VBR vs. FESM ETF Comparison

Comparison of Vanguard Small-Cap Value ETF - DNQ (VBR) to Fidelity Enhanced Small Cap ETF (FESM)

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

FESM

Fidelity Enhanced Small Cap ETF

FESM Description

The fund will normally invest at least 80% of assets in common stocks included in the Russell 2000® Index, which is a market capitalization-weighted index designed to measure the performance of the small-cap segment of the U.S. equity market. The adviser will generally use computer-aided, quantitative analysis of historical valuation, growth, profitability, and other factors to select a broadly diversified group of stocks that may have the potential to provide a higher total return than that of the index. It will invest in domestic and foreign issuers.

Grade (RS Rating)

Last Trade

$33.98

Average Daily Volume

115,795

Number of Holdings ^*

562

* may have additional holdings in another (foreign) market

Performance

Period	VBR	FESM
30 Days	0.99%	3.38%
60 Days	4.06%	5.43%
90 Days	7.32%	8.64%
12 Months	29.33%	35.92%

198 Overlapping Holdings

Symbol	Grade	Weight in VBR	Weight in FESM	Overlap
AAT	A	0.04%	0.36%	0.04%
ABCB	B	0.12%	0.36%	0.12%
ABM	B	0.1%	0.32%	0.1%
ACA	A	0.13%	0.37%	0.13%
AEO	F	0.11%	0.5%	0.11%
AIN	C	0.08%	0.08%	0.08%
AIR	B	0.06%	0.49%	0.06%
AIT	B	0.25%	0.47%	0.25%
ALE	A	0.11%	0.1%	0.1%
ALX	D	0.01%	0.04%	0.01%
AMRX	C	0.03%	0.12%	0.03%
ANF	C	0.21%	0.74%	0.21%
APOG	B	0.04%	0.38%	0.04%
AROC	A	0.09%	0.39%	0.09%
ARRY	F	0.01%	0.03%	0.01%
AUB	B	0.1%	0.1%	0.1%
AUR	C	0.16%	0.09%	0.09%
AVNS	F	0.03%	0.18%	0.03%
AWR	A	0.09%	0.3%	0.09%
AX	B	0.1%	0.29%	0.1%
AXL	C	0.02%	0.21%	0.02%
BANF	B	0.06%	0.43%	0.06%
BASE	C	0.02%	0.04%	0.02%
BCC	C	0.16%	0.16%	0.16%
BCO	F	0.14%	0.24%	0.14%
BDC	B	0.14%	0.29%	0.14%
BECN	B	0.15%	0.03%	0.03%
BGC	C	0.09%	0.66%	0.09%
BGS	F	0.02%	0.06%	0.02%
BHE	B	0.04%	0.41%	0.04%
BHLB	B	0.03%	0.03%	0.03%
BKD	F	0.04%	0.06%	0.04%
BLKB	B	0.06%	0.07%	0.06%
BOH	B	0.07%	0.16%	0.07%
BRC	C	0.09%	0.12%	0.09%
