VBR vs. FLQS ETF Comparison

Comparison of Vanguard Small-Cap Value ETF - DNQ (VBR) to Franklin LibertyQ U.S. Small Cap Equity ETF (FLQS)

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

$211.20

Average Daily Volume

430,349

Number of Holdings ^*

794

* may have additional holdings in another (foreign) market

FLQS

Franklin LibertyQ U.S. Small Cap Equity ETF

FLQS Description

The investment seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the LibertyQ U.S. Small Cap Equity Index (the U.S. Small Cap underlying index). Under normal market conditions, the fund invests at least 80% of its assets in the component securities of the U.S. Small Cap underlying index. The U.S. Small Cap underlying index is based on the Russell 2000® Index using a methodology developed with Franklin Templeton to reflect Franklin Templeton's desired investment strategy.

Grade (RS Rating)

Last Trade

$44.79

Average Daily Volume

3,172

Number of Holdings ^*

463

* may have additional holdings in another (foreign) market

Performance

Period	VBR	FLQS
30 Days	5.18%	6.43%
60 Days	6.13%	6.42%
90 Days	7.24%	7.02%
12 Months	32.19%	27.84%

175 Overlapping Holdings

Symbol	Grade	Weight in VBR	Weight in FLQS	Overlap
AAT	B	0.04%	0.17%	0.04%
ACT	C	0.03%	0.15%	0.03%
AEO	F	0.1%	0.42%	0.1%
AIT	B	0.26%	1.3%	0.26%
ALX	D	0.01%	0.03%	0.01%
AMCX	C	0.0%	0.04%	0.0%
AMN	F	0.04%	0.15%	0.04%
ANF	F	0.2%	0.78%	0.2%
APAM	B	0.09%	0.2%	0.09%
APOG	C	0.05%	0.18%	0.05%
ARCH	B	0.07%	0.37%	0.07%
AROC	A	0.09%	0.35%	0.09%
ASB	B	0.1%	0.5%	0.1%
ASO	F	0.11%	0.45%	0.11%
ATGE	B	0.08%	0.42%	0.08%
ATKR	D	0.09%	0.42%	0.09%
AVA	A	0.09%	0.38%	0.09%
AWR	B	0.09%	0.44%	0.09%
BASE	B	0.02%	0.05%	0.02%
BCC	B	0.15%	0.73%	0.15%
BCO	F	0.13%	0.58%	0.13%
BDC	C	0.14%	0.56%	0.14%
BDN	C	0.02%	0.06%	0.02%
BHE	C	0.04%	0.11%	0.04%
BKE	B	0.04%	0.24%	0.04%
BLKB	B	0.06%	0.46%	0.06%
BLMN	F	0.04%	0.19%	0.04%
BNL	D	0.1%	0.4%	0.1%
BRKL	B	0.03%	0.14%	0.03%
BTU	B	0.09%	0.37%	0.09%
BV	C	0.03%	0.05%	0.03%
BXMT	C	0.07%	0.44%	0.07%
CAKE	C	0.06%	0.4%	0.06%
CAL	F	0.01%	0.15%	0.01%
CBRL	C	0.03%	0.19%	0.03%
CENT	C	0.01%	0.05%	0.01%
CENTA	C	0.04%	0.23%	0.04%
CHCO	B	0.05%	0.22%	0.05%
CMC	B	0.18%	0.83%	0.18%
CMPR	D	0.02%	0.21%	0.02%
CMTG	F	0.02%	0.04%	0.02%
CNO	B	0.1%	0.29%	0.1%
CRC	A	0.12%	0.54%	0.12%
CRGY	B	0.05%	0.12%	0.05%
CSGS	B	0.04%	0.25%	0.04%
CVBF	A	0.08%	0.34%	0.08%
CVI	F	0.02%	0.07%	0.02%
CWH	B	0.02%	0.12%	0.02%
DLX	B	0.02%	0.15%	0.02%
EGBN	B	0.01%	0.1%	0.01%
ELME	D	0.04%	0.09%	0.04%
EMBC	C	0.02%	0.13%	0.02%
ENR	B	0.07%	0.26%	0.07%
EPC	F	0.05%	0.21%	0.05%
ESE	B	0.09%	0.48%	0.09%
ESNT	F	0.18%	0.8%	0.18%
FL	F	0.06%	0.24%	0.06%
FOR	F	0.02%	0.06%	0.02%
FWRD	D	0.01%	0.11%	0.01%
GCMG	B	0.01%	0.03%	0.01%
GEF	A	0.04%	0.23%	0.04%
GEF	A	0.0%	0.23%	0.0%
GEF	A	0.0%	0.05%	0.0%
