VBR vs. ESML ETF Comparison

Comparison of Vanguard Small-Cap Value ETF - DNQ (VBR) to iShares MSCI USA Small-Cap ESG Optimized ETF (ESML)

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

$207.86

Average Daily Volume

431,704

Number of Holdings ^*

797

* may have additional holdings in another (foreign) market

ESML

iShares MSCI USA Small-Cap ESG Optimized ETF

ESML Description

The investment seeks to track the investment results of the MSCI USA Small Cap Extended ESG Focus Index. The fund generally will invest at least 90% of its assets in the component securities of the underlying index and may invest up to 10% of its assets in certain futures, options and swap contracts, cash and cash equivalents. The underlying index is an optimized equity index designed to produce investment results comparable to the MSCI USA Small Cap Index (the "parent index"), while reflecting a higher allocation than that of the parent index to U.S. small-capitalization companies with favorable ESG profiles. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$43.57

Average Daily Volume

103,565

Number of Holdings ^*

904

* may have additional holdings in another (foreign) market

Performance

Period	VBR	ESML
30 Days	1.03%	1.19%
60 Days	5.45%	6.06%
90 Days	8.32%	11.14%
12 Months	30.83%	30.32%

437 Overlapping Holdings

Symbol	Grade	Weight in VBR	Weight in ESML	Overlap
AA	A	0.29%	0.19%	0.19%
AAP	D	0.07%	0.06%	0.06%
AAT	C	0.04%	0.07%	0.04%
ABCB	A	0.12%	0.11%	0.11%
ABG	A	0.14%	0.12%	0.12%
ABM	B	0.1%	0.09%	0.09%
ACA	B	0.13%	0.14%	0.13%
ACHC	F	0.16%	0.09%	0.09%
ADC	A	0.22%	0.11%	0.11%
AEO	F	0.11%	0.08%	0.08%
AGCO	D	0.18%	0.13%	0.13%
AGNC	C	0.24%	0.12%	0.12%
AGO	A	0.11%	0.06%	0.06%
AIR	B	0.06%	0.06%	0.06%
AIT	A	0.25%	0.13%	0.13%
AL	A	0.13%	0.1%	0.1%
ALK	A	0.16%	0.23%	0.16%
ALSN	B	0.24%	0.26%	0.24%
AM	A	0.15%	0.15%	0.15%
AMBC	C	0.01%	0.05%	0.01%
AMED	F	0.09%	0.09%	0.09%
AMG	A	0.15%	0.19%	0.15%
AMN	F	0.05%	0.04%	0.04%
AMWD	B	0.02%	0.08%	0.02%
AN	D	0.17%	0.07%	0.07%
ANDE	C	0.05%	0.06%	0.05%
ANF	C	0.21%	0.15%	0.15%
APAM	A	0.09%	0.1%	0.09%
APG	C	0.24%	0.06%	0.06%
AR	B	0.12%	0.22%	0.12%
ARCB	C	0.07%	0.05%	0.05%
ARMK	C	0.29%	0.23%	0.23%
AROC	A	0.09%	0.1%	0.09%
ARW	D	0.2%	0.09%	0.09%
ASB	A	0.09%	0.17%	0.09%
ASGN	D	0.11%	0.14%	0.11%
ASH	F	0.12%	0.04%	0.04%
ASTE	B	0.02%	0.05%	0.02%
ATGE	B	0.08%	0.06%	0.06%
ATKR	C	0.09%	0.09%	0.09%
ATR	B	0.31%	0.24%	0.24%
AUB	A	0.1%	0.11%	0.1%
AUR	D	0.16%	0.08%	0.08%
AVA	C	0.09%	0.19%	0.09%
AVNT	A	0.13%	0.07%	0.07%
AVT	C	0.14%	0.27%	0.14%
AWR	A	0.09%	0.05%	0.05%
AXL	C	0.02%	0.05%	0.02%
AXS	A	0.17%	0.19%	0.17%
AXTA	A	0.23%	0.27%	0.23%
AYI	A	0.24%	0.34%	0.24%
AZTA	F	0.06%	0.07%	0.06%
AZZ	B	0.07%	0.07%	0.07%
BANR	A	0.06%	0.18%	0.06%
BASE	C	0.02%	0.05%	0.02%
BC	D	0.16%	0.07%	0.07%
BCC	B	0.16%	0.16%	0.16%
BDC	B	0.14%	0.2%	0.14%
BDN	D	0.03%	0.07%	0.03%
BECN	B	0.15%	0.14%	0.14%
BERY	D	0.21%	0.17%	0.17%
BGC	B	0.09%	0.05%	0.05%
BHE	B	0.04%	0.16%	0.04%
BHLB	A	0.03%	0.2%	0.03%
BJ	B	0.32%	0.25%	0.25%
BKD	F	0.04%	0.04%	0.04%