BRSP	C	0.02%	0.04%	0.02%
CADE	B	0.17%	0.18%	0.17%
CATY	B	0.08%	0.08%	0.08%
CBU	B	0.09%	0.37%	0.09%
CDE	C	0.07%	0.07%	0.07%
CDP	C	0.1%	0.25%	0.1%
CMC	B	0.18%	0.06%	0.06%
CMPR	F	0.02%	0.39%	0.02%
CNK	A	0.04%	0.14%	0.04%
CNO	B	0.1%	0.27%	0.1%
CODI	B	0.04%	0.44%	0.04%
COMP	B	0.09%	0.58%	0.09%
CRC	A	0.12%	0.22%	0.12%
CRGY	A	0.05%	0.58%	0.05%
CSGS	B	0.04%	0.59%	0.04%
CSR	A	0.03%	0.03%	0.03%
CVBF	B	0.07%	0.05%	0.05%
DIN	C	0.01%	0.02%	0.01%
DK	D	0.03%	0.12%	0.03%
DOC	D	0.23%	0.02%	0.02%
DY	C	0.08%	0.15%	0.08%
DYN	F	0.04%	0.11%	0.04%
EAT	A	0.09%	0.11%	0.09%
EE	A	0.01%	0.05%	0.01%
EGP	D	0.26%	0.08%	0.08%
EME	A	0.58%	0.55%	0.55%
ENS	D	0.12%	0.61%	0.12%
EQC	A	0.06%	0.31%	0.06%
ESRT	C	0.04%	0.34%	0.04%
ETWO	F	0.03%	0.03%	0.03%
FBP	B	0.1%	0.28%	0.1%
FCF	B	0.05%	0.02%	0.02%
FDP	B	0.03%	0.08%	0.03%
FFBC	B	0.07%	0.1%	0.07%
FFIN	B	0.13%	0.35%	0.13%
FHI	B	0.08%	0.5%	0.08%
FLR	B	0.24%	0.5%	0.24%
FRME	B	0.06%	0.18%	0.06%
FUL	F	0.12%	0.52%	0.12%
FULT	B	0.09%	0.19%	0.09%
GATX	B	0.14%	0.01%	0.01%
GEO	A	0.05%	0.22%	0.05%
GFF	B	0.09%	0.3%	0.09%
GHC	B	0.08%	0.14%	0.08%
GIII	D	0.03%	0.03%	0.03%
GNW	A	0.09%	0.33%	0.09%
GRC	B	0.01%	0.03%	0.01%
GT	C	0.07%	0.39%	0.07%
HBI	B	0.07%	0.07%	0.07%
HL	C	0.11%	0.19%	0.11%
HNI	B	0.07%	0.2%	0.07%
HP	C	0.04%	0.25%	0.04%
HURN	B	0.06%	0.21%	0.06%
HWC	B	0.13%	0.22%	0.13%
HY	D	0.02%	0.18%	0.02%
IART	C	0.03%	0.06%	0.03%
IMVT	F	0.05%	0.01%	0.01%
INDB	B	0.07%	0.1%	0.07%
IOVA	F	0.07%	0.04%	0.04%
JXN	C	0.2%	0.64%	0.2%
KAR	A	0.05%	0.31%	0.05%
KBH	D	0.16%	0.2%	0.16%
KNF	B	0.15%	0.13%	0.13%
KREF	D	0.02%	0.12%	0.02%
KTB	A	0.13%	0.08%	0.08%
LADR	B	0.04%	0.1%	0.04%
LGF.A	F	0.03%	0.05%	0.03%
LGF.A	F	0.03%	0.07%	0.03%
LGF.A	F	0.01%	0.07%	0.01%
LGF.A	F	0.01%	0.05%	0.01%
LGND	C	0.05%	0.09%	0.05%
LUMN	C	0.21%	0.86%	0.21%
MAC	A	0.11%	0.22%	0.11%
MATX	B	0.14%	0.32%	0.14%
MCY	B	0.05%	0.03%	0.03%
MDGL	C	0.11%	0.15%	0.11%
MHO	D	0.06%	0.59%	0.06%
MOG.A	B	0.17%	0.25%	0.17%
MRC	B	0.03%	0.08%	0.03%
MTH	D	0.21%	0.3%	0.21%
MTRN	C	0.07%	0.08%	0.07%
