VBR vs. FTLS ETF Comparison

Comparison of Vanguard Small-Cap Value ETF - DNQ (VBR) to First Trust Long/Short Equity (FTLS)

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

$214.02

Average Daily Volume

435,439

Number of Holdings ^*

794

* may have additional holdings in another (foreign) market

FTLS

First Trust Long/Short Equity

FTLS Description

The investment seeks to provide investors with long-term total return. Under normal circumstances, at least 80% of the fund's assets (plus the amount of any borrowing for investment purposes) will be exposed to U.S. exchange-listed equity securities of U.S. and foreign companies by investing in such securities directly and/or in U.S. exchange-traded funds ("ETFs") that provide exposure to such securities. It may invest up to 20% of its net assets (plus the amount of any borrowing for investment purposes) in U.S. exchange-listed equity index futures contracts. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$65.63

Average Daily Volume

127,223

Number of Holdings ^*

384

* may have additional holdings in another (foreign) market

Performance

Period	VBR	FTLS
30 Days	7.07%	2.15%
60 Days	7.22%	3.89%
90 Days	8.68%	3.71%
12 Months	33.95%	20.58%

104 Overlapping Holdings

Symbol	Grade	Weight in VBR	Weight in FTLS	Overlap
ABM	B	0.1%	0.1%	0.1%
AEO	F	0.1%	-0.05%	-0.05%
AIZ	A	0.29%	0.22%	0.22%
ALB	C	0.16%	-0.04%	-0.04%
ALLY	C	0.28%	0.29%	0.28%
ALSN	B	0.27%	0.2%	0.2%
AM	A	0.14%	0.11%	0.11%
ASO	F	0.11%	0.27%	0.11%
AUB	B	0.1%	0.06%	0.06%
AVNT	B	0.12%	0.07%	0.07%
AXS	A	0.17%	0.14%	0.14%
AYI	B	0.27%	0.29%	0.27%
AZTA	D	0.06%	-0.03%	-0.03%
AZZ	B	0.06%	0.07%	0.06%
BFH	B	0.07%	0.13%	0.07%
BJ	A	0.33%	0.47%	0.33%
BOH	B	0.08%	0.08%	0.08%
BRC	D	0.09%	0.06%	0.06%
CBSH	A	0.21%	0.13%	0.13%
CBT	C	0.17%	0.13%	0.13%
CBU	B	0.09%	-0.02%	-0.02%
CCK	C	0.33%	0.29%	0.29%
CNK	B	0.05%	0.24%	0.05%
CNNE	B	0.03%	-0.03%	-0.03%
COHR	B	0.21%	-0.02%	-0.02%
COLB	A	0.17%	0.19%	0.17%