BKU	A	0.08%	0.06%	0.06%
BLKB	D	0.06%	0.12%	0.06%
BNL	D	0.1%	0.05%	0.05%
BOH	A	0.07%	0.08%	0.07%
BPOP	C	0.21%	0.08%	0.08%
BRC	C	0.09%	0.09%	0.09%
BRX	A	0.24%	0.16%	0.16%
BWA	A	0.24%	0.18%	0.18%
BXMT	D	0.07%	0.08%	0.07%
BYD	A	0.06%	0.06%	0.06%
CABO	B	0.05%	0.13%	0.05%
CACI	C	0.32%	0.21%	0.21%
CADE	A	0.17%	0.15%	0.15%
CAKE	A	0.05%	0.06%	0.05%
CAL	D	0.02%	0.04%	0.02%
CAR	C	0.04%	0.06%	0.04%
CBSH	A	0.2%	0.23%	0.2%
CBT	C	0.18%	0.13%	0.13%
CBU	A	0.09%	0.06%	0.06%
CC	C	0.09%	0.05%	0.05%
CDE	D	0.07%	0.05%	0.05%
CDP	C	0.1%	0.21%	0.1%
CFR	A	0.19%	0.1%	0.1%
CLB	C	0.01%	0.06%	0.01%
CLF	F	0.17%	0.06%	0.06%
CMA	A	0.23%	0.21%	0.21%
CMC	B	0.18%	0.22%	0.18%
CMP	B	0.01%	0.06%	0.01%
CNK	A	0.04%	0.09%	0.04%
CNO	A	0.1%	0.2%	0.1%
CNX	A	0.13%	0.28%	0.13%
CNXC	F	0.08%	0.03%	0.03%
COHR	B	0.2%	0.28%	0.2%
COLB	A	0.16%	0.13%	0.13%
COLM	B	0.04%	0.07%	0.04%
COMP	B	0.09%	0.06%	0.06%
COOP	B	0.16%	0.05%	0.05%
CPRI	F	0.14%	0.03%	0.03%
CR	A	0.22%	0.19%	0.19%
CRC	B	0.12%	0.1%	0.1%
CRI	D	0.06%	0.04%	0.04%
CRUS	F	0.19%	0.15%	0.15%
CSGS	A	0.04%	0.11%	0.04%
CUZ	B	0.13%	0.21%	0.13%
CVBF	A	0.07%	0.12%	0.07%
CWEN	D	0.07%	0.05%	0.05%
CWEN	D	0.07%	0.07%	0.07%
CWEN	D	0.03%	0.07%	0.03%
CWEN	D	0.03%	0.05%	0.03%
CWK	B	0.09%	0.07%	0.07%
DCI	B	0.26%	0.25%	0.25%
DEI	B	0.08%	0.02%	0.02%
DK	D	0.03%	0.04%	0.03%
DLX	A	0.02%	0.06%	0.02%
DNOW	A	0.04%	0.05%	0.04%
DTM	A	0.22%	0.28%	0.22%
DXC	C	0.11%	0.11%	0.11%
DY	C	0.08%	0.1%	0.08%
DYN	F	0.04%	0.04%	0.04%
EAT	A	0.09%	0.16%	0.09%
ECPG	B	0.03%	0.11%	0.03%
EDR	A	0.11%	0.05%	0.05%
EE	A	0.01%	0.07%	0.01%
EGP	D	0.26%	0.21%	0.21%
EHC	B	0.28%	0.29%	0.28%
ELAN	C	0.21%	0.16%	0.16%
EMBC	C	0.02%	0.05%	0.02%
ENOV	C	0.07%	0.08%	0.07%
ENR	A	0.07%	0.07%	0.07%
EPC	F	0.05%	0.04%	0.04%
EPR	D	0.11%	0.05%	0.05%
ESE	A	0.1%	0.09%	0.09%
ESI	B	0.17%	0.14%	0.14%
ESNT	D	0.19%	0.07%	0.07%
ESRT	D	0.04%	0.07%	0.04%
ETWO	F	0.03%	0.03%	0.03%
EVR	A	0.27%	0.12%	0.12%
EWBC	A	0.33%	0.4%	0.33%
EYE	C	0.02%	0.06%	0.02%
FA	D	0.03%	0.1%	0.03%
FAF	C	0.19%	0.16%	0.16%
FBP	A	0.1%	0.2%	0.1%
FCN	F	0.24%	0.19%	0.19%
FFBC	A	0.07%	0.05%	0.05%
FFIN	A	0.13%	0.06%	0.06%
FHN	A	0.24%	0.23%	0.23%
FIBK	A	0.07%	0.15%	0.07%
FL	F	0.07%	0.06%	0.06%
FLO	D	0.13%	0.04%	0.04%
FLR	B	0.24%	0.1%	0.1%
FLS	A	0.2%	0.16%	0.16%
FMC	F	0.24%	0.14%	0.14%
FR	D	0.21%	0.09%	0.09%
FRT	B	0.28%	0.31%	0.28%
FTRE	D	0.05%	0.05%	0.05%
FUL	F	0.12%	0.1%	0.1%
FULT	A	0.09%	0.12%	0.09%
FYBR	C	0.25%	0.13%	0.13%
GAP	C	0.15%	0.12%	0.12%
GATX	A	0.14%	0.17%	0.14%
GBCI	A	0.15%	0.3%	0.15%
GBX	A	0.04%	0.07%	0.04%
GEF	A	0.0%	0.05%	0.0%
GEF	A	0.0%	0.05%	0.0%
GEF	A	0.04%	0.05%	0.04%
GEF	A	0.04%	0.05%	0.04%
GL	B	0.27%	0.12%	0.12%
GME	C	0.25%	0.21%	0.21%
GO	C	0.04%	0.05%	0.04%
GPI	A	0.14%	0.19%	0.14%
GPK	D	0.26%	0.26%	0.26%
GT	C	0.07%	0.07%	0.07%
GTES	B	0.12%	0.07%	0.07%
GVA	A	0.1%	0.08%	0.08%
HAIN	F	0.02%	0.05%	0.02%
HAS	D	0.28%	0.19%	0.19%
HASI	F	0.12%	0.1%	0.1%
HAYW	A	0.07%	0.05%	0.05%
HBI	A	0.07%	0.07%	0.07%
HCC	B	0.1%	0.05%	0.05%
HELE	C	0.04%	0.06%	0.04%
HI	C	0.06%	0.07%	0.06%
HIW	D	0.1%	0.13%	0.1%
HL	D	0.11%	0.04%	0.04%
