VBR vs. FAD ETF Comparison

Comparison of Vanguard Small-Cap Value ETF - DNQ (VBR) to First Trust MuFirst Trust Multi CG AlphaDEX (FAD)

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

FAD

First Trust MuFirst Trust Multi CG AlphaDEX

FAD Description

The investment seeks investment results that correspond generally to the price and yield (before the fund's fees and expenses) of an equity index called the Defined Multi Cap Growth Index. The fund will normally invest at least 90% of its net assets in common stocks that comprise the index. The index is a modified equal-dollar weighted index designed by S&P to objectively identify and select stocks from the S&P Composite 1500(R) Growth Index that may generate positive alpha relative to traditional passive-style indices through the use of the AlphaDEX(R) selection methodology. It is non-diversified.

Grade (RS Rating)

Last Trade

$143.89

Average Daily Volume

3,917

Number of Holdings ^*

640

* may have additional holdings in another (foreign) market

Performance

Period	VBR	FAD
30 Days	0.99%	4.71%
60 Days	4.06%	8.66%
90 Days	7.32%	12.78%
12 Months	29.33%	39.64%

172 Overlapping Holdings

Symbol	Grade	Weight in VBR	Weight in FAD	Overlap
AAT	A	0.04%	0.07%	0.04%
ADC	A	0.22%	0.16%	0.16%
AES	F	0.41%	0.08%	0.08%
AGNC	C	0.24%	0.08%	0.08%
AIT	B	0.25%	0.2%	0.2%
AIV	C	0.04%	0.05%	0.04%
ALLE	D	0.37%	0.12%	0.12%
ALSN	B	0.24%	0.25%	0.24%
ALX	D	0.01%	0.05%	0.01%
AM	A	0.15%	0.04%	0.04%
AMRX	C	0.03%	0.12%	0.03%
ANF	C	0.21%	0.17%	0.17%
APAM	B	0.09%	0.03%	0.03%
APOG	B	0.04%	0.08%	0.04%
AROC	A	0.09%	0.05%	0.05%
ATGE	B	0.08%	0.14%	0.08%
ATR	B	0.31%	0.09%	0.09%
AUR	C	0.16%	0.15%	0.15%
AWR	A	0.09%	0.02%	0.02%
AX	B	0.1%	0.26%	0.1%
AXTA	B	0.23%	0.09%	0.09%
AYI	B	0.24%	0.15%	0.15%
AZTA	F	0.06%	0.02%	0.02%
AZZ	A	0.07%	0.07%	0.07%
BAH	D	0.61%	0.36%	0.36%
BANF	B	0.06%	0.08%	0.06%
BCO	F	0.14%	0.18%	0.14%
BDC	B	0.14%	0.14%	0.14%
BGC	C	0.09%	0.09%	0.09%
BKD	F	0.04%	0.06%	0.04%
BLKB	B	0.06%	0.08%	0.06%
BRC	C	0.09%	0.07%	0.07%
BRX	A	0.24%	0.08%	0.08%
BXMT	C	0.07%	0.02%	0.02%
CACI	C	0.32%	0.23%	0.23%
CAKE	B	0.05%	0.08%	0.05%
CARS	C	0.03%	0.02%	0.02%
CBSH	A	0.2%	0.09%	0.09%
CBT	C	0.18%	0.17%	0.17%
CDE	C	0.07%	0.11%	0.07%
CDP	C	0.1%	0.05%	0.05%
CFR	B	0.19%	0.1%	0.1%
CHCO	B	0.05%	0.08%	0.05%
CLB	C	0.01%	0.03%	0.01%
CMPR	F	0.02%	0.05%	0.02%
CNK	A	0.04%	0.14%	0.04%
COHR	B	0.2%	0.25%	0.2%
CPT	C	0.38%	0.08%	0.08%
CRUS	F	0.19%	0.1%	0.1%
CSL	C	0.6%	0.24%	0.24%
DCI	B	0.26%	0.04%	0.04%
DKS	D	0.24%	0.12%	0.12%
DTM	A	0.22%	0.1%	0.1%
DVA	C	0.2%	0.19%	0.19%
DY	C	0.08%	0.19%	0.08%
EAT	A	0.09%	0.17%	0.09%
EGP	D	0.26%	0.04%	0.04%
EHC	B	0.28%	0.18%	0.18%
ELAN	D	0.21%	0.04%	0.04%
ELME	D	0.04%	0.05%	0.04%
EME	A	0.58%	0.49%	0.49%
