VBR vs. IVOO ETF Comparison

Comparison of Vanguard Small-Cap Value ETF - DNQ (VBR) to Vanguard S&P Mid-Cap 400 ETF (IVOO)

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

$207.08

Average Daily Volume

421,482

Number of Holdings ^*

797

* may have additional holdings in another (foreign) market

IVOO

Vanguard S&P Mid-Cap 400 ETF

IVOO Description

The investment seeks to track the performance of a benchmark index that measures the investment return of mid-capitalization stocks in the United States. The fund employs an indexing investment approach designed to track the performance of the S&P MidCap 400® Index. The index measures the performance of mid-capitalization stocks. 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

$108.97

Average Daily Volume

61,312

Number of Holdings ^*

393

* may have additional holdings in another (foreign) market

Performance

Period	VBR	IVOO
30 Days	0.99%	0.72%
60 Days	4.06%	3.84%
90 Days	7.32%	5.80%
12 Months	29.33%	28.24%

254 Overlapping Holdings

	Symbol	Grade	Weight in VBR	Weight in IVOO	Overlap
	AA	A	0.29%	0.34%	0.29%
	AAL	B	0.21%	0.25%	0.21%
	ACHC	F	0.16%	0.2%	0.16%
	ACM	B	0.4%	0.47%	0.4%
	ADC	A	0.22%	0.26%	0.22%
	AFG	A	0.29%	0.33%	0.29%
	AGCO	F	0.18%	0.21%	0.18%
	AIT	B	0.25%	0.29%	0.25%
	ALE	A	0.11%	0.13%	0.11%
	ALLY	C	0.28%	0.33%	0.28%
	AM	A	0.15%	0.17%	0.15%
	AMED	F	0.09%	0.11%	0.09%
	AMG	C	0.15%	0.18%	0.15%
	AMKR	F	0.1%	0.12%	0.1%
	AN	D	0.17%	0.16%	0.16%
	ANF	C	0.21%	0.24%	0.21%
	AR	B	0.12%	0.28%	0.12%
	ARMK	C	0.29%	0.35%	0.29%
	ARW	F	0.2%	0.24%	0.2%
	ASB	B	0.09%	0.11%	0.09%
	ASGN	F	0.11%	0.14%	0.11%
	ASH	F	0.12%	0.14%	0.12%
	ATR	B	0.31%	0.36%	0.31%
	AVNT	B	0.13%	0.16%	0.13%
	AVT	C	0.14%	0.16%	0.14%
	AXTA	B	0.23%	0.27%	0.23%
	AYI	B	0.24%	0.29%	0.24%
	AZTA	F	0.06%	0.08%	0.06%
	BC	D	0.16%	0.19%	0.16%
	BCO	F	0.14%	0.17%	0.14%
	BDC	B	0.14%	0.16%	0.14%
	BERY	D	0.21%	0.26%	0.21%
	BHF	C	0.08%	0.09%	0.08%
	BIO	C	0.19%	0.22%	0.19%
	BJ	B	0.32%	0.37%	0.32%
	BKH	A	0.12%	0.15%	0.12%
	BLKB	B	0.06%	0.12%	0.06%
	BRX	A	0.24%	0.29%	0.24%
	BYD	B	0.06%	0.15%	0.06%
	CACI	C	0.32%	0.38%	0.32%
	CADE	B	0.17%	0.2%	0.17%
	CAR	C	0.04%	0.05%	0.04%
	CBSH	A	0.2%	0.24%	0.2%
	CBT	C	0.18%	0.21%	0.18%
	CC	D	0.09%	0.1%	0.09%
	CCK	D	0.33%	0.39%	0.33%
	CDP	C	0.1%	0.12%	0.1%
	CFR	B	0.19%	0.24%	0.19%
	CG	B	0.29%	0.31%	0.29%
	CHRD	F	0.23%	0.27%	0.23%
	CLF	F	0.17%	0.2%	0.17%
	CMC	B	0.18%	0.21%	0.18%
	CNO	B	0.1%	0.13%	0.1%
	CNX	A	0.13%	0.17%	0.13%
	CNXC	F	0.08%	0.08%	0.08%
	COHR	B	0.2%	0.46%	0.2%