HNI	A	0.07%	0.15%	0.07%
HOG	D	0.13%	0.2%	0.13%
HPP	F	0.02%	0.04%	0.02%
HRB	D	0.26%	0.19%	0.19%
HURN	B	0.06%	0.06%	0.06%
HWC	A	0.13%	0.09%	0.09%
IART	C	0.03%	0.05%	0.03%
IBOC	A	0.1%	0.06%	0.06%
ICUI	D	0.12%	0.08%	0.08%
IMVT	D	0.05%	0.04%	0.04%
INDB	A	0.07%	0.08%	0.07%
INFA	F	0.06%	0.05%	0.05%
INGR	B	0.26%	0.42%	0.26%
IOSP	C	0.08%	0.08%	0.08%
ITGR	B	0.13%	0.13%	0.13%
ITT	A	0.35%	0.28%	0.28%
IVZ	B	0.22%	0.24%	0.22%
JAZZ	A	0.19%	0.16%	0.16%
JBGS	D	0.04%	0.05%	0.04%
JEF	A	0.26%	0.11%	0.11%
JELD	F	0.04%	0.03%	0.03%
JHG	A	0.14%	0.51%	0.14%
JLL	C	0.37%	0.34%	0.34%
JWN	A	0.08%	0.06%	0.06%
JXN	B	0.2%	0.14%	0.14%
KAR	A	0.05%	0.11%	0.05%
KBH	D	0.16%	0.2%	0.16%
KBR	D	0.25%	0.35%	0.25%
KD	A	0.15%	0.1%	0.1%
KELYA	F	0.02%	0.03%	0.02%
KFY	B	0.11%	0.09%	0.09%
KMPR	A	0.11%	0.05%	0.05%
KNF	B	0.15%	0.13%	0.13%
KOP	C	0.02%	0.08%	0.02%
KRC	C	0.13%	0.11%	0.11%
KREF	D	0.02%	0.06%	0.02%
KSS	F	0.06%	0.05%	0.05%
KTB	A	0.13%	0.16%	0.13%
LAD	A	0.24%	0.22%	0.22%
LCII	D	0.04%	0.1%	0.04%
LEA	F	0.18%	0.1%	0.1%
LEG	F	0.05%	0.05%	0.05%
LESL	C	0.0%	0.04%	0.0%
LEVI	F	0.03%	0.05%	0.03%
LGF.A	F	0.01%	0.04%	0.01%
LGF.A	F	0.03%	0.04%	0.03%
LNC	A	0.15%	0.09%	0.09%
LPX	A	0.2%	0.17%	0.17%
LRN	A	0.05%	0.13%	0.05%
LUMN	C	0.21%	0.19%	0.19%
LXP	D	0.08%	0.06%	0.06%
LYFT	B	0.13%	0.11%	0.11%
M	C	0.12%	0.13%	0.12%
MAC	A	0.11%	0.08%	0.08%
MAN	F	0.1%	0.06%	0.06%
MAT	C	0.19%	0.13%	0.13%
MDGL	C	0.11%	0.05%	0.05%
MDU	D	0.15%	0.18%	0.15%
MGRC	B	0.07%	0.09%	0.07%
MHK	D	0.25%	0.07%	0.07%
MHO	D	0.06%	0.05%	0.05%
MIR	A	0.06%	0.08%	0.06%
MKSI	D	0.21%	0.14%	0.14%
MLKN	F	0.05%	0.04%	0.04%
MMI	A	0.03%	0.05%	0.03%
MNRO	B	0.02%	0.05%	0.02%
MODG	F	0.02%	0.05%	0.02%
MOG.A	B	0.17%	0.24%	0.17%
MPW	F	0.1%	0.05%	0.05%
MRC	B	0.03%	0.05%	0.03%
MSA	D	0.19%	0.17%	0.17%
MTG	C	0.19%	0.23%	0.19%
MTH	D	0.21%	0.17%	0.17%
MTRN	C	0.07%	0.06%	0.06%
MTX	B	0.07%	0.12%	0.07%
MTZ	B	0.11%	0.17%	0.11%
MUR	F	0.14%	0.13%	0.13%
MUSA	A	0.26%	0.34%	0.26%
MXL	C	0.02%	0.05%	0.02%
MYGN	F	0.03%	0.03%	0.03%
NABL	F	0.01%	0.04%	0.01%
NBHC	A	0.05%	0.05%	0.05%
NBTB	A	0.06%	0.06%	0.06%
NCLH	B	0.13%	0.24%	0.13%
NFG	A	0.16%	0.2%	0.16%
NJR	A	0.13%	0.21%	0.13%
NPO	A	0.1%	0.13%	0.1%
NSIT	F	0.2%	0.13%	0.13%
NUVL	D	0.13%	0.05%	0.05%
NVST	C	0.1%	0.06%	0.06%
NVT	B	0.34%	0.19%	0.19%
NWL	B	0.09%	0.1%	0.09%
NWN	A	0.04%	0.07%	0.04%
NXST	D	0.15%	0.09%	0.09%
NYT	D	0.25%	0.18%	0.18%
OGN	F	0.14%	0.09%	0.09%
OGS	A	0.12%	0.31%	0.12%
OHI	C	0.3%	0.19%	0.19%
OMCL	C	0.06%	0.05%	0.05%
OMF	A	0.16%	0.2%	0.16%
OMI	F	0.03%	0.04%	0.03%
ONB	B	0.17%	0.19%	0.17%
ORI	A	0.24%	0.13%	0.13%
OSK	C	0.19%	0.3%	0.19%
OUT	A	0.07%	0.07%	0.07%
OZK	A	0.13%	0.14%	0.13%
PBF	D	0.08%	0.06%	0.06%
PBI	C	0.04%	0.05%	0.04%
PCH	D	0.1%	0.17%	0.1%
PDCO	F	0.05%	0.13%	0.05%
PDM	D	0.04%	0.06%	0.04%
PECO	A	0.07%	0.07%	0.07%
PENN	B	0.08%	0.05%	0.05%
PFS	A	0.07%	0.05%	0.05%
PFSI	D	0.08%	0.1%	0.08%
PINC	B	0.06%	0.14%	0.06%
PIPR	A	0.14%	0.08%	0.08%
PK	C	0.08%	0.06%	0.06%
PLXS	B	0.11%	0.17%	0.11%
PNFP	A	0.1%	0.3%	0.1%
POST	D	0.08%	0.09%	0.08%
PPBI	A	0.07%	0.06%	0.06%
PR	C	0.12%	0.19%	0.12%