EPR	D	0.11%	0.04%	0.04%
ESAB	C	0.18%	0.1%	0.1%
ESE	B	0.1%	0.08%	0.08%
ESI	B	0.17%	0.04%	0.04%
ESRT	C	0.04%	0.07%	0.04%
EWBC	A	0.33%	0.2%	0.2%
FBP	B	0.1%	0.09%	0.09%
FBRT	C	0.03%	0.02%	0.02%
FCN	F	0.24%	0.07%	0.07%
FCNCA	A	0.57%	0.4%	0.4%
FFIN	B	0.13%	0.18%	0.13%
FFIV	B	0.37%	0.14%	0.14%
FLS	A	0.2%	0.14%	0.14%
FR	C	0.21%	0.04%	0.04%
GAP	D	0.15%	0.08%	0.08%
GATX	B	0.14%	0.05%	0.05%
GFF	B	0.09%	0.07%	0.07%
GLPI	C	0.39%	0.08%	0.08%
GME	C	0.25%	0.08%	0.08%
GNL	D	0.06%	0.02%	0.02%
GOLF	B	0.05%	0.05%	0.05%
GPK	D	0.26%	0.08%	0.08%
GTY	A	0.04%	0.05%	0.04%
GVA	A	0.1%	0.14%	0.1%
HASI	F	0.12%	0.15%	0.12%
HEES	C	0.04%	0.06%	0.04%
HNI	B	0.07%	0.12%	0.07%
HOMB	A	0.14%	0.13%	0.13%
HRB	D	0.26%	0.16%	0.16%
HUBB	B	0.33%	0.27%	0.27%
HURN	B	0.06%	0.08%	0.06%
IBOC	B	0.1%	0.15%	0.1%
IOVA	F	0.07%	0.09%	0.07%
ITGR	B	0.13%	0.17%	0.13%
ITT	A	0.35%	0.17%	0.17%
KD	A	0.15%	0.05%	0.05%
KEX	B	0.2%	0.17%	0.17%
KN	B	0.04%	0.07%	0.04%
KNF	B	0.15%	0.23%	0.15%
KTB	A	0.13%	0.22%	0.13%
LAMR	D	0.17%	0.08%	0.08%
LGND	C	0.05%	0.06%	0.05%
LRN	A	0.05%	0.14%	0.05%
LTC	B	0.05%	0.02%	0.02%
LYFT	C	0.13%	0.06%	0.06%
MAC	A	0.11%	0.05%	0.05%
MCY	B	0.05%	0.14%	0.05%
MGEE	A	0.1%	0.05%	0.05%
MIR	A	0.06%	0.03%	0.03%
MOG.A	B	0.17%	0.23%	0.17%
MYGN	F	0.03%	0.05%	0.03%
NBHC	B	0.05%	0.11%	0.05%
NCLH	B	0.13%	0.16%	0.13%
NHC	B	0.05%	0.12%	0.05%
NHI	D	0.11%	0.07%	0.07%
NNN	C	0.26%	0.04%	0.04%
NPAB	F	0.05%	0.08%	0.05%
NRG	B	0.54%	0.44%	0.44%
NYT	D	0.25%	0.12%	0.12%
OHI	B	0.3%	0.12%	0.12%
ONB	B	0.17%	0.14%	0.14%
OSIS	A	0.07%	0.07%	0.07%
OUT	A	0.07%	0.09%	0.07%
PBI	B	0.04%	0.13%	0.04%
PIPR	B	0.14%	0.24%	0.14%
PMT	D	0.04%	0.07%	0.04%
PRGS	B	0.08%	0.1%	0.08%
PRI	A	0.26%	0.14%	0.14%
PRIM	A	0.09%	0.16%	0.09%
PRK	B	0.07%	0.11%	0.07%
PSN	C	0.14%	0.22%	0.14%
PZZA	F	0.05%	0.02%	0.02%
REG	A	0.38%	0.08%	0.08%
REVG	B	0.04%	0.13%	0.04%
RIVN	F	0.14%	0.15%	0.14%
RL	C	0.21%	0.19%	0.19%
RLI	A	0.19%	0.09%	0.09%
RNA	C	0.07%	0.13%	0.07%
RNG	C	0.07%	0.09%	0.07%
RRR	F	0.04%	0.02%	0.02%
SATS	C	0.09%	0.13%	0.09%
SBRA	B	0.13%	0.13%	0.13%
SCI	A	0.31%	0.14%	0.14%
SCS	B	0.03%	0.05%	0.03%
SFBS	B	0.06%	0.24%	0.06%
SFM	A	0.32%	0.26%	0.26%
SKT	A	0.1%	0.05%	0.05%
SKYW	B	0.09%	0.13%	0.09%
SLG	B	0.13%	0.19%	0.13%
SMG	C	0.11%	0.14%	0.11%
STEP	B	0.05%	0.14%	0.05%
STRA	C	0.06%	0.02%	0.02%
SWI	B	0.02%	0.05%	0.02%
SXI	B	0.06%	0.05%	0.05%
SXT	C	0.1%	0.05%	0.05%
TGI	A	0.01%	0.03%	0.01%
THC	C	0.46%	0.42%	0.42%
THR	B	0.03%	0.02%	0.02%
TNL	B	0.09%	0.06%	0.06%
TPG	A	0.14%	0.19%	0.14%
TRN	A	0.08%	0.13%	0.08%
TTEK	F	0.36%	0.21%	0.21%
UE	A	0.07%	0.08%	0.07%
UTHR	C	0.46%	0.47%	0.46%
VCTR	B	0.04%	0.11%	0.04%
WABC	B	0.04%	0.03%	0.03%
WEN	C	0.09%	0.03%	0.03%
WSM	D	0.45%	0.14%	0.14%
WT	A	0.04%	0.08%	0.04%
WTM	A	0.12%	0.09%	0.09%
WWW	A	0.04%	0.15%	0.04%