MTX	C	0.07%	0.56%	0.07%
MUR	F	0.14%	0.19%	0.14%
MXL	C	0.02%	0.48%	0.02%
MYGN	F	0.03%	0.09%	0.03%
NABL	F	0.01%	0.06%	0.01%
NBTB	B	0.06%	0.07%	0.06%
NJR	A	0.13%	0.3%	0.13%
NPAB	F	0.05%	0.04%	0.04%
NUVL	D	0.13%	0.04%	0.04%
NWBI	B	0.05%	0.57%	0.05%
ODP	F	0.03%	0.09%	0.03%
OFG	B	0.06%	0.15%	0.06%
OI	D	0.06%	0.21%	0.06%
OTTR	C	0.09%	0.11%	0.09%
OUT	A	0.07%	0.53%	0.07%
PBH	A	0.1%	0.21%	0.1%
PBI	B	0.04%	0.19%	0.04%
PCRX	C	0.02%	0.08%	0.02%
PDCO	F	0.05%	0.02%	0.02%
PECO	A	0.07%	0.34%	0.07%
PFS	B	0.07%	0.31%	0.07%
PLXS	B	0.11%	0.23%	0.11%
PRAA	C	0.02%	0.02%	0.02%
PRG	C	0.06%	0.54%	0.06%
PRGS	B	0.08%	0.26%	0.08%
PRK	B	0.07%	0.17%	0.07%
PRLB	C	0.02%	0.08%	0.02%
PSN	C	0.14%	0.24%	0.14%
REZI	A	0.08%	0.46%	0.08%
RNA	C	0.07%	0.21%	0.07%
RNST	B	0.06%	0.22%	0.06%
RUSHA	B	0.1%	0.08%	0.08%
RXO	C	0.06%	0.06%	0.06%
SAH	B	0.02%	0.15%	0.02%
SANM	B	0.1%	0.39%	0.1%
SBH	B	0.04%	0.18%	0.04%
SCS	B	0.03%	0.08%	0.03%
SEM	B	0.1%	0.07%	0.07%
SF	B	0.26%	0.32%	0.26%
SFBS	B	0.06%	0.18%	0.06%
SFM	A	0.32%	0.97%	0.32%
SIGI	B	0.16%	0.44%	0.16%
SKT	A	0.1%	0.11%	0.1%
SKYW	B	0.09%	0.69%	0.09%
SLG	B	0.13%	0.13%	0.13%
SMMT	D	0.07%	0.01%	0.01%
SSTK	F	0.01%	0.08%	0.01%
STBA	B	0.04%	0.03%	0.03%
STEP	B	0.05%	0.32%	0.05%
SUPN	B	0.05%	0.02%	0.02%
SWX	A	0.13%	0.31%	0.13%
SXT	C	0.1%	0.32%	0.1%
TDS	B	0.06%	0.17%	0.06%
TEX	D	0.1%	0.34%	0.1%
THR	B	0.03%	0.07%	0.03%
TILE	B	0.02%	0.22%	0.02%
TMHC	B	0.2%	0.47%	0.2%
TPH	D	0.12%	0.34%	0.12%
TRN	A	0.08%	0.26%	0.08%
TRTX	B	0.01%	0.15%	0.01%
UBSI	B	0.14%	0.19%	0.14%
UCB	A	0.1%	0.14%	0.1%
UFPI	C	0.22%	0.03%	0.03%
UMBF	B	0.13%	0.34%	0.13%
UNIT	B	0.04%	0.11%	0.04%
UPBD	C	0.05%	0.5%	0.05%
URBN	C	0.08%	0.08%	0.08%
VMEO	C	0.01%	0.51%	0.01%
VRE	A	0.04%	0.18%	0.04%
VREX	C	0.01%	0.29%	0.01%
VRTS	B	0.04%	0.14%	0.04%
VSCO	A	0.06%	0.03%	0.03%
WABC	B	0.04%	0.21%	0.04%
WKC	D	0.05%	0.14%	0.05%
WMK	B	0.03%	0.07%	0.03%
WOOF	D	0.01%	0.3%	0.01%
WS	B	0.03%	0.13%	0.03%
WSBC	B	0.05%	0.15%	0.05%
WT	A	0.04%	0.51%	0.04%
WTS	B	0.16%	0.39%	0.16%
XRX	F	0.03%	0.18%	0.03%
ZIP	D	0.01%	0.05%	0.01%