COTY	F	0.08%	-0.02%	-0.02%
CRC	B	0.12%	0.15%	0.12%
CSL	C	0.57%	0.6%	0.57%
DBRG	F	0.08%	0.09%	0.08%
DNB	B	0.12%	-0.02%	-0.02%
DY	D	0.07%	-0.09%	-0.09%
EAT	A	0.13%	0.65%	0.13%
EBC	B	0.09%	0.07%	0.07%
ENR	B	0.07%	-0.04%	-0.04%
ENS	D	0.11%	-0.02%	-0.02%
EPR	D	0.1%	0.08%	0.08%
ESNT	D	0.18%	0.09%	0.09%
EWBC	A	0.39%	0.25%	0.25%
FFIN	B	0.13%	-0.04%	-0.04%
FFIV	B	0.4%	0.4%	0.4%
FHB	A	0.09%	0.07%	0.07%
GATX	A	0.14%	-0.04%	-0.04%
GBCI	B	0.17%	0.09%	0.09%
GFF	A	0.08%	0.13%	0.08%
GL	B	0.28%	0.41%	0.28%
GMS	B	0.1%	0.13%	0.1%
HAYW	B	0.07%	0.07%	0.07%
HII	D	0.21%	-0.11%	-0.11%
HRB	D	0.24%	0.19%	0.19%
IBOC	A	0.1%	-0.02%	-0.02%
IPG	D	0.32%	-0.16%	-0.16%
JAZZ	B	0.19%	0.31%	0.19%
JBL	B	0.39%	0.73%	0.39%
KD	B	0.15%	-0.02%	-0.02%
KFY	B	0.11%	0.09%	0.09%
KMPR	B	0.11%	0.08%	0.08%
LCII	C	0.04%	0.09%	0.04%
LEG	F	0.04%	0.13%	0.04%
LPX	B	0.18%	0.31%	0.18%
LYFT	C	0.13%	-0.05%	-0.05%
MAT	D	0.2%	-0.08%	-0.08%
MATX	C	0.15%	0.15%	0.15%
MSA	D	0.18%	-0.06%	-0.06%
MSM	C	0.1%	0.2%	0.1%
MTG	C	0.19%	0.12%	0.12%
MYGN	F	0.03%	0.04%	0.03%
NSIT	F	0.17%	-0.08%	-0.08%
ORI	A	0.24%	0.15%	0.15%
OSIS	B	0.06%	-0.03%	-0.03%
OSK	B	0.19%	-0.03%	-0.03%
PBH	A	0.11%	0.07%	0.07%
PENN	C	0.09%	0.4%	0.09%
PLXS	B	0.11%	0.07%	0.07%
PNFP	B	0.11%	0.17%	0.11%
PNR	A	0.48%	0.56%	0.48%
PPC	C	0.05%	0.11%	0.05%
PRGS	A	0.08%	0.09%	0.08%
PRI	A	0.27%	0.15%	0.15%
PSMT	C	0.06%	-0.03%	-0.03%
R	B	0.18%	-0.09%	-0.09%
REVG	B	0.04%	0.07%	0.04%
RIVN	F	0.13%	-0.02%	-0.02%
RL	B	0.22%	0.67%	0.22%
RLI	B	0.2%	0.08%	0.08%
ROIC	A	0.05%	0.06%	0.05%
SFM	A	0.38%	0.16%	0.16%
SIGI	C	0.16%	0.13%	0.13%
SKYW	B	0.11%	0.15%	0.11%
SLGN	A	0.12%	-0.03%	-0.03%
SSB	B	0.22%	-0.07%	-0.07%
SUPN	C	0.05%	0.06%	0.05%
TCBI	B	0.1%	0.11%	0.1%
THG	A	0.14%	0.1%	0.1%
THO	B	0.15%	0.18%	0.15%
TOL	B	0.44%	0.65%	0.44%
UBSI	B	0.15%	0.08%	0.08%
UHS	D	0.34%	0.19%	0.19%
UMBF	B	0.13%	0.16%	0.13%
VNT	B	0.17%	-0.07%	-0.07%
VSAT	F	0.03%	-0.01%	-0.01%
VVV	F	0.15%	-0.1%	-0.1%
ZD	C	0.06%	-0.06%	-0.06%
ZWS	B	0.14%	0.12%	0.12%