VBR Overweight 625 Positions Relative to FAD

Symbol	Grade	Weight
SW	A	0.74%
BLDR	D	0.65%
ATO	A	0.58%
PNR	B	0.47%
IEX	B	0.47%
TOL	B	0.46%
RS	B	0.46%
RPM	B	0.45%
KIM	A	0.45%
OC	A	0.44%
USFD	A	0.43%
RNR	C	0.41%
RGA	B	0.41%
ACM	B	0.4%
EQH	B	0.39%
BG	D	0.39%
EMN	D	0.38%
JLL	D	0.37%
JNPR	D	0.37%
JBL	C	0.37%
UHS	D	0.37%
KMX	C	0.35%
PFGC	B	0.35%
SJM	D	0.35%
CHRW	B	0.35%
TFX	F	0.34%
NVT	C	0.34%
IPG	F	0.34%
BXP	D	0.33%
CCK	D	0.33%
BJ	B	0.32%
LDOS	C	0.32%
RRX	B	0.32%
FBIN	F	0.32%
EPAM	C	0.31%
TPR	B	0.31%
AIZ	A	0.3%
HII	F	0.3%
LKQ	F	0.3%
AA	A	0.29%
TAP	B	0.29%
CG	B	0.29%
PNW	B	0.29%
OVV	C	0.29%
AFG	A	0.29%
ARMK	C	0.29%
HAS	D	0.28%
FRT	B	0.28%
SOLV	F	0.28%
ALLY	C	0.28%
QRVO	F	0.28%
Z	A	0.28%
EVR	B	0.27%
HSIC	C	0.27%
STLD	B	0.27%
WTRG	B	0.27%
GL	C	0.27%
JEF	A	0.26%
INGR	B	0.26%
WAL	B	0.26%
APA	F	0.26%
MUSA	B	0.26%
SF	B	0.26%
MOS	D	0.25%
MHK	D	0.25%
KBR	F	0.25%
UNM	A	0.25%
FYBR	C	0.25%
APG	C	0.24%
FLR	B	0.24%
FMC	D	0.24%
OGE	A	0.24%
ORI	A	0.24%
WCC	B	0.24%
BWA	D	0.24%
KNX	B	0.24%
FHN	A	0.24%
MLI	B	0.24%
LAD	B	0.24%
SWN	C	0.23%
CMA	B	0.23%
WBS	A	0.23%
DOC	D	0.23%
CHRD	F	0.23%
SEIC	B	0.23%
MIDD	D	0.22%
IVZ	C	0.22%
UFPI	C	0.22%
SNX	D	0.22%
CR	A	0.22%
VFC	C	0.22%
NI	A	0.22%
VOYA	B	0.22%
STAG	D	0.21%
VNO	C	0.21%
SAIC	F	0.21%
X	C	0.21%
WTFC	B	0.21%
LUMN	C	0.21%
DINO	D	0.21%
BPOP	C	0.21%
MKSI	C	0.21%
AAL	B	0.21%
BERY	D	0.21%
SSB	B	0.21%
MTH	D	0.21%
LPX	B	0.2%
JXN	C	0.2%
TMHC	B	0.2%
ZION	B	0.2%
G	B	0.2%
UHAL	D	0.2%
BBWI	C	0.2%
NSIT	F	0.2%
ARW	F	0.2%
RRC	B	0.2%
FAF	C	0.19%
STWD	C	0.19%
MAT	D	0.19%
BIO	C	0.19%
ESNT	D	0.19%
PB	A	0.19%
OSK	C	0.19%
JAZZ	C	0.19%
MSA	D	0.19%
MTG	D	0.19%
RHI	C	0.19%
EVRG	A	0.19%
SNV	B	0.18%
LEA	F	0.18%
AGCO	F	0.18%
CMC	B	0.18%
CADE	B	0.17%
VMI	B	0.17%
WHR	B	0.17%
ACI	C	0.17%
XPO	B	0.17%
CLF	F	0.17%
R	B	0.17%
AXS	A	0.17%
AN	D	0.17%
VVV	D	0.16%
ST	F	0.16%
COLB	B	0.16%
KBH	D	0.16%
XRAY	D	0.16%
BCC	C	0.16%
IDA	A	0.16%
NFG	A	0.16%
BC	D	0.16%
THO	C	0.16%
ALB	B	0.16%
ACHC	F	0.16%
PVH	C	0.16%
OLN	F	0.16%
OMF	A	0.16%
PARA	D	0.16%
COOP	B	0.16%
SRCL	B	0.16%
SIGI	B	0.16%
WTS	B	0.16%
ALK	A	0.16%
AMG	C	0.15%
NXST	C	0.15%
FNB	B	0.15%
GBCI	B	0.15%
VNT	C	0.15%
