VBR vs. FNCL ETF Comparison

Comparison of Vanguard Small-Cap Value ETF - DNQ (VBR) to Fidelity MSCI Financials Index ETF (FNCL)

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

$189.75

Average Daily Volume

389,886

Number of Holdings ^*

795

* 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

$62.08

Average Daily Volume

95,430

Number of Holdings ^*

375

* may have additional holdings in another (foreign) market

Performance

Period	VBR	FNCL
30 Days	3.62%	6.26%
60 Days	4.96%	6.56%
90 Days	3.95%	7.10%
12 Months	18.31%	31.61%

168 Overlapping Holdings

Symbol	Grade	Weight in VBR	Weight in FNCL	Overlap
ABCB	B	0.12%	0.06%	0.06%
ABR	B	0.07%	0.03%	0.03%
ACT	A	0.03%	0.02%	0.02%
AFG	A	0.27%	0.13%	0.13%
AGNC	A	0.21%	0.1%	0.1%
AGO	D	0.12%	0.06%	0.06%
AIZ	B	0.27%	0.15%	0.15%
ALLY	C	0.36%	0.16%	0.16%
AMBC	F	0.02%	0.01%	0.01%
AMG	C	0.17%	0.08%	0.08%
AMK	B	0.01%	0.01%	0.01%
APAM	D	0.09%	0.04%	0.04%
ARI	C	0.05%	0.02%	0.02%
ASB	C	0.1%	0.05%	0.05%
AUB	B	0.11%	0.04%	0.04%
AX	C	0.1%	0.05%	0.05%
AXS	B	0.17%	0.09%	0.09%
BANF	B	0.06%	0.03%	0.03%
BANR	B	0.06%	0.03%	0.03%
BGC	B	0.1%	0.05%	0.05%
BHF	D	0.09%	0.04%	0.04%
BHLB	B	0.03%	0.02%	0.02%
BKU	B	0.08%	0.04%	0.04%
BOH	B	0.08%	0.04%	0.04%
BOKF	B	0.07%	0.04%	0.04%
BPOP	B	0.22%	0.1%	0.1%
BRKL	B	0.03%	0.01%	0.01%
BRO	A	0.33%	0.35%	0.33%
BRSP	D	0.02%	0.01%	0.01%
BXMT	C	0.07%	0.04%	0.04%
CACC	F	0.09%	0.04%	0.04%
CADE	C	0.18%	0.08%	0.08%
CATY	B	0.09%	0.04%	0.04%
CBSH	B	0.22%	0.11%	0.11%
CBU	B	0.1%	0.04%	0.04%
CFFN	C	0.02%	0.01%	0.01%
CFR	C	0.2%	0.09%	0.09%
CG	D	0.34%	0.13%	0.13%
CHCO	B	0.05%	0.02%	0.02%
CLBK	B	0.01%	0.01%	0.01%
CMA	B	0.21%	0.1%	0.1%
CMTG	F	0.03%	0.01%	0.01%
CNNE	D	0.03%	0.01%	0.01%
CNO	B	0.1%	0.06%	0.06%
CODI	D	0.04%	0.02%	0.02%
COLB	B	0.16%	0.07%	0.07%
COOP	B	0.16%	0.08%	0.08%
CVBF	D	0.07%	0.03%	0.03%
EBC	B	0.09%	0.04%	0.04%
ECPG	C	0.03%	0.01%	0.01%
EGBN	C	0.01%	0.01%	0.01%
EIG	B	0.04%	0.02%	0.02%
EQH	C	0.42%	0.19%	0.19%
ESGR	D	0.12%	0.06%	0.06%
ESNT	B	0.19%	0.09%	0.09%
EVR	B	0.25%	0.12%	0.12%
EVTC	D	0.07%	0.03%	0.03%
EWBC	C	0.36%	0.16%	0.16%
FAF	A	0.17%	0.09%	0.09%
FBP	B	0.1%	0.05%	0.05%
FCF	B	0.05%	0.02%	0.02%
FCNCA	C	0.66%	0.28%	0.28%
FFBC	B	0.07%	0.03%	0.03%
FFIN	B	0.14%	0.06%	0.06%
FG	D	0.02%	0.01%	0.01%
FHB	C	0.09%	0.04%	0.04%
FHI	B	0.08%	0.04%	0.04%
FHN	C	0.27%	0.12%	0.12%
FIBK	B	0.08%	0.04%	0.04%
FNB	C	0.16%	0.08%	0.08%
FRME	C	0.07%	0.03%	0.03%