PRAA	C	0.02%	0.05%	0.02%
PRG	A	0.06%	0.05%	0.05%
PRGO	C	0.1%	0.07%	0.07%
PRGS	B	0.08%	0.24%	0.08%
PRI	A	0.26%	0.23%	0.23%
PRIM	A	0.09%	0.14%	0.09%
PSMT	D	0.06%	0.05%	0.05%
PSN	C	0.14%	0.1%	0.1%
PTEN	D	0.09%	0.04%	0.04%
PVH	C	0.16%	0.16%	0.16%
R	A	0.17%	0.29%	0.17%
RDN	C	0.15%	0.09%	0.09%
REVG	A	0.04%	0.05%	0.04%
REZI	A	0.08%	0.23%	0.08%
RGA	A	0.41%	0.3%	0.3%
RHI	B	0.19%	0.21%	0.19%
RL	B	0.21%	0.09%	0.09%
RLI	A	0.19%	0.2%	0.19%
RNA	C	0.07%	0.09%	0.07%
RNG	B	0.07%	0.05%	0.05%
RNR	D	0.41%	0.24%	0.24%
RNST	A	0.06%	0.08%	0.06%
RRC	B	0.2%	0.25%	0.2%
RRX	B	0.32%	0.15%	0.15%
RUSHA	B	0.1%	0.05%	0.05%
RUSHB	B	0.01%	0.06%	0.01%
RXO	C	0.06%	0.1%	0.06%
RYN	D	0.14%	0.05%	0.05%
SATS	D	0.09%	0.06%	0.06%
SBH	A	0.04%	0.05%	0.04%
SBRA	C	0.13%	0.08%	0.08%
SCI	B	0.31%	0.27%	0.27%
SCL	D	0.05%	0.1%	0.05%
SEE	B	0.12%	0.07%	0.07%
SEM	B	0.1%	0.07%	0.07%
SF	A	0.26%	0.18%	0.18%
SFBS	A	0.06%	0.06%	0.06%
SFM	A	0.32%	0.43%	0.32%
SHOO	D	0.05%	0.11%	0.05%
SIG	B	0.13%	0.1%	0.1%
SIGI	A	0.16%	0.29%	0.16%
SKT	A	0.1%	0.07%	0.07%
SLG	B	0.13%	0.1%	0.1%
SLM	A	0.14%	0.16%	0.14%
SM	C	0.07%	0.06%	0.06%
SNDR	B	0.03%	0.19%	0.03%
SNV	A	0.18%	0.3%	0.18%
SNX	D	0.22%	0.08%	0.08%
SON	D	0.15%	0.11%	0.11%
SPB	C	0.07%	0.08%	0.07%
SR	A	0.11%	0.14%	0.11%
SSB	A	0.21%	0.27%	0.21%
ST	F	0.16%	0.08%	0.08%
STWD	D	0.19%	0.1%	0.1%
SUM	B	0.14%	0.28%	0.14%
SWX	A	0.13%	0.13%	0.13%
SXT	C	0.1%	0.07%	0.07%
TDC	F	0.08%	0.1%	0.08%
TDS	B	0.06%	0.08%	0.06%
TEX	D	0.1%	0.08%	0.08%
TGI	A	0.01%	0.06%	0.01%
TGNA	B	0.08%	0.2%	0.08%
THC	C	0.46%	0.23%	0.23%
THG	A	0.14%	0.18%	0.14%
THO	B	0.16%	0.12%	0.12%
THS	F	0.06%	0.04%	0.04%
TILE	A	0.02%	0.08%	0.02%
TMHC	B	0.2%	0.17%	0.17%
TNL	A	0.09%	0.16%	0.09%
TOL	B	0.46%	0.27%	0.27%
TPH	D	0.12%	0.14%	0.12%
TPR	A	0.31%	0.29%	0.29%
TRN	A	0.08%	0.1%	0.08%
TROX	F	0.05%	0.04%	0.04%
TTEK	D	0.36%	0.16%	0.16%
UAA	B	0.05%	0.05%	0.05%
UBSI	A	0.14%	0.17%	0.14%
UCB	A	0.1%	0.04%	0.04%
UGI	C	0.15%	0.24%	0.15%
UMBF	A	0.13%	0.27%	0.13%
UNFI	A	0.03%	0.07%	0.03%
UNIT	B	0.04%	0.08%	0.04%
UNM	A	0.25%	0.25%	0.25%
UPBD	B	0.05%	0.06%	0.05%
USFD	B	0.43%	0.49%	0.43%
VAC	B	0.07%	0.08%	0.07%
VC	F	0.04%	0.1%	0.04%
VCTR	B	0.04%	0.07%	0.04%
VFC	B	0.22%	0.18%	0.18%
VLY	A	0.11%	0.15%	0.11%
VMI	B	0.17%	0.13%	0.13%
VNO	B	0.21%	0.09%	0.09%
VNT	C	0.15%	0.15%	0.15%
VOYA	A	0.22%	0.16%	0.16%
VREX	C	0.01%	0.06%	0.01%
VRNT	D	0.05%	0.06%	0.05%
VRTS	A	0.04%	0.06%	0.04%
VSAT	F	0.04%	0.02%	0.02%
VSCO	A	0.06%	0.07%	0.06%
VSTS	F	0.06%	0.05%	0.05%
VVV	B	0.16%	0.17%	0.16%
VYX	C	0.06%	0.05%	0.05%
WAL	A	0.26%	0.22%	0.22%
WBS	A	0.23%	0.27%	0.23%
WCC	A	0.24%	0.24%	0.24%
WD	D	0.1%	0.06%	0.06%
WEN	C	0.09%	0.09%	0.09%
WERN	B	0.07%	0.12%	0.07%
WHR	A	0.17%	0.2%	0.17%
WKC	C	0.05%	0.05%	0.05%
WNC	C	0.02%	0.05%	0.02%
WT	A	0.04%	0.06%	0.04%
WTFC	A	0.21%	0.07%	0.07%
WTM	A	0.12%	0.13%	0.12%
WTS	A	0.16%	0.21%	0.16%
WU	F	0.12%	0.07%	0.07%
X	D	0.21%	0.14%	0.14%
XHR	B	0.02%	0.07%	0.02%
XPO	B	0.17%	0.33%	0.17%
XRAY	F	0.16%	0.05%	0.05%
XRX	F	0.03%	0.04%	0.03%
ZD	B	0.06%	0.08%	0.06%
ZION	A	0.2%	0.2%	0.2%
ZWS	B	0.14%	0.2%	0.14%