SIRI	D	0.15%
RDN	D	0.15%
MDU	D	0.15%
TKR	F	0.15%
BECN	B	0.15%
LNC	B	0.15%
SON	F	0.15%
UGI	C	0.15%
CPRI	F	0.14%
ABG	B	0.14%
AVT	C	0.14%
MATX	B	0.14%
RYN	D	0.14%
THG	A	0.14%
SUM	B	0.14%
MUR	F	0.14%
JHG	B	0.14%
GPI	B	0.14%
ZWS	B	0.14%
OGN	F	0.14%
POR	C	0.14%
SLM	B	0.14%
UBSI	B	0.14%
UMBF	B	0.13%
SIG	C	0.13%
FLO	D	0.13%
NUVL	D	0.13%
PII	F	0.13%
HWC	B	0.13%
MGM	D	0.13%
CUZ	B	0.13%
SWX	A	0.13%
AL	B	0.13%
KRC	C	0.13%
HOG	F	0.13%
AVNT	B	0.13%
ACA	A	0.13%
OZK	B	0.13%
CNX	A	0.13%
NJR	A	0.13%
TPH	D	0.12%
WU	F	0.12%
ASH	F	0.12%
ABCB	B	0.12%
ENS	D	0.12%
M	D	0.12%
GTES	A	0.12%
SLGN	A	0.12%
ASO	F	0.12%
OGS	A	0.12%
ICUI	D	0.12%
SEE	D	0.12%
CRC	A	0.12%
AR	B	0.12%
BKH	A	0.12%
PR	B	0.12%
FUL	F	0.12%
ESGR	B	0.11%
SR	A	0.11%
ALE	A	0.11%
PLXS	B	0.11%
KMPR	A	0.11%
DXC	D	0.11%
DNB	B	0.11%
MSM	D	0.11%
IAC	D	0.11%
MTZ	A	0.11%
MDGL	C	0.11%
VLY	B	0.11%
KFY	B	0.11%
EDR	A	0.11%
PNM	B	0.11%
AEO	F	0.11%
ASGN	F	0.11%
AGO	A	0.11%
HUN	F	0.11%
HL	C	0.11%
TCBI	B	0.1%
RUSHA	B	0.1%
ABM	B	0.1%
HCC	B	0.1%
TEX	D	0.1%
AUB	B	0.1%
AMKR	F	0.1%
NVST	C	0.1%
NPO	A	0.1%
UCB	A	0.1%
MAN	F	0.1%
NWE	C	0.1%
MPW	F	0.1%
CNO	B	0.1%
HIW	D	0.1%
SANM	B	0.1%
PCH	D	0.1%
GMS	B	0.1%
BNL	D	0.1%
PBH	A	0.1%
PRGO	C	0.1%
PNFP	B	0.1%
SEM	B	0.1%
WD	D	0.1%
GNW	A	0.09%
FHB	B	0.09%
ALIT	C	0.09%
NSP	F	0.09%
UNF	B	0.09%
PTEN	C	0.09%
WSFS	B	0.09%
CC	D	0.09%
NWL	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%
WBA	F	0.09%
CWK	C	0.09%
AMED	F	0.09%
BEN	C	0.09%
BTU	C	0.09%
EBC	B	0.09%
APLE	B	0.09%
PAG	B	0.09%
COTY	F	0.09%
OTTR	C	0.09%
FULT	B	0.09%
TGNA	B	0.08%
HUBG	A	0.08%
GHC	B	0.08%
URBN	C	0.08%
POST	C	0.08%
BKU	A	0.08%
CXT	C	0.08%
BHF	C	0.08%
AIN	C	0.08%
ABR	B	0.08%
ADTN	A	0.08%
PK	D	0.08%
REZI	A	0.08%
LXP	D	0.08%
IOSP	C	0.08%
WAFD	B	0.08%
CNXC	F	0.08%
PENN	C	0.08%
WLK	F	0.08%
PBF	D	0.08%
TDC	D	0.08%
PFSI	C	0.08%
DEI	B	0.08%
CATY	B	0.08%
JWN	C	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%
HAYW	B	0.07%
VAC	C	0.07%
MTRN	C	0.07%
AAP	D	0.07%
BOKF	B	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%
ENOV	C	0.07%
PPBI	B	0.07%
FL	F	0.07%
DBRG	F	0.07%
HBI	B	0.07%
AKR	A	0.07%
MTX	C	0.07%
BOH	B	0.07%
GT	C	0.07%