FULT	C	0.1%	0.05%	0.05%
GBCI	B	0.15%	0.07%	0.07%
GL	B	0.25%	0.14%	0.14%
GNW	B	0.09%	0.04%	0.04%
HASI	B	0.11%	0.05%	0.05%
HMN	B	0.04%	0.02%	0.02%
HOMB	B	0.15%	0.07%	0.07%
HOPE	B	0.04%	0.02%	0.02%
HTH	C	0.04%	0.02%	0.02%
HTLF	B	0.03%	0.03%	0.03%
HWC	C	0.14%	0.06%	0.06%
IBOC	C	0.11%	0.05%	0.05%
IBTX	B	0.06%	0.03%	0.03%
INDB	B	0.08%	0.04%	0.04%
IVZ	C	0.22%	0.08%	0.08%
JEF	B	0.25%	0.13%	0.13%
JHG	B	0.14%	0.07%	0.07%
JXN	C	0.2%	0.08%	0.08%
KMPR	C	0.11%	0.06%	0.06%
KREF	A	0.02%	0.01%	0.01%
LADR	B	0.04%	0.02%	0.02%
LC	B	0.04%	0.02%	0.02%
LNC	C	0.17%	0.07%	0.07%
MC	B	0.07%	0.06%	0.06%
MCY	B	0.05%	0.03%	0.03%
MTG	B	0.19%	0.09%	0.09%
NATL	D	0.07%	0.03%	0.03%
NAVI	C	0.04%	0.02%	0.02%
NBHC	B	0.05%	0.02%	0.02%
NBTB	B	0.06%	0.03%	0.03%
NNI	B	0.03%	0.02%	0.02%
NWBI	B	0.05%	0.02%	0.02%
OFG	B	0.06%	0.03%	0.03%
OMF	D	0.18%	0.08%	0.08%
ONB	C	0.19%	0.09%	0.09%
ORI	B	0.25%	0.13%	0.13%
OZK	D	0.16%	0.06%	0.06%
PB	B	0.19%	0.09%	0.09%
PFS	B	0.07%	0.03%	0.03%
PFSI	A	0.07%	0.06%	0.06%
PIPR	B	0.13%	0.07%	0.07%
PMT	C	0.04%	0.02%	0.02%
PNFP	B	0.1%	0.1%	0.1%
PPBI	C	0.08%	0.03%	0.03%
PRA	C	0.02%	0.01%	0.01%
PRAA	D	0.03%	0.01%	0.01%
PRG	B	0.05%	0.03%	0.03%
PRI	B	0.25%	0.13%	0.13%
PRK	B	0.08%	0.04%	0.04%
RDN	B	0.16%	0.07%	0.07%
RGA	B	0.43%	0.2%	0.2%
RLI	B	0.19%	0.09%	0.09%
RNR	A	0.36%	0.19%	0.19%
RNST	C	0.06%	0.03%	0.03%
RWT	B	0.03%	0.01%	0.01%
SAFT	B	0.04%	0.02%	0.02%
SEIC	D	0.23%	0.1%	0.1%
SF	C	0.25%	0.12%	0.12%
SFBS	B	0.06%	0.06%	0.06%
SFNC	B	0.08%	0.04%	0.04%
SIGI	D	0.16%	0.07%	0.07%
SLM	D	0.15%	0.06%	0.06%
SNV	C	0.19%	0.09%	0.09%
SPNT	B	0.04%	0.02%	0.02%
SSB	B	0.22%	0.1%	0.1%
STBA	B	0.05%	0.02%	0.02%
STEP	B	0.04%	0.04%	0.04%
STWD	C	0.18%	0.08%	0.08%
TCBI	A	0.09%	0.04%	0.04%
THG	A	0.13%	0.07%	0.07%
TMP	B	0.02%	0.01%	0.01%
TOWN	B	0.06%	0.04%	0.04%
TPG	B	0.12%	0.05%	0.05%
TRMK	B	0.06%	0.03%	0.03%
TRTX	C	0.01%	0.01%	0.01%
UBSI	B	0.15%	0.07%	0.07%
UCBI	B	0.11%	0.05%	0.05%
UFCS	D	0.01%	0.01%	0.01%
UMBF	B	0.12%	0.07%	0.07%
UNM	B	0.27%	0.12%	0.12%
VCTR	B	0.03%	0.03%	0.03%
VIRT	A	0.07%	0.04%	0.04%
VLY	C	0.11%	0.05%	0.05%
VOYA	B	0.21%	0.1%	0.1%
VRTS	D	0.04%	0.02%	0.02%
WABC	C	0.04%	0.02%	0.02%
WAFD	B	0.08%	0.04%	0.04%
WAL	B	0.25%	0.12%	0.12%
WBS	D	0.25%	0.11%	0.11%
WD	B	0.1%	0.05%	0.05%
WRLD	D	0.01%	0.01%	0.01%
WSBC	B	0.05%	0.03%	0.03%
WSFS	C	0.1%	0.04%	0.04%
WTFC	B	0.21%	0.1%	0.1%
WTM	B	0.13%	0.06%	0.06%
WU	C	0.12%	0.04%	0.04%
ZION	C	0.22%	0.1%	0.1%

