VBR vs. FNX ETF Comparison

Comparison of Vanguard Small-Cap Value ETF - DNQ (VBR) to First Trust Mid Cap Core AlphaDEX (FNX)

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

$201.60

Average Daily Volume

403,375

Number of Holdings ^*

795

* may have additional holdings in another (foreign) market

FNX

First Trust Mid Cap Core AlphaDEX

FNX 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 Mid Cap Core 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 MidCap 400(R) 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

$117.19

Average Daily Volume

26,528

Number of Holdings ^*

439

* may have additional holdings in another (foreign) market

Performance

Period	VBR	FNX
30 Days	5.14%	4.47%
60 Days	5.22%	4.14%
90 Days	10.72%	8.79%
12 Months	26.47%	26.73%

282 Overlapping Holdings

Symbol	Grade	Weight in VBR	Weight in FNX	Overlap
AAP	F	0.08%	0.09%	0.08%
ABCB	B	0.12%	0.26%	0.12%
ABG	D	0.15%	0.34%	0.15%
ACA	B	0.13%	0.15%	0.13%
ADC	C	0.22%	0.09%	0.09%
ADTN	D	0.08%	0.26%	0.08%
AEO	F	0.11%	0.28%	0.11%
AES	C	0.18%	0.07%	0.07%
AFG	B	0.28%	0.16%	0.16%
AGCO	D	0.17%	0.33%	0.17%
AGNC	B	0.22%	0.23%	0.22%
AGO	C	0.12%	0.36%	0.12%
AIT	A	0.23%	0.3%	0.23%
AIZ	B	0.3%	0.25%	0.25%
AL	D	0.14%	0.32%	0.14%
ALIT	D	0.09%	0.07%	0.07%
ALK	C	0.13%	0.29%	0.13%
ALLY	F	0.35%	0.24%	0.24%
ALSN	B	0.24%	0.33%	0.24%
AM	C	0.15%	0.21%	0.15%
AMG	C	0.16%	0.39%	0.16%
AMKR	F	0.11%	0.16%	0.11%
AN	D	0.17%	0.29%	0.17%
ANF	D	0.22%	0.28%	0.22%
APA	F	0.31%	0.29%	0.29%
APG	D	0.26%	0.26%	0.26%
AR	F	0.12%	0.12%	0.12%
ARMK	B	0.28%	0.32%	0.28%
ARW	C	0.21%	0.29%	0.21%
ASGN	D	0.12%	0.22%	0.12%
ASH	D	0.13%	0.2%	0.13%
ASO	C	0.12%	0.38%	0.12%
ATKR	F	0.1%	0.23%	0.1%
ATR	B	0.3%	0.23%	0.23%
AVNT	B	0.13%	0.15%	0.13%
AVT	C	0.15%	0.28%	0.15%
AXS	B	0.18%	0.23%	0.18%
AXTA	B	0.24%	0.22%	0.22%
AYI	B	0.23%	0.23%	0.23%
BBWI	F	0.2%	0.1%	0.1%
BC	C	0.16%	0.3%	0.16%
BCC	B	0.16%	0.4%	0.16%
BCO	B	0.14%	0.38%	0.14%
BECN	D	0.17%	0.19%	0.17%