VIRT	A	0.07%
SPB	C	0.07%
CWEN	C	0.07%
ARCB	C	0.07%
FIBK	B	0.07%
SFNC	B	0.07%
MGRC	B	0.07%
PHIN	B	0.06%
RXO	C	0.06%
PRG	C	0.06%
HI	C	0.06%
VSTS	F	0.06%
NMRK	B	0.06%
THS	F	0.06%
RNST	B	0.06%
INFA	D	0.06%
WLY	B	0.06%
IPGP	D	0.06%
VYX	C	0.06%
JOBY	B	0.06%
NBTB	B	0.06%
VGR	B	0.06%
VIAV	C	0.06%
PINC	B	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%
BYD	B	0.06%
OFG	B	0.06%
TDS	B	0.06%
SHO	D	0.06%
TOWN	B	0.06%
EVTC	B	0.06%
ZD	B	0.06%
ZG	A	0.06%
AIR	B	0.06%
KSS	F	0.06%
CRI	F	0.06%
MHO	D	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%
CENTA	C	0.05%
AMN	F	0.05%
CRGY	A	0.05%
ANDE	F	0.05%
SUPN	B	0.05%
REYN	D	0.05%
PPC	B	0.05%
DDS	B	0.05%
SCL	D	0.05%
FCF	B	0.05%
WSBC	B	0.05%
UAA	C	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%
LEG	F	0.05%
TRMK	B	0.05%
TTMI	B	0.05%
FTRE	D	0.05%
EPC	F	0.05%
LZB	B	0.05%
KAR	A	0.05%
B	A	0.05%
IMVT	F	0.05%
ROIC	A	0.05%
INSW	F	0.04%
UVV	B	0.04%
WOR	F	0.04%
PDM	D	0.04%
JELD	F	0.04%
ARI	C	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%
CXW	B	0.04%
BKE	B	0.04%
COLM	B	0.04%
SPNT	A	0.04%
HP	C	0.04%
VSAT	F	0.04%
CSGS	B	0.04%
DNOW	B	0.04%
DAN	F	0.04%
SBH	B	0.04%
ALEX	B	0.04%
VRE	A	0.04%
BLMN	F	0.04%
CAR	C	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%
LCII	D	0.04%
HTH	B	0.04%
NTCT	C	0.04%
GBX	B	0.04%
JBGS	F	0.04%
BHE	B	0.04%
STBA	B	0.04%
DYN	F	0.04%
GEF	B	0.04%
GO	C	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%
CWEN	C	0.03%
TRS	B	0.03%
MD	C	0.03%
CBRL	C	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%
SNDR	B	0.03%
UA	C	0.03%
ECPG	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%
XRX	F	0.03%
OMI	F	0.03%
DK	D	0.03%
SAFT	B	0.03%
BHLB	B	0.03%
GIII	D	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%
HY	D	0.02%
KELYA	F	0.02%
CFFN	B	0.02%
PCRX	C	0.02%
TMP	B	0.02%
BGS	F	0.02%
MATW	C	0.02%
HPP	F	0.02%
PUMP	D	0.02%
UHAL	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%
SEB	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%
DJT	C	0.01%
DIN	C	0.01%
OLPX	D	0.01%
VREX	C	0.01%
CENT	C	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%
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%