VBR Overweight 601 Positions Relative to FESM

Symbol	Grade	Weight
SW	A	0.74%
BLDR	D	0.65%
BAH	D	0.61%
CSL	C	0.6%
ATO	A	0.58%
FCNCA	A	0.57%
NRG	B	0.54%
PNR	B	0.47%
IEX	B	0.47%
TOL	B	0.46%
RS	B	0.46%
THC	C	0.46%
UTHR	C	0.46%
WSM	D	0.45%
RPM	B	0.45%
KIM	A	0.45%
OC	A	0.44%
USFD	A	0.43%
RNR	C	0.41%
AES	F	0.41%
RGA	B	0.41%
ACM	B	0.4%
GLPI	C	0.39%
EQH	B	0.39%
BG	D	0.39%
EMN	D	0.38%
REG	A	0.38%
CPT	C	0.38%
ALLE	D	0.37%
JLL	D	0.37%
JNPR	D	0.37%
FFIV	B	0.37%
JBL	C	0.37%
UHS	D	0.37%
TTEK	F	0.36%
KMX	C	0.35%
PFGC	B	0.35%
ITT	A	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%
EWBC	A	0.33%
HUBB	B	0.33%
CCK	D	0.33%
BJ	B	0.32%
LDOS	C	0.32%
RRX	B	0.32%
FBIN	F	0.32%
CACI	C	0.32%
ATR	B	0.31%
EPAM	C	0.31%
TPR	B	0.31%
SCI	A	0.31%
AIZ	A	0.3%
HII	F	0.3%
OHI	B	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%
EHC	B	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%
HRB	D	0.26%
DCI	B	0.26%
GPK	D	0.26%
NNN	C	0.26%
INGR	B	0.26%
PRI	A	0.26%
WAL	B	0.26%
APA	F	0.26%
MUSA	B	0.26%
MOS	D	0.25%
MHK	D	0.25%
NYT	D	0.25%
KBR	F	0.25%
GME	C	0.25%
UNM	A	0.25%
FYBR	C	0.25%
APG	C	0.24%
FCN	F	0.24%
AGNC	C	0.24%
FMC	D	0.24%
OGE	A	0.24%
ORI	A	0.24%
WCC	B	0.24%
BWA	D	0.24%
DKS	D	0.24%
KNX	B	0.24%
FHN	A	0.24%
ALSN	B	0.24%
BRX	A	0.24%
MLI	B	0.24%
AYI	B	0.24%
LAD	B	0.24%
SWN	C	0.23%
AXTA	B	0.23%
CMA	B	0.23%
WBS	A	0.23%
CHRD	F	0.23%
SEIC	B	0.23%
MIDD	D	0.22%
IVZ	C	0.22%
ADC	A	0.22%
DTM	A	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%
DINO	D	0.21%
BPOP	C	0.21%
ELAN	D	0.21%
MKSI	C	0.21%
AAL	B	0.21%
RL	C	0.21%
BERY	D	0.21%
FR	C	0.21%
SSB	B	0.21%
FLS	A	0.2%
LPX	B	0.2%
COHR	B	0.2%
DVA	C	0.2%
CBSH	A	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%
KEX	B	0.2%
CFR	B	0.19%
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%
CRUS	F	0.19%
MTG	D	0.19%
RHI	C	0.19%
RLI	A	0.19%
EVRG	A	0.19%
SNV	B	0.18%
ESAB	C	0.18%
CBT	C	0.18%
LEA	F	0.18%
AGCO	F	0.18%
VMI	B	0.17%
LAMR	D	0.17%
WHR	B	0.17%
ACI	C	0.17%
ESI	B	0.17%
XPO	B	0.17%
ONB	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%
XRAY	D	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%
ALK	A	0.16%
AMG	C	0.15%
NXST	C	0.15%
AM	A	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%
KD	A	0.15%
TKR	F	0.15%
LNC	B	0.15%
SON	F	0.15%
UGI	C	0.15%
GAP	D	0.15%
TPG	A	0.14%
CPRI	F	0.14%
ABG	B	0.14%
RIVN	F	0.14%
PIPR	B	0.14%
AVT	C	0.14%
RYN	D	0.14%
THG	A	0.14%
SUM	B	0.14%
JHG	B	0.14%
HOMB	A	0.14%
GPI	B	0.14%
ZWS	B	0.14%
OGN	F	0.14%
POR	C	0.14%
SLM	B	0.14%
LYFT	C	0.13%
ITGR	B	0.13%
SBRA	B	0.13%
SIG	C	0.13%
FLO	D	0.13%
PII	F	0.13%
MGM	D	0.13%
CUZ	B	0.13%
NCLH	B	0.13%
AL	B	0.13%
KRC	C	0.13%
HOG	F	0.13%
AVNT	B	0.13%
OZK	B	0.13%
CNX	A	0.13%
HASI	F	0.12%
WU	F	0.12%
ASH	F	0.12%
M	D	0.12%
GTES	A	0.12%
WTM	A	0.12%
SLGN	A	0.12%
ASO	F	0.12%
OGS	A	0.12%
ICUI	D	0.12%
SEE	D	0.12%
AR	B	0.12%
BKH	A	0.12%
PR	B	0.12%
ESGR	B	0.11%
NHI	D	0.11%
SR	A	0.11%
SMG	C	0.11%
EPR	D	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%
VLY	B	0.11%
KFY	B	0.11%
EDR	A	0.11%
PNM	B	0.11%
ASGN	F	0.11%
AGO	A	0.11%
HUN	F	0.11%
TCBI	B	0.1%
MGEE	A	0.1%
ESE	B	0.1%
HCC	B	0.1%
IBOC	B	0.1%
AMKR	F	0.1%
NVST	C	0.1%
NPO	A	0.1%
GVA	A	0.1%
MAN	F	0.1%
NWE	C	0.1%
MPW	F	0.1%
HIW	D	0.1%
PCH	D	0.1%
GMS	B	0.1%
BNL	D	0.1%
