	D	0.04%
TGNA	B	0.04%
AMR	C	0.04%
VCYT	B	0.04%
VC	D	0.04%
PRFT	A	0.04%
HUBG	A	0.04%
COLM	B	0.04%
GH	B	0.04%
GHC	B	0.04%
URBN	C	0.04%
AI	B	0.04%
ATGE	B	0.04%
HP	C	0.04%
CXT	D	0.04%
NCNO	B	0.04%
RRR	F	0.04%
APOG	B	0.03%
GO	C	0.03%
ELME	D	0.03%
GTY	B	0.03%
NWN	B	0.03%
ALKT	B	0.03%
VRNT	D	0.03%
RAMP	C	0.03%
TDOC	C	0.03%
CABO	B	0.03%
GEF	A	0.03%
UPBD	B	0.03%
HLIO	B	0.03%
HE	F	0.03%
PTON	B	0.03%
PEB	D	0.03%
LTC	B	0.03%
PD	C	0.03%
CENTA	C	0.03%
AMN	F	0.03%
CRGY	B	0.03%
ANDE	D	0.03%
RXRX	C	0.03%
SUPN	B	0.03%
REYN	D	0.03%
PPC	B	0.03%
NHC	B	0.03%
AMC	C	0.03%
DDS	C	0.03%
SCL	C	0.03%
UAA	B	0.03%
CVCO	B	0.03%
NPAB	F	0.03%
NVCR	B	0.03%
GEO	B	0.03%
XPRO	F	0.03%
DRH	B	0.03%
RDDT	B	0.03%
MLKN	D	0.03%
FOXF	F	0.03%
LEG	F	0.03%
PDCO	F	0.03%
TROX	F	0.03%
WKC	D	0.03%
LGND	B	0.03%
KNTK	B	0.03%
PZZA	D	0.03%
GOLF	B	0.03%
TTMI	B	0.03%
LZB	C	0.03%
EPC	F	0.03%
FTRE	D	0.03%
TNC	F	0.03%
BEAM	C	0.03%
STAA	F	0.03%
KAR	B	0.03%
B	A	0.03%
CAKE	B	0.03%
MGNI	A	0.03%
MRCY	B	0.03%
IMVT	D	0.03%
BRZE	C	0.03%
VECO	F	0.03%
NEO	B	0.03%
ROIC	A	0.03%
PHIN	B	0.03%
ACAD	C	0.03%
NVAX	F	0.03%
HURN	B	0.03%
GNL	D	0.03%
JBLU	C	0.03%
CRNX	B	0.03%
HI	C	0.03%
QS	F	0.03%
VSTS	D	0.03%
PRVA	B	0.03%
THS	F	0.03%
NMRK	B	0.03%
WLY	A	0.03%
INFA	D	0.03%
IPGP	C	0.03%
VYX	B	0.03%
JOBY	C	0.03%
NTLA	F	0.03%
KAI	B	0.03%
PLUG	D	0.03%
VGR	B	0.03%
VIAV	B	0.03%
JJSF	B	0.03%
LTH	D	0.03%
PINC	A	0.03%
OMCL	C	0.03%
VSCO	B	0.03%
KMT	B	0.03%
LAUR	B	0.03%
CGON	D	0.03%
RIOT	B	0.03%
EQC	C	0.03%
OI	D	0.03%
NARI	C	0.03%
MP	C	0.03%
BE	B	0.03%
IVT	B	0.03%
LEVI	F	0.03%
TDS	B	0.03%
SHO	C	0.03%
RCM	B	0.03%
ROG	D	0.03%
SWTX	D	0.03%
FIVN	C	0.03%
EXTR	B	0.02%
FSLY	D	0.02%
RVLV	B	0.02%
GSAT	B	0.02%
ODP	F	0.02%
UNFI	C	0.02%
ARRY	C	0.02%
SHLS	D	0.02%
VICR	B	0.02%
CWEN	D	0.02%
CWH	C	0.02%
TRS	C	0.02%
ASAN	C	0.02%
MD	C	0.02%
MRVI	F	0.02%
CBRL	C	0.02%
THR	D	0.02%
FA	D	0.02%
ATSG	A	0.02%
INVA	B	0.02%
VSTO	A	0.02%
MRC	B	0.02%
SCSC	B	0.02%