VBR Underweight 468 Positions Relative to FAD

Symbol	Grade	Weight
APP	A	-0.79%
PLTR	A	-0.63%
CVNA	A	-0.58%
TRGP	A	-0.53%
RCL	A	-0.52%
VRT	A	-0.51%
DASH	A	-0.5%
AXON	A	-0.49%
GS	B	-0.49%
EXPE	B	-0.49%
VST	A	-0.48%
KKR	A	-0.48%
FICO	B	-0.47%
GDDY	A	-0.47%
WAB	B	-0.46%
HWM	A	-0.46%
URI	B	-0.45%
PWR	A	-0.45%
BK	B	-0.45%
AXP	B	-0.44%
TT	A	-0.43%
CPNG	D	-0.43%
CCL	A	-0.43%
BURL	A	-0.42%
HOOD	A	-0.42%
ALL	A	-0.42%
VTR	B	-0.42%
PGR	B	-0.42%
HEI	A	-0.41%
NVDA	A	-0.41%
IRM	C	-0.41%
GRMN	B	-0.4%
RBLX	B	-0.4%
CEG	C	-0.39%
FI	A	-0.39%
AMP	A	-0.39%
NTRS	A	-0.39%
JPM	A	-0.38%
TMUS	B	-0.38%
ANET	C	-0.38%
NOW	B	-0.38%
LYV	A	-0.38%
PH	B	-0.37%
ORCL	A	-0.37%
HCA	F	-0.37%
TPL	A	-0.37%
ACGL	D	-0.37%
BRO	B	-0.36%
AVGO	C	-0.36%
CTAS	B	-0.36%
GEN	B	-0.36%
PCG	A	-0.35%
LII	A	-0.35%
COST	A	-0.35%
META	C	-0.35%
BSX	A	-0.35%
CAT	C	-0.35%
MSI	B	-0.35%
SHW	C	-0.34%
RMD	C	-0.34%
PM	A	-0.34%
ERIE	F	-0.33%
FSLR	F	-0.33%
ALNY	D	-0.33%
PEG	C	-0.32%
GE	D	-0.32%
IBM	C	-0.32%
TDG	D	-0.31%
APO	A	-0.31%
TTD	B	-0.3%
NEE	C	-0.3%
BKNG	A	-0.29%
GWW	B	-0.28%
CASY	A	-0.27%
NFLX	A	-0.27%
TYL	B	-0.26%
ISRG	A	-0.26%
WSO	A	-0.26%
HLT	A	-0.26%
WELL	A	-0.26%
NDAQ	A	-0.26%
DECK	A	-0.26%
FTNT	B	-0.26%
QTWO	B	-0.26%
MANH	D	-0.25%
AFRM	A	-0.25%
LVS	B	-0.25%
SOFI	A	-0.25%
BR	B	-0.25%
AJG	B	-0.25%
SPGI	D	-0.24%
SO	C	-0.24%
ECL	D	-0.24%
ZETA	D	-0.24%
CW	B	-0.24%
ICE	C	-0.24%
ITRI	B	-0.24%
UBER	F	-0.24%
MCO	D	-0.24%
COIN	A	-0.24%
ACIW	B	-0.24%
CORT	C	-0.24%
TJX	A	-0.24%
TSCO	D	-0.24%
NTAP	C	-0.24%
BRK.A	B	-0.24%
CRS	A	-0.23%
FOUR	A	-0.23%
EXEL	B	-0.23%
VLTO	C	-0.23%
CVLT	B	-0.23%
DUOL	A	-0.23%
HLNE	A	-0.23%
CSWI	A	-0.23%
FIX	A	-0.23%
IOT	A	-0.22%
PSA	C	-0.22%
XYL	D	-0.22%
EFX	F	-0.22%
AMT	D	-0.21%
LTH	C	-0.21%
HIMS	C	-0.21%
NTRA	A	-0.21%
RDNT	B	-0.21%
ENSG	D	-0.21%
CL	D	-0.21%
EXLS	B	-0.2%
IBKR	A	-0.2%
MOD	A	-0.2%
WMB	A	-0.2%
FRPT	A	-0.19%
CPAY	A	-0.19%
ADSK	B	-0.19%
COKE	C	-0.19%
MAR	B	-0.19%
AMZN	B	-0.19%
CRDO	B	-0.19%
GMED	A	-0.19%
PANW	B	-0.19%
APH	B	-0.19%
TSLA	A	-0.19%
TOST	A	-0.19%
HLI	B	-0.19%
PEGA	B	-0.19%
DELL	B	-0.19%
MO	A	-0.18%
DOV	B	-0.18%
GWRE	A	-0.18%
IR	B	-0.18%
ORLY	B	-0.18%
ATI	C	-0.18%
CRVL	A	-0.18%
IT	C	-0.18%
EXP	B	-0.18%