GEF	A	0.04%	0.05%	0.04%
GEO	B	0.06%	0.4%	0.06%
GFF	A	0.08%	0.19%	0.08%
GIII	D	0.03%	0.16%	0.03%
GMS	B	0.1%	0.61%	0.1%
GNW	A	0.09%	0.41%	0.09%
GOLF	B	0.05%	0.35%	0.05%
GPI	B	0.14%	0.73%	0.14%
GRC	A	0.01%	0.11%	0.01%
HCC	B	0.1%	0.44%	0.1%
HEES	C	0.05%	0.23%	0.05%
HELE	C	0.04%	0.19%	0.04%
HI	C	0.06%	0.27%	0.06%
HNI	B	0.06%	0.39%	0.06%
HOMB	A	0.14%	0.65%	0.14%
HOPE	C	0.04%	0.18%	0.04%
HTLD	C	0.01%	0.09%	0.01%
HURN	C	0.06%	0.2%	0.06%
HY	D	0.02%	0.06%	0.02%
INSW	F	0.03%	0.19%	0.03%
INVA	D	0.03%	0.15%	0.03%
IOSP	C	0.08%	0.39%	0.08%
JACK	C	0.03%	0.1%	0.03%
JXN	C	0.22%	1.0%	0.22%
KELYA	F	0.02%	0.06%	0.02%
KFRC	D	0.03%	0.19%	0.03%
KFY	B	0.11%	0.64%	0.11%
KREF	C	0.02%	0.08%	0.02%
KTB	B	0.14%	0.84%	0.14%
LCII	C	0.04%	0.35%	0.04%
LRN	A	0.06%	0.64%	0.06%
LTC	B	0.05%	0.2%	0.05%
LZB	B	0.05%	0.27%	0.05%
MATW	C	0.02%	0.08%	0.02%
MATX	C	0.15%	0.66%	0.15%
MCY	A	0.05%	0.25%	0.05%
MD	C	0.03%	0.18%	0.03%
MGEE	B	0.1%	0.49%	0.1%
MGRC	B	0.08%	0.36%	0.08%
MHO	D	0.06%	0.45%	0.06%
MLI	B	0.27%	1.32%	0.27%
MLKN	F	0.05%	0.23%	0.05%
MNRO	D	0.02%	0.12%	0.02%
MOG.A	B	0.16%	0.74%	0.16%
NBTB	B	0.06%	0.29%	0.06%
NHC	C	0.04%	0.22%	0.04%
NSIT	F	0.17%	0.56%	0.17%
NSP	F	0.08%	0.35%	0.08%
NTCT	C	0.04%	0.17%	0.04%
NUS	D	0.0%	0.06%	0.0%
NWBI	B	0.05%	0.23%	0.05%
NWE	B	0.1%	0.44%	0.1%
NWN	A	0.04%	0.2%	0.04%
ODP	F	0.03%	0.13%	0.03%
OSIS	A	0.06%	0.33%	0.06%
OTTR	C	0.1%	0.39%	0.1%
OXM	F	0.03%	0.18%	0.03%
PBF	D	0.08%	0.34%	0.08%
PBH	A	0.11%	0.56%	0.11%
PDCO	F	0.05%	0.27%	0.05%
PDM	D	0.04%	0.15%	0.04%
PLXS	B	0.11%	0.42%	0.11%
PNM	B	0.11%	0.56%	0.11%
PRGS	A	0.08%	0.38%	0.08%
PRIM	A	0.09%	0.28%	0.09%
PRK	B	0.07%	0.18%	0.07%
PSMT	D	0.06%	0.31%	0.06%
PZZA	F	0.05%	0.21%	0.05%
REVG	C	0.04%	0.1%	0.04%
REZI	A	0.08%	0.27%	0.08%
RGR	F	0.02%	0.09%	0.02%
RMR	F	0.01%	0.05%	0.01%
ROIC	A	0.05%	0.24%	0.05%
RUSHA	C	0.1%	0.48%	0.1%
RUSHB	C	0.01%	0.06%	0.01%
SAH	C	0.02%	0.13%	0.02%
SBH	C	0.04%	0.24%	0.04%
SCHL	F	0.01%	0.08%	0.01%
SCS	C	0.03%	0.17%	0.03%
SFM	A	0.38%	1.67%	0.38%
SHOO	F	0.05%	0.47%	0.05%
SIG	B	0.11%	0.58%	0.11%
SIGI	C	0.16%	0.65%	0.16%
SKT	A	0.11%	0.55%	0.11%
SR	A	0.1%	0.43%	0.1%
SSTK	F	0.01%	0.1%	0.01%
STRA	C	0.06%	0.31%	0.06%
SWBI	C	0.01%	0.08%	0.01%
SWX	B	0.13%	0.68%	0.13%
SXI	B	0.06%	0.31%	0.06%
SXT	C	0.09%	0.42%	0.09%
TDS	B	0.08%	0.45%	0.08%
TGNA	B	0.08%	0.45%	0.08%
THR	B	0.03%	0.09%	0.03%
TILE	B	0.01%	0.1%	0.01%
TMP	B	0.02%	0.13%	0.02%
TRTX	C	0.01%	0.08%	0.01%
UFPI	C	0.21%	0.99%	0.21%
UNF	B	0.08%	0.34%	0.08%
UNFI	A	0.03%	0.15%	0.03%
UPBD	B	0.04%	0.26%	0.04%
USNA	C	0.01%	0.07%	0.01%
UVV	B	0.03%	0.19%	0.03%
VCTR	B	0.04%	0.27%	0.04%
VSH	F	0.06%	0.23%	0.06%
WERN	C	0.06%	0.41%	0.06%
WMK	C	0.03%	0.18%	0.03%
WNC	C	0.02%	0.09%	0.02%
WRLD	C	0.01%	0.07%	0.01%
WTS	B	0.15%	0.8%	0.15%
WWW	A	0.03%	0.22%	0.03%
ZIP	D	0.01%	0.09%	0.01%