VBR Overweight 364 Positions Relative to ESML

Symbol	Grade	Weight
SW	A	0.74%
BLDR	D	0.65%
BAH	D	0.61%
CSL	B	0.6%
ATO	A	0.58%
EME	B	0.58%
FCNCA	A	0.57%
NRG	B	0.54%
PNR	A	0.47%
IEX	B	0.47%
RS	B	0.46%
UTHR	B	0.46%
WSM	F	0.45%
RPM	A	0.45%
KIM	A	0.45%
OC	A	0.44%
AES	F	0.41%
ACM	B	0.4%
GLPI	D	0.39%
EQH	B	0.39%
BG	D	0.39%
EMN	C	0.38%
REG	A	0.38%
CPT	D	0.38%
ALLE	D	0.37%
JNPR	D	0.37%
FFIV	B	0.37%
JBL	C	0.37%
UHS	D	0.37%
KMX	B	0.35%
PFGC	B	0.35%
SJM	F	0.35%
CHRW	A	0.35%
TFX	F	0.34%
IPG	F	0.34%
BXP	D	0.33%
HUBB	B	0.33%
CCK	D	0.33%
LDOS	C	0.32%
FBIN	D	0.32%
EPAM	B	0.31%
AIZ	A	0.3%
HII	F	0.3%
LKQ	D	0.3%
TAP	A	0.29%
CG	B	0.29%
PNW	A	0.29%
OVV	C	0.29%
AFG	A	0.29%
SOLV	C	0.28%
ALLY	C	0.28%
QRVO	F	0.28%
Z	A	0.28%
HSIC	D	0.27%
STLD	B	0.27%
WTRG	C	0.27%
NNN	D	0.26%
APA	F	0.26%
MOS	D	0.25%
OGE	A	0.24%
DKS	D	0.24%
KNX	B	0.24%
MLI	B	0.24%
SWN	C	0.23%
DOC	D	0.23%
CHRD	F	0.23%
SEIC	A	0.23%
MIDD	D	0.22%
UFPI	C	0.22%
NI	A	0.22%
STAG	D	0.21%
SAIC	D	0.21%
DINO	D	0.21%
AAL	B	0.21%
DVA	C	0.2%
G	A	0.2%
UHAL	D	0.2%
BBWI	C	0.2%
KEX	A	0.2%
BIO	C	0.19%
PB	A	0.19%
EVRG	A	0.19%
ESAB	B	0.18%
LAMR	D	0.17%
ACI	C	0.17%
IDA	A	0.16%
ALB	C	0.16%
OLN	F	0.16%
PARA	C	0.16%
SRCL	B	0.16%
FNB	A	0.15%
SIRI	C	0.15%
TKR	F	0.15%
TPG	B	0.14%
RIVN	F	0.14%
MATX	B	0.14%
BCO	F	0.14%
HOMB	A	0.14%
POR	D	0.14%
PII	F	0.13%
MGM	D	0.13%
ENS	D	0.12%
SLGN	B	0.12%
ASO	F	0.12%
BKH	A	0.12%
ESGR	B	0.11%
NHI	D	0.11%
SMG	D	0.11%
ALE	A	0.11%
DNB	B	0.11%
MSM	C	0.11%
IAC	D	0.11%
PNM	B	0.11%
HUN	F	0.11%
TCBI	A	0.1%
MGEE	A	0.1%
AMKR	F	0.1%
AX	A	0.1%
NWE	C	0.1%
SANM	B	0.1%
GMS	A	0.1%
PBH	A	0.1%
GNW	A	0.09%
FHB	A	0.09%
ALIT	C	0.09%
NSP	F	0.09%
UNF	A	0.09%
WSFS	A	0.09%
SYNA	C	0.09%
WBA	F	0.09%
GFF	A	0.09%
BEN	C	0.09%
BTU	B	0.09%
EBC	A	0.09%
APLE	B	0.09%
SKYW	A	0.09%
PAG	B	0.09%
COTY	F	0.09%
OTTR	C	0.09%
HUBG	A	0.08%
GHC	A	0.08%
URBN	C	0.08%
CXT	D	0.08%
BHF	A	0.08%
AIN	C	0.08%
ABR	C	0.08%
ADTN	A	0.08%
WAFD	A	0.08%
WLK	F	0.08%
CATY	A	0.08%
FHI	A	0.08%
BOKF	A	0.07%
VSH	F	0.07%
BFH	A	0.07%
ARCH	B	0.07%
SMMT	D	0.07%
PRK	A	0.07%
DBRG	D	0.07%
OSIS	A	0.07%
AKR	B	0.07%
VIRT	A	0.07%
IOVA	D	0.07%
SFNC	B	0.07%
UE	B	0.07%
PHIN	A	0.06%
BANF	A	0.06%
GNL	D	0.06%
NMRK	B	0.06%
WLY	B	0.06%
IPGP	D	0.06%
JOBY	B	0.06%
VGR	B	0.06%
VIAV	B	0.06%
KMT	B	0.06%
CGON	D	0.06%
LAUR	A	0.06%
EQC	A	0.06%
IBTX	A	0.06%
OI	C	0.06%
IVT	B	0.06%
NATL	B	0.06%