PRGO	C	0.1%
PNFP	B	0.1%
WD	D	0.1%
SATS	C	0.09%
FHB	B	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%
WEN	C	0.09%
APAM	B	0.09%
CC	D	0.09%
NWL	B	0.09%
ATKR	D	0.09%
AVA	C	0.09%
TNL	B	0.09%
SYNA	D	0.09%
ASB	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%
TGNA	B	0.08%
HUBG	A	0.08%
ATGE	B	0.08%
POST	C	0.08%
BKU	A	0.08%
CXT	C	0.08%
BHF	C	0.08%
ABR	B	0.08%
ADTN	A	0.08%
PK	D	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%
JWN	C	0.08%
WERN	B	0.07%
ENR	B	0.07%
SM	C	0.07%
HAYW	B	0.07%
VAC	C	0.07%
AAP	D	0.07%
AZZ	A	0.07%
BOKF	B	0.07%
VSH	F	0.07%
BFH	B	0.07%
ARCH	B	0.07%
ENOV	C	0.07%
PPBI	B	0.07%
FL	F	0.07%
DBRG	F	0.07%
OSIS	A	0.07%
RNG	C	0.07%
AKR	A	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%
BXMT	C	0.07%
UE	A	0.07%
PHIN	B	0.06%
GNL	D	0.06%
HI	C	0.06%
VSTS	F	0.06%
NMRK	B	0.06%
THS	F	0.06%
INFA	D	0.06%
WLY	B	0.06%
IPGP	D	0.06%
VYX	C	0.06%
JOBY	B	0.06%
VGR	B	0.06%
VIAV	C	0.06%
PINC	B	0.06%
OMCL	C	0.06%
KMT	C	0.06%
CGON	F	0.06%
LAUR	A	0.06%
IBTX	B	0.06%
IVT	A	0.06%
BANR	B	0.06%
NATL	B	0.06%
BYD	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%
ZG	A	0.06%
KSS	F	0.06%
CRI	F	0.06%
MIR	A	0.06%
PSMT	D	0.06%
AZTA	F	0.06%
VRNT	D	0.05%
CABO	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%
ANDE	F	0.05%
REYN	D	0.05%
PPC	B	0.05%
CHCO	B	0.05%
DDS	B	0.05%
NHC	B	0.05%
SCL	D	0.05%
UAA	C	0.05%
SHOO	D	0.05%
DRH	B	0.05%
MLKN	F	0.05%
TROX	D	0.05%
LEG	F	0.05%
TRMK	B	0.05%
LRN	A	0.05%
PZZA	F	0.05%
TTMI	B	0.05%
GOLF	B	0.05%
FTRE	D	0.05%
EPC	F	0.05%
LZB	B	0.05%
B	A	0.05%
CAKE	B	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%
PDM	D	0.04%
JELD	F	0.04%
ARI	C	0.04%
OXM	F	0.04%
NNI	D	0.04%
NX	C	0.04%
VC	F	0.04%
VCTR	B	0.04%
WWW	A	0.04%
CXW	B	0.04%
BKE	B	0.04%
COLM	B	0.04%
SPNT	A	0.04%
VSAT	F	0.04%
DNOW	B	0.04%
DAN	F	0.04%
RRR	F	0.04%
REVG	B	0.04%
ALEX	B	0.04%
BLMN	F	0.04%
CAR	C	0.04%
HELE	C	0.04%
NGVT	C	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%
HEES	C	0.04%
JBGS	F	0.04%
KN	B	0.04%
GEF	B	0.04%
GO	C	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%
DNUT	F	0.03%
MMI	B	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%
HTLF	B	0.03%
SCSC	B	0.03%
CARS	C	0.03%
SNDR	B	0.03%
UA	C	0.03%
ECPG	C	0.03%
FBRT	C	0.03%
CNNE	B	0.03%
KALU	C	0.03%
KFRC	D	0.03%
ACT	D	0.03%
KWR	D	0.03%
OMI	F	0.03%
SAFT	B	0.03%
EIG	B	0.03%
NAVI	F	0.03%
MSGE	F	0.03%
LC	B	0.03%
HTLD	B	0.02%
ATUS	C	0.02%
CAL	F	0.02%
FOR	F	0.02%
GES	F	0.02%
BMBL	C	0.02%
SCHL	F	0.02%
KELYA	F	0.02%
CFFN	B	0.02%
SWI	B	0.02%
TMP	B	0.02%
MATW	C	0.02%
HPP	F	0.02%
PUMP	D	0.02%
UHAL	D	0.02%
HLF	C	0.02%
RGR	F	0.02%
KOP	C	0.02%
ECVT	C	0.02%
AMWD	C	0.02%
ASTE	C	0.02%
XHR	B	0.02%
SVC	F	0.02%
MODG	F	0.02%
SEB	F	0.02%
PRA	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%
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%
OLPX	D	0.01%
CENT	C	0.01%
TGI	A	0.01%
CMP	C	0.01%
AMBC	C	0.01%
SWBI	C	0.01%
KRO	F	0.01%
SRCL	B	0.01%
NAPA	A	0.01%
CNDT	D	0.01%
CRCT	F	0.01%
EGBN	B	0.01%
RUSHB	B	0.01%
WRLD	D	0.01%
HTZ	C	0.01%
INN	D	0.01%
BJRI	C	0.01%
RMR	F	0.01%
PTVE	B	0.01%
NVRI	F	0.01%
FWRD	D	0.01%
USNA	C	0.01%
CLB	C	0.01%
CLBK	C	0.01%
CCO	D	0.01%
GCMG	A	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 366 Positions Relative to FESM