VBR Overweight 621 Positions Relative to FLQS

Symbol	Grade	Weight
SW	A	0.78%
BAH	F	0.69%
EME	A	0.61%
FCNCA	A	0.61%
BLDR	D	0.58%
ATO	A	0.58%
CSL	C	0.57%
NRG	B	0.55%
UTHR	C	0.49%
RPM	A	0.48%
PNR	A	0.48%
KIM	A	0.47%
IEX	C	0.47%
RS	B	0.46%
OC	A	0.45%
TOL	B	0.44%
USFD	A	0.44%
THC	D	0.43%
ACM	B	0.42%
EQH	C	0.42%
RGA	A	0.41%
FFIV	B	0.4%
RNR	C	0.4%
JBL	C	0.39%
WSM	C	0.39%
EWBC	A	0.39%
JLL	D	0.38%
REG	A	0.38%
GLPI	C	0.38%
TTEK	F	0.38%
PFGC	B	0.37%
JNPR	D	0.37%
ALLE	C	0.36%
EMN	C	0.36%
CACI	D	0.36%
LDOS	C	0.36%
CPT	B	0.36%
NVT	B	0.36%
BG	D	0.35%
SJM	D	0.34%
CHRW	B	0.34%
UHS	D	0.34%
CG	B	0.34%
AES	F	0.34%
ATR	B	0.33%
SCI	B	0.33%
BJ	A	0.33%
CCK	D	0.33%
KMX	B	0.33%
ITT	A	0.33%
BXP	C	0.33%
HUBB	B	0.33%
TPR	B	0.32%
OHI	C	0.32%
IPG	D	0.32%
RRX	B	0.32%
EPAM	B	0.3%
FBIN	D	0.3%
OVV	B	0.3%
AA	A	0.3%
AIZ	A	0.29%
ARMK	B	0.29%
PNW	A	0.29%
EHC	B	0.29%
SOLV	D	0.29%
SF	B	0.29%
WCC	B	0.28%
TAP	C	0.28%
TFX	F	0.28%
GL	C	0.28%
WTRG	B	0.28%
UNM	A	0.28%
STLD	B	0.28%
ALLY	C	0.28%
EVR	B	0.28%
LKQ	F	0.28%
AFG	A	0.28%
JEF	A	0.27%
Z	A	0.27%
AYI	B	0.27%
FRT	B	0.27%
FHN	A	0.27%
ALSN	B	0.27%
PRI	B	0.27%
APA	D	0.26%
SEIC	B	0.26%
DTM	A	0.26%
AAL	B	0.26%
DCI	B	0.26%
WBS	A	0.26%
LAD	A	0.26%
FYBR	C	0.26%
HSIC	C	0.26%
KBR	F	0.26%
FLR	B	0.26%
MUSA	B	0.26%
APG	B	0.25%
CMA	B	0.25%
GPK	C	0.25%
GME	C	0.25%
MOS	F	0.25%
INGR	C	0.25%
NYT	D	0.25%
HAS	D	0.25%
WAL	B	0.25%
VFC	C	0.24%
FMC	D	0.24%
BRX	A	0.24%
ORI	A	0.24%
AXTA	B	0.24%
HRB	D	0.24%
EGP	D	0.24%
WTFC	A	0.23%
CHRD	D	0.23%
DKS	D	0.23%
DOC	C	0.23%
X	B	0.23%
NI	A	0.23%
VOYA	B	0.23%
NNN	C	0.23%
KNX	C	0.23%
OGE	A	0.23%
SAIC	F	0.22%
SNX	D	0.22%
IVZ	B	0.22%
SSB	B	0.22%
ADC	A	0.22%
VNO	C	0.22%
RL	C	0.22%
CR	A	0.22%
BWA	D	0.22%
BERY	C	0.22%
ZION	B	0.22%
ESAB	C	0.21%
COHR	B	0.21%
MHK	D	0.21%
XPO	B	0.21%
CBSH	B	0.21%
HII	F	0.21%
AGNC	C	0.21%
CFR	B	0.21%
MKSI	C	0.2%
RHI	C	0.2%
QRVO	F	0.2%
RLI	A	0.2%
TMHC	C	0.2%
STAG	D	0.2%
G	B	0.2%
SNV	C	0.2%
RRC	B	0.2%
FLS	B	0.2%
MAT	D	0.2%
BIO	C	0.2%