BERY	B	0.22%	0.32%	0.22%
BJ	D	0.31%	0.07%	0.07%
BKH	B	0.12%	0.32%	0.12%
BLKB	C	0.06%	0.08%	0.06%
BOKF	B	0.07%	0.24%	0.07%
BPOP	C	0.22%	0.16%	0.16%
BRX	B	0.24%	0.09%	0.09%
BTU	D	0.08%	0.35%	0.08%
BWA	D	0.23%	0.29%	0.23%
BXMT	C	0.07%	0.08%	0.07%
CACC	F	0.08%	0.14%	0.08%
CACI	B	0.32%	0.16%	0.16%
CADE	C	0.17%	0.31%	0.17%
CAR	F	0.04%	0.05%	0.04%
CBSH	C	0.22%	0.08%	0.08%
CBT	B	0.17%	0.24%	0.17%
CCK	A	0.32%	0.09%	0.09%
CFR	C	0.19%	0.08%	0.08%
CHK	D	0.27%	0.32%	0.27%
CHRD	F	0.26%	0.29%	0.26%
CLF	F	0.18%	0.21%	0.18%
CMA	B	0.22%	0.24%	0.22%
CMC	D	0.18%	0.33%	0.18%
CNXC	F	0.12%	0.3%	0.12%
COLB	B	0.15%	0.34%	0.15%
COOP	C	0.17%	0.32%	0.17%
CPT	B	0.39%	0.16%	0.16%
CR	C	0.23%	0.07%	0.07%
CRUS	D	0.23%	0.15%	0.15%
CUZ	B	0.13%	0.36%	0.13%
CVI	F	0.03%	0.29%	0.03%
DCI	C	0.26%	0.14%	0.14%
DDS	F	0.03%	0.22%	0.03%
DINO	F	0.24%	0.3%	0.24%
DKS	D	0.28%	0.14%	0.14%
DNB	C	0.12%	0.26%	0.12%
DTM	B	0.22%	0.23%	0.22%
DVA	B	0.21%	0.41%	0.21%
DXC	C	0.11%	0.31%	0.11%
EGP	B	0.26%	0.08%	0.08%
EHC	C	0.28%	0.16%	0.16%
EME	B	0.54%	0.38%	0.38%
EMN	B	0.35%	0.29%	0.29%
ENS	D	0.12%	0.2%	0.12%
ESAB	C	0.18%	0.15%	0.15%
ESGR	D	0.12%	0.38%	0.12%
ESI	D	0.17%	0.07%	0.07%
ESNT	B	0.19%	0.4%	0.19%
EVR	A	0.25%	0.08%	0.08%
EVRG	B	0.19%	0.33%	0.19%
EWBC	D	0.34%	0.23%	0.23%
FAF	B	0.18%	0.17%	0.17%
FCN	D	0.24%	0.22%	0.22%
FFIN	B	0.13%	0.09%	0.09%
FFIV	B	0.35%	0.09%	0.09%
FHN	D	0.27%	0.21%	0.21%
FLO	C	0.13%	0.07%	0.07%
FLR	D	0.25%	0.07%	0.07%
FLS	D	0.19%	0.07%	0.07%
FMC	C	0.24%	0.39%	0.24%
FNB	C	0.16%	0.22%	0.16%
FUL	C	0.14%	0.15%	0.14%
FYBR	C	0.21%	0.39%	0.21%
G	C	0.21%	0.43%	0.21%
GAP	F	0.16%	0.19%	0.16%
GATX	D	0.15%	0.15%	0.15%
GBCI	B	0.16%	0.08%	0.08%
GL	C	0.28%	0.36%	0.28%
GMS	D	0.1%	0.3%	0.1%
GOLF	D	0.06%	0.22%	0.06%
GPI	B	0.14%	0.42%	0.14%
GPK	B	0.27%	0.16%	0.16%
GT	F	0.07%	0.15%	0.07%
HAS	B	0.26%	0.17%	0.17%
HCC	F	0.09%	0.19%	0.09%
HII	D	0.33%	0.3%	0.3%
HOG	C	0.13%	0.38%	0.13%
HOMB	B	0.15%	0.24%	0.15%
HP	F	0.04%	0.31%	0.04%