VBR Overweight 627 Positions Relative to FNCL

Symbol	Grade	Weight
SW	D	0.68%
BLDR	C	0.6%
CSL	C	0.58%
BAH	B	0.54%
EME	C	0.52%
ATO	A	0.52%
RS	D	0.51%
OC	D	0.47%
RPM	A	0.46%
NRG	C	0.46%
IEX	D	0.46%
WSM	D	0.46%
TOL	B	0.44%
BG	D	0.44%
PNR	B	0.43%
THC	B	0.43%
KIM	A	0.43%
UTHR	B	0.41%
KMX	C	0.39%
USFD	B	0.39%
JBL	F	0.38%
GLPI	A	0.38%
RIVN	F	0.38%
IPG	B	0.36%
EMN	C	0.36%
JNPR	A	0.36%
ACM	B	0.36%
OVV	F	0.36%
REG	A	0.36%
CPT	B	0.35%
JLL	B	0.35%
FFIV	B	0.35%
ALLE	B	0.35%
NVT	F	0.35%
UHS	B	0.35%
APA	F	0.34%
ITT	C	0.34%
BJ	D	0.34%
TTEK	B	0.33%
HII	B	0.32%
SCI	B	0.32%
HUBB	C	0.31%
RRX	D	0.31%
CCK	A	0.31%
PFGC	B	0.31%
BXP	A	0.3%
CHRD	F	0.3%
CACI	B	0.3%
TFX	A	0.3%
ATR	A	0.29%
LDOS	B	0.29%
CHRW	B	0.29%
STLD	D	0.29%
WTRG	D	0.29%
SFM	B	0.29%
TAP	C	0.28%
MUSA	B	0.28%
CHK	F	0.28%
MOS	F	0.28%
PNW	A	0.28%
TPR	B	0.27%
HSIC	C	0.27%
FRT	A	0.27%
GPK	B	0.27%
APG	D	0.27%
EHC	B	0.27%
MHK	B	0.26%
WCC	D	0.26%
KBR	C	0.26%
OHI	A	0.26%
EGP	B	0.26%
DCI	C	0.26%
ARMK	A	0.26%
DINO	F	0.25%
AIT	C	0.25%
MKSI	F	0.25%
HAS	B	0.25%
DKS	C	0.25%
BWA	D	0.24%
HRB	B	0.24%
SOLV	B	0.24%
INGR	A	0.24%
BBWI	F	0.24%
NNN	A	0.24%
FLR	C	0.24%
X	F	0.24%
NYT	C	0.24%
KNX	D	0.24%
UFPI	D	0.23%
AYI	C	0.23%
ALSN	B	0.23%
OGE	B	0.23%
FCN	C	0.23%
CR	C	0.23%
SNX	D	0.23%
AXTA	C	0.23%
STAG	B	0.22%
ANF	D	0.22%
LAD	C	0.22%
MLI	B	0.22%
BRX	A	0.22%
Z	B	0.22%
DOC	B	0.22%
NI	A	0.21%
MSA	D	0.21%
OSK	D	0.21%
SWN	F	0.21%
BERY	B	0.21%
KEX	D	0.21%
GME	C	0.21%
RRC	F	0.21%
FR	B	0.21%
FYBR	A	0.21%
FMC	C	0.21%
CLF	F	0.21%
NSIT	C	0.21%
DTM	B	0.21%
TMHC	B	0.2%
BIO	A	0.2%
ACI	D	0.2%
LEA	F	0.2%
ADC	A	0.2%
AAL	C	0.2%
CMC	D	0.2%
CRUS	C	0.2%
MTH	B	0.2%
AES	D	0.19%
EVRG	A	0.19%
LPX	B	0.19%
XPO	D	0.19%
SAIC	B	0.19%
RHI	D	0.19%
RL	A	0.19%
ELAN	B	0.19%
BECN	D	0.19%
ARW	B	0.19%
DVA	B	0.19%
JAZZ	D	0.19%
MAT	C	0.19%
FLS	C	0.19%
AGCO	F	0.18%
VVV	D	0.18%
MUR	F	0.18%
VMI	C	0.18%
VNT	F	0.18%
PARA	F	0.18%
AN	C	0.18%
UHAL	B	0.18%
KD	D	0.18%
G	B	0.18%
XRAY	D	0.17%
MOG.A	C	0.17%
WTS	D	0.17%
ACHC	B	0.17%
QRVO	D	0.17%
NXST	D	0.17%
PVH	F	0.17%
ESAB	D	0.17%
R	C	0.17%
ESI	D	0.17%
ST	D	0.17%
EPAM	C	0.17%
AA	F	0.17%
VFC	B	0.17%
SJM	A	0.17%
SON	A	0.16%
COHR	C	0.16%
UGI	C	0.16%
THO	C	0.16%
NFG	B	0.16%
ABG	D	0.16%
SRCL	A	0.16%
OLN	F	0.16%
MDU	D	0.16%
BC	D	0.16%
TKR	D	0.16%
LKQ	D	0.16%
SEE	D	0.16%
CBT	B	0.16%
KBH	B	0.16%
WHR	D	0.16%
BCC	C	0.16%
OGN	C	0.16%
GATX	C	0.15%
SWX	D	0.15%
SUM	D	0.15%
CTLT	A	0.15%
VNO	B	0.15%
MDGL	D	0.15%
AL	D	0.15%
LAMR	B	0.15%
BCO	B	0.14%
FUL	C	0.14%
GPI	B	0.14%
ALK	D	0.14%
M	F	0.14%
AM	C	0.14%
AVT	C	0.14%
POR	B	0.14%
ATKR	F	0.14%
IDA	A	0.14%
FLO	A	0.13%
AR	F	0.13%
MATX	C	0.13%
KRC	B	0.13%
PSN	B	0.13%
SLG	B	0.13%
ENS	D	0.13%
PTEN	F	0.13%
PII	D	0.13%
ZWS	D	0.13%
KNF	C	0.13%
RYN	B	0.13%
ACA	D	0.13%
HOG	B	0.13%
PR	D	0.13%
NJR	A	0.13%
ASH	D	0.13%
HUN	D	0.12%
OGS	B	0.12%
NCLH	D	0.12%
CNXC	C	0.12%
SANM	D	0.12%
ITGR	A	0.12%
ASO	C	0.12%
MSM	D	0.12%
TEX	D	0.12%
LYFT	F	0.12%
OTTR	D	0.12%
BKH	A	0.12%
TPH	B	0.12%
PBF	F	0.12%
SLGN	B	0.12%
AVNT	B	0.12%
ASGN	D	0.12%
SEM	D	0.12%
CUZ	A	0.12%
CC	F	0.11%
DNB	B	0.11%
HCC	F	0.11%
AMKR	F	0.11%
DXC	A	0.11%
MIDD	D	0.11%
MAN	D	0.11%
NSP	F	0.11%
ALE	A	0.11%
RXO	D	0.11%
PNM	A	0.11%
SBRA	A	0.11%
BDC	B	0.11%
AAP	F	0.11%
IAC	C	0.11%
GMS	D	0.11%
KFY	C	0.11%
CNX	B	0.11%
PRGO	C	0.11%
GTES	C	0.11%
AEO	D	0.11%
CPRI	C	0.11%
KTB	B	0.11%
IOSP	D	0.1%
BNL	B	0.1%
HIW	B	0.1%
AROC	D	0.1%
NWE	A	0.1%
SXT	C	0.1%
GT	F	0.1%
SMG	C	0.1%
SR	B	0.1%
NWL	A	0.1%
EPR	B	0.1%
HL	C	0.1%
SYNA	F	0.1%
COTY	F	0.1%
MAC	B	0.1%
PAG	C	0.1%
MTZ	C	0.1%
PLXS	B	0.1%
CRC	D	0.1%
ABM	C	0.1%
PCH	C	0.1%
PBH	A	0.1%
SIG	F	0.1%
NPO	D	0.1%
SITC	D	0.09%
AIN	D	0.09%
UNF	C	0.09%
NVST	C	0.09%
ICUI	B	0.09%
WEN	C	0.09%
EAT	B	0.09%
BRC	B	0.09%
ADTN	F	0.09%
URBN	D	0.09%
PK	D	0.09%
GVA	B	0.09%
VSH	F	0.09%
PENN	F	0.09%
SKYW	D	0.09%
AVA	B	0.09%
NUVL	A	0.09%
AWR	B	0.09%
AUR	B	0.09%
NHI	A	0.09%
HI	F	0.09%
TNL	D	0.09%
ALIT	D	0.09%
TDC	F	0.09%
REZI	D	0.09%
SKT	A	0.09%
RUSHA	C	0.09%
ESE	C	0.09%
MGEE	B	0.09%
AZTA	F	0.09%
LUMN	B	0.09%
AMED	B	0.09%
GFF	D	0.09%
APLE	F	0.09%
AMN	F	0.08%
CNK	A	0.08%
ENOV	D	0.08%
POST	B	0.08%
BTU	D	0.08%
SM	D	0.08%
VAC	F	0.08%
KRYS	D	0.08%
DEI	B	0.08%
MGRC	D	0.08%
TGNA	D	0.08%
TRN	C	0.08%
RNG	D	0.08%
FL	D	0.08%
HUBG	B	0.08%
ATGE	C	0.08%
ARCB	F	0.08%
WLK	D	0.08%
CWK	B	0.08%
PRIM	C	0.08%
LXP	B	0.08%
MPW	C	0.08%
MLKN	D	0.07%
AKR	B	0.07%
JWN	A	0.07%
PSMT	B	0.07%
AZZ	C	0.07%
KSS	F	0.07%
LAUR	C	0.07%
OUT	B	0.07%
VSAT	D	0.07%
JOBY	F	0.07%
CDE	D	0.07%
STRA	D	0.07%
SPB	B	0.07%
WERN	D	0.07%
SATS	A	0.07%
OSIS	C	0.07%
MYGN	B	0.07%
UE	B	0.07%
GHC	C	0.07%
FTRE	F	0.07%
HNI	B	0.07%
LSXMK	C	0.07%
MTRN	D	0.07%
PRGS	B	0.07%
MTX	D	0.07%
DY	D	0.07%
ARCH	F	0.07%
HURN	C	0.06%
LZB	C	0.06%
THS	A	0.06%
TDS	B	0.06%
IMVT	B	0.06%
TROX	F	0.06%
CTRE	A	0.06%
KAR	D	0.06%
EPC	C	0.06%
B	D	0.06%
WLY	C	0.06%
MIR	D	0.06%
HBI	B	0.06%
GNL	A	0.06%
PDCO	F	0.06%
PHIN	B	0.06%
BLKB	B	0.06%
KMT	D	0.06%
GOLF	C	0.06%
HAYW	B	0.06%
JBLU	D	0.06%
EQC	A	0.06%
OI	C	0.06%
CRI	C	0.06%
SHO	D	0.06%
SPR	D	0.06%
VRNT	F	0.06%
PECO	A	0.06%
COMP	B	0.06%
AIR	D	0.06%
PINC	A	0.06%
IPGP	F	0.06%
IOVA	C	0.06%
CWEN	B	0.06%
ZD	F	0.06%
ENR	B	0.06%
SXI	C	0.06%
IDCC	B	0.05%
LTC	A	0.05%
KN	D	0.05%
SUPN	B	0.05%
LRN	B	0.05%
OXM	F	0.05%
SHOO	C	0.05%
CAR	F	0.05%
HEES	F	0.05%
GEF	D	0.05%
BHE	C	0.05%
DNOW	D	0.05%
DRH	D	0.05%
DAN	F	0.05%
IART	F	0.05%
NGVT	F	0.05%
NMRK	A	0.05%
LEG	D	0.05%
ZG	B	0.05%
VSTS	C	0.05%
VGR	B	0.05%
CENTA	D	0.05%
LITE	C	0.05%
CRGY	D	0.05%
GO	F	0.05%
ANDE	D	0.05%
NHC	B	0.05%
CAKE	C	0.05%
VIAV	C	0.05%
HP	F	0.05%
BLMN	F	0.05%
SCL	D	0.05%
ROIC	B	0.05%
IVT	B	0.05%
HE	F	0.05%
LGND	B	0.05%
EDR	A	0.05%
TTMI	D	0.05%
GEO	D	0.05%
KALU	F	0.04%
MSGE	B	0.04%
AAT	B	0.04%
WMK	B	0.04%
DDS	D	0.04%
SCS	C	0.04%
DBRG	F	0.04%
UVV	B	0.04%
KFRC	D	0.04%
CARS	D	0.04%
UA	B	0.04%
PWSC	A	0.04%
INSW	D	0.04%
BKE	B	0.04%
UAA	B	0.04%
CSGS	C	0.04%
OMCL	A	0.04%
NTCT	C	0.04%
VSCO	A	0.04%
WS	D	0.04%
HELE	D	0.04%
ESRT	B	0.04%
BKD	D	0.04%
ALEX	B	0.04%
JELD	F	0.04%
REVG	C	0.04%
GTY	B	0.04%
ODP	F	0.04%
RRR	C	0.04%
DK	F	0.04%
REYN	A	0.04%
PPC	B	0.04%
CXW	D	0.04%
WOR	F	0.04%
JBGS	B	0.04%
GBX	D	0.04%
APOG	C	0.04%
NWN	B	0.04%
INFA	F	0.04%
LEVI	C	0.03%
PUMP	F	0.03%
FA	B	0.03%
UNFI	A	0.03%
MNRO	D	0.03%
UNIT	A	0.03%
PRLB	F	0.03%
BMBL	D	0.03%
EMBC	B	0.03%
MMI	B	0.03%
WNC	F	0.03%
CABO	F	0.03%
SVC	D	0.03%
FDP	B	0.03%
MATV	B	0.03%
SIRI	F	0.03%
SNDR	B	0.03%
INVA	B	0.03%
TRS	D	0.03%
ETWO	D	0.03%
RBRK	D	0.03%
ECVT	F	0.03%
CVI	F	0.03%
ATSG	C	0.03%
CBRL	F	0.03%
AMRX	A	0.03%
CSR	B	0.03%
GIII	A	0.03%
LGF.A	F	0.03%
VSTO	C	0.03%
PDM	B	0.03%
DLX	D	0.03%
AVNS	B	0.03%
NX	D	0.03%
THR	D	0.03%
PBI	C	0.03%
WWW	A	0.03%
EYE	F	0.03%
AIV	B	0.03%
SCSC	C	0.03%
HLF	F	0.03%
MRC	D	0.03%
SBH	B	0.03%
XRX	D	0.03%
OMI	C	0.03%
DIN	F	0.02%
NUS	F	0.02%
MXL	F	0.02%
CMP	F	0.02%
FOR	D	0.02%
HTLD	D	0.02%
SMMT	B	0.02%
CLB	F	0.02%
LGF.A	F	0.02%
JACK	F	0.02%
SCHL	D	0.02%
SWI	B	0.02%
UHAL	B	0.02%
VREX	F	0.02%
CNDT	B	0.02%
CAL	B	0.02%
BGS	C	0.02%
HAIN	B	0.02%
USM	B	0.02%
MD	B	0.02%
GES	F	0.02%
XHR	D	0.02%
KELYA	D	0.02%
SMR	D	0.02%
BASE	D	0.02%
PZZA	C	0.02%
HLIO	F	0.02%
CGON	A	0.02%
SAH	C	0.02%
AMC	D	0.02%
RGR	F	0.02%
SEB	C	0.02%
ASTE	D	0.02%
HY	F	0.02%
DNUT	C	0.02%
AMWD	D	0.02%
BV	B	0.02%
KOP	D	0.02%
PEB	D	0.02%
BDN	B	0.02%
AXL	F	0.02%
RKLB	B	0.02%
HCSG	D	0.02%
MATW	F	0.02%
HPP	D	0.02%
CWEN	B	0.02%
OPK	B	0.01%
DBI	F	0.01%
NPK	D	0.01%
OLPX	B	0.01%
MEI	F	0.01%
RDUS	F	0.01%
WOOF	D	0.01%
ZIP	C	0.01%
ALX	B	0.01%
SRCL	A	0.01%
KRO	D	0.01%
PACB	F	0.01%
BRCC	F	0.01%
CRCT	D	0.01%
VMEO	B	0.01%
FWRD	D	0.01%
TGI	D	0.01%
RUSHB	C	0.01%
INN	B	0.01%
EE	D	0.01%
CENT	D	0.01%
TWKS	A	0.01%
AMCX	F	0.01%
BJRI	D	0.01%
SWBI	D	0.01%
NAPA	F	0.01%
RMR	B	0.01%
DJT	F	0.01%
GRC	D	0.01%
HTZ	F	0.01%
DAWN	D	0.01%
NABL	D	0.01%
PCRX	F	0.01%
ATUS	C	0.01%
UDMY	F	0.01%
CWH	C	0.01%
GCMG	B	0.01%
PTVE	D	0.01%
NVRI	C	0.01%
BFS	B	0.01%
TILE	B	0.01%
CCO	D	0.01%
USNA	F	0.01%
SSP	F	0.0%
SCWX	A	0.0%
AC	D	0.0%
CRNC	D	0.0%
TTEC	F	0.0%
SAVE	F	0.0%
LDI	B	0.0%
UHT	A	0.0%
ACDC	F	0.0%
GEF	D	0.0%
CHGG	F	0.0%

VBR Underweight 207 Positions Relative to FNCL

Symbol	Grade	Weight
JPM	B	-8.7%
BRK.A	B	-8.68%
V	A	-6.03%
MA	B	-5.5%
BAC	D	-3.94%
WFC	D	-2.8%
SPGI	A	-2.25%
GS	C	-2.17%
PGR	A	-2.03%
AXP	B	-2.01%
BLK	B	-1.81%
MS	C	-1.67%
C	D	-1.62%
MMC	A	-1.55%
CB	A	-1.53%
BX	B	-1.36%
SCHW	D	-1.35%
ICE	A	-1.27%
MCO	B	-1.09%
CME	A	-1.05%
KKR	B	-1.01%
PNC	B	-1.01%
USB	B	-1.0%
PYPL	B	-0.98%
AON	A	-0.93%
AJG	A	-0.88%
AFL	B	-0.82%
TFC	B	-0.81%
COF	C	-0.77%
TRV	A	-0.72%
AIG	D	-0.7%
ALL	B	-0.69%
BK	B	-0.69%
MET	B	-0.65%
FIS	A	-0.63%
MSCI	B	-0.62%
APO	D	-0.61%
PRU	C	-0.6%
AMP	B	-0.6%
ACGL	B	-0.59%
SQ	D	-0.49%
DFS	C	-0.48%
HIG	B	-0.48%
COIN	F	-0.44%
NDAQ	A	-0.42%
WTW	A	-0.41%
FITB	B	-0.4%
GPN	C	-0.39%
MTB	B	-0.39%
STT	B	-0.36%
ARES	C	-0.36%
TROW	D	-0.32%
RJF	D	-0.32%
CBOE	A	-0.31%
HBAN	B	-0.3%
CINF	B	-0.3%
CPAY	B	-0.29%
RF	B	-0.29%
MKL	C	-0.28%
SYF	C	-0.27%
CFG	B	-0.27%
WRB	B	-0.26%
PFG	D	-0.26%
NTRS	B	-0.25%
EG	B	-0.24%
LPLA	D	-0.23%
L	B	-0.22%
KEY	B	-0.22%
FDS	C	-0.22%
FNF	B	-0.21%
TW	B	-0.19%
JKHY	B	-0.18%
IBKR	B	-0.18%
ERIE	A	-0.17%
AFRM	B	-0.14%
HOOD	D	-0.14%
KNSL	B	-0.14%
MORN	C	-0.12%
TOST	D	-0.12%
MKTX	A	-0.12%
HLI	B	-0.11%
WEX	C	-0.11%
OWL	D	-0.11%
SOFI	D	-0.1%
RYAN	B	-0.09%
HLNE	B	-0.08%
BEN	F	-0.08%
EEFT	D	-0.07%
FOUR	B	-0.06%
NMIH	B	-0.05%
PJT	C	-0.04%
UPST	B	-0.04%
OSCR	B	-0.04%
BANC	B	-0.03%
AGM	D	-0.03%
DFIN	B	-0.03%
EFSC	B	-0.03%
STC	B	-0.03%
FLYW	D	-0.03%
GSHD	A	-0.03%
MQ	F	-0.03%
SBCF	B	-0.03%
ENVA	B	-0.03%
SNEX	C	-0.03%
TBBK	B	-0.03%
CNS	B	-0.03%
PLMR	B	-0.03%
RKT	B	-0.03%
SRCE	C	-0.02%
PEBO	C	-0.02%
GABC	B	-0.02%
NIC	B	-0.02%
VBTX	B	-0.02%
QCRH	B	-0.02%
SKWD	A	-0.02%
LOB	B	-0.02%
SASR	B	-0.02%
TCBK	C	-0.02%
CUBI	F	-0.02%
RC	F	-0.02%
TRUP	B	-0.02%
FRHC	A	-0.02%
FBNC	B	-0.02%
SYBT	B	-0.02%
CASH	A	-0.02%
LKFN	B	-0.02%
BUSE	B	-0.02%
FBK	B	-0.02%
PGC	B	-0.01%
HAFC	B	-0.01%
PX	B	-0.01%
PAY	C	-0.01%
HONE	B	-0.01%
SPFI	B	-0.01%
CCBG	B	-0.01%
CTLP	D	-0.01%
MCB	B	-0.01%
NFBK	B	-0.01%
GSBC	C	-0.01%
NRDS	F	-0.01%
SMBC	B	-0.01%
BHB	B	-0.01%
GDOT	B	-0.01%
TIPT	B	-0.01%
FSBC	B	-0.01%
MSBI	D	-0.01%
CAC	B	-0.01%
LPRO	F	-0.01%
THFF	B	-0.01%
WASH	B	-0.01%
TRST	B	-0.01%
IIIV	D	-0.01%
CCB	B	-0.01%
EQBK	B	-0.01%
AMTB	D	-0.01%
FMNB	B	-0.01%
EZPW	B	-0.01%
IMXI	D	-0.01%
TREE	B	-0.01%
RBCAA	B	-0.01%
TFSL	C	-0.01%
BFST	B	-0.01%
CPF	B	-0.01%
PFBC	C	-0.01%
UVE	B	-0.01%
CASS	D	-0.01%
AMAL	B	-0.01%
FCBC	B	-0.01%
BSIG	C	-0.01%
HTBK	B	-0.01%
RPAY	F	-0.01%
OSBC	B	-0.01%
MCBS	B	-0.01%
BFC	C	-0.01%
HFWA	B	-0.01%
FMBH	B	-0.01%
HBNC	B	-0.01%
BY	C	-0.01%
BHRB	B	-0.01%
AMSF	B	-0.01%
CFB	B	-0.01%
DX	A	-0.01%
MBWM	C	-0.01%
CTBI	B	-0.01%
HCI	A	-0.01%
UWMC	B	-0.01%
FBMS	B	-0.01%
SBSI	B	-0.01%
DCOM	B	-0.01%
OBK	C	-0.01%
CNOB	B	-0.01%
IBCP	B	-0.01%
UVSP	B	-0.01%
LMND	D	-0.01%
PFC	B	-0.01%
MBIN	C	-0.01%
OCFC	B	-0.01%
EFC	B	-0.01%
AROW	B	-0.0%
RILY	F	-0.0%
CRD.B	B	-0.0%
GCBC	D	-0.0%
DHIL	B	-0.0%
DGICA	A	-0.0%
KRNY	D	-0.0%
HBT	C	-0.0%
HGTY	B	-0.0%