	COLB	B	0.16%	0.19%	0.16%
	COLM	B	0.04%	0.09%	0.04%
	COTY	F	0.09%	0.12%	0.09%
	CPRI	F	0.14%	0.17%	0.14%
	CR	A	0.22%	0.26%	0.22%
	CRI	F	0.06%	0.08%	0.06%
	CRUS	F	0.19%	0.23%	0.19%
	CSL	C	0.6%	0.7%	0.6%
	CUZ	B	0.13%	0.15%	0.13%
	CXT	C	0.08%	0.09%	0.08%
	DCI	B	0.26%	0.3%	0.26%
	DINO	D	0.21%	0.25%	0.21%
	DKS	D	0.24%	0.41%	0.24%
	DTM	A	0.22%	0.26%	0.22%
	EGP	D	0.26%	0.31%	0.26%
	EHC	B	0.28%	0.33%	0.28%
	EME	A	0.58%	0.68%	0.58%
	ENOV	C	0.07%	0.08%	0.07%
	ENS	D	0.12%	0.14%	0.12%
	EPR	D	0.11%	0.13%	0.11%
	EQH	B	0.39%	0.46%	0.39%
	ESAB	C	0.18%	0.21%	0.18%
	ESNT	D	0.19%	0.23%	0.19%
	EVR	B	0.27%	0.31%	0.27%
	EWBC	A	0.33%	0.39%	0.33%
	FAF	C	0.19%	0.23%	0.19%
	FBIN	F	0.32%	0.38%	0.32%
	FCN	F	0.24%	0.27%	0.24%
	FFIN	B	0.13%	0.16%	0.13%
	FHI	B	0.08%	0.1%	0.08%
	FHN	A	0.24%	0.28%	0.24%
	FLO	D	0.13%	0.15%	0.13%
	FLR	B	0.24%	0.28%	0.24%
	FLS	A	0.2%	0.23%	0.2%
	FNB	B	0.15%	0.17%	0.15%
	FR	C	0.21%	0.25%	0.21%
	FYBR	C	0.25%	0.27%	0.25%
	G	B	0.2%	0.22%	0.2%
	GAP	D	0.15%	0.17%	0.15%
	GATX	B	0.14%	0.16%	0.14%
	GBCI	B	0.15%	0.18%	0.15%
	GEF	B	0.04%	0.06%	0.04%
	GEF	B	0.0%	0.06%	0.0%
	GHC	B	0.08%	0.1%	0.08%
	GLPI	C	0.39%	0.48%	0.39%
	GME	C	0.25%	0.3%	0.25%
	GPK	D	0.26%	0.3%	0.26%
	GT	C	0.07%	0.09%	0.07%
	HOG	F	0.13%	0.16%	0.13%
	HOMB	A	0.14%	0.17%	0.14%
	HRB	D	0.26%	0.3%	0.26%
	HWC	B	0.13%	0.15%	0.13%
	IBOC	B	0.1%	0.11%	0.1%
	IDA	A	0.16%	0.19%	0.16%
	INGR	B	0.26%	0.3%	0.26%
	IPGP	D	0.06%	0.07%	0.06%
	ITT	A	0.35%	0.42%	0.35%
	JAZZ	C	0.19%	0.23%	0.19%
	JEF	A	0.26%	0.34%	0.26%
	JHG	B	0.14%	0.16%	0.14%
	JLL	D	0.37%	0.44%	0.37%
	JWN	C	0.08%	0.07%	0.07%
	KBH	D	0.16%	0.21%	0.16%
	KBR	F	0.25%	0.29%	0.25%
	KD	A	0.15%	0.18%	0.15%
	KEX	B	0.2%	0.24%	0.2%
	KMPR	A	0.11%	0.13%	0.11%
	KNF	B	0.15%	0.17%	0.15%
	KNX	B	0.24%	0.3%	0.24%
	KRC	C	0.13%	0.14%	0.13%
	LAD	B	0.24%	0.29%	0.24%
	LAMR	D	0.17%	0.4%	0.17%
	LEA	F	0.18%	0.21%	0.18%
	LPX	B	0.2%	0.23%	0.2%
	M	D	0.12%	0.15%	0.12%
	MAN	F	0.1%	0.12%	0.1%
	MAT	D	0.19%	0.22%	0.19%
	MDU	D	0.15%	0.19%	0.15%
	MIDD	D	0.22%	0.25%	0.22%
	MKSI	C	0.21%	0.25%	0.21%
	MSA	D	0.19%	0.24%	0.19%
	MSM	D	0.11%	0.13%	0.11%
	MTG	D	0.19%	0.23%	0.19%
	MTZ	A	0.11%	0.26%	0.11%
	MUR	F	0.14%	0.16%	0.14%
	MUSA	B	0.26%	0.31%	0.26%
	NFG	A	0.16%	0.19%	0.16%
	NJR	A	0.13%	0.16%	0.13%
	NNN	C	0.26%	0.3%	0.26%
	NSP	F	0.09%	0.11%	0.09%
	NVST	C	0.1%	0.12%	0.1%
	NVT	C	0.34%	0.4%	0.34%
	NWE	C	0.1%	0.12%	0.1%
	NXST	C	0.15%	0.17%	0.15%
	NYT	D	0.25%	0.31%	0.25%
	OC	A	0.44%	0.52%	0.44%
	OGE	A	0.24%	0.28%	0.24%
	OGS	A	0.12%	0.14%	0.12%
	OHI	B	0.3%	0.36%	0.3%