FR	D	0.2%
MIDD	C	0.2%
FCN	F	0.2%
AGCO	D	0.19%
BPOP	C	0.19%
JAZZ	B	0.19%
MTG	C	0.19%
LUMN	C	0.19%
MTH	D	0.19%
EVRG	A	0.19%
UHAL	D	0.19%
PB	B	0.19%
KEX	B	0.19%
OSK	C	0.19%
R	B	0.18%
ALK	B	0.18%
CLF	F	0.18%
CADE	B	0.18%
ONB	C	0.18%
MSA	F	0.18%
BBWI	C	0.18%
ELAN	D	0.18%
LPX	B	0.18%
DINO	D	0.18%
STWD	C	0.18%
FAF	A	0.18%
ARW	D	0.18%
VMI	B	0.18%
WHR	B	0.17%
BECN	B	0.17%
VNT	C	0.17%
SRCL	B	0.17%
ACI	C	0.17%
LAMR	C	0.17%
PARA	C	0.17%
SUM	B	0.17%
SIRI	C	0.17%
DVA	C	0.17%
CRUS	D	0.17%
ESI	B	0.17%
CBT	D	0.17%
GBCI	B	0.17%
LNC	C	0.17%
AXS	A	0.17%
OMF	A	0.17%
COLB	B	0.17%
LEA	F	0.16%
NXST	C	0.16%
COOP	B	0.16%
AMG	B	0.16%
PVH	C	0.16%
KNF	B	0.16%
IDA	A	0.16%
NFG	A	0.16%
TPG	A	0.16%
ALB	B	0.16%
NCLH	B	0.16%
MDU	D	0.16%
KBH	D	0.15%
GAP	C	0.15%
UBSI	B	0.15%
UGI	C	0.15%
SON	F	0.15%
PSN	D	0.15%
ST	F	0.15%
VVV	D	0.15%
FNB	A	0.15%
TKR	D	0.15%
AN	C	0.15%
RDN	D	0.15%
THO	B	0.15%
JHG	B	0.15%
BC	C	0.15%
KD	B	0.15%
RYN	D	0.14%
CUZ	B	0.14%
XRAY	F	0.14%
OZK	B	0.14%
KRC	B	0.14%
PIPR	A	0.14%
AVT	C	0.14%
MDGL	B	0.14%
SLM	A	0.14%
THG	A	0.14%
OLN	F	0.14%
OGN	F	0.14%
AM	A	0.14%
AUR	C	0.14%
POR	C	0.14%
CNX	A	0.14%
SLG	B	0.14%
GATX	A	0.14%
ZWS	B	0.14%
RIVN	F	0.13%
PR	B	0.13%
WTM	A	0.13%
EAT	A	0.13%
FFIN	B	0.13%
LYFT	C	0.13%
AL	B	0.13%
HWC	B	0.13%
MUR	D	0.13%
SBRA	C	0.13%
UMBF	B	0.13%
NJR	A	0.13%
ABG	C	0.13%
GTES	A	0.13%
ACA	A	0.13%
DNB	B	0.12%
ICUI	D	0.12%
FUL	F	0.12%
M	F	0.12%
OGS	A	0.12%
MAC	B	0.12%
ABCB	B	0.12%
EDR	A	0.12%
HASI	D	0.12%
VLY	B	0.12%
BKH	A	0.12%
SLGN	A	0.12%
ITGR	B	0.12%
AGO	B	0.12%
MGM	D	0.12%
FLO	D	0.12%
SEE	C	0.12%
AVNT	B	0.12%
TPH	D	0.11%
NVST	B	0.11%
HUN	F	0.11%
SKYW	C	0.11%
CDP	C	0.11%
WU	F	0.11%
SANM	B	0.11%
AX	B	0.11%
GVA	A	0.11%
ESGR	B	0.11%
ALE	A	0.11%
PII	F	0.11%
SMG	C	0.11%
ACHC	F	0.11%
NUVL	C	0.11%
HOG	D	0.11%
KMPR	A	0.11%
AR	B	0.11%
PNFP	B	0.11%
HL	D	0.11%
MTZ	B	0.11%
ENS	F	0.11%
ASGN	F	0.11%
ASH	F	0.11%
BEN	C	0.1%
WBA	F	0.1%
PCH	F	0.1%
TEX	F	0.1%
FULT	A	0.1%
WEN	D	0.1%
ABM	B	0.1%
SEM	B	0.1%