HRB	C	0.26%	0.42%	0.26%
HSIC	C	0.27%	0.15%	0.15%
HUN	D	0.11%	0.07%	0.07%
HWC	D	0.14%	0.22%	0.14%
IAC	C	0.11%	0.16%	0.11%
IDA	C	0.15%	0.24%	0.15%
INFA	D	0.05%	0.12%	0.05%
INGR	B	0.26%	0.17%	0.17%
IPGP	F	0.05%	0.17%	0.05%
ITGR	A	0.13%	0.31%	0.13%
ITT	B	0.34%	0.22%	0.22%
IVZ	B	0.21%	0.08%	0.08%
JAZZ	D	0.2%	0.29%	0.2%
JEF	B	0.26%	0.17%	0.17%
JLL	B	0.36%	0.18%	0.18%
JXN	A	0.2%	0.4%	0.2%
KBH	A	0.16%	0.42%	0.16%
KD	D	0.16%	0.31%	0.16%
KEX	C	0.21%	0.14%	0.14%
KMX	D	0.39%	0.08%	0.08%
KNF	B	0.13%	0.25%	0.13%
KNX	C	0.24%	0.23%	0.23%
KRC	B	0.13%	0.33%	0.13%
KTB	B	0.12%	0.32%	0.12%
LAD	D	0.24%	0.39%	0.24%
LAMR	B	0.16%	0.15%	0.15%
LEA	F	0.19%	0.26%	0.19%
LNC	D	0.16%	0.27%	0.16%
LPX	B	0.18%	0.17%	0.17%
LYFT	D	0.12%	0.06%	0.06%
M	F	0.13%	0.17%	0.13%
MAC	B	0.1%	0.08%	0.08%
MAN	C	0.1%	0.07%	0.07%
MAT	C	0.19%	0.16%	0.16%
MATX	B	0.13%	0.29%	0.13%
MDU	C	0.15%	0.29%	0.15%
MHK	C	0.25%	0.1%	0.1%
MIDD	D	0.11%	0.23%	0.11%
MKSI	F	0.24%	0.18%	0.18%
MLI	A	0.23%	0.35%	0.23%
MOG.A	B	0.17%	0.42%	0.17%
MOS	F	0.27%	0.31%	0.27%
MSA	D	0.2%	0.13%	0.13%
MTG	B	0.2%	0.41%	0.2%
MTH	A	0.2%	0.44%	0.2%
MUR	F	0.16%	0.3%	0.16%
MUSA	D	0.28%	0.41%	0.28%
NCLH	C	0.11%	0.15%	0.11%
NFG	B	0.16%	0.39%	0.16%
NI	B	0.22%	0.25%	0.22%
NJR	B	0.13%	0.24%	0.13%
NNN	C	0.25%	0.08%	0.08%
NRG	C	0.52%	0.22%	0.22%
NSIT	D	0.21%	0.07%	0.07%
NVST	D	0.09%	0.08%	0.08%
NXST	D	0.16%	0.28%	0.16%
NYT	C	0.25%	0.22%	0.22%
OGE	C	0.23%	0.32%	0.23%
OGN	D	0.17%	0.14%	0.14%
OGS	B	0.11%	0.32%	0.11%
OHI	B	0.29%	0.26%	0.26%
OLN	D	0.15%	0.19%	0.15%
OMF	D	0.17%	0.2%	0.17%
ONB	C	0.19%	0.31%	0.19%
ORI	B	0.26%	0.24%	0.24%
OSK	F	0.21%	0.26%	0.21%
OTTR	F	0.1%	0.13%	0.1%
OVV	F	0.34%	0.3%	0.3%
OZK	D	0.14%	0.28%	0.14%
PAG	D	0.1%	0.29%	0.1%
PB	B	0.2%	0.25%	0.2%
PBF	F	0.1%	0.25%	0.1%
PCH	C	0.1%	0.08%	0.08%
PFGC	B	0.34%	0.16%	0.16%
PFSI	C	0.08%	0.08%	0.08%
PII	D	0.13%	0.29%	0.13%
PNFP	B	0.11%	0.25%	0.11%
PNW	C	0.29%	0.34%	0.29%
POR	C	0.15%	0.32%	0.15%
POST	C	0.08%	0.4%	0.08%