	OLN	F	0.16%	0.19%	0.16%
	ONB	B	0.17%	0.2%	0.17%
	ORI	A	0.24%	0.29%	0.24%
	OSK	C	0.19%	0.22%	0.19%
	OVV	C	0.29%	0.34%	0.29%
	OZK	B	0.13%	0.15%	0.13%
	PAG	B	0.09%	0.1%	0.09%
	PB	A	0.19%	0.23%	0.19%
	PBF	D	0.08%	0.11%	0.08%
	PCH	D	0.1%	0.11%	0.1%
	PFGC	B	0.35%	0.41%	0.35%
	PII	F	0.13%	0.15%	0.13%
	PK	D	0.08%	0.1%	0.08%
	PNFP	B	0.1%	0.25%	0.1%
	PNM	B	0.11%	0.13%	0.11%
	POR	C	0.14%	0.17%	0.14%
	POST	C	0.08%	0.19%	0.08%
	PPC	B	0.05%	0.06%	0.05%
	PR	B	0.12%	0.29%	0.12%
	PRGO	C	0.1%	0.12%	0.1%
	PRI	A	0.26%	0.3%	0.26%
	PSN	C	0.14%	0.16%	0.14%
	PVH	C	0.16%	0.19%	0.16%
	R	B	0.17%	0.21%	0.17%
	RGA	B	0.41%	0.49%	0.41%
	RLI	A	0.19%	0.22%	0.19%
	RNR	C	0.41%	0.48%	0.41%
	RPM	B	0.45%	0.53%	0.45%
	RRC	B	0.2%	0.25%	0.2%
	RRX	B	0.32%	0.38%	0.32%
	RS	B	0.46%	0.54%	0.46%
	RYN	D	0.14%	0.15%	0.14%
	SAIC	F	0.21%	0.24%	0.21%
	SBRA	B	0.13%	0.15%	0.13%
	SCI	A	0.31%	0.39%	0.31%
	SEIC	B	0.23%	0.23%	0.23%
	SF	B	0.26%	0.33%	0.26%
	SFM	A	0.32%	0.38%	0.32%
	SIGI	B	0.16%	0.19%	0.16%
	SLGN	A	0.12%	0.15%	0.12%
	SLM	B	0.14%	0.17%	0.14%
	SMG	C	0.11%	0.13%	0.11%
	SNV	B	0.18%	0.22%	0.18%
	SNX	D	0.22%	0.31%	0.22%
	SON	F	0.15%	0.18%	0.15%
	SR	A	0.11%	0.13%	0.11%
	SRCL	B	0.16%	0.19%	0.16%
	SRCL	B	0.01%	0.19%	0.01%
	SSB	B	0.21%	0.25%	0.21%
	ST	F	0.16%	0.18%	0.16%
	STAG	D	0.21%	0.24%	0.21%
	STWD	C	0.19%	0.22%	0.19%
	SWN	C	0.23%	0.27%	0.23%
	SWX	A	0.13%	0.15%	0.13%
	SYNA	D	0.09%	0.1%	0.09%
	TCBI	B	0.1%	0.11%	0.1%
	TDC	D	0.08%	0.1%	0.08%
	TEX	D	0.1%	0.12%	0.1%
	THC	C	0.46%	0.54%	0.46%
	THG	A	0.14%	0.18%	0.14%
	THO	C	0.16%	0.2%	0.16%
	TKR	F	0.15%	0.18%	0.15%
	TMHC	B	0.2%	0.25%	0.2%
	TNL	B	0.09%	0.11%	0.09%
	TOL	B	0.46%	0.54%	0.46%
	TTEK	F	0.36%	0.43%	0.36%
	UA	C	0.03%	0.04%	0.03%
	UAA	C	0.05%	0.06%	0.05%
	UBSI	B	0.14%	0.17%	0.14%
	UFPI	C	0.22%	0.27%	0.22%
	UGI	C	0.15%	0.18%	0.15%
	UMBF	B	0.13%	0.16%	0.13%
	UNM	A	0.25%	0.35%	0.25%
	USFD	A	0.43%	0.51%	0.43%
	UTHR	C	0.46%	0.54%	0.46%
	VAC	C	0.07%	0.08%	0.07%
	VC	F	0.04%	0.09%	0.04%
	VLY	B	0.11%	0.13%	0.11%
	VMI	B	0.17%	0.2%	0.17%
	VNO	C	0.21%	0.22%	0.21%
	VNT	C	0.15%	0.18%	0.15%
	VOYA	B	0.22%	0.26%	0.22%
	VSH	F	0.07%	0.07%	0.07%
	VVV	D	0.16%	0.18%	0.16%
	WAL	B	0.26%	0.32%	0.26%
	WBS	A	0.23%	0.27%	0.23%
	WCC	B	0.24%	0.26%	0.24%
	WEN	C	0.09%	0.1%	0.09%
	WHR	B	0.17%	0.2%	0.17%
	WLK	F	0.08%	0.17%	0.08%
	WSM	D	0.45%	0.68%	0.45%
	WTFC	B	0.21%	0.25%	0.21%
	WTRG	B	0.27%	0.33%	0.27%
	WTS	B	0.16%	0.19%	0.16%
	WU	F	0.12%	0.14%	0.12%
	X	C	0.21%	0.27%	0.21%
	XPO	B	0.17%	0.43%	0.17%
	XRAY	D	0.16%	0.19%	0.16%
	ZION	B	0.2%	0.24%	0.2%