ARES	A	-0.18%
POWL	C	-0.18%
ETN	B	-0.18%
AAON	B	-0.18%
TXRH	B	-0.18%
AVAV	C	-0.18%
BOOT	D	-0.17%
LNTH	F	-0.17%
WULF	C	-0.17%
AMGN	D	-0.17%
AZO	C	-0.17%
MMC	D	-0.17%
BMI	C	-0.17%
PAYO	A	-0.17%
MMSI	A	-0.17%
BFAM	F	-0.17%
HALO	F	-0.17%
RSG	A	-0.17%
PODD	B	-0.17%
SPG	A	-0.17%
EPRT	A	-0.16%
VICI	C	-0.16%
FSS	B	-0.16%
TKO	A	-0.16%
ROST	D	-0.16%
ROAD	A	-0.16%
IESC	A	-0.16%
MCD	D	-0.16%
ROL	B	-0.16%
OTIS	C	-0.16%
CBOE	C	-0.16%
AAPL	C	-0.16%
RKLB	B	-0.16%
RYTM	C	-0.15%
IBP	F	-0.15%
KO	D	-0.15%
O	C	-0.15%
LLY	F	-0.15%
IDCC	B	-0.15%
EXR	C	-0.15%
DOCU	B	-0.15%
BLD	F	-0.15%
PI	D	-0.15%
WHD	B	-0.14%
BWXT	A	-0.14%
TRUP	B	-0.14%
ALHC	C	-0.14%
MPWR	F	-0.14%
BRBR	A	-0.14%
ENVA	B	-0.14%
ACLX	C	-0.14%
FTDR	B	-0.14%
SGBX	F	-0.14%
KAI	B	-0.14%
QCRH	B	-0.14%
TGTX	B	-0.14%
PJT	B	-0.14%
PRCT	B	-0.14%
STRL	A	-0.14%
PLNT	A	-0.14%
AWI	B	-0.14%
S	B	-0.14%
AXSM	B	-0.13%
KYMR	C	-0.13%
DT	C	-0.13%
PTGX	D	-0.13%
OLLI	D	-0.13%
WWD	B	-0.13%
BOX	B	-0.13%
SLVM	C	-0.13%
TW	A	-0.13%
VCYT	B	-0.13%
MSTR	A	-0.13%
CNS	B	-0.13%
RYAN	B	-0.13%
CLH	C	-0.13%
USLM	A	-0.13%
LMND	A	-0.12%
VRNS	D	-0.12%
ADMA	C	-0.12%
INSP	F	-0.12%
AGIO	C	-0.12%
GSHD	B	-0.12%
DOCS	C	-0.12%
INTA	B	-0.12%
TBBK	B	-0.12%
PTON	C	-0.12%
ASTH	F	-0.12%
CHEF	B	-0.12%
INSM	C	-0.12%
AZEK	B	-0.12%
PRM	B	-0.12%
CWAN	B	-0.12%
DSGR	C	-0.12%
PCTY	B	-0.11%
SMTC	C	-0.11%
MWA	B	-0.11%
RUN	F	-0.11%
LPLA	A	-0.11%
CCOI	B	-0.11%
RVMD	B	-0.11%
CRAI	B	-0.11%
OSW	B	-0.11%
PTCT	C	-0.11%
SYBT	B	-0.11%
SKWD	A	-0.11%
CPRX	C	-0.11%
MNKD	B	-0.11%
DORM	B	-0.11%
RARE	F	-0.11%
WYNN	D	-0.11%
HWKN	B	-0.11%
JANX	C	-0.11%
CALM	A	-0.11%
ALKT	B	-0.11%
CENX	B	-0.1%
BCRX	D	-0.1%
CRWD	B	-0.1%
PLMR	A	-0.1%
TGLS	B	-0.1%
WING	D	-0.1%
CHWY	B	-0.1%
MIRM	C	-0.1%
MTCH	F	-0.1%
ITCI	B	-0.1%
YOU	D	-0.1%
LMAT	A	-0.1%
AORT	B	-0.1%
UFPT	C	-0.1%
LFST	C	-0.1%
NRIX	C	-0.09%
VITL	D	-0.09%
MA	B	-0.09%
CIFR	C	-0.09%
COLL	F	-0.09%
RHP	B	-0.09%
WDAY	C	-0.09%
EEFT	C	-0.09%
NMIH	D	-0.09%
MBIN	F	-0.09%
WM	B	-0.09%
SEMR	C	-0.09%
CROX	F	-0.09%
WAT	C	-0.09%
VRTX	D	-0.09%
GKOS	A	-0.09%
CWST	A	-0.09%
MKTX	D	-0.09%
GOOGL	B	-0.09%
PAYX	B	-0.09%
GPN	C	-0.09%
MU	D	-0.09%
ORA	B	-0.09%
CHDN	C	-0.09%
AON	B	-0.09%
SHAK	C	-0.09%
ADP	B	-0.09%