PR	F	0.12%	0.12%	0.12%
PRGO	D	0.12%	0.23%	0.12%
PRI	B	0.27%	0.23%	0.23%
PSN	B	0.13%	0.42%	0.13%
PTEN	F	0.11%	0.28%	0.11%
PVH	F	0.16%	0.32%	0.16%
R	A	0.18%	0.32%	0.18%
RDN	C	0.16%	0.4%	0.16%
REG	C	0.39%	0.09%	0.09%
REYN	C	0.05%	0.16%	0.05%
RGA	C	0.43%	0.15%	0.15%
RHI	D	0.18%	0.14%	0.14%
RL	C	0.18%	0.29%	0.18%
RLI	B	0.2%	0.15%	0.15%
RNR	C	0.4%	0.41%	0.4%
RRC	D	0.2%	0.25%	0.2%
RRX	C	0.33%	0.08%	0.08%
RUSHA	C	0.1%	0.42%	0.1%
RYN	C	0.13%	0.23%	0.13%
SAIC	C	0.2%	0.25%	0.2%
SANM	D	0.11%	0.29%	0.11%
SEB	D	0.02%	0.35%	0.02%
SEE	D	0.15%	0.07%	0.07%
SEIC	C	0.23%	0.22%	0.22%
SEM	D	0.11%	0.14%	0.11%
SF	A	0.25%	0.07%	0.07%
SFBS	B	0.06%	0.26%	0.06%
SFM	B	0.31%	0.44%	0.31%
SIG	C	0.1%	0.35%	0.1%
SIGI	D	0.16%	0.14%	0.14%
SLGN	B	0.12%	0.26%	0.12%
SLM	D	0.14%	0.22%	0.14%
SM	F	0.08%	0.32%	0.08%
SNV	C	0.19%	0.16%	0.16%
SNX	D	0.23%	0.21%	0.21%
SON	C	0.16%	0.31%	0.16%
SSB	B	0.22%	0.26%	0.22%
STWD	B	0.18%	0.08%	0.08%
SUM	D	0.15%	0.15%	0.15%
SWX	C	0.15%	0.22%	0.15%
TAP	D	0.28%	0.39%	0.28%
TEX	F	0.11%	0.33%	0.11%
TFX	C	0.34%	0.17%	0.17%
THC	A	0.48%	0.34%	0.34%
THG	B	0.14%	0.08%	0.08%
THO	D	0.16%	0.3%	0.16%
TKR	D	0.16%	0.28%	0.16%
TMHC	A	0.2%	0.43%	0.2%
TOL	B	0.44%	0.36%	0.36%
TPH	C	0.12%	0.42%	0.12%
TPR	C	0.28%	0.07%	0.07%
TTEK	C	0.37%	0.41%	0.37%
UBSI	B	0.15%	0.24%	0.15%
UFPI	C	0.21%	0.3%	0.21%
UGI	C	0.16%	0.15%	0.15%
UHS	B	0.4%	0.36%	0.36%
UMBF	B	0.12%	0.18%	0.12%
UNM	B	0.26%	0.31%	0.26%
URBN	F	0.07%	0.25%	0.07%
USFD	B	0.43%	0.16%	0.16%
UTHR	C	0.47%	0.31%	0.31%
VLY	C	0.11%	0.34%	0.11%
VMI	D	0.17%	0.07%	0.07%
VNO	B	0.17%	0.2%	0.17%
VNT	F	0.16%	0.06%	0.06%
VOYA	B	0.21%	0.15%	0.15%
WAL	B	0.25%	0.27%	0.25%
WBS	D	0.24%	0.29%	0.24%
WCC	D	0.25%	0.28%	0.25%
WHR	D	0.16%	0.2%	0.16%
WSM	D	0.4%	0.21%	0.21%
WTFC	B	0.21%	0.23%	0.21%
WTM	D	0.13%	0.34%	0.13%
WTRG	D	0.28%	0.22%	0.22%
WU	F	0.12%	0.21%	0.12%
XPO	D	0.19%	0.22%	0.19%
XRAY	D	0.15%	0.07%	0.07%
ZION	D	0.21%	0.23%	0.21%
ZWS	A	0.13%	0.08%	0.08%