VBR Overweight 543 Positions Relative to IVOO

	Symbol	Grade	Weight
	SW	A	0.74%
	BLDR	D	0.65%
	BAH	D	0.61%
	ATO	A	0.58%
	FCNCA	A	0.57%
	NRG	B	0.54%
	PNR	B	0.47%
	IEX	B	0.47%
	KIM	A	0.45%
	AES	F	0.41%
	BG	D	0.39%
	EMN	D	0.38%
	REG	A	0.38%
	CPT	C	0.38%
	ALLE	D	0.37%
	JNPR	D	0.37%
	FFIV	B	0.37%
	JBL	C	0.37%
	UHS	D	0.37%
	KMX	C	0.35%
	SJM	D	0.35%
	CHRW	B	0.35%
	TFX	F	0.34%
	IPG	F	0.34%
	BXP	D	0.33%
	HUBB	B	0.33%
	LDOS	C	0.32%
	EPAM	C	0.31%
	TPR	B	0.31%
	AIZ	A	0.3%
	HII	F	0.3%
	LKQ	F	0.3%
	TAP	B	0.29%
	PNW	B	0.29%
	HAS	D	0.28%
	FRT	B	0.28%
	SOLV	F	0.28%
	QRVO	F	0.28%
	Z	A	0.28%
	HSIC	C	0.27%
	STLD	B	0.27%
	GL	C	0.27%
	APA	F	0.26%
	MOS	D	0.25%
	MHK	D	0.25%
	APG	C	0.24%
	AGNC	C	0.24%
	FMC	D	0.24%
	BWA	D	0.24%
	ALSN	B	0.24%
	MLI	B	0.24%
	CMA	B	0.23%
	DOC	D	0.23%
	IVZ	C	0.22%
	VFC	C	0.22%
	NI	A	0.22%
	LUMN	C	0.21%
	BPOP	C	0.21%
	ELAN	D	0.21%
	RL	C	0.21%
	MTH	D	0.21%
	JXN	C	0.2%
	DVA	C	0.2%
	UHAL	D	0.2%
	BBWI	C	0.2%
	NSIT	F	0.2%
	RHI	C	0.19%
	EVRG	A	0.19%
	MOG.A	B	0.17%
	ACI	C	0.17%
	ESI	B	0.17%
	AXS	A	0.17%
	BCC	C	0.16%
	AUR	C	0.16%
	ALB	B	0.16%
	OMF	A	0.16%
	PARA	D	0.16%
	COOP	B	0.16%
	ALK	A	0.16%
	SIRI	D	0.15%
	RDN	D	0.15%
	BECN	B	0.15%
	LNC	B	0.15%
	TPG	A	0.14%
	ABG	B	0.14%
	RIVN	F	0.14%
	PIPR	B	0.14%
	MATX	B	0.14%
	SUM	B	0.14%
	GPI	B	0.14%
	ZWS	B	0.14%
	OGN	F	0.14%
	LYFT	C	0.13%
	ITGR	B	0.13%
	SIG	C	0.13%
	NUVL	D	0.13%
	MGM	D	0.13%
	NCLH	B	0.13%
	SLG	B	0.13%
	AL	B	0.13%
	KTB	A	0.13%
	ACA	A	0.13%
	HASI	F	0.12%
	TPH	D	0.12%
	ABCB	B	0.12%
	GTES	A	0.12%
	WTM	A	0.12%
	ASO	F	0.12%
	ICUI	D	0.12%
	SEE	D	0.12%
	CRC	A	0.12%
	FUL	F	0.12%
	ESGR	B	0.11%
	NHI	D	0.11%
	PLXS	B	0.11%
	DXC	D	0.11%
	DNB	B	0.11%
	IAC	D	0.11%
	MDGL	C	0.11%
	KFY	B	0.11%
	MAC	A	0.11%
	EDR	A	0.11%
	AEO	F	0.11%
	AGO	A	0.11%
	HUN	F	0.11%
	HL	C	0.11%
	MGEE	A	0.1%
	RUSHA	B	0.1%
	ABM	B	0.1%
	ESE	B	0.1%
	HCC	B	0.1%
	AUB	B	0.1%
	AX	B	0.1%
	SXT	C	0.1%