Symbol	Grade	Weight
CRS	A	-0.81%
QTWO	B	-0.8%
CVLT	B	-0.77%
FN	B	-0.74%
SPSC	F	-0.72%
PAYO	A	-0.65%
MWA	B	-0.6%
YELP	C	-0.58%
IBP	F	-0.57%
QLYS	C	-0.56%
CVNA	A	-0.55%
FIX	A	-0.55%
EXLS	B	-0.54%
HWKN	B	-0.53%
LKFN	B	-0.52%
MTDR	C	-0.51%
LMND	A	-0.51%
IGT	F	-0.49%
ITRI	B	-0.47%
LANC	D	-0.45%
INSM	C	-0.42%
BMI	C	-0.4%
MMSI	A	-0.4%
UCTT	F	-0.37%
CRDO	B	-0.36%
BAND	D	-0.36%
PCVX	D	-0.36%
TENB	D	-0.36%
GH	B	-0.35%
CNMD	C	-0.35%
CECO	C	-0.35%
VICR	C	-0.35%
BBSI	B	-0.33%
NMIH	D	-0.33%
YOU	D	-0.32%
ATI	C	-0.32%
COKE	C	-0.32%
KTOS	C	-0.31%
EGHT	C	-0.29%
PHR	F	-0.29%
TRNO	D	-0.28%
LNW	F	-0.28%
SXC	A	-0.28%
WK	C	-0.28%
YEXT	B	-0.28%
RVMD	B	-0.26%
CEIX	A	-0.25%
PLPC	B	-0.25%
SNEX	B	-0.25%
HQY	A	-0.24%
PDFS	D	-0.24%
NBR	D	-0.24%
SHAK	C	-0.23%
EPAC	B	-0.23%
EZPW	A	-0.23%
CORT	C	-0.23%
CPF	B	-0.23%
BUSE	B	-0.23%
MRTN	C	-0.23%
HLX	C	-0.23%
PLAB	D	-0.22%
COMM	D	-0.22%
CALM	A	-0.22%
CRAI	B	-0.22%
AORT	B	-0.22%
ROCK	D	-0.21%
AXGN	D	-0.21%
HALO	F	-0.21%
SJW	F	-0.21%
ALKS	C	-0.21%
CTRE	C	-0.2%
BL	C	-0.2%
HSTM	A	-0.2%
ZUO	B	-0.2%
CWT	C	-0.2%
TNC	F	-0.19%
SMTC	C	-0.19%
RMBS	C	-0.19%
PD	C	-0.18%
PJT	B	-0.18%
PRO	C	-0.18%
SLVM	C	-0.18%
BVS	C	-0.18%
CNXN	D	-0.18%
ARLO	C	-0.17%
IRTC	C	-0.17%
CSWI	A	-0.17%
DCO	B	-0.17%
PTCT	C	-0.17%
LMB	A	-0.17%
FLNC	C	-0.17%
INTA	B	-0.17%
TVTX	C	-0.16%
RYTM	C	-0.16%
EWTX	C	-0.16%
EXPI	C	-0.16%
DXPE	B	-0.16%
ALRM	C	-0.16%
BPMC	C	-0.16%
CYTK	D	-0.16%
DOMO	C	-0.15%
VCYT	B	-0.15%
STNG	D	-0.15%
NFBK	B	-0.15%
AMSF	B	-0.15%
CPS	C	-0.15%
OPCH	F	-0.14%
CPRX	C	-0.14%
AGIO	C	-0.14%
NRIX	C	-0.14%
ETD	D	-0.14%
HAE	C	-0.14%
FLXS	B	-0.14%
TWST	F	-0.14%
FOLD	F	-0.14%
SRRK	B	-0.13%
ATRC	C	-0.13%
WSR	A	-0.13%
CRNX	C	-0.13%
EXTR	C	-0.13%
SRCE	B	-0.13%
ZEUS	C	-0.12%