BGC	C	0.1%
NHI	D	0.1%
UCB	A	0.1%
AUB	B	0.1%
IBOC	B	0.1%
EPR	C	0.1%
IAC	F	0.1%
NWL	C	0.1%
PRGO	C	0.1%
WD	D	0.1%
MSM	C	0.1%
HIW	C	0.1%
TCBI	C	0.1%
DXC	B	0.1%
WSFS	B	0.09%
JWN	D	0.09%
BRC	D	0.09%
DEI	B	0.09%
MAN	F	0.09%
SATS	D	0.09%
MIR	A	0.09%
PENN	C	0.09%
PTEN	C	0.09%
PAG	B	0.09%
NPO	A	0.09%
ADTN	A	0.09%
TDC	D	0.09%
AMED	F	0.09%
CWK	C	0.09%
CATY	B	0.09%
FBP	C	0.09%
FHB	B	0.09%
TNL	A	0.09%
EBC	B	0.09%
APLE	B	0.09%
COMP	B	0.09%
CBU	B	0.09%
FHI	B	0.09%
FIBK	B	0.08%
AKR	B	0.08%
COTY	F	0.08%
CXT	C	0.08%
LXP	D	0.08%
ABR	C	0.08%
BKU	A	0.08%
UE	B	0.08%
CC	C	0.08%
SYNA	C	0.08%
DBRG	F	0.08%
GHC	B	0.08%
PK	C	0.08%
WAFD	B	0.08%
SFNC	C	0.08%
MPW	F	0.08%
ALIT	C	0.08%
RNG	C	0.08%
AMKR	D	0.08%
TRN	B	0.08%
IOVA	F	0.08%
BOH	B	0.08%
BHF	C	0.08%
BYD	B	0.07%
OMCL	C	0.07%
GT	C	0.07%
ENOV	C	0.07%
CDE	C	0.07%
PFS	B	0.07%
PECO	A	0.07%
FFBC	B	0.07%
HBI	B	0.07%
CWEN	C	0.07%
RNA	C	0.07%
CNXC	F	0.07%
VSCO	C	0.07%
BOKF	B	0.07%
SPB	C	0.07%
SM	B	0.07%
DY	D	0.07%
MTX	B	0.07%
VAC	C	0.07%
HAYW	B	0.07%
PPBI	C	0.07%
ARCB	C	0.07%
BFH	C	0.07%
OUT	A	0.07%
URBN	C	0.07%
INDB	B	0.07%
HUBG	A	0.07%
WLK	D	0.07%
PFSI	C	0.07%
POST	C	0.07%
VIRT	A	0.07%
NMRK	C	0.06%
NATL	B	0.06%
CGON	F	0.06%
AZTA	D	0.06%
TRMK	C	0.06%
IMVT	F	0.06%
RXO	D	0.06%
PHIN	A	0.06%
KSS	F	0.06%
KMT	B	0.06%
BANF	B	0.06%
AIR	B	0.06%
WLY	B	0.06%
EQC	B	0.06%
PINC	B	0.06%
SMMT	D	0.06%
SFBS	C	0.06%
ZG	A	0.06%
VIAV	C	0.06%
SHO	D	0.06%
IBTX	B	0.06%
FRME	B	0.06%
RNST	B	0.06%
ZD	B	0.06%
EVTC	B	0.06%
LAUR	A	0.06%
MTRN	C	0.06%
AIN	C	0.06%
INFA	D	0.06%
IVT	A	0.06%
AAP	D	0.06%
TOWN	B	0.06%
B	A	0.06%
IPGP	D	0.06%
AZZ	A	0.06%
TTMI	C	0.06%
JOBY	B	0.06%
BANR	B	0.06%
CPRI	F	0.06%
SCL	C	0.05%
DDS	B	0.05%
FCF	B	0.05%
UAA	C	0.05%
CNK	C	0.05%
DRH	B	0.05%
HE	C	0.05%
THS	D	0.05%
NBHC	C	0.05%
KAR	B	0.05%
PPC	C	0.05%
OI	C	0.05%
STEP	C	0.05%
GBX	A	0.05%
PRG	C	0.05%
VSTS	C	0.05%
WSBC	B	0.05%
SUPN	C	0.05%
GNL	F	0.05%
LGND	C	0.05%
VYX	B	0.05%
OFG	B	0.05%
CRI	F	0.05%
EIG	B	0.04%
PBI	B	0.04%