	NPO	A	0.1%
	GVA	A	0.1%
	UCB	A	0.1%
	FBP	B	0.1%
	MPW	F	0.1%
	HIW	D	0.1%
	SANM	B	0.1%
	GMS	B	0.1%
	BNL	D	0.1%
	PBH	A	0.1%
	SEM	B	0.1%
	SKT	A	0.1%
	WD	D	0.1%
	GNW	A	0.09%
	SATS	C	0.09%
	FHB	B	0.09%
	PRIM	A	0.09%
	ALIT	C	0.09%
	UNF	B	0.09%
	PTEN	C	0.09%
	WSFS	B	0.09%
	APAM	B	0.09%
	NWL	B	0.09%
	ATKR	D	0.09%
	AVA	C	0.09%
	CBU	B	0.09%
	COMP	B	0.09%
	WBA	F	0.09%
	GFF	B	0.09%
	AWR	A	0.09%
	CWK	C	0.09%
	BEN	C	0.09%
	BTU	C	0.09%
	EBC	B	0.09%
	BRC	C	0.09%
	APLE	B	0.09%
	SKYW	B	0.09%
	AROC	A	0.09%
	EAT	A	0.09%
	OTTR	C	0.09%
	BGC	C	0.09%
	FULT	B	0.09%
	TGNA	B	0.08%
	HUBG	A	0.08%
	URBN	C	0.08%
	ATGE	B	0.08%
	BKU	A	0.08%
	DY	C	0.08%
	AIN	C	0.08%
	ABR	B	0.08%
	ADTN	A	0.08%
	REZI	A	0.08%
	LXP	D	0.08%
	IOSP	C	0.08%
	WAFD	B	0.08%
	TRN	A	0.08%
	PENN	C	0.08%
	PRGS	B	0.08%
	PFSI	C	0.08%
	DEI	B	0.08%
	CATY	B	0.08%
	WERN	B	0.07%
	ENR	B	0.07%
	SM	C	0.07%
	FFBC	B	0.07%
	PFS	B	0.07%
	PECO	A	0.07%
	HAYW	B	0.07%
	MTRN	C	0.07%
	AAP	D	0.07%
	AZZ	A	0.07%
	BOKF	B	0.07%
	BFH	B	0.07%
	CVBF	B	0.07%
	ARCH	B	0.07%
	SMMT	D	0.07%
	INDB	B	0.07%
	HNI	B	0.07%
	PPBI	B	0.07%
	PRK	B	0.07%
	FL	F	0.07%
	DBRG	F	0.07%
	HBI	B	0.07%
	OSIS	A	0.07%
	RNG	C	0.07%
	AKR	A	0.07%
	CDE	C	0.07%
	MTX	C	0.07%
	BOH	B	0.07%
	VIRT	A	0.07%
	SPB	C	0.07%
	CWEN	C	0.07%
	RNA	C	0.07%
	ARCB	C	0.07%
	IOVA	F	0.07%
	FIBK	B	0.07%
	SFNC	B	0.07%
	MGRC	B	0.07%
	OUT	A	0.07%
	BXMT	C	0.07%
	UE	A	0.07%
	PHIN	B	0.06%
	BANF	B	0.06%
	RXO	C	0.06%
	HURN	B	0.06%
	GNL	D	0.06%
	PRG	C	0.06%
	HI	C	0.06%
	VSTS	F	0.06%
	NMRK	B	0.06%
	THS	F	0.06%
	RNST	B	0.06%
	INFA	D	0.06%
	WLY	B	0.06%
	VYX	C	0.06%
	SFBS	B	0.06%
	JOBY	B	0.06%
	NBTB	B	0.06%
	VGR	B	0.06%
	VIAV	C	0.06%
	PINC	B	0.06%
	OMCL	C	0.06%
	VSCO	A	0.06%
	KMT	C	0.06%
	CGON	F	0.06%
	LAUR	A	0.06%
	EQC	A	0.06%
	IBTX	B	0.06%
	OI	D	0.06%
	IVT	A	0.06%
	BANR	B	0.06%
	NATL	B	0.06%
	FRME	B	0.06%
	OFG	B	0.06%
	TDS	B	0.06%
	SHO	D	0.06%
	STRA	C	0.06%