FRME	A	0.06%
OFG	B	0.06%
SHO	D	0.06%
STRA	C	0.06%
SXI	A	0.06%
TOWN	A	0.06%
EVTC	C	0.06%
ZG	A	0.06%
HLIO	B	0.05%
HE	D	0.05%
LTC	B	0.05%
CENTA	C	0.05%
CRGY	A	0.05%
SUPN	B	0.05%
REYN	D	0.05%
STEP	A	0.05%
PPC	B	0.05%
CHCO	A	0.05%
DDS	B	0.05%
NHC	B	0.05%
FCF	A	0.05%
NPAB	F	0.05%
WSBC	A	0.05%
NWBI	A	0.05%
GEO	A	0.05%
DRH	B	0.05%
LGND	B	0.05%
MCY	A	0.05%
TRMK	A	0.05%
PZZA	D	0.05%
TTMI	B	0.05%
GOLF	A	0.05%
LZB	A	0.05%
B	A	0.05%
ROIC	A	0.05%
AIV	C	0.04%
INSW	F	0.04%
PMT	D	0.04%
UVV	B	0.04%
WOR	F	0.04%
WABC	A	0.04%
ARI	D	0.04%
OXM	F	0.04%
NNI	C	0.04%
NX	C	0.04%
LADR	A	0.04%
WWW	A	0.04%
CXW	B	0.04%
BKE	A	0.04%
SPNT	A	0.04%
HP	C	0.04%
DAN	F	0.04%
RRR	D	0.04%
ALEX	B	0.04%
VRE	A	0.04%
BLMN	F	0.04%
NGVT	B	0.04%
CODI	A	0.04%
HMN	A	0.04%
HOPE	A	0.04%
HTH	B	0.04%
NTCT	B	0.04%
HEES	B	0.04%
KN	B	0.04%
STBA	A	0.04%
APOG	B	0.04%
ELME	D	0.04%
GTY	C	0.04%
USM	B	0.03%
MATV	F	0.03%
SMR	B	0.03%
CMTG	D	0.03%
JACK	D	0.03%
BV	C	0.03%
DNUT	D	0.03%
ODP	F	0.03%
JBLU	C	0.03%
TRS	D	0.03%
MD	B	0.03%
CBRL	C	0.03%
THR	C	0.03%
ATSG	A	0.03%
RWT	D	0.03%
INVA	C	0.03%
VSTO	A	0.03%
HTLF	A	0.03%
SCSC	B	0.03%
CARS	B	0.03%
UA	B	0.03%
FBRT	C	0.03%
CNNE	B	0.03%
CSR	A	0.03%
AVNS	F	0.03%
KALU	C	0.03%
WMK	B	0.03%
WS	B	0.03%
KFRC	D	0.03%
ACT	C	0.03%
KWR	C	0.03%
FDP	A	0.03%
SCS	B	0.03%
SAFT	A	0.03%
AMRX	C	0.03%
GIII	D	0.03%
EIG	A	0.03%
NAVI	D	0.03%
MSGE	D	0.03%
LC	B	0.03%
HTLD	B	0.02%
ATUS	C	0.02%
FOR	F	0.02%
GES	F	0.02%
BMBL	C	0.02%
SCHL	F	0.02%
CMPR	F	0.02%
HY	F	0.02%
CFFN	A	0.02%
PCRX	C	0.02%
SWI	B	0.02%
TMP	A	0.02%
BGS	F	0.02%
MATW	C	0.02%
PUMP	F	0.02%
UHAL	D	0.02%
HLF	C	0.02%
RGR	F	0.02%
ECVT	C	0.02%
BRSP	B	0.02%
PRLB	B	0.02%
SVC	F	0.02%
SEB	F	0.02%
PRA	A	0.02%
SAH	A	0.02%
CVI	D	0.02%
HCSG	B	0.02%
FG	A	0.02%
BRKL	A	0.02%
RBRK	B	0.02%
NUS	C	0.01%
LDI	C	0.01%
BRCC	F	0.01%
OPK	A	0.01%
TWKS	B	0.01%
DJT	C	0.01%
DIN	C	0.01%
OLPX	D	0.01%
CENT	C	0.01%
ALX	D	0.01%
TRTX	B	0.01%
SWBI	D	0.01%
KRO	D	0.01%
SRCL	B	0.01%
ZIP	D	0.01%
NAPA	A	0.01%
CNDT	B	0.01%
CRCT	F	0.01%
WOOF	D	0.01%
EGBN	A	0.01%
WRLD	D	0.01%
HTZ	C	0.01%
INN	D	0.01%
VMEO	B	0.01%
BJRI	A	0.01%
RMR	F	0.01%
GRC	B	0.01%
PTVE	C	0.01%
NVRI	F	0.01%
FWRD	D	0.01%
USNA	C	0.01%
SSTK	F	0.01%
CLBK	B	0.01%
CCO	D	0.01%
ARRY	C	0.01%
GCMG	B	0.01%
CWH	B	0.01%
BFS	C	0.01%
DAWN	D	0.01%
PWSC	C	0.0%
SCWX	B	0.0%
AC	B	0.0%
AMCX	C	0.0%
TASK	C	0.0%
ACDC	D	0.0%

VBR Underweight 472 Positions Relative to ESML

Symbol	Grade	Weight
CASY	B	-0.52%
CVNA	A	-0.48%
GWRE	B	-0.43%
FIX	A	-0.38%
NTNX	A	-0.36%
FTI	A	-0.35%
FLEX	B	-0.33%
IBKR	A	-0.32%
REXR	F	-0.31%
NTRA	B	-0.31%
BWXT	A	-0.3%
BMI	B	-0.3%
RGLD	C	-0.29%
SAIA	B	-0.28%
BLD	F	-0.26%
MWA	A	-0.25%
WEX	F	-0.25%
AAON	A	-0.25%
FTAI	A	-0.24%
HRI	B	-0.24%
AFRM	A	-0.23%
AWI	A	-0.23%
EXLS	B	-0.23%
CW	B	-0.23%
SOFI	A	-0.22%
FTDR	B	-0.22%
CNM	F	-0.22%
GNRC	B	-0.22%
FELE	B	-0.22%
CVLT	B	-0.22%
WMS	F	-0.21%
INSM	D	-0.21%
PCVX	D	-0.21%
ONTO	F	-0.21%
LSTR	D	-0.21%
ITRI	B	-0.2%
FND	F	-0.2%
LECO	C	-0.2%
KNSL	C	-0.2%
PLNT	A	-0.2%
MTN	C	-0.2%
CUBE	C	-0.2%
PCTY	B	-0.2%
ENSG	D	-0.2%
HHH	B	-0.2%
WK	B	-0.2%
BFAM	F	-0.2%
WING	F	-0.19%
CIEN	B	-0.19%
LNW	D	-0.19%
DAR	B	-0.19%
FRPT	B	-0.19%
NOVT	D	-0.19%
RHP	B	-0.19%
WWD	B	-0.19%
SRPT	F	-0.18%
SPXC	A	-0.18%
GKOS	B	-0.18%
KNTK	A	-0.18%
MORN	B	-0.18%
DUOL	B	-0.18%
EPRT	C	-0.18%
ENLC	A	-0.18%
AEIS	B	-0.17%
LAZ	B	-0.17%
CHX	C	-0.17%
FN	C	-0.17%
PCOR	B	-0.17%
PEN	B	-0.17%
ESTC	C	-0.17%
WSC	F	-0.17%
DLB	D	-0.16%
RGEN	D	-0.16%
MYRG	B	-0.16%
DBX	C	-0.16%
HQY	A	-0.16%
SPSC	D	-0.16%
TKO	C	-0.16%
ACIW	B	-0.16%
SITE	D	-0.16%
GXO	B	-0.16%
CFLT	C	-0.15%
ECG	D	-0.15%
WH	A	-0.15%
MEDP	D	-0.15%
CROX	F	-0.15%
CPF	A	-0.15%
MMSI	A	-0.15%
FSS	C	-0.15%
CRS	A	-0.15%
NOV	D	-0.15%
LSCC	D	-0.15%
ITCI	B	-0.15%
MOD	C	-0.15%
WFRD	F	-0.15%
GTLB	B	-0.15%
HXL	F	-0.14%
CHDN	C	-0.14%
GTLS	A	-0.14%
LFUS	D	-0.14%
CHE	D	-0.14%
RYAN	A	-0.14%
SMAR	A	-0.14%
ALTR	B	-0.14%
RMBS	C	-0.14%
IBCP	A	-0.14%
BILL	A	-0.14%
IDCC	A	-0.14%
TPX	A	-0.14%
CZR	F	-0.14%
ATI	D	-0.14%
AVAV	C	-0.13%
HESM	C	-0.13%
BRKR	F	-0.13%
EPAC	B	-0.13%
CAVA	B	-0.13%
STRL	B	-0.13%
KLIC	C	-0.13%
CYTK	D	-0.13%
AZEK	B	-0.13%
CPK	A	-0.13%
BOX	B	-0.13%
BCPC	B	-0.13%
ELF	C	-0.13%
OLLI	D	-0.12%
DFIN	D	-0.12%
YETI	F	-0.12%
IRDM	C	-0.12%
QTWO	A	-0.12%
KOS	D	-0.12%
RKLB	B	-0.12%
WGO	B	-0.12%
WHD	B	-0.12%
S	B	-0.12%
CRDO	C	-0.12%
ADT	B	-0.12%
HAE	A	-0.12%
PEGA	B	-0.11%
PATH	D	-0.11%
TXRH	A	-0.11%
ORA	B	-0.11%
GMED	A	-0.11%
VKTX	F	-0.11%
XENE	D	-0.11%
WDFC	A	-0.11%
CRNX	C	-0.11%
APPF	C	-0.11%
EFSC	A	-0.11%
MRCY	B	-0.11%
HALO	D	-0.11%
LBRDA	B	-0.11%
ERII	B	-0.1%
PJT	A	-0.1%
RVMD	B	-0.1%
HCP	B	-0.1%
BRBR	A	-0.1%
TENB	D	-0.1%
ALKS	B	-0.1%
SSD	D	-0.1%
DV	C	-0.1%
CAC	A	-0.1%
VECO	F	-0.1%
NXT	C	-0.1%
ETSY	D	-0.1%
BHVN	C	-0.1%
DNLI	C	-0.1%
DRS	B	-0.1%
LITE	A	-0.1%
TRNO	D	-0.1%
RDUS	C	-0.1%
CCOI	B	-0.1%
RDNT	B	-0.1%
AMAL	B	-0.1%
CGNX	D	-0.1%
ALTM	C	-0.1%
LNTH	F	-0.1%
FIVE	F	-0.1%
NMIH	D	-0.09%
UPST	B	-0.09%
U	F	-0.09%
SHAK	B	-0.09%
CURB	D	-0.09%
SLAB	F	-0.09%
ZI	D	-0.09%
MTSI	B	-0.09%
OPCH	F	-0.09%
SJW	F	-0.09%
MARA	B	-0.09%
CRVL	B	-0.09%
IMAX	B	-0.09%
IBP	F	-0.09%
POWL	C	-0.09%
EVRI	A	-0.08%
AVPT	A	-0.08%
OLED	F	-0.08%
KTOS	B	-0.08%
ICFI	F	-0.08%
EWTX	C	-0.08%
BPMC	D	-0.08%
IESC	B	-0.08%
BL	B	-0.08%
TBBK	A	-0.08%
ACLX	C	-0.08%
CRSP	D	-0.08%
VSEC	B	-0.08%
INTA	B	-0.08%
ALG	B	-0.08%
SASR	A	-0.08%
TNET	F	-0.08%
PLYA	A	-0.08%
PRVA	B	-0.08%
LBPH	A	-0.08%
CHWY	B	-0.08%
INSP	F	-0.08%
TARS	B	-0.08%
PRKS	A	-0.08%
BWIN	D	-0.08%
HR	C	-0.08%
NTGR	A	-0.08%
LNN	B	-0.08%
STC	A	-0.08%
PRCT	B	-0.08%
JBT	B	-0.08%
DOCS	C	-0.08%
PLMR	A	-0.08%
DEA	D	-0.07%
RARE	F	-0.07%
LBRDK	B	-0.07%
UEC	B	-0.07%
HGV	B	-0.07%
HAFC	A	-0.07%
TREX	C	-0.07%
VVX	C	-0.07%
SONO	C	-0.07%
ZYME	B	-0.07%
ROG	D	-0.07%
ALHC	C	-0.07%
HIMS	C	-0.07%
HWKN	C	-0.07%
GH	B	-0.07%
BROS	A	-0.07%
FIVN	C	-0.07%
ATRC	C	-0.07%
CTS	B	-0.07%
WRBY	A	-0.07%
PI	D	-0.07%
CCCS	A	-0.07%
PAR	A	-0.07%
CBZ	B	-0.06%
VRRM	D	-0.06%
FNA	B	-0.06%
SG	C	-0.06%
TMCI	C	-0.06%
CLSK	C	-0.06%
IRON	C	-0.06%
PRO	C	-0.06%
DCO	A	-0.06%
VERA	B	-0.06%
RBBN	B	-0.06%
W	F	-0.06%
MBUU	C	-0.06%
PTCT	B	-0.06%
PLAY	C	-0.06%
EXPO	D	-0.06%
AXSM	B	-0.06%
MOV	C	-0.06%
AGIO	B	-0.06%
NRIX	C	-0.06%
COKE	C	-0.06%
POWI	D	-0.06%
CMCO	C	-0.06%
CHH	A	-0.06%
TGTX	B	-0.06%
CWAN	B	-0.06%
TDOC	C	-0.06%
EXP	B	-0.06%
ATEN	A	-0.06%
CLH	C	-0.06%
ROCK	C	-0.06%
PNTG	D	-0.06%
CLNE	D	-0.06%
MGNI	A	-0.06%
KROS	C	-0.06%
FROG	C	-0.06%
PYCR	C	-0.06%
VBTX	A	-0.06%
PEB	F	-0.06%
CART	C	-0.06%
BOOT	C	-0.06%
SMTC	C	-0.06%
PLUS	F	-0.06%
OWL	A	-0.06%
ACVA	A	-0.06%
RCM	A	-0.06%
ROIV	D	-0.06%
FLYW	B	-0.06%
IDYA	F	-0.06%
ADMA	C	-0.06%
MNKD	B	-0.06%
CCS	F	-0.06%
TALO	C	-0.06%
AVDX	C	-0.06%
VNOM	B	-0.06%
FRSH	B	-0.06%
KE	C	-0.06%
ENV	B	-0.06%
FUN	B	-0.06%
VRNS	D	-0.06%
MRUS	D	-0.06%
FOUR	B	-0.06%
VRDN	C	-0.06%
VERX	A	-0.06%
PAHC	A	-0.06%
MASI	A	-0.06%
CALM	A	-0.06%
RH	C	-0.06%
VVI	A	-0.06%
OII	B	-0.06%
PAYO	A	-0.06%
BANC	A	-0.06%
NARI	C	-0.06%
SWTX	C	-0.05%
KLG	F	-0.05%
RXST	F	-0.05%
EWCZ	D	-0.05%
TWST	F	-0.05%
HZO	F	-0.05%
ARVN	D	-0.05%
NUVB	C	-0.05%
THRM	F	-0.05%
ZEUS	C	-0.05%
ETNB	D	-0.05%
HLX	D	-0.05%
ALRM	C	-0.05%
IONS	F	-0.05%
PLOW	D	-0.05%
DOCN	D	-0.05%
ARKO	D	-0.05%
SHC	D	-0.05%
CECO	C	-0.05%
ICHR	C	-0.05%
CPRX	C	-0.05%
GERN	F	-0.05%
APGE	D	-0.05%
CNMD	C	-0.05%
FLG	F	-0.05%
CLVT	F	-0.05%
GOGO	C	-0.05%
ACEL	B	-0.05%
MLTX	C	-0.05%
SLNO	C	-0.05%
INVX	C	-0.05%
ASAN	C	-0.05%
MLNK	C	-0.05%
AI	C	-0.05%
PTGX	D	-0.05%
BEAM	D	-0.05%
XPEL	B	-0.05%
PGRE	C	-0.05%
RUN	F	-0.05%
DGII	B	-0.05%
INFN	C	-0.05%
SPR	D	-0.05%
SMP	C	-0.05%
VITL	F	-0.05%
LCID	F	-0.05%
ELVN	C	-0.05%
MTTR	B	-0.05%
KYMR	C	-0.05%
NEO	C	-0.05%
SLVM	B	-0.05%
XPRO	F	-0.05%
RAMP	C	-0.05%
ZUO	A	-0.05%
JANX	C	-0.05%
PDFS	D	-0.05%
CSTL	C	-0.05%
TMDX	F	-0.05%
SKY	A	-0.05%
BE	A	-0.05%
ADUS	D	-0.05%
LIVN	C	-0.05%
AORT	B	-0.05%
SMPL	B	-0.05%
CUBI	B	-0.05%
ARWR	D	-0.05%
KVYO	C	-0.05%
LOPE	B	-0.05%
UFPT	C	-0.05%
HLIT	F	-0.05%
TNC	F	-0.05%
ARQT	D	-0.05%
YELP	C	-0.05%
NCNO	B	-0.05%
COLD	F	-0.05%
CALX	F	-0.05%
AGYS	A	-0.05%
ALKT	B	-0.05%
PD	C	-0.05%
CIVI	F	-0.05%
CRAI	B	-0.05%
RCKT	F	-0.04%
FOXF	F	-0.04%
CLW	F	-0.04%
FORM	F	-0.04%
HOUS	F	-0.04%
GPRE	F	-0.04%
FLGT	F	-0.04%
NEP	F	-0.04%
KURA	F	-0.04%
QS	F	-0.04%
PRTA	F	-0.04%
NTLA	F	-0.04%
PGNY	F	-0.04%
CLDX	F	-0.04%
EGY	F	-0.04%
ESTA	D	-0.04%
SPT	C	-0.04%
JAMF	F	-0.04%
ARCT	F	-0.04%
CXM	C	-0.04%
TNDM	F	-0.04%
CGEM	F	-0.04%
COUR	F	-0.04%
SAVA	C	-0.04%
SIBN	D	-0.04%
SNDX	D	-0.04%
RCUS	F	-0.04%
MTUS	F	-0.04%
MMS	D	-0.04%
OSCR	F	-0.04%
AMC	C	-0.04%
PLUG	D	-0.04%
PLRX	D	-0.04%
BBIO	F	-0.04%
QDEL	F	-0.04%
ARLO	D	-0.04%
ALEC	F	-0.04%
NVCR	D	-0.04%
MEI	F	-0.04%
IVR	D	-0.04%
BRZE	C	-0.04%
CWT	C	-0.04%
KRYS	D	-0.04%
RXRX	F	-0.04%
GRBK	D	-0.04%
COGT	D	-0.04%
RKT	F	-0.04%
AHH	D	-0.04%
NEOG	D	-0.04%
NVAX	F	-0.03%
ANAB	F	-0.03%
WOLF	F	-0.03%
MEG	F	-0.03%
TXG	F	-0.03%
SITC	D	-0.03%
CDNA	D	-0.03%
SVRA	F	-0.03%
PHAT	F	-0.03%
CRMT	F	-0.03%
APLS	F	-0.03%
CCRN	F	-0.03%
BRY	F	-0.03%
MQ	F	-0.03%
STAA	F	-0.03%
AGL	F	-0.02%
MC	B	-0.02%
NOVA	F	-0.02%
SEDG	F	-0.02%
ASPN	F	-0.02%
GDOT	C	-0.01%
MAGN	F	-0.01%