VBR Overweight 513 Positions Relative to FNX

Symbol	Grade	Weight
SW	B	0.72%
FCNCA	D	0.65%
BLDR	C	0.62%
BAH	C	0.6%
CSL	B	0.59%
ATO	B	0.54%
RS	D	0.48%
IEX	D	0.46%
KIM	C	0.46%
RPM	B	0.44%
OC	D	0.43%
PNR	B	0.43%
BG	D	0.42%
EQH	C	0.41%
ACM	B	0.4%
GLPI	C	0.39%
JBL	D	0.37%
JNPR	B	0.37%
ALLE	B	0.36%
IPG	C	0.36%
BRO	C	0.35%
CHRW	B	0.34%
RIVN	F	0.33%
NVT	D	0.33%
HUBB	B	0.32%
SCI	B	0.32%
BXP	B	0.31%
LDOS	B	0.31%
CG	D	0.28%
FRT	C	0.28%
KBR	D	0.27%
Z	B	0.26%
SOLV	C	0.26%
STLD	F	0.26%
X	F	0.23%
DOC	C	0.23%
STAG	C	0.22%
GME	F	0.22%
FR	B	0.22%
ELAN	D	0.22%
SWN	D	0.21%
ACHC	C	0.21%
BIO	C	0.2%
ACI	F	0.2%
AAL	D	0.2%
VFC	C	0.19%
UHAL	A	0.19%
AA	D	0.17%
SJM	C	0.17%
ST	D	0.17%
COHR	C	0.17%
LUMN	C	0.16%
WTS	C	0.16%
VVV	D	0.16%
SRCL	A	0.16%
EPAM	F	0.16%
QRVO	F	0.16%
LKQ	F	0.16%
PARA	F	0.16%
CTLT	B	0.15%
JHG	B	0.14%
BDC	B	0.13%
SLG	B	0.13%
MDGL	F	0.13%
PIPR	B	0.13%
SBRA	C	0.12%
TPG	B	0.12%
CNX	B	0.12%
GTES	C	0.12%
CPRI	D	0.12%
AUR	B	0.12%
CRC	C	0.11%
CNO	B	0.11%
EPR	B	0.11%
MTZ	B	0.11%
BGC	B	0.11%
ABM	D	0.11%
UCBI	B	0.11%
ALE	B	0.11%
HASI	C	0.11%
PNM	B	0.11%
MSM	D	0.11%
PBH	B	0.11%
KFY	B	0.11%
KMPR	D	0.11%
ICUI	B	0.11%
COTY	F	0.1%
NUVL	C	0.1%
ASB	D	0.1%
WSFS	D	0.1%
EBC	B	0.1%
SXT	C	0.1%
GVA	B	0.1%
SKT	B	0.1%
NWE	B	0.1%
SR	B	0.1%
RXO	D	0.1%
NHI	C	0.1%
AX	D	0.1%
NSP	F	0.1%
NPO	D	0.1%
FBP	C	0.1%
HIW	B	0.1%
WD	A	0.1%
BNL	B	0.1%
PLXS	A	0.1%
FULT	D	0.1%
HL	C	0.1%
IBOC	D	0.1%
AUB	D	0.1%
CC	F	0.09%
LXP	B	0.09%
IOVA	C	0.09%
FL	D	0.09%
AIN	D	0.09%
WEN	C	0.09%
GFF	D	0.09%
SKYW	C	0.09%
WAFD	C	0.09%
TNL	D	0.09%
CNK	C	0.09%
AVA	C	0.09%
SMG	C	0.09%
AWR	B	0.09%
CATY	C	0.09%
GNW	B	0.09%
PK	D	0.09%
ESE	B	0.09%
BRC	C	0.09%
FHB	D	0.09%
TCBI	B	0.09%
MGEE	B	0.09%
APLE	D	0.09%
EAT	A	0.09%
AMED	C	0.09%
AROC	D	0.09%
SYNA	F	0.09%
CBU	C	0.09%
INDB	C	0.08%
PRK	C	0.08%
ENOV	D	0.08%
VIRT	C	0.08%
RNG	F	0.08%
SPB	C	0.08%
LSXMK	D	0.08%
BOH	D	0.08%
MGRC	F	0.08%
DEI	B	0.08%
MPW	C	0.08%
TRN	D	0.08%
ATGE	C	0.08%
TDC	F	0.08%
FHI	A	0.08%
FIBK	B	0.08%
APAM	C	0.08%
HUBG	C	0.08%
REZI	D	0.08%
NWL	C	0.08%
WLK	D	0.08%
CWK	B	0.08%
PENN	D	0.08%
BHF	F	0.08%
UNF	C	0.08%
BKU	C	0.08%
IOSP	D	0.08%
PRIM	B	0.08%
AIR	C	0.07%
WERN	D	0.07%
ZD	D	0.07%
PECO	B	0.07%
LAUR	C	0.07%