	SXI	B	0.06%
	TOWN	B	0.06%
	EVTC	B	0.06%
	ZD	B	0.06%
	ZG	A	0.06%
	AIR	B	0.06%
	KSS	F	0.06%
	MHO	D	0.06%
	MIR	A	0.06%
	PSMT	D	0.06%
	VRNT	D	0.05%
	CABO	C	0.05%
	UPBD	C	0.05%
	HLIO	C	0.05%
	HE	C	0.05%
	LTC	B	0.05%
	NBHC	B	0.05%
	CENTA	C	0.05%
	AMN	F	0.05%
	CRGY	A	0.05%
	ANDE	F	0.05%
	SUPN	B	0.05%
	REYN	D	0.05%
	STEP	B	0.05%
	CHCO	B	0.05%
	DDS	B	0.05%
	NHC	B	0.05%
	SCL	D	0.05%
	FCF	B	0.05%
	NPAB	F	0.05%
	WSBC	B	0.05%
	SHOO	D	0.05%
	NWBI	B	0.05%
	GEO	A	0.05%
	DRH	B	0.05%
	MLKN	F	0.05%
	PDCO	F	0.05%
	TROX	D	0.05%
	WKC	D	0.05%
	LEG	F	0.05%
	LGND	C	0.05%
	MCY	B	0.05%
	TRMK	B	0.05%
	LRN	A	0.05%
	PZZA	F	0.05%
	TTMI	B	0.05%
	GOLF	B	0.05%
	FTRE	D	0.05%
	EPC	F	0.05%
	LZB	B	0.05%
	KAR	A	0.05%
	B	A	0.05%
	CAKE	B	0.05%
	IMVT	F	0.05%
	ROIC	A	0.05%
	PBI	B	0.04%
	AIV	C	0.04%
	INSW	F	0.04%
	AAT	A	0.04%
	PMT	D	0.04%
	UVV	B	0.04%
	WOR	F	0.04%
	PDM	D	0.04%
	WABC	B	0.04%
	JELD	F	0.04%
	ARI	C	0.04%
	BKD	F	0.04%
	OXM	F	0.04%
	NNI	D	0.04%
	UNIT	B	0.04%
	NX	C	0.04%
	LADR	B	0.04%
	VCTR	B	0.04%
	WWW	A	0.04%
	CXW	B	0.04%
	BKE	B	0.04%
	SPNT	A	0.04%
	HP	C	0.04%
	VSAT	F	0.04%
	CSGS	B	0.04%
	WT	A	0.04%
	DNOW	B	0.04%
	DAN	F	0.04%
	RRR	F	0.04%
	REVG	B	0.04%
	SBH	B	0.04%
	ALEX	B	0.04%
	VRE	A	0.04%
	BLMN	F	0.04%
	VRTS	B	0.04%
	HELE	C	0.04%
	NGVT	C	0.04%
	CODI	B	0.04%
	HMN	B	0.04%
	HOPE	B	0.04%
	ESRT	C	0.04%
	LCII	D	0.04%
	HTH	B	0.04%
	NTCT	C	0.04%
	GBX	B	0.04%
	HEES	C	0.04%
	JBGS	F	0.04%
	KN	B	0.04%
	BHE	B	0.04%
	STBA	B	0.04%
	CNK	A	0.04%
	DYN	F	0.04%
	APOG	B	0.04%
	GO	C	0.04%
	ELME	D	0.04%
	GTY	A	0.04%
	NWN	A	0.04%
	USM	B	0.03%
	MATV	F	0.03%
	SMR	A	0.03%
	CMTG	D	0.03%
	JACK	D	0.03%
	BDN	C	0.03%
	BV	C	0.03%
	LGF.A	F	0.03%
	DNUT	F	0.03%
	MMI	B	0.03%
	ODP	F	0.03%
	UNFI	B	0.03%
	JBLU	F	0.03%
	CWEN	C	0.03%
	TRS	B	0.03%
	MD	C	0.03%
	CBRL	C	0.03%
	THR	B	0.03%
	FA	D	0.03%
	ATSG	A	0.03%
	RWT	D	0.03%
	INVA	C	0.03%
	VSTO	A	0.03%
	LEVI	F	0.03%
	MRC	B	0.03%