ARI	C	0.04%
FDP	B	0.04%
DYN	F	0.04%
SPNT	B	0.04%
IART	C	0.04%
VC	F	0.04%
WS	C	0.04%
DNOW	B	0.04%
GO	C	0.04%
VRE	B	0.04%
COLM	C	0.04%
NNI	D	0.04%
LADR	B	0.04%
RRR	F	0.04%
WABC	B	0.04%
VRNT	C	0.04%
CAR	C	0.04%
ALEX	B	0.04%
NX	C	0.04%
STBA	B	0.04%
ESRT	C	0.04%
HTH	C	0.04%
CODI	B	0.04%
WT	A	0.04%
REYN	D	0.04%
TROX	D	0.04%
CXW	C	0.04%
SMR	B	0.04%
KN	B	0.04%
VRTS	B	0.04%
WKC	C	0.04%
ANDE	D	0.04%
JBGS	F	0.04%
HP	C	0.04%
LC	A	0.04%
FTRE	D	0.04%
HMN	B	0.04%
NGVT	B	0.04%
LEG	F	0.04%
GTY	A	0.04%
HLIO	B	0.04%
NPAB	F	0.04%
CABO	B	0.04%
AVNS	F	0.03%
MMI	C	0.03%
FA	C	0.03%
XRX	F	0.03%
LGF.A	C	0.03%
SCSC	C	0.03%
CWEN	C	0.03%
OMI	F	0.03%
MYGN	F	0.03%
DK	C	0.03%
DNUT	F	0.03%
RWT	D	0.03%
USM	B	0.03%
MRC	B	0.03%
DAN	D	0.03%
CARS	C	0.03%
UA	C	0.03%
KWR	C	0.03%
ECPG	C	0.03%
TRS	B	0.03%
SNDR	B	0.03%
FBRT	D	0.03%
CSR	B	0.03%
ATSG	B	0.03%
HTLF	B	0.03%
VSAT	F	0.03%
NAVI	F	0.03%
SAFT	B	0.03%
RBRK	A	0.03%
CNNE	B	0.03%
MSGE	F	0.03%
KALU	C	0.03%
AIV	C	0.03%
JELD	F	0.03%
WOR	F	0.03%
VSTO	A	0.03%
BHLB	B	0.03%
PMT	C	0.03%
BKD	F	0.03%
UNIT	B	0.03%
AMRX	C	0.03%
SVC	F	0.02%
ATUS	B	0.02%
DAWN	D	0.02%
NAPA	A	0.02%
HPP	F	0.02%
PUMP	C	0.02%
AXL	C	0.02%
BGS	F	0.02%
UHAL	D	0.02%
KOP	C	0.02%
SWI	C	0.02%
MODG	F	0.02%
SEB	F	0.02%
BMBL	C	0.02%
PRLB	B	0.02%
ECVT	C	0.02%
AMWD	C	0.02%
ETWO	F	0.02%
XHR	B	0.02%
HLF	C	0.02%
ASTE	C	0.02%
CFFN	C	0.02%
PCRX	C	0.02%
PRAA	D	0.02%
FG	A	0.02%
PRA	C	0.02%
HAIN	D	0.02%
BRSP	C	0.02%
MATV	D	0.02%
HCSG	C	0.02%
LEVI	F	0.02%
EYE	C	0.02%
JBLU	F	0.02%
OLPX	D	0.01%
OPK	C	0.01%
TWKS	B	0.01%
DIN	C	0.01%
CMP	C	0.01%
AMBC	C	0.01%
KRO	C	0.01%
TGI	B	0.01%
VREX	B	0.01%
CNDT	C	0.01%
SRCL	B	0.01%
HTZ	C	0.01%
CRCT	F	0.01%
WOOF	D	0.01%
NVRI	D	0.01%
INN	D	0.01%
VMEO	B	0.01%
EE	A	0.01%
NABL	F	0.01%
PTVE	B	0.01%
BJRI	C	0.01%
CCO	C	0.01%
CLB	B	0.01%
CLBK	C	0.01%
ARRY	F	0.01%
BFS	C	0.01%
DJT	C	0.01%
MXL	C	0.01%
LGF.A	C	0.01%
GES	F	0.01%
SCWX	C	0.0%
AC	B	0.0%
ACDC	B	0.0%
TASK	C	0.0%
LESL	D	0.0%
LDI	C	0.0%
BRCC	F	0.0%