WTTR	A	-0.09%
DLR	A	-0.09%
TMDX	F	-0.09%
GERN	F	-0.09%
BPMC	C	-0.09%
DBX	C	-0.09%
MSGS	B	-0.09%
SABR	B	-0.09%
SITM	B	-0.09%
CRM	B	-0.09%
VERX	A	-0.09%
FAST	B	-0.09%
SBAC	D	-0.08%
KMB	C	-0.08%
OSCR	C	-0.08%
A	F	-0.08%
MTD	F	-0.08%
PG	C	-0.08%
CARG	B	-0.08%
KNSL	B	-0.08%
OII	B	-0.08%
LIN	D	-0.08%
MSCI	B	-0.08%
GABC	B	-0.08%
CHD	A	-0.08%
DKNG	B	-0.08%
LITE	B	-0.08%
ESS	A	-0.08%
BLBD	F	-0.08%
CTRE	C	-0.08%
CMG	C	-0.08%
AVB	B	-0.08%
IRT	A	-0.08%
EVH	F	-0.08%
QCOM	F	-0.08%
BCPC	B	-0.08%
HRMY	F	-0.08%
EQIX	A	-0.08%
SYK	A	-0.08%
KRG	A	-0.08%
MKL	A	-0.08%
ITW	B	-0.08%
AMPH	F	-0.07%
CWT	C	-0.07%
DOCN	D	-0.07%
FND	F	-0.07%
ADUS	D	-0.07%
MGNI	A	-0.07%
VRRM	F	-0.07%
AOS	F	-0.07%
TWST	F	-0.07%
ICFI	F	-0.07%
CCI	C	-0.07%
KTOS	C	-0.07%
ASPN	F	-0.07%
KLAC	F	-0.07%
ZTS	D	-0.07%
BLFS	C	-0.07%
CUBE	C	-0.07%
EXPO	D	-0.07%
TNDM	F	-0.06%
IAS	D	-0.06%
PAYC	B	-0.06%
WRBY	A	-0.06%
IIPR	F	-0.06%
HLIT	D	-0.06%
EPAC	B	-0.06%
CEIX	A	-0.06%
OCUL	C	-0.06%
KNTK	A	-0.06%
CLSK	C	-0.06%
FLNC	C	-0.06%
NSA	C	-0.06%
AESI	B	-0.05%
FCPT	C	-0.05%
GTX	F	-0.05%
CHH	A	-0.05%
ACVA	A	-0.05%
UMH	A	-0.05%
HUMA	F	-0.05%
LNW	F	-0.05%
CPK	A	-0.05%
ANIP	D	-0.05%
LOPE	B	-0.05%
TRMB	B	-0.05%
NXRT	A	-0.05%
CRNX	C	-0.05%
DNLI	C	-0.05%
OWL	A	-0.05%
KW	B	-0.05%
JJSF	C	-0.05%
RXST	F	-0.05%
NTNX	B	-0.05%
MARA	C	-0.05%
MASI	B	-0.05%
WDFC	B	-0.05%
NVAX	F	-0.05%
NEO	C	-0.05%
AGYS	A	-0.05%
GH	B	-0.05%
BANC	B	-0.05%
LKFN	B	-0.05%
AGM	B	-0.05%
ARQT	C	-0.05%
GTLS	A	-0.05%
DAY	B	-0.05%
DRVN	B	-0.05%
BRKR	F	-0.04%
TDW	F	-0.04%
CHE	F	-0.04%
TECH	F	-0.04%
UDR	C	-0.04%
APPF	C	-0.04%
IPAR	C	-0.04%
SSD	D	-0.04%
U	F	-0.04%
H	B	-0.04%
NEU	D	-0.04%
ROIV	D	-0.04%
MAIN	A	-0.04%
CDRE	F	-0.04%
CNM	C	-0.04%
RGLD	C	-0.04%
MEDP	D	-0.04%
PHR	F	-0.04%
RBC	A	-0.04%
HLX	C	-0.04%
ARDX	F	-0.04%
MORN	B	-0.04%
BL	C	-0.03%
LCID	F	-0.03%
ACAD	C	-0.03%
CBZ	B	-0.03%
PLAY	D	-0.03%
MLNK	C	-0.03%
CTS	C	-0.03%
APPN	C	-0.03%
PAR	A	-0.03%
SOUN	C	-0.03%
CLDX	F	-0.02%
LPG	F	-0.02%
XPRO	F	-0.02%
RLAY	F	-0.02%
VECO	F	-0.02%
JOE	F	-0.02%
NSSC	F	-0.02%
AMC	D	-0.02%
TNC	F	-0.02%
ENVX	F	-0.02%
IRDM	F	-0.02%
TR	B	-0.02%
JAMF	F	-0.02%
ARLO	C	-0.02%
SMPL	B	-0.02%
FOLD	F	-0.02%
YELP	C	-0.02%
BEAM	C	-0.02%