	HTLF	B	0.03%
	SCSC	B	0.03%
	CARS	C	0.03%
	SNDR	B	0.03%
	ECPG	C	0.03%
	FBRT	C	0.03%
	CNNE	B	0.03%
	CSR	A	0.03%
	ETWO	F	0.03%
	AVNS	F	0.03%
	KALU	C	0.03%
	WMK	B	0.03%
	WS	B	0.03%
	KFRC	D	0.03%
	ACT	D	0.03%
	KWR	D	0.03%
	FDP	B	0.03%
	SCS	B	0.03%
	XRX	F	0.03%
	OMI	F	0.03%
	DK	D	0.03%
	SAFT	B	0.03%
	BHLB	B	0.03%
	AMRX	C	0.03%
	GIII	D	0.03%
	MYGN	F	0.03%
	EIG	B	0.03%
	NAVI	F	0.03%
	MSGE	F	0.03%
	IART	C	0.03%
	LC	B	0.03%
	TILE	B	0.02%
	HTLD	B	0.02%
	ATUS	C	0.02%
	MXL	C	0.02%
	CAL	F	0.02%
	FOR	F	0.02%
	GES	F	0.02%
	BMBL	C	0.02%
	BASE	C	0.02%
	SCHL	F	0.02%
	CMPR	F	0.02%
	HY	D	0.02%
	KELYA	F	0.02%
	CFFN	B	0.02%
	PCRX	C	0.02%
	SWI	B	0.02%
	TMP	B	0.02%
	BGS	F	0.02%
	MATW	C	0.02%
	HPP	F	0.02%
	PUMP	D	0.02%
	UHAL	D	0.02%
	HLF	C	0.02%
	AXL	C	0.02%
	RGR	F	0.02%
	KOP	C	0.02%
	ECVT	C	0.02%
	AMWD	C	0.02%
	KREF	D	0.02%
	ASTE	C	0.02%
	BRSP	C	0.02%
	PRLB	C	0.02%
	XHR	B	0.02%
	SVC	F	0.02%
	MODG	F	0.02%
	SEB	F	0.02%
	PRA	B	0.02%
	SAH	B	0.02%
	HAIN	D	0.02%
	WNC	D	0.02%
	CVI	D	0.02%
	EMBC	D	0.02%
	HCSG	C	0.02%
	MNRO	C	0.02%
	PRAA	C	0.02%
	FG	B	0.02%
	BRKL	B	0.02%
	EYE	C	0.02%
	DLX	B	0.02%
	RBRK	A	0.02%
	NUS	C	0.01%
	LDI	C	0.01%
	BRCC	F	0.01%
	OPK	B	0.01%
	TWKS	B	0.01%
	DJT	C	0.01%
	DIN	C	0.01%
	OLPX	D	0.01%
	VREX	C	0.01%
	CENT	C	0.01%
	TGI	A	0.01%
	ALX	D	0.01%
	CMP	C	0.01%
	AMBC	C	0.01%
	TRTX	B	0.01%
	SWBI	C	0.01%
	KRO	F	0.01%
	ZIP	D	0.01%
	NAPA	A	0.01%
	CNDT	D	0.01%
	CRCT	F	0.01%
	WOOF	D	0.01%
	EGBN	B	0.01%
	RUSHB	B	0.01%
	WRLD	D	0.01%
	HTZ	C	0.01%
	INN	D	0.01%
	VMEO	C	0.01%
	BJRI	C	0.01%
	EE	A	0.01%
	RMR	F	0.01%
	GRC	B	0.01%
	PTVE	B	0.01%
	NVRI	F	0.01%
	FWRD	D	0.01%
	NABL	F	0.01%
	USNA	C	0.01%
	CLB	C	0.01%
	SSTK	F	0.01%
	CLBK	C	0.01%
	CCO	D	0.01%
	ARRY	F	0.01%
	GCMG	A	0.01%
	LGF.A	F	0.01%
	CWH	C	0.01%
	BFS	C	0.01%
	DAWN	D	0.01%
	PWSC	C	0.0%
	SCWX	C	0.0%
	AC	B	0.0%
	AMCX	C	0.0%
	TASK	C	0.0%
	ACDC	C	0.0%
	LESL	C	0.0%