TOWN	B	0.07%
CRI	D	0.07%
FRME	D	0.07%
HI	F	0.07%
AKR	B	0.07%
ENR	D	0.07%
VAC	F	0.07%
MC	B	0.07%
AZZ	D	0.07%
TGNA	D	0.07%
PFS	B	0.07%
ARCH	F	0.07%
ARCB	D	0.07%
CWEN	C	0.07%
FFBC	D	0.07%
MTRN	F	0.07%
OUT	C	0.07%
HNI	C	0.07%
OSIS	D	0.07%
DY	B	0.07%
MYGN	C	0.07%
ABR	B	0.07%
CVBF	D	0.07%
PPBI	D	0.07%
GHC	B	0.07%
MTX	D	0.07%
KRYS	D	0.07%
UE	B	0.07%
PRGS	C	0.07%
VSH	F	0.07%
COMP	C	0.07%
AZTA	F	0.07%
SFNC	B	0.07%
KAR	D	0.06%
TTMI	D	0.06%
HURN	C	0.06%
IVT	B	0.06%
ZG	B	0.06%
PRG	B	0.06%
VIAV	D	0.06%
B	D	0.06%
BANF	B	0.06%
THS	C	0.06%
LITE	B	0.06%
JOBY	F	0.06%
OI	D	0.06%
GNL	C	0.06%
WLY	C	0.06%
EPC	F	0.06%
VGR	B	0.06%
AMN	F	0.06%
MIR	D	0.06%
IMVT	D	0.06%
KMT	B	0.06%
KSS	F	0.06%
OMCL	C	0.06%
IBTX	B	0.06%
SPR	D	0.06%
BANR	B	0.06%
FTRE	D	0.06%
NATL	D	0.06%
EQC	C	0.06%
HAYW	C	0.06%
RNST	D	0.06%
MLKN	D	0.06%
SXI	C	0.06%
HBI	B	0.06%
CTRE	C	0.06%
SHO	C	0.06%
TDS	C	0.06%
PINC	C	0.06%
STRA	F	0.06%
OFG	C	0.06%
JWN	C	0.06%
PHIN	B	0.06%
NBTB	D	0.06%
PSMT	B	0.06%
CDE	C	0.06%
EVTC	D	0.06%
SATS	C	0.06%
GTY	B	0.05%
STBA	B	0.05%
REVG	D	0.05%
SHOO	B	0.05%
KN	D	0.05%
LTC	C	0.05%
JBGS	C	0.05%
LEG	D	0.05%
STEP	B	0.05%
JBLU	D	0.05%
ANDE	D	0.05%
TROX	F	0.05%
PPC	D	0.05%
NBHC	D	0.05%
SCL	D	0.05%
CHCO	B	0.05%
FCF	C	0.05%
LRN	B	0.05%
GO	F	0.05%
CRGY	D	0.05%
CENTA	F	0.05%
LZB	C	0.05%
IDCC	B	0.05%
DRH	C	0.05%
NWBI	C	0.05%
NMRK	A	0.05%
VSAT	F	0.05%
NHC	D	0.05%
GEO	F	0.05%
CAKE	C	0.05%
LGND	C	0.05%
PDCO	F	0.05%
WSBC	D	0.05%
TRMK	C	0.05%
MCY	D	0.05%
SUPN	C	0.05%
VSCO	C	0.05%
VRNT	F	0.05%
VSTS	D	0.05%
ROIC	B	0.05%
EDR	A	0.05%
BHLB	B	0.04%
SCS	D	0.04%
PBI	D	0.04%
AMRX	B	0.04%
PDM	B	0.04%
AIV	B	0.04%
KFRC	D	0.04%
EIG	C	0.04%
INSW	D	0.04%
JELD	D	0.04%
PMT	C	0.04%
VCTR	B	0.04%
DK	F	0.04%
AAT	B	0.04%
SAFT	D	0.04%
WS	D	0.04%
XRX	D	0.04%
MSGE	B	0.04%
UVV	D	0.04%
HELE	D	0.04%
BKE	B	0.04%
LC	D	0.04%
OXM	F	0.04%
BKD	D	0.04%
WABC	D	0.04%
PWSC	C	0.04%
NAVI	C	0.04%
SBH	B	0.04%
CODI	D	0.04%
IART	F	0.04%
CSGS	C	0.04%
WOR	D	0.04%
DNOW	D	0.04%
SPNT	C	0.04%
LADR	B	0.04%
ESRT	B	0.04%
UA	D	0.04%
VRTS	F	0.04%
GBX	C	0.04%
NGVT	D	0.04%
ALEX	B	0.04%
UAA	C	0.04%
BHE	D	0.04%
CXW	F	0.04%
NTCT	C	0.04%
HMN	D	0.04%
HOPE	B	0.04%
DAN	F	0.04%
RRR	D	0.04%
APOG	B	0.04%