VBR Underweight 290 Positions Relative to FLQS

Symbol	Grade	Weight
CVLT	B	-1.2%
BMI	B	-0.9%
SPSC	D	-0.87%
CSWI	B	-0.83%
QLYS	B	-0.79%
RMBS	B	-0.75%
MMSI	A	-0.71%
EXPO	D	-0.71%
FELE	B	-0.69%
IBP	D	-0.69%
ALKS	C	-0.67%
KAI	B	-0.63%
CORT	B	-0.62%
BOX	B	-0.62%
CEIX	A	-0.6%
MGY	A	-0.59%
WDFC	B	-0.58%
FTDR	B	-0.57%
IDCC	B	-0.55%
CALM	A	-0.54%
CTRE	C	-0.54%
WK	B	-0.47%
MWA	B	-0.46%
LANC	C	-0.45%
NOG	B	-0.45%
CRVL	B	-0.42%
NMIH	C	-0.4%
ACIW	B	-0.39%
CWT	C	-0.39%
EPRT	B	-0.38%
VRNS	D	-0.37%
HIMS	B	-0.37%
IPAR	B	-0.37%
SLVM	B	-0.36%
YELP	C	-0.36%
ICFI	F	-0.36%
IIPR	D	-0.36%
NARI	C	-0.36%
PATK	C	-0.35%
CARG	B	-0.35%
FCPT	C	-0.35%
FSS	B	-0.35%
AMR	C	-0.33%
TNET	F	-0.33%
CPRX	C	-0.32%
PRDO	B	-0.31%
JJSF	C	-0.3%
STNG	F	-0.3%
ENVA	B	-0.3%
PLUS	F	-0.3%
CNMD	C	-0.29%
ACAD	C	-0.27%
LMAT	A	-0.27%
ACLS	F	-0.27%
ALG	B	-0.26%
EXTR	C	-0.26%
UFPT	C	-0.24%
PJT	A	-0.24%
IESC	C	-0.24%
OPCH	D	-0.24%
TNC	D	-0.24%
GPOR	B	-0.23%
HWKN	B	-0.23%
DORM	B	-0.23%
SJW	F	-0.22%
ATRC	C	-0.21%
CALX	D	-0.2%
RVLV	A	-0.19%
DFIN	D	-0.19%
ATEN	A	-0.19%
SONO	C	-0.19%
NSSC	D	-0.18%
INMD	C	-0.18%
VCEL	B	-0.18%
EPAC	C	-0.17%
SFL	D	-0.17%
NVEE	F	-0.17%
GABC	B	-0.17%
YOU	D	-0.17%
FIZZ	C	-0.17%
AGYS	A	-0.17%
HLIT	D	-0.16%
SRCE	B	-0.16%
MCRI	A	-0.16%
CRAI	C	-0.16%
IMKTA	C	-0.15%
BBSI	B	-0.15%
HSII	B	-0.15%
PEBO	B	-0.15%
PFBC	B	-0.14%
MDXG	B	-0.14%
OCFC	B	-0.14%
DXPE	C	-0.13%
SYBT	B	-0.13%
MRTN	D	-0.13%
SXC	A	-0.13%
XPEL	B	-0.13%
UTL	B	-0.12%
UPWK	B	-0.12%
BLX	B	-0.12%
PRO	C	-0.11%
IDT	B	-0.11%
CNXN	C	-0.11%
ETD	C	-0.11%
HCKT	B	-0.11%
IMXI	B	-0.11%
HRMY	D	-0.11%
FIGS	F	-0.1%
AESI	B	-0.1%
YEXT	B	-0.1%
DHT	F	-0.1%
MLR	C	-0.1%
SPTN	D	-0.1%
SPNS	F	-0.1%
JBSS	F	-0.1%
SMP	C	-0.1%
UTI	B	-0.1%
TRST	B	-0.09%
OSPN	A	-0.09%
CMRE	C	-0.09%
GOGL	F	-0.09%
LQDT	B	-0.08%
SCVL	F	-0.08%
RYI	C	-0.08%
EBF	F	-0.08%
VITL	D	-0.07%
NRDS	C	-0.07%
TPB	B	-0.07%
NFBK	C	-0.07%
PTLO	F	-0.07%
CASS	C	-0.07%
SMBC	B	-0.07%
EGY	D	-0.07%
YORW	F	-0.07%
IRWD	F	-0.07%
BBW	C	-0.07%
ACCO	C	-0.07%
PAHC	C	-0.07%
AORT	B	-0.07%
MYE	F	-0.06%
FFIC	B	-0.06%
LOVE	A	-0.06%
HVT	D	-0.06%