VBR Overweight 690 Positions Relative to FTLS

Symbol	Grade	Weight
SW	A	0.78%
BAH	F	0.69%
EME	C	0.61%
FCNCA	A	0.61%
BLDR	D	0.58%
ATO	A	0.58%
NRG	B	0.55%
UTHR	C	0.49%
RPM	A	0.48%
KIM	A	0.47%
IEX	B	0.47%
RS	B	0.46%
OC	A	0.45%
USFD	A	0.44%
THC	D	0.43%
ACM	A	0.42%
EQH	B	0.42%
RGA	A	0.41%
RNR	C	0.4%
WSM	B	0.39%
JLL	D	0.38%
REG	B	0.38%
GLPI	C	0.38%
TTEK	F	0.38%
PFGC	B	0.37%
JNPR	F	0.37%
ALLE	D	0.36%
EMN	D	0.36%
CACI	D	0.36%
LDOS	C	0.36%
CPT	B	0.36%
NVT	B	0.36%
BG	F	0.35%
SJM	D	0.34%
CHRW	C	0.34%
CG	A	0.34%
AES	F	0.34%
ATR	B	0.33%
SCI	B	0.33%
KMX	B	0.33%
ITT	A	0.33%
BXP	D	0.33%
HUBB	B	0.33%
TPR	B	0.32%
OHI	C	0.32%
RRX	B	0.32%
EPAM	C	0.3%
FBIN	D	0.3%
OVV	B	0.3%
AA	B	0.3%
ARMK	B	0.29%
PNW	B	0.29%
EHC	B	0.29%
SOLV	C	0.29%
SF	B	0.29%
WCC	B	0.28%
TAP	C	0.28%
TFX	F	0.28%
WTRG	B	0.28%
UNM	A	0.28%
STLD	B	0.28%
EVR	B	0.28%
LKQ	D	0.28%
AFG	A	0.28%
JEF	A	0.27%
Z	A	0.27%
FRT	B	0.27%
FHN	A	0.27%
MLI	C	0.27%
APA	D	0.26%
SEIC	B	0.26%
DTM	B	0.26%
AAL	B	0.26%
DCI	B	0.26%
WBS	A	0.26%
AIT	A	0.26%
LAD	A	0.26%
FYBR	D	0.26%
HSIC	B	0.26%
KBR	F	0.26%
FLR	B	0.26%
MUSA	A	0.26%
APG	B	0.25%
CMA	A	0.25%
GPK	C	0.25%
GME	C	0.25%
MOS	F	0.25%
INGR	B	0.25%
NYT	C	0.25%
HAS	D	0.25%
WAL	B	0.25%
VFC	C	0.24%
FMC	D	0.24%
BRX	A	0.24%
AXTA	A	0.24%
EGP	F	0.24%
WTFC	A	0.23%
CHRD	D	0.23%
DKS	C	0.23%
DOC	D	0.23%
X	C	0.23%
NI	A	0.23%
VOYA	B	0.23%
NNN	D	0.23%
KNX	B	0.23%
OGE	B	0.23%
SAIC	F	0.22%
SNX	C	0.22%
IVZ	B	0.22%
ADC	B	0.22%
VNO	B	0.22%
JXN	C	0.22%
CR	A	0.22%
BWA	D	0.22%
BERY	B	0.22%
ZION	B	0.22%
ESAB	B	0.21%
UFPI	B	0.21%
MHK	D	0.21%
XPO	B	0.21%
AGNC	D	0.21%
CFR	B	0.21%
MKSI	C	0.2%
ANF	C	0.2%
RHI	B	0.2%
QRVO	F	0.2%
TMHC	B	0.2%
STAG	F	0.2%
G	B	0.2%
SNV	B	0.2%
RRC	B	0.2%
FLS	B	0.2%
BIO	D	0.2%
FR	C	0.2%
MIDD	C	0.2%
FCN	D	0.2%
AGCO	D	0.19%
BPOP	B	0.19%
LUMN	C	0.19%
MTH	D	0.19%
EVRG	A	0.19%
UHAL	D	0.19%
PB	A	0.19%
KEX	C	0.19%
ALK	C	0.18%
CLF	F	0.18%
CADE	B	0.18%
ONB	B	0.18%
CMC	B	0.18%
BBWI	D	0.18%
ELAN	D	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%
SRCL	C	0.17%
ACI	C	0.17%
LAMR	D	0.17%
PARA	C	0.17%
SUM	B	0.17%
SIRI	C	0.17%
DVA	B	0.17%
CRUS	D	0.17%
ESI	A	0.17%
LNC	B	0.17%
OMF	A	0.17%
LEA	D	0.16%
NXST	C	0.16%
COOP	B	0.16%