TRUP	B	-0.12%
REPX	A	-0.12%
AMSC	C	-0.12%
FORM	F	-0.12%
CHX	C	-0.11%
KRYS	C	-0.11%
ACAD	C	-0.11%
ADMA	C	-0.11%
HCAT	C	-0.11%
CDNA	D	-0.11%
HCI	C	-0.11%
LYTS	A	-0.11%
DIOD	F	-0.1%
TRUE	C	-0.1%
OSCR	C	-0.1%
AMPH	F	-0.1%
NGVC	A	-0.1%
GKOS	A	-0.1%
GMRE	F	-0.1%
ADUS	D	-0.1%
VTOL	B	-0.1%
BCRX	D	-0.1%
KURA	F	-0.1%
ALTR	B	-0.1%
RDFN	D	-0.1%
TGTX	B	-0.09%
VBTX	B	-0.09%
EBS	C	-0.09%
ADPT	C	-0.09%
AMBA	B	-0.09%
AMAL	B	-0.09%
HLIT	D	-0.09%
RXRX	D	-0.09%
BCPC	B	-0.09%
AGS	A	-0.09%
ARQT	C	-0.09%
ARAY	D	-0.08%
ANIP	D	-0.08%
FTDR	B	-0.08%
BSRR	C	-0.08%
SGMO	C	-0.08%
CDMO	A	-0.08%
DEA	D	-0.08%
TDOC	D	-0.08%
LTH	C	-0.08%
PTGX	D	-0.08%
TCMD	B	-0.08%
AKBA	C	-0.08%
WVE	C	-0.08%
FSS	B	-0.08%
SPT	C	-0.08%
PACB	D	-0.08%
LUNR	B	-0.07%
LNTH	F	-0.07%
LIVN	D	-0.07%
CTKB	C	-0.07%
KE	C	-0.07%
WEAV	B	-0.07%
NVAX	F	-0.07%
ORIC	F	-0.07%
KOD	B	-0.07%
JAMF	F	-0.07%
HRTG	C	-0.07%
AXSM	B	-0.07%
FISI	B	-0.07%
PGC	A	-0.07%
IRWD	F	-0.07%
MYE	F	-0.07%
OPEN	F	-0.07%
NUVB	C	-0.07%
ATNI	F	-0.07%
PL	A	-0.07%
CTBI	B	-0.07%
DNLI	C	-0.07%
MEDP	D	-0.07%
WSBF	B	-0.07%
REPL	C	-0.07%
BSIG	A	-0.07%
COLL	F	-0.07%
BBIO	F	-0.07%
ANNX	F	-0.06%
ERAS	C	-0.06%
AKRO	C	-0.06%
UEC	A	-0.06%
TSHA	D	-0.06%
SNDX	F	-0.06%
RVNC	F	-0.06%
ARCT	F	-0.06%
APPN	C	-0.06%
CDXS	B	-0.06%
TREE	F	-0.06%
CCCC	F	-0.06%
HURC	C	-0.06%
RM	D	-0.06%
GIC	F	-0.06%
ARVN	F	-0.06%
AVD	C	-0.06%
CLDX	F	-0.06%
CERS	D	-0.06%
QTRX	D	-0.06%
FBK	B	-0.06%
EOLS	F	-0.06%
ETNB	D	-0.05%
ALLK	D	-0.05%
ACIW	B	-0.05%
DAKT	B	-0.05%
SAGE	F	-0.05%
OABI	D	-0.05%
DSGN	C	-0.05%
TMCI	C	-0.05%
PAHC	B	-0.05%
ATRO	F	-0.05%
ORGO	B	-0.05%
FLYW	B	-0.05%
MLNK	C	-0.05%
OPY	B	-0.05%
UHT	D	-0.05%
ARWR	D	-0.05%
COGT	D	-0.05%
OIS	C	-0.05%
STRO	D	-0.05%
BY	B	-0.05%
VNDA	C	-0.05%