CPF	B	-0.06%
CYH	F	-0.06%
PGRE	F	-0.06%
LPG	F	-0.06%
LILAK	D	-0.06%
ASC	F	-0.06%
FC	F	-0.06%
FMNB	B	-0.06%
CCSI	C	-0.06%
GIC	D	-0.06%
IRMD	C	-0.06%
AXGN	C	-0.06%
LYTS	B	-0.06%
COLL	F	-0.06%
UHT	D	-0.06%
CHCT	C	-0.06%
BMRC	B	-0.05%
MCFT	C	-0.05%
MOV	D	-0.05%
HTBK	B	-0.05%
NGVC	A	-0.05%
ULH	C	-0.05%
GCO	C	-0.05%
NVEC	B	-0.05%
NPK	B	-0.05%
LXFR	C	-0.05%
VLGEA	C	-0.05%
FBIZ	B	-0.05%
TCMD	B	-0.05%
OOMA	B	-0.05%
CCRN	F	-0.05%
MCW	C	-0.05%
DJCO	B	-0.05%
LINC	C	-0.05%
FCBC	C	-0.05%
SRDX	B	-0.05%
CFB	B	-0.05%
ENFN	B	-0.05%
SEMR	C	-0.04%
RM	C	-0.04%
PKST	F	-0.04%
SB	F	-0.04%
MITK	C	-0.04%
METC	C	-0.04%
HBCP	C	-0.04%
ORGO	B	-0.04%
VNDA	C	-0.04%
SPOK	B	-0.04%
GNTY	A	-0.04%
TITN	C	-0.04%
NAT	F	-0.04%
ODC	B	-0.04%
TMCI	C	-0.04%
PLPC	B	-0.04%
FLIC	B	-0.04%
NECB	C	-0.04%
REPX	A	-0.04%
SIGA	F	-0.04%
LGTY	C	-0.04%
RGP	F	-0.04%
PFIS	A	-0.04%
NRC	F	-0.04%
CDXC	B	-0.03%
KRT	B	-0.03%
YMAB	F	-0.03%
FLWS	D	-0.03%
TTSH	F	-0.03%
KRNY	C	-0.03%
OFLX	D	-0.03%
PFMT	F	-0.03%
MED	D	-0.03%
OLP	B	-0.03%
TH	C	-0.03%
IMMR	C	-0.03%
CMPO	B	-0.03%
LILA	D	-0.03%
NATH	C	-0.03%
EVER	D	-0.03%
PBPB	C	-0.03%
BWMN	C	-0.03%
PKBK	A	-0.03%
SMLR	B	-0.03%
RMAX	C	-0.03%
IBTA	C	-0.03%
VPG	F	-0.03%
WEYS	C	-0.03%
RLGT	B	-0.03%
GRNT	B	-0.03%
GPMT	C	-0.02%
NREF	A	-0.02%
RMNI	C	-0.02%
BTMD	B	-0.02%
SGC	C	-0.02%
III	C	-0.02%
ESCA	B	-0.02%
REFI	A	-0.02%
SNBR	F	-0.02%
FLXS	B	-0.02%
MYPS	C	-0.02%
RCKY	F	-0.02%
APEI	B	-0.02%
GWRS	B	-0.02%
INFU	B	-0.02%
AVNW	F	-0.02%
RELL	B	-0.02%
JYNT	C	-0.02%
JOUT	F	-0.02%
DXLG	D	-0.02%
CHMG	B	-0.02%
CZNC	C	-0.02%
HOFT	B	-0.02%
ESSA	B	-0.02%
DBI	F	-0.02%
ZYXI	D	-0.02%
EPM	A	-0.02%
IBEX	B	-0.02%
CIO	C	-0.02%
MG	D	-0.02%
REAL	B	-0.02%
NATR	C	-0.02%
JAKK	C	-0.02%
LCUT	F	-0.01%
CURV	D	-0.01%
MAPS	B	-0.01%
FENC	D	-0.01%
CIX	D	-0.01%
NTIC	B	-0.01%
PBYI	C	-0.01%
METCB	F	-0.01%
LWAY	C	-0.01%
STKS	F	-0.01%
HBIO	F	-0.01%
NL	B	-0.01%
QIPT	F	-0.01%
SEVN	C	-0.01%
CPSS	B	-0.01%
VIRC	B	-0.01%
CMT	C	-0.01%
HBB	F	-0.01%
MPX	C	-0.01%
FORR	C	-0.01%
BSVN	B	-0.01%
EGAN	C	-0.01%
VRA	C	-0.01%
FSTR	B	-0.01%
GAMB	A	-0.01%
JILL	C	-0.01%