HEES	D	0.04%
HTH	C	0.04%
ARI	F	0.04%
BLMN	F	0.04%
GEF	D	0.04%
NWN	C	0.04%
UNFI	C	0.03%
DNUT	D	0.03%
BDN	B	0.03%
CGON	C	0.03%
BRKL	C	0.03%
FG	D	0.03%
PRAA	D	0.03%
CBRL	D	0.03%
NNI	B	0.03%
LGF.A	F	0.03%
LEVI	C	0.03%
BV	C	0.03%
DLX	D	0.03%
MD	C	0.03%
NX	F	0.03%
MMI	C	0.03%
CWEN	C	0.03%
RBRK	D	0.03%
EMBC	C	0.03%
CMTG	D	0.03%
SIRI	C	0.03%
ETWO	C	0.03%
FA	B	0.03%
MATV	C	0.03%
UNIT	C	0.03%
RWT	B	0.03%
RKLB	C	0.03%
SNDR	B	0.03%
GIII	C	0.03%
HTLF	B	0.03%
INVA	B	0.03%
TRS	D	0.03%
WWW	B	0.03%
ODP	F	0.03%
VSTO	C	0.03%
ATSG	D	0.03%
THR	D	0.03%
MRC	D	0.03%
CNNE	D	0.03%
DBRG	D	0.03%
WMK	C	0.03%
AVNS	B	0.03%
CSR	B	0.03%
ACT	B	0.03%
CARS	D	0.03%
FDP	C	0.03%
ECPG	D	0.03%
OMI	D	0.03%
SCSC	D	0.03%
KALU	F	0.03%
HE	F	0.03%
TILE	B	0.02%
HTLD	D	0.02%
FOR	C	0.02%
MXL	F	0.02%
KREF	B	0.02%
SMR	D	0.02%
CNDT	C	0.02%
GES	F	0.02%
SCHL	D	0.02%
HY	F	0.02%
BGS	D	0.02%
BMBL	F	0.02%
UHAL	A	0.02%
SWI	B	0.02%
KELYA	D	0.02%
CFFN	D	0.02%
SMMT	C	0.02%
PRA	C	0.02%
CAL	F	0.02%
TMP	C	0.02%
AMC	F	0.02%
AMWD	D	0.02%
AXL	F	0.02%
HAIN	D	0.02%
USM	C	0.02%
PUMP	D	0.02%
XHR	B	0.02%
HPP	D	0.02%
RGR	D	0.02%
HLIO	D	0.02%
MATW	F	0.02%
BASE	F	0.02%
ECVT	F	0.02%
ASTE	D	0.02%
MNRO	D	0.02%
PRLB	F	0.02%
HLF	F	0.02%
SVC	D	0.02%
BRSP	D	0.02%
PZZA	D	0.02%
CABO	F	0.02%
KOP	F	0.02%
PEB	D	0.02%
HCSG	C	0.02%
SAH	D	0.02%
EYE	F	0.02%
WNC	F	0.02%
MEI	D	0.01%
UFCS	D	0.01%
PACB	D	0.01%
RDUS	D	0.01%
OPK	C	0.01%
NPK	D	0.01%
OLPX	C	0.01%
WOOF	C	0.01%
BRCC	F	0.01%
ALX	B	0.01%
ZIP	D	0.01%
KRO	D	0.01%
DJT	F	0.01%
CRCT	C	0.01%
TGI	F	0.01%
SRCL	A	0.01%
TRTX	C	0.01%
EE	B	0.01%
AMCX	F	0.01%
EGBN	C	0.01%
RUSHB	C	0.01%
SWBI	F	0.01%
HTZ	F	0.01%
NAPA	F	0.01%
CENT	F	0.01%
BJRI	D	0.01%
WRLD	D	0.01%
PCRX	F	0.01%
INN	A	0.01%
CMP	D	0.01%
FWRD	C	0.01%
RMR	C	0.01%
VMEO	C	0.01%
AMK	B	0.01%
ATUS	C	0.01%
GRC	D	0.01%
NABL	D	0.01%
NUS	F	0.01%
PTVE	D	0.01%
UDMY	D	0.01%
DAWN	D	0.01%
TWKS	C	0.01%
CCO	C	0.01%
CWH	C	0.01%
GCMG	B	0.01%
CLB	D	0.01%
DIN	F	0.01%
USNA	F	0.01%
CLBK	C	0.01%
JACK	F	0.01%
NVRI	D	0.01%
LGF.A	F	0.01%
BFS	B	0.01%
AMBC	D	0.01%
VREX	F	0.01%
SSP	F	0.0%
SCWX	C	0.0%
AC	C	0.0%
TTEC	F	0.0%
CRNC	F	0.0%
SAVE	F	0.0%
CHGG	F	0.0%
ACDC	F	0.0%
UHT	B	0.0%
DBI	F	0.0%
GEF	D	0.0%
LDI	C	0.0%