ABSI	F	-0.05%
SNBR	F	-0.05%
ONTO	F	-0.05%
MCRI	A	-0.05%
BOOT	D	-0.05%
TSVT	F	-0.04%
HRTX	F	-0.04%
MGNX	D	-0.04%
LPSN	F	-0.04%
ICFI	F	-0.04%
BLBD	F	-0.04%
AOSL	C	-0.04%
BDTX	F	-0.04%
TNDM	F	-0.04%
TERN	F	-0.04%
NXRT	A	-0.04%
GERN	F	-0.04%
MSBI	B	-0.04%
CXM	C	-0.04%
VYGR	F	-0.04%
CRVL	A	-0.04%
KALV	F	-0.04%
IDYA	F	-0.04%
ZNTL	D	-0.04%
UVE	A	-0.04%
COUR	F	-0.04%
NSSC	F	-0.04%
TXRH	B	-0.04%
PRTS	C	-0.03%
FIZZ	C	-0.03%
ANIK	F	-0.03%
KYMR	C	-0.03%
GCI	D	-0.03%
NPK	C	-0.03%
ACET	F	-0.03%
ENTA	F	-0.03%
RMAX	D	-0.03%
SHEN	F	-0.03%
CWCO	C	-0.03%
IDT	B	-0.03%
RLMD	F	-0.03%
MBWM	B	-0.03%
YMAB	F	-0.03%
USLM	A	-0.03%
BEAM	C	-0.03%
ENSG	D	-0.03%
STNE	F	-0.03%
MED	F	-0.03%
RLAY	F	-0.03%
AXNX	A	-0.03%
RCKT	F	-0.03%
ASC	D	-0.03%
FNKO	D	-0.03%
SANA	F	-0.03%
UVSP	B	-0.03%
ACLX	C	-0.03%
HROW	D	-0.03%
HNST	A	-0.03%
CHGG	F	-0.03%
LMAT	A	-0.03%
NARI	C	-0.03%
HUMA	F	-0.03%
FATE	F	-0.03%
VCEL	A	-0.03%
EDIT	F	-0.03%
HIMS	C	-0.03%
ANGO	C	-0.02%
RCKY	F	-0.02%
EB	C	-0.02%
UPLD	B	-0.02%
ONTF	C	-0.02%
TNYA	C	-0.02%
CTMX	F	-0.02%
SPNS	F	-0.02%
MQ	F	-0.02%
NTLA	F	-0.02%
DVAX	C	-0.02%
ZIMV	F	-0.02%
TNET	F	-0.02%
ABUS	D	-0.02%
SVRA	F	-0.02%
MCB	B	-0.02%
RAMP	C	-0.02%
NKTR	F	-0.02%
TCBK	B	-0.02%
XNCR	B	-0.02%
JBSS	F	-0.02%
SPOK	B	-0.02%
MRSN	C	-0.02%
PGEN	F	-0.02%
CRBU	D	-0.02%
GPRE	F	-0.02%
SWTX	C	-0.02%
TSE	F	-0.02%
ALHC	C	-0.02%
NKTX	F	-0.02%
ALEC	F	-0.02%
VERA	C	-0.02%
MDXG	A	-0.02%
SFL	D	-0.02%
ALT	C	-0.02%
KPTI	D	-0.02%
PBYI	D	-0.02%
FSTR	B	-0.02%
PKE	C	-0.02%
BOLT	F	-0.01%
CARA	D	-0.01%
WFRD	F	-0.01%
ALVR	F	-0.01%
INO	F	-0.01%
NOVA	F	-0.01%
ZDGE	F	-0.01%
FGEN	F	-0.01%
CHRS	F	-0.01%
AVTE	C	-0.01%
ADAP	F	-0.01%
SPCE	D	-0.01%
RIG	D	-0.01%
URGN	F	-0.01%
XBIT	F	-0.01%
CCBG	B	-0.01%