VBR Underweight 141 Positions Relative to IVOO

	Symbol	Grade	Weight
	ILMN	C	-0.71%
	LII	A	-0.66%
	AVTR	F	-0.6%
	MANH	D	-0.59%
	WSO	A	-0.58%
	BURL	A	-0.57%
	TPL	A	-0.57%
	FNF	A	-0.55%
	DT	C	-0.54%
	PSTG	F	-0.53%
	IBKR	A	-0.52%
	GGG	B	-0.5%
	RBA	A	-0.5%
	FIX	A	-0.47%
	CASY	A	-0.47%
	WPC	C	-0.46%
	FND	F	-0.45%
	ELS	B	-0.45%
	BMRN	F	-0.45%
	CW	B	-0.43%
	CLH	C	-0.42%
	AMH	C	-0.41%
	CUBE	C	-0.41%
	WING	D	-0.41%
	BLD	F	-0.41%
	SAIA	C	-0.4%
	NBIX	C	-0.4%
	TXRH	B	-0.4%
	SRPT	F	-0.4%
	WMS	F	-0.38%
	LECO	C	-0.37%
	REXR	F	-0.37%
	DUOL	A	-0.36%
	WWD	B	-0.35%
	ONTO	F	-0.35%
	KNSL	B	-0.35%
	CHDN	C	-0.34%
	BWXT	A	-0.34%
	EXP	B	-0.33%
	CNH	C	-0.33%
	TPX	B	-0.32%
	TTC	F	-0.31%
	CHE	F	-0.31%
	RGLD	C	-0.31%
	OLED	F	-0.31%
	RBC	A	-0.3%
	CIEN	B	-0.3%
	SKX	F	-0.3%
	HLI	B	-0.29%
	MEDP	D	-0.29%
	FN	B	-0.29%
	CNM	C	-0.29%
	CROX	F	-0.29%
	MORN	B	-0.29%
	WEX	F	-0.29%
	ENSG	D	-0.28%
	TKO	A	-0.28%
	BRBR	A	-0.27%
	LNW	F	-0.27%
	SSD	D	-0.27%
	GMED	A	-0.27%
	PEN	B	-0.26%
	LNTH	F	-0.26%
	BRKR	F	-0.26%
	RGEN	F	-0.26%
	COKE	C	-0.26%
	TREX	D	-0.25%
	HALO	F	-0.25%
	AAON	B	-0.25%
	LSCC	D	-0.25%
	EXEL	B	-0.25%
	CGNX	D	-0.24%
	HQY	A	-0.24%
	PCTY	B	-0.24%
	LSTR	D	-0.23%
	CVLT	B	-0.23%
	RYAN	B	-0.23%
	HLNE	A	-0.23%
	ALV	C	-0.23%
	GNTX	F	-0.23%
	H	B	-0.23%
	PLNT	A	-0.23%
	NOVT	D	-0.22%
	MTSI	B	-0.22%
	MTN	C	-0.22%
	LFUS	D	-0.22%
	ELF	C	-0.21%
	EXLS	B	-0.21%
	WH	B	-0.21%
	WFRD	F	-0.21%
	CYTK	D	-0.21%
	GXO	B	-0.21%
	NOV	D	-0.21%
	MTDR	C	-0.2%
	KRG	A	-0.2%
	EXPO	D	-0.2%
	MASI	B	-0.2%
	DAR	B	-0.2%
	OLLI	D	-0.2%
	DBX	C	-0.2%
	DOCS	C	-0.19%
	MMS	D	-0.19%
	ALTR	B	-0.19%
	CHX	C	-0.19%
	GTLS	A	-0.18%
	OPCH	F	-0.18%
	APPF	C	-0.18%
	FIVE	F	-0.17%
	CELH	F	-0.17%
	RH	D	-0.17%
	ROIV	D	-0.17%
	HXL	F	-0.17%
	DLB	F	-0.16%
	IRT	A	-0.16%
	CIVI	D	-0.16%
	QLYS	C	-0.16%
	LITE	B	-0.15%
	WMG	C	-0.15%
	RMBS	C	-0.15%
	LOPE	B	-0.14%
	HAE	C	-0.14%
	ORA	B	-0.14%
	EEFT	C	-0.14%
	NEU	D	-0.14%
	VAL	F	-0.13%
	SLAB	F	-0.13%
	LANC	D	-0.12%
	YETI	D	-0.12%
	IRDM	F	-0.12%
	ALGM	F	-0.12%
	POWI	D	-0.12%
	NEOG	D	-0.11%
	NSA	C	-0.11%
	LIVN	D	-0.1%
	CHH	A	-0.1%
	ZI	D	-0.1%
	SAM	C	-0.09%
	SHC	F	-0.09%
	RCM	A	-0.08%
	HGV	C	-0.08%
	ARWR	D	-0.08%

VBR: Top Represented Industries & Keywords

Industries: Banks - Regional - US Diversified Industrials REIT - Diversified Asset Management REIT - Retail Specialty Chemicals Information Technology Services Software - Application Apparel Manufacturing REIT - Office Biotechnology Oil & Gas E&P Specialty Retail Building Materials Packaging & Containers Packaged Foods Rental & Leasing Services Auto & Truck Dealerships Business Services Engineering & Construction

Keywords: Bank Banking Real Estate Investment Trust S&P 500 Deposit Products Chemical Insurance Mining Natural Gas Real Estate Loans Aerospace Commercial Banking Transport Clothing Telecommunications Construction Electronics Commercial Bank Computing Mortgage Loan

IVOO: Top Represented Industries & Keywords

Industries: Banks - Regional - US Diversified Industrials Biotechnology Oil & Gas E&P Business Services Software - Application Specialty Chemicals Asset Management Building Materials Packaging & Containers Semiconductors Diagnostics & Research Engineering & Construction Specialty Retail Apparel Manufacturing Medical Care Packaged Foods REIT - Diversified REIT - Industrial Scientific & Technical Instruments

Keywords: Bank Banking Mining Natural Gas Chemical Insurance Real Estate Investment Trust Electronics Aerospace Semiconductor Supply Chain Management Beverage Computing Construction Deposit Products Telecommunications Biotechnology Commercial Banking Insurance Products Building Materials