MOG.A	B	0.16%
AMG	B	0.16%
PVH	C	0.16%
KNF	A	0.16%
IDA	A	0.16%
NFG	A	0.16%
TPG	A	0.16%
NCLH	B	0.16%
MDU	D	0.16%
KBH	D	0.15%
GAP	C	0.15%
UGI	A	0.15%
SON	D	0.15%
PSN	D	0.15%
BCC	B	0.15%
ST	F	0.15%
FNB	A	0.15%
WTS	B	0.15%
TKR	D	0.15%
AN	C	0.15%
RDN	C	0.15%
JHG	A	0.15%
BC	C	0.15%
GPI	A	0.14%
BDC	B	0.14%
RYN	D	0.14%
CUZ	B	0.14%
XRAY	F	0.14%
OZK	B	0.14%
KRC	C	0.14%
KTB	B	0.14%
PIPR	B	0.14%
AVT	C	0.14%
MDGL	B	0.14%
SLM	A	0.14%
OLN	D	0.14%
OGN	D	0.14%
AUR	C	0.14%
POR	C	0.14%
CNX	A	0.14%
SLG	B	0.14%
HOMB	A	0.14%
PR	B	0.13%
BCO	D	0.13%
WTM	A	0.13%
AL	B	0.13%
SWX	B	0.13%
HWC	B	0.13%
MUR	D	0.13%
SBRA	C	0.13%
NJR	A	0.13%
ABG	B	0.13%
GTES	A	0.13%
ACA	A	0.13%
ICUI	D	0.12%
FUL	F	0.12%
M	D	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%
ITGR	B	0.12%
AGO	B	0.12%
MGM	D	0.12%
FLO	D	0.12%
SEE	C	0.12%
TPH	D	0.11%
NVST	B	0.11%
HUN	F	0.11%
CDP	C	0.11%
SKT	B	0.11%
WU	D	0.11%
SANM	B	0.11%
AX	A	0.11%
GVA	A	0.11%
ESGR	B	0.11%
ALE	A	0.11%
PII	D	0.11%
SMG	D	0.11%
ACHC	F	0.11%
NUVL	D	0.11%
HOG	D	0.11%
AR	B	0.11%
HL	D	0.11%
SIG	B	0.11%
MTZ	B	0.11%
ASGN	F	0.11%
ASH	D	0.11%
PNM	F	0.11%
BEN	C	0.1%
WBA	F	0.1%
MGEE	C	0.1%
NWE	B	0.1%
PCH	D	0.1%
OTTR	C	0.1%
TEX	D	0.1%
FULT	A	0.1%
WEN	D	0.1%
HCC	B	0.1%
BNL	D	0.1%
SEM	B	0.1%
BGC	C	0.1%
NHI	D	0.1%
UCB	A	0.1%
ASB	B	0.1%
CNO	A	0.1%
IAC	D	0.1%
NWL	B	0.1%
PRGO	B	0.1%
SR	A	0.1%
WD	D	0.1%
RUSHA	C	0.1%
HIW	D	0.1%
DXC	B	0.1%
GNW	A	0.09%
WSFS	A	0.09%
AVA	A	0.09%
JWN	C	0.09%
DEI	B	0.09%
MAN	D	0.09%
SATS	D	0.09%
MIR	A	0.09%
PTEN	C	0.09%
PAG	B	0.09%
NPO	A	0.09%
ADTN	A	0.09%
ATKR	C	0.09%
APAM	B	0.09%
AWR	B	0.09%
TDC	D	0.09%
AMED	F	0.09%
CWK	B	0.09%
BTU	B	0.09%
CATY	B	0.09%
FBP	B	0.09%
TNL	A	0.09%
PRIM	A	0.09%
SXT	B	0.09%
APLE	B	0.09%
COMP	B	0.09%
AROC	B	0.09%
FHI	A	0.09%
ESE	B	0.09%
FIBK	A	0.08%
AKR	B	0.08%
CVBF	A	0.08%
CXT	B	0.08%
LXP	D	0.08%
ABR	C	0.08%
BKU	A	0.08%
NSP	D	0.08%
PBF	D	0.08%
TDS	B	0.08%
IOSP	B	0.08%
UE	C	0.08%
UNF	B	0.08%
CC	C	0.08%
TGNA	B	0.08%
SYNA	C	0.08%
REZI	A	0.08%
GHC	C	0.08%
PK	B	0.08%
WAFD	B	0.08%
SFNC	B	0.08%
MPW	F	0.08%
ALIT	C	0.08%
MGRC	B	0.08%
RNG	B	0.08%
AMKR	D	0.08%
TRN	C	0.08%
IOVA	F	0.08%
BHF	B	0.08%
ATGE	B	0.08%
BYD	C	0.07%
OMCL	C	0.07%
GT	C	0.07%
ENOV	C	0.07%
CDE	D	0.07%
PFS	B	0.07%
PECO	A	0.07%
FFBC	A	0.07%
HBI	B	0.07%
CWEN	C	0.07%
RNA	D	0.07%
CNXC	F	0.07%
VSCO	B	0.07%
BOKF	B	0.07%
SPB	C	0.07%
SM	B	0.07%
MTX	B	0.07%
VAC	B	0.07%
PPBI	B	0.07%
ARCB	C	0.07%
BXMT	C	0.07%
OUT	A	0.07%
PRK	B	0.07%
URBN	C	0.07%
ARCH	B	0.07%
INDB	B	0.07%
HUBG	A	0.07%
WLK	D	0.07%
PFSI	D	0.07%
POST	C	0.07%
VIRT	B	0.07%
NMRK	B	0.06%
NATL	B	0.06%
CGON	F	0.06%
TRMK	B	0.06%
LRN	A	0.06%
IMVT	F	0.06%
RXO	C	0.06%
PHIN	A	0.06%
HI	C	0.06%
BLKB	B	0.06%
KSS	F	0.06%
KMT	B	0.06%
BANF	B	0.06%
MHO	D	0.06%
NBTB	B	0.06%
AIR	B	0.06%
WLY	B	0.06%
GEO	B	0.06%
EQC	B	0.06%
PINC	B	0.06%
SMMT	D	0.06%
STRA	C	0.06%
SFBS	B	0.06%
ZG	A	0.06%
VIAV	B	0.06%
SHO	C	0.06%
IBTX	B	0.06%
HURN	B	0.06%
FRME	B	0.06%
RNST	B	0.06%
EVTC	B	0.06%
LAUR	A	0.06%
MTRN	C	0.06%
VSH	D	0.06%
CAKE	C	0.06%
AIN	C	0.06%
INFA	D	0.06%
IVT	B	0.06%
AAP	C	0.06%
TOWN	B	0.06%
B	B	0.06%
IPGP	D	0.06%
WERN	C	0.06%
TTMI	B	0.06%
JOBY	B	0.06%
SXI	B	0.06%
FL	F	0.06%
BANR	B	0.06%
HNI	B	0.06%
CPRI	F	0.06%
SCL	C	0.05%
SHOO	D	0.05%
MLKN	D	0.05%
LZB	B	0.05%
DDS	B	0.05%
FCF	A	0.05%
UAA	C	0.05%
HEES	B	0.05%
CHCO	B	0.05%
APOG	B	0.05%
LTC	B	0.05%
PDCO	D	0.05%
DRH	B	0.05%
HE	C	0.05%
NWBI	B	0.05%
THS	D	0.05%
NBHC	B	0.05%
GOLF	B	0.05%
PZZA	D	0.05%
KAR	B	0.05%
EPC	D	0.05%
OI	C	0.05%
STEP	B	0.05%
GBX	A	0.05%
PRG	C	0.05%
VSTS	C	0.05%
WSBC	A	0.05%
GNL	F	0.05%
CRGY	B	0.05%
LGND	B	0.05%
VYX	B	0.05%
MCY	A	0.05%
OFG	B	0.05%
CRI	D	0.05%
EIG	B	0.04%
PBI	B	0.04%
ARI	C	0.04%
AAT	B	0.04%
FDP	B	0.04%
DYN	F	0.04%
PDM	D	0.04%
SPNT	A	0.04%
IART	C	0.04%
VC	D	0.04%
WS	B	0.04%
DNOW	B	0.04%
GO	C	0.04%
VRE	B	0.04%
BKE	B	0.04%
COLM	B	0.04%
NNI	D	0.04%
LADR	B	0.04%
RRR	D	0.04%
WABC	B	0.04%
CSGS	B	0.04%
VRNT	C	0.04%
CAR	C	0.04%
SBH	C	0.04%
ALEX	C	0.04%
NX	C	0.04%
STBA	B	0.04%
ESRT	C	0.04%
HTH	B	0.04%
CODI	B	0.04%
BLMN	F	0.04%
WT	B	0.04%
REYN	D	0.04%
HOPE	B	0.04%
NTCT	C	0.04%
VCTR	B	0.04%
TROX	D	0.04%
UPBD	B	0.04%
AMN	F	0.04%
CXW	B	0.04%
SMR	B	0.04%
HELE	C	0.04%
KN	B	0.04%
VRTS	B	0.04%
WKC	D	0.04%
ANDE	D	0.04%
JBGS	D	0.04%
NWN	A	0.04%
ELME	D	0.04%
BHE	B	0.04%
HP	B	0.04%
CENTA	C	0.04%
LC	A	0.04%
FTRE	D	0.04%
HMN	B	0.04%
NGVT	B	0.04%
NHC	C	0.04%
GEF	A	0.04%
GTY	B	0.04%
HLIO	B	0.04%
NPAB	B	0.04%
CABO	C	0.04%
AVNS	F	0.03%
MMI	B	0.03%
THR	B	0.03%
FA	C	0.03%
XRX	F	0.03%
LGF.A	C	0.03%
SCSC	B	0.03%
CWEN	C	0.03%
BV	B	0.03%
OMI	F	0.03%
JACK	D	0.03%
BRKL	B	0.03%
DK	C	0.03%
DNUT	D	0.03%
RWT	D	0.03%
USM	B	0.03%
ODP	F	0.03%
MRC	B	0.03%
DAN	D	0.03%
CARS	B	0.03%
UA	C	0.03%
WMK	C	0.03%
SCS	C	0.03%
KWR	C	0.03%
INSW	F	0.03%
ECPG	B	0.03%
TRS	B	0.03%
INVA	D	0.03%
SNDR	B	0.03%
CBRL	C	0.03%
MD	B	0.03%
ACT	D	0.03%
KFRC	D	0.03%
FBRT	C	0.03%
CSR	B	0.03%
ATSG	B	0.03%
OXM	D	0.03%
HTLF	B	0.03%
NAVI	C	0.03%
SAFT	C	0.03%
RBRK	A	0.03%
MSGE	F	0.03%
KALU	C	0.03%
AIV	C	0.03%
JELD	F	0.03%
UNFI	A	0.03%
WOR	F	0.03%
VSTO	A	0.03%
GIII	D	0.03%
WWW	B	0.03%
BHLB	B	0.03%
PMT	D	0.03%
BKD	D	0.03%
UNIT	B	0.03%
AMRX	C	0.03%
UVV	B	0.03%
CMPR	D	0.02%
SVC	F	0.02%
ATUS	C	0.02%
DAWN	F	0.02%
CVI	F	0.02%
FOR	F	0.02%
NAPA	B	0.02%
CWH	B	0.02%
BASE	C	0.02%
HPP	F	0.02%
PUMP	B	0.02%
KELYA	F	0.02%
HY	D	0.02%
AXL	C	0.02%
BGS	F	0.02%
UHAL	D	0.02%
RGR	F	0.02%
KOP	C	0.02%
SWI	B	0.02%
MODG	F	0.02%
SEB	F	0.02%
BMBL	C	0.02%
MATW	C	0.02%
KREF	D	0.02%
PRLB	A	0.02%
ECVT	C	0.02%
AMWD	C	0.02%
ETWO	F	0.02%
XHR	B	0.02%
HLF	C	0.02%
ASTE	B	0.02%
CFFN	B	0.02%
PCRX	C	0.02%
WNC	C	0.02%
CMTG	F	0.02%
TMP	B	0.02%
SAH	A	0.02%
PRAA	C	0.02%
FG	B	0.02%
PRA	C	0.02%
MNRO	D	0.02%
HAIN	C	0.02%
BRSP	B	0.02%
MATV	D	0.02%
HCSG	C	0.02%
LEVI	F	0.02%
EMBC	C	0.02%
EYE	C	0.02%
DLX	B	0.02%
BDN	C	0.02%
JBLU	F	0.02%
OLPX	D	0.01%
OPK	C	0.01%
TWKS	D	0.01%
DIN	C	0.01%
CENT	C	0.01%
ALX	D	0.01%
CMP	C	0.01%
AMBC	C	0.01%
KRO	D	0.01%
TGI	B	0.01%
VREX	C	0.01%
SWBI	C	0.01%
CNDT	C	0.01%
ZIP	F	0.01%
TRTX	B	0.01%
SRCL	C	0.01%
HTZ	C	0.01%
CRCT	F	0.01%
WOOF	D	0.01%
NVRI	F	0.01%
INN	D	0.01%
RUSHB	B	0.01%
WRLD	C	0.01%
VMEO	B	0.01%
RMR	F	0.01%
EGBN	B	0.01%
GRC	A	0.01%
EE	A	0.01%
NABL	F	0.01%
SSTK	F	0.01%
PTVE	B	0.01%
BJRI	B	0.01%
FWRD	D	0.01%
USNA	C	0.01%
CCO	C	0.01%
CLB	B	0.01%
CLBK	B	0.01%
HTLD	B	0.01%
ARRY	C	0.01%
BFS	C	0.01%
SCHL	D	0.01%
DJT	C	0.01%
TILE	B	0.01%
GCMG	B	0.01%
MXL	C	0.01%
LGF.A	C	0.01%
CAL	D	0.01%
GES	F	0.01%
SCWX	B	0.0%
AC	C	0.0%
AMCX	C	0.0%
ACDC	C	0.0%
TASK	C	0.0%
LESL	C	0.0%
LDI	C	0.0%
GEF	A	0.0%
NUS	D	0.0%
BRCC	F	0.0%

VBR Underweight 280 Positions Relative to FTLS

Symbol	Grade	Weight
AAPL	C	-7.44%
NVDA	C	-4.84%
MSFT	F	-4.45%
AMZN	C	-2.74%
TMUS	B	-2.32%
SCHW	B	-2.26%
C	A	-2.18%
LOW	D	-2.16%
ACN	C	-2.11%
PM	B	-1.92%
QCOM	F	-1.88%
JNJ	D	-1.85%
META	D	-1.77%
FDX	B	-1.69%
PH	A	-1.64%
CME	A	-1.57%
MO	A	-1.51%
VLO	C	-1.43%
GOOGL	C	-1.4%
MPC	D	-1.37%
USB	A	-1.35%
KMI	A	-1.23%
LNG	B	-1.19%
CL	D	-1.17%
GOOG	C	-1.17%
BRK.A	B	-1.13%
ILMN	D	-1.13%
CTAS	B	-1.09%
AVGO	D	-1.06%
TRV	B	-1.05%
TFC	A	-1.02%
FIS	C	-1.0%
HPQ	B	-1.0%
HWM	A	-0.97%
JPM	A	-0.93%
ALL	A	-0.88%
LLY	F	-0.84%
SYY	B	-0.83%
FANG	D	-0.83%
SYF	B	-0.79%
NTAP	C	-0.75%
PBR	C	-0.73%
TWLO	A	-0.72%
AFL	B	-0.7%
CF	B	-0.55%
NVR	D	-0.55%
INSM	C	-0.54%
VLTO	D	-0.49%
MAS	D	-0.46%
GEN	B	-0.45%
VRSN	F	-0.45%
OKTA	C	-0.45%
CROX	D	-0.44%
ZIM	C	-0.44%
FLEX	A	-0.44%
NTRS	A	-0.42%
NVS	D	-0.41%
VICI	C	-0.4%
SWK	D	-0.4%
CAG	D	-0.38%
DBX	B	-0.36%
EXP	A	-0.35%
CRS	A	-0.34%
SNA	A	-0.33%
TKO	B	-0.32%
WRB	A	-0.32%
TTC	D	-0.31%
PI	D	-0.27%
SPYV	A	-0.26%
SCHV	A	-0.26%
IWD	A	-0.26%
RPRX	D	-0.23%
KNSL	B	-0.22%
SAM	C	-0.21%
WHD	B	-0.21%
MGY	A	-0.2%
EXEL	B	-0.19%
ALKS	B	-0.17%
GLBE	B	-0.17%
ADMA	B	-0.17%
CALM	A	-0.16%
STNG	F	-0.16%
TWST	D	-0.16%
GM	B	-0.14%
CSWI	A	-0.13%
PAA	B	-0.13%
LOGI	D	-0.13%
FTDR	A	-0.12%
SMPL	B	-0.12%
VRNA	B	-0.12%
ENLC	A	-0.11%
HESM	B	-0.11%
OPCH	D	-0.11%
BFAM	D	-0.11%
WGO	C	-0.11%
KRG	B	-0.11%
TBBK	B	-0.1%
LOPE	B	-0.1%
MMS	F	-0.1%
NSA	D	-0.1%
CARG	C	-0.09%
VCYT	B	-0.09%
CUBI	C	-0.09%
YOU	D	-0.09%
GRBK	D	-0.09%
EXTR	B	-0.09%
LANC	C	-0.08%
RDFN	D	-0.08%
TXG	F	-0.08%
FOLD	F	-0.08%
PAYO	A	-0.08%
NMIH	D	-0.07%
BCRX	D	-0.07%
WMB	A	-0.07%
ICFI	F	-0.06%
ADUS	D	-0.06%
WFG	D	-0.06%
OTEX	D	-0.06%
PLMR	B	-0.06%
MQ	F	-0.06%
COLL	F	-0.05%
TRMD	F	-0.05%
GSL	F	-0.05%
AMPH	D	-0.05%
CDNA	D	-0.04%
VIST	A	--0.02%
AMRK	F	--0.02%
GPRE	F	--0.02%
RXST	F	--0.02%
HLN	D	--0.02%
SAIA	B	--0.02%
FRO	F	--0.02%
HON	B	--0.02%
LKFN	B	--0.02%
UWMC	D	--0.02%
WOLF	F	--0.02%
AER	B	--0.02%
NVEE	F	--0.02%
EA	A	--0.02%
CVX	A	--0.02%
RUN	F	--0.02%
ARM	D	--0.02%
FSLR	F	--0.02%
ASPN	F	--0.02%
BE	B	--0.03%
UTZ	D	--0.03%
HHH	B	--0.03%
PRCT	B	--0.03%
WMT	A	--0.03%
PAR	B	--0.03%
ICHR	C	--0.03%
GE	D	--0.03%
GKOS	B	--0.03%
BVN	F	--0.03%
BURL	A	--0.03%
SDGR	C	--0.03%
NEOG	F	--0.03%
NWSA	B	--0.03%
RDY	F	--0.03%
CLH	B	--0.03%
ARLO	C	--0.03%
AMRC	F	--0.03%
TMO	F	--0.03%
DIOD	D	--0.03%
FAST	B	--0.03%
BIRK	D	--0.03%
AMD	F	--0.03%
STZ	D	--0.04%
CTRA	B	--0.04%
ATEC	C	--0.04%
CFLT	B	--0.04%
EQT	B	--0.04%
ERJ	B	--0.04%
AMAT	F	--0.04%
APO	B	--0.04%
TFIN	A	--0.04%
MARA	C	--0.04%
IRTC	D	--0.04%
CRDO	B	--0.04%
APPN	B	--0.04%
RCL	A	--0.04%
RH	B	--0.04%
LMND	B	--0.05%
SOFI	A	--0.05%
ACVA	B	--0.05%
ACIW	B	--0.05%
VRRM	D	--0.05%
UPST	B	--0.05%
DLB	B	--0.06%
CDW	F	--0.06%
COP	C	--0.06%
TTD	B	--0.06%
WST	C	--0.06%
VAL	D	--0.06%
KTOS	B	--0.07%
MMYT	B	--0.07%
BA	F	--0.07%
MUFG	B	--0.07%
SE	B	--0.07%
AVY	D	--0.07%
IDCC	A	--0.07%
AVAV	D	--0.07%
HCA	F	--0.07%
CCOI	B	--0.08%
NXPI	D	--0.08%
TRMB	B	--0.09%
STM	F	--0.1%
GPC	D	--0.1%
ING	F	--0.1%
ARGX	A	--0.11%
HAE	C	--0.11%
KEYS	A	--0.12%
SLB	C	--0.12%
HQY	B	--0.13%
BKR	B	--0.13%
STE	F	--0.13%
ABT	B	--0.14%
PKG	A	--0.15%
NFLX	A	--0.15%
TM	D	--0.15%
ASX	D	--0.15%
INTC	D	--0.15%
MU	D	--0.16%
INFY	B	--0.16%
GSK	F	--0.16%
VMC	B	--0.16%
SYK	C	--0.17%
EFX	F	--0.19%
URI	B	--0.2%
GWRE	A	--0.2%
BWXT	B	--0.2%
FMX	F	--0.2%
HSBC	B	--0.21%
PCAR	B	--0.22%
DEO	F	--0.22%
CCEP	C	--0.23%
PANW	C	--0.25%
KR	B	--0.25%
TYL	B	--0.25%
GEHC	F	--0.26%
PG	A	--0.26%
SAP	B	--0.27%
OMC	C	--0.27%
NSC	B	--0.27%
BABA	D	--0.28%
SNPS	B	--0.29%
MMM	D	--0.3%
WAT	B	--0.3%
UL	D	--0.3%
LMT	D	--0.32%
ISRG	A	--0.32%
TSLA	B	--0.32%
MDLZ	F	--0.33%
TTWO	A	--0.33%
NOW	A	--0.35%
CMI	A	--0.36%
ZBH	C	--0.36%
TXN	C	--0.36%
BK	A	--0.37%
HDB	C	--0.38%
UNH	C	--0.4%
MCD	D	--0.41%
ASML	F	--0.41%
ORCL	B	--0.41%
MSI	B	--0.43%
XOM	B	--0.45%
MLM	B	--0.46%
WM	A	--0.47%
DE	A	--0.48%
PNC	B	--0.51%
GD	F	--0.52%
VRSK	A	--0.55%
PAYX	C	--0.57%
PEP	F	--0.57%
ETN	A	--0.58%
LIN	D	--0.59%
CMCSA	B	--0.65%
CDNS	B	--0.69%
APD	A	--0.7%
DIS	B	--0.73%