VBR Underweight 157 Positions Relative to FNX

Symbol	Grade	Weight
MHO	B	-0.47%
APP	C	-0.46%
NTRA	C	-0.42%
HALO	C	-0.42%
COKE	C	-0.42%
INSM	D	-0.4%
MOD	A	-0.4%
LBRDK	F	-0.4%
FIX	B	-0.4%
FRPT	B	-0.39%
CVNA	B	-0.39%
AVAV	C	-0.37%
LNTH	D	-0.37%
GWRE	A	-0.36%
OLLI	C	-0.36%
CASY	D	-0.36%
IBKR	B	-0.36%
WWD	D	-0.35%
CVLT	B	-0.35%
ENSG	B	-0.35%
MGY	C	-0.34%
DAR	F	-0.34%
WING	B	-0.34%
TXRH	C	-0.34%
HOOD	C	-0.34%
LBRT	D	-0.33%
NOG	D	-0.33%
BMI	A	-0.32%
RYAN	D	-0.32%
TW	B	-0.32%
CW	B	-0.32%
ATI	C	-0.32%
CLH	A	-0.31%
TKO	B	-0.31%
GKOS	C	-0.31%
AAON	B	-0.31%
BYD	C	-0.31%
FSS	D	-0.3%
MTDR	F	-0.3%
MEDP	F	-0.3%
NOV	F	-0.3%
LNW	B	-0.3%
SRPT	D	-0.29%
TOST	C	-0.29%
BFAM	C	-0.28%
H	C	-0.28%
CZR	C	-0.27%
WFRD	F	-0.27%
HQY	C	-0.26%
MTSI	D	-0.26%
VAL	F	-0.26%
APPF	D	-0.26%
LNT	B	-0.25%
AWI	B	-0.24%
PEGA	C	-0.24%
VRNS	C	-0.24%
MMSI	B	-0.24%
MORN	C	-0.23%
BPMC	F	-0.23%
TPL	B	-0.23%
VRRM	D	-0.22%
CHDN	C	-0.22%
LOPE	D	-0.22%
COLM	C	-0.22%
BWXT	D	-0.22%
SKX	D	-0.21%
OLED	C	-0.21%
OWL	C	-0.21%
ELF	F	-0.2%
IOT	B	-0.2%
IONS	F	-0.19%
ESTC	F	-0.19%
CROX	D	-0.19%
ALTR	C	-0.19%
ONTO	D	-0.19%
HGV	F	-0.19%
SKY	B	-0.19%
HLNE	B	-0.18%
EXLS	B	-0.17%
SMAR	C	-0.17%
RIG	F	-0.17%
EPRT	B	-0.17%
EXEL	C	-0.17%
CRVL	B	-0.17%
RVMD	C	-0.16%
FOUR	C	-0.16%
DUOL	B	-0.16%
ITCI	D	-0.16%
IRT	B	-0.16%
EXPO	A	-0.16%
IP	B	-0.16%
TDW	F	-0.16%
PLNT	B	-0.16%
UDR	C	-0.16%
AXSM	C	-0.16%
MMS	C	-0.15%
IBP	D	-0.15%
BRBR	C	-0.15%
ORA	C	-0.15%
ACLS	F	-0.15%
KAI	C	-0.15%
CWST	D	-0.15%
EEFT	D	-0.14%
KWR	D	-0.14%
LFUS	C	-0.14%
BLD	D	-0.14%
GXO	D	-0.14%
FIZZ	D	-0.13%
WMS	D	-0.13%
SMPL	D	-0.13%
CNM	F	-0.12%
WYNN	D	-0.12%
GNTX	F	-0.12%
AFRM	C	-0.1%
KRG	B	-0.09%
KNSL	C	-0.09%
CUBE	B	-0.09%
EXP	B	-0.09%
BOX	C	-0.09%
CFLT	F	-0.09%
TPX	C	-0.08%
S	C	-0.08%
RBC	C	-0.08%
GNRC	D	-0.08%
NEU	D	-0.08%
MSGS	B	-0.08%
BCPC	C	-0.08%
ALKS	C	-0.08%
SITE	C	-0.08%
HLI	B	-0.08%
RGLD	C	-0.08%
SOFI	C	-0.08%
CIEN	C	-0.08%
WDFC	C	-0.08%
WMG	D	-0.07%
LANC	D	-0.07%
MSTR	D	-0.07%
TNET	F	-0.07%
AOS	D	-0.07%
LSTR	D	-0.07%
NEOG	D	-0.07%
YETI	D	-0.07%
HRI	D	-0.07%
AZEK	C	-0.07%
TECH	C	-0.07%
CHH	C	-0.07%
GTLS	F	-0.06%
MARA	F	-0.06%
AEIS	D	-0.06%
SAM	F	-0.06%
HAE	F	-0.06%
SAIA	D	-0.06%
IRTC	F	-0.05%
AMR	F	-0.05%
ALGM	F	-0.05%
CIVI	F	-0.05%
CELH	F	-0.04%