IAS	D	0.02%
CARS	B	0.02%
SNDR	B	0.02%
AHCO	D	0.02%
ROCK	C	0.02%
UA	B	0.02%
PLAY	C	0.02%
CSR	C	0.02%
EXPI	C	0.02%
ETWO	D	0.02%
RLAY	F	0.02%
MXL	C	0.02%
NOVA	F	0.02%
FIZZ	B	0.02%
AVNS	F	0.02%
KALU	B	0.02%
WMK	B	0.02%
WS	B	0.02%
SDGR	C	0.02%
ALHC	C	0.02%
KFRC	C	0.02%
FDP	B	0.02%
KW	C	0.02%
SCS	C	0.02%
PYCR	B	0.02%
XRX	F	0.02%
OMI	F	0.02%
DK	D	0.02%
CEIX	B	0.02%
AMRX	B	0.02%
GIII	D	0.02%
UTZ	F	0.02%
OPEN	F	0.02%
MSGE	F	0.02%
IART	D	0.02%
ZUO	B	0.02%
AGL	F	0.02%
PBI	C	0.02%
AIV	C	0.02%
INSW	F	0.02%
AAT	C	0.02%
WOLF	F	0.02%
CMPR	D	0.02%
AMRC	F	0.02%
UVV	B	0.02%
WOR	F	0.02%
HRMY	D	0.02%
PDM	D	0.02%
LBRDA	C	0.02%
JELD	F	0.02%
BKD	F	0.02%
PGNY	F	0.02%
OXM	D	0.02%
ATRC	B	0.02%
UNIT	C	0.02%
UPWK	B	0.02%
NX	C	0.02%
ENVX	F	0.02%
AESI	C	0.02%
WWW	B	0.02%
CXW	B	0.02%
JAMF	F	0.02%
PCT	C	0.02%
APPN	B	0.02%
BKE	A	0.02%
SABR	B	0.02%
RLJ	B	0.02%
VSAT	F	0.02%
LNN	C	0.02%
CSGS	B	0.02%
XNCR	B	0.02%
DNOW	B	0.02%
DAN	D	0.02%
REVG	B	0.02%
SPT	C	0.02%
SBH	C	0.02%
ALEX	B	0.02%
JBI	F	0.02%
WRBY	B	0.02%
VRE	B	0.02%
BLMN	F	0.02%
CAR	C	0.02%
HELE	C	0.02%
CERT	F	0.02%
NGVT	B	0.02%
INFN	C	0.02%
RDFN	D	0.02%
ESRT	D	0.02%
THRM	F	0.02%
TRIP	D	0.02%
FLNC	D	0.02%
NTCT	B	0.02%
SONO	C	0.02%
GBX	A	0.02%
XHR	B	0.02%
HEES	B	0.02%
JBGS	F	0.02%
MODG	F	0.02%
KN	B	0.02%
BHE	C	0.02%
ARVN	D	0.02%
DYN	C	0.02%
CNDT	B	0.01%
CRCT	F	0.01%
WOOF	D	0.01%
HTZ	C	0.01%
INN	C	0.01%
ANAB	F	0.01%
EE	B	0.01%
ADPT	B	0.01%
RMR	F	0.01%
RCUS	D	0.01%
PTVE	C	0.01%
NVRI	F	0.01%
OPK	B	0.01%
FWRD	D	0.01%
TWKS	B	0.01%
USNA	C	0.01%
IBTA	B	0.01%
DJT	D	0.01%
CCO	C	0.01%
GCMG	C	0.01%
ULCC	B	0.01%
LGF.A	F	0.01%
ALX	D	0.01%
TGI	B	0.01%
BFS	C	0.01%
TR	C	0.01%
DAWN	C	0.01%
INST	B	0.01%
OLO	B	0.01%
TILE	B	0.01%
HTLD	C	0.01%
ATUS	B	0.01%
MLNK	C	0.01%
GDRX	F	0.01%
CAL	D	0.01%
CHPT	F	0.01%
SANA	F	0.01%
IRWD	D	0.01%
SRCL	B	0.01%
FOR	F	0.01%
CTKB	B	0.01%
ZIP	C	0.01%
GES	F	0.01%
MAX	F	0.01%
BMBL	C	0.01%
BASE	C	0.01%
PUBM	C	0.01%
SCHL	D	0.01%
RES	F	0.01%
PHR	D	0.01%
ARHS	F	0.01%
HY	F	0.01%
MCW	C	0.01%
RCKT	F	0.01%
QXO	D	0.01%
IBUY	A	0.01%
KELYA	F	0.01%
PCRX	D	0.01%
SWI	B	0.01%
UHAL	C	0.01%
BGS	F	0.01%
LFST	B	0.01%
MATW	C	0.01%
HPP	F	0.01%
PUMP	D	0.01%
HLF	D	0.01%
AXL	C	0.01%
YEXT	A	0.01%
HSTM	A	0.01%
RGR	F	0.01%
VMEO	B	0.01%
KOP	C	0.01%
BJRI	B	0.01%
ECVT	C	0.01%
AMWD	B	0.01%
UDMY	C	0.01%
ASTE	B	0.01%
SHEN	F	0.01%
PRLB	B	0.01%
PTLO	C	0.01%
SVC	F	0.01%
SEB	D	0.01%
RSI	B	0.01%
SEMR	C	0.01%
SAH	B	0.01%
HAIN	F	0.01%
CDNA	D	0.01%
BCRX	C	0.01%
PRO	C	0.01%
HLX	D	0.01%
WNC	C	0.01%
CVI	F	0.01%
CRK	B	0.01%
EMBC	B	0.01%
XMTR	B	0.01%
GRC	B	0.01%
VIR	C	0.01%
DRVN	A	0.01%
HCSG	B	0.01%
MNRO	B	0.01%
CENX	B	0.01%
NFE	F	0.01%
VZIO	D	0.01%
NABL	F	0.01%
ALGT	B	0.01%
EYE	D	0.01%
DLX	A	0.01%
CXM	C	0.01%
RBRK	B	0.01%
USM	C	0.01%
CLB	C	0.01%
COUR	F	0.01%
DFH	F	0.01%
MATV	F	0.01%
SSTK	D	0.01%
SMR	B	0.01%
FIGS	F	0.01%
JACK	D	0.01%
BDN	D	0.01%
BV	B	0.01%
LGF.A	F	0.01%
PGRE	B	0.01%
DNUT	D	0.01%
MMI	B	0.01%
SCWX	B	0.0%
AC	B	0.0%
AMCX	C	0.0%
ZNTL	D	0.0%
ACDC	C	0.0%
GEF	A	0.0%
PRME	D	0.0%
INNV	C	0.0%
LAZR	C	0.0%
ANGI	F	0.0%
NUS	D	0.0%
LDI	B	0.0%
BRCC	F	0.0%
BIGC	C	0.0%
SAGE	F	0.0%
GOGO	C	0.0%
DH	D	0.0%
TASK	B	0.0%
PL	B	0.0%
DIN	C	0.0%
RGNX	D	0.0%
OLPX	F	0.0%
RUSHB	B	0.0%
VREX	C	0.0%
LASR	D	0.0%
CMP	D	0.0%
CENT	C	0.0%
LESL	D	0.0%
BOWL	D	0.0%
HPK	D	0.0%
ENFN	B	0.0%
SWBI	D	0.0%
KRO	D	0.0%
CRSR	C	0.0%
SNCY	B	0.0%
NAPA	A	0.0%

VB Underweight 173 Positions Relative to FNCL

Symbol	Grade	Weight
JPM	B	-8.8%
BRK.A	B	-7.7%
V	A	-6.0%
MA	B	-5.36%
BAC	A	-3.96%
WFC	A	-3.13%
GS	B	-2.39%
AXP	B	-2.11%
MS	A	-1.99%
SPGI	C	-1.94%
PGR	A	-1.88%
C	A	-1.64%
BX	A	-1.56%
FI	A	-1.54%
SCHW	A	-1.42%
MMC	C	-1.36%
CB	C	-1.34%
KKR	B	-1.17%
ICE	D	-1.11%
PNC	B	-1.01%
USB	A	-1.0%
PYPL	A	-1.0%
CME	A	-0.99%
MCO	C	-0.94%
AON	A	-0.92%
COF	B	-0.91%
APO	B	-0.81%
AJG	A	-0.79%
TFC	B	-0.78%
AFL	C	-0.73%
BK	B	-0.72%
TRV	B	-0.72%
AMP	A	-0.7%
AIG	B	-0.64%
MET	C	-0.63%
ALL	A	-0.62%
COIN	B	-0.6%
FIS	B	-0.6%
DFS	B	-0.57%
PRU	B	-0.57%
MSCI	B	-0.56%
SQ	B	-0.54%
ACGL	D	-0.47%
MTB	B	-0.45%
HIG	C	-0.44%
NDAQ	A	-0.41%
ARES	B	-0.4%
FITB	A	-0.4%
WTW	A	-0.4%
RJF	A	-0.39%
GPN	B	-0.37%
STT	B	-0.36%
SYF	B	-0.34%
TROW	B	-0.34%
BRO	A	-0.33%
HBAN	B	-0.32%
RF	B	-0.3%
CPAY	A	-0.29%
CINF	A	-0.29%
CFG	B	-0.28%
LPLA	B	-0.28%
MKL	A	-0.27%
NTRS	A	-0.27%
CBOE	D	-0.26%
PFG	C	-0.25%
KEY	B	-0.24%
WRB	B	-0.23%
IBKR	A	-0.22%
FDS	A	-0.22%
L	A	-0.2%
EG	D	-0.2%
FNF	C	-0.19%
TW	C	-0.18%
ENVA	B	-0.04%
SNEX	B	-0.04%
NMIH	C	-0.04%
SYBT	B	-0.03%
FBK	B	-0.03%
AGM	B	-0.03%
BANC	B	-0.03%
EFSC	B	-0.03%
SBCF	B	-0.03%
TBBK	B	-0.03%
DCOM	B	-0.02%
OCFC	B	-0.02%
SRCE	B	-0.02%
PEBO	B	-0.02%
RC	D	-0.02%
GABC	A	-0.02%
NIC	B	-0.02%
VBTX	B	-0.02%
QCRH	B	-0.02%
TCBK	B	-0.02%
CUBI	B	-0.02%
SKWD	A	-0.02%
BUSE	B	-0.02%
DFIN	D	-0.02%
LKFN	B	-0.02%
SASR	A	-0.02%
STC	C	-0.02%
FBNC	B	-0.02%
CASH	B	-0.02%
FRHC	A	-0.02%
RKT	F	-0.02%
HONE	B	-0.01%
KRNY	B	-0.01%
CCBG	B	-0.01%
UFCS	A	-0.01%
TREE	D	-0.01%
HAFC	B	-0.01%
GSBC	B	-0.01%
NFBK	B	-0.01%
MCB	B	-0.01%
TIPT	B	-0.01%
EZPW	B	-0.01%
SPFI	B	-0.01%
PGC	A	-0.01%
TRST	B	-0.01%
GDOT	C	-0.01%
BHB	B	-0.01%
FMNB	B	-0.01%
IMXI	B	-0.01%
UVE	B	-0.01%
FSBC	B	-0.01%
THFF	B	-0.01%
IIIV	A	-0.01%
SMBC	B	-0.01%
CTLP	B	-0.01%
MSBI	B	-0.01%
EQBK	B	-0.01%
RBCAA	B	-0.01%
CAC	B	-0.01%
CPF	B	-0.01%
MCBS	B	-0.01%
AMTB	B	-0.01%
BFST	B	-0.01%
CASS	B	-0.01%
RPAY	C	-0.01%
HTBK	A	-0.01%
CCB	A	-0.01%
PFBC	B	-0.01%
OSBC	A	-0.01%
FCBC	B	-0.01%
AMAL	B	-0.01%
FMBH	B	-0.01%
CFB	B	-0.01%
WASH	B	-0.01%
HBNC	B	-0.01%
HFWA	B	-0.01%
BFC	B	-0.01%
BHRB	B	-0.01%
DX	C	-0.01%
BSIG	B	-0.01%
BY	B	-0.01%
MBWM	B	-0.01%
MBIN	D	-0.01%
EFC	C	-0.01%
SBSI	B	-0.01%
OBK	B	-0.01%
CNOB	B	-0.01%
CTBI	B	-0.01%
IBCP	B	-0.01%
HCI	C	-0.01%
FBMS	B	-0.01%
UVSP	B	-0.01%
AMSF	A	-0.01%
PFC	B	-0.01%
AROW	B	-0.0%
RILY	F	-0.0%
GCBC	B	-0.0%
DGICA	A	-0.0%
DHIL	B	-0.0%
HBT	B	-0.0%