VBR vs. HSMV ETF Comparison

Comparison of Vanguard Small-Cap Value ETF - DNQ (VBR) to First Trust Horizon Managed Volatility Small/Mid ETF (HSMV)

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

$200.82

Average Daily Volume

398,489

Number of Holdings ^*

795

* may have additional holdings in another (foreign) market

HSMV

First Trust Horizon Managed Volatility Small/Mid ETF

HSMV Description

The investment seeks to provide investors with capital appreciation. Under normal market conditions, the fund seeks to achieve its investment objective by investing at least 80% of its net assets (including investment borrowings) in small- and/or mid-capitalization common stocks listed and traded on U.S. national securities exchanges that Sub-Advisor believes exhibit low future expected volatility. It is non-diversified.

Grade (RS Rating)

Last Trade

$36.57

Average Daily Volume

1,236

Number of Holdings ^*

196

* may have additional holdings in another (foreign) market

Performance

Period	VBR	HSMV
30 Days	4.73%	3.36%
60 Days	4.82%	4.98%
90 Days	10.29%	9.57%
12 Months	25.98%	20.43%

141 Overlapping Holdings

Symbol	Grade	Weight in VBR	Weight in HSMV	Overlap
ABM	D	0.11%	0.32%	0.11%
ACHC	C	0.21%	0.55%	0.21%
ACM	B	0.4%	0.48%	0.4%
ADC	C	0.22%	0.63%	0.22%
AFG	B	0.28%	0.5%	0.28%
AGCO	D	0.17%	0.42%	0.17%
AGO	C	0.12%	0.46%	0.12%
AIN	D	0.09%	0.51%	0.09%
AIR	C	0.07%	0.33%	0.07%
ALE	B	0.11%	0.51%	0.11%
AM	C	0.15%	0.48%	0.15%
AMG	C	0.16%	0.49%	0.16%
ARW	C	0.21%	0.46%	0.21%
ASH	D	0.13%	0.42%	0.13%
ATR	B	0.3%	0.49%	0.3%
AVA	C	0.09%	0.51%	0.09%
AVT	C	0.15%	0.47%	0.15%
AWR	B	0.09%	0.57%	0.09%
BJ	D	0.31%	0.55%	0.31%
BKH	B	0.12%	0.52%	0.12%
BLKB	C	0.06%	0.3%	0.06%
BRX	B	0.24%	0.59%	0.24%
CACI	B	0.32%	0.55%	0.32%
CBSH	C	0.22%	0.49%	0.22%
CNO	B	0.11%	0.57%	0.11%
COOP	C	0.17%	0.52%	0.17%
CRI	D	0.07%	0.47%	0.07%
CRUS	D	0.23%	0.42%	0.23%
CSL	B	0.59%	0.54%	0.54%
CTRE	C	0.06%	0.58%	0.06%
DCI	C	0.26%	0.46%	0.26%
DTM	B	0.22%	0.56%	0.22%
EGP	B	0.26%	0.56%	0.26%
EHC	C	0.28%	0.52%	0.28%
EME	B	0.54%	0.55%	0.54%
ENOV	D	0.08%	0.34%	0.08%
ENR	D	0.07%	0.39%	0.07%
EPC	F	0.06%	0.46%	0.06%
EPR	B	0.11%	0.55%	0.11%
ESNT	B	0.19%	0.56%	0.19%
EVR	A	0.25%	0.67%	0.25%
EVTC	D	0.06%	0.39%	0.06%
FAF	B	0.18%	0.64%	0.18%
FCN	D	0.24%	0.3%	0.24%
FHI	A	0.08%	0.5%	0.08%
FLO	C	0.13%	0.45%	0.13%
FLS	D	0.19%	0.46%	0.19%
FNB	C	0.16%	0.46%	0.16%
FR	B	0.22%	0.58%	0.22%
G	C	0.21%	0.59%	0.21%
GATX	D	0.15%	0.5%	0.15%
GLPI	C	0.39%	0.58%	0.39%
GO	F	0.05%	0.25%	0.05%
GPK	B	0.27%	0.5%	0.27%
HRB	C	0.26%	0.64%	0.26%
IDA	C	0.15%	0.52%	0.15%
IDCC	C	0.05%	0.7%	0.05%
INGR	B	0.26%	0.56%	0.26%
INVA	B	0.03%	0.6%	0.03%
IOSP	D	0.08%	0.41%	0.08%
ITT	B	0.34%	0.47%	0.34%
JAZZ	D	0.2%	0.39%	0.2%
JEF	B	0.26%	0.61%	0.26%
JHG	B	0.14%	0.53%	0.14%
KBR	D	0.27%	0.44%	0.27%
KEX	C	0.21%	0.49%	0.21%
KFY	B	0.11%	0.54%	0.11%
KNX	C	0.24%	0.48%	0.24%
LAMR	B	0.16%	0.46%	0.16%
LEG	D	0.05%	0.18%	0.05%
LXP	B	0.09%	0.72%	0.09%
MAN	C	0.1%	0.44%	0.1%
MAT	C	0.19%	0.53%	0.19%
MDU	C	0.15%	0.48%	0.15%
MIDD	D	0.11%	0.47%	0.11%
MOG.A	B	0.17%	0.49%	0.17%
MSA	D	0.2%	0.43%	0.2%
MSM	D	0.11%	0.4%	0.11%
MTG	B	0.2%	0.58%	0.2%
MUSA	D	0.28%	0.58%	0.28%
NFG	B	0.16%	0.54%	0.16%
NJR	B	0.13%	0.51%	0.13%
NNN	C	0.25%	0.57%	0.25%
NSIT	D	0.21%	0.51%	0.21%
NVT	D	0.33%	0.41%	0.33%
NWE	B	0.1%	0.52%	0.1%
NYT	C	0.25%	0.57%	0.25%
OGE	C	0.23%	0.55%	0.23%
OGS	B	0.11%	0.52%	0.11%
OHI	B	0.29%	0.62%	0.29%
ONB	C	0.19%	0.32%	0.19%
ORI	B	0.26%	0.56%	0.26%
OSK	F	0.21%	0.4%	0.21%
PB	B	0.2%	0.41%	0.2%
PBH	B	0.11%	0.48%	0.11%
PCH	C	0.1%	0.5%	0.1%
PDCO	F	0.05%	0.23%	0.05%
PECO	B	0.07%	0.55%	0.07%
PFGC	B	0.34%	0.49%	0.34%
PLXS	A	0.1%	0.62%	0.1%
PNM	B	0.11%	0.53%	0.11%
POR	C	0.15%	0.53%	0.15%
POST	C	0.08%	0.51%	0.08%
PRGS	C	0.07%	0.54%	0.07%
PRI	B	0.27%	0.56%	0.27%
PZZA	D	0.02%	0.22%	0.02%
R	A	0.18%	0.44%	0.18%
RDN	C	0.16%	0.54%	0.16%
RGA	C	0.43%	0.52%	0.43%
RLI	B	0.2%	0.51%	0.2%
RNR	C	0.4%	0.51%	0.4%
ROIC	C	0.05%	0.54%	0.05%
RPM	B	0.44%	0.52%	0.44%
RS	D	0.48%	0.44%	0.44%
RYN	C	0.13%	0.49%	0.13%
SAIC	C	0.2%	0.49%	0.2%
SBRA	C	0.12%	0.59%	0.12%
SCI	B	0.32%	0.52%	0.32%
SEIC	C	0.23%	0.48%	0.23%
SF	A	0.25%	0.5%	0.25%
SFM	B	0.31%	0.63%	0.31%
SIGI	D	0.16%	0.42%	0.16%
SLGN	B	0.12%	0.5%	0.12%
SNX	D	0.23%	0.44%	0.23%
SON	C	0.16%	0.45%	0.16%
SR	B	0.1%	0.52%	0.1%
STAG	C	0.22%	0.55%	0.22%
SWX	C	0.15%	0.54%	0.15%
THG	B	0.14%	0.53%	0.14%
TTEK	C	0.37%	0.57%	0.37%
UNF	C	0.08%	0.53%	0.08%
USFD	B	0.43%	0.53%	0.43%
UTHR	C	0.47%	0.68%	0.47%
VNT	F	0.16%	0.37%	0.16%
VOYA	B	0.21%	0.49%	0.21%
VVV	D	0.16%	0.43%	0.16%
WEN	C	0.09%	0.39%	0.09%
WERN	D	0.07%	0.5%	0.07%
WTRG	D	0.28%	0.52%	0.28%
WTS	C	0.16%	0.45%	0.16%
WU	F	0.12%	0.49%	0.12%

VBR Overweight 654 Positions Relative to HSMV

Symbol	Grade	Weight
SW	B	0.72%
FCNCA	D	0.65%
BLDR	C	0.62%
BAH	C	0.6%
ATO	B	0.54%
NRG	C	0.52%
THC	A	0.48%
IEX	D	0.46%
KIM	C	0.46%
TOL	B	0.44%
OC	D	0.43%
PNR	B	0.43%
BG	D	0.42%
EQH	C	0.41%
UHS	B	0.4%
WSM	D	0.4%
KMX	D	0.39%
CPT	B	0.39%
REG	C	0.39%
JBL	D	0.37%
JNPR	B	0.37%
JLL	B	0.36%
ALLE	B	0.36%
IPG	C	0.36%
ALLY	F	0.35%
FFIV	B	0.35%
BRO	C	0.35%
EMN	B	0.35%
OVV	F	0.34%
CHRW	B	0.34%
TFX	C	0.34%
EWBC	D	0.34%
HII	D	0.33%
RRX	C	0.33%
RIVN	F	0.33%
HUBB	B	0.32%
CCK	A	0.32%
APA	F	0.31%
BXP	B	0.31%
LDOS	B	0.31%
AIZ	B	0.3%
PNW	C	0.29%
CG	D	0.28%
TPR	C	0.28%
DKS	D	0.28%
FRT	C	0.28%
TAP	D	0.28%
ARMK	B	0.28%
GL	C	0.28%
HSIC	C	0.27%
FHN	D	0.27%
MOS	F	0.27%
CHK	D	0.27%
Z	B	0.26%
APG	D	0.26%
CHRD	F	0.26%
SOLV	C	0.26%
STLD	F	0.26%
UNM	B	0.26%
HAS	B	0.26%
WCC	D	0.25%
MHK	C	0.25%
WAL	B	0.25%
FLR	D	0.25%
MKSI	F	0.24%
DINO	F	0.24%
AXTA	B	0.24%
FMC	C	0.24%
ALSN	B	0.24%
WBS	D	0.24%
LAD	D	0.24%
X	F	0.23%
CR	C	0.23%
BWA	D	0.23%
DOC	C	0.23%
AYI	B	0.23%
MLI	B	0.23%
AIT	A	0.23%
SSB	B	0.22%
GME	F	0.22%
BPOP	C	0.22%
NI	B	0.22%
AGNC	B	0.22%
BERY	B	0.22%
ANF	D	0.22%
CMA	B	0.22%
ELAN	D	0.22%
SWN	D	0.21%
UFPI	C	0.21%
FYBR	C	0.21%
WTFC	C	0.21%
DVA	B	0.21%
IVZ	B	0.21%
ZION	D	0.21%
BIO	C	0.2%
TMHC	A	0.2%
ACI	F	0.2%
MTH	A	0.2%
JXN	A	0.2%
BBWI	F	0.2%
RRC	D	0.2%
AAL	D	0.2%
XPO	D	0.19%
VFC	C	0.19%
SNV	C	0.19%
EVRG	B	0.19%
CFR	C	0.19%
UHAL	A	0.19%
LEA	F	0.19%
ESAB	C	0.18%
AXS	B	0.18%
AES	C	0.18%
CMC	D	0.18%
CLF	F	0.18%
RHI	D	0.18%
STWD	A	0.18%
LPX	B	0.18%
RL	C	0.18%
AN	D	0.17%
OGN	D	0.17%
BECN	D	0.17%
AA	D	0.17%
VMI	D	0.17%
SJM	C	0.17%
CBT	B	0.17%
ST	D	0.17%
ESI	D	0.17%
VNO	C	0.17%
CADE	C	0.17%
OMF	D	0.17%
COHR	C	0.17%
LUMN	C	0.16%
NXST	D	0.16%
BC	C	0.16%
UGI	C	0.16%
BCC	C	0.16%
TKR	D	0.16%
GBCI	B	0.16%
KBH	A	0.16%
MUR	F	0.16%
THO	D	0.16%
GAP	F	0.16%
LNC	D	0.16%
KD	D	0.16%
WHR	D	0.16%
SRCL	A	0.16%
EPAM	F	0.16%
QRVO	F	0.16%
LKQ	F	0.16%
PARA	F	0.16%
PVH	F	0.16%
SUM	D	0.15%
ABG	D	0.15%
HOMB	B	0.15%
SEE	D	0.15%
OLN	D	0.15%
CTLT	B	0.15%
XRAY	D	0.15%
UBSI	B	0.15%
COLB	B	0.15%
HWC	D	0.14%
FUL	C	0.14%
BCO	B	0.14%
GPI	B	0.14%
SLM	D	0.14%
AL	D	0.14%
OZK	D	0.14%
KRC	C	0.13%
M	F	0.13%
CUZ	B	0.13%
ITGR	A	0.13%
BDC	B	0.13%
SLG	C	0.13%
FFIN	B	0.13%
ACA	B	0.13%
KNF	B	0.13%
MDGL	F	0.13%
AVNT	B	0.13%
ZWS	A	0.13%
MATX	B	0.13%
WTM	D	0.13%
HOG	C	0.13%
PII	D	0.13%
PSN	B	0.13%
ALK	C	0.13%
PIPR	B	0.13%
LYFT	D	0.12%
PRGO	D	0.12%
TPG	B	0.12%
ESGR	D	0.12%
AR	F	0.12%
DNB	C	0.12%
TPH	C	0.12%
CNX	B	0.12%
UMBF	B	0.12%
ABCB	B	0.12%
ENS	D	0.12%
ASO	C	0.12%
GTES	C	0.12%
CPRI	D	0.12%
KTB	B	0.12%
ASGN	D	0.12%
CNXC	F	0.12%
PR	F	0.12%
AUR	C	0.12%
CRC	C	0.11%
MTZ	B	0.11%
BGC	B	0.11%
TEX	F	0.11%
HUN	D	0.11%
UCBI	B	0.11%
AEO	F	0.11%
AMKR	F	0.11%
PNFP	B	0.11%
SANM	D	0.11%
HASI	C	0.11%
DXC	C	0.11%
PTEN	F	0.11%
SEM	D	0.11%
VLY	C	0.11%
IAC	C	0.11%
KMPR	D	0.11%
ICUI	B	0.11%
NCLH	C	0.11%
COTY	F	0.1%
RUSHA	C	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%
RXO	D	0.1%
NHI	C	0.1%
AX	D	0.1%
NSP	F	0.1%
NPO	D	0.1%
FBP	C	0.1%
ATKR	F	0.1%
PAG	D	0.1%
HIW	B	0.1%
WD	B	0.1%
PBF	F	0.1%
MAC	B	0.1%
BNL	B	0.1%
GMS	D	0.1%
FULT	D	0.1%
HL	C	0.1%
IBOC	D	0.1%
OTTR	F	0.1%
AUB	D	0.1%
SIG	C	0.1%
CC	F	0.09%
IOVA	C	0.09%
FL	D	0.09%
GFF	D	0.09%
SKYW	C	0.09%
WAFD	C	0.09%
TNL	D	0.09%
CNK	C	0.09%
SMG	C	0.09%
CATY	C	0.09%
GNW	B	0.09%
PK	D	0.09%
ALIT	D	0.09%
ESE	B	0.09%
BRC	C	0.09%
FHB	D	0.09%
TCBI	B	0.09%
MGEE	B	0.09%
NVST	D	0.09%
APLE	D	0.09%
EAT	A	0.09%
AMED	C	0.09%
HCC	F	0.09%
AROC	D	0.09%
SYNA	F	0.09%
CBU	C	0.09%
INDB	C	0.08%
PRK	C	0.08%
VIRT	C	0.08%
RNG	F	0.08%
SPB	C	0.08%
LSXMK	D	0.08%
SM	F	0.08%
BOH	D	0.08%
MGRC	F	0.08%
DEI	B	0.08%
MPW	C	0.08%
AAP	F	0.08%
TRN	D	0.08%
ATGE	D	0.08%
TDC	F	0.08%
PFSI	C	0.08%
FIBK	B	0.08%
APAM	C	0.08%
HUBG	C	0.08%
REZI	D	0.08%
NWL	C	0.08%
BTU	D	0.08%
WLK	D	0.08%
ADTN	D	0.08%
CWK	B	0.08%
PENN	D	0.08%
BHF	F	0.08%
CACC	F	0.08%
BKU	C	0.08%
PRIM	B	0.08%
ZD	D	0.07%
LAUR	C	0.07%
TOWN	B	0.07%
FRME	D	0.07%
HI	F	0.07%
AKR	B	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%
BOKF	B	0.07%
URBN	F	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	F	0.07%
KRYS	D	0.07%
GT	F	0.07%
UE	B	0.07%
VSH	F	0.07%
BXMT	C	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%
GOLF	D	0.06%
IVT	B	0.06%
ZG	B	0.06%
PRG	A	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%
SFBS	B	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%
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%
SATS	C	0.06%
GTY	B	0.05%
STBA	B	0.05%
REVG	D	0.05%
SHOO	B	0.05%
KN	D	0.05%
INFA	D	0.05%
LTC	C	0.05%
JBGS	C	0.05%
STEP	B	0.05%
JBLU	D	0.05%
ANDE	D	0.05%
TROX	F	0.05%
REYN	C	0.05%
PPC	D	0.05%
NBHC	D	0.05%
SCL	F	0.05%
CHCO	B	0.05%
FCF	C	0.05%
LRN	B	0.05%
CRGY	D	0.05%
CENTA	F	0.05%
LZB	C	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	D	0.05%
LGND	C	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%
IPGP	F	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%
CAR	F	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	C	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%
HP	F	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%
CVI	F	0.03%
LEVI	C	0.03%
BV	C	0.03%
DLX	F	0.03%
MD	C	0.03%
NX	F	0.03%
MMI	C	0.03%
CWEN	C	0.03%
RBRK	F	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%
DDS	F	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%
SEB	D	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%
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	B	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 55 Positions Relative to HSMV

Symbol	Grade	Weight
CUBE	C	-0.78%
CVLT	B	-0.69%
CPK	B	-0.67%
GMED	D	-0.64%
NMIH	B	-0.61%
ENSG	B	-0.61%
ELS	C	-0.59%
FCPT	C	-0.59%
EPRT	B	-0.58%
CLH	A	-0.58%
EXP	B	-0.57%
JJSF	C	-0.57%
BCPC	C	-0.57%
EXEL	C	-0.56%
CW	B	-0.55%
FNF	B	-0.55%
CASY	D	-0.55%
LFUS	C	-0.55%
EFC	B	-0.54%
CWT	C	-0.54%
REXR	C	-0.53%
WPC	C	-0.53%
LII	B	-0.53%
MCRI	C	-0.52%
VRRM	D	-0.52%
MTN	D	-0.52%
AMH	C	-0.52%
MSGS	B	-0.51%
MMS	C	-0.51%
LOPE	D	-0.5%
NBIX	F	-0.5%
LANC	D	-0.5%
LSTR	D	-0.49%
WH	B	-0.49%
COLM	C	-0.49%
TXRH	C	-0.48%
CHH	C	-0.48%
CHE	C	-0.48%
FSS	D	-0.47%
BWXT	D	-0.47%
GGG	C	-0.47%
CHDN	C	-0.45%
FELE	C	-0.44%
NSA	B	-0.42%
RGLD	C	-0.42%
HXL	F	-0.42%
TNC	F	-0.41%
DLB	F	-0.41%
GNTX	F	-0.4%
IRT	B	-0.37%
ALV	F	-0.37%
LECO	F	-0.37%
EXPO	B	-0.32%
ORA	C	-0.32%
CCOI